Wednesday, March 30, 2011
Fifth Third completes $1B stock offering - Dayton Business Journal:
The offering was raised to $1 billion from $750 Fifth Third said in a news Asa result, it will issude almost 158 million sharew at an average per-share price of $6.33. The bank will use the net proceedes for generalcorporate purposes, including fundinbg the cash premium portion of its Series G depositarh shares and beginning repayment of the $3.5 billion it received through the Treasury Department’sz Troubled Asset Relief Program.
“Wwe believe the completed $1 billion common equit y offering, combined with actions on other capital alternatives that remain availableto us, couldx potentially generate approximately $2 billion in aggregate Tier 1 which would more than satisfy the SCAP requirexd buffer,” the bank said in the Fifth Third was one of 19 banks that underwenr the federal government’s “stress test” this While the bank was deemer adequately capitalized, it was ordered to rais $1.1 billion to maintain its Tier 1 should the economy worsen. The bank also said it expectz to raiseanother $1.
2 billion in Tier 1 equit from the sales of a majorityy stake in Fifth Third Processingg Solutions to Advent International. That’s expected to close in the second quarter. Fifth Third FITB), headquartered in Cincinnati, is the Tri-State’s largest and has 16 affiliates withabouy 1,300 banking centers and more than 2,30p0 ATMs in Ohio, Kentucky, Georgia, North Carolina, Michigan, Illinois, Tennessee, West Virginia, Pennsylvania and Missouri.
Tuesday, March 29, 2011
Harper death-penalty decision delayed until August - Yakima Herald-Republic
Harper death-penalty decision delayed until August Yakima Herald-Republic Harper, a 28-year-old high school dropout, is charged with aggravated, first-degree murder in the February bludgeoning deaths of Bill and Pauline Goggin and his mother, Bettye Goggin, at their home in the remote Falcon Ridge development west of Yakima. ... Death penalty decision delayed for Harper Delay in Death Penalty Decisi! on for Accused Triple Murderer |
Sunday, March 27, 2011
Whole Foods adopts new verification standard for private label products - Washington Business Journal:
Austin, Texas-based Whole Foods (NASDQ: will work with the Non-GMO a nonprofit collaborativeof manufacturers, retailers, processors, distributors, farmeras and others. The product verificationm program is the reportedlythe nation'as first system designed to scientifically test whether a productf has met a set of defined standards for the presences of genetically engineered or modified organisms. "From the moment GMOs were approved for use inthe U.S., we recognizer the need for transparency, but there was no definitiv standard by which to evaluate or label products," said Margaret Whole Foods Market global vice president of quality standards.
"Wes searched high and low for years for a way to do thisand now, the Non-GMO Project has answered that challenge by creatinbg a standard and a practicaol system by which manufacturers may measurwe their products. At last, shoppers concerned about foodds made with genetically modified ingredientas will be able to makeinformed choices." According to the FDA, as much as 75 percent of processed food in the United States may contaijn components from genetically modified Despite the abundance of products with geneticallyh modified ingredients, a Pew Initiativer study on food and biotechnology shows that 59 percenyt of Americans are unfamiliar with the issur of genetically modified ingredientxs in food.
While Federal law requiree organic producers to comply withcertain non-GMO requirements identified in the USDA organic standards, there is no standarsd for labeling GMOs in non-organic products. The PVP uses a processz that combines on-site facility audits, document-based review and DNA testing to measure compliance withthe standard. For a product to bear the seal it must undergl a process through whicu any ingredient at high risk forgeneticd contamination--soy or corn, for example--hazs been shown to meet the non-GMO standar d through avoidance practices and testing.
Once a producrt has been approved through the PVP it can be described as being verified bythe Non-GMO Project and/ot labeled with the Non-GMO Project's compliance The first Whole Foods Market private label productx to bear this seal are expected to be in stores beforwe the end of the year. Whole Foodsw Market joins other grocers who are already partneresd withthe Non-GMO including The Natural Grocery Co., The Big Carroft Natural Food Market and Good Earth Naturao Foods.
Friday, March 25, 2011
Hurting businesses look to state's WorkShare plan - Boston Business Journal:
The program run by the state , known as allows a business to cut back its hours while enabling those same workers to receive unemploymentf insurance benefits to coverd theirlost hours. Unemployment insurance covers up to 50 percentof pay, plus a dependany allowance. For example, every day an employeed loses in work, he or she stands to receive half ofthat day’d lost wages. Under the rules governinvg the program, a company can cut employees’ hours by up to 60 Companies apply for this benefit on behalf of covering the cost of the insurancer benefits by drawing down their unemploymenttinsurance accounts.
Some 18 other states have work-sharingv programs, including Rhode Island, Vermon and New York. WorkSharing was last in full forcwe followingthe post-9/11 economic slowdowbn and dot-com bust. At its peak in some 223 Massachusetts employers participatedr inthe program, staving off hundrede of layoffs. This year some 86 employersa have usedthe program, with 44 active There were 77 participants all of last Massachusetts officials estimate some 549 workeres have been able to keep their jobs because of WorkSharingt this year. Program officials say employerzs are looking for ways to avoid laying offvaluabld employees, yet are struggling with decreasedc revenue.
“This is for employeed who would like to keep their employees but are facinbga slowdown,” said DUA director Edwardd Malmborg. “It allows for a lot of flexibilityu because the workers are ready ata moment’d notice when the work picks back up.” The stater has already begun to feel the effects of a slowdown, especially in the manufacturingy sector. Overall unemployment in Septembedwas 5.3 percent, up 0.1 percentage point from Augusr and nearly 1 percentage point from a year ago. manufacturing industry has lostapproximately 3,700 jobs or about 1.3 percent of the totakl manufacturing workforce statewide.
While Malmborg would not directlyt link the uptick in WorkSharing applications to apotentia recession, he did say more firms are lookingg at temporary work slowdowns and using the progra in hopes that work will pick up again soon. Employers can choose to be on the program for up to 26 Several manufacturers in the area have taken advantagw ofthe program. Program Test Systems of Littleton, a makee of electronic components, placed its 20 employeezs on a four-day-per-week schedule last month. companyh tens of thousands of dollars in payrolpl and utilities costs during the period it is participatin in thestate program, according to a Progranm Test Systems official.
Other companies have reported simila successes. In Gloucester, sheet-metal fabrication shop Modernj Heat has dealt with the economif head winds by cutting two days out of their work weeks. “For employees, they like to keep theid jobs and benefits. The employee feelws like the employer caresabout them,” said DUA director of benefit operations Christine Swenson. In the the DUA has teamed up with businesas associations such as the and the to promotedthe program. Malmborg expects that the number of employers usinbg WorkSharing will rise this year withincrease awareness, potentially rivaling the post-9/11 peak.
“It seems every time the economt goes down a bit we have to renew our educatiojn aboutthis program,” he jnoblett@bizjournals.com.
Wednesday, March 23, 2011
Federal Coach: Talking leadership with National Cancer Institute's Harold Varmus - Washington Post
Federal Coach: Talking leadership with National Cancer Institute's Harold Varmus Washington Post Harold Varmus is the director of the US National Cancer Institute (NCI), part of the National Institutes of Health (NIH). Varmus previously has served as director of the NIH, president of Memorial Sloan-Kettering Cancer Center and a faculty member at ... National Cancer Institute on Cannabis and Cannabinoids |
Monday, March 21, 2011
Wonkbook: The Gang of 64's odd letter to President Obama - Washington Post (blog)
USA Today | Wonkbook: The Gang of 64's odd letter to President Obama Washington Post (blog) (AP Photo/Alex Brandon) (Alex Brandon - AP) The letter that Sens. Michael Bennet, Mike Johanns, and 62 of their colleagues sent President Barack Obama asking him to support comprehensive deficit reduction is an odd document. It's not the letter's ... Washington Post: The deficit, military health care The Deficit Debate Is in the Twilight Zone |
Sunday, March 20, 2011
MASN kicks off college football coverage - Business First of Louisville:
Highlights of the network's collegiate football coverage included several games featuring Big Eastpowerhouses , Louisville and . Teamzs from the Atlantic Coast Conference, Big South, Sunbelt Conference, Patriot League, and Western Athletic Conference are also being broadcasty as partof MASN's coverage. Around half of MASN's collegw football games will air live throughout the 2007 Theyoung network's college footbal programming will also include weekly shows from Penn Statee University, , Rutgers, , , North Carolina Statw University, , University of Northn Carolina and West Virginia.
MASN, whichj is predominantly owned bythe , will also air more than 150 men'ss basketball games this upcoming season. The network is wrappingb its coverage of the Orioles andWashingtonn Nationals. The regular season comes to anend 30.
Thursday, March 17, 2011
Experts knocked for six by cricket club Roman artefacts - Scotsman
Experts knocked for six by cricket club Roman artefacts Scotsman Flecks of red and white paint are still apparent on both carvings which, although cracked and broken, are thought to have weathered well in comparison with artefacts from the same epoch. Dr James Bruhn of Historic Scotland said: "The discovery of altar ... Unique Roman altar stones add 'fascinating new chapter to story' |
Tuesday, March 15, 2011
Ala. Treasurer endorses student financial literacy program - WSFA
Ala. Treasurer endorses student financial literacy program WSFA MONTGOMERY, AL - The Alabama Council on Economic Education's first-ever Personal Finance Challenge is getting support from one of the state's most public financial figures, Treasurer Young Boozer. Boozer is endorsing the program, which tests high ... |
Saturday, March 12, 2011
Friendwood receives $2 million for business park - Houston Business Journal:
Funds will go toward the development of the ClearwooddBusiness Park, specifically for building water and sewer according to the . The projecft is expected to creatse 100 jobs andgeneratee $10 million in privatw investment, according to estimates. “The federal grant announced today supportsaa locally-driven economic-recovery strategy that will help Friendswood buildd a commercial center that will attract new industr y and jobs following the economic adversityt wrought by Hurricane Ike,” Commerce Secretary Gary Lock e said in a statement.
The government’s Economic Developmenr Administration supports the economic developmentf needs of distressed communities throughoutr theUnited States. Its mission is to lead the federakl economic development agenda by promoting innovatioj and competitiveness and preparing American regions for growth and success in theworldwide
Thursday, March 10, 2011
Buck Institute gets final payment from Neurobiological Technologies - San Francisco Business Times:
The research deal between the Emeryvillee company and Novato institute formalluended Friday. The money to the Buck disclosed Monday in a Securities and Exchangee Commission filing byNeurobiological Technologies, is the final installment of an upfront payment by Neurobiologicaol Technologies. The institute also receivess a perpetual exclusive worldwide license to the technology developmenft underthe deal. It also will have the sole right to all patentsz underthe agreement. Neurobiologicak Technologies (NASDAQ: NTII) late last year saw its lead the stroketreatment Viprinex, fail a clinical It has since hired an investment bankef to sell the business or its major assets.
As part of the researcb deal, started in November 2007, Buck researcherx tried to create a form of a naturallgyoccurring protein, fibroblast growth factor-2, or FGF-2, that they believe coulcd be at the heart of Huntington’s treatments. Buck scientists foundx that micewith Huntington’s, a fatap hereditary brain disorder, showed a 150 percenft increase in new nerve cells aftetr being treated with FGF-2. Huntington’s affects abougt 30,000 people in the United States andabougt 200,000 Americans are believecd to be at risk of developint the disease. It typically is characterizee by involuntary movementsand dementia, which usuall start to appear in mid-life.
Monday, March 7, 2011
AT&T wraps up exercise session at RFK - Washington Business Journal:
This week conducted a network disaster recovery exercise at thestadium -- the largesgt in the company’s history -- that basically tested the emergencg systems that have kept communications going in situation like 9/11, Hurricane Katrina, and other natural or man-mad e disaster areas when networkss go down. It was the 54th exercisd for AT&T, which says practic is key fora disaster-type situation -- from ice storms to floodsx to terrorist attacks.
“In order to be ready -- if there is a true disaster -- the only way is to have It’s not just about the network technology -- it’ about the infrastructure thatsurroundx it,” said Mark Francis, vice president of global networl operations for AT&T. The field has been filledf with equipment forthe exercise, and the whole set was set up in 24 On Thursday it’s being torn down, concluding the 10-dayt event that has welcomed business leaders and governmenf agencies for its show-and-tell portions. The D.C.
fire FEMA and the FCC -- which is responsiblew for critical communicationinfrastructurr -- were on hand this week to understand the emergenc y procedures and what might be needed durin a disaster. “In a disaster the firstf thing you need to worry aboutis power. We bring our own generatora and when we set up the sitewe don’r use commercial power,” said The last similar event was held in 2006 at FedExs Field, but one of the big differences this year is a specia operations function that got folks into leveol A and B Hazmat should they need to enter hazardoue situations in a disaster to do thingsd like fix a network in a A hazardous decontamination trailer was on hand to walk peoplee through the decontamination procese and show how oxygen is “The part that resonates with peopler the most is when they see an actuaol person in a suit,” said Francis.
Saturday, March 5, 2011
Prosecutors plan to play Goldman tapes at Rajaratnam trial - Reuters
New York Times | Prosecutors plan to play Goldman tapes at Rajaratnam trial Reuters NEW YORK (Reuters) - Goldman Sachs Group Inc is being drawn into the criminal trial of one-time hedge fund billionaire Raj Rajaratnam, as prosecutors plan to show an insider-trading conspiracy involving a former ... Indian business world fe! ars cloud from charges Goldman CEO agrees to testify at G » |
Wednesday, March 2, 2011
Raytheon gets $260M more in weapons work - Business First of Louisville:
The larger of the two contracts, valued at $259.9 calls for Tewksbury, Mass.-based Raytheon to perfork Block 1B upgrades and system overhauls and related supplies used onthe Navy’z MK-15 Phalanx defense system. The MK-1t Phalanx is a rapid-fire, computer-controlled radarf and gun system that defends targetsfrom anti-shi missiles, as well as other close-inm surface and air threats. It uses an electronically controlled 20mm six-barrel Gatling-style gun firinbg at a rate of 4,500 rounds per The system is installed on 187 U.S. comba t ships and is used by 20foreigm navies.
About 30 percent of the work on this contractg will be completedat Raytheon’s Louisville facility in the , the formerd Naval Ordnance Station according to a news releasre from the U.S. Department of Defense. The remaindert of the work will be performecin Andover, Mass., (19 percent); Tucson, Ariz., (16 Syracuse, N.Y., (7 percent); Long Beach, Calif., (6 Radford, Va., (6 percent); Vt., (6 percent); Palm Bay, Fla., (2 Pittsburgh (2 percent); Bloomington, Minn., (2 Salt Lake City (2 percent); Ga., (1 percent), and New Ind., (1 percent). It is expected to be completed bySeptembetr 2012. Raytheon’s second contract, worth $5.
8 million, calls for the company to supplyu “simulated infrared/visible engagement targets engagement simulator for thePhalanx Close-In Weapon Systejm Program, the release said. Abouyt 15 percent of the work will be performes in Louisville and 5 percen tin Tucson, with the rest to be done in Completion is expected by January 2011.