Business life: My finance news blog

Batmasian wants to take Talbott’s properties

Saturday, 24. July 2010 von Mercedes

James H. Batmasian, one of Boca Raton’s largest landowners, is filing multiple foreclosures against another of the city’s largest property owners.

In May, Batmasian bought four problem loans that Boca Raton-based Paradise Bank made to developer Gregory Talbott. He also secured a $4.5 million mortgage from the bank to support that purchase.

It didn’t take Batmasian long to decide what to do with those loans.

On July 15, Batmasian filed three foreclosure suits against Talbott – bringing the troubled developer’s foreclosure tally up to 14 properties.

The largest case was against Talbott personally, and his wife, over a $3.2 million mortgage. Batmasian wants to take over their 3,000-square-foot, waterfront home at 541 Kay Terrace.

Another case was against Talbott and his 400 East Palmetto Park Road LLC over a $3 million mortgage granted in 2007 no faxing payday loan. If Batmasian succeeds, he would seize the 7,425-square-foot retail building at the same address. The tenant is clothing store Maus & Hoffman.

In the third lawsuit, Batmasian is suing Talbott and his 400 East Royal Palm Road LLC concerning a $975,000 mortgage covering the 1,455-square-foot house at the same address.

The fourth mortgage sold by Paradise Bank, which Batmasian has not foreclosed on so far, is a $202,500 loan to Talbott Aviation over a hanger condo unit at Boca Raton Airport.

Something tells me that Talbott has been grounded.

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Economists see a modest pickup in hiring

Wednesday, 21. July 2010 von Mercedes

The outlook for the job market has improved, according to a survey of leading economists released Monday, even as the economic recovery hit a speed bump in the second quarter.

In its second-quarter industry survey, the National Association for Business Economics said employers grew payrolls for a second consecutive quarter this year. The percentage of firms increasing staff levels grew to 31% in the quarter, versus only 6% in the same period a year ago.

At the same time, the percentage of employers cutting jobs continued to move lower.

Looking ahead, the survey showed that 39% of companies expect to add employees over the next six months, the highest level of planned hiring since January 2008.

"The labor market continued to improve, with increases in current hiring and a rise in the percentage of firms planning to add workers over the next six months," William Strauss, an economist at the Federal Reserve Bank of Chicago, said in a statement.

The jobs outlook is encouraging news for American workers. The U.S. unemployment rate stands at 9.5% as of June. The jobless rate has averaged 9.7% over the first half of the year, and many economists expect it to remain elevated into 2011.

But the survey, based on responses from 84 NABE economists who work for private-sector firms and industry trade associations, also indicated that the pace of the economic recovery slowed in the second-quarter.

Industry demand grew at a slower pace in the quarter, the survey said. Corporate profits grew as price and cost pressures remained tame. About one out of four firms increased capital spending versus the previous quarter, and a growing number expect to continue investing over the next 12 months, according to NABE.

While economic activity is expected to remain positive this year, more economists lowered their expectations for 2010 gross domestic product. Only 20% of prognosticators expect GDP will grow more than 3% this year. That’s down from May, when 24% expected such growth.

Still, the majority of economists in the survey expect GDP will top 2% for the year.

In the first quarter, GDP grew at an annual rate of 2.7%, according to government estimates.

Meanwhile, the economists warned that the debt crisis in Europe could hurt U.S. businesses in the months ahead.

Concerns about the fiscal health of several members of the European Union have roiled financial markets this year as countries such as Greece, Spain and Portugal have been hit with downgrades of their sovereign debt ratings. The turmoil has raised concerns that a slowdown of the European economy could hurt the U.S. recovery.

"Credit and debt issues in Europe will likely negatively impact just over a third of the surveyed firms over the next three months," said Strauss.

A recent spate of dour reports on the job market, weakness in housing and consumer spending have stoked worries that the U.S. economy could sip back into recession later this year. Some economists have expressed concerns that the U.S. could be in for a prolonged period of slow economic growth.

Last week, the Federal Reserve released minutes from its June policy meeting that showed the central bank has developed a more pessimistic view for economic growth. The Fed expects GDP to grow between 3% and 3.5% this year, down from its earlier expectation of growth as high as 3.7%. 

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Reports address Donovan, Ronaldinho playing for Galaxy

Sunday, 18. July 2010 von Mercedes

The World Cup might be over, but for the Los Angeles Galaxy, potential roster moves, or non-moves, are making headlines.

One report from the Associated Press has Major League Soccer commissioner Don Garber saying the league will not entertain transfer offers from overseas clubs for Galaxy captain Landon Donovan.

Donovan has recently gone out on loan to German club Bayern Munich and English club Everton. Donovan's time in Everton, along with his performance at the World Cup have made him a more attractive asset for international clubs.

However, it is the World Cup performance, which included a game-winning goal against Algeria that helped the United States win its group, that makes MLS want to keep Donovan stateside.

"MLS needs soccer heroes, and we have a great American soccer hero playing for us in L.A., holding the torch for the sport in our country, and that's very important," Garber said in the AP report payday loans with no fax.

Another potential roster move for the Galaxy could be the signing of Brazlian superstar Ronaldinho, according to an ESPN report. The report cites a radio interview of Real Salt Lake Owner Dave Checketts on KALL, where he hinted that on the heels of New York's signing of Thierry Henry, another club might be looking to lure an well-known player stateside.

“I would imagine this guy is coming to L.A., and you'll all recognize who he is," Checketts said. The interviewer asked if he was Brazilian, and the response was, "I think he might."

The rumors of Ronaldinho signing with the Galaxy have been off-and-on in recent times.

The Galaxy is owned by Los Angeles' AEG.

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Polymer Group launches $65M expansion

Thursday, 15. July 2010 von Mercedes

Polymer Group Inc. has started a major expansion of its Waynesboro, Va., plant, with the project representing a $65 million investment.

The Charlotte-based nonwovens manufacturer is installing production equipment at the site through a lease agreement provided by a joint venture between GE Capital and ING Capital.

“This expansion continues to build upon PGI’s ability to employ industry-leading technologies, combined with recent proprietary technological development,” says Daniel Guerrero, Polymer Group vice president and general manager of the U.S. region. “The installation of this advanced equipment enables PGI to deliver differentiated products to customers that will achieve enhanced and improved barrier, softness and opacity compared to the current marketplace capabilities for use in such products as diapers, and surgical gowns and drapes.”

The project will add 41 jobs to the Waynesboro operation paydayloans. The expansion is slated for completion in the second half of 2011.

Polymer Group chose the Virginia site for the project earlier this year, selecting it over the company’s Mooresville plant. Incentives may have been the key to the deal. Virginia promised $1.5 million in two grants, as well as job-training assistance for the new employees. The two operations competed for the project for at least six months.

The addition would have nearly doubled the size of the company’s 210,000-square-foot plant in Mooresville Business Park. The facility employs 115 workers.

The company (OTCBB:POLGA) is based in Harris Corners Business Park in north Charlotte. Polymer Group has 14 manufacturing and converting facilities in nine countries.

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Calling the IRS: 11 minutes on hold

Saturday, 10. July 2010 von Mercedes

The Internal Revenue Service is too busy trying to punish taxpayers instead of helping them navigate the complex tax system, according to a government official who watches out for taxpayers.

The report to Congress by Taxpayer Advocate Nina Olson said that taxpayers looking for help from the IRS only get through on the phone 70% of the time, and have to wait 11 minutes for a response when they actually do get through.

"The IRS is failing to address the needs of taxpayers who are experiencing economic difficulties and has not revised collection policies that harm taxpayers, thereby undermining its goal of increasing voluntary compliance," Olson wrote.

Olson said the IRS has ramped up spending on "hard core" enforcement and handing out levies in recent years, while spending has declined on the type of services that help Americans understand how to pay their taxes. She said that seems misguided, because in many cases the IRS is punishing Americans who had a good tax history before falling into hard times because of the recession.

She said the real problem with compliance is the difficulty in negotiating an increasingly complex tax system. This is because payments from new programs — including the stimulus, Making Work Pay, First-Time Homebuyer Credit and hybrid car credit — have put added pressure on the IRS by creating a backlog of additional work cash advance loan no fax.

"Many of these provisions have created taxpayer confusion, generated considerable telephone and correspondence volumes, … caused IRS processing delays and programming problems, produced several refund fraud schemes and resulted in several spikes in the Taxpayer Advocate Service’s caseload," wrote Olson.

She said the 70% response rate to taxpayer calls was actually an improvement, up from 53% in the prior year. That compared to an 87% response rate to calls five years ago.

The advocate acknowledged that the job of the IRS has gotten more difficult in recent years, causing the under-funded agency to strain under the added responsibilities of administering new services. She suggested that the IRS develop a strategic plan acknowledging its "dual role as part tax collector and part benefits administrator" in its effort to seek more funding.

IRS officials were not immediately available for comment. 

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Brown & Brown buys N.Y., Ga. agencies

Thursday, 08. July 2010 von Mercedes

Brown & Brown Inc. bought the Meridian Group of New York Inc. and Eberhart & Co. Insurors Inc. late Friday for undisclosed terms.

Meridian Group, with annual revenue of $1.3 million, provides life, health and other employee benefits products and services to individuals, businesses, public entities, nonprofit organizations, unions and associations throughout New York state.

Meridian Group’s staff will combine its operations into Brown & Brown of New York’s Rome, N.Y., office.

Eberhart & Co. Insurors — doing business as Eberhart Co. of Roswell, Ga payday loans., with revenue of $1 million — will join Brown & Brown Insurance of Georgia’s existing office in Duluth. Eberhart Co. has served business and individual insurance needs in the Atlanta metropolitan area since 1969.

Daytona Beach-based Brown & Brown Inc. (NYSE: BRO) and its subsidiaries offer insurance and re-insurance products and services, as well as risk management, third party administration, managed health care, and Medicare set-aside services and programs.

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Notebaert leaving Temple health system

Sunday, 04. July 2010 von Mercedes

The Temple University Health System said Friday that its president and CEO, Edmond F. Notebaert, will step down.

In a press release, the North Philadelphia-based health system said Notebaert will continue at Temple during a transition period and help select future leaders for the system. The release did not say exactly when Notebaert will leave Temple, where he arrived in 2008 after working as president and CEO at the University of Maryland Medical System. Before that he was president and CEO at Children's Hospital of Philadelphia.

"When I accepted this position in September 2008, I came with clear objectives and priorities to stabilize the health system and position it for success moving forward,” Notebaert said cash advance today. “We have made tremendous progress and the time is right to now look towards long-term executive leadership.”

During his tenure, Temple addressed operating deficits and declining reimbursements, and converted struggling Northeastern Hospital from an inpatient facility to an ambulatory care center, among other efforts.

Dr. Ann Weaver Hart, president of Temple University, said, “Ed has many accomplishments during his tenure and raised the expectations of Temple’s health enterprise. I appreciate his commitment to Temple Health, our employees and patients.”

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White House: Border security on the rise

Tuesday, 29. June 2010 von Mercedes

The Obama administration says it is increasing border security and cracking down more on drug trafficking and smuggling from Mexico into Southwestern states such as Arizona.

On Friday, U.S. Attorney for Arizona Dennis Burke said the federal government has upped illegal drug case filings by 99 percent since 2008, filed 25,200 illegal immigration cases and boosted wiretaps by 50 percent for cases related to money shipped from Arizona to Mexico and other foreign locations.

On Monday, the White House released additional figures as administration officials met with Arizona Gov. Jan Brewer, Attorney General Terry Goddard, Burke and other state officials.

The White House offered the following stats:

K9 patrol units along the border have been increased to 13 from five.

384 agents were added at Southwestern ports of entry along with five high-tech detection units to the six already deployed at Mexican border crossings.

$85 million in illicit cash was seized along the border over the last 12 months — a 22 percent jump from the preceding 12 months.

Federal agencies seized 1,404 firearms and 1.62 million kilograms of drugs along the border the past 12 months — increases of 22 and 14 percent, respectively.

Former U.S. Attorney Paul Charlton said more resources are being focused on border and immigration cases as well as crimes on Indian lands and white-collar and mortgage fraud crimes since Burke took over as federal prosecutor in 2009 and the Obama took office.

Charlton — now a private attorney for the law offices of Gallagher & Kennedy PA — served as U lowest fee payday loans.S. Attorney for Arizona from 2001 until the end of 2006. Charlton exited from that post as part of Bush administration purge.

After 9/11 there was a heavy focus of federal investigation into national security and potential terrorism cases, he said, adding the Bush administration also focused on child pornography.

He expects federal pursuit of child and illegal sex rings to continue under Obama. “It’s still a very serious problem,” he said. But he said the Obama administration appears to be moving more aggressively and with more resources on white collar and mortgage fraud cases as well as on the immigration front.

The statistics were released as Brewer and U.S. Sens. Jon Kyl and John McCain press for more federal resources along the border. Brewer, in particular, has argued the state is under siege from drug cartels and smuggling rings and says more border walls, air patrols are needed.

“Administration officials continue to say that the border is as safe as it has ever been, yet the feds are posting signs 80 miles from the Arizona border warning Americans to stay away from our public lands,” Brewer said in a e-mail promoting her reelection bid. “We need action from the federal government not signs ceding sovereign U.S. territory to international drug cartels and human smugglers.”

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Anna Bannana’s gets new owner, name, upgrade

Sunday, 27. June 2010 von Mercedes

The new owner of Anna Bannana’s in Moiliili has received his liquor license and plans to rename the bar Anna O’Neil’s after renovating and remodeling the pub.

The Honolulu Liquor Commission recently transferred the liquor license from former owner Banyan Tree LLC to Anna O’Brien’s Inc., headed by Bill Comerford. He also owns Honolulu establishments O’Toole’s Irish Pub, Kelley O’Neil’s and Irish Rose Saloon.

Comerford said he plans to close the bar for about a month for renovations and hopes to reopen later this summer under the new name. He declined to say how much he’s investing in the renovation.

“We’re just trying to make everybody understand that by changing the name we are honoring the past by keeping ‘Anna’ in it and trying to give a little bit of our own influence by putting the ‘O’Brien’s’ on it so they know who’s operating it,” he said.

He said he will continue to offer a mixed bag of live music that is a popular draw at Anna Bannana’s.

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Poll: Voters want Cuomo input on budget

Wednesday, 23. June 2010 von Mercedes

Attorney General Andrew Cuomo remains the overwhelming favorite to become New York’s next governor yet voters want to hear more from him on the state’s budget woes.

That message is from a Quinnipiac University poll released Tuesday.

Overall, 64 percent of New York voters, against 21 percent, want the Democratic candidate to weigh in on the protracted fiscal situation. Broken down by party, Republicans say (68-20) percent Cuomo isn’t explaining enough, an opinion shared by Democrats (58-26) percent and independent voters (71-15) percent.

“Imagine that: Voters want to hear more from a politician. Attorney General Andrew Cuomo has been too quiet on how we would solve Albany’s budget mess, which he’ll inherit — if he’s elected,” said Maurice Carroll, director of the Quinnipiac University Polling Institute.

Despite his silence, Cuomo maintains a 72-16 percent approval rating and holds a commanding lead on two Republican challengers. Quinnipiac has Cuomo in front of former Congressman Rick Lazio, 58-26 percent, up from 55-26 percent April 13. When put against Buffalo businessman Carl Paladino, Cuomo’s advantage is 59-23 percent, compared to 60-24 percent in a previous poll.

Lazio, the endorsed GOP candidate, tops Paladino in a Republican primary 46-17 percent, with 28 percent undecided.

The poll results on the governor’s race and other issues, including the U.S. Senate seat held by Kirsten Gillibrand and President Barack Obama’s job performance can be found here.

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