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Sunday, January 27, 2013
Get Your Favorite Arcadia Memory Published In 'Visions of Arcadia, More Visions' - Patch.com
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Tuesday, January 22, 2013
Dairymen soured over milk prices - Business First of Columbus:
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The industry, which contributes an estimated $5.9 billion to the state’sd economy, is reeling from the effects of farm-level milk pricees that are now exceeded by production About 18months ago, farmers were beingt paid more than $22 per 100 pounds of a payout that had fallen below $11 in February. Production costs, haven’t headed in the same What that’s causing, said Roger Crossgrove, executive director of the , is a shortfall of roughly 20 cents a gallom for farmers spendingaboutf $1.35 to produce a gallon of That gap could mean more than simplyu tough times for the 3,000 dairy farmas in.
Crossgrove is worried that as many as 30 percentg ofthe state’s farmerx might not make it through the pricingy slump. “If we lose then plants are going to cut back and even more people are goinh to be outof jobs,” Crossgrove Despite the cost squeeze, dairymen have been holding up. Lewies Jones, chief of the statr ’s dairy division, estimated Ohio has lost fewe r than 100 farms in the past18 months, and most of them were smalol dairy farms with no one to take over the A broader concern for the dairymen, Jonesa said, is the harm the credit crunch will do to their businessz prospects.
The state Agriculture Departmengestimates farm-level milk prices may be at their and the Farmers Union expectsz prices to rise slightly in the secondx half of the year. Still, the dairu farmers need an increasein prices, Crossgrove The National Milk Producers Federation has recommended to regulatorx steps that would increase the effectiveness of the Dairyu Product Price Support Program, an initiatives that helps maintain a minimum price for milk by buyint up surplus products.
The industry, which contributes an estimated $5.9 billion to the state’sd economy, is reeling from the effects of farm-level milk pricees that are now exceeded by production About 18months ago, farmers were beingt paid more than $22 per 100 pounds of a payout that had fallen below $11 in February. Production costs, haven’t headed in the same What that’s causing, said Roger Crossgrove, executive director of the , is a shortfall of roughly 20 cents a gallom for farmers spendingaboutf $1.35 to produce a gallon of That gap could mean more than simplyu tough times for the 3,000 dairy farmas in.
Crossgrove is worried that as many as 30 percentg ofthe state’s farmerx might not make it through the pricingy slump. “If we lose then plants are going to cut back and even more people are goinh to be outof jobs,” Crossgrove Despite the cost squeeze, dairymen have been holding up. Lewies Jones, chief of the statr ’s dairy division, estimated Ohio has lost fewe r than 100 farms in the past18 months, and most of them were smalol dairy farms with no one to take over the A broader concern for the dairymen, Jonesa said, is the harm the credit crunch will do to their businessz prospects.
The state Agriculture Departmengestimates farm-level milk prices may be at their and the Farmers Union expectsz prices to rise slightly in the secondx half of the year. Still, the dairu farmers need an increasein prices, Crossgrove The National Milk Producers Federation has recommended to regulatorx steps that would increase the effectiveness of the Dairyu Product Price Support Program, an initiatives that helps maintain a minimum price for milk by buyint up surplus products.
Thursday, January 17, 2013
Icahn wins second Biogen board seat - Boston Business Journal:
ogarawo.wordpress.com
Biogen confirmed last week the appointment of Icah allyAlexander J. Denner. At the Biogen was pushing for the reelection of all ofthe company’sa four existing directors on the ballot at its annua shareholders meeting, while Icahn was angling to seat four new Bruce R. Ross, Biogen Idec’s chairman, “We welcome Alexander Denner and Richarcd Mulligan to the board and look forward to working with them to builxd onBiogen Idec’s strongg track record of delivering value.” Mulligan is the Mallinckrodt Professorr of Genetics at and directo of the Harvard Gene Therapy Initiative, according to ’s Web Cambridge, Mass.
-based Biogen said shareholders rejected several of Icahn’se other proposals, including moving the company’s incorporation from Delaware to North Dakota, a move Icahn said would give more powe to shareholders. Biogen officials said it appearx that stockholders also rejected a proposak by Icahn to limiy the size of the boarr to13 directors. Bioge n officials now have the power to enlarge thenow 13-member boarxd as they see fit. Icahj is best known for unsuccessfullu pushing BiogenIdec (Nasdaq: BIIB) to sell itselt in 2008.
Last year, shareholders elected the company’s nomineexs over the slate of investors put up by Biogen Idec’s (NASDAQ: BIIB) stocik was trading at $53.17 in afternoon trading Thursday, down from the previouss day’s close of $53.43 a share.
Biogen confirmed last week the appointment of Icah allyAlexander J. Denner. At the Biogen was pushing for the reelection of all ofthe company’sa four existing directors on the ballot at its annua shareholders meeting, while Icahn was angling to seat four new Bruce R. Ross, Biogen Idec’s chairman, “We welcome Alexander Denner and Richarcd Mulligan to the board and look forward to working with them to builxd onBiogen Idec’s strongg track record of delivering value.” Mulligan is the Mallinckrodt Professorr of Genetics at and directo of the Harvard Gene Therapy Initiative, according to ’s Web Cambridge, Mass.
-based Biogen said shareholders rejected several of Icahn’se other proposals, including moving the company’s incorporation from Delaware to North Dakota, a move Icahn said would give more powe to shareholders. Biogen officials said it appearx that stockholders also rejected a proposak by Icahn to limiy the size of the boarr to13 directors. Bioge n officials now have the power to enlarge thenow 13-member boarxd as they see fit. Icahj is best known for unsuccessfullu pushing BiogenIdec (Nasdaq: BIIB) to sell itselt in 2008.
Last year, shareholders elected the company’s nomineexs over the slate of investors put up by Biogen Idec’s (NASDAQ: BIIB) stocik was trading at $53.17 in afternoon trading Thursday, down from the previouss day’s close of $53.43 a share.
Sunday, January 13, 2013
Inherited grudges may complicate brittle international relations in North-East ... - The Economist
efiosyt.blogspot.com
The Economist | Inherited grudges may complicate brittle international relations in North-East ... The Economist Following his victory last month he went to pray at the graves of his father, a former foreign minister, and grandfather, Nobusuke Kishi, a former prime minister and Mr Abe's political hero. He has recalled sitting on his grandfather's knee in 1960, as . .. |
Saturday, January 12, 2013
Stowers Institute affiliate endows life sciences chairs at University of Kansas Medical Center, University of Missouri-Kansas City - Kansas City Business Journal:
ogarawo.wordpress.com
million apiece from a affiliated to endow a life sciences chair ateach institution. UMKC Chancellor Leo Morton saidthe money, which came from the nonprofity BioMed Valley Corp., will enhance the researcbh relationship between Stowers and the . KU Med probably will use the monehy to recruita physician-scientist working on cancer spokeswoman Amy Jordan Wooden said in an “Given how tight the states budget is,” she said, “we need philanthropic dollara like this generous gift from the Stowerws to keep our momentum going.” She said the BioMedf Valley money also will let the schooll leverage state matching funds for distinguishes faculty.
The distribution from BioMed Valley, whicj was formed in 2003, came as the organization endeea research-partnership program with the two universities. The program was intendedd to foster collaboration between Stowers and the two institutionas in the areasof basic-cell and molecular-biologuy research. Through the partnership, the annual financing for the schoolzs was limitedto 3.5 percent of the balance in endowment accounts established for the Each account started with $2 million.
The program was terminated to expedite distribution of the monegy tothe universities, Stowers spokeswoman Laurie Roberts said in an Roberts said the distributions equa the amount the universities wouldd have received through the partnership adding that the parties continud to look for ways to work together. “I can tell you that each of the institutions is interester in forming research partnerships wherever she said. “These discussionx are ongoing.
”
million apiece from a affiliated to endow a life sciences chair ateach institution. UMKC Chancellor Leo Morton saidthe money, which came from the nonprofity BioMed Valley Corp., will enhance the researcbh relationship between Stowers and the . KU Med probably will use the monehy to recruita physician-scientist working on cancer spokeswoman Amy Jordan Wooden said in an “Given how tight the states budget is,” she said, “we need philanthropic dollara like this generous gift from the Stowerws to keep our momentum going.” She said the BioMedf Valley money also will let the schooll leverage state matching funds for distinguishes faculty.
The distribution from BioMed Valley, whicj was formed in 2003, came as the organization endeea research-partnership program with the two universities. The program was intendedd to foster collaboration between Stowers and the two institutionas in the areasof basic-cell and molecular-biologuy research. Through the partnership, the annual financing for the schoolzs was limitedto 3.5 percent of the balance in endowment accounts established for the Each account started with $2 million.
The program was terminated to expedite distribution of the monegy tothe universities, Stowers spokeswoman Laurie Roberts said in an Roberts said the distributions equa the amount the universities wouldd have received through the partnership adding that the parties continud to look for ways to work together. “I can tell you that each of the institutions is interester in forming research partnerships wherever she said. “These discussionx are ongoing.
”
Thursday, January 10, 2013
Most Florida banks swoon; three provide model for growth - Pittsburgh Business Times:
ogarawo.wordpress.com
USAmeriBank went from red to blacm ink by signing talented bankers who brought customersdwith them. Acquisitions boosted the bottom line at CenterStates Bankof Florida. A merger of related financial institutions cut expenseeat , while a stronger balance sheet grew Each bank prospered by using differentr methodologies, yet their strategies provide a road map for institution s struggling to turn their balance sheetes positive. Their profit gains are all the more remarkable givejn the difficult economic climate in The said 305 banks and thrifts in Floridaq reported a combined net lossof $643 million for the 2009 first compared to net income of $4 millionm for the year-ago period.
Profitability remains weak becaus e banks continue to struggle with bad saidPaula Johannsen, managint director of , an investment banking firm in Nonperforming assets don’t bring in interes income, pressuring margins. The provisions bankd take for expected loan losses cut further into theid income while the legal and management expense related to foreclosedx propertygoes up. USAmeriBank — which has amassefd $650.8 million in assets in its two years has a cleanbalance sheet, said Joe CEO.
The bank avoided development lending and the loanss it does have that are securee by real estate arefor owner-occupied properties, Chillura Only $598,000 in USAmeriBank loans, or abour one-tenth of 1 percent of the totalp $528.3 million in loans, were past due as of Marcn 31, according to a report file d with the . a former Tampa market presidentfor (NYSE: ), said the bankers he’ws hired have brought their customers, a move that was possibls because bigger banks are distracted by bad loanxs and shrinking capital and aren’tr focused on customer service.
That’s allowefd USAmeriBank to grow more quicklythan expected, Chillura said, and post a significant turnaround, going from a $185,000 loss in the first quarter of 2008 to $881,000 in profitt in the just-ended quarter. CenterState saw first quarteer 2009 profit swellto $1.2 million, up 68 percen t in one year, after two said John Corbett, president and CEO. The Wintere Haven-based lead banking subsidiary of (Nasdaq: CSFL) addes a correspondent banking unit last fall when it hiredx the bankers who handled that businesss for theformer .
The unit selld bonds to roughly 200 othercommunity banks, and it is thrivingy because community banks aren’t doing as much lending as they were a year ago and are investingy their cash in bonds. CenterState also bought the failedand $178 million in deposits on Jan. 30. “We’ves been putting that money to work in loandsand investments, and that’s helped us Corbett said. Aggressive planning that beganb around the end of the firsft quarter of 2008 kept Florida Bank on thegrowth track, said Katie Pemble, presidentr and CEO. Florida Bank’s $351,000 in net incomw for the first quarter of 2009 was a 73 percent increased from ayear earlier.
Since December, the Tampa-based bank has mergedf with three sister institutionsin Sarasota, Jacksonville and Tallahassee, consolidatinv back-office operations and cutting expenses. Each of the bankes was above the level regulatorasconsidered well-capitalized, and their capital position was furthere strengthened when they combined. Additionally, executive officerws and the board developed a seriesof 90-dag plans focused on strengthening the balance sheet with an emphasies on capital and on liquidity, or the ability to turn its assete into cash quickly.
A stronb balance sheet allowed Florida Bank to look for the least expensiv way toattract funding, a move that boosts net interest or the spread between the interes it pays on deposits and the interesg it earns from loans. Although therwe are glimmers of hope, CenterState’s Corbett expects more loan writedowns across the industrt in the next two tothree quarters. The number of institution s on the watch list increased in the firstt three monthsof 2009, and as of March 31, 30 percengt of Florida’s banks were on the list, compared to 15 percenft of the institutions a year ago.
Access to the capitap market markets is Corbett said, adding the stress testd the nation’s biggest banks just underwen t have inspired investor confidence in those Since results were releasexd May 7, the banks collectively have raised nearly $60 billiom of the $75 billion in extraw capital regulators said they “As investments come back into the big I think over time you’ll see that trickle down to the mid cap and communityt banks,” Corbett said.
USAmeriBank went from red to blacm ink by signing talented bankers who brought customersdwith them. Acquisitions boosted the bottom line at CenterStates Bankof Florida. A merger of related financial institutions cut expenseeat , while a stronger balance sheet grew Each bank prospered by using differentr methodologies, yet their strategies provide a road map for institution s struggling to turn their balance sheetes positive. Their profit gains are all the more remarkable givejn the difficult economic climate in The said 305 banks and thrifts in Floridaq reported a combined net lossof $643 million for the 2009 first compared to net income of $4 millionm for the year-ago period.
Profitability remains weak becaus e banks continue to struggle with bad saidPaula Johannsen, managint director of , an investment banking firm in Nonperforming assets don’t bring in interes income, pressuring margins. The provisions bankd take for expected loan losses cut further into theid income while the legal and management expense related to foreclosedx propertygoes up. USAmeriBank — which has amassefd $650.8 million in assets in its two years has a cleanbalance sheet, said Joe CEO.
The bank avoided development lending and the loanss it does have that are securee by real estate arefor owner-occupied properties, Chillura Only $598,000 in USAmeriBank loans, or abour one-tenth of 1 percent of the totalp $528.3 million in loans, were past due as of Marcn 31, according to a report file d with the . a former Tampa market presidentfor (NYSE: ), said the bankers he’ws hired have brought their customers, a move that was possibls because bigger banks are distracted by bad loanxs and shrinking capital and aren’tr focused on customer service.
That’s allowefd USAmeriBank to grow more quicklythan expected, Chillura said, and post a significant turnaround, going from a $185,000 loss in the first quarter of 2008 to $881,000 in profitt in the just-ended quarter. CenterState saw first quarteer 2009 profit swellto $1.2 million, up 68 percen t in one year, after two said John Corbett, president and CEO. The Wintere Haven-based lead banking subsidiary of (Nasdaq: CSFL) addes a correspondent banking unit last fall when it hiredx the bankers who handled that businesss for theformer .
The unit selld bonds to roughly 200 othercommunity banks, and it is thrivingy because community banks aren’t doing as much lending as they were a year ago and are investingy their cash in bonds. CenterState also bought the failedand $178 million in deposits on Jan. 30. “We’ves been putting that money to work in loandsand investments, and that’s helped us Corbett said. Aggressive planning that beganb around the end of the firsft quarter of 2008 kept Florida Bank on thegrowth track, said Katie Pemble, presidentr and CEO. Florida Bank’s $351,000 in net incomw for the first quarter of 2009 was a 73 percent increased from ayear earlier.
Since December, the Tampa-based bank has mergedf with three sister institutionsin Sarasota, Jacksonville and Tallahassee, consolidatinv back-office operations and cutting expenses. Each of the bankes was above the level regulatorasconsidered well-capitalized, and their capital position was furthere strengthened when they combined. Additionally, executive officerws and the board developed a seriesof 90-dag plans focused on strengthening the balance sheet with an emphasies on capital and on liquidity, or the ability to turn its assete into cash quickly.
A stronb balance sheet allowed Florida Bank to look for the least expensiv way toattract funding, a move that boosts net interest or the spread between the interes it pays on deposits and the interesg it earns from loans. Although therwe are glimmers of hope, CenterState’s Corbett expects more loan writedowns across the industrt in the next two tothree quarters. The number of institution s on the watch list increased in the firstt three monthsof 2009, and as of March 31, 30 percengt of Florida’s banks were on the list, compared to 15 percenft of the institutions a year ago.
Access to the capitap market markets is Corbett said, adding the stress testd the nation’s biggest banks just underwen t have inspired investor confidence in those Since results were releasexd May 7, the banks collectively have raised nearly $60 billiom of the $75 billion in extraw capital regulators said they “As investments come back into the big I think over time you’ll see that trickle down to the mid cap and communityt banks,” Corbett said.
Tuesday, January 8, 2013
Gellerstedt sees opportunity in recession - Atlanta Business Chronicle:
sunrise-invoices.blogspot.com
"We're beginning to see banks slowlu acknowledge their real estate problems and push these Gellerstedtsaid Friday. "Youh may see some [trade] as low as 20 centd on the dollar... This is goingg to be a slow recovery, but it is also going to presenytunprecedented opportunities." Gellerstedt, a graduate, was speaking at the Atlanta chapter's UNC Kenan-Flagler Business School Alumni breakfast.
The event, held at 'x 3344 Peachtree tower, drew about 90 Gellerstedt, who is replacing the retirinhTom Bell, said investors are putting their money behinde real estate investment trusts so the development companie have the capital to buy distressedd assets, noting that REITS have raised about $13 billion in the stocok market this year. "They're not interested in They want liquidity for the nextthrese years," he said. "They want us to have the power to Cousins (NYSE: CUZ) will not face any seriouw debt maturities until 2012, he said.
Its relatively healthy liquidity could putthe Atlanta-based developer in a stronf position as other prominent real estate companied try to pull themselves out from undet mountains of debt -- a problem createx primarily by the easy access to credit in recen t years, buying assets at the top of the market and the subsequent crash in property values. But Cousins hasn't made it througnh the market unscathed. It has struggled to sell high-end condo in Buckhead, where its 32-story 10 Terminues Place was one of 35 condominium projects in an area of the city knownj for expensive homes and luxury Ten Terminus, completed in has 137 units.
The market is affecting high-end units at other projects, including John Williams' The Mansion on Peachtree and Regen Partners' Sovereign at 3344 Peachtree. "There’se just no market for Gellerstedt said. Cousins is also tryingv to fillits 25-story Terminus 200 office which has one tenant, mobile banking technologyh firm . Firethorn is leasing two floors. Three otheer buildings still under construction in Buckheax haveno tenants. Buckhead, Gellerstedt offers an exampleof "thee runaway credit markets." In the months followinhg the spate of bank failures that claimed , the marketsz shut down.
"Now," Gellerstedt said, "I see some of that fear and panifc alleviating."
"We're beginning to see banks slowlu acknowledge their real estate problems and push these Gellerstedtsaid Friday. "Youh may see some [trade] as low as 20 centd on the dollar... This is goingg to be a slow recovery, but it is also going to presenytunprecedented opportunities." Gellerstedt, a graduate, was speaking at the Atlanta chapter's UNC Kenan-Flagler Business School Alumni breakfast.
The event, held at 'x 3344 Peachtree tower, drew about 90 Gellerstedt, who is replacing the retirinhTom Bell, said investors are putting their money behinde real estate investment trusts so the development companie have the capital to buy distressedd assets, noting that REITS have raised about $13 billion in the stocok market this year. "They're not interested in They want liquidity for the nextthrese years," he said. "They want us to have the power to Cousins (NYSE: CUZ) will not face any seriouw debt maturities until 2012, he said.
Its relatively healthy liquidity could putthe Atlanta-based developer in a stronf position as other prominent real estate companied try to pull themselves out from undet mountains of debt -- a problem createx primarily by the easy access to credit in recen t years, buying assets at the top of the market and the subsequent crash in property values. But Cousins hasn't made it througnh the market unscathed. It has struggled to sell high-end condo in Buckhead, where its 32-story 10 Terminues Place was one of 35 condominium projects in an area of the city knownj for expensive homes and luxury Ten Terminus, completed in has 137 units.
The market is affecting high-end units at other projects, including John Williams' The Mansion on Peachtree and Regen Partners' Sovereign at 3344 Peachtree. "There’se just no market for Gellerstedt said. Cousins is also tryingv to fillits 25-story Terminus 200 office which has one tenant, mobile banking technologyh firm . Firethorn is leasing two floors. Three otheer buildings still under construction in Buckheax haveno tenants. Buckhead, Gellerstedt offers an exampleof "thee runaway credit markets." In the months followinhg the spate of bank failures that claimed , the marketsz shut down.
"Now," Gellerstedt said, "I see some of that fear and panifc alleviating."
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