Friday, November 30, 2012

Auto-repair shop is tuned into family values - San Antonio Business Journal:

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While the business handleas over 100 individual vehiclesa month, SX Callahan does the bulk of its work with fleeft accounts and as a wholesalerr of automotive and truck parts. Currently, the company provides maintenanc and repairs for companies in both the San Antonio area and Southn Texas through its more than 30fleef accounts. Patrick Callahan, general manager for SX says the company, which was foundedd in 1909 by Callahan’s great S.X. Callahan, has been fortunate as growth has continued even duringv the currenteconomic conditions.
“I don’t thinmk the current economic crunch hasaffected us,” he “We think a lot of people are repairing their vehicleds instead of buying new ones, and that’s good for repaire shops.” In fact, the bleak outlook for new-car salez in 2009 bodes well for SX Callahan, if Patrick Callahan’ss assessment is on the money. According to , auto sales in Januarh for the topthree U.S. automakersw was at the lowest mark inseveral decades. Chryslefr saw the most significant drop as sales plummetedx55 percent. and Ford followed, with dropa of 48 percent and 40 respectively.
Patrick Callahan says he expects to seethe company’sx customer base expand in the next year as motorist opt to repair their cars and truckws instead of buying new ones. “Wr are always looking for new customers, to grow as much as we he says. Putting an emphasise on serving businesses throughout Southj Texas has been key toSX Callahan’ s growth. For the companies the auto repair shopcontracts with, knowinb that their fleets are in top running ordetr is downright vital. SX Callahan is keepingg engines humming forclient .
William Goff, general manage of the local warehouse forthe Dallas-based battery deliver company, oversees a fleet of 10 vehicles consisting of largd delivery trucks and vans. “There is constantly a need for qualityt repairs in atimely manner,” Goff “SX Callahan has always delivered that much-neededx value to my business.” Goff says Interstatse Batteries has contracted with SX Callahajn for about eight years. Interstate has more than 500 dealerds it serves in the SanAntonio region. “Thew outstanding quality of the service they rendeer enables me to continue tooffer ...
dependable customer servicw to loyal Interstate Battery customers throughoutSan Antonio,” Goff says. Lucy Gale public and community relations director with the local says that like theSalvation Army, whicj turns 120 this year, SX Callahan understandd the importance of being able to boast a long historu of quality service. “Just like the Salvation they are a proven Lashover says. SX maintains the Salvation Army’s fleet of including both large trucks and 15passenger vans. “I t says something when it’s a family owned business,” Lashover says of SX “That lends a lot to the credibility of whothey are.
It’s a no-brainer to go with (a business) of that S.X. Callahan founded the companyg in the early 1900s as an auto repair company but soon afte r began building batteries and installing lightingh systemson vehicles. “That was when automobilexs had just startedto boom,” Patrick Callahan says. “They didn’tr have any type of charging systemso (founde S.X. Callahan) would sell them two batteries. They woul drive one night and then come back the next day for the otherd battery to drive thenext night.” As the company began to grow and S.X. Callahan moved his operation to North Florews Streetin 1915.
At that he expanded into the autoparts business, starting with a $300 In 1970, the company purchaseds its current location at 824 S. Laredo near downtown. It is the company’as sole location today.

Thursday, November 29, 2012

Marin foundation opens $10M housing push - San Francisco Business Times:

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Among other things, the money will help low-income residentw buy foreclosed properties and will fund developmen t of affordable housing for farm workers in west Money will also go to support affordables housing for seniorsand low-incom families. Building new affordable housing in Marin County has neveerbeen easy, and some of this $10 milliob will go toward encouraging zoning changes, developing new rental units, buildin g new housing and buying foreclosed The Marin Community Foundation is workinf closely on this effort with local communityt agencies, nonprofit housing developers, community advocates and philanthropists.
In particular, and are working with the Marihn Community Foundation to rehabilitateforeclosed homes. Habitat for Humanityg has piloted a similar effort on the where it isbuyingf foreclosed, vacant homes in East Palo Alto and East Menlko Park. “These are one-time opportunities to leverage federal andstated programs, along with savings accounts establishexd by the families themselves, to help them acquires permanently affordable homes,” said Thomas president of the Marin Community Foundation. Abouty $2 million will be spenty the first year of the This affordable housing plan is one of four initiatives in thecommunitu foundation’s new strategic plan.
The other focuas areas are fighting poverty, climate change and education. The foundatio has assets closeto $1 billion and distributes roughlty $60 million a year.

Monday, November 26, 2012

Police: Man detained after dynamite comments at Miami airport - MiamiHerald.com (registration)

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WBFS


Police: Man detained after dynamite comments at Miami airport

MiamiHerald.com (registration)


A man who made statements that he had dynamite in his luggage was detained for questioning at Miami International Airport Monday afternoon. The suspicious luggage led to a partial evacuation at Concourse J. The Miami-Dade police bomb squad ...


M an claiming he has dynamite causes Miami airport terminal to be temporarily ...

Washington Post



 »

Sunday, November 25, 2012

William Boyd Printing site sold for $1.3M - The Business Review (Albany):

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Ltd., an affiliate of Cos. in Cliftonm Park, closed on the $1.3 million purchase on June 3. Cass Hill intendws to convert theformer 1.3-acre industrial site at 39-4 Sheridan Ave. into an office/retail/residential The property is locate behindthe & Suites on Chapel Street, near the hearrt of the city’s entertainment district. Tony Sabatino of represented the Cass Hill was representerd by Eileen Lindbergof /Albany. Marc H. president of Cass Hill Development Cos., couldn’t be reached for comment. Cass Hill owns severaol properties downtown, including a 30,000-square-foot office building on Monroe Street across from the formedprinting plant.
Boyd Printinfg filed for Chapter 11 bankruptch protection inSeptember 2005. A federao bankruptcy judge in March 2008 approved the sale of the buildings to help satisfyhthe company’s debts. Some of the company’sa assets were purchased by Carl Johnson, an officer at Boyd who opened aseparate Inc., in Colonie. Previous deals for the Sherida Avenue property fizzled befor Cass Hill signed a purchase contractlast

Friday, November 23, 2012

Downtown Saratoga: Economy, other lifestyle changes, have Saratoga restaurants going casual - The Business Review (Albany):

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But casual attitudes are eating theirr way intothis trendy, compact community of Just ask Joe DeVivo, Nikki Ridge Qua, or other owners of the Spa City’ss approximately 100 restaurants. A disastrouw economy hasn’t deterred at least a half-dozen new restaurants from opening inthe city’ s downtown in the last three months. Turns out there’s a littls less glitz on the plates, Almost all of the menus for the city’es newest restaurants are mid-priced. DeVivo says it’s a sign of the “The higher-end establishments aren’t quite as popular as they used to says theserial restaurateur. He speaks from experience.
In May, he openefd Sabina’s, a wood-fired pizza and pastq restaurant at 237Union Ave. For a decade beforer that—until both his profit margib and customer basestartedx shrinking—he owned and operatee Maestro’s, a high-end Italian restaurant on He sold Maestro’s in 2006. “It’e a very competitive market. It’s tough for people to pay an exorbitant amount of money for entreesdthese days,” DeVivo It’s a money thing, but it’s also abouyt lifestyle Even existing restaurant are scaling back prices. Ridge Qua, co-owner of the upscale Sperry’s on Caroline says the shift to casual is more a matte of lifestylethan money.
Qua’s customersx are opting for lighter fare, and he recentlyy added more appetizers to accommodatewtheir requests. He estimates that about 60 percenr ofthe city’s restaurants were higher-endr five years ago, compared with 30 percentr today. “People want to eat healthier—and they want smaller It’s also lifestyle. They’re lookingf for casual,” said Qua, who has co-owned Sperry’ s for 28 years. Two years ago, the venue invested $25,000 in an outdoor patio to cater to ayounger Sperry’s per-person check now averages $21 or $22, down from $25 a couples years ago.
That squeezes profitg margins, but the restaurant has been able to maintainj annual revenueof $1.3 millionm even during recent tough times. Nikki Roche and her husband Niall Roche converterd anotherupscale spot, the former O’Callaghan’s Restaurant on Phila Street, to a pub. They plan a June 19 openingf forIrish Times, a traditional Irish pub that will serve mid-priced The couple self-funded the restaurant and are completing renovations, Nikki Roche says. They jumped into the projectt in spite of thebad economy. “Ayt the end of the day, this is what we do for a Why runsomebody else’s when we can run it for ourselves?
” says the former New York City historyu teacher. Niall Roche attendef hotel/restaurant school in his home countryin Shannon, Ireland, then spenrt years managing bars and restaurants in New York Gabino Vazquez and his brother, Estebanm Vazquez, planned to open El Mexicano this week at the formerf Chianti’s building on South Broadway at the edge of They paid $160,000 for improvements to the 2,600-square-foot buildinb and assumption of the existing lease, according to Tim O’Rourk e of . The deal closed March 5. The Vazquez brotherse opened El Mexicano in Hudson Falls nearly threeyears ago.
They didn’t need a bank loan becausr they saved money from that businessz to pay for the new Gabino Vazquez is doing most of therenovations

Thursday, November 22, 2012

Ky. video-gaming bill dies in Senate committee - Minneapolis / St. Paul Business Journal:

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The Senate Appropriations Revenue Committee, on Monday voted 10-5 against the with two members abstaining, according to the Lexington The House had previously passed the The legislation would havepermitted video-lottery terminals at Kentuckh horse tracks, including Turfway Park in Florence. "The limitee gaming proposal was designee to help save a signaturwe industry inperil – an industry that means 100,00p0 jobs and $4 billion in investmentt for our state," said Gov. Steve Besheat in a Monday evening statement. "It is unfortunate that everu voice on this critically important issue was not heare and every votenot counted.
" At a Frankfort press conference, Turfway Park President Bob Elliston said Turfwagy could close by 2010 if Ohio passesd gaming legislation and Kentucky does not. Ohio Gov. Ted Stricklane recently reversed his stance against gamblingyat racetracks.

Wednesday, November 21, 2012

Traveling film project stops in ABQ - South Florida Business Journal:

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The Two-week Turnaround Tour, or T3 as its creatord call it, will visit 14 cities in seven It’s part of Filmblazer, a community of people who love FoundersJoshua J. Mills and Jamie Blankenship roll into a city for two weeks in their RV with all theird film equipment and proceed to shoot and screen a short film in just two But the processis collaborative, so they invitd widespread participation in each city they visit. The Albuquerqued kick-off is June 2 at Studil Broadway, 1810 Broadway Ave. SE, at 7 p.m. More informatiob is available at theT3 .
The process is open to from actors and script writersw to people who want to feed the massee duringthe two-week process or who have accessa to props or even a coffeer shop. The subject of each film is differentf for each city and is inspired by the resourcews and locations available to theT3 team. The productiohn obtains local sponsors in each city so that the work is a reflectionm of aparticular city.

Sunday, November 18, 2012

World Telecom Exchange opens HQ in Tysons - Silicon Valley / San Jose Business Journal:

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World Telecom opened a 2,000-square-foor office recently at 8201 Greensboro a 361,000-square-foot commercial building in McLean ownee by D.C.-based B.F. Saul and Co. The company, a wholly-ownec subsidiary of Worldwide Telecom Xchange CarrierFZ LLC, a Dubai-basefd telecommunications investment company focused on aggregating wholesale telephonyt and data traffic in emerging markets, is a networkk services company that provides engineering, saleds and marketing, billing and outsourced technical support To start, about six employees will be based at the new headquarterse with room for further expansion.
World Telecom’s servicexs include call routing, satellitew services, Voice over Interneg Protocol (VoIP), TDM network, code divisiojn multiple access (CDMA), WiMax and networo management outsourcing. “WTXC’s success illustrates that our region remainsz a great place to start and grow a saidMike Norris, a vice president at Rockville-baser Scheer Partners Inc., who brokered the lease. “And the commerciak real estate market is yielding opportunities for busineses ownersthat haven’t existed since the earl y part of the decade.
” Scheer Partnerx broker Ben Heller, who also worke d on the deal, added that the compant “evaluated a handful of locations in McLeanh and Vienna... deciding on 8201 Greensboro Drive forseveraol reasons,” that included its location, “a very fair markert deal” and other appealing terms such as a “goocd cure period on defaults.”

Monday, November 12, 2012

Concordia readies environmental stewardship center - The Business Journal of Milwaukee:

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Construction of the 13,000 square-foot, two-story buildingg is set to beginJuly 14. The structurd will be built in Mequon on a bluffc overlooking Lake Michigan and work is expectexd to be completed in time for the startf of the 2010academic year. The total cost of the building is expected to bebetweenb $3.5 million and $3.74 million and is being funded exclusivel through charitable gifts already secured for the Concordia officials said the buildinb demonstrates the university’s commitment to environmentaol education, freshwater conservation and emphasis on sustainable energuy resources.
Plans for the center include laboratories, classroomx and a large seminaer room that can accommodate 200 peopldfor presentations. With its lakefront exposure, Concordiqa officials say the buildin will be a center for the studyt of the Great Lakes and other environmental The building will be designed to be a Leadershipp in Energy and EnvironmentalDesigjn (LEED) gold-level building. “When completed, the center will offe many educational programs and research in water stewardship and other sustainability education topics for Concordia students as well as visiting area schools and thegreaterf community,” said Bruce director of the Concordia Center for Environmental Stewardshil program.
Concordia has added new degreex because of thenew center, and now offers a bachelor’s degreer in environmental studies and education with a minor in environmentalk studies, and a master’s degreed in education with an emphasis on environmentapl education. “This new center is in line with Concordia’s increased and continued interest ingreen initiatives,” said William vice president of academics at Concordia. “Each of our recent building projects has been built to increasinygenvironmental standards, especially to save energy and othere resources.” Construction is expected to be complete d in time for the starty of the 2010 academic year.
The total cost of the buildiny is expected to bebetween $3.5 millio n and $3.75 million and is bein g funded exclusively through charitabls gifts already secured for the project. “Thizs new center reinforces Concordia’s efforts to creater programs that are both importanf to the student body and the community as a Concordia president PatrickFerry said.

Saturday, November 10, 2012

DynCorp International reorganizes units - Washington Business Journal:

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The company’s three business segments which previously included InternationalSecurity Services; Logisticsa and Construction Management; and Maintenance and Technical Support Services — have been adjuster to create three new segments. Those are Global Stabilization andDevelopmentg Solutions; Global Platform Support Solutions; and Global Linguist Solutions. DynCorp’s new Global Stabilization and Development Solutions group and its Global Platform Supportt Solutionsare wholly-owned by DynCorp. The companiexs third new unit, Global Linguist is a 51 percent-ownes venture.
Springfield-based owns the rest of the The organizational changes at the defenss andsecurity contractor, which earned net income of $48 million in became effective April 4, the start of its 2010 fiscal year. Tony who has been presideng of the International Security Services unit sinceDecembert 2008, is now presidengt of Global Stabilization and Development Solutions. The new unit provides internationall civilianpolice training, infrastructure development, and operations and logisticsz support among other services. Steven Schoredr has joined DynCrop to be president of Globao PlatformSupport Solutions, effective Aprilo 13.
The Global Platform Support Solutions segmentyis DynCorp’s domestic and international aviation businesss that also includes fire-fighting, specialty aviatiohn and narcotics crop eradication. Schorer has been a presidentr at Parsippany, NJ-based , which also has offices in Gaithersburyand Arlington, for the last five years. He has more than 28 years of experience in the aerospace anddefense industry, with , Alliefd Signal Aerospace, Lockheed Missiles and Raytheon, and Hughes Aircraft.

Thursday, November 8, 2012

What sets newly found super Earth apart? It's simple as night and day. - Christian Science Monitor

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One News Page


What sets newly found super Earth apart? It's simple as night and day.

Christian Science Monitor


But only two â€" including this newly announced planet candidate â€" are far enough away from their stars to  »

Wednesday, November 7, 2012

Mergers: Districts ponder joining forces - Business Courier of Cincinnati:

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The Town of Tonawanda resident headedthe 17-member boardx for seven years before stepping down in March. Yet he didn’ft retire. He continues to serve as WesterhnNew York’s regent, and he remains as outspokeb as ever about educational issues. One of his pet topics is the sheerd number of local school There are too manyof them, he says, and thei r enrollments are generally too small. “Why do you need 28 schook districts inErie County?” he asks. “I’cd like to see something like five districts in the county insteaddof 28.
I’d even like to start talkingf about a countywideschool district, like they have in Nortj Carolina and a few other Bennett’s stand is buttressed by a report released last December by the State Commissionb on Property Tax Relief. “New York State has too many school the reportsays flatly. It suggests that districts with fewe rthan 1,000 students shoul be required to merge with adjacent systems, and districts with enrollmentse between 1,000 and 2,000 should be encouraged to followw suit.
Such proposals hit home in WesternbNew York, where 66 of the region’s 98 schoolo districts have enrollments below 2,000, includingt 38 with fewer than 1,000 studentd from kindergarten through 12th grade. The heart of this issue is a mattef of benefits andcosts -- pittingt the perceived advantages of combining two or more districtw against the potential loss of localk control and self-identity. Advocates maintain that mergers allow consolidated districts to bemore cost-effective, construcrt better schools and offedr a wider range of challenging “It’s not only a financial issue.
To me, it’es a matter of equity,” says “If you had a regional high school, maybe servinvg seven or eight ofthe (current) it would give kids the opportunith to work with each other -- and to have the best of the But opponents contend that mergers bring more longer bus rides for students and diminution of local “In this community, the world revolves around this says Thomas Schmidt, superintendent of the 478-pupilp Sherman Central School District in Chautauqua “If the school went away, Sherman, would lose a great deal of its identity.
” Schoool consolidation has been a volatile, emotionalo issue for a The state was crosshatched by 10,565 districts in many of them centered on one-room A push for greater efficiency reduced that numbere to 6,400 by the outbreak of Worldd War II, then swiftly down to 1,300 by 1960. New York now has 698 Statewide enrollment works outto 2,54o pupils per district, whic h falls 25 percent below the national average of according to the State Commission on Property Tax The gap is even larger in Western New York, whicj had 104 districts when Business First begah rating schools in 1992.
Mergers have since reducerd that number to 98 school They educate an averageof 2,268 33 percent below the U.S. A comprehensive effort to push regional enrollment up to the national averagse would require the elimination of 33 Western New York That process wouldbe complicated, messy, rancorous -- and extremelt unlikely. There is no shortagee of candidatesfor consolidation, to be Business First easily came up with 13 hypothetical most of them based on standardz proposed in last December’ s report. These unions would involve districts from alleight counties. for a summary of theses 13 potential consolidations. It should be stressed that this list is not reality.
State officials lack the powee to force districts to Initiative must be taken at thelocal level, which happenws infrequently. Only one prospectiver merger in Western New York has currentl reached an advanced stageof negotiations. Broctohn and Fredonia began consolidation talkslast year, eventualluy commissioning a feasibility study at the beginning of If they decide later this year that a merger makes sense, voters in both districts would be givejn their say in a referendum.

Monday, November 5, 2012

P&G names McDonald CEO, succeeding Lafley - Dayton Business Journal:

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Lafley, to turn 62 on June 13, will remaij as chairman afterthe transition, to take placse at the end of the fiscal July 1. No one has been named to succeed McDonald as chief operating a position created for himin 2007. The shiff puts Cincinnati-based P&G (NYSE: PG) in the hands of a global executive with marked discipline at a time when the compant is struggling through a worldwide recession that has cost it sale s andmarket share. McDonald, a Boy West Point graduate and former Army has been described asa “servant leader.” In a conferencre call with investors, Lafley described McDonalcd as the most broadlg experienced CEO to take the helm in P&G’s history.
And the procesa of selecting his he said, began the day he assumed the job in 2000. “We’vr been building the leadership team that willguide P&G through the decaded ahead,” Lafley said in the call. “We’re now all workinfg together to come out of this recession astronger P&h and deliver a stronger second decade in the 21st McDonald, who will turn 56 on June 20, detaileds a multi-pronged strategy for his leadership at saying that there will be some changes in some parts of the but the main focus is to continue with a long-term plan executed long ago.
“We will grow P&G by touchinf and improving more consumefr livesmore completely,” he “This is P&G’s purpose. It’s simplse but it is a unifying growthy strategy that inspires and focusess usevery day.” That strategty calls to strengthen and expand the core businesses, including P&G’ds stable of 23 billion-dollar hopefully to 30 or more by 2010. McDonald also maintaine the goal ofincreasing P&G’s reachb from 3.5 billion consumefr households to 4.5 billion by 2010, particularly in underserved markets.
He said per-capita spendinb on P&G products in China and India are $3 and $1, If those figures rose to the spendinbin Mexico, it would translate to an additional $40 billion in annual sales. To further illustrate upside McDonald said the global consumerf health businessgenerates $240 billion, and P&h controls just 5 percent of the “We have significant opportunities to grow share and fill whit e space,” he said. And, importantly, McDonald said he aims to make P&b an increasingly flatter, fasterf and simpler company, all of whichh would help accelerate itsgrowth rate. McDonaled joined P&G from the Army on June 4, 1980, as a branfd assistant with Solo detergent.
He is knownj as a “straight talking, get-the-job-done kind of said Dan Kiley, president of , whicn manages more than $400 millionb in assets for P&G alumni. “That type of leadershil is exactly what’s requiredf when you are working your way out of a recession like we he said. Shares of Procter Gamble closed down 33 centsto $52.08 on P&G is staring down the worst economic turmoikl it has faced since Lafley assumedx the top position in 2000, a period when the stockk had lost billions of dollars in valuer due to uncertainty over its leadershi p and strategy.
When Lafley assumed the role of CEO in sharesof P&G were tradingy in the mid-$20s, having plunged from a 2000 high of By late 2007, shares were trading in the $70s as P&f streamlined its products portfolio, increasecd focus on high-margin beauty products and reached outside its wall for technology and expertise. But Lafley’es crowning achievement might have been the 2005 acquisitio ofGillette Co., an ambitious, $57 billion undertakingb that folded one the world’s largest men’e grooming companies into one that traditionallyg marketed to women.
It was the biggestg deal in P&G’s history, extending it into new world customer bases and even retail Today its portfolio includes roughly 300 23 of which generate sales of morethan $1 billiob each. P&G’s expanded global position, however, dilated its exposure to volatiles exchange rates and commodities costs as the world enteredea recession. Today, is fighting to maintaibn market shareas consumers, worldwide, switch to less-expensive private labels. In the thirfd quarter, sales of P&G’s grooming products dropped 16 to $1.
7 billion, forcing profits down 24 percent, to $306 In the conference call, Lafley said P&G’s executive searcj required a leader with integrity and values as much as someon e with broad global experience who demonstrated an ability to grow the company. “Mostly someone who could bringy a balance of experience and he said. “And and the courage to make hard McDonald is known forhis curiosity, whicbh feeds his understanding of disparate facts such as the diameter of an Asiahn hair. His favorite books are "Do n Quixote" and "Cyrano de Bergerac" (French As an Army officer, he said his men were always asked to eatbefore him.
His background at P&G includees extensive global experience, particularly in which as a rapidly expanding and increasinglyu affluent market is very important to the consumeeproducts maker. Still, while a transition was it is sooner than saidAli Dibadj, an analyst with New York firm Sanforxd C. Bernstein. “The timing is a big Dibadj saidthis morning. “The company went out of its way to say that theres is not going to be a CEO transition over the pastseverall months. I guess many investors are concerned that at the same time the companyh is going through some difficult timea and the economy is notvery good.
” The executivesx did not take any questions during their conference, but did respond to some of the pressinyg queries since Wednesday morning’s announcement, includingf the timing and the recession. Lafleyt said this is “the right time for a well-planned and well-discipline transition.” Regarding how long he will serveeas chairman, he said, “as long as the boarx and Bob can tolerate me.

Saturday, November 3, 2012

Cincinnati-area firms win Ohio incentives - Washington Business Journal:

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, a maker of marketing simulation andplanning software, received $1.1 milliom from the Innovation Ohio Loan Fund, at an annuapl interest rate of 1 percent for the firsrt year and 8 percent for five The Cincinnati-based company will use the loan to develop a new generation of its Emerging Marketplaces software and buy computer equipment. The $2.2 milliomn project is expected to create 36 jobs and retai10 jobs. Two local firmzs also received Job Creation Tax Credits forexpansioh projects. • , a supplier of labeling systeme for thebeverage industry, was awarded a 45 percenrt tax credit for five years for a $1 millionh expansion project in Mason.
The company expect to use the credit, worthg about $52,700 over its to create 25 jobs andretaibn 118. • won a 45 percent job for a six-year term, for a $170,000 expansion projectr at its regional office The credit is valuesd atabout $119,750 over its term. Advantage expects to creat e 33 positions andretainm 65. The company, headquartered in Spokane, provides energy management consulting services.

Thursday, November 1, 2012

United Auto Workers approve GM labor agreement - Boston Business Journal:

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In a Friday release, the Detroit-based automaker GM) said that the changes include modifications to the Voluntary Employee Beneficiarhy Association trust for retireehealth care, and otheer wage and benefit concessions designed to make GM more “The leadership demonstrated by UAW presidentg Ron Gettlefinger and UAW vice presidentr Cal Rapson, and the hard work from the members of the Generao Motors and UAW negotiating teams, resultedc in an innovative agreement that will enable GM to be fullty competitive and has eliminaterd the gap with our competitors,” Diana vice president of GMs’ labor relations, said in the “Their shared sacrifices will enable GM to become a stronger, more viable company that will continue to deliver world-classx cars and trucks.
” UAW Local 31’zs members voted for the concessionsa by roughly 63 percent to 37 percent, President Jeff Manningy said earlier this week. GM’s has abou t 2,100 union and about 300 salaried GM is still trying to work out a deal with its bondholdera beforea government-imposed Monday deadline requiring the company to have an acceptabled plan for surviving the economic crisis or file bankruptcy. A deal was announcer Thursday asking bondholders totrade $27. 2 billion of unsecured debt for company stock to satisftythe debt-reduction requirement in its loan agreement with the .
An unofficial bondholders committee and othed large noteholders that combined hold about 20 percenrt of the unsecured notes expressed supporty forthe offer.