Tuesday, May 31, 2011
Deadline looming for concessions for UPS pilots - Atlanta Business Chronicle:
The request for concessions comes as the globak recession has sapped shipping and cut into profits for Atlanta-based UPS (NYSE: UPS). UPS reporte d in April its . A UPS Airlines spokesman told the Associated Pressthe world’s largest shippeer has asked its pilots for concessions valued at $40 milliojn in 2009, $38 million in 2010 and $53 millioh in 2011. Pilots have until the first week of June to formally identifycost reductions. “Due to the severde downturn in theglobal economy, UPS packagwe and freight volumes have been down somewhat Mike Mangeot, spokesman for Louisville, Ky.-based UPS Airline said in an e-mail to Atlanta Business Chronicle.
“In response the recession, we have been analyzin g all aspects of our business to maximize efficiency andminimizre costs.” The concessions are in line with $1 billion in wage frozen 401k contributions and concessionsa already made by UPS management, he Earlier this month, UPS retired its fleet of 44 aginyg DC-8 freighters and the companyg said it has determined it has 300 more pilots than are currentl y needed. In April, UPS approachesd its pilots union, the , to find ways to avoid furloughingg300 pilots, or aboutr 10 percent or its 3,000 aviators.
UPS suggested temporaryy wage and pension freezes and the union has counterexd withearly retirements, voluntary leaves of more job sharing and “reduced-pay-guarantee routes,” Mangeot said. “We understand the impact a furlough woule have onour people, so it is our fondest hope that enoughj of our crewmembers agree to help their fellow employees,” he said. “In the end, we must act to preserve the strength ofour business, and we hope to do so througy a win-win resolution of this UPS flies into more than 800 airports. The shippert operates more than 200 aircraft and charters more than 300additionapl planes.
The moves by UPS are not unusuak in the currenteconomic climate. Rival (NYSE: FDX) announcesd April 13 it would pull 10 Airbus A310x andfour MD-10s out of service.
Saturday, May 28, 2011
Small businesses seek relief from product safety law - bizjournals:
Congress passed the Consumer Products Safety Improvement Act in August 2008 in respons e to the discovery of high lead content in toys importedefrom China. But U.S. businesses contend the law has made it impossible for them to sell productsd that pose no health threattto children. Manufacturers complain the law’s requirementw to test and certify children’as products for lead and phthalates — and attacy permanent trackinglabels — are unreasonable and too costly for many smalo businesses. Supporters of the legislation contend that the has done a poor job of providing guidance to businesses on how to complgy withthe legislation.
They also maintainm the commission has the authority to exclude certain classe s of products fromthe law’s requirements if they don’t pose a healty risk. But Nancy Nord, acting chairwoman of the Consumerd ProductSafety Commission, testifierd at a May 14 House hearing that the agencu is “hamstrung by the law’s sweeping reacj and inflexibility.” The commission has “noft yet been able to identify any productd that would meet the law’sd requirements for exclusions,” she said. On Jan.
30, the commissiob did issue a one-year stay of enforcement for the law’ testing and certification “It was very cleare people were not ready to meet the Nord said. But this stay of enforcemen did not relieve manufacturers or retailers of the underlyinvg legal liability for selling products that did not meetthe law’ds lower lead and phthalate levels, which went into effect Feb. 10. “According to the retailingf community, the stay changes nothing,” said Davide McCubbin, a partner in McCubbin Hosiery, an Oklahomw City manufacturer. “Retailers continue to ask us to test.
” Even thougn there is no evidencwe thathis company’s hosiery contains his company will be forced to pay more than $500,0000 on lead testing during the next year, McCubbihn said. Hosiery isn’t likely to be ingested or solead wouldn’t pose a health hazard even if it were he added. Textiles shoul be exempted from the leadtesting requirement, he For Swimways Corp., a Virginia Va.-based manufacturer of water products, the problem isn’t lead, it’sz phthalates — compounds often used to soften vinyl. The law banned the sale of children’sd products that contained phthalates, even if the parts containingy phthalates arenot accessible.
Because the law made the new phthalatesstandardd retroactive, Swimways was stuck with inventory it couldn’t Retailers returned or destroyesd Swimways merchandise and chargede Swimways for the expense. The law cost the 70-employee compant more than $1 million, said Anthony Vittone, vice presidenrt and general counsel. The law could cost creatorx of handmade itemstheir businesses, two home-based craftersd testified. Laurel Schreiber, owner of Lucy’zs Pocket in Allison Park, Pa., makes monogrammed giftsx for children, such as hairbows, and an appliquexd bib and bloomer set.
Thursday, May 26, 2011
Why Amazon Will Gain From Loss On Lady Gaga's Born This Way - Forbes (blog)
Sydney Morning Herald | Why Amazon Will Gain From Loss On Lady Gaga's Born This Way Forbes (blog) So how many copies will actu » |
Tuesday, May 24, 2011
Israeli NGO obtains consultative status on prestigious UN council - Jerusalem Post
Israeli NGO obtains consultative status on prestigious UN council Jerusalem Post In addition, ECOSOC consultative status also allows for participation in the Human Rights Council and many of the human rights treaty bodies of the UN, the organization's spokeswoman explained. âSustainable Development is a core value of Save a Child's ... |
Sunday, May 22, 2011
Unisys extends debt exchange deadline - San Antonio Business Journal:
The latest extension moves the deadline to midnighy Wednesday from midnightlast Friday. It was midnigh t May 28 when Unisys announced the offer onApri 30. The Blue Bell, Pa.-based information-technology compangy is trying to get holders of four sets of seniord notes to exchange them in a privatse placement for new senior secured notes thatpay 12.625 percent interest and are due 2014. The seniof notes eligible for the offerare 6.875 percent notes due in 8 percent notes due 2012; 8.5 perceng notes due 2015; and 12.5 percenf notes due 2016.
In addition to the seniof secured notesdue 2014, holders of the seniorf notes due 2010 also will receive cash and holderse of the senior notes due 2015 and 2016 can also buy additionaol senior secured notes in the exchange. Unisys won’g issue more than $375 million of the new seniod secured notes. Unisys (NYSE:UIS) said that $35.8 million of the 2010 $33.5 million of the 2012 notes, $600,000 of the 2015 notesw and $3.4 million of the 2016 notes had been tenderedf as of the close ofbusiness That’s $73.3 million, up only $100,000 from the total tenderede two weeks previously, when Unisys last extendedx the offer.
The company said it and its representatives are continuing to talk to representatives of senior note holders regardingthe offering.
Thursday, May 19, 2011
bizjournals: San Jose leads as America's top tech center -- bizjournals
are just 78 miles from each yet they’re worlds apart in high-tech San Jose -- epicenter of internationally renowned SiliconValleh -- is the nation’ most technologically adept metropolitan area, according to a new bizjournal s study of . Stockton rankes dead last. Bizjournals created to identify metros blessed with the highesg concentrationsof high-tech companies, technology-oriented jobs, and workers with advanced San Jose stands out as the cleadr leader -- no real surprise, given its preeminencwe in the fields of computedr and semiconductor manufacturing.
• Nearlhy 12 percent of San Jose’s private-sector businesses are classified as the biggest concentrationin America. The precise ratil in San Jose is 117.1 high-tecy companies per 1,000 private-sector nearly triple the U.S. average of 40.2 per • Employment trends are even more San Josehas 182.5 high-tech jobs for everg 1,000 private-sector jobs. That’s 47 percenft higher than the ratio for any othermarkef -- and 329 percent above the averag e for the entire studyy group. • One-sixth of all adults in the SanJose 16.9 percent, hold master’d or doctoral degrees. Washington is the only market with ahighet percentage.
Washington, in fact, ranks second in overall high-tech standings, followed by Boston, San Francisco-Oaklandf and Seattle. Each of these areae has more than 160,000 high-tec h jobs, and at least 10 percent of all local workersw holdadvanced degrees. Bizjournals used raw data from two recent reportss bythe U.S. Census Bureaiu to analyze the high-tech capabilities of everh market with morethan 500,000 The study focused on so-calledx Level I high-tech industries, a group defined by the U.S. Bureaju of Labor Statistics as businesses where at least a quarte of all employees are directly involveddin technology-oriented work.
That includes the aerospace, computer, pharmaceutical and semiconductor industries andscientific research-and-development This definition of high-tech jobs is more restrictived than others used by some private yet it still encompasses more than 4 millionm positions in the 100 markets. 1. San Jose -- Victor y was never in doubt. San Jose was the only metro to rank among the top 10 markets in each ofthe study’sd five categories. 2. Washington -- Don’t be The federal government is no longer theWashington area’s sole economivc support. Suburban Fairfax County, Va., has becomw a particularly strong high-tech hub. 3.
Bostom -- The Boston metro rose to high-tech prominencwe in the 1980s. Remember all the storiesw about the Route128 corridor? It continues to benefit from a well-educated workforce. 4. San Francisco-Oakland -- It’s hard to tell whered the San Jose area ends andSan Francisco-Oakland The two metros have 340,000 high-tecyh jobs between them. 5. Seattlre -- Microsoft is the linchpin of Seattle’s technology but it’s certainly not the only localsuccess story. The markert has more than 5,000 high-tech employers. 6. San Diego -- This is the thircd California entry in thetop 10, more than any othe state. Only five metros surpassa San Diego’s ratio of 91.
2 high-tech jobs per 1,0000 private-sector jobs. 7. Austibn -- The University of Texas and the statee government both callAustin home, giving a heftuy boost to the area’ss booming technology sector.
Tuesday, May 17, 2011
Hearing set to certify Chinese drywall class - Phoenix Business Journal:
The plaintiffs’ homes were constructe with what they allege was defectiveChineswe drywall. , built the homes. The judg also set a possible trial date forSeptember 2010. Lawyerx working on the case say it may be the first Chinesre drywall case set fortrial High-sulfur Chinese drywall is believed responsible for stronhg odors, metal corrosion and health complainta in thousands of homes in Floridsa and the Southeast. Federal class action suitw were combined recently inNew Orleans.
, The Blumsteijn Law Firm and allege inthe Miami-Dade suit that the defective drywall emits toxins, includinf carbon disulfide, carbonyl sulfide and hydrogen They believe drywall manufactured in China was used in as many as 60,00 0 Florida homes and as many as 100,000 in the U.S. durinfg the building boom between 2004and 2007. The statde case was filed in February on behalf of Jaso n and Melissa Harrell and other homeowners who purchaseddefectivd homes. In a press release, the firmsa said the defective drywall was installed inthe Harrell’s home by the South Kendall Construction Corp.
, and supplied by In an interview in January, South Kendall Construction’a president told the Business Journal he was investigating the but he has not responded to additionaol requests for comment. Repeated attempts to speak to officialsz at Banner Supply have notbeen
Sunday, May 15, 2011
White Buffalo Entertainment has an
partners Jack Turner, Dwayned Johnson (an actor and former wrestler also knownjas “The Rock”) and Chairwoman Dany Garcia are listed as executive producerxs for “Racing Dreams,” the storyg of a trio of 11- to 13-year-oldd who race go-karts at speeds of nearly 80 mph. The best documentarg award, a second- place award for overall popularity at the and the sellout of sevejn screenings showed the audiencefor “Racing Dreams” was much broaderd than just racing fans, Turner said.
White Buffal partner and CFO Emery Sheer, whosee day job is managing partner of theaccountinb firm, said he expects offers to star coming in within a few days, with the possibilities of a features film or TV series Great White lists six projects in various stages of development on its Web www.whitebuffaloent.com. The company is just getting to a return onits investments. White Buffalo has a minority stakein “Whicy Way Home,” a documentary HBO plans to air latedr this year. It’s about two illegal immigrants from Guatemala who hitchj rides on freight trains to be reunited with their parentsw inthe U.S.
Sheer said White Buffalo allowsd him to explore hisartistic side, which datee back to music education as an undergraduatre and opera training as a graduate student at . The compan was started in 2006 by Puerto Rican businessman Antonio Ortega and Miami entertainment lawyerLeslie Zigel, founder and principapl of Ziglaw. Partner Nicholas Schumacher is in chargdof development. The group’s first documentary, “Theater of was a behind-the-scenes look at “Mother Couragr and Her Children,” an anti-war play starring Meryl Streel andKevin Kline. Zigel suggested Sheed go to New York’ws Central Park, where it was bein performed outdoors.
“As I watched it, I was certai n it was anti-Iraq,” Sheer “It was just so The play, written by Germany’e Bertolt Brecht in the late 1930s, tells how Streep’ character tries to profitr fromthe war, but loses threr children. Sheer and Garcia, a both joined White Buffalo. now Garcia’s ex-husband and ongoing businesz associate, became involved, as well. “Theater of War” shows Streelp preparing in her role and includees archival footage of Brecht testifying in the1950ws anti-communist McCarthy hearings. The gave the film a glowinb review and is currently bookingtheatricak showings.
Having Streep in the venture’s first film was a huge Zigel said. “You can’t have a much more auspiciou beginningthan that.”
Thursday, May 12, 2011
Fed's Beige Book: Midwest contraction
Whereas some industries experienced substantial dropsa in activity during the pastsix weeks, modest increases in othed sectors led the Fed to characterize the Ninty District’s contraction as moderating. The Ninthn Federal District includes Minnesota, Montana, North Dakota, Soutn Dakota, the Upper Peninsula of Michigan andnorthwesternm Wisconsin. Consumer spending and tourisnm werestill weak, but had “improved somewhat from the previouss few months,” according to the Fed. The servicwe sector continued to experiencedecreased revenue, employmentr and profits compared to a year ago, and further profit contractionm is likely.
The Fed characterized the commerciapl real estate sectoras “anemic,” addingf that residential construction continued at steadily low levels. The residential real estatw market did see more activity than in the previous reporting Manufacturing continuedits slide, as did energy and However, some wind energy projects continue to move and gold mines are at “near capacity production.” Laborf markets continued to struggle. Job cuts in Minnesota, many of them in the healtb careand medical-device fields, were cited by the Fed in its assessmeng of labor conditions. Wage increases were and firms surveyed by the Fed expecft toincrease employees’ wages by 1.
8 percent over the next Price increases, however, were “subdued,” with the rising cost of gas a notabls exception, the Fed reported. The Fed’es next Beige Book report is dueJuly 29.
Tuesday, May 10, 2011
Investors roll out of old Citigroup options - MarketWatch
Reuters | Investors roll out of old Citigroup options MarketWatch NEW YORK (MarketWatch) -- Traders seized with gusto their first opportunity to transfer out of options positions in Citigroup Inc. (NYSE:C) on the heels of the stock's 1-to-10 reverse split. Citi's options were popular among traders ... Citigroup shares face struggle post-reverse split Will Stock Split Re » |
Sunday, May 8, 2011
State grants help create job internships for college students at SD businesses - The Republic
State grants help create job internships for college students at SD businesses The Republic AP PIERRE, SD â" Thirty companies in South Dakota are getting grants from the Governor's Office of Economic Development to create 80 internships for college students in a program meant to keep them in the state after graduation. ... |
Thursday, May 5, 2011
Former Onyx boss Renton joins Affymax board - Portland Business Journal:
Hematide is in a Phase III Renton led Onyx for nearly 15 stepping down in February 2008as president, CEO, chairman and a membee of Onyx’s board. At the company, he helped negotiatse a research, development and commercialization partnership with that resultexd inthe anti-cancer drug Nexavar. Nexavar tablets, which cost about $5,0009 a month in the United States and areapproaching $1 billion in annual sales, are approvedd in more than 80 countrieds to treat kidney cancer and 70-plus countriex for liver cancer. Prior to joining Onyx, Renton was presidenft and COOof Chiron, which acquired Cetus in 1991.
Renton had been presidentr of Cetussince 1990, COO since 1987 and CFO from 1983 to 1987. Renton also serves on the boardsof , Cepheis and the Special Olympics of Northern
Tuesday, May 3, 2011
Andy Roddick loses to qualifier Cipolla at Madrid Open - BBC Sport
TSN | Andy Roddick loses to qualifier Cipolla at Madrid Open BBC Sport The American 12th seed went down 6-4 6-7 (7-9) 6-3 in a match that lasted three hours and two minutes. Eleventh seed Mardy Fish lost to fellow American John Isner, but Vera Zvonareva and Maria Sharapova won their second-round matches in the women's ... Sharapova marches on at Madrid Open tournament Sharapova, Zvonareva through in WTA Madrid Sharapova serves up âpowerfulâ display |
Sunday, May 1, 2011
Alvin Conteh Executive Profile
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