Global finance blog - news, jokes, life…

EndoGastric Solutions has completed a $30 million round of financing led by Canaan Partners and Radius Ventures.

Existing investors Advanced Technology Ventures, MPM Capital, Foundation Medical Partners, Chicago Growth Partners, and De Novo Ventures joined in the round.

EndoGastric is developing procedures for the treatment of upper gastrointestinal diseases business cards.

Brent Ahrens, general partner of Canaan Partners, and Kathleen Regan, venture partner of Radius Ventures, joined EndoGastric 's board of directors as part of the transaction.

Source

More workers are satisfied with their pay, most likely because they feel lucky to have a job at all, according to Gallup poll results.

More than half of all U.S. workers — some 53% — believe they are paid an amount that is "about right" for their jobs, according to the poll, compared to 43% who said they’re underpaid.

The number of people happy with their pay has actually increased in the last two years, even as the job market has grown steadily worse. A 2008 Gallup poll showed that 46% of U.S. workers believed their pay was "about right," compared to 51% who said they were underpaid.

"U.S. workers’ heightened appreciation for their pay likely reflects today’s challenging job market," according to the report, which was released on Thursday.

Gallup noted that the nationwide unemployment rate of 9.5% is "significantly higher" than the 6 high risk personal loans.1% jobless rate when Gallup conducted the same poll two years ago.

Gallup also reported that about a quarter of workers are "worried that they could soon lose their jobs or see a pay reduction — nearly twice the August 2008 level."

"These findings help explain why workers may now be happier to hang on to their jobs they have than they were only two years ago, without looking for greater financial rewards," concluded the poll.

Bad news for the job market just keeps coming. On Thursday, the U.S. Labor Department reported that the number of first-time filers for unemployment insurance rose for the third time in a row, to 500,000 jobless claims for the week ended Aug. 14, the highest level in nine months. 

Source

The St. Louis area is home to all four Missouri firms on Fortune Magazine’s 100 Fastest-Growing Companies list for 2010.

Chemical and ammunition maker Olin Corp. (NYSE: OLN) came in at No. 40 after not having made last year’s list.

Brokerage and banking firm Stifel Financial Corp. (NYSE: SF) came in at No. 65, having ranked 25^th last year.

Food company Ralcorp Holdings (NYSE: RAH) was 75^th for the second year in a row.

And restaurant operator and franchisor Panera Bread (Nasdaq: PNRA) was No instant payday loan. 99 on this year’s list but hadn’t been listed last year.

Topping Fortune’s 2010 list as the fastest-growing company was mining company Eldorado Gold of Vancouver, Canada, with three-year annualized EPS growth of 119 percent.

Fortune compiled the list based on a firm's revenue and profit growth, as well as annualized total return for the three-year period ended June 30. The list will appear in the magazine’s Sept. 6 issue.

For the full list, go here.

Source

Extending the light rail through Central Mesa is a step closer now that the Federal Transit Administration has approved Metro light rail’s request to enter the project development phase.

This means that Metro can start the engineering process of the 3.1-mile extension that runs along Main Street from the current end-of-line at Sycamore on the west side of town through downtown Mesa and on to Mesa Drive.

This is the first step in receiving $75 million from the federal government. The engineering contract is for $12.5 million and has been awarded to Jacobs Engineering, headquartered in Pasadena, Calif.

Preliminary and final engineering will take about two years and the Central Mesa extension is scheduled to be completed in 2016.

“Central Mesa is a solid project,” said Steve Banta, Metro CEO, in a news release. “While the FTA process is competitive, our project received a favorable rating and should fare well in its application for federal grant money.”

The total project cost is estimated at $200 million and will be paid for using a mix of regional and federal funds. The regional funding sources were approved by the voters in 2004 as part of Proposition 400, according to John Farry, spokesperson for Metro.

Source

Morgan’s Wonderland, PCI Education and WeAreTeachers have launched a national online contest for special education teachers and their students.

Starting Aug. 10, special ed teachers can nominate a student and his or her family for a chance to win a free trip to Morgan’s Wonderland, the world’s first accessible park for special needs children and adults. In addition, the five teachers whose students garner the most votes will receive free educational products from PCI Education. Nominations and votes will be tabulated through WeAreTeachers’ site (www.weareteachers.com). Nominations will be accepted through Oct. 1. Voting will begin Oct. 4 and close Oct. 20. Winning families can receive two-days admission to Morgan’s Wonderland, round-trip airfare to San Antonio and two nights hotel accommodations.

San Antonio-based PCI Education is the country’s leading publisher of learning materials for special needs students. Austin-based WeAreTeachers is a social and business community for educators, businesses, and education marketers Payday advance. Morgan’s Wonderland is a 25-acre park in San Antonio that has rides, playgrounds, gardens and an eight-acre lake. The entire park is geared toward individuals with disabilities and their families and is wheelchair-accessible.

“We’re delighted to be working with PCI Education and WeAreTeachers in spreading the word about our unique and colorful park designed with special-needs individuals in mind,” says Gordon Hartman, head of The Gordon Hartman Family Foundation and driving force in the creation of Morgan’s Wonderland. “The park opened just five months ago, and the response from guests has been overwhelmingly positive. We feel very confident the winning student will have a truly memorable experience at Morgan’s Wonderland.”

Source

Cascade Financial Corp. said Friday it received a notice from the NASDAQ stock exchange that its common stock price was below $1 for 30 consecutive business days and therefore not in compliance with NASDAQ rules.

The Everett, Wash.-based banking company (NASDAQ: CASB), parent company of Cascade Bank, said it has 180 calendar days, or until January 31, 2011, to regain compliance with the minimum closing bid price requirement. If it doesn't meet that deadline, its shares will be subject to delisting by NASDAQ.

Cascade shares ended the day Friday at 41 cents.

In July, the Federal Deposit Insurance Corp. and the Washington Department of Financial Institutions issued a consent order, ordering the bank to raise capital within three months, among other requirements.

Source

HFF Inc. today posted a second quarter profit of $2.7 million, or 14 cents per share, compared with a loss of $200,000, or 1 cent per share, in the comparable year-ago quarter.

For the quarter ended June 30, the Downtown Pittsburgh-based commercial mortgage broker (NYSE:HF) had revenue of $34.1 million, more than double the revenue of $16.4 million it posted a year ago.

For the first six months of the year, HFF had net income of $2.6 million, or 14 cents per share, on revenue of $53.5 million. That compares with a loss of $2.2 million, or 14 cents per share, on revenue of $29.7 million in the first six months of 2009.

Source