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May 15, 2012

Yahoo sends CEO packing without severance package

Filed under: banks, money — Tags: , , , — Gladiator @ 3:00 am

Yahoo ended Scott Thompson’s four-month stint as its CEO without giving him a severance package, according to documents filed Monday.

Thompson, 54, left Sunday in a management shake-up triggered by inaccurate information in his official biography. He would have been entitled to a severance package if Yahoo had terminated him “without cause,” according to the contract he signed in January.

When Yahoo fired Carol Bartz as CEO eight months ago, the company paid her $3 million in severance. Bartz stands to make even more money from the nearly 386,000 shares of restricted stock and nearly 416,000 stock options that vested upon her ouster.

Thompson kept a $1.5 million bonus and restricted stock valued at $5.5 million that Yahoo paid him when he joined. Those sums were intended to compensate him for benefits he gave up by leaving his job running PayPal, the online payment service owned by eBay Inc.

But Yahoo Inc free credit score online. is requiring Thompson to surrender unvested stock awards valued at $16 million.

Thompson was getting an annual salary of $1 million at Yahoo and could have gotten a bonus of up to $2 million this year.

Yahoo parted ways with Thompson because of the recent revelation that his bio included a college degree in computer science that he never received. Thompson received an accounting degree from Stonehill College, a small school near Boston, in 1979.

Citing unnamed people familiar with the matter, The Wall Street Journal reported that Thompson had recently told Yahoo’s board that he has been diagnosed with thyroid cancer. The disease contributed to Thompson’s decision to leave Yahoo, according to the Journal.

Source

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May 13, 2012

Car bomb kills policeman in western Iraq

Filed under: banks, loans — Tags: , , , — Gladiator @ 12:04 pm

Iraqi officials say a car bomb has killed a policeman in the western city of Ramadi.

Security officials say the parked car exploded around 7:30 a.m. Sunday near a police patrol in a main street in the center of the city.

An official in the nearby Ramadi hospital said five other policemen were seriously wounded. Two passers-by were also wounded, he said.

All officials spoke on condition of anonymity because they were not authorized to release the information.

Ramadi is the capital of Anbar province and used to be a stronghold of al-Qaida. Recently, local militias have managed to bring a measure of calm to the city and province, part of a general drop in violence seen across the country.

Source

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May 10, 2012

Asian stocks fluctuate amid Europe fears

Filed under: loans, real estate — Tags: , , , — Gladiator @ 6:12 am

Asian stocks swung between losses and gains Thursday, as investors weighed climbing borrowing rates in Spain and political turmoil in Greece against upbeat results at Japanese carmaker Toyota.

Japan’s Nikkei 225 index rose 0.2 percent to 9,065.73 after opening lower. South Korea’s Kospi also opened lower before settling flat at 1,950.03. Hong Kong’s Hang Seng was up less than 0.1 percent at 20,341.49.

But Australia’s S&P/ASX 200 rose 0.4 percent to 4,292.40 and benchmarks in mainland China and Taiwan also rose.

“The Eurozone crisis remains in the spotlight, keeping sentiment under pressure,” strategists at Credit Agricole CIB in Hong Kong wrote in a note to clients.

World markets have been roiled this week by political instability in Europe. Greece has been left without a government since elections on Sunday, adding to growing worries that it will drop out of the euro currency union or be forced out.

The turmoil shook markets in Spain, where the interest rate that the government must pay on benchmark 10-year bonds rose to an uncomfortably high level of 6.06 percent. Rates of above 7 percent are seen as unsustainable, and forced Greece, Ireland and Portugal to ask for bailouts.

Toyota Motor Corp. rose 2.1 percent, a day after the carmaker said quarterly profit more than quadrupled and it made an upbeat forecast as it recovers from a sales plunge caused by the tsunami in Japan last year.

On Wall Street on Wednesday, the Dow closed lower for the sixth day in a row, down 0.8 percent at 12,835.06. The Standard & Poor’s 500 index fell 0.7 percent to 1,354.58 and the Nasdaq composite average Nasdaq dropped 0.4 percent to 2,934.71.

Benchmark oil for June delivery was down 6 cents at $96.75 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 20 cents to finish at $96.81 per barrel in New York on Wednesday.

In currencies, the euro rose to $1.2952 from $1.2945 late Wednesday in New York. The dollar rose to 79.73 Japanese yen from 79.68 yen.

Source

May 5, 2012

Should his dreadlocks keep him out of a job?

Filed under: marketing, technology — Tags: , , , — Gladiator @ 9:24 am

No one took issue with Antonio Hegwood’s dreadlocks when he worked for the temp service. Or the fast food restaurant before that.

But in mid-April, four months after a service station and convenience store hired him as an overnight clerk, Hegwood learned his hair style had suddenly became a problem.

Hegwood, 24, hasn’t been fired. But he hasn’t collected a paycheck since.

His supervisors at a St. Louis Petro Mart have told Hegwood that he’s welcome to return to work — if he shears the dreadlocks that run about halfway down his neck.

Hegwood doesn’t understand the fuss.

“It’s a gas station,” he said. “People aren’t going to not buy gas just because the clerk has dreads.”

Policies on the personal grooming habits of employees land on the edge of state and federal employment discrimination laws.

Companies doing business in Missourihave the right to terminate or suspend any employee that doesn’t meet established guidelines addressing hair, tattoos or dress.

“An employer may condition a job on an employee’s compliance with the employer’s hair styling preferences, unless the employee’s alternative hair styling preference is connected with the employee’s inclusion in a protected category,” Missouri Department of Labor spokeswoman Amy Susan explained in an e-mail. “For example, a particular hair style may be a tenet of the employee’s religion, or the employer may decline to hire a prospective employee because the employee is considered to be disabled because of his or her hair style (such as believing someone without hair to be suffering from cancer).”

The Equal Employment Opportunity Commission is a bit more exacting. It looks at how various groups of people wearing various hairstyles are treated in comparison to other groups.

“The baseline for evaluating grooming policies is to look at their overall burden on different groups of employees,” EEOC spokeswoman Justine Lisser wrote in a general overview of the Petro Mart matter.

“…If an employer prohibits a range of hair styles, such as both corn rows and mohawks, and the no cornrows/dreadlocks policy affects 30% of its African-American employees while the no mohawks affects only 3% of its white employees, we could say that the policy had a disparate impact on African-Americans, even if it applies to all employees.”

Hegwood has sported dreads on and off for years. The dreadlocks were in place when he applied for and was offered the $8 business cards.50-an-hour position at Petro Mart late last year.

“They didn’t say anything about it then,” he said.

Nor, Hegwood added, was there any mention of the dreads posing a threat to safety or the health of co-workers.

Owned and operated by Western Oil Co. in Earth City, Petro Mart does have a written policy stipulating that hair should be “kept neat and clean…immoderate styles… such as corn rows, braids etc. must be approved by a supervisor…dreadlocks and mohawks are unacceptable.”

Western Oil did not respond to requests for a response.

A father of three, Hegwood doesn’t know how long he can take a principled stand against Petro Mart and its grooming policy.

He needs a salary to support his children and pay for the remainder of his education at St. Louis Community College-Forest Park, where Hegwood hopes to earn a degree in business.

The worst of the job crisis may be over — unemployment in the St. Louis region dropped to 8.1 percent in March.

But back in the hunt four months after starting a job “I really liked,” Hegwood fears landing employment remains a challenge.

“Maybe I’ll start my own business,” he said, looking ahead. “That way I can wear my hair anyway I want.”

QUOTE OF THE WEEK

“We’re all technology companies at heart. Whether you’re a law firm or a bank, the core of your company is technology. And that is kind of shaking the core of the office today.” — Thomas Vecchione, head of Workplace Design at Gensler, the global architectural firm, on the work space evolution that includes “free range” offices in which employees take a seat each day at whatever desk is available.

Source: The Point, WBUR/Boston

BY THE NUMBERS

3.9 million - The population of Oregon — and the number of Americans who continue to suffer the effects of unemployment lasting more than a year. The long-term unemployed represent 29.5 of the nation’s jobless.

Source: The Pew Charitable Trusts

FINAL WORD

“You know, how could you not look?” - Cardinals President Bill DeWitt III on whether he tracks the struggles of a former employee, Albert Pujols, in the box scores each day.

Source: St. Louis Post-Dispatch

Source

April 22, 2012

First winning week of April for stocks

Filed under: loans, management — Tags: , , , — Gladiator @ 9:56 am

Stronger profits from Microsoft, McDonald’s and other major U.S. corporations pushed stocks higher Friday. Optimism from Europe helped brighten the mood.

The Dow Jones industrial average and the Standard & Poor’s 500 index had a winning week for the first time this month.

“There’s been a wrestling match all week long between strong earnings and weak economic data,” said Lawrence Creatura, a portfolio manager at Federated Investors, the money-management firm. “At the moment, earnings are winning.”

Before the market opened, McDonald’s posted better quarterly profits, buoyed by warm weather and sales of new menu items like Chicken McBites and oatmeal. Sales picked up even in Europe, McDonald’s’ biggest market, despite economic turmoil and severe weather.

Microsoft beat analysts’ projections with quarterly earnings and revenue, and sales in its Windows division were surprisingly strong. And General Electric posted a profit of more than $3 billion, helped by orders for locomotives, aircraft engines and other equipment.

The Dow rose 65.16 points to close at 13,029.26. The S&P 500 added 1.61 points to 1,378.53.

Corporate earnings results have provided a pleasant surprise, said Sam Stovall, chief equity strategist at S&P Capital IQ. After nine straight quarters of growth, earnings for S&P 500 companies were expected to be nearly flat. But eight of every 10 companies that have reported so far, including Coca-Cola and IBM, have beaten estimates. As a result, first-quarter earnings are now projected to rise 4.4 percent, according to S&P.

In Europe, Germany’s DAX rose 1.2 percent, and stock indexes in France and Spain were higher. A closely watched survey in Germany, the continent’s economic powerhouse, showed business optimism rising for the sixth straight month. Economists had expected a decline.

In other U.S. trading, Apple sank 2.5 percent, helping to tug the Nasdaq composite index down 7.11 points to 3,000.45. Apple, the most valuable company in the world, accounts for 12 percent of the Nasdaq.

The Dow gained 1.4 percent this week, and the S&P 500 index 0.6 percent. But it wasn’t a smooth ride. Better earnings reports and higher retail sales helped drive the stock market up to start the week free credit report and score. The Dow rose 194 points on Tuesday, its best day in more than a month.

Then worries about Europe came storming back. Markets reversed course Wednesday, after the Bank of Spain said that the amount of bad loans held by Spanish banks rose to an 18-year high.

If those banks falter, it would put pressure on Spain’s already troubled government to prop them up. Weak reports on jobs, housing and manufacturing in the U.S. added to the selling pressure, and the Dow slumped 151 points in two days.

“It’s been like the weather here in upstate New York _ unpredictable,” Creatura said. “One day is up, the next day is down.”

The encouraging news out of Germany helped drive oil prices up Friday. Benchmark U.S. crude rose 78 cents to finish at $103.05 per barrel in New York. Brent crude, widely used by U.S. refiners to produce gasoline, added 76 cents to $118.76 in London.

Among stocks making big moves in the United States:

_ Oil services giant Schlumberger Ltd. rose 3 percent. The company’s quarterly profits jumped almost 38 percent as strong drilling activity in the Gulf of Mexico and the Middle East offset a slowdown in North America’s natural gas fields. Schlumberger said that world oil demand appears to have “stabilized” and that the risk of a double-dip recession has declined.

_ E-Trade Financial Corp. jumped 6 percent, the largest gain in the S&P 500. The online broker reported a 40 percent jump in first-quarter profit after the close of trading Thursday, beating Wall Street estimates with the help of a big tax benefit.

_ SanDisk Corp. plummeted 11 percent, the S&P’s biggest loser. The flash memory maker said late Thursday that weak demand and low prices cut its quarterly profit by nearly half. SanDisk warned that it expects the trend to continue.

_ Tempur-Pedic International Inc., the mattress maker, plunged 20.6 percent after posting a disappointing full-year earnings forecast. It cited concerns about competition and foreign exchange rates.

Source

April 2, 2012

Survey shows Japan manufacturers still pessimistic

Filed under: real estate, term — Tags: , , , — Gladiator @ 1:24 pm

Japanese manufacturers remain gloomy over high oil prices, the strong yen and weaker growth in Asia, according to a central bank survey that defied expectations that business confidence is improving in the world’s third-largest economy.

The Bank of Japan’s quarterly “tankan” released Monday showed the main index for big manufacturers at minus 4 for the January-March quarter, unchanged from the last quarter of 2011.

A negative reading indicates greater pessimists outnumber optimists among those surveyed.

Many analysts had forecast an improvement to minus 1, given easing concerns over the crisis in Europe and signs of a rebound in production following last year’s disasters.

Higher costs for energy will further undermine the competitiveness and profits of Japanese manufacturers at a time of uncertainty about growth in Asia.

“It’s not only high oil prices, but overall commodity prices are increasing, and those overall widely affect business conditions,” said Junko Nishioka, an economist at RBS Japan Securities.

“Even though export conditions will improve from now on, it’s difficult to anticipate that business conditions will improve very soon,” she said.

Data released last week showed weaker than expected factory production in February, with industrial output falling 1.2 percent, underscoring the fragility of the economic recovery as growth in Asia slows.

Conditions had been seen as improving thanks to a recovery from the production disruptions caused by widespread flooding in Thailand last year, on top of Japan’s earthquake, tsunami and nuclear disasters.

Given Japan’s heavy reliance on exports, much depends on conditions elsewhere in Asia.

“It’s a little too early to judge so companies are likely to show some cautiousness in their judgment,” said Masayuki Kichikawa, an economist at Bank of America-Merrill Lynch.

The tankan showed an improvement in most nonmanufacturing industries, with readings for services and telecommunications showing a positive outlook, though energy and construction indices remained in negative territory.

Japan’s exporters are struggling with the strong yen, which surged to post World-War II highs against the dollar as the U.S. central bank pursued stimulus policies that contributed to a weaker greenback. When the yen climbs, it reduces the value of exporters’ overseas profits when repatriated to Japan.

Although the yen has fallen slightly after monetary easing by the Bank of Japan in February, large manufacturers are pessimistic over its likely future course.

Large manufacturing companies assume an average exchange rate of about 78 yen per dollar for this fiscal year that started April 1 compared with current rate of nearly 83 yen per dollar.

The survey forecasts business sentiment among large manufacturers to rise only marginally to minus 3 over the next quarter. Medium-sized and small manufacturers expect business conditions to deteriorate.

“As long as the large manufacturers are at a low level … it is unlikely that the small and medium-size business activity will recover in the near future,” Nishioka said.

The Bank of Japan surveyed 10,894 companies nationwide. About 99 percent responded.

Source

March 31, 2012

Dubai shipbuilder wins debt restructuring support

Filed under: online, term — Tags: , , , — Gladiator @ 10:28 pm

Dubai’s DryDocks World has secured support from a significant majority of creditors to implement its $2.2 billion debt restructuring, the state-owned shipyard operator said Saturday.

The company, a division of the emirate’s debt-laden Dubai World conglomerate, has been in talks with lenders for months to hammer out new terms on the debt. It didn’t provide details of the revised repayment terms or say how many lenders agreed to the deal.

While it has sufficient support to implement the restructuring, a “small minority” of lenders have not signed on to the plan, the company said.

“The group has always sought the support of all its syndicated lenders and its proposals were designed to achieve that,” Chairman Khamis Juma Buamim said in a statement. “The group remains confident the absence of support from this minority will have no impact on the … restructuring.”

DryDocks’ debt talks were complicated by a lawsuit by one of its creditors, Monarch Alternative Capital, which was seeking about $45 million it was owed on line pay day loans. A British court ruled in Monarch’s favor earlier this year.

DryDocks World operates the Middle East’s largest shipyard in Dubai, where it builds and repairs ships and oil drilling rigs. It also owns shipyards in Singapore and Indonesia, and other Asian businesses including a fleet of more than 100 vessels, including tankers, cargo ships, tugboats and barges.

Its parent company, Dubai World, sent markets reeling in 2009 when it acknowledged it couldn’t pay back billions it owed. It signed an agreement to restructure some $25 billion in debt last March. Subsidiary companies such as DryDocks World have since tried to retool the terms on their own piles of debt.

Credit rating firm Moody’s Investors Service in December estimated that Dubai and its many state-linked companies owe creditors at least $101.5 billion.

Source

March 28, 2012

New owner putting apartments in former Roberts building

Filed under: banks, mortgage — Tags: , , , — Gladiator @ 4:36 pm

A downtown building left vacant by businessmen brothers Mike and Steve Roberts is getting new life from a developer who is refurbishing the building as apartments.

Developer Brian Hayden said Tuesday he plans to open the $6.5 million project, at 400 Washington Avenue, on April 13 to coincide with the Cardinals’ home opener.

But Hayden said a more basic reason for undertaking the project is to profit from St. Louis University’s decision to relocate its law school to downtown from the main campus in midtown. Hayden, who has a SLU degree in aerospace administration, already has two apartment projects near the university’s main or medical school campuses.

About five years ago, the Roberts brothers had a plan to develop 400 Washington as a hotel. Their Roberts Downtown Development Co. bought the former WS Hotel with an eye toward redoing it as extended-stay lodging. They later abandoned that plan and put the building up for sale last year.

Hayden said he is refurbishing the former WS Hotel rooms as 78 studio, one- and two-bedroom apartments. The WS Hotel suites, developed for extended stays, have full kitchens, Hayden noted. He said work on his project, called Gallery 400, began as soon as he completed the building’s purchase on Feb. 7.

The structure, across Washington Avenue from the Missouri Athletic Club, was built as the headquarters of Edison Brothers Stores.

Hayden is an anomaly among St. Louis developers because he uses no tax incentives or tax credits in his projects. Like his Gallery 3450 project on Russell Boulevard and his Gallery on Washington, near SLU, the new downtown project is financed without public incentives, he said.

“If the project can’t support itself financially, then it shouldn’t be done,” Hayden said. “Every project should stand on its own merit.”

Source

March 27, 2012

US stock futures rise to begin the week

Filed under: Audit, loans — Tags: , , , — Gladiator @ 1:40 am

Stock futures are rising with little economic data or major corporate earnings on tap, but Wall Street is tuned in to an address from the Fed Chairman.

Federal Reserve Chairman Ben Bernanke told the National Association for Business Economics that the U.S. job market remains weak despite three months of strong gains.

The Dow Jones industrial average is up 40 points to 13,072 while the Standard & Poor’s 500 index is up 3.6 points to 1,3097 cash advance payday loan.70. The Nasdaq composite index is up 12.5 points to 2,741.25.

Lions Gate Entertainment Corp. is among the stock standouts. The studio’s “The Hunger Games” had a huge opening weekend, with a windfall of $155 million. Lions Gate shares are up 5 percent at $15.25.

Source

March 17, 2012

Revelopment agreement amended six times

Filed under: Uncategorized, management — Tags: , , , — Gladiator @ 8:04 am

A fluid agreement

Pinnacle Entertainment’s agreement with the city in April 2004 has been amended six times. Some of the changes have been substantial.

July 2005 — An amendment approved by the city’s Land Clearance for Redevelopment Authority allowed Pinnacle to deduct from its $50 million obligation the $2.65 million it spent on parking lots near Lumière Place.

February 2011 — An amendment was added to let Pinnacle deduct $400,000 from a $1 million “additional city services fee” due next January if it fails to meet the $50 million investment level by the end of 2012. The $400,000 represents the company’s agreement to reimburse the city its legal bill in a dispute involving the state gaming license Pinnacle surrendered when it closed the President Casino paperless payday loans.

January 2012 — An amendment expanded the redevelopment area to cover the Stamping Lofts site at First Street and Cass Avenue. Stamping Lofts is to be a low-income housing development associated with FarmWorks, an “aquaponics” and indoor fish farm project.

Source

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