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September 1, 2008

Health care fraud’s $9.3B price tag

Filed under: business — Tags: , , — Gladiator @ 8:21 am

Health care fraud may be one of the biggest factors driving up health care costs, to the tune of billions of dollars, new research indicates.

Resolved health care fraud cases alone in the previous decade involved $9.3 billion in damages paid to both federal and state government, according to researchers at Brigham and Women’s Hospital. Results of the study are slated to be published in the Sept. 2 issue of the Annals of Internal Medicine.

But the researchers said the data suggest hat there is likely much more unrecognized fraud still going on within the health care system, adding countless inefficiencies that drive up costs.

“We are interested in exploring how … targeting health care fraud may be best utilized to play a role in controlling inefficient health care spending,” said lead study author Dr. Aaron Kesselheim in a statement.

The researchers, along with their counterparts at the University of Melbourne in Australia, looked at all 379 federal health care cases resolved between 1996 and 2005 initiated by whistle-blowers who know about the fraud, such as executives, physicians or internal employees payday loans application. They found that those cases led to $9.3 billion in financial recoveries, with $7.2 billion being returned to the federal government and $861 million going to state governments.

They also tracked who perpetrated the fraud.

According to the study, pharmaceutical manufacturers represented 4 percent of the defendants but nearly 40 percent of the money recovered. Billing organizations were frequent defendants as were laboratory service providers, hospitals, and medical equipment companies.

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August 30, 2008

Prosecutors argue for Nacchio

Filed under: business — Tags: , , — Gladiator @ 9:24 am

Prosecutors will argue to an appeals court that jurors would have convicted ex-Qwest CEO Joseph Nacchio on 19 felony counts even if a procedural error that excluded defense testimony had not been made in the executive's 2007 insider-trading trial.

The Denver-based 10th Circuit Court of Appeals holds a rare second oral arguments session Sept. 25 on Nacchio's appeal, which succeeded in reversing his conviction earlier this year.

The U.S. Attorney's Office submitted its brief for the hearing Friday, detailing in 72 pages why the Denver-based federal appeals court's March order for a new trial was in error.

A panel of three 10th Circuit judges overturned Nacchio's conviction March 17 in a 2-1 vote and ordered a second lower-court trial on the grounds that one defense witness, Daniel Fischel, an expert on stock market trends, had been improperly excluded from testifying before the jurors.

That jury convicted the former head of Denver-based Qwest Communications International Inc. (NYSE: Q) of fraudulently making $52 million from selling Qwest stock in 2001 while keeping shareholders in the dark about increasingly dire internal forecasts about the telecom's prospects.

The appeals court panel ruled that U.S fast cash online. District Court Judge Edward Nottingham didn't follow proper procedure when he decided that Fischel's testimony would confuse jurors and was unnecessary.

At the prosecution's request, the 10th Circuit agreed to reconsider the ruling, and next month judges on the court will review the decision instead of the typical three.

The government's filing for that hearing argues jurors would have convicted Nacchio even if Fischel had testified in 2007 and that, even if the appeals court thought Fischel could have swayed the jury, the appellate court should have simply ordered a new lower court hearing on the suitability of Fischel's testimony without demanding a whole new trial.

The hearing brief for Nacchio's defense is expected to be filed before midnight Friday.

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August 29, 2008

Achievo adds Chinese software development center

Filed under: management — Tags: , , — Gladiator @ 8:09 pm

Achievo Corp. of San Ramon has opened a software development center in Wuxi, China, the company said Friday.

“Wuxi’s proximity to Shanghai offers an advantage for Achievo’s Japanese customers, as Shanghai is an important hub for Japanese business interests in China,” said Robert Lee, Achievo’s chairman and CEO.

Lee stated he believes that establishing R&D centers in cities outside China’s large urban centers shields the company from the “rapid inflation seen in larger metropolitan centers,” allowing it to offer better value to customers and better compete with Indian software outsourcing and IT service providers payday loans in 1 hour.

Achievo’s new 32,300-square-foot Wuxi offices are located in iPark, a new 1.6 million-square-foot technology center which houses more than 40 companies engaged in software development, IC design and digital animation.

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August 14, 2008

Report: McClatchy to shed Real Cities Network

Filed under: term — Tags: , , — Gladiator @ 8:15 am

The McClatchy Co. is expected to announce a deal for its Real Cities Network early Thursday, ending months of rumors about the newspaper publisher selling the once-popular online network, according to a media report.

Chicago-based Centro, an online media buying company that connects media agencies and newspapers, will likely announce the purchase Thursday. Financial terms were not disclosed.

McClatchy executives confirmed discussions – and being close to a deal – several weeks ago, but said negotiations stalled. Company officials were not available for comment late Wednesday.

The Sacramento-based company – publisher of The Sacramento Bee, Miami Herald and 28 other daily newspapers – acquired Real Cities as part of its Knight Ridder Inc. purchase in June 2006. Knight Ridder, formerly the nation’s second-largest newspaper chain, created the Real Cities Network several years ago and reports 44 million monthly unique visitors per month, according to PaidContent.org, which first issued the report late Wednesday cash til payday loan.

Cash-strapped McClatchy continues to cut costs – recently detailing the elimination of 10 percent of its work force – and looks to increase revenue.

Shares of McClatchy (NYSE: MNI) inched up 1 cent to $3.90 in trading Wednesday, much lower than its one-year peak of $24.05.


Staff writer Melanie Turner contributed to this report.


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August 3, 2008

Saudi Inflation Accelerates to Record 10.6% in June

Filed under: marketing — Tags: , , — Gladiator @ 4:33 pm

Saudi Arabian inflation accelerated to a record 10.6 percent in June from 10.4 percent in May, led by a jump in food and housing costs, Saudi Press Agency reported.

Food and beverage prices rose 16 percent in June from a year earlier after gaining 15 percent in May, the state-owned news wire said today. Rent, fuel and water was 19 percent more expensive.

Inflation accelerated above 10 percent in five of the six Gulf Cooperation Council states as oil-fueled economic growth created shortages of housing and services. The weaker dollar and higher global food costs also made imports more expensive. All GCC countries except Kuwait peg their currencies to the dollar.

“Saudi inflation is still going to be rent and food driven for the rest of the year,'' said Monica Malik, chief economist at EFG-Hermes Holding SAE, Egypt's largest investment bank by market value in a telephone interview from Dubai. “We expect some stabilization in food prices'' toward the end of the year.

Saudi Arabia has raised the reserve requirement for banks in an attempt to slow money supply and lending growth, which have accelerated as the central bank cut interest rates to keep its peg to the dollar.

The kingdom's M1 money-supply growth, a gauge of future inflation, accelerated to 29 percent in June from 27 percent in May http://payday-nofax.com. Saudi commercial bank lending to the private sector, a contributor to money supply, increased 35 percent, after gaining 33 percent in May.

Inflation has been accelerating since the middle of last year, when the rate was at around 3 percent. It has been just over 10 percent in the past three months.

Easing Pressure

“The rate of inflation growth has been slower in the last two months, which makes me optimistic that price pressure are easing,'' said John Sfakianakis, chief economist at Saudi British Bank, the Riyadh-based lender 40 percent owned by HSBC Holding Plc, in a telephone interview from Riyadh today.

The GCC is an economic and political grouping of Saudi Arabia, the U.A.E., Kuwait, Qatar, Oman and Bahrain.

Qatar had the highest inflation in the GCC, at 14.8 percent in the first quarter, followed by 13.2 percent in Oman. The U.A.E., which reports inflation annually, said consumer prices rose 11.1 percent last year.

Kuwait reported that the inflation rate fell to 11.1 percent in May from 11.4 percent in April.

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August 1, 2008

Conrad Hilton foundation gives $5M for Diamond Head culinary school

Filed under: economics — Tags: , , — Gladiator @ 6:51 am

The University of Hawaii has received a $5 million donation for its planned culinary institute at Diamond Head, which has been stalled several years due to a lack of money.

UH said the multimillion-dollar gift from the Conrad N. Hilton Foundation brings private funding for its Culinary Institute of the Pacific to a halfway point.

UH had said previously it wanted to raise at least $14 million for the $20 million project from private contributors.

The school is planned for the site of the old Cannon Club, which for years has sat in ruins on the slopes of Diamond Head on the grounds of a former U.S. Army base.

The Army closed the social club in 1997 and sold the property to the state in 2001.

UH wants to build the school to take its culinary arts programs beyond the current two-year degrees offered at its community colleges, including Kapiolani Community College, which is only a short distance from the Cannon Club site payday advances.

The university's regents approved a 65-year lease for the 7.9 acre property in 2003, and the state released $3 million in planning and design funds in 2006.

UH said a news conference is scheduled Aug. 7 at 8:45 a.m. at the Hawaii Convention Center to provide more details on the donation and project.



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July 30, 2008

Brooke Corp. delays filing quarterly report

Filed under: technology — Tags: , , — Gladiator @ 5:36 pm

Brooke Corp. will delay the filing of its quarterly report with the Securities and Exchange Commission because of a subsidiary’s pending sale to First Life America Corp.

Overland Park-based Brooke Corp. (Nasdaq: BXXX) said in a filing Wednesday with the SEC that its Brooke Capital Corp. (AMEX: BCP) subsidiary’s agreement to sell all its capital stock to First Life, announced Monday, requires the presentation of First Life’s financial results as discontinued operations.

This delayed Brooke Corp.’s completion of its quarterly financial report instant payday loan.



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July 28, 2008

U.K. July House Prices Fall the Most Since 2001, Hometrack Says

Filed under: news — Tags: , , — Gladiator @ 7:24 am

U.K. house values fell by the most in at least seven years in July and the property slump will continue for months, Hometrack Ltd. said.

The average cost of a residential property in England and Wales slipped 4.4 percent from a year earlier to 168,500 pounds ($336,000), the London-based research company said today in a statement. That's the biggest annual drop since the index started seven years ago. Prices fell 1.2 percent from June.

“With no immediate end in sight to the current uncertainty, activity levels are likely to remain suppressed with prices remaining under pressure into the autumn,'' said Richard Donnell, director of research at Hometrack, in an e-mailed statement. Prices “are now back to levels last seen in October 2006.''

Banks have raised mortgage rates and limited the supply of credit, reversing a decade-long property boom in which prices tripled. The Bank of England kept the benchmark interest rate at 5 percent this month on concerns that inflation is accelerating even as the economy risks slipping into a recession.

The majority of house-price declines were in southern England. Demand for housing has declined 20 percent in the past three months, Hometrack said.

Central bank policy makers said this month that the housing downturn has “gathered momentum,'' minutes of the July 7 meeting showed last week. The Monetary Policy Committee split three ways in its interest-rate vote. Timothy Besley favored an increase to help stem the fastest in inflation in a decade and David Blanchflower supported a reduction to ease an economic slowdown fast cash payday loan.

Slower Growth

Britain's economy grew 0.2 percent in the second quarter, matching the slowest pace since 2001. Unemployment jumped the most in June since the aftermath of the last recession in 1992 as the economic slowdown forced homebuilders and banks to cut jobs.

Banks are curbing lending following the collapse of the U.S. subprime mortgage market, which so far has cost financial institutions worldwide $469 billion in writedowns and losses. U.K. mortgage approvals slumped in June to the lowest level in at least a decade, according to the British Bankers' Association.

Demand for farmland also declined for the first time since 2005 in the first half of the year, the Royal Institution of Charted Surveyors said in a separate report today.

The deteriorating economic outlook has contributed to the pound's 12 percent decline against a currency basket of Britain's main trading partners, making exports cheaper for overseas buyers.

The weaker pound “won't prevent the credit crunch, a major housing downturn and a sharp retrenchment in corporate spending from sending the economy into recession,'' Roger Bootle, chief economic adviser to Deloitte & Touche LLP in London, wrote in a report published yesterday.

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July 22, 2008

Constellation Energy, nonprofits partner on golf tourney ticket sales

Filed under: legal — Tags: , , — Gladiator @ 7:33 am

The Constellation Energy Senior Players Championship is partnering with Baltimore-area nonprofits to help the organizations boost fundraising efforts.

The golf tournament, taking place Oct. 6-12 at the Baltimore Country Club in Timonium, is offering $22 discounted daily tickets to nonprofits. The tickets are discounted from $27 apiece.

Through the program, the nonprofit will keep $10 for each ticket sold. The tournament will keep $10 and the remaining $2 will be paid in taxes.

Organizations interested in participating must submit documents proving their nonprofit status.

This year’s tournament — one of five majors on the PGA’s Senior Champions Tour — comes to Baltimore Country Club’s East Course for the second time after a 17-year stint in Dearborn, Mich., with Ford Motor Co. (NYSE: F) as its title sponsor.

Baltimore’s Constellation Energy Group Inc (NYSE: CEG) struck a deal two years ago to take over as the lead sponsor to bring the tournament to town 500 fast cash payday loans.

Following last year’s event, $400,000 in profits were distributed to the Kennedy Krieger Institute, First Tee of Baltimore, Union Memorial Sports Medicine and the BGE Community Assistance Fund.

Proceeds from this year’s event will once support the same four organizations.



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July 17, 2008

Nucor 2Q earnings rise 68%

Filed under: money — Tags: , , — Gladiator @ 3:39 pm

Nucor Corp. reports a 68 percent increase in second-quarter earnings to $580.8 million, or $1.94 per diluted share, up from $344.9 million, or $1.14 per diluted share, a year ago.

Sales grew 70 percent to $7.09 billion from $4.17 billion in the second quarter of 2007.

The Charlotte-based steel maker says its average sales price per ton increased 24 percent for the year. Total tons shipped grew 38 percent to 7.73 million.

Nucor (NYSE:NUE) attributes the increase in sales and earnings to acquisitions during the last 18 months, including Harris Steel Group Inc. in March 2007 and The David J. Joseph Company in February.

Nucor incurred a $214 million charge to value inventories using the last-in, first-out method of accounting cash advance cash advance flexible payments. In last year’s second quarter, the company incurred a LIFO charge of $66.5 million.

The company expects third-quarter earnings of $1.80 to $1.85 per diluted share. Nucor earned $1.29 per diluted share in the third quarter of 2007.



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