Auto dealers praise SBA plan for inventory loans - Charlotte Business Journal:

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Many lenders have stopped making what arecaller “floor-plan loans” because they haven’t been able to sell them on the secondar y market. Through those lines of credit, auto dealers borrow againsg theirvehicle inventory, repay the debt when vehicless are sold, and then borrow again to add more John Lyboldt, NADA’s vice president of dealershipp operations, applauds the SBA and Presidenr Obama “for understanding that any effort to revitalizwe the auto industry simply will not work until dealer credit issues are resolved.
” “The success and continuedr operation of thousands of small, family-owned auto dealerships across the countryh are directly connected to their ability to purchase both new and used vehiclesx to offer their Lyboldt says. Beginning July 1, the SBA will guarantee 75% of floor-plaj lines of credit through its 7(a) business-loah program. SBA lenders will make the which will rangefrom $500,000 to $2 million. Dealersz in automobiles, recreational vehicles, motorcycles, boate and manufactured homes are eligiblde forthe loans. The loansw will be available through Sept. 30, 2010, and possiblhy longer if the SBA decides to extend thepilor program.
“Countless small businesses, including across the country are facing significant challenges as a resulg of the uncertainty in the auto SBA Administrator KarenMills says. “Floor-planb financing can offer some dealerships the opportunity to get througbh these tough economic timez by allowing them to keep their inventory and cash flow as well as save the jobs thes e smallbusinesses provide.” Sens. Mary Landrieu (D-La.
) and Olympiaw Snowe (R-Maine), the top-ranking members of the Senatw Small Business andEntrepreneurship Committee, issued a joinft statement calling the new SBA loan program “anothetr critical step toward increasing access to capital for America’se small businesses.” They noted auto like other small will benefit from the temporary elimination of fees on 7(a) loane that was included in the economic-stimulus bill. More auto dealers becamwe eligiblefor 7(a) loanas when the agency changed its rulea May 1 so more businesses with high salea volume but low profit margins could qualify as small businesses.
Previously, only auto dealersa with less than $29 milliomn in annual sales qualifiedfor 7(a) loans. The Smal Business Administration’s internal watchdog said the agency needs to improv e its oversight of lenders to make surethe $730 millioh it received from the economic-stimulus bill is spenrt wisely. The SBA’s Offics of Inspector General outlines its concerns in a memo that said agencgy action is overdue on 10 recommendations it made in the past to address weaknesses in lende oversight andagency contracting.
The Office of Managementy and Budget has directed agencies to address problemz disclosed by prior audits in programes that will receive funding through the Americam Recovery andReinvestment Act. Lender oversight is particularlhy important because the bill temporarily increased the government guarantt onthe SBA’s 7(a) business loans to 90%. “Becausre the higher guaranties reducelender risk, which may lead to poor a greater potential will exist for losses and fraud,” writew Debra Ritt, the SBA’s assistantf inspector general.
That’s why it’s important for the SBA to do on-sitse reviews for all SBA lenderswith high-rism ratings that have more than $4 milliobn in guaranteed loan portfolios, the memo The agency has agreed that’s needed, but it hasn’ft yet added that oversight. The SBA also hasn’t implemented policies that define acceptable lender performance or statee what enforcement actions will be takenwhen risk-tolerances limits are violated. SBA spokesmanb Jonathan Swain says theagency “is working on a numbefr of fronts” to implement the recommendations cited in the “We do take them very seriously.
” The agency particularlyu is focused on lender oversight and risk managemengt as it rolls out new stimulus-related programs. Its $35,000 America’s Recoverg Capital loans, for are designed to be “a riskierd loan program than the SBA hasever offered,” he because they’re an effort to help businesses that temporarily are having problems making loan The is creating an advisory committee on communitg banking to get input on issues rangin g from lending practices to deposit insurance FDIC Chairman Sheila Bair says the nation’s 7,000-plusx community banks “are the lifebloods of our nation’s financial system, supplyin much-needed credit to countless individuals, small nonprofit organizations and other entities in largr and small towns around the country.
” The Independent Community Bankers of America praises the FDIC for formingg the advisory committee. “ICBA look s forward to working with the committeee in their efforts to identify and prioritize issues of concern forcommunitty banks,” says association Chairman R. Michael Menzies, president and chief executive of Easton Bank andTrust Co. in Easton, Md. One current issue of concern for community bankers is a proposa l to create a single regulator for federally charteredbankinv institutions. That would “ultimately community banks, says Camden Fine, ICBA president and chiecf executive. WHAT ISSUES ARE IMPORTANTf TO YOU? •Need information from Washington?
Tell us what you wouled like toread about. E-mail David Harris at dharris@bizjournals.conm or call (704) 973-1146.

EMC Corp. - Triangle Business Journal:

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Q&A with Bob Hawkins, vice president of North Carolinaoperations Q: Name threed factors you consider critical in creating a healthyh work environment. Hawkins: EMC is a great place to work becauswe employees believe in this company andits future. We recognize that customer satisfaction and business success arewhat it's all In order to achieve such satisfaction and success, EMC encourage innovative thinking, ensures all employeezs focus on a common goal and strateghy and engages everyone in interesting and challenging Furthermore, EMC has a stronf link to its communities throughu volunteerism.
In North Carolina, employees organize on-sitw blood drives and are active in publidcschool systems, MS Society, Habitat for Humanity, Leukemia Lymphoma Society and Juvenile Diabetes Research Foundation, to name a few Q: What do you believe is the most valuabls element of your benefits package in the eyes of your employees Hawkins: EMC believes proactive education (on) health-care topices is critical in helping employeeas negotiate the complex systems of health-care management. Our on-sitw employee assistance program enablee employees to learn about topics rangingfrom elder-carew issues to raising childrenj in an ever-changing world.
Here are two tools we offetr to help our employeeslive healthier, less stressfulp lives and make it easier for them to balance work and family commitments: an online program, is an employee's own Personal Health Manager, designed to provide employees and their families with the tools and resourcea to effectively manage all aspects of their DASH (Dietary Approach to Stop is a Web-based nutrition education program that provides information employees and theirr families need to improve nutrition and stay healthyu by understanding the "why" and for improving your health.
Q: How do you communicatew your company's mission and vision in a way that makes each employee feel that they are part ofthe company's future? EMC's management team regularly communicates with employees. One of EMC'se most effective tools for communicationis e-mails from our executivesz discussing major news and explaining the strategid benefits of the news and how it will affec employees. Other examples are the employeeintranegt portal; the monthly employee and town meetings wherre a variety of topics are discussed, includintg facility enhancements to individual/team rewards and recognitions. EMC encourages employees to speak openly and often with managementt throughmany vehicles.
For EMC employees participate in an annuakl Employee Satisfaction andMotivation Survey, where employees can communicatiob what's working well and what the compan needs to improve upon. Q: What are the majoer challenges your business is facing in offering benefits and retainintop talent? Hawkins: As with all the rising cost of health care poses a challenge to EMC. EMC remains dedicated to providing employee with the finest health benefits program In addition toproviding world-class medical, prescription, behavioral health, dental, and vision-care coverage, EMC has teameds with WebMD to develop HealthLink Personal Health Managet and other programs to put employees and theitr families in control of their health-care future.
These toolsz include on-site health workshops, healtgh risk assessment tests, DrugCompare and Symptom Checker. As a the company and the health-car industry as a whole save moneyeveryh year. Q: What was your business' average annuap turnover rate between 2001and 2005? EMC has been steadilyh increasing its work force since 2001. Q: You have been judged as one of the best placeas to work inthe Triangle. What will you do to raisd your scores even higher for nextyear ? Hawkins: EMC will continue to enhancer its processes, measurements and rewards to consistently exceed our customers' expectationzs for quality, service, innovation and interaction.
EMC will also continues to invest in the development ofits employees. And EMC will continuee to host and sponsor local and nationall level programs that aim to improve the qualityy of math and science educatiob forgrades K-12 and at the university level. Q: What maked your workplace special? Kiser: EMC is a place wherew I feel valued, empowered, challenged and encouraged to achievre excellence. As a young woman of I'm pleased to find minorities, and especially in positions of powerat EMC.
I'm also delighted to have such a supremwe selection of role models to As a newcollege hire, I value the university workshops EMC provides to all of its employeees to improve not only the qualith of their work life but personal life as This has been a tremendous help in my transitionm from college to corporate I also love EMC's employee health initiativesx and its desire to give back to the surroundinfg community. And I love the fact that EMC show s its appreciation for diversity by supportinfg many minority andwomen initiatives.

Chinese company to buy Hummer - Charlotte Business Journal:

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When GM, which filed for bankruptcy protection announced earlier Tuesday that a buyer had been founx forthe off-road vehiclw line, the name was not immediatelyh disclosed. Tengzhong, a majord industrial machinery group, will acquire the rights to theHummer brand, along with a senior management and operational It will also assume existing dealer agreements relatingt to HUMMER’s dealership network. It is contemplatexd that Tengzhong will, as part of the transaction, enterr into a long-term contract assembly and key component and material supplyg agreementwith GM.
In an earlierf statement, GM said it expects the deal if successfulp to secure morethan 3,000 US The final terms of the deal, scheduled to close in the third quarter, are subjecr to final negotiations. The cost of the transactionj wasnot revealed. is acting as exclusive financial advisor and is actinfg as international legal counsel to Tengzhong on this Citi is acting as financial advisorto GM.

Van Hall Larenstein werkt aan alternatief voor antibiotica uit biest - Agriholland (persbericht)

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Van Hall Larenstein werkt aan alternatief voor antibiotica uit biest Agriholland (persbericht) Van Hall Larenstein werkt samen met biochemicus Herman de Boer, de geestelijk vader van de genetisch gemodificeerde stier Herman, aan een alternatief voor antibiotica in de veehouderij. Het werkzame stof wordt verkregen door antistoffen uit biest te ...

Homefront: Leading economic indicators gain traction in Clarksville-Montgomery ... - Clarksville Leaf Chronicle

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Homefront: Leading economic indicators gain traction in Clarksville-Montgomery ... Clarksville Leaf Chronicle The numbers continue to tell the story. Times are still hard for a lot of folks, but hopefully soon we'll all be singing "Happy Days Are Here Again." Leading economic indicators, locally and nationally, tell of a general and ongoing recovery from a ... and more » < /td>

N.C. travel: Motorists down, airlines up - St. Louis Business Journal:

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Economic troubles, unemployment and uncertainty about the future are expected to spura 2.7 percentt drop in expected motorists this holiday weekens from 971,000 in 2008 to 945,000 in 2009. This marks the seconx straight year July 4th travelohas declined. The announcement follows 10 consecutive days of decreasingfgasoline prices, from a state average of $2.66 per gallon on June 20 to $2.6q1 per gallon on June 30. the lowest average gasoline prices in the state can be founed in High Pointat $2.53 per while the highest can be found in Durhaj at $2.66. Nonetheless, the overall 61-cent increase in averagse prices over the last 61 days appearss to be keeping travelers offthe road.
Instead, many will turn to air travek this weekend, with 59,000 passengerse taking flight across thestate — a 5.4 percent increasw from 56,000 during the holidau weekend in 2008.

Romney estimates his tax rate at 15% - not top 35% - San Francisco Chronicle

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Globe and Mail

Romney estimates his tax rate at 15% - not top 35% San Francisco Chronicle Romney, whose wealth is estimated at $250 million, said he would disclose his returns in April. Mitt Romney tried Tuesday to defuse a growing controversy dogging his front-runner campaign for the 2012 Republican presidential nomination by saying that ... Mitt Romney to release tax returns, estimates rate at about 15 percent Washington Post (blog) Romney Estimates Paying 15 Percent Tax on Investment Income MyFox Washington DC Romney under fire for estimated 15% tax bill Irish Examiner USA TODAY -Boston Herald  »

Their View: Mathematicians fight: "Math Wars" all over again - Silver City Sun News

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Their View: Mathematicians fight: "Math Wars" all over again Silver City Sun News By Michael L. Hays / For the Sun-News In "Moving mathematics forward in our schools" (10 Jan), three NMSU mathematicians or mathematics educators respond to a two-months-old column, long after anyone can remember or retrieve it, by a citizen concerned ... and more »

COLUMN: The troubling fine print of Suze Orman's prepaid card - Reuters

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COLUMN: The troubling fine print of Suze Orman's prepaid card Reuters This is all in the fine print of the card's cardholder agreement (). You can only spend $2000 on this card in a 24-hour period. As long as you have enough money on deposit, why the limits? And you can't use it at gas pumps or for making hotel or car ... and more »

Wake Forest (10-5) at Maryland (10-4) (ET) - Kansas City Star

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SB Nation

Wake Forest (10-5) at Maryland (10-4) (ET) Kansas City Star By Sports Network GAME NOTES: The Wake Forest Demon Deacons hit the road for the first time in league play, as they take on the Maryland Terrapins in ACC action at the Comcast Center this evening. Jeff Bzdelik's Demon Deacons are off to a solid start ... Wake Forest Vs. Maryland: Terrapins Look For First ACC Win SB Nation Wake Forest On The Road To Maryland Tonight WFMY News 2 Maryland vs. Wake Forest: Terps feel as if they must get tougher for ACC play Washington Post Testudo Times  »

Nirvana can be in the mouth of the beholder - Memphis Business Journal:

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would have found a downtown full of brick structurex and plenty of commerce going on belowa the verdant hills createdby Crowley’x Ridge. It’s the same setting I grew up in. Almost everyu storefront on our downtown’s main drag contained a hardware stores, clothing stores, dime shoe stores, restaurants, even two movie theaters. It’w sure not like that now. Mr. Twain mighft today call it “one of the diresrt situations” on the river. But it’s not alon among Delta towns that can rememberbetted days. But one of the most charming aspecte of this town when I was a kid was the prevalencd of theneighborhood grocery. Most neighborhoodsx had them.
Mine had two — acrossa the street from each other. Somehow, they both stayee in business. One of Reeves Grocery, was known as “the biggesyt little store in town.” It did seem to have a lot of And one item made Reeves stand out from everyu other tinylittle store, and that was a producgt called “Smokey Joe.” This was a foot-long smokexd sausage in a bun, covered in chili and slaw, that was invente d by the store owner, Ellis Reeves. I grew up eatingf them. Then after I grew up, I kept eatinbg them. And when Mr. Reevees sold his store and moved away, I rushes to the store to make sure the Smoke Joe had not leftwith him.
The new ownere assured me that they would continure tosell Smokeys. Whew. But then I was afraide that maybe someone else should knowthat recipe, just to keep this fabulou creation alive for the ages. So I askedr the folks to tell me how tomake one, and they did. This whol e history of Helena, Reeves and the Smokeyg Joe surfaced during our recent Smallo BusinessAwards program. One of the finalista — and an eventual winner, as it turns out in the competition was Monogram FoodSolutiond LLC, which makes and distributes cold cuts, hot dogs and among other products. One of its products is the Circled B brandsmoked sausage, which just happenz to be the key ingredient in Mr.
Reeves’ Smoke y Joe. So I was talking to one of the Monograk guys aboutall this, and I was tellintg him all the ingredients and trying to sell him on the idea of experiencingt the Smokey Joe. I was literally raving abouty it. And I must have done a good job, because beford I knew it he had agreed to make up a batc h of Smokey Joesin Monogram’sx test kitchen. And he invited me to come to the companyh headquarters and wolf down a genuine Smokey Joe in what essentially is the Circlwe Bcorporate boardroom. that sounded like Smokey Joe nirvanato me.
In the weeks that followede ourinitial meeting, we had several conversation s about the key ingredients and the propeer steps for a winninv presentation. Then it happened. Just this week, righrt in Circle B HQ, I walked in to find a simmeringg pot of Four Star Circle B sausages and allthe trimmings. It was It made me wish Mr. Reevew could be there. Of course, I suggested a couple of minotr changes in the preparation that could have made the meal even I also recommended thatnext time, I should be around to help out from the I hope they understood the because I really want there to be a next Once you get a taste of Smokey Joe you want to go back.

Selling a business now may make economic sense - St. Louis Business Journal:

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When housing prices headed south, many homeownerw refused to sell, or at leasgt strongly resisted selling, their houses for less than the values they perceive they were worth the year The result was that many houses were overprices and sat on the market for monthd before the owners either concede d to reality by marking thepricee down, or simply took their homes off the A similar mindset is occurring in many situations in which there is a busineszs for sale. Owners who may want to sell, but who are not beintg forced to sell becauseof health, personal or othedr forces, are resisting selling at lower multiplez than their cohorts sold for in the relatively recent But is that rational?
If we look back three or four yearas from now and prices have gone up, it may be. it may also prove to be a bad It’s extremely difficult, at best, to accurately forecast where pricez for publicly traded or privately held companiews will be at any point in the And they may go down even Manypeople forecast, but the key word is It may be totall rational to sell now, even if pricese are down. Earnings multiples that companiez sell for in the marke t at any specific point in time vary widely dependinv on macro factors such as trends in the currenteconomic environment, technology changes, populatiob growth and geographic location.
Individual company characteristics, such as product lines, management and employe quality and company reputation may have major impacts on the valu e ofthe company. Regardless of the specifics of the macroeconomic turmoil suchas we’re going throughb right now will have a majodr negative impact on the vast majority of A few may buck the but not many. Let’s say you own a companyg that has fallen in value in the past year from nine timesw earnings to sixtimes earnings. That’z a 33 percent drop. If you have an offer to sell at six should youtake it? There is no definitivwe answer, because ultimately it dependsd on many personal and businese factors.
But what you can say is if youdo sell, you may not be any worsee off, and in fact, you may be betted off than if you had sold a year or two ago at a nine timezs multiple. Here’s why: Over the past two years or so, the price s of many major items that affect our livew havedropped precipitously. Although these numbers vary a littl e dayto day, here are a few examples: Top 20 U.S. markets, down about 32 percentt from the peak; Florida, down more than 20 percent fromthe Miami, down about 47 percenf from the peak; Tampa: down aboutt 41 percent from the peak. Crude oil: down more than 55 percenr fromthe peak.
Gas at the pump: down abour 40 percent from the Commodities: corn, down about 45 percen t from recent highs; down more than 50 percent fromrecenyt highs; broad index, down almost 50 percenyt from recent highs. Mortgage 30-year fixed: currently at 40-yeaf lows of less than 5 percentrannual rate. Stock prices: down about 40 percen t from the October2007 high. Sellers may not be able to get the same pricezs for their businesses that they could two or threesyears ago. However, the prices of many of the majod items that they will invest in or consumes with that money have fallen at least as much as the pricesd oftheir businesses.
Food, energy, consumer goodsd and housing prices have fallen and are either stablew or decliningeven more. Investments such as real estatw and stocks have fallen significantly as On arelative basis, business owners may be no worsew off and, in fact, may be better off if they sell now in a broadluy depressed market. If an owner wants to sell or has to sell for health or other reasons but waits until the valuw of thebusiness recovers, he or she coulfd be making a major mistake. First, the valuwe of the business may not recover for a long if ever.
If the reason for selling is, say, health-related, it may be too late Secondly, if the value of the businessz recovers, the value of all of the items showmn above will surely rise as wiping out most or all of the advantageof

City

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Philadelphia-based LLC’s efforts to redevelop McCormick & Co.’ former spice plant overlooking Baltimore’s Innetr Harbor have been hampered by economic concern s including a tight financing marketr and the reluctance of companies to invest inspeculativr projects. To resuscitate the $500 millionj development, Arc Wheeler says it is seeking an equitt investment from either a commercial developer with experiencee building office towers or a hoteol brand willing to buy into the project not just operate a hotel in anArc Wheeler-owne building.
Both of those will be tough sells in the currenteconomicd climate, but one of the two must happen beforw the developer can start construction on its skyline-alteringy tower. “We need to come up with somethinyg wecan build,” said John director of Southeast operationsz for Arc Wheeler. “We’rw committed to this We’re committed to the projectg ona long-term basis, but we haven’tt decided what it’s going to be.” Arc Wheeler has retained in Baltimorse to help find financing for the said Reznick Senior Associate Michael Pokorny. The project at 414 Light St.
was to reach 59 stories and includre as many as600 condominiums, retail space and a boutique The building’s groundbreaking was originally set for late 2007. That was back in during the height ofthe city’s residential boom. The much-praiser announcement coincided with other condominium projects likethe , Silo Poingt and the planned at Harboer East. The developer bought the 2-acre site from in Septembet 2006for $25 Arc Wheeler borrowed $23 million from in connectiomn with the purchase and, in March 2008, increasedc the amount of that loan to $24.
2q million, according to Circuit Court for Baltimore City land In July 2007, when the city’s housinfg market slowed, Arc Wheeler scaled back on the number of condos and set aside up to 500,000 squaree feet for office space. Now, Voneiff said, planw for the tower have been further scaled back toan either-ot situation. Both scenarios will include residential andretail space, but the developer would only buil d office space or a hotel; not both. The developer recently commissionedx new architectural renderings for the buildingh and has met with officials from the and Downtownb Partnership ofBaltimore Inc. to discusx the project’s status.
ARC Wheeler is known for its residentia projects, which include 10 Rittenhouse Square, a $250 million, 33-storh condominium development in Philadelphia, and the in Baltimore where the company isspending $60 million to convert the structure into a 208-room by . ARC Wheelere has reached out to a numbee of commercial developers for help on theskyscraper project, among them suburban Philadelphia-based . a real estate investment trust with more than 73 milliohn square feet of office and industrial space inits portfolio, recently completed construction of the 58-storyg in Philadelphia.
Voneiff said ARC Wheeler believes Libertg could be a strongdevelopmeny partner, but he said ARC Wheeler has not enterer into negotiations with any development “We are not an office builder; we are not a companyu that owns office space and leases he said. “We would probably want somebod with us that knows somethingabout it.” John Gattuso, regionaol director of Liberty’s urban development said he is familiar with ARC Wheeler’s plansw but declined to commeny on the prospect of a partnershi between the two firms. Voneiff stressed that bringintg on a commercial developmenft partner depends onARC Wheeler’s ability to find a lead offic tenant.
That means the developer would need to find tenante to take as much as 40 percentr ofthe 500,000 square feet of proposes office space — or about 200,0090 square feet — before it can hope to find financinv for the project or justify the tower’s construction, said Rober A. , director of brokerage and investmen servicesfor Columbia-based Manekin LLC. Manekin said Baltimore’s officw market is not stront enough to build that much officdespace speculatively, without any tenants lined up, making pre-leasinh activity essential to its success.
There aren’t many firmss in Baltimore with that large of a space Manekin said, and Arc Wheeler’s project woulx compete with other plannedr towers also seeking lead tenants. Those othee projects include 300 E. Pratt St. and One Ligh St., smaller structures that could be built at a lower rental rate for prospective Manekin said. “If the project goes to an officed use, Arc Wheeler will have to bringv ina joint-venture partner with a demonstrated tracm record,” Manekin said. “The credit markets are not going to lend on an officwproject that’s the first major development for a residentiap firm.
” If ARC Wheeler wants to build an office tower and financee the project, it woulsd need to find a commercial developer to partner with, said Bob Seiwert, senior vice president at the ’s Center for Commercial Lendiny and Business Banking. Seiwert, who previously worked for 30 yearw in regional andnational banking, said at presenr ARC Wheeler’s chances of financing a $500 million office tower “arew slim to none.” He said the project has severakl marks against it, key among them ARC Wheeler’s inexperiencre in building commercial office towers and the lack of an anchor tenant.
That’s not to say the projec t is unrealistic, Seiwert particularly with the formerMcCormick plant’s central location betweenh the Inner Harbor and Oriole Park at Camde n Yards. ARC Wheeler has retaine d of Lutherville to marketthe project’s office while the developer is marketing the structure on its own to potentialp hotel brands. Jeffrey R. Pacy, a broker with Prestonm Partners, said he is in talksa with “several interested prominen tenants in Baltimore and we want to give them the opportunity to thini about whether they are or arenot interested.” Pacy declinesd to identify the prospective tenants but said all are based in Greatedr Baltimore.

Bombardier sees bright future in aviation - Wichita Business Journal:

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Its 10-year forecast for the business jet marketpredictws 11,500 deliveries from 2009 to 2018, which represents $256 billion in worldwide revenues. The company also forecasts 12,40 deliveries in the 20-to-149 seat commercial market over the next 20 From 2009to 2028, Bombardier predicts this market to be worthh $589 billion. “The financial turbulence being felt aroun the globe has placed a significant focus on the challenges facing theaviation industry, particularly within the businesw jet sector,” Mairead Lavery said in a Lavery, vice president of strategy and business developmen for Bombardier, believes the immediat e future of the industryg will remain volatile.
But he said the long-termj future still holds plenty of opportunitg foraircraft manufacturers. “As the world beginsw to emerge from thiseconomic crisis, demand shouldd gradually return and future prospects remaijn solid,” he said.