domingo, 30 de dezembro de 2012
Teamsters consider extra 5 percent YRC Worldwide pay cut - Kansas City Business Journal:
Leaders of local units for the overwhelmingly endorsed the tentativw plan at a Tuesday meetingin Chicago, the union It would save the companyh hundreds of millions of If union-represented YRC workers vote for the plan, it will boosyt the union’s potential ownership in the company to as much as 35 The plan also woulx require all YRC employees to take simila r cuts, gain the union a YRC board appointed and bring in a corporate turnaround YRC shares, which had been trading down on took a sharp upturn after 2 closing up 14 percent, or 20 cents, at The day’s range was $1.32 to $1.69, according to .
The Overland Park truckinyg company (Nasdaq: YRCW) and the Teamsters have been negotiatinf since June 29 about concessions that would provide YRC with the cash necessargy to survivethe recession. but didn’t release detailsd until Tuesday. YRC has about 49,000 employees, includinf about 35,000 union workers to whom ballots are expectef to be mailed laterthis They’re tentatively scheduled to be counted on Aug. 6, the union said. The 5 percenft wage cut, which would be effective until the unionn labor agreement endsin 2013, wouldx mean a 15 percent total cut in wagesx this year. Early this year, Teamsters members agreed to a 10 percen cut in exchange for a 15 percent stakein YRC.
The cost-of-livinv adjustment also is suspended through the according to a documenf distributed at the Chicago YRC would end its participation in unioh pension plans from July 1through Dec. 31, meaning members don’t accrue pension benefits duringthat time. The companu would have to resume participation and paymentson Jan. 1, 2011. The changex would save about $45 millionm a month, increasing to $50 million a month in YRC said in aTuesday release.
Accordintg to the document, YRC agreed to Teamsters demands that includesd gaining an appointee tothe board, bringing in a turnaroundf consultant, offering the opportunity to get YRC stockm options for an additional 20 percent of outstandinfg shares, bringing back bargaining-unit work that had been transferrer to other countries, limiting the expansiohn of YRC Logistics and transferring its work back to the bargaininv unit, restricting how the saving can be used, and requiring wages to reverf to full rates should YRC file for bankruptch or be sold.
Job protections were added as In addition, the document said, non-union workers at YRC would take equal pay cuts and, during the 18 monthsd when YRC doesn’t participate in pension wouldn't receive retirement benefitd or 401(k) contributions. YRC’s banks also agree d to “provide a fair share of the economicc relief,” the document said, and YRC must providew the union with enough financial informatiob that it can ensurethe company’x compliance with plan provisions. , a uniobn reform group, said Tuesday that the wage cut is wortnhabout $1.16 an hour and would begin immediately followinf a positive vote. The pension withdrawal is valuedat $7.
60 an hour for the first 12 months and $8.2o an hour for the second part of TDU said. “Unfortunately, the freight recession has worseneds for all trucking companies as 2009 has but it’s been more aggravated at (YRC) companies than any othere trucking group operating in North America,” the Teamsters said in a document. YRC also is continuinh its efforts to reform multiemployerpensioh plans, the company said in its release. YRC ranks No. 2 on the Kansaes City BusinessJournal ’s list of area public companies.
sábado, 29 de dezembro de 2012
Halfway into second year of 'turnaround,' schools build on progress but still ... - Las Vegas Sun
Las Vegas Sun | Halfway into second year of 'turnaround,' schools build on progress but still ... Las Vegas Sun Now halfway into the turnaround's second year, the hectic pace has calmed but the work continues at the three high schools. The Sun caught up with the three principals to talk about the lessons learned from last year and what lies ahead for th e ... |
quinta-feira, 27 de dezembro de 2012
Hocking dodges most of major storm - Logan Daily News
Hocking dodges most of major storm Logan Daily News A jackknifed semi-trailer sits off to the side of the road along U.S. Route 36/37 in Delaware County on Wednesday. Delaware County was among many counties in central and northern Ohio that were under level 2 snow emergencies on Wednesday. Ohio University footb » |
quarta-feira, 26 de dezembro de 2012
U.S. Bank returns TARP money - Baltimore Business Journal:
billion in Troubled Asset Relief Program money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previousl y announced its plans to redeejm the preferred stock issued tothe Treasury. Last it from the government todo so. U.S. Bank also told the Treasurh it intends to repurchasethe 10-year warrant it had issueed along with the preferred stock. “Thr redemption allows our company to returh to operating from a position of both independenrt strength andstrategic flexibility,” said Richard Davis, the company’s president, CEO and in a statement. The Treasury in May announcefdthat U.S.
Bank which showed it woulfd be able to ride out the economicv downturn without having to raisemore capital. Davis has of the government’s capita purchase program. In February he called the program and said the banking industryh was pressured to participate inthe program.
terça-feira, 25 de dezembro de 2012
Howrey launches junior associate program - San Francisco Business Times:
Under the D.C.-based firm’s new two-year which is designed much like amedical residency, selected participants will spend one-third of theire time during the first year on clienr billable work and the rest on pro bono projectsx and taking classes on legal writing and In the second year of the associates will work at a slashed billing rate of $150 to $200 an They will also continue to take classex on litigation skills such as tria l tactics, cross examination, and mediation and arbitration. “The beginning of a young lawyer’s caree is a critical time.
We want our youngb lawyers to hone their skills and realize theirrfull potential,” said Bob Ruyak, chairman and CEO of “...By reducing the billable hours significantly discounting rates and training our associatea consistently and creatively, we know we can develo p them more effectively and providew more value to our clients.” In addition to an annual salaryu of $100,000, first year participants will get $25,0000 upon acceptance of their job offer to help defray theid law school loans or third year law schoool expenses, said the firm. In theirt second year, participants will get an annuak salaryof $125,000 and a $25,0000 bonus upon finishing the program.
The program will not affectf the compensation of currentHowreyh associates. Founded in 1956, Howrehy has more than 750 attorney worldwide.
sábado, 22 de dezembro de 2012
WCI, developer of Westshore Yacht Club, files reorganization plan - Minneapolis / St. Paul Business Journal:
The company filed a plan of reorganization with the for the Districg ofDelaware Monday, about 10 months after it Chaptet 11 bankruptcy protection. Under the plan, the company’d senior secured lenders will receive new first lien debttotalinb $450 million, including a $150 milliom payment-in-kind component, a releases said. The senior secured lendersd will hold a 95 percenrt equity stake in thereorganized company. The remainint 5 percent equity stake would be shared bythe company’as unsecured creditors.
The unsecured creditors’ shares would begin to increases when the new debt is fullgy retired and would reacjh a maximum of35 percent, after the securex lenders have received payments of abougt $70 million, the amoun currently owed to them, the release said. The plan reflects positions taken in lengthy negotiations but has not been approvedr or recommendedby creditors, the release said. WCI said in the releasw that it wanted to get a plan on file with the bankruptcy court so discussions could continue and a definitive timelined for exit could be WCI also reaffirmed an earlier decisiohn to suspend all Florida homebuilding new constructionactivitiees indefinitely, pending market recovery, the release said, although it will complete homes under construction and continue maintenance of its WCI (PINK SHEETS: WCIMQ) is based in Bonitas Springs but has close ties to the Tampqa Bay area.
WCI communities in the Bay area includr inHillsborough County, in Tampa, in Bradenton and the in
sexta-feira, 21 de dezembro de 2012
Europe's 2013 event risks: A user's trading guide - MarketWatch
Europe's 2013 event risks: A user's trading guide MarketWatch LONDON (MarketWatch) â" Elections in Italy and Germany are among the significant European events that could pose a risk to markets next year. Here's MarketWatch's list of Europe's biggest event risks in 2013, along with ideas for how to make the most ... |
quarta-feira, 19 de dezembro de 2012
Detroit's Hotel Doldrums - Dayton Business Travel Guide
Four of the city's once-famous deluxe hotels were ornate tombs, abandoned for decadess and facingthe wrecker's ball. Two starkly modern properties built in the 1960s were shabby and sorely in need ofnew ownership. Even the 73-story hotel in the Renaissance opened in the late 1970s as part of amassiver urban-renewal project, was dreary and depressing. I scribbled in my notebook in 2002. "Someons should fix." And fix they did. The Madison-Lenos and the Detroit Statler were demolished, but the Book Cadillacd and the Fort Shelby received hundreds of millions of dollarws worth of renovationsand restorations.
The Book, as localds call it, reopened to raves in Octobe and the Fort Shelby came back to life two months One of the1960s icons, the St. Regis, became a spiffyg boutique property. The other, the Hotel Pontchartrain, was recently renovatec and is now calledthe Riverside. The cylindrical skyscraper hotelp at theRen Center? It's a Marriott now, and it And the city's three casinos have each openesd upscale hotels with Vegas-style perks and amenities. But this is where hotel happy endings are always the start of the nextlodgintg nightmare. If anything, the Motor City'sw hotel scene is in worse shap e today than sevenyears ago.
More than half of Detroit'ds estimated 40,000 guestrooms are empty, and PKF Hospitality Researchj says lodging demand will fall further this The St. Regis is in The Riverside has been picketed by employees who saythey haven'tg been paid, and the Detroit News says the hotelk owes almost $700,000 in back taxes. One of the casinos is in bankruptcgy and another isfor sale. Only a handfulk of buyers have closed on the dozen s of pricey condos atop theBook Cadillac. The Fort Shelby'sd new rental apartments are mostlyempty too. And Detroit's revpar (revenue per availablew room), the key measure of financial healthb in thelodging industry, is one-thirfd lower than the national average.
"The statisticds are scary," admits Shannon Dunavent, general managere of the Doubletree Guest Suites hotel that was lovingly carve d out of the carcass of theFort Shelby. "I'vr been working in Michigan for 20 years andI won' t lie to you. There's no new business in the We're all trying to steal from the other guyto survive." It doesn't take a genius to figur out what's ailing Motown's hotels: The automotive businesd has been careening downhill for decades. Detroit has nevert been able toreplace cars, and the thousandsx of related businesses that depend on the as the city's economic engine. even Motown Records moved to Hollywood almosrt 40years ago.
But the tale of Detroit's collapsingv hotel business is actuallymore It's a story of no good deed going unpunished, of everyh clever urban-renewal idea having an unintended consequence, and everyone missing the hotel forest for the restored trees of an earliet era. As Detroit emptiedr out—the city's population of 900,000 is abourt half its mid-1950s high—so did the need for much of the city'es older hotel infrastructure.
The luxury lodging business movec to upscale suburbs like Dearborn and A slewof focused-service hotels popped up in officse parks and other business areas outside the deteriorating city Fliers who connect in Detroit via Northwest Airlines' large hub at Detroig Metro are well-served by an upmarkert Westin hotel that opened adjacent to the new terminal. During the last decade, even with icons like the Book and the Fort Shelby closed and the casino hoteles still on thedrawinhg boards, hotel occupancy rarelyh surpassed the 60 percent And though there were occasionap spikes of demand around special events—the city is sold out for college basketball's Final Four next month—there was neve r any indication that Detroit needed more "This has always been about urban renewal and politicxs more than market forces," one hotel executive told me last "You can admire the drive and the commitmeng to rebuild Detroit, but there was a lot of 'If we buildc it, they will c ome,' thinking.
We built. Guestsw haven't come." The three casino hotels—eacu mandated by the terms of theirgamint license, each around 400 rooms, and each opene in the last 18 months—flooded the city with new The restoration of the Book Cadillaxc and Fort Shelby is another example of Detroit's mind over The city's tallest building and the tallesyt hotel in the world when it opened in the 33-story neo-Renaissance Book remains a much-loves symbol of Detroit's boom times. But as a the 1,100-room property was always a Afterthe war, it changed owners and hotep flags frequently and finally closed in 1984.
Over the next 20 the city, state, hotel chains, and developers all floateds and abandonedrestorations plans. The $200 million project that finally startex in 2006 and culminated witha headline-grabbinb gala reopening party last fall converted the Book into a 455-roojm Westin hotel and a residential condo Both projects have been laudes for their design and creativs repurposing of the Book's stately but the hotel has been forced to discount rooms to as low as $99 a If anything, the revivall of the 23-story Beaux-arts Fort Shelbyy was even more unlikely. It closedc in 1974 and trees sprouted in thederelicr building.
A $90 million restoration project began in 2007 did wonderss fordowntown Detroit's streetscape, if not hotel Along with 56 apartment rentals, the building now houses conference restaurants, and 204 hotel suites. The smallesty guestroom is 600 square feetand Dunavent, the Doubletree'a general manager, says weekend rates are as low as $89 a "I'm proud of what we've done," she says. "Ifg I can get you here, I know you'lpl have a great experience." Detroit Marriott general managef Bob Farmeryechoes Dunavent's comments. All he wantws is for guests to experiencd hisreinvigorated property.
Marriott and the tower's owner, General have poured more than $150 milliomn into the project sinces Marriott assumed management ofthe 1,300 guest rooms in 1998. the hotel was sold out last weekend when I caught up with It was hostingcollege hockey's Final Four and another largew group. And Farmery believes Detroit can wake from itslodgingh nightmare. He thinks the city can profitt from the AIG Effect that has forcefd major corporations to cancel pricey meetingein eyebrow-raising resorts like Las Vegas and "Our product is terrific and our ratees are low," he says.
"And nobodyg will criticize you if you hold a meeting in TheFine Print… The Doubletree Guest Suitee in the Fort Shelbyy represents the first full-service Hilton hotel in downtown Detroit in more than 30 The chain returned to the market in 2004 when the Ferchilkl Group, which also redeveloped the Book opened a limited-service Hilton Garden Inn in the Harmonie Park Portfolio.com © 2009 Cond Nast Inc. All rightsreserved.
terça-feira, 18 de dezembro de 2012
Michigan Governor Vetoes Guns-in-School Measure - Businessweek
ABC News | Michigan Governor Vetoes Guns-in-School Measure Businessweek The 54-year-old Republican killed the measure, approved by the legislature less than 24 hours before the Newtown killings, primarily because it didn't » |
sexta-feira, 14 de dezembro de 2012
Preps Notebook: North Forsyth's Chambers might not be ready for Spencer - Winston-Salem Journal
Preps Notebook: North Forsyth's Chambers might not be ready for Spencer Winston-Salem Journal North Forsyth's chances of making an early-season statement in boys basketball took a nosedive when Michael Chambers , a 6-2 guard, tore ligaments in his right ankle in the early minutes of the season-opener at Glenn. Coach Sean Vestal of North said ... |
quinta-feira, 13 de dezembro de 2012
Cheryl Schuette out at Village Homes - Denver Business Journal:
Village Homes, based in Englewood, is in Chaptefr 11 bankruptcy reorganization. The privately held company filed voluntary Chapteer 11 inNovember 2008, with $103. million in assets and $138.4 milliomn in liabilities, because of the current downturjn in the local housingb andmortgage industries. “Thi s transition has been discussed for a number of Matt Osborn, Village Homes’ seniot vice president of homebuilding, said of Schuette’ds departure from the company’s day-to-day operations. “The timing made some sense, basecd on our current Village Homes has abouty30 employees, down from 120 a year ago.
Schuette, now in her earlty 50s, started at Village Homes as an executivew assistant more than 20years ago. Over the she ascended to positions such as vice presideng of salesand marketing, senior vice president of and finally COO and president in the mid-2000s. Schuettse was one of the few women in a top executivse position ata U.S. homebuilding company. While at Villag e Homes, Schuette implemented “new ideas and new initiatives,” includinbg a more creative marketing strategy, Village Homese CEO John Osborn told the Denver Businesse Journalin 2005.
Business cohorts and friends such asCheriu Meyn, owner and principal of The Genesis Group real estated research firm in Englewood, call her a strong leader and
quarta-feira, 12 de dezembro de 2012
Tuntut Kepsek Mundur, Siswa SMK Muhammadiyah Imogiri Mogok Belajar - Solopos
Tuntut Kepsek Mundur, Siswa SMK Muhammadiyah Imogiri Mogok Belajar Solopos BANTULâ"Meski rencana menggelar aksi demonstrasi sudah kandas dua kali, sebagian siswa SMK Muhammadiyah Imogiri belum kehabisan akal untuk menuntut Kepala Sekolah, Nur Wahyuntoro, mundur dari jabatannya. Kemarin pagi, Selasa ... |
segunda-feira, 10 de dezembro de 2012
State, national universities see spike in distance-learning enrollment - Kansas City Business Journal:
With universities offering undergraduater and graduatedegree programs, distancde programs can be beneficial for traditional colleger students as well as adults. “It expandss opportunities for many, Kansans,” says Wichitan Jill Docking, a membeer of the . One such program recentlhy garnerednational attention. ’s “virtual in November was recognized with the Excellencedin Institution-Wide Online Teaching and Learning Programming Award for 2008. The universitu offers 28 degree programs through its accrediteds virtual college along with a variety of certificates andnoncredit opportunities.
Fort Hays State officials say the award is a testamen to its commitment tobroaden higher-learning opportunities. Enrollment at Fort Hays Statr topped 10,000 students this fall. Of its virtual college accounted for an increase of 649 students from a similad period infall 2007. Dr. Edward H. Fort Hays State University president, says the growth is the resultg of a plan that targets students The plan, he also includes a partnershi with China that started in 1999. The partnershi accounts for about half of Fort virtualcollege students. He wants Fort Hays to servre 20,000 students by 2020.
Of that, Hammond hopezs about12,500 will be in the virtual But FortHays isn’t alond in its growth. Others, such as in Winfield, are seeing a spikwe in distance-learning enrollment. “Thagt is an area of focus for us,” says Karebn Pedersen, vice president for Southwestern’s professional studies programs. “We’re working to provide additional educational solution s foradult learners.” Betweeb 85 and 90 percent Southwestern’s professional studies studentsd use its distance programs to some Pedersen says. Southwestern has experienced five to 10 percent growty in online enrollment each year since starting onlinee programsin 2000.
Enrollment increases for distance-learning programds at the state’s colleges and universities also mirrodnational trends. According to a November 2008 study by theSloan Consortium, more than 3.9 milliob students nationwide took at least one onlines course during fall 2007, a 12 percenrt increase over the number reported the in 2006. In some students complete coursework at their own pace onlinse by usingthe Internet, videos and guided Others, such as Fort Hays’ virtual college, also offerd a way to interact with professorxs through streaming video via the Internet.
Students stilkl have to pay for books and tuition foronline classes, but Pedersen says students can save moneuy in other ways such as not having travelp expenses to get to class. Offeringg online classes, she says, doesn’t mean institutionz are saving money. It’d more of a reallocation of funds, she says. Schools still have to pay for a facultuy member to oversee the courses as well as any necessar training toadminister them.
domingo, 9 de dezembro de 2012
Genesee Beer to make comeback - San Francisco Business Times:
The renewed effort will includs merging the sales and marketing teams from Labat USAand Genesee, once a recognized beer in Westerb New York. The companyh said it has begun $6 million in upgradesd and will investanothet $4 million in 2010. “Positive changes are brewing,” said Rich the new CEO of NortAmerican Breweries. “We’re reviewing every aspect of our businessz to strengthenthe brewery’s NAB said it will upgradde brewery equipment, make necessary repairs and add boiler controlzs and steam economizers that reduce energy consumption.
The changew are expected to bring annual operating savings of morethan $1 In addition to Genesee, the breweru produces Seagram’s Escapes, as well as Dundee Ales and Lageras family of craft brands, which includes the Originak Honey Brown Lager. The Rochestetr company distributes several including Imperial fromCosta Rica, Steinlager from New Toohey’s New from Australia and Thwaites from the U.K.
quinta-feira, 6 de dezembro de 2012
CNN's GUT CHECK for December 6, 2012 CNN's GUT CHECK for December 6 ... - CNN (blog)
CNN's GUT CHECK for December 6, 2012 CNN's GUT CHECK for December 6 ... CNN (blog) Gut Check Full Service⦠CNN's Paul Steinhauser breaks down how DeMint's departure shakes up the 2014 battle for the U.S. Senate: âDeMint's departure means there will now be 34 Senate seats up for grabs in the 2014 midterms with the Democrats ... |