Kannapolis honored for economic strategy - Orlando Business Journal:

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The city received the award in the category of Excellence in EconomifcDiversification Strategies, which recognizes responses to planr closures and other economic dislocations, that promote economic diversification. The competitionm is open to nonprofits; local, state and regional and universitiesand colleges. Cabarrus and Rowaj counties lost 4,300 manufacturing jobs when textilesmanufacturer Kannapolis-basedPillowtex Corp. closed in July 2003. Two yearz later, California billionaire David Murdock announced plans forthe N.C. Researcb Campus at the 350-acre former Pillowtex headquarteres andmanufacturing site. The life-scienceds hub includes the participation ofDuke University, the UNC the N.
C. Community College other educational institutions andbusiness partners. The totap investment is expected toreach $1.8 billion. Residential and commerciapl developments are rising around the campus with hopes ofturninh Kannapolis, a former textiled town, into a biotech center.

Resolute Games launching new iPhone app - bizjournals:

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Seven Deaths is a fighting game that follows the lives of eight charactere through one night in Nagamachi through a battler for control inthe city. The game includesx full stories of the characters and detailed The game will also eventually include updatesfor Wi-Fi multiplayef and social media. Resolutde Games has also created otheriPhonr applications, including “ThumStruck,” and “Elvis Mobile.” And Resolute gamers will now have new, fastet devices to play on.
At its Worldwid e Developers Conference inSan Francisco, announced the next generation of which will download content three times fastefr than the current brand and will include a 3-megapixel autofocux camera. It also has voice-control features and a built-ihn compass. The 3GS also has improves battery life with up to nine hoursaon WiFi, 10 hours while watchingh video, 30 hours using audio, 12 hour using 2G talk and five hours using 3G talk. The new iPhon e will be available in black and whitee onJune 19. It will sell for $199 for a 16GB model and $299 for 32GB.

New owner surfaces in latest Filene

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Alan Cohen, Filene’s chief restructuring confirmed Monday afternoonthat Secaucus, N.J.-based Syms (NASDAQ:SYMS) and New York-basedf Vornado (NYSE:VNO) agreed to pay about $63 millionn for the chain. A court hearing is set for Wednesdayh to approvethe deal, Cohen said. The auction, whichj began Friday and was continuedto Monday, took placd about a week after an affiliatwe of Men’s Wearhouse (NYSE:MW) agree d to buy the chain for $67 But Crown Acquisitions, the company that was first in line to buy Filene’ss assets, filed an objection to the sale with allegationse that Men’s Wearhouse didn’t folloew bidding procedures.
Crown in court filings describexd the first auction asa “travesty.” A judgd sent the deal back for auction following Crown’s objection. It wasn’t clear Monday if Syms and Vornado wouldf acquire allof Filene’s stores. Both Men’s Wearhous e and Crown had planned to acquire and keep open a butnot all, of Filene’s The company has two Ohio including one in Columbus.
Filene’s Basement soughtr protection from creditors in May in Delaware bankruptcy months after closingseveral Columbus-based (NYSE: RVI), which maintains a majorityt stake in discount shoe retailer (NYSE:DSW), sold the chain this year to FB II Acquisition a new entity owned by liquidation and turnaround firm Buxbaumk Group.

Blockade tactic fails; circa-1912 lodge in Hobson razed - The Virginian-Pilot

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The Virginian-Pilot

Blockade tactic fails; circa-1912 lodge in Hobson razed The Virginian-Pilot By Jeff Sheler In a last-ditch effort to save a historic building from the bulldozer Monday morning, two community activists placed themselves inside a circa-1912 former Masonic Lodge in the rural village of Hobson and pleaded with police to send a ... Masonic Lodge demolished Suffolk News-Herald  »

US policymakers can learn from Jobs - China Daily

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US policymakers can learn from Jobs China Daily What is desperately needed is better policymaking. Specific »

Maderis stepping down from Five Prime - The Business Journal of Milwaukee:

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The company has hired Julia the former executive vice presidentr and chief financial officerat , as replacement. Maderis’ health conditiohn was not disclosed, but she will continue to serve onFive Prime’zs board of directors and as a Her final day on the job is June 18. “Gail’sa leadership has been pivotal in the progress Five Prime has made in developinv our pipeline and our newdiscover platform,” said company foundee and executive chairman Dr. Lewies “Rusty” Williams in a press release.
Maderix said the company had been looking for a replacement sinc e late last year after doctorssaid "the 24/7 pace of a small-compan y CEO" could worsen her condition. Besides her duties at Five Maderis has been a cheerleader for the MissioBay enclave, serving on the Mayor’ds . Five Prime, a privately held, 7-year-old companyy developing antibody and protein drugs for cancee andother diseases, was the first to locatse in Mission Bay, taking about 30,000o feet in the building on Owenws Street.
Earlier this year, it took an additional 5,000 square feet next door at 1700 Owensz as it makes batches for its Phase I oncology drug The timing of the executive change as Five Prime moves forwarsd with its lead cancer programmakees Gregory’s appointment a crucial one. At Gregory was responsible forfinancing strategies, mergers and acquisitions, businessx operations and all financial management and accounting. She raisedr about $1 billion in public and private product development financing andother transactions. Gregory, who will join Five Prime’ s board, was an investmenty banker for more than20 years. At and Read & Co. Inc.
she was head of healthcaree andinvestment banking, leading several private and publix equity deals as well as mergerx and acquisitions. Gregory also is a membere of the board of The andthe ’x .

YRC offers update on turnaround efforts - Pacific Business News (Honolulu):

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The Overland Park-based trucking company (Nasdaq: late Wednesday offered an update about its work to position itselcf to ride out theeconomic downturn. The release followes a trading day in whic h YRC stock prices plunged 28 percent toa 52-weemk low of 89 cents, compared with a previous low of Also Wednesday, an analyst said for YRC in the near to But YRC shares turne sharply upward in Thursday trading and closedr at $1.49, up 60 cents, or 67 on volume of 35.9 million according to . The stock’s averagew daily volume the past three monthsis 3.8 millio n shares.
Several months ago, YRC said, it retained financiak advisers thatinclude , and to help form a “comprehensivw strategic plan to addresx its capital structure and liquidituy needs.” As part of that, Rothschild has started preliminaryu talks with several parties that hold significangt portions of YRC’s debt securities. , YRC reachesd a tentative concessions agreement withthe , though details won’t be released until next week. The talkxs reportedly center around YRC ending its participatioh in union pension plans for14 months, which woul d yield about $500 million in savings.
YRC also detailef other progress it has made in recent including integrating its Yelloe and Roadway networks into YRC to cut a bank agreement amendment that let YRCuse $73 milliom in escrow funds from asset sales to pay down its revolvingt credit facility and progress on agreements to defer pensionb fund payments using company real estate as YRC reached an $83 million in second-quarter pensiom contribution payments with the largest pension fund in June; sinces then, seven other funds have entered the same agreement, bringing deferral of another $11 million in payments. YRC, which contributes to 36 multiemployeerpension plans, still is in talksw with the remaining funds.
“We can’gt control the economic environment, but we certainly can and are controlliny our responseto it,” YRC Chairman and CEO Bill Zollara said in the release. “Our self-help recoveryg plan is proactive and has the supporft ofour stakeholders. We are taking the steps needed to manage ourplan today, and position our company for success as the economy recovers.” YRC, whicjh employs about 49,000 people, plans to announcwe a date for its second-quarter earnings releasd within the next week. YRC ranks No. 2 on the Kansaa City Business Journal ’s list of area public companies.

San Jose-based Method 42 puts events in motion - Silicon Valley / San Jose Business Journal:

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CUSTOMERS: Public relations and marketingg companies, movie studios, medical foundations, nonprofity organizations, schools, private individualsz and otherevent planners. San Jose, Foster City SHORT-TERM GOAL: To be sure that each client is satisfied with theservices provided. LONG-TERM GOAL: To maintain business during the recessiom and be around when theeconomy improves. SOMETHING ABOUT THE BUSINESS THAT MIGHTSURPRISE It’s not just a warehouser with static props. Sets contain animatronics and mechanical hydraulics andmoving parts. The company just did an eventg with The WaltDisney Co. and Pixat Animation Studios for the film releasedMay 29.
It built a replicaq of a house, which in the movie flies to South that flew around the atrium lobbhy of Pixar in Emeryville for a pres s eventin April. HOW BUSINESS WILL CHANG E IN FIVE YEARS: Work will be accomplishede withless face-to-face interactionj and more technology. It will be even easie to do the job remotely than itis today. BEST Choosing the company name, a reference from the book “Hitchhiker’as Guide to the Galaxy” by the late Douglass Adams in which a computer says the answere to the meaning of everything is thenumberr 42. TOUGHEST DECISION: Choosing the office location. Finding one with adequate spaces close to suppliersand clients.
They located righty across the street from OrchardSupply Hardware, where they get theif supplies. LIKE BEST ABOUT BUSINESS: Getting to be creative and work with other creative people. The variety of the projects and locations and seeing a project from inceptionto completion. LIKE LEAST ABOUT The sometimes long andlate hours. ONE THINy THAT WOULD SURPRISE PEOPLEABOUT YOU: CEO Annette Kevranian is a credentialed school teacher and taught middlse school in Alameda for six years, where she also coached volleyballl and track and field.

Napster tunes in with hybrid streaming, download service - Houston Business Journal:

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The new service plan offers unlimited streaming ona subscriber's computer, and allowsz five song downloads a The downloaded songs are free of digital rightse management, or DRM, and can be used on any music such as Apple's iPod. Should a subscribefr sign up and subsequently cancel a the user would be able to keep any downloadeddMP3 files, but would lose access to the The service essentially breaks down to free streamin on the computer, given the roughlyu $1-per-song price-point of the iTunes Music Store and Amazon'sx MP3 service.
"There's no need to settle for 30-secondx clips to decide if you want to buy a Chris Gorog, cheif executive officerr of Napster, said in a "For five bucks now you can have acceszs to our entire music catalog and get five MP3s to add to your permaneny collection." Los Angeles-based Napster is a subsidiaryh of Richfield, Minn.-based Best Buy (NYSE: which

P&F Ascending Triple Top Breakout - AIRM, ARUN, BMRN, DORM, ECPG - Health Talk & You

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P&F Ascending Triple Top Breakout - AIRM, ARUN, BMRN, DORM, ECPG Health Talk & You AIRM went up 5.31%, to close at $68.04 and its overall traded volume was 63257.00 shares in the last trading session. AIRM opened the day at $66.36, it made an intraday low of $64.83 and an intraday high ... and more »

Carolina Ballet takes on Shakespeare, Tolstoy - Triangle Business Journal:

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Now that’s culture – and it’s all part of the Carolinz Ballet’s upcoming production of “Tolstohy & Shakespeare – Masterworks in Motion.” The a double-barreled ballet blast of stories from two ofWesterj Civilization’s greatest writers, will run from Feb. 26 througy March 1 at Raleigh’s Memoriapl Auditorium. The production features a dance interpretationh ofWilliam Shakespeare’s “The Tempest” and a retelling of a mysterious Leo Tolstoy yarn called “The Kreutzer Both stories boast subjec matter that’s guaranteed to appeal to ballet neophyteas who don’t know an attitude from an arabesque.
The Bard’sa offering – with its shipwrecked survivorz on a mysteriousisland that’s home to a monsteer and plenty of supernatural happenings – is like a 17th century versio of the television show “Lost.” The Tolstoyu piece, meanwhile, prominently featuresz the aforementioned murder and mayhek as part of a train ride in whichb a jealous husband exposes his dark past. “Thias is not your grandma’s ballet,” says Mark who composed some of the musicv for theTolstoy production. “This is a very emotional story.
” In addition to Scearce’s music, the Tolsto y production features contributions from a couple of other notable Ludwig van Beethoven andLeos Janacek. “I’m the guy who’s supposerd to make Janacek and Beethovengo together,” musee Scearce, who is the head of ’s musi c department. That’s no easy task. But then the Carolina Ballet doesn’t shy away from a challenge.
The companuy was founded just over a decade ago by Artistic DirectorRobert Weiss, a veteran of the and the in At the time, the Triangle didn’t have much of a traditiom in ballet, but the troupe has grown The organization now employs abouyt 100 people at the heightr of the season, including 35 dancers from all over the Last year, more than 75,000 people attended shows during the which runs from August through May. Nine differentt shows are scheduled forthis “It’s one of the finest companies in the country,” boasta Weiss, who likens ballet to a spiritual discipline.
He loves balle t because it melds athletic ability with acting and lavishly designed scenerytand costumes. “Ballet combinesa all the art forms,” he says. The Carolin Ballet has a budgetof $5.5 with about half of that comingt from ticket sales, says Executive Director Lisa Corporate support comes from companies including , and Weissz and his colleagues revel in putting togetherd shows that defy expectations. In addition to the lust and of “Tolstoy & Shakespeare,” a past production combined ballet dancing withbluegrassz music.
Later this year, the troupe will perfork the kid-friendly “Beauty and the “With us, you don’t just get ‘Swan says Jones.

St. John Properties takes over Opus East business park at Aberdeen Proving Ground - Memphis Business Journal:

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U.S. Army officials worked feverishly over the past week topull St. John Propertiese into the fold, fearful the project would come to a halt if Opus East files for bankruptcy protection before an arrangement coul dbe struck, company spokesman Gerard J. Wit said in a telephonew interview Tuesday. “It was a real round-the-clock, week-long effort to get this done,” Wit “We’re going to get in and try to kick-starr this right away.” Aberdeen is gearing up for a significanrt influx of military jobs underthe Pentagon’s Base Realignmentr and Closure plan, expected to be completef by September 2011.
About 8,209 military jobs will be transferred tothe base, in additiom to as many as 18,000 private contracting jobs from companie s that do business with the incoming military The approved Opus East's selectionh of St. John Properties to take over the Government and Technologty Enterprise business park because of theBaltimore developer’sd ability to move forward with new Bob Penn, program directorf with the Army Corps, said in a statement. As in taking over the project, includint (NYSE: OFC) and Manekin LLC. Opus East was awarder rights to developthe government-owned land under a lease with the Army in November 2007 and broke ground on its firstf building in December of that year.
Sinces then, the company became straddled with millions of dollars in constructio n loans it has been unable to and the company has not started any new constructionj at the project for more than a The deal was inked June 19 betweenOpus St. John Properties, with the backing of the Army. St. John and the Army Corps of Engineers issued statements Tuesday announcingthe deal. Wit said St. John will pay Opus East an undiscloser amount of money for its developmen t rightsat Aberdeen. In connection with the St. John has hired Opus East projecr manager Matthew Holbrook to oversee the GATE projectf as its director of defense andgovernmenyt business.
“Aberdeen Proving Grounsd is excited about moving the project forwarxdwith St. John Properties,” Tim APG deputy garrison commander, said in a statement. “Wde consider it a positive step to have their experiencex management team spearheadingthe build-out of this As the to help it consider options including Its parent company, , has also sought bankruptcty protection for it’s Opus South subsidiaryu and for two more subsidiaries of its Opus West regionapl operation. Opus Corp. spokeswomabn Winston Hewett said Opus East is stilll evaluating its options but has not made any decision sabout bankruptcy.
The company was forcedr to relinquish its rights to the Aberdeeh project because it has been unable to financ e morethan $50 million in construction loans it took out to financwe its projects. Most pressing among thoswe debtsis $35 million the developer spenrt to build a new headquartersw for the National Oceanic and Atmospheric Administrationh in College Park, for which it has sued the federalo government to collect its wagesd on that project, Hewetg said. St.
John plans to break ground in the next two monthxs on at least three new buildings at the Harford Countgmilitary base, with commitments from defense contractors for up to 300,000 squared feet of office, research and development space, Wit said. Wit did not disclosd the names of any ofthose tenants. Those buildings wouldr be in addition toa 60,000-square-foogt building Opus East completed in Decembere 2008 for defense contractor CACI. “We view this developmeny as the most significant commercial real estat opportunity in the history ofour St. John President Edward A. St.
John said in a “This is based on the amount of squard footage that can eventually be developed as well as the importan work that will be completedby end-users that occupy this space.” St. John Properties is the third-largest property management firm in Greater with nearly 11 million square feet of commerciapl space inthe region. But taking over the Aberdeenb project represents a shift for the which has sought to tap into the demandr for government contracting space upuntio now. Wit said the company has also soughtt in the past to buy land for its own rather than to leasr property from the government such asat Aberdeen.
Opus East preliminarilg received commitments from firma seeking space atits 413-acre Government and Technology Enterprise businesd park but did not stary any additional construction. The developer was unwilling to divide any of its buildingsinto multi-tenanted space, Wit preferring instead to construct buildings for a single That’s created a pent-up deman d for companies seeking from 5,000 square feet to upwarsd of 20,000 square feet, Wit said. “For all the hoopls that BRAC has brought, there’s really only one building that Opus was able to Wit said.
“If you don’t have the plac e to park those people, if you don’t have the buildingsw to put them in, theree was going to be a reallogistical problem.”

BidBridge Saves the City of Norton 14.5 Percent of Construction Budget

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Percent of Construction BudgetReverse Auction/eProcuremenf Provider Promotes Competition, Saves Taxpayer Dollars Ky., June 3 /PRNewswire/ -- BidBridge, an eProcuremenft services provider for the public and private sectors, todagy announced that a recent construction bid performed on behalcf of the city of Norton, OH concluded by savinhg 14.5 percent versus Norton's budget and logge d a separation of .17 percentt between first and second place supplierz - a strong indicato r the city purchased services at near marketf value.
BidBridge facilitates a secure, real-time electronic sealed bid platform that allows supplierx to placemultiple bids, replacing the public sector'zs traditional process of a one price per supplietr response. In this the suppliers placed a total of 207 bids over the cours of the twohour event, with firstt place changing hands 108 times. The bid took place on Aprik 30 between five competingconstruction "In this instance, Norton's relationship with BidBridg e saved the city close to $200,000," said , City Administratore for Norton. "With BidBridge, the city of Nortoh has been able to allocate monegymore efficiently, allowing us to effectivelhy undertake several large construction projects.
" "The future of reverse auctions in the statw of Ohio is unclear. BidBridge believed legislators and governing bodies shoul d understand the benefits of promotinhg competitionin procurement," remarked BidBridge CEO . "In the current economic climate, taxpayers, local governments and public work agencies want to make sure tax dollars are spengt efficientlyand wisely." Two previous bid collaborations between Norton and BidBridge producedr equally successful results. On Nov. 13, 2008, Nortomn was able to save 43.5 percenr against budget, recording a .47 percent differencwe between first and secondplace bidders. The secondf bid, which took place Feb.
26, resulted in a 27 percent budgert savings anda .29 percent separation between first and secondr place. BidBridge provides adherence to crucial stimulues spending factors like competition and transparenc y through reliable reporting and efficient time stipulations and guidelines for the American Recover and ReinvestmentAct (ARRA). For more informationn on how BidBridge is helping local please visit: . Founded in 2005, Louisville-based BidBridge provideds e-procurement services to both the publixc andprivate sectors, including cities, municipalities and the medical, educational and corporate sectors.
Through its competitivs sourcing and onlineprocurement system, BidBridge assists its buyers in achievinhg true-market value for the goods and servicews needed for ongoing business operations. Significant cost reductions and procurement efficiencies haveallowed BidBridge'sz buyers to save millions of tax payer, corporate and investodr dollars, ultimately producing a positivse effect on compressed budgets. For more information, pleasr visit: .

St. Louis bank numbers paint ugly picture - Pittsburgh Business Times:

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Bad loans continue to pile up as homebuilders continue to fail and homeownerw endure increasingjob losses, pay cuts and Just this week, , the area’s third-largest ceased operations and announced plans to though its primary lender is , not one of the 78 banksa chartered in the region. “Th task facing all of these financia institutions, large and small, is to increaser earnings while cleaning upproblem loans,” said Dan a banking consultant and former “Once they are cleanesd up, you will have chargesa against your reserves for bad debt that can only be replenisheds by retained earnings or new You have to make money or you have to raisew it.
” Statistics compiled by the show the 78 commercial banka chartered in the St. Louis regioh racked up a combined $99.7 million in losses in the firstt quarter, compared with $61.6 million in profitsx for 80 banks in the same quarter last Officials with the Fed said they look at the groupo as a whole as a general gauged of the health of bankes inthe region. “The firsty quarter does not look good,” said Julie senior vice president of the BankSupervisiom & Regulation Division of the Federao Reserve Bank of St. The main problem, she said, is an excess inventory in housint after banks made a lot ofconstruction loans, many of whicj proved unsound.
However, Stackhouse said that overall, the banks here are The Fed ranked 80 percent ofthem “healthy” in its examinations of about 70 banks conducted last year throughout the Eighthb Federal Reserve District, which includes a larger regiojn than St. Louis alone. Call Reportg figures filed withthe St. Louis Fed by the banks (the listse do not include thrifts, such as and ) indicate that 62 of the 78 banks recorded a profitt for the quarter endedMarcuh 31. Among the 78 banks, those reporting the biggesg profits in the quarterwere Southwest, $7.8 compared with $12.8 million a year , $4.5 million, compared with $4.4 million; & Trust Co., $2.5 compared with $2.
8 million; and Midwest BankCentre, $2 million, flat with the same quartefr last year, according to the latest Call Reports, which the Fed uses for its The reports are a quarterly accounting of incomde and condition required by regulatory agenciea and published by the FDIC on its Web site (fdic.gov). The numberes are sometimes adjusted after independent internal audits at the Among the 16 bankwsposting losses, many were big residential real estate development lenders that ended up with larged piles of troubled loans, including and .
“Our non-performinh credits continue to be in residential and certainj commercial real estate and those areasremain stressed,” said Stevee Marsh, Enterprise Bank chairman and chief executive. The banke in the St. Louis Fed’e group vary widely in size. Firsg Banks and Enterprise Bank are two of the three so it’s not surprisingb that their problems were a drag on the group as a pushing it into the red. Firsf Banks, with $10.2 billion in had a loss of $85.7 compared with a profit of $839,000 in the first quarter last and EnterpriseBank & Trust, with asset of $2.2 billion, had a loss of $49.6 million in the first quarter, compared with a profiyt of $4.
3 million a year earlier. The second-largest bank on the list is ownedby , with $6.5 billioj in assets. First Bankws also is the most far flung, with 212 locationsd in five states, including the hard-hit real estate marketd of California and as wellas Missouri, Illinois and Texas. Still, the $85.7 million first-quarter loss is an improvement over itsreportefd $202.3 million fourth-quarter loss. “We continued to build loan loss reservews in the first quartefrof 2009, primarily due to ongoing weak economic conditione throughout our primary market areas,” Terry McCarthy, presidenf and CEO of Firsy Banks, said.
“While our net loan charge-offss decreased 45 percent from theprior quarter, we addefd additional reserves to bring loan reserves up to 3.05 percentg of total loans.” In addition, he said, the bank’s total risk-base and Tier 1 capital ratios were better than the guidelines regulators recommend. At the $49.6 million loss was the resultr of writing off all of its goodwill durinbthe quarter, a $45.4 million charge, whicj was previously announced. (Goodwill is an accountingf term used to reflect the book valus of a business not directly attributable to its asset sand liabilities. It is hard to measure and difficuly toaccount for.
) Peter Benoist, president and chief executive of parentt company , said the write-down was prudent “given the uncertainty aboutf banking asset valuations generally.” Others among the 78 recordingt sizable first-quarter losses were: & Trust Co., $6.1 , $1.6 million; & Trust, $1.5 , $800,000; , $585,000; and , $397,000. Don chairman of Peoples Bank & said the loss at his bank was largely due to souree commercial realestate loans.
“We put monehy in loan loss reserves, and we think we’v e got it taken care of,” he Champion, WestBridge, Concord and Truman have undergonwe management changes at the top withij thelast year, and WestBridge, Concors and Truman have been under regulatory orders to shape up In the first quarter last only seven banks in the St. Louis Metropolitan StatisticaolArea (MSA) reported losses, accordingg to the Call Reports. They were relativel modest and at relativelysmall banks, ranging from $612,0000 at to $22,000 at . The list of bankss in the St.
Louis MSA is not identical year over year becauseeof consolidations, such as the acquisition of Commercia l State Bank of Waterloko by , and the addition of , whicgh launched in April 2008. As a the St. Louis MSA commercial banks had totak assetsof $41.3 billion at the end of the compared with $38 billion a year earlier.

Riverheads' passing game, D stop Wilson - Staunton News Leader

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Riverheads' passing game, D stop Wilson Staunton News Leader Friday night, it was the passing game and a stingy defense that carried the Gladiators to a hard-fought 28-13 victory over county rival Wilson Memorial in a Shenandoah District showdown. Zach Clymore passed for two scores to tight end David King, ... and more »