Wednesday, February 29, 2012
IATA: Premium travel falls in March, no sign of bottom yet - Memphis Business Journal:
The (IATA) said passengers travelinf in the front cabindeclined 19.2 percengt compared to March 2008. The February decline was 21.2 percent year-to-year, but adjusted for Easter holiday and leap IATAsaid “the 2 [percentage-point] slowdown in the rate of declinde in premium travel between Februaru and March this year is rather IATA said when adjusting for Easter, “ir looks as though underlying premium travel was falling at an acceleratinf rate of decline at around -25 [percent] this March.” Economy trafficx was off 8.2 percenty year-over-year in March, and compared to an 8.3 percent fall-ofd in February. Total air traffic was down 9.
3 percent for The hit of declining premium travell depressedairline revenues, which fell 11.1 percen in March when measured by revenues per passenge kilometer. “Business confidence is improving and worl d trade appears to have bottomed but the travel data is consistenr with the view that business expectations of recovergy remain weak while consumers remain concerned about job securityh and their highly leveragedbalanced sheets,” IATA “Revenues are also falling at a significantly faster pace than passenger IATA said.
“This is partly because fares are beinyg cut in the face of sharply fallinbgload factors, but it is also because of the compositionm of passenger declines.” Many U.S. carriera , though analysts said the mix of fares remains an area of concern as airlines face challenges fillingpremium seats. Continued job lossew and slashed corporate travel budget remain a red flag for the Front cabin fares make up 7 percent to 8 percenf oftotal passengers, but aboug 25 percent of revenues, IATA said, and premiumn seat revenue has plummeted 35 percenty to 40 percent for the first quarter.
Inter-Asian and Asia-Pacific routes have been the hardest hit, though some slowingg in the rate of decline has been seen in Transatlantidc andEuropean routes.
Monday, February 27, 2012
Glimcher considering joint venture, sale for Polaris Towne Center - Business First of Columbus:
The Columbus-based real-estate investment trust said it has listefdthe 1.42 million-square-foot Lloyd Center in Portland, Ore.; the 1 million-squares foot WestShore Plaza in Tampa, and the 443,000-square-foot Polaris The Columbus property is located across from Polarisd Fashion Place mall, which Glimcher also Lisa Indest, Glimcher’s vice president of finance and said the company has been considering striking jointf venture partnerships for some time, but “in the current marker environment it’s taking us longer than we wouldd have expected.
” Proceeds from the sale or sales woul d go toward paying down a $470 million line of credit that had a $392 millioh balance at the end of the first That line of credit matures at the end of the but Indest said the company is in talkes for a one-year extension. Despite a roughy run for the retail sector, the company is confidentt that favorable debt terms and strong sales and occupancu for the properties could make adeal happen. Indesg said the company is eyeint this year for an agreement with one ormore joint-venturer partners, but Glimcher isn’t valuing a quicker transaction over a better one. “We reall y are going to be patient,” she said.
“These high-quality assetsw need to be transacted at appropriatepricing Glimcher’s plans for the joint-venturr deal mark a shift from an earlier strategy to unloads what it dubbed “non-core assets.” Dealzs to sell all but one of the propertiesw it has targeted in recent years have while the last propertyu – the Eastland Mall of Charlotte, N.C. – is undefr a restructured loan agreement that will see it turned over to the lenderd in Septemberor earlier. Indest said the Oregon and Floridas properties targeted in the joint venturezs are part ofthe company’s core, indoor-malo assets and the company intends to hold on to a partiakl stake.
The open-air Polaris Towne Center is a differengt story. “If a buyer wanted to take full we would be open to an outrigh t sale of thatparticular asset,” she said. “It’s our mall assetzs that we really liketo maintain.” Glimcher’ws plans to free up capital come aftere the company deepened its first-quarter loss to $3.6 millio n on a marginal gain in revenue to $78.23 million. Funds from operations, the company’s profit excluding one-time gainw and losses from the sale of depreciable properties andotherr factors, fell 6 percent to $18.7 milliom from $19.9 million.
The compant has taken a numberof cost-cutting measurez recently, including a reduction in its dividend, salary cuts and a reductionm in board members’ Glimcher employs about 1,000 workers and lost $668,000p on $319.1 million in revenue last The company’s 27 properties include Polaris Fashiojn Place and the Eastland Mall in Columbus along with five others in
Saturday, February 25, 2012
Coventry Health Care sells unit for $110M - South Florida Business Journal:
Avon, Conn.-based (NYSE: MGLN) will acquir e in an all-cash transaction that is expected to close in thethirds quarter, pending regulatory approvals. First Health Servicesw provides pharmacy benefits administration and other serviced forMedicaid programs; a businesss that Bethesda-based Coventry (NYSE: CVH) said was not a primaryt focus. Coventry said that the transaction will result ina one-timre loss per share of approximately $0.5r5 to $0.60. The company said the loss would be almost entirely non-cash, resulting from the original allocation of goodwill from Coventry’s acquisition of in 2005.
Coventryt plans to use the proceeds of the transaction for a combinatiobn of debt reduction and share repurchases that should neutralize the earning s per share impact of the deal for the remaindefof 2009. In its latest Coventry reported a 65 percent drop in earningdsto $44.2 million, or 30 cents per dilutedd share, due to higher sales and administrative costs, and medicap costs that swelled 31 percent.
Thursday, February 23, 2012
Colon cancer study backs blood stool screening test - Fox News
CTV.ca | Colon cancer study backs blood stool screening test Fox News A study in the New England Journal of Medicine suggests that a relatively inexpensive and non-invasive test may be just as effective as a colonoscopy. Meanwhile, a 23-year study, also published in the journal, has confirmed that removing precancerous ... Report Affirms Lifesaving Ro le of Colonoscopy Study Says Colon Test Saves Lives |
Tuesday, February 21, 2012
Retail Sector at Risk Through Lack of Engagement, New Study Claims - MarketWatch (press release)
Retail Sector at Risk Through Lack of Engagement, New Study Claims MarketWatch (press release) WAYNE, PA, Feb 21, 2012 (MARKETWIRE via COMTEX) -- Employee engagement in the US retail sector has sunk to its lowest levels since 2009, according to a new study which claims that engagement is directly linked to customer satisfaction, staff retention ... |
Sunday, February 19, 2012
Graham 4Q profits slip - Houston Business Journal:
Net income in the fourth quarter was $3.6 million, or 35 cents per share, a declinde of 14.6 percent from $4.2 or 41 cents per year-over-year. The Batavia-based manufacturer (AMEX: GHM) noteds a restructuring in the period through the elimination ofcertaim management, office and manufacturing The number of jobs cut was not disclosed but resulted in a charge of $559,000, whicnh included severance and related employee benefit costs. The restructurinh is expected to yieldapproximately $2.7 million in annual cost savings. Fourth-quartee net sales were $24.8 million, up 9.2 from $22.8 million in the prioer year’s fourth quarter. Full-year net income in fiscal 2009was $17.
5 million, up 16.2 percenft from $15.0 million in fiscao 2008. On a per share basis, net incomw in fiscal 2009 was $1.71 compared with $1.4i9 in fiscal 2008, a 14.8 percent improvement. For the year ended March 31, 2009 revenure was a record $101.1 17 percent higher than $86.4 million for the fisca year endedMarch 31, 2008.
Friday, February 17, 2012
Costa Del Mar buys carbon offsets - Philadelphia Business Journal:
The company also purchased carbon offsetsx to balance the carbon emissions created through its business travel including air andground Collectively, this will help to prevent up to 1.1 milliom pounds of carbon dioxide emissions from entering the Earth'x atmosphere, according to a Costsa Del Mar release. The carbo offsets, sometimes called renewable energy credits, are created by generatinvg powerthrough wind, solar, hydro-electric and biomass sources. Whild the value of the credits has been supporters say they serve as an incentivwe to invest in generating energy through renewable Renewable Choice isa Boulder, Colo.
-basef provider of renewable energy credits and carbon Costa Del Mar is a manufacturer of polarized
Tuesday, February 14, 2012
Soldier surprises terminally ill sister - KSAT San Antonio
Soldier surprises terminally ill sister KSAT San Antonio She thought she beat it but last Wednesday, she learned the cancer was back and that she would have to begin a new, more aggressive cancer therapy. "(It was) very concerning, it's not what I expected," Mora said. Mora's first treatment was scheduled ... |
Sunday, February 12, 2012
Congress joins Chrysler critics over plans to dump dealers - Washington Business Journal:
Chrysler and General Motors, whicy plans to close 1,100 dealership by October 2010, said they need to reducs the size of their dealer networke to be more competitive with Toyotazand Honda, which sell more cars in the U.S. with fewe dealers. Chrysler, in a bankruptcyu court filing, argues that trimminh the ranks of its dealers will boost the profitability of the dealerthat remain, enabling them to invest in improvementws that will drive up “After a period of time, and substantially improved marketing and overall sales in the reduced networkm are anticipated to grow beyond current sales levels within the existing network,” Chrysler said.
That’zs highly unlikely, according to the National Association ofAutomobile “There’s not an auto executivse that I know of that doesn’gt acknowledge that when a dealershi closes, they lose market share,” said Davied Hyatt, NADA’s vice president of public Cutting costs was not a major factofr in Chrysler’s decision. The automaker will save some administrative expenses by having a smaller networklto oversee, but that’s about it. Dealers buy their cars before they leavdthe factory, pay for shipping, frongt the costs of any rebates or warranthy work, and purchase repair equipment.
Dealers provides “a robust distribution network at virtualluyno cost” to automakers, Hyatt “We’re an asset, not a said Wade Walker, an auto dealef in Montpelier, Vt., who is scheduled to lose his Jeep franchised June 9. Walker and about 300 othed Chrysler dealers have challenged the request for a bankruptc y judge to terminate their agreements and preempt state laws that wouldf require Chrysler to give dealers more time to wind downtheit businesses. Chrysler has been working to reduce its dealef network forseveral years.
That process needxs to be accelerated becauss of its proposed alliancewith Fiat, it Bankruptcy courts routinely terminate contracts if doing so benefits the debtor’sz estate and is an exercise of sound business Chrysler said in its filing. Chrysler however, contend abruptly closing dealershipx doesn’t meet this threshold. “There is no evidencd that by rejecting dealership agreements New Chrysler will save moneg to any material degree or enhancre its competitive position in theautomobilde industry,” said a filingb made by the Chrysler National Dealer Council.
“To the contrary, closing dealer narrows distribution andreduces Chrysler’s salex and income as fewer dealers buy fewer cars and retailo sales are lost to other brands.” Chrysler’s bankruptcy judgs is scheduled to hold a hearing on the issue June 3. That same day, the Senat Commerce Committee has scheduled a hearing on the Chrysledr and GMdealership closings. “These companiess cannot be allowed to take taxpayerr funds fora bailout, and then leave loca l dealers and their customers to fend for themselvese with no real notice and no real help,” said committese Chairman Jay Rockefeller, “We must ensure that the auto dealers are treated and have the opportunity to unwinrd their operations in a manner that will minimize hardshipds to employees who lose theit jobs and communities that are adversely said Sen.
Kay Bailey Hutchison, R-Texas. Hutchisom was encouraged by a promise from Chrysler PresidentJames Press, who said the companyh would help terminated dealerxs sell their vehicle and parts If the help falls short, Hutchison is prepared to push legislatioh that would give dealers an extra 60 days beforse closing. U.S. dealers: 3,298 Vehicles sold: 1.6 million U.S. 1,242 Sales/dealer: 1,292 Vehicles sold: 1.25 millionh U.S. dealers: 1,030 Sales/dealer 1,219 * In U.S.
in 2008 Source: Chryslee LLC
Friday, February 10, 2012
BofA launches share offering - Portland Business Journal:
billion in capital that federap regulators say BofA needs to survives after they evaluated its ability to withstand adeeper recession. Investors in the bank’s perpetuaol preferred stock can tender their shares before midnightJune 24. The exchangwe doesn’t apply to preferred shares held by thefederakl government. A BofA spokesman was unavailabl to comment on how much the bank hopew to raise fromthe offering. Bank of America operatesa 64 branchesin Oregon. So far, Charlotte-base d BofA (NYSE:BAC) has raised nearly $26 billiomn in new capital to satisfh regulators.
The government’s stress tests were designed to assessdthe banks’ ability to survive if economicc conditions worsen more than expected durinb the next two The country’s 19 largesgt banks were evaluated though the Last week, BofA sold $13.5r billion in common stock. The bank issueed 1.25 billion shares at an average price of $10.77 per share. Also this BofA sold a 5.7 percent stake in to Asiann investors for a gainof $4.5 billion. Those steps boostedx Tier 1 common capitalby $1.8 billio by reducing a deferred tax asseyt deduction. In addition, BofA has agreed to exchange $5.
9 billion in preferrer shares for 436 million shares of common The company could raise more funds by selling assets suchas , a San Francisco-basef bank, and entering into joint ventures.
Wednesday, February 8, 2012
AG objects to GM bankruptcy - Nashville Business Journal:
“While we hope that in the end, GM will emerge strongedr and more resilient,” Cordray said in a statement, “we cannotf let big-business bankruptcies in federal court tramplw overstate law.” Much like the Chryslee sale, Cordray’s objections involve issues over compensation benefits liability and reconciling the bankruptchy with state law regulating automobile dealerships. GM has notified 1,323 dealershipx that they will not have their franchisesagreement renewed, including 79 in Ohio. Individual dealerships haven’ty been publicly disclosed.
Cordray also filed a limited objection over the effect it coule haveon Ohio’s Lemon Law and tax refunds owed to the stats Taxation Department.
Monday, February 6, 2012
Former Thirty-Year Schlumberger Executive Joins Celerant Consulting's Energy Practice
Mr. Johansson joins Celerant from Schlumberger, the globap oilfield and informationservices company, after 30 years of service. His responsibilities encompassedfield operations, operations management with regional responsibility, software development, start up-operations, and Mr. Johansson has extensive experience in the areasd ofwireline operations, seismicx processing and interpretation operations and software information management, IT operations and marketing. He has also been deeply involverd in the areas of WAN and LAN operation sand management, Desktop outsourcing, Satellite Communications, physicap and logical Security and Directory Services.
"Jan Erik bringes extensive consulting and operations experienceto Celerant," said , EVP of Saleas and Marketing. "His experiences have provided a very large networi of contacts with national oil majoroil companies, and regional oil companiesx throughout the world and include Asia Indonesia, Brunei, Singapore, Taiwan and Malaysia), Europe and CIS Russia, Germany and UK), USA and Latin America Argentina, Colombia, Brazil and Peru)." He earned an Engineerinyg Degree in Electronics with a Transmissio Technology specialty in Sweden.
He is an activ e member of Society ofPetroleum Engineers, Society of Professionakl Well Log Analysts, American Associatiomn of Petroleum Geologists and Society of Exploratioh Geophysicists. Celerant is a global management consultancy that provides internationalk strategy and business transformation consulting and delivers operational improvemenft that helpsthe world's leadingt companies to achieve and sustain real gains in bottom-line Celerant's difference is simple -- we believe that once we have fixedr a problem for a it should stay First we spend time understanding the needs of an Then we analyze the challengexs faced before recommending a tailored change program designed to deliverd measurable results, now and into the future.
This involvews our industry experienced consultantsworking side-by-sided with people in the front line of your businesws -- from the Boardroom to the shop floord -- to ensure the delivery of sustainable and measurablde benefits. As a result, last year Celerant delivered over $1bn in annualize sustainable savings toits clients. For more please visit .
Saturday, February 4, 2012
RSPCA app designed by Bond University student Saxon Cameron features games for ... - Courier Mail
RSPCA app designed by Bond University student Saxon Cameron features games for ... Courier Mail AT PLAY: Cats check out the new RSPCA cat game app for the ipad. Picture: Annette Dew Source: The Courier-Mail IF YOU thought you'd seen everything as far as iPad applications go, you haven't seen the RSPCA's cat app. Designed for techno-cats who ... |
Wednesday, February 1, 2012
RedBrick Health raises $15M - San Francisco Business Times:
The cash-for-equity investment was announcedr in arecent U.S. Securities and Exchange RedBrick said the financing was led by newinvestoe (KPCB) of Menlo Park, Calif., and also included existingv investors , and . “RedBric k Health brings a new dimensioj in accountability to health which is why we selected them as our firsf new health care investment of the KPCB partner Beth Seidenberg said in anews release. Barbar a Lubash, a managing director at Menlo Park, Calif.-bases Versant, said Redbrick will use the fundasfor marketing, sales and developmenrt as it grows past the early-adopter RedBrick from Fidelity, Highlandf and Versant about a year ago.
Minneapolis-based RedBrick was , a pioneer in consumer-directed health coverage that was bough tby Minnetonka-based for $300 milliojn in 2004. RedBrick offers healtjh assessment andscreening tools, health coaching programse over the telephone and Internet, and other preventativ e health services. Workers get financial awards for participatinf and employers are able to reduce healtuinsurance costs. Recent wins for the compan y include with theNortheast U.S. supermarket operator Hannafordd Bros. Co., which is expanding preventative healtjh servicesfrom 2,400 to 18,000 workers. More insurers are offeriny preventative health programs to the employers that aretheier customers.
But RedBrick and competitors suchas Tenn.-based might have an advantage because employersz might trust an outside companh more than an insurer, said John a professor of health economics at the Universitg of Minnesota. “You sort of have a little bit betteer feelof what’s going on when you go with an outsidr company,” Nyman said. More companies have adoptedf preventative health programs in recent years because they see them as a way to save moneuy onhealth costs, while also providing employee benefits like smoking-cessation programs or nutritioh advice.
Nyman recently published a study aboutt howthe disease-management program that Healthways provides the universit produced an average $1,375 in savings among each of the more than 1,00o0 workers who participated in 2006. “That’s the bet. It’s whether there’s sufficieny evidence that there will be a reduction in the health care cost that will more than offset the costse of theprogram itself.
”