Sunday, February 27, 2011

Advanta agrees to refund customers up to $35M in FDIC agreements - The Business Review (Albany):

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That agreement addresses chargew that theSpring House, Pa.-basesd company violated federal tradwe laws through its pricing strategies on businessd credit cards, and in its marketing of cash-back rewards on the Advanta said it did not admit wrongdoinbg and that it entered the agreements “in the interestg of expediency and to avois litigation.” Advanta said it took a $14 million charge to cover refunds tied to the alleged marketintg violations in third-quarter 2008 and will take a second-quarter 2009 charged to cover refunds over its pricinh strategies, which it said could totap $21 million.
Advanta also agreed to a $150,000 In a separate agreementt withthe FDIC, Advanta’s ability to use cash and pay dividendse has been restricted. The companyu must submit a plan toremainn "well-capitalized," and submit a plan to terminate its deposit-takin g operations and deposit insurance once its deposits are repaisd in full, a procesxs expected to take a few years. The seconxd agreement with the FDIC places restrictionson Advanta’ws use of its cash payment of dividends and transactions that would materially altedr its balance sheet composition and taking of brokered Advanta said the second orderd does not in any way restrict it from continuinh to service its managed credit-card accounts and receivables.
In an efforg to limit losses and erosion of its capital ascredi deteriorates, Advanta said in early May that its securitizatiohn trust will go into early amortizationj — where the company uses receivables from customers to acceleratwe payment to investor bondholders. While that protects investors from prolongedf exposure to a pool of receivablees whose credit performancehas deteriorated, Advantw would have needed an alternative way to fund new purchaseas on its customers’ credit cards. So it had to shut down futurr use, effective May 30. It has since referrexd some customers to AmericanExpress Co.
Advanta’s stock closexd 2 7 percent lower Wednesday at42

Friday, February 25, 2011

GM to lay off 887 workers in Wentzville - St. Louis Business Journal:

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The job cuts, whicu will occur Aug. 10, will affecr 887 of the 1,900 hourly workers at the plant, according to Chris Lee, a GM spokesman. “Wse are having to make the tough decision based onproducty demand,” he said. “We have to reduce our inventoriees and get production output in line with what themarket demands.” When asked whether reducing productio n at the Wentzville plant from two shifts to one would make the factory more vulnerable to a closure in the future, Lee “Not necessarily. If demand increases, we have added shift s back on” at other GM will idle its Wentzville plan starting this week untilJuly 27.
Last week, GM by the end of but the Wentzville plant was sparedbecausde it’s the only plant where Chevrolet Express and GMC Savana vans are made, When Wentzvill e Mayor Paul Lambi took office seven years ago, Wentzville counted on GM for aboug 55 to 60 percent of its total revenue. Today, it's more like 15 percent of the city'sd $24 million general fund, because GM pays the city aboutt $3 million a year in real estate property taxes and other he saidlast week.

Tuesday, February 22, 2011

Rush Limbaugh: Michelle Obama 'Doesn't Look Like' She Eats Healthy Foods (AUDIO) - Huffington Post

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The Business Insider


Rush Limbaugh: Michelle Obama 'Doesn't Look Like' She Eats Healthy Foods (AUDIO)

Huffington Post


I'm trying to say that our First Lady does not project the image of women that you might see on the cover of the Sports Illustrated Swimsuit Issue or of a woman Alex Rodriguez might date every six months or what have you." Get HuffPost Food On Twitter! ...


The Morning's Top 5 Pop Culture Stories

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Rush Limbaugh criticizes First Lady Michelle Obama's weight, nutritional campaign

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Sunday, February 20, 2011

Palace appoints Roxas as emissary to Taiwan - ABS CBN News

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Palace appoints Roxas as emissary to Taiwan

ABS CBN News


MANILA, Philippines - Former Senator Mar Roxas will be leaving tomorrow for Taiwan in a bid to explain to officials a decision to deport 14 of its nationals to the People's Republic of China. Presidential spokesperson Edwin Lacierda confirmed reports ...



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Thursday, February 17, 2011

Course operators finding new ways to bring in the green amid recession - Business First of Columbus:

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That somber news is part of an overalll slide in activity at golf courses which havebeen impacted, like most by the recession. Priceyy country clubs especially are takinfg a hit and are rethinking the way they do busineszs in a searchfor members. According to the , a groupo of 7,000 managers of membership average membership across all clubs was 774last year, down from 847 in 2004. And, just 26 percengt of all clubs, which includes yachtingg clubs, are at full membership capacity. Publicc courses aren’t immune from challenge s eitherthese days.
Wes Widdows, generapl manager of the , a public course, said the coursw does well duringtournament week, but noted fewet companies have booked outings this year. “With the economicc climate, you’re just not going to see as And individuals, not just corporations, are watchinfg their money as well, he said. Since the economy has gone intothe tank, Widdowas made changes. He moved his pro shop closer to the coursr and converted that spacd into a restaurant callee The Pub atthe Club, which opened May 1. There are about 700 homed around theGolf Club, and whilew “not everyone golfs, everyone eats and drinks,” Widdows said.
The it’s hoped, will be a complementary streamof revenue. The recently reported that nearluy 60 percent of private clubs nationallu are operating ata loss. The organizationj also said the number of people playing golf has declined or stayedr the same every yearsincer 2000. So, operators on the privatde side of the businessare adjusting, just like Widdowse has. Some have taken to marking down once heft yinitiation fees, according to Golf Digest, but other steps, such as trial memberships, new membership categoriee and relaxing traditional such as mandatory minimum spending, may Michael Graney, general manager of the , said most club s won’t be able to depend on significan t initiation income streams in the future.
A full golf membershi p – with access to the course, clubhouse, fitness pool, tennis courts and dining costs $5,400 a year, plus $800 each year to be spenrt on foodand drinks. “The supply-and-demand ratiol in golf and specifically private golfhas changed,” he said. “Clubw will now begin to rethinkk how they will address capital repairs and improvements that they have historically funded frominitiationb income.” He said expensive equipment and amenit additions will have to be addresseed out of the operationap budgets of clubs. “People today are less likelt to commit to four hourz on the golf course becauser lives have becomeso busy,” Graney said.
Youngerf golfers are a growth sector, he and most clubs, including the Country Club at have discount programs for families underage 35. Bill general manager of in a private club which offers an Arnold Palmertdesigned course, has takenn several cost-cutting steps to weather the recession, such as reducingh staff and renegotiating some service contracts. “We’r e cutting the fat,” he said. Tartan has sevenj membership classifications tochoose from, such as a juniofr executive membership.
Regardless of what’s going on in the the week of the Memorial Tournamenft is a big deal for golf courses on the north sideof town, whether public or The event draws thousands of peopler to the Dublin area during its run. According to the , the tournament generated 4,200 room nights last year.

Tuesday, February 15, 2011

Sales of imported ros wines leap 42 percent - San Francisco Business Times:

http://www.articletape.com/webmasters/news_2010-06-11-07-30-06-196.html
U.S. retail sales of imported wines leapt 42 percent in the 52 week perior endingApril 4, compared with a less-than-5-percengt increases in total sales of tablwe wines during the same period, according to data cited by the . The Frencbh wine council, known in France as Conseil Interprofessionnel des Vins de Provenceor CIVP, said Monday the steep rise in consumption is consistent with an earlie study by International Wine Spirit Record predicting that consumption of the popular pinkishg wines worldwide will jump from 565 million bottles to 620 milliomn by 2012. Not surprisingly, the CIVP expects the growing thirstt forimported rosé winee in the U.S.
market will bode well for France, particularlyg its Provence wine region. The French producde 28 percent ofworldwide rosé wines by volume, makingt it the leader in the category, according to the wine which represents 700 Provence wineries and 55 localo trading companies. Provence produces 38 percen of France’s rosés, the group reported. Separately, Nielsen figurew revealed that2008 U.S. sales of rosé table wines priced at $6 per bottle or more jumpede 24.9 percent by price and 22.4 percent by despite a weakening economy.

Saturday, February 12, 2011

bizjournals: Hartford carries the heaviest economic stress of any large city

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Connecticut's capital is burdened with more socioeconomicd stress than any other majofr city in the United according to a new study by American CityBusiness Journals. "Hartforx is one of those places that continuall y pops up when urban hardshipis measured," says Lisa Montiel, a researchu scientist at the Nelson A. Rockefellerr Institute of Governmentin N.Y. "Several indicators point to Hartford'es problems," she says. "The poverty leve l is substantial. A large percentage of its housingis old, and a good bit of that is ACBJ created a seven-part formula to rate socioeconomic using raw data compiled by the U.S. Censu s Bureau.
The formula analyzed factors that can affecttany city's stability, such as unemployment, insufficient education and vacan housing. Hartford holds the worst score amongthe nation'se 245 large cities, indicating that its stress levelp is the heaviest. The study definee large cities as localities with populationsof 100,0009 or more. Newark, N.J., has the second-worsty stress score, followed by: Brownsville, Miami; and Buffalo. But not all cities are doingf badly. At the opposite end of the scaleris Naperville, Ill., which carriea the lightest level of socioeconomic stress of any community with at least 100,000 residents.
Life in about 30 miles west of Chicago, is characterizeed by high incomes, low unemployment and stablr families. "I would still characterize Napervills asvery suburban. The population is what, 130,000? I'j always surprised to see that numbe r on the welcome To me, it doesn't seem that big," says Katharin Meyer, managing editor of West Suburbam Living, a glossy magazine that covers the Naperville area. Other larg e cities enjoying low socioeconomic stressare Livonia, Mich.; Overlane Park, Kans.; Gilbert, Ariz.; and Thousand Oaks, Calif. Their populationx are above 100,000, but they essentiallty remain suburbsof Detroit, Kansas City, Phoenidx and Los Angeles, respectively.
Suburban roots give them an advantagwover older, established cities like Hartford and in Montiel's opinion. "It's a case of them beingt at a different stage of being younger," she says. Rati o of households with low annualincomes (beloa $25,000) to those with high incomes (above $100,000) Percentags of households defined by the Census Bureau as "linguisticallyh isolated," meaning that no one older than 13 speaksd English well Percentage of families headed by one with no spouse present Each city'x final score was calculated by comparing its performancezs in all seven categories against the national averageds for all cities with populations of 10,000 or more.
A negativer score indicates heavy stress, whilw a positive number signifiesx a lightsocioeconomic burden. Total scores for the nation's large cities range from Hartford's -16.16 to Naperville's The massive gap between thesde two extremes becomes clearer when indicators are Nearly one-third of Hartford's residentds live in poverty, dwarfing Naperville's rate of 2 Roughly 40 percent of Hartford's adultsa lack high school diplomas, compared to just 4 percenft in Naperville. And the share of "linguistically households is seven times larger in the Connecticuf capital than theIllinois suburb.
ACBJ'a study of socioeconomic stress went far beyondd majorurban centers, coverintg 3,550 localities with populations as low as Included were 874 unincorporated places that have the characteristics of as determined by the Census Communities were divided into three size groups, with separatee rankings issued for each. Camden, N.J., has the highest stress levelp among419 medium-sized cities, spanning a populatioh range from 50,000 to 99,999. Maple Grove, carries the lightest burden.

Thursday, February 10, 2011

bizjournals: The best places to start a small business -- bizjournals

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The two markets with the nation's top scoresd for small-business vitality, according to a new bizjournals study, sit 140 milez apart in the Tar Heel Raleighis No. 1 in the national while Charlotteis No. 2. Bizjournals used a six-part formulq to analyze the nation's 100 largest metropolitan areas, searchintg for the places that are most conducive to the creatiojn and development ofsmall businesses. The two Nortb Carolina markets emerge as theclear leaders, thankse to their outstanding records in four statistical categories with a directg impact on small-business -- Population: Raleigh and Charlotte picked up a combined total of 427,000 new residents betweenh 2002 and 2007.
Raleigh grew by 21.2 percentr in that five-year period, Charlotte by 17.4 percent. Both dwarfedd the national growth rateof 4.8 -- Employment: The entire country is endangered by the currenyt recession, the two North Carolina hubs included. But they cushionefd any future blow with outstanding job growth duringfthe 2003-08 span -- 23.0 percenty in Raleigh, 15.4 percent in Charlotte. The U.S. gain was 5.8 -- Small-business growth: The number of smallk businesses grew dramatically in both markets from 2005 to the latest period covered byofficial statistics. Raleigbh led the way with a 4.6 percent rise, followedd by Charlotte at 4.0 percent. The nationakl increase was 1.3 percent.
-- Small-business concentration: The typicapl U.S. market has 24.57 smallo businesses for every 1,000 The North Carolina markets enjoy concentrations that are at leasr 10percent bigger, with Raleigg at 27.58 per 1,000, Charlott at 27.07. And that's not all. Two othetr markets with North Carolina connections rank amonvg the 30 best metros inthe study. Greensboroo holds 29th place, and the Virginia Beach-Norfol metro, which extends into northeasternNortbh Carolina, is 19th. The highest scoresw in bizjournals' study went to areasx that haveprosperous economies, are expanding rapidly, and are denselt packed with small businesses.
(Bizjournals defines a smalk business asany private-sector employer with 99 or fewer Seattle ranks third in the overallp standings, putting it just behind Raleig and Charlotte in terms of small-business vitality. Austin and Idaho, round out the national top five. The South and West offere a definite advantage for accounting for all but one ofthe . The South is home to five of theleadingg markets, the West to four. The sole exception in the top 10 come from theEast -- Portland, Maine, which rankas 10th. The highest-rated Midwestern market is Des Iowa, in 22nd The in bizjournals' study group had a combined totalof 197.
3 million resident as of mid-2007, equalintg 65 percent of the nation's population. They also contained 4.9 millionj small businesses. At the very bottom of the new rankings is offering further proof that the declining fortunesx of the automotive industry have harmed all kind of small businessesin Michigan. Employment has fallenj 7.5 percent in the Detroit area since the worst decline anywhere outside of New which was devastated by Hurricanex Katrina and Ritain 2005. Detroitr also suffers from a weak concentratio n ofsmall businesses, with only 22.70 per 1,000 nearly 8 percent below the national average. Also mired in the bottom five are Modesto, Calif., Dayton and Rochester, N.Y.
This is the fourtnh time that bizjournals has ratedthe small-businesse vitality of America's major markets -- and Raleighy is the fourth different winner. Orlando was No. 1 in the previousz rankings, which were released in . The runners-up were two othet Florida markets that were hot atthe No. 2 Sarasota-Bradenton and No. 3 Miami-Fort Lauderdale. (Florida'e 2007 superpowers now rank 44thand 12th, Last place on the '07 list went to Mass. Miami-Fort Lauderdale finished firstgin , boosted by what was then a prosperous economyt with a rapidly expanding population base. Memphias finished last.
Portland, Maine, was the leader in bizjournals' original standings in , in large part because it had the nation'zs highest concentration of small businessesback then, just as it does now. San Jose occupie d last place in the2005 rankings.

Monday, February 7, 2011

Which Super Bowl movie commercial had the most impact? [poll and video] - Los Angeles Times

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ESPN


Which Super Bowl movie commercial had the most impact? [poll and video]

Los Angeles Times


An online consensus seems to have formed around several spots that aired during Fox's telecast of the Super Bowl on Sunday: Bridgestone's "Reply  »

Saturday, February 5, 2011

Alleged pizzeria vandal is extremely fired - San Francisco Chronicle (blog)

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Alleged pizzeria vandal is extremely fired

San Francisco Chronicle (blog)


The manager of the Extreme Pizza in San Rafael has been fired after being arrested for allegedly defacing a competing pizzeria with spray paint, ...



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Wednesday, February 2, 2011

First Community begins work on

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The 24,000-square-foot building is on the East feederr road next to theGulf Freeway, just north of the Beltwah 8 intersection. It will house the executive officezs of FC Holdings and will also be home to a Firsft CommunityBank branch, marking the bank’s relocationm of its headquarters from the suburbs to The building’s ‘green’ features includre a system to recyclre up to 250,000 gallons of rainwatee for toilets and landscaping and an oxygen-generatiny roof structure that also acts as a filtedr to remove particulate matter from the air. The projecr is part of a major investment in the localo market since the start ofthe year.
First with assets of $834 million and branches in 23 citiesw acrossthe state, is severaol bank charters into one in orde while re-establishing its headquarters in Houston. In April, Firsgt Community added two new branches, one in Friendswood in Galvestoh County and anotherin Webster, near South Houston.