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August 3, 2010

3 Men Movers creates portable storage division

Filed under: management — Tags: , , — Snowman @ 7:06 pm

3 Men Movers Inc. has created a new mobile container division called MOVITS aimed at both businesses and homeowners.

The Houston-based moving company said it will specialize in offering full-service portable storage units. The storage receptacles can either remain on a client’s property or 3 Men Movers can pick them up and relocate them.

The storage units are waterproof and have a steel frame and panels.

The move was a logical one for 3 Men Movers, according to Mitch Gonzalez, the company’s director of marketing and sales.

3 Men Movers owns and operates a self-storage facility in southwest Houston with climate controlled units, a security system and digitally-controlled access gates.

"We recognize that convenience is an extremely important factor when considering storage for a residence or business," said Gonzalez. "Many of our clients prefer the flexibility of organizing and packing their storage receptacle on their own schedule."

With this move, 3 Men Movers is competing with established companies such as PODS Enterprises Inc.

Source

June 16, 2010

Funding approved for new Sacramento County courthouse

Filed under: management — Tags: , , — Snowman @ 12:45 pm

Funding for a new Sacramento County Courthouse was approved Monday, paving the way for a much-larger — and much-needed — building for criminal trials.

The state Public Works Board approved $439.1 million for the courthouse, a lower cost for the project that allows to expand the number of courtrooms from 35 to 44 and more space for holding cells. In addition, the state will shift administrative space to the existing Schaber Courthouse, rather than the original plan for administrative offices to be part of the new building. The Schaber building will also undergo a minor renovation under the plan.

“The new courthouse is long overdue and badly needed … ,” presiding Judge Steve White said in a news release Monday. “The current downtown courthouse is 45 years old. It is inadequate to handle the 25,000 people who enter it every week. The jury room, well beyond overcrowded, spills into the hallways of the courthouse; crime victims are forced to wait in the halls with defendants’ families; and jurors with witnesses online payday advance.”

Criminal trials will be held in the new courthouse, while the Schaber Courthouse will handle civil trials.

The new 405,000-square-foot courthouse includes 44 courtrooms and allows the county to consolidate from seven locations to three, eliminating four leases. Nine new judges will be added to meet the increasing legal demand.

The almost half billion-dollar courthouse is funded by Senate Bill 1407, which provided $5 billion in funding for “critically needed new and renovated court facilities” that use court-user fees rather than the state general fund.

Local architecture firm Nacht & Lewis and global firm HOK have been hired to design the criminal courthouse. The Administrative Office of the Courts expects to choose a site and complete deal for the property in 2011, and begin construction in 2013. The new courthouse should open in 2015.

Source

April 12, 2010

Black Mayors Conference coming to Cincinnati

Filed under: management — Tags: , , — Snowman @ 10:21 am

The National Conference of Black Mayors will hold its 36th annual convention in Cincinnati, the city and the Cincinnati USA Convention & Visitors Bureau will announce Monday morning.

The convention will take place May 12-16, to coincide with Major League Baseball’s Civil Rights Game, scheduled for May 15 at Great American Ball Park.

About 700 conference members are expected to attend the convention, booking more than 1,200 room nights, according to a news release. Cincinnati Mayor Mark Mallory will host the event.

The Cincinnati Reds will meet the St. Louis Cardinals in the Saturday Civil Rights Game. Among the events surrounding the game, Major League Baseball will present its Beacon Awards to athletes Willie Mays and Billie Jean King and actor/musician/activist Harry Belafonte.

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April 10, 2010

Monsanto retreats from bold profit goal

Filed under: management — Tags: , , — Snowman @ 8:12 am

Monsanto shares rallied to a record in November 2007 when executives declared the company would double gross profit in five years.

As recently as January, CEO Hugh Grant and other senior managers insisted they were on track to meet the goal. After all, Monsanto’s queue was stocked with promising new seed technologies to help meet a growing demand for food.

But on Wednesday, Grant retreated, saying the company won’t meet its 2012 target of gross profit, which is a company’s sales less the cost of the goods and services sold.

“Moving away from our original set of goals is difficult for us to accept, but it’s the right thing to acknowledge now,” he said in a conference call with analysts and investors.

The announcement caps a turbulent past year for Monsanto. The Creve Coeur-based company is the subject of a federal antitrust investigation. It was forced to shed hundreds of jobs and slash prices for its best-selling weed killer because of a glut of generic product from China. And it isn’t selling as much of its new biotech corn and soybean seed as expected because some growers have balked at the higher price.

However painful to do, backing off its 2012 profit pledge was the right choice in the long run, analysts said.

“We don’t like it when we see companies do unwise things to meet a near-term goal at the expense of long-term growth,” said Dan Ortwerth, an analyst at Edward Jones.

Monsanto’s lower outlook came as the company reported on Wednesday a 19-percent drop in fiscal second-quarter earnings.
Monsanto’s net income — gross profit less all other costs — fell to $887 million, or $1.60, for the quarter ended Feb. 28, versus $1.09 billion, or $1.97, in the same three months a year ago. Sales fell 3.6 percent to $3.89 billion.

Excluding costs related to a corporate restructuring last year, Monsanto’s earnings matched the $1.70-a-share average estimate of analysts surveyed by Bloomberg.

Monsanto said full-year profit would be at the low end of the previously announced range of $3.10 to $3.30 a share. The company forecast earnings growth of 13 percent to 17 percent a year beginning in 2011 — a much slower rate than investors had been accustomed to.

The company’s stock slid 2 percent on Wednesday to $68.09 on the New York Stock Exchange. That’s less than half its all-time high of $142.69 set in June 2008. So far this year, the stock has fallen 17 percent.

The biggest drag on Monsanto’s profitability since then has been the decline in its Roundup business.

On Wednesday, Monsanto further cut gross profit projections for its Roundup business to $600 million, from $650 million to $750 million. Only a year ago, the same segment generated $1.8 billion in gross profit.

The reason for the steep drop in Roundup profit: a flood of Chinese-made generic weed killer saturating the U.S. market that forced Monsanto to slash prices.

Just a week ago, the nation’s only other glyphosate manufacturer, Ankeny, Iowa-based Albaugh Inc., filed an anti-dumping petition with the U.S. government.

Monsanto faces competitive pressure in the seed business too.

As a result, the company indicated that it would retool its product strategy, a move that will include some price cuts, to drive higher adoption rates for new products.

Monsanto said earlier this year that its new SmartStax corn and Roundup Ready 2 Yield soybeans would be planted on fewer acres than previously forecast.

Ortwerth said the higher-priced offerings met with some resistance among growers at a time of declining crop prices.

“The recession made farmers a bit hesitant to adopt new products,” he said.

That became evident to Monsanto executives after “listening sessions” with some 1,200 farmers, Grant said.

“The feedback that I have personally from growers is that if our price points were different, their adoption curves would be different,” he said. “When you get told the same thing often enough, it’s pretty compelling.”

The CEO said he was still as confident as ever in Monsanto’s long-term growth prospects, its $1 billion-a-year R&D efforts and the fundamentals of the global agriculture business. But don’t expect any more bold, long-term profit forecasting.

Source

March 18, 2010

Driving deaths plunge, fewest since 1954

Filed under: management — Tags: , — Snowman @ 11:45 am

The U.S. Department of Transportation said Thursday that traffic fatalities in 2009 reached their lowest level since 1954.

Highway fatalities totaled 33,963 nationwide last year, according to the DOT, a drop of 8.9% from 2008, when deaths on the road totaled 37,261.

The government also said that the fatality rate in 2009 declined to 1.16 fatalities per 100 million miles traveled — the lowest rate ever. This is down from a rate of 1.25 fatalities the prior year.

The DOT also said that fatalities have been in decline for 15 consecutive quarters, through the end of 2009.

Traffic deaths reached a "near-term" peak in 2005, then plunged 22% through 2009, the government said.

The National Highway Traffic Safety Administration attributed the decline in deaths to its campaigns for increased use of seatbelts and against drunk driving, as well as safer roads and safer vehicles. 

Source

March 3, 2010

Be prepared: Rates will rise again

Filed under: management — Tags: , — Snowman @ 1:45 am

The rate hikes are coming! The rate hikes are coming! Eventually.

Days after the Federal Reserve seemed to sound the alarm that the era of near-zero interest rates is ending, Chairman Ben Bernanke tempered those expectations a bit this week. Just because the Fed boosted the rate it charges banks, he told Congress, doesn’t mean it will move any time soon to boost broader interest rates too.

Nonetheless, it behooves investors to be ready, regardless whether rate hikes come in the second half of 2010 or next year.

Despite what some may think, moving toward higher rates will be good news in many ways. It’s an endorsement of the economy’s potential to stand on its own. It means yields from CDs as well as savings and money-market accounts at banks won’t be minuscule much longer. It could even bode well for certain types of stocks.

But higher rates are bad for bonds and may make some other holdings less appealing too. So investors should take a close look at what they own.

"It’s a wakeup call," says Larry Glazer, partner at Mayflower Advisors in Boston quick cash.

Here’s how rate hikes could affect you:

Bonds — Bonds are in line to experience the biggest fallout, because they generally move inversely to rates. When rates exceed the rate on a previously issued bond, the bond’s value on the open market drops.

Stocks — Overall market returns may be harder to come when the Fed determines it needs to raise rates to try to keep the economy from growing too fast. But stocks should still climb. Tread carefully, though. Some sectors — notably utilities, financials and materials — have been big laggards when rates rise.

Saving and borrowing — Long-suffering savers can look forward to their money growing at a decent clip again while sitting in the bank. At the same time, rising rates will make mortgages and other loans more expensive. If you’re thinking about buying a house or refinancing a current mortgage, it might be time to consider locking in those low-low rates.

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February 26, 2010

Bernanke Says Fed Reviewing Goldman Swaps With Greece

Filed under: management — Tags: , — Snowman @ 10:03 pm

Federal Reserve Chairman Ben S. Bernanke said the use of credit default swaps to destabilize a country is “counterproductive,” and added the central bank is reviewing the arrangements of Goldman Sachs Group Inc. and other companies with Greece.

“We are looking into a number of questions related to Goldman Sachs and other companies and their derivatives arrangements with Greece,” Bernanke said today in testimony before the Senate Banking Committee in Washington.

Greek bonds slid today, pushing the premium investors demand to hold the nation’s 10-year securities instead of German bunds to the most in more than two weeks, amid concern the country’s credit ratings may be cut.

Federal Reserve officials are using new supervisory powers over firms such as Goldman Sachs and Morgan Stanley to gather information on financial system risks. Bernanke was responding to a question from Senator Christopher Dodd, a Connecticut Democrat, who asked if there should be limits on the use of credit default swaps to prevent “runs against governments.”

Destabilize

“Obviously, using these instruments in a way that intentionally destabilizes a company or a country is — is counterproductive, and I’m sure the SEC will be looking into that,” Bernanke said. “We’ll certainly be evaluating what we can learn from the activities of the holding companies.”

U.S. stocks fell today in part as Moody’s Investors Service said it may downgrade Greek debt. The Standard & Poor’s 500 Index was down 1.52 percent at 10:51 a.m. in New York. Yields on U.S. 2-year notes declined 0.03 percentage point to 0.828 percent.

Goldman Sachs helped Greek officials raise $1 billion of off-balance-sheet funding in 2002 through swaps, which European Union regulators said they knew nothing about until recent days.

Goldman Sachs did “nothing inappropriate” when it arranged currency swaps for Greece that reduced the nation’s national debt by 2.37 billion euros ($3.2 billion), a top executive said.

“They did produce a rather small, but nevertheless not insignificant reduction, in Greece’s debt-to-GDP ratio,” Gerald Corrigan, chairman of Goldman Sachs’s regulated bank subsidiary, told a panel of U cash advance payday loan.K. lawmakers Feb. 22. The swaps were “in conformity with existing rules and procedures.”

“As a matter of policy, we don’t comment on legal or regulatory matters,” Michael DuVally, a Goldman Sachs spokesman, said today.

Credit Ratings

Corrigan is the former president of the Federal Reserve Bank of New York. The Federal Reserve gained oversight powers over Goldman Sachs and Morgan Stanley following their conversion to bank holding companies in Sept. 2008.

Yields on two-year Greek bonds rose to the highest since Feb. 9 after Standard & Poor’s and Moody’s said they may cut their ratings if Greece fails to implement a plan to reduce its budget deficit. Pierre Cailleteau, managing director of sovereign risk at Moody’s, said a downgrade may come by the end of March.

“Greece is able to make headlines every day, and for now volatility is here to stay,” said Michiel de Bruin, who helps manage $28 billion of assets as head of euro government bonds at F&C Investments in Amsterdam. “The market is also taking into account the possibility of a double dip in economic growth, and that’s causing risk aversion.”

The cost of insuring against default on Greek government bonds rose for a fourth day, with the credit-default swaps on the debt rising 10 basis points to 392, the highest in more than two weeks, according to CMA DataVision.

The Greek 10-year bond increased 12 basis points to 6.64 percent as of 3:02 p.m. in London. The 6 percent security maturing July 20109 lost 0.82, or 8.2 euros per 1,000-euro face amount, to 95.56. The two-year yield jumped 61 basis points, the most since Jan. 29, to 6.35 percent.

Source

February 22, 2010

Yahoo-Microsoft search deal gets final OK

Filed under: management — Tags: , — Snowman @ 12:20 pm

Microsoft and Yahoo said Thursday that their online search deal has received approval from U.S. and European Union regulators, paving the way for the two companies to combine much of their Internet search business.

Under the 10-year deal, which was announced in July, Yahoo.com and Bing.com will maintain their own branding but search results on Yahoo.com will say "powered by Bing." Yahoo, in turn, will be responsible for getting premium advertisers.

Microsoft will pay Yahoo 88% of the revenue it gains from searches on Yahoo’s sites. Microsoft will also have the rights to integrate Yahoo’s search technology into its own existing Web search platforms.

With the final hurdle out of the way, the companies said Thursday that they will start implementing their partnership in the coming days. Yahoo and Microsoft have set a goal to complete all aspects of the deal in the United States by the end of 2010 and globally by the end of 2012. The companies previously said that U.S. users will start to see the change three months after regulators approved the deal.

"This breakthrough search alliance means Yahoo! can focus even more on our own innovative search experience," said Yahoo Chief Executive Carol Bartz in a statement.

Microsoft Chief Executive Steve Ballmer called the regulatory approval "an exciting milestone," noting that the companies are "just at the beginning of this process."

Google (GOOG, Fortune 500) remains the clear dominant search engine, controlling more than 65% of the market, according to online data tracker comScore. But Microsoft’s (MSFT, Fortune 500) Bing and Yahoo (YHOO, Fortune 500) control nearly 30% of the market combined, which analysts say will help the companies attract better advertising partners.

Shares of Microsoft and Yahoo both rose less than 1% in midday trading. 

Source

January 29, 2010

Pfizer to drop 100 experimental drugs from research program

Filed under: management — Tags: , , — Snowman @ 10:24 pm

Drugmaker Pfizer Inc., which just bought rival Wyeth in October, said Wednesday that it would scrap testing of roughly 100 experimental drugs from their combined research operations to focus more resources on its priority areas.

New York-based Pfizer said it would continue with about 500 research projects. About 70 percent of those — and 75 percent of its late-stage research — fall within what it calls "Invest to Win" areas because of the great need for better treatments.

They are Alzheimer’s, diabetes and metabolic disorders, pain, cancer, inflammatory disorders such as rheumatoid arthritis, and mental illnesses.

Pfizer will reduce the square footage of its R&D facilities by one-third, eliminating six research sites and an unspecified number of workers.

Pfizer maintains a research facility in Chesterfield, though the company is scaling back those operations. The company announced in November that it would eliminate 600 of the 1,000 jobs at the research center and sell the property to Monsanto.

Source

December 14, 2009

What’s next for Fenton plants?

Filed under: management — Tags: , , — Snowman @ 11:06 am

Fenton — It has been nearly six months since the last Dodge Ram rolled out of the massive Chrysler plant here.

Now, on a weekday morning, there are perhaps two dozen cars in parking lots meant for thousands. The neat rows of shiny new pickups are gone. The smokestacks stand cold.

And six months after the closure of vast twin auto plants along Interstate 44, there is a growing conversation about just what to do them, how to take this empty symbol of St. Louis’ old economy and use it to help the new one.

It’s a tough question.

There are, after all, few uses for a one-story building the size of 86 football fields, surrounded by acres and acres of asphalt. Throw in environmental question marks and a weak economy, and the options grow even fewer.

But local leaders want to take a hard look at what those options might be.

St. Louis County is applying for a federal grant of nearly $1.6 million to establish a commission to study the site. With cash from the state, the county and the city of Fenton, officials are ready to launch a two-year, $2 million effort to plan incentives, cleanup, marketing and more.

"There’s a lot of things that could happen here," said County Executive Charlie Dooley. "How do we use this land to attract the business we want?"

That question is being asked by many cities these days. At least 20 U.S. auto plants have closed in the last two years, from Delaware to Detroit to St. Louis, and most of them face the same daunting challenges of age, size and a highly specialized use that is no longer needed.

"We’re kind of new in this game right now," said Kim Hill, who heads the Automotive Communities Program at the Center for Automotive Research in Ann Arbor, Mich. "Obviously, there are a lot of facilities that shut. There’s a lot of head-scratching going on.

Chrysler alone shuttered eight plants when it filed for bankruptcy in April. It spun them off into a separate company and now must sell them one by one under court supervision. A spokesman for the automaker wouldn’t discuss any specifics about the two Fenton plants but said they were being actively marketed. He acknowledged it would take some "creativity to get them back into productive use."

So far, just one Chrysler plant has found a buyer.

Last month, the University of Delaware closed on a $24.3 million deal for the automaker’s assembly plant in Newark, Del. The 272-acre site is across the street from the university’s campus, and the school hopes to expand there, said spokesman Dave Brond.

"It provides generations of capacity for us to grow," he said. "It adds 22 percent to the size of our campus."

The university hopes to take advantage of an Amtrak line that runs by the plant to build offices and stores around a rail station, and to partner with a medical school and a nearby Army base on research and teaching facilities.

"It was an opportunity we couldn’t pass up," Brond said.

Still, he expected it would be three or four years before any buildings were complete. And Delaware officials knew the closure was coming and started talking with Chrysler 20 months ago, eight months before the plant actually closed. That’s a contrast with St. Louis, where local leaders had focused mainly on getting Chrysler to keep operating in Fenton almost until the day of the shutdown.

That may have been a long shot, but given the thousands of good-paying jobs Chrysler supported here, it was one worth taking, said U.S. Rep. Russ Carnahan, D-St. Louis.

"Unfortunately that didn’t work," he said. "Now we’re at Plan B."

Some, such as Carnahan, say Plan B might be a next-generation automaker’s moving into Fenton, something like Fisker Automotive’s decision to buy a GM plant in Wilmington, Del., to build plug-in hybrid vehicles.

But those opportunities are few, and the longer the plant sits empty, the less appealing it becomes payday loan.

So when it comes to finding a new use, Dooley said, pretty much everything is on the table.

He will have the commission study cleanup costs and potential incentives for a developer, the prospect of breaking the 5-million-square-foot building up for several tenants, or knocking the thing down and starting over.

"We will do everything we possibly can to make something happen there," Dooley said. "That’s too much space to leave undone."

But one thing that won’t happen is the county’s taking over the site itself. It’s just too complicated, Dooley said. A private company will have to lead any project.

That’s what has happened in Hazelwood, where Ford Motor Co. closed a plant in 2006. California-based Panattoni Development Co. bought it two years later and has since demolished the 3.5-million-square-foot structure. It plans to turn the 160-acre site into Aviator Business Park, an 11-building, $200 million complex of office and warehouse space.

Site work is basically complete, said Mark Branstetter, a senior vice president in Panattoni’s Clayton office, and the company will start marketing it to tenants in early 2010. It will have some nice things to offer, he said: a good location on Lindbergh Boulevard near Lambert-St. Louis International Airport and Interstate 270, a rail line, tremendous power and water connections, and a 25-year tax abatement negotiated with the city of Hazelwood.

Even with all that, Branstetter said, it made no sense for Panattoni to keep the old buildings in place. The plan was always to tear them down.

"These buildings really aren’t made for any sort of adaptive reuse," he said. "They’re simply an envelope around a bunch of equipment. And once that equipment goes out, it has no use."

Then there’s what lies beneath the envelope.

Most auto plants made cars for decades. The ground underneath may include metals, dangerous chemicals, all sorts of things. Often, no one is quite sure what is there, or who would be liable for pollutants two or three owners down the road.

If the concrete slab is taken up, cleanup costs could easily run $10 million or $20 million, Hill said. That makes buying one without some sort of insurance or cleanup fund a risky proposition.

"That is probably the No. 1 issue in moving these properties," he said.

In Hazelwood, Branstetter said, Panattoni did extensive testing when it took over the property. It thinks it knows what is in the ground. In Delaware, Brond said, the state took on the risk and factored it into the price.

In Fenton, that is still in the future. It will be part of the task of Dooley’s commission — if it gets funding. The county executive said he hoped to hear on that by the end of the year. Carnahan, who is supporting the application, said it might be January. Either way, they want to get started.

Meanwhile, the bankruptcy court is in the process of hiring a broker to market the site, and several people close to the process say a number of potential buyers are taking a close look.

"There’s been enough interest that (advisers for the bankruptcy court) believe it’s going to be sold, probably sooner rather than later," said Fenton Mayor Dennis Hancock.

If it is, the challenge will become what happens next, and how this place that may well have put out its last-ever vehicle six months ago can find a new reason for being.

"The obstacle is in people believing that something is going to go there," Dooley said. "To a lot of people, a church is a church and a school is a school and a plant is a plant. We’ve got to figure out how to turn it into something else."

Source

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