Best financial sourse

July 30, 2011

Laclede Group profit more than triples

Filed under: mortgage, news — Tags: , , , — Snowman @ 11:48 am

Laclede Group Inc. said fiscal third-quarter profit more than tripled on improved performance at the company’s gas utility and the sale of propane inventories.

Net income for the three months ended June 30 rose to $15.4 million, or 65 cents a share, from $4.4 million, or 20 cents, in the same period last year, the St. Louis-based company said. Sales rose 6 percent to $344.3 million.

Earnings rose by $11.6 million at Laclede Gas, the utility that sells natural gas to 630,000 customers in St faxless payday advance. Louis and surrounding Missouri counties.

The utility said it benefited from a rate increase that took effect in September as well as the sale of propane inventories no longer needed to serve customers.

 

Source

July 22, 2011

Exxon cleans up 4 sites in Yellowstone oil spill

Filed under: management, technology — Tags: , , , — Snowman @ 11:40 am

ExxonMobil Pipeline Co. crews have finished initial cleanup work on four sites contaminated when a pipeline carrying crude oil broke underneath the Yellowstone River three weeks ago.

The Environmental Protection Agency and the state Department of Environmental Quality will assess whether the cleanup is adequate.

DEQ Deputy Director Tom Livers tells The Billings Gazette that state standards require the cleanup to continue until the effort would be more harmful than beneficial to the environment.

So far, 46 sites have been identified for cleanup after an estimated 1,000 barrels of oil leaked into the river, starting on July 1.

International Bird Rescue of California was brought in by Exxon to clean wildlife affected by the spill. Jay Holcomb with the rescue group says they’ve only had to treat three birds.

Source

July 12, 2011

Moody’s downgrades Ireland debt to junk status

Filed under: canada, technology — Tags: , , , — Snowman @ 6:04 pm

Moody’s Investors Service on Friday downgraded Ireland’s government debt ratings to junk status, saying it believes Ireland will need further rounds of financing when the current European Union and the International Monetary Fund support ends in 2013.

The ratings agency cut Ireland’s bond ratings to “Ba1″ from “Baa3,” and said the outlook on the ratings remains negative.

Moody’s credits Ireland with a strong commitment to fiscal consolidation, but notes that implementation risks remain significant with its weak economy.

The analysts say the EU may require private sector creditor participation as a precondition for such additional support, a negative for holders of distressed government debt.

Ireland’s short-term issuer rating also was lowered by one notch to “Non-prime” from “Prime-3.”

Source

July 11, 2011

Qantas: Australia carbon tax to increase fares

Filed under: canada, technology — Tags: , , , — Snowman @ 1:48 am

Australia’s tax on carbon emissions will cost Qantas 110 million to 115 million Australian dollars ($118 million to $123 million) for the 2013 financial year and lead to an increase in passenger fares, the airline said Monday.

The flagship Australian carrier is one of the first of the nation’s major companies to release details of the financial impact of the tax, which will force the 500 worst polluters to pay AU$23 for every ton of carbon they emit.

The government released details of the tax on Sunday, saying it would help Australia lower its massive carbon emissions. Australia is one of the world’s worst greenhouse gas polluters because of its heavy reliance on coal for electricity.

The government is granting AU$9.2 billion in compensation over the next three years to industries affected by the tax, but Qantas said airlines are exempted from that assistance. The tax goes into effect on July 1, 2012.

Qantas said it would pass the costs onto its customers, with the tax adding an average of AU$3.50 to the price of a domestic flight ticket in the financial year ending June 30, 2013. The carbon tax does not apply to international flight fuel.

Qantas shares were down 2.5 percent to AU$1.95 in early afternoon trading.

Source

July 9, 2011

St. Louis area counties plan strategy for war on meth in four counties

Filed under: business, online ads — Tags: , , , — Snowman @ 9:36 am

Leaders in four area counties announced on Thursday a regional anti-meth drive

July 7, 2011

MI Developments swears off racetracks

Filed under: mortgage, online — Tags: , , , — Snowman @ 10:20 pm

There won

July 4, 2011

Ford, Chrysler report strong vehicle sales in June

Filed under: money, term — Tags: , , , — Snowman @ 3:20 pm

Some of Canada

July 1, 2011

Local financial adviser hit with securities ban and $100,000 fine

Filed under: management, online ads — Tags: , , , — Snowman @ 3:46 am

An investment scheme to sell shares in a company purporting to build Russian vodka stands has cost local financial consultant Paul Burkemper a $100,000 fine and his ability to sell securities in the state of Missouri.

The sanctions were outlined in a consent order signed by Burkemper and the secretary of state’s office Wednesday and follow a cease and desist order issued by regulators in May 2010 that shut down the scheme. Under the agreement, Burkemper is banned for life from selling securities in the state.

Burkemper, whose office was in Sunset Hills, partnered with Ilya Vishnevetsky, formerly of Clayton, to sell shares to investors in I.P. Holding LLC, based in St. Louis. Investors were told their money would go toward building more than a dozen kiosks that would sell vodka in St. Petersburg.

But the securities were never registered with the state and investors did not receive required financial information regarding the venture, such as a business plan, statement of financial condition or risk disclosure.

Burkemper and Vishnevetsky also formed a business in 2008 called Select Auto to export cars from the U.S. to Russia. And they used some of the money from the vodka business to buy cars for Select Auto, without disclosing that to investors, according to the consent order.

At least 11 people invested $1.9 million in the vodka venture from 2006 to 2008. In the consent order, the state concluded that Burkemper made untrue statements and failed to disclose material facts in connection with the investment offer.

Burkemper was an agent of Overland Park, Kan no teletrack payday loan.-based VSR Financial Services from May 2004 through August 2009, and he approached some of his VSR customers with the vodka investment offer without disclosing the investment to VSR.

“It should be a big red flag if you’re working with a broker, it is against state law for them to engage in something on the side,” said Laura Egerdal, a spokeswoman with the secretary of state’s office.

“Oftentimes, these involve high amounts of risk or are just flat out scams.”

Through his attorney, Albert Watkins, Burkemper declined to comment.

Watkins said Burkemper is no longer selling securities but has started a consulting firm in St. Louis advising those in the securities industry how to avoid securities violations.

Many of the 11 investors in the vodka stand venture were Burkemper’s friends and family members, and Burkemper was deceived by Vishnevetsky into believing the vodka stands were being built in Russia, Watkins said. The lawyer also said Burkemper received electronic images of kiosks in development and copies of leases in Russia that later proved to be fakes.

Burkemper “has cooperated with regulators and federal law enforcement and has accepted his responsibility as the registered financial adviser, and for having getting everyone, including himself, involved in this investment,” Watkins said.

The secretary of state’s office had fined Vishnevetsky $34,000. He could not be reached for comment.

Source

June 27, 2011

Nike’s 4Q profit jumps 14 percent, shares soar

Filed under: marketing, online — Tags: , , , — Snowman @ 7:58 pm

Nike Inc.’s fourth-quarter net profit rose 14 percent to beat expectations as the company’s sales improved around the globe.

The world’s largest athletic shoe company reported Monday that it earned $594 million, or $1.24 per share, for the quarter. That’s up from the $522 million, or $1.06 per share, it earned in the same quarter last year.

Nike’s total revenue rose 14 percent to $5.77 billion

The results handily beat the $1.16 per share on revenue of $5.53 that analysts polled by FactSet were anticipating. The news sent shares of the company, based in Beaverton, Ore., soaring in after-hours trading.

Nike had warned investors that higher costs would cut into its profit margins. The company, like many of its peers, is dealing with higher costs for materials, labor and freight.

The company was able to make up for the rising costs with higher sales volume. Revenue improved in every market except Japan during the quarter.

“We delivered exceptional results in extraordinary times,” Mark Parker, Nike’s CEO said.

For the full year, Nike earned $2.13 billion, or $4.39per share, compared with $1.9 billion, or $3.86 per share, for the prior year.

Shares of Nike jumped $3.15, nearly 4 percent, to $81.62 in after-hours trading.

Source

June 26, 2011

Are ’smart grid’ electricity overhauls worth the money?

Filed under: economics, management — Tags: , , , — Snowman @ 4:46 am

In an effort to modernize the Illinois electric grid, state legislators approved a controversial bill last month to jump-start more than $3 billion of investment by the two largest utilities.

Led by Chicago-based ComEd, the utilities lobbied hard for the ’smart grid” measure, which would jolt the state’s electric distribution network into the 21st century and impose sweeping regulatory changes. Environmental groups have embraced the measure. Consumer advocates have condemned parts of it as a ploy to boost profit. Gov. Pat Quinn has vowed to veto it.

Regardless of how the drama plays out in Illinois, there’s no rush to follow suit on the other side of the Mississippi River. As with electric deregulation a decade ago, the Missouri utility industry would rather watch and wait. Regulators, utility executives and consumer advocates in Missouri see peril in rushing to spend billions of dollars on new technology that may not pay immediate dividends.

“Everybody agrees we’re using way-old technology and older infrastructure, and we have to move toward upgrading and updating our electrical grid,” said Missouri Public Service Commission Chairman Kevin Gunn. But “this is the perfect example where the Show-Me state motto is the right way to go.”

The term smart grid generally refers to technological upgrades designed to improve reliability and efficiency of the nation’s power grid. Most attention has focused on new digital meters, but other infrastructure aims to minimize outages, allow for increased use of renewable energy and allow consumers to buy cheaper power during off-peak hours.

“This is a major transformation of the power grid that’s going to take a numbers of years, it’s going to occur in stages, piece by piece,” said Peter Fox-Penner, a principal at the consulting firm Brattle Group.

national backlash

Across the country, smart grid projects, especially those involving new digital smart meters, have sparked a backlash. In Texas, regulators were asked to investigate the accuracy of the new meters. In San Francisco, customers are worried about electromagnetic radiation. A few California cities have declared moratoriums on the new meters. Privacy advocates worry about what utilities will do with the data they collect on consumer energy use.

All of this provided fodder for discussion last summer as the Missouri PSC held a smart grid workshop with representatives from utilities, the Energy Department and smart grid vendors. Regulators and utilities continue to closely watch demonstration projects in Fulton and Kansas City that are paid for partly with stimulus grants.

In Illinois, it’s the debate over the regulatory framework being proposed by utilities that’s raising second thoughts payday loans in one hour. David Kolata, executive director at Citizens Utility Board, a Chicago-based utility watchdog, said the group backs the bill’s smart grid provisions. What it objects to are more sweeping changes in the legislation that could expose consumers to higher rates.

“It’s increasingly clear that we’re not going to build our way out of future energy issues” by adding new power plants, he said. “But there cannot be a blank check” for utilities.

Whatever the cost, the benefits of a smart grid could be enormous. Some say it could do for the nation’s patchwork electric grid what the Interstate highway system did for car travel, and revolutionize energy use the way the Internet changed the flow of information.

Today’s grid is a giant one-way road where electricity is pushed from a few large generating plants to millions of customers. Utilities charge the same rate for every kilowatt-hour, even though electricity costs vary widely throughout the day. And consumers have little idea how much power they’re using, and so they have little incentive to use less at peak times when electricity prices are high.

The smart grid would make better use of intermittent power sources such as windmills and solar arrays. New meters could make it possible for utilities to charge different rates for electricity at different times of the day, so consumers can run the dishwasher or clothes drier at night to save money. And new smart thermostats and appliances would be able to automatically adjust power use in response to changing prices.

Such improvements would help utilities avoid building expensive new power plants that run only a few hours on hot summer afternoons to help meet peak demand. They would improve air quality and cut down greenhouse gas emissions.

barriers to entry

But getting from here to there won’t be easy or cheap. The Electric Power Research Institute estimates implementation of a nationwide smart grid will require investment of as much as $476 billion.

Advancing the smart grid also requires consumers to buy in. And it has been a tough sell so far. Earlier this month, Kansas City-based Black & Veatch released results of an industry survey showing the main impediment to smart grid implementation is a lack of customer interest and knowledge.

Much of the controversy has focused on the new digital meters. Some consumer advocates, like John Coffman, an attorney for the Consumers Council of Missouri and AARP, worry the devices will prove too expensive and need replacement too quickly. Coffman also worries it could make it too easy for utilities to disconnect customers who fall behind on bills.

For now, the new meters aren’t in Ameren Missouri’s plans. The cost of smart meters

« Older PostsNewer Posts »

Powered by WordPress