01/19/2012 (12:08 pm)

Divers resume search for 21 missing from ship

Filed under: management, news |

Divers have resumed the search for 21 people still missing after a cruise ship capsized off the Tuscan coast.

Divers were scouring the submerged area of the ship Thursday once officials determined it had stablized after shifting on the rocks a day earlier.

Rough seas were forecast for later in the day, adding an element of uncertainty to the search and plans to begin pumping a half-million gallons of fuel from the vessel.

The missing include a 5-year-old Italian girl and her father. The girl’s mother issued a fresh appeal to speed the search and for passengers who saw the pair to come forward to help determine where they were last seen.

Source

01/13/2012 (1:20 am)

Mighty winds force trans-Atlantic fuel stops

Filed under: marketing, money |

Many non-stop flights from Europe to the U.S. aren’t: Unusually high winds are forcing airlines flying west across the Atlantic to make unscheduled stops to take on more fuel.

The conditions are causing inconveniences to fliers who are often missing connections once they land, costing the airlines money to rebook or otherwise compensate their customers.

United Continental Holdings (, Fortune 500), which is operating under both the United Airlines and Continental Airlines brands as it moves to complete its merger, said it diverted 43 out of 1,100 flights in December using the Boeing (, Fortune 500) 757 jet flying from Europe to the United States. A year earlier it only had to divert 12 flights.

Company spokeswoman Megan McCarthy said the winds were typically 30 knots in December the previous decade, but they averaged 47 knots last month, with half the month averaging 60 knots.

The unusually high winds and the flight diversions have continued in the first 11 days of January, she said, although she did not have any statistics.

Other airlines have also been affected. AMR () unit American Airlines said it has happened occasionally on the trans-Atlantic routes on which it uses the 757, although it could not provide statistics.

McCarthy does not have any estimates on costs to the airlines from the high winds, but said most of the costs have been associated with payments to customers free 3-in-1 credit report.

"We have been offering compensation as a gesture of good will when circumstances merit," she said.

The eastbound flights are saving fuel due to the unusually strong tail winds. The high winds have also been associated with an unusually mild start to winter in the United States, which has saved the airlines money as well.

The planes typically land at Gander and Goose Bay in the Canadian province of Newfoundland and Labrador. But other fueling stops have been made in Iceland, Ireland, Nova Scotia, Albany, N.Y., and even Stewart International Airport, only 60 miles north of New York City.

Some larger planes have a longer range and are not having to make as many extra stops to refuel. But the 757, which holds about 169 passengers, is common on trans-Atlantic flights.

McCarthy said it has been used for years by both Continental and United, and was not something that was introduced on the routes as a result of the recent merger of the two carriers. 

Source

01/08/2012 (3:40 am)

Jonathan Meets Planned Strikes in Nigeria With Cuts in Salaries, Costs - Bloomberg

Filed under: marketing, technology |

Nigerian President Goodluck Jonathan said executive-branch politicians will take a 25 percent pay cut amid labor union plans for a nationwide strike to protest scrapping of fuel subsidies that more than doubled gasoline prices.

The government will reduce overseas traveling and all ministries and departments must cut costs in 2012, Jonathan said, adding that he won

01/03/2012 (3:20 pm)

India

Filed under: Loans, Uncategorized |

India

12/09/2011 (2:32 am)

MEMC cuts jobs, production to combat falling silicon prices

Filed under: marketing, online |

MEMC Electronic Materials Inc. will slash 1,300 jobs — almost 20 percent of its workforce — and cut production as it copes with plunging prices for polysilicon, the key raw material in solar wafers and semiconductors.

The O’Fallon, Mo.-based company will eliminate 250 U.S. jobs by next spring, including 70 of 830 positions at the company’s corporate headquarters in O’Fallon, spokesman Bill Michalek said. MEMC will idle a polysilicon plant in Merano, Italy, and may close it permanently. It will reduce capacity at a plant in Portland that it acquired last year; and limit the ramp up of its newest silicon wafer plant in Kuching, Malaysia.

Officials said the actions were necessary to align the scope of operations with fast-changing markets that have been increasingly defined by a flood of Chinese-made polysilicon and a slowdown in solar and semiconductor demand.

“It is clear we must adjust our business model,” Ahmad Chatila, MEMC’s chief executive, said on a conference call with analysts and investors. “We believe these actions will strengthen MEMC in the near term and position us for more profitable growth in our core businesses.”

MEMC expects the restructuring to reduce annual operating expenses by more than 15 percent and boost cash flow by $200 million a year.

Theodore O’Neill, a New York-based alternative energy analyst at Wunderlich Securities, said the actions were necessary. But he’s not convinced it will insulate the company from the polysilicon prices that continue to spiral downward.

“The company is doing what I think they have to do,” he said. “My concern is they’re chasing a rabbit down a hole.” On Thursday, O’Neill cut his rating on MEMC shares to “sell” from “buy” and lowered his price target on the stock to $3 from $11.

The polysilicon boom has gone bust in only a few years as manufacturers around the globe simultaneously raced to add production capacity. The result: Prices that topped $400 a kilogram in 2008 have fallen below $40. They have plunged 45 percent just this year.

Meanwhile, the solar energy market in Europe has suffered as subsidies have begun to dry up. And demand for semiconductors has waned, too. Unlike in past years when consumers snapped up LED televisions and iPads, “we don’t have any hot consumer electronic that’s pulling massive amounts of polysilicon through the sales channel,” O’Neill said.

MEMC isn’t alone among polysilicon producers. “Other vendors in the solar supply chain will be forced to take similar action” in 2012, an analyst at Gilford Securities predicted in a research note on Thursday.

Last month, the International Trade Commission agreed to investigate a complaint by seven solar manufacturers that Chinese competitors were dumping products to injure competitors by driving down prices. MEMC was not among them, and is part of a coalition that believes the case could spark a trade dispute and raise prices for the entire industry.

Low-priced Chinese solar products were also cited by California-based Solyndra Inc. in its September bankruptcy. The case has been scrutinized by Republicans in Congress because the company received a half-billion-dollar federal loan guarantee from the Obama administration.

But just as falling prices have hurt solar wafer producers, they have benefited consumers and generated business for U.S. solar installers such as Clayton-based Microgrid Energy, which has seen its volume of solar work triple from last year.

“Probably once a month we see prices come down,” said Marc Lopata, Microgrid’s president.

Lopata said costs for installed solar energy systems have fallen by about 25 percent from a year ago to $6 a watt or less, depending on the size. And with rebates and tax incentives, consumers are getting about 60 percent back.

MEMC said it will combine its struggling solar materials unit, where 45 percent of jobs are being eliminated, with its SunEdison solar development unit under a single management team at the end of the month to squeeze out efficiencies. In some instances, SunEdison will buy solar wafers from other manufacturers rather than use those made in-house.

The company said it will take charges totaling as much as $1.38 billion in the fourth quarter. More than half of the amount is related to the restructuring plan announced Thursday, with the rest a product of likely goodwill impairments and deteriorating business conditions.

Weak solar and semiconductor markets also prompted MEMC to lower its fourth-quarter earnings forecast by 5 cents to 10 cents a share, excluding the charges. The company said revenue could be $239 million less than expected as some of its SunEdsion sales in Europe could get pushed back to 2012.

Shares of MEMC, which had lost nearly two thirds of their value over the past year, fell sharply in early trading Thursday on the New York Stock Exchange but closed down just a penny at $4.20.

Source

12/04/2011 (6:40 am)

Egypt Brotherhood says won’t impose Islamic values

Filed under: money, usa |

Egypt’s Muslim Brotherhood, emerging as the biggest winner in the first round of parliamentary elections, sought Saturday to reassure Egyptians that it would not sacrifice personal freedoms in promoting Islamic law.

The deputy head of the Brotherhood’s new political party, Essam el-Erian, told The Associated Press in a telephone interview that the group is not interested in imposing Islamic values on Egypt, home to a sizable Christian minority and others who object to being subject to strict Islamic codes.

“We represent a moderate and fair party,” el-Erian said of his Freedom and Justice Party. “We want to apply the basics of Shariah law in a fair way that respects human rights and personal rights,” he said, referring to Islamic law.

The comments were the clearest indication that the Brotherhood was distancing itself from the ultraconservative Islamist Nour Party, which appears to have won the second-largest share of votes in the election’s first phase.

The Nour Party espouses a strict interpretation of Islam similar to that of Saudi Arabia, where the sexes are segregated and women must be veiled and are barred from driving.

Egypt’s election commission has released few official results from the voting on Monday and Tuesday. But preliminary counts have been leaked by judges and individual political groups showing both parties could together control a majority of seats in the lower house of parliament if they did form an alliance.

The Brotherhood recently denied in a statement that it seeks to form an alliance with the Nour Party in parliament, calling it “premature and mere media speculation.”

On Saturday, el-Erian made it clear that the Brotherhood does not share Nour’s more hard-line aspirations to strictly enforce Islamic codes in Egyptians’ daily lives.

“We respect all people in their choice of religion and life,” he said.

Another major check on such an agenda is the council of generals who have run the country since President Hosni Mubarak’s ouster in February. The military council, accused by Egypt’s protest movement of stalling a transition to civilian and democratic rule, is seeking to limit the powers of the next parliament and maintain close oversight over the drafting of a new constitution.

Egypt already uses Shariah law as the basis for legislation, however Egyptian laws remain largely secular as Shariah does not cover all aspects of modern life.

On its English-language Twitter account, the Brotherhood said that its priorities were to fix Egypt’s economy and improve the lives of ordinary Egyptians, “not to change (the) face of Egypt into (an) Islamic state.”

El-Erian urged the Brotherhood’s political rivals to accept the election results.

“We all believe that our success as Egyptians toward democracy is a real success and we want everyone to accept this democratic system. This is the guarantee for stability,” he said.

For decades, Mubarak’s regime suppressed the Brotherhood, which was politically banned but managed to establish a vast network of activists and charities offering free food and medical services throughout the country’s impoverished neighborhoods and villages.

It is the best organized of Egypt’s post-Mubarak political forces.

The vote for parliament’s lower house is taking place over three stages, with 18 provinces in Egypt yet to vote.

Meanwhile, the swearing-in of a new temporary Cabinet was delayed on Saturday due to disagreements over key posts, including over who will lead the ministry in charge of internal security.

An official in the Interior Ministry said several high-ranking security officials have been named as possible replacements but that some have turned down the offer.

Protesters have also strongly objected to the nominations put forward by newly appointed Prime Minister Kamal el-Ganzouri, who served in the same position under ousted President Hosni Mubarak from 1996 to 1999.

The country’s ruling military general, Field Marshal Hussein Tantawi, appointed el-Ganzouri as a new interim prime minister last month after the previous premier’s government resigned in the wake of a police crackdown on protesters that killed over 40 people.

The interim Cabinet will serve until after the parliamentary elections finish in March. A new government is to be formed after the legislature is seated.

Activist Hussein Hammouda, a retired police brigadier, is among those opposed to the names being considered for the Interior Minister post and says someone from outside the police force should be chosen instead.

Protesters in Tahrir Square, the epicenter of Egypt’s protests, released a statement saying they would continue their sit-in while allowing traffic to resume normally in the area.

There were tens of thousands of protesters in the square in the days leading up to the elections, but numbers have dwindled to several hundred since then. Protesters demanding el-Ganzouri be replaced as prime minister said they will keep up another sit-in outside the Cabinet headquarters.

Source

11/26/2011 (1:04 am)

Stocks slip to end the roughest week since September

Filed under: management, money |

The worst week for the stock market in two months ended with a whimper in thin trading Friday.

The Dow Jones industrial average lost 4.8 percent this week, while the broader Standard & Poor’s 500 index fell 4.7 percent. Both had their worst weeks since Sept. 23.

Major indexes wavered throughout Friday’s session, which was shortened because it’s the day after Thanksgiving. Worries about Europe’s debt crisis flared up again after Italy had to pay 7.8 percent to borrow for two years at a debt auction. It’s another sign that investors are increasingly hesitant to lend to European countries.

The euro slipped to $1.32, losing 2 percent this week against the dollar. The drop puts the euro at its lowest level since Oct. 4.

Higher interest rates on government debt of Italy, Spain and other European countries have rattled stock markets in recent weeks. When borrowing costs climb above the 7 percent threshold, it deepens investor fears about a government’s ability to manage its debts. Greece, Ireland and Portugal had to seek financial lifelines when their interest rates crossed the same mark.

The Dow fell 25.77 points, or 0.2 percent, to close at 11,231.78. Of the Dow’s 30 stocks, Chevron Corp. lost 1.6 percent Friday, the biggest drop. Travelers Cos. Inc. added 1.2 percent, the largest gain.

The S&P 500 lost 3.12 points, or 0.3 percent, to 1,158.67. The Nasdaq composite dropped 18.57, or 0.8 percent, to close at 2,441.51.

Trading volume was 1.6 billion, less than half the daily average.

Markets were battered this week as governments in Europe and the U.S. struggle to tackle their debts. The Dow lost 248 points on Monday as a Congressional committee failed to reach a deal to cut federal budget deficits. It plunged 236 points Wednesday after investors balked at buying German government debt.

Retailers traded mixed on the Friday after Thanksgiving, the traditional start of the holiday shopping season and usually the busiest day of the year for retailers. Amazon.com Inc. dropped 3.5 percent. Wal-Mart Stores Inc. inched up 0.4 percent.

A record number of people were expected to show up at stores this weekend to take advantage of deep discounts. The National Retail Federation estimates that 152 million people will go shopping over the three days starting on Friday. That would be an increase of 10 percent from last year.

AT&T’s stock dipped less than 1 percent. The company said Thursday that it is budgeting to pay $4 billion in break-up fees if its attempted $39 billion takeover of T-Mobile USA from Deutsche Telekom falls apart.

Four stocks fell for every three that rose on the New York Stock Exchange.

Source

11/19/2011 (4:04 pm)

As fewer buy homes, apartment construction surges

Filed under: economics, term |

Builders have found a way to make money in a decrepit home market: Apartments.

Permit requests to build apartments jumped to a three-year high last month. In 12 months, they’ve surged 63 percent.

Blame the housing bust, which left many people without the means, the credit or the stomach to buy. More people need apartments. The demand has driven up monthly rents. And apartment-home builders are rushing to cash in.

That said, the overall home market remains depressed. Builders are still struggling. They broke ground on a seasonally adjusted annual rate of 628,000 homes last month, the government said Thursday. That’s barely half the pace that economists equate with a healthy market.

High unemployment, stagnant pay and waves of foreclosures have slowed sales of single-family homes, which make up about 70 percent of the home building market. Apartment construction may be surging, but it’s a small portion of the industry.

More apartment building won’t add enough jobs to reduce unemployment or hasten an end to the housing crisis. Still, it’s contributed to the overall economy’s growth for two straight quarters. And many economists expect apartment construction to grow for at least the next 12 months, as long as the economy avoids another recession.

“You’re not going to see apartments as an economic driver,” said James Marple, senior economist at TD Economics. “But it’s renters who are clearly going to drive the demand for housing.”

It’s also worth keeping the increase in perspective: The growth in apartment construction is coming off extremely low levels. Last year, for example, only 146,000 apartments were built. That was the fewest since 1993. This year’s pace isn’t much more.

By comparison, in 2005, just before the housing market went bust, 258,000 apartments were built. Some signs suggest that builders could match that level over the next few years.

One such sign: Permits for apartment buildings, a gauge of future construction, have jumped more than 60 percent over the past year. That compares with just 6.6 percent growth in permits for single-family construction over the same period.

“The demand is there,” said Mark Obrinsky, chief economist at National Multi Housing Council. “Rents have recovered, much of them to where they were before the recession.”

Bob Champion, who runs a real estate company in Los Angeles, says he has four apartment projects in development. That matches the number he had in 2005.

It’s quite a shift from 2006, when Champion’s company stopped building apartments because the cost of land had skyrocketed.

Champion has raised rents about 4 percent this year. His occupancy rate is 95 percent. As recently as last year, his rents were flat, and he was dangling incentives, like a free month’s rent, to woo tenants.

“People who can’t afford to buy a home, rent,” Champion said. “That’s why the apartment market has stayed healthy.”

Champion won’t likely be building as many apartments next year, though. Land prices have doubled in the past two years, he said. Competition for apartment land has intensified.

For many builders, financing for a project remains a big obstacle. So is time. Apartment projects take an average of 18 months to build.

Still, fewer home buyers mean more people must rent. Nearly 4 million new renting households were created between 2005 and 2010, according to Harvard’s Joint Center for Housing Studies. Under normal economic conditions, that’s more than 10 times the number of new renters who would be expected in a five-year span.

Homeownership has fallen more over the past decade than in any other 10-year stretch since the Great Depression. Roughly 65 percent of Americans own homes. That’s down from a peak of nearly 70 percent in the middle of the decade.

As more people have become tenants, landlords have felt emboldened to raise rents.

The average rent in the United States has risen 2.4 percent over the past 12 months to $1,004 a month, according to the real estate data firm Reis Inc. Over the previous year, rents rose just 1 percent. Between 2008 and 2009, they actually fell 2.7 percent.

AvalonBay Communities Inc., based in Arlington, Va., has raised rents by an average 6 percent in the past year. The company earned 11 percent more in rental revenue in the July-September quarter than in the previous quarter.

With nearly 54,000 units, AvalonBay is one of the largest apartment developers in the country. Nearly 96 percent of its apartments had been occupied by the end of September, according to its earnings reports.

The average rent at AvalonBay’s cheapest complex under construction, in Seattle’s Ballard neighborhood: $1,715. The builder completed 1,280 more apartments between July and September and started work on 933 others.

At Equity Residential, whose chairman is real estate magnate Sam Zell, rental income jumped 12.7 percent in the July-September quarter over the same period a year before.

Equity Residential is the nation’s largest apartment owner. Nearly 25 percent of its apartments are in Phoenix, Orlando and South Florida, which were hammered by the housing bust and where its average rents are the lowest.

Yet Equity’s properties there are faring well. The average rent for one of the company’s 9,300 apartments in Phoenix rose from $837 last year to $925 this year.

Zell, whose net worth is roughly $5 billion, has publicly extolled the prospects for his apartment business over his office and retail operations.

Source

11/16/2011 (8:20 am)

Eurozone ekes out growth in Q3 but recession looms

Filed under: technology, uk |

The economy of the 17-nation euro bloc avoided contracting in the third quarter, thanks mainly to Germany and France, but is widely expected to fall into recession imminently as a result of its raging debt crisis.

In its first estimate for the third quarter, the EU statistics office’s Eurostat, said Tuesday that the eurozone economy grew by a paltry 0.2 percent for the second quarter in a row.

And that is likely to be as good as it gets for some time, with economists predicting a recession in coming quarters. Consumers and governments are expected to spend less due to the uncertainty spawned by the debt crisis that is threatening to spiral out of control as it moves from relatively small economies like Greece to much-bigger Italy.

Forward-looking indicators, such as surveys of business managers, households and investors, have all disappointed recently.

“The economic slump will accelerate in the coming months,” said Christope Weil, an economist at Commerzbank. “The uncertainty caused by the sovereign debt crisis is lying like mildew upon the eurozone economy.”

The worry is that the slowdown will hurt governments’ ability to reduce their debt loads as state revenues shrink and interest payments pile up.

For now, the eurozone has managed to avoid a recession _ technically defined as two consecutive quarters of negative growth.

The data showed Europe’s two powerhouses Germany and France were still growing _ 0.5 percent and 0.4 percent _ during the July to September period as consumers continued to spend.

Tuesday’s figures did not include a number of countries, such as Greece, Ireland and Italy. Their preliminary figures are due later this month but are unlikely to cause much of a change in the headline rate payday advance.

How much longer Germany and France can keep the eurozone afloat, however, is debatable.

“Future growth prospects have deteriorated markedly since the summer, making a ‘mild recession’ more likely,” said Frederik Ducrozet, an economist at Credit Agricole.

Signs of a looming eurozone-wide recession were evident in the figures _ Cyprus, Portugal and, perhaps most surprisingly, the Netherlands, all contracted during the quarter.

“There is no reason for growth optimism,” said Ferdinand Fichtner of the German Economic Institute, DIW, warning that fourth-quarter growth is expected to be much slower as the bite of the eurozone crisis is felt.

“People are uncertain,” Fichtner told the news agency dapd. “That is poison for growth.”

When the debt crisis erupted in 2009, Europe’s economy was just recovering from its deepest recession since World War II largely on the back of Germany, the region’s biggest economy. Germany enjoyed a boom in exports and improved domestic demand, even as many in the eurozone struggle in the face of mammoth debts.

The eurozone’s third quarter performance compared poorly with those of its peers. Eurostat said the United States grew by a quarterly rate of 0.6 percent, while Japan boomed by 1.5 percent, though largely because it was making up for lost output in the aftermath of a devastating earthquake and tsunami.

The economy of the wider EU, which also includes Britain and Sweden, also grew by 0.2 percent.

Source

11/11/2011 (10:40 am)

Impact Strategies Inc. starts $4 million renovation project in Granite City

Filed under: Uncategorized, business |

Fairview Heights-based Impact Strategies Inc., a construction-management company, has started Phase I of a $4 million renovation project at the Granite City office of Chestnut Health Systems.

The project will double the size of the office at 50 Northgate Industrial Drive to 70,000 square feet. Renovations are being made to two current buildings to connect them, while enabling the owner to maintain daily operations and regular hours of business. The architect is Gray Design payday loans lenders.

Upon completion in the spring, the new facility will accommodate Chestnut Health Systems’ expanded service lines, including pharmacy, crisis residential, counseling, case management and chemical dependency services.

Source

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