News money 2008-07-14 Andanh.com

Quality of food, cleanliness, 'not a cultural thing'
A report showing a large disparity in critical health violations at Bashas' Inc. grocery stores was obviously an effort by a union to either embarrass the company or give workers leverage in unionization efforts.

Tucson gas is nation's cheapest
CAMARILLO, Calif. — While gas prices continue to rise, Tucsonans can take some small comfort in knowing that they're paying the least in the nation.

Group works to keep shopping dollars in state
In a slowing economy, it becomes more important for consumers to patronize locally owned businesses, according to a group with a mission to highlight that importance.

Job-search clues
Finding a job today may be more difficult than it was a year ago. The economic malaise that set in last summer has resulted in thousands of layoffs across different industries. Companies are cutting back, and that means they are hiring less.

Investors set for another tough earnings season, but not in energy
NEW YORK — Investors already disheartened about the growing problems of the financial sector and the soaring price of oil are facing more depressing news with the release of second-quarter earnings reports.

Computer characters smarter thanks to new technology Mon, 14 Jul 2008 00:00:00 MST
Advancements have endowed them with a sense of self-preservation and unpredictability never seen.

Wall Street's troubles continue to escalate Mon, 14 Jul 2008 00:00:00 MST
Oil, housing and banking will test investors' resolve.

Wine-bar owner enthusiastic about challenge Mon, 14 Jul 2008 00:00:00 MST
The de la Cruz Bistro will open in Mesa in August.

First Solar lands contract for California power plant Mon, 14 Jul 2008 00:00:00 MST
The plant could expand to 21 megawatts, and is the first ''thin-film'' solar plant in that state. Thin-film solar panels use materials other than traditional silicon to convert light to electricity.

Yahoo spurns Microsoft again as bad blood boils Sun, 13 Jul 2008 07:50:42 MST
SAN FRANCISCO - Yahoo Inc. has rejected Microsoft's latest attempt to buy its online search operations in a ''take or leave it'' proposal that Yahoo said would have dismantled its Internet franchise.

Waste Management offers to buy Republic Services
NEW YORK (AP) -- Waste Management, the nation's largest garbage hauler and landfill operator, on Monday offered to buy disposal company Republic Services in an all-cash deal valued at $6.19 billion, aiming to squash a possible combination of two U.S. rivals....

Shell Canada offers to buy Duvernay Oil
NEW YORK (AP) -- Royal Dutch Shell PLC on Monday offered to buy Canada's Duvernay Oil Corp. for 5.19 billion Canadian dollars ($5.16 billion) in cash, in a move to nearly double its North American natural gas production....

Boeing lands $9B Emirates jetliner order
FARNBOROUGH, England (AP) -- The world's largest air show opened Monday with several new orders for Boeing Co. and aerospace executives upbeat about the future of the industry despite high fuel prices and the credit crisis....

New IndyMac CEO reassures consumers
NEW YORK (AP) -- The new chief executive of IndyMac Bancorp, brought in by the government to manage the failed bank, said new lending standards should prevent the kind of problems that have brought down credit markets....

Philips profit skids despite good sales
AMSTERDAM, Netherlands (AP) -- Royal Philips Electronics NV, the world's largest maker of lighting products, said Monday its second-quarter profit fell by more than half, despite resilient sales in a battered global economy....

Despite higher standards, one local bank sees rise in commercial lending Mon, 14 Jul 2008 04:00:00 GMT
When banks started writing off hundreds of billions of dollars in bad mortgage loans and then decided to hold back more cash in reserves, money went from plentiful to scarce in less than a year.

Business lending tougher Mon, 14 Jul 2008 04:00:00 GMT
On the surface it would seem that despite the credit crunch, things haven't changed much for commercial mortgage banker Ed Brown. His firm, U.S. Realty Capital, has lined up financing in the past year for a $42 million age-restricted apartment building in Marlton, N.J., a $16.5 million business campus in Wayne, a $14 million office building in King of Prussia and a $9.3 million office building in Upper Gwynedd.

Sallie Mae slicing 160 jobs from Mount Laurel office Mon, 14 Jul 2008 04:00:00 GMT
Student loan company SLM Corp., better known as Sallie Mae, is eliminating 160 of 250 jobs at its Mount Laurel site. Spokesman Tom Joyce said the company was eliminating its collections unit in Mount Laurel and maintaining its 90-employee loan origination group. The cuts are part of a reduction of roughly 2,000 jobs at the Reston, Va., company. He said the cuts were necessary because of Congress reducing student loan subsidies and the credit crunch gripping the nation.

Bank catering to Korean-Americans picks Montco for 3rd branch Mon, 14 Jul 2008 04:00:00 GMT
MoreBank, the Korean-American owned and operated bank that started two years ago in North Philadelphia, plans to open a third branch, in North Wales after raising $1.57 million in additional capital. The bank said its next branch will open later this month at the Assi Plaza Supermarket on Route 63. CEO Young J. Lee said Montgomery County was selected because it is home to a fast-growing population of more than 20,000 Korean-Americans and has the highest job growth rate for the last 10 years of any county in Pennsylvania. Assi Plaza, owned by a Korean-American, functions as a key commercial hub for the county's Korean residents.

SBA modifies Community Express loans Mon, 14 Jul 2008 04:00:00 GMT
The Small Business Administration plans to restructure its Community Express program, which provides higher government guarantees and expedited processing on loans to small businesses in low-income areas.

Semoran National gets startup approval Mon, 14 Jul 2008 04:00:00 GMT
Semoran National Bank got preliminary federal approval June 25 to open for business, nearly two years after filing its state banking charter on Nov. 14, 2006.

Local credit unions take a hit Mon, 14 Jul 2008 04:00:00 GMT
The number of late loan payments and write-offs is up at most of the region's 21 credit unions.

Piedmont Aviation, Choice CUs double up on space in Greensboro Mon, 14 Jul 2008 04:00:00 GMT
Two competing Triad credit unions attempting a unique sharing of facilities say their arrangement is working well so far, even though they're both targeting the same customer base from the location.

Democrats say they won’t rubberstamp SBA nominee Mon, 14 Jul 2008 04:00:00 GMT
Sandy Baruah, President Bush’s pick to head the Small Business Administration, can expect close scrutiny from Congress and harsh words about the agency’s direction.

House panel revives SBA loan subsidy Mon, 14 Jul 2008 04:00:00 GMT
The House Appropriations Committee provided $880 million in funding for the Small Business Administration next year, $222 million above what was requested by President Bush.

Former Summit CEO Chau back with new bank Mon, 14 Jul 2008 04:00:00 GMT
One former Atlanta bank CEO and investor group are confident about the industry's future, despite the problems of the present.

Mortgage-backed securities take toll on Baltimore thrift Mon, 14 Jul 2008 04:00:00 GMT
Bay-Vanguard Federal Savings Bank's parent company will take a $166,000 hit to the bottom line as the tough mortgage market has caused one of its investments to lose value.

First Mariner selling one bank branch, closing another Mon, 14 Jul 2008 04:00:00 GMT
Facing regulatory scrutiny and millions of dollars in losses, First Mariner Bancorp plans to sell the assets of an Ocean City branch and close a branch in Towson.

Ocean Bank's wave of filings foreshadows tough steps other lenders may need to take Mon, 14 Jul 2008 04:00:00 GMT
Coincidence or not, Ocean Bank's pace of foreclosures on major commercial and multifamily loans has accelerated since a regulatory order.

Despite losses, First Tennessee marches ahead Mon, 14 Jul 2008 04:00:00 GMT
On paper, First Tennessee Bank may seem troubled.

Bank of America launches work 'wherever' program Mon, 14 Jul 2008 04:00:00 GMT
Bank of America has a new request for some of its employees: Stay home.

Nacogdoches bank to build biz in Allen Mon, 14 Jul 2008 04:00:00 GMT
The 100-year-old Commercial Bank of Texas has turned its Allen loan production office into a full-fledged bank.

Credit union branch cashes out of coins Mon, 14 Jul 2008 04:00:00 GMT
A Houston credit union has rolled out a new wrinkle in cashless banking by getting rid of spare change.

Sustained efficiency key to performance by banks Mon, 14 Jul 2008 04:00:00 GMT
The meltdown in the subprime mortgage market, the ensuing credit crunch and the general weakening of the economy are exerting tremendous pressure on the performance and growth prospects of the banking industry. In a challenging environment, financial institutions are giving greater importance and urgency to reducing costs without sapping their ability to effectively compete and gain share. The challenge, however, centers on how to make efficiency sustainable.

Regions cuts 500 more jobs Mon, 14 Jul 2008 04:00:00 GMT
Regions Financial Corp. made another round of job cuts this month.

SBA makes changes to Community Express loans Mon, 14 Jul 2008 04:00:00 GMT
The Small Business Administration plans to restructure its Community Express program, which provides higher government guarantees and expedited processing on loans made to small businesses in low-income areas.

IndyMac plans to remain open for business in Hawaii Mon, 14 Jul 2008 04:00:00 GMT
IndyMac branches in Hawaii stayed open this week following the parent company's announcement that it would shut down its retail and wholesale mortgage business and stop making new loans.

Downturn hits new banks with their first challenge Mon, 14 Jul 2008 04:00:00 GMT
Startup bankers are an ambitious lot.

SBA reworks low-income loan program Mon, 14 Jul 2008 04:00:00 GMT
The U.S. Small Business Administration plans to restructure its Community Express program, which provides higher government guarantees and expedited processing on loans made to small businesses in low-income areas.

New property insurers lead to lower rates Mon, 14 Jul 2008 04:00:00 GMT
At least 14 new Florida-based property insurers doing business in metro Orlando are offering something rare in today's economy: lower prices.

Stock pickers falter in first half as international choices hold sway Mon, 14 Jul 2008 04:00:00 GMT
If you think it's been a bad year so far for the stock market, put yourself in the shoes of the participants in the Business Courier's annual stock-picking contest.

Blue River Asset Management lawsuit settled Mon, 14 Jul 2008 04:00:00 GMT
A federal lawsuit involving Denver-based hedge fund Blue River Asset Management has been resolved, and the case is expected to be dismissed within weeks, according to court documents.

Cleantech IPOs brighten dark public markets Mon, 14 Jul 2008 04:00:00 GMT
Cleantech has been a rare bright spot in the otherwise bleak public markets this year. And Energy Recovery Inc.'s IPO story has added to the glow.

Analysts adopt wait-and-see strategy with Hoku Scientific stock Mon, 14 Jul 2008 04:00:00 GMT
Hoku Scientific Inc. (Nasdaq: HOKU, 12-month range $4.06-$14.88) is a materials science company focused on clean-energy technologies. The company's three business units are Hoku Materials, which manufactures polysilicon, a key material used in PV modules; Hoku Solar, which assembles and installs its own brand of PV modules; and Hoku Fuel Cells, its fuel cell business.

Some cities lag in pension funds Mon, 14 Jul 2008 04:00:00 GMT
The Massachusetts retirement system knocked $806 million off its unfunded pension balance in 2007, thanks to investment returns that easily outpaced growth in liabilities.

Units in sold-out Mandarin creep back on the market Mon, 14 Jul 2008 04:00:00 GMT
Since January, at least seven multimillion-dollar condominium units have been put up for resale at the luxurious Residences at the Mandarin Oriental, one of Boston’s swankiest and most exclusive residential projects.

Contango Capital finds success by avoiding big risks Mon, 14 Jul 2008 04:00:00 GMT
In a September 2006 commentary, Contango Capital Advisors CEO George Feiger made an early call on the housing market bubble.

M&A deals up, average size declines in second quarter Mon, 14 Jul 2008 04:00:00 GMT
Colorado merger-and-acquisition activity continued to chug along in the second quarter, although economic uncertainty and tighter credit conditions are casting a shadow over the market.

Duncan-Williams adding equities Mon, 14 Jul 2008 04:00:00 GMT
Duncan-Williams, Inc., a long-time fixture in the fixed income business, is branching into uncharted territory with the addition of a new equity capital markets group.

Thompson Street buys Universal Air Filter Mon, 14 Jul 2008 04:00:00 GMT
Clayton-based Thompson Street Capital Partners acquired Universal Air Filter Co. in partnership with the Sauget-based company's management.

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