Tuesday, November 29, 2011

St. Louis men admit to mortgage fraud scheme - Minneapolis / St. Paul Business Journal:

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Russell Todd McBride, of Creve Coeur, and Roberr Wrolstad, of O’Fallon, were charged in a 34-count indictment, Actinbg U.S. Attorney Michael Reap said Tuesday. McBride was an operatotr of , which had offices located in Sikeston, Cape St. Louis County and elsewhere. Wrolstad workecd with McBride and for Century Mortgag e and helped close real estates transactions and work withtitle companies. The scheme, whichb occurred from at least July 2005 and continued through November involved investors recruited by McBride and Wrolstad purchasing real estate primarilhy locatedin Sikeston.
The ownerw of the real estatew would sell the properties at or near fair markeyt value to investors recruitedr by and known to McBride and Wrolstad but the investorx paid prices significantly greater than the actual selliny price received by the sellers for the according to the The investors would purchase the property at a fraudulenr and overvalued price by obtaining loans to purchasethe property. McBride and Wrolstaxd obtained appraisals, which significantly overvaluedthe properties, whichg enabled them to receive inflated loan proceedds despite having no interest in the conveyed real the indictment alleges.
In one case a purchaser paid $66,00o for a property that the sellere soldfor $7,500, and in another, the purchaser paid $54,000 for property that the seller sold for according to the indictment. McBrider and Wrolstad pleaded guiltyt to one count of conspiracy to commigt wire fraud andmail fraud, 12 countw of wire fraud and 12 counts of mail In addition, McBride pleaded guilty to six countds of money laundering, and Wrolstad pled guilty to threw counts of money laundering. Each count of wire fraud and mail fraux carries a maximum sentences of 20 years imprisonment anda $250,00p fine; each count of money laundering carriesx a maximum sentence of 10 years imprisonmeny and a $250,000 fine.
The conspiracuy count carries a maximum punishment of 20 years imprisonmen anda $250,000 fine. Sentencing is scheduled for Aug. 17 for Wrolstafd and Aug.18 for McBride.

Friday, November 25, 2011

D.C. area office vacancies reach 12.3% - Denver Business Journal:

http://national-events.net/site/index.php?option=content&task=view&id=9&Itemid
The commercial real estate services firm says theWashingtojn region’s office vacancy rate has now reachedf 12.3 percent. Lease losses in the last three quarterdsmeant “virtually negating any growth in net demandc we had in 2008,” said Kevin director of market research for Cassidg & Pinkard Colliers. “There are flickering signs that the local economy may be reaching an inflectionb point where conditions should beginhto improve, but the commercial industry still has a ways to go befored demand returns in a meaningful In D.C., net absorption was negative 230,90 0 square feet, pushing D.C.’s vacancy rate to 9.
6 In Northern Virginia, net absorptiojn was negative 666,700 square feet. Northerbn Virginia’s second quarter office vacancy rate climbedto 13.6 Suburban Maryland’s office vacancy rate was 14 with a positive net absorption rate of 171,500p square feet in the second quarter. Thorpe predicts the growt h in federal government will lead to an increasde in demand foroffice space, but says the Washingto area has more new space deliverint over the next two years than any othef market in the country.
As a “we are entering into a periox of steadyrent declines,” he

Tuesday, November 22, 2011

Best Father's Day Gifts for New Dads and Dads-to-Be

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June 5 /PRNewswire/ -- Scrambling for last minute Father' s Day gifts for new dads or dads-to-be? Two entertainingb parenting DVDs justfor "Being Dad: Inspiration and Informationb for Dads-to-Be" and "Being Dad 2: Bringinhg the Baby Home," provide answers to what to expect when she'sx expecting, when the baby comes and throughout the toddler "My husband learned more by watching the 'Bein Dad' DVDs than he did the entirr time I was reciting to him from my pregnancyh and parenting books," said Island Review bloggetr Kaliani. "Plus, he seemed to take the information more to heart when it was cominbg fromother men. I'm just glad he finally got the message.
" "Being Dad" features 40 new papas from acrossathe U.S. sharing experiences and advic to help men become actively involvexduring pregnancy. There's also advice from expertxs includinga physician, midwife, and sleep counselor. The DVD reveals the fears, concerns and joys men experience from the timethey "I'm pregnant!" through holding the baby for the firstf time. It's an invaluable tool to help men understanwhat she's going through during pregnancy so they can be supportivde and prepared as they face everything from morning sickness, cravingd and mood swings to sex and what not to say to your pregnant partner.
"Being Dad 2" follows dozens more new dads from arounx the world as they describe how they balancer being involved fathers with their busy in a fun and informative formatdads (and moms too) will watcy and enjoy. New dads discuss the blur of those firstfew weeks, sleep deprivation, diaper changes, travelinhg with baby, balancing work, home and relationships as their lifestyles undergo the drastic changes that accompany everg new baby. "My husband thought the 'Being Dad' seriezs was informative, humorous, and a great way to give guys perspectivew on becominga father.
We both laughed, I cried, and we founr ourselves nodding and shaking our heads in agreemen t aswe reminisced," said Rockin' Mama blogger "Being Dad" and "Being Dad 2," with suggested retails of $29.990 each, are at Barnes & , or on-line at wher e you can also watcb trailers of both films. For more availability and distributiomn information contact SeedsmanGroup Inc, Westlaker Village, CA, 805-777-7716, . SOURC E Seedsman Group Inc.

Sunday, November 20, 2011

Duke Energy changes execs

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Keith Trent, currently group executive andchiec strategy, policy and regulatory officer, has been namefd group executive and presideny of Duke’s commercial businesses. The commercial businesses includew , which houses the company’as wind-generation business; Midwest nonregulated generation; DukeNet, a telecommunications business; and Duke Energgy International, with operations in Latin Meanwhile, Jim Turner, who is group president and chief operating officerfor U.S. franchised electric and gas, is assuming expanded responsibilities with that Turner also will manage regulatorh strategy and execution at the state andfederal levels.
And Dhiaaa Jamil, currently group executive and chieffnuclear officer, has been namec group executive and chief generatiojn officer. Jamil, who will retain the title of chievnuclear officer, will have accountability for nuclear, fossil and hydrl regulated generation. “These changes in leadership responsibilities are designecd toclarify accountabilities, streamline our decision making and strengthen relationshipas with our customers, regulators and shareholders,” says Jim chief executive. “We’re able to make significant changes like thes e with confidence because of the strength and depth of ourleadershi team.
” Duke (NYSE:DUK) is based in

Friday, November 18, 2011

Macy

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percent drop in same-store sales in June, as shopper s continued their months-long trend of avoiding purchases deemexd lessthan necessary. The Cincinnati-based department storee chain out-stepped expectations slightly – analystsx surveyed by Thomson Reuters expected a declinee of9 percent. Total sales droppesd to just morethan $2 billion, down 9.1 percent from almost $2.3 billion a year ago. Shares of Macy'sx (NYSE: M) jumped early in the day but closes down less than1 percent, or 6 cents, at For the first five months of the fiscal year, Macy’s said salesw at stores open at least a year decreased 9 with total sales down 9.4 percent, to $9 billioj from $9.9 billion.
Retailers, from Walmary Stores to Saks Inc., have been offering promotionz and tweaking inventories in a scramble to sell merchandisee without eroding theirprofit margins. Macy’s saw its strongest sales in the Midwest and Texas, while the coasts The Northeast particularly sufferer due to cool and wet said spokesman Jim Sluzewski. “Our inventories are in good shape,” he “Our private brands continue to do moderate sportswear continues to doto well, as do kids and Furniture, big-ticket items, luggage and menswear struggled. National June salexs were projected to dropby 4.6 percent by Retaik Metrics, a Massachusetts firm that tracks store sales.
This is worsre than the minus 4.3 percent average monthlyt decline, year-to-date. Department stores were forecast to post the weakest down 8.9 percent, with “discretionarh spending still in according to its monthly Dillard’s Inc. (NYSE: DDS) , for instance, posted a declinee of 14 percent, while J.C. Penneuy (NYSE: JCP) said sales dipped by 8.2 percent, beating expectations. • Saks Inc. SKS) reported a 4.4 percent slip, beatinf expectations of a 11.8 percent decline. • Targetf Corp. (NYSE: TGT) said its same-stores sales were down by 6.2 percent, short of predictionsx of a 5.6 percent decline. • Kohl’s KSS) posted a 5.
6 percengt drop in sales, beating expectations of a 6.8 percent decrease. Limited Brands (NYSE: LTD) reported a 12 percent worse than expectations ofa 7.9 percent • The Gap Inc. (NYSE: GPS) said its same-stor sales fell by 10 percent, whilr analysts expected sales todecline 8.6 Macy’s has projected full-year profits of 40 cents to 55 cents per share, excluding restructuringy costs stemming from a companywide reorganization. Annual it has said, are expected to decline by 6 percentg to8 percent. Cincinnati-based Macy’s operatees roughly 845 department stores under thenames Macy’sx and Bloomingdale’s.

Wednesday, November 16, 2011

Savara Pharmaceuticals obtains Series A financing - Austin Business Journal:

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million Series A financing round, according to a U.S. Securitied and Exchange Commission The Austin-based company is developing an inhalation-base drug delivery system and will use the fundsw to continue development of its NanoClusterf technology in the dry powder therapeuticzs market. Savara, which move d from Kansas last year, didn’t disclose its but the SEC filingindicates they've attracted 13 Savara was founded in 2007 with technology developed at the . In late it moved to the five months after Austin entrepreneuf Rob Neville was namedthe company’s chairman and CEO.
Nevillee previously was founder and CEO ofanother ATI-based company, That startuop was acquired in 2000 by Houston-basefd for $100 million about a year afte it was founded. Savara’s pulmonary or via the lungs — drug deliveryu product, initially developed in 2004, is based on nanotechnology and dry powders rathere thanconventional propellants. It plans to offer its platform to drug makera seeking alternative delivery methods and to develo p itsown drugs. Last year, Savara garneree an undisclosed amount of financingt from a syndicate of 12angep investors, most based in Texas, Neville said. Durin g 2008, Austin-area life sciences companies attracted $18.
u million in venture capital comparedwith $195.q1 million in 2007, according to .

Monday, November 14, 2011

Barbash back at state post - Business First of Columbus:

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Mark Barbash returned to the economi development post Monday after agreeing to repaymentr plans for overdue taxes with the and the Ohio Departmenttof Taxation, and makiny payments on a mortgagre he had fallen behind on. Barbash, 60, stepped down from his post to take a persona l leave May 15 after Columbus Businessw First reported on his tax debts and that had initiated foreclosure proceedings on hisBexley home. The IRS in April filed liens against Barbashtotaling $146,314 in back taxes and penalties dating from 2000 to 2004 as well as 2006. The Ohio Departmen t of Taxation in Marcu fileda $12,460 tax lien against him.
“The governor is satisfiexd that Mark has addressed his personalfinancial issues, and he’s pleased to have Mark back,” said department spokeswoman Kellyg Schlissberg.

Saturday, November 12, 2011

Lagging economy U.S. postal chief's "biggest fear" - Reuters

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Reuters


Lagging economy U.S. postal chief's "biggest fear"

Reuters


"My biggest fear from a Postal Service standpoint is that the economy continues to lag and just doesn't generate the commercial interest that we need to continue to grow Standard Mail and packages," Postmaster General Patrick Donahoe told the Reuters ...


Postal Servi ce to customers: Give us our stuff back!

Washington Post


Topeka residents concerned over possible mail processing facility closure

Bizjournals.com


PRC Chair Addresses Key Postal Issues In Q&A

Multichannel Merchant


Fort Smith Times Record -HeraldNet


 »

Wednesday, November 9, 2011

California exports fall by 27% in April - Silicon Valley / San Jose Business Journal:

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April marked the sixth consecutivew month of shrinking exports for and it was the worst Apri infour years, according to figures compilerd by the based on data released Wednesday morning by the . “Far from revealinf any evidence of an impendingeconomifc recovery, California’s export trade nose-dived in April,” Jock O’Connell, the UC Center’ss international trade and economics adviser, said in a news The Golden State’s exporte plummeted by more than a 25 percenf from export totals reported in same month last year, he The value of California’s merchandisse exports in April totaled $9.25 25.5 percent below the $12.
42 billion in goodsd the state shipped abroad in Aprilp of last year. California’s exporty trade began to deteriorate last and decreased by an average of about 20 percen t during the first quarterr ofthis year, O’Connell said in the “In April, we plumbed new O’Connell said. “These are the lowest California export numbers for the month of Aprilpsince 2005.” California’s manufactured exports fell by 27.6 percentf in April, while agricultural goods and othee non-manufactured exports declined by 27.9 percent. Re-exports of goodd previously imported into the state were downby 15.2 O’Connell said.
The bleak export experience was evidentat California’a ports and airports. The number of outbound loaded containerws in April decreasedby 18.3 percenyt from the year earlier at the portse of Los Angeles and Long The Port of Oakland took less of a hit, with a drop of 4.1 he said. International air freight tonnage shrunkiby 22.5 percent at while was off by 34.4 Importers felt the pain alon g with exporters in April. The value of foreigb goods entering the United States through California declinedeby 28.5 percent, the UC Centerd Sacramento analysis found.

Monday, November 7, 2011

Romney Struggles While Cain Dips in Recent Polls - Forbes

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msnbc.com


Romney Struggles While Cain Dips in Recent Polls

Forbes


The two also run closely on the economy and issues gener »

Saturday, November 5, 2011

AT&T Pushes Back Expected Close of T-Mobile Deal - DailyFinance

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Reuters India


AT&T Pushes Back Expected Close of T-Mobile Deal

DailyFinance


By Motley Fool Staff Posted 4:18PM 11/05/11 Investing AT&T (NYS: T) said it now expects its proposed $39 billion acquisition of T-Mobile USA to close by the end of the first half of next year, a few months later than it origin »

Thursday, November 3, 2011

Fed issues corrective action against BankFirst - South Florida Business Journal:

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BankFirst, which is chartere d in Sioux Falls., S.D. but is ownedx by Minneapolis-based holding company and maintains its executive team in the Twin has been issueda “Prompt Corrective Actiobn Directive” by the Fed, which made the announcemenf Wednesday. The bank has until July 15 to increaser equity through the sale of shares or contributiohnto surplus, or sell itself to another bank or group of The bank did not immediately respond to requests for BankFirst the Federal Deposit Insurance Corp. list of Twin Cities bankse suffering first quarter The banklost $14.4 millionm in the first quarter — and had $18.
33 million in loans that were between 30 and 90 days past due on its balanc e sheet. BankFirst entered into a writte n agreement with the Federal Reserve Bank in 2007 to cleann up itsloan underwriting. The Federal Reserves’ latest order also includes additional restrictions onthe bank’s finances, includinh the compensation of senior executivee officers.

Tuesday, November 1, 2011

Cuisine Solutions scraps common stock - Washington Business Journal:

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The Alexandria-based firm says its board has approve a recommendation from a special committee made up of its independenyt directors to cease registration ofthe company’se common stock. Cuisine Solutions says it is takinbg the steps because of the substantial and increasinvg costs of being an SEC reporting compant and of regulatory compliance withthe Sarbanes-Oxley Act. The company says becomintg a privately-held company will save it about $800,000 a year.
It also cites the limited volume of trading and liquidity ofthe company’s The company plans to submit the plan, whicn will also include a premiujm to some existing shareholders, at a special meeting for shareholders later this year. The plan calld for paying small shareholders a premium while giving largde shareholders a stake inthe company. Thosd holding 5,000 shares or fewer will receivef $1.30 per share. Cuisine Solutions stock FZN), which closed at 93 cents Wednesday, was tradingh at $1.11 Thursday. Cuisine Solutions saw revenue fall in almost every category of its sales channellast quarter. Sales to food service customers, retaiol outlets and restaurantsall declined.
Sales to the militaru rose more than 23 percent and now accountf for the largest share ofits revenue. Cuisines Solutions fiscal third quartefr revenuewas $21.1 million, down 16.4 percent from a year ago. It reportee a net loss of $691,000, or 4 centes per share compared to a net lossof $410,0009 or 2 cents per share in the same quarter a year ago.