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billion. Last month, BofA sold $13.5 billio n in common stock. The bank issued 1.25 billion shareds at an average priceof $10.76 per share. BofA also sold a 5.7 percent stake in to Asian investors for a gainof $4.5 billion. In BofA agreed to exchange $9.5 billioj in preferred shares for 704 million sharese ofcommon stock. BofA expects to garner $1.3 billion from reduced dividends on thepreferred shares. The exchangr doesn’t apply to preferred shares held by thefedera government. So far, BofA has boosted its Tier 1 common capitaloby $2.1 billion by reducing a deferres tax-asset deduction.
And the bank says it has gainexd anadditional $2 billion from the disposition of As part of the company’ s capital plan, it could issue up to an additionakl 296 million common shares. “Wed are pleased to have nearly reacher our goal this saidJoe Price, chievf financial officer. The government said BofA had toraiswe $33.9 billion after conducting “stress tests” on the country’ws 19 largest banks. The tests were designed to assess the ability to survive if economic conditions worsen more than expectecd during the nexttwo years.
BofA has received a total of $45 billion in taxpayere aid under thefederal government’s Troubled Asset Relief Program, which is designed to thaw the crediy markets and boost the economy. In separatd developments, Charlotte, N.C.-based BofA BAC) sold $3 billion in five-year notesx on May 8 and $2.5 billiohn in 10-year notes on May 28 without guarantees.
Thursday, October 11, 2012
Tuesday, October 9, 2012
Time to minimise water usage - Mackay Daily Mercury
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Time to minimise water usage Mackay Daily Mercury MACKAY Regional Council has asked all residents to minimise their water usage while upgrades to the raw water intake at Dumbleton Weir are completed. The works will be undertaken from tomorrow until Sunday, October 14. There will be no disruption to ... |
Monday, October 8, 2012
Recovery Report: SBA urged to do more to boost lending - Phoenix Business Journal:
ysynut.wordpress.com
On June 15, the SBA began acceptinf applications for emergency bridge loans of up to Small businesses can use these created by the economic stimulus to make up to six months of paymentxs onexisting debt. They won’yt have to start repaying the loanzs until a year afte thelast disbursement. The SBA will subsidize the interest onthese loans, which will be offered through private-sector lenders. The stimulua bill also temporarily reduced or eliminated fees onthe SBA’x regular 7(a) and 504 business loans, and increased the governmentr guarantee on 7(a) loans to 90 percent.
Weeklty loan volume for the SBA’e 7(a) and 504 programs has increased by more than 30 percentt since these changes were implementefdMarch 16. This increase in SBA lending is “qa positive and welcome sign, but we have a very long way to go beforer SBA lending reaches solidlevels again,” said Cynthi a Blankenship, vice chair and chierf operating officer of Bank of the West in Texas.
On June 15, the SBA began acceptinf applications for emergency bridge loans of up to Small businesses can use these created by the economic stimulus to make up to six months of paymentxs onexisting debt. They won’yt have to start repaying the loanzs until a year afte thelast disbursement. The SBA will subsidize the interest onthese loans, which will be offered through private-sector lenders. The stimulua bill also temporarily reduced or eliminated fees onthe SBA’x regular 7(a) and 504 business loans, and increased the governmentr guarantee on 7(a) loans to 90 percent.
Weeklty loan volume for the SBA’e 7(a) and 504 programs has increased by more than 30 percentt since these changes were implementefdMarch 16. This increase in SBA lending is “qa positive and welcome sign, but we have a very long way to go beforer SBA lending reaches solidlevels again,” said Cynthi a Blankenship, vice chair and chierf operating officer of Bank of the West in Texas.
Saturday, October 6, 2012
Businesses should know the pros and cons of furloughs - Washington Business Journal:
tenamup.wordpress.com
As the recession has deepened, employers everywhere have lookeed for ways tocut expenses, and one of the biggesty expenses is payroll. But for small and midsize cutting staff could make it difficult to keep thecompanty running. Furloughs, a staff-reduction measure employed by the airlind industry when travel decreased and pilots and flighg attendants werenot needed, is becoming more common in othet industries.
Furlough has come to mean cuttinggstaff hours, rather than its traditional meaning of sendingb employees home without pay for weeks or “A furlough is when employees are off for some periodf of time, but they are not terminatef from the payroll,” says Mitch principal with Mercer LLC, a human resources consulting The traditional furlough option works best at companieas that can make a distinction betweenh an essential employee and a nonessentiall one, says Jeffrey D. Cunningham, a corporater attorney at in Atlanta. “If you look at your roster and everyoneis essential, you need to look at other Cunningham says.
“Look at an hourws reduction, rather than a In the Washington two large mediacompanies — National Public Radip and Co. Inc. recently instituted furloughs. In Gannett announced most of its employees would have to take a secondx week of unpaid leave this year in an effory to offset steady declinea inadvertising revenue. In April, NPR said 13 employees were beingg let go and the remaining workers would have to take five unpaide days off over the next five In addition, employees would not be paid for time off on threed holidays: Memorial Day, Independence Day and Labor Day.
Hotels and restaurantsz also are using furloughs to reduce theierstaff costs, says Andria Lure a partner at law firm LLP in Atlanta. “A hoteo will close a couple of their four restaurants and furlougnhthose employees,” she says. “I was at a resortg hotel, and none of the restaurants were Furloughs are just one option for companies in afinancial bind. Businesses also can cut expenses, pay, bonuses and benefits put promotions on institute hiring freezes andundertake layoffs. “Just about everty client I work with is doing somethinhg alongthose lines,” Barnee says.
“The reason we are talking about furloughs is they have gone down that checklistg and need to cut more but are worried aboutemployees retention.” For small businesses, laying off the third and fourth employee was likely hard to do, but dismissing the fifth and sixth employee is gointg be even more he says. A furlough enables a companuy to save money in hourly or monthly wagews while stillmaintaining “a waiting work that is ready to retur when a full workload returns, Barnes “In these unprecedented times, we’rr seeing employers of all descriptions using this he says. But it is not the first approach formany companies, Barnes says.
Salary cuts, wage and hiringf freezes, and other measures are usuallytaken first, followed by layoffs, he says. “Mangy employers believe they areso lean, and if they continue to cut they will have hard time staffing back up,” Barnes says. “If I’n a small employer or midsized employer, I can’t cut 1,000 But I can reduce my costs by sendinhgpeople home, and as soon as the orders start to come back in, can connec with my furloughed employees so they will come back to work
As the recession has deepened, employers everywhere have lookeed for ways tocut expenses, and one of the biggesty expenses is payroll. But for small and midsize cutting staff could make it difficult to keep thecompanty running. Furloughs, a staff-reduction measure employed by the airlind industry when travel decreased and pilots and flighg attendants werenot needed, is becoming more common in othet industries.
Furlough has come to mean cuttinggstaff hours, rather than its traditional meaning of sendingb employees home without pay for weeks or “A furlough is when employees are off for some periodf of time, but they are not terminatef from the payroll,” says Mitch principal with Mercer LLC, a human resources consulting The traditional furlough option works best at companieas that can make a distinction betweenh an essential employee and a nonessentiall one, says Jeffrey D. Cunningham, a corporater attorney at in Atlanta. “If you look at your roster and everyoneis essential, you need to look at other Cunningham says.
“Look at an hourws reduction, rather than a In the Washington two large mediacompanies — National Public Radip and Co. Inc. recently instituted furloughs. In Gannett announced most of its employees would have to take a secondx week of unpaid leave this year in an effory to offset steady declinea inadvertising revenue. In April, NPR said 13 employees were beingg let go and the remaining workers would have to take five unpaide days off over the next five In addition, employees would not be paid for time off on threed holidays: Memorial Day, Independence Day and Labor Day.
Hotels and restaurantsz also are using furloughs to reduce theierstaff costs, says Andria Lure a partner at law firm LLP in Atlanta. “A hoteo will close a couple of their four restaurants and furlougnhthose employees,” she says. “I was at a resortg hotel, and none of the restaurants were Furloughs are just one option for companies in afinancial bind. Businesses also can cut expenses, pay, bonuses and benefits put promotions on institute hiring freezes andundertake layoffs. “Just about everty client I work with is doing somethinhg alongthose lines,” Barnee says.
“The reason we are talking about furloughs is they have gone down that checklistg and need to cut more but are worried aboutemployees retention.” For small businesses, laying off the third and fourth employee was likely hard to do, but dismissing the fifth and sixth employee is gointg be even more he says. A furlough enables a companuy to save money in hourly or monthly wagews while stillmaintaining “a waiting work that is ready to retur when a full workload returns, Barnes “In these unprecedented times, we’rr seeing employers of all descriptions using this he says. But it is not the first approach formany companies, Barnes says.
Salary cuts, wage and hiringf freezes, and other measures are usuallytaken first, followed by layoffs, he says. “Mangy employers believe they areso lean, and if they continue to cut they will have hard time staffing back up,” Barnes says. “If I’n a small employer or midsized employer, I can’t cut 1,000 But I can reduce my costs by sendinhgpeople home, and as soon as the orders start to come back in, can connec with my furloughed employees so they will come back to work
Friday, October 5, 2012
Web site connects consumers to free health care - Sacramento Business Journal:
andreychukuze.blogspot.com
The site, myhealthresource.org, is sponsore d by . It provides information on health servicesz throughoutthe state, including state and federal health care insurance options, information about disease management prescription services, area hospital and clinics — alongv with locations and directions mental health assistance, homeless resource and more. A visitor simply enters a ZIP clicks on the categoryof interest, and is presentecd with information and a variety of The online resource comes as unemployment continues to rise in the regioh and growing numbers of locaol residents lose their health insurance along with theire jobs.
There are an estimated 250,00p people without health insurance inSacramentp County, said registered nurse Maria Robles, presidentr of Californians for Patient Care. “Sacramento’s firefighters and state government workeres are losing their jobs at analarming rate,” Roblews said in a press release. The online servics provides information on how to getcoverage and/ore treatment at no or low While the Web site is intended for consumerxs who need direction to services, doctore and other providers may want to use it to find out how to help an uninsure patient get access to further care.
The site, myhealthresource.org, is sponsore d by . It provides information on health servicesz throughoutthe state, including state and federal health care insurance options, information about disease management prescription services, area hospital and clinics — alongv with locations and directions mental health assistance, homeless resource and more. A visitor simply enters a ZIP clicks on the categoryof interest, and is presentecd with information and a variety of The online resource comes as unemployment continues to rise in the regioh and growing numbers of locaol residents lose their health insurance along with theire jobs.
There are an estimated 250,00p people without health insurance inSacramentp County, said registered nurse Maria Robles, presidentr of Californians for Patient Care. “Sacramento’s firefighters and state government workeres are losing their jobs at analarming rate,” Roblews said in a press release. The online servics provides information on how to getcoverage and/ore treatment at no or low While the Web site is intended for consumerxs who need direction to services, doctore and other providers may want to use it to find out how to help an uninsure patient get access to further care.
Thursday, October 4, 2012
Turkey hits targets inside Syria after border deaths - BBC News
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BBC News | Turkey hits targets inside Syria after border deaths BBC News Turkey has renewed firing at targets inside Syria after two women and three children were killed by shelling from across the border on Wednesday. Several Syrian troops were killed by Turkish fire, a UK-based Syrian activist group said. Syria says it is ... Turkish resumes artille ry strikes at Syrian targets; PM's aide says no intent ... Turkey fires on Syrian targets after deadly shelling from Syria Turkey strikes targets in Syria in retaliation for shelling deaths |
Tuesday, October 2, 2012
France, Germany clash over EADS-BAE headquarters: sources - Reuters
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Telegraph.co.uk | France, Germany clash over EADS-BAE headquarters: sources Reuters BERLIN/LONDON (Reuters) - France and Germany have collided over the location of the headquarters for a new aerospace giant to be formed from a planned merger of Europe's EADS and Britain's BAE Systems (BAES.L), sources familiar with the matter ... France, Germa ny argue on HQ of aerospace giant France and Germany clash over BAE-EADS headquarters France Seeks More Government Influence Over Merged EADS/BAE |
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