Lenon’s main business news

December 2, 2011

Old North St. Louis gets national award for development

Filed under: finance, uk — Tags: , , , — Moon @ 5:40 am

HEAD NORTH: More than just northside visitors, merchants, residents and this colyumnist are impressed with development of the Old North St. Louis community.

St. Louis Mayor Francis Slay and Sean Thomas, head of the Old North St. Louis Restoration Group, are in D.C. today to receive the 2011 National Award for Smart Growth Achievement, which was given to the community by an office of the Environmental Protection Agency.

Old North was given the Award for Overall Excellence in Smart Growth, which is the highest honor that is given out by the EPA’s Office of Sustainable Communities. The award “recognizes an outstanding comprehensive approach to growth,” the EPA said. The selection committee also noted that the award “is for the best overall approach to implementing smart growth on a variety of fronts …”

Among factors that contributed to the community’s selection was the 28 percent population gain the area has seen in the past decade. Winning projects must have an impact on the community, and not merely be a design for development, the Old North restoration group said in a post on its website.

The restoration group is the not-for-profit that laid the foundation for the development, which used strategies that promote walking, rehabilitate vacant buildings and establish green spaces, the EPA said.

A specific effort cited by the EPA was the revitalization of two main blocks of the neighborhood — 14th Street north from Warren Street to St. Louis Avenue (nearly to the door of the Karandzieffs’ venerable Crown Candy Kitchen) — into something called Crown Square. The $35 million project involved the redevelopment of 27 buildings along 14th Street and surrounding side streets. It resulted in 80 new households in an area that had been largely abandoned, and the opening of a growing number of new locally owned businesses.

There are also new sidewalks, benches, trees and lights and newly cultivated community gardens sprinkled through the neighborhood. The area includes a North City Farmers’ Market and a community-owned Old North Grocery Co-op.

Source

November 27, 2011

IRS under pressure to police refundable tax credits

Filed under: business, loans — Tags: , , , — Moon @ 8:40 am

The Internal Revenue Service is under pressure to better police more than $100 billion of refundable tax credits it issues annually after a government watchdog questioned billions of dollars in payments.

Congress passed in October legislation authorizing a five-fold increase, to $500, in the penalty for paid tax preparers who don’t verify the eligibility of applicants for the earned income credit, by far the largest refundable tax credit.

Tax filers collected refunds of at least $55.1 billion in 2009 from the earned income tax credit, and the IRS estimated that more than $11 billion of that total was issued improperly, sometimes by mistake and sometimes as a result of fraud.

“The IRS is really stepping up enforcement,” Cindy Hockenberry, research supervisor for the National Association of Tax Professionals, said. The initial focus has been on the earned-income credit, but “they’re going to be branching out into other areas,” she said.

The association, based in Appleton, Wis., represents more than 21,000 tax preparers, accountants, attorneys and enrolled agents who work independently or for companies such as H & R Block Inc.

The IRS plans to give earned-income tax credit claims extra scrutiny during the 2012 tax filing season.

Oversight of refundable credits has become a political issue, with Republicans in particular demanding that the IRS do more to weed out ineligible recipients.

“We must balance the mandate to get refunds to those eligible as quickly as possible with ensuring that the money goes only to individuals who are eligible to receive it,” IRS deputy commissioner for services and enforcement, Steve Miller, told a House Ways and Means subcommittee hearing in May.

The earned income tax credit, passed by Congress in 1975 to offset the burden of Social Security taxes for the poor, has been expanded several times with bipartisan support, as an incentive to work.

However, Treasury Inspector General for Tax Administration J. Russell George criticized the IRS’s administration of the EITC and faulted the agency for potential improper payments involving two other refundable credit programs, one for higher education and the other for families with children payday loans.

George’s reports indicate that more than $18 billion of $101 billion for the three programs may have been improperly awarded.

Unlike a regular tax credit that offsets some or all of a tax liability, a refundable credit can include a cash payment in excess of the tax owed. As a result, refundable credits offer an incentive to defraud the government, George told the House Ways and Means subcommittee in May.

Legislation is pending to narrow eligibility for a refundable child tax credit. In a report in September, George’s investigators found that in 2009 about $4.2 billion, or 15 percent of $28.3 billion in additional child tax credits, had gone to people not authorized to work in the U.S.

The IRS declined George’s recommendation to seek more documentation of eligibility. In a statement at the time, the IRS said that the law authorizing the tax credit didn’t explicitly limit recipients to holders of a specific type of identification such as a Social Security number.

The IRS also took issue with George’s findings on the American Opportunity education tax credit, which helps low- and middle-income people pay for college. The credit, part of the 2009 stimulus law, was extended through December 2012 by legislation that also extended the tax cuts enacted under President George W. Bush.

In a report last month, George said 2.1 million taxpayers in 2009 received $3.2 billion in American Opportunity and other education credits that may have been wrongly awarded. That’s about 17 percent of the $18.7 billion of such credits distributed by the IRS.

The IRS disputed the findings, with spokesman Terry Lemons saying they were based on “a flawed and superficial analysis.”

Source

November 22, 2011

SLU won’t say how it plans to use properties

Filed under: legal, money — Tags: , , , — Moon @ 10:40 am

Except for his time in the military, James Coplin, 53, has lived his entire life in a modest brick house much like those of his neighbors in the 3600 block of Hickory Street.

Across the street is a stretch recently cleared of similar dwellings owned by St. Louis University. In their place is vacant ground, behind which looms St. Louis University Hospital.

Coplin, who works for a cleaning company, says he believes that SLU is now interested in houses on his side of the street. He said that two or three times in recent months a real estate agent has dropped by to ask if he is interested in selling.

“I told him to make an offer, but he never did,” Coplin said.

SLU’s purchases on Hickory are among dozens it has made in recent years near the medical school, city records show. As it did on Hickory, SLU often demolishes the homes and other structures it buys, then plants the sites with grass. As for the school’s plans for the future with its accumulated real estate, details are scarce.

The real estate agent who knocked on Coplin’s door declined to identify who he was representing but referred a reporter to SLU. University officials did not respond to numerous requests for information about the school’s development plans.

Within the past two years, SLU has bought houses across the street from Coplin’s lifelong residence, he said. Leases on the street’s rental properties were not renewed, he added. As tenants moved out, crews moved in to board up the houses.

“A couple of months later, they started tearing them down,” he said.

SLU has largely consolidated its property holdings in the approximately 60-block area bounded by Chouteau Avenue, South Compton Avenue, Park Avenue and 39th Street. Within the area of recently purchased parcels is SLU’s new track and recreation field, but much of the recently purchased property is vacant. The university also has bought some industrial tracts north of Chouteau between South Compton and South Spring Avenue.

SLU’s president, the Rev. Lawrence Biondi, did not respond to a request for information about long-range campus development.

In a statement provided Friday, a university spokesman said SLU generally did not discuss real estate matters, including plans for acquiring property. But the spokesman said that like many urban universities, SLU has bought property near or adjacent to its campus for potential expansion.

The purchase attracting the most attention is that of the Pevely Dairy complex at Chouteau and South Grand Boulevard. SLU disclosed in August that it had bought the historic buildings from developer Rick Yackey, who had planned to convert the vacant structures into apartments and commercial space.

At the time, the university said it had no specific plan for the site. Only after SLU’s intent to demolish the buildings was publicized this month did the university say it planned to replace the structures with a building for its SLUCare physician’ practice.

Clayton Berry, SLU’s spokesman, said Friday that the university studied the Pevely buildings extensively and determined they did not meet the needs of a modern health care facility.

“SLU is planning to construct a multimillion-dollar outpatient ambulatory health center that will provide a wide variety of health care services and procedures for hundreds of thousands of adult and child patients,” he said. “This significant investment isn’t just essential for the university, but also will benefit the neighborhood, the city and the region.”

The city’s Preservation Board is scheduled to consider at its meeting Nov. 28 SLU’s application filed Oct. 26 for permits to tear down the Pevely complex. The city’s Cultural Resources Office has denied the university’s application. Mayor Francis Slay tweeted on Tuesday that the office would not approve an application to demolish the buildings.

SLU’s move to raze the Pevely buildings, which are on the National Register of Historic Places, prompted formation of the Pevely Preservation Coalition and a Facebook page, “Save the Historic Pevely Dairy.”

Many of the coalition’s members also led the effort this year to save the 1960s “flying saucer” building on South Grand near SLU’s main campus. Yackey, the saucer building’s owner, eventually agreed to preserve the unusual structure and incorporate it into a new retail development.

Randy Vines, a participant in both preservation efforts, said destruction of historic buildings made no sense when SLU owned plenty of vacant property suitable for its SLUCare expansion.

He and other coalition members want SLU to preserve at least the four-story main building and smokestack at the Pevely complex, which dates to about 1913 and sits prominently south of the university’s main campus.

“The greater result we’re hoping for is to force SLU to change its vision for that part of its campus,” Vines said.

Another coalition member, architect Paul Hohmann, said university officials might have a dozen better locations to expand SLUCare.

“SLU has acres and acres and acres of land all over the place to build their medical office buildings,” he said. “You’ve got to think they have a 20-year master plan on what to do with all that property. After all, they’re buying it. But if they have such a plan, they’re not showing it.”

Master plan or not, SLU officials may be smart to continue to buy as much property as possible near campus, said Bob Lewis, president of Development Strategies, a consulting firm.

“They’re protecting themselves, if nothing else,” he said. “Don’t wait around. If it becomes available, grab it.”

Lewis noted that the effort to redo the Pevely complex as apartments never got going. That plan took a hit in 2009 when a fire destroyed one of the three main buildings. SLU’s decision to buy properties near its medical center complex could bolster two growing economic sectors

November 20, 2011

Police, protesters clash for 2nd day in Egypt

Filed under: legal, technology — Tags: , , , — Moon @ 8:56 pm

Firing tear gas and rubber bullets, Egyptian riot police on Sunday clashed for a second day with thousands of rock-throwing protesters demanding that the ruling military quickly announce a date to hand over power to an elected government.

The police battled an estimated 5,000 protesters in and around central Cairo’s Tahrir Square, birthplace of the 18-day uprising that toppled authoritarian leader Hosni Mubarak in February. Tear gas filled the air as protesters, many chanting “freedom, freedom,” pelted the police with rocks.

Sunday’s clashes, which come a day after two people were killed and hundreds wounded in similar violence in the capital and other cities, are stoking tensions eight days before the start of the country’s first post-Mubarak parliamentary elections. Public anger has risen over the slow pace of reforms and apparent attempts by Egypt’s ruling generals to retain power over a future civilian government.

“We have a single demand: The marshal must step down and be replaced by a civilian council,” said protester Ahmed Hani, referring Field Marshal Hussein Tantawi, Egypt’s military ruler and Mubarak’s longtime defense minister.

“The violence yesterday showed us that Mubarak is still in power,” said Hani, who was wounded in the forehead by a rubber bullet. He spoke over chants of “freedom, freedom” by hundreds of protesters around him.

Rocks, shattered glass and trash covered most of the ground in and around Tahrir early Sunday, while a cloud of white smoke caused by the use of dozens of tear gas shells hung in the air. Several hundred protesters were camping out on the lawn of the square’s traffic island, and protesters manning barricades into the square checked the IDs of anyone entering the plaza.

The windows of the main campus of the American University in Cairo, which overlooks the square, were shattered and stores were shuttered. “The marshal is Mubarak’s dog,” said one of a fresh crop of graffiti in the square.

Yahya el-Sawi, a 21-year-old university student, said he was enraged by the sight of riot police beating up protesters already hurt in an earlier attack by the security forces. “I did not support the sit-in at the beginning, but when I saw this brutality I had to come back to be with my brothers,” he said.

Many of the protesters had red eyes and coughed incessantly. Some wore surgical masks to fend off against the tear gas. A few fainted, overwhelmed by the gas.

Sunday’s clashes, which were mostly on a road leading from Tahrir to the Interior Ministry, appeared likely to grow.

Protesters were using social networking sites on the Internet to call on Egyptians to join them, and there were reports of several demonstrations headed to the square, including one from Cairo University guaranteed approval cash advance loans.

The military, which took over from Mubarak, has repeatedly pledged to hand over power to an elected government but it has yet to set a specific date. According to one timetable floated by the military, the handover will take place after presidential elections are held late next year or early in 2013. The protesters say this is too late and accuse the military of dragging its feet. They want a handover to take place immediately after the end of parliamentary elections in March.

On Saturday, police fired rubber bullets, tear gas and beat protesters with batons, clearing the square at one point and pushing the fighting into surrounding side streets of downtown Cairo.

A 23-year-old protester died from a gunshot, said Health Ministry official Mohammed el-Sherbeni. At least 676 people were injured, he said. Another protester was killed in Alexandria, where clashes also took place, said a security official, speaking on condition of anonymity because he was not authorized to talk to journalists.

After nightfall, protesters swarmed back into Tahrir in the thousands, and running battles with the police in the streets took place throughout the night. Acrid smoke of tires set ablaze mixed with the stinging white smoke of tear gas.

The government urged protesters to clear the square.

A member of the military council, Maj. Gen. Mohsen el-Fangari, said protesters’ calls for change ahead of the election were a threat to the state.

“What is the point of being in Tahrir?” he asked, speaking by phone to a private TV channel. “What is the point of this strike, of the million marches? Aren’t there legal channels to pursue demands in a way that won’t impact Egypt … internationally?”

“The aim of what is going on is to shake the backbone of the state, which is the armed forces.”

In a warning, he said, “If security is not applied, we will implement the rule of law. Anyone who does wrong will pay for it.”

Saturday’s confrontation was one of the few since the uprising to involve the police, which have largely stayed in the background while the military took charge of security. There was no military presence in and around the square on Saturday or on Sunday. The black-clad police were a hated symbol of Mubarak’s regime.

Some of the wounded had blood streaming down their faces and many had to be carried out of the square by fellow protesters to waiting ambulances. Human rights activists accused police of using excessive force.

Police arrested 18 people, state TV reported, describing the protesters as rioters.

Source

November 12, 2011

U.S. outlook brightens on news of fewer layoff, boost in exports

Filed under: news, online — Tags: , , , — Moon @ 6:16 pm

WASHINGTON

November 11, 2011

E-Trade ends review with no plans for sale

Filed under: loans, money — Tags: , , , — Moon @ 2:44 am

Online broker E-Trade Financial Corp. shares plunged nearly 5 percent in after-market trading following its announcement that it had concluded a strategic review and has no plans for a sale.

Shares fell 34 cents to close at $9.48. After it made the announcement, shares fell 46 cents, or 4.9 percent.

The company said it has concluded the review begun in August that was designed to consider all alternatives including a possible sale. The board unanimously determined that the continued execution of the company’s business plan is currently the best alternative, it said.

That also was the recommendation of Goldman Sachs & Co., hired as an adviser for the review.

E-Trade’s largest shareholder and bondholder, Citadel Advisors LLC, pushed the company earlier this year to seek a buyer.

Source

November 7, 2011

NYT Times Co.’s top digital executive to retire

Filed under: management, uk — Tags: , , , — Moon @ 10:04 pm

Martin Nisenholtz., a New York Times Co. executive who engineered the newspaper publisher’s expansion on the Internet and mobile devices, is retiring at the end of the year.

Times Co. Chairman Arthur Sulzberger Jr. and CEO Janet Robinson announced Nisenholtz’s retirement as senior vice president of digital operations in a memo to employees on Monday.

Nisenholtz, 56, was hired in 1995 to launch The Times Co.’s digital business.

Since Nisenholtz oversaw The New York Times’ debut on the Web in 1996, the company has built a popular digital network that has become an increasingly important source of revenue. The Times Co.’s websites include About.com as well as The New York Times, The Boston Globe and 16 other newspapers. Combined, they attracted nearly 73 million U.S. visitors in September, according to the most recent data from the research firm comScore Inc.

Last year, the Times Co. got about 16 percent, or $387 million, of its revenue from its digital operations. But the growth in that business hasn’t been enough to offset the steep decline on the print side.

With Nisenholtz in charge, the Times Co. began charging for unlimited access to The New York Times’ website in March in an attempt to increase revenue. At the end of September, The Times had 324,000 digital subscribers, including 43,000 who signed up since July 1.

The Times Co. hasn’t identified Nisenholtz’s successor.

Nisenholtz “leaves a lasting legacy that will be felt for a very long time,” Sulzberger and Robinson wrote in their Monday memo. “He developed a strong roster of executives and a deep bench of managers who are recognized leaders in our industry.”

Source

November 6, 2011

More young men stay with parents

Filed under: USA, marketing — Tags: , , , — Moon @ 5:56 am

For a growing number of young American men, the childhood bedroom is the new bachelor pad.

The percentage of men 25 to 34 years old who live with their parents has increased by almost a third during the past five years, data from the U.S. Census Bureau show.

The economic downturn has accelerated that trend for young men, while women continue to be less likely to bunk with their parents.

Since 2006, the year before the recession began, the percentage of young men living with their parents has grown to 18.6 percent this year from 14.3 percent. Just 9.7 percent of women in that age group now live with their parents, up from 8.8 percent in 2006.

“It’s a way to save money and survive the hardship,” said Qian Cai, director of the Demographics and Workforce Group at the University of Virginia’s Weldon Cooper Center for Public Service.

Young women traditionally have left the house before men because they marry at a younger age. That reason may be changing: Now more women than men are getting college educations, so they may be less likely to be unemployed or lose jobs, Cai said.

Since the beginning of last year, the unemployment rate for women between 25 and 34 averaged 9.1 percent, compared with 10.4 percent for men in this age group.

On the flip side, parents may also be more generous than they used to be. “They have more resources than earlier generations, so they can help out more,” Cai said.

In the past year, the proportion of 25- to 34-year-old men living with parents jumped 2.2 percentage points, while the number of women in that age group staying or moving back home didn’t change significantly, the Census Bureau said.

While the trend is a reflection of the sluggish economy, there may be other factors, said Cheryl Russell, a demographer in Beaufort, S.C., and editorial director of New Strategist Publications.

“Women mature at a younger age, so they are probably more able to hold down a job and pay the rent,” she said. “Men sort of thrash around a bit.”

Source

October 16, 2011

First leases announced for Noah’s Ark site

Filed under: caredit, finance — Tags: , , , — Moon @ 5:00 am

ST. CHARLES

October 14, 2011

Apple starts selling latest iPhone on Friday

Filed under: Uncategorized, marketing — Tags: , , , — Moon @ 1:28 pm

A faster iPhone with better software and an improved camera went on sale Friday as hundreds of buyers camped out for hours to be among the first to get one.

About 200 people were at Apple’s Fifth Avenue store in Manhattan as the iPhone 4S went on sale at 8 a.m. Steve Wozniak, who created Apple with Steve Jobs in a Silicon Valley garage in 1976, was first in line at a store in Los Gatos, Calif.

Many said the event resembled a remembrance to Jobs, who died last week.

Emily Smith, a 27-year-old user experience designer in New York, checked in to the line on the location-centric social network Foursquare. She got a virtual Steve Jobs badge that read: “Here’s to the crazy ones. ThankYouSteve.”

Others joked that the 4S model stood “for Steve.”

Una Chen, a 24-year-old banker, said she was just happy to swap out her BlackBerry Bold for the new iPhone, particularly after a BlackBerry outage affected her phone this week.

“It’s not good to have a phone and not be able to use it,” Chen said.

Wozniak came out to the California store even though he already had two new phones on the way. He told television station NBC11 on Thursday that while he waited for the store’s opening Friday morning, he planned on getting caught up on his email and chatting with fans.

Sales were beginning at 8 a.m. in each time zone. They were available at Apple stores, along with those of the three partner carriers, AT&T Inc., Sprint Nextel Corp. and Verizon Wireless. Some Best Buy, Target and Walmart stores and authorized resellers also carried the phones.

The phones also debuted Friday in Australia, Canada, France, Germany, Japan and Britain. They are coming to 22 more countries by the end of the month.

The base model of the iPhone 4S costs $199 with a two-year contract. Customers have a choice of white or black.

The phone _ Apple’s fifth _ has a faster processor and an improved camera compared with last year’s model. However, some customers and investors were disappointed that Apple didn’t launch a more radical new model. It’s been more than a year since Apple’s previous model was released.

Source

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