Lenon’s main business news

January 5, 2012

Asia stocks mixed after flat Wall Street trading

Filed under: caredit, finance — Tags: , , , — Moon @ 5:12 am

Asian stock markets were mixed early Thursday, following flat trading on Wall Street as renewed worries over Europe’s banking system and a strong yen weighed on investor sentiment.

Japan’s Nikkei 225 index fell 0.5 percent to 8,514.03, while South Korea’s Kospi index gained 0.2 percent to 1,870.96. Hong Kong’s Hang Seng Index rose 0.3 percent to 18,787.21. Australia’s S&P ASX 200 fell 1.2 percent at 4,139.70.

Benchmarks in Singapore and Taiwan were higher while those in Malaysia and New Zealand were lower.

In Tokyo, the yen’s rise against the euro elicited fears of more pain ahead for Japanese exporters. The euro sank to 98.71 yen on Monday in European trading, which Japan’s Kyodo News said was an 11-year low. The euro remained under selling pressure as it hovered around 99.72 yen Thursday.

On Wednesday, European markets declined after another increase in Italy’s borrowing costs renewed worries about the continent’s efforts to restore confidence in its debt-hobbled governments. Additionally, UniCredit _ Italy’s biggest bank _ said it would offer stock at a 69 percent discount to raise cash guaranteed unsecured personal loan. The size of the discount escalated worries about the state of Europe’s banking sector.

Stocks barely budged in the U.S. The Dow Jones industrial average edged up 0.2 percent to close at 12,418.42. The Dow opened the year Tuesday with a 180-point gain that brought it to its highest level since July.

The Standard & Poor’s 500 index inched up less than 0.1 percent to close at 1,277.30. The Nasdaq fell marginally to 2,648.36.

Benchmark oil for February delivery fell 35 cents to $102.87 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 26 cents to end at $103.22 per barrel on the Nymex on Wednesday.

In currencies, the euro fell to $1.2930 from $1.2938 late Wednesday in New York. The dollar slipped to 76.72 yen from 76.75 yen.

Source

December 30, 2011

Australia Home Prices Drop 3.7% on Concern Europe Crisis May Damp Growth - Bloomberg

Filed under: loans, marketing — Tags: , , , — Moon @ 1:16 pm

Home prices in Australia

December 29, 2011

Retail sales resilient in final holiday stretch

Filed under: caredit, technology — Tags: , , , — Moon @ 1:36 am

Retail sales look poised for a solid finish to the holiday season as consumers hit stores and went online to snap up last-minute gifts, according to data released on Wednesday.

Still, overall sales growth lagged the increase in online spending and some brick-and-mortar retailers struggled. Steep discounts were prevalent throughout the season, tactics that drove sales but could crimp profitability at some chains.

The International Council of Shopping Centers/Goldman Sachs weekly chain store sales index rose 4.5 percent during the week ending December 24, versus a holiday-shortened pre-Christmas Day week in 2010. Redbook Research put the year-over-year gain at 4.3 percent.

Adjusted for the calendar mismatch, the ICSC/Goldman index rose 0.9 percent for the week ending December 24, compared with the prior week.

“The finish is solid and the season itself was good,” said ICSC Chief Economist Michael Niemira. “November was on the soft side but December will be better.”

ICSC is sticking with its holiday sales growth forecast of 3.5 percent, which it issued in September.

“Major players, such as Macy’s (M.N: Quote, Profile, Research, Stock Buzz), are fine,” Niemira added. “Specialty stores are likely to be more uneven. Specialty apparel seems to have been hit by abnormally warm weather. Sales were on the slow side and there has been more discounting consequently.”

The biggest shopping malls and regional malls saw the strongest customer traffic since the first week of 2011. Factory outlets remained busy, but less so than the prior week, he said.

Consumers ratcheted down their online spending compared with

earlier in December, but visits to and spending at electronics and department stores increased during the week, Niemira noted.

U.S. consumer confidence rose more than expected in December, hitting an eight-month high, as Americans grew more upbeat about the labor market and their financial situation, the Conference Board said on Tuesday. That followed a report early in December showing U.S. unemployment at the lowest level since March 2009.

However, U.S. house prices are still falling, tempering economic optimism, and some retailers are suffering.

Sears Holdings Corp (SHLD.O: Quote, Profile, Research, Stock Buzz) said on Tuesday that it will shut as many as 120 stores after poor sales. Borders Group (BGPIQ.PK: Quote, Profile, Research, Stock Buzz) and Filene’s Basement were among retailers that filed for bankruptcy protection from creditors this year, and shut down, with Filene’s stores set to close shortly.

Part of the problem may be competition with online retailers, who saw faster sales growth this holiday season, suggesting e-commerce took market share from brick-and-mortar stores.

Online spending in the United States reached a record $35.27 billion from November 1 through December 26, up 15 percent versus the corresponding period last year, comScore (SCOR.O: Quote, Profile, Research, Stock Buzz) reported.

For the week ending December 25, consumers spent $2.83 billion online, up 16 percent from the corresponding period in 2010, comScore also said.

“E-commerce is going to be awesome this holiday and retail will be mediocre,” said Michael Rubin, head of Kynetic, which owns online retail businesses Fanatics, Rue La La and ShopRunner.

Read more

December 15, 2011

Stocks drop sharply amid euro, U.S. worries

Filed under: legal, news — Tags: , , , — Moon @ 5:52 am

TORONTO

December 7, 2011

Obama sets campaign theme: Middle class at stake

Filed under: management, marketing — Tags: , , , — Moon @ 1:52 am

Declaring the American middle class in jeopardy, President Barack Obama on Tuesday outlined a populist economic vision that will drive his re-election bid, insisting the United States must reclaim its standing as a country in which everyone can prosper if provided “a fair shot and a fair share.”

While never making an overt plea for a second term, Obama’s offered his most comprehensive lines of attack against the candidates seeking to take his job, only a month before Republican voters begin choosing a presidential nominee. He also sought to inject some of the long-overshadowed hope that energized his 2008 campaign, saying: “I believe America is on its way up.”

In small-town Osawatomie, in a high school gym where patriotic bunting lined the bleachers, Obama presented himself as the one fighting for shared sacrifice and success against those who would gut government and let people fend for themselves. He did so knowing the nation is riven over the question of whether economic opportunity for all is evaporating.

“Throughout the country, it’s sparked protests and political movements, from the tea party to the people who’ve been occupying the streets of New York and other cities,” Obama said.

“This is the defining issue of our time,” he said in echoing President Theodore Roosevelt’s famous speech here in 1910.

“This is a make-or-break moment for the middle class and all those who are fighting to get into the middle class,” Obama said. “At stake is whether this will be a country where working people can earn enough to raise a family, build a modest savings, own a home and secure their retirement.”

For Obama, saddled with a weak national economic recovery, the speech was a chance to break away from Washington’s incremental battles and his own small-scale executive actions. He offered a sweeping indictment of economic inequality and unleashed his own brand of prairie populism.

He spoke for nearly an hour to a supportive audience, reselling his ideas under the framework of “building a nation where we’re all better off.”

Billed as an important address that would put today’s economic debates in context, Obama’s speech seemed a bit like two packaged into one.

The first was that of the campaigner, full of loft and reclamation of American values. The second was the governing Obama, who recited his familiar jobs agenda, his feud with Congress over extending a Social Security tax cut, even his fight to get his consumer watchdog confirmed.

Obama tied himself to Roosevelt, the president and reformer who came to this town in eastern Kansas and called for a “square deal” for regular Americans. Roosevelt said then the fight for progress was a conflict “between the men who possess more than they have earned and the men who have earned more than they possess.”

It is a theme Obama is embracing in a mounting fight for re-election against Republicans who, regardless of the nominee, will attack his stewardship of the economy.

One of the leading contenders for the GOP nomination, Mitt Romney, ridiculed Obama for comparing himself to Roosevelt.

Obama “said that he is like Teddy Roosevelt,” Romney said at a campaign event in Paradise Valley, Ariz. “And I thought, `In what way is he like Teddy Roosevelt?’ Teddy Roosevelt of course founded the Bull Moose Party. One of those words applies.”

Kirsten Kukowski, spokeswoman for the Republican National Committee, said, “Maybe instead of trying to be like other presidents, Obama should try being president.”

Obama took aim at the Republicans, saying they would only return the same structures that led to America’s economic downturn. “Their philosophy is simple: We are better off when everyone is left to fend for themselves and play by their own rules,” Obama said. “I’m here to say they are wrong.”

The president conceded that the country is in the midst of a consuming re-examination on his watch, prompting national movements against both government spending and an economy that many feel disproportionately favors the elite. Obama went on the offensive about income equality, saying it distorts democracy and derails the American dream.

Responding to those who want to cut taxes and regulation in the belief success will trickle down, Obama said: “Here’s the problem: It doesn’t work. It’s never worked.”

Obama noted that Theodore Roosevelt was called a “radical, a socialist, even a communist” for putting forth ideas in his last campaign such as an eight-hour work day, a minimum wage for women, unemployment insurance and a progressive income tax.

Left unsaid: Roosevelt’s Bull Moose campaign in 1912 failed to return him to the White House.

Obama attempted to sum up the pain and peril for a society where the middle class is struggling. But he also called for individual responsibility.

“In the end,” he said, “rebuilding this economy based on fair play, a fair shot and a fair share will require all of us to see the stake we have in each other’s success.”

Obama also challenged he big banks that took bailouts from American taxpayers, pointing to “a deficit of trust between Main Street and Wall Street.” He said banks that were bailed out had an obligation to work to close that trust deficit and should be doing more to help remedy past mortgage abuses and assist middle-class taxpayers.

Source

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 30, 2011

Johnson Controls: Shanghai plant not leaking lead

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

U.S. battery maker Johnson Controls is at odds with Shanghai’s environmental regulator over tests the company says show it was not responsible for severe lead poisoning cases in children discovered earlier this year.

The Milwaukee, Wisconsin-based company said Wednesday that an investigation by the China Electric Equipment Industry Association found its battery factory in Shanghai’s eastern suburbs was not the cause of elevated blood-lead levels among children in a nearby community. Instead, it pinned blame on a recycling facility in the area.

Shanghai Environment Bureau official Ju Chunfang, who participated in testing the Johnson Control plant, questioned the investigation, saying it was not independent. Ju said the bureau began another investigation of its own last week.

Johnson Controls denied Ju’s contention that the company had agreed it was the largest source of lead emissions in the area.

Local officials insisted the plant, which is much larger than other battery factories in the area, had to be the cause of the poisoning cases. In an interview, Ju cited several instances of occasionally high emissions readings and prevailing wind patterns as the reason for that allegation.

Xia Qing, the scientist who led the probe cited by Johnson Controls, said it was commissioned by the Electric Equipment Industry Association and was not paid for by the battery maker.

The tests showed abnormally high lead levels at a waste recycling facility near the community whose children were poisoned, with lead levels three times the current national standard and 10 times a pending stricter national standard. Zinc levels were 15 times national standards.

“I have three conclusions. First, trust the Chinese environmental protection laws. Second, the lead poisonings were not caused by Johnson Controls. And third, pay more attention to the recycling stations and companies,” said Xia, an engineer with the China Research Academy of Environmental Science.

Soaring use of cars and electric scooters is driving strong demand for lead acid batteries, and their production and recycling are a key source of lead contamination.

China shut down hundreds of battery factories last spring after a slew of lead poisoning cases. Many have remained shut.

The lead contamination drew attention after families living in Kanghua New Village, a small block of apartment buildings erected to house farm families moved to make way for an industrial zone, said checks showed many of their children had abnormally high blood lead levels no fax payday loan.

The Johnson Controls factory suspended production in September after it reached its annual quota for lead use. The plant has sought permission to expand production, but local environmental officials say such requests will not be approved due to concerns over lead emissions.

Johnson Controls says it intends to resume production in January at the factory, which has an annual capacity of 2.5 million batteries.

“We’ve called our employees back. We’re pretty excited,” said Alex Molinaroli, president of Johnson Controls Power Solutions.

“The results corroborate our own data and prove that emissions from our battery plant could not be the cause of elevated blood-lead levels found in the community,” he said.

Johnson Controls, a major supplier to the automotive industry, had insisted all along that its plant’s emission controls would have prevented any significant contamination.

Production at a second, smaller battery plant in the area had also been stopped.

Kanghua is located just north of the zone and close to chemical, battery and electronics equipment factories.

Johnson Controls earlier said its factory has lead emissions at about one-seventh the Chinese national standard. Employees are regularly tested to ensure their blood lead levels remain low enough.

Some experts say that over time they expect use of lead-acid batteries to be phased out in favor of less toxic and more efficient charging methods, such as lithium-ion batteries and fuel cells.

But such changes could take decades.

Despite its difficulties over the Shanghai plant, the company is expanding in China, with annual capacity due to rise to 10.5 million batteries next year with the addition of a new plant in Changqing. A third plant, under construction, will have a capacity of 6 million batteries, and the company is considering locations for a fourth plant.

___

Researcher Fu Ting contributed to this report.

Source

November 25, 2011

Entrepreneurs use variety of financing to open small businesses

Filed under: caredit, online — Tags: , , , — Moon @ 6:20 pm

Local entrepreneurs didn’t let a little thing like the toughest economic recovery since World War II stand in the way of starting new businesses.

Despite the uncertainty in the economy, the owners of restaurants, coffee shops, and service firms that opened here over the past few years found myriad ways to finance their dreams.

They’ve had to be creative though, as banks pulled back on lending after real estate loan defaults led to losses on many banks’ balance sheets. Loans of less than $1 million from locally chartered banks, which primarily went to small businesses, fell each quarter in 2010 and so far this year. And only a very slim margin of those loans went to startups, according to Julie Stackhouse, senior vice president of the Federal Reserve Bank of St. Louis.

“Small, entrepreneurial businesses have always faced a challenge of finding credit because they .

November 24, 2011

EU executive backs eurobonds as way out of crisis

Filed under: USA, payday — Tags: , , , — Moon @ 1:00 am

The European Commission backed the introduction of jointly issued eurobonds, coupled with stricter budgetary discipline, as the best way out of a debt crisis that’s threatening the 17-country eurozone.

EU Commission President Jose Manuel Barroso said Wednesday that the countries using the euro currency needed to work more closely together to dovetail their budgetary policies and avoid having one nation endanger all others by not living by its financial commitments. The crisis, which started in Greece nearly two years ago, has now spread to much-bigger economies such as Italy and Spain and there was a hint Wednesday that not even Germany is immune.

Barroso, who heads the executive arm of the European Union, said there was a need to “embrace deeper integration for the euro area” and that “implemented in the right way, the joint issuance of debt in the euro area could bring tremendous benefits.”

Barroso said it could lead to greater financial integration and to the creation of a much larger bond market, comparable to that of the United States treasuries.

Germany has opposed the use of eurobonds and has long called on profligate member states to clean up their own houses with as little outside intervention as possible. A big worry for Germany is that its low borrowing costs would get diluted if eurobonds came into issue and it would then be forced to pay higher rates to tap bond markets.

Anticipating the proposal, Chancellor Angela Merkel poured cold water on the idea in the German Parliament earlier in the day.

“It is extremely troubling, I might say inappropriate, that the Commission is now focusing on proposals on eurobonds in different varieties,” she told legislators.

Merkel argued that it was a pretense to suggest that a “collectivization of the debt would allow us to overcome the currency union’s structural flaws.”

While Merkel was voicing her opposition to the idea of eurobonds, Germany suffered what many in the markets are describing as a failed bond auction.

Despite being touted as the European bedrock of financial stability and rigor, Germany failed to raise as much money as it hoped in its latest bond auction, in a sign that even it may not be immune from the debt crisis raging across the continent.

Germany’s Financial Agency said its latest euro6 billion ($8.1 billion) auction of 10-year bonds met with only 60 percent demand. It blamed “the extraordinarily nervous market environment” for the weak demand.

Since Greece pushed the eurozone into its ever-worsening financial mess last year, many member states have seen their cost of government borrowing rise to record levels. Germany’s borrowing rates though have dropped sharply as investors buy up its bonds as a safe haven.

Germany has long been reluctant to bail out member states like Greece, Ireland and Portugal, insisting it was up to their governments to live by sound economic principles and win investor confidence.

Barroso said that eurobonds, or so-called stability bonds, “will not solve our immediate problems.”

Still he said “stability bonds are examples of reinforced governance, of a strong will to live together in the euro area and a good example of discipline.”

_____

Juergen Baetz in Berlin contributed to this report.

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

« Older PostsNewer Posts »

Powered by WordPress