Finance topics

December 30, 2011

RCGA: F-15 deal worth $2.9B a year to local economy.

Filed under: marketing, term — Tags: , , , — Gogo @ 5:56 pm

It was pretty clear from the start that this week’s news that Saudi Arabia is buying 84 new F-15 fighters from The Boeing Co. would have a big impact on the St. Louis region.

Today, the Regional Chamber and Growth Association took a stab at counting just how big.

While the $30 billion deal is not expected to create any new jobs, it will prolong production of the F-15, which is largely built at Boeing’s plant in north county, by about five years, through 2020.

That production supports about 1,000 manufacturing jobs at Boeing, and contribute to nearly 4,000 more through local suppliers and spinoff activity, according to RCGA economist Ruth Sergenian. Those direct jobs generate $1.1 billion a year in wages and other economic activity, and the indirect impact is another roughly $1.8 billion.

It’s worth noting that these sort of estimates are notoriously rough, and that something else might well fill the void were Boeing’s F-15 production to go away. But, for now, it’s not, and 2.9 billion more dollars flowing through the region’s economy every year is a pretty good thing.

Source

December 29, 2011

Asian stocks mostly down on mixed US economic news

Filed under: Loans, management — Tags: , , , — Gogo @ 5:52 am

Asian stocks markets were mostly lower Wednesday, with trading thinned by year-end holidays and mixed economic news out of the U.S.

Hong Kong’s Hang Seng index fell 0.4 percent to 18,556.53. South Korea’s Kospi lost 0.9 percent to 1,825.94 and Australia’s S&P ASX 200 lost 0.9 percent to 4,103.90. Benchmarks in mainland China and the Philippines were also lower.

Bucking the trend was Japan’s Nikkei 225 index, which rose 0.1 percent to 8,449.54. While Japan’s industrial output dropped last month, government forecasters expect manufacturing and production to rebound this month and next.

Industrial output dropped a seasonally adjusted 2.6 percent in November, the government said. It was the first decline in two months paydayloan.

Trading, falling between the Christmas holiday and New Year’s, was generally light.

On Wall Street on Tuesday, the Dow Jones lost less than 0.1 percent to close at 12,291.35. The S&P 500 was up marginally to 1,265.43. The Nasdaq composite rose 0.3 percent to 2,625.20.

Consumer confidence surged to an eight-month high, but home prices fell in 19 of the 20 cities tracked by the Standard & Poor’s/Case-Shiller index. That report dampened investors’ enthusiasm about a jump in consumer confidence to the highest level since April.

Source

December 27, 2011

White House to seek increase in borrowing limit

Filed under: marketing, money — Tags: , , , — Gogo @ 4:20 pm

The Obama administration will ask Congress to raise the nation’s borrowing limit by $1.2 trillion this week, marking the third and final increase from a deal negotiated over summer.

Treasury officials said Tuesday that the increase is necessary because the government will be within $100 billion of its current limit by Friday.

The debt limit is the amount the government can borrow to finance its operations. The latest increase will boost that limit to $16.4 trillion. Officials say that should be enough to allow the government to keep borrowing until the end of 2012 _ just after the presidential election.

Congress can reject the request, although Obama can veto their objection. If Congress doesn’t act by Jan. 14, the increase will take place automatically.

The national debt has soared because the government has run record deficits over the past decade. The borrowed money has helped pay for two wars, stimulate the nation’s economy after the worst recession since the Great Depression and finance broad tax cuts initiated during the Bush administration.

The enormity of the debt has also stoked intense partisan debate in Congress over spending and taxes. Polls show growing voter anger with the inability of both parties to reach solutions to the country’s budget problems fast cash now.

In August, Congress and the administration agreed to raise the borrowing limit by $2.1 trillion in three steps. The deal was reached hours before a potential default on the nation’s debt and only after the parties also agreed to cut more than $2 trillion from the deficit over the next 10 years.

Still, the parties are at odds over how to reduce the deficit. In November, a bipartisan panel failed to meet a deadline to agree on $1.2 trillion of the cuts. That means automatic cuts of that amount will begin in January 2013 _ a condition included in last summer’s deal.

Republicans want to modify the timetable for the automatic cuts, largely because it includes steep cuts to the nation’s defense budget.

Congress agreed to raise the debt limit by $400 billion in August and by another $500 billion in September.

House Republicans voted against the second increase. But they failed to block it because the Senate approved it. The increases are scheduled to take effect unless both chambers vote against them.

Source

December 26, 2011

Slovenia Ratings Cut by Moody

Filed under: legal, online — Tags: , , , — Gogo @ 2:42 am

+%3Cp%3ESlovenia+had+its+credit+rating+lowered+one+step+to+A1+by+Moody%92s+Investors+Service+on+the+potential+need+for+the+government+to+support+its+banking+system+amid+Europe%92s+debt+crisis.+%3C%2Fp%3E+%3Cp%3EThe+euro-area+nation%92s+banking+industry+has+assets+that+are+about+136+percent+of+gross+domestic+product%2C+which+is+%93relatively+large+when+compared+to+other+systems+in+eastern+Europe%2C%94+Moody%92s+said+yesterday+in+a+statement.+It+assigned+a+negative+outlook+to+Slovenia%92s+credit+grade%2C+the+fifth-highest.+Standard+%26amp%3B+Poor%92s+ranks+the+nation+AA-%2C+one+level+higher.+%3C%2Fp%3E+%3Cp%3ESlovenia+was+downgraded+at+Moody%92s+for+the+second+time+in+three+months+as+the+euro+area+struggles+to+resolve+its+sovereign-debt+crisis%2C+prompting+stepped-up+ratings+scrutiny+for+the+region.+S%26amp%3BP+and+Fitch+ratings+said+this+month+they+may+cut+the+scores+of+15+euro-region+members+after+assessing+the+outcome+a+European+Union+summit+on+a+tighter+fiscal+pact.+%3C%2Fp%3E+%3Cp%3E%93Asset+quality+pressure+and+the+euro-area+debt+and+funding+crisis+have+further+exposed+significant+vulnerabilities+in+the+solvency+and+short-term+external+funding+and+overall+business+model+of+the+largest+institutions+in+Slovenia%92s+financial+sector%2C%94+Moody%92s+said.+%3C%2Fp%3E+%3Cp%3EThe+government+is+the+majority+owner+of+the+country%92s+two+biggest+lenders%2C+Nova+Ljubljanska+Banka+d.d.+and+%3Ca+topic_url%3D%22http%3A%2F%2Ftopics.bloomberg.com%2Fnova-kreditna-banka-maribor-dd%2F%22+href%3D%22http%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fquote%3Fticker%3DKBMR%3ASV%22+density%3D%22sparse%22+title%3D%22Get+Quote%22+ticker%3D%22KBMR%3ASV%22+class%3D%22web_ticker%22%3ENova+Kreditna+Banka+Maribor+d.d.+%28KBMR%29+%3C%2Fp%3E+September+Downgrades++%3Cp%3ESlovenia%92s+rating+was+lowered+one+level+by+S%26amp%3BP%2C+Moody%92s+and+Fitch+Ratings+in+September%2C+citing+fiscal+concerns%2C+a+weak+domestic+banking+industry+and+a+poor+outlook+for+the+export-+driven+economy.+The+nation+is+rated+AA-+by+Fitch.+%3C%2Fp%3E+%3Cp%3EThe+former+Yugoslav+republic+needs+to+repay+1.17+billion+euros+%28%241.5+billion%29+in+bonds+next+year%2C+according+to+data+compiled+by+Bloomberg.+%3C%2Fp%3E+%3Cp%3E%93The+further+weakening+economic+growth+outlook+also+complicates+the+government%92s+ability+to+achieve+its+medium-term+fiscal+consolidation+plans%2C%94+Moody%92s+said.+%93The+highly+volatile+funding+conditions+on+the+euro-area+bond+markets+represent+additional+risks+even+for+a+small+issuer+like+Slovenia+in+the+event+that+the+financing+needs+exceed+the+original+estimates.%94+%3C%2Fp%3E+%3Cp%3ESlovenia%92s+borrowing+costs+surged+after+voters+rejected+pension+changes+in+June+and+after+the+European+debt+turmoil+engulfed+Italy%2C+its+neighbor+to+the+west+and+the+third-biggest+trading+partner+after+Germany+and+Austria.+%3C%2Fp%3E+Rising+Yields++%3Cp%3EYields+on+Slovenia%92s+10-year+bonds+reached+a+peak+of+7.77+percent+on+Nov.+11%2C+a+level+that+had+prompted+other+nations+like+Greece%2C+Ireland+and+Portugal+to+seek+assistance+from+the+EU+and+the+International+Monetary+Fund.+%3C%2Fp%3E+%3Cp%3EThe+yield+on+notes+maturing+in+January+2021+has+dropped+since+and+was+at+6.66+percent+today+at+1%3A54+p.m.+in+Ljubljana+from+6.746+percent+yesterday%2C+according+to+data+compiled+by+Bloomberg.+%3C%2Fp%3E+%3Cp%3E%93It+was+no+surprise%2C+but+of+course+there+is+a+constant+source+of+bad+news+flow%2C%94+said+Lutz+Roehmeyer%2C+a+fund+manager+at+Landesbank+Berlin+Invest+in+Berlin+who+oversees+11.5+billion+euros+and+holds+Slovenian+bonds.+%93It+weighs+on+the+sentiment+of+investors+and+funds+with+rating+constraints+get+into+selling+pressure+depending+on+their+specific+rating+limits.%94+%3C%2Fp%3E+%3Cp%3ENova+Ljubljanska+received+a+250+million-euro%2C+three-year+loan+from+the+European+Central+Bank+as+lenders+in+Europe+sought+a+record+489+billion+euros+in+financing%2C+the+Ljubljana-based+bank+said+yesterday.+The+company+wants+to+raise+400+million+euros+by+mid-2012+to+improve+its+capital+ratio+to+above+9+percent.+%3C%2Fp%3E+Bank+Ratings++%3Cp%3EMoody%92s+also+cut+the+debt+and+deposit+ratings+of+three+Slovenian+banks%2C+Nova+Ljubljanska%2C+Nova+Kreditna+and+%3Ca+topic_url%3D%22http%3A%2F%2Ftopics.bloomberg.com%2Fabanka-vipa-dd%2F%22+href%3D%22http%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fquote%3Fticker%3DABKN%3ASV%22+density%3D%22sparse%22+title%3D%22Get+Quote%22+ticker%3D%22ABKN%3ASV%22+class%3D%22web_ticker%22%3EAbanka+Vipa+d.d.+%28ABKN%29%2C+it+said+in+the+statement+today.+The+rating+company+also+downgraded+the+issuer+and+senior+unsecured+ratings+of+SID+Banka%2C+a+government-owned+development+bank.+%3C%2Fp%3E+%3Cp%3ENLB+and+its+smaller+competitor%2C+Nova+Kreditna%2C+said+they+will+probably+report+losses+for+this+year+on+mounting+bad+loans+from+the+sinking+construction+industry+and+as+more+and+more+companies+file+for+bankruptcy+or+receivership.+%3C%2Fp%3E+%3Cp%3ESlovenia+%93believes+that+the+question+of+a+capital+boost+only+relates+to+the+country%92s+biggest+bank+NLB%2C%94+as+Nova+Kreditna+passed+the+recent+test+by+the+European+Banking+Authority%2C+the+Finance+Ministry+in+Ljubljana+said+today.+%3C%2Fp%3E+%3Cp%3E%93With+the+capital+increase+at+NLB%2C+private+investors+are+considered+the+first+option%2C+or+the+participation+of+the+government+that+wouldn%92t+increase+the+country%92s+debt%2C%94+the+ministry+said.+%3C%2Fp%3E+%3Cp%3EBad-loan+provisions+in+Slovenia+surged+40+percent+in+the+first+10+months+from+a+year+ago+to+706+million+euros%2C+the+central+bank+said+in+a+Dec.+7+report.+%3C%2Fp%3E+Savings+Measures++%3Cp%3ESlovenians+on+Dec.+4+elected+the+Positive+Slovenia+party+of+Ljubljana+Mayor+Zoran+Jankovic+in+snap+elections+after+the+previous+government+collapsed+in+September.+%3C%2Fp%3E+%3Cp%3ELawmakers+adopted+savings+measures+of+150+million+euros+by+freezing+by+freezing+public+employees%92+pay%2C+pensions+and+benefit+payments+to+allay+investor+concern+over+its+debt.+%3C%2Fp%3E+%3Cp%3EAll+86+lawmakers+present+voted+for+the+legislation+that+will+come+into+force+from+Jan.+1+and+will+last+until+June+next+year%2C+according+to+a+live+broadcast+by+public+broadcaster+TV+Slovenija.+%3C%2Fp%3E+%3Cp%3E%93I+count+on+Europe+to+take+into+account+these+efforts+and+bond+yields+could+go+lower+if+we+adopt+these+measures%2C%94+Jankovic%2C+who+is+likely+to+form+the+next+government%2C+said+before+the+vote.+%3C%2Fp%3E+%3Cp%3ESlovenia%2C+the+first+former+communist+country+to+adopt+the+euro%2C+is+struggling+with+the+euro+region%92s+sovereign+debt+crisis%2C+which+erodes+demand+for+its+exports.+It+risks+sliding+back+into+recession%2C+while+public+debt+may+widen+to+more+than+50+percent+next+year.+%3C%2Fp%3E+%3Cp%3EThe+economy+shrank+0.5+percent+in+the+third+quarter+from+a+year+before%2C+following+growth+of+0.8+percent+in+the+previous+three-month+period+and+public+debt+has+more+than+doubled+in+four+years.+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2011-12-22%2Fslovenia-ratings-cut-by-moody-s-on-concern-nation-s-banks-may-need-funding.html%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

December 19, 2011

Juror in Microsoft case at peace with decision

Filed under: Loans, economics — Tags: , , , — Gogo @ 1:32 am

The lone holdout juror who prevented a Utah company from getting as much as $1.2 billion from one-time rival Microsoft Corp. for alleged antitrust violations says he’s at peace with his decision.

Corbyn Alvey, a 21-year-old security guard from Magna, told KSL-TV ( http://bit.ly/ubPwcB) that he didn’t think there was enough evidence presented during the two-month trial in U.S. District Court in Salt Lake City to support the claims of Provo-based Novell Inc.

Novell sued Microsoft in 2004, claiming the software giant duped it into developing the once-popular WordPerfect writing program for Windows 95 only to pull the plug so Microsoft could gain market share with its own product. Novell says it was later forced to sell WordPerfect for a $1.2 billion loss.

“I walk away feeling honestly myself, and I can’t speak for the other jurors, that I made the right decision even if it resulted in a hung jury,” Alvey said Saturday. “There were so many inferences that needed to be drawn that I felt that it was unfair to Microsoft to go out on a limb and say, `yes.’”

Alvey described the three days of jury deliberations as stressful. The 11 other jurors sided with Novell.

“Obviously, I wanted to convince them to agree with me and they wanted to convince me to agree with them,” he told KSL.

Bill Gates testified last month that he had no idea his decision to drop a tool for outside developers would sidetrack Novell payday loan lenders. Gates said he was acting to protect Windows 95 and future versions from crashing.

Novell argued that Gates ordered Microsoft engineers to reject WordPerfect as a Windows 95 word processing application because he feared it was too good.

Alvey said the jury agreed on the technical aspects of the case but disagreed on what Novell could have accomplished “but for” Gates’ decision.

“There was a lot of speculation in this `but for’ world,” he said.

As for Gates’ testimony, Alvey said, “The man was a little sarcastic at times. If anything, it provided a little break from the monotonous questions and answers … I think from his testimony, what I heard, and what I saw in the emails, Bill Gates was a man who took every threat extremely seriously.”

Jury foreman Carl Banks said he tried hard to get a verdict.

“It was a tough case. It was long and it was hard and it was grueling,” he said. “We gave it our best shot.”

Novell attorneys have said they would seek to retry the case with a new jury. Microsoft said it would file a motion asking the judge to dismiss Novell’s complaint for good and avoid a second trial.

Source

December 17, 2011

India holds rates steady on growth concerns

Filed under: Mortgage, management — Tags: , , , — Gogo @ 11:12 am

India’s central bank held key interest rates steady Friday as it struggles to foster growth amid high inflation, disappointing businesses who were looking for more drastic action.

The Reserve Bank of India kept the short-term lending rate, or repo rate, at 8.5 percent and the reverse repo rate _ the rate it pays to banks for deposits, at 7.5 percent. The bank also kept the cash reserve ratio for commercial lenders unchanged.

“Downside risks to growth have clearly increased,” the bank said in a statement. “However, it must be emphasized that inflation risks remain high.”

The bank’s 13 rate hikes since March 2010 are starting to choke growth in Asia’s third largest economy. Growth slipped to a two year low of 6.9 percent in the September quarter and industrial production fell 5.1 percent in October, its first contraction since June 2009. But inflation remains above 9 percent.

“I would like to see RBI do a major rate cut now,” B. Muthuraman, president of the Confederation of Indian Industry and vice chairman of Tata Steel, told CNBC-TV18 before the policy decision.

He said he would have liked the bank to cut rates by half a percentage point and reduce the cash reserve ratio to boost lending. That would help small and medium sized businesses _ which are crucial to jobs and output in India’s manufacturing sector _ get more affordable financing to grow.

“Government inaction is a big cause of concern for industry,” Muthuraman said, citing coal shortages, land acquisition difficulties and slow decision making. “We can have a growth rate in excess of 8 percent, if only we’d had reforms. It’s a very sad story.”

The rupee, which has been trading at record lows, strengthened Friday, after the central bank took to steps to curb speculation.

Source

December 15, 2011

US formally ends Iraq war with little fanfare

Filed under: Business, Loans — Tags: , , , — Gogo @ 5:28 pm

There was no “Mission Accomplished” banner. No victory parade down the center of this capital scarred by nearly nine years of war. No crowds of cheering Iraqis grateful for liberation from Saddam Hussein.

It took the U.S. military just 45 minutes Thursday to declare an end to its war in Iraq with a businesslike closing ceremony behind concrete blast walls in a fortified compound at Baghdad International Airport. The flag used by U.S. forces in Iraq was lowered and boxed up. On the chairs _ nearly empty of Iraqis _ were tags that listed not only the name of the assigned VIP, but the bunker to rush to in case of an attack.

With that, and brief words from top U.S. officials who flew in under tight security, the U.S. drew the curtain on a war that killed 4,487 Americans, by the Pentagon’s count, and more than 100,000 Iraqis.

The conflict also left another 32,000 Americans and far more Iraqis wounded, drained more than $800 billion from the U.S. treasury and diverted resources from Afghanistan, where the Taliban and al-Qaida rebounded after their defeat in the 2001 invasion.

“To be sure the cost was high _ in blood and treasure of the United States and also the Iraqi people,” Defense Secretary Leon Panetta told the roughly 200 troops and others in attendance. “Those lives have not been lost in vain. They gave birth to an independent, free and sovereign Iraq.”

Many Iraqis, who saw their country devastated through years of fighting, disputed that.

“With this withdrawal, the Americans are leaving behind a destroyed country,” said Mariam Khazim, a member of the Shiite Muslim sect that has dominated politics since the end of Saddam’s Sunni-led regime.

“The Americans did not leave modern schools or big factories behind them,” said Khazim, whose father was killed when a mortar shell struck his home in Sadr City. “Instead, they left thousands of widows and orphans. The Americans did not leave a free people and country behind them. In fact, they left a ruined country and a divided nation.”

The low-key ceremony stood in sharp contrast to the start of the war, which began before dawn on March 20, 2003, with a “shock and awe” airstrike in southern Baghdad where Saddam was believed to be hiding. U.S. and allied ground forces then stormed across the featureless Kuwaiti desert, accompanied by reporters, photographers and television crews embedded with the troops.

Now, the final few thousand U.S. troops will head out in orderly caravans and tightly scheduled flights, leaving behind a nation free of Saddam’s tyranny but fractured by violence and fearful of the future. Bombings and gun battles still occur almost daily. Experts are concerned about the Iraqi security forces’ ability to defend the nation against foreign threats.

U.S.-Iraqi ties are no doubt closer than they were during much of Saddam’s rule but are still short of what Washington once envisioned. Iranian influence is on the rise. One of the few positive developments from the American viewpoint _ a democratic toehold _ is far from secure.

“You will leave with great pride _ lasting pride,” Panetta told the troops seated in front of a small domed building in the airport complex. “Secure in knowing that your sacrifice has helped the Iraqi people to begin a new chapter in history.”

Many Iraqis, however, are uncertain how that chapter will unfold. Their relief at the end of Saddam, who was hanged on Dec. 30, 2006, was tempered by a long and vicious war that was launched to find nonexistent weapons of mass destruction and plunged the nation into a bloodbath between rival Muslim sects.

An insurgency that rose up within months of the April 2003 fall of Baghdad scuttled reconstruction plans and forced the Americans to keep up to 170,000 troops in Iraq years after Saddam was captured.

Iraq nowadays is far quieter than at the height of the war, but with an uneasy peace achieved through intimidation and bloodshed. The number of Iraqi neighborhoods in which members of the two Muslim sects live side by side and intermarry has dwindled.

The forced segregation, fueled by extremists from both communities, has fundamentally changed the character of the country. And it raises questions about whether the Iraqis can heal the wounds of the sectarian massacres after the Americans leave.

Some Baghdad neighborhoods, such as Hurriyah, are still guarded by thick blast walls and security checkpoints. Widespread corruption, bureaucratic hurdles and electricity shortages continue to stifle Iraq’s economy.

It was hard to find an Iraqi on Thursday who did not celebrate the exit of what they called American occupiers, neither invited nor welcome in a proud country whose capital, Baghdad, was once among the world’s great centers of culture and learning.

Some said that while grateful for U.S. help ousting Saddam, the war went on too long. A majority of Americans would agree, according to opinion polls, though many initially supported the war as a just extension of the fight against terrorism after the 9/11 attacks.

One of the many ironies of the war is that Saddam had not tolerated al-Qaida, which planned and carried out the attacks. With Saddam gone and the country in chaos, al-Qaida in Iraq became the terror movement’s largest and most dangerous franchise, attracting fighters from North Africa to Asia for a war that lingers on through suicide bombings and assassinations, albeit at a lower intensity.

The ceremony at Baghdad’s airport also featured remarks from Army Gen. Martin Dempsey, the chairman of the Joint Chiefs of Staff who served two tours in Iraq, and Gen. Lloyd Austin, the top U.S. commander in Iraq.

Austin led the massive logistical challenge of shuttering hundreds of bases and combat outposts, and methodically moving more than 50,000 U.S. troops and their equipment out of Iraq over the last year _ while still conducting training, security assistance and counterterrorism battles.

As of Thursday, there were two U.S. bases and about 4,000 U.S. troops in Iraq _ a dramatic drop from the roughly 500 military installations during the surge ordered by President George W. Bush in 2007. All U.S. troops are slated to be out by the end of the year.

President Barack Obama had no comment on Thursday’s ceremony but told soldiers at Fort Bragg in North Carolina this week that the “war in Iraq will soon belong to history, and your service belongs to the ages.”

Despite Obama’s earlier contention that all American troops would be home for Christmas, at least 4,000 forces will remain in Kuwait for some months. The troops could be used as a quick reaction force if needed.

The U.S. will leave behind thousands of diplomats and security contractors.

“We will have to be working closely with the Iraqis to ensure the security of our civilians,” Secretary of State Hillary Clinton said in a statement.

Still, the disappearance of uniformed troops marked a defining moment in Iraq’s history.

“It is a great achievement for the Iraqi people,” said Hayder al-Abadi, a Shiite lawmaker in Prime Minister Nouri al-Maliki’s coalition. “Iraqi politicians have made their way and have made the independence and sovereignty a reality here. The Americans have committed a lot of mistakes in Iraq and they failed to protect the country.”

Source

December 14, 2011

UK tour operator Thomas Cook to close 200 stores

Filed under: marketing, term — Tags: , , , — Gogo @ 7:52 am

British tour operator Thomas Cook said Wednesday it will close 200 stores after tourism to Tunisia and Egypt dried up in the wake of the protests earlier this year.

Europe’s second largest tour operator said it will cut 661 jobs and close 115 of its stores immediately, with the remainder going over the next two years.

The group also reported its final year results Wednesday, after postponing their release as it sought new agreements with its creditors. It said its operating profit fell 16 percent to 303.6 million pounds ($471 million).

The company said it has already begun selling off 200 million pounds worth of assets and will suspend dividend payments until the balance sheet improves.

Thomas Cook said it had been hit by several external shocks in the last few years. It suffered badly when the volcanic ash cloud from Iceland shut off European airspace in April 2010.

It also said that the Arab Spring had resulted in a dramatic fall in travel to Middle East and North African destinations and that its operations in Britain and France had underperformed as its traditional customer base of families with young children who holiday in its all-inclusive beach resorts decided to stay home instead.

Thomas Cook shares were down 7 percent to 13.75 pence in morning trading.

Source

December 12, 2011

RCGA hires Louisville’s Reagan as new CEO

Filed under: Loans, term — Tags: , , , — Gogo @ 1:52 pm

Joe Reagan, president of Greater Louisville Inc., has been hired as the new president and CEO of St. Louis’ lead economic development organization.

The Regional Chamber and Growth Association announced Monday that it has hired Reagan to replace Dick Fleming, who is set to step down at year’s end. The 48-year-old Indiana native has run Louisville’s largest economic development group since 2005.

“Joe brings to the RCGA a strong professional background in successful chamber management, regional economic development, public policy development and implementation,” said Ameren Corp. CEO Tom Voss, who chairs the RCGA board. “His career accomplishments and integrity have earned him the respect of both business and governmental leaders in the greater Louisville region and throughout the nation overall.”

Reagan’s name emerged as a finalist last week, with rumors that business leaders in Louisville were raising funds to try and keep him. He was reportedly one of two finalists - the other being Rhonda Hamm-Niebruegge, director of Lambert-St. Louis International Airport.

In announcing Reagan’s hiring, RCGA pointed to a list of accomplishments in Louisville that may translate to St. Louis. Among them: Helping a two-state, 26-county region work together around economic development; boosting focus on educational attainment, entrepreneurship and industry clusters; and spearheading efforts to modernize a Ford plant to keep auto industry jobs in the region.

“Joe Reagan is, without question, one of the top chamber and economic development executives in the country,” said Danny Ludeman, ceo of Wells Fargo Advisors and RCGA’s chairman-elect.

A conversation about the role of RCGA has heated up in recent weeks, as both St. Louis Mayor Francis Slay and a study conducted for the St. Louis County Economic Council have called for significant changes to its mission and business model. But RCGA leadership have said they plan to maintain the group’s focus as both a chamber of commerce and economic development agency.

RCGA said it considered nearly 200 people during its nine-month search. Reagan is set to start Feb. 1.

“I appreciate the opportunity to serve an organization that believes that results-oriented collaboration among business, civic and elected leaders is critical in driving economic development and improving quality of life in the St. Louis bi-state region,” he said.

Source

December 10, 2011

Yemen militants attack barracks, 13 killed

Filed under: Mortgage, economics — Tags: , , , — Gogo @ 5:40 pm

A Yemeni military official says al-Qaida-linked militants have attacked a military barracks in an embattled southern town, leaving two soldiers and 11 militants dead.

The official said Saturday that another 36 soldiers were injured in the base in Zinjibar, the capital of Abyan province.

He says that the fighting began Friday night and continued into the morning. He spoke on condition of anonymity because he was not authorized to speak to the media payday loans.

Militants and the army have fought for control of Zinjibar since May. A 10-month-old uprising against authoritarian President Ali Abdullah Saleh has caused a breakdown of authority throughout the country.

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