Europe Update: Next Key Meeting This Thursday
Posted on July 18th, 2011
The next emergency EU summit is scheduled for this coming Thursday. Wolfgang Münchau is very concerned, from the Financial Times: Plan D stands for default and death of euro
The biggest single danger in the eurozone crisis now is that events are moving too fast … It was a huge mistake to postpone an emergency EU summit until Thursday this week.
This is a key meeting. If there is no agreement on how to proceed, the markets could really panic. Also many people were disappointed with the stress tests released Friday. From the WSJ: Euro Stress Tests Tell Only Half the Story
Here is what the official stress tests results didn’t tell you: 27 European banks would need to raise a combined €82 billion ($155 billion) in new capital … That is well above the €2.5 billion shortfall, spread across eight banks, announced Friday. The
Tags: Thursday
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$ 13 M to Go to Small Businesses of New Hampshire
Posted on July 18th, 2011
The State Small Business Credit Initiative (SSBCI) is going to aid to businesses in Granite state as they are going to receive $ 13 millions as loans. SSBCI, the new program, is going to draw in Federal funds of $ 13 billion to New Hampshire, in-order, to help small businesses find access to credit and create new jobs.
SSBCI is a new $1.5 billion initiative that has been included in the Small Business Jobs Act of President Barack Obama. The Small Business Jobs Act got singed into law in October. The fund makes state programs very leveraging in itself and it helps to intensify private lending to small businesses and manufacturers considered credit worthy. It is meant to help businesses that cannot find loans for expansion or creation of new jobs.
For states to qualify for grant, they have to make it evident that each dollar of federal funding would result in leveraging at-least $10 in lending to small businesses.
Tags: 13 M, New
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Personal Devices Beat Out Work Computers
Posted on July 17th, 2011
A new survey suggests that workers are substantially more productive using their own electronic devices than they are with those provided by their office, according to The Telegraph.
Commissioned by software company Citrix Online and organized by YouGov, the survey asked businesses about the types of technology their employees use and their policies for using personal devices. Already, 45 percent of respondent companies allow employees to use their own computers and around half of all employees could actually be using better technology with their personal device.
The biggest finding for many companies considering changing their policy is that businesses with more open technology policies actually saw increased productivity of as much as 30 percent, though the average value was not reported.
The largest concern for many companies was the potential for security breaches that can arise from the use of a broad variety of devices. Read full article…
Tags: Work, Work Computers
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Real estate forecast shows signs of progress
Posted on July 17th, 2011
Optimism with a lot of caveats was the prevailing theme in Marcus & Millichap’s mid-year retail market outlook, as analysts from the national commercial real estate firm suggested the last two months of bad news on the jobs front represents a “soft patch” rather than the beginning of a return to recession.
While describing recent news as “at best a soft patch” Marcus & Millichap managing director Hessam Nadji said he expects improvement during the rest of the year.
“We’re not expecting a double-dip recession,” Nadji said.
Locally, new construction in retail jumped 58 percent in 2010, although the improvement was over an anemic 2009, when only $22 million in newly constructed retail property opened in Sarasota County.
The 2010 numbers, though, were dominated by the biggest private construction project of the year, Benderson Development’s $14.7 million — including land value — Cocoplum Village Shops in North Port.
Tags: Estate, Real Estate
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Hasbro reports profit up in 2Q
Posted on July 17th, 2011
PAWTUCKET – Hasbro Inc. said its second-quarter profit increased to $58.05 million, or 42 cents per diluted share, up from $43.63 million, or 29 cents per share, in 2010.
Revenue grew 23 percent to $908.45 million in the quarter, up from $737.79 million a year earlier.
The company also reported on Monday a $20.5 million, or 15 cents per diluted share, favorable tax adjustment and a pre-tax expense of $13.1 million, or 6 cents per share, on costs related to establishing a Center of Excellence for Games in Rhode Island.
The R.I. Economic Development Corporation granted the company in April an up to $1.63 million tax break if it creates 281 new full-time jobs over the next three years.
Hasbro said its second-quarter entertainment and licensing revenue declined 11 percent to $27.2 million, from $30.5 million in 2010. <
Tags: Profit, Profit 2q
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Credit Maven Sean Egan: All Of Europe Is Like One Big Lehman
Posted on July 17th, 2011
KERNAN: “you think that the fed is ultimately the lender of last resort to europe. how does that even work?” EGAN: “..it’s working right now. in a couple of different ways. one is a swap line. okay. i broaden it from the fed to the u.s. government because you have the imf support, swap lines and then you have some back stopping. cds. really the u.s. government is the only one that can move quickly and enforce to solve this problem. the EU has 3% or 3.5% capital, okay. that’s scary. lehman brothers was at that level. ECB can get additional capital but not quickly. they get it from the central banks. but it takes time to replenish the capital and if you take a reasonable hair cut on their back stopping all the deposits of these, what is it three or four countries buying the debt. buying the debt of italy and other countries. Read full article…
Tags: Europe, Sean Egan
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Stock indexes mixed at opening bell
Posted on July 16th, 2011
NEW YORK, July 18 (UPI) — Anxiety over the eurozone debt crisis and a lack of progress in raising the U.S. debt limit combined to send U.S. stock indexes lower in midday trading.
The Dow Jones industrial average lost 155.72 points, or 1.25 percent, to 12,324.01
The Nasdaq Composite Index skidded 40.29 points, or 1.46 percent, to 2,748.97.
The Standard & Poor’s 500 fell 17.11 points, or 1.30 percent, to 1,299.03.
European sovereign-debt worries set the tone as bond prices in some of the region’s leading countries showed strain, overshadowing last week’s generally positive European bank stress-test results.
“You put all this uncertainty into the markets and people want risky assets to be cheaper,” Jerry Webman, chief economist at OppenheimerFunds, told The Wall Street Journal. “There is dissatisfaction with the current round of European bank stress tests.
Tags: Indexes, Stock Indexes
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