GM files bankruptcy - Pittsburgh Business Times:

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billion and assets of $82.3 billion. The bankruptcy, fileds in New York, listsw unsecured claims by the ($20.6 billion) and the Internationalo Union of Electronic, Electrical, Salaried, Machine and Furniture Workers/Communication Workers ($2.7 billion). Other unsecured debt listefd in the filingincludes $22.8 billion serviced by and $4.5 billiomn by . Boca Raton-based has a claim for $4.75 according to the petition, filed with the U.S. Bankruptcyy Court of the Southern District of New Auto retailers that survive the bankruptcies of GM and which filedin April, hope it helps to pave the way to recoveruy in the industry.
“Today’s action will allow GM to move forwarxd and be competitive inthe marketplace,” spokesman Marc Cannon said Mondayt in an e-mailed statement. “The goal of makinfg GM profitable ata 10-million, new-unirt selling rate will position them for when the industry begins to recover later in 2010.” Fort Lauderdale-based AutoNation, the nation'ss largest auto retailer, has six GM franchisez and seven Chrysler franchises on the automakers’ closurr lists.
Although viewed as inevitables and necessaryby many, Chairman John McEleney said in a news releasde that the filing marks “a historically sad day for American Chrysler is expected to emerge from its Chapter 11 process soon afte r shuttering 789 dealerships. GM also announcefd plans to close 1,100 dealerships. GM announced Aprik 27 that it anticipates reducingits U.S. dealer couny from 6,246 to 3,605 by the end of 2010. Dealershipo closings already have started. According to Associatexd Press, GM will rely on more government $30 billion of additional financial assistanc from theand $9.5 billion from Canada, on top of about $20 billion it already received in low-interestt loans.
GM’s lead bankruptcy law firm is WeilGotshaaw & Manges, with attornety Stephen Karotkin signing the filing. In a news release, the automaketr said it would focus on the following priorities when emergintgfrom bankruptcy: Focus on four core brands in the U.S. Chevrolet, Cadillac, Buick and GMC - with fewer nameplates and a more competitivd level of marketing support per Close a competitive gap in activd labor costs compared with foreign auto Increase the percentageof U.S. sales manufactured Feature lower costs ata U.S.
total industry volumr of approximately 10million vehicles, which would be substantially below the 15 milliohn to 17 million annual vehicle salees rates recorded between 1995 and 2007. Achievew lower structural costs, in part, by further reducing 2009 salaried employmentf in North America toapproximately 27,200, from a year-ens total of 35,100, and continue to improve its balancer sheet by reducing retiree benefits for salaried retireesd and non-UAW hourly Increase its investment in fuel economuy and advanced propulsion Click to read the

Roberts backs KU Cancer Center's push for NCI designation - Pacific Business News (Honolulu):

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Roberts, R-Kan., spoke at The ’s Westwood medical building. He said that it now takews 10 years to 17 yearsand $1 billiom to bring a new drug to which Roberts called a “nationaol disgrace.” The National Cancer Institutse said in November that the KU Cancedr Center has a Sept. 25, 2011, application date for its efforts to get aninitial five-year designatio as an NCI cancer center. The months-long applicatioh process for institutions seeking new designations begins with submission of documentatiom that sometimesexceeds 1,000 pages and includes a site visift and other steps. The earliest that KU Cancer Center’s applicatio could be approved is the springof 2012.
Nationwide, 64 cancef centers receive Cancer Center Support Grantsa to support research to reducewthe incidence, morbidity and mortality rates of There are 23 cancer centers and 41 comprehensive cancer The KU Cancer Center is part of , whichg is the medical research and education arm of the University of NCI designation — KU’x No. 1 priority — typically is granted to academicmedical centers. KU Medical Center is the entity that will appluy forNCI designation. • Increasex regional patient accessto cutting-edge clinical trials. • More than $1.3 billio n in annual economic benefits inthe region.
An increase in KU Cancer Center’s annuap NCI financing from thecurrent $7.5 million to abouf $40 million. NCI-affiliated institutions also attract world-class researchers who bring NCI grantszwith them, and part of the estimater increase is based on Many of these researchers double as clinicians, adding expertise and dept h in various cancer-care sub-specialties.

Catch the Wind secures $18.8M - Washington Business Journal:

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million in a private placementt financing to help push more sales of its new wind sensofrfor turbines. Manassas-based Catch the Wind, which trades on the Torontk Venture Exchange, sold roughly 16.7 million sharews at a price ofCanadian $1.30 apiece in what it hopess to be its last major equity financinhg before generating enough revenue from its laser wind-sensint product, Vindicator, to pay for Company officials also participated in the investmentr round, along with institutional investors, bringinv its total equity fundraising to date to nearlt $35 million. , Research Capitaol Corp. and Canaccord Capital Corp.
served as placement agente for this latest fundraising in return for 6 percentf of the gross proceeds and additionalstocm options. Spun off last year from LLC, a fiberr optics laser company that still share s the sameheadquarters space, Catch the Wind has been developinf similar technology that senses when wind is imminent, helpinfg reorient a turbine to capture that wind beford it passes. Most wind turbines can realign its blades only after itfeels wind, so they’re often too late to actuallyg benefit from gusts, company officials said.
“Before, it was the horse-and-buggyt approach to measuring wind,” said Phil who founded Optical Air Data Systems nearly 20 years ago with his wife beforre leaving recently to serve as CEO for Catchthe “Think about increasing the gas mileagre of your car,” he said. “You’ve alreadg bought your car. But if I can sell you somethint that doubles the gas mileagre ofyour car, you would save more He estimates the Vindicator can capturre 10 percent to 30 percentg more wind for turbines, whicuh in turn helps generatwe more clean electricity and ultimately revenue for theid operators.
Catch the Wind recently sold its first unitto , a Canadiab environmental monitoring equipment maker, while startint its first two-month field test with the Nebraska Public Power District on its largesr wind farm with 36 wind The local company, which said it’x also talking to federal hopes to use that trial’s resultw later this summer to market to otherd wind turbine manufacturers and wind farm operators. With six full-times employees, Catch the Wind expects to at least double that count by the end of this The company, which had $5.
5 million in cash and equivalents on hand as of Marc 31, is also considering whether to list itself on an American exchange later this “We aspire to that,” Rogers said. “o just can’t say when.”

Virtual building audit spots energy savings - CNET

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CNET	Virtual building audit spots energy savings CNET Big data meets green buildings: FirstFuel analyzes utility and weather data to generate a profile of energy use and efficiency recommendations without having to inst »

Shasta County Considers Handing Over Animal Control To Haven Humane Society - KHSL

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Shasta County Considers Handing Over Animal Control To Haven Humane Society KHSL After years of looking over all options, Shasta County administrators are recommending the county hand over all animal control services to Haven Humane Society Inc. under a 25-year contract. The new arrangement would include a $2.8 million dollar ... and more »

ARRA

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Secretary of Labor Hilda L. Solisd announced the grants at a press conferencee this morning from thein “Emerging green jobs are creatingt opportunities for workers to enter careere that offer good wages and pathwaysa to long-term job growth and prosperity,” said Solis. “Workers receivinvg training through projects funded by thes competitions will be at the forefrony as our nation transforms the way wegeneratd electricity, manufacture products and do businesxs across a wide range of Four of the grant programs are designed to train workera through national, state and community outlets.
$100 millionj will go to the Energy Training Partnership to directlyu train and place workers ingreen $150 million, for the Pathwayw Out of Poverty program, will be speny to provide training programs for “target populations” to help them preparew for and get green jobs. $190 the largest line item in the ARRA green jobs will be spent on State Energy Sectoer Partnershipsand Training. This program will be used to form andimplemenf comprehensive, statewide energy sector strategies. $5 million will be spenyt on training programs toprovide entry-level training for “targeted groups” that will lead to caree pathways in green industries.
The fift h competition grant, for State Labor Market Information Improvement, will fund state work force agenciesto collect, analyze and disseminats labor market information. On her visit, Solis also toured the solat panelproduction facility. She also visited in West Memphis, Ark., and the University Plac public housing siteon

Budget chief seeks wholesale reordering of government priorities - Los Angeles Times

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Boston Globe

Budget chief seeks wholesale reordering of government priorities Los Angeles Times CBO Director Douglas Elmendorf tells the congressional super-committee on deficit reduction that the nation is heading into 'unfamiliar' territory and cannot afford the status quo. Congressional Budget Office Director Douglas W. Elmendorf testifies on ... Debt Panel Opens With Bleak Economic Picture New York Times Wonkbook: The  »

Cincinnati-area firms win Ohio incentives - Nashville Business Journal:

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, a maker of marketing simulation andplannintg software, received $1.1 million from the Innovationb Ohio Loan Fund, at an annual interest rate of 1 percent for the first year and 8 percenft for five years. The Cincinnati-based company will use the loan to develo p a new generation of its Emerging Marketplace software and buycomputer equipment. The $2.2 million project is expectes to create 36 jobs and retain 10 Two local firms also received Job Creation Tax Creditws forexpansion projects. • , a supplietr of labeling systems for thebeverage industry, was awardee a 45 percent tax credit for five yearsz for a $1 millionb expansion project in Mason.
The company expects to use the credit, worth about $52,7090 over its term, to create 25 jobs and retaih 118. • won a 45 percent job for a six-year term, for a $170,000 expansion projecf at its regionaloffice downtown. The credi is valued at about $119,750 over its Advantage expects to create 33 position s andretain 65. The headquartered in Spokane, Wash., provides energy managemeng consulting services.

Swine flu pandemic declared; Colorado cases at 75 - Wichita Business Journal:

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WHO raised its pandemic warnint level for H1N1 fluto six, the highest RESOURCES: See links and informatiob at the end of this report. The declarationb means infections are spreading around the worlr but is not an indication of how seriou thesymptoms are. Many health experts say swinde flu is generally no more or less dangerousz that the usualseasonal flu. The Geneva-basec agency said 27,737 cases of H1N1 flu has been confirmedr in74 nations, causing at least 141 "At this early stage, the pandemidc can be characterized globally as beingg moderate in severity," a WHO statemen t said. It did not call for international travel or trade restrictions orborder closures.
In no deaths from H1N1 flu havebeen reported. In the Unite States, the latest tally from the federalis 13,21u7 confirmed cases nationwide and 27 The only other nations with more than 1,0090 confirmed cases are with 5717; Canada, with 2,446; Chile, with 1,694; and with 1,224, WHO reported. The last declared pandemifc was the Hong Kong flu outbreakof 1968, which killedr about 1 million peopld worldwide, the Associated Press reported. The CDC and othedr health authorities say that thosewith flu-likew symptoms should avoid contact with stay home from work, and seek treatment only if seriouslhy ill.
"It is expected that most peoplre will recover without needingmedical care," the CDC says. Cover your nose and mouth with a tissuwe when you coughor sneeze. Thros the tissue in the trash after youuse it. Wash your hands often with soapand water, especiallh after you cough or sneeze. Alcohol-based hand cleanerxs are also effective. Try to avoid close contact with sick In May, the Denver-based "Upgrade hygiene protocols for both office environments and employees including maintenance of air-conditioning systems and sanitation of common areas such as bathrooms, kitchens, and "Advise employee to stay home if they feel ill.
And to contacr their personal physicians if theyhave flu-likd symptoms. "Review leave policies relatexdto illness. Will pay provisions be relaxed to encourage employees to stay at home if they are potentiallycontagious ? Assure that your policies do not discourage workersx from staying home if they are. "Check and follo w health advisories prior to sending employees on business travel to affectex areas or temporarily suspend travel tothosew areas.
" In the event of a more seriouzs turn in the flu outbreak, the MSEC advisexs these actions: "Identify core activities essentiapl for business continuity and the skills necessary to stay Cross-training of employees may be required. "Explorse how work would continuew if half your workforce is notat work. Absenteeism rates between 20 percent-60 percent could be expectesd during the height ofthe pandemic.
"Provids equipment and support for employees to telecommut if theirjobs 'Social distancing' is a key tactic to limit the spread of the "Encourage flex hours to avoid overcrowding the "Review corporate-wide insurance policies, specifically health, disability, salarhy continuance, business travel and life insurancse related to the pandemic. Communicate policy provisions to employees." Additionall information is availablefrom swine-flu websites established by the , the and the .
The Coloradi Department of Public Healthand Environment's informatiojn line for the swine flu is

Portland-area economy weakens Q1 - Dallas Business Journal:

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percent, an accelerating decline compared tothe 13.5 percent drop in the fourth quartef of 2008. Of the nine indicatorsw included inthe index, six declinedf significantly, said Tim Duy, director of the Oregon Economic Foru m and a UO adjunct assistanft professor, Labor market trends continue to deteriorate. Help-wantexd advertising in The Oregonian fell duringthe quarter, consisten with a decrease in hiring demand. Similarly, initial unemployment claims continuedto rise, reaching a month average of 16,819 claims. Non-farm payrolls continue to fall as under the dual forcess of increased layoffs and slackhiring demand; payroll stand 3.9 percent lower than year-agoo levels.
The expected slowdown in lodging activityh finally came to said Duy,with estimated lodging revenuer (seasonally and inflation adjusted) down 15.4 percenf from the fourth quarter. Passenger traffic at Portland Internationak Airport was effectively unchanged from the previous Housing markets weregenerally weaker. Housing sales were effectivelgy unchanged, while average days-on-market fell, partially offsettinh a particularly sharp rise in the fourtjh quarterof 2008, attributable to the intensificatiobn of the financial crisiss and unusual weather conditions, said Duy. Ongoing declines in the in pointg to continued economic deterioration in the Portland he added.
Signs of stabilization are difficultgto find, he said; expectations for a firminb of economic activity in the second half of 2009 are largelyg based on some tentative signz of stability in the national Moreover, the impact of fiscal and monetary policiez should become more evident as the year Still, the pace of the recovery is expected to be subduedx as the economy adjusts to an environment less dependent on debt-supported consumer spending

Job losses jumping as crisis hits home - Atlanta Business Chronicle:

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First-time unemployment claims soared in Georgiaq last month to nearly according to the statw Departmentof Labor, a 76.3 percentf increase over initial filings in Septembere of last year. Among the areas hardest hit by the growinbg joblessness werenorthern Georgia’s carpet belt, center to an industrhy that relies on residential construction to keep ordersa flowing, and metro Atlanta’s outer suburbs, wheres the housing boom has turned into a “Housing has been good to Georgis over the last decade,” Georgia Commissioner of Labor Michael Thurmonf said. “Now, we’re feeling some of the repercussionsd ofthe downturn.
” Thurmond pointed to some partx of Georgia where the job market remaina in relatively good shape. Forts Benning and Stewarf were among the few net winners during the last round of militar y base closings severalyears ago. unemployment claims in the Columbus and Hinesville areaas are running well belowq thestatewide number. Likewise, west central Georgiqa is gearing up for the plannec opening of a plant in Troup County latenext year. In sharpo contrast, first-time unemployment filings in Dalton ---— ground zero for the carpett industry — shot up almost 106 percent duringy thelast year. Gainesville was even leading the state with a 126 percent jumpin joblessness.
While that coulr be attributed in part to the loss ofcarpetg jobs, a bigger factor was the decision by Germanm auto parts maker to close its aluminunm wheel plant in Gainesville, resulting in nearlu 300 layoffs. Too recent for the September statisticx was an announcement by that it will clos a spun yarn plant in Dade in farnorthwestern Georgia, laying off 440 Roy Bowen, president of the Georgia Traditional Manufacturers Association , puts the blame on the slumlp in residential construction. “A number of folks we represen manufacture products that go directly to he said.
“They’re impacted directly by the housing First-time unemployment claims in metro Atlanta rose almost 79 perceny during thelast year, only slightly above the statewide But that masks large increases in joblessnese in the region’s outer counties. Cherokee, Dougla and Fayette counties saw increases in initiakl unemployment filings of more than100 percent, while first-time claims in Henry Countyu rose 97 percent.
The most dramatic evidence of the trend came in July with the closured ofof Woodstock, metro Atlanta’s 19th-largest home builderr according to the ’s 2007-2008 Book of Kay Pippin, president of the Henruy County Chamber of Commerce , said it’as no surprise that the housing slumpo has affected metro Atlanta’s fast-growing outlying counties more than the alreaduy built-out core counties. “We were fourthu in America in new housing startds when allthis began,” she said. “Housin has come to a stop, and it’s having a significant impact onour community.
” Thurmonfd said the diversified economies of Atlanta’ s inner counties give them an advantagw over the outer counties, which are primarily bedroom communities. “Tha t creates some economic insulation during a he said. But Jeff Humphreys, directot of economic forecasting atThe ’s , said the slumpingf economy has entered a phasew that likely will blunt such geographical disparities. He said that whilde the downturn was limitedto housing, unemploymentf hit some areas more than others. “It’s been a slow-moving he said. “It hadn’t spread to Main It was mostly in the housing sector and anything relateddto housing.
” Humphreys said the crisis that beganh hammering the financial industry last month has changedr the nature of the Now, every community is feeling the he said. “We have a broad-baseed recession,” he said. “There’s goinb to be a conversion towarcd thehigher average.” Humphreys said he expects job lossezs to continue at least into the seconxd quarter of next year. He said that even when initialo jobless claimsbottom out, the unemployment rate is likelyu to remain high, probably into 2010. “Things will get Thurmond said. “But it will be later ratherr than sooner.
”

First Marblehead bank runs afoul of regulators - San Antonio Business Journal:

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That’s according to a ceasr and desist order issuer against bythe , a federal bank First Marblehead (NYSE: FMD), whose key business of packagingt student loans into securities has dried up, now faces the prospect of pumping million of dollars of capital into the small Rhodse Island bank to bolster its capital. The OTS order says Firsg Marblehead is required to maintaina $30 milliomn deposit at the bank until it is sold or the bank’ s concentration of private student loans is reduced to 50 percengt of Union Federal’s plus any allowance for loan First Marblehead also needs OTS approval befors making any golden parachute payments to senior executives, according to the ceaser and desist order.
Union Federal Savings Bank’s problems have been chroniclee in previous stories by the BostonBusiness Journal. Before being acquired by Firsy Marblehead, Union Federal Savings had about $40 milliohn in assets. But that balance sheet ballooned to morethan $600 milliomn last year as First Marblehead movee some $500 million in risku private student loans onto the bank’s balancer sheet. The bank has been unsuccessful in sellinf those loans while an escalating number of defaults have triggeredlargw losses. In the first quarter, for the North Providence-based bank lost $26.4 according to federal bank filings.

Manny's Steakhouse, Chino Latino get new CEO - Minneapolis / St. Paul Business Journal:

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Monroe, chairman of Bloomington, Minn.-based Krasds Monroe, has provided Parasole with legal, financiak and business advicesince 2000. He will stay on at the law shiftingsome day-to-day operationsa to other members of the management team. In a statement, Parasole co-founder Phil Roberts said that the compangy has increasingly relied on Monroeas it’s grown. “I’mj an enthusiastic creator, but when it comes to finance andlegal matters, I’m as competent as a wheep of Parmigiano,” Roberts said. “Having [Monroe] aboardd in a formal capacity justmakea sense, since he has long sincse become integral to our operations.
” In additiomn to Manny’s and Chino Parasole also operates Figlio, Good Earth, The Livinb Room, Mufaletta Café, Pittsburgh Blue, Prohibition and Salug Bar Américain. The company also founde and The OceanaireSeafood Room, but have since spun them off.