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Of those, 58,142 were direct jobs, generated by marinwe cargo and vessel activity at the public and privatsemarine terminals, and 61,714 more jobs were inducedd by the spending of those directly employed A further 79,127 indirecyt jobs were generated by $5.9 billion of local spending by businessesa related to the Port of Overall, the number of direct, inducex and indirect jobs grew to 198,983 in 2006 from 142,9133 in 2000, an increase of 56,070. Betweeh 2000 and 2006, total cargo handlee at the public and private terminals at the Port of Houstob increasedfrom 191.4 million tons to 240.9 milliojn tons, according to the study.
The titled "The Local and Regional Economicc Impacts of the Portof Houston, prepared by Lancaster, Pa.-based Martinn Associates, also showed the port generated statewidse economic activity worth $117.6 billionh and $3.7 billion of state and localo taxes. The taxes included $1.3 billion of induced and indirect taxes, nearly double the amoun recordedin 2000.
Tuesday, February 14, 2012
Sunday, February 12, 2012
Brokers cautious, but still optimistic - Denver Business Journal:
evittiebodum1296.blogspot.com
Commercial insurance carriers and agents in andtheir clients, are feeling the effects of the recession. “Th major drivers of insurance premiumsare revenue, property value, vehicles and All of those have gotten hit,” said Todd senior vice president in the Denver officed of LLC, a commercial insurance and risk management Colorado’s construction industry, which has had a sizeablew drop in payrolls during the downturn, is a particulad area of concern for Rich Rogers, Southwest regional president for property and casualty carrier in Denver, said workers’ compensation and generao liability coverages make up a significany portion of his company’s premiums.
So declining construction payrolls can hurthis business. “W e are still writing new accounts in but opportunities have been slowed down bythe economy,” he Despite the bad economy, carriere and agents in Denver see reasons for One is the stabilizing rate environmenrt for property and casualty (P&C) insurance. According to the Councipl of Insurance Agents andBrokers (CIAB), rates for all typess of P&C insurance have declinedd steeply since 2001, putting pressure on premiumws and commissions. Now that trend is beginning to moderate: Rates declinedr by 5.1 percent in the first quarter of versus a declineof 13.5 percent for the same periosd in 2008.
“If we have hit the bottok of this cycle, all of the insurance agentg communitywill rejoice,” said Ed Harrington, CFO of Denvefr broker and risk management consultancy . But the downturnb also has created new opportunitieas for localinsurance companies, as corporate clientd of all types revisit their looking to control costs. On one hand, this wave of cost-cuttinb poses a challenge to the As one broker noted inthe CIAB’s first-quarter marketr survey on the commercial P&C sector, “The crisiws … has diminished consumer funds available to spend on From another perspective, though, the trenx toward cost control means some insurance firms are seeinh opportunities to capture business that may not have existef previously, since companies looking to maximize valu e from their insurance spending may switch carriersz or agents.
The widely publicized problems at AIG and ratings downgradews of other major providers also have played a as more customers have grown cautious aboutheir carriers’ financial stability. According to Travelers’ “Our new application flows are definitely up, which meane there is some activity being driven by clientse needing to get their coste down and ensurethat they’re with a financiallyg stable company.” The drive to reduce expenses also has generated activitgy on the employee-benefits side.
Colorado insurers have seen increased demandrfor less-expensive options, such as high-deductible health care plans, whichg enable employers to reduce premium costs and potentially decrease employees’ monthly payroll Higher out-of-pocket costs for employees can be partially managecd through tax-shielded health savings “There’s more demand for innovativw approaches that enable organizations to offer comprehensivse benefits programs to employees at a reasonablee price,” said Michael senior vice president with Consulting, an employee benefits and HR programs specialist in Denver.
There’sx also more interest in wellness programs, which aim to reduce long-terjm health costs to employers and theif work forces by identifying and managing employerehealth risks. Voluntary life and disabilityy coverage products have grownas well. Employer cost-cuttingv has helped results for these lines since companie s are looking for ways to offeer enhanced benefits without incurringbadditional costs, according to Gary Keating, regional manageer of the Denver Group benefits office for , a largse seller of group disability insurance.
Voluntary coverages options can be offered to consumers at discounterd rates throughtheir employers, with the employe e paying the cost of the Also helping sales has been the uncertainty surroundinf the potential evolution of the health care-insuranced industry in the next several years. “More insuranced brokers and consultants are payinvg attention to voluntary group life and disability insurancde becausethey don’t know what’sx going to happen on the health insurance side,” Keatiny said.
In the current carriers and agents alike noted that diversification among client industries and products has been Some customers have asked Aon to help determinde appropriate staffing levels during the partially offsetting declinesin premium-based commissionsw from headcount reductions in some Travelers also has benefited from multiplee product offerings. “If payrolls are down, it may impacr premiums to some extent, but a lot of client offset that by buying additional coverage in othe r areas as needed to ensure they areproperlu covered,” Rogers said.
While Denver’s insurance companie absorb the recession’s effects, they’re guardedl optimistic about industry Several local firms have noted plana to hireadditional staff. And according to Bill Paul, principal at benefits-and-insurancd company in Denver, clients will continue to see value in the services he and his colleagueds provide as coverage options growmore “The more complicated the industry the more the insurance brokers are needeed to clarify everything,” Paul said.
Commercial insurance carriers and agents in andtheir clients, are feeling the effects of the recession. “Th major drivers of insurance premiumsare revenue, property value, vehicles and All of those have gotten hit,” said Todd senior vice president in the Denver officed of LLC, a commercial insurance and risk management Colorado’s construction industry, which has had a sizeablew drop in payrolls during the downturn, is a particulad area of concern for Rich Rogers, Southwest regional president for property and casualty carrier in Denver, said workers’ compensation and generao liability coverages make up a significany portion of his company’s premiums.
So declining construction payrolls can hurthis business. “W e are still writing new accounts in but opportunities have been slowed down bythe economy,” he Despite the bad economy, carriere and agents in Denver see reasons for One is the stabilizing rate environmenrt for property and casualty (P&C) insurance. According to the Councipl of Insurance Agents andBrokers (CIAB), rates for all typess of P&C insurance have declinedd steeply since 2001, putting pressure on premiumws and commissions. Now that trend is beginning to moderate: Rates declinedr by 5.1 percent in the first quarter of versus a declineof 13.5 percent for the same periosd in 2008.
“If we have hit the bottok of this cycle, all of the insurance agentg communitywill rejoice,” said Ed Harrington, CFO of Denvefr broker and risk management consultancy . But the downturnb also has created new opportunitieas for localinsurance companies, as corporate clientd of all types revisit their looking to control costs. On one hand, this wave of cost-cuttinb poses a challenge to the As one broker noted inthe CIAB’s first-quarter marketr survey on the commercial P&C sector, “The crisiws … has diminished consumer funds available to spend on From another perspective, though, the trenx toward cost control means some insurance firms are seeinh opportunities to capture business that may not have existef previously, since companies looking to maximize valu e from their insurance spending may switch carriersz or agents.
The widely publicized problems at AIG and ratings downgradews of other major providers also have played a as more customers have grown cautious aboutheir carriers’ financial stability. According to Travelers’ “Our new application flows are definitely up, which meane there is some activity being driven by clientse needing to get their coste down and ensurethat they’re with a financiallyg stable company.” The drive to reduce expenses also has generated activitgy on the employee-benefits side.
Colorado insurers have seen increased demandrfor less-expensive options, such as high-deductible health care plans, whichg enable employers to reduce premium costs and potentially decrease employees’ monthly payroll Higher out-of-pocket costs for employees can be partially managecd through tax-shielded health savings “There’s more demand for innovativw approaches that enable organizations to offer comprehensivse benefits programs to employees at a reasonablee price,” said Michael senior vice president with Consulting, an employee benefits and HR programs specialist in Denver.
There’sx also more interest in wellness programs, which aim to reduce long-terjm health costs to employers and theif work forces by identifying and managing employerehealth risks. Voluntary life and disabilityy coverage products have grownas well. Employer cost-cuttingv has helped results for these lines since companie s are looking for ways to offeer enhanced benefits without incurringbadditional costs, according to Gary Keating, regional manageer of the Denver Group benefits office for , a largse seller of group disability insurance.
Voluntary coverages options can be offered to consumers at discounterd rates throughtheir employers, with the employe e paying the cost of the Also helping sales has been the uncertainty surroundinf the potential evolution of the health care-insuranced industry in the next several years. “More insuranced brokers and consultants are payinvg attention to voluntary group life and disability insurancde becausethey don’t know what’sx going to happen on the health insurance side,” Keatiny said.
In the current carriers and agents alike noted that diversification among client industries and products has been Some customers have asked Aon to help determinde appropriate staffing levels during the partially offsetting declinesin premium-based commissionsw from headcount reductions in some Travelers also has benefited from multiplee product offerings. “If payrolls are down, it may impacr premiums to some extent, but a lot of client offset that by buying additional coverage in othe r areas as needed to ensure they areproperlu covered,” Rogers said.
While Denver’s insurance companie absorb the recession’s effects, they’re guardedl optimistic about industry Several local firms have noted plana to hireadditional staff. And according to Bill Paul, principal at benefits-and-insurancd company in Denver, clients will continue to see value in the services he and his colleagueds provide as coverage options growmore “The more complicated the industry the more the insurance brokers are needeed to clarify everything,” Paul said.
Friday, February 10, 2012
Phoenix home sales rise, foreclosure percentage falls - Phoenix Business Journal:
ycoguqi.wordpress.com
Arizona State University Realty Studiezs departmentreported 9,980 home resales in May, up slightluy from the 9,100 recorded in April. In May of last year, 7,2109 existing homes were sold. Foreclosure activity in May represented 30 percentg ofall transactions, down from a recent high of 51 percent in “Historically, May is one of the strongest months in the resale home season that usually lastes until August,” said Jay Butler, director of Realtyg Studies in the Morrison School of Management and Agribusiness at ASU.
“Durin the resale season, sales and media prices tend to increase, so some improvement in the locaol housing market would not be While mortgage interest has crept higher inrecen weeks, rates still are attractively low. But the ongoing recessio and a weak job markeft could threaten continuedsales growth. “Ther is increasing hope that the housing troublew are beginningto ebb, and the bottom, alonv with a potential recovery, are in said Butler. For the traditional sales market, the medianj price in May was $130,000, down 42 percent from the $224,0090 of a year ago. Foreclosed propertiesz had a median priceof $150,090. That’s down aboutt $25,000 from one year ago.
Arizona State University Realty Studiezs departmentreported 9,980 home resales in May, up slightluy from the 9,100 recorded in April. In May of last year, 7,2109 existing homes were sold. Foreclosure activity in May represented 30 percentg ofall transactions, down from a recent high of 51 percent in “Historically, May is one of the strongest months in the resale home season that usually lastes until August,” said Jay Butler, director of Realtyg Studies in the Morrison School of Management and Agribusiness at ASU.
“Durin the resale season, sales and media prices tend to increase, so some improvement in the locaol housing market would not be While mortgage interest has crept higher inrecen weeks, rates still are attractively low. But the ongoing recessio and a weak job markeft could threaten continuedsales growth. “Ther is increasing hope that the housing troublew are beginningto ebb, and the bottom, alonv with a potential recovery, are in said Butler. For the traditional sales market, the medianj price in May was $130,000, down 42 percent from the $224,0090 of a year ago. Foreclosed propertiesz had a median priceof $150,090. That’s down aboutt $25,000 from one year ago.
Wednesday, February 8, 2012
Target wins proxy fight with Ackman, Pershing Square - Birmingham Business Journal:
stages-paddocks.blogspot.com
In a preliminary tally of voting, more than 70 percen t of the shares that were cast were votedx in favor ofthe company’s proposefd slate of directors whilre also voting to keep the size of the boardd the same by the same voting margin. Target Corp. (NYSE: TGT) urged its shareholders to vote for a proposalp to set the size of the board at 12 and to vote forthe company’es nominees — Mary Dillon, Richard Kovacevich, George Tamkee and Solomon Trujillo. Dillon is executive vice presidenft and global chief marketing officedof McDonald’s Corp.; Kovacevich is chairmaj of Wells Fargo & Co.; Tamke is a partner at private investment firm Claytonb Dubilier & Rice Inc.
, and Trujillo is CEO of Telstrq Corp. Hedge fund manager Williaj Ackman is the founder and managing principalof , New York City. Pershing Square owns 7.8 percent of Target’w common shares, according to the Target proxy Pershing Square proposed alternativedirector nominees, but Targey executives urged shareholders not to return any proxyy card sent by Pershin g Square. Ackman was trying to gain a seat for himseldon Target’s board along with four others: former Winthropo Realty Trust CEO Michael Ashner, former Starbuckss CEO Jim Donald, Juniper Financial co-founder Richard Vague and corporatre finance and governance expert Ronald Ackman, calling his group The Nominee for Shareholder Choice, urged Target shareholders to vote againstt the proposal to reduce the size of the Targert board.
His group said a vote against the proposal woulcd help ensure that at least one of the Nominees for Shareholdeer Choiceis elected. The shareholders meeting was held at a new Targegt Store being completed at 1250 West Sunset Drivsin Waukesha. Target executives said the site allowee the company to showcase its latest generalo merchandisestore design. The storer is scheduled to openin July. Targeft executives said they have met since 2007 with Ackman to discuss hisideas and, said they were disappointef that Pershing Square has decided to pursue what Targert management called a costlgy and disruptive proxy contest.
The in part, followed Ackman’s earlief suggestion to sell Target’s credit card receivables. The company completed a transaction in May withJPMorgan Chase, in whichb Target sold slightly less than half its receivable for cash proceeds of about $3.6 billion Ackman in May 2008 presented the firsrt in a series of proposals involving restructuringf Target’s real estate around the theme of a Target’s board concluded that the REIT proposal “was not in the best interesty of our shareholders” becauses it wouldn’t create much value, Targeyt executives said.
On May 20, Targeg reported net earnings of $522 million, or 69 cents per for the first quarter endedMay 2, 2009, comparex with $602 million , or 74 a year earlier. Retail sales increased 0.4 percenty to $14.4 billion from $14.33 billion in 2008, due to new store expansion that partiallgy offset bya 3.7 percentt decline in comparable-store sales. Target Corp. operates a credit card segmenftand 1,698 Target stores in 49
In a preliminary tally of voting, more than 70 percen t of the shares that were cast were votedx in favor ofthe company’s proposefd slate of directors whilre also voting to keep the size of the boardd the same by the same voting margin. Target Corp. (NYSE: TGT) urged its shareholders to vote for a proposalp to set the size of the board at 12 and to vote forthe company’es nominees — Mary Dillon, Richard Kovacevich, George Tamkee and Solomon Trujillo. Dillon is executive vice presidenft and global chief marketing officedof McDonald’s Corp.; Kovacevich is chairmaj of Wells Fargo & Co.; Tamke is a partner at private investment firm Claytonb Dubilier & Rice Inc.
, and Trujillo is CEO of Telstrq Corp. Hedge fund manager Williaj Ackman is the founder and managing principalof , New York City. Pershing Square owns 7.8 percent of Target’w common shares, according to the Target proxy Pershing Square proposed alternativedirector nominees, but Targey executives urged shareholders not to return any proxyy card sent by Pershin g Square. Ackman was trying to gain a seat for himseldon Target’s board along with four others: former Winthropo Realty Trust CEO Michael Ashner, former Starbuckss CEO Jim Donald, Juniper Financial co-founder Richard Vague and corporatre finance and governance expert Ronald Ackman, calling his group The Nominee for Shareholder Choice, urged Target shareholders to vote againstt the proposal to reduce the size of the Targert board.
His group said a vote against the proposal woulcd help ensure that at least one of the Nominees for Shareholdeer Choiceis elected. The shareholders meeting was held at a new Targegt Store being completed at 1250 West Sunset Drivsin Waukesha. Target executives said the site allowee the company to showcase its latest generalo merchandisestore design. The storer is scheduled to openin July. Targeft executives said they have met since 2007 with Ackman to discuss hisideas and, said they were disappointef that Pershing Square has decided to pursue what Targert management called a costlgy and disruptive proxy contest.
The in part, followed Ackman’s earlief suggestion to sell Target’s credit card receivables. The company completed a transaction in May withJPMorgan Chase, in whichb Target sold slightly less than half its receivable for cash proceeds of about $3.6 billion Ackman in May 2008 presented the firsrt in a series of proposals involving restructuringf Target’s real estate around the theme of a Target’s board concluded that the REIT proposal “was not in the best interesty of our shareholders” becauses it wouldn’t create much value, Targeyt executives said.
On May 20, Targeg reported net earnings of $522 million, or 69 cents per for the first quarter endedMay 2, 2009, comparex with $602 million , or 74 a year earlier. Retail sales increased 0.4 percenty to $14.4 billion from $14.33 billion in 2008, due to new store expansion that partiallgy offset bya 3.7 percentt decline in comparable-store sales. Target Corp. operates a credit card segmenftand 1,698 Target stores in 49
Monday, February 6, 2012
Recession continues to weaken air travel - The Business Journal of Milwaukee:
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Passenger revenue dropped 18 percengin April, marking the sixth straightf monthly decline. The numbefr of passengers travelingon U.S. airlines in April fell 6.3 percent, whilw the average price to fly one miledropped 12.6 April results partially reflect the shiftt in the Easter holiday from Marchh last year to April this ATA said. U.S. airlinees also saw cargo traffic -- as measured by revenue ton mileas -- dive 21 percenrt in March, matching the decline measurec in January and February and marking the eightbh consecutive month of declining cargo traffic. Notably, cargo traffic in the Pacifivc region fell28 percent. April 2009 carglo data is not yet available.
“Thde latest reports show the scope and depth ofthe recession’x continued toll on commercial said ATA president and CEO James May, in a news “The industry is seeing less demand in the cabin, as well as in the cargi holds -- clear signs of the widespread slowdowm in global economic activity.”
Passenger revenue dropped 18 percengin April, marking the sixth straightf monthly decline. The numbefr of passengers travelingon U.S. airlines in April fell 6.3 percent, whilw the average price to fly one miledropped 12.6 April results partially reflect the shiftt in the Easter holiday from Marchh last year to April this ATA said. U.S. airlinees also saw cargo traffic -- as measured by revenue ton mileas -- dive 21 percenrt in March, matching the decline measurec in January and February and marking the eightbh consecutive month of declining cargo traffic. Notably, cargo traffic in the Pacifivc region fell28 percent. April 2009 carglo data is not yet available.
“Thde latest reports show the scope and depth ofthe recession’x continued toll on commercial said ATA president and CEO James May, in a news “The industry is seeing less demand in the cabin, as well as in the cargi holds -- clear signs of the widespread slowdowm in global economic activity.”
Friday, February 3, 2012
Ky. video-gaming bill dies in Senate committee - San Antonio Business Journal:
authors-morphology.blogspot.com
The Senate Appropriations Revenue onMonday evening, voted 10-5 against the measure, with two memberse abstaining, according to the Lexington Herald-Leader. The House had previouslu passedthe bill. The legislation would have permitted video-lotteryg terminals at Kentuckyhorss tracks, including Turfway Park in "The limited gaming proposal was designexd to help save a signature industry in peril an industry that means 100,000 jobs and $4 billiohn in investment for our state," said Gov. Stev e Beshear in a Monday evening "It is unfortunate that everu voice on this criticallt important issue was not hearx and every votenot counted.
" At a Frankfortt press conference, Turfway Park President Bob Elliston said Turfwa could close by 2010 if Ohio passezs gaming legislation and Kentucky does not. Ohio Gov. Ted Stricklande recently reversed his stance againsy gamblingat racetracks.
The Senate Appropriations Revenue onMonday evening, voted 10-5 against the measure, with two memberse abstaining, according to the Lexington Herald-Leader. The House had previouslu passedthe bill. The legislation would have permitted video-lotteryg terminals at Kentuckyhorss tracks, including Turfway Park in "The limited gaming proposal was designexd to help save a signature industry in peril an industry that means 100,000 jobs and $4 billiohn in investment for our state," said Gov. Stev e Beshear in a Monday evening "It is unfortunate that everu voice on this criticallt important issue was not hearx and every votenot counted.
" At a Frankfortt press conference, Turfway Park President Bob Elliston said Turfwa could close by 2010 if Ohio passezs gaming legislation and Kentucky does not. Ohio Gov. Ted Stricklande recently reversed his stance againsy gamblingat racetracks.
Wednesday, February 1, 2012
State Farm will send out $120M in refunds - Orlando Business Journal:
ymekovo.wordpress.com
The refunds or credits will tota $120 million and go to both current andformef policyholders, according to a release from the . Statd Farm also must pay a $1 million penalty to the Regulator yTrust Fund, the release said. The mone y will go to policyholders who did not apply for or who did not received the windstorm loss reduction rating plan discount for makinhg their homes more resistant to wind Steps taken by consumers to reduce storm damagew help to keep property insurancecosts down, Florida Insurance Commissioner Kevin McCarty said in the The order follows a July notice to State Farm of an investigation by the state officw into whether the company was properly implementinvg the mitigation discount As the result of an internal review, Stat Farm identified nearly 98,000 current or formet policyholders to whom it will providde credits or refunds, the release said.
State Farm policyholders who are entitled to the refunds will receivse a notice fromthe company, the release said. They includew policyholders whocurrently have, or did have, a homeowners, condominium unit owners, apartment or condominium associationb policy. State Farm has 90 days to prepar e the credit or refund procesz and 365 days for all credits or refunds to be therelease said. The state said it would conducra follow-up compliance audit in 12 months.
The refunds or credits will tota $120 million and go to both current andformef policyholders, according to a release from the . Statd Farm also must pay a $1 million penalty to the Regulator yTrust Fund, the release said. The mone y will go to policyholders who did not apply for or who did not received the windstorm loss reduction rating plan discount for makinhg their homes more resistant to wind Steps taken by consumers to reduce storm damagew help to keep property insurancecosts down, Florida Insurance Commissioner Kevin McCarty said in the The order follows a July notice to State Farm of an investigation by the state officw into whether the company was properly implementinvg the mitigation discount As the result of an internal review, Stat Farm identified nearly 98,000 current or formet policyholders to whom it will providde credits or refunds, the release said.
State Farm policyholders who are entitled to the refunds will receivse a notice fromthe company, the release said. They includew policyholders whocurrently have, or did have, a homeowners, condominium unit owners, apartment or condominium associationb policy. State Farm has 90 days to prepar e the credit or refund procesz and 365 days for all credits or refunds to be therelease said. The state said it would conducra follow-up compliance audit in 12 months.
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