plus 3, Greek cabinet discusses pension and wage reform as civil service ... - Minneapolis Star Tribune

Greek cabinet discusses pension and wage reform as civil service ... - Minneapolis Star Tribune
Hawaii will delay sending out tax refunds to balance budget - Honolulu Advertiser
S3 Investment Company Comments on Additional Contracts Valued at Over ... - Stockhouse
MISCOR Group Announces Divestiture of Two Business Units, Provides ... - MSN Money

Greek cabinet discusses pension and wage reform as civil service ... - Minneapolis Star Tribune

Posted: 09 Feb 2010 07:46 AM PST

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Greek stocks closed up 4.96 percent Tuesday, while the spread between 10-year Greek government bonds and the benchmark German issues of equivalent maturity fell to just under 320 basis points, down 30 points from Monday. The improved climate came ahead of Thursday's EU summit in Brussels, and after news that European Central Bank President Jean-Claude Trichet had left a banking conference in Australia to attend the summit, stoking speculation the heads of government and state could come up with some kind of solution for Greece.
The government has announced euro2 billion ($2.74 billion) in public spending cuts so far, and hopes to raise more than euro5 billion from extra taxes and fighting endemic tax evasion.
But Papandreou's Socialists, elected four months ago, have shied at further salary cuts or layoffs in the civil service, which employs some 750,000 people — all guaranteed lifetime jobs.
Labor and Social Security Minister Andreas Loverdos announced a two-year increase in the average retirement age, to bring it to the age of 63 by 2015. Papandreou had said he would increase the retirement age, but not by how much or by when.
"The situation is dramatic, and our response is clear. We are changing the country's social security system to keep it alive and allow it to have a future," Loverdos said. "The reforms ... will add life to the system and allow it to endure for the coming decades."
Loverdos said the changes would bring Greece's average retirement age above the EU average of 61.1 years.
The Finance Ministry also gave details of a previously announced hike in fuel taxes, saying gasoline would now cost 14 euro cents more per liter, while diesel would be six cents more expensive — increases calculated to bring an extra euro934 million into state coffers, the ministry said.
The reforms announced so far have angered powerful labor unions, and civil servants have called a nationwide strike Wednesday.
The walkout will affect state schools, hospitals, tax offices and local government offices, while all Greek airports will be closed to international and domestic flights. Private sector workers will walk off the job on Feb. 24 in a separate strike.
Papandreou called on the unions to show restraint.
"We must all change, or we will all sink together — and we will not let the latter happen," he said in Parliament late Monday.

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Hawaii will delay sending out tax refunds to balance budget - Honolulu Advertiser

Posted: 09 Feb 2010 07:46 AM PST

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Some Hawai'i residents may not see their state income tax refund checks until the end of August even though they file their taxes on time.
The state Department of Taxation yesterday said it will begin issuing the checks in July, but it could be that some refunds won't get sent out until late summer.
"It probably won't happen, but it is possible," said Stan Shiraki, the department's deputy director. "We are going to process as quickly as possible."
The delaying of refund checks is allowed by state law and is being used this year as Gov. Linda Lingle looks for ways to ease an expected $721 million revenue shortfall in the year that ends June 30.
Lingle is pushing some costs into the next fiscal period, which begins in July. Several states, including California, Missouri and Kansas, last year used the tactic of delaying refunds to help with their financial problems.
The Department of Taxation said the state should save $275 million with the shift of the refunds. It will go toward balancing the state budget.
Many residents interviewed yesterday were unhappy with Lingle's plan.
Stephen Salmon, 39, said he depends on his annual refund check each spring to help with his child support payments.
"If it doesn't come back to me, it's going throw my budget off," said Salmon, a Waikīkī resident who is an independent construction contractor.
Salmon relocated from Maui to O'ahu last year to get a job. "It's been a struggle, but I'm still finding work," he said.
Delaying tax refunds isn't the right move during a recession, he said. "It's been a difficult time; all my friends are struggling."
Sheryl Ah Sam, 51, like Salmon, believes Lingle should have polled the public first before deciding to withhold refund checks.
"You'd like to have a choice," said Ah Sam, a Pearl City businesswoman. "It's money that you have a right to have come back to you."
While she rarely gets a refund, she said, her daughters look forward to their checks.
Ah Sam was resigned to the decision, however.
"She's already doing it; what are you going to do?"

economic impacts

Many taxpayers use refunds like a savings plan and look at the checks as a windfall that can be used toward a big purchase or vacation, said David Ramirez, owner of Tax Relief Services in Honolulu. For others, the refund can provide welcome breathing room from day-to-day expenses.
"A lot of people are dependent on the refunds, both federal and state," Ramirez said, adding that the state refund is typically much smaller than the federal check, perhaps amounting to several hundred dollars, while the federal refund may be $2,000. "If it was a delay with the federal there would be a big impact."
Still, if they came on time, the state refunds would help boost the economy in May and June as people spend their checks, said Lowell Kalapa, head of the Tax Foundation of Hawaii.
Moreover, some people may take the state's delay as a warning signal to boost their own savings and not spend the money, Kalapa said. He said this was the first time in the almost 40 years he's been involved in the tax business that he can remember the state delaying paying refunds.
The tardy payments will apply to personal and corporate income tax refunds.
The state is allowed to take 90 days to process the tax returns after the April 20 deadline for state income tax. The state comptroller has another 45 days to mail the check. That places the deadline for the state issuing checks on about Sept. 2.
If it goes past that date the state must pay interest on the refunds. Kalapa said the state pays around 4 percent annually, as opposed to the 8 percent residents must pay if they are tardy with tax payments.
"They always have the luxury of the law being on their side," Kalapa said.

first in, first out

'Ewa Beach college student John Bogac, 39, said that taxpayers have already had to suffer through furloughs and other cuts in service.
Bogac said when he was employed, the refund check was something to look forward to because it amounted to a bonus that would go to a major purchase such as a computer or a car.
Henrietta Maka, a 64-year-old McCully resident, said she usually gets about $200 back.
"I spent it. I can't do anything else with it," she said with a laugh.
Maka said she recently retired from the U.S. Postal Service so a refund check might mean a little more for her this year.
"I feel bad (about the delay), but mostly for the others who really expect to have it," she said.
Shiraki said the Department of Taxation intends to process returns quickly and have the information to hand over to the state comptroller by July 1 so the checks can be mailed out expeditiously. He said that residents should consider choosing direct deposit to bank accounts since the comptroller's office can only print so many checks each day.
In general, though, the refunds will be paid on a first-in, first-out basis. Shiraki said people should keep that in mind if they consider delaying filing their tax returns because their refund checks will be mailed later.
He also said it is possible that some refund checks could go out sooner than July 1 if the state's revenue picture unexpectedly improves.
Kapolei resident Shannon Tecson said she typically gets a refund of $3,000 to $8,000 each year. But the 36-year-old independent Herbalife distributor said she won't miss the money.
"I make money every day," Tecson said. "I feel that us, as citizens, should learn how to sustain ourselves."
Tecson said she doesn't mind the state holding onto her money.
"I give what's due without complaint," she said.
Reach Greg Wiles at gwiles@honoluluadvertiser.com.

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S3 Investment Company Comments on Additional Contracts Valued at Over ... - Stockhouse

Posted: 09 Feb 2010 06:48 AM PST

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Boyuan Construction Group Signs Three New Contracts for Construction Projects in China

DANVILLE, CA, Feb 09, 2010 (MARKETWIRE via COMTEX News Network) --
S3 Investment Company, Inc. (PINKSHEETS: SIVC) today commented on three new construction contracts valued at over $57 million announced by a client of its Redwood Capital subsidiary. The new contracts were announced by Boyuan Construction Group, which is publicly traded on Canada's TSX Venture Exchange under the symbol BOY, and include two projects in Shandong province and one on Hainan Island, China. Redwood Capital, as part of the compensation it received as the Chinese merchant banking advisor for Boyuan Construction Group when it became listed on Canada's TSX Venture Exchange, received shares of Boyuan common stock. As of S3's last filed financial report, for the period ended September 30, 2009, Redwood Capital held 691,203 shares of Boyuan common stock.
The first of the three new projects announced by Boyuan was a contract valued at $17.5 million to build a 20-story, 74,000 square meter hotel in Sanya, an emerging tourist destination located on Hainan Island, China, which is expected to be completed in early 2011. The second contract, which is valued at US $22 million, is for the development of a 6-story, 200,000 square meter commercial complex in the city of Weifang, in China's Shandong province. The commercial complex, which will include furniture manufacturers and retailers, is expected to be completed by the end of 2010. The most recently announced contract is valued at $18.1 million for the development of a 32-story, 99,000 square meter residential building, also in the city of Weifang. This project is expected to be completed by the second quarter of 2011.
Since the beginning of the 2010 calendar year, the total value of the contracts announced by Boyuan Construction Group exceeds $76 million.
"This recent news announced by Boyuan Construction Group bodes well not only for its future in China's construction industry but also for the potential future value of the Boyuan stock that Redwood Capital holds," stated S3 Investment Company Chairman and CEO Jim Bickel. "As Redwood Capital continues to attract new clients and work with its existing pipeline of Chinese companies, S3 will also report on the progress of Redwood clients that form the basis of the company's asset value."
The stock holdings of S3's Redwood Capital subsidiary appear on the company's consolidated financial reports, which are posted on the Pink Sheets OTC Disclosure and News Service.
To sign up to receive information by email directly from S3 Investment Company when new press releases, investor newsletters, SEC filings or other information is disclosed, please visit http://www.s3investments.com/investors/.
About S3 Investment Company, Inc.
S3 Investment Company, Inc. (http://www.s3investments.com) and its Redwood Group International subsidiary are focused on facilitating the success of two subsidiaries operating in the China market. Redwood Capital, Inc. assists private Chinese companies in accessing the North American capital markets by utilizing a network of investment banking relationships to achieve reverse merger transactions. For more information, please visit http://www.redwoodcapinc.com. Redwood Medical, Inc. assists companies seeking to import and distribute Western medical technologies and products into the China market.
Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. S3 Investment Company, Inc. undertakes no obligation to update any such statements to reflect actual events.
Contact For S3 Investment Company Gemini Financial Communications, Inc. 951-200-4107 Email Contact
SOURCE: S3 Investment Company
http://www2.marketwire.com/mw/emailprcntct?id=AF5AD5C06E565F76
Copyright 2010 Marketwire, Inc., All rights reserved.

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MISCOR Group Announces Divestiture of Two Business Units, Provides ... - MSN Money

Posted: 09 Feb 2010 08:29 AM PST

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SOUTH BEND, Ind., Feb. 9 /PRNewswire-FirstCall/ -- Industrial services provider MISCOR Group, Ltd. (OTC Bulletin Board: MIGL) today announced the sale of its Martell Electric, LLC and Ideal Consolidated, Inc. business units and provided an update regarding its previously announced restructuring plan. Upon completion of the plan, MISCOR's remaining subsidiaries will be aligned with the Company's refocused business strategy, which includes an emphasis on maintenance, repair, remanufacturing and manufacturing of mechanical and electrical equipment for customers in the industrial and utility industries.
The two business units, part of the Company's Construction Services segment, were sold for $3.5 million to John Martell, President and CEO of MISCOR and his wife Bonnie Martell. The consideration for the transaction comprised $750,000 in cash and a reduction by $2,750,000 of a $3 million note that was owed to Mr. Martell by MISCOR. The financial terms of the transaction, which closed on Wednesday, Feb. 3, were supported by an independent fairness opinion provided to the Company's Board of Directors by Western Reserve Partners, LLC of Cleveland.
Going forward, Mr. Martell will remain in his role of President of the two divested companies, and in the interim, will also remain with MISCOR to assist the Company in completing its transition to a new CEO. MISCOR is beginning the search process for a new CEO, and once the process is complete, Mr. Martell will step down as CEO but maintain an active role in the Company as non-executive Chairman of the Board.
To further support the Company's focus on the industrial services segment, MISCOR also announced the planned relocation of its headquarters from South Bend, Ind. to Massillon, Ohio, the main location of Magnetech Industrial Services, Inc. MISCOR continues to work with Western Reserve and interested parties to develop a solution for the divestiture of the rail segment of its business.
MISCOR also announced that it has reached an agreement with its lender, Wells Fargo Bank, regarding an amendment to its current credit facility. Wells Fargo continues to be supportive of the Company's restructuring plan and other potential strategic initiatives intended to reduce MISCOR's indebtedness through asset sales, divestitures and other alternatives.
"The initiatives announced today are a testament to the continued progress we've made to ensure that MISCOR remains positioned and appropriately structured to achieve sustainable long-term growth and profitability," said John A. Martell, President and CEO of MISCOR Group. "Given the ongoing challenges in the macroeconomic environment, we must remain focused on the effective execution of our restructuring plan, which is designed to reduce our operating costs, better align our management team and focus our efforts on MISCOR's core industrial and utility services business."
About MISCOR
South Bend, Ind.-based MISCOR Group, Ltd. (OTC BB: MIGL) currently provides electrical and mechanical solutions to industrial, commercial and institutional customers through two segments: Industrial Services, consisting of the Company's maintenance and repair services to several industries, including electric motor and wind power, and repairing, manufacturing, and remanufacturing industrial lifting magnets for the steel and scrap industries; and Rail services, consisting of the Company's manufacturing and rebuilding of power assemblies, engine parts, and other components related to large diesel engines and its locomotive maintenance, remanufacturing, and repair services for the rail industry.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "could," "will," or variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect the Company's views, expectations and beliefs at the time such statements were made with respect to such matters, and may cover such items as the Company's future plans, objectives, events, contract pricing and results such as revenues, expenses, income, earnings per share, capital expenditures, operating margins, financial position, expected results of operations and other financial items. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and outcomes to differ materially from those described in the forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Risk Factors") that make the timing, extent, likelihood and degree of occurrence of these matters difficult to predict. Risk Factors include, among others: price of raw materials, ability to win and service competitively priced new contracts in sufficient amounts to operate and expand effectively, employee turnover, ability to compete in highly competitive, geographically diverse marketplaces, ability to complete planned divestitures and varying and sometimes volatile economic conditions. For further discussion of risks and uncertainties, individuals should refer to the Company's SEC filings. MISCOR Group, Ltd. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release is issued. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
SOURCE MISCOR Group, Ltd.
Copyright 2010 PR Newswire
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