plus 4, Red-light camera cash could balance budget, Jefferson Parish considers - New Orleans Times-Picayune |
- Red-light camera cash could balance budget, Jefferson Parish considers - New Orleans Times-Picayune
- R.I. jobless rate may peak at 14% in 2010 - Providence Business News
- Lloyds, RBS Agree To Massive Shake-Up - Post Chronicle
- A Guatemalan Lament - Counter Punch
- Diebold swings to 3rd-quarter loss after big charge from loss on sale ... - Minneapolis Star Tribune
| Red-light camera cash could balance budget, Jefferson Parish considers - New Orleans Times-Picayune Posted: 03 Nov 2009 08:45 AM PST By Richard Rainey, The Times-PicayuneNovember 03, 2009, 6:46AM A sign warns motorists of stop-light cameras as traffic lines up at Clearview Parkway and Veterans Memorial Boulevard in Metairie. With less revenue from sales taxes and more expenses for operations, Jefferson Parish President Aaron Broussard's administration has been searching for new ways to balance the government budget. Rather than cut back heavily on services, the administration is focusing on the revenue side, particularly money generated from the thousands of traffic tickets meted out to those drivers caught on camera barreling through stop lights. The parish has collected roughly $18 million in the two years the cameras have been active, Chief Administrative Officer Tim Whitmer said, and expects $7 million more in 2010. But to move that money into the revenue column on parish balance sheets next year, two things must happen first:
Whitmer and Finance Director Gwen Bolotte said the administration plans to pitch a proposal to the Parish Council on Wednesday to cap the hospital's take at two years instead of the originally allotted three, and to aim the remaining money at the biggest holes in the 2010 spending plan. The administration's reasoning is that the hospitals, which were reeling from post-Katrina financial woes when the camera money was first directed their way, are now operating in the black for the first time since the 2005 hurricane. Hospitals whipsawed But East Jefferson General Hospital in Metairie and West Jefferson Medical Center in Marrero say their finances remain dicey. Chief executive Nancy Cassagne said the West Bank hospital was making money as of June, but after a second round of cuts to Medicaid spending in August, that stability took a hit. West Jefferson has a higher population of Medicaid recipients than East Jefferson, Cassagne said, and thus suffered more from the state's cuts. While the state did increase its Medicaid payments to West Jefferson in October, it's too soon to see the effect, she said. East Jefferson also has balanced its budget in the past few months, said its chief executive officer, Dr. Mark Peters. The hospital has received $11 million in social services block grants and expects another $22 million in the next year or so, he said. West Jefferson, by comparison, received only $15 million. "With that influx of money and our improvements with our operations, it's moved us to a much different place than where we were two or three years ago," Peters said. But with a sunset of the federal stimulus legislation in 2011 and cuts likely coming to Medicare reimbursements and Medicaid money from the state, there's no telling what the future financial situation will be. Plus, the hospitals are still waiting for a few million dollars in federal reimbursement checks from Hurricane Katrina damage. "I think that there's nothing permanent in health care these days," Peters said. Money escrowed A lawsuit in state court asserts the stop light cameras break several state laws and violate the Louisiana constitution. It's an argument similar to the one that U.S. District Judge Sarah Vance threw out of federal court in May. The cash from the cameras is in escrow until the legal storm subsides, something parish officials said they expect as soon as January. The revenue is shared by the administration, the Sheriff's Office and the district attorney's office. But without the money so far, neither hospital has come to count on it, Peters and Cassagne said. "I don't ever count money until I receive it, "Cassagne said. "I haven't budgeted for it. I haven't planned for it. But it would really be a nice thing to have." Should West Jefferson receive the $9 million promised under the council's original proposal for the camera money, she said she would spend it on construction projects or new medical equipment - items that wouldn't be a recurring cost year to year. Camera windfall Jefferson Parish began collecting tickets from errant drivers in October 2007, after it signed a deal with Redflex Traffic Systems of Scottsdale, Ariz., to set up cameras at 11 intersections throughout the parish. The council initially estimated the system would net roughly $1 million a year with the likelihood that that figure would drop as drivers grew more cautious.  But the returns were greater than expected, and the parish is now looking at a major windfall. Should the council agree to give the administration access to the camera cash, Whitmer proposed dividing it among proposals for economic development, crime abatement, new court computers and sewer, drainage and streets projects. Council members Tom Capella, Elton Lagasse, Cynthia Lee-Sheng and Chris Roberts said they support the administration's proposal to use the camera money. Councilman John Young said the idea was certainly worth discussing. "We've got a delicate balance for ourselves to say, 'OK, who at this moment is in the greatest need in the current situation?'" said Roberts, who initially pitched the idea of giving the cash to the hospitals in February 2008. . . . . . . . Richard Rainey can be reached at rrainey@timespicayune.com or 504.883.7052. This content has passed through fivefilters.org. |
| R.I. jobless rate may peak at 14% in 2010 - Providence Business News Posted: 03 Nov 2009 07:04 AM PST PROVIDENCE – The Rhode Island economy is currently in its worst shape in more than four decades, and the state's unemployment rate will not peak for almost another year, state lawmakers were told last week. Rhode Island's unemployment rate is expected to peak at 14 percent between July and September 2010, Edinaldo Tebaldi, an economics professor at Bryant University, said in a presentation to members of the General Assembly. The rate was 13 percent in September 2009. The state has lost about 37,000 jobs since employment began to decline in February 2007 and is likely to lose an additional 9,000 jobs by the middle of next year, Tebaldi said. He based his presentation on the latest forecast by the nonprofit New England Economic Partnership (NEEP), which advises states on the region's economic outlook. NEEP's previous forecasts have turned out to be too optimistic. In May, the group said the unemployment rate in Rhode Island would peak the following spring at 10.9 percent. The day after the forecast was released, new figures showed Rhode Island's jobless rate had already reached 11.1 percent. NEEP economists will discuss their revised forecasts next week at their semiannual gathering at the Federal Reserve Bank of Boston. Tebaldi offered lawmakers a string of depressing statistics in his presentation. Rhode Island was the only New England state that lost population from 2003 to 2008, with a decline of 2 percent, and the state's 0.86 percent economic growth rate during the five-year period was the region's weakest. He also noted that "the state's failure to create new jobs is not a new problem." Rhode Island's share of U.S. nonfarm employment has fallen from about 0.45 percent in the early 1980s to 0.35 percent today – a 22 percent decline – and NEEP expects the share to fall further by 2013. Manufacturing employment, a traditional provider of jobs in Rhode Island, has been falling in the state and nationally since 1980. Job creation has also been stagnant in the trade, transportation and utilities sector. By contrast, employment in education and health services, and leisure and hospitality have been rising. But Rhode Island's job growth in those sectors has lagged the nation's, Tebaldi said. Citing rankings compiled by various organizations including The Tax Foundation and Forbes magazine, Tebaldi argued that Rhode Island has "failed to provide the right regulatory system" and other incentives to spur job growth in recent decades. Tebaldi did offer a few positive notes. Falling home prices have made houses in Rhode Island the most affordable they have been since 2001, as measured as a share of median income, although it has not reached the level of affordability recorded here in the mid- to late-1990s. He also noted that Rhode Island has "a significant pool of well-qualified workers" and strengths in both science and technology that could help create jobs in the years ahead. This content has passed through fivefilters.org. |
| Lloyds, RBS Agree To Massive Shake-Up - Post Chronicle Posted: 03 Nov 2009 08:45 AM PST Britain's two largest retail lenders are to get another 31 billion pounds from the government and have agreed to sell hundreds of branches and key businesses to appease EU competition concerns over state aid. The deal announced on Tuesday paves the way for Britain to begin reducing its holdings in Royal Bank of Scotland and Lloyds Banking Group, a potentially critical source of funds as the country struggles with a ballooning budget deficit. RBS and Lloyds ended months of uncertainty, with Lloyds announcing that it would drop out of a government insurance scheme for bad debts by raising 13.5 billion pounds ($22.08 billion) in the world's largest ever rights issue, as part of a 21 billion-pound capital raising plan. The move leaves RBS, 70 percent state-owned, as the only bank joining the government's Asset Protection Scheme but under more flexible terms than expected earlier this year, which RBS said will allow it to leave the scheme within four years. Both banks, however, also agreed to disposals to meet EU state aid rules, with RBS particularly hit, selling chunks of its retail bank under the revived brand Williams & Glyn, its RBS Insurance arm and shrinking its investment bank. "We do feel bruised by what we've had to go through," RBS's chief executive Stephen Hester said on a conference call. "Our job (of turning around RBS) has been made more difficult by some of the aspects of the EU settlement, but nevertheless we believe it is a doable job," he added. Shares in RBS were down 4.8 percent at 1100 GMT at 36.8p, well below the average price of 50.5p paid by the government for its stake in the bank. Lloyds, whose takeover of beleaguered rival HBOS was backed by the state, was up 1.3 percent at 86.2p, also below the government's entry price of 122.6p. "The news is potentially good for both UK consumers and rival banking groups, although more debatable for both Lloyds and RBS shareholders," Keith Bowman, an analyst at Hargreaves Lansdown Stockbrokers. The UK government, which will inject 25.5 billion pounds into RBS and pay Lloyds a net 5.7 billion pounds as a shareholder in the rights issue, said the disposals would shake up competition in retail banking, bringing "at least three new banks" to Britain's high streets over the next four years. Lloyds and RBS will between them have to sell off businesses equating to 10 percent of the UK retail banking market. Only new entrants or "small players" in the market will be allowed to bid, raising the key question of which buyers will step up. Lloyds, which avoided harsher penalties by staying out of the APS, said it would sell 600 of its retail branches, with disposals including Lloyds TSB Scotland, Cheltenham & Gloucester branches, as well as its Intelligent Finance and the TSB brand. To address EU concerns, it will also face a dividend ban for two years and a prohibition on acquisitions for up to four years. RBS -- whose sanctions including punitive sales imposed as late as this week -- will be forced to sell NatWest branches in Scotland, RBS-branded branches in England and Wales, along with RBS Insurance, Britain's largest car insurer. It will also sell Global Merchant Services and RBS Sempra Commodities. RBS said it expected buyer interest and was considering an initial public offering for RBS Insurance, which it initially put on the block in 2008, but pulled earlier this year. Both banks will have up to five years to make the sales. LLOYDS DEAL To sidestep the APS Lloyds confirmed market expectations it would raise 21 billion pounds via a discounted rights issue and by swapping 7.5 billion pounds in existing debt into contingent capital, which will support its capital requirements. The move will allow Lloyds to avoid the fees associated with the costly scheme as the economy improves and will cap the government's stake at 43 percent. However, Lloyds said it will pay a 2.5 billion pound break fee to avoid the APS. The fully underwritten 13.5 billion-pound rights issue, the largest since HSBC's cash call earlier this year, will be priced on Nov 24 at the higher of either 15p or a 38-42 percent discount to the ex-rights price. Lloyds said it had received backing from shareholders and bond investors, but the response on Tuesday was mixed. "This deal does not look especially attractive ... They can't pay a dividend until 2012 at least and we still have all the secondary issuance to come," one top ten investor said. "I find myself very underwhelmed." But another top 10 investor added: "The issue will go through successfully. The deal is done effectively." PAY-AS-YOU-GO INSURANCE RBS said its participation in the insurance scheme would be under better terms, confirming an expected "pay-as-you-go" arrangement that will allow it to pay annually, rather than via a single upfront 6.5 billion pounds, making it easier for the bank to exit it altogether within four years, subject to a fee. It will now pay 700 million pounds a year for the first three years of membership and 500 million pounds a year thereafter. Under the deal the extent of any losses borne by the bank rather than the government will rise to 60 billion pounds from 42 billion pounds previously, making it highly unlikely the bank will dip into the APS fund. RBS will also get a contingent capital commitment from the government of 8 billion pounds, to be drawn on if the bank's core Tier 1 ratio falls below 5 percent. In return for sidestepping or limiting the impact of the APS the banks also agreed not to pay discretionary cash bonuses in relation to 2009 performance to any staff earning above 39,000 pounds while executive members of both boards agreed to defer all bonuses payments due for 2009 until 2012. RBS said this would make its task of recruiting and retaining staff even tougher as it overhauls the bank. The two banks will also be forced to stick to their commitments to lend business and homeowners 39 billion pounds. On Lloyds, UBS and Merrill Lynch were joint advisers. Morgan Stanley and UBS were joint advisers for RBS. Credit Suisse and Deutsche Bank advised the Treasury. For a graph, see: ($1=.6115 pounds) (Additional reporting by Paul Hoskins, Myles Neligan, Raji Menon; Editing by Greg Mahlich) This content has passed through fivefilters.org. |
| A Guatemalan Lament - Counter Punch Posted: 03 Nov 2009 08:45 AM PST Today's Stories November 3, 2009 Mike Whitney November 2, 2009 Steven Higgs Ishmael Reed David Macaray Bouthaina Shaaban David Michael Green David Swanson Ellen Brown Adam Federman James McEnteer Stephen Fleischman Website of the Day October 30 - Nov. 1, 2009 Alexander Cockburn Jeffrey St. Clair / Carl Ginsburg Mike Whitney Joe Bageant Gareth Porter Saul Landau Anthony DiMaggio Dave Lindorff Rannie Amiri Niranjan Ramakrishnan Jayne Lyn Stahl Rev. William E. Alberts Alvaro Huerta Martha Rosenberg Binoy Kampmark Norm Kent Charles R. Larson Roth's "The Humbling:" Nothing Like a Novel From an Old Pro Ron Jacobs David Yearsley Lorenzo Wolff Kim Nicolini Poets' Basement Website of the Weekend October 29, 2009 Michael Neumann Mike Whitney Gary Leupp Conn Hallinan Marshall Auerback Laura Flanders Eamonn McCann David Macaray Mark Weisbrot Stephen Soldz Christopher Brauchli Website of the Day October 28, 2009 Moshe Adler Dave Lindorff Frank Joseph Smecker Alexandra Early M. Shahid Alam Vijay Prashad John Ross Franklin Lamb Gregory Travis Susan Galleymore Website of the Day October 27, 2009 Mike Whitney Patrick Cockburn Stewart J. Lawrence Alan Farago Ralph Nader Dave Lindorff Bouthaina Shaaban Brian M. Downing Elections in Afghanistan, the Second Time Around Iain Boal Carl Finamore Jayne Lyn Stahl Website of the Day October 26, 2009 Bill Quigley / Paul Craig Roberts Uri Avnery Mike Whitney Michael Snedeker Shamus Cooke David Michael Green Martha Rosenberg Patrick Bond Binoy Kampmark Website of the Day October 23-25, 2009 Alexander Cockburn Christopher Ketcham Jeff Gore Gareth Porter Jayne Lyn Stahl Saul Landau Mike Whitney Nikolas Kozloff Ron Jacobs Russell Mokhiber Missy Beattie Ricardo Alarcón de Quesada Stephen Lendman David Ker Thomson Rannie Amiri Ronnie Cummins Norm Kent Charles R. Larson David Yearsley Lorenzo Wolff Ben Sonnenberg Kim Nicolini Poets' Basement Website of the Weekend October 22, 2009 Dan Pearson / Jonathan Cook Paul Craig Roberts The US as Failed State Mark Engler Johann Hari Brian M. Downing Eric Toussaint Tom Mountain Israel Shamir Charles Thomson Website of the Day October 21, 2009 Pam Martens Linn Washington, Jr. Liaquat Ali Khan D. K. Wilson Franklin Lamb Norman Solomon Stephen Fleischman Patrice Higonnet Binoy Kampmark Kevin Coval / Website of the Day October 20, 2009 Sharon Smith Tariq Ali Mark Brenner Bouthaina Shaaban Michael D. Yates Dean Baker Dave Lindorff John Ross Ricardo Alarcón de Quesada Kevin Zeese Gilad Atzmon Website of the Day October 19, 2009 Mike Whitney Greg Moses John Ross Michael Donnelly Jayne Lyn Stahl Eric Walberg Russell Mokhiber Barbara Rose Johnston John V. Whitbeck Christopher Ketcham Website of the Day October 16-18, 2009 Alexander Cockburn Saul Landau Paul Craig Roberts Carl Ginsburg Ralph Nader Nikolas Kozloff Carlo Galli Dave Lindorff Catherine Rottenberg / Neve Gordon Marshall Auerback Nicola Nasser Windy Cooler James L. Secor Ron Jacobs Wes Jackson Jesse Lerner-Kinglake David Ker Thomson Against Leaders Missy Beattie Emily Ratner Stephen Martin Michael Snedeker Charles R. Larson David Yearsley Peter Stone Brown Poets' Basement Website of the Weekend October 15, 2009 Andrew Cockburn Brian M. Downing Ramzy Baroud Danny Weil M. Idrees Ahmad Margaret Kimberley Ricardo Alarcón de Quesada Harvey Wasserman Nirmal Ghosh Charles R. Larson Website of the Day October 14, 2009 Michael Neumann M. Reza Pirbhai Gareth Porter Paul Craig Roberts John Strausbaugh Fortress Moon Ralph Nader Dean Baker Charles Modiano Nadia Hijab Walter Brasch Website of the Day October 13, 2009 Peter Linebaugh Shamus Cooke John Ross Brendan Cooney Frida Berrigan Yves Engler David Macaray Dave Lindorff Mark Weisbrot Ricardo Alarcón de Quesada Binoy Kampmark Website of the Day October 12, 2009 Pam Martens Mike Whitney Martha Rosenberg Jessica Arents Eamonn McCann Bill Hatch Sen. Russell Feingold Niranjan Ramakrishnan Gideon Levy Iyad Burnat Alan Cabal Dan Bacher Website of the Day October 9-11, 2009 Alexander Cockburn James Bovard Kathleen and Bill Christison Andy Worthington Marc Levy Tariq Ali Mike Whitney Paul Craig Roberts Alan Nasser Jack Z. Bratich Steve Breyman David Michael Green Dave Lindorff Paul Buchheit Jim Goodman Missy Beattie Michael Leonardi Nadia Hijab Mel Packer David Macaray James T. Phillips Charles R. Larson Michael Donnelly David Yearsley Lorenzo Wolff Poets' Basement Website of the Weekend October 8, 2009 Saul Landau Paul Fitzgerald / Linn Washington, Jr. Marshall Auerback Dave Lindorff David Rosen Chris Darimont / Misty MacDuffee John V. Walsh Stewart Lawrence Charles R. Larson Website of the Day October 7, 2009 Brendan Cooney Paul Craig Roberts Dean Baker Jonathan Cook John Stanton Joanne Mariner Ricardo Alarcón de Quesada Stephen Lendman Sen. Russell Feingold Mary Lynn Cramer Website of the Day October 6, 2009 Mike Whitney Gareth Porter Jonathan Cook Boris Kagarlitsky Iain Boal Ron Jacobs John Ross Michael Dickinson Stephen Fleischman Ira Glunts Missy Beattie Website of the Day October 5, 2009 Pam Martens Mike Whitney Paul Craig Roberts Harry Browne Sara Mann Omar Barghouti Shamus Cooke Brenda Norrell Fred Gardner Binoy Kampmark Copenhagen Blues: McChrystal and the Afghan Trap Website of the Day October 2-4, 2009 Alexander Cockburn Saul Landau Diana Johnstone Greg Moses William Blum Brian Cloughley Russell Mokhiber John Ross Ellen Brown David Ker Thomson David Macaray Gary Engler Robert Fantina Lisa Stolarski / Naomi Archer Anthony Papa Joe Allen Harry Browne Ron Jacobs Charles R. Larson David Yearsley Poets' Basement Website of the Weekend
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| Diebold swings to 3rd-quarter loss after big charge from loss on sale ... - Minneapolis Star Tribune Posted: 03 Nov 2009 08:16 AM PST NORTH CANTON, Ohio - ATM maker Diebold Inc. on Tuesday posted a third-quarter loss as it absorbed a big loss on the sale of its voting machine business. It also cut its full year profit and revenue forecast. But Diebold President and CEO Thomas W. Swidarski saw encouraging signs in the results, given the difficulties faced by its financial market customers. He said the company has been able to "significantly reduce operating expenses on a dollar basis while maintaining our investment" in developing products and services. "We believe this strategy will help strengthen our competitive position when our core markets return to growth," he said. Diebold shares fell $1.15, or 3.8 percent, to $28.80 in morning trading. Diebold reported a net loss of $7.2 million, or 11 cents per share, in the July-September period compared with a profit of $46.5 million, or 70 cents per share, a year earlier. Excluding a $31.4 million loss on the sale of its Premier Election Solutions business and 2 cents-per-share in restructuring charges, mostly related to severance costs from downsizing its staff, adjusted earnings came in at 39 cents per share. Sales fell 26 percent to $645 million from $869 million last year. Analysts surveyed by Thomson Reuters, on average, expected profit of 41 cents per share, on revenue of $737.5 million. Analysts typically exclude one-time charges from their estimates. Total product and service orders dropped about 20 percent from the prior year. With new bank branch construction and retail store openings weak in the U.S., security orders fell about 20 percent. Global ATM orders also fell about that amount, with Europe, the Middle East and Africa slumping more than 40 percent. Diebold now expects profit for the year in a range between $1.34 and $1.39 per share, down from its prior range of $1.34 and $1.52 per share. Adjusted results are now expected to come in between $1.75 and $1.80 per share, trimming 10 cents off the upper end of the forecast. This content has passed through fivefilters.org. |
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