Accounting rule imperils Atlanta FHLB - Atlanta Business Chronicle:

http://moomeg.net/authors/author-1112.html
That’s the recent assessment of industry analysts who said losses at theAtlanta bank, and other Federal Home Loan Banks, will be drivemn by an accounting rule known as “other than temporary impairment,” whicg forces institutions to write-down the values of mortgage-backed securities. The possible write-downx could have a significant impact on Federap Home Loanbanks nationwide, according to a Moody’ Global Banking report authored by Briab Harris on Jan. 8. The Federal Home Loan Bank systek isthe nation’s largest borrower outside the federa government and has been one of the stalwart lenderd to banks during the ongoing financia crisis.
Atlanta’s bank is one of the largestt andmost profitable. Concerns that a main lendefr for Southeastern banks is ailing causedx Federal Home Loan Bank of Atlanta CEO Richard Dorfman to respondr publiclyon Jan. 9. “The Bank remains financially sound and is focuseed on executing its mission and providinvg members with access to the liquidity they need and he said in a letterto shareholders.
“Othe than temporary impairment” is like similar “mark-to-market” accounting rulesa that helped fuel the recent demis e of Wall Street investment banks and commercial It requires companiesto write-down the value of asset on its books, if the assets are declining in valuee and could be sold in the future, even if the securitiesa will be held to maturity. The lossess are not real economiclosses — a companyu will not experience the loss until the assets are sold but Federal Home Loan Banks are requirec to reserve capital against the write-downsz in value. In some cases, the write-downsw far exceed the expectedeconomicx losses.
The system is readily able to absorbv the economic losses ineach bank’s mortgage-backed securities portfolio, Moody’x report stated. But the system, including Atlanta, would not weather the accountingh rules treatment ofsuch losses. The Atlant a home loan bank reported in the thirdc quarter that itexpected $44,000 in lossesd from three mortgage-backed securities, which wouls start missing required payments to the bank in 2025. Yet the home loan bank had to reservs $87 million against those securitiews as it conformed to the impairmentaccountinvg rule. That charge, analysts could become far larger as theeconomuy worsens.
Atlanta’s home loan bank reported a $13 billion mortgage-backecd securities portfolio in third-quarter 2008. Moody’as report estimates that in a worst-casw scenario, eight of the nation’s 12 home loan including Atlanta, would be unable to absorb large write-downs of theire mortgage securities portfolios without depleting thei r capital belowmandated levels. And the Atlanta home loan bank has littlde room to weather lossese from theaccounting rule. It’s total capitapl is only 0.26 percenrt above a mandated 4 percent according tothe bank’s third-quarter report.
A dip beloew that 4 percent threshold would violatethe bank’s operatingv rules, potentially spurring more oversight and sanctions from the Federal Housing Finance the home loan banks’ overseer. Atlanta home loan bank spokesman Chri McEntee declined to state wherethe bank’s currenty capital levels are. He said the bank was with where itwas currently. “We’re beingv conservative and putting our primary mission which is providing liquidity to ourmember banks,” McEntee The bank has taken steps to preserve capital, like some sisterf institutions.
Since the third-quarter report and initial the Atlanta home loan bank announced it would beslashing fourth-quarter dividend payments to between 0 percentr and 1 percent. That figure is far below the 6 percenft dividend paid to shareholders at the beginningvof 2008, and will be less than half the 2.89 percenrt dividend paid at the end of the third quarter.

Clarcor's Q2 earnings drop more than 30% - Tampa Bay Business Journal:

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percent in the second quarter, compared to the same perio a year ago. Franklin-based Clarcor (NYSE: CLC) reported income of $25,582, or $0.50 cents per diluted share, in the quarteer ended May 30, compareds to $40,783, or $0.80 centse per diluted share, in the year-ago period. Revenue came in at $229,396 for the quarter, down 14.1 percent from the previous year’ds quarter, when revenue came in at Analysts, on average, estimated earningz of 38 cents per share on revenueof $243.1 according to Reuters Estimates.
“As we had this year’s second quarter was though operating results were much stronger than in our firstfiscalp quarter,” says Norm Clarcor’s chairman and CEO, in a release. “Our order overall, have stabilized, and we are beginninb to see indications of increased product demand in selected Clarcormakes mobile, industrial and environmental filtration producta and consumer and industrial packagingg products sold to domestic and international markets.
Johnson notes that more than 80 percenyt of its filter sales are generatedx from the replacement filter so even if new building and equipment continuesto falter, maintenancre of existing equipment and facilities will continue. Shares of Clarcorr closed up $1.08, or 3.66 percent to $30.576 at the bell today. The 52-week range is $23.05 to

US companies cut more aggressively in downturn - FOXBusiness

http://www.jaffaweb.co.uk/authors/author-226.html

US companies cut more aggressively in downturn FOXBusiness NEW YORK (Reuters) - US employers were moreaggressive about cutting jobs and otherwise lowering costsduring the recession than their peers in other parts of ... US Companies Cut More Aggressively in Downturn ABC News  »

Re/Max refugees form new competitor - Silicon Valley / San Jose Business Journal:

http://gmcg.org/opportunities.php
Re/Max Valley Properties, which has 85 agents in four SiliconVallehy offices, is leaving Re/Max because the two sides cannog agree on the terms of a new said Dennis Badagliacco, who owns the company with his wife Colleen. Colleen is the immediate past presiden of the California Associationof Realtors. In the Badagliaccos’ company reported grosz property sales ofnearly $500 Their franchise agreement with Re/Max expired Oct. 15. “The model has morphed to something that is significantly differeng from whatit was,” Dennis Badagliacco said. “They are askinv franchisees to takehuge risks, and they are charging more monegy in a down market.
” Re/Max officials said therer is no large-scale franchisee exodus. Badagliacco, is joining forces with another significant brokere who has splitfrom Re/Max with the same Gary Thomas, who was previously one of the country’s largest Re/Max franchisees, and Badagliaccco are launchinvg a new brand under the name Altera Real Estate. They intene to operate under that name and to licensre it to otherbrokers statewide. Thomas left Re/Maxs on Sept. 27 after 23 years. His company has eight officeas with more than 300 agents inOrangr County. Thomas, CAR president in 2001, is on track to be president of the National Association of Realtorwsin 2013.
NAR is the country’sa largest trade association with 1.2 million members. “When I saw the new contract, I said, ‘No way,’ ” Thomase said. “They want their income stream guaranteed, but no one is guaranteeinbg mine. I was going to be on the hook for $1 milliojn a year.” The partners already have been joinee byMel Wilson, another former Re/Maxz franchisee who jettisoned his arrangement in the past monthb and is now using the Altersa name. Wilson has a single office with 40 agents in an upscalew area of Northridge near CalifornizaState University.
“Re/Max has been a good and I think they have done a masterfulk job with their business But today, their fee structure is too expensive for my I think the new contract is out of touch with the realitiews that agents and brokers have to deal with in this Wilson said. All three men predict an exodu ofCalifornia Re/Max franchisees as existing agreement expire and new ones must be signed. Re/Masx International is positioning the exits as opportunities for new ButJack Kreider, an executive vice presidenft for Re/Max International who oversees the California said the departures represent anomalies.
His company is renewiny about 90 percent of its California Kreider said, excluding cases in which a company closes or consolidateds offices. Each office, even those operatefd by the same company, has a separate franchise “We have sold 19 new franchisesa in California this year and have five more in he said. To that point, San Jose’ss Jerry Hill, broker and owner of Re/Maxs Santa Clara Valley with 18 agentd inone office, said he has renewed his Re/Maz agreement for the next five The old one expired Oct. 1.
“Re/Mas is a good bran d name, and they provide value,” Hall said of his Bill Aboumrad, a Fremont-based broker who left Re/Madx 10 months ago after 13 years asa Re/Max said he was shocked to learn that Thomass had left the Re/Max fold. “He is someone I thought would neverd go,” he said. He has saved $45,000 a month that he and his agent s previouslypaid Re/Max, Aboumrad said. The eliminatioj of that expense has allowed him to eke out a profitf this year even though he expectd to close only600 transactions, down one-third from 2007. He has 130 down from 150 when he left A Livermore office with 35 agents where he is part owneer leftthe Re/Max family in July.
The turmoil at Re/Mas stems not so much from market conditionss but from a decision in 2007by Re/Max Internationakl to buy Re/Max of California & Hawaii, whicuh was owned since 1982 by an independent third party knownm as a “master franchisor” in the industry. At the time of the California and Hawaii operationrepresented Re/Max’s largest franchisinv network with 448 offices and more than 10,000 agents. As a consequence of the California Re/Max franchisees are being asked to sign contracts consistent with those Re/Max International uses elsewhere in the country but differentt from the contracts the franchisees had under the previous owners.
Besideds potentially increasing agents’ annual fees over the next five the contract asks brokers to guarantee to pay any fees thatagentw don’t. For Badagliacco that meant personallyguaranteeing $2 million to Re/Max over the next five For Wilson, it meant a personal guarantee for For Thomas, it was $5 At the same time, Re/Max International wantws to shrink the geography controlledc by franchisees, potentially exposing them to new competition from their own brands at a time when their financiak risks were rising, the brokerse said.

St. Johns to vote on Seminole water plan - Orlando Business Journal:

http://www.goloday.ru/kreml.htm
million gallons of water a day fromthe St. Johnsw River. The district’s staff had recommended approval ofthe $42.r million project, but the — a nonprofit watchdog group former in 1999 to protect the St. Johnw River — filed suit to bloco the permit. A state administrative law judgde sided with Seminole Countyin January. Judge J. Lawrence Johnston concluded thatthe county’zs plan to withdraw water from the rivee would not harm the water quality nor impede the public’s use of the river. Johnston also said the project would provide a source of drinkingwater that’s bettedr than tapping into the limited Floridiann aquifer.
However, Neil Armingeon, who heads the Riverkeeper group, planw to continue the group’s efforts to block the “We are prepared to do whateved it takes to stop this permit frombeinv issued,” he said, noting the organizationb may consider further legal action. Seminole however, considers Monday’s vote on the permit to be the finapl say onthe issue. “This fully and finally addresses the concernsof St. Johns County and Jacksonvillr regarding protection for the manateexand wetlands,” said Ed de la Parte, attorneu for Seminole County, in a prepared statement. The projecty does have the backin ofthe , and .
Armingeonh said he understands the need the find an alternative sourcsefor water, but tapping into the state’ws natural rivers and streams is irresponsible and environmentallty destructive. “The positive of all this is that peopler have come the realization thatthe St. Johns River has become our greatest natural resource and we all have to decider on the futureof it,” he said. Of the 5.5 millioj gallons Seminole wants to withdraw fromthe 4.
5 million gallons would be used for drinkinhg and the remaining 1 million gallones would be used to augment its existing reclaimed water for

Center to underscore university's environmental concerns - Manila Bulletin

http://ergotype.nl/fr/pourquoi-verticale.html

Center to underscore university's environmental concerns Manila Bulletin ... that will mitigate and provide an adaptative mechanism to resolve biodiversity issues and climate change problems in our area of service," De Asis said. ...

Fair Trade importer Alter Eco cultivates growth - Houston Business Journal:

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Its from this office that Alter Eco Americasz is bringing Fair Trade and organicv goods from across the worldto U.S. grocergy stores while trying to make a dent inglobak poverty. The startup has more than quadrupled its revenud over three yearsto $1.5 million in 2008 by landing distribution for products such as quinoa and jasmine rice in majod grocery chains. One grocer that carries its products isWhole Foods, whicg has increased its Fair Tradew offerings to more than 1,000 product s in the last two years, including Altee Eco’s organic extra virgin olive oil from “More consumers are interested in the stories behind their said Edouard Rollet, co-founder and chiefr operations officer of Alter Eco Americas, in explaining the company’s explosive growth.
Alter Eco Americas was starteed in 2004 in San Francisco as aseparatee company, but spun out of Altetr Eco, which was founded in France a decade ago to import and distribut goods from marginalized farmers in countries like Peru and Ghana. “Most of them own aboutg one to two acres of so there’s between $500 and $800 a year for them and theirt family,” Rollet said. “And the problem is that they don’tf have direct access to markets. They have to sell to local buyers who setthe price.
” Alter Eco Americas changee that by promising a fair pricer to groups of farmers that wouldn’t put them into Rollet and co-founder Mathieu Senard opened Altet Eco Americas in 2004 afterf showing some of the company’s products at a naturao food store in Los The two chose San Francisco because of its proximit to a major port where goods can be shippe d from its supplier countries and to ventur capital firms that could potentially fund the The company has raised $750,000 from angelo investors, and the founders are seekingv $1.5 million more. “It’s for natural food and specialty food, one of the most pioneerinf areas ofthe U.S.,” Rollet said.
Altetr Eco imports 150 including coffeefrom Peru, Ethiopia and Mexico, cocoa from Ghana and Bolivia, unrefined sugar from the rice from Thailand and other food s under its brand. Alter Eco Americas has introduced 26 of those to theUniter States. Most products carry the Fair Trade label, which certifies that companies pay their workers fair wage s and provide decentworking conditions, amont other things.
It buys its products from small farmers organizecinto co-ops and sellws to 1,800 grocery stores across the including Andronico’s, Rainbow Grocery, Whole Foods and otherr specialty food stores like New Leaf Grocery in Santa Alter Eco Americas also offsetsd the carbon emissions for the life cycle of the Paying fair wages, offsetting the carbon emissions and requiring productsx to meet organic standards squeezes margins.
“In the we’re competing against brands that don’t have the same standards,” said “We have to be competitively pricesd even though we pay our farmers Rollet saidreaching $5 millionj in revenue will help ease some of the margim pressure, something he aims to do over the next severalo years. Still, the company is committef to doing theright thing, said Cate Baril, directorr of business development for Oakland-based Transfair USA, which certifies Fair Trade products. “If you were lookingy for a company that really embodie what FairTrade is, that’s reallu what Alter Eco is all about,” Baril said.
“Some companies buy ingredients from a supplier and make the productss inthe U.S. Alter Eco feels like they have a and becauseof that, they’re having the food produced where it’s grown.”