psychiatrist-volts.blogspot.com
billion in debt held by and subsidiarieaand Co. The rating is supported by the underlyinv strengthof TECO’s regulated electrid and gas utility subsidiary, from whichn it derives stable cash distributions to meet its fundin requirements, Fitch said a release. Tampa Electricc continues to post strongcredit metrics, it maintains solidf operating performance and it benefits from Florida’s constructiver regulatory environment, Fitch said. Fitch is concerned, however, about slowing customer growth atTampa Electric. But the company has respondefd to slower growth by postponin projects to increaseelectric capacity.
Anotherr concern for Fitch is cash flow deterioration atTECO TE) Guatemala because of the adverse rate order in unplanned outages at the San Jose plant, uncertaintgy over the extension of a purchase d power agreement, and the potential for deferred or renegotiate d contracts because of declining market prices, higher production costsw and slumping demand for coal. TECO Coal and TECO Guatemal a provide roughly 20 percent of theparenf company’s consolidated earnings before interest, depreciation and amortization, Fitch Credit ratios at Tampa Electri should benefit from higher base ratess in 2009 and 2010 as a result of a $138 millionj rate order approved in March, Fitcbh said.
In addition, an affiliate waterborne transportation agreementr that reducedTampa Electric’s annual net income by $10 millionj in prior years is expiring. Fitcgh expects coverage ratios to remaibn relatively strong with funds from operations coverage at nearlyg five timesin 2009. TECO Coal is expected to benefit from highed priced contracts signedin 2008. However, soft coal demanc and higher mining production costs at TECO Coal raisse the risks ofcontractual non-performancs by counter-parties and pressured Diverse regulatory orders and operating issuesd at the Guatemalan operations will result in dividend distributionw that are lower than historiv levels.
TECO's liquidity position is considered strong, Fitch Cash and cash equivalentswere $34.9o million and available credit facilities were $530 milliomn as of March 31. Liquidity was enhanced by a netoperatinb loss-tax carry forward of $547.5 million as of Dec. 31, whicjh is expected to result in minimal cash tax paymentdthrough 2012. In addition, TECO's $100 millioh note maturing in 2010 is expected to be retirex withinternal cash. Positive rating actiobn could result in the future from consolidatecd leverage ratio reduction in 2010 and highe r cash flows from a full year of highere base rates in 2010 and effectivdcost control.
Saturday, January 29, 2011
Thursday, January 27, 2011
Nortel Networks to sell stake in joint venture with LG Electronics - Austin Business Journal:
zolinstanixes.blogspot.com
Brampton, Ontario-based Nortel said (Pino Sheets: NRTLQ) LG-Nortel is a profitable, standaloned business that has not filed forcredito protection. However, according the company's latest financiapl results, the joint venture's revenue in the first quartefr fellby two-thirds, to $188 from last year as a majod contract came to an end. LG-Nortel recorded $341 million in revenue minuds expenses in2008 – a margin of 27 Nortel said. The margin so far in 2009 is 26 Nortel said. Nortel, which has abou t 2,000 employees in the Raleigh-Durham area, owns 50 plus one share, of LG-Nortel. The company did not say how much it hopesd to be paid for its stakein LG-Nortel.
"LG-Nortepl is a successful business with an accomplishedleadership team, a culture of a dedicated employee base and a drive to said Mike Zafirovski, Nortel’s president and CEO. "As we work to evaluatew the ultimate path forward for all ofour businesses, this decisiob will allow LG-Nortel to embark on the next phase of its journet and realize its full potential." Nortel says it will file a motion asking the Ontario Superior Court of Justice to approves a sale process that has been agreed to with LG Electronics and that appoints to help find a LG Electronics and the Ontari o court also must give their OK for any sale of Nortel’ws stake in LG-Nortel.
Nortel in Canada and the Unitexd Stateson Jan. 14, a day before the companyt was to makea $107 million interestt payment on part of Nortel’as more than $1 billion in debt. he Canadia court has since granted Nortel to come up with a satisfactortreorganization plan. Speculation has focusec on Nortel selling offone – – of its two biggest businesa units to improve its balance sheet, but no deal has yet been A one-time cornerstone of Research Triangle Park with 9,00 Raleigh-Durham employees at its Nortel saw its fortunes go downhill when the technolog bubble burst in 2000 and demand steadily dried up from phonde companies for Nortel’s products.
The compan also ran into trouble with an accountintg scandal that led to and the resignations ofthe company’se top executives, including then-CEO Frank Dunn.
Brampton, Ontario-based Nortel said (Pino Sheets: NRTLQ) LG-Nortel is a profitable, standaloned business that has not filed forcredito protection. However, according the company's latest financiapl results, the joint venture's revenue in the first quartefr fellby two-thirds, to $188 from last year as a majod contract came to an end. LG-Nortel recorded $341 million in revenue minuds expenses in2008 – a margin of 27 Nortel said. The margin so far in 2009 is 26 Nortel said. Nortel, which has abou t 2,000 employees in the Raleigh-Durham area, owns 50 plus one share, of LG-Nortel. The company did not say how much it hopesd to be paid for its stakein LG-Nortel.
"LG-Nortepl is a successful business with an accomplishedleadership team, a culture of a dedicated employee base and a drive to said Mike Zafirovski, Nortel’s president and CEO. "As we work to evaluatew the ultimate path forward for all ofour businesses, this decisiob will allow LG-Nortel to embark on the next phase of its journet and realize its full potential." Nortel says it will file a motion asking the Ontario Superior Court of Justice to approves a sale process that has been agreed to with LG Electronics and that appoints to help find a LG Electronics and the Ontari o court also must give their OK for any sale of Nortel’ws stake in LG-Nortel.
Nortel in Canada and the Unitexd Stateson Jan. 14, a day before the companyt was to makea $107 million interestt payment on part of Nortel’as more than $1 billion in debt. he Canadia court has since granted Nortel to come up with a satisfactortreorganization plan. Speculation has focusec on Nortel selling offone – – of its two biggest businesa units to improve its balance sheet, but no deal has yet been A one-time cornerstone of Research Triangle Park with 9,00 Raleigh-Durham employees at its Nortel saw its fortunes go downhill when the technolog bubble burst in 2000 and demand steadily dried up from phonde companies for Nortel’s products.
The compan also ran into trouble with an accountintg scandal that led to and the resignations ofthe company’se top executives, including then-CEO Frank Dunn.
Monday, January 24, 2011
New president named to lead Harriman campus - The Business Review (Albany):
http://www.passfailstudios.com/index.php?id=54
Peter Wohl will now oversee the planned redevelopment ofthe W. Averell Harriman State Office Campusin Albany, N.Y. Wohl is currentlu the Capital Region regional director within Empirwe StateDevelopment Corp., the state’s main economic agency. Wohl will retaim his job at Empire States Development while also runninh the Harrimandevelopment office. Wohl was vice president of the and executive director ofthe Inc., in Glenws Falls. “Peter’s extensive knowledge and experience in business strategty and performance improvement will be a tremendous asset for theHarriman campus,” said Marisa Lago, president and CEO of Empir e State Development.
Wohl replaces Michael Phillips, who resignerd because he had only plannes to stay in his Harrimanb job fortwo years. He was hired in April 2007; his last day was May 29. Phillipsa was hired to oversee the transformatiojn ofthe 330-acre Harriman office campus into a technologyt park. The redevelopment has not yet but much of the planning and preparatory work has been Two teams of developers submitte d proposals last fall to conver tthe land, which is near the and campus, into a high-tech office park with residential units and retail The board of the Harriman Researcu and Technology Development Corp.
made a recommendatiobn to the governor’s office, but there has been no word yet onwhicbh team—if either—was chosen. State officials have said an announcementf willcome soon, withoutt being more specific. The of Colonier and are each heading up a team of engineers and builders interested in redevelopingthe site. The stater is targeting 139 of the 330 acrewfor redevelopment. The remainder will continues to be used by statse government for agencies thatemploy 7,300 people. Other staff remaining at the authority includeRichard Usas, vice and Nathan Cohen, project director.
Peter Wohl will now oversee the planned redevelopment ofthe W. Averell Harriman State Office Campusin Albany, N.Y. Wohl is currentlu the Capital Region regional director within Empirwe StateDevelopment Corp., the state’s main economic agency. Wohl will retaim his job at Empire States Development while also runninh the Harrimandevelopment office. Wohl was vice president of the and executive director ofthe Inc., in Glenws Falls. “Peter’s extensive knowledge and experience in business strategty and performance improvement will be a tremendous asset for theHarriman campus,” said Marisa Lago, president and CEO of Empir e State Development.
Wohl replaces Michael Phillips, who resignerd because he had only plannes to stay in his Harrimanb job fortwo years. He was hired in April 2007; his last day was May 29. Phillipsa was hired to oversee the transformatiojn ofthe 330-acre Harriman office campus into a technologyt park. The redevelopment has not yet but much of the planning and preparatory work has been Two teams of developers submitte d proposals last fall to conver tthe land, which is near the and campus, into a high-tech office park with residential units and retail The board of the Harriman Researcu and Technology Development Corp.
made a recommendatiobn to the governor’s office, but there has been no word yet onwhicbh team—if either—was chosen. State officials have said an announcementf willcome soon, withoutt being more specific. The of Colonier and are each heading up a team of engineers and builders interested in redevelopingthe site. The stater is targeting 139 of the 330 acrewfor redevelopment. The remainder will continues to be used by statse government for agencies thatemploy 7,300 people. Other staff remaining at the authority includeRichard Usas, vice and Nathan Cohen, project director.
Saturday, January 22, 2011
MAAR revises 2009 home sales statistics - Memphis Business Journal:
http://alphastore.org/alphabmx
percent compared to 2,095 in April 2008. Homes sold for an averagwe of $112,366 for the month, down 8.4 percent comparesd to $122,684 in April last year. Foreclosure sales dropped 43.2 percent to 329 in Aprio compared to theprevious Year-to-date, there have been 6,234 totalp homes sales in the three-county down 23.5 percent compared to 8,154 in the same year-agop period. The total year-to-date sales volumwe is $676.2 million, down 31.3 percenr compared to $984.8 million in the same period last year. The averag e sales price year-to-date is $108,482, down 10.2 percent comparedd to $120,770 last year.
the average sales price for all sales increased slightlt from March to April and pending saless were flat in that sametime “We continue to see slight increases in overall pricing, whicg could be an indicatiohn that our local market is stabilizing in terms of MAAR president Jon Albright said in a statement. “Witg pending sales holding steady, inventoryt levels continue to decline, falling below 10,000 unitsw for the first time since 2006.
” MAAR revisec its sales reports after switching data sourcexin January, going from its Multiple Listing Servic e to MAARdata, a proprietary property records database that captures every sale publicly recorded in Fayette and Tipton counties. Because MAARdatz includes all sales, not just those conducted by MAAR memberzs throughthe organization’s MLS, it providew a more comprehensive look at the loca real estate market, according to In the past, MAAR pulledx sales data for a given month on the 15th of the followinyg month to allow for the inhereny lag in data recording.
Becausee MAARdata relies on information frompublic sources, the organization discoverecd the lag time between when a sale closed and when it is recorded can be as lengthy as 30 leading to the revised salews information for January, February, March and
percent compared to 2,095 in April 2008. Homes sold for an averagwe of $112,366 for the month, down 8.4 percent comparesd to $122,684 in April last year. Foreclosure sales dropped 43.2 percent to 329 in Aprio compared to theprevious Year-to-date, there have been 6,234 totalp homes sales in the three-county down 23.5 percent compared to 8,154 in the same year-agop period. The total year-to-date sales volumwe is $676.2 million, down 31.3 percenr compared to $984.8 million in the same period last year. The averag e sales price year-to-date is $108,482, down 10.2 percent comparedd to $120,770 last year.
the average sales price for all sales increased slightlt from March to April and pending saless were flat in that sametime “We continue to see slight increases in overall pricing, whicg could be an indicatiohn that our local market is stabilizing in terms of MAAR president Jon Albright said in a statement. “Witg pending sales holding steady, inventoryt levels continue to decline, falling below 10,000 unitsw for the first time since 2006.
” MAAR revisec its sales reports after switching data sourcexin January, going from its Multiple Listing Servic e to MAARdata, a proprietary property records database that captures every sale publicly recorded in Fayette and Tipton counties. Because MAARdatz includes all sales, not just those conducted by MAAR memberzs throughthe organization’s MLS, it providew a more comprehensive look at the loca real estate market, according to In the past, MAAR pulledx sales data for a given month on the 15th of the followinyg month to allow for the inhereny lag in data recording.
Becausee MAARdata relies on information frompublic sources, the organization discoverecd the lag time between when a sale closed and when it is recorded can be as lengthy as 30 leading to the revised salews information for January, February, March and
Wednesday, January 19, 2011
Bass, Berry & Sims lays off 32 employees - Portland Business Journal:
http://www.lastfm.ru/user/Laurrelia
The venerable law firm made the cuts Mondayt across its three Tennessee officesin Nashville, Knoxvilled and Memphis, said managing partner Keithg Simmons. In Memphis, the firm laid off two attorneysz and fourstaff members. “They were proportionately dividef amongthe offices,” he says. “Every practicer area was affected.” The layoffs were made to reducer internal costs tobenefit clients, he says. Some raises are being froze n as well. Bass Berry is the 8th largesr law firm in Memphis with 37 according to MemphisBusinessx Journal’s 2009 Book of Lists.
Law firmd nationwide are taking steps tocut expenses, including paying some new hires a portion of their salaries to deferf starting for a year. Bass Berry will limit the size of its clasas ofsummer associates, traditionally law school students who have finishedc their second year, and defer the starting date for new attorneya from Sept. 1 to Jan. 1, 2010. The deferred hiresz will receive a stipend forthe four-montg deferral period and will have the opportunit to borrow money from the firm if they need more to tide them with loans to be repaid upon joining the firm Simmons says.
Since the starft of the year, major law firm s have laid off morethan 12,410 people, includintg nearly 5,000 lawyers, according the “Layoff feature on the law blog. Bass Berry Sims’ most recent attorney count was 225 across itsthres offices.
The venerable law firm made the cuts Mondayt across its three Tennessee officesin Nashville, Knoxvilled and Memphis, said managing partner Keithg Simmons. In Memphis, the firm laid off two attorneysz and fourstaff members. “They were proportionately dividef amongthe offices,” he says. “Every practicer area was affected.” The layoffs were made to reducer internal costs tobenefit clients, he says. Some raises are being froze n as well. Bass Berry is the 8th largesr law firm in Memphis with 37 according to MemphisBusinessx Journal’s 2009 Book of Lists.
Law firmd nationwide are taking steps tocut expenses, including paying some new hires a portion of their salaries to deferf starting for a year. Bass Berry will limit the size of its clasas ofsummer associates, traditionally law school students who have finishedc their second year, and defer the starting date for new attorneya from Sept. 1 to Jan. 1, 2010. The deferred hiresz will receive a stipend forthe four-montg deferral period and will have the opportunit to borrow money from the firm if they need more to tide them with loans to be repaid upon joining the firm Simmons says.
Since the starft of the year, major law firm s have laid off morethan 12,410 people, includintg nearly 5,000 lawyers, according the “Layoff feature on the law blog. Bass Berry Sims’ most recent attorney count was 225 across itsthres offices.
Sunday, January 16, 2011
Street Talk: Obama adviser loyal to Johnstown - Kansas City Business Journal:
http://www.slayage.com/forum/index.php/forums/member/74604/
native is playing a critical role shaping the future ofthe U.S. automotive industry. 37, is a “key voice” on President Baracki Obama’s auto task force, according to a recentf article inThe . Wilson is part of a team that has done analyticaloresearch -- such as reading financial reports and touringt automotive plants -- that formed the basis of the task force’zs decisions, the newspaper reported on May 29. As everyoned knows by now, Obama essentially forced one ofthe country’s biggest , to file for bankruptcy in order to salvagew the huge automaker. GM will shut down 14 more plant s inthe U.S.
, lay off up to 21,000 more and shed its Pontiac, Saab and Saturn brandse as it tries to remain in the car business. U.S. taxpayers will own a 60 percenr stake inthe company. a former hedge fund manager with experience restructuringdistressedx assets, contacted the head of the president’s task Steven Rattner, offering his The newspaper described the pitch this way: “Thr e-mail combined a blue chip resumes -- undergraduate and MBA degreea from -- with a blue collar Mr. Wilson’s father had been a his mother a factory worker who had been laid off threr times from dying textile millsin Johnstown.
” A childhood friend told the Journal he wasn’t surprised by Wilson’s willingnesss to serve, considering his upbringing in His loyalty to the area extendx to his unwillingness to do mediw interviews with anyone except the local newspaper. The paper quoterd him in a storu saying, “I think it’s very important we have a domesticvauto industry,” according to the Journal. The Business Revie put in a request with the Whit e House seeking an interview and received thefollowingy response: “Thanks for your request to interview Mr. Wilson.
Unfortunately we will be unable to do the Wilson lives in Scardsale with his wifeand
native is playing a critical role shaping the future ofthe U.S. automotive industry. 37, is a “key voice” on President Baracki Obama’s auto task force, according to a recentf article inThe . Wilson is part of a team that has done analyticaloresearch -- such as reading financial reports and touringt automotive plants -- that formed the basis of the task force’zs decisions, the newspaper reported on May 29. As everyoned knows by now, Obama essentially forced one ofthe country’s biggest , to file for bankruptcy in order to salvagew the huge automaker. GM will shut down 14 more plant s inthe U.S.
, lay off up to 21,000 more and shed its Pontiac, Saab and Saturn brandse as it tries to remain in the car business. U.S. taxpayers will own a 60 percenr stake inthe company. a former hedge fund manager with experience restructuringdistressedx assets, contacted the head of the president’s task Steven Rattner, offering his The newspaper described the pitch this way: “Thr e-mail combined a blue chip resumes -- undergraduate and MBA degreea from -- with a blue collar Mr. Wilson’s father had been a his mother a factory worker who had been laid off threr times from dying textile millsin Johnstown.
” A childhood friend told the Journal he wasn’t surprised by Wilson’s willingnesss to serve, considering his upbringing in His loyalty to the area extendx to his unwillingness to do mediw interviews with anyone except the local newspaper. The paper quoterd him in a storu saying, “I think it’s very important we have a domesticvauto industry,” according to the Journal. The Business Revie put in a request with the Whit e House seeking an interview and received thefollowingy response: “Thanks for your request to interview Mr. Wilson.
Unfortunately we will be unable to do the Wilson lives in Scardsale with his wifeand
Friday, January 14, 2011
Hacker used information on Facebook to steal nude pics from women's email accounts - International Business Times
http://www.calafellviva.com/futbol/infantil.html
Fox News | Hacker used information on Facebook to steal nude pics from women's email accounts International Business Times His modus operandi included specific » |
Tuesday, January 11, 2011
ITT signs lease in Monument III - Kansas City Business Journal:
http://armeniantrip.biz/cruiseanswers-providing-cheap-cruise-and-stay-deals-hurry-up.html
Shortly before took back the title tothe 193,138-square-foot Monumenf III building in a new tenant, signeds a lease for 85,000 square feet. ITT, a Whitew Plains, N.Y.-based engineering and manufacturing company, landed a $1.26 billion spacd communications network services contract with NASA last The company willpay "in the per square foot for space in the building at 12930 Worldgatwe Drive, said the new tenant’s broker, Brian Raherr of .
The 10-year leasse will continue despite therecent foreclosure, since the tenan t signed an agreement that outlines the tenantxs rights in the event of a The agreement is knownm as a SNDA, short for subordination, non-disturbance and The former owners of Monument III — a joint venturw between The Praedium Group, a New York-based real estat e investment firm, and MGP Real Estatre of Bethesda — paid $54.9 million, or $284 a squarew foot, for the building in mid-2007. The building was transferrecd tothe lender, General Electric Credit Equitiews Inc., for $50.6 or $262 a square foot, an amount representinf the outstanding debt.
Shortly before took back the title tothe 193,138-square-foot Monumenf III building in a new tenant, signeds a lease for 85,000 square feet. ITT, a Whitew Plains, N.Y.-based engineering and manufacturing company, landed a $1.26 billion spacd communications network services contract with NASA last The company willpay "in the per square foot for space in the building at 12930 Worldgatwe Drive, said the new tenant’s broker, Brian Raherr of .
The 10-year leasse will continue despite therecent foreclosure, since the tenan t signed an agreement that outlines the tenantxs rights in the event of a The agreement is knownm as a SNDA, short for subordination, non-disturbance and The former owners of Monument III — a joint venturw between The Praedium Group, a New York-based real estat e investment firm, and MGP Real Estatre of Bethesda — paid $54.9 million, or $284 a squarew foot, for the building in mid-2007. The building was transferrecd tothe lender, General Electric Credit Equitiews Inc., for $50.6 or $262 a square foot, an amount representinf the outstanding debt.
Sunday, January 9, 2011
Papa John
joep-detsamijasa.blogspot.com
He also will retain the positio n of senior vice president ofcorporatw communications. Sternberg was named interim general counsel in replacingLou Jones, who left the company. Louisville-based Papa John’s PZZA) also announced Monday that Chuck Schnatter is transitioning to a new role as managinf director of special projects for thepizza chain. He had servee as chief development officer. Tim O’Hernh has returned to Papa John’s as seniof vice president of development, the release said. He held the positio n from 2005 to 2007 and was vice presiden t of development from 1997to 2002.
During that O’Hern oversaw the opening of about 1,400 company-ownedf and franchised stores, Papa John’a said in a news Papa John’s also announced that Lance Tucker has been namexd chief of staff and vice president ofstrategiv planning. He will oversee strategic planning and will assist presidentg and chief operating officet Jude Thompsonand CEO, founder and chairmamn John Schnatter with special according to the As of March 29, Papa John’s had 3,404 domestixc and international restaurants, including 612 owned by the The company has restaurants in all 50 states and 29 It plans to open about 300 restaurants over the next 10
He also will retain the positio n of senior vice president ofcorporatw communications. Sternberg was named interim general counsel in replacingLou Jones, who left the company. Louisville-based Papa John’s PZZA) also announced Monday that Chuck Schnatter is transitioning to a new role as managinf director of special projects for thepizza chain. He had servee as chief development officer. Tim O’Hernh has returned to Papa John’s as seniof vice president of development, the release said. He held the positio n from 2005 to 2007 and was vice presiden t of development from 1997to 2002.
During that O’Hern oversaw the opening of about 1,400 company-ownedf and franchised stores, Papa John’a said in a news Papa John’s also announced that Lance Tucker has been namexd chief of staff and vice president ofstrategiv planning. He will oversee strategic planning and will assist presidentg and chief operating officet Jude Thompsonand CEO, founder and chairmamn John Schnatter with special according to the As of March 29, Papa John’s had 3,404 domestixc and international restaurants, including 612 owned by the The company has restaurants in all 50 states and 29 It plans to open about 300 restaurants over the next 10
Thursday, January 6, 2011
N.C. budget crisis clearly shows that tax reform needed - The Business Journal of the Greater Triad Area:
proklofuxaanygez.blogspot.com
billion shortfall, a 20 percent hole in your annua budget. The cuts promisde to affect a wide range of people and from nonprofits, to education to — as The Business Journa l chronicles on page 1 — Medicaid. The tragedg is it didn’t have to be this bad. It’s missingf the point to just blame, as our electedf leaders inevitablywill do, the recession for this True enough, tough economic times have cut deeply into our But state deficits aren’t new.
Except for a momentarg blip in 2006, North Carolina has been running on a steadyt diet of deficits for years and theculprit wasn’t but a tax code last changedf in the 1930s that is based on an economy when manufacturing and agriculture were dominant and the Interneg was pure science fiction. In more recent as the state has shifted dramaticallu toa service-based economy with manufacturintg and agriculture in decline, the tax code has workedd poorly even when times were relativelyt good. Now we see it is utterly disastrousd when timesare bad.
Despite warnings that the code had to be changesd to account forthe shift, there has been neitherf the political will nor the foresight in Raleigh to take it on. A top-level task force commissione dby then-Gov. Easley and headed by formet Z. Smith Reynolds Foundation Executive Director Tom Ross a few yearse ago made justthat point, but was utterlg ignored. If you want an example and there aremany — of how counter-productive the situation we now find ourselvesz in is, look no further than our local public schools and Cuts in these areas threate n to do more than inflict a little they threaten to mortgage our future, for as much as we have thrown at economic development in recentf years in the form of incentiveds and infrastructure expenditures, nothing mean as much to our state’s economy than the quality of our educationalp system.
Public schools acros s the Triad are currently bracing for cuts totalin tens of millionsof dollars. And our UNC system school — including UNCG, N.C. A&T, Winston-Salem State and the UNC-School of the Arts are all facingan 11.1 percent cut. The resultinyg reduction of faculty and programs could set economic development efforts back years. Ross’ group called for broadeninf the sales tax base to include more while lowering the sales tax rate acrosasthe board. That’s one idea.
It, and any surely would be unpopular with some people and But the underlyingpoint remains: This crisis should serve as a wake-upl call that something, at long last, must be Without reform to create a tax code that more accurately reflectss how North Carolina works in the 21st the recession may pass, but deficitas in Raleigh will live on.
billion shortfall, a 20 percent hole in your annua budget. The cuts promisde to affect a wide range of people and from nonprofits, to education to — as The Business Journa l chronicles on page 1 — Medicaid. The tragedg is it didn’t have to be this bad. It’s missingf the point to just blame, as our electedf leaders inevitablywill do, the recession for this True enough, tough economic times have cut deeply into our But state deficits aren’t new.
Except for a momentarg blip in 2006, North Carolina has been running on a steadyt diet of deficits for years and theculprit wasn’t but a tax code last changedf in the 1930s that is based on an economy when manufacturing and agriculture were dominant and the Interneg was pure science fiction. In more recent as the state has shifted dramaticallu toa service-based economy with manufacturintg and agriculture in decline, the tax code has workedd poorly even when times were relativelyt good. Now we see it is utterly disastrousd when timesare bad.
Despite warnings that the code had to be changesd to account forthe shift, there has been neitherf the political will nor the foresight in Raleigh to take it on. A top-level task force commissione dby then-Gov. Easley and headed by formet Z. Smith Reynolds Foundation Executive Director Tom Ross a few yearse ago made justthat point, but was utterlg ignored. If you want an example and there aremany — of how counter-productive the situation we now find ourselvesz in is, look no further than our local public schools and Cuts in these areas threate n to do more than inflict a little they threaten to mortgage our future, for as much as we have thrown at economic development in recentf years in the form of incentiveds and infrastructure expenditures, nothing mean as much to our state’s economy than the quality of our educationalp system.
Public schools acros s the Triad are currently bracing for cuts totalin tens of millionsof dollars. And our UNC system school — including UNCG, N.C. A&T, Winston-Salem State and the UNC-School of the Arts are all facingan 11.1 percent cut. The resultinyg reduction of faculty and programs could set economic development efforts back years. Ross’ group called for broadeninf the sales tax base to include more while lowering the sales tax rate acrosasthe board. That’s one idea.
It, and any surely would be unpopular with some people and But the underlyingpoint remains: This crisis should serve as a wake-upl call that something, at long last, must be Without reform to create a tax code that more accurately reflectss how North Carolina works in the 21st the recession may pass, but deficitas in Raleigh will live on.
Tuesday, January 4, 2011
Fort Worth recidivist jailed in fatal East Texas shooting - Fort Worth Star Telegram
aplecheevlgupy.blogspot.com
FOX 4 News | Fort Worth recidivist jailed in fatal East Texas shooting Fort Worth Star Telegram Rodney Conn » |
Saturday, January 1, 2011
Hundreds protest in Bhopal against Binayak Sen's conviction - Hindustan Times
xiwyxucupewox.blogspot.com
Hundreds protest in Bhopal against Binayak Sen's conviction Hindustan Times Hundreds of people belonging to at least nine organisations held a rally in Bhopal on Saturday to protest against the life imprisonment verdict awarded to ... |
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