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Thursday, June 10, 2010
Florida AG Seeks At Least $2.5B Escrow Account From BP
DOW JONES NEWSWIRES
Florida Attorney General Bill McCollum asked BP PLC (BP, BP.LN) to put at least $2.5 billion into an interest-earnings escrow account to ensure money is available to cover potential losses.
The oil giant has pledged to cover all claims related to the oil spill in the Gulf of Mexico.
McCollum, who is running for the Republican nomination for governor this year, said in a statement that in light of the likely "staggering blow" to Florida's economy in the wake of the spill, "it is essential that BP establish immediately a dedicated escrow account solely for the purpose of paying claims and damages to Florida and its citizens."
A BP spokesman wasn't immediately available to comment.
Its American depositary shares closed up 12% Thursday after a 16% slump a day earlier, finishing at $32.78.
Florida Attorney General Bill McCollum asked BP PLC (BP, BP.LN) to put at least $2.5 billion into an interest-earnings escrow account to ensure money is available to cover potential losses.
The oil giant has pledged to cover all claims related to the oil spill in the Gulf of Mexico.
McCollum, who is running for the Republican nomination for governor this year, said in a statement that in light of the likely "staggering blow" to Florida's economy in the wake of the spill, "it is essential that BP establish immediately a dedicated escrow account solely for the purpose of paying claims and damages to Florida and its citizens."
A BP spokesman wasn't immediately available to comment.
Its American depositary shares closed up 12% Thursday after a 16% slump a day earlier, finishing at $32.78.
Friday, May 21, 2010
New Link Marketplace for Adult
SANTA BARBARA, Calif.—The most controversial online marketing companies have always been text link brokers. From the first start-ups like Text Link Ads to new power houses like Conductor, text link ad brokers have been the easiest way to rank high on Google. Unfortunately none of them have ever worked with adult companies. For years the only way for adult companies to acquire back links to raise their search rankings have been through spam link exchanges and reciprocal link forms which are ineffective.
Launched in 2009, Adult Link Market gave the adult industry the first SEO specific text link marketplace. Websites in the adult space can now search ALM’s hundreds of relevant websites and blogs to drive targeted traffic and raise their rankings in Google, Bing and Yahoo.
Read the whole story on AVN
Wednesday, March 31, 2010
Ford’s Mulally Not Taking Cost Over Health-Care Law (Bloomberg)
(Adds analyst’s comment in the fourth paragraph.)
By Keith Naughton and Katie Merx
March 31 (Bloomberg) -- Ford Motor Co. Chief Executive Officer Alan Mulally said the automaker won’t record a cost related to the new U.S. health-care law. Ford isn’t affected by the way the legislation reduces the corporate benefit for contributing to retirees’ Medicare and prescription-drug costs, Mulally said today at the New York auto show. The automaker is avoiding charges disclosed by companies including Boeing Co. and AT&T Inc. because liability for United Auto Workers retirees’ health expenses was shifted to a so- called Voluntary Employee Beneficiary Association, or Veba, in 2007. General Motors Co. and Chrysler Group LLC have the same contract provisions. “Ford, GM and Chrysler are no longer responsible for current or future retirees’ health-care or prescription-drug costs because of the VEBA,” said Kristin Dziczek, director of the labor and industry group at the Center for Automotive Research in Ann Arbor, Michigan.
Health-care costs related to the law may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson. Ford fell 59 cents, or 4.4 percent, to $12.69 at 11:28 a.m. in New York Stock Exchange composite trading. The Dearborn, Michigan-based automaker has gained 27 percent this year.
--With assistance from Bill Koenig in Southfield, Michigan, and Will Daley in New York. Editors: Jamie Butters, Ed Dufner
By Keith Naughton and Katie Merx
March 31 (Bloomberg) -- Ford Motor Co. Chief Executive Officer Alan Mulally said the automaker won’t record a cost related to the new U.S. health-care law. Ford isn’t affected by the way the legislation reduces the corporate benefit for contributing to retirees’ Medicare and prescription-drug costs, Mulally said today at the New York auto show. The automaker is avoiding charges disclosed by companies including Boeing Co. and AT&T Inc. because liability for United Auto Workers retirees’ health expenses was shifted to a so- called Voluntary Employee Beneficiary Association, or Veba, in 2007. General Motors Co. and Chrysler Group LLC have the same contract provisions. “Ford, GM and Chrysler are no longer responsible for current or future retirees’ health-care or prescription-drug costs because of the VEBA,” said Kristin Dziczek, director of the labor and industry group at the Center for Automotive Research in Ann Arbor, Michigan.
Health-care costs related to the law may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson. Ford fell 59 cents, or 4.4 percent, to $12.69 at 11:28 a.m. in New York Stock Exchange composite trading. The Dearborn, Michigan-based automaker has gained 27 percent this year.
--With assistance from Bill Koenig in Southfield, Michigan, and Will Daley in New York. Editors: Jamie Butters, Ed Dufner
Wednesday, October 21, 2009
Obama to Offer Banks Capital for More Small Businesses Lending
By Rebecca Christie and Hans Nichols
Oct. 21 (Bloomberg) -- President Barack Obama plans to announce new measures to open up credit for small businesses, including capital injections for community banks to spur lending, the administration said. Community banks with less than $1 billion in assets will be eligible for lower-cost capital if they submit a small business lending plan and document their lending in quarterly reports, according to a White House fact sheet. If approved by regulators, these banks would pay the government an initial 3 percent dividend on the injection, instead of the previous 5 percent rate. Obama also will seek legislation raising the limits for Small Business Administration loans from $2 million to $5 million and as much as $5.5 million for manufacturing. The president will visit a small business in Maryland this afternoon to make the announcement, White House press secretary Robert Gibbs said. The Treasury Department will work with banks to develop program terms, including ways they could replace older, and more expensive, infusions from the Troubled Asset Relief Program. The Treasury also is looking at ways to expand its Community Development Financial Institutions program to promote small business lending, according to the administration statement. Some credit unions also will be eligible for capital assistance under the administration’s new plan, the first time those institutions have had access to the bank rescue funds, according to the fact sheet. Credit unions that qualify as community development financial institutions will be able to apply for capital injections in the form of subordinated debt.
Conference of Regulators
In addition, Obama will call for Treasury Secretary Timothy Geithner and SBA administrator Karen Mills “to convene a conference of regulators, congressional leaders and small business owners to establish further steps the government can take to help small businesses achieve greater access to capital,” Gibbs said this morning. Senate Democrats are pushing for more aid to small businesses to counter the perception that the administration is focusing on big banks. The announcement comes seven months after the Treasury’s March announcement of a $15 billion program to purchase pools of SBA loans, which so far has not been implemented. “We see continued evidence that Wall Street has been stabilized, but to date it seems that Main Street continues to struggle to create new jobs,” Senator Mark Warner, a Virginia Democrat on the banking committee, wrote in a letter to Obama yesterday that was signed by 30 other lawmakers. Co-signers include Senate Banking Committee Chairman Christopher Dodd of Connecticut.
New TARP Program
The lawmakers called on Obama to redirect bank rescue funds for community lending by creating a new program within the $700 billion TARP. The program suggests using federal financing to anchor a $40 billion pool to support new lending, accompanied by as much as $10 billion in private investment.
Gibbs said “Geithner’s announcement of TARP programs that had been set up for larger banks and were used also for the auto industry will begin to wind down.” Obama’s announcement today won’t dissuade Warner from pushing for further assistance to small businesses to make it easier for them to hire, aides said. “We certainly intend to continue working on this issue,” spokesman Kevin Hall said. Some Republican lawmakers argued that Obama’s small- business initiative won’t make a difference if Congress places new tax burdens on companies by enacting health-care legislation.
Pink Slip
“The president offering bailout funds to small businesses while pushing a government takeover of health care is like getting a Christmas bonus right before you get a pink slip,” said Indiana Representative Mike Pence, chairman of the House Republican Conference. House Republican Leader John Boehner said lower taxes and other policies to help small businesses invest in equipment and jobs are needed to restart the economy. “Until we get the small businesses working again, we are not going to get the economy working again,” he said. Uncertainty about more expenses contained in health-care and energy legislation is causing small business owners “to sit on their hands,” he said.
Oct. 21 (Bloomberg) -- President Barack Obama plans to announce new measures to open up credit for small businesses, including capital injections for community banks to spur lending, the administration said. Community banks with less than $1 billion in assets will be eligible for lower-cost capital if they submit a small business lending plan and document their lending in quarterly reports, according to a White House fact sheet. If approved by regulators, these banks would pay the government an initial 3 percent dividend on the injection, instead of the previous 5 percent rate. Obama also will seek legislation raising the limits for Small Business Administration loans from $2 million to $5 million and as much as $5.5 million for manufacturing. The president will visit a small business in Maryland this afternoon to make the announcement, White House press secretary Robert Gibbs said. The Treasury Department will work with banks to develop program terms, including ways they could replace older, and more expensive, infusions from the Troubled Asset Relief Program. The Treasury also is looking at ways to expand its Community Development Financial Institutions program to promote small business lending, according to the administration statement. Some credit unions also will be eligible for capital assistance under the administration’s new plan, the first time those institutions have had access to the bank rescue funds, according to the fact sheet. Credit unions that qualify as community development financial institutions will be able to apply for capital injections in the form of subordinated debt.
Conference of Regulators
In addition, Obama will call for Treasury Secretary Timothy Geithner and SBA administrator Karen Mills “to convene a conference of regulators, congressional leaders and small business owners to establish further steps the government can take to help small businesses achieve greater access to capital,” Gibbs said this morning. Senate Democrats are pushing for more aid to small businesses to counter the perception that the administration is focusing on big banks. The announcement comes seven months after the Treasury’s March announcement of a $15 billion program to purchase pools of SBA loans, which so far has not been implemented. “We see continued evidence that Wall Street has been stabilized, but to date it seems that Main Street continues to struggle to create new jobs,” Senator Mark Warner, a Virginia Democrat on the banking committee, wrote in a letter to Obama yesterday that was signed by 30 other lawmakers. Co-signers include Senate Banking Committee Chairman Christopher Dodd of Connecticut.
New TARP Program
The lawmakers called on Obama to redirect bank rescue funds for community lending by creating a new program within the $700 billion TARP. The program suggests using federal financing to anchor a $40 billion pool to support new lending, accompanied by as much as $10 billion in private investment.
Gibbs said “Geithner’s announcement of TARP programs that had been set up for larger banks and were used also for the auto industry will begin to wind down.” Obama’s announcement today won’t dissuade Warner from pushing for further assistance to small businesses to make it easier for them to hire, aides said. “We certainly intend to continue working on this issue,” spokesman Kevin Hall said. Some Republican lawmakers argued that Obama’s small- business initiative won’t make a difference if Congress places new tax burdens on companies by enacting health-care legislation.
Pink Slip
“The president offering bailout funds to small businesses while pushing a government takeover of health care is like getting a Christmas bonus right before you get a pink slip,” said Indiana Representative Mike Pence, chairman of the House Republican Conference. House Republican Leader John Boehner said lower taxes and other policies to help small businesses invest in equipment and jobs are needed to restart the economy. “Until we get the small businesses working again, we are not going to get the economy working again,” he said. Uncertainty about more expenses contained in health-care and energy legislation is causing small business owners “to sit on their hands,” he said.
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