A majority of businesses in New York are optimistic about the prospects for economic recovery — but it doesn’t meant they’ll be hiring soon.
So says a new survey from The Business Council of New York State, a 3,000-member lobby in Albany that includes many of the state’s largest employers.
"Our members believe their businesses will grow and their bottom lines will improve over the next 18 months," says Ken Adams, president and CEO of the Business Council. "They are not reaching for any champagne yet, but they see economic improvement ahead in 2011."
About 300 of the lobby’s members responded to the electronic survey done in July.
Of that group, 41 percent expect revenue to grow over the next six months. That figure jumps to 59 percent when asked about expectations over the next 12 to 18 months.
But it appears the revenue growth will not coincide with big jumps in new hires.
A full 60 percent of respondents said they will keep their workforces the same size over the next six months, compared with 27 percent who plan to hire.
Employers were also asked about hiring plans over the next 12 to 18 months. Just more than half said they will not expand their workforces during that time, compared with 40 percent who plan to increase their head counts.
Employers in The Business Council survey were unanimous in their opinion of state government.
No employers said they were satisfied with the way state government is operating. Thirteen percent said they were somewhat dissatisfied, while 87 percent said they were not satisfied at all.
Also, close to 80 percent of respondents said they’d seen an increase in state regulatory activities that come with fines, fees or penalties.
A majority of respondents said neither their state senators nor their state assembly members deserve re-election this fall.
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The number of homes sold in July fell 11.5 percent from July 2009, according to the Charlotte Regional Realtor Association. The group says 1,968 homes sold last month in the region vs. 2,223 last year.
The average sales price rose 2 percent to $217,320 from $212,977 in July 2009. The average sales price rose 1 percent from June.
Pending sales contracts in July totaled 1,802, down 23 percent from the year before, and down 4 percent from 1,880 in June saving account pay day loan.
The statistics are culled from the association’s Carolina Multiple Listing Services Inc., which carries information on homes for sale in a 10-county service area.
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Core-Mark Holding Company Inc. said Friday it agreed to acquire Finkle Distributors Inc. for about $43 million.
South San Francisco-based Core-Mark (NASDAQ:CORE) is a marketer of packaged produce for convenience stores in North America.
FDI, which is based in Johnstown, N.Y., is a convenience wholesaler with customers in New York, Pennsylvania and surrounding states.
Dan Finkle, president of FDI, will join Core-Mark no fax payday loan.
Core-Mark expects to fund the transaction from a combination of cash and borrowings under its $200 million revolving credit facility. The deal is expected to close in August and be accretive in 2010 excluding approximately $2.6 million in start up and conversion costs.
New York Gov. David Paterson, as promised, has started vetoing 6,900 spending items included in a budget plan approved Monday by the Senate and Assembly.
In all, Paterson will ax more than $600 million in spending approved by legislators in votes on Monday. Paterson called the spending a “gimmick” and said legislators were “self-serving” and “fantasizing” that certain revenue would materialize.
The largest items to go: $419 million of extra money for K-12 education, plus close to $200 million in grants, mostly for nonprofits. The budget votes, though, avoid a government shutdown.
Paterson’s vetoes mean legislators will have to hold another vote on the spending to override it. An override in the Senate appears unlikely, as 10 Republicans would have to vote with all 32 Democrats to overcome the veto with the required two-thirds majority.
Another contentious vote is on tap today, as legislators hold session to vote on a plan to generate nearly $1 billion of new revenue to help erase the state’s $9.2 billion deficit and pay for spending in the budget.
The bill is the last significant piece of the state budget yet to be acted on—capping a disjointed and piecemeal budget process three months after a budget was due.
This bill, like the ones voted on Monday, is the product of a deal brokered between Democrats in the Assembly and Senate. The budget plan contains fewer spending cuts than Paterson’s original $135 billion proposal, laid out back in January.
At this point, it remains unclear how much money the state will spend this fiscal year, which runs through March 2011.
The revenue bill up for a vote today forces businesses to defer $1.1 billion of their tax credits over the next three years. They’ll be unable to begin tapping that money until 2013.
The state will also charge sales taxes on clothing and footwear purchases of less than $110 from October 2010 through March 2011, raising $330 million.
In addition, the bill hikes taxes on hedge fund managers living out-of-state, cuts the number of charitable donations the wealthiest New Yorkers can claim on tax returns and boosts an annual tax credit given mostly to filmmakers downstate by $85 million, to a total of $505 million low rate payday loans.
On Monday night, Paterson blasted legislators for their budget plan. He had promised to veto certain spending if legislators failed to create a safety net in case close to $1 billion of federal funds do not come through.
The Medicaid reimbursement funds have been in doubt for weeks, tied up in debate in Congress. Without the money, the state’s deficit would jump to $10.2 billion—requiring legislators to return to Albany later this year, during an election campaign, if they don’t account for the potential loss of funds now.
At best, New York will receive much less than the $989 million it was initially expecting, Paterson said.
“The reality is, the day of reckoning has come,” Paterson said. “I am disappointed, stunned and frankly chagrined with a Legislature that is either unwilling or unable to address the problems the state of New York has. New York, again, wants to blissfully move forward, fantasizing that Medicaid money is coming. We’re actually going in reverse.”
Paterson said he is open to further negotiations with legislative leaders, although the vetoes are “his final word” on the specific spending.
“I never take any joy in vetoing education money, health care, services for poor and indigent,” Paterson said. “It breaks my heart to do this. The only reason I’m doing it is because I think otherwise, we’re proverbially kicking the can down the road.”
Democrats criticized the vetoes.
A spokesman for Senate Democrats called the vetoes “a typical Albany power play with school children and taxpayers caught in the middle.” He said Democrats are discussing a potential veto override.
Assembly Speaker Sheldon Silver (D-Manhattan) said: “The budget passed by the Legislature would dramatically reduce state spending. The governor’s decision to veto these bills will mean larger classes, higher property taxes and more expensive tuition for SUNY and CUNY students.”
Moody’s Investors Service cut BP’s long-term rating by three notches Friday, marking the second downgrade in a month, citing the worsening impact of the oil disaster.
Moody’s cut BP’s senior unsecured ratings and long-term debt securities to A2 from Aa2 and said there could be further downgrades as it continues to review BP’s ratings.
"Moody’s update assessment is that the spill will have a sustained negative impact on the group’s free cash flow generation and overall financial profile for a number of years," said the rating agency in a statement.
Also on Friday, Moody’s downgraded the senior unsecured issuer rating of BP Finance by three notches to A3 from Aa3 and the senior unsecured issuer rating of BP Corporation North America by four notches to Baa1 from Aa3.
The rating agency had downgraded BP once before, on June 3. On that same day, Fitch Ratings also announced a downgrade of the oil giant. Since then, Fitch announced a second downgrade to just above junk status.
Moody’s referred to the BP’s agreement to set up a $20 billion escrow to cover damages and liabilities related to the spill as a "mildly positive development."
"Establishing a clear funding mechanism to make payments to injured parties may moderate pressure for the government to pursue more punitive actions," said Moody’s.
BP (BP) owns 65% of the well that is spilling up to 60,000 barrels per day in the Gulf, according to government estimates. The problem has been ongoing since April 20, when the Deepwater Horizon offshore rig, which is owned by Transocean (RIG) and leased by BP, exploded and sank, killing 11 workers.
Since then, BP has been unable to plug the leak. The company’s chief executive, Tony Hayward, was subjected to blistering Congressional testimony on Capitol Hill Thursday, where he was accused of "stonewalling."
BP’s stock has plunged 47% since the accident by Thursday’s close. The company was not immediately available for comment. Under pressure from the government, BP has canceled its dividend for the rest of the year.
The company was not immediately available for comment.
Starbucks Corp. has opened its first store in Hungary.
The Seattle-based coffee giant (NASDAQ: SBUX) created a joint venture with Amrest, a restaurant operator in in Central and Eastern Europe, to manage the store, located in Budapest.
“We have great respect for the longstanding and colorful Hungarian coffeehouse culture and are excited to become a part of the community,” said Vladan Armus, Starbucks Brand President for Central and Eastern Europe, in a statement.
Full Starbucks press release below.
BUDAPEST, Hungary–(BUSINESS WIRE)–Starbucks Coffee has opened its first store in Hungary in the lively and popular WestEnd Mall.
AmRest Kavezo KFT, a joint-venture company between Starbucks Coffee International, Inc. a wholly-owned subsidiary of Starbucks Coffee Company (NASDAQ: SBUX), and AmRest Sp. z o.o., a wholly-owned subsidiary of AmRest Holdings S.E. (AmRest, WSE: EAT), will manage the daily operations.
“We have great respect for the longstanding and colorful Hungarian coffeehouse culture and are excited to become a part of the community,” said Vladan Armus, Starbucks Brand President for Central and Eastern Europe. “Over the past few years, coffeehouses have regained their popularity in Hungary, and we look forward to introducing our customers to our high quality coffees and the unique Starbucks Experience.
“WestEnd Mall is a vibrant and dynamic location in the heart of Budapest where people love to shop and meet,” continued Armus. "We think it will be an ideal location for people to enjoy a place where they can rest, relax and chat with friends over a great cup of coffee.”
Starbucks and AmRest have worked together since 2008 opening stores together in the Czech Republic and Poland. They now operate 16 stores across the three markets.
“We are excited to open our first store in Hungary and are committed to being part of the community, a good neighbor and a force for bringing our partners (employees), customers and their communities together,” said Buck Hendrix, president of Starbucks Europe, Middle East and Africa. “Our expansion into Hungary with our trusted partner AmRest is another positive step forward in growing our presence in markets that have a longstanding coffeehouse tradition throughout Central and Eastern Europe.”
Customers in Budapest will be able to enjoy Starbucks full range of offerings including hot and cold beverages made from 100% Fairtrade certified espresso, brewed coffee, and a full range of Tazo Teas. Starbucks will also offer a selection of 16 different varieties of the world’s finest whole bean arabica coffees sourced from farms across Latin America, Africa and Asia Pacific.
Starbucks will offer traditional coffeehouse fare like cakes, muffins, donuts, sandwiches and salads. Exclusive to Starbucks Hungary will be a selection of local favorites including Reform Triangle Sandwiches, Sausage Sandwiches and Pick Salami Sandwiches. Starbucks Hungary is very proud to feature Cheese Pogácsa and Almond Nougat Cake baked by the treasured local patisserie, Gerbeaud Confectionery.
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting the highest quality arabica coffee in the world. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.starbucks.com.
AmRest is the largest independent restaurant operator in Central and Eastern Europe. It manages KFC, Pizza Hut, Burger King, Starbucks, Applebee’s, freshpoint and Rodeo Drive sites in Poland, the Czech Republic, Hungary, Bulgaria, Serbia and Russia. The company will operate Starbucks coffeehouses in Poland, Hungary and the Czech Republic. For more information, please visit www.amrest.eu.
Visitor spending in Hawaii increased a modest 0.5 percent year over year to $760.2 million in April, marking two straight months of growth, according to preliminary data released Thursday by the Hawaii Tourism Authority.
Visitors from the U.S. West, Hawaii’s biggest market, spent $296.8 million in April, a 5.6 percent increase from the year before.
The biggest percentage increase in visitor spending came from Canadians, who spent 24.5 percent more in April, totaling $60.2 million.
The slight boost in visitor spending came courtesy of a 1.1 percent increase in visitor arrivals by air — to 536,194.
Hawaii saw a boost in visitors from the U.S. West and Canada, with increases of 5.8 percent and 2 percent, respectively. But visitor arrivals from both the U.S. East and Japan were down for the month, by 4.7 percent and 1.4 percent, respectively.
The statistics measure spending by visitors who arrive by air and do not factor in spending from cruise ship passengers.
Overall visitor arrivals by air and cruise ship (which brought in 15,865 visitors in April) increased by 1.9 percent to a total of 552,059 visitors year over year.
Among the major Hawaiian islands, Maui continued to see the biggest increase in visitor arrivals, up 3 percent to 161,140 in April. It is the only island to see continuous growth in visitor arrivals since the start of the year.
Maui also saw an 8.9 percent increase in visitor spending in April, which totaled $202.1 million.
Year-over-year results from Hawaii’s top visitor markets for April:
• 5.8 percent increase in arrivals by air (245,203 visitors) from the U.S. West;
• 4.7 percent decline in arrivals by air (119,768 visitors) from the U.S. East;
• 1.4 percent decline in arrivals (83,230 visitors) from Japan;
• 2 percent increase in arrivals (33,259 visitors) from Canada.
Lee Enterprises announced Wednesday that it will produce a new food publication for the St. Louis area, called Feast.
The free monthly publication will begin in August with a circulation of 70,000. It will be distributed at more than 500 locations in the St. Louis region.
The company described Feast as "a culinary magazine that celebrates St. Louis’ food culture." The magazine will serve as the "backbone" of the Feast Media brand, the company said.
Catherine Neville, co-founder and former editor of Sauce Magazine, has been named Feast’s publisher.
The Peach State remains among the best states in which to business, but it is dropping.
Chief Executive magazine on Thursday ranked Georgia the seventh-best state for business, down from No. 4 in 2009.
To get its annual rankings, the magazine surveyed more than 660 CEOs to rate states based on a range of criteria that included taxation, regulation, workforce quality, education and living quality. Click here to see the complete list of each state ranked by each category.
Chief Executive magazine’s top 10 states for business, in order, are Texas, North Carolina, Tennessee, Virginia, Nevada, Florida, Georgia, Colorado, Utah and South Carolina.
Dr. David Poplack has been awarded a $953,000 grant from the Cancer Prevention and Research Initiative of Texas to expand the Passport for Care program for pediatric cancer survivors.
Poplack, professor of pediatric oncology at Baylor College of Medicine and director of the Texas Children’s Cancer Center, helped develop the web-based program designed to guide health care for pediatric cancer survivors.
He will use the grant to expand the program to 12 treatment centers in Texas, including in Austin, San Antonio, El Paso, the Rio Grande Valley and north Texas.
Launched in October 2008, more than 1,000 patients have been enrolled in the program, which is currently used at Texas Children’s Hospital’s Cancer Center.
The CPRIT grant also includes a research component. A series of studies will be conducted to examine the current standard of care and follow-up information survivors are getting, and how the implementation of Passport for Care will improve that low fee pay day loans.
More than 75 percent of pediatric cancer patients are cured; however many have late effects of their treatment than can be serious or even life-threatening.
“Passport for Care provides the physician with a detailed summary of the survivor's treatment and individualized guidelines for their follow-up screening. It essentially makes every physician a survivor expert,” Poplack said in a statement.
Passport for Care was also developed by Dr. Marc Horowitz, professor of pediatrics hematology-oncology at Baylor College of Medicine, and Dr. Michael Fordis, director of BCM's Center for Collaborative and Interactive Technologies.
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