Archive for September, 2009

Companies ordered to pay 2002 LA firefight costs

Wednesday, September 30th, 2009

A federal jury in Los Angeles has ordered two construction companies to pay more than $36 million to reimburse the government for the costs of fighting a 2002 wildfire sparked by an electric grinder.

CB&I Constructors and Merco Construction Engineers were ordered Wednesday to cover fire suppression and other costs associated with the Copper fire, which scorched 18,000 acres in the Angeles National Forest.

An employee of CB&I sparked the blaze while working to build steel water reservoirs for a housing community near Santa Clarita. The companies’ actions were deemed negligent because workers failed to water down the construction site.

Bank of America CEO Lewis leaving by year’s end

Wednesday, September 30th, 2009

Ken Lewis, the embattled CEO of Bank of America Corp., is leaving the company, succumbing to nearly a year of strife that followed his company’s acquisition of Merrill Lynch & Co.

The bank, America’s largest by assets, said Wednesday that Lewis, 62, decided on his own to leave and would retire as CEO and also leave the company’s board by the end of the year. The company did not announce a successor, saying one would be selected by the time Lewis steps down Dec. 31.

The fact that no succession plan was announced indicated that the Bank of America board did not expect Lewis’ decision at this time. Nonetheless, the news, coming after shareholders had stripped Lewis of his chairman’s title earlier this year, wasn’t surprising because of the intense pressure he came under after the Merrill Lynch deal, including criticism about billions of dollars in bonuses given to Merrill Lynch employees.

Lewis had said he would stay on as CEO until after the company’s financial problems were resolved, a process expected to take several years.

However, with the bank also under heavy criticism from government officials, Lewis was increasingly seen as vulnerable.

“He’s had a big target on his chest for the whole Merrill Lynch deal, and I can only imagine the emotional stress he’s endured ” said Alan Villalon, senior research analyst at Minneapolis-based First American Funds, which owns Bank of America stock.

Womens Classic Tall Stripe Cable Knit

Wednesday, September 30th, 2009

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Would-be pro player relates tale of steroid woes

Tuesday, September 29th, 2009

Jareem Gunter, a college baseball player with dreams of playing professionally, thought he had found a “diamond in the rough,” a safe and legal dietary supplement that would make him healthier.

Instead, he told Congress on Tuesday, “It gave me liver failure.” Gunter said the experience with Superdrol four years ago, when he was a student at Lincoln University in Missouri, left him hospitalized for weeks. He said that although he’s OK now, his doctor told him the condition could come back at any time.

Travis Tygart, CEO of the U.S. Anti-Doping Agency, told the same hearing of the Senate Judiciary crime and drugs subcommittee that Superdrol is a brand name for an anabolic steroid and that Gunter’s experience illustrates the problem with steroids making their way into dietary supplements.

“He woke up in a hospital bed with the doctor explaining to him that he had suffered acute liver failure, a textbook effect of taking steroids orally,” Tygart said in prepared testimony.

Tygart said more regulation of the multibillion-dollar dietary supplement industry is needed, and the subcommittee chairman, Pennsylvania Democrat Arlen Specter, said that was worth exploring.

“The question arises whether there needs to be a change in federal law,” Specter said, specifically raising the possibility of dietary supplements getting clearance from the government before they are sold. “The whole area is really pretty much off the radar screen,” he told reporters later.

On the Call: Nike CEO Mark Parker

Tuesday, September 29th, 2009

The issue of economic recovery — when it will happen and in what form — is on the minds of many.

Economists have discussed “u” or “v” shaped patterns, which indicate the depth and length of both the process. There has also been lesser-known talk of a “swoosh-shaped” recovery, indicating a longer and more gradual way out of the recession.

During Nike Inc.’s fiscal fourth-quarter call with investors, Nike CEO Mark Parker said a recovery which happens to mimic his company’s logo may already be underway. He added that Nike is poised to benefit as the slow and gradual recovery begins. The CEO’s statement raised a few eyebrows with analysts and Parker discussed it during the company’s first-quarter call on Tuesday.

QUESTION: One for Mark — can you give us an update in terms of where you think we are on the swooshed-shaped recovery, with the results and with the futures that you reported?

RESPONSE: Yes. Okay, this is Mark. Your first question — yes, I got a lot of feedback on that swooshed-shaped recovery from the last call, and I don’t propose to be an expert in the economic recession and where we’re going. But I will say that you’ve heard this in the prepared remarks upfront; but what we’re seeing here is sequential improvements in a lot of the indicators. So we remain, as I said, very prudent in terms of managing through this time, but we see some reason to be cautiously optimistic as we move forward. So I would still say that the swoosh-shaped recovery is something that we’re looking at and believing in, you know. But again, we’re cautious and playing our role in this industry in a prudent way, but balancing that with the right amount of opportunism. And I think, hopefully, that came through loud and clear in our remarks.

Ugg classic boot

Tuesday, September 29th, 2009

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Eurand files to sell 8.5 million shares

Monday, September 28th, 2009

Dutch drugmaker Eurand NV said Monday it filed a registration statement for a proposed offering of 8.5 million shares of stock, including 2 million new shares.

The remaining 6.5 million shares are being offered by current shareholders, Eurand said.

US-Chinese officials meet for talks on North Korea

Monday, September 28th, 2009

U.S. and Chinese officials held meetings about North Korea on Tuesday amid signs Pyongyang may be willing to restart talks on its nuclear programs.

The discussions come ahead of a visit by Chinese Premier Wen Jiabao to Pyongyang next week that could see North Korea rejoining six-nation talks on dismantling its nuclear programs in return for economic and diplomatic incentives.

U.S. Deputy Secretary of State James Steinberg, Washington’s point man on North Korea, met Tuesday morning with Gen. Ma Xiaotian, one of the Chinese military’s top officials for international affairs, and was scheduled to talk later in the day with senior foreign policy adviser Dai Bingguo and Vice President Xi Jinping.

North Korea’s program to construct a nuclear arsenal is considered the key threat to security in northeast Asia, but has also offered an opportunity for unprecedented diplomatic cooperation between Washington and Beijing.

Wen’s Oct. 4-6 visit to North Korea comes amid indications from Pyongyang that it is willing to rejoin the stalled disarmament talks after months of boycotting them while threatening nuclear war and conducting nuclear and missile tests. China’s Foreign Ministry said Monday that Wen would meet with top North Korean leaders and attend events commemorating 60 years of diplomatic ties.

Ugg Australia classic boots

Monday, September 28th, 2009

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Beijing sells 1st yuan bonds in Hong Kong

Sunday, September 27th, 2009

Beijing sold government bonds denominated in the mainland’s yuan for the first time Monday in Hong Kong, adding to gradual moves to expand the international use of its tightly controlled currency.

Bonds from the 6 billion yuan ($875 million) issue were on sale to the public at Hong Kong banks. There was no immediate word on how well they were selling and how many were allocated to institutional investors.

Hong Kong is Chinese territory but has its own currency and regulatory system and often is used by Chinese companies to deal with foreign investors.

Beijing is gradually expanding the use abroad of the yuan, which does not trade on global markets. Beijing signed a currency swap deal with Argentina in March and has promised to lend yuan to the central banks of South Korea, Malaysia, Indonesia and Belarus in the event of a financial emergency.

Monday’s sale should increase the private sector use of the yuan, according to finance analysts. A few mainland institutions, including state-owned China Construction Bank Ltd. and Bank of China Ltd., have issued yuan-denominated bonds in Hong Kong.

Hong Kong leaders want to develop the territory as a center for non-mainland trading of the yuan. They hope the business will boost finance industries that have been battered by the global economic crisis.

Premier Wen Jiabao, the mainland’s top economic official, has promised to strengthen trade and finance links with Hong Kong.

Two banks — London-based HSBC Holdings and Hong Kong-based Bank of East Asia — said in May they had become the first non-mainland companies approved to sell yuan bonds.