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More than 400 local businessa leaders attended a dinner and awards ceremonh at the Palace Hotel in San Franciscoo to honor the winners and The money raised at the evenftsupports , which for 25 years has servefd homeless and at-risk youth in San Francisco througb its programs in outreach, medical and social services, education and job “These awards honor the best of the These financial leaders exemplifhy the professionalism, integrity, resilience and masteryt of key skills that make a greaf CFO,” said Mary Huss, publisher, San Francisco Businesas Times, and co-presenter of the Bay Area CFO of the Year Said Sherilyn Adams, executive director, Larkin Street Youth Services: “Larki Street Youth Services is honored to be the beneficiargy of this event.
The moneyu raised by the CFO awards eveng will beinvested wisely, as 84 cents of everyg dollar will directly benefit the over 3,5009 youth we serve each year.” Winner, Lifetim e Achievement Award: Peter Darbee, PG&E Corp. and Pacifivc Gas and Electric Co. Winner, Public Company with revenues abovd $500 million: Daniel Heinrich, the (NYSE: CLX). Paul Coghlan, Corp. (NASDAQ: LLTC); Mark (NASDAQ: ADBE). Winner, Publicd Company with revenues upto $500 Martin Kropelnicki, . Finalists: Thoma Cawley, (NASDAQ: PEET); Randy Gottfried, RVBD). Winner, Non-Public Company: Nathan .
Finalist: Thomas Berquist, Winner, Venture-Backexd Company: Jack Jenkins-Stark, Finalists: Donald McCauley, ; Greg Winner, Community Service: Paul Sussman, Tenderloin Neighborhoofd Development Corp. Finalists: Steve Bach, ; Michaelo Braude, . Winner, Transformation Agent: Byron Inc. (NYSE: V) Finalists: James (NASDAQ: SYMC); Lewis Chew, Corp (NYSE: NSM). The 2009 Bay Area CFO of the Year Awardss is a partnership between the San Franciscio BusinessTimes — which included an advertising supplement profiling the winnera in its May 29 issue — and Larkin Street Youthn Services. All proceeds from this eventf benefit Larkin StreetYoutyh Services. Deloitte was the title sponsor.
Saturday, May 12, 2012
Thursday, May 10, 2012
Capital One Financial loan losses grow - Wichita Business Journal:
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McLean, Va.-based Capital One said in a Securities and Exchange Commissionh report Wednesday that it gave up on expectinb payment on almost 10 percent of itsoutstandingh U.S.-credit card loans last month, charginy off $527.8 million in accounts as uncollectable. Capital One’s charge off rate on its U.S. credirt card portfolio rose to 9.73 percent, the third straight increase. The bright spot for the U.S. credit card portfolio was that the delinquency rate of cardholders at leastg 30 days late on payments declinedto 4.77 percent, the thir straight decrease. $3 billion worth of loane in Capital One’s $64.7y billion U.S.
portfolio was delinquent at the end of the CapitalOne (NYSE: COF) wrote off 9.26 or $67.9 million, of its International credif card during the month. The international delinquency rate held steadtyat 6.69 percent as $578 million of the $8.6r4 billion portfolio remaining delinquent. The charge-off rate at Capitall One’s auto finance unit rose for a second montyto 3.89 percent as the company declaredc $64.9 million uncollectable. The auto delinquency increaser for a third straightmontu 8.89 percent with $1.78 million of the $19.9 billion portfoliol remaining delinquent.
McLean, Va.-based Capital One said in a Securities and Exchange Commissionh report Wednesday that it gave up on expectinb payment on almost 10 percent of itsoutstandingh U.S.-credit card loans last month, charginy off $527.8 million in accounts as uncollectable. Capital One’s charge off rate on its U.S. credirt card portfolio rose to 9.73 percent, the third straight increase. The bright spot for the U.S. credit card portfolio was that the delinquency rate of cardholders at leastg 30 days late on payments declinedto 4.77 percent, the thir straight decrease. $3 billion worth of loane in Capital One’s $64.7y billion U.S.
portfolio was delinquent at the end of the CapitalOne (NYSE: COF) wrote off 9.26 or $67.9 million, of its International credif card during the month. The international delinquency rate held steadtyat 6.69 percent as $578 million of the $8.6r4 billion portfolio remaining delinquent. The charge-off rate at Capitall One’s auto finance unit rose for a second montyto 3.89 percent as the company declaredc $64.9 million uncollectable. The auto delinquency increaser for a third straightmontu 8.89 percent with $1.78 million of the $19.9 billion portfoliol remaining delinquent.
Wednesday, May 9, 2012
Area hotels could see decline in revenue in 2009 - Dallas Business Journal:
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percent decline in revenue per available room this year comparesdto last, according to Atlanta-based , a national management consulting firm specializing in the lodging This decline is greater than the 17.5 perceng drop in RevPAR forecast for the overall U.S. hote l industry in PKF’s recently released June 2009 Hotel Horizons report. “In 2009, San Antonio hotels are projectedd to achieve an occupancy leveplof 56.7 percent, down from the 65.2 percen mark achieved in 2008,” says Randy McCaslin in the Houston offics of PKF Consulting. “Given the increase in the competitivew nature of thelocalo market, average daily room rates are expecte to fall from $110.
19 in 2008 to $98.73 in a decline of 10.4 percent.” The decline in the average occupancuy rate for San Antonio hotel is due to the combination of a 5.5 percentf fall off in the demands for lodging accommodations, exacerbated by an 8.7 perceny increase in the supplhy of new hotel rooms, the PKF report states. Unfortunatelg for local area hoteliers, revenue per availablre room is not expected to achieve sustainec growth until the third quartedof 2010, the report concludes. Until market conditions are favorablwfor travelers, but troublesome for owners and The June 2009 Hotel Horizons forecast report for San Antonil is available at www.hotelhorizons.com.
percent decline in revenue per available room this year comparesdto last, according to Atlanta-based , a national management consulting firm specializing in the lodging This decline is greater than the 17.5 perceng drop in RevPAR forecast for the overall U.S. hote l industry in PKF’s recently released June 2009 Hotel Horizons report. “In 2009, San Antonio hotels are projectedd to achieve an occupancy leveplof 56.7 percent, down from the 65.2 percen mark achieved in 2008,” says Randy McCaslin in the Houston offics of PKF Consulting. “Given the increase in the competitivew nature of thelocalo market, average daily room rates are expecte to fall from $110.
19 in 2008 to $98.73 in a decline of 10.4 percent.” The decline in the average occupancuy rate for San Antonio hotel is due to the combination of a 5.5 percentf fall off in the demands for lodging accommodations, exacerbated by an 8.7 perceny increase in the supplhy of new hotel rooms, the PKF report states. Unfortunatelg for local area hoteliers, revenue per availablre room is not expected to achieve sustainec growth until the third quartedof 2010, the report concludes. Until market conditions are favorablwfor travelers, but troublesome for owners and The June 2009 Hotel Horizons forecast report for San Antonil is available at www.hotelhorizons.com.
Monday, May 7, 2012
Spec office building is the first to attain LEED certification - South Florida Business Journal:
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There’s been talk of green office buildingsfor years, especially in Miami. But, the first to achieve certification under the Leadershipl in Energy and EnvironmentalDesign (LEED) program is in Browarx County – Stiles Corp.’s Lake Shorse Plaza II in Sunrise. “Io never anticipated it would take almost a whole year to get the but it was a veryrewarding experience,” said Davi Siegel, president of . “I just wish everybody would embrace it.” The green building trend was slow to catchn on inSouth Florida, but there are hundreds of projects registerer by the now. Miami has several large offic e buildings nearing completionand certification.
’s Davie headquarters was the first certifie d office building inSoutnh Florida, but it was not a spec offics building. The Lake Shore Plaza II building achievedd a silver rating bya one-point margin on the council’s ratin system. It is 60 perceny leased. Tenants include New York Life, and the Florids Bar Association. The building was precertified. Construction was completed last but Stiles had to submit final paperwork for revie w by the council beforeachievinfg certification. Siegel said the council is now struggling with a crush of green buildingreviews nationwide.
LEED is an internationallh recognized certification system that measurea how well a building or a community performsa in terms ofenergy savings, watef efficiency, carbon emissions improved indoor environmental quality, stewardshi of resources and sensitivity to their impacts. The gree rating is as much abouyt the building process as thefinakl product. Stiles recycled construction material, sealedc the building from dust, used wood from certified sustainabld forests andinstalled water-conserving toilets. As one of the firsgt green buildings inSouth Florida, the projecg struggled to identify green product But, that problem is disappearing as more builders demanc green materials.
That also means the cost of gointg greenis dropping. “Contractors in Floridaz now understand how tobuild There’s less uncertainty,” said Rob a LEED-accredited consultant with the . “More architectw are comfortablewith LEED. There’sx more and more materials available.” Hink said cost is still an obstacle, especially in the But, he said there’sd still a market for green buildings, especially becaused most government buildings are required to get LEEDcertificatiobn now.
For example, several LEED-certified federal immigration buildings throughourt Florida are due to open Stiles has committed to making all its spec office buildings green inthe “We’re doing silver projects for aboutf 2 percent extra, and gold for about 3 percent,” Hink “That’s finally coming into line with the national average.” Stiles built two Lake Shore Plaza buildings. The decisiomn to pursue LEED certification on the second building shook up theplanninf process, but it was finished on schedule. “In I would say the way we approach projects now is vastlty different than inthe past,” Siegell said.
“It’s everything from material recyclingv to the way you managethe site.” Stiles is building a secondx LEED-registered spec office building, the 1650 Sawgrass. Othe r recent projects to complete certification include the locationh in PalmBeach Gardens, in Miami, the Lexus Service Trainin g Facility in Miramar, ’ headquarters in Sunrisse and the Pine Jog Environmentap Education Center in West Palm Beach.
There’s been talk of green office buildingsfor years, especially in Miami. But, the first to achieve certification under the Leadershipl in Energy and EnvironmentalDesign (LEED) program is in Browarx County – Stiles Corp.’s Lake Shorse Plaza II in Sunrise. “Io never anticipated it would take almost a whole year to get the but it was a veryrewarding experience,” said Davi Siegel, president of . “I just wish everybody would embrace it.” The green building trend was slow to catchn on inSouth Florida, but there are hundreds of projects registerer by the now. Miami has several large offic e buildings nearing completionand certification.
’s Davie headquarters was the first certifie d office building inSoutnh Florida, but it was not a spec offics building. The Lake Shore Plaza II building achievedd a silver rating bya one-point margin on the council’s ratin system. It is 60 perceny leased. Tenants include New York Life, and the Florids Bar Association. The building was precertified. Construction was completed last but Stiles had to submit final paperwork for revie w by the council beforeachievinfg certification. Siegel said the council is now struggling with a crush of green buildingreviews nationwide.
LEED is an internationallh recognized certification system that measurea how well a building or a community performsa in terms ofenergy savings, watef efficiency, carbon emissions improved indoor environmental quality, stewardshi of resources and sensitivity to their impacts. The gree rating is as much abouyt the building process as thefinakl product. Stiles recycled construction material, sealedc the building from dust, used wood from certified sustainabld forests andinstalled water-conserving toilets. As one of the firsgt green buildings inSouth Florida, the projecg struggled to identify green product But, that problem is disappearing as more builders demanc green materials.
That also means the cost of gointg greenis dropping. “Contractors in Floridaz now understand how tobuild There’s less uncertainty,” said Rob a LEED-accredited consultant with the . “More architectw are comfortablewith LEED. There’sx more and more materials available.” Hink said cost is still an obstacle, especially in the But, he said there’sd still a market for green buildings, especially becaused most government buildings are required to get LEEDcertificatiobn now.
For example, several LEED-certified federal immigration buildings throughourt Florida are due to open Stiles has committed to making all its spec office buildings green inthe “We’re doing silver projects for aboutf 2 percent extra, and gold for about 3 percent,” Hink “That’s finally coming into line with the national average.” Stiles built two Lake Shore Plaza buildings. The decisiomn to pursue LEED certification on the second building shook up theplanninf process, but it was finished on schedule. “In I would say the way we approach projects now is vastlty different than inthe past,” Siegell said.
“It’s everything from material recyclingv to the way you managethe site.” Stiles is building a secondx LEED-registered spec office building, the 1650 Sawgrass. Othe r recent projects to complete certification include the locationh in PalmBeach Gardens, in Miami, the Lexus Service Trainin g Facility in Miramar, ’ headquarters in Sunrisse and the Pine Jog Environmentap Education Center in West Palm Beach.
Saturday, May 5, 2012
Wells Fargo Advisors fined $1.4 million - St. Louis Business Journal:
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million for its failure to deliver prospectuses and product descriptions to customeres who bought investment products in 2003and 2004. FINRA’e investigation showed that the firm failed to delive the required prospectuses to customers inabout 6,000 of nearly 22,00p0 transactions effected between July 2003 and Decemberf 2004. The market value of these 6,000 transactions was approximately $256 FINRA, the largest independent regulator ofsecuritiese firms, said it found widespread deficienciex relating to the delivery of prospectuses in connectioj with exchange-traded funds, collateral mortgage obligations, auctiom market preferred securities, corporate debt securities, preferred stocks, mutuak funds, alternative investment securities, equityh syndicate initial public offeringds and secondary purchases of equity non-syndicate initial public offerings.
The firm’s failures to deliver prospectuses resulted fromcodingb errors, failures by certain business units to notify the firm’s operations department that a prospectus was required to be delivered, and a failure to monitoe and supervise the activities of its outside vendord contracted to deliver the prospectuses. In settling this Wells Fargo Advisors neither admitted nor denied the but consented to the entrof FINRA’s findings. As part of the settlement, a seniot officer of the firm agreed to certify that the company has adoptedf and implemented systems and procedures to regaijn compliance withfederal regulations.
Wachovia Securities was Wells Fargo Advisors last afterSan Francisco-based (NYSE:WFC) boughr Charlotte, N.C.-based
million for its failure to deliver prospectuses and product descriptions to customeres who bought investment products in 2003and 2004. FINRA’e investigation showed that the firm failed to delive the required prospectuses to customers inabout 6,000 of nearly 22,00p0 transactions effected between July 2003 and Decemberf 2004. The market value of these 6,000 transactions was approximately $256 FINRA, the largest independent regulator ofsecuritiese firms, said it found widespread deficienciex relating to the delivery of prospectuses in connectioj with exchange-traded funds, collateral mortgage obligations, auctiom market preferred securities, corporate debt securities, preferred stocks, mutuak funds, alternative investment securities, equityh syndicate initial public offeringds and secondary purchases of equity non-syndicate initial public offerings.
The firm’s failures to deliver prospectuses resulted fromcodingb errors, failures by certain business units to notify the firm’s operations department that a prospectus was required to be delivered, and a failure to monitoe and supervise the activities of its outside vendord contracted to deliver the prospectuses. In settling this Wells Fargo Advisors neither admitted nor denied the but consented to the entrof FINRA’s findings. As part of the settlement, a seniot officer of the firm agreed to certify that the company has adoptedf and implemented systems and procedures to regaijn compliance withfederal regulations.
Wachovia Securities was Wells Fargo Advisors last afterSan Francisco-based (NYSE:WFC) boughr Charlotte, N.C.-based
Friday, May 4, 2012
Parents play favorites when helping adult kids out - USA TODAY
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USA TODAY | Parents play favorites when helping adult kids out USA TODAY By Sharon Jayson, USA TODAY SAN FRANCISCO â€" More than 60% of today's young adults have received financial help from their parents â€" and those described as having more agreeable personalities as children get more money than others, finds a study to be ... Two-thirds of young adults get financial support from parents Mom? Dad? Help! Most Young Adults Get Handouts FAMILY: Parents play favorites when helping adult kids out |
Wednesday, May 2, 2012
Missouri gets $25M public safety stimulus grant - Kansas City Business Journal:
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million in economic stimulus funds througg the American Recovery and Reinvestment Act for public safety projectz and to create or retain lawenforcement U.S. Attorney General Eric Holder said. The Edward Byrns Memorial Justice AssistanceGrant (JAG) Prograj funds are part of more than $4 billionm in Justice Department Recovery Act funds available to preven t crime, improve the criminal justice systekm and support job creation, Holder’s officd said in a release. Missouri is requirecd to provide part ofthe $25 millioh to local jurisdictions.
The ’s applicationn for the funds said it plans to supporg response strategies to enhance public safethy and reduce violent crime andillegal drugs, whiles continuing to provide alternative sentencing programx and increase training and equipment for child abusw and neglect investigations, according to the JAG grants are allocated according to a formula using population and violentf crime statistics, combined with a minimukm allocation to each state and territory. Sixtyh percent of the allocation is awarded directly to a and 40 percent is set aside for unit oflocal government. Local awards throughu the grant will beannounced later.
The deadlinde for local units of government to submit applications to the isMay 18.
million in economic stimulus funds througg the American Recovery and Reinvestment Act for public safety projectz and to create or retain lawenforcement U.S. Attorney General Eric Holder said. The Edward Byrns Memorial Justice AssistanceGrant (JAG) Prograj funds are part of more than $4 billionm in Justice Department Recovery Act funds available to preven t crime, improve the criminal justice systekm and support job creation, Holder’s officd said in a release. Missouri is requirecd to provide part ofthe $25 millioh to local jurisdictions.
The ’s applicationn for the funds said it plans to supporg response strategies to enhance public safethy and reduce violent crime andillegal drugs, whiles continuing to provide alternative sentencing programx and increase training and equipment for child abusw and neglect investigations, according to the JAG grants are allocated according to a formula using population and violentf crime statistics, combined with a minimukm allocation to each state and territory. Sixtyh percent of the allocation is awarded directly to a and 40 percent is set aside for unit oflocal government. Local awards throughu the grant will beannounced later.
The deadlinde for local units of government to submit applications to the isMay 18.
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