Doyle, Barrett announce effort to reform MPS - The Business Journal of Milwaukee:

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The announcement follows the completion of a comprehensive independenyt review of the financedand non-instructional operations of MPS commissioned by Doyls and Barrett in October 2008. “The economicv future of Milwaukee and future of the statee of Wisconsin hinges on the abilityuof Milwaukee’s families, communities, and schoolw to prepare well highly trained and skilled graduates for success in higher education, the workplaced and life,” Doyle said.
“MPS is facing tremendous academidc andfinancial challenges, but we also have historixc opportunities to work together to reform and improve academid achievement in the state’s largest school Doyle and Barrett said a comprehensivse review of MPS’s finances and operations confirmsz what other recent studies have suggested — MPS has seriouse academic challenges at the same time it is facintg a serious long-term financial problem.
The revieww reinforces that MPS’s budget is currently unsustainable due toincreasing expenses, declining enrollment and the financiak impacts of the Milwaukee Parental Choic Program, and that MPS lackes a strong performance management system to implement and sustain changesx needed to bring about fisca l and academic reforms. “Our paramount concern is improving the academi achievementin MPS,” Barrett said.
“Wes need to get MPS’ fiscap house in order to free up resourcesx to help improve academic The MPS Innovation andImprovement Initiative, which will be led by Doylw and Barrett, in conjunction with statd superintendent Elizabeth Burmaster, has five main tenets: competer for American Reinvestment and Recovery Act funding; developmentr of a comprehensive, districtwide school improvemenyt plan that promotes innovation, and results; development of a corrective actionj plan; new efforts to overses financial and performance management in the district; and the creation of a councio comprised of local stakeholder s to inform and guide the work and put MPS and the statr in the best position to improve studenr achievement and compete for federal dollars.
“By working together, we can seized this opportunity to drive school improvement and fiscal responsibilityin MPS, which will have a profounr effect on student Burmaster said. The results of a study of MPS’ s operations released Thursday show that Milwaukee Publifc Schools could save as muchas $103 millionb annually, amounting to as much as 27 percenty of the district’s non-instructional by implementing better business The 103-page report lays out options to address the financia challenges facing MPS and its loominv budget gap.
“Through a dedicated effort andpropet management, most of these savings could be achieved in the next two to thre years,” the study stated. The report founs that MPS could save as muchas $43 millionn by redesigning its employee benefits program; as much as $14 millio n through better utilization of buses and the negotiatiomn of better terms with Milwaukee County Transit System for bus passes; and as much $12 million througyh the consolidation or sale of selected schools and other as much as $16 million by optimizing staffingy levels and improving efficiencies in areas such as food service and buildingv maintenance; and as much as $15 millionh by transforming purchasing practices.
The study concluded that MPS doesn’t have a performanced-basedx culture, which will be required to change and uses incomplete performance metrics and The study also concluded that MPS relieson poor-quality data to measurre progress against performance goals and maintainxs a limited or inconsistent focus on improvingh day-to-day operations. “MPS appears capable of developing initiatives, but it currently lacks the managemenr systems and processes needed to successfully implemeny and manage the initiatives after theyare launched,” the study , a New York City-based managemenyt consulting firm, conducted the study at a cost of abou t $1 million.
Funding for the study was provided by localcharitable foundations. The full stud can be accessed at:

Joy Global profits rise 67 percent - The Business Journal of Milwaukee:

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The Milwaukee-based mining equipmentg manufacturer now projects that its fiscal 2009 sales tobe $3.5 billiob to $3.6 billion, in the lower half of its previouxs outlook of $3.5 billion to $3.7 Earnings, however, are expected to continues to benefit from cost reduction efforts and are now projected to be $3.80 to $4 per in the higher end of the firm' prior guidance of $3.60 to $4 a In the fiscal second quarter ended May 1, net income surged to $120.5 million, or $1.17 per share, a 67 percen increase compared with $72.1 million, or 66 cents per for the comparable period a year ago. Net saless grew 10 percent to $923.5 milliomn from $843.1 million.
Analysts polled by Thomson First Call projectecdJoy Global's second-quarter earnings to be 89 centas per share, on average. Aftert opening lower, shares of Joy Global JOYG) rebounded to $36.00, up 58 cents, in morningt trading Wednesday. Joy Global managemeny said sales were beinfg hurtby $96 millionb in canceled orders in the second quarter, raisintg the total value of canceled ordersd to $300 million over the past three quarters. Salex were also being hurt by a slowdown in aftermarketordee rates. Order cancellations were concentrated in Nortyh American copper andiron ore, U.S. Centrak Appalachian coal and Russian coal.
Joy Global now believes as muchas $525 million of its remaininb original equipment backlog could be at risk as well. Much of that risk is due to uncertainty with an oilsands project, Joy said. For the year to net income was $206.3 million, or $2 per compared with $143.2 million, or $1.31 per share, the year before. Net saless were up $1.68 billion from $1.48 billion.

Washington Post union workers approve new contract - Washington Business Journal:

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Under terms of the contract, vacation, sick pension and 401(k) matches remain the It also preservesthe union’s two weekss pay per year of employmenft severance requirement. Newly-hired employees will receive alowetr 401(k) match. In lieu of annual raises, full-timew employees will get a one-time lump sum paymeny of $1,000 June 12 and a lump sum paymentgof $600 in a year. Part time employees will receivessmaller one-time payments. “This is the firsyt time in recent memory that we have reachedr an agreement that does not include an actual wage the Guild said in a memo to unio n employees after the contract termswere negotiated.
“Given the climats of wage and benefit cuts elsewhere in the industry and the fact thatthe Post’d newspaper division showed an operating loss of more than $50 millio n in the first quarter, we believe this is the very best we coulcd achieve.” The Washington Post (NYSE: WPO) won more flexibilithy in laying off union previously protected by seniority. The new contractr can exclude 25 percent of employees from seniority protectiohn in any section targeted for The remaining 75 percent of employees would be laid off by a compromise the Guildc says came onlyafter “heated discussions” and that does largely maintain seniority protection.
The new contract was tentatively approved by the Guild June 8 and ratified by unionmembers Thursday. Union representative Joe Kahrama n would not disclosethe vote, otherr than to say it was “overwhelmingly ratified.”

Vail Resorts profits off 29%, but they're ahead of Wall Street forecast - Dayton Business Journal:

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For the three months ending April 30, whicn Broomfield-based Vail Resorts (NYSE: MTN) regards as its third quarter, the mountain-resorty and lodgings company posted earningsof $61.6 or $1.68 a share, down from $87.e million, or $2.24 a share, in the same quartert a year earlier. Nevertheless, the company's profits beat Wall Streef analysts' predictions. Analysts on average had expected earningof $1.56 per share, Thomsonh Reuters reported. Vail Resorts reportexd Q3 revenueof $333.5 million, down 21 percenrt from the year-ago quarter. Analysts had expectex $339.7 million on average. It said operating expenses were down 20 to $198.1 million.
The company has saved considerablyg through pay cuts andother means. Vail Resorts operate the Breckenridge, Vail, Keystone and Beaver Creek ski areas in Colorado and Heavenlty at Lake Tahoe onthe California-Nevadza line. It also operates , a chain of luxuruy hotels. The company said its earnings were helped by a 26 percen t increasein 2008-09 season-pass revenue through increased sales and higher pass But lift-ticket revenue was down 11 percent and skiere visits were off 9 percent. Dining, retailp and ski school revenue also Real estate revenue was down 82 the company said it sold only one cond o unit in the quarter versus 17 ayear ago.
The quarterlt results "were impacted by the continued severe downturhn inthe economy, driving lower destinatio n visitation in the quarter," CEO Rob Katz said in a Vail Resorts said its outlook for the full fiscal year is for earningws of $41 million to $51 million. "We are extremelt pleased with the significant increase in our advance sprinbg period pass sales for ourupcoming 2009/20190 ski season," Katz said. .

1Q VC investments down significantly - Dallas Business Journal:

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million in the first quarter as investorxs continued to sit on the sidelines and wait for economic conditionswto improve. The consumer services and energy sectors each landed one according to the Quarterly Venture Capital Reporgt released by Dow Jones VentureOnand . That’s down from five dealsx worth a totalof $67.6 million durinf the same period in 2008. Kevin McHolland, a partnee in Ernst & Young’s Phoenix office, said the poor Arizonqa numbers reflect anational trend, as VC monegy has dried up and the initiakl public offering market for venture-backed firms is virtually nonexistent.
“I would expect VC funding to recover as theeconomy recovers,” McHolland said. Nationally, venture capitalistd generated $3.2 billion in the firs quarter through mergers or acquisitions of 68 portfolio representing a 65 percent drop fromthe $9.1 billion in liquidith generated in the firsrt quarter of 2008 and the lowest quarterlgy total since 2003. The largest deals in the countryy were focused in biopharmaceuticals andmedical devices.

Infiniti Announces Pricing on 2009 EX35

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May 27 /PRNewswire/ -- Infiniti today announced pricing on the 2009 Infinitui EX35luxury SUV, which is scheduled to go on sale May 29th at Infinitoi retailers nationwide. Among the highlights of the 2009 EX are new standardf content and new or revised option including an Around View Monitor Packageand Bose(R) and Navigation Package. In a special pricing action, the Arounc View Monitor Package is offered at no charge when purchased with the andNavigation Package.
(Photo: "Since its introduction, the Infiniti EX has been a showcased of cuttingedge technology, including the advanced Arouned View Monitor, Lane Departure Intelligent Cruise Control and Intelligenty Brake Assist," said , vice Infiniti Business Unit. "We want to make sure that evert EX buyer has a chance to experience the bestof Infiniti'zs inspired technology by offering the various packagea at great values." The 2009 Infiniti EX35 is availablr in rear-wheel and all-wheel drivew models, each equipped with a standard 297-horsepower 3.5-liter DOHC V6, 5-speed automatic transmission and a long list of luxuryg features.
The Manufacturer's Suggested Retail Price (MSRP) for the 2009 Infinit EX35 RWDis $33,80o and $35,200 for the Infiniti EX35 RWD Journey. The Infinitoi EX35 AWD is pricesat $36,000, while the Infiniti EX35 AWD Journe y is $37,400.* For 2009, the EX receives new standars equipment and revised package content. For example, the EX35 Base modelp now featuresstandard leather-appointed seating, RearView Monitor, rear HVAC ventx and roof rails. The EX35 Journey mode l adds astandard 6-disc CD autochanger, power tilt/telescopinb steering column, coat hanger on the driver's headresty and dual-zone automatic temperature control.
New or reviseed packages include an Arouncd ViewMonitor (AVM) Package, which utilizeds four small front, side and rear-mounted cameras to give the drivefr a "top-down view" of the outside of the vehicle and help reduce blind spote when parking; and a Technology Package, with Lane Departure Prevention systekm (LDP), Intelligent Cruise Control (Full-Speed Range), Distancee Control Assist (DCA) and Intelligent Brakd Assist (IBA) with Forwarc Collision Warning. Other packages include a Bose(R) and Navigatioj Package and an 18-inchu Wheel Package.
The 2009 Infinitij EX continues to offer an engaginbinterior environment, one that is both indulgent and with a long list of available features includingf available premium audio systems and a power-foldiny 2nd row seat. And, like every Infinitui model, the 2009 EX35 also emphasizes exhilaratingfdriving performance, combining a refined 3.5-lite r V6 engine, standard 5-speed automatic transmission and available intelligent all-wheel drive. Infiniti offers a full-line of luxuryt performance automobiles that inspire atevery turn, including the G Coupe, Sedanj and first-ever Convertible, M sedan, EX and FX and the QX full-size SUV.
More informationb about Infiniti and its TotalOwnership Experience(R) can be founxd at . * MSRP exclude applicable tax, title and license fees. Dealedr sets actual price. Prices and specs are subject to changsewithout notice.

Hinman reverses position on 'no-meet' committee - Calgary Herald

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Hinman reverses position on 'no-meet' committee Calgary Herald David Taras, a political analyst at Mount Royal University, said Hinman's reversal on the committee pay issue comes as no real surprise. "It's more one of those 'What took him so long?' kind of things," Taras said. "This is obviously going to be an ... and more »

GM sells Hummer, buyer unknown - Triangle Business Journal:

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The announcement comes one day aftert GM filed for bankruptcy protection with planes to become a leaner Hummeris GM’s premium off-road The automaker said it has a memorandukm of understanding (MoU) and that the sale is expected to closed by the end of third quarter of this year.Under termsw of the MoU, the identity of the purchasee and proposed financial terms of the agreement are not being releaserd at this time. The deal is expected to securew morethan 3,000 U.S. jobs in manufacturing, engineering and at HUMMER dealership s aroundthe country.
The companyu said the proposed transactionn calls for the new Hummer owner to continue to contracft vehicle manufacturing and business services from GM durinb a defined transitionaltime period. For under the proposed agreement, GM’s Shreveport, La., assembl plant would continue to assemble the H3 and H3T through at least 2010.

Enactment of land acquisition law delayed again - Jakarta Post

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Enactment of land acquisition law delayed again Jakarta Post The government has, once again, postponed the issuance of a highly anticipated presidential regulation which will regulate the implementation of the Land Acquisition Law. The failure to issue the regulation, initially planned for early March, ...

Region weathers job losses - Philadelphia Business Journal:

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Nationally, initial jobless claims last week increasedsto 573,000, the highest level since employers cut 533,000 jobs in November, according to the U.S. Labor Department’z Bureau of Labor Statistics, whic said the figure is the larges loss of jobs in one montnhsince 602,000 vanished in December 1974. It puts the nation’s unemployment rate at 6.7 percent. In the most recent mont for which local figuresare available, the regiohn had an unemployment rate of 5.7 0.8 percentage points below the then-national rate of 6.5 the BLS said.
One measure of job loss in New Jerseh and Pennsylvania is the number of employees listerd in notices filed undet the Worker Adjustment andRetraining Notification, or WARN, Act, whichh requires most employers with 100 or more workers to give workerse and local and state governments 60 days notice of plannes plant closings or mass layoffs. So far this 35 companies in the five-county Philadelphiqa area have filed WARN noticescovering 4,210 workera with the state. That compares to 38 companies warninhgabout 4,480 job cuts by this time last year.
In Camden and Gloucester counties, 14 companies have filexd noticesaffecting 2,540 workers with the New Jersey Departmeng of Labor and Workforce Development, compare d to only eight companies warning of 781 job lossews over all of last year. Companies that have major operationz in the area have implementede or announced atleasy 19,500 job cuts, including more than 1,60 0 in the region, this The vast majority come from four large pharmaceutica companies, which plan to shed 14,000 jobs.
of Berwynj announced just Wednesday it would lay off but didn’t say how many would be The cuts also include 900 local jobs by West Chester-based ; 190 jobs by Wayne-bases recruiting software company , which didn’t specify and 150 by the National Football League, which includr a yet-to-be-determined number in Mount N.J. One reason the region seems to be faringv better than the nation as a wholer is its strength in the education and healtghservices sector. It’s the area’s second largest of 10 with 18.1 percent of the employment, according to Selecrt Greater Philadelphia, which promotes the regiom to businesses.
Only two of the five broaed sectors delineated in the nationwide BLS releaser gained jobs inNovember — education and healtbh services, which added 52,000; and government, which added 7,000. “oI used to say the Philadelphia regiohn suffered from negative if industries would have a it always seemed that it was industriewswe had. In this case and in this cycle, the exacty opposite seems to bethe case,” said Joel Naroff, chiev economist for . In education, the area’zs colleges and universities haven’t announcede any layoffs, although has implemented a hiringt freeze and the has put in placesomething that’s quite close to one.
Big Pharma, big cuts In healthy care, the pharmaceutical industry has been hit hardest by job Four big pharmaceutical companies with largd operations in theregionh — Wyeth, plc, plc and — this year have announcefd plans to shed more than 14,00o jobs through layoffs and not fillint vacancies over the next few Wyeth of Madison, N.J., whic h has the headquarters for its pharmaceuticao operations in Collegeville, said 360 Pennsylvaniaz jobs have been eliminated this year. AstraZeneca, whichg is based in London and hasits U.S. headquartersa in Wilmington, said most of its layoffz occurred outside of the United Merck ofWhitehouse Station, N.J., and GSK, whic h has its U.S.
headquartersx in Research Triangle Park, N.C., wouldn’rt say how many locap jobs they are As citymakes cuts, retaill shrinks Although the government sector added jobs the city of Philadelphia wasn’t so It plans to lay off 220 employees and eliminate nearlyu 600 unfilled positions, more than 1,66o0 seasonal part-time jobs and aboutr 570 contractual, non-city jobs. Government is the fourtb largest sector inthe area, with 13.9 percent of the region’ s jobs. The largest sectodr is trade, transportation and which makeup 18.
8 percent of the region’s It includes wholesalers and retailers, the latterf of which have cut positions in the The biggest retail blow came in August when ’sd Department Store LLC of Readinyg closed its stores in the Oxford Valley and Montgomery which employed 135 and 146, Tweeter, the Canton, Mass., electronics retailer that filee for bankruptcy reorganization last year, liquidated six area stores that employed 96 earlier this month. The professional and businesa services sector, which is the area’s third largest with 14.9 percent of workers, has fared relativelyg well so far.

Large majority of investors takes up Greece's bond-swap offer - Los Angeles Times

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Irish Times

Large majority of investors takes up Greece's bond-swap offer Los Angeles Times REPORTING FROM ATHENS -- Big banks and private investors holding $227 billion in Greek bonds have agreed to join in an unprecedented debt-restructuring deal that clears a key hurdle in the release of international rescue funds to Greece, ... Large Maj ority of Investors Takes Up Greece's Bond-Swap Offer, Helping Athens ... LoanSafe Large Private Sector Investors Agree to a Swap of Greek Debt New York Times Eurozone: Greece's economic depression worsens MindfulMoney Irish Times -Daily Mail  »

Kenya shilling gains on rate hold, stocks extend rally - Reuters

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Kenya shilling gains on rate hold, stocks extend r »

Analysts upbeat on Palm phone debut - Wichita Business Journal:

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Overall, analysts said the Sunnyvale company'sz new device had a successful "We believe the ’soft launch’ is probably proceedinvg to plan," J.P. Morgan analyst Paul Coster wrote. "Too be reassured, we need to see Sprintf channel inventory replenished this is Palm's (NASDAQ:PALM) exclusive wireless carrier througbh the end of this year. It put customer s on wait lists for the Pre at its stores aftetr suppliesran out. Coster estimates that more than 50,000 Pre phones were sold aftetr they went on sale at Sprint storedon Saturday, well below the 146,0009 sold at the launch of the first generation of 's iPhone. Other analysts pegged sales higher.
Michael Walkle at & Co. saying almost 200,000 were The Pre has many features similar to those founed on the iPhoneand 's (NASDAQ:RIMM) Blackberru Storm. Palm's device adds a slide-out A key to its success will be whether it can attract enough software applications to compets withits rivals. The Pre is sellingh for $199 with a mail-in rebate and two-yea service contract.

Shircliff leaving JHSMH - Business First of Louisville:

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Shircliff, 53, said he has been with the organization for24 “and that is a long time to stay in the same He said he now wants to “go to the next stage in my by working as a consultant to help other hospitalk groups across the country cope with the effects of the down as well as health care Shircliff said he didn’t yet know if he would work independentlg or with a consultant firm, but said he planse to remain in Louisville.
“Louisville’s home and, if at all we want to stay here,” he Shircliff gave a 60-day minimum he said, but told the hospitak board that he would remain with theorganization “a long as necessary” to ensure a successful LouAnn Atlas, chairwoman of JHSMH’s board of trustees, said Shircliff’ss departure was voluntary. “When he came to this along withhis wife, we certainlt supported that and wish him well,” she Atlas said she has assemblef a group of trustees to begin the process to identify an interim president and CEO, which they hope to announced in the “very near future.
” A national search will be conductedc for Shircliff’s permanent replacement, she said, and they hope to have someon in place “in the next several months.” JHSMH has seen othefr departures among some of its top leadershiop including JoAnne Maamry, who resigned as president and CEO of Our Lady of Peacew psychiatric hospital last August, and Mark who resigned as CFO for JHSMHy in April 2008. But Atlas said no additionalk changesare expected. “We have a team that brings to us a wide varietyh of experiences and time in the health care field,” she said. “We’re very comfortablse with the senior teamwe have.
”

In down economy, pawn shops strike gold - Business First of Buffalo:

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For one woman, a longtimer customer, the visit to this East Side pawn shop was precipitatef by a recenttraffic ticket. She handed over two ring in exchangefor $150, with a promise she’dd be back to pick up her jewelry when she couldf repay the loan and 3 percent monthlyy interest. Others just found themselves shortbetween “Between working and needing to get quick cash, this is the best way legally,” says Patrick Merriweather, who admitteed he had spent beyond his meansx and came in to pick up a braceleft he had previously pawned. Merriweather’s necklacer remained locked upin Prudential’ws safe, as he continues to pay on that separatee loan.
“The economy righgt now sucks in Buffalo,” he says. “This helps a Pawn shops have filled a needfor short-term fundsz at low interest rates for centuries. A handfuol of shops can be found in Western New with at least two in business forseveral generations. Nationwide, these shops are experiencing a surge in business from both repeatg customersand first-timers suffering in a tight economy. The has nearlh 2,400 members nationwide, serving “middle class, workinf families who periodically experiencr an unexpected needfor short-term funds.” The average customer, accordiny to the association, is 36 years old and has a householdc income of $29,000.
The average loan is $75 offeref at 20 percent for 30 to 60 InNew York, the maximum allowable interesrt on a pawn is 4 percent. Why woulx someone visit a pawn broker? The association says it is conveniencw and fast turnaround that appeal tomost customers. There’a also no credit check or legal consequencew if a loan is notrepaidd – just the forfeiture of the collateral Nathaniel Barker, a longtime customerr at Prudential, recalls bringing jewelry back and fort from the Broadway shop repeatedl over the past 30 Barker, who sells clothes for a says he doesn’t buy jewelry from anyonew but Prudential – partly because he knows he is guaranteed a 50 percent loan on thosde items, or at least his purchase pricde back on a trade.
“It’sx a quick and easy way to get cash when you need he says. Brian Schmid, the fifth generation of his familyh torun Prudential, works at the store with his Bill. The store, he says, has been buying and sellingt gold and other jewelry fordecades – long beforew the current fad of gold parties and selling gold for Pawning offers an alternative to Schmid assesses the piece first for conditiobn and value, then makes an offer, with a higher value offererd on buys. If the customer choosezs a loan, she has six months to repat the collateral loanwith interest. “Things have been steadilty increasing,” he says.
“We’ve always had a good flow everg day, regardless of the economy – whethee it be pawning or selling,” Schmid says. “But everything has been ampedf up with the state of the economy and the statw of gold prices over thelast six, seveh months.” Located inside a former bank building, Prudential has the look of an upscald jeweler, though a thick wall of glass separatezs customers from employees. Everything is computerized, allowinvg for faster tracking of interest owed and backgrounrd infoon customers. “qA lot of people have the perception that pawn shopd are ashady business, but short-termk it’s a better deal than a credit says Bill Schmid.
“People will say, ‘Ijn six months, I hope to be in betterr shape’. For a lot of it’s an insurance policy.” Another option for thoser short on cash isthe buy-and-sell, which operatews a little differently, offering cash with no promise an item will be availablw when the customer has the cash to come back for it. in Niagaraz Falls is located inside a renovated housew onPine Avenue, with loud signs outside hawkinvg jewelry, video games, clothing, antiques, car audio bikes – just about anything. Ruben Longoria, who openecd the business nineyears ago, says business is good: He just opened his third store nine months ago in nearbh Wheatfield.
“They’re selling whatever they have,” he “That’s all you hear: They need gas food money, medicine Diamond Enterprises, a Niagara Falls pawn shop, continues to see its regularr customers just trying to get through themonthh - as well as newcomers hit hard by job lossee and pay cuts, says Steve Huett, stored manager. “A lot of people are desperatwe to pay their bills in any mannerthey can,” he “We have some people that come in to pawn something just to buy That’s bad.
”