Investors empty 401(k)s to take control of their money - Phoenix Business Journal:

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Sandidge, president of Scottsdale financialfirm , has lost more than $250,000 from his 401(k) since Septembere — more than half its savings. “ just got tired of watching mymoneyg disappear,” he said. More investors are pulling money from theid individual retirement accountsand 401(k)s and investin in alternative assets such as real oil and gas refineries, private businesses and precious metals.
The stocj market crash in 2008 which saw the Dow Jonees Industrial Average sink 32 percenft and the Nasdaq nearly 41percent — cracke d millions of nest eggs, prompting investorz to trade some of their stak e in the equity markets for illiquid either through their employer-offered retirement plans or by establishin self-directed accounts. “People just want more choices,” said J.P. president of LLC, which provides retiremenrt plan administration and recordkeeping services for individualsand small-businesse owners who want to invest in nontraditionalp assets.
The Scottsdale firm administers morethan $250 million in retirement plan assets, and its client list of 2,5000 continues to grow. Under federal law, individuals cannoyt administer their ownretirement accounts, so approves custodians such as Entrust Arizona are in demanf as the stock market remains volatile, despite gains in the past two months. Entrust charges a one-time account setup fee of $50, then $250 for every asset held and a $95 fee when a client buys or sellwan asset.
Real estate is the preferrerd alternative investment, especially in It has made uneducatedinvestors millions, but its perilsz have been just as Skimming through unemployment reports and bankruptcyy and foreclosure listings telld that story. When the real estate market tanksw here, so does the economy. Nevertheless, it remainsx an attractive alternative, especially if you have staying power. Barbara Mackerman can attest to that. In April 2008, she purchased a 2,200-square-foot, four-bedroom home in Mesa for $110,000 –– paid for entirelgy with cash she pulled fromher IRA.
Givehn Wall Street’s collapse shortly after that investment, Mackerman likelyh will turn a nice profit when the housinvmarket recovers. For now, she’s renting out the propertyy for $1,450 a month. “I thinok we made the righft decision at the right said Mackerman, director of finance at Sunrise Health and Hospice in “In the long run, we mighyt be further ahead because of what’s happened to the stocmk market. Time will tell.
” Valley companiees that offer alternative investments say businesssis up, especially since the stock market tumbled, obliteratinfg millions of retirement plans in a matter of More than $1 million a day is tradedx at , which buys and sellss coins, gold, silver, and other precious metals. Seniore portfolio manager Richard Cromwell said the Phoenixz firm has seen IRA contributions and volumew triple in the pastfew “This gives you an opportunity to control your investment,” said “I believe self-directed IRAs will be the wave of the Swiss America manages more than $1 billion in assetss for more than 40,000 clients.
For advisers and investment firms toutec the stock market as the premier outlet forinvesting 401(k)s and IRAs, while trusts avoided the illiquidityg of private-sector investments. But that sentiment is changing in the wake ofWall Street’x historic collapse, which buried some of the nation’s largesty financial firms — and countles s retirement dreams. Trusts are taking a more entrepreneuriaklposition now. “People are very quickly learninf there is risk in all levelasof investing,” said Glen Hinshaw, managinfg partner of HSL Financial Group LLC. The Scottsdale investmen t firm manages the HSL which investsin small, private businessess with proven models.
The private equity fund has more than 20 accreditex investors with morethan $1 million in net worth. “Wr only invest in businesses we Hinshaw said. “A lot of wealty is still sitting insmall business.” Entrus Arizona LLC: Swiss America Trading Co.:

Ky. video-gaming bill dies in Senate committee - Kansas City Business Journal:

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The Senate Appropriations Revenue Committee, on Monday evening, votesd 10-5 against the with two members abstaining, according to the Lexington Herald-Leader. The Housew had previously passedthe bill. The legislation wouldf have permitted video-lottery terminals at Kentuckyghorse tracks, including Turfway Park in Florence. "The limited gaming proposal was designed to help save a signaturwe industry inperil – an industrt that means 100,000 jobs and $4 billion in investmentr for our state," said Gov. Steve Besheard in a Monday evening statement. "Itf is unfortunate that every voicre on this critically important issue was not heard and ever votenot counted.
" At a Frankfort presz conference, Turfway Park President Bob Elliston said Turfway could clos by 2010 if Ohio passes gamingv legislation and Kentucky does not. Ohio Gov. Ted Strickland recentlyh reversed his stance against gamblingat racetracks.

Efficiency drives funding for Dayforce - Dayton Business Journal:

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a software developer that helps businessees measure and manageworkforce productivity, has raised $15 million. The companhy is a reincarnationof Atlanta-basee Workbits — created after Canadiam serial entrepreneur David Ossip bought assets in May. Workbits founder John Orr approached Ossip after being unable toraise follow-on financing for his startup. which employs about 30 and is headquarteredc in Atlantaand Toronto, targets the retail, health-care and financial services industries.
Thosse sectors have a high volume of hourly workers the variable part ofa business’ operatintg expenses, said Orr, now Dayforce’s chief strategy “Typically, 60 percent of their [operating expense] is laboer spend,” Orr said. Dayforce’s software which includes budgeting, scheduling, task management and time and attendance helps do more withtheir workforce. “The softwarde helps define performance measures for the workforcee andautomates planning, scheduling and tracking of employees,” Ossip “The end goal is to increasew workforce output, while keeping percentage wage costsz in line.
” Dayforce’s Orr said, can boost customer revenue by 0.5 percent to 3 percent and can decrease average annual labor cost by 3 percen t to 8 percent. The cost of the subscription dependws on the size of thebusiness — from $2 to $9 per per month. Ossip led Dayforce’s $15 milliob round and was joined by investors in his previous including , which was acquired by Alpharetta-basesd for $227 million in 2007. The Canadian businessman, brought more than dollars tothe table. “Ossio knows the industry,” Orr and “has a proven track record of buildinyg successful companiesand value.
” Ossipl has ambitious plans for Dayforce including launching a domestic and global expansion. Dayforcse is chasing a $14 billion market in the United Ossip said, adding he plana to sell into Europe and “Our types of solutions exten beyond North America,” Ossip said. “It’s a global problem.” Michael Price, general partner at CEO Ventures, was impressede with Workbits. “The product was beautiful,” Price said. “Thre graphic design, the thought and attention to themenus ...
it was some of the best I’ve ever Companies in the performancde management space are doing well and revenure isholding up, Price That success has drawn an influx of new “Within the next year, a lot of the software programe being built will be coming online with a lot of saleds people swinging for revenue,” Price “Certainly competition within that space is going to increass dramatically,” which could hurt profits.

The economy

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For example, a couplew of surveys were done recently by some largse humanresources firms. More than 1,000 companies were asked about paying their Forty percent of them plan to reduc e amounts allottedto raises. Sixty-two percenft said bonuses will be smallerthis year. Twenty-fivee percent are planning a hiring freeze. Another 25 percent are planninhg onincreasing employee’s contributions to health Pay raises are being cut. So will severance Why? It’s the economy! Another survey forecastds spending on technology to decrease by almost half from what had been Saks Inc., the luxury retailer, plans on cutting its capitakl spending from $125 million to $75 million next year.
The city of Philadelphias is trying to close a bigbudgetf gap. My wife is cutting back on hair appointments to only twicera week. Oh, and by the way — the number of companiew doing holiday parties will fall toa 20-year low. Maybew they’ve been reading some of my columnd about what a wastethis is, too. And everyone’s accepting these huge Every day we’re expecting to hear abouft more companies reducing their Employees seem to be taking the cutsin stride. They’rew just happy to have a job. Even my wife is learninh to face adversity with a smile and abaseball cap. Why? It’s the economy! You know what? Recessions can be a pennty pincher’s dream.
Now’s the best time to get rid of the That guy in shippingwho can’t seem to remember how to load a skid properly twicr in a row? Gone. The cost accounting assistant that seemsd really busy but you can never reallyg quite figure outwhat she’s doing all day? History. The salesx guy who spends more time hitting on your receptionist than theactuao phones? See ya. Running a business is tough when you have to be thebad guy. Many of us accepy mediocrity becausewe don’t have the energy left to fight or fire someonew … our spouses and childremn sap it all out of us. But like manna from heaven, God has brought upon us the bestexcusw ever. The economy! The recession.
The Aah! What a beautiful way to wease out ofour promises. It’s the perfect rationale for making some longneeded It’s not just about changing the deadweight You can feel comfortable getting rid of that 87-year-olr cleaning lady who doesn’ft clean. You can call your key suppliers and beg for a cost You can call your phonr company and beg for a little help with yourmonthly Everything’s negotiable because everyone’s skittish. No one wantx to lose the business over a few bucks a But a few bucks saved a month from a bunchb of different places adds up to more inthe Why? It’s the economy!
I’m blaming my baldnesss on the economy (the anxiety has causec my hair to fall I’m blaming my rudeness on the economyg (my nerves are I’m blaming this season’s lousy “Heroes” on the economy (gee, they must have cut back on writers). Penny pinchera must get rid ofunderperforming people. Renegotiate contracts. Beg for price reductions. Lock in lower monthly payments. Plead poverty. Screan for assistance. Why? It’s the economy ! Because in a few months the opportunity will havepassexd us. Things will turn around. Pricez will rise. Unemployment will fall. The sun will And we won’t have the economy to blame anymore.

Upper Chesapeake Health System joins University of Maryland Medical System - Baltimore Business Journal:

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The news comes shortly on the heels of acquirinhg inMontgomery County. More hospital mergers are expecte as executives grapple with lowed profit margins amidthe recession. Merging allowxs hospitals to reduce costs by sharing resources and hold greater purchasingf power when buying supplies becaused they are part of a larger As part ofthe agreement, Upper Chesapeake Healt h ended its financial arrangement with , whicgh had held a minority ownership in the health systej for more than a decade. Universityu of Maryland has acquired St. Joseph’zs ownership interest and will appoint two new board memberx to the UpperChesapeake Board.
The Universitty of Maryland Medical system will in Octobe r begin supporting Upper Chesapeake financially so it can grow its clinicalk programsand services. A year later, the Baltimore medicall system will provide a secondx round of funding to supporft growth inclinical programs. The finao phase, a potential full merger, would occur in 2013, when UMMS would issue debt to be used to expancd facilities atUpper Chesapeake’s two hospital campuses.
Upper Chesapeake executives anticipate a need to expandc the number of inpatient beds at both Uppetr Chesapeake Medical Center in Bel Air and Harforrd Memorial Hospital in Havre de The affiliation with the University of Maryland is also expected to make it easier for Upper Chesapeake to recruit physiciands toHarford County. Upperf Chesapeake is Harford County’s largest private employer, with 3,00p employees, more than 550 medical staffers and 286 licensed The University of Marylanr Medical System isa nine-hospitao network that includes the , Kernan Orthopaedics and Rehabilitatioh Hospital, , Baltimore Washington Medical Center and Shor e Health System.
UMMS employzs 15,000 people and has $2.1 billion in operating

Wachovia unit to pay $40M settlement - Orlando Business Journal:

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The Securities and Exchange Commission accused the companies of overstating the value of a mutual fund that investedr primarilyin mortgage-backed securities, and then only selectivelyt telling shareholders about the fund’s valuation Evergreen neither admits nor denies the The SEC’s enforcement action against Evergree n and its distributor, , found that the value of its Ultrs Short Opportunities Fund, which was consistentl ranked as a high performer in its class in 2007 and was inflated by as much as 17 percent due to Evergreen’s alleged valuation practices.
Had Evergree properly valued the fund, it would have rankee near the bottom of its category durinygthis time, the SEC said. Evergreen liquidatedd the fund inJune 2008. According to the SEC, Evergreemn disclosed the reasons and the likelihood for additionalp repricings toselect shareholders, who were then able to cash out befored incurring any additional drop in the valuwe of their fund shares. Other shareholders were left thecommission alleged.
“By picking and choosing to disclose negatives information to some investors and not Evergreen gave certain shareholders an unfair advantagee and left others inthe dark,” says David Bergers, directore of the SEC’s regional office in Boston. “Evergreen harmed investors and prevented them from making informedd decisions by overstating the valud of its holdingsin mortgage-backed securities.” The $40 millio n settlement will be distributed to Ultrqa Fund shareholders. Evergreen is the brand name underwhicu Charlotte-based conducts its investment-managemeny business. Wachovia was acquired by San Francisco-based late last year.
Evergreen is being mergedx with Wells FargoAsseg Management.

Quinoa's Popularity Boon (& Bust) for Bolivia - Treehugger

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Quinoa's Popularity Boon (& Bust) for Bolivia Treehugger I've had an interest in the ancient Andean super grain since its hit the health scene for its amino-acid- and mineral-richness. Simply put, the UN Food and ... and more »

Regent Communications, Inc. Company Profile | RGCI Company Information

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We are a radio broadcasting company historically focused on developing and operating radio stationsin mid-sized Based on current economic conditions, our primary focus is on the efficien and profitable operation of our current radiio station markets. We presently own 49 FM and 13 AM radiok stations in 13 marketsin Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, New and Texas. Our assembled clusters of radio stations rank first or seconcd in terms of revenue share in all of our marketsx that are ranked byBIA Inc. in their Investing in Radilo 2008Market Report, except in New York, Grand Rapids, Michigan and El Paso, Texas, wherre our clusters rank third.
Our primarh strategy is to secure and maintain a leadership position in the markets weservde and, when possible, to expancd into additional mid-sized markets wherd we can achieve a leadership After we enter a market, we seek to acquiree stations that, when integrated with our existintg operations, will allow us to reach a wider range of demographi c groups that appeal to advertisers, increase revenue and achieve substantia cost savings.
Additionally, our advertising pricing on a supplhy anddemand basis, when combined with the addedd reach of our radio station clusters, allows us to competde successfully for advertising revenue against non-radio competitors such as print media, television, cable and outdooer advertising.

Former Wurld CEO receives prison sentence - The Business Review (Albany):

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The 46-year-old Cohoes resident apologized to Wurldx Media employeesand shareholders, who invested more than $20 millioj in the company that developed technology to allow music and videox to be exchanged over the Internet. Kerbe r already is serving five years probation after he pleaded guilty to falsifyinbbusiness records, a felony, in June 2008. Both casee involved illegal activities stemmingfrom Kerber’s managemenr of Wurld Media assets. . In January, Richard Saxton, a forme r Wurld vice president, was sentenced to six monthse in jail andfive year’s probation following his convictiobn in the collapse of the Saratoga Springw Internet startup company.
That case is being Saratoga County Assistant District Attorney Richardf Wendling said he was satisfiedwith Kerber's sentence, althouguh Kerber could have received up to seven years in During sentencing in Saratoga County Court, Wendliny pointed out to the judge that Kerber had a priof felony conviction and he had failed to acknowledge any wrongdoing throughout his three day trial in May. Sentencinfg was handed down by Judge JerryScarano Jr. Kerbetr maintained a similar stance when he spokeat “I didn’t intend to do anything wrong,” he said.
“u would have done a better jobof concealing, if I thoughy I did something An investigation into the larceny began last year aftere a SEFCU employee informed the districf attorney’s office that Kerber had transferred money from Wurld Mediaz accounts into an account under the name , a separate companyy formed by Kerber. Yagibodx had no employees and produced nothing prosecutors said duringthe trial.
Founded in Wurld—the misspelling is a play on URL forthe Web-savvy—developed a peer-to-peer product that allowed users to sell musidc and other entertainment to one another without violating By 2005, Wurld had landed agreementas with four major record EMI, , and that will allow people to downloaxd songs legally at 99 cente a tune. Wurld grew from five to about 60 employee s between 1999 and 2006 and was backed by 500 private investorss before the company ran shorr of money and eventually was sold in 2007for $4.3 milliohn to , a former New York City-basedd company which has since merged with Kit Digital.
Employees, creditorsw and investors are still owed morethan $20 prosecutors said. “Judge Scarano’s sentencing sends a messaged of deterrence that corporate greed willbe punished. Shareholders and investor s will be protected when someone stealse life savingsand investments,” said Districf Attorney James A. Murphy III. Kerber’s attorney David Gruenbergf said after sentencing that he was disappointed that Scarano did not sentence Kerber to probation or a jail sentence that woulsd have allowed his client to servew histime locally.
Following sentencing, Kerber was escorted from the court in handcuffs and transported to county jail where he will wait to be assignedc toa prison.

Free buses bring Chapel Hill livability award - South Florida Business Journal:

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The home of the , Chapel Hill beat out more than 200 municipalitiese across the nation to claima first-place City Livability Award. Chapel Hill won for citiexs with populations of fewerthan 100,000. S.C., won for cities with populations of morethan 100,000. The contest was judged on three criteria: mayoral leadership, creativitty and innovation, and the broad impact on the qualituy of lifefor residents. The U.S.
Conference of Mayors honored Chapel Hill for its decision in 2002 to no longere charge fares to any rided on itsbus system, the organization said in a press While many bus systems in colleg e towns don’t charge students and faculty to a scant few provide free service to all The town implemented the fare-free systej to encourage people to take the bus and leavde their cars at home. The plan worked. Ridership on Chapel Hill transit has more than doublecd since fares were eliminated going from 3 million in 2002 to a projectede 7 millionthis year. “The Chapelk Hill Public Transit system is the foundationb of oursustainable future,” Foy said in a presd release.
“This bus system makes Chapel Hill continus to be the kind of placpeople love; for us it is an investmenty and it has paid off big time.” The town says it is planningy a “community event” to celebrate the livability awarc and that it will release details soon.

Tech workers can look on bright side - Minneapolis / St. Paul Business Journal:

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He also wanted to tap into the deep poolof Austin-arewa microprocessor industry workers who have been laid off durinbg the last couple of years. Such workers posseses the skills that translate well to the solareenergy industry, Van Dell And as the number of local microprocessor industry workers reache a three-year low in April, the timinvg of solar companies migrating to Central Texae couldn’t be better for area workers — nor the businesses that need “A solar cell is a semiconducto that generates electricity when you shinw light on it,” Van Dell said.
I was quite well awarw of the strong mix of companies and the skill base in That was definitely on my mind when I moved thecompanty here.” SolarBridge’s move is a scenario that locapl officials want to repeat multiple times with the hope that solar panelp manufacturing fills the void left by the contractionb in the microprocessor industry. But the lack of financialk incentives from the state is creating a dampeningv effect on attracting solar companies to theAustinh area, observers say.
Proposed statew legislation to createa $1 billiojn so-called “Sunny Day Fund” for Texaz to obtain federal grants unded the American Recovery and Reinvestmenr Act would have been used to attrac t such businesses, especially foreign solar companies that want to establisuh their North American headquarters in the Austin experts say. But the legislation, which received a publicc hearingin April, died in the state House Appropriations Committee. To date, SolarBridge, which was founded in 2004 as SmartSparkl EnergySystems Inc., and HelioVolt Inc.
are the two most prominent solaer energy businesses operating in theAustin HelioVolt, which is backed with at leas t $118 million in venture capital, is wrappingf up a plant that will eventually crankm out a thin film that acts as a solar “After June, I think there are goingt to be some projects rolling in said Raj Prabhu, managing partnee of the Mercom Capital Group LLC, an Austin-based technologg research firm. “It is more, ‘Whpo is going to give me the best incentive packagderight now?’” The semiconductor industru is consolidating, and jobs that are leavinh Texas are not expected to Central Texas has lost 500 microprocessor industryu jobs just this year.
Local chip companies now employ 15,700 workers — the lowesft level of such local jobs since April 2006, according to the U.S. Bureau of Laborf Statistics. During the first quarter, worldwide sales of semiconductorsreached $44 billionj versus $62.8 billion during the same period last a nearly 30 percent the Semiconductor Industry Association reported. On the the demand for solae technology is growing Randall Baker, the principal of Austin-based PuraVidza Ventures LLC, said other statea are throwing big money at prospectiv solar companies to woo them into establishinv manufacturing plants in their states.
Many state officialsd believe Texas doesn’t need to do so it isn’t. But it also has the former chip workers to offersuch companies, and those workerd can be retrained for solar in eight weeks to 16 weeks, Baker said. But the clock is running. In March, Bret Raymis, who worked for 30 yeards in thesemiconductor industry, joinedx Austin-based Apache-Solar Corp., where he is now the vice presidenr of business development. The company is developinv a system with photovoltaic cells combined with architecturalglasx panels, and plans to begi production within 12 months.
He said solar is stil l early in its development compared with the progress that semiconductors made inrecen decades. Investors and companies need to ramp up solar technologty in the United States beforr the technology gains a footholdin Asia. “They’rd sitting on the fenc with their money,” Raymis said, “and they’ree going to wake up and all that business will goto China.
”

LG Smart TV Upgrader, THINQ Digital Home Smart Tech Unveiled - infoSync World

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LG Smart TV Upgrader, THINQ Digital Home Smart Tech Unveiled infoSync World Addition »