Boston Business Journal: Editorial staff & information

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High technology, telecommunications, networkinh and manufacturing reporterJackie Noblett, (617) jnoblett@bizjournals.com Start-ups, emerging technology and higher educationb reporter Jesse Noyes, (617) 316-3224, jnoyes@bizjournals.com Financial Tim McLaughlin, (617) 316-3234, tmclaughlin@bizjournals.com Advertisinfg and marketing, legal and small business reportet Lisa van der Pool, (617) 316-3240, lvanderpool@bizjournals.com. Health care and Julie Donnelly, (617) 316-3227, juliedonnelly@bizjournals.com. Research Director Patrickj Lawlor, (617) 316-3233, plawlor@bizjournals.com Associater Researcher Sean McFadden, (617) smcfadden@bizjournals.com Chief Photographer W.
Marc (617) 316-3202, mbernsau@bizjournals.com Information: Our journalistds report timely, in-depth news you've come to expect from us. Have a news idea? We'd love to hear from you. Mail or fax your comments, or use the form on this Boston Business Journal doesgreat in-depth Here's when your hot topic will be Nominate your company for inclusiohn in a list.

Big banks to cut off California IOUs - Pacific Business News (Honolulu):

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However, more than 60 credit unions will continue takintthe state’s IOUs, according to a list postexd on the ’s web site. But some of the Bay Area’xs largest credit unions are not on the Bay Area credit unions on the asof Friday, include Kaipermm Diablo Federal Credit Union in Walnut Uncle Credit Union in Livermore, San Franciscio Federal Credit Union, San Franciscio Fire Credit Union, and San Matei Credit Union in Redwood City and Stanford Federal Credirt Union in Palo Alto, SRI Federal Credit Uniojn in Menlo Park. Holdersz of California’s IOUs will have to contac the credit unions directly to see whether they qualiftfor membership.
Some expect check-casherz to accept the state’s IOUs — and charger hefty fees for the service. The Securities and Exchange Commissiondeclared California’s IOUs to be a limiting who can buy and sell them in an effortt to prevent investors from being defrauded. The move is also likelyh to limit the market forthe state’sw IOUs. In deciding not to extende its July 10 deadline for acceptingCaliforniqa IOUs, said, “The State of Californiz – just like any househol d or business – must be responsible for living within its means. Banks are not and cannotf be the solutionto California’as budget problems.
“We were reluctant to accep the warrants in the first and can’t accept them Wells Fargo accepted the registered warrantse to help our customers who are not at fault and expecting that the Legislature and governodr would complete the budget withij days,” Wells Fargo said. “We’re tryin to strike a balance between the gravit of the situation and the needs ofour customers,” the bank Bankers say they’ll try to help their customers using credit lines and other products and services.
, the largesy bank operating in said that acceptingthe state’d IOUs represents operational and financial The bank also cited its previous experience in takinbg the notes the last time the stat e issued them in 1992. “The longef the registered warrantswere accepted, the longer it took the Legislature to resolve the BofA said. “We do not want our acceptance of registerefd warrants to deter the state from reaching a budgetr agreement as soonas possible.
”

Alfa Romeo Giulietta by Novitec - INAUTONEWS

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Motorward

Alfa Romeo Giulietta by Novitec INAUTONEWS German tuner Novitec has released a new package for Alfa Romeo Giulietta, offering a new aerodynamic design combined with a power boost, which makes the Italian model even more appealing. The Giulietta made by Novitec comes with a new front fascia lip ... Novitec Gives Alfa Romeo Giulietta Some Extra Juice autoevolution Novitec Released A New Tuning Package For Alfa Romeo Giulietta SpeedLux JD Power progress boosts Alfa credibility BusinessCar Motorward -Automobile Magazine -CarBuzz - Car News and Reviews  »

Abercrombie shutting struggling Ruehl chain - Business Courier of Cincinnati:

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The New Albany-based apparel merchang said Wednesday it willshut Ruehl’a 29 stores and direct-to-consumerd operations and will be “substantially complete” with the efforft by the end of next The decision comes a month afte Abercrombie (NYSE:ANF) took a deep strategic look at the which targets young adults with clothea and accessories. Ruehl, whose only Ohio store is at EastonTown Center, generated a preta operating loss of $58 million last year. The chain regularlyg was Abercrombie’s weakest sales performerr at stores open at leastra year. Ruehl’s same-store sales were off 33 percenttin May. Abercrombie earned $272.3 million on $3.
54 billion in revenue last year. “It has been a difficultg decision toclose Ruehl, a brand we continued to believe could have been successful in different CEO Michael Jeffries said in a “However, given the current economic environment, we believe it is in the best interestzs of the company to focus its efforts and resources on the growth opportunities afforded by our other particularly internationally.” The company didn’ t disclose the effects on the chain’s work nor did it indicate the number of jobs tied to The review of Ruehl, which opened in 2004, cost the companu about $51 million in impairment chargexs in its first quarter.
Abercrombise expects to book about $65 million in pretax chargeas through the rest of the fiscal year as it winds down Ruehl. The companu Wednesday also said it amended a credit agreemenyt to excludesome Ruehl-related charges from requirements under its covenanf with the lender and reduced its available credit to $350 millionj from $450 million. Jeffries said the company is confidentg is has sufficient cash on handbut “w believe it is prudent to make thesr changes” in light of the recession-battered retaipl environment and the one-time Ruehl In addition to the 29 Ruehlk stores, Abercrombie runs 350 flagshilp stores and 733 others under the Abercrombie, Hollister Co.
and Gillgy Hicks nameplates.

Human Capital: People on the move, June 5 - Phoenix Business Journal:

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, a Boston-based technology company serving students, educatore and employers, added Ted Fischer as executivr vice presidentof sales, partnerships and strategic Fischer was previously a partner at . Sun Life Financiakl names Deschenes senior VP and GM of its annuities divisionThe U.S. division of , based in named Stephen Deschenes senior vice presidenrt and general manager of itsannuities division. Descheneas joins Sun Life from , where he served as senior vice presidenty and chief marketing officert for the retirementincome group.
Furman Gregory LLC adds Deptulwa as partner Furman GregoryLLC , a Boston-basedf corporate law firm now known as Furma Gregory Deptula, added George Deptul as a partner. Deptula most recently practicedat Riley, Deptula LLP, and continues his practicee in trial and appellate cases, legal and mediation and ADR. William A. Berry Son promotes Corcoran as project designerWilliam A. Berry & Son Inc. , a Danvers-base d construction management firm, promoteed Josie Corcoran to project She has served as a project managerr at the firm for the pastnine years.
Nixon Peabody's Mildert elected chairman of ; Braichy named to firm's IP team Forrest Milder , a partnefr in the Boston office of Nixojn PeabodyLLP , was elected chairman of the Americanm Bar Association ’s Forum on Affordablde Housing and Community Developmenft for the 2009-2010 year. In other firm Nixon Peabody addedRavinderjit “Ravi” Braich to its intellectuakl property department in the Bosto office as a patentt specialist.

Now is a time for leaders to gain new consciousness - bizjournals:

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While we look to our leaders for stabilit y and confidence that things willbe OK, even they are now It's a pressure cooker, and the real questiomn is how to remain grounded in the face of this So, where can a leader go? It startss on the inside, and ends up in new conscious choices based on solid grounding. It’s a process that startsx with a leader’s • Reflection: Getting grounded startsw with having a regular time each day to to gain perspective on the crises of the day and to gain insightg into whattruly matters.
It may be a time of vigorous exercise, or a long The intention here is to find a place of peacd and serenity and to clarify what can be changex andwhat cannot. • Learning: What have you learnee about thefires you’re fighting? How important are they?? It is critical to learjn from the past and not continu e to repeat the same mistakes. We will also learb about ourselves and why we keep fightingfthose fires. • Assessment: Now it’zs time to assess the key challengez weface and, based upon our new grouns and what truly matters, to look at new and different optionw for solving these challenges.
• Conscious Choice: Conscious choices can now be made that are not reactive, that are tied to what’s best for the people and the business, and that will creatre a different environment for the work forcw and customers. New insights lead to new which in turn leads to new thinking becoming proactive and formulating new strategiedand direction. It’s an inside-out It starts deep inside us, at the core of who we are, that whicbh gives us a sense of peace abouty whatis important. And from that placr comes sound judgment and a positive messags aboutthe future. Conscious business choices are builtr on conscious personal choices that are builtg on who weare inside.
This new grounrd enables us to move beyond thepressured cooker, reaction, and contingency

More on cop killings - DefenceWeb (press release)

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More on cop killings DefenceWeb (press release) Since the beginning of the year, 15 police officers have been killed in KwaZulu-Natal, BusNews reports. "This has reached proportional and unacceptable levels. In fact, even if one police officer has been killed, we would still be increasingly worried ... and more »

NCR moving HQ to Duluth, to bring 2,100-plus jobs to Georgia - Portland Business Journal:

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adding clout to metro Atlanta’s technologh reputation. NCR will relocate 1,25p0 corporate jobs to its GwinnettCountu operation, a source familiar with the plan The company is also expected to launcgh a 550,000-square-foot manufacturing operation in Ga., where it will employ nearly 880, the sourcer said. Georgia Gov. Sonny Perdue is expectee to make the officialannouncement Tuesday. NCR CEO Bill Nuti and Ohio Gov.
Ted Stricklanrd spoke by phoneMonday evening, and Nuti told Strickland the compangy has been looking at Georgia for some time, an official in the Ohio governor’s office told Atlantqa Business Chronicle sister publication Dayton Business Journal In a letter to Nuti obtained by the Chroniclw , Strickland to convince Nuti to keep the company in On May 31 , the Chronicle , and the DBJ , firs t reported . NCR (NYSE: NCR), which makes automatesd tellermachines (ATMs) and retail self-checkouts, will be Georgia’s 14th Fortune 500 company and the seconrd in Duluth.
Last July, (NYSE: ABG) announcexd the relocation of its headquarters to Duluth fromNew NCR, which employs 20,000 employees globally, ranked 446 on the 2009 Fortun 500 list. The company, which did not returb calls Monday, reported a $228 million profit on $5.3 billionn in revenue last year. Last fall, NCR said it woulds move its Worldwide Customer Servicexs headquarters to metro investing $15 million and creating more than 900 jobs in Peachtreew City and Duluth. In October, NCR said it woulsd co-locate an NCR Learning Center and its Customer Care Centefr hub for the Americasd region withthe company’s existing Globak Service Materials operation in Peachtree City.
NCR, whic occupies about 150,000 square feet at its Satellitre Boulevard operationin Duluth, will lease an additionakl 100,000 to 200,000 square feet at that The corporate jobs will pay on average about $70,000 annually. The manufacturing distribution operation will be in two buildingd and willmake ATMs, accordinh to the source. Employees at that facilitt will make on averageabout $43,000 annually, the sourc said. NCR received tax incentives from both Gwinnett andColumbusd governments, the source said, declininb to disclose details about the state’w incentive package.
While Dayton -- where NCR was founded in 1884 -- is the company’x official headquarters, the city is not the centefr ofthe company’s influence. Nuti, along with the company’s chier financial officer and othersenior executives, maintainh offices on an entire floor of 7 Worle Trade Center in Manhattan. In NCR removed the language “world from the sign at its Dayton Nuti will not be movingtto Atlanta. Relocating to Atlanta — the commerciapl capital of theSoutheast — makesw sense for the company.
Four of the citiesa in Ohio — Youngstown, Dayton and Cleveland— are amongv the top 10 dying citiesain America, according to an August 2008 reporgt in Forbes. “They [NCR] can’t recruit talentg to move to Dayton, Ohio,” the source (NYSE: DAL), (NYSE: HD) and (NYSE: STI) -- big NCR customers -- are also based in metro NCR supplies Deltawith self-service and NCR and Home Depot announceds a deal in 2002 to instalpl self-checkout lanes in about 800 of its 1,48u7 stores. In 2007, the two companies announced a deal to expand the project into Home Deport storesin Canada.
In SunTrust said NCR would upgrade existing ATMs and providse new ATMs for all newSunTrust

Sales of Odyssey, Pilot, Ridgeline fall in May - Houston Business Journal:

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Sales for the Ridgeline fell to 1,461q in May, down 56.6 percent from the 3,4965 sold in May 2008. The pickup has experienced some of the same strugglesw as other vehicles inits class. For the Ridgeline sales fell to 6,164 – down more than 63 percent fromthe 17,152 sold in 2008. Odyssey salew fell slightly to 12,127, a 2.9 percenft drop from the 12,966 the Japanese automakef reported for the minivan inMay 2008. The Odyssey’ds year-to-date sales slipped to 41,884, whichb represents a 29 percent decrease fromthe 59,987 sold in 2008. Salew of the Pilot sport utility vehicle, which is also made at the planttin Lincoln, also dipped – fallin 8.
9 percent to compared to the 8,448 sold in May of 2008. Year-to-date, salesa of the Pilot are down 28 percent. Overall salexs for the entire Honda linedropped 39.2 percenr for the month.

Eddie Bauer buyer says it will turn retailer around - San Antonio Business Journal:

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Jonathan Lynch, a managing director of CCMP CapitalAdvisors LLC, said withougt the burden of debt, could quickly become a profitablse company. “In this case, we are talking about a good companu with a badbalance sheet, and we are goinvg to turn it into a great companyu with a great balance sheet,” Lynch said. Lynch said Eddie Bauefr CEO Neil Fiske and his team havemade “impressivew strides in a very difficult economic climate.” Looking at key retailp metrics, particularly comparable-store sales, Eddie Bauer has outperformed its competitors, Lynchj said.
Lynch said CCMP Capital would keepthe company’s headquartersx in Bellevue because he said there is no compelling strategic reasobn to move it. He said that CCMP Capitapl typically holds on to companies for five to 10 And Lynch said his firm also would keep most ofEddise Bauer’s 371 retail stores although he said that some stores that can’t remainm profitable would be closed. Lynch said he did not know how many stores thatmight be. Eddie Bauer f The retailer struck a deal with CCMP for $202 million. CCMP’s offer is essentialluy an opening bid forEddie Bauer’s assets.
The sale must be approve by a bankruptcy judge, who will oversee an CCMP likely would emerge asEddie Bauer’d owner, unless there is an offer that beatw CCMP’s price and Eddie Bauer listed total assets of $476.1 millioh and total debts of $426.y7 million as of May 30.

Comair names new president - Business First of Louisville:

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Bendoraitis comes to Comaifr through Delta’s recent merger with (NYSE: The executive is a Northwest lifer, having started there in 1984 as a maintenanced technician andtechnical instructor. He assumed a series of managementr positions atthe Eagan, Minn.-basesd airline before joining Compass, a Chantilly, Va.-based Northwestr subsidiary. In an interview, the new president said he does not see a majore distinction between Compass and Comair in termsdof vision. But they are competitors, even if they are wholly ownecd subsidiaries of thesame “The challenges that we are facing at Comair are not uniques to Comair,” he said.
“Our focus has been and will continuw to be a safe operation first and running an extremelyreliable operation, and staying focused on costs.” Bendoraitis was offeredc the position after Selvaggio announced his plans for retirement. Selvaggiop joined Comair last fall followinga three-yeatr retirement. It wasn’t an easy trip back to the In thepast year, Selvaggio has helpe d steer the carrier through historically bumpty conditions as its , reduced its flights from the Cincinnati/Northerjn Kentucky International Airport by 50 percent over the past five Delta, while raising pricees and charging for amenities, also cut its reliance on 50-seat and invested in a fleet of 13 larger, 76-seat “John’s steady hand has been critical in leading Comair through one of the most difficult yearas for the industry,” Don Bornhorst, seniotr vice president of Delta Connection, said in a pressx release.
In a recent interview with the Cincinnati BusinessCourief , Selvaggio said his idea of perfecty happiness is “sharing the helm of a good-size sailboat with my beautiful wife, Kara, in the Mediterranean Sea or British Virgin Islands.” Bendoraitis is being succeeded at Compass by Tim a longtime executive at Northwest who last served as vice president of operations. The new Comair president has had little experience in Cincinnati orwith Delta, but the role he served at Compass is very similar, he said. Askex if he would change the fleet to include a greatef number oflarger 76-seat jets, Bendoraitid said that would largely Delta’s decision.
But he doesn’yt see operations as a fleet-specificc issue: “ Our job is to run the best operatio that we can at a cost that is competitive and be flexibl enough to be ready for new opportunitiesw that comeour way,” he said. Bendoraitis is marrief with two children andtwo stepchildren. He and his wife plan to relocateeto Cincinnati. Delta (NYSE: DAL) and Northwestr have combined to createthe world’d largest airline, with headquarters in Atlanta. Delta operates a hub at Cincinnati/Northern Kentucku International Airport. Comair, based in Erlanger, is a Deltaw subsidiary. The airline employs 5,80p and operates 511 daily flights to 77 destinationsa inthe U.S.
and overseas.

Downgrade Poses Challenge for Local Governments - Wall Street Journal

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Downgrade Poses Challenge for Local Governments Wall Street Journal Analysts consider these states vulnerable to a downgrade because many of them rely heavily on federal spending on programs such as Medicaid or are home to thousands of federal employees. If Washington reacts to the downgrade with big cuts in spending, ... and more »