US fourth-quarter GDP falls short of expectations
A worker trims stainless steel bristles at the Gordon Brush Manufacturing Co. production facility in Commerce, Calif. More than half of the growth in the US fourth-quarter GDP resulted from businesses increasing their stockpiles of products.
(Tim Rue, Bloomberg / January 10, 2012)
TN Commerce Bank fails; Louisville company to buy assets
Fallout from the recession and bad, speculative loans finally crumpled Tennessee Commerce Bank in Franklin, a $1.2 billion bank closed Friday by regulators in Tennessee?s first bank failure in a decade.
Republic Bancorp Inc. of Louisville, Ky., will buy all of the deposits and some loans of Tennessee Commerce Bank at a steep discount to cushion against what could be additional problem loans lingering on the failed bank?s books.
The bank will reopen Monday with a 125-person transition team on site representing investigators, attorneys and a Republic Bank management crew expected to arrive over the weekend.
It represents the first bank branch in Tennessee for Republic, which has $3.4 billion in assets and operations in four other states. Deposits are protected up to legal limits by the Federal Deposit Insurance Corp., officials said. Stockholders shouldn?t expect to be made whole financially.
Other losers include taxpayers, who shouldn?t expect to get back the $30 million that Tennessee Commerce got under the US Treasury?s Troubled Asset Relief Program.
But Steve Trager, Republic?s CEO, called expanding into the Nashville market a natural for his bank, which probably will add other locations here.
?We?re here to grow,? Trager said.
?We have a good history of expansion and associating ourselves with quality people in local markets and serving customers in a responsive and accountable way.?
Closing a bank is a last resort for regulators.
Kathryn Edge, a banking attorney at law firm Miller Martin in Nashville, said, ?At least this one was acquired by a strong company, and that?s good for consumers.?
Peyton Green, a bank analyst with Sterne Agee in Nashville, added: ?You?re going to see an occasional failure in states where the economy is better than the national average. It could be related to an individual bank?s business model, which could cause problems.?
After 70 years, right-to-work impact still unclear
INDIANAPOLIS The battle over the right-to-work issue may be reaching a conclusion in Indiana as the state prepares to adopt its law, but the argument over exactly what the measure means for a states economy is likely to rage on, unresolved, as it has for 70 years.
Since the 1940s, 22 states have passed laws barring unions from collecting mandatory fees from workers for labor representation. Supporters, mostly Republicans, insist the measure helps create a pro-business climate that attracts employers and increases jobs. Opponents say the law only leads to lower wages and poorer quality jobs.
The evidence on the issue is abundant, but also conflicting and murky. The clearest conclusion, according to many experts, is that the economies of states respond to a mix of factors, ranging from the swings in the national economy to demographic trends, and that isolating the impact of right-to-work is nearly impossible.
Obscuring the answer is the difficulty of distinguishing the effects of the RTW laws from state characteristics, as well as other state policies that are unrelated with these laws, said economists Ozkan Eren and Serkan Ozbeklik, who conducted a major study last year of the right-to-work laws in Oklahoma and Idaho.
For major industries, the chief factors in choosing locations tend to be access to supplies, infrastructure, key markets and a skilled work force, according to business recruitment specialists. For a states workers, the impact of right-to-work is limited because only about 7% of private sector employees are unionized. Over the years, job growth has surged in states with, and without, right-to-work laws.
On right to work, The reason we dont have clear views is because its always being debated at its extremes, said Gary Chaison, a professor of labor relations at Clark University in Massachusetts, who assigns his students to analyze the issue each year. In the end, when it comes to jobs and the law, We dont know causation, he said.
The Indiana Legislature is expected to complete action on its measure soon. However, the larger debate will continue, focusing on the following arguments:
Claim: Right-to-work brings more jobs to a state.
According to a study commissioned by Indianas Chamber of Commerce, which supports the right-to-work law, employment grew 100 percent in right-to-work states between 1977 and 2008 but only 57 percent in those without the law.
Proponents point to an immediate impact in Oklahoma, which adopted the measure in 2001. In 2002, the state added 7,822 jobs, said Fred Morgan, president of the Oklahoma Chamber of Commerce.
In 2002, the Oklahoma Department of Commerce reported that companies announced plans to add the highest number of new jobs since 1995, Morgan said.
However, the chamber study does not account for significant factors affecting employment in the period cited. A massive decline in American manufacturing had a severe impact on jobs in the Rust Belt, where states without right-to-work are clustered. The Sunbelt, where most states have the law, had fewer manufacturing jobs to lose and also experienced big increases in population.
In Oklahoma, the job gains after right to work also were not unusual in the region. Three neighboring states without a right-to-work law -- Missouri, New Mexico and Colorado -- experienced similar job growth, in some cases even exceeding Oklahomas. Several major employers shut down in Oklahoma City, including Gulfstream Aerospace in 2002 and Bridgestone Firestone in 2006.
Other factors affecting businesses may play a larger role on job growth in right-to-work states, Eren and Ozbkliks study concluded. Many have higher subsidies for new factories, low taxes on capital and weaker environmental/safety regulations, they said. In Oklahoma and Idaho, it is not likely that RTW laws have any impact on manufacturing employment rate.
The chamber study also argues that right-to-work boosts a states population by making it a more popular place to live and work. Between 2000 and 2009, 4.9 million Americans left non-right-to-work states for those with the law, according to the study. However, the study offered no evidence on other causes for the population shifts.
Claim: Right-to-work decreases wages.
The Economic Policy Institute, which is supported by organized labor, reports that workers in right-to-work states earn $1,500 less annually than their counterparts in states without the law, based on a 2009 analysis of census data.
On average, right-to-work laws are associated with wages -- for everyone, not just union members -- that are 3.2 percent lower than they would be without such a law, according to an EPI study released earlier this month.
The EPI researchers, Elise Gould and Heidi Shierholz, said their study made adjustments for differences in the costs of living so that the higher wages in right-to-work states didnt just reflect the higher living costs on the East and West coasts.
But right-to-work supporters counter with the chambers study showing that personal income grew 164.4 percent in right-to-work states between 1977 and 2008 while income grew 92.8 percent in non-right-to-work states.
Claim: Right-to-work is designed to weaken unions.
Unions lose some paying members when workers dues are made voluntary, according to data gathered by Georgia State University professor Barry Hirsch and Trinity University professor David Macpherson at UnionStats.com.
So-called free riders, or workers covered by union contracts who chose not to pay dues, increased 400 percent in the decade after Oklahoma became a right-to-work state. In 2010, 4.7 percent of the states private sector work force was covered by union contracts, by only 3.5 percent of the work force were dues-paying members.
In Idaho the number of workers covered by unions who werent members increased roughly 130 percent after the state approved its right-to-work law.
However, by far the largest blow to union membership and finances has been the manufacturing decline and the loss of millions of jobs. Even in states without a right-to-work law, union membership dropped 54.2 percent between 1983 and 2010, according to data from the UnionStats.com website.
And even before a right-to-work law goes into effect in Indiana, union membership there has dropped from 14.1 percent to 8.9 percent in the last decade.
___
Tom LoBianco can be reached at http://www.twitter.com/tomlobianco
Merced County Chamber of Commerce holds night of honors
The Merced County Chamber of Commerce held its 2012 installation dinner and presented its 2011 community awards last Saturday at the Merced Golf Country Club.
The organization also honored M. Stephen Jones, 2011 president, and Dawn Kinney, retiring director and past president, for her 14 years of service to the chamber, and Merced County businesses, according to information from the chambers website.
The award recipients included:
Williams Commerce Ltd Report SEO Services Boost Online Wholesaler Traffic by 8200%
(PRWEB UK) 28 January 2012
Today Williams Commerce ltd announced Benross Group are benefitting from increased sales thanks to their website being on page one of the Google results page. Benross are currently able to boast a top two position for 'homeware wholesalers', within Google.co.uk (worldwide results). Thanks to this great Google page one position, result traffic for this phrase has increased by 8200%.
The Benross website can also boast to have an above average conversion of 8.54% for this phrase. Amit Janir called upon the SEO Services (search engine optimisation) of Williams Commerce, Leicester based Digital Marketing and Software Development Company to build and promote his website in Google.
It's because they are coming up on top that more people are buying from Benross online, but how is it that their website is the one to come up when there are other websites that may offer the same service?
The new website combined with an effective SEO package has resulted in not just current customers making their orders online, but also enabled new customers to discover Benross and start buying from them via a simple online registration process.
The website features a variety of items to enable retailers to stock products for every consumer pallet, which means that retailers can browse through the site quickly and easily to see if there are any new products they would like to start holding in stock.
The website presents retailers with the ability to browse brand new stock that is only just being sold online. They do this through a dedicated category for 'just in' stock, and give retailers the ability to stay current with the latest product lines. This further benefits retailers because they don't have to worry about stocking older products than their competitors and can focus on more pressing aspects of their business.
Amit Janir is delighted with the result so far, "We never expected results this good so quickly. We've seen a substantial increase in sales via the website, this has to be the best marketing investment we've ever made."
Benross have recently begun stocking a range of torches, so retailers can stock a popular item during Brittan's bleak winter. Already in a short space of time Benross are on Google.co.uk (worldwide results) for 'wholesale torches'.
Retailers looking to buy wholesale online can visit the Benross website, http://www.benross.com, to browse the extensive range of products at great wholesale prices.
###
Virginia Commerce Bank Expands Training Structure to Meet Growth Needs
ARLINGTON, Va.--(BUSINESS WIRE)--Virginia Commerce Bank proudly announces the recent expansion of its
training programs with the establishment of a Retail Training and
Development Department. The creation of the new department was part of a
restructuring of the Bankâ??s training efforts to meet the learning needs
of employees as they grow within the Bank.
The Bank will continue to support
excellence by encouraging, inspiring and supporting learning and
professional development at all levels of the organization.
The Retail Training and Development Department is responsible for the
ongoing training and professional development of employees who work in
the Bankâ??s 28 branches. The focus of this department is to provide a
comprehensive suite of training workshops and courses to enhance
employeesâ?? knowledge and skills, better preparing them to support the
Bankâ??s mission to provide trusted financial advice to its clients.
Leading the newly established department is Linda Martin, Senior Vice
President, Retail Training and Development. Prior to this position, she
was the Regional Manager responsible for the Bankâ??s Alexandria and
Southeastern Fairfax County branches. Ms. Martin is an ardent advocate
of educational enrichment both in the Bank and in the community.
Retail Training and Development is an extension of corporate training
programs already established at Virginia Commerce Bank. Linda Fourney,
Senior Vice President, Organizational Development, oversees training
opportunities and organizational development initiatives for all Bank
employees. Under her leadership, the Bankâ??s internally-designed
Leadership Skills Development Program was recently launched to support
employee growth potential and performance excellence through one-on-one
mentoring and leadership training seminars conducted by company subject
matter experts.
â??Investing in the development of the Bankâ??s employees is critical to
ensuring that our staff has the knowledge and training to deliver
exceptional customer service,â? emphasized Peter A. Converse, President
and CEO of Virginia Commerce Bank. â??The Bank will continue to support
excellence by encouraging, inspiring and supporting learning and
professional development at all levels of the organization.â?
About Virginia Commerce Bank
Established in 1988, Virginia Commerce Bank (NASDAQ:VCBI) is a
full-service, community bank headquartered in Arlington, Virginia, with
over $2.9 billion in assets. The Bank serves the Northern Virginia and
Fredericksburg markets with twenty-eight branches, a mortgage lending
office and a wealth management services department. For further
information about VCBâ??s many services and a map of convenient locations,
please visit our Web site at VCBonline.com.
 2012 Virginia Commerce Bank, All Rights Reserved.
Commerce Department Again Delays Chinese Solar Imports Decision
Commerce Department Again Delays Chinese Solar Imports Decision
January 29, 2012, 7:04 PM EST
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By William McQuillen
Jan. 27 (Bloomberg) -- The U.S. Commerce Department said it has again delayed its decision on additional tariffs for Chinese solar-equipment imports.
A preliminary determination will be made on March 2, Tim Truman, a department spokesman, said today. The decision had been scheduled for Feb. 13.
The delay allows Commerce “sufficient time to conduct a comprehensive investigation and to complete a thorough and fair analysis of the subsidies at issue,” Gordon Brinser, the president of SolarWorld AG’s U.S. unit, said in a statement issued by the Coalition for American Solar Manufacturing.
U.S. solar-equipment manufacturers say they are being harmed because China’s government uses cash grants, discounts on raw materials, preferential loans and tax incentives, and manipulates its currency to boost exports of solar cells. SolarWorld, a maker of solar modules, filed a complaint Oct. 19 with the U.S. International Trade Commission and the Commerce Department, seeking duties to offset the practices.
The trade commission on Dec. 2 said the Chinese subsidies have harmed equipment makers, ruling on the petition by Bonn- based SolarWorld seeking antidumping and countervailing duties.
The commission is investigating possible economic harm to SolarWorld from Chinese imports, while the department determines the penalty for companies that illegally dump products.
--Editor: Jon Morgan, Daniel Enoch.
To contact the reporter on this story: William McQuillen in Washington at bmcquillen@bloomberg.net
To contact the editor responsible for this story: Jon Morgan at jmorgan97@bloomberg.net
READER DISCUSSION
Commerce boys basketball shuts down Lance Hill in win over Minnechaug
Commerce boys basketball shuts down Lance Hill in win over Minnechaug
Jeff Thomas, December 30, 2011 8:47 pm
The Commerce boys basketball team held the regions top scorer to more than 25 points below his average and defeated Minnechaug 59-46 Friday at Springfield.
Falcons guard Lance Hill, who came into the game averaging 30.8 points through five contests and fresh off a 41-point night on Wednesday, scored just five points as Minnechaug suffered its second loss.
He just had a quiet night tonight, Commerce coach Gary Mindell said. We never guarded him man to man, we just used our presses and traps to slow them down. He just didnt get as many opportunities as he usually gets.
Commerce led by eight at the break thanks to Alex Lopez, the games other outstanding guard. Lopez scored 17 of his game-high 26 points in the first half.
Alex Lopez is doing everything he needs to do to help himself and his team, Mindell said.
Anthony Smith scored all 15 of his points in the second half and added seven rebounds while Shadir Thompson notched a double-double with 10 points and 12 rebounds.
Jason Erhardt and Xavier Smith each scored 12 points for Minnechaug.
Crown prince urges more jobs for Saudis
Prince Naif made this comment while receiving Commerce and Industry Minister Tawfiq Al-Rabiah, President of the Council of Saudi Chambers Abdullah Al-Mubti and heads of 28 chambers of commerce and industry in various parts of the country.
During the meeting, Prince Naif underscored the remarkable progress achieved by the Kingdoms commercial and industrial sectors. There should be greater cooperation between the Commerce and Industry Ministry and chambers to boost growth and create more jobs for young Saudis, the crown prince said.
Defense Minister Prince Salman backed the crown princes directive to the business leaders. When we employ our youth with the support of businessmen, we can get rid of a large number of foreign workers, Prince Salman said, expressing hope that the businessmen would realize the states aspirations.
The defense minister also sought the businessmens support in developing a culture of work among young Saudi men and women. We should encourage our youth to work in order to achieve self development and earn money required for a decent living.
Al-Rabiah and business leaders congratulated Prince Salman on his new appointment and thanked Custodian of the Two Holy Mosques King Abdullah for selecting the right man for the right place. Speaking on behalf of the delegation, Al-Mubti commended Prince Salmans long-standing experience as an able administrator.
He said the private sector is honored to work for the Kingdoms military and defense sector. We appreciate your efforts to provide opportunities to the private sector in military industries and imports, Al-Mubti said and noted the wholesome coordination between the Defense Ministry and the Council of Saudi Chambers.
Unemployment is one of the major problems facing Saudi Arabia. In February 2011, King Abdullah set up a high-level ministerial committee to find a quick solution for the unemployment problem and make proposals on how to create jobs for the growing number of graduates in the public and private sectors.
More than 2 million people have applied for the SR2,000 unemployment allowance offered by the Labor Ministry. About 700,000 people have qualified for the allowance, 70 percent being women, said the director of the Human Resource Development Fund.
In a previous statement, Labor Minister Adel Fakeih said his ministry would launch 30 new initiatives to create jobs for the increasing number of Saudi university graduates. Addressing prominent businessmen and executives in the city, he said the new initiatives would include efforts to develop the skills of Saudi workers, informing the private sector about qualified Saudi jobseekers and opening new employment opportunities for women.
Abdul Aziz Al-Sorayai, chairman of the Industrial Committee at Jeddah Chamber of Commerce and Industry, said the private sector would do everything possible to solve the unemployment problem.
"We consider it our national duty," Al-Sorayai told Arab News when commenting on the statements of Prince Naif and Prince Salman. "We have taken a lot of measures to increase job opportunities for Saudis in the private sector," he added.
US Rep. Richard Neal to meet with chambers of commerce in the new First …
WESTFIELD US Rep. Richard E. Neal, D-Springfield, will meet Tuesday with chambers of commerce from towns he doesnt represent now, but might represent once new congressional districts go into force.
The new congressional district will go into force in 2013, following fall 2012 elections. Because congressional districts are determined by population, and Massachusetts population grew more slowly than other parts of the country, Massachusetts lost a congressional seat.
US Rep. John W. Olver, D-Amherst, is not standing for re-election. The state divided up Olvers old district between Neal and US Rep. James P. McGovern, a Worcester Democrat, with McGovern taking the northern portion of the Pioneer Valley should he win re-election.
Neal, should he win re-election, gets West Springfield, Holyoke, Westfield and Easthampton, as well as West Springfield and all of Berkshire County.
The event is at 3 pm Tuesday at Scanlon Hall at Westfield State University. Its sponsored by the Affiliated Chambers of Commerce of Greater Springfield. All the chambers felt this would be a great time to invite the congressman to meet with our boards early in the new year while he was in the district during this break, Jeffrey S. Ciuffreda, president of the Affiliated Chambers of Commerce of Greater Springfield, said in a prepared statement.
Westfield State University President Evan Dobelle will welcome the chamber members and introduce Neal.
Andrea F. Nuciforo Jr., a Democrat from Pittsfield, has announced plans to run against Neal.