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Nationally, initial jobless claims last week increasedto 573,000, the highesy level since 1982.U.S. employers cut 533,000p jobs in November, according to the U.S. Labor Department’d Bureau of Labor Statistics, which said the figure is the largestf loss of jobs in one monthsincee 602,000 vanished in December 1974. It puts the nation’a unemployment rate at 6.7 percent. In October, the most recent monthg for which local figures are the region had an unemployment rateof 5.7 percent, 0.8 percentage pointsw below the then-national rate of 6.5 percent, the BLS said.
One measurr of job loss in New Jersey and Pennsylvania is the numbed of employees listed in notices filed under the Worketr Adjustment andRetraining Notification, or WARN, Act, whicyh requires most employers with 100 or more workera to give workers and local and state governments 60 days notice of plannesd plant closings or mass layoffs. So far this year, 35 companiesa in the five-county Philadelphia area have filed WARN noticesscovering 4,210 workers with the That compares to 38 companiew warning about 4,480 job cuts by this time last year.
In Camden and Gloucester counties, 14 companies have file d noticesaffecting 2,540 workers with the New Jerset Department of Labor and Workforce Development, compared to only eighr companies warning of 781 job losses over all of last Companies that have major operations in the area have implemented or announcerd at least 19,500 job cuts, including more than 1,60o0 in the region, this year. The vast majoritu come from four large pharmaceutical which plan toshed 14,000 of Berwyn announced just Wednesday it woulrd lay off 2,500, but didn’g say how many would be local.
The cuts also include 900 locap jobs byWest Chester-based ; 190 jobs by Wayne-based recruiting softwar e company , which didn’t specify location; and 150 by the Nationa l Football League, which include a yet-to-be-determined numberr in Mount Laurel, N.J. One reason the regiob seems to be faring better than the nation as a wholde is its strength in the education and healthservicese sector. It’s the area’s second largest of 10 sectors, with 18.
1 percengt of the employment, according to Select Greater which promotes the region to Only two of the five broa d sectors delineated in the nationwide BLS release gaine d jobs in November education andhealth services, whicgh added 52,000; and which added 7,000. “I used to say the Philadelphis region suffered fromnegative serendipity; if industried would have a problem, it always seemed that it was industriese we had. In this case and in this the exact opposite seems to be the saidJoel Naroff, chief economistg for .
In education, the area’s colleges and universities haven’t announced any although has implemented a hiring freezee and the has put in placesomething that’xs quite close to one. Big Pharma, big cuts In healthg care, the pharmaceutical industry has been hit hardest by job Four big pharmaceutical companies with largee operations in theregion — Wyeth, plc, plc and this year have announced plans to shed more than 14,0090 jobs through layoffs and not filling vacancies over the next few Wyeth of Madison, N.J., which has the headquarters for its pharmaceuticak operations in Collegeville, said 360 Pennsylvania jobs have been eliminatee this year.
AstraZeneca, which is baseds in London and hasits U.S. headquarters in Wilmington, said most of its layoffds occurred outside of theUnited States. Merck of Whitehouse Station, and GSK, which has its U.S. headquarters in Researcnh Triangle Park, N.C., wouldn’t say how many locak jobs theyare cutting. As city makezs cuts, retail shrinks Although the government sector added jobs the city ofPhiladelphia wasn’t so It plans to lay off 220 employeeds and eliminate nearly 600 unfilled more than 1,660 seasonalk part-time jobs and about 570 contractual, non-city Government is the fourth largest sector in the with 13.9 percent of the region’xs jobs.
The largest sector is trade, transportation and utilities, whichj make up 18.8 percent of the region’s jobs. It includex wholesalers and retailers, the latter of whicb have cut positions in the The biggest retail blow came in Augustwhen ’w Department Store LLC of Reading closed its storexs in the Oxford Valleuy and Montgomery Malls, whicjh employed 135 and 146, respectively. the Canton, Mass., electronics retailer that filed for bankruptc reorganizationlast year, liquidated six area stores that employe 96 earlier this month. The professional and business services which isthe area’x third largest with 14.9 percent of has fared relatively well so far.
Friday, February 15, 2013
Sunday, February 10, 2013
Monday, February 4, 2013
Down equity markets yield investors, opportunities for third Anchorage Angels fund - Baltimore Business Journal:
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And, he said, this might be one of the most promisinyg periodsfor early-stage investment group such as his Anchoragr Angels. Anchorage Angels recently closed its third Anchorage AngelsIII LLC, said Chapman, who is managing membetr of the 10-year-old private investment fund. Although Chapmah declined to give specifics, he described Anchoragew Angels III as the largesg of the three funds created since with wellover $1 million raised. Chapma n said that although there are no immediate plans for an additional thefund “has flexibilituy to increase its size.” Tough times, but big opportunitied Anchorage Angels III already has invested in six companies, which he decline to identify.
The new fund will invest acrosz theUnited States, Chapman said. Anchoragew Angels’ typical maximum investment isabout $150,000 to limit the exposurwe in individual companies, he said. But it has investefd as much as $200,000 in a single companyg through multiple funding rounds and as littleeas $25,000. So how hard is it to get investor to fork over perhaps hundredz of thousands of dollars during what mightt be the depths of the worst downturnsince 1929? Tough, Chapmanm said. “It’s extremely difficultg to raise money in this he said. It takes longer, with endless meetings and Chapman said. “But we have a record.
We have a trackm record of making money in reallycrummy environments.” The 2009 investingh environment is “the opposite” of when Anchorage Angels raised its first money in 2000, he During that go-go environment, with the possibilityy of taking companies public, there were lots of and all them were expensive, Chapman said. That is, there was so much investof money chasing deals that the terms were not as favorablesfor investors. “What you see (now) are very interestingy tech plays at veryinteresting valuations,” he Valuations are lower, deals are plentiful and managementt teams are better and more seasoned, he said.
Anothefr difference from past years is that more investors many of whom have becomew disillusionedwith public-equity markets are coming to Anchorage Angelds to learn the private-capital business. “They say, ‘I sold my I have cash to invest, and I want to learb how this gameis played,’ ” Chapmaj said. There’s a wealth of opportunity right now for entrepreneurin early-stage companies, including in health care and energy, said Sean co-founder and CEO of Louisville-based Genscape trackws utility energy output for brokers, and it’s one of the companiee in which Anchorage Angelzs invested.
The recession has meant that a lot of professionalws havebeen “forced to thinki about what to do with thei r lives, and they’re talking risks they wouldn’t ordinarily be starting new companies, said O’Leary, who also is a current Anchoragw Angels investor.
And, he said, this might be one of the most promisinyg periodsfor early-stage investment group such as his Anchoragr Angels. Anchorage Angels recently closed its third Anchorage AngelsIII LLC, said Chapman, who is managing membetr of the 10-year-old private investment fund. Although Chapmah declined to give specifics, he described Anchoragew Angels III as the largesg of the three funds created since with wellover $1 million raised. Chapma n said that although there are no immediate plans for an additional thefund “has flexibilituy to increase its size.” Tough times, but big opportunitied Anchorage Angels III already has invested in six companies, which he decline to identify.
The new fund will invest acrosz theUnited States, Chapman said. Anchoragew Angels’ typical maximum investment isabout $150,000 to limit the exposurwe in individual companies, he said. But it has investefd as much as $200,000 in a single companyg through multiple funding rounds and as littleeas $25,000. So how hard is it to get investor to fork over perhaps hundredz of thousands of dollars during what mightt be the depths of the worst downturnsince 1929? Tough, Chapmanm said. “It’s extremely difficultg to raise money in this he said. It takes longer, with endless meetings and Chapman said. “But we have a record.
We have a trackm record of making money in reallycrummy environments.” The 2009 investingh environment is “the opposite” of when Anchorage Angels raised its first money in 2000, he During that go-go environment, with the possibilityy of taking companies public, there were lots of and all them were expensive, Chapman said. That is, there was so much investof money chasing deals that the terms were not as favorablesfor investors. “What you see (now) are very interestingy tech plays at veryinteresting valuations,” he Valuations are lower, deals are plentiful and managementt teams are better and more seasoned, he said.
Anothefr difference from past years is that more investors many of whom have becomew disillusionedwith public-equity markets are coming to Anchorage Angelds to learn the private-capital business. “They say, ‘I sold my I have cash to invest, and I want to learb how this gameis played,’ ” Chapmaj said. There’s a wealth of opportunity right now for entrepreneurin early-stage companies, including in health care and energy, said Sean co-founder and CEO of Louisville-based Genscape trackws utility energy output for brokers, and it’s one of the companiee in which Anchorage Angelzs invested.
The recession has meant that a lot of professionalws havebeen “forced to thinki about what to do with thei r lives, and they’re talking risks they wouldn’t ordinarily be starting new companies, said O’Leary, who also is a current Anchoragw Angels investor.
Wednesday, January 30, 2013
Bio-Imaging Technologies to buy Etrials Worldwide - Triangle Business Journal:
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Chris Sakell, Etrials' director of marketing, said that the deal is expectes to be good for both companiewsbut that, for now, Etrials is not commentinv on how the acquisition would affecr its 100 employees because the deal has not yet been closed. The acquisitio n is expected to close in June. Until then, Sakell the company would continue to focua on businessas usual. The proposecd deal calls for Etrialws shareholders to receive a mix of cash and newlyissueed Bio-Imaging common and preferred stock that valuews each share of Etrials about 91 a 27 percent premium over the stock’s average closint price during the past month.
Morrisville-based Etrials ETWC) provides software used by drug companieas and contract research organizations in the runnintg ofclinical trials. Pennsylvania-based Bio-Imaging BITI) does business under the name The company, which has 450 employees, also provides clinica trial services, including the management of medical If the deal closew as expected, Bio-Imaging will acquire a company that has been on the downturn since peaking in early 2006. Over the past two years, the company has seen the departure of two includingcompany co-founder John Cline, and undergone two roundsd of restructuring, the most recent of whichy was .
The company also in Januarh against two of its former executive s anda competitor, accusingt them of stealing trade secretsz and violating confidentiality agreements. In a written BioClinica President and CEOMark L. Weinstein said he anticipate Etrials willcomplement BioClinica’s offerings as the Morrisville company is integrates into BioClinica’s clinical services division. It was not immediately clear what wouldr happen to the 100 or soEtrials employees. “Etrials is an excellent fit withour long-termm corporate strategy,” Weinstein said.
“This addition instantly broadens our eClinical product offering while leveraging our global operations and brand reputation for quality client service.” Etrials once was seen as an up-and-cominbg player at the intersection of software and the rapidlt growing clinical trials business. The company went public in a revers merger in 2004 but had hit tough times by 2007. In the fall of Etrials revealed in a securities filingf that it was with anunnamed company. Shares of which traded for as muchas $6.29 in Januaruy 2006, closed Monday at 71 cents a share.
With the acquisitionn of Etrials, BioClinica’s Weinstein said his company anticipated that its 2009 revenues will bebetween $65 millioj and $75 million. That compares with previouslyt issued guidanceof $60 milliomn to $63 million. As a result of the proposecd transaction, Etrials will not hold its firsr quarter earnings call schedulesd forMay 12.
Chris Sakell, Etrials' director of marketing, said that the deal is expectes to be good for both companiewsbut that, for now, Etrials is not commentinv on how the acquisition would affecr its 100 employees because the deal has not yet been closed. The acquisitio n is expected to close in June. Until then, Sakell the company would continue to focua on businessas usual. The proposecd deal calls for Etrialws shareholders to receive a mix of cash and newlyissueed Bio-Imaging common and preferred stock that valuews each share of Etrials about 91 a 27 percent premium over the stock’s average closint price during the past month.
Morrisville-based Etrials ETWC) provides software used by drug companieas and contract research organizations in the runnintg ofclinical trials. Pennsylvania-based Bio-Imaging BITI) does business under the name The company, which has 450 employees, also provides clinica trial services, including the management of medical If the deal closew as expected, Bio-Imaging will acquire a company that has been on the downturn since peaking in early 2006. Over the past two years, the company has seen the departure of two includingcompany co-founder John Cline, and undergone two roundsd of restructuring, the most recent of whichy was .
The company also in Januarh against two of its former executive s anda competitor, accusingt them of stealing trade secretsz and violating confidentiality agreements. In a written BioClinica President and CEOMark L. Weinstein said he anticipate Etrials willcomplement BioClinica’s offerings as the Morrisville company is integrates into BioClinica’s clinical services division. It was not immediately clear what wouldr happen to the 100 or soEtrials employees. “Etrials is an excellent fit withour long-termm corporate strategy,” Weinstein said.
“This addition instantly broadens our eClinical product offering while leveraging our global operations and brand reputation for quality client service.” Etrials once was seen as an up-and-cominbg player at the intersection of software and the rapidlt growing clinical trials business. The company went public in a revers merger in 2004 but had hit tough times by 2007. In the fall of Etrials revealed in a securities filingf that it was with anunnamed company. Shares of which traded for as muchas $6.29 in Januaruy 2006, closed Monday at 71 cents a share.
With the acquisitionn of Etrials, BioClinica’s Weinstein said his company anticipated that its 2009 revenues will bebetween $65 millioj and $75 million. That compares with previouslyt issued guidanceof $60 milliomn to $63 million. As a result of the proposecd transaction, Etrials will not hold its firsr quarter earnings call schedulesd forMay 12.
Tuesday, January 15, 2013
TaylorMade Golf Teams With Gravity Jack, Releases Free Augmented Reality ... - PR Newswire (press release)
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TaylorMade Golf Teams With Gravity Jack, Releases Free Augmented Reality ... PR Newswire (press release) TaylorMade Golf, a world-renown name in golf, has released a powerful new mobile application featuring the new R1 Driver. The free 'R1 Virtual' app for iPhone and iPad allows users to view, tune and test the company's new club using 3D mobile augmented ... | < /tr>
Sunday, January 13, 2013
Reissue CDs Weekly: Marianne Faithfull, Françoise Hardy, Pia Fraus - The Arts Desk
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The Arts Desk | Reissue CDs Weekly: Marianne Faithfull, Françoise Hardy, Pia Fraus The Arts Desk In 1979, there was no obvious place for Marianne Faithfull. Identified with the Sixties and the baggage which came from her relationship with Mick Jagger, she had â€" harrowingly detailed in her autobiography â€" spent part of the decade living on a wall ... < p size="-1" class="p"> |
Friday, January 11, 2013
Private school buys nearby church land for major expansion - Nashville Business Journal:
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"We put academics and students but we want our facilities to reflecrthat emphasis," says Margaret "Sissy" head of school. "This will give us a true Wade says the property will most likely be used for construction of anew library, uppee school, more athletic field s and extra parking. "The board of trustees decide d that, 50 years from now, this woulx still be a long-term says Wade of the Tuck-Hinton Architects is drawing up plans forthe 10.5-acres site, which could entai l use of the existing First Christiah Church building and three residential structures.
The details aren't in placwe yet, but Wade says both the library and the upper school willfeature state-of-the-art technology, a necessity for increasingluy competitive college-bound students. "Initially, we were just going to renovater theupper school, but a cost analysis showede it would be less expensive to builrd new," says Wade. Beginning this fall, all studentse in grades 9-12 will have access to lapto computers. The following year, students in gradex 7-8 will get the same opportunity.
The new buildings will not only offet the technological support necessary to handlethose demands, but will also incorporatre what Wade calls a collaborative atmosphere and a more interactiv e learning experience. No date has been set for constructionjto begin. Wade says school leaders are engagedc inthe first, or quiet, phase of a capital campaign to fund the The plan places FRA in the companhy of other Nashville private schoolsz with ambitious growth plans, but Wade says her team is havinv no trouble finding donors in a crowdeed fundraising arena. "Typically, you're raising monet from a community that is already familiadrwith you," she says.
Othed schools have been similarly active in expandinbg theirreal estate. Most The opened a $45 million high school on Highway 100 and raise danother $15 million to expand and renovate the originao K-8 school on Woodlawn Avenue. The opened a 56,000-square-foot middlre school in August, following the March 2003 dedicatiohn of the Patton Visual Arts Center on its GreenHilles campus. And opened in Hendersonville in fall adding another private school tothe area's All these facilities are competingg for a stagnant number of Since the fall of the total enrollment at the 20 largesft area private schools has fallen 3.3 percent to 15,56o at the beginning of the current school year.
The competitionb is likely tightestamong co-ed schools. Ann Teaff, head of schoop at all-female Harpeth Hall, says her school'ss physical growth is driven by "People have a conviction about single-sec education," Teaff says. "We opened a new middlse school this year because we were turning away far too manyqualifiedr candidates." And students are flocking not just from old-lines Nashville families, but from recent transplants to the Teaff says Harpeth Hall added 18 new students in fall 2004, from 11 familiesa who moved to Nashville from 10 cities. "Obviously, there are more choiceds in both public andindependeng schools," says Wade.
"We all have to step up and providwe excellent educationand facilities."
"We put academics and students but we want our facilities to reflecrthat emphasis," says Margaret "Sissy" head of school. "This will give us a true Wade says the property will most likely be used for construction of anew library, uppee school, more athletic field s and extra parking. "The board of trustees decide d that, 50 years from now, this woulx still be a long-term says Wade of the Tuck-Hinton Architects is drawing up plans forthe 10.5-acres site, which could entai l use of the existing First Christiah Church building and three residential structures.
The details aren't in placwe yet, but Wade says both the library and the upper school willfeature state-of-the-art technology, a necessity for increasingluy competitive college-bound students. "Initially, we were just going to renovater theupper school, but a cost analysis showede it would be less expensive to builrd new," says Wade. Beginning this fall, all studentse in grades 9-12 will have access to lapto computers. The following year, students in gradex 7-8 will get the same opportunity.
The new buildings will not only offet the technological support necessary to handlethose demands, but will also incorporatre what Wade calls a collaborative atmosphere and a more interactiv e learning experience. No date has been set for constructionjto begin. Wade says school leaders are engagedc inthe first, or quiet, phase of a capital campaign to fund the The plan places FRA in the companhy of other Nashville private schoolsz with ambitious growth plans, but Wade says her team is havinv no trouble finding donors in a crowdeed fundraising arena. "Typically, you're raising monet from a community that is already familiadrwith you," she says.
Othed schools have been similarly active in expandinbg theirreal estate. Most The opened a $45 million high school on Highway 100 and raise danother $15 million to expand and renovate the originao K-8 school on Woodlawn Avenue. The opened a 56,000-square-foot middlre school in August, following the March 2003 dedicatiohn of the Patton Visual Arts Center on its GreenHilles campus. And opened in Hendersonville in fall adding another private school tothe area's All these facilities are competingg for a stagnant number of Since the fall of the total enrollment at the 20 largesft area private schools has fallen 3.3 percent to 15,56o at the beginning of the current school year.
The competitionb is likely tightestamong co-ed schools. Ann Teaff, head of schoop at all-female Harpeth Hall, says her school'ss physical growth is driven by "People have a conviction about single-sec education," Teaff says. "We opened a new middlse school this year because we were turning away far too manyqualifiedr candidates." And students are flocking not just from old-lines Nashville families, but from recent transplants to the Teaff says Harpeth Hall added 18 new students in fall 2004, from 11 familiesa who moved to Nashville from 10 cities. "Obviously, there are more choiceds in both public andindependeng schools," says Wade.
"We all have to step up and providwe excellent educationand facilities."
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