Finance & Business World

The University at Buffalo’s Engineering Awareness for Minorities received an award this month from the U.S. Department of Labor for its efforts to promote equal employment opportunities.

BEAM is the winner of the 2008 Exemplary Public Interest Contribution award. It is one of two non-profit organizations to receive the award. F.E.G.S. Health and Human Services System in New York City is the other recipient.

BEAM works with middle school and high school students in the Buffalo-area who want to attend college to pursue science and engineering degrees freecreditreport. Since it began in 1982, it has allowed more than 10,000 students to get involved in science, math and computer projects at after-school clubs, summer programs and career days, the university said.

It is funded by contributions from companies, educational institutions, community organizations and individuals.

The award was presented Oct. 16 in Washington, DC.

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Jason’s Deli, which operates six restaurants in the Austin area, is nixing high fructose corn syrup—completely.

The Beaumont-based deli chain says it’s rolling out an entirely new menu of breads, dressings, desserts and other items that will all be free of the common additive. Jason’s Deli says it’s already eliminated artificial trans-fats and MSG.

The company has more than 200 restaurants in 25 states including markets like Chicago, Atlanta, Dallas and Houston.

“Even though this was an enormous undertaking as high fructose corn syrup is pervasive in the food system, we found that removing HFCS actually makes the food taste better” says Rusty Coco, a co-owner and executive vice-president of Jason’s http://paydayintime.com. “We’re fighting The Battle for Real Food as the food industry has gotten addicted to cutting back on quality and cheapening products. Our aim is to serve the tastiest meals at the best prices.”

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Asian and European leaders called for an overhaul of World War II-era banking rules, lending support to French President Nicolas Sarkozy as he pushes the U.S. to embrace greater supervision of global financial markets.

The leaders “pledged to undertake effective and comprehensive reform of the international monetary and financial systems,'' according to a statement in Beijing yesterday. Chinese Premier Wen Jiabao told reporters after the gathering of more than 40 heads of state and government that “we need even more financial regulation to ensure financial safety.''

U.S. and European leaders have sparred over the causes of the credit crunch and how to cure it. Sarkozy has called for stricter government oversight of banks and hedge funds. President George W. Bush, who will host the Group of 20 industrialized and developing nations on Nov. 15, emphasized the role of free markets in a speech yesterday.

“It is foolish to think that within a few weeks Europe and the U.S. are going to be able to overhaul international financial regulation,'' said Allan Meltzer, a professor at Carnegie Mellon University in Pittsburgh. “It will be extremely hard to come up with a consensus. I doubt the Europeans will even be able to agree among themselves.''

Meltzer chaired a U.S. congressional commission that studied the international financial system in 2000 after the Asian financial crisis.

European Proposals

The EU has floated the ideas of including more bank supervision, stricter regulation of hedge funds, new rules for credit-rating companies and changes at the International Monetary Fund. The French president has compared the effort to the 1944 Bretton Woods conference in New Hampshire that fixed exchange rates, hitched the world to the gold standard and created the IMF and World Bank.

“While the specific solutions pursued by every country may not be the same, agreeing on a common set of principles will be an essential step towards preventing similar crises in the future,'' Bush said in his weekly radio address.

Nations must focus on “the fundamentals of long-term economic growth: free markets, free enterprise and free trade,'' Bush said.

The two-day summit in Beijing was the first meeting of Asian and EU chiefs since calls for coordinated action mounted along with bank failures and plunging stock prices that began last month.

IMF Scrutinized

“The IMF, World Bank and other agencies are falling behind the times,'' said Jeon Hyochan, a researcher at Samsung Economic Research Institute in Seoul. “The agencies need to strengthen their ability to take pre-emptive measures.''

The Washington-based IMF is considering an emergency program to prevent a collapse of emerging markets by almost doubling borrowing limits for members and waiving its standard demands for economic austerity measures. The agency agreed Oct. 24 to lend Iceland $2.1 billion in accordance with existing rules after the island nation's banking system collapsed, threatening a prolonged economic contraction internet payday loans.

“There is a unanimous consensus to push forward reform,'' said Kazuo Kodama, a spokesman at Japan's Ministry of Foreign Affairs. No agreement has been reached on the details of that reform, he said.

Japan wants the IMF to be able to act in a “nimble, speedy, timely manner'' and “without excessively stringent conditions'' when helping poorer nations, said Osamu Sakashita, a spokesman for Prime Minister Taro Aso.

`Critical Role'

The EU and Asian leaders were less specific in their statement, which says the “IMF should play a critical role in assisting countries seriously affected by the crisis.''

Sarkozy's campaign for an overhaul threatens to expose differences with the U.S. over global financial governance. That may provoke tensions and bog down talks while individual countries continue to act on their own to limit the fallout.

Sarkozy said the mid-November meeting in Washington will involve regulatory decisions because EU and Asian leaders agree that action is needed.

“We have all understood it would not be possible to simply meet and have a conversation,'' Sarkozy said. “We needed to turn it into a decision-making forum.''

The gathering to be hosted by Bush, who leaves office in January, will be the first of a series of financial summits that will also address foreign-exchange rates, according to Sarkozy, who said talks about currencies may be put off until after Nov. 15. “It is simply impossible to talk about the financial crisis without discussing currencies and the way in which they interact.''

Exchange Rates

The pound and the euro have both lost more than 20 percent against the dollar in the past three months, and more than 30 percent against the yen. Aso said derivatives products that “flow around the world'' should also feature on the agenda.

South Korea stressed the importance of trans-Atlantic unity in taking any actions. “If Europe and the U.S. become united, it would enhance whatever countermeasures are taken,'' South Korean President Lee Myung Bak said, according to his spokesman, Lee Dong Kwan.

The credit crisis is choking off funds to companies and people, undermining business and consumer sentiment. Economists at Deutsche Bank AG expect the Group of Seven economies to contract 1.1 percent next year, the worst since the Great Depression, and global growth to be the weakest since the 1980s.

Stock markets and commodities have tumbled along with currencies this year amid growing concern that governments, central banks and finance ministers are powerless to counter eroding corporate earnings and a global recession.

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Airlines flying into and out of the European Union will fall under a greenhouse gas cap starting in 2012 under new laws approved by members of the coalition of nations, the New York Times reported Friday.

Starting Jan. 1, 2012, airlines flying into or out of the European Union will have to comply with the greenhouse gas requirements. The rules of the emissions trading system apply regardless of an airline’s nation of origin, the Times reported.

The International Air Transport Association told the Times, the new caps will cost airlines $4 free credit report.com.4 billion a year to comply. Approval of the new environmental codes comes as airlines are still reeling from high jet fuel costs. Passenger demand and cargo flights are on the decline in many parts of the world in the wake of the global financial downturn.

Many heavy industries in the EU already must comply with the caps, which were adopted in 2005, according to the Times.

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Sales of new cars and trucks in Silicon Valley are down 19.3 percent in the first nine months of 2008 compared to the same period in 2007, a report released Wednesday shows.

The Silicon Valley Auto Dealers Association report predicts that sales for the full year will total 58,665 vehicles, down more than 18 percent from the 71,616 cars and trucks sold in 2007.

The report's author, economist Jeff Foltz of Auto Outlook of Malvern, Pa., predicts valley sales will drop again next year to 56,000 vehicles before rising in both 2010 to 58,500 and in 2011 to 63,500) cash advance in one hour.

The drop in the valley is steeper that the 13.7 percent decline so far this year across the nation.

The only brands which haven't declined in the valley are Mini, Subaru and Jaguar, the report said.

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Commercial real estate brokerage firm Cushman & Wakefield of Arizona Inc. is changing spaces at the Camelback Esplanade to make way for law firm DLA Piper LLP.

Cushman is the leasing agent for the office tower complex near 24th Street and Camelback Road and has relocated its team to the third floor at 2555 E. Camelback Road. Cushman’s new lease is for 21,000 square feet.

Meanwhile, DLA Piper LLP will take over Cushman’s former space on the 10th floor of 2525 E. Camelback Road. The firm will move into the 19,000 square foot space in January faxless payday advance.

Venture capital firm Winfield Investment Partners is relocating its offices from Scottsdale to nearly 5,200 square feet at 2575 E. Camelback Road.

Cushman brokers Jerry Jacobs and Larry Downey represented the landlord, MetLife. DLA Piper was represented by Mark Robbins and Bill Zurek of Transwestern Commercial Services. Winfield Investment Partners was represented by Adam Tolson of Lee & Associates in Phoenix.

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Sri Lanka's central bank kept its benchmark interest rate unchanged for a 20th straight meeting, opting to stick to controlling money supply to slow inflation.

The Central Bank of Sri Lanka maintained its repurchase rate at 10.5 percent, in line with the expectations of all nine economists surveyed by Bloomberg News.

Sri Lanka's policy makers have been fighting inflation, which slowed for a third month in September, by setting quarterly targets for the amount of currency in circulation and commercial banks' deposits at the central bank. The Colombo- based bank has also joined monetary authorities worldwide in freeing up lending as the global financial crisis freezes credit.

“The central bank has already taken measures to shore up confidence in the local credit market,'' said Shivantha Meepage, an analyst at HNB Stockbrokers Pvt in Colombo. “However the major concern still, we believe, is inflation.''

The central bank on Oct. 13 unexpectedly reduced the statutory-reserve requirement by 75 basis points to 9.25 percent in a move to add about 7.5 billion rupees ($69 million) into the financial system. The bank also increased access for lenders and primary dealers to the 12 percent overnight-reverse-repurchase window to 10 times a month, from six times.

Sri Lanka on Sept. 30 increased access to the window, which is the central bank's standing facility to commercial banks and dealers when there is a shortfall in market liquidity, from three times.

Food Costs

Consumer prices in the capital Colombo rose 24.3 percent in September from a year earlier, after increasing 24 no fax payday advance.9 percent in August, on easing food prices and as the highest interest rates in six years helped damp loan growth.

“Decreasing external prices, reduced demand pressures due to the tight monetary policy stance adopted,'' and increasing domestic agriculture production will help inflation ease through to November, the central bank said in a statement today.

India on Oct. 15 joined Brazil and Russia in injecting funds into commercial banks to tackle the global credit crunch without risking interest rate-cuts that may fan inflation.

The Reserve Bank of India cut its cash-reserve ratio to 6.5 percent from 7.5 percent. Russia lowered its reserve requirement for the second time in a month, while Brazil reduced the measure Oct. 13 for the fourth time in three weeks.

The central bank will stick to controlling money supply as its main policy instrument, Governor Nivard Cabraal said on Oct. 10. Sri Lanka's inflation rate will fall to below 20 percent in December, Cabraal said on Oct. 2.

In July, the central bank lowered this year's target for reserve-money growth to 11.75 percent from 12.5 percent. The bank said on Oct. 13 that it may revise down its fourth-quarter reserve money target to damp any inflationary pressures from the reduction in the reserve ratio.

“The tight monetary policy stance of the central bank would continue until the inflationary pressures ease,'' the bank said Oct. 13.

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The Portland Development Commission has set a deadline for project applications within the Convention Center Urban Renewal area.

The Nov. 21 deadline comes as PDC considers how to disperse funds within its commercial redevelopment program. The program provides financial assistance for property development or rehabilitation that supports urban renewal goals.

Such goals include redeveloping vacant and abandoned buildings, preserving historic buildings and adding transit-oriented development projects.

PDC’s commercial redevelopment program supplements primary financing. The money typically goes for acquisition, pre-development, construction and permanent financing low fee payday advance. The funding comes through tax-increment financing and must be tied to improving specific urban renewal areas.

The Convention Center urban renewal area contains 593 acres in Northeast Portland. The area expires in June 2013.

Applicants can attend an Oct. 21 PDC informational session regarding project eligibility. The hour-long meeting takes place at 4:30 p.m. in the PDC’s Commission Conference Room, 222 N.W. Fifth Ave.

Visit www.pdc.us/occredevloan for more loan program details.

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The IMF warned on Saturday that the global financial system was on the brink of meltdown, while France and Germany pushed ahead with a pan-European crisis response to try to prevent the worst global downturn in decades.

At a joint news conference, French President Nicolas Sarkozy and German Chancellor Angela Merkel said they had “prepared a certain number of decisions” to present at a Sunday meeting of European leaders as they work feverishly to restore blocked credit markets to working order.

The United States appealed for patience, but the International Monetary Fund stressed that time was running short after leading industrialized nations failed to agree on concrete measures to end the crisis at a meeting on Friday.

“Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown,” IMF chief Dominique Strauss-Kahn said.

President George W. Bush huddled with Group of Seven economic chiefs and officials from the IMF and World Bank, and said top industrial nations grasped the gravity of the crisis and would work together to solve it.

“I’m confident that the world’s major economies can overcome the challenges we face,” Bush said, adding that Washington was working as fast as possible to implement a $700 billion financial bailout package approved a week ago.

“The benefits will not be realized overnight, but as these actions take effect, they will help restore stability to our markets and confidence to our financial institutions.”

Confidence has been in short supply and panic has swept through global markets, driving stocks to a five-year low on Friday and prompting banks to hoard cash. That has choked off lending to businesses and households, threatening to turn a global economic slowdown into a dangerously deep recession. 

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The government is planning to buy stakes in a wide range of banks within weeks as the credit freeze increasingly threatens to tip the U.S. economy into a deep recession.

Treasury Secretary Henry Paulson and top aides are still considering options on how the purchases would work, including having the government acquire preferred stock, two officials informed of the matter said.

The move would be a shift in emphasis in Paulson's original intention for the $700 billion bailout package passed by Congress last week. While the Treasury still aims to buy troubled mortgage-backed securities from financial institutions, a direct capital injection would offer more immediate relief by giving banks quick access to funds they could then lend out.

“The Treasury is no longer looking for one silver bullet,'' said Steve Bartlett, president of the Financial Services Roundtable, which represents 100 of the biggest firms in the industry. “They have to proceed on all fronts.''

The Treasury aide named to run, on an interim basis, the office that will implement the rescue package, Neel Kashkari, is scheduled to speak Oct. 13 in Washington on progress in putting plans together. Paulson's ultimate goal is to help banks make new loans to jumpstart the economy.

$200 Billion

Bartlett said that buying into the banks would be “a major piece of the puzzle'' and that an infusion of $200 billion would be “plenty adequate'' to kick start the plan.

A $200 billion to $300 billion figure would probably pay for minority stakes in U.S. banks not on the brink of failure, according to estimates by Duke University finance professor Campbell Harvey in North Carolina.

“It is important to inject capital into the system,'' Edward Lazear, chairman of President George W. Bush's Council of Economic Advisers, said in an interview with CNN. The Treasury will inject funds “in short order,'' as soon as it works out the details of the initiative

As a credit freeze sends rates on loans between banks soaring, the world's biggest economies are stepping up efforts to prevent a financial meltdown. In the U.K., Prime Minister Gordon Brown is engineering a 50 billion pound ($87 billion) program that partly nationalizes at least eight British banks. He's also enacting other measures to help the banking system.

Global Efforts

Japanese lawmakers are considering reviving a law that would allow the government to inject public money into regional financial companies. Spain's government this week said it will establish a fund of as much as 50 billion euros ($68 (direct faxless payday loans).5 billion) to buy up bank assets.

Paulson and Federal Reserve Chairman Ben S. Bernanke will meet with their counterparts from the Group of Seven major industrial nations tomorrow in Washington.

The Treasury is “laying a foundation'' for a global effort, said Tim Ryan, head of the Securities Industry and Financial Markets Association. “There is obviously concerted action among at least a few of the large developed countries to deal with the confidence issue in the financial markets.''

Banks worldwide aren't raising enough capital to offset losses. While posting $592 billion in writedowns and losses during the crisis, they have added just $442.5 billion of new capital, according to data compiled by Bloomberg. The International Monetary Fund anticipates losses will more than double to a total of $1.4 trillion.

Biggest Failure

In the U.S., the 14-month old credit crisis has caused 13 bank failures, including the nation's largest in history — Washington Mutual Inc.

Paulson and Bernanke, when lobbying Congress for the bailout legislation last month, played down calls by some lawmakers for the government to take equity stakes in individual companies. Still, Treasury officials say that such a move was always an option under the broad power the law gives Paulson to help banks and other financial institutions.

While the bank stock purchase plan being considered at the Treasury would be voluntary, it is assumed that many companies would jump at the chance of getting government funds.

The Treasury's financing is likely to come with restrictions and it could trigger limits on executive pay that were mandated by Congress, potentially reducing the appetite of some banks to participate. Government stock purchases could also dilute existing shareholders, or confer a stigma of a bank in trouble.

Mid-sized banks including KeyCorp and Huntington Bancshares Inc. have plunged this month on concern the deepening credit crisis will cause the economy to contract and send loan defaults soaring. Cleveland-based Keycorp has slid 53 percent in the past week to $6.42 at the close in New York Stock Exchange trading. Columbus, Ohio-based Huntington is down 38 percent the past three days, to $6.79.

There are 8,451 U.S. banks and thrifts with $13.3 trillion in assets whose deposits are insured by the Federal Deposit Insurance Corp., according to second-quarter data.

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