Matrix Packaging of Missouri Inc., a subsidiary of Sonoco Products Co., will receive $572,267 in state tax credits, the Missouri Department of Economic Development said Friday.
The Hazelwood business was approved for the credits under the Enhanced Enterprise Zone (EEZ) program to assist in the creation of new jobs and investment.
Matrix was approved for the tax credits, over a five-year period, for the creation of 90 jobs and investing $16.6 million for the expansion facility at 5801 N. Lindbergh Blvd. in Hazelwood.
The Hazelwood plant currently operates nine blow molding lines, producing plastic bottles for household, food, and health and beauty products.
The Enhanced Enterprise Zones are geographic areas designated by local governments and certified by the DED. Designation is based on certain demographic criteria, potential to create sustainable jobs in a targeted industry and demonstrated impact on local cluster development. The EEZ program began in 2004.
Hartsville, S.C.-based Sonoco Products Co. (NYSE: SON) is a $3.6 billion global manufacturer of consumer and industrial products, and provides packaging services. It has more than 300 operations in 35 countries.
ATHENS, Greece — Moody’s Investors Service slashed Greece’s credit rating to junk status Monday in a new blow to the debt-ridden country that is under international scrutiny after narrowly avoiding default last month.
A Moody’s statement said it was cutting Greece’s government bond ratings by four notches to Ba1 from A3, with a stable outlook for the next 12-18 months. It was the second of the three major agencies to accord Greek bonds junk status. Standard & Poor’s did the same in late April.
The downgrades reflect concern that the country could fail to meet its obligations to cut its deficit and pay down its debt — which the Greek government says is out of the question.
Finance Ministry officials in Athens had no immediate reaction to the rating cut, which came as a delegation from the International Monetary Fund and the European Union started an interim review of the country’s efforts to pull itself out of a major debt crisis.
After amassing a vast public debt and overspending that sent its budget deficit spiraling to 13.6 percent of gross domestic product last year, Greece was saved from defaulting on its loans in May by the first installment of a joint EU and IMF bailout no credit check payday loans. It is to receive the second in September, pending implementation of a major austerity program that has sparked strong union reaction and a series of damaging strikes.
"The Ba1 rating reflects our analysis of the balance of the strengths and risks associated with the Eurozone/IMF support package," said Sarah Carlson, Moody’s lead analyst for Greece.
"The package effectively eliminates any near-term risk of a liquidity-driven default and encourages the implementation of a credible, feasible and incentive-compatible set of structural reforms, which have a high likelihood of stabilizing debt service requirements at manageable levels.
"Nevertheless, the macroeconomic and implementation risks associated with the program are substantial and more consistent with a Ba1 rating."
All dollar figures, except for per-share figures, are in millions.
Allied Healthcare Products Inc. Amdocs Ltd. Ameren Corp. American Railcar Industries Inc. Arch Coal Inc. Bakers Footwear Group Inc. Belden Inc. Brown Shoe Co Inc. Build-A-Bear Workshop Inc. Cass Information Systems Inc. Centene Corp. Centrue Financial Corp. Commerce Bancshares Inc. CPI Corp. Emerson Electric Co. Energizer Holdings Inc. Enterprise Financial Services Corp. Esco Technologies Inc. Express Scripts Inc. First Clover Leaf Financial Corp. Furniture Brands International Inc. Insituform Technologies Inc. Isle of Capri Casinos Inc. KV Pharmaceutical Co.* LaBarge Inc. Laclede Group Inc . LMI Aerospace Inc. MEMC Electronic Materials Inc. Monsanto Co. Olin Corp. Panera Bread Co. Patriot Coal Corp. Peabody Energy Corp. Perficient Inc. Pulaski Financial Corp. Ralcorp Holdings Inc. RehabCare Group Inc. Reinsurance Group of America Inc. Reliv International Inc. Savvis Inc. Sigma-Aldrich Corp. Solutia Inc. Spartech Corp. Stereotaxis Inc. Stifel Financial Corp. Synergetics USA Inc. Thermadyne Holdings Corp. Viasystems Group Inc. ** Young Innovations Inc. Zoltek Cos Inc.
Just over 3,000 homeowners in the Albany, N.Y., region have received a bank notice since mid-February telling them they are at risk of foreclosure, according to a report.
The data is based on notices mailed under a new law requiring lenders to give homeowners 90-day notice of a possible foreclosure.
The information was compiled by the New York State Banking Department and a group of housing assistance agencies based in Albany called the HomeSave Coalition.
HomeSave is sponsoring a free legal clinic June 9 to help homeowners avoid being scammed by companies promising to help those facing foreclosure.
The clinic will be held at 5:30 p.m. at Stuyvesant Plaza on Western Avenue. To attend or for more information, contact the HomeSave Coalition at 518-434-1730.
A total of 3,009 home owners in Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie and Washington counties received the notices since Feb. 13.
That represents just under 1 percent of all owner-occupied homes in the 10 counties.
The highest per-capita ratio was in rural Montgomery County, where 1.27 percent of owner-occupied homes received a pre-foreclosure notice. The lowest ratio was in Saratoga County, 0.79 percent.
The per-capita figures for the Albany region are in line with data compiled by RealtyTrac, an online seller of distressed properties that reports on the number of foreclosure notices filed in county clerk’s offices nationwide.
Unlike RealtyTrac, however, the new report tracks the number of homeowners at risk of a foreclosure action, not those that have already received a foreclosure filing. The foreclosure process takes months to complete and involves several procedural steps in court.
Under the new state law, which took effect in February, lenders must sent notices to homeowners at least 90 days before starting a foreclosure action.
Lenders must also file certain information with the state Banking Department about the pre-foreclosure notices. The Banking Department, in turn, shares that with nonprofit groups that help people in danger of losing their home.
The HomeSave Coalition is responsible for outreach in the 10-county region surrounding Albany.
The top three mortgage service companies that sent the notices were Wells Fargo, HSBC and Citi Mortgage/ABN Amro Mortgage.
MidSouth Bank has raised about $5 million in a stock offering begun in March, a level that’s well beneath the $15 million maximum the Murfreesboro lender set, but in line with what its chief executive said his expectations were.
Lee Moss, chairman and CEO, said today is the last day the bank will receive payments for the public offering, which began with current shareholders then opened to the general public. He said the total will likely ring in at slightly more than $5 million, and that the bank had expected to raise between $5 million and $6 million.
“It will keep us well in excess of all the regulatory capital ratios for a well-capitalized bank,” Moss said.
Treasury prices fell for a second day on Thursday as stocks soared and the euro firmed.
What prices are doing: The benchmark 10-year note fell 2/32 to 101-4/32, pushing the yield up to 3.37%, from 3.19% on Wednesday. Bond prices and yields move in opposite directions.
The 30-year bond lost 4/32 to 102-29/32 and yielding 4.3%. The 5-year note edged lower by 1/32 to 99-21/32, yielding 2.21%, while the 2-year note fell less than 1/32 to 99-24/32, yielding 0.89%.
What’s moving the market: Treasury prices were pressured Thursday as demand for riskier investments increased and stocks recovered losses from the previous session.
Treasurys are viewed as low-risk investments since they are backed by the U.S. government; therefore, they are particularly attractive during times of economic uncertainty.
Confidence in the euro zone was also boosted on Thursday and the euro strengthened versus the dollar after China’s government called Wednesday’s reports that it may reduce its holdings of euros "groundless."
"There’s been some significant pickup in risk appetite today," said Kim Rupert, a fixed-income analyst at Action Economics. "Some of the fears that dogged the market late yesterday have been assuaged a bit, and that has revived confidence in the market payday advance lenders."
In the last of the week’s auctions, the Treasury Department auctioned $31 billion in 7-year notes on Thursday, receiving bids totaling $89 billion.
Economy: Economic reports from the government sent mixed signals Thursday.
The Commerce Department said the economy didn’t grow as much as originally reported, with the gross domestic product rising at an annual rate of 3% in the first quarter, compared with the 3.2% rate the government had previously announced.
Meanwhile, the Department of Labor said initial jobless claims fell to 460,000 last week from 474,000 in the previous week, beating the drop to 455,000 expected by economists.
Outlook: While Treasurys may pare losses as investors prepare for a long holiday weekend, trading is likely to remain volatile, she said.
"I think we’re going to stay choppy," Rupert said. "Markets have been very vulnerable to news headlines, and I think we’ll remain susceptible to this kind of trading pattern for some time."
A diverse musical line-up featuring some familiar acts along new ones dot Buffalo Place’s annual Thursday at the Square and Buffalo Place Rocks the Harbor concerts.
The 18-show line-up was announced Thursday evening.
Among the highlights: a July 15 show featuring Umphrey’s McGee and G. Love & Special Sauce’s only summer show on July 22.
Favorites like Robert Randolph and the Family Band, Los Lobos and the Fabulous Thunderbirds are also slated to appear at Thursday at the Square shows.The Buffalo Place Rocks the Harbor concerts include a two-night stand by moe. and a rare appearance by jazz great Herbie Hancock.
The Thursday at the Square shows, which are held in Lafayette Square, are free. They begin on June 10 and run for 10 weeks through Aug. 12.
Buffalo Place Rocks the Harbor concerts are held along the Central Wharf area in the Canal Side footprint of downtown Buffalo. Those concerts have $10 advance fee and $20 at the door.
M&T Bank is the presenting sponsor.
Concerts at both venues begin at 5 p.m.
Buffalo Place has been presenting the concerts for 24 summer seasons as means to help attract visitors to downtown Buffalo. It is estimated the concerts have an estimated $4 million economic impact including more than $3 million that stays in the downtown Buffalo core.
“Besides the economic impact, the other value these shows have is by the number of people they bring to downtown,” said Anthony Colucci III, Buffalo Place Inc. president. “We hope the bars and restaurants do benefit.”
The Thursday at the Square line-up is:
• June 10: Alejandro Escovedo and the Sensitive Boys with special guest Tift Merritt
• June 17: Ingrid Michaelson
• June 24: Martin Sexton and Ryan Montbleau Band with Civil Twilight
• July 1: Ed Kowalczyk of Live
• July 8: Ozomatli with Rebelution
• July 15: Umphrey’s McGee with Tea Leaf Green
• July 22: G. Love & Special Sauce with Rogue Wave
• July 29: Robert Randolph & the Family Band
• Aug. 5: Los Lobos
Combined Austin Energy and Austin Water bonds totaling about $200 million garnered "AA-" ratings and are scheduled to sell next month, Fitch Ratings reported Friday.
The utility revenue refunding bonds were rated in two series of $98.8 million tax-exempt and $100.9 million in direct subsidy-build America bonds. The release said the bonds are expected to sell via negotiation early next month. They are secured through the utility company's net revenue.
The rating agency also reaffirmed grades for three city of Austin outstanding bonds: $498 million in outstanding combined utility system revenue bonds at "AA-"; $1 billion in outstanding city of Austin electric utility system revenue bonds at "AA-"; and $1.5 billion in outstanding water and wastewater system revenue bonds at "AA-."
Overall outlook was listed as stable cash advance companies. Fitch cited Austin Energy's stable service territory, diverse supply mix and competitive rates. The agency said rate increase delays could cause some concern to creditors and though Austin Energy has low debt, that could change as the company pursues 35 percent renewable energy by 2020.
"While rates are competitive and fuel adjustment charges are adjusted regularly, the utility's base rates have not been changed since 1994," Fitch said in the release. "Raising some concern about city council's willingness to raise rates in the face of declining financial performance"
Austin Energy powers more than 407,926 customers and Austin Water provides treated water and wastewater to about 209,994 and 196,842 customers, respectively.
A dubious distinction was reached during the first three months of 2010: More than 10% of all mortgage borrowers are now behind on their payments.
The delinquency rate hit a record of 10.06% in the first quarter, according to the Mortgage Bankers Association. The seasonally adjusted rate accounts for all mortgages on properties that have up to four units and that are at least one payment late.
The rate has been inching steadily toward this record, having ticked up almost a full point since a year go.
The report contained a sliver of good news, however. The non-seasonally adjusted delinquency rate dropped almost one point to 9.38% between the fourth quarter 2009 and first quarter 2010.
So while the seasonally adjusted number saw growth during that period, the non-seasonally adjusted number followed the traditional pattern. Rates usually peak in the fourth quarter, as holiday spending and heating bills kick in causing people to put off paying their loan. But then, when they get caught up in the first quarter, delinquencies fall again.
"The question is whether the drop represents anything more than a normal seasonal decline or a more fundamental improvement," said Jay Brinkmann, MBA’s chief economist. "The normal seasonal drop is coming right at the point where we believe delinquencies could potentially be declining and the problem for the statistical models is determining which is which."
The foreclosure inventory rate, which represents the percentage of mortgaged homes repossessed by lenders, was fairly flat quarter-over-quarter, inching up to 4.63% from 4.58%. But it jumped a lot from 12 months earlier, when the rate stood at 3.85%.
Nearly all varieties of loans suffered increased delinquencies compared with 12 months earlier. Prime fixed-rate loans hit 6.17%; prime adjustable-rate mortgages (ARMs) tipped 13.52%. Subprime fixed-rates jumped to 25.69%; and subprime ARMs are a whopping 29.09%.
The one bright spot was that delinquencies for FHA loans, the mortgages guaranteed by the Federal Housing Authority, dropped slightly to 13.15%.
The improvement is likely due to tighter FHA underwriting standards, which it adjusted after loans issued in 2007 and 2008 started souring. That should be a relief for taxpayers, who will be on the hook for any losses the FHA suffers.
Most of the overall rate increases are attributable to the seriously delinquent loans, Brinkmann said. Those loans, which are 90 days or more late, are going all the way through to foreclosure, but are not being foreclosed, keeping people in the system longer.
In the pre-housing-bust world, many borrowers would have already lost their homes and their delinquencies would no longer be counted in the survey.
Shift in problem-loan types
Lenders have slowed repossessions for various reasons: They may not have enough staff yet to handle the volume; the foreclosure prevention initiatives, such as the Home Affordable Modification Program, is postponing many foreclosures; and the banks themselves are trying to prevent defaults by approving more short sales.
There has been a fundamental change in the nature of the loans causing the most default problems, according to Brinkmann. And, he added, unemployment is the culprit. "Delinquencies are much more driven by the recession than by any one loan type now," he said.
Subprime ARMs accounted for nearly 30% of all delinquencies a year ago, but just under 15% now. Meanwhile, prime fixed-rate loans delinquencies have grown so much that they represent the single biggest bucket of delinquent mortgages: 37% up from 29% a year ago.
Some of the prime loan defaults stem from an increase in people deliberately "walking away" from mortgages. These are homeowners who can pay their loans but choose not to because their homes have dropped so much in value.
According to a recent report, as much as 31% of all defaults in March were strategic.
Brinkmann opined that many of these "strategic defaulters" may be underestimating the impact of walking away. It may take them much longer to repair their credit histories than they realize as lenders assess more than their credit ratings to determine whether to finance future home purchases.
Underwriting involves more than just checking credit scores, and if a lender sees a strategic default on their records, homebuyers may not qualify for loans.
"They may be able to repair their credit scores," he said, "but their ability to buy a home in the future may be negatively impacted for years to come."
Danny Ayala, head of global remittance at Wells Fargo & Co., has only to look at the numbers from Mother’s Day week to see improvement in the business of zipping money from country to country.
In a sign of an improving economy, the bank saw a 57 percent increase in volume during that week and an all-time daily high on May 10 — the day Mother’s Day is celebrated in Mexico.
"It shows that remitters have money to send," Ayala said in an interview Thursday. "Last year was a much different story."
Wells Fargo & Co. expects even bigger things from the remittance business, with the addition of eight new recipient countries at the end of last year and the gradual rollout of its "ExpressSend" service in Wachovia branches.
Wells started ramping up ExpressSend in 2003 and now offers service to 15 countries in Latin America and Asia. Customers can send money overseas from a branch, by phone or online. Wells is also looking to add mobile and ATM options.
In the first quarter, total transactions increased 36 percent to Mexico and 35 percent to all countries, compared with the same period a year earlier. The bank handles billions of dollars in remittance volume each year, but doesn’t provide specific volume or transaction figures.
With the business, Wells sees a way to help a growing immigrant population send money home — and an opportunity to sell them checking accounts and other banking products, Ayala said.
The remittance business is at the center of two hot issues lately: immigration and financial services. Many customers who use the product are in the U.S. legally, but Ayala acknowledges that some may not be. The company follows laws that require it to check customers’ identification, but not immigration status, he said.
"The immigration issue is an issue of public policy," he said. "We are here to provide financial services."
As part of financial reform legislation being debated in Congress, some lawmakers are pushing for more consumer protections for remittance customers. One proposal would require remittance providers to display fees in their storefronts and give the cost to customers upfront.
Ayala said the bank favored transparency but wasn’t comfortable with current proposals. The legislation could be difficult to implement because prices change frequently as exchange rates fluctuate, he said. According to World Bank figures, the remittance flow to developing countries fell 6 percent to $316 billion in 2009. As the world economy picks up, the World Bank expects remittances to increase by 6.2 percent in 2010.
Wells competes with money transfer giants such as Western Union Co. and MoneyGram International Inc., as well as other banks. Bank of America Corp. has a product that allows customers with checking accounts to send money to Mexico by phone. The bank also has an online wire transfer service.
Powered by WordPress -- XHTML 1.0