Saturday, January 28, 2012

Trustee leaves $4.2M to Franklin College


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FRANKLIN, Ind. ? A private central Indiana liberal arts college says it has received a $4.2 million bequest from the estate of a longtime trustee.

Franklin College says the donation came from the estate of Fort Wayne native and longtime Indianapolis resident Effie Joan Behrens. She died in December 2010 after having been a Franklin College trustee since 1991.

The college says 75 percent of her bequest has gone to an endowment for student scholarships and the college's relationship with the American Baptist Church. The Franklin College Board of Trustees directed the remaining money to a capital campaign.

The board's also named the new college softball facility Behrens Field. The college says Behrens had played softball in her youth.

The college announced the donation last week.

Source: http://www.greenfieldreporter.com/view/story/d3f6f753b5ca438b9c87e0ebaa250626/IN--Franklin-College-Donation/

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Friday, January 27, 2012

Nintendo chief promises to do Wii U launch right (AP)

TOKYO ? Nintendo's chief is determined to get right the launch of its next game machine, Wii U, set for this year's holiday shopping season, and acknowledged Friday some mistakes with selling its 3DS handheld.

But Nintendo Co. President Satoru Iwata warned earnings for the fiscal year set to begin April will be the toughest ever for the Japanese manufacturer behind the Super Mario and Pokemon games.

Iwata's remarks come a day after it lowered its annual earnings forecast to a 65 billion yen ($844 million) loss, much larger than the 20 billion yen ($260 million) loss projected earlier. It posted a 77.62 billion yen profit the previous fiscal year.

Iwata blamed the strong yen, which erases overseas earnings, as well as the arrival of smartphones and other devices that offer gaming.

The higher yen slashed nearly 54 billion yen ($701 million) from the company's operating profit for the April-December period.

"I can see how the red ink may be perceived as abnormal," Iwata told analysts and reporters at a Tokyo hotel. "The environment has changed."

The failure of the 3DS handheld, which offers three-dimensional imagery, to take off with enough momentum during the last quarter of 2011 was one of the main reasons for the dismal results, according to Iwata.

The 3DS has gradually started to sell better, but it took a price cut in August. It still lacks a strong lineup of attractive software games, a key factor for a machine to succeed in a big way.

Iwata vowed the company will be better prepared when it introduces the Wii U home console during the 2012 year-end shopping season for a strong comeback.

He declined to give details such as pricing or what the software games available at that time might be.

But he said the Wii U will come with a strong game lineup at the launch as well as secure and safe Internet services that will offer players individual accounts.

The Wii U will come with new ways of playing that will almost make the term "home console" obsolete, Iwata said. It will also offer mobile gaming. The machine has a touch-panel controller.

Nintendo has long competed against rival game makers, such as Sony Corp. and Microsoft Corp. These days, all face the threat from hit devices like the iPad and iPhone from Apple Inc. that also offer games.

Iwata's comments also showed Nintendo is growing less cautious about the Internet, which in the past it had brushed off as mainly for hard-core gamers.

Kyoto-based Nintendo has built its reputation on making games fun to play for casual and newcomer players.

"We are going to put to use our bitter experience with the 3DS," said Iwata.

___

Follow Yuri Kageyama at http://twitter.com/yurikageyama

Source: http://us.rd.yahoo.com/dailynews/rss/japan/*http%3A//news.yahoo.com/s/ap/20120127/ap_on_hi_te/as_japan_nintendo

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Video: Rep. Giffords says farewell to the House

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Source: http://www.msnbc.msn.com/id/3036697/vp/46138701#46138701

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Thursday, January 26, 2012

Safety regulator: `We pulled no punches' on Volt (AP)

WASHINGTON ? The government "pulled no punches" in investigating battery fires in the Volt, General Motors' prized electric car, the head of the federal auto safety agency told Congress on Wednesday.

At a combative House hearing, Republicans questioned whether the government's partial ownership in the automaker created a conflict of interest for the Obama administration in the Chevrolet probe, which began after a test car caught fire in June, three weeks after a side-impact test.

The government still owns 26.5 percent of GM's shares.

"We pulled no punches" during the investigation, said David Strickland, who heads the National Highway Traffic Safety Administration. Then asked if the company got a pass from his agency, he replied, "No, absolutely not."

But Ohio Rep. Jim Jordan, who led the hearing by the House Oversight and Government Reform subcommittee, said he found it "deeply troubling" that the agency waited until November to notify the public about the fire.

Strickland said he would have gone public immediately if there were an imminent safety risk. He said it would have been irresponsible to tell people that something was wrong with the Volt while experts looked into the cause of the fire.

In response, the committee chairman, Republican Darrell Issa, R-Calif., said, "I hear you, I don't believe you."

Issa added: "The fact is, your administration is not up to speed to maintain safety in an electric age."

Republicans questioned whether the delay was because of new mileage standards that were negotiated last year. Strickland insisted there was no connection and said he had not been pressured by anyone from the administration on the investigation.

After the first fire, two others occurred later related to separate safety tests, and the agency opened an official investigation on Nov. 25. That ended last week, with the government concluding that the Volt and other electric cars don't pose a greater fire risk than gasoline-powered cars. The agency and General Motors know of no fires in real-world crashes.

GM chairman and CEO Daniel F. Akerson said sarcastically that while the company designed the Volt to be a great car, "unfortunately, there is one thing we did not engineer. Although we loaded the Volt with state-of-the-art safety features, we did not engineer the Volt to be a political punching bag. And that, sadly, is what the Volt has become.

"For all of the loose talk about fires, we are here today because tests by regulators resulted in battery fires under lab conditions that no driver would experience in the real world."

But the Republicans' aim was on the safety agency, as Issa told Strickland, "You guys screwed up by keeping a secret."

Democrats came to the administration's defense.

Rep. Dennis Kucinich, D-Ohio, said there was no evidence that politics played a role in NHTSA's handling of the case, and he was concerned that the hearing could undermine electric car technology.

Maryland Rep. Elijah Cummings, the committee's top Democrat, told Strickland he believed him.

"Your integrity has been questioned, your honesty has been questioned," Cummings said. "And then the question becomes, what is that all about?" He accused Republicans of "swatting" at things to make a political point.

Jordan took exception. "That's not what this hearing's about."

Cummings responded: "This hearing is not about safety. This hearing is about an attack" on the Obama administration's support for GM and the electric car industry.

At first, GM blamed the safety agency for the June fire, saying NHTSA should have drained the battery to prevent any fires after the test. But the company quickly retreated and said it never told the agency to drain the battery. GM executives also said there was no formal procedure in place to drain batteries after crashes involving owners.

Now the company sends out a team to drain the batteries after being notified of a crash by its OnStar safety system.

The Volt has a T-shaped, 400 pound battery pack that can power the car for about 35 miles. After that, a small gasoline generator kicks in to run the electric motor. The car has a base price of about $40,000.

Issa told reporters that the committee will continue its investigation.

"It won't be on General Motors," he said. " It will be primarily on the government that we oversee that has once again been less than as good they should have been in public safety on automobiles."

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/ap/20120125/ap_on_go_co/us_volt_fires

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Sullinger leads No. 4 Ohio St past Penn St 78-54 (AP)

COLUMBUS, Ohio ? Jared Sullinger had 20 points and 13 rebounds, and No. 4 Ohio State took advantage of Penn State's slow start to roll to a 78-54 victory on Wednesday night.

The Buckeyes (18-3, 6-2 Big Ten) won their third in a row and fifth in six games while tuning up for Sunday's big home showdown with No. 20 Michigan. The Wolverines, Ohio State and Michigan State came into the week tied for the top spot in the Big Ten.

The Nittany Lions paid tribute to Joe Paterno by wearing black bands on their jerseys. Paterno, Penn State's football coach for 46 years and the winner of a major-college record 409 games, died Sunday at age 85. A public viewing and funeral was held earlier on Wednesday.

William Buford added 15 points and Aaron Craft had 11 ? all in the first half ? as the Buckeyes built a lopsided lead.

Big Ten scoring leader Tim Frazier had 16 points and Jermaine Marshall 14 for Penn State (10-12, 2-7), which has lost its last 17 meetings with Ohio State.

In the waning moments, Ohio State's student section prepped for the game against the Buckeyes' chief rival by singing "We Don't Give A Damn For the Whole State of Michigan."

The Buckeyes improved to 15-0 at home this season while running their home winning streak to 37 in a row ? the second-longest streak in the country behind Kentucky's 47 straight.

Already ahead 38-18 at halftime, Ohio State benefited from a flagrant foul and a technical foul against the Nittany Lions in the opening 2 minutes of the second half.

Frazier was called for the flagrant foul when he swung an elbow that caught Craft in the jaw. Moments later, first-year coach Patrick Chambers was whistled for yelling at the officials.

Sullinger had a layup and a dunk ? both off assists from swingman Sam Thompson ? in a 7-0 run that swelled the Buckeyes' lead to 56-29. From then on, a crowd of 16,907 was just biding its time before heading for the parking lots.

Penn State endured a miserable first half, shooting just 22 percent (7 of 32) and falling behind by as many as 23 points.

The Nittany Lions had just one field goal and two points over the first 8 minutes and were outscored 15-2. They came in shooting 39 percent from the field for the season but made only one of their first 14 field goals.

Frazier was dogged wherever he went by Buckeyes defenders. He was 2 of 9 from the field at halftime.

Craft opened the scoring with a spinning reverse layup off an assist from Sullinger, who made it 4-0 with a baby hook. After Buford hit a pair of foul shots, Deshaun Thomas added a short jumper for an 8-0 lead.

Marshall, who had half of the Nittany Lions' points at the break, hit a perimeter jumper to finally break the ice at the 15:02 mark. After the Buckeyes coasted to a 24-6 lead, he hit back-to-back outside jumpers.

But the Buckeyes were the story of the opening half. Craft, who hit his career high of 19 against Penn State last January, had 11 at the break on 4-of-4 shooting from the field. Buford chipped in with eight points and five rebounds, while Sullinger had seven points and eight boards and Thomas had six and six.

Penn State is in the midst of a stretch of three straight games vs. Top 25 teams, two on the road. The Nittany Lions lost at No. 11 Indiana 73-54 on Sunday and play No. 25 Wisconsin on Tuesday.

The Buckeyes finished up hitting half of their 50 shots from the field. Penn State mustered just 31.3 percent (20 of 64).

___

Follow Rusty Miller on Twitter: http://www.twitter.com/rustymillerap.

Source: http://us.rd.yahoo.com/dailynews/rss/sports/*http%3A//news.yahoo.com/s/ap/20120126/ap_on_sp_co_ga_su/bkc_t25_penn_st_ohio_st

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Wednesday, January 25, 2012

GBC supports Caribbean finance | European CEO

Global Bank of Commerce is an important force within a Caribbean financial sector that is attracting a host of international investors. European CEO speaks to Brian Stuart-Young, CEO of GBC

How have banks in the Caribbean adjusted their internal compliance regulations in order to tighten security?
A key issue for Caribbean banks ? and indeed any bank that lacks a support network of parent offices located in major financial centres ? has been the maintenance and strengthening of correspondent banking relationships. Caribbean banks require relationships with other banks operating in major money centres through which they can conduct international cash clearing and transfer services; they are entirely reliant on correspondent facilities from banks that provide intermediary services.

Given the various international issues that have caused heightened scrutiny over correspondent relations ? coupled with the global demands to prevent money laundering and terrorist financing ? the Caribbean Association of Indigenous Banks (CAIB) has achieved stronger relationships through establishing a code of principles by which member banks will demonstrate compliance in line with international standards. The initiative has been encouraged by correspondent banks currently conducting business with Caribbean banks.

How do these principles help to build the reputation of Caribbean banks?

In keeping with the principles espoused by the Wolfsberg Group ? a body of 11 major banks that provide international correspondent banking services ? CAIB?s Advocacy Committee has developed the Caribbean Principles. This set of principles establish risk management standards for members and comply with related international standards to support the reputation and operational integrity of Caribbean banks.

How does Antigua ensure that it does not fall into the category of a tax haven?

Antigua?s jurisdiction boasts a robust mutual legal regime which facilitates a transparent process under which information may be exchanged. The destination would never allow itself ? or the banks operating within it ? to be used as a secret tax haven, and it recognises the requirements for tax compliance and anti-tax fraud policies.

Notably, Antigua?s jurisdiction system was one of the first Caribbean jurisdictions to establish a Tax Information Exchange Agreement with the US, and has held tax treaties with the UK and the Caribbean Commonwealth Community for many years. Moreover, it successfully completed more than a dozen tax information exchange agreements by the last quarter of 2009, which made it tax compliant with OECD requirements, and subsequently placed it on the OECD?s ?white list?.

How does Antigua manage mutual legal assistance services, especially considering secrecy laws?

Antigua is firmly committed to mutual cooperation and the preservation of a safe financial sector environment. It has ratified mutual legal assistance in anti-money laundering and anti-financing of terrorism matters as provided for under its Mutual Assistance in Criminal Matters, which provides mutual assistance for all countries that are members of the British Commonwealth, the US and for other countries for which Antigua and Barbuda has signed mutual legal assistance treaties.

Significantly, the jurisdiction is a member of the Egmont Group through Antigua?s supervisory authority, the Office of National Drug and Money Laundering Control Policy (ONDCP). The policy has been put in place to aid communications between different financial intelligence units to prevent money laundering and the financing of terrorism.

How does the imposition of global banking regulations affect Antigua?

The impact of the financial crisis has touched banking worldwide and Antigua is well aware that only the safe and strongly regulated jurisdictions will survive. The regulatory environment of banks providing international financial services is strongly supervised for the safe and ethical depository of foreign currencies and the delivery of wealth management solutions.

The jurisdiction undergoes regular peer evaluation by the Caribbean Financial Action Task Force as well as reviews by the World Bank and the IMF, all of which give enhanced scrutiny to the operations of the financial centre. The supervision of banks is divided with domestic commercial banks under the Eastern Caribbean Central Bank, and international service banks are licensed and regulated by the Financial Services Regulatory Commission (FSRC) and must maintain internal policies to govern compliance with international standards.

What makes Antigua attractive for investors and businesses seeking international ecommerce services?

The remarkable growth of the internet and mobile services is impacting economies around the world, and Antigua is no exception. Antigua provides ideal support for information technology services and internet-driven business opportunities that demand more sophisticated financial services. Modern financial services include internet banking, telephone banking, wire transfers in major currencies, corporate and trust administration, pension and fund management, as well as electronic commerce facilities that allow online sales of international services and products. These are powerful financial tools that enable businesses to compete in an international and open market environment, and also stimulate more convenient person-to-person payments.

Are there any related services that may benefit investors and businesses?

A significant enabling factor for ecommerce services is Antigua?s Global Processing Centre, which is a world-class card processing facility that hosts a platform to support all types of local and international transactions for card issuing, ATM, point of sale and web-based Ecommerce services. The processing data centre is fully PCI certified annually and helps to support enhanced due diligence for card holders by filtering all cardholder identities through the OFAC list and other relevant lists, and by hosting card customer due diligence information for its bank clients. The centre?s platform is currently integrating with a mobile platform to support mobile commerce and wallets, which will allow it to play a greater role in facilitating small payments in the region.

How do you predict Antigua and Global Bank of Commerce will develop over the next five to 10 years?
In today?s financial world, five to 10 years is a very long time. Antigua is traditionally a premier tourism destination and has successfully developed its service sector. It then expanded its services to provide international financial services, and its future is still dependent on these two pillars for growth.

With regards to the financial sector, it is likely that the growth will primarily occur in the provision of technology-driven financial services for banks in the region, rather than within the area of simple deposit services. Global Bank of Commerce has always been a leader in payment services, and we expect our portfolio to grow with the enabling support of Global Processing Centre. The face of payments is changing, especially small payments, bill payments, micro-finance and remittances. We expect that Antigua and its banks will play a strong role in the development of these emerging financial services.

For more information please call 268-480-2240, fax 268-462-1831 or visit? www.globalbankofcommerce.com

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Source: http://www.europeanceo.com/finance/gbc-supports-caribbean-finance

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The Nuts and Bolts of Investing

The Nuts and Bolts of Investing

by David Fessler, Investment U?s Energy and Infrastructure Specialist
Monday, January 23, 2012

No, this isn?t another investment primer to add to the thousands already out there. It?s actually about nuts and bolts. Real ones. Billions of them. As well as hundreds of thousands of other types of fasteners, connectors and tools.

One of the hobbies I enjoy with my two sons is working on and restoring vintage automobiles. If you?ve ever ?enjoyed? this yourself, you know it?s no secret that you need lots of nuts and bolts, and a myriad of other fasteners and connectors, too.

And even if you have tons of them like I do, there?s a real good chance that the one you need is the one you don?t have. I seem to run into this problem just about every weekend.

Home Depot and Lowe?s have many of the run-of-the-mill fasteners you?re likely to need, but if your project calls for an unusual one, or you?re a commercial contractor looking to buy a five-gallon bucket or a truckload of them, Home Depot and Lowe?s won?t help you.

The place that will is a Fastenal Company (Nasdaq: FAST) store. Fortunately for me, one just opened not too far away from our house. With 2,585 stores located around the country, chances are there?s one near you, too.

Fastenal wholesales and retails construction and industrial supplies, including nuts and bolts. It also sells other fasteners, hydraulic tools, cutting tools, plumbing, electrical supplies, chemicals, paints and janitorial supplies.

The company plans to continue opening new stores this year, with plans to add between 100 and 150 throughout the United States. The company?s stores chalked up revenue of $697.8 million, an increase of 22% year over year for the same quarter. Last quarter?s profits rose 34% to $87.5 million, or $0.30 per share.

While revenue was above estimates, profits were at the low end of the company?s expected range. It attributed vendor incentives and lower freight utilization to the slip in profits.

The company?s CEO, Will Oberton, believes this quarter?s results will be even better than last. ?Overall it was a disciplined quarter on margin.?

Oberton believes margins will significantly increase in the coming quarter, and that the vendor incentives and lower freight utilization were seasonal issues.

Investors seem to believe the company, too. The stock recently eclipsed its 52-week high, and closed last week within a few cents of it.

Why would we be recommending a stock like Fastenal that?s up over 77% in just the last year? Two reasons:

  • The first, it?s yet another backdoor indication that the construction industry is slowly recovering, and that?s a proxy for the housing market.
  • Second, with plans to open over 100 new stores in 2012, there?s still plenty of room for growth. Stores become accretive to the bottom line of the company almost from the day they?re opened.

As the U.S. economy slowly recovers, the nuts and bolts of the economic growth will be supplied by Fastenal. It?s the perfect time to consider backing up the truck and adding this ?nuts and bolts? growth stock to your portfolio.

Good Investing,

David Fessler

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Source: http://www.investmentu.com/2012/January/nuts-and-bolts-of-investing-nasdaq-fast.html

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