“Xerox to expand tech business services in $6 billion deal - Nashville Tennessean” plus 4 more |
- Xerox to expand tech business services in $6 billion deal - Nashville Tennessean
- CEOs see sales growing, but many still not hiring - WCAX
- Whitnall residents reject proposed 11 percent levy hike - Milwaukee Journal Sentinel
- N.Y. raises taxes on the rich at its peril - Miami Herald
- Finalists named for L.A. County's Most Business-Friendly City Award - Los Angeles Daily News
| Xerox to expand tech business services in $6 billion deal - Nashville Tennessean Posted: 29 Sep 2009 12:11 AM PDT NEW YORK Xerox Corp. said Monday that it plans to buy Affiliated Computer Services Inc. for about $6.4 billion in cash and stock, joining the expensive race among technology companies to broaden their offerings. Xerox said the deal would create a $22 billion business that combines Xerox's copiers, printers and document management services with the "business process outsourcing" of Dallas-based ACS. Outsourcers like ACS take on tasks for other companies, such as helping to manage payroll or run health- care plans. Affiliated Computer Systems employs more than 725 people in Tennessee, providing business processing and information technology outsourcing services to city, county and state governments and commercial clients. Under a contract with TennCare, for instance, the company provides a call center that handles questions from beneficiaries about services and offers help filing appeals. "Until the transaction closes, it is business as usual for the operations in Tennessee," said Lydia Chan, an ACS spokeswoman. Xerox's offer amounted to a 33 percent premium over ACS' closing stock price on Friday, although the value fell as Xerox shares lost $1.29, or 14.4 percent, to close at $7.68 Monday. ACS shares jumped $6.61, or 14 percent, to $53.84, hitting a 52-week high of $55.84 earlier in the session. Diversification growsThe move takes Xerox deeper into the back-office operations of its customers with the kind of acquisition that is popping up more and more as technology companies add a greater variety of equipment and services under a single tent. Last week, Dell Inc., which has Nashville operations, said it would buy Perot Systems Corp. for $3.9 billion, kick-starting an information-technology services business for Dell. A year ago, rival Hewlett-Packard Co. expanded its services business with the $13.9 billion buyout of Electronic Data Systems Corp. Part of the logic behind such deals is to acquire companies that have tighter relationships with their customers because they provide more critical services, said analyst Craig Le Clair, with Forrester Research. Businesses have more at stake outsourcing their payroll or accounting systems than buying copiers or personal computers. Providers of those services get steady revenue streams from multi - year contracts. "Great move by Xerox," Le Clair said. "It's a very storied company, but one aspect of that story is they haven't moved into new markets quickly enough. And this is exactly the kind of thinking and bold move that will move them into the next phase of growth." |
| CEOs see sales growing, but many still not hiring - WCAX Posted: 29 Sep 2009 08:46 AM PDT
By TALI ARBEL AP Business Writer NEW YORK (AP) - An index measuring the expectations of 107 CEOs from among America's largest companies was at its highest level this year, with more than half expecting sales to grow in the next six months - but their outlook for capital spending remained stagnant, and 40 percent predicted more job cuts. The Business Roundtable said Tuesday its CEO outlook index rose to 44.9 in September from 18.5 in June. In March, the index stood at -5, its lowest reading since the survey began in 2002. A level below 50 is consistent with a shrinking economy. "Right now, we're beginning to see sales trending up, but not to the level that translates into meaningful gains in capital spending or jobs," said Ivan Seidenberg, chairman of the association and CEO of Verizon Communications. While 46 percent of CEOs in June expected sales to drop in the next six months, in the most recent survey, 51 percent expect sales to rise in the next six months. Meanwhile, 23 percent see no change and 26 percent expect a decline in sales. As for jobs, the survey of CEOs, whose combined companies have 10 million employees, showed that many still expect meaningful drops in unemployment. The current U.S. jobless rate, at 9.7 percent, is expected to hit double digits this year and isn't expected to return to a more normal level for several years. The survey showed 40 percent of the CEOs expect their company's employment to drop in the next six months, while 47 percent see no change and 13 percent expect an increase. That's only slightly better than last quarter's expectations, when 49 percent saw a drop, 45 percent expected no change, and 6 percent predicted their workforce would grow. Employment growth "will take a little longer than (it has in) the past because this has been a deeper recession," said Seidenberg on a conference call with reporters. This was the first quarter showing an increase in demand, which was "a modest positive," he said. If sales continue to grow, then employers may increase hiring 12 to 18 months from now, he said. Expectations for capital spending and hiring in the U.S. are modestly better than they were earlier this year, but remain weak. Only 21 percent of the CEOs surveyed expect an increase in capital spending, while 44 percent see no change and 35 percent expect declines. In June, 51 percent forecast drops in capital spending, and 12 percent saw growth. The 107 CEOs surveyed estimated that for the year, gross domestic product will shrink 0.9 percent. In June, they expected a 2.1 percent decrease for the year. The Business Roundtable is an association of chief executive officers of some of the biggest U.S. companies, which combined have more than $5 trillion in annual revenue and nearly 10 million employees. It surveyed its members from Sept. 2 to Sept. 18. Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |
| Whitnall residents reject proposed 11 percent levy hike - Milwaukee Journal Sentinel Posted: 29 Sep 2009 08:24 AM PDT Year off to deadly start for domestic violence, report says Jailed Town of Brookfield detective placed on administrative leave Man held in connection with south side shooting death Licensing panel delays action on citizenship proposal New Manpower subsidiary targets federal government Whitnall residents reject proposed 11 percent levy hike Miller Park sales-tax revenue down again Milwaukee, Midwest see lower gas prices Man uses scissors to rob Madison pizza joint Flu threat may mean early school testing State astronaut bringing Bible, flags into space Errors plagued Avery trial, defense lawyers contend After gusts, area receives its first frost advisory Firstwatch: Deer, flies and Favre City is 11th poorest in nation Badger Guns removes sign calling Police Department racist Town of Brookfield detective arrested, jailed amid extortion probe Blue Mound bar struggles at cleanup position Badger Guns removes sign calling Police Department racist Man killed in freak accident at Franklin auto repair shop UPAF distributes smaller allocations Waukesha to launch Big Read with collection for troops Fiserv sells loan fulfillment business UWM newspaper editor wins press freedom award Latest on the Mile: promoter contract OK'd MMSD approves funds to transform Melanec's Wheelhouse site Heart attack delays DeBraska sentencing Insurer ranks Wisconsin 8th in vehicle-deer collisions City of Menasha sued after defaulting on bonds Student start-ups receive grants from UW-Madison Juror testifies in Avery retrial motion hearing Acker pleads no contest to sex assault charges Kewaunee plant shut down for refueling |
| N.Y. raises taxes on the rich at its peril - Miami Herald Posted: 29 Sep 2009 08:24 AM PDT ALBANY, N.Y. -- This year, New York's deep-pocketed rich were required to dig even deeper to help shore up state finances during the worst recession since the 1930s. They now pay higher taxes on their income and on limousines and yachts, more to enter a horse in a race and more to dabble in real estate. Meanwhile, many are losing millions from the closing of business tax loopholes and those making more than $1 million are losing tax deductions others get. It even costs more to hunt foxes or pheasants and have their taxes prepared. Now, a half-dozen states in this recession-driven movement are nervously eyeing New York to see if it's wise to demand so much from people rich enough to have a second home in less taxing states -- and for whom a change of address can be its own tax break. Early data from New York show the higher tax rates for the wealthy have yielded lower-than-expected state wealth. Gov. David Paterson, who had always warned targeting the rich could backfire, fears that's just what happened. Paterson said last week that revenues from the income tax increases and other taxes enacted in April are running about 20 percent less than anticipated. The concern about millionaire flight has prompted some states, including New York, New Jersey and California, to increase the highest tax rates only temporarily. For New York, it's the second temporary increase for high earners since 2001. WARNING The first one ended as scheduled after three years. But Paterson and economists warn that came as the economy began to grow fast into another boom, something that isn't expected now because Wall Street -- which historically provided 20 percent of state revenues -- is perhaps permanently downsized. ``People aren't wedded to a geographic place as they once were. It's a different world,'' said New York Lt. Gov. Richard Ravitch. He said last year's surcharge on income taxes, set to last three years, won't likely meet expectations. So far this year, half of about $1 billion in expected revenue from New York's 100 richest taxpayers is missing. The state budget office says losses suffered in the recession could be largely to blame, and it may still come in next year when filers exhaust their extensions. Those seeking extensions nevertheless had to pay in April at least as much as they owed in 2008. The six-month extension for the balance ends in October, but given the hard times many filers likely didn't earn much more than a year ago. State officials say they don't know how much of the missing revenue is because any wealthy New Yorkers simply left. ALREADY GONE But at least two high-profile defectors have sounded off on the tax changes: Buffalo Sabres ice hockey team owner Tom Golisano, the billionaire who ran for governor three times and who was paying $13,000 a day in New York income taxes, and conservative radio talk-show host Rush Limbaugh. Golisano changed his official address to Florida, and Limbaugh, who also has a Florida home, announced earlier this year that he was relinquishing his home in Manhattan. Real estate mogul Donald Trump told Fox News earlier this year that several of his millionaire friends were talking about leaving the state over the latest taxes. Golisano, who created 5,000 jobs from his Rochester payroll processing company, Paychex, bristled when politicians said he was bailing on New York in the spring. ``If anything, New York state has bailed out on us,'' he said. And it's not just the well-known leaving. Nancy Bell is moving her Science First manufacturer of scientific products from the Buffalo site her father founded in 1960 to Florida, which aggressively courted her and her two business-partner sons. They are building a new facility there and, with the state's help, had 1,000 applications for 20 jobs. ``It was the higher tax brackets, the so-called millionaire's tax'' that forced the move, she said. ``We feel we have to look to the future... I'm leaving wonderful, wonderful friends. It's not our first choice. It's our 100th.'' Maryland enacted higher tax rates for wealthier residents in 2008 to boost revenues but income from those taxes is down by 6.7 percent so far this year. Officials in Maryland, as in New York, are hoping that much of the revenueis simply delayed because of filers' extensions, however. |
| Finalists named for L.A. County's Most Business-Friendly City Award - Los Angeles Daily News Posted: 29 Sep 2009 08:24 AM PDT Finalists were named on Monday for the Los Angeles County Economic Development Corp.'s Most Business-Friendly City in L.A. County Award. Alhambra, Downey, Lakewood, Long Beach, Torrance and Whittier are the finalists for cities with populations of 60,000 and more, while Bell Gardens, Commerce, La Mirada and Santa Fe Springs are finalists in the under 60,000 category. "These 10 city finalists have demonstrated an outstanding commitment to creating a business-friendly environment where businesses can thrive and create job," Los Angeles County Economic Development Corp. President and Chief Executive Officer Bill Allen said. "Each year, this competition reveals that more and more cities are being proactive in their efforts to retain and attract quality jobs and businesses in their communities. The ability and commitment of our local governments to attract and retain good jobs is absolutely essential if our region is to regain its economic vitality and sustain our quality of life." The winner will be announced Nov. 12 at the 14th annual Eddy Awards honoring economic development leadership. |
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