“Obama to propose small business loan plan - United Press International” plus 3 more |
- Obama to propose small business loan plan - United Press International
- Obama Budget Carries Host of New Taxes on Small Business ... - NewsMax.com
- Formula shows why it’s so hard to cut jobless rate - Chattanooga Times Free Press
- Alcoa Re-Aligns Engineered Products and Solutions Business to ... - Businesswire.com
| Obama to propose small business loan plan - United Press International Posted: 02 Feb 2010 05:09 AM PST NASHUA, N.H., Feb. 2 (UPI) -- U.S. President Barack Obama plans to announce Tuesday a proposal that would allocate $30 billion to community banks to provide loans to small businesses. The new Small Business Lending Fund, created with the money repaid by bailed out banks, is to be outlined by Obama in a visit to Nashua, N.H. "These are the small, local banks that work most closely with our small businesses -- that provide them their first loan, and watch them grow through good times and bad," Obama said in prepared remarks released by the White House. "The more loans these banks provide to creditworthy small businesses, the better a deal we'll give them on capital from this fund." Combined with a proposal Obama offered in December to continue to waive fees and increasing guarantees for Small Business Administration-backed loans, "this will help small banks do even more of what our economy needs -- ensure that small businesses are once again the engine of job growth in America." The latest initiative is part of a package of proposed of tax breaks and tax credits Obama announced last week intended to create jobs and help small businesses, which employ more than 65 percent of the U.S. workforce, the administration said. The Small Business Lending Fund, which requires legislation, would be limited to community banks and smaller financial institutions with assets less than $10 billion, the White House said in a fact sheet. These institutions are eligible because they have a higher share of lending to small businesses, the administration said. A primary function of the new fund would be offering capital with incentives to increase small-business lending that has tightened during the economic malaise. As participating banks increase lending to small firms, compared to 2009 levels, the dividend paid to the U.S. Treasury on that capital investment would be reduced. Even though Troubled Asset Relief Program funds would be used, participating banks would not have the restrictions of the bailout plan. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Obama Budget Carries Host of New Taxes on Small Business ... - NewsMax.com Posted: 01 Feb 2010 04:45 PM PST
While President Barack Obama is proposing to cut some taxes for companies that hire workers, his budget would raise a host of other taxes on businesses and wealthy individuals. Obama's budget would extend his signature Making Work Pay tax credit — $400 for individuals, $800 for a couple filing jointly — through 2011. The administration released the budget Monday. But it would also impose nearly $1 trillion in higher taxes on couples making more than $250,000 and individuals making more than $200,000 by not renewing Bush-era tax cuts for them. Obama would extend tax cuts enacted under former President George W. Bush for families and individuals making less. Obama revived numerous proposals for business tax increases that didn't fare well in Congress last year, including a scaled-down plan to increase taxes on U.S. companies with major overseas operations, and plans to increase taxes on oil and gas companies. His budget features $38 billion in tax cuts that he wants Congress to include in a new jobs bill. It would give companies a $5,000 tax credit for each new worker they hire in 2010. Businesses that increase wages or hours for their current workers in 2010 would be reimbursed for the extra Social Security payroll taxes they would pay. The tax increases on wealthy families would fulfill a campaign pledge by Obama, who has blamed Bush's tax cuts and Medicare prescription drug program for swelling the government's debt by $7.5 trillion. The Making Work Pay tax credit provides families with up to $800 a year and individuals up to $400 a year through small increases in their weekly pay. Extending the tax credit through 2011 would save them $31 billion. Some of Obama's other tax proposals would:
© Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Formula shows why it’s so hard to cut jobless rate - Chattanooga Times Free Press Posted: 02 Feb 2010 03:00 AM PST By JEANNINE AVERSA AP Economics Writer WASHINGTON — The economy's 5.7 percent growth last quarter — the fastest pace since 2003 — was a step toward shrinking the nation's 10 percent unemployment rate. There's just one problem: Growth would have to equal 5 percent for all of 2010 just to lower the average jobless rate for the year by 1 percentage point. And economists don't think that's possible. Most analysts say economic activity will slow to 2.5 percent or 3 percent growth for the current quarter as the benefits fade from government stimulus efforts and from companies drawing down less of their stockpiles. That's why the Federal Reserve and outside economists think it will take until around the middle of the decade to lower the double-digit jobless rate to a more normal 5 or 6 percent. Another way of looking at it: A net total of about 3 million jobs would have to be created this year to lower the average unemployment rate by 1 percentage point for 2010, economists estimate. Yet even optimists think the creation of 1 million net jobs is probably out of reach this year. High unemployment poses a risk to the unfolding recovery because it leads consumers to spend less, keeping economic growth weak. A sharp pullback in spending might even push the economy back into recession. Joblessness also represents a danger for President Barack Obama's Democratic Party in this fall's congressional elections. The National Association for Business Economics and the International Monetary Fund think gross domestic product will rise just under 3 percent for all of this year. GDP, the best gauge of economic activity, measures the value of all goods and services produced in the United States. To get a sense of just how deep a dent the worst recession since the 1930s has made in the economy, consider this: The economy shrank 2.4 percent for all of 2009 — the sharpest drop since 1946. It was also the first annual decline since 1991. Mark Zandi, chief economist at Economy.com, and Bill Cheney, chief economist at John Hancock, agree that the economy would have to grow roughly 5 percent for all of 2010 just to ratchet down the average unemployment rate for the year by 1 percentage point — to a still-high 9 percent. Their math is based on Okun's law, named for economist Arthur Okun. In 1962, Okun produced a formula for the connection he saw between unemployment and economic activity. Exactly how much GDP growth is needed to lower the unemployment rate for a given period varies. That's because the formula involves several factors besides GDP growth. It also considers, for example, businesses' productivity growth. When the economy was recovering from the 2001 recession, it took two years to reduce the unemployment rate by nearly a full percentage point: It fell from 6 percent in 2003 to 5.1 percent in 2005. GDP growth averaged just over 3 percent. Economists say the formula hasn't always held up perfectly in recent decades. Rather, it's relied upon as a rough rule of thumb for determining how much growth will be needed to lower unemployment. But a near-textbook case occurred in 1976, when the economy expanded at a 5.4 percent pace. As Okun would have predicted, that growth drove down the unemployment rate by nearly a full percentage point: from 8.5 percent in 1975 to 7.7 percent. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Alcoa Re-Aligns Engineered Products and Solutions Business to ... - Businesswire.com Posted: 01 Feb 2010 03:33 PM PST Two New Chief Operating Officer Posts Created Led by Chris Ayers and Olivier Jarrault NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE:AA) announced today a re-alignment of its Engineered Products and Solutions (EPS) business to accelerate its growth. The EPS business is composed of Alcoa units that serve the aerospace, automotive, commercial transportation, building and construction, and oil and gas markets. The EPS businesses reported revenues totaling nearly $4.7 billion in 2009.
As part of the restructuring, two new chief operating officer positions have been created. Effective February 1, 2010, Chris L. Ayers and Olivier M. Jarrault have been named to the new posts. Mr. Ayers joins Alcoa as Chief Operating Officer, Alcoa Cast, Forged and Extruded Products. He will be responsible for the Alcoa Forgings and Extrusions, Alcoa Power and Propulsion, and the Alcoa Oil and Gas businesses. He comes from Precision Castparts Corporation where he was President of its Forgings and Special Metals Division. Mr. Jarrault is promoted to the new position of Chief Operating Officer, Engineered Products and Building Systems. He will lead the Alcoa Fastening Systems, Alcoa Wheels and Transportation Products, and Building and Construction Systems business units. Mr. Jarrault has been President, Alcoa Fastening Systems since 2002. Succeeding Mr. Jarrault as President, Alcoa Fastening Systems is Vitaliy V. Rusakov. He had been Vice President and General Manager of Operations, Alcoa Fastening Systems North America Aerospace, responsible for the City of Industry, the Carson, and the Van Petty Operations, based in California, and led the implementation of AFS Strategic initiatives in Suzhou, China for his operations. Alcoa also announced that David W. Schlendorf, President, Alcoa Building and Construction Systems, will retire following a distinguished 39-year career with the company. He will be replaced by Glen G. Morrison, who was President, Kawneer North America, a major manufacturer of architectural aluminum building products and systems and part of Alcoa's Building and Construction Systems organization. "These changes strengthen the Engineered Products business globally as we drive for further growth. These leaders have proven track records in raising market presence and stimulating profitable performance in their businesses," said Bill Christopher, Alcoa Executive Vice President and Group President Engineered Product and Solutions. Addressing the retirement of Mr. Schlendorf, Mr. Christopher said, "Dave has had an exemplary career with Alcoa. During his tenure, he was responsible for several market development efforts, including the aluminum structured car. As President of Alcoa Building and Construction Systems, Dave was key in structuring the various units of the business, while positioning them as leaders in each segment they play in today." Biographical information follows: Chris Ayers Chris Ayers joins Alcoa as Chief Operating Officer responsible for the Alcoa Forgings and Extrusions, Alcoa Power and Propulsion, and Alcoa Oil and Gas businesses. Mr. Ayers brings to Alcoa extensive experience in the aerospace industry serving in posts in North America and Europe. Most recently, he worked for Precision Castparts Corporation, where he was President, PCC Forgings Division, which is comprised of two separate companies: Wyman Gordon Forgings and Special Metals Corporation. This business has $3.5 billion in revenues and 5,500 employees in facilities located in North America, Europe, UK and Australia. From 2004-2006, he was President of Wyman Gordon Forgings. Mr. Ayers began his career with United Technologies Corporation, working in a number of assignments in its Pratt & Whitney business. Later, he joined PCC Airfoil, Inc., a manufacturer of airfoil castings for the aerospace and industrial gas turbine industry, where he was Vice President/General Manager of facilities in Cleveland, Ohio. He was also Managing Director of facilities located in both Leeds and Leicester, England. He joined Precision Castparts in 1999. Mr. Ayers is a graduate of Georgia Institute of Technology, where he received a bachelor's and master's degree in aerospace engineering. He holds a MBA degree from the University of Connecticut. He serves on the board of directors of Universal Stainless & Alloy Products, Inc., a manufacturer and marketer of a range of semi-finished and finished specialty steels, including stainless steel, tool steel and other alloyed steels. Olivier M. Jarrault Olivier Jarrault joined Alcoa in 2002 as President of Alcoa Fastening Systems (AFS), following Alcoa's acquisition of Fairchild Fasteners from The Fairchild Corporation. AFS is a premier supplier of joining systems under the Huck and Fairchild products brands for aerospace and commercial customers worldwide. While at Fairchild Fasteners, Mr. Jarrault held several senior roles, including Vice President, Manufacturing, Vice Chief Operating Officer for U.S. Operations, and culminating as Chief Operating Officer of Fairchild Fasteners. Earlier, Mr. Jarrault worked for LISI Aerospace, a manufacturer of fastening solutions, in executive positions in North America and Europe. Mr. Jarrault is a graduate of the California Institute of Technology where he obtained a Master of Science degree in Mechanical Engineering and a graduate of the UCLA Anderson School of Business, where he received his MBA degree. Vitaliy Rusakov Mr. Rusakov joined Fairchild Fasteners in 1998 as a business development manager. Alcoa acquired Fairchild Fasteners in 2002 and Mr. Rusakov became engaged in global strategic roles leading the integration of AFS North America manufacturing and AFS Global logistics organizations into Alcoa. Subsequently, he held various operational roles including Director of Operations of the City of Industry Business and Director of Aerospace Business Planning. He most recently served as Vice President and General Manager, Alcoa Fastening Systems, North America Aerospace, responsible for the City of Industry, the Carson, and the Van Petty Operations, and led the implementation of AFS Strategic initiatives in Suzhou, China for his operations. Earlier in his career in Ukraine, Mr. Rusakov held consulting roles with Bain and Company, a global management consulting firm. He holds a Bachelor's degree in Linguistics and Education from Kiev University of Linguistics and a Bachelor's degree in International Economic Relations from Kiev University of Economics. He obtained his MBA degree from Georgetown University. Glen Morrison Glen Morrison has played a vital role for Alcoa in the building and construction industry since he joined the company in 1991 as Sales and Marketing Director for Kawneer UK. Kawneer, part of the Alcoa Building and Construction Systems group, is a major manufacturer of architectural aluminum products for the commercial construction industry. Mr. Morrison progressed to Marketing Director for Alcoa Building and Construction Systems, then General Manager of the Alcoa Architectural Products unit of Building and Construction Systems. In 2005, he was named to his most recent position as President, Kawneer North America, based in Atlanta. Kawneer North America operates plants and service centers throughout the U.S. and Canada. Mr. Morrison holds a Bachelor's degree in Business Studies from Lanchester Polytechnic in the UK. David W. Schlendorf Mr. Schlendorf's 39-year career with Alcoa includes a number of executive commercial and technical positions. He began his Alcoa career in 1971 as a sales representative in Los Angeles, following graduation from the Colorado School of Mines with a degree in metallurgy. Subsequently, he moved into the role of Market Manager in the Alumina and Specialty Chemicals business in 1979, where he was responsible for sales of smelter grade alumina. He was promoted to Manager, Engineering Properties and Design Division at the Alcoa Technical Center, outside of Pittsburgh, in 1981 where he led various functions. He then moved into the role of Marketing Manager, Transportation for the Flat Rolled Products Division in 1983 with focus on marketing of sheet and plate products to the commercial and passenger automotive markets. Mr. Schlendorf also led the effort to develop the aluminum structured car as Venture Manager – Aluminum Intensive Vehicle from 1986 to 1992. He was promoted to President in 1992 where he managed the Alcoa Automotive Structures group in Europe. In 2000, Mr. Schlendorf was promoted to President, Building and Construction Systems. The business has plants and offices in 12 countries in North America, Europe, North Africa, Asia, and the Middle East. About Alcoa Alcoa is the world leader in the production and management of primary aluminum, fabricated aluminum and alumina combined, through its active and growing participation in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components including flat-rolled products, hard alloy extrusions, and forgings, Alcoa also markets Alcoa® wheels, fastening systems, precision and investment castings, and building systems. The Company has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland and has been a member of the Dow Jones Sustainability Index for eight consecutive years. Alcoa employs approximately 59,000 people in 31 countries across the world. More information can be found at www.alcoa.com Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| You are subscribed to email updates from Business - Bing News To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
0 comments:
Post a Comment