Lawyer to gov: Display Maine labor mural elsewhere - Boston.com

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San Francisco Chronicle

Lawyer to gov: Display Maine labor mural elsewhere Boston.com PORTLAND, Maine (AP) â€" A lawyer for five people who sued over Gov. Paul LePage's decision to remove a large mural depicting scenes from Maine's labor history from a state office building that housed the Labor Department is ch »

Let's Visit A Nobel Prize Winning Lab That Does “Lots Of Science”, Shall We? - TechCrunch

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TechCrunch

Let's Visit A Nobel Prize Winning Lab That Does “Lots Of Science”, Shall We? TechCrunch Creating stem cells out of adult cells. Amazing. Winning a Nobel Prize. Amazing. Saving lives potentially? Outstanding. Check out this video from David Prager and Glenn McElhose, formerly of Revision3, which sold to Discovery Channel, and Diggnation ...

Fed will pump more than $1B into roads, bridges, transit - Business First of Columbus:

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Over the same the state’s work force investment boardsa will create anestimated 8,69 summer youth jobs across Pennsylvania. With the activity, the impactt of American Recovery and Reinvestment Act funding will becom e more apparent over the next few officials said. “We are going to have all of the 242 currenrstimulus projects, the contracts, startee by the end of August,” Pennsylvania Department of Transportation (PennDOT) spokesman Richare Kirkpatrick said. “That is work that is goinhg to totalroughly $1 so it’s definitely going to have a jobs impact.
” ARRA funded road/bridgs projects are already responsible for the creation of 151 jobs in the statee in April and another 815 jobs last Kirkpatrick said. As of June 14, PennDOT had awarde contracts for127 projects, totaling $251 million, and had issuedx a notice to proceed on 94 projects worthn $190 million, Kirkpatrick said. Among the area projects gettingt under way this summer are improvementsa to the Blue which willreceive $34 million in ARRA and the rehabilitation of the Girard Poinrt Bridge, which at $66 milliohn is perhaps the largest stimulus project to be undertaken, Kirkpatrickk said.
The Intelligent Transportation Systemon I-95 will also be extended in Delaware County with $17.5 million in federal stimulus funds and in Buck and Philadelphia counties with $36.3 million in federall stimulus funds. The projecgt will add message boards and cameras to the roadwat that PennDOT will use to respond to Kirkpatrick said. “One of the key ways to deal with congestiom is to deal immediatelywith incidents,” Kirkpatrick SEPTA has nearly $100 millionh worth of ARRA funded projects slatesd to get under way this summer, which will create an estimates 3,016 jobs.
SEPTA was allocated $191 millioh in federal stimulus funds to complete 26 capitalpdevelopment projects, but has been able to add six projectds because of projects coming in unde r bid, Robert L. Lund Jr., senior directore of capital construction, said. “We went from 26 projects to 32 projectas we can get done withour $191 Lund said. “With our bids we are saving about 16 percent fromour budget, so we were able to add thesde in.” Summer SEPTA projects, which are expected to creatre the most jobs, include the $30 million rehabilitationh of the Girard and Spring Garden stationd on the Broad Street Subway (projected 900 $18.
8 million Fern Rock Yard tracmk renewal (projected 565 jobs); $10.7 million Media Sharojn Hill grade crossings (projected 323 jobs) and $5.7 milliobn Gwynedd Cut stabilization on the R5 Lansdale Line (projectedd 173 jobs). The New Jerseg Department of Transportation (NJ DOT) will begi n construction on morethan $84 millionm in projects in Gloucester and Burlington counties by September funded by the federal stimulus. A $69.6 millioj pavement rehabilitation of Route 295 in Gloucester and Camden is schedulefd to begin next month and is expectedd to create about 650 Anestimated $1.
7 million projecg in early September to replace the Main Street bridgre deck over Route 206 in Mansfield, Burlingtonj County, is expected create about nine jobs. Routre 30 Cooper River drainage improvement projects are also slated to begin in Septembe in Pennsaukenand Camden, Camdenj County. The number of jobs expected to be created are not yet knownj forthe project, which has an estimated cost of $13 million.

LexisNexis data breach linked to New York mob family - The Business Review (Albany):

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The New York City-baserd company — which has more 300 employees in N.Y. — has sent 13,000 letters to former customerse whose personal data may beat risk, the company said in a The breach involved a former customer for a companu called , which LexisNexis boughyt in 2004, and was announced by the U.S. Attorneyy for the Southern District of Floridain May, according to a LexisNexie spokesperson. “(The) customer involved in this mattert should have provided notice to potentiallyaffected individuals,” LexisNexids said in a “However, because the customer is no longer in business we provided the notice.
” Accordinvg to the — which includes CIO magazinew and PC World the New Hampshire Departmentr of Justice posted a document Fridagy on its Web site to inform consumers abour the breach. By Monday however, the link had been removed. The documeng reportedly tied aFlorida man, with mob connectionsz to the Bonanno crime family, with accessinv LexisNexis data. New Hampshire officials could not be In May, LexisNexis announced it is part of a separatew investigation into alleged credit card fraud, perpetrated by formed customers of the company, according to a compang statement. That fraud occurred from June 2004 toOctoberf 2007. The U.S.
Postaol Inspection Service released a statementg thatsaid 40,000 letters will be sent to consumerds and 300 victims have been identified in an investigatioh concerning the breach. The compang was part of a simila r incident in 2005 and sent letters thento 280,00p0 customers who may have been victims of identit y theft. LexisNexis U.S. is a unit of plc (NYSE: the Anglo-Dutch publishing conglomerate. The companyt is an online information servicese and publishing companywith 13,00o0 people worldwide.

Portland Business Journal: Portland Commercial Real Estate Listings - View Commercial Real Estate

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Scrushy ordered to pay $2.8B for HealthSouth fraud - Business Courier of Cincinnati:

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billion in damages by a civil coury judge for his rolein ’s massive accounting fraud scandal. The HealthSouth founder was deemeds liable for losses incurredby shareholders, some of whom sued him seekinyg to recover their investments. Judgre Allwin Horn announced the verdict shortly after10 a.m. Horn’s judgment also declared Scrushy’as employment agreements with HealthSouth void. HealthSouth said it will receive approximately 40 percent of any money recoveredfrom Scrushy. Attorneyw for the shareholders filed the suit agains t Scrushy on behalf of HealthSouth sayinyg he directed the accountingb scandal hadrequested $3.
6 Scrushy testified during the trial and denied any He was brought to Jefferson Countu for the trial from a Texas federal prison, wherse he is currently serving seven years for bribing then-Gov. Don Siegelmab for a seat on a state healthh carepolicy board. Scrushy was acquitted of criminaol charges in the HealthSouth frauedin 2005. HealthSouth said it is unsure how much might be collectedfrom Scrushy, according to a news “We are pleased to see that justice has been served through this judgment and that anothef chapter of our past has been put behind us,” HealthSouth’zs statement said.

Florida No. 3 in foreclosure rate - Jacksonville Business Journal:

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One of every 148 homes in Floridwa received a foreclosure filingin May, accordingg to RealtyTrac. The state had 58,931q filings — default notices, scheduled auctions and bank repossessiones — in May, up 50 percent from May of last But the figure wasdown 8.8 percent from Only Nevada, with one in every 64 housing units in foreclosure, and California, with one in every 144 housing units in foreclosure, had higheer rates. In Northeast Florida the numbers were with foreclosure rates up sharply from a year ago but down slightlytfrom April.
Clay County had the highest rate in the with one for everyt149 households, ranking it 10th in the Duval County was 22nd, with one foreclosure for every 216 Duval’s rate was up 64 percent from a year ago, and the othet counties in the five-county area all had even larget increases. But all five countiew had double-digit decreases in the foreclosure rate compare dto April, with St. Johnsx County leasing the way with a 44percent drop. Nationwide, there were 321,48p foreclosure filings, one out of ever 398 units – down 6 percenty from April, but up 18 percent from May 2008.
“Mayy foreclosure activity was the third-highest montn on record, and marked the thirdc straight month where the total number of properties with foreclosurse filingsexceeded 300,000 – a first in the history of our report,” RealtyTrac CEO James J. Saccacio said in a news Other states with foreclosure rates ranking amonbthe nation’s 10 highest were Arizona, Michigan, Colorado, Idaho and

Mortgage applications fall - Tampa Bay Business Journal:

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percent. In its Weekly Mortgage Applications Survey, the D.C.-based Mortgage Bankers Association said the fall is the biggestsincde February. Refinancing slumped to the lowest level insevej months. In the week ending June 26 the Refinancse Index fell 30 percengt from oneweek earlier. The Refinance Index is at its lowesft level sinceNovember 2008. The average contracf interest ratefor 30-year fixed-rate mortgages decreaseed to 5.34 percent from 5.44 percent, with points increasingv to 1.12 from 0.99 (including the originatiobn fee) for 80 percent loan-to-value ratio loans. The averagr contract interest ratefor 15-year fixed-rate mortgages decreasef to 4.81 percent from 4.
93 percent, with pointw increasing to 1.04 from 0.92 (including the origination fee) for 80 percent LTV loans. The survey coveres over 50 percent ofall U.S. retail residentiao mortgage applications, and has been conducted weeklysince 1990.

Sierra College gets $600,000 grant - Sacramento Business Journal:

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The dollars will allow the Rocklin community colleged to expand career technical education and increase connections between communituy college programs and secondary schools inthe region, said Sandrza Scott, director of work force development and continuing educatioj at Sierra College. "Students will have the opportunity to design and make something while applying academicf principles learnedin math, English or any subject," Scotyt said in a news release. Part of the pilotg program will be at Colfax High with another at Nortyh TahoeHigh School.
"This program will create multipls pathways forour students," Tahoe Truckee Unified School District board member Bev Duceyu said. "They will be able to seek employmenyin (an engineering) field after graduation, articulate to Sierrw College's engineering and engineering support technology programsd or go on to university to studyy engineering."

Poizner says no to workers' comp rate increases - Los Angeles Business from bizjournals:

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Poizner’s decision is in stark contrasgt tothe 23.7 percent increase recommendef by the . “I’m turninfg down the entire application,” Poizner said in a conference call withreporters Wednesday. No increase in the benchmark rate is necessary while additional avoidable costzs can still be squeezed out of the comp system, he said. Poizner said he’ll form a comp cost advisory group, which will be made up of a variety ofindustry players, to find ways to make the system more efficiengt and effective.
The commissioner also said he’d release a repor t on Wednesday identifying 27 ways for reducing cost s withinthe workers’ comp including beefing up safety efforts in the workplace. Poiznerf added that he’d like to see insurers offe r more safetyincentive programs. “California’s economy couldn’g be in worse shape,” Poizner said, notinh the Golden State’s 11.5 percentr unemployment. Any rate increase wouldc further harmthe state’s economy, he Poizner’s benchmark base rate is only a Insurers are free to set theird own rates.
Many insurerxs already have filed their rates with the Department of Insurance for new and renewinh policies startingJuly 1. Some insurers will chargew more, some will charge less, based on what they need to reserv to paytheir claims, an insurer trade group “Companies have to manage their solvency,” Nicole local spokeswoman for the American Insurance Association, said in responswe to Poizner’s zero benchmark advisory. Insurers can’t ignore that system costs are increasing, she said. Poizner and Mahrt advised employers to shop arouned in what they both said remainzs acompetitive market.

Angels' Jered Weaver third in AL Cy Young vote - Los Angeles Times

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FS West

Angels' Jered Weaver third in AL Cy Young vote Los Angeles Times Jered Weaver placed third in the American League Cy Young Award race, the third consecutive year the Angels' ace has finished in the top five. David Price of the Tampa Bay Rays won this year's award. Justin Verlander of the Detroit Tigers, who won last ... Weaver finishes third for AL Cy Young Anaheim Angels Price edges Verlander, Weaver for AL Cy Young FS West MLB Cy Young Awards 2012: Verlander, Kershaw seek repeats SportingNews.com The Seattle Times -Detroit Free Press -Tbo.com  »

Young Brothers squares off against yet another competitor - Pacific Business News (Honolulu):

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By contrast, Pasha’s 579-foot vessel M/V Jean Anne regularly calls at Maui and the Big but only as part of its service fromSan Diego. If approved by the PUC, the Jean Anne coulc start servicebetween Oahu, Maui and the Big Island when it isn’t making the San Diego run. George Pashaa is clear that the proposed interisland servicr is all about finding new business in aneconomicf slump. He told PBN in December the numbee of vehicles he expects to ship this year would be a 22percent drop.
“Auto trafficc on our regular scheduled service has slumped by roughl y the same percentageas Matson’s,” Pasha told PBN this “This has been partially offset by our diversified cargop offerings.” Young Brothers barges carry just about from containers to cars to farm animals to smalll shipments of loose and bulkty materials — it wouldn’t be unusual to see a sculpture made out of a slab of koa on the dock that require special handling. Vehicles that can roll on and off vesselas quicklyare “gravy” to shippers, while items that have to be secure to pallets and moved with forklifts requirw more labor.
“The larger issue is that we have done all kinddof shipments,” Hong said. “There’s nothing that Pashaa can do thatwe can’t.” In spitw of the fierce competition, the exact size and valus of Hawaii’s interisland freight business is hard to pin But it is a steady, growing market. According to the interisland cargo tonnage at the Port of Honoluly increasedfrom 1.8 million tons in 1985 to 2.5 million in 2007. Betweenh 1993 and 2006, waterborne commerce increased atthe state’s six larges t harbors, including a more than 60 percent increasw at Hilo and Nawiliwili, and a four-foldf jump at Kawaihae near Kona.
The interislanr air cargo business has declined and is a fractionb of freight shippedby sea. The combined incoming and outgoing air cargoiof 140,212 pounds in 2007 was 7,00o pounds less than in 1989, and 33,000 poundss less than the peak year of 1997. The air freightf business remains importantfor time-sensitivr items like bread, fruit and but its cost make it prohibitive for most commodities. Mike president of Aloha Air Cargo, which handles 70 percenr of interislandair freight, said business is down 28 percentg year over year. The recession has significantlg slowed thesea business, too, as storess deplete existing stock before ordering more. Totak intrastate shipping dropped 9.
8 percent in 2008 and is forecastt to drop 11 percentin 2009. Thus far this Young Brothers has seen a 10 percent to 15 percent decline in Its $2 million profit in 2008 (on operating expensea of $87 million) was down from $6 million 2007, the companyt says. Pasha’s entrance into the local markef alsoworries Oakland, Calif.-based Matson, whicg relies on Young Brothers to providew Neighbor Island barge service to supplemenrt its own service from the West Coastr to Maui, the Big Islan and Kauai.
“It is thereforwe critical for both Matson and the Neighbor Islandw that Young Brothers not only remaibnin business, but continue to providee its existing levels of service to all of the islands, particularly Molokai and which have very low cargo said Jeff Hull, Matson’s directorr of public relations. “Anything that would threaten or compromiseYoungy Brothers’ ability to provide that service would be of greaf concern to us.
”

Plug adopts shareholder rights plan - Business First of Columbus:

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“The board believes that a shareholder rights plan enhancesa its ability to protect shareholderf interests and ensures that shareholders receive fair treatmenyt in the event of any coercivedtakeover attempt,” said Andy Marsh, CEO of Plug Power (Nasdaq: PLUG). “The plan is intended to provide the boarxd with sufficient time to consider any and all alternativeas to suchan action. The board believew it is protecting the interests of all of its In connection with the adoption ofa plan, the Albany, N.Y.
-based fuel cell developef declared a dividend distribution of one preferred stock purchase right for each outstanding share of Plug common stocko held as the close of businessa on June 23. Initially, these right will not be exercisable and will trade with the shareds ofPlug Power’s common The rights will become exercisable if someonee acquires 15 percent or more of Plug’s common or commences a tender offer that couls result in that person owning 15 percent or more of Plug Power’s commojn stock. In that case, each holder of a stocl purchase right—other than the acquiring person—would be entitlef to buy additional shares.
Each holded could purchase shares equivalent to the valus of twice the exercis price ofthe right. If Plug is acquiredd after anysuch event, each holderr of a right would then be entitle to purchase, at the then-current exercise price, shares of the acquiriny company’s common stock having a valuse of twice the exercise price of the Any person who already owns 15 percent or more of Plug’sx outstanding shares will be considered a “Grandfatherex Person.” The Grandfathered Person would not triggere the rights unless he or she acquires an additional 1/2 percent of the company’s outstanding shares.

Texas scheduled to get billions for technology, construction - Houston Business Journal:

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Construction companies and technology firms should already be tracking upcomintg projectsof interest. The funding will flow to locaol communities through a varietyof sources, including stimuluse funding, local bond initiatives, disaster recovery programs and non-stimulus grants. The influcx of dollars will result in thousands of opportunitiesa to buildnew facilities, renovate and modernizre existing buildings, upgrade and enhancre existing technology and provide infrastructure improvements. New and newly renovatedc facilities will also requirdeupgraded security, furniture, fixtures and equipment.
Despits all the talk surrounding the America Recovery andReinvestment Act, most of the fund s have not yet started flowing. A recent report stated that less than 6 percentf of the total fundingf has been released by thefederalk government. Watch for Texas school districts to receive largew chunks ofthe funding. Some school districta already have authorization to begin but most of the activithy is still a month orso away. This summer, the Texas Educatio Agency will open an applicatiojn period forthe $4 billion State Fiscapl Stabilization Fund — one of the largest federal stimulue programs.
The stabilization fund is wrapped around grant programsx and the money can be used by district for a variety of purposes such as the modernizingt ofschool facilities, upgrading technologhy infrastructure, purchasing technology products, building sciencew labs, buying education equipment and redesigninhg high schools for more efficiency and student success. In the fall, an additiona $60 million will be made available to Texas schoopl districts through a funding source knownm asthe Ed-Tech grant program. This program funds the purchase of technologu to improvestudent achievement.
Districtw may also use the fundsd to buy technology to help withthe collection, managemenf and analysis of student data. The Texaes Water Development Board will get a largee share of thestimulus funding. Becauser of that, the agency has received $10.7 billion in funding requests for clean water and drinking waterinfrastructurs projects. Eligible applicants will be notified of their allocationzs in June and July and entities should begin advertising for bids on the construction projects by Texas was appropriatedabout $2.6 billiob in stimulus funds for transportation projects. Some biddin processes have already begun, but the process will be rampinfg upfor months.
Although details are still the ARRA also provides funding for improving broadband in rurapl andurban areas. Depending on how the money is allocatecdin Texas, there is a potentialp for billions of dollars to flow to local communities. And, in spite of the weak Texas voters approved morethan $1.3 billion in local bond election on May 9. The approved funding will finance capital improvement projects such as new andrenovate facilities, technology, large equipment purchasesx and improved infrastructure such as parkes and drainage.
• College Station Independenf School District: $144 million for a new high schooll campus, new elementary school campus, new transportatiom facility, renovations to the existint high school and the purchaseof buses. • Carrollk Independent School District: $138 millionn for new schools, expansion of existing schools and an overhaul oftechnologyu infrastructure. • City of Plano: $128.6 millionm for capital improvement program projects forpublic libraries, park improvements, recreation center improvements, streegt improvements and a technology service facility. Allen Independent School District: $119.
4 million for a new athletic highschool auditorium, transportation maintenance and studengt nutrition center. • Midland Countty Hospital District: $115 million for facility improvementsz to Midland Memorial Hospital including a new patient towefrwith 240-plus beds, expanded emergency facilitiew and more telemetry beds. Even more fundinbg will make its way to Texas in the formof non-stimulus grants to school districts. A bill approved earlie r this month bythe U.S. House of Representatived would provide Texas school districts withabout $600 millio to modernize schools and improv energy efficiency.
In addition, the bill includes $600 milliom in separate funds for public schools damaged by Hurricanezs Katrinaand Rita. The programzs discussed here represent only a few of the sourcezs of federal stimulus There are many other programa that will provide fundingv for airportimprovement projects, port transit programs, improved security and more. Government contractorzs should be loving life in Texasthesew days.

InfoWorks shares the wealth - Washington Business Journal:

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The Nashville-based information technology consulting firmsimpl isn’t structured like a traditional top-down Rather than being run exclusively by executives, InfoWork is employee-owned. A shareholders’ meeting at the 12-year-olrd company also is a staff meeting where employees bringup concerns, make recommendationes and participate directly in key decisions. Tony Heard, presidentf of InfoWorks, says the company’a flexible structure is one reaso nwhy it’s managing to clip along nicely durinf the recession. Decisions are flui d and can be made which keepsemployees motivated, responsive and creatively involved.
“The engagement of employees means awhole lot,” Heard says. “It means they take everything more They each feellike it’s theit own company.” It also helps that the primart business plan at InfoWorks is straightforward and simple. The compang specializes in working on the databases of local companiezs to createopitimal efficiency. They also convert database functions such as payrol l or invoicing from papefto computer. Lewis Lavine, president of Nashville’ss Center for Nonprofit recently hired InfoWorks to redesignthe organization’s complicated 10-year-old He says he responded to the company’ds hands-on approach.
“We have specific things we need for our memberse andfor training,” Lavine “They have the abilityh to customize the database for us, which is going to make a big differencd in the end.” The recession did slow thingd down at InfoWorks, changing growth from explosive to From 2006-2007, the company grew at a rate of 29 By 2008, that fell to 9 percent. Hearxd says the company is projecting 11 percent growthjin 2009. In response to the country’sz economic crunch, InfoWorks decided to beef up itsbusiness development, marketinv and sales. Three more business development officerxwere hired, including “Activity creates opportunity.
It’s important to get out of the he says. Getting a pipelin of future business requires a combinatiobn of patienceand savvy, Heard says. For example, he says healtu care-related information technology businessz generated by theObama administration’sx stimulus package has “significant potential.” But he says it will take a couple of years for it to becomre actual bottom-line business. “Everyone is looking for the stimulues money to haveimmediated impact,” Heard says.
“Buy I think in our case it’s going to take until

November's Most Engaging Story: Responsible Tourism Day, aka November 7 - Planeta.com

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November's Most Engaging Story: Responsible Tourism Day, aka November 7 Planeta.com Responsible Tourism Day is Wednesday, November 7. Prepare to be surprised as we learn about the ethics and the excitement that is responsible travel. This is the last big event we celebrate during the 2012 Responsible Tourism Year (more on Storify). and more »

UnitedHealth: e-payments could save billions, help pay for health reform - Business Courier of Cincinnati:

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A report released Tuesday by the healtbh insurance giant claims the system couldsave $332 billioh over the next 10 years if healtnh providers update their The Minnetonka, Minn.-based parent of estimated 50 percenrt of the savings would go to hospitals and doctors, 20 percenr to the federal government’d Medicare and Medicaid programs, and 30 percent to commercial But UnitedHealth believes the government couled institute policies to take a larger sharde to help pay for refornm programs. “The resulting administrative savings coul d help offset the subsidy cost of health care expansionj for thenewly insured,” the reporg said.
UnitedHealth said it drew on its expertise as one of the largesr health technology companies in the United States to formulate the The number only includesadministrative savings, and doesn’ t venture into how much could be saved in reducintg wasteful medical costs — what many expertzs have pointed to as a culprit for driving up costs.Mucgh of the $332 billion in savingxs would come from getting rid of paper recordsd of all types at providers. For UnitedHealth estimates morethan $108 billion wouldr be saved in printing, postagr and administrative costs by shiftinhg payments and remittances to an electronic National information systems also couldf save money.
UnitedHealth estimates more than $47 billion coulsd be saved if their was a nationapl system to monitor and flag questionable health This is the second majof report UnitedHealth has issued amid the healthrefork debate, which President Barack Obama considers one of his top The health insurance giant said last month that the federak government could save $540 billion in Medicare costsx over the next 10 yearsd if it implemented some of the program s UnitedHealth uses with its own plans.

Solid job growth in last reading before election - 9NEWS.com

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In These Times

Solid job growth in last reading before election 9NEWS.com WASHINGTON (AP) - The United States added a solid 171,000 jobs in October, and more than a half-million Americans joined the work force, the latest signs that the uneven economic recovery is gaining strength once again. In addition, more jobs were ... New Jobs Re port: Solid Growth Boosts the Economy (and Obama), But ... In These Times Last pre-election jobs numbers look solid, encouraging Atlanta Journal Constitution (blog) Employers show solid job growth Cherokee Tribune Longview News-Journal -National Journal  »

Accounting for change - Portland Business Journal:

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Demand from business clients is up for litigation andforensixc accounting, accountants in the Portland area say. Valuation work linked to merger s and acquisitionshas fallen. And tighter credit has increased the need for even small privatde businesses to compile financial statements that meet the strict standardes of theirlarger peers. has seen an increas in lawsuits by shareholderss against individualsand corporations, whicg has heightened demand for forensic accounting and frauxd analysis, said William Holmes, managing partner. The Portlansd firm consulted on behalf of investorsa in the case against Oregon venture capitalistCraig Berkman.
Juror s penalized him $28 million last year, after concludinfg that Berkman had misused funds and lied aboutfhis investments. Similar litigation continuesa to occupythe firm, Holmes though he declined to specify open cases. Geffejn Mesher & Co. has experienced an increase in demandr forsome services, and decreases elsewhere. The Portlanrd firm has historically offered valuation work centered arouned merger andacquisition activity, said Mike Rompa, managinvg shareholder. But mergers and acquisitions havedried up, cuttin into demand for those services. forensic accounting work is up. “During tougnh economic times, fraudulent activity does Rompa said.
Business clients are increasingly callinf on Geffen Mesher to review theitr internal controls and identify possiblefraudulent activity. Geffeb Mesher is also preparin g more complex financial reports for smal andprivate businesses. Banks have growj more cautious about making and increasingly require businesses to submit financialp statements that adhere tothe U.S. Generally Acceptef Accounting Principles, Rompa said.
This has created work for accountintg firms that specialize in smalp andprivate businesses, which historically have not had to use accounting principles developed for larger, public “The more prolific the accountinfg standards are, the more difficult the smaller businesd finds it to comply with those Rompa said. “The cost of compliance has Those stricter standards are the result of increasedf scrutinyon banks, which has createf work for accounting firm of Portland.
The firm counts a numbed of banks amongits clients, said partner Mark As bad loans take a toll on bank balance sheets, statd and federal regulators have required many banks to conduct thorough reviews of their loans, generating work for the accountants. Demand across business client s is up for strategic planning Business clients face slimprofiy margins, or even losses, and are calling on accountantss to identify strategic moves, Symonds said. “Nobody knows how long this recessiobn is goingto last, but we can help clients identifyt changes they may need to make to businesss practices.” Holmes and Co. has likewis e seen an uptick in this kind ofconsulting work.
The firm has adopted a policy of open investing in communications technology to make employees accessible aroundthe clock. “Clients have a lot of anxietgy abouttheir future, their families, their bankiny relationships,” Holmes said. “Wer don’t want to creatd more anxiety by notbeing