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Tuesday, July 30, 2013

Georgia to restore monument to Stalin

TBILISI, Georgia (AP) ? Georgia's Culture Ministry says that a monument to Soviet dictator and native son Josef Stalin taken down three years ago will be restored.

The ministry's spokeswoman, Elena Samkharadze, said Tuesday that the monument in Stalin's birthplace of Gori will be restored by Dec. 21, his birthdate.

The statue was torn down in 2010 amid a crackdown on Soviet-era monuments launched by pro-Western President Mikhail Saakashvili.

Its restoration is part of a rollback of Saakashvili's legacy after last fall's parliamentary vote that his party lost to a coalition headed by Russia-friendly billionaire Bidzina Ivanishvili, who became the prime minister.

Saakashvili's presidential term does not end until October, but his authority has been further weakened by a constitutional reform that has shifted powers from the presidency to Parliament and the prime minister.

Source: http://news.yahoo.com/georgia-restore-monument-stalin-110412964.html

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Friday, July 26, 2013

Florida State TE Nick O?Leary survives horrific motorcycle crash (Video)

Nick-Oleary-motorcycle-crash Florida State tight end Nick O?Leary, who happens to be the grandson of legendary golfer Jack Nicklaus, was involved in a horrifying motorcycle crash recently in Tallahassee. Because it happened to occur right in front of a public transportation bus, the entire thing was caught on camera.

TomoaawkNation.com obtained a copy of the accident report on Wednesday, which stated that a Lexus pulled out in front of O?Leary?s motorcycle and violated his right of way. As you can see, the motorcycle hit the front of the car before slamming into and shattering the windshield of the nearby bus. Somehow, the junior was able to walk away from the accident.

Florida State head coach Jimbo Fisher mentioned the crash earlier this month at a press conference, stating that O?Leary ?wrecked that daggone scooter and was banged up for about a month.? The accident took place in late May.

Obviously, O?Leary is fortunate to be alive. It?s amazing to hear that he avoided serious injury when you see the damage that was done to the motorcycle, car and bus. As a scandal with this famous college head coach taught us, motorcycles can be incredibly dangerous ? especially for high-profile athletes and coaches.

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Source: http://larrybrownsports.com/college-football/nick-oleary-horrific-motorcycle-crash-video/197959

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Thursday, July 25, 2013

Minimising human capital risk when buying a business | Business ...

Buying a business in NZ?? Chances are you?ll be buying a Small to Medium Enterprise ? a business with between 3 and 50 employees and a turnover of $250,000 to $10,000,000.

One of the most substantial risks facing SMEs is the loss of key people.? A profitable, solvent business can quickly begin sinking if key human assets jump ship.? Minimise your human capital risk at the outset by undertaking and implementing prudent risk management processes.

Things to consider:

? ??Shareholder purchase and sell agreements.? If you are buying a business with other investors make sure you seek legal advice on your shareholders agreements for the buy and sell of shares following major events such as death or serious incapacity.
? ? ?Key person risk. ?As a new owner, you may not be the ?key person? on day one.? Establish who has the expertise or business knowledge that is vital to your business? success as a part of due diligence. ?Who does the business rely on?? What is the current process for managing human capital risk?
? ? ? ??Business debt.?Bank funding for the purchase of a business might require you to personally guarantee, offering your personal assets as security against a loan.? You may also need to guarantee leases and supply agreements.? Carefully consider what you are agreeing to.
? ? ? ?Insurance factors.? Unfortunately, you can?t buy insurance to protect against business failure from bad decisions or poor management but you can protect against serious events affecting key people that could cause the business to fail and you to default on your debt.

www.business-buddy.co.nz

Source: http://blog.business-buddy.co.nz/minimising-human-capital-risk-when-buying-a-business/

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Tuesday, July 23, 2013

GATX Misses Earnings, Revs (revised)

GATX Corporation (GMT), a leader in leasing transportation assets, reported adjusted second-quarter 2013 earnings of 68 cents per share, missing the Zacks Consensus Estimate of 85 cents. The earnings reflected 15% deterioration from 80 cents reported in the year-ago quarter.

Adjusted earnings for the second quarter excluded the unfavorable impacts of benefits from tax adjustments and other items of $3 million (6 cents per share).

Revenues increased 4.9% year over year to $338.9 million but missed the Zacks Consensus Estimate of $344 million. Operating Profits decreased to $57.4 million from $62.9 million in the year-ago quarter. Total operating expenses (including ownership cost, and other costs and expenses) increased to $281.5 million from $260.2 million in the year-ago quarter.

Segment Results

Profit from the Rail North America segment decreased to $48.2 million in the reported quarter from $53.2 million in the year-ago quarter.

GATX? Lease Price Index (LPI) improved substantially to 36% from 23.9% in the year-ago quarter. Further, the term of lease renewals decreased to 58 months from 59 months in the comparable quarter last year.

The North American fleet totaled approximately 111,000 cars compared with 109,187 cars at the end of second-quarter 2012. Fleet utilization decreased to 98.2% from 98.3% in the year-ago quarter.

Adjusted profit from the Rail International segment was $24.4 million, up from a loss of $3.6 million in the year-ago quarter. Adjusted income excluded the impact of $3.3 million and $16.3 million related to both positive and negative pre-tax adjustment and other items for second-quarter 2013 and 2012, respectively. The European wholly owned tank car fleet totaled approximately 22,000 compared to 21,209 in the year-ago quarter. Fleet utilization was 95.8% versus 96.3% in the year-earlier quarter.

Profit from Portfolio Management was $17.3 million compared with $14.6 million in the year-ago quarter. The segment currently comprises approximately $828 million of owned assets (including on and off balance sheet assets) and third-party managed portfolios of approximately $129.1 million.

Profit from the American Steamship Company (:ASC) segment was $10.1 million compared with $14 million in the year-ago quarter.

The company exited the second quarter with cash and cash equivalents of $96.7 million compared with $234.2 million in 2012.

Guidance

GATX raises its full-year 2013 earnings estimates at $3.20 to $3.30 per share.

Our Analysis

We expect market fundamentals to continue to improve in 2013, supporting higher lease rates, carloads, increased asset utilization and remarketing opportunities. The company remains focused on expanding its asset base to enhance its long-term performance.? Further, the tie-up with Rolls Royce is also generating strong results, strengthening GATX?s competitive position against rivals.

The company currently retains a Zacks #3 (Hold).

Other Stocks to Consider

Other stocks worth considering within the sector are Westinghouse Air Brake Technologies Corporation (WAB), Trinity Industries Inc. (TRN) and The Greenbrier Companies, Inc. (GBX). Westinghouse has a Zacks Rank #2 (Buy) while the other two stocks have a Zacks Rank #3 (Hold).
?
(We are reissuing this article to correct two mistakes. The original article, issued Friday, Jan 25, 2013, should no longer be relied upon.)

Read the Full Research Report on GMT

Read the Full Research Report on TRN

Read the Full Research Report on GBX

Read the Full Research Report on WAB

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Source: http://news.yahoo.com/gatx-misses-earnings-revs-revised-172442862.html

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Friday, July 12, 2013

Explosion Reported In Chinatown, New York - Business Insider

The New York Fire Department responded to a possible building explosion?and fire in New York City's Chinatown today.

According to Reuters, 10 people were injured in the incident, including two firefighters. Four of those hurt were injured seriously.

The building is on Pike Street, according to a ABC 7. A fire broke out on the first floor, which might have been under construction. The first floor of the building houses businesses and apartments are on the floors above.

It is currently unclear what caused the fire, though there have been local reports of a gas leak.

Here are some photos from the scene:

Source: http://www.businessinsider.com/explosion-reported-in-chinatown-new-york-2013-7

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