Frontier Airlines will begin nonstop service from St. Petersburg–Clearwater International Airport to Milwaukee, Wis., and Omaha, Neb., later this year.
The airline will offer year-round service to General Mitchell International Airport in Milwaukee beginning Nov. 18.
Flights will depart Milwaukee at 7:38 a.m. CST to arrive in Tampa Bay at 11:23 a.m. EST every day except Wednesday. Flights will depart Tampa Bay at 12:03 p.m. EST to arrive in Milwaukee at 1:51 p.m. CST.
This schedule is effective Dec. 16 – April 1. Some variations apply.
Seasonal service to Eppley Airfield in Omaha will begin Jan. 16 and run Wednesdays and Sundays through April 17.
Flights will depart Omaha at 8:25 a.m. CST to arrive in Tampa Bay at 12:25 p.m. EST. Flights will depart Tampa Bay EST at 2:55 p.m. to arrive in Omaha at 3 p.m. CST.
Frontier Airlines is a wholly owned subsidiary of Republic Airways Holdings Inc. (NASDAQ: RJET), an airline holding company that owns Chautauqua Airlines, Lynx Aviation, Midwest Airlines, Republic Airlines and Shuttle America.
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Charlotte City Council accepted a $25 million federal grant to start construction of a 10-mile streetcar line in a 6-5 vote Monday night after more than two hours of debate.
With that approval, council committed $12 million in matching funds as required under Federal Transit Administration rules. The agency awarded the grant to Charlotte earlier this month.
The vote means the city will move ahead with a $4.7 million contract with the North Carolina division of URS Corp. for the design and construction administration of the grant and for the design of a stormwater system along Trade Street.
Among the 16 people who stepped up to the podium during the public hearing on the streetcar, nine were in support and seven were in opposition.
However, most in the audience waived large signs that decried the potential debt from moving forward on the project, while others held up pieces of paper that simply stated “Streetcar YES!!!”
The funds will be used to finish an initial 1.5-mile segment that connects the uptown transit center to Presbyterian Hospital. Streetcars could be running on the route by early 2014. The city has already spent $15 million on construction and engineering easy payday loans.
Under terms of the grant, the city must start construction within 18 months of receipt of the federal funds and can use the money only for vehicles, real estate and construction costs.
Three cars that had been used on the trolley line in South End have been identified for use along the uptown route. By using the trolley cars, the city says it will save $8 million.
City Manager Curt Walton says the city has four fiscal years to figure out how to fund an estimated $1.5 million in annual operating costs for the streetcar.
Ultimately, city officials want to build a 10-mile route linking Charlotte’s east and west sides, from the Beatties Ford Road corridor to Eastland Mall. Its full cost is estimated at $450 million.
Council members Pat Cannon, James Mitchell, Jason Burgess, David Howard, Nancy Carter and Patsy Kinsey voted in favor of the streetcar grant. Voting in opposition were council members Andy Dulin, Michael Barnes, Warren Turner, Edwin Peacock and Warren Cooksey.
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For at least 30 cash-strapped states counting on federal stimulus money, the news was a stunning blow: A deficit-weary Congress had rejected billions in additional aid, forcing lawmakers into a mad scramble to balance their budgets.
Now, with a new fiscal year just days away in most states, many governors are proposing to make up for the shortfall with tax increases, cuts in essential services and layoffs of thousands of public employees.
The federal stimulus program enacted last year is set to expire in December. Much of the money goes to states to provide unemployment insurance and to help offset cuts to education, health care and public safety brought on by the recession.
Congress was poised to extend some funding to states through June 2011, including $35.5 billion for unemployment benefits and $16 billion for Medicaid. But the measure died in the Senate earlier this month, blowing a hole in the states’ budgets and bouncing thousands of unemployed workers off the rolls.
The stimulus money represents just a fraction of the help states typically receive from the federal government, but it’s the kind of targeted relief states count on during a poor economy, when revenue is falling.
Without the extra money from Washington, states will be forced to divert cash from other programs to shore up Medicaid, which has swelled to a record enrollment during the economic downturn empire payday loans.
The legislatures in several states have already adjourned for the year, but some will have to return to revise their budgets if the expected federal money does not materialize.
A few states that counted on additional stimulus money to balance their budgets drafted contingency plans in case the money did not come through.
In Massachusetts, the loss of an estimated $687 million in federal funds forced budget negotiators to come up with two versions of the state budget — one that included the money and one that did not.
Some states, unwilling to count on the federal assistance, crafted budgets that did not depend on extra assistance from Washington at all.
"We assumed conservatively that there would not be a bonus check," Indiana Gov. Mitch Daniels told The Associated Press.
"It would have never entered our mind to put funny money like that into the budget."
Nearly 200,000 homebuyers could lose out on the $8,000 tax credit because they can’t get deals done by the June 30 deadline.
What did they do wrong? They tried to take advantage of the distressed properties flooding the market.
For example, many are trying to take advantage of short sales, buying from sellers who owe more on their mortgage than the home is worth. In these deals, the lender has to agree to forgive the remaining debt, and that can take time — at least two to three months from the time an offer is made until lender approval. And that assumes a relatively clean deal, in which there’s no second mortgage. If there are any complications, expect six months or more.
"The lenders have improved but they’re still terrible," said Richard Smith, CEO of Realogy, the parent company of several franchise real estate brokers. "We started telling buyers back in January that short sales may not close in time for the credit."
Another factor slowing down closings is what gets found during inspections. The average foreclosed property comes with more maintenance and repair problems than conventional sales. Fixing those can take time, said Rick Davidson, CEO of Century 21.
Meanwhile, all deals these days are at risk because of appraisal issues. With home prices still shaky, mortgage lenders have gotten strict about making sure that the sale price is not inflated.
"New mortgage money is so concerned about pricing, they require another appraisal a couple weeks before closing," said Smith. "They’re consumed with value." Lining up an appraiser and getting a report can add days, even weeks to the time it takes to close.
Congress is mulling an extension that would allow people to finish their transactions as late as Sept. 30 and still claim the credit — as long as they signed sales contracts before the original April 30 deadline.
"Brokers and agents are concerned that if Congress does not pass an extension, many of these homes will end up back on the market, defeating the whole purpose and benefit of the tax credit," said Tara-Nicholle Nelson, a spokeswoman for real estate website Trulia.
But the extension is hardly a sure thing, according to Regan Lachapelle, deputy communications director for Senate Majority Leader Harry Reid, who introduced the measure. "We are still working to get the votes we need," said Lachapelle.
Gas prices in Denver slipped a bit over the last week, but remain well over mid-February levels, according to the American Automobile Association’s Daily Fuel Gauge Report.
Monday’s average price for regular-grade gasoline in Denver is $2.694, down 1.1 cents from the price a week ago but up 1.3 cents from a month ago, AAA says.
Regular gas in Denver cost $2.46 in mid-February, when prices began a slow rise.
As of Monday, mid-grade gas in Denver averages $2.882 a gallon, down 1.1 cents from a week ago, and premium gas is $3.011, down 1.2 cents in a week, while diesel is $3.017, down 0.2 cents.
The highest price ever recorded for regular gas in Denver was $4.006 a gallon on July 17, 2008. A year ago Monday, regular cost $2.211 a gallon.
Statewide Monday in Colorado, the average price of regular gas is $2.742, AAA says, while mid-grade is $2.933, premium is $3.064 and diesel $3.058.
Nationwide, regular gas costs an average of $2.867 Monday, down 4.1 cents from a week ago but up 0.3 cents from a month ago.
Colorado is again among the 10 states with the cheapest gas, AAA says. Pump prices are lowest this week in Colorado, Oklahoma, Missouri, Arkansas, Louisiana, Alabama, Mississippi, Tennessee, Ohio and South Carolina.
Gas is most expensive in California, Washington state, Alaska, Hawaii, Idaho, Montana, Utah, Illinois, New York and Connecticut.
The Fuel Gauge Report is compiled for the AAA by the Oil Price Information Service with the help of Wright Express.
Treasurys came off earlier lows and were mostly flat Tuesday afternoon as optimistic investors prepared for monthly jobs data that is expected to show robust growth in the labor market.
What prices are doing: The benchmark 10-year note edged up slightly to 98-1/32, driving the yield down to 3.86% from 3.87% late Monday. Bond prices and yields move in opposite directions.
The 30-year bond rose 25/32 to 98 with a yield of 4.75%. The 5-year note edged up to 99-6/32 with a yield of 2.60%. The 2-year note fell to 99-9/32 with a yield of 1.07%.
What’s moving the market: Treasury prices were lower earlier on hopes of a positive jobs report.
The Labor Department will release the March jobs data Friday. Economists expect employers added 190,000 jobs to payrolls during the month and that the unemployment rate will hold steady at 9.7%.
Treasurys, which are perceived to be safe haven investment, tend to fall on strong economic data.
Meanwhile, the Conference Board reported that the consumer confidence index rebounded in March, after falling sharply during the previous month, which also pressured Treasurys.
What analysts are saying: "Yields are moving higher in anticipation of good employment data," said Peter Cardillo, chief market strategist at Avalon Partners. "If we see job growth above 100,000, and a downtick in total unemployment, that will put pressure on Treasurys and yields will respond to the upside."
He added that the 10-year yield could push beyond 4%, a key psychological level, on Friday’s data.
"Consumer confidence also took a big leap today, and that number is negative for the bond market," Cardillo said.
Australian business profits rose for the first time in five quarters as earnings at wholesalers, hotels and restaurants gained.
Gross operating profits advanced 2.2 percent in the three months through December from the previous quarter, when they declined a revised 1.4 percent, the Bureau of Statistics said in Sydney today. The median estimate of 15 economists surveyed by Bloomberg News was for a 3 percent gain.
Today’s report adds to evidence of an economic rebound that may prompt the central bank to raise the benchmark interest rate tomorrow for the fourth time in five meetings. Australia’s economy probably grew the most in 1 1/2 years in the fourth quarter, a separate analysts’ survey ahead of a report on March 3 shows, boosted by A$22 billion ($20 billion) in spending by Prime Minister Kevin Rudd on roads, ports and schools.
Income from companies “looks OK, and they should improve further” in 2010, said Stephen Roberts, a senior economist at Normura Australia Ltd. in Sydney. “They’ve cut back a bit on costs and by this time next year we should have a big positive annual gain” in earnings.
Profits declined 11.2 percent in the fourth quarter from a year earlier, today’s report showed.
The Australian dollar fell to 89.84 U.S. cents at 12:03 p.m. in Sydney from 89.89 cents just before the report was released. The two-year government bond yield dropped 1 basis point to 4.58 percent. A basis point is 0.01 percentage point.
Supermarkets
Woolworths Ltd., Australia’s biggest retailer, said last week that first-half net income rose 11 percent to A$1.1 billion on increasing profitability at its supermarkets.
Goodman Fielder Ltd., the nation’s largest baker, said on Feb. 25 that first-half profit increased 25 percent after it cut manufacturing expenses and added new bread brands.
While some economists say concerns about sovereign debt in Europe and financial-markets turmoil may prompt central bank Governor Glenn Stevens to wait another month to increase borrowing costs tomorrow, 14 of 19 analysts surveyed by Bloomberg predict he will boost the benchmark rate by a quarter percentage point to 4 percent.
Boosting the benchmark rate tomorrow would make Stevens the first central banker from a Group of 20 economy to raise borrowing costs this year quick payday loans. He was also the first in the world to increase rates three times last quarter, when he raised the key rate in three quarter-point steps to 3.75 percent from a half- century low of 3 percent.
Business Investment
Profits at construction companies declined 2.7 percent in the fourth quarter and manufactures advanced 8.1 percent, today’s report said. Wholesale traders jumped 29 percent and hotels and restaurants gained 28.5 percent.
A report published last week showed business investment jumped in the fourth quarter at almost three times the pace predicted by analysts as companies raised their forecasts for investment plans to the highest level in five years.
BHP Billiton Ltd., the world’s largest mining company, said last month it will increase capital spending on iron-ore mines and oil fields by 63 percent next year to $20.8 billion from $12.8 billion this year.
Rising Chinese demand for Australian iron ore and coal is stoking a record boom in mining investment that may last more than a decade, central bank Deputy Governor Ric Battellino said on Feb. 23. Investment in new mines, ports and infrastructure may reach 6 percent of gross domestic product, more than double the amount spent during the last resources boom in the late 1970s, he said.
Faster Growth
GDP probably rose 0.9 percent in the fourth quarter from the previous three months, when it gained 0.2 percent, according to the median estimate of 18 economists surveyed by Bloomberg News. The economy probably expanded 2.4 percent from a year earlier, they said. The figures will be released at 11:30 a.m. on March 3.
Inventories held by companies gained 0.2 percent in the fourth quarter from the previous three months, today’s report showed. Economists forecast a 0.5 percent increase.
Retail sales rose 0.5 percent in January after falling in December for the first time in five months and building approvals gained for a third straight month, according to Bloomberg surveys of analysts ahead of reports to be released tomorrow.
Gross operating profit measures earnings before tax, interest, depreciation and amortization. It excludes asset sales and foreign-exchange gains or losses.
Dell shares fell more than 5% in after-hours trading, after the computer maker reported a 5% drop in fourth-quarter earnings Thursday.
The Texas-based company beat Wall Street’s expectations, however, on solid sales across all its segments as businesses started spending on IT again.
Net income dropped to $334 million, or 17 cents per share, compared with $351 million, or 18 cents per share a year ago.
Results included a one-time charge of 11 cents per share for special items, mainly related to the company’s $3.9 billion acquisition of Perot Systems in November. Without the charge, Dell (DELL, Fortune 500) said it earned 28 cents per share. Analysts polled by Thomson Financial, who typically exclude one-time items from their estimates, were looking for 27 cents.
Sales rose 11% to $14.9 billion from $13.4 billion last year, beating analysts’ forecast of $13.85 billion.
In a conference call with analysts following the results, chief financial officer Brian Gladden and Dell chairman and CEO Michael Dell said they expect to see an uptick in commercial sales in the next year and continuing into fiscal 2011 as businesses upgrade to Windows 7.
Gladden said the company is focused on cutting overhead and manufacturing costs and in simplifying its supply chain. Last year, Dell announced plans to trim expenses by $4 billion annually by the end of fiscal 2011. Gladden noted that in the last two years, Dell had consolidated its manufacturing facilities to six from 11.
"Ongoing competitor pressure and economic realities never stop, and we can’t either," he said in the call. "We’re moving into the next phase of our transformation."
While Dell’s financials beat analyst expectations, the news comes with a mixed bag of concerns such as high consumer sales with lower margins, and tight commodity prices, said Shannon Cross, an analyst with Cross Research. On the upside, the company is investing in key growth areas, she said.
"The biggest concern is a lack of leverage in the model," she said. "People had hoped to see more of that revenue upside fall through to the bottom line."
Segment by segment
Analysts say trends point to a hardware-driven uptick in IT spending during the recent holiday months. Notebook and desktop computer sales together account for more than half of Dell’s revenue.
Dell reported a 16% year-over-year jump in laptop sales and a 3% drop in revenue from desktops.
Overall, consumer sales were up 11%. That’s better than expected, Gladden said in the conference call. That said, operating margins in the consumer segment were below a target 1% to 2%, due to holiday discounts, he noted.
Software sales from Dell’s third largest division were flat. Meanwhile server sales rose 26%, while sales in Dell’s tech services division were up 51%, year-over-year.
The company’s acquisition of Perot Systems in November marked a strategic shift toward ramping up its technology services market share and taking on Hewlett-Packard (HPQ, Fortune 500) and IBM (IBM, Fortune 500).
Revenue from Dell’s public business unit jumped 16% to $3.8 billion, with sales from services more than doubling, due in large part from the Perot addition.
Dell’s number one rival HP reported results Wednesday that blew past Wall Street’s expectations. The company said earnings jumped 25% on 8% rise in sales.
"HP had a lot more room to cut costs that Dell did, and HP has seen far more of the revenue upside fall through to their bottom line. HP is more focused on the consumer, so they’ve benefited from consumer strength more than Dell has," Cross pointed out.
For the full year, Dell reported a 42% drop in earnings and a 13% drop in sales over the year before.
Google Inc. has again tinkered with its new Buzz social networking service in the face of continued privacy concerns.
The company (NASDAQ:GOOG) said on a blog Saturday that it will stop automaticly subscribing users to follow the postings of their close Gmail contacts. Now it will only suggest users follow people from their Gmail contacts and leave it up them to do so.
Privacy advocates criticized Google for this automatic following feature, saying it spread the names and contact information of people around without their permission.
This is the second time in Buzz's first week that Google has had to adjust the service in the face of negative postings on Twitter, blogs and on the Buzz service itself business card. On Thursday, the company made it easier for users to keep photos and other information from public view.
"We quickly realized that we didn't get everything quite right," product manager Todd Jackson wrote on Saturday's blog posting. "We're very sorry for the concern we've caused and have been working hard ever since to improve things based on your feedback. We'll continue to do so."
Bob Williams, publisher of the Suburban Journals of Greater St. Louis, is leaving his position to become publisher of The Southern Illinoisan in Carbondale.
Both companies are subsidiaries of Davenport, Iowa-based Lee Enterprises Inc., which also owns the St. Louis Post-Dispatch.
Williams has been publisher of the Suburban Journals since 2007. Before that, he was Lee’s corporate director of sales and development and advertising manager for the Missoulian in Missoula, Mont. He spent a decade with Gannett Co. Inc. before joining Lee in 1998. Williams, who is married with four grown children, graduated from Brigham Young University with a degree in advertising paydayloans.
Greg Veon, Lee’s vice president for publishing, said Williams was selected after a nationwide search for a new publisher.
Williams will be replaced by Tom Wiley, a Lee executive now in charge of the Suburban Journals and Daily Journal in Park Hills.
The current publisher of the Illinoisan, Dennis DeRossett, is leaving the paper to become executive director of the Illinois Press Association.
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