Business news for Wednesday, March 10th, 2010
Wednesday Mar 10, 2010 - Atlanta Journal-ConstitutionGeorgia banks shedding ‘hot money'
Paul Donsky reports that during last decade’s housing boom, Georgia banks eager to get in on the action became addicted to “hot money” – deposits from investors who pay brokers to shop nationwide for the best returns. But the love affair appears to be over as banks, reeling from the rotten economy and increased regulatory oversight, rid themselves of the highly volatile funding stream.
Mar 10, 2010 - Chattanooga Times Free Press
Farmers gauging for water, spring planting
Pam Sohn reports that Bradley County farmer Donnie Ownby says last year's rains have erased the drought, but the ground now is too wet to plant. North Georgia farmer Stacy Gray says he believes the region's weather pattern has changed, but he's hopeful for a "halfway normal year" this summer. The farmers, though, have to take it all on a leap of faith and fate.
Mar 10, 2010 - Atlanta Business Chronicle
Police: AGL Resources exec found dead in Mississippi River
Staff reports that the New Orleans Police Department told several New Orleans media outlets missing AGL Resources Inc. executive Douglas Schantz's body was found underneath a dock along the Mississippi River on Tuesday. Police said he had all of his jewelry and credit cards, leading them to think his death is due to accidental drowning.
Mar 10, 2010 - Savannah Morning News
Renewable energy conference for Savannah is in the works
Lesley Conn reports that Mayor Otis Johnson has returned from Austria with a signed agreement for Savannah to host an international renewable energy conference in the fall of 2011. That may have been the easy part. The next step needed is securing sponsors to pay for the conference as partners with the city. Johnson is confident that aspect, too, will be successful.
Mar 10, 2010 - Atlanta Journal-Constitution
It's tourist-poaching season, with much at stake
Michael E. Kanell reports that giant banners, kites, beach balls and photographs hang suspended over the heads of shoppers at Lenox Square mall. Their message is consistent and insistent: Come spend money in South Carolina. With unemployment in double digits, Georgia officials would prefer that state residents opt for “stay-cations” and keep their money inside the border.
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Mar 10, 2010 - Augusta Chronicle
Third airlines haven't survived for very long at Augusta Regional Airport
Tim Rausch reports that two's company, three's a crowd. Outside of Delta and US Airways and their regional carriers, other airlines historically have had trouble maintaining a long-lived presence in Augusta, though most of the losses were for reasons beyond the airport's control.
Mar 10, 2010 - Augusta Chronicle
Fare comparison shows Augusta can compete
Tim Rausch reports that Augusta Regional Airport officials have said for years that low fares have fueled its climb in passengers. In 2009, 68,000 more people flew out of Augusta than three years before. Columbia and Atlanta top the list of nemesis airports for Augusta, siphoning away the most potential passengers. "We've seen more folks from Columbia starting to come down and use our airport," said marketing director Diane Johnston. The reversal of fortune is partly attributable to the low fares.
Mar 10, 2010 - Savannah Morning News
Small businesses encouraged to grow
Arlinda Smith Broady reports that the Small Business Chamber of Savannah is "working for the success of the small business community." So it sponsors networking events, information sharing, educational workshops and speaking engagements/sponsorship opportunities for increasing the visibility of member companies.
Mar 10, 2010 - Atlanta Business Chronicle
Atlanta employment outlook among weakest
Staff reports that Metro Atlanta employers plan to add staff at a “reserved” pace in the second quarter, according to the Manpower Employment Outlook Survey published March 9. The report, which tracks national and local employment trends, also noted metro Atlanta’s employment outlook is one of the weakest in the nation.
Mar 10, 2010 - Atlanta Business Chronicle
Newell Rubbermaid starts new line of shades
Staff reports that Newell Rubbermaid Inc.’s new line of window shades can do more than block the sun -- they can lower your energy bills. The Atlanta-based consumer products company said Tuesday its Levolor brand is now selling what it claims are the most energy efficient window shades on the market.
Mar 10, 2010 - Atlanta Journal-Constitution
AirTran: Delta taking back some customers
Kelly Yamanouchi reports that a resurgent Delta Air Lines has won back some customers from discount rival AirTran Airways, prompting AirTran to cut flights in Atlanta and expand elsewhere. That’s not Delta bragging, it’s AirTran explaining the situation to analysts.
Mar 10, 2010 - Atlanta Business Chronicle
Delta: February storms cost $30M
Staff reports that Delta Air Lines Inc. said severe storms in February led to the cancellation of 7,000 flights, or about 3.2 percent of its system capacity. The dropped flights pushed down revenue by $65 million and cut costs by $35 million, for a net impact of negative $30 million, according to a regulatory filing Atlanta-based Delta made with the Securities and Exchange Commission Tuesday in advance of a Tuesday investor conference sponsored by JP Morgan
Mar 10, 2010 - Atlanta Journal-Constitution
Delta ranked 6th for January on-time performance
Kelly Yamanouchi reports that Delta Air Lines ranked sixth in the nation for on-time performance in January, among 18 airlines ranked by the U.S. Bureau of Transportation Statistics. Atlanta-based Delta had an 81.4 percent on-time arrival rate in the month, including for the first time the operations of merger partner Northwest Airlines. Delta officially combined flight operations with Northwest at the end of last year.
Mar 10, 2010 - Atlanta Business Chronicle
Aflac chair’s total comp up 26% to $13M
Staff reports that Aflac Inc. posted a bigger profit in 2009 and its top executive got a 26 percent bigger total compensation package. According to a proxy filing with the Securities and Exchange Commission, Aflac (NYSE: AFL) gave Chairman and CEO Daniel P. Amos $13.6 million in total compensation last year.
Mar 10, 2010 - Atlanta Journal-Constitution
Coca-Cola Enterprises elects new director with alcohol-industry background
Jeremiah McWilliams reports that the board of Coca-Cola Enterprises, the world's biggest bottler and distributor of Coca-Cola products, on Thursday elected Phoebe A. Wood to the board. Her term will start April 22, 2010. She will be up for election for a full three-year term one day later, at CCE's annual shareholders meeting. Wood was designated an independent director and was appointed to the board's affiliated transaction committee and audit committee.
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Mar 10, 2010 - Savannah Morning News
Savannah green consultant leads charge to conserve water
Mary Landers reports, "Raise your hand if you have a low- flow toilet," Savannah-based green consultant Tommy Linstroth asked a conference of river advocates recently. Linstroth has launched a Web site called RehydrateUS.org aimed at getting out facts like these and ultimately harnessing the power of many small changes to make one big one, namely to save the U.S. one billion gallons of water a day. That's about half of what's lost from source waters from uses in residential and commercial buildings around the country. The site tracks pledges to help reach the goal.
Mar 10, 2010 - Access North Georgia
20th Annual Winter Chautauqua is Back to Basics
Staff reports, bring your laptop to this year's Winter Chautauqua and leave with a Facebook page, Twitter account and a Blog of your very own. The theme of the 2010 conference for travel and tourism professionals is "Back to Basics" with an emphasis on promoting business through inexpensive, and often free, marketing techniques. The 20th Annual Winter Chautauqua, hosted by the Northeast Georgia Mountains Travel Association takes place March 14-15 at the Dillard House in Dillard, Georgia. Each year the conference transfers between the Northwest Georgia Historic High Country and the NEGMTA.
Mar 10, 2010 - Atlanta Business Chronicle
KBR wins $94M Piedmont Healthcare deal
Staff reports that Piedmont Healthcare Inc. will pay KBR Inc.’s building group $94 million for preconstruction and construction services for a replacement facility for Piedmont Newnan Hospital. Houston-based KBR (NYSE: KBR) said the new $162 million hospital will be nine stories and have 362,500 square feet.
Mar 10, 2010 - Atlanta Business Chronicle
Charges sink TRX to $44M loss for 2009
Staff reports that goodwill impairment charges sent TRX Inc. into the red in 2009. The Atlanta-based provider of data processing and services to the travel industry (NASDAQ: TRXI) had a net loss of $44 million and a loss per share of $2.39, compared with net income of $3.7 million and earnings of 20 cents a share in 2008.
Mar 10, 2010 - Macon Telegraph
Ramada Plaza sold for $1.9 million at auction
Linda S. Morris reports that the Ramada Plaza, downtown Macon’s high-rise hotel built 41 years ago, was sold Tuesday for $1.9 million at an auction held at the hotel. Koray Ergur, CEO of San Francisco-based The Ergur Group, was the winning bidder. Ergur immediately was whisked away by auction company officials to sign a contract for the building.
