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July 31st, 2011
Congressional leaders and President Obama said Sunday they had reached an agreement to raise the nation's debt ceiling, ending a standoff that had threatened the U.S. government's ability to pay its bills. The agreement would cut trillions of dollars in spending and would raise the limit on government borrowing by $2.1 trillion, enough to get the government through 2012, according to published reports. “The leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default,” the president said, speaking at the White House, according to Bloomberg News…
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July 31st, 2011
President Barack Obama spoke to the American people in a televised address Sunday night announcing an agreement to cut federal spending while raising the debt ceiling to avoid a default. Obama said on the White House Twitter feed that "1st part of this agreement would cut about $1 trillion in spending over the next 10 years," and added that the second part "establishes a bipartisan committee of Congress to report back by Nov with a proposal to further reduce the deficit." "I want to urge members of both parties to do the right thing and support this deal with your votes over the next few days," the president also said…
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July 31st, 2011
First Niagara Financial Group Inc. is set to become the largest bank in Western New York with the pending purchase of 195 retail branches – including approximately 70 in the region’s eight counties – from HSBC Holdings PLC for $1 billion in cash. The deal between the two banks, expected to close in early 2012, was announced Sunday afternoon, one day before HSBC is expected to announce thousands of layoffs as part of its $3.5 billion global cost-cutting strategy. The majority of the 1,900 people who work at the 195 branches “are expected to be retained by First Niagara and other financial institutions” that buy branches that First Niagara must sell, First Niagara said Sunday…
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July 31st, 2011
President Barack Obama late Sunday announced that a deal has been reached with Congress on raising the nation's debt ceiling that will avert a national economic crisis. Obama, in an news conference, said the agreement will "allow us to avoid default and end the crisis Washington imposed on the rest of America." The federal government is facing a Tuesday deadline for raising the debt limit. Without action by then, federal Treasury officials have said, the nation risks defaulting on debt previously approved by Congress…
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July 31st, 2011
Construction has started on a 185,000-square-foot industrial facility in Yorkville after Anixter Inc. signed a lease for about one-third of the building. The building in the Grandview Business Park is being developed by a joint venture between CenterPoint Properties, West Allis, Wispark LLC, Milwaukee, and the United Bank of Scotland, said Paul Schmitter, Wisconsin development manager for CenterPoint. The developers are working to land tenants to fill the remaining 125,000 square feet of the building, which will open for occupancy in November…
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July 31st, 2011
How much do you love your company? Enough to tattoo its logo on your body? And I'm talking about a permanent tattoo, not one of those sissy washable tattoos. Anytime Fitness Inc. owners, employees and even customers love the franchise so much that more than 500 of them have had the fitness company's purple "Running Man" logo tattooed onto their bodies over the last few years. >Click to the right to see a slideshow of the variety of Running Man tattoos that are out there. >>> Mike Gelgot, a personal trainer from Indiana, started the trend several years ago when he accepted a dare to have the Running Man logo permanently inked on his body…
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July 31st, 2011
Private equity investors and others are reportedly weighing a possible bid for Yahoo Inc. in the wake of lukewarm reaction to the settlement of a dispute over its Chinese investments. All Things Digital reported on Sunday that unnamed "sources close to the situation" said investors are looking at the possibility of attempting a takeover or privatization of Yahoo (NASDAQ:YHOO). A group led by former News Corp. Chief Operating Officer Peter Chernin reportedly floated the possibility earlier this year of taking over the Sunnyvale-based Internet giant…
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July 31st, 2011
Travelocity predicts that travelers will find the best Labor Day airline deals before Aug. 4. That's based on the Southlake company's Travel Pricing Barometer. Travelocity also says the best hotel deals for Labor Day will be in Reno, N.V., Orlando, Fla., and Las Vegas.
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July 31st, 2011
First Niagara Financial Group has agreed to purchase 195 upstate New York and Connecticut branches, and $15 billion in deposits, from HSBC Bank USA N.A. The purchase, which has a price tag of about $1 billion, is expected to close early next year. The branches include 13 in the Albany, N.Y. market. This will give Buffalo-based First Niagara more than 60 area branches. First Niagara also has regional headquarters in Albany. It could not be immediately determined what the sale of the Albany area HSBC branches means for Nina Tyzik, the bank’s regional executive…
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July 31st, 2011
Retalix, a software provider for high-volume retailers such as gas stations and convenience stores, has purchased MTXEPS, an electronic payment company. "With MTXEPS's premier electronic payment software solutions and large satisfied customer base, we enhance our market leadership in offering retailers comprehensive, advanced solutions across all customer touch points and sales channels," said Retalix CEO Shuky Sheffer. Retalix (NASDAQ:RTLX), which has its North American headquarters in Plano, is paying about $18…
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Congress, Obama reach deal to raise debt ceiling