Financial News

LONDON — Emerson offered to buy Chloride Group Plc for $1.5 billion (997 million pounds) in an effort to derail ABB Ltd.’s planned takeover of Britain’s biggest maker of gear to protect against power outages.

Chloride shareholders would receive $5.59 (375 pence) a share, Ferguson-based Emerson said in a statement early Tuesday morning. That’s 15 percent higher than ABB’s bid, announced June 8 and accepted by London-based Chloride.

Emerson took its offer directly to shareholders after Chloride’s management spurned its approaches.

"The issue that makes them pay up is the fact that there was a threat of losing market share globally from ABB buying Chloride," Ian Robertson, an analyst with Seymour Pierce Ltd., said in a telephone interview. "ABB suddenly joins, from having not been a player in secure power."
Chloride, Britain’s largest maker of backup power equipment, said in a regulatory filing that Emerson’s proposal is "superior" to ABB’s offer. A range of options must be considered before there’s another announcement, Zurich-based ABB said in a statement.

"The people who will pay the most are Emerson," Robertson said. "For Emerson, it’s not just what they gain from Chloride, it’s what do they also make sure of by closing the door on ABB."

Should Emerson win Chloride, it will become the largest supplier of critical power systems in Europe, Robertson said. He added that it’s now the fourth-largest.

Emerson Chairman David Farr said in April that acquiring Chloride would help the company compete with Schneider Electric SA and Eaton Corp cash advance now. in the market for uninterruptible power-supply gear. Emerson bought Avocent Corp., a maker of information-technology management products for data centers, for $1.2 billion last year.

Chloride, which provides power equipment to clients including the London Underground, Ikea and Barclays Plc according to its website, rebuffed Emerson’s initial offer in 2008, as well as a bid in April.

"Emerson is already strong in this area," Vontobel analyst Panagiotis Spiliopoulos said in a telephone interview. "They would clearly strengthen their position. For ABB it’s probably more important to get it than for Emerson."

ABB won’t be constrained by ability to pay for Chloride, Spiliopoulos said. The question is whether the Swiss company can justify the strategic move into a new area, he said.

Nigel Coe, an analyst with Deutsche Bank AG in New York, said he was "surprised" by the amount of Emerson’s offer. The company is counting on cost savings of $40 million (33 million pounds), or 10 percent of Chloride’s sales, compared with typical savings of 6 percent to 8 percent of sales for an acquisition, Coe said in a report Tuesday.

"It is clear that Chloride is viewed as a critical acquisition by Emerson, but shareholders may not like the price," he said.

Emerson fell $1.56, or 3.5 percent, to $43.29 at 4 p.m. in New York Stock Exchange composite trading. The stock has increased 1.6 percent this year.

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Smallwood Drive is no longer the top-rated elementary school in Western New York, but it still ranks first among the region's public elementary schools.

Right behind on the latter list are Maple East of Williamsville, Charlotte Avenue of Hamburg and Ledgeview of Clarence.

Here are the 20 public schools with the highest rankings this year. Each is followed by its position in the overall standings:

• 1. Smallwood Drive School (Amherst), 2nd overall

• 2. Maple East ES (Williamsville), 3rd overall

• 3. Charlotte Avenue ES (Hamburg), 4th overall

• 4. Ledgeview ES (Clarence), 5th overall

• 5. South Davis ES (Orchard Park), 7th overall

• 6. Maple West ES (Williamsville), 8th overall

• 7. Country Parkway ES (Williamsville), 13th overall

• 8. Tapestry CS (Buffalo), 14th overall

• 9. Eggert Road ES (Orchard Park), 16th overall

• 10. Harris Hill ES (Clarence), 18th overall

• 11. Ellicott Road ES (Orchard Park), 20th overall

• 12. Sheridan Hill ES (Clarence), 21st overall

• 13. Forest ES (Williamsville), 22nd overall

• 14. Clarence Center ES (Clarence), 23rd overall

• 15. Prospect ES (Attica), 24th overall

• 16. Dodge ES (Williamsville), 26th overall

• 17. Charles A. Lindbergh ES (Kenmore-Tonawanda), 27th overall

• 18. Errick Road ES (Niagara-Wheatfield), 28th overall

• 19. Armor ES (Hamburg), 29th overall

• 20. Parkdale ES (East Aurora), 31st overall

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MINNEAPOLIS — United Airlines plans to demonstrate new fuel-saving methods on two flights between the U.S. and Europe on Saturday.

The airline says it expects to save about 940 gallons, about 3 percent of the fuel it would usually burn, on the flights. The testing includes a trip from Frankfurt to Chicago on a United 777, and a return trip on the same plane. Both are regular flights with paying passengers.

Several airlines have been testing ways to cut their fuel bills. United and its regional partners burned 564 million gallons of jet fuel last year, costing almost $1.19 billion.

Commercial flights usually stay at a precise altitude. But this flight will drift up and down as much as 3,000 feet. That way the pilots won’t need to burn extra fuel maintaining a precise altitude. It also lets them choose the best altitude depending on wind and other conditions, said Joe Burns, a United captain and managing director of technology and flight tests.

He said those small adjustments wouldn’t make much difference on a short domestic flight, but they add up on an eight- or 10-hour overseas flight.

The flight has clearance from the Federal Aviation Administration as well as air traffic authorities in Canada and Europe. One issue that keeps airlines from using some of those fuel-saving practices all the time is that they can make it harder for air traffic controllers to keep the required minimum distances between planes.

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Facebook confirmed Tuesday that it will simplify its privacy settings, in a move aimed at quelling growing concerns over how much user information is exposed online.

"I can confirm that our new, simpler user controls will begin rolling out tomorrow (Wednesday). I can’t say more yet," Andrew Noyes, a Facebook spokesman, said in a statement.

The popular social networking site, which boasts nearly 500 million users, has been under fire in the past few months for confusing privacy policies and technical glitches that exposed users’ private data.

Currently, Facebook has about 170 different privacy options that govern access to personal data users post online, including birth dates, e-mail addresses and employment information.

In early May, a technical mishap allowed a number of users to view friends’ private chats. That came less than three months after some Facebook users received private messages that weren’t intended for them, the result of another technical glitch.

Mark Zuckerberg, Facebook’s chief executive, has admitted to making some mistakes on privacy and promised to fix the problems.

"There needs to be a simpler way to control your information," Zuckerberg wrote in an op-ed piece published Monday in the Washington Post. "In the coming weeks, we will add privacy controls that are much simpler to use. We will also give you an easy way to turn off all third-party services," he said.

Meanwhile, Facebook has invited members of the House and Senate to attend a briefing in Washington on Thursday to go over the new privacy tools and answer questions.

The site’s recent privacy problems have drawn the ire of some particularly vocal lawmakers.

In April, Sen. Charles Schumer, D-NY, and three other Senators called on Facebook in a sharply worded letter to stop sharing users’ personal information with third party Web sites.

Schumer subsequently urged the Federal Trade Commission to provide guidelines for social networking sites, including Facebook, on how private information submitted by online users can be used and disseminated.

But Facebook is not the only Internet powerhouse struggling with privacy issues.

In February, Google modified an automated feature on its social network service, Google Buzz, following a backlash from users whose contacts were revealed to the public without their authorization.

"The rules of engagement with social media sites keep changing and this has created an environment where users are often forced to learn through trial and error," said Mary Madden, senior researcher at the Pew Internet & American Life Project.

"Personal information has become a form of currency that we exchange in order to participate in the economy of networking today," she continued. "And while many services are free to use, we pay for access to these tools with the information we share."

– CNN’s Laurie Segall contributed to this report.  

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ENGINEERING

Barge Waggoner Sumner & Cannon Inc., which has an office in Birmingham, has been ranked No. 195 on the 2010 Engineering News Record list of Top Design Firms based in the U.S. The firm’s 2010 ranking is 24 places higher than its ranking last year.

FINANCIAL

ServisFirst Bank celebrated its five-year anniversary and said it ranks in the top 5 percent of de novo banks founded in 2005 for cumulative profitability, along with an 81 percent compounded annual growth rate in total deposits.

HEALTH CARE

HealthSouth Corp. (NYSE:HLS) will participate in Baird’s 2010 Growth Stock Conference in Chicago on May 18-20. HealthSouth CEO Jay Grinney will speak at 4:15 p.m. May 19.

LEGAL

Burr & Forman LLP, along with the Cornerstone Schools of Alabama, offered three events on April 27 as part of the middle school educational, community service program called “Legal Eagles.” Throughout the school year, Burr & Forman attorneys participate in monthly classroom lessons and that expose the Cornerstone students to the practice of law and to Burr & Forman clients. Sixteen students graduated from the first “Legal Eagles” class this year.

NONPROFITS

The Birmingham Botanical Gardens raise more than $250,000 at the 2010 Spring Plant Sale. More than 7,400 visitors came out and took part in the sale.

Gaining Life Initiative Foundation formed recently as a nonprofit organization to increase the knowledge about brain tumors and raise support for research. It was founded in fall 2009 with a specific focus on Glioblastoma Multiforme Brain Cancer research with the objective of extending life expectancy and finding a cure for the deadly form of cancer. The foundation’s creator is Birmingham native Bill Cash, who was diagnosed with Glioblastoma Multiforme, the most metastatic and fatal type of brain tumor, in spring 2008. He underwent treatment and is now in remission.

POLITICS

The Central Alabama Labor Federation AFL-CIO hosted a political forum featuring Democratic candidates for governor Congressman Artur Davis and Agricultural Commissioner Ron Sparks on April 29 at the Local 3902 Union Hall in Homewood.

RETAIL

The Trussville Area Chamber of Commerce held a ribbon cutting on April 23 to celebrate the grand opening of Great Clips at 445 Main Street near Winn Dixie in Trussville.

Southern Family Markets was awarded the Autism Outstanding Advocate of the Year by Glenwood Autism & Behavioral Health Center for their ongoing support of persons with autism and their families. The award was presented on April 21 during the sixth Glenwood endowed lecture series with UAB’s School of Public Health.

TECHNOLOGY

Birmingham’s Optimal IMX selected and implemented MobileMD’s Health Information Exchange technologies and services.

Birmingham’s ibml and partner EDAC Systems Inc.’s ImageTrac 3e series high-production scanner won the 2010 Best of FOSE Award in the Peripherals category. This is the second Best of FOSE Award that EDAC Systems has won since 2006.

TRANSPORTATION

Boatright Cos. hosted the Samford Business Network Birmingham Source Meeting at its Boatright Railroad Products Inc. in Montevallo on April 22. Guests toured the plant by bus and networked.

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Arts and crafts retailer Hobby Lobby Stores Inc. has increased the minimum wage for full-time hourly employees to $11 per hour. The employees affected previously made $10 per hour.

The change in pay will effect 9,600 Hobby Lobby employees nationwide.

The company also raised its part-time hourly wage to $8 per hour.

There are 22 Hobby Lobby stores in North Texas.

The minimum wage increase also will benefit the company’s affiliated businesses – Hemispheres and Crafts Etc cheap pay day loans.

The Oklahoma City-based company said its minimum wage is now 52 percent above the national minimum of $7.25 per hour.

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Although gas prices continued to push upward as the price of crude oil grew to more than $87 a barrel, don’t expect to see too much of an increase in the price of retail gasoline this week, AAA said.

That’s because by April 9, crude oil closed at $84.92 on the New York Mercantile Exchange after peaking at $87 a barrel earlier in the week, and U.S. stockpiles of crude oil are now above 355 million barrels, a sign that demand needs to increase significantly to support its high price.

“Finally, the basic fundamentals of supply and demand are being acknowledged by investors. As crude prices increased throughout the week, investors realized there was too little demand and too much supply to support such a price,” said Jessica Brady, AAA spokeswoman. “Although, the price of crude closed five cents higher than last week, we shouldn’t see too much of an increase in the price of retail gasoline, and we could actually see retail prices decline.”

The national average price of unleaded regular gasoline is $2.86 per gallon, up 4 cents from last week. Florida’s average price is $2.88 per gallon, also a 4-cent increase.

In metro Orlando, a gallon of self-serve regular currently averages $2.82, also up 4 cents from a week ago.

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Gymboree Corp. announced today that it is raising its earnings guidance for the first quarter ending May 1.

The San Francisco specialty retailer of children's clothes said it now expects first quarter earnings per diluted share between $0.93 and $0.96, up from its earlier estimates of $0.90 and $0.94 per share.

Gymboree said the increase is due to better than expected margin rates as a result of inventory management and fewer markdowns.

The company reiterated its same store sale estimates of increases in the mid-single digits.

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Government employment in Hawaii has fallen about 5.6 percent in the past year, with state government taking the biggest hit with the loss of about 8,000 jobs.

Government still directly employs more people in Hawaii than any other industry, including tourism.

Even with the latest cuts, government employment has risen by 7.3 percent or by about 10,000 jobs since 2000, according to Bureau of Labor Statistics data.

By comparison, employment in leisure and hospitality stood at 101,000 in December 2009, the same as in December 2000.

Total government employment in Hawaii fell from 130,500 in November 2008 to 123,200 in November 2009, according to the latest data available. The state began the bulk of more than 2,000 layoffs in November and says more than 2,000 positions haven’t been filled.

As of November 2009, the state employed 71,200 people, down from 79,400 a year earlier.

Even at the lower number, it’s still higher than the number who worked for the state in 2005.

Local government employs 18,600 people, down only about 100 from the previous year.

The federal government has added about 1,000 civilian jobs in Hawaii in the past year and now employs 33,400 people, the highest number ever.

The Hawaii Legislature begins its 2010 session this week and faces a projected shortfall of $1.5 billion.

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Jackie Krovblit’s heart is bigger than the 120-pound inspiration behind her company’s namesake, Big Dog Bakery.

Having instantly fallen in love with Trixie, her Great Dane and silent business partner, Krovblit opened Big Dog Bakery when she realized her "child" was too important for mass-produced pet food.

And now Big Dog Bakery is the big dog on Queen Street in the Beach – the only boutique pet store in the area that bakes products on the premises.

The bakery, located in the building that once housed the Three Dog Bakery, is decorated in a rainbow of colours. Cupcakes covered in blue, pink, white and cocoa icing sit in display windows. The shelves are stacked with cookies and empanadas for cats and dogs. Dog cakes are baking in an oven behind the counter.

Trixie greets customers with a wag of her tail. The gentle Great Dane is the hallmark of Big Dog Bakery. Her face is on every package of treats the stores sells.

Trixie "is my big dog in a little package," says Krovblit, who confesses, "I never thought I would have a dog. But when I got Trixie, my whole world opened up, like a lightning bolt."

Krovblit started Big Dog Bakery from her home in 2004. Making biscuits and treats in her toaster oven, she used Trixie and dogs in the park to figure what worked.

Big Dog then moved to Toronto’s Woofstock – a festival for dogs in the Distillery District – in its first year.

"They (cakes and cookies) are healthy – it’s like giving your dog something really special," Krovblit says. "Yes, the look is entirely marketing, it is for the person, the dogs can’t really see the colour but they can smell. So the dog will think, `What’s that?’

"It goes back to what makes something really palatable for the dog payday loans for bad credit. The market is there, so give people what they want. And the dog is going to feed off it and the person will get a kick out of it."

After her inaugural year at Woofstock, she started selling gourmet cakes, made with natural, human-grade ingredients and an assortment of dog treats through select stores around the GTA. It was in 2006 when she lost her job in the restaurant industry and put all her efforts into the bakery, which she opened in July.

Big Dog Bakery has since expanded to Home Sense locations throughout Ontario and Quebec at Christmas.

"I had to carry over from an existing store (Three Dog Bakery) with an American branding so it took a bit of work to convince people our product is better and healthier. All our bakery stuff is almost 100 per cent made in store. It’s a new concept so people need to realize that," says Krovblit.

Iced with either carob or cream cheese, the store sells about 40 customized cakes each month in flavours like Peanut Butter Bliss, Chop Lick ‘n Liver and Banana Rama.

Krovblit has also discovered the purrfect companion products for dogs – cat food. So Big Dog Bakery now includes freshly made gourmet cat treats in its menu.

"People these days really care (about their pets), and they want to know where things are coming from and everybody in our market and demographic consider the dog to be part of the family," Krovblit said.

"They want to give that dog a lot and they want them to live as long as possible. And why shouldn’t that dog be on the same level of health and nutrition (as its masters)?"

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