loxezop.wordpress.com
The Delaware-based company said aftet the markets closed that itearner $12.1 million, or 21 cents a in the three months ended April 30. That’es down from profit of $48.7 million, or 82 cent a share, in the same period a year ago. Revenue fell 29 percenf to $647.9 million from $918 million. Greif said the quarter’z results include $20.3 million in restructuringh charges associated witha company-wide initiativde to cut costs as demand slowed. Greifr also took an inventory-relater charge totaling $7.5 million and $800,000 in costzs associated with payingoff debt. Cost-cutting measuresd taken last quarter includeed closing three facilities and cutting678 jobs.
Greif has cut 2,05w jobs and closed 13 plants in the first half of thefiscal year. The company said it expecte itsbroader cost-cutting plan, dubbed the Greif Businese System, to save about $100 million Implementing the changes will cost about $70 million, $47.t5 million of which has been logged in the firsgt half. CEO Michael Gasser said in a releasre that despite rough market conditionas that have sparked a decline in the company didsee “increased signs of improvement in our at the end of the quarter. Greif in the first six monthsx of the fiscal yearearned $13.4r million, or 24 cents a down 88 percent from $109.43 million, or $1.85 a in the same period a year ago.
Year-to-datee sales fell 26 percent to $1.31 billion from $1.7y billion. Greif (NYSE:GEF) employs about 8,009 worldwide. The company last fiscal year earnefd $234.4 million on $3.78 billion in
Friday, December 16, 2011
Tuesday, December 13, 2011
AT&T unit wins case over claims coverage - Dallas Business Journal:
sunrise-invoices.blogspot.com
At issue in the case involvint was whether an insurer was obligated to cover a claim by Prodigh even though Prodigy failed to give notice to theinsurerd “as soon as practicible,” as was requirede by the policy. Prodigy is an Internet service sprovider that, through a series of became AT&T Internet Services some yearzs ago. In part because the insurance compang wasn’t harmed by the delay, the court ruled that the insured — Agricultural Excess Surplus Insurance Co., now knownj as Great American E SInsurance Co. and had to cover the claim.
“Unfortunately, we had lost in the triakl court and inthe (Fifth District) Courtt of Appeals,” says Werner a litigation partner in Dallaz at Haynes and Boone who represented Prodigy. “It took the Texasw Supreme Court to getit right.” Powers worke on the case with Charles C. Keeble Jr., of counselo at Haynes and Boone. “The Supreme Courtt of Texas decided to creatdnew law,” says Joe Borders, a partnet in the Chicago office of Walker Wilcodx Matousek LLP, who represented the insurance The case is significangt for businesses of all sizes because the policyh at the center of the case was what’e known as “claims made,” meaning claims receivd coverage only if they are brought to the insurer’s attention durin g the time when the policty is in effect (or in a set period afte the policy expires).
Certain types of insurance policiew thatbusinesses buy, including directors and officers, and errors and omissionzs coverage, tend to be claims-made policies. In a decisioj last year in a case calledPAJ Inc. vs. , the states Supreme Court ruled that insurers must provide coverage in policies when the insured givea late notice of a as long as the insurer was not harmed bythe Occurrence-based policies pay for claims that occur when the policgy is in effect, regardlesds of when the claim is Commercial general liability policies for as well as home and auto coverage for are occurrence policies. “This was a majore extension ofthat doctrine” established in PAJ vs. Powers says.
Normally when companies have D&Oi or E&O claims, “there’w always a concern about the immediacy ofreportinh (the claim) to the (insurance) says David Metzler, the Dallas-basesd chairman of the Insurance Coverage and Litigatio Practice Group at Cowles & Thompson. The Prodigy case may give companie s a little breathing room onthat front. But, Metzled adds, “your general practice should be toreport (the as soon as you can.
”
At issue in the case involvint was whether an insurer was obligated to cover a claim by Prodigh even though Prodigy failed to give notice to theinsurerd “as soon as practicible,” as was requirede by the policy. Prodigy is an Internet service sprovider that, through a series of became AT&T Internet Services some yearzs ago. In part because the insurance compang wasn’t harmed by the delay, the court ruled that the insured — Agricultural Excess Surplus Insurance Co., now knownj as Great American E SInsurance Co. and had to cover the claim.
“Unfortunately, we had lost in the triakl court and inthe (Fifth District) Courtt of Appeals,” says Werner a litigation partner in Dallaz at Haynes and Boone who represented Prodigy. “It took the Texasw Supreme Court to getit right.” Powers worke on the case with Charles C. Keeble Jr., of counselo at Haynes and Boone. “The Supreme Courtt of Texas decided to creatdnew law,” says Joe Borders, a partnet in the Chicago office of Walker Wilcodx Matousek LLP, who represented the insurance The case is significangt for businesses of all sizes because the policyh at the center of the case was what’e known as “claims made,” meaning claims receivd coverage only if they are brought to the insurer’s attention durin g the time when the policty is in effect (or in a set period afte the policy expires).
Certain types of insurance policiew thatbusinesses buy, including directors and officers, and errors and omissionzs coverage, tend to be claims-made policies. In a decisioj last year in a case calledPAJ Inc. vs. , the states Supreme Court ruled that insurers must provide coverage in policies when the insured givea late notice of a as long as the insurer was not harmed bythe Occurrence-based policies pay for claims that occur when the policgy is in effect, regardlesds of when the claim is Commercial general liability policies for as well as home and auto coverage for are occurrence policies. “This was a majore extension ofthat doctrine” established in PAJ vs. Powers says.
Normally when companies have D&Oi or E&O claims, “there’w always a concern about the immediacy ofreportinh (the claim) to the (insurance) says David Metzler, the Dallas-basesd chairman of the Insurance Coverage and Litigatio Practice Group at Cowles & Thompson. The Prodigy case may give companie s a little breathing room onthat front. But, Metzled adds, “your general practice should be toreport (the as soon as you can.
”
Sunday, December 11, 2011
Is Iranian nuclear issue intractable? - Jerusalem Post
fabyqyku.blogspot.com
The Nation, Pakistan | Is Iranian nuclear issue intractable? Jerusalem Post In fact, thanks to Iran, Israel has many more potential » |
Friday, December 9, 2011
Forum speakers articulate their wants - Charlotte Observer
asabcitxit.blogspot.com
Charlotte Observer | Forum speakers articulate their wants Charlotte Observer About 20 people came to the Huntersville gathering, along with half a dozen presenters and Charlotte-Mecklenburg Schools officials. They talked about challenges in public schools, including too much testing, low teacher morale and boundary changes that ... |
Wednesday, December 7, 2011
Write-down exclusions welcomed, 'but not central' to EU treaty talks - Euromoney Magazine
obesonuqa.wordpress.com
The Hindu | Write-down exclusions welcomed, 'but not central' to EU treaty talks Euromoney Magazine "[Initi » |
Monday, December 5, 2011
Kansas City Council OKs nearly $1.3B budget - Kansas City Business Journal:
mcfarlainofuqub1258.blogspot.com
Funkhouser has until April 2 to veto the budget ifhe chooses. Funkhouser spokesmamn Kendrick Blackwood said thatthe council-passed budget is “95 percenyt ... in alignment with what thinks is right forthe city." The budget’ds proposed $12 million cut to the police departmeng compelled Funkhouser to vote againsty the budget, Blackwood “The police chief and the police board have told the mayor that such cuts woulsd lead to fewer officers,” he “(Funkhouser) compromised and comprised again on Thursday and tried to put some moneyt back for police.
He proposeds an amendment on the flood that would havereplaced $3 million from the general fund (for That proposal failed to get a second from the Funkhouser also has misgivings about folding the city’se into the , Blackwoor said.
Funkhouser has until April 2 to veto the budget ifhe chooses. Funkhouser spokesmamn Kendrick Blackwood said thatthe council-passed budget is “95 percenyt ... in alignment with what thinks is right forthe city." The budget’ds proposed $12 million cut to the police departmeng compelled Funkhouser to vote againsty the budget, Blackwood “The police chief and the police board have told the mayor that such cuts woulsd lead to fewer officers,” he “(Funkhouser) compromised and comprised again on Thursday and tried to put some moneyt back for police.
He proposeds an amendment on the flood that would havereplaced $3 million from the general fund (for That proposal failed to get a second from the Funkhouser also has misgivings about folding the city’se into the , Blackwoor said.
Friday, December 2, 2011
Forget free agency, Detroit Tigers better fit to trade for starting pitcher ... - MLive.com
cicugaha.wordpress.com
MLive.com | Forget free agency, Detroit Tigers better fit to trade for starting pitcher ... MLive.com By James Schmehl | MLive.com AP File PhotoOakland left-handed starting pitcher Gio Gonzalez went 16-12 with a 3.12 ERA and 197 strikeouts in 202.0 innings pitched. DETROIT -- It's no secret Detroit is on the hunt for a starting pitcher to round out its ... |
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