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Local stores hire off-duty police officers to contend with unruly Black Friday crowds
Black Friday prices will be low, but that means lines will be long and tensions will run high.
Whether they brave the crowds late tonight or early tomorrow, eighty-one million people, about 34 percent of consumers ages 16 years and older, will be seeking Black Friday sales, according to the International Council of Shopping Centers. Thats a 31 percent increase from 2010.
Stores and shopping malls are giving local police departments a heads up about their odd hours and are planning to use a combination of staff, private security companies and off-duty police officers to keep the peace.
The Woodbridge Police Department opened a substation at Woodbridge Mall yesterday, said police director Bob Hubner, and several stores hired off-duty officers for the Black Friday rush.
“They watch out for indicators of possibly too many people waiting at the doors,” he said.
Full Tilt Poker could be taken over by French investment group
WASHINGTON — A French investment group reached an agreement with the US Justice Department that could pave the way for the group to take control of beleaguered online poker operator Full Tilt Poker, an attorney for the investor group said Thursday.
The agreement provides that US poker players — who had $150 million credited to their player accounts but never paid to them by Full Tilt Poker — would seek compensation through the Justice Department. However, it does not guarantee they will get that money back, according to people familiar with the matter.
Under the deal, Groupe Bernard Tapie will buy the company’s assets for $80 million, according to an agreement letter signed by Jason Cowley, an assistant US attorney in Manhattan, and Groupe Bernard Tapie attorney Behnam Dayanim. The investor will try to restart Full Tilt’s operations outside of the US, Dayanim said.
The deal allows for some money in bank accounts associated with Full Tilt that were seized by the US government to be given to the investment group, according to the agreement letter. Read more…
Could I Build my Credit Score with a Credit Card?
Most of us will need access to credit at some point in our lives and so having a good credit rating is important. Credit cards are often thought to be one financial tool that can be used to help build a credit score – but how does this actually work?
One important thing to note is that a credit card by itself is unlikely to turn around a poor credit rating as this will depend on a number of factors. However, credit cards can be useful if you want to boost your credit rating as long as you meet all of the necessary obligations such as sticking to your credit limit and meeting all of your payments.
This helps to show that you can be responsible with your money and it also gives you a track record that future creditors can look at to see whether you would be a good prospect to lend to. I Read more…
KBC optimistic despite €110m loss
KBC Bank Ireland’s loss was driven by an impairment charge of €187m for under-performing loans in the third quarter and a charge of €282m for the first nine months (up year-on-year from €223m).
Before impairment, the company made a profit of €172m for the period.
Management said that it now expects “a continuing high level of loan provisions into the fourth quarter” and, indeed, to put aside around €200m per quarter, for bad loans, for the next couple of quarters.
However, John Reynolds, chief executive of KBC’s Irish division, said the company continues to see opportunities for growth here and is in the midst of increasing its workforce.
“While 2012 will continue to be tough, we’re ambitious for the future in both of our main lending areas — mortgages and business lending, as well as increasing our presence in retail deposits,” Mr Reynolds said.
KBC Irel
Eight killed in Chinese mine explosion
Miners being rescued from the Qianqiu shaft at Sanmenxia in central China’s Henan province Link to this video
Eight coalminers have died and three others remain missing after an explosion underground in China, state media has reported.
Rescuers have pulled 49 miners alive from the Qianqiu shaft in Sanmenxia, in central Henan province, according to state media. The explosion followed a small earthquake in the area. The miners had been digging a tunnel about 760m long, which seemed to have “basically folded” at 480m after the blast, Xinhua said.
The People’s Daily website said more than 200 workers dug another tunnel to try to reach the trapped miners. The Communist party’s head of propaganda in Yima said survival prospects depended on the intensity of the initial explosion and whether rescuers could provide ventilation.
The pit produces about 2.1m tonnes of coal a year and belongs to the Yima Coal Group, a state-owned firm.
Homeowners hit by more foreclosure notices in third quarter
The number of Minnesotans headed toward foreclosure rose sharply during the third quarter, reversing a yearlong decline, according to the Minnesota Homeownership Center.
Despite the increase, the agency said the number of pre-foreclosure notices throughout the state is still down compared with last year, a hopeful sign that the worst of the mortgage crisis has passed.
Still, there’s still concern that the declines are simply the result of a pause in processing mortgage defaults as lenders sort out complicated legal issues related to the robo-signing debacle. The controversy stemmed from mortgage industry employees signing documents without reading them and using fake signatures.
During the third quarter, counselors for the Homeownership Advisors Network said that 14,586 of its clients received pre-foreclosure notices, a 23 percent decline from the same time last year, but an increase of 9 percent from the second quarter of 2011 when 13,372 notices were received.
What remains to be seen is whether the shift is an anomaly, or a long-term trend.
“We’re waiting with bated breath to see what the fourth quarter will be like,” said Ed Nelson, communications manager for the Homeownership Center.
Newport Tower in Jersey City sells for $377.5 million, biggest office property sale in state history says seller Brookfield Office Properties
Newport Tower, the 36-story, Jersey City home to Bank of America and AXA Equitable, has been sold for $377.5 million, the biggest price tag the state has ever seen for an office property, according to the seller, Brookfield Office Properties of New York.
Multi-Employer Property Trust, a Washington-based real estate equity fund, agreed to buy the building from Brookfield and closed on Tuesday, after about 10 days of negotiations, said broker Jeffrey Dunne of CB Richard Ellis.
He took the lead on negotiating the deals terms on behalf of Brookfield and said the record-setting sale is a good sign for the Gold Coast.
“Thats enormous for them to put that kind of money into New Jersey. Its a good thing,” said Dunne, “and kind of unusual. But it means people have a positive outlook for Jersey City.”
Multi-Employer Property, which represents numerous pension funds, has said it will retain Richard Ellis to manage the buildings leasing.
40% of SMEs paid three months late
Late payments are having a major impact on firms and will lead to business closures if it continues, according to small business group, ISME.
It said the “main culprits” of late payments are accountancy-led big business and the state sector.
The association has recommended that the Government introduce a Fair Payment Charter to ensure that larger businesses and state agencies do not abuse their market dominant position at the expense of small and medium-sized businesses.
Today, the Committee on Jobs, Social Protection and Education will discuss proposals to enhance the availability of credit for businesses.
Chairman of the committee Damien English TD, said: “Whether it is working capital or finance for one-off projects, it is important that business has access to credit.”
ISME said the average payment period in Ireland for smaller firms is 72 days, 42 days overdue.