Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/319265207?client_source=feed&format=rss
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Sunday, July 14, 2013
Golf and business club operator plans $100M IPO
- Staff Atlanta Business Chronicle
The operator of eight Atlanta-area business and golf clubs has filed for a $100 million initial public offering.
Dallas-based ClubCorp Holdings Inc. says in a July 12 filing with the Securities and Exchange Commission that it hopes to raise up to $100 million in the stock offering. Its shares would be listed on the New York Stock Exchange.
ClubCorp owns Country Club of Gwinnett, Country Club of the South, Eagles Landing Country Club, Northwood Country Club, Bear's Best Atlanta, Laurel Springs Golf Club, the Buckhead Club and the Commerce Club. It also owns Woodside Plantation Country Club in Augusta, Ga.
In 2010, ClubCorp acquired Country Club of the South for $7.4 million after it had been foreclosed upon. The company then invested $2 million in refurbishments. It says Country Club of the South's membership has since grown more than 8 percent each year.
In addition to its Georgia clubs, ClubCorp owns 15 in and around Dallas, eight in the Los Angeles area, four near Sacramento, Calif., four in and around Phoenix, and four near Tampa, Fla.
The company says it lost $27 million on revenues of $535 million in 2012. It plans to use the proceeds from the IPO to repay debt.
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JPMorgan: At or above current mortgage rates "refinance volumes ...
by Bill McBride on 7/12/2013 08:47:00 AM
A few excerpts from the JPMorgan investor presentation (Q2 results):
Mortgage Production pretax income of $582mm, down $349mm YoY, reflecting lower margins and higher expense, partially offset by higher volumes and lower repurchase lossesMortgage originations of $49.0B, up 12% YoY and down 7% QoQ
Purchase originations of $17.4B, up 50% YoY and 44% QoQ
...
If charge-offs and delinquencies continue to trend down, there will be continued reserve reductionsRealized repurchase losses may be offset by reserve reductions based on current trends
If primary mortgage rates remain at or above current levels, refinance volumes and margins will be under pressure and Mortgage Production profitability will be challenged
emphasis added
Click on graph for larger image. This graph is from the JPMorgan presentation this morning. The good news is mortgage delinquencies are trending down, and purchases originations are up sharply year-over-year.
However the refinance volumes and margins will probably fall off a cliff in Q3.
Source: http://www.calculatedriskblog.com/2013/07/jpmorgan-at-or-above-current-mortgage.html
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Tuesday, July 2, 2013
House Dems seek path to final immigration deal
House Dems seek path to final immigration deal
By DONNA CASSATABy DONNA CASSATA, Associated Press?
?FILE - This April 22, 2013 file photo shows Janet Murguia, president and CEO, National Council of La Raza, on Capitol Hill in Washington. Minorities _ Hispanics, women, blacks, Asians _ stand as the majority among House Democrats, giving them considerable clout in pushing for the most massive rewrite of the nation?s immigration laws in a generation. As the immigration fight shifted to the House, rank-and-file Democrats delivered a simple message to their party leader on Friday: If Republicans who call the shots make good on their promise to bring up single-issue legislation, we?ll only go along if it gets us to negotiations with the Senate. (AP Photo/Jacquelyn Martin, File)
FILE - This April 22, 2013 file photo shows Janet Murguia, president and CEO, National Council of La Raza, on Capitol Hill in Washington. Minorities _ Hispanics, women, blacks, Asians _ stand as the majority among House Democrats, giving them considerable clout in pushing for the most massive rewrite of the nation?s immigration laws in a generation. As the immigration fight shifted to the House, rank-and-file Democrats delivered a simple message to their party leader on Friday: If Republicans who call the shots make good on their promise to bring up single-issue legislation, we?ll only go along if it gets us to negotiations with the Senate. (AP Photo/Jacquelyn Martin, File)
FILE - In this July 2, 2012 file photo, Rep. Peter Welch, D-Vt. speaks in Montpelier, Vt. Minorities _ Hispanics, women, blacks, Asians _ stand as the majority among House Democrats, giving them considerable clout in pushing for the most massive rewrite of the nation?s immigration laws in a generation. As the immigration fight shifted to the House, rank-and-file Democrats delivered a simple message to their party leader on Friday: If Republicans who call the shots make good on their promise to bring up single-issue legislation, we?ll only go along if it gets us to negotiations with the Senate. (AP Photo/Toby Talbot, File)
FILE - In this March 10, 2011 file photo, Rep. Al Green, D-Texas, listens during a hearing on Capitol Hill in Washington. Minorities _ Hispanics, women, blacks, Asians _ stand as the majority among House Democrats, giving them considerable clout in pushing for the most massive rewrite of the nation?s immigration laws in a generation. As the immigration fight shifted to the House, rank-and-file Democrats delivered a simple message to their party leader on Friday: If Republicans who call the shots make good on their promise to bring up single-issue legislation, we?ll only go along if it gets us to negotiations with the Senate. (AP Photo/Alex Brandon, File)
In this photo taken June 27, 2013, House Minority Leader, Democrat Nancy Pelosi of California, speaks at a Capitol Hill news conference in Washington. The Republican chairman of the House Judiciary Committee said Sunday, June 30, that any attempt at comprehensive immigration legislation cannot offer a "special pathway to citizenship" for those in the United States illegally. That approach, said Pelosi Sunday, could block the GOP's hopes of ever winning the White House. (AP Photo/Susan Walsh)
WASHINGTON (AP) ? Hispanics, blacks, Asians and women who together make up the majority of House Democrats publicly disparage Republicans' piecemeal approach to immigration and their omission of any legalization path for 11 million immigrants living here unlawfully.
But privately and pragmatically, Democrats recognize the GOP strategy may be their only route available to an historic policy change.
Speaker John Boehner, who controls the agenda in the Republican-led House, has said flatly that the House will not consider the bipartisan, Senate-passed bill. That measure promises a long path to U.S. citizenship for millions, plus billions of dollars in new spending for security along the U.S-Mexico border.
With few options, Democrats and many Republicans hope party leaders and President Barack Obama can come up with a compromise ? maybe in the fall.
Associated Press
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Monday, July 1, 2013
Justin Bieber's 'Heartbreaker' Will End The Critics' 'Witch Hunt'
Manager Scooter Braun tells MTV News that Bieber will address the 'bullsh--' on next album.
By Jocelyn Vena
Justin Bieber
Photo: Europa Press
Source: http://www.mtv.com/news/articles/1709842/justin-bieber-heartbreaker.jhtml
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Southwest braces for more sizzling temperatures
Kim Roer smiles as she cools off at the splash pad at Tempe Beach Park during the Tempe Bicycle Action Group swimsuit ride in Tempe, Ariz. on Saturday, June 29, 2013. About 100 biked around the city cooling off in splash pads, pools and fountains. (AP Photo/The Arizona Republic, David Wallace)
Kim Roer smiles as she cools off at the splash pad at Tempe Beach Park during the Tempe Bicycle Action Group swimsuit ride in Tempe, Ariz. on Saturday, June 29, 2013. About 100 biked around the city cooling off in splash pads, pools and fountains. (AP Photo/The Arizona Republic, David Wallace)
Quyenh Lam of Toronto stops to shoot video of the Bellagio fountain show along The Strip, Saturday, June 29, 2013 in Las Vegas. Saturday's daytime high was expected to reach 117 degrees, which is the city's all-time high. It was 108 at noon Saturday in Sin City. (AP Photo/Julie Jacobson)
Brian Stolfa of Scottsdale, Ariz. gets on his bike after cooling off in the fountain in front of Old Main on the Arizona State University campus in Tempe, Ariz. during the Tempe Bicycle Action Group swimsuit ride on Saturday, June 29, 2013. About 100 cyclists biked around the city cooling off in pools and fountains. (AP Photo/The Arizona Republic, David Wallace)
People play in a pool in an apartment complex in Tempe, Ariz. during the Tempe Bicycle Action Group swimsuit ride on Saturday, June 29, 2013. About 100 cyclists biked around the city cooling off in pools and fountains. (AP Photo/The Arizona Republic, David Wallace)
Mark Eastwood of Tempe, Ariz. gets out of the fountain in front of Old Main on the Arizona State University campus in Tempe during the Tempe Bicycle Action Group swimsuit ride on Saturday, June 29, 2013. About 100 cyclists biked around the city cooling off in pools and fountains. (AP Photo/The Arizona Republic, David Wallace)
LAS VEGAS (AP) ? High temperatures brought discomfort to much of the Southwest on Sunday as many parts of the region were coming off several record-breaking heat days and bracing for more sizzling temperatures.
Triple-digit heat struck again in the valleys and desert regions of Southern California, while metropolitan Phoenix saw just a slight drop in temperatures after experiencing record-breaking heat Saturday.
Six half-marathon runners in Southern California were hospitalized Sunday for heat-related illnesses. A day earlier, paramedics responding to a Nevada home without air conditioning found an elderly man dead.
Runners in the Southern California race who required medical attention were extremely dehydrated, and some experienced cramps, Pasadena Fire Department spokeswoman Lisa Derderian said. Several other runners were evaluated along the route but weren't taken to the hospital, she said.
Paramedics were deployed along the 13.1-mile race, and buses with air conditioning were provided for runners to cool off. The event was supposed to be a marathon, but it was downgraded due to low turnout last year.
Hikers, bikers and dog walkers were scarce on typically busy trails in the Santa Monica Mountains above Los Angeles. At midday, two women and a panting German shepherd huddled in a rare sliver of shade along a fire road before striking out in the hot sun.
Atop San Vicente Peak, cyclist Jeff Disbrow, 49, of Santa Monica was clad in black and lathered in sweat as he took a break and refilled his water bottle.
"It's not the best day to be out here ? unless you want to suffer," he said. "It's like Arizona."
In Utah, a record 105-degree heat caused an interstate on-ramp to buckle in Salt Lake City, and hampered firefighters in their battle against three wildfires. The Interstate 215 on-ramp had to be closed for four hours Saturday night after a short section of it expanded, Utah Department of Transportation spokesman John Gleason said.
The section looked like a pothole before it was repaved, he said. No problems were reported, and traffic was rerouted around the closed lane.
Phoenix Fire Department spokesman Larry Nunez said the city hasn't seen any deaths that were classified as heat-related, but emergency workers have gotten 98 heat-related calls within the metro area since Friday morning.
The 119-degree high in Phoenix on Saturday marked the fourth-hottest day in metro Phoenix since authorities started keeping temperature records more than 110 years ago. The high temperature for the metro area hit 115 on Sunday.
Temperatures could drop slightly in Phoenix within the coming days as monsoon storms are expected to make their way through the state. Such storms could bring cloud cover but could produce more humidity and possibly contribute to dust storms.
Several Southern California communities set same-day record highs Saturday including Palm Springs, where the mercury peaked at 122 degrees.
Death Valley, the hottest place on the planet, reached 127 degrees Saturday. It was forecast to be 1 degree hotter Sunday. As sweltering as it will be, it's still shy of the record high of 134 degrees, set nearly a century ago on July 10, 1913.
In Las Vegas, temperatures were on the rise again after the city reported a record overnight low of 89 degrees Sunday.
With the temperature at 111 degrees early Sunday afternoon, National Weather Service forecaster Dan Berc said Las Vegas could also break its record high of 117 degrees set in 2005 and 1942. Forecasters are calling for the high to reach 116 degrees.
On Saturday, a man died and another was hospitalized in serious condition in Las Vegas heat-aggravated incidents as the temperature soared to 115 degrees.
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Diamond catalyst shows promise in breaching age-old barrier
June 30, 2013 ? In the world, there are a lot of small molecules people would like to get rid of, or at least convert to something useful, according to University of Wisconsin-Madison chemist Robert J. Hamers.
Think carbon dioxide, the greenhouse gas most responsible for far-reaching effects on global climate. Nitrogen is another ubiquitous small-molecule gas that can be transformed into the valuable agricultural fertilizer ammonia. Plants perform the chemical reduction of atmospheric nitrogen to ammonia as a matter of course, but for humans to do that in an industrial setting, a necessity for modern agriculture, requires subjecting nitrogen to massive amounts of energy under high pressure.
"The current process for reducing nitrogen to ammonia is done under extreme conditions," explains Hamers, a UW-Madison professor of chemistry. "There is an enormous barrier you have to overcome to get your final product."
Breaching that barrier more efficiently and reducing the huge amounts of energy used to convert nitrogen to ammonia -- by some estimates 2 percent of the world's electrical output -- has been a grail for the agricultural chemical industry. Now, that goal may be on the horizon, thanks to a technique devised by Hamers and his colleagues and published June 30, 2013 in the journal Nature Methods.
Like many chemical reactions, reducing nitrogen to ammonia is a product of catalysis, where the catalytic agent used in the traditional energy-intensive reduction process is iron. The iron, combined with high temperature and high pressure, accelerates the reaction rate for converting nitrogen to ammonia by lowering the activation barrier that otherwise keeps nitrogen, one of the most ubiquitous gases on the planet, intact.
"The nitrogen molecule is one of the happiest molecules around," notes Hamers. "It is incredibly stable. It doesn't do anything."
One of the big obstacles, according to Hamers, is that nitrogen binds poorly to catalytic materials like iron.
Hamers and his team, including Di Zhu, Linghong Zhang and Rose E. Ruther, all of UW-Madison, turned to synthetic industrial diamond -- a cheap, gritty, versatile material -- as a potential new catalyst for the reduction process. Diamond, the Wisconsin team found, can facilitate the reduction of nitrogen to ammonia under ambient temperatures and pressures.
Like all chemical reactions, the reduction of nitrogen to ammonia involves moving electrons from one molecule to another. Using hydrogen-coated diamond illuminated by deep ultraviolet light, the Wisconsin team was able to induce a ready stream of electrons into water, which served as a reactant liquid that reduced nitrogen to ammonia under temperature and pressure conditions far more efficient than those required by traditional industrial methods.
"From a chemist's standpoint, nothing is more efficient than electrons in water," says Hamers, whose work is funded by the National Science Foundation. With the diamond catalyst, "the electrons are unconfined. They flow like lemmings to the sea."
While the method was demonstrated in the context of reducing nitrogen to a valuable agricultural product, the new diamond-centric approach is exciting, Hamers argues, because it can potentially fit a wide range of processes that require catalysis. "This is truly a different way of thinking about inducing reactions that may have more efficiency and applicability. We're doing this with diamond grit. It is infinitely reusable."
The technique devised by Hamers and his colleagues, he notes, still has kinks that need to be worked out to make it a viable alternative to traditional methods. The use of deep ultraviolet light, for example, is a limiting factor. Inducing reactions with visible light is a goal that would enhance the promise of the new technique for applications such as antipollution technology.
Source: http://feeds.sciencedaily.com/~r/sciencedaily/most_popular/~3/zbzxBs1Pjuc/130630144449.htm
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