Finance and Economic

SureWest Communications is launching on Saturday a one-hour radio show on the region’s high school football programs.

SureWest (NASDAQ: SURW) said Thursday that SureWest Sports Radio Show will debut Saturday from 9 to 10 a.m. on ESPN 1320 AM.

An extension of the SureWest Sports TV program, the radio show will air every Saturday, a news release said.

“The response to the SureWest Sports TV Show, which launched over a year ago, has been overwhelming,” Mike Finnerty, SureWest Sports Show’s host who will also host the new radio program. “I talk to kids, coaches and families everyday, and they always want more coverage. The weekly one-hour radio show with ESPN 1320 is a great extension of our TV program and allows us to dig deeper into the Sacramento’s high school sports scene to whet the appetites of our die-hard high school sports fans.”

The radio show will feature regular weekly contributions from knowledgeable local sports sources, including head coaches and sports writers in the region. Contributors will include Sacramento Bee writer Joe Davidson, Jon Gudel of the Elk Grove Citizen and Bill Hicks of the Grapevine Independent.

SureWest Sports Radio Show will recap the previous night’s games and preview the next week’s contests, the release said. Each week Finnerty also will rank his top 15 local football teams.

“Utilizing our relationship with the SureWest Sports Show and Mike Finnerty allows ESPN 1320 to now provide even more in-depth high school football coverage on the area’s most popular sports radio station,” Brian Lopez, ESPN 1320’s program director, said in the release. “Mike and his guests on the show bring a unique and unparalleled amount of knowledge and passion for high school sports in Sacramento and we are excited to have them on ESPN 1320.”

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Four Ohio pension funds have joined the New York state retirement fund in filing a class-action suit against BP for allowing its stock to plunge in value, New York State Comptroller Thomas DiNapoli said on Wednesday.

The four Ohio funds — the Ohio Public Employees Retirement System, the State Teachers Retirement system of Ohio, the School Employees Retirement System of Ohio and the Ohio Police & Fire Pension Fund — have a combined value of $150 billion.

These funds joined the New York State Common Retirement Fund, worth $132 billion, in filing suit against BP (BP), which has lost about 45% of its market value since the company’s oil well blew up an offshore rig in the Gulf of Mexico in April, killing 11 workers and unleashing a massive spill.

"BP misled investors with false and misleading statements about the safety of its drilling operations and its ability to fix events like the oil spill," DiNapoli said in an announcement that he released with Ohio Attorney General Richard Cordray, who represents the legal interests of the Ohio funds.

"By forming a partnership between New York and Ohio, we aim to compensate investors for what we believe was securities fraud and effect real change in the way BP and other companies do business," DiNapoli added payday loans.

BP did not immediately respond to calls seeking comment.

The New York fund, the country’s third-largest, originally filed suit against BP in June. The fund held 19 million BP shares at the time of the explosion.

Robert Whalen, spokesman for the New York comptrollers, said the New York fund is filing as a co-lead plaintiff with the Ohio funds. He said there are also four pending actions filed through U.S. district courts in Louisiana and California, but they will eventually be consolidated into one.

BP has agreed to set aside $20 billion in an escrow account for spill-related costs. The company also decided to suspend its dividend for the rest of the year.

On Wednesday, the Times of London reported that Tony Hayward is getting ready to step down from his job as chief executive officer, but BP denied the report.  

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Shares of rig operator Transocean Ltd. rose more than 10 percent Friday after analysts downplayed the company’s liability in the Gulf oil spill.

As Congress continues its investigation of the disaster, analysts say that Transocean’s potential liability appears to be declining. The rise in shares helps recover at least some losses after Transocean’s stock began its slide from about $90 per share just before the explosion of the April 20 Deepwater Horizon rig, which Transocean operated for BP.

Shares of Transocean (NYSE: RIG) closed Friday at $54.61, up $5.18 from its previous close.

The company, which has its corporate headquarters in Switzerland but maintains a significant presence in Houston, is faring better than other firms involved in the Gulf oil spill.

Both BP and Anadarko Petroleum Corp. suffered downgrades from rating agencies this week.

BP (NYSE: BP) took a downgrade by Moody’s Friday when the agency lowered the company’s rating from A2 to Aa2 on fears of the escalating cleanup and liability costs. That’s the third downgrade by a rating agency this week for BP.

Anadarko (NYSE: APC), which holds a 25 percent stake in the Macondo well where the Deepwater Horizon exploded, was downgraded by Fitch to “negative” from “stable” earlier this week after the agency estimated the spill could cost Anadarko up to $6 billion.

The Houston Business Journal is providing continuous coverage of the Gulf oil spill.

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Need a cab? Just text.

St. Louis County Cab/Yellow Cab, the area’s largest taxi company, has rolled “text for taxi.”

Customers can text their pick-up address and ZIP code to 971-TAXI (8294).

President Basil Rudawsky said the company was the first locally to offer the text service.

Customers also can order a cab online.

“We have received great feedback from our customers,” Rudawsky said.

St. Louis County Cab/Yellow Cab is owned and operated by Tom Gregerson and has a fleet of more than 250 vehicles.

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Gas prices in Denver rose again over the last week, the latest in several weeks of increases, with the average price of premium gas nearing $3 a gallon, according to the American Automobile Association’s Daily Fuel Gauge Report.

Monday’s average price for regular-grade gasoline in Denver is $2.66-5/10ths, up 2 cents in a week and up about 21 cents from its $2.46 price in mid-February, when prices began a slow rise, AAA says.

Mid-grade gas in Denver averages about $2.85, up 2.2 cents from a week ago. Premium gas is $2.98, up 2.3 cents in a week, and diesel is $2.84, up 2 cents in a week.

Oil prices have been gaining recently and surpassed $85 cents a barrel early Monday.

The highest price ever recorded for regular gas in Denver was $4.00-6/10ths a gallon on July 17, 2008. A year ago Monday, regular cost $1.95 a gallon.

Statewide Monday in Colorado, the average price of regular gas is about $2.71, AAA says, while mid-grade is $2.90, premium $3.03 and diesel $2.89.

Nationwide, regular gas costs an average of $2.83 Monday, up 2.8 cents from a week ago and up 9.2 cents from a month ago.

Colorado is again among the 10 states with the cheapest gas, AAA says. Pump prices are lowest this week in Colorado, Texas, Oklahoma, Missouri, Arkansas, Mississippi, Tennessee, South Carolina, New Jersey and New Hampshire.

The Fuel Gauge Report is compiled for the AAA by the Oil Price Information Service with the help of Wright Express.

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European Union Monetary Affairs Commissioner Olli Rehn will likely push Greece to do more to cut its budget deficit today as governments craft a possible rescue package for the cash-strapped nation.

Rehn will meet with Prime Minister George Papandreou as German lawmakers say euro-area officials are devising a plan to grant Greece about 25 billion euros ($34 billion) in aid should it need help financing its debt, possibly by using state-owned lenders such as the KfW Group to buy its bonds.

German Chancellor Angela Merkel and Luxembourg Prime Minister Jean-Claude Juncker signaled yesterday that Rehn will warn Greece it must do more to narrow the EU’s largest budget gap and can’t rely on taxpayers elsewhere to help until it acts. Adding to the political pressure, the fiscal strategy of Papandreou’s government may soon be tested by investors as it readies a sale of as much as 5 billion euros of 10-year notes.

“If the Greek government cannot raise the necessary funds in the commercial market, which continues to look unlikely, then bilateral loans will be forthcoming,” said Erik Nielsen, chief European economist at Goldman Sachs Group Inc. in London.

The euro weakened for the first time in four days, falling to $1.3608 from $1.3631. It declined versus 13 of 16 most-active currencies.

Deficit Reduction

Rehn arrives after European officials pored over the government’s books to verify it’s doing enough to knock 4 percentage points off its budget deficit from last year’s 12.7 percent of gross domestic product. The country has until March 16 to satisfy fellow EU governments that its deficit reduction plan is on track and faces being pressed to increase consumer taxes and lower capital spending if it can’t show sufficient progress.

Juncker, who speaks for euro-area finance ministers, yesterday indicated more will be demanded. Greece needs to “take additional actions” to pare its shortfall and “must understand that the taxpayer in Germany, Belgium or Luxembourg isn’t prepared to correct the mistakes of Greek fiscal policy,” he told Eleftherotypia newspaper.

In an interview with ARD Television, Merkel denied money has been set aside to bail out Greece and said the country has to “do its homework.” Speaking after the euro recorded its third straight monthly loss against the dollar, its longest losing streak since November 2008, Merkel said the single currency is “certainly facing the most difficult phase.”

‘May Not Survive’

Billionaire investor George Soros said on CNN yesterday that the euro “may not survive” the Greek turmoil.

Investors last week continued to question Greece’s chances of cutting its budget deficit. Greek two-year yields rose by as much as 75 basis points on Feb. 25, the most since Jan. 20. The spread between 10-year German bunds and Greek securities of a similar maturity widened 12 basis points in the week to 330 basis points payday loans with no fax.

Still, the cost of insuring against default on Greek government debt fell for the first day in more than a week on Feb. 26 on speculation the nation will pledge tougher steps. Credit-default swaps on Greece dropped 35.6 basis points to 364.02, according to CMA Datavision. The contracts are down from Feb. 4’s record 428.25 basis points.

Papandreou told the Greek parliament on Feb. 26 that the nation will “meet the challenge with whatever cost and pain we will need to go through.” Government spokesman George Petalotis said in an interview the same day that more measures will be concerned if the EU deems it necessary.

EU Limit

Greece needs to raise 53 billion euros this year and redeem more than 20 billion euros of bonds by the end of May, according to data compiled by Bloomberg. It vows to reduce its budget gap below the EU limit of 3 percent of GDP in 2012. The European Commission forecasts a debt equivalent to 124.9 percent of GDP this year.

KfW’s purchase of Greek bonds, backed by German government guarantees, would be an emergency measure as it would risk inviting investors to speculate against other euro region countries, the German lawmakers said on condition of anonymity because the information is confidential. France’s state-owned Caisse des Depots may also be involved, Greece’s Ta Nea newspaper reported Feb. 27. The Wall Street Journal said the plan may total 30 billion euros.

“Greece won’t be allowed to sink on the condition it respects its commitments to stabilize its budget,” French Finance Minister Christine Lagarde told Europe 1 radio yesterday. “We have a certain number of proposals in the euro zone, involving either private partners or public partners or both.”

Strikes

EU leaders ordered Greece on Feb. 11 to slash its budget deficit, while promising “determined” yet unspecified action to help if needed. Papandreou will on March 5 meet with Merkel, who yesterday suggested she is worried “emotions” may be spinning out of control.

Complicating the country’s efforts last week were another round of strikes and warnings from Standard & Poor’s and Moody’s Investors Service that they may soon cut Greece’s debt rating if the government flounders in reducing its deficit.

The government intends to sell 10-year notes by early March, according to a Jan. 26 statement from the Public Debt Management Agency. Fund managers who may take part in the issue say Greece must offer the biggest premium over benchmark German debt since 1998, paying a coupon of about 7 percent.

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Imagine, in an alternate universe, Ontario had been in lengthy negotiations with Samsung Group to bring 16,000 green-collar jobs to the province, part of an ambitious plan by the Korean industrial giant to manufacture and deploy green-energy gear.

But at the 11th hour the province fails to step up and Samsung goes with Michigan, New York or Ohio instead.

Opposition parties would be accusing the McGuinty government of "losing jobs to the Americans." Industry groups would be calling Ontario a laggard without vision or guts.

Now, back to this universe. Ontario is the winner.

It kept a $7 billion clean-energy deal from flowing south, and it did it by putting the right regulations and policies in place to attract that investment.

Samsung, which has committed to building four manufacturing plants in Ontario and developing 2,500 megawatts of wind and solar projects, said it and its consortium partners were lured to Ontario because this province’s new Green Energy Act and feed-in-tariff program stood out in North America.

The response so far?

Boos from the opposition, which is accusing the government of cutting a backroom deal with a foreign company that will lead to higher electricity prices.

This kind of rhetoric ignores the fact that we’re living in 2010, not 1960.

Electricity infrastructure is aging and replacing it is going to cost more – more so in a world that puts a price on carbon emissions.

The days of cheap, dirty electricity are coming to an end. There’s no way around it.

Another reaction to the Samsung deal has been panic from local power producers, including wind and solar developers, who argue they’re being treated unfairly because of special treatment given to Samsung.

Samsung is getting roughly 4 per cent more for the solar and wind power it produces than other participants in Ontario’s feed-in-tariff (FIT) program, which already pays a generous amount to producers of renewable electricity.

The government calls this extra incentive an "economic adder," which is used as a flexible negotiating tool – not unlike tax breaks used to lure foreign investment.

It’s expected this adder, which over 25 years has a net-present value of $437 million, will contribute $1.60 more a year to the average residential electricity bill.

Put another way, that’s an increase of 0.15 per cent on the power bill of a typical household.

As one industry observer said, that’s the cost of paying for a large double-double at Tim Horton’s once a year.

The $437 million also comes with many strings attached. If Samsung and its consortium partners don’t deliver on manufacturing and jobs, then they forfeit the adder.

A legitimate question, however, is whether other parties can qualify for the same kind of economic adder granted to Samsung.

At least two other consortia, both based primarily in Ontario, are attempting to establish supply chains in the province to manufacture wind turbines and create thousands of jobs.

They may not have a long track record, and they may lack the brand power and deep pockets of a Samsung, but they are local companies deserving of local support and the confidence of their own government.

Premier Dalton McGuinty made clear last week that if any other consortia – local or foreign – want to talk about manufacturing, energy development and job creation on a large scale, then he’s all ears online payday loans.

He should be held to those words, for the sake of fairness.

Speaking of fairness, why has 500 megawatts of transmission capacity been set aside for the Korean consortium when everyone else has to duke it out for access?

The industry protest on this point is understandable.

The whole point of the Green Energy Act and FIT program is to provide equal access to the grid and electricity rates that are the same for all participants.

Only 2,500 megawatts of transmission capacity are available in Ontario, and they’re particularly scarce in the areas of southwest Ontario where Samsung is being given priority.

Other developers waiting patiently for grid access see the Korean giant as a VIP being shuffled to the front of the line. They’re angry.

But on further reflection, taking this position is akin to saying the government doesn’t have a right to reserve transmission for any big project, like a natural gas power plant?

In fact, it did exactly that when it negotiated a deal to have Sithe Global, a large U.S. power developer, build an 840-megawatt natural gas plant in Brampton. It may be a hard pill for some to swallow, but why is the Samsung deal any different? Critics, however, have another concern. They charge that the McGuinty government broke protocol by striking a sole-sourced deal with Samsung. The insinuation here is that a request for proposals should have been put out so Samsung’s rivals could submit competing bids. Opposition parties, for example, are already calling this another e-health scandal in waiting.

The leap of logic here is mind-boggling. Governments put out tenders for specific things, like fleet vehicles, office equipment and IT systems as a way to notify industry of a particular need. The vague but ongoing task of building the economy and creating jobs, on the other hand, is an open invitation to anyone with a proposal, and you can bet those proposals are being shopped around to other job-hungry jurisdictions.

We’re in a seller’s market. This isn’t about Ontario ensuring competition. This is about Ontario having to desperately compete for jobs during difficult economic times.

Indeed, the province’s strategy in this regard is quite clever, even if it is somewhat sneaky. Think about it. There appears nothing in this Samsung deal that impacts the budget. The McGuinty government is, in effect, using electricity rates to cover the cost of a major economic development strategy – kind of like adding a special fee on gasoline sales to lure a major automaker to the province.

A controversial approach to be sure, particularly with the HST coming to our hydro bills in July, but certainly this is one creative way of investing in jobs without adding to a record provincial deficit.

The Samsung deal isn’t perfect, but it’s pretty darn good. Now, Mr. Premier, you just need to open your ears and land a couple of large local deals. They’re out there, in your own backyard. You just have to listen and have a little faith in Ontario entrepreneurs.

thamilton@thestar.ca

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O’FALLON, ILL. — Balke Brown Associates of St. Louis plans to start work this spring on a 232-unit, high-end apartment development near the intersection of Green Mount Road and Frank Scott Parkway East.

The CEO, Steve Brown, said he thinks Parkway Lakeside Apartment Houses will be the premier upscale apartment complex in the St. Louis area.

Brown said the $27 million project makes sense because of its location. He said there is a strong market for luxury apartments in the area around Scott Air Force Base, which employs about 15,000 people and is largely unaffected by the current recession.

"(Many) people don’t understand that Scott Air Force Base is the Number 3 employer in the St. Louis area," Brown said. "Scott is growing and adding people."

The apartments will be built on a 20-acre site on the north side of Frank Scott Parkway, about 2,000 feet west of Green Mount Road. It will be adjacent to Green Mount Lakes Apartments, built by Balke Brown Associates five years ago and later sold. The two projects are at the edge of a booming restaurant and retail district and about a minute’s drive from Interstate 64. The company owns five acres of adjacent land planned for commercial development.

The building contractor will be Holland Construction Services of Swansea. Riverstone Residential of Dallas will manage the property for Balke Brown.

Humphreys & Partners of Dallas designed it, using the "big house" concept pioneered by that firm.

The 20 two-story apartment structures will have 10 to 14 units and be designed to look like large houses. The buildings will have only single front entrances with no breezeways or exposed stairways. Many units will have enclosed parking. Other amenities will include fireplaces, patios, balconies, a clubhouse, a swimming pool, a putting green, a walking trail and a recreational lake.

Prices will range from $950 monthly for a one-bedroom apartment to $1,650 for a two-bedroom unit with two-car garage no teletrack payday loans.

Some aldermen questioned the company’s proposal to make some parking spaces a foot shorter than the city’s 19-foot requirement, but the City Council ultimately agreed to variances that will allow 11 fewer parking spaces than the 476 that otherwise would be required by city code.

Brown said the council agreed that 60 percent of those could be 18 feet rather than 19 feet deep and said the variances will allow a design that will feature 45 percent open or green space.

"We made the argument that green is better than black," he said. "I think the project would have been less eco-friendly" if built to the letter of the code.

Ted Shekell, O’Fallon’s planning and zoning director, said city officials welcome the project.

"Balke Brown has been a great part of our town so far," he said. In addition to the earlier apartment development, the company also built an office building on the other side of I-64.

Shekell said he thinks the new development will be "a good fit for O’Fallon and this area. In a tough economic environment, we’re happy to have them interested in our community. I think it’s the kind of project you need for people who aren’t looking to buy (single-family houses) right now."

Shekell said development has slowed in O’Fallon, but the city of 30,000 still had 110 new houses started in 2009. That’s down from a 15-year average of 240, but house building is a near standstill in many area communities and around the country.

"Scott is a leveling influence on the economy of this area," Shekell said. There has been a downturn but investment has not stopped."

Brown said the area "feels like a young Chesterfield" to him.

"There is no recession there," he said.

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NEW YORK–AT&T Inc. said Thursday it would no longer sponsor Tiger Woods, joining Accenture in dropping support for the world’s top golfer, who’s taking a break from the sport to focus on his marriage after his admitted infidelity.

The phone company hasn’t used Woods’ image extensively in advertising, but its logo appeared on his golf bag. That deal had been billed as a "multiyear" agreement when it was signed early in 2009, after Buick ended its endorsement one year early because of its financial woes.

Woods has also been the host of the AT&T National PGA Tour event since it started in 2007. Tour spokesman Ty Votaw said that since Woods is on indefinite leave from professional golf, he will not serve as host for the 2010 event. However, his Tiger Woods Foundation will continue to be the beneficiary of the AT&T National, under a contract that runs through 2014, Votaw said.

AT&T said it would continue to sponsor the event.

Woods won the 2009 AT&T National in July at the Congressional Country Club in Bethesda, Md.

The AT&T National tournament is moving to Aronomick Country Club in eastern Pennsylvania for the next two years as Congressional prepares to play host to the 2011 U.S. Open.

AT&T has also been the presenting sponsor of the annual Tiger Jam concert event in Las Vegas.

AT&T, which is based in Dallas, did not comment on its reasons for dropping Woods, or how much the relationship was worth.

Woods’ agent, Mark Steinberg, had no comment on AT&T’s decision.

Woods’ image has taken a beating since a late November car accident at the golfer’s Florida home was followed by an admission of extramarital "transgressions."

Consulting firm Accenture dropped the athlete two weeks ago, saying he was "no longer the right representative" of the company’s values.

Gillette, a unit of the Procter & Gamble Co., also has said it won’t air ads for its razors that include Woods or include him in public appearances.

Swiss watch maker Tag Heuer, a unit of luxury goods empire LVMH Moët Hennessy Louis Vuitton, also said that it would "downscale” its use of golfer Tiger Woods’ image in its advertising campaigns for the foreseeable future.

Electronic Arts Inc., which puts out the "Tiger Woods PGA Tour" series of golf video games, has not said what its plans are for the franchise.

Nike Inc. and PepsiCo Inc.’s Gatorade are other big sponsors that haven’t severed their ties.

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The St. Louis chapter of the Public Relations Society of America is celebrating its 60th anniversary. It was founded in 1949 by 14 local public relations professionals as the organization’s seventh chapter.

The society now has 110 professional chapters in 10 districts nationwide advance payday loans.

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