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Super-Rich Hold Up To $32 Trillion In Offshore Havens: Report
LONDON, July 22 (Reuters) - Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday. The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion. The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co. He used data from the World Bank, International Monetary Fund, United Nations and central banks. The Huffington Post
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Half Of American Households Hold 1 Percent Of Wealth
WASHINGTON -- The share of the nation's wealth held by the less affluent half of American households dropped precipitously after the financial crisis, to 1.1 percent, according to new calculations by Congress's nonpartisan research service. By contrast, the share of total net worth held by the weathiest 1 percent of American households continued rising, hitting 34.5 percent in 2010. The top 10 percent's share was 74.5 percent. The bottom half's share of wealth has declined since it reached a high of 3.6 percent in 1995. But the most dramatic drop occurred after 2007, according to the analysis of data from the Federal Reserve’s latest Survey of Consumer Finances. The Huffington Post
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The Economics Behind Oil and Gas Business Strategies
As the country’s fortunes brighten, more oil and gas will be required to feed a recovery. While there’s a newfound abundance of both, the economics behind finding those resources and then delivering them are tricky. Just what are the business strategies that go into such potential development? Every company, for instance, has an initial cost basis, or what they paid to acquire assets or leasehold interests. Most producers want to make at least a double-digit spread on their cost of capital. So, the profitable producers have both efficient operations and a low cost basis in their natural gas assets. “If you pump $5 million into a oil or gas well, you ideally want to get that principal back with a return in a relatively quick period because of the decline curves associated with shale development,” says an industry source who asked that his name not be used. Energybiz.com
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Tennessee launches effort to turn research into products, jobs
NASHVILLE — Tennessee ranks eighth in the country for the volume of federal grants its university research centers receive, but those dollars are not paying off in terms of new products, companies and jobs. Statistics from the Kauffman Foundation show the state ranks 41st in the number of jobs created from research dollars. But several programs around the state are trying to make sure that promising ideas don't languish for lack of money and resources to develop them. The newest is an initiative by the state-funded Tennessee Technology Development Corp. called Launch Tennessee, which is expected to be mostly in place by September. Memphis Commercial Appeal
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Nashville is at epicenter of 'Made in America' chic
When news emerged last week that Team USA’s Olympic uniforms, designed by Ralph Lauren, were made in China, the reaction was predictably swift and severe. Sen. Majority Leader Harry Reid wanted the outfits burned, suggesting that the athletes should instead wear nothing but a hand-painted USA “symbol” at the opening ceremonies. (Talk about making a statement: We’re nude and poor!) Fox News rushed to the airwaves to denounce the unspeakable Frenchness of the ensemble’s inclusion of a jaunty beret — that is, until somebody pointed out to the gloating anchors that U.S. Special Forces wear berets as a part of their uniform. The Tennessean
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NetApp to add 460 jobs in RTP
Data storage firm NetApp plans to invest $75 million in its Research Triangle Park campus and add 460 jobs over the next four years. The company is eligible to receive up to $11.8 million in state incentives grants if it meets hiring and investment goals. The incentives package was approved by the state’s Economic Investment Committee this afternoon. NetApp chose RTP over Wichita, Kan., where it also has facilities. The expansion will increase NetApp’s research and development operations in RTP, where it already employs 1,450 people. The new jobs will pay an average annual salary of $103,043. Charlotte Observer
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Bank job cuts pressuring Charlotte’s credit rating
Ongoing job cuts at Bank of America and Wells Fargo are putting pressure on the city of Charlotte’s pristine credit rating, according to a report Monday from Moody’s Investors Service. Citing the large percentage of Charlotte’s workforce employed by its two big banks, the ratings agency said the city would need to continue “extreme fiscal discipline” to keep stable as cuts progress. Charlotte has had a perfect credit rating for 37 years, according to the city’s finance department. It has a Aaa rating from Moody’s and a AAA rating from both Standard & Poor’s Ratings Services and Fitch Ratings. Better credit ratings allow cities to borrow money more cheaply. Charlotte Observer
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Florida ports eager to poach Savannah business
Mickey Mouse dissed Georgia last month. Most of the Magic Kingdom’s merchandise, including mouse ears, Duffy Bear pins and sequined Minnie Mouse skirts, will no longer come ashore through the port of Savannah. Walt Disney Co. decided that Jacksonville’s port will now handle three-fourths of the souvenirs imported from China, Thailand and Vietnam destined for theme parks and hotels in centra Florida. The Florida Chamber of Commerce hailed the “tremendous news” as “a major victory” for the state’s ports. As Savannah lobbies for final approval of a massive channel-deepening project, the Disney switch reflects the challenge posed by other southern ports spending big in a bid to capture some of the cargo business Savannah controls or hopes to get. At stake are billions of dollars in economic activity and thousands of jobs, both stretching all the way to metro Atlanta. Atlanta Journal-Constitution
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Georgia ports log annual increase
Georgia's ports posted another record year in fiscal 2012, port officials eported Monday, due largely to big increases in raw material and automobile exports and imports. The port of Savannah moved nearly 3 million containers — up 1.9 percent from fiscal 2011. Savannah is the nation's fourth busiest container port and second largest on the East Coast after New York/New Jersey. So-called breakbulk cargo — kaolin clay, wood and paper products and other raw materials — surged 16 percent on increased demand from China and other manufacturing juggernauts, according to the Georgia Ports Authority (GPA). Atlanta Journal-Constitution
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New Roofs Keep University of Arkansas On Top of the 'Green' World
If you look at a satellite map of Fayetteville next year, you're going to see a little more green. In addition to the football program's new practice field atop a parking deck, the University of Arkansas is adding some twists to its new architecture, including the Hillside Theater under construction: Budgeted at $14.6 million, the project on the campus of the University of Arkansas features a three-tiered roof design that will support trees, shrubbery, ornamental grasses and other plantings. The configuration reflects a design vision that melds topography with structure in a form tied together by man-manipulated greenery. Arkansas Business
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Features & Opinion

 Top Ten Places in the South for Relocating California Companies

In growth, companies find themselves in the dilemma of identifying capital to increase capacity and managing opportunity cost where capital may be deferred. This dilemma is amplified as capacity constraints drive a company to complete the site selection process for an expanding or new facility. 
 

 Randle Report - Business News in the South

 FEATURE  
By Dr. Glen Fenter
Desperation sometimes masks itself in acceptance. Such was the case for Takelia Carter of Marion, Ark. For Carter, the mother of six school-age children in a low paying job, desperation was normative existence. This was her life in Crittenden County, Ark., deep in the Delta where unfortunately one in four families lives well below the poverty level.
 

 Business News in the South - Randle Report

FEATURE     
By Mike Randle
There are numerous factors driving the new industrial revolution in the South. And it is a revolution, as this manufacturing surge that began in 2007 continues to break records year after year in the total number of large, capital intensive projects. One factor, of course, is that reshoring of facilities back to the U.S. continues to grow each year.
 
 Nashville Mayour Karl Dean

We try to change up the categories in our annual Ten Top 10s section, but we always include the "Ten People Who Made a Difference" category. This year though, we are honoring 12 and you will learn why by reading about this group of folks who have made a difference in the South. Here is our annual list that includes executives, economic developers and politicians who have made a difference in the South's economy.


 


 

 

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