(WisBusiness) FRI News Summary — 24 Oct. 2008

From WisBusiness.com …

— The Dow Jones average fell sharply immediately after the opening bell, before recovering somewhat. It was down about 300 points as of 9 a.m.

— Several companies have notified the state about a combined 290 layoffs, although not all of those are expected to be permanent.

*Tecumseh Power Systems announced 70 permanent layoffs in Grafton and 20 in New Holstein, resulting in the closure of both locations. The layoffs are expected to occur between between Dec. 8 and June 30. The layoffs include salaried employees and hourly warehouse workers.

*Marinette Marine announced 137 layoffs beginning Oct. 26. The company attributed the layoffs to the failure to win one military contract and the postponement on the decision of another. An uptick in business or reconsideration of military contracts could mitigate the layoffs.

*Wick Builders in Marshfield said it is permanently laying off 63 workers beginning in late December due to a significant downturn in business.

— Menzie Chinn, a professor in the Robert M. La Follette School of Public Affairs and the Department of Economics at the University of Wisconsin-Madison, will discuss “The Global Financial Crisis: What You Need to Know Now” in a lecture sponsored by the UW-Madison Center for World Affairs and the Global Economy.

The talk will be held at noon on Thursday, Oct. 30, in the Capitol Conference Room at Grainger Hall, 975 University Ave. The event is free and open to the public.

— Read a new advice piece on how Internet-based phone systems can help a business with sales and customer satisfaction: http://www.wisbusiness.com/index.iml?Article=139798



**NOV. 3: New UW-Madison Chancellor Biddy Martin**

Madison Club

11:45 a.m.

The next WisBusiness.com Luncheon at the Madison Club, organized by the Madison Club, Madison Magazine, and WisBusiness.com, is slated for Monday, Nov. 3 at 11:45 a.m. The guest is new UW-Madison Chancellor Carolyn “Biddy” Martin.

To learn more about Chancellor Martin visit: http://www.chancellor.wisc.edu/

The event is open to the public, and the price for lunch is $19. Call the Madison Club to register at (608) 255-4861. The luncheon starts at 11:45 a.m. and ends at 1 p.m.

**NOV. 18: A post-election look at where the state economy is heading**

Discovery World


7:30-9 a.m.

Featuring: Commerce Secretary Richard Leinenkugel, former Commerce Secretary Cory L. Nettles of Quarles & Brady, Competitive Wisconsin Director and former Commerce Secretary William McCoshen, state Sen. Ted Kanavas, a member of the Senate committee on economic development, and UW-Madison political scientist Ken Goldstein.

Moderated by Mike Gousha of the Marquette Law School and host of “UpFront with Mike Gousha.”

Presented by WisPolitics.com/WisBusiness in cooperation with Competitive Wisconsin, MMAC and Discovery World. Quarles & Brady is an initial sponsor of the event.

See details: http://www.wisbusiness.com/index.iml?Article=139211



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Press Releases
· AG Van Hollen: Credit repair: How to do it yourself and avoid a scam
· American Cancer Society: Fond du Lac passes comprehensive smoke-free ordinance
· Dept. of Commerce: Fifteen communities receive Wisconsin Waterfront Revitalization grants
· Dept. of Commerce: Gov. Doyle announces rural economic development loan
· Dept. of Workforce Development: DWD Sec. Gassman elected to national position
· Wisconsin Bio Industry Alliance: Biodiesel basics #15: Biodiesel use approved by machine manufacturers

For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82


Report could help push Kenosha casino forward: The Menominee Indian Tribe of Wisconsin is hoping that a controversial report siding with the tribe’s plan to open a grandiose $808 million off-reservation casino and entertainment complex at Dairyland Greyhound Park in Kenosha will help push the federal government to approve the proposal. The $50,000 report, funded entirely by the tribe, has at least one Kenosha-area lawmaker and longtime Kenosha casino opponent, the Forest County Potawatomi Community, raising questions about the report’s validity. The controversy is heightened by the fact that the study came out of the University of Wisconsin-Madison’s La Follette School of Public Affairs, which is known as an objective institution.

Obama sticks up for Midwest Airlines workers: Barack Obama is a busy man these days. But not too busy to express concern about the treatment of unionized employees of the airline that provided the plane that got him from campaign stop to campaign stop last summer. Earlier this year, Obama and his campaign crew jetted around the country on a plane chartered from Wisconsin-based Midwest Airlines, which Wisconsinites of course thought was cool. But Obama does not think it’s cool that Midwest officials have proposed wage and benefits cuts for its flight attendants.

State workers may not be insulated from frigid economy: The national economic downturn could put a chill on state salaries and lead to fewer state workers. Gov. Jim Doyle has warned that the state budget could be heading into the red by $3 billion. Todd Berry, president of the research group the Wisconsin Taxpayer’s Alliance, said the state’s finances could have repercussions on state jobs

Stimulus could pay off in state : Wisconsin companies that make equipment used in road and bridge building could benefit from the proposed federal economic stimulus package that would likely include billions of dollars for infrastructure improvements. Critics of the plan, including the chief economist for the U.S. Department of Transportation, say such projects are too slow getting started to energize the economy any time soon. The $150 billion plan unveiled last week by House Speaker Nancy Pelosi (D-Calif.) would pour federal funds into construction projects that could be up and running within 90 days.


GREGG HOFFMANN: Contributor, WisBusiness.com

TOM STILL: President, Wisconsin Technology Council

JENNIFER SERENO: Senior manager, Wood Communications Group

STEVE JAGLER: Executive editor, Small Business Times

TOM BURZINSKI: IT executive and consultant

TECHNOLOGY (back to top)
– Hal Leonard aims for ‘Rock Band’ gamers

BIOTECH (back to top)
– Madison’s Virent wins award for biorefinery development

ECONOMY (back to top)
– 3rd quarter foreclosures in U.S. up 71 percent from 2007

– Thousands of IRS stimulus checks lying unclaimed in state

MANUFACTURING (back to top)
– Mercury Marine hurt by low sales in third quarter

– Brunswick, Mercury Marine post losses

– Cross Country: Raemisch Implement kicks into high gear

– Strattec profits plummet nearly 100 percent

– Restructuring cuts Johnson Controls profit

– Stark invests in Virginia lens firm

LABOR (back to top)
– National job losses accelerate

SMALL BUSINESS (back to top)
– The Buzz: Solea Mexican Grill expands in Menasha, Neenah

INVESTING (back to top)
– Associated Banc-Corpto pay 32-cent dividend

– Journal Communications swings to 3rd-quarter loss

– Covance 3rd-quarter profit rises 15 percent

– Initial public offerings on hold

– Nervous investors turn to deposit accounts

REAL ESTATE (back to top)
– New Village Cooperative of Wausau offers seniors a different housing option

– Boardwalk work getting started

AGRIBUSINESS (back to top)
– Miller-St. Nazianz’s equipment not for hobby farming

– Madison firm lands contract to pitch Wisconsin cheese nationally

TRANSPORTATION (back to top)
– Fuel costs drag AirTran to $107M loss

RETAIL (back to top)
– New owners of Wisconsin Rapids’ ShopKo Plaza Mall want to revamp building, attract more businesses to community

REGULATION (back to top)
– Mayor Barrett opposes sick leave law

TOURISM (back to top)
– Great Wolf reducing the days it will be open

UTILITIES (back to top)
– Solar system being installed

– Madison: Thousands of area residents are without heat, light

– City unveils federal solar power initiative

– MGIC eliminates dividend

– Pewaukee’s Foundations Bank owners to buy Amerihome Mortgage Co.

Media Partners
Small Business Times
Madison Magazine

National Business Roundups ( back to top)
–YAHOO FINANCE: http://finance.yahoo.com/
–CNBC BUSINESS NEWS: http://www.cnbc.com
–ABC BUSINESS NEWS: http://abcnews.go.com/sections/business/
–GOOGLE NEWS: http://news.google.com/news/en/us/business.html

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