(WisBusiness) THURS News Summary — 16 Oct. 2008

From WisBusiness.com …

— Gov. Jim Doyle said Wednesday the state deficit could reach more than $3 billion in the next biennial budget if a national recession continues into 2010 as pundits predict.

“Our economic outlook in this state is changing with the national economy,” Doyle said. “We don’t know where the bottom is for the national economy. We don’t know what the full effect is going to be by any means.”

Doyle said the deficit for the next biennium “could grow well beyond ($3 billion) if the nation’s economy continues to spiral downward.”

Doyle said state tax collections for this year are up only 0.4 percent. September tax collection reports, which reflect collections for the month of August, were down 4.8 percent across the board. Sales tax collections were down 10 percent, income tax collections were down 4.1 percent and corporate tax collections down 9.5 percent.

The state has lost 13,000 jobs from one year ago, and unemployment claims are up 26 percent over a year ago, he said.

Doyle said the estimate of a $3 billion shortfall only covers the cost to continue current programs, and warned the deficit could grow higher.

“The budget outlook for the state presents some very significant challenges as we go forward,” he said.

See more at www.wispolitics.com

— After her return from China, Lt. Gov. Barbara Lawton announced the formal signing of a student exchange agreement between the University of Wisconsin-Madison and Tsinghua University in Beijing, China. The agreement allows for the exchange of undergraduate students for semester and year-long programs of study beginning this year.

Lawton also reached an agreement for UW-Madison and Tsinghua University to form an exploratory commission to create a Global Manufacturing Institute. UW-Madison, the University of Warwick in England and Tsinghua University in China would partner in the project.

See more on Lawton’s trip:


— Raymond B. Eby, a corporate development manager for 3M Finance, will be speaking at Madison’s Edgewood College today as part of the Smith & Gestland MBA Speaker Series. He’s due to discuss “The REAL multicultural dilemma: Growing a business on a global scale without going to jail (or otherwise embarrassing you company, friends, and family).”

The program starts at 5:30 p.m. at Edgewood College



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Press Releases
· Dept. of Revenue: September FY09 collections
· Dept. of Workforce Development: Governor Doyle announces additional assistance for dislocated workers at KMC Industries, LLC, Denmark
· PSC: Freeze your winter utility bills
· WISPIRG: Mayor Cieslewicz and community leaders join national coalition to announce five point plan for economic prosperity through transportation

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


Europe and Asia Follow Wall Street’s Rout: The rout in global stocks showed no signs of letting up Thursday, with markets in Europe and Asia plunging and crude oil prices tumbling on signs of a serious slowdown in the global economy.

Kohler Co. laying off 50: The housing slump is hitting the Kohler Co. The kitchen and bath fixture maker announced Tuesday it is laying off 50 employees, the majority coming from the real estate and hospitality group.

Oshkosh shareholders sue CEO over stock price: Shareholders of Oshkosh Corp. have filed at least one class-action lawsuit claiming the company’s chief executive used misleading information to artificially inflate the stock price.

Manpower CEO says credit crisis affecting U.S. reputation worldwide: Besides likely kicking off a global recession, the calamity on Wall Street is hastening a fall in America’s standing in the world, the chief executive officer of Manpower Inc. said Tuesday. In an hourlong discussion at Marquette University, Jeff Joerres said the turmoil in U.S. financial markets will accelerate a decline in America’s competitive advantage worldwide.


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)
– Kuwitzky roams local roads testing Verizon’s network capabilities

BIOTECH (back to top)
– Madison-based Nerites receives grant to develop hernia ‘glue’

– Ryan, Feingold to speak at medical conference

ECONOMY (back to top)
– Fed: Economy sinks deeper

MANUFACTURING (back to top)
– Oshkosh Corp. plans to release financials

– Metalworkers expect sales meltdown

– Badger Meter profits grow, but fall short of analysts’ outlook

LABOR (back to top)
– Developer hires firm to manage spa and fitness center at Palomar
Developer hires firm to manage spa and fitness center at Palomar

– Oulahan an advocate for more job training

INVESTING (back to top)
– Low-risk stocks are not always best way

RETAIL (back to top)
– Shifting Gears: She’s building a retail trade

– Retail sales plunge 1.2 percent in last month

– Gold’s Gym plan would test strength of Madison market

– Linens ‘n Things going out of business

– Bon-Ton sees ’08 results at low end of outlook

REGULATION (back to top)
– Regulator clears DRS takeover

UTILITIES (back to top)
– Integrys declares quarterly dividend

– Some customers face big bill for MGE’s equipment error

– M&I sees big drop for quarter

– Blackhawk Bank profits increase

MANAGEMENT (back to top)
– Aurora’s Van Cleave joins Pinstripe board

BUSINESS COLUMNS (back to top)
– Ken King column: Debt is debt, simple as that

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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