From WisBusiness.com …
— UW-Madison Chancellor Carolyn “Biddy” Martin declared Monday that the university was a statewide economic driver that could do even more to foster small and big businesses alike during tough times.
Martin called the financial stress facing the state “unprecedented” but said that cutting the UW too much in the next budget would diminish the university’s stature and harm economic development in the long term.
“Given the massive investments that are being made in higher education around the world, including in this country, it will be very, very difficult to sustain and enhance our stature, but I think its absolutely necessary,” Martin said. “With relatively modest investment compared to what’s being made elsewhere, we can keep a university great that’s already great.”
See more from Monday’s WisBusiness luncheon with Martin:
http://www.wisbusiness.com/index.Iml?Article=140720
— With the stock market swinging wildly in recent weeks and losing more than 20 percent of its value since the summer, these are trying times for pension fund managers.
On the last day of September, in fact, the value of the State of Wisconsin Investment Board’s (SWIB) holdings — which now total nearly $73 billion — fell by a whopping $3 billion. The next day, however, it gained some of that loss back.
Keith Bozarth, executive director of SWIB, said in a recent interview he believes the board’s long-term focus can manage the market’s volatility and that the SWIB may actually be able to scoop up bargains in the form of strong companies with distressed shares.
Bozarth said he believes the market will eventually bounce back and that Wisconsin public retirees shouldn’t worry about their pension checks because the fund is well-supported for many years into the future.
“There is no question about whether people will receive monthly checks or not,” he said.
The checks will be there, but after this interview with Bozarth came news that pension payouts to retired government workers could drop by 1 percent to 3 percent starting in May 2009. The final numbers, which will be based on overall 2008 performance, won’t be calculated until early in January.
See more in a new WisBusiness interview with Bozarth:
http://www.wisbusiness.com/index.Iml?Article=140740
— Lorman Education Services has filed notice with the state about 50 permanent layoffs at its Eau Claire location effective Dec. 30.
See the company’s filing:
http://www.wisbusiness.com/1008/081103WARNlorman.pdf
— In a surprise announcement Monday, Dairyland Power Cooperative officials said they have suspended plans for a coal ash landfill in Vernon County.
Officials said the cooperative instead will burn a modified coal blend that produces less byproduct requiring disposal at its Genoa plant.
Dairyland’s plans for a landfill had sparked opposition among many people in Vernon County. Groups opposing the landfill had been raising funds for what looked like an inevitable legal battle over the plans.
See full story: http://www.wisbusiness.com/index.Iml?Article=140755
— The Milwaukee-area’s second-largest bank, U.S. Bancorp, plans to join the ranks of big banks swapping preferred stock for capital under the U.S. Treasury Department’s financial rescue program.
The Minneapolis bank said Monday it has received preliminary approval for the sale of $6.6 billion of preferred stock and related warrants to the U.S. Treasury.
See story: http://www.bizjournals.com/milwaukee/stories/2008/11/03/daily9.html
****************************************
REGISTER FOR A WISBUSINESS.COM ECONOMIC EVENT
**NOV. 18: A post-election look at where the state economy is heading**
Discovery World
Milwaukee
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
*************************************************
THANKS TO OUR WISBUSINESS SPONSORS
- University of Wisconsin-Milwaukee
- Madison Gas & Electric
- University Research Park
- Wisconsin Technology Council
****************************************
QUICK LINKS
Use these links to jump directly to a news summary topic
Technology | Biotech | Economy | Manufacturing | Labor | Small Business | Investing | Real Estate | Agribusiness | Transportation | Retail | Regulation | Tourism | Utilities | Health Care | Financial Services | Management | Business Columns |
Press Releases
· Dairyland Power Cooperative: Dairyland suspends plans for disposal site
· Plum Creek: Plum Creek named to Dow Jones Sustainability World Index
· Wisconsin Bio Industry Alliance: Number of E-85 pumps in Wisconsin to grow
For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82
TOP STORIES
*************
GM sales tumbled 45% in October; Chevy Suburban sales down 70% : Consumer worries about keeping their jobs and the plight of their retirement plans kept them from buying cars last month, driving the U.S. auto industry into what one executive termed a “severe, severe recession.” The unusually steep drop – at least 32% industrywide – left Detroit executives searching for words to describe how bad it was. The words they chose: carnage, horrific, breathtaking and unprecedented. “Clearly we’re in a very dire situation,” said Mike DiGiovanni, GM executive director of global market and industry analysis.
http://www.jsonline.com/business/33761619.html
AQS buys assets from ISO Insurance: AQS Inc., a Hartland provider of policy administration systems for commercial property and casualty insurance, said Monday that it has purchased the assets and personnel of the AscendantOne Policy Management Suite from ISO Insurance Technology Solutions of Nashua, N.H.
http://milwaukee.bizjournals.com/milwaukee/stories/2008/11/03/daily11.html
U.S. Bancorp will get $6.6B from bank-rescue plan: The Milwaukee-area’s second-largest bank, U.S. Bancorp, plans to join the ranks of big banks swapping preferred stock for capital under the U.S. Treasury Department’s financial rescue program. The Minneapolis bank said Monday it has received preliminary approval for the sale of $6.6 billion of preferred stock and related warrants to the U.S. Treasury.
http://www.bizjournals.com/milwaukee/stories/2008/11/03/daily9.html
Circuit City to close 155 stores: Electronics retailer Circuit City is closing 155 stores across the country, including one store in Milwaukee, but the two Madison stores are expected to remain open. The second-largest electronics retailer in the country behind Best Buy is closing about 17 percent of its 700 stores so it can return to profitability, according to a story Monday by the Associated Press.
http://www.madison.com/tct/business/312582
************************************************************
WISBUSINESS FEATURED COLUMNISTS
– 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
************************************************************
BIOTECH (back to top)
– Mexican professors gain microbiology training, experience local culture in Marshfield
http://www.thenorthwestern.com/article/20081104/MNH0101/811040393/1732&located=RSS
ECONOMY (back to top)
– Economy’s struggles felt by area car dealers
http://www.greenbaypressgazette.com/article/20081104/GPG03/811040536/1247
MANUFACTURING (back to top)
– Sand mines will benefit from new TexSand plant
http://www.wausaudailyherald.com/article/20081104/WDH0101/811040613/1581&located=RSS
– Oshkosh Corp.: 2009 may be weak
http://www.postcrescent.com/article/20081104/APC03/811040462/1028
– Factory sector drops sharply
http://www.postcrescent.com/article/20081104/APC03/811040466/1028
– Weyco 3Q profits, sales down
http://www.bizjournals.com/milwaukee/stories/2008/11/03/daily13.html
– Manufacturing index signs point to a recession
http://www.jsonline.com/business/33794939.html
LABOR (back to top)
– Wisconsin Rapids School District considers short term borrowing to cover payroll until state aid is received
http://www.wisconsinrapidstribune.com/article/20081104/WRT0101/811040620/1806&located=RSS
– QPS acquires Personnel Resources
http://www.bizjournals.com/milwaukee/stories/2008/11/03/daily12.html
– Ex-manager sues Midwest
http://www.jsonline.com/business/33800759.html
SMALL BUSINESS (back to top)
– Without sale, De Pere’s Butterfly Books will fold its wings
http://www.greenbaypressgazette.com/article/20081104/GPG03/811040534/1247
– Underestimating the cost of business
http://www.bizjournals.com/milwaukee/stories/2008/11/03/smallb1.html?b=1225688400^1726137
REAL ESTATE (back to top)
– Point leaders discuss razing mall
http://www.wausaudailyherald.com/article/20081104/WDH0101/811040612/1581&located=RSS
– Development signals Hobart’s growth plans
http://www.greenbaypressgazette.com/article/20081104/GPG03/811040530/1247
– Veridian Homes held to expiring inclusionary zoning rule
http://www.madison.com/tct/business/312688
– Milwaukee: Despite times, downtown area condos selling
http://www.bizjournals.com/milwaukee/stories/2008/11/03/story3.html?b=1225688400^1725258
– U.S. construction spending drops, but nonresidential gains
http://www.bizjournals.com/milwaukee/stories/2008/11/03/daily6.html
AGRIBUSINESS (back to top)
– Event raises funds for Fox Valley groups
http://www.postcrescent.com/article/20081104/APC03/811040464/1028
TRANSPORTATION (back to top)
– Business travel to drop 2.7 percent in 2009
http://www.bizjournals.com/milwaukee/stories/2008/11/03/daily7.html
RETAIL (back to top)
– WG&R closes 5 Milwaukee-area stores
http://www.greenbaypressgazette.com/article/20081104/GPG03/811040535/1247
UTILITIES (back to top)
– Energy co-op won’t need coal waste site
http://www.bizjournals.com/milwaukee/stories/2008/11/03/daily5.html
HEALTH CARE (back to top)
– Researching health plans now can pay off down the road
http://www.postcrescent.com/article/20081104/APC03/811040454/1028
– St. Vincent Hospital to get oncology grant in Green Bay
http://www.greenbaypressgazette.com/article/20081104/GPG03/811040532/1247
FINANCIAL SERVICES (back to top)
– BLC Community Bank expands to Green Bay
http://www.postcrescent.com/article/20081104/APC03/811040467/1028
– Northeastern Wisconsin phone scam targets Baylake Bank
http://www.greenbaypressgazette.com/article/20081104/GPG03/811040533/1247′
– Fiserv acquires the Data Center from Compass Bank
http://www.jsonline.com/business/33750064.html
MANAGEMENT (back to top)
– Raskind leaving National City after PNC deal closes
http://www.bizjournals.com/milwaukee/stories/2008/11/03/daily8.html
Media Partners
—Channel3000
—Small Business Times
—Madison Magazine
—BusinessWeek
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
(c)2008 WisBusiness.com.
All rights reserved. Reproduction or retransmission of this publication, in whole or in part, without the express permission of WisBusiness.com is prohibited. Unauthorized reproduction violates United States copyright law (17 USC 101 et seq.), as does retransmission by facsimile or any other electronic means, including electronic mail.