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News Briefs
Verizon reports 11 consecutive quarters of strong revenue growth
Verizon Communications Inc. reported first-quarter 2005 earnings of $1.8 billion, or 63 cents per diluted share, as quarterly revenues increased 6.6%, driven by the fifth consecutive quarter of more than 20% total revenue growth year-over-year at Verizon Wireless.
The $1.8 billion in reported first-quarter 2005 earnings compares with $1.2 billion, or 43 cents per share, in the first quarter 2004. Verizon’s 63 cents per share in first-quarter 2005 earnings increased 8.6% compared with 58 cents per share in the first quarter 2004, when 2004 results are adjusted for special items, primarily for pension settlements associated with a voluntary separation plan (non-GAAP measure).
Consolidated revenues of $18.2 billion in the first quarter 2005 increased 6.6%, or $1.1 billion, compared with the first quarter 2004.
Verizon Wireless contributed $7.4 billion, or 40.8 percent, of first-quarter 2005 consolidated revenues. This compares with wireless revenues of $6.2 billion, or 36.1% of consolidated revenues in the first quarter 2004. Total wireless revenues have increased by more than 10% year-over-year for 11 consecutive quarters, including the 20%-plus year-over-year increases for the past five quarters.
Johns selected as Charleston Army Corps district’s executive assistant
Frank W. Johns recently was selected as U.S. Army Corps of Engineers’ executive assistant of the Charleston district. He will serve as principal assistant and advisor to the commander in all areas of management and administration for Charleston district programs.
Prior to this assignment, Johns was the base operations officer for the North Atlantic Treaty Organization Support Activity in Brussels, Belgium. During his more than 28 years of federal service, Johns also has served in a variety of management positions throughout the world.
Korean government chooses American Business Alliance as consultant for Korean companies
The American Business Alliance Inc. has been approved by the Korean government to help Korean companies be successful in North America. The Korean government will be subsidizing eligible Korean companies who have applied for assistance.
The Small Business Corporation, Korea’s governmental division established to implement government policies for the promotion of small- and medium- sized business, approved the American Business Alliance. The SBC helps Korean business using its annual budget of more than $4.5 billion.
The American Business Alliance will assist in marketing and advertising to help Korean companies “Americanize” their image, sales and marketing programs.
The alliance will also assist companies in setting up satellite offices in North America, help them locate and recruit independent sales agents to sell their products to distributors and retailers throughout the United States and provide legal support. For more information, contact the Korean Business Department at the American Business Alliance at (818) 636-6604 or ibtakevin@empal.com.
Almost two thirds of Americans support new bankruptcy law
Sixty-four percent of Americans favor toughened bankruptcy rules. Though a clear majority of Americans favor the new law, support for it has weakened since June 2003, when the Cambridge Consumer Credit Index found that 73% were in favor of toughened bankruptcy laws and 27% opposed it. The latest survey also found that 80% of Americans say the new law would deter them from filing for bankruptcy, while 20% would be more inclined to file for bankruptcy if they were overwhelmed with debt.
“The results of the Cambridge Consumer Index wildcard question show that support for the new bankruptcy law, while still strong, has been declining since the Index last asked the question two years ago. The biggest support for the law comes from white, older consumers with high incomes and more education, while the consumers who would be impacted the most, younger people with lower incomes and less education and blacks, are more opposed to toughening bankruptcy rules,” says Jordan Goodman, spokesperson and financial analyst for the Cambridge Consumer Credit Index.
The overall Cambridge Consumer Credit Index jumped 20 points from April (up to 71). The Index rose sharply on all three questions: past, present and future intensions. The “Reality Gap,” which is the difference between the amount of debt consumers say they will pay off in the next month versus the amount of debt they actually paid off a month later, soared to a record high 23 percentage points, up from 8 points in April. A month ago, 84% of Americans planned to pay off debt, while a month later only 61% actually did so.
ICBA recommends measures to reduce regulatory burden
The Independent Community Bankers of America made numerous recommendations to the four federal banking agencies on ways to reduce the regulatory burden on community banks. While ICBA commended the agencies for the progress that has been made so far as part of their comprehensive review of bank regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, ICBA reminded the agencies that more work remains.
ICBA recommended a number of ways to reduce regulatory burden including:
Bank Secrecy Act Administration. Issue additional guidelines and provide reference tools for compliance so that bankers and examiners know what is expected.
BSA Currency Transaction Reporting. Increase the filing threshold from $10,000 to $30,000 to eliminate unnecessary filing. Improve the exemption process so banks use it.
Suspicious Activity Reporting. Simplify the filing process and issue easily accessible guidance on when banks should report.
Frequency of Safety and Soundness Exams. Increase the asset limit for the extended exam schedule so that well-managed and well-capitalized community banks and savings associations under $1 billion would be examined once every 18 months.
Appraisal Standards. Increase the thresholds for certified/licensed real estate appraisals to $500,000 for residential loans and $2 million for business loans.
Real Estate Lending Standards. Increase the supervisory loan-to-value limits in each category by 5% and require that only the amount of a loan in excess of supervisory loan-to-value limits be measured against the 100% of capital aggregate limit, not the entire amount of the loan.
Internal Control Requirements. Increase the $500 million threshold to $1 billion for internal control audits of banks and savings associations. ICBA’s letter to the banking agencies can be found on its website at http://www.icba.org .
State employees to receive discount card
More than 60,000 state employees will be able to save money at thousands of local and national merchants thanks to a new discount card program arranged by the State Budget and Control Board’s Office of Human Resources.
The PerksCard is good for discounts at national chains like Lowe’s, Men’s Wearhouse, Barnes & Noble.com, Blockbuster Video, Regal Cinemas and Charleston-area merchants such as Lea Dales Photography and Charleston Massage and Bodywork. The cards are being distributed to state employees though state agency personnel offices to mark national Public Service Recognition Week. There are more than 8,500 state employees in the Charleston area.
Participating merchants pay a fee to PerksCard to be a member of the program. Membership gives local businesses a unique way to directly reach state employees in Columbia and all 46 counties around the state. The state does not receive any money from or pay any fees to the PerksCard program. The cards are free to employees.
PerksCard started in 1988 as an employer-sponsored savings program for large companies. It currently serves more than 3.5 million members and has 10,000 vendors in its network with more added weekly. To find participating merchants, employees should go to www.perkscard.
com. Most local merchants will provide the listed discount to employees who show their PerksCard.
Carolina youth development center to host Freedom School
Carolina Youth Development Center is hosting Charleston’s first Freedom School program from June 20 through July 22 on its campus in North Charleston.
Freedom Schools are coordinated through the auspices of the nationally recognized Children’s Defense Fund, a private, nonprofit organization established in 1973 and supported fully through foundation and corporate grants and individual donations. The mission of CDF is to Leave No Child Behind and to ensure every child a “Healthy Start, a Head Start, a Fair Start, a Safe Start and a Moral Start” in life, and successful passage to adulthood with the help of caring families and communities.
The Freedom Schools’ mission is to create supportive, nurturing, literature-rich environments that set high expectations for all children through a focus on literacy, cultural heritage, parental involvement, servant leadership and social action. The Freedom Schools program connects the complex needs of children and families to the rich resources of the community and empowers children to embrace their responsibility to make a difference in themselves, their family, their community, their country and their world.
This innovative program with documented outcomes is built upon the twin prongs of inspiring a love for reading and fostering an enhanced feeling of self-worth among participants. This summer’s program will include intensive reading-related activities, sports and team-building exercises, arts and crafts, and field trips. College-age interns, trained by CDF at a national training seminar in Knoxville, Tenn., will lead all sessions. In addition to enhancing the standard summer offerings for the children at CYDC, a limited number of North Charleston area children will be invited to fill the remaining slots for a total enrollment of 50 children.
For more information on CYDC or to make a contribution to the Children’s Fund, visit www.cydc.org or call (843) 266-5218.
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