Russia refrained from cutting interest rates after a surprise reduction in December, signaling for the first time since August that borrowing costs may remain unchanged in the
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A judge has appointed a receiver for the Ridge Point Crossing apartments in St. Louis County, a two-property complex that’s owned by an affiliate of Gannon International.
The appointment is the latest of a string of apartment properties owned by Creve-Coeur based Gannon that have been put in receivership following loan defaults in the past year.
Ridge Point Crossing includes 292 units at 11251 Graben Drive in St. Ann and 96 apartments at 11302 Bonanza Drive in Maryland Heights.
Wells Fargo sought a receiver for Ridge Point Crossing last month after an affiliate of Gannon defaulted on a $9.9 million loan secured by the property, according to court filings.
The Gannon affiliate “has failed to make debt service payments, make critical vendor payments and keep up with payroll obligations,” St. Louis County Circuit Court Judge Robert Cohen wrote in his order appointing Nolan Real Estate Services receiver of Ridge Point Crossing on Dec. 13.
As receiver, Nolan Real Estate will collect rent at the property, make repairs and pay utilities.
Bill Schierholz, president of Gannon’s real estate group, could not be reached for comment payday loan. Daniel Spirn, an attorney representing Wells Fargo, declined to comment.
The appointment of a receiver at Ridge Point Crossing follows similar appointments at Gannon-owned apartment complexes in the past year.
In April, a receiver was appointed for the 272-unit Springwood Apartments in Bel-Ridge after PNC Bank alleged Gannon defaulted on a $5.7 million loan secured by Springwood and failed to properly maintain the apartments. Springwood has since been sold.
In June, a receiver was appointed for the 336-unit Suson Pines Apartments at 5625 Suson Hills Drive in south St. Louis County after PNC alleged Gannon defaulted on a promissory note and owes the bank more than $13 million.
The real estate arm of Gannon International, which is owned by Chief Executive William Franke, owns nine apartment properties in the St. Louis area.
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Airbus on Monday fattened an order for its new A320neo jets and Boeing snagged another customer for the 787 at the Dubai Airshow as Mideast buyers showed they remain bullish despite the uncertain global economy.
The deals, which followed a record $18 billion airplane order from Dubai airline Emirates the day before, added ammunition to forecasts from the two major aircraft manufacturers that predicted the region will continue to generate hundreds of billions of dollars in demand for new planes for years to come.
European manufacturer Airbus predicted Monday that the Middle East will require some 1,920 new planes worth more than $347 billion through 2030. It estimates Mideast passenger numbers will grow 6.4 percent annually _ well above the predicted world average increase of 4.8 percent.
Boeing thinks the potential market is even bigger. Its own forecast, released shortly after its rival’s, puts Mideast demand at 2,520 planes worth $450 billion by the end of next decade.
Much of the growth is driven by fast-growing Gulf airlines, which have boomed in recent years by funneling long-haul travelers through expanding global hubs like Dubai and the Qatari capital Doha.
In terms of deals, Airbus scored the biggest prize of the day, boosting an existing commitment from Kuwait’s Aviation Lease and Finance Co. for the A320neo to 50 planes. The leasing firm, known as ALAFCO, also took options to buy another 30 of the planes.
The deal extends an initial agreement signed by ALAFCO at this summer’s Paris Le Bourget show, when it agreed to buy 30 of the narrow-body planes.
The A320neo offers a new engine option and other features designed to use 15 percent less fuel than older models of the single-aisle A320. It is scheduled to enter service in 2015.
The deal, before options, is worth about $4.6 billion at list prices, though buyers typically negotiate discounts.
Leasing companies like ALAFCO rent out planes to airlines, so the carriers don’t have to assume the costs and risks of owning all the planes in their fleets. It leases planes mainly to regional airlines in the Middle East and Asia.
Boeing Co., meanwhile, picked up a new regional customer for its much-hyped 787.
It and Oman Air said the carrier ordered six Boeing 787-8 aircraft, though the twin-engine planes won’t translate into additional business for the Chicago-based plane maker. That’s because Oman Air is taking over orders previously placed by ALAFCO.
Each 787-8 costs $193.5 million at list prices.
ALAFCO Chairman Ahmed al-Zabin said the decision to shift the 787 orders to Oman Air represented an extension of the company’s view that it is a “strategic partner” for Boeing in the region. It previously announced plans to lease the planes to the Omani carrier.
“Whatever is good for us and Boeing and the customer, we just do it, and that’s what you’re seeing,” he said when asked about the Oman Air deal.
Japan’s All Nippon Airways operated the first commercial flight of the 787 late last month following a series of manufacturing delays. The plane is made of lightweight composite materials and promises to be 20 percent more fuel-efficient than similar planes.
Long lines of curious spectators have lined up in Dubai to step aboard a 787 display model, which is making its debut at the Mideast airshow.
Oman Air is the flagship carrier of the Sultanate of Oman, located on the southeastern tip of the Arabian Peninsula. The airline, set up in 1993, is far smaller than Gulf behemoths such as Dubai’s Emirates and Qatar Airways.
Qatar Airways is among the regional carriers that have already signed up for the Dreamliner. It has ordered 30 of the planes and has options for 30 more. The carrier is expected to announce additional aircraft orders at this week’s show.
Its Dubai-based rival Emirates, the region’s biggest carrier, on Sunday placed an unexpectedly large order for 50 more Boeing 777s, signaling it remains optimistic about its ambitious growth plans despite the shaky global economy.
Boeing said the deal, worth $18 billion at list prices, was its biggest-ever single order by value.
In an interview Monday, Emirates airline President Tim Clark said the carrier would have “no problem” filling those new planes and the nearly 190 other aircraft it has ordered. It helps that the latest batch of 777s won’t begin to be delivered until 2015, giving the world economy time to recover.
“We’ve always been fairly bullish, and that is reflected in the size of the order and the value of the order. We’ve always taken a long-term view in regards to what is happening in the global economy. And we still take that view,” Clark said.
Clark said Emirates needs the extra planes to keep up with passenger demand and cope with marathon flights that can last more than 14 hours, as it pursues its strategy of linking far-flung cities through Dubai.
The carrier is increasingly focusing on emerging markets in Asia, Africa and Latin America, which Clark said older airlines have long shied away from. Over time, he expects bilateral ties between those regions to grow, producing even more business for carriers like Emirates.
At the same time, Clark said Emirates plans to expand its presence in Europe and the U.S. even further. The carrier already flies to Los Angeles, San Francisco, New York and Houston, and it recently announced plans to add service to Dallas and Seattle.
Other cities on Emirates’ radar for possible future expansion are Chicago, Washington, Detroit and Atlanta, Clark said.
“There’s more coming,” he noted. “It’s just a question of timing.”
Britain’s economy improved in the third quarter, with output growing by a higher than expected 0.5 percent, official figures showed Tuesday.
The figure reported by the Office for National Statistics was ahead of the market consensus forecast of a 0.3 percent quarterly rise. The statistics agency said the British economy was helped by a big 0.7 percent pickup in the services sector output and a 0.5 percent improvement in industrial production. They helped offset a 0.6 percent contraction in the construction industry.
The growth figures came as rare good news for an economy weighed down by high inflation, rising unemployment and cautious spending by pessimistic consumers.
Despite the better than expected growth, analysts remain cautious about the outlook for the British economy, especially at a time when the government is enacting a big austerity package and Europe’s debt crisis remains a worry.
Jonathan Loynes, chief European economist at Capital Economics, said the latest figures “do not alter our view that the economy is likely to fall back into recession over the coming quarters payday loans with no fax.”
Concern about the economy last month prompted Bank of England rate-setters to authorize 75 billion pounds ($120 billion) in additional asset purchases to stimulate activity.
The economy grew by 0.4 percent in the first quarter of the year, then dropped to 0.1 percent growth in the second quarter.
Tuesday’s figure is a first estimate and is subject to revision.
The GDP announcement coincided with the release of the latest Markit/CIPS manufacturing index which showed confidence at a 28-month low. Purchasing managers in the survey reported a substantial reduction in new orders.
KPMG LLP promoted Joel Perkins to managing director in the federal tax practice in its St. Louis office. He transferred from a management job in the firm’s Kansas City office.
Perkins specializes in providing clients with tax provisions, federal and state compliance and tax-related consulting matters. He joined KPMG in 1995 and has more than 16 years of management advisory and business experience, serving clients in industries including telecommunications, energy and manufacturing need a personal loan with bad credit.
He is a licensed certified public accountant and is a member of the American Institute of CPAs, the Missouri and Kansas Society of CPAs and the Louisiana Society of CPAs. He has a bachelor of business administration in accounting degree from the University of Louisiana in Monroe.
Young Innovations Inc. raised profits in the third quarter despite sales that were little changed.The Earth City-based developer and maker of dental equipment reported a net income of $4.1 million, or 51 cents a share, compared to $3 Internet Payday loans.9 million, or 49 cents, a year ago. Sales edged down 0.9 percent to $26.2 million.
Target is a victim of its own success.
The discounter drummed up so much hype around its exclusive, limited-time line by upscale Italian designer Missoni that its website crashed and was down most of the day on Sept. 13 when the collection was launched, angering customers. More than a week later, some shoppers who bought the Missoni for Target line are posting on social media websites Facebook and Twitter that they won’t shop at Target again because their online orders are being delayed