My finance view

+%3Cp%3E+It+looks+like+the+millionaire+surtax+is+going+down+again.%3C%2Fp%3E%3Cp%3EDemocrats+have+pushed+for+weeks+to+impose+a+millionaire+surtax+to+help+pay+for+the+cost+of+extending+the+payroll+tax+cut.+Republicans+have+said+it+would+be+a+job-killer.%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3C%2Fp%3E%3C%2Fp%3E%3Cp%3EOn+Wednesday+night%2C+with+time+running+out+before+Congress+adjourns+for+the+year%2C+it+appeared+that+Democrats+were+ready+to+give+up+in+the+name+of+getting+a+deal+done.+A+source+told+CNN+that+Senate+Democrats+would+propose+a+new+plan+that+did+not+include+the+tax.+%28Read%3A+The+latest+on+negotiations%29%3C%2Fp%3E%3Cp%3EThe+demise+of+this+version+of+the+millionaire+tax+would+not+be+a+surprise.+Lawmakers+have+already+voted+down+a+surtax+of+5.6%25%2C+then+3.25%25+and+most+recently+1.9%25.%3C%2Fp%3E%3Cp%3EBut+the+idea+of+taxing+the+rich+will+come+up+again+and+again+next+year%2C+since+themes+of+income+inequality+and+tax+fairness+will+be+sounded+repeatedly+on+the+campaign+trail.%3C%2Fp%3EPayroll+tax+cut%3A+What%27s+at+stake%3Cp%3EUrban+Institute+resident+fellow+Howard+Gleckman+points+out+that+an+extra+tax+on+millionaires+may+make+for+great+politics+but+it+would+make+for+awful+policy%2C+although+not+for+the+reasons+that+many+in+the+GOP+suggest.%3C%2Fp%3E%3Cp%3ERepublicans+still+cleave+to+the+notion+that+to+ever+ask+millionaires+to+pay+more+in+taxes+will+bring+the+economy+to+a+screeching+halt+because+it+would+hurt+small+business+job+creation.+%3C%2Fp%3E%3Cp%3EBut+there+are+problems+with+that+reasoning%3A%3C%2Fp%3E%3Cp%3E–A+very+small+percentage+of+tax+filers+with+business+income+make+more+than+%241+million.+%3C%2Fp%3E%3Cp%3E–There+is+no+way+to+tell+how+many+new+jobs+those+millionaires+create.+%3C%2Fp%3E%3Cp%3E–And+business+income+can+come+from+activities+that+don%27t+result+in+a+lot+of+hiring%2C+such+as+owning+rental+property+or+investing+in+a+partnership.+%3C%2Fp%3E%3Cp%3EFor+Gleckman%2C+a+big+problem+with+the+millionaire+surtax+is+that+it+feeds+the+myth+that+the+super+rich+can+pay+for+everything.+They+can%27t.+There+are+not+enough+of+them.%3C%2Fp%3EPayroll+tax+cut+divide%3A+How+to+pay+for+it%3Cp%3EAnd+by+applying+a+surtax+here+and+a+surtax+there%2C+soon+you%27re+talking+serious+rate+creep+–+to+levels+that+could+be+counterproductive+%3Ca+href%3D%22http%3A%2F%2Fus-fast-cash-now.com%22%3Efast+cash%3C%2Fa%3E%3C%21–+.+–%3E.+The+higher+rates+become+the+more+likely+it+is+that+the+rich+will+look+for+ways+to+avoid+paying+them.%3C%2Fp%3E%3Cp%3EIf+the+Bush+tax+cuts+expire%2C+the+top+rate+goes+to+39.6%25+and+the+value+of+certain+deductions+goes+down.+Add+in+a+new+Medicare+tax+for+high-income+households+starting+in+2013%2C+and+the+top+rate+could+approach+50%25+if+Congress+passed+a+5.6%25+surtax%2C+Gleckman+noted.+%3C%2Fp%3E%3Cp%3EDespite+the+flaws+in+the+parties%27+strategies+–+Democrats+always+reach+first+to+tax+the+rich+and+Republicans+always+rush+to+protect+them+even+at+the+expense+of+everyone+else+–+each+contains+a+bit+of+truth+the+other+side+will+have+to+accept+sooner+or+later.%3C%2Fp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E+%3C%2Fp%3E%3Cp%3EBoth+the+rich+and+the+middle+class+eventually+will+have+to+contribute+to+efforts+to+spur+the+economy+and+stabilize+the+federal+budget.%3C%2Fp%3E%3Cp%3E%26quot%3BDemocrats+today+can%27t+solve+our+nation%27s+many+budgetary+woes+primarily+by+taxing+the+rich%2C+and+Republicans+risk+alienating+the+middle+class+when+they+try+to+spare+the+rich+from+sharing+the+additional+burdens+most+Americans+soon+must+bear%2C%26quot%3B+former+Treasury+official+Eugene+Steuerle+wrote+in+his+public+policy+column+%26quot%3BThe+Government+We+Deserve.%26quot%3B%3C%2Fp%3E%3Cp%3EThe+rich+will+have+to+pay+more+in+taxes%2C+he+notes%2C+because+even+if+spending+is+cut+across+the+board%2C+they+won%27t+feel+the+pinch+since+they+don%27t+rely+on+government+spending+to+get+by.%3C%2Fp%3E%3Cp%3EAnd+the+middle+class+will+eventually+need+to+accept+some+spending+cuts+and+tax+increases%2C+Steuerle+said%2C+%26quot%3Bnot+because+the+rich+can%27t+pay+more%2C+but+because+most+income+in+the+economy+resides+with+that+80+percent+of+the+population+that+is+neither+poor+nor+rich.%26quot%3B%26nbsp%3B+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fmoney.cnn.com%2F2011%2F12%2F14%2Fnews%2Feconomy%2Fmillionaire_surtax%2Findex.htm%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

U.S. stock futures are falling Monday as the initial enthusiasm over last week’s agreement on fixing the European debt crisis is replaced by worries that it won’t be enough.

The deal would allow for a central European authority to oversee future budgets for the 17 countries that use the euro. But it doesn’t help cut existing debt, which has caused Greece, Ireland and Portugal to need bailouts and is threatening Italy and Spain.

Less than an hour before the opening of trading in New York, futures for the Dow Jones industrial average are down 99 points to 12,044 while futures on the broader S&P 500 index are down 11 points to 1,242.

Markets in Europe are dropping, with France’s CAC-40 down 1.5 percent to 3,123.71, Germany’s DAX off by 1.2 percent to 5,862.44, and London’s FTSE 100 down 0.5 percent to 5,499.62.

Credit rating agency Moody’s said last week’s summit “offers few new measures.”

“The announced measures therefore do not change Moody’s previously expressed view that the crisis is in a critical and volatile stage,” Moody’s said, warning that it still intends to review all EU governments’ ratings for possible downgrades during the first three months of 2012.

Asian stocks mostly closed higher, as they caught up with the gains made in Europe and the U.S. on Friday.

Japan’s Nikkei 225 index jumped 1.4 percent to close at 8,653.82. South Korea’s Kospi added 1.3 percent to 1,899.76 and benchmarks in Singapore, Taiwan, Australia and Indonesia also rose.

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Britain’s Treasury chief defended Prime Minister David Cameron’s decision to veto changes to the European Union treaty, saying Saturday the move protected U.K. economic interests.

Cameron rejected an invitation to join 26 European partners in a tighter financial alliance to save the euro which he said didn’t adequately protect Britain’s national interest and meant giving up too much control over regulation of Britain’s dominant financial sector.

The move isolated Cameron from the European Union and raised doubts about whether Britain realistically can remain a member of the 27-nation bloc _ prompting cheers from the prime minister’s typically anti-EU party and jeers from the opposition.

Britain’s typically brash media reflected the divide Saturday, with The Guardian headline “Cameron Cuts UK Adrift” batting against the Daily Mail’s “The Day He Put Britain First.”

Treasury chief George Osborne defended Cameron on BBC radio, saying he thinks Britons are pleased the prime minister “stood up for the British national interest.

“We have protected Britain’s financial services and manufacturing companies that need to be able to trade their products into Europe from the development of eurozone integration spilling over and affecting non-euro members of the EU,” he said.

Osborne added that if the prime minister had “caved in” to signing the treaty, the “full force” of the EU could have undermined British interests.

“We were not prepared to let that happen,” he said.

Osborne’s vote of confidence echoed support from other Conservative lawmakers over the prime minister’s move to set Britain apart.

But Cameron also is facing a chorus of criticism from the opposition Labour Party and growing tensions with his Conservative Party’s junior coalition partner, the Liberal Democrats.

Deputy Prime Minister Nick Clegg has rejected talk of a rift between his Liberal Democrats and the Conservatives and backed Cameron’s move, but dissent bubbled up from elsewhere in the party.

One Liberal Democrat lawmaker accused Cameron of “betraying Britain,” while another called the fallout “a black day for Britain and Europe.”

Emboldened by Cameron’s move, Conservatives stepped up calls for a full re-negotiation of Britain’s position in the EU, but Liberal Democrat deputy leader Simon Hughes shot down that idea in an interview with Sky News, insisting the issue was “not on the table” and telling the Tories to “calm down.”

In Italy, Premier Mario Monti has summoned union leaders to discuss his new austerity plan as lawmakers tinker with his tough proposals to try to rescue the country from its debt load and get the economy growing again.

Unions have bitterly contested Monti’s proposal to reform Italy’s generous pension system and have called a strike for Monday. Monti’s office said Saturday the premier, fresh from the EU summit in Brussels, would meet with union leaders on Sunday to discuss the proposals.

Monti has also proposed restoring a property tax suspended during Premier Silvio Berlusconi’s government. The proposal has renewed criticism of the tax-exempt status of the Catholic Church in Italy, even though the church merely enjoys the same tax-exempt status as any non-profit.

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Ski resort operator Peak Resorts filed documents with federal authorities this month that more than doubles its plans for an initial public offering of its common stock to $103.5 million. 

Wildwood-based Peak Resorts, which owns the Hidden Valley ski area locally and owns or leases 11 other ski properties nationwide, originally filed for a $40.3 million IPO in mid-April, but shelved its plans to go public for several months.

According to documents Peak Resorts filed with the Securities and Exchange Commission on Nov. 21, the company has significantly expanded its IPO plans and now will offer 5 million shares of its stock  on NASDAQ under the symbol PEAK, priced between $16 and $18 per share.

The prospectus also reveals other details about the company’s operations and its growth in recent years. Peak Resorts, led by CEO Tim Boyd, has grown its revenue 305 percent from fiscal 2006 to fiscal 2011, when it had $98 million in revenue, according to its prospectus. In fiscal 2010, the company had $90 million in revenue.

Peak Resorts, which says it owns more ski areas in the U.S. than any other company, plans to use the $79 million in proceeds from the offering to repay debt on several of its properties, including $9 million to purchase the land beneath two ski areas in northeastern Pennsylvania, Jack Frost and Big Boulder, that it currently leases. The properties are both under contract with closing dates expected before the end of the year. 

Peak Resorts also plans to use $6.5 million of the IPO proceeds to construct a new high-speed chair lift at its Mount Snow ski area in southern Vermont.

The economic downturn did not stop customers from hitting the slopes, Peak Resorts stated in its prospectus, and the number of visitors to its 12 ski resorts increased during the past two winter ski seasons. 

Locally, Peak Resorts’ 250-acre Hidden Valley ski area and tube park opens from mid- December through February. Boyd developed Hidden Valley in 1982 and incorporated Peak Resorts as a holding company in 1997. In Peak Resort’s fiscal year, which ended April 30, 2011, Hidden Valley had $3.6 million in revenue, accounting for 4 percent of Peak’s total revenue.

 

 

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Trading has been temporarily suspended on the Egyptian stock exchange after its benchmark index spiked by 5 percent.

The surge reflects optimism stemming from the relative calm and a massive turnout that marked the country’s first parliamentary elections after Hosni Mubarak’s ouster.

The Egyptian Exchange’s benchmark EGX30 index was up 5.08 percent within minutes of the start of trade on Tuesday. The broader EGX100 index surged 5.01 percent, prompting a halt temporary halt in trading guaranteed cash advance.

Brokers attributed the rally to optimism over the landmark elections that began on Monday. The vote, which continues on Tuesday, is widely seen as a pivot point in the country’s push toward democracy after roughly 30 years of Mubarak’s rule.

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Will Santa drop any loot into your 401(k) or IRA this year?

Typically, investors can count on a “Santa Claus rally” in the stock market between Thanksgiving and New Year’s, as an upbeat mood about the coming year prompts investors to indulge in stocks along with all the holiday fare.

But this year, questions abound about whether a fragile economy could fall back into recession. The European debt crisis looks increasingly out of control, while the latest chapter in Capitol Hill dysfunction raises the chance of higher taxes for all taxpayers and a smaller safety net for the unemployed.

“Supercommittee failure means that there is a greater risk that the payroll tax cut expires, though there is still a chance this could be attached to a year-end spending bill,” said Goldman Sachs economist Alec Phillips.

Payroll tax relief, which was enacted to put more spending money into consumers’ pockets, will expire at the end of the year if Congress takes no action, and so far, Congress has shown no inclination to work cooperatively on tax or deficit-cutting measures. If the payroll tax cut disappears, the government will collect about $110 billion more a year, but that money will no longer be in paychecks as potential spending money.

That’s a concern to investors, because the economy needs consumer spending to grow. In addition, extended unemployment benefits, which provide people with about $50 billion a year to spend, would not be available either.

JPMorgan Chase economists have estimated that if the stimulus expires, the economy will go from a 3 percent annual growth rate this quarter to a 1.5 percent growth rate in the second quarter of next year as households encounter a ’sharp hit” to their after-tax income. The economists expect “consumer spending to stagnate.”

The stock market has slid the last couple of days as investors have envisioned ongoing paralysis, a recessionary threat and the potential of a negative credit rating for U.S. debt. Investors were shaken in August, when Standard & Poor’s responded to government inaction on the nation’s debt by knocking the U.S. credit rating down a half a notch, but the agencies have suggested recently that no further downgrades are planned.

That should be a relief to investors, because downgrades can inflict higher borrowing costs on countries, making it difficult to operate. But instead of U.S. Treasury yields rising, as they would based on fear of a downgrade, the 10-year bond dipped below 2 percent this week based on a different concern: Moody’s economist John Lonski said investors were worried that automatic cuts in government spending and further federal deficit trimming would slow the economy. Investors move money to safety in bonds, and consequently, yields fall.

Besides the $110 billion payroll tax cuts and $50 billion in unemployment help that could disappear, there are trillions in additional measures that will arise over the next year that could interfere with consumer spending and be a drag on the economy. If the “Bush tax cuts,” enacted in 2001 and 2003, expire according to schedule at the end of 2012, consumers will have about $4 trillion less to spend over the next 10 years.

For middle-income people, the tax cuts that could expire include a $1,000 child tax credit for parents. But it will decline to $500 without congressional action. Low-income taxpayers also now have a 10 percent tax bracket, but that will escalate to 15 percent if the deadline for an extension runs out. For middle-income and affluent people, the current tax structure will allow about 33 million people to escape the higher alternative minimum tax, if Congress keeps it going. For the rich, the expiration of an estate tax break will mean paying taxes on assets over $1 million, compared with protecting $5 million now.

Meanwhile, as investors worry that a wrong move on taxes and spending could hurt consumers and undermine the economy, trouble in European banks is starting to affect distant areas. Fearful banks are holding on to capital instead of lending, and strategist Ed Yardeni notes that’s interfering with lending in emerging markets.

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Ratings agency Standard & Poor’s on Thursday pushed Egypt’s sovereign credit ratings deeper into junk status, citing the country’s dire political and economic situation and the increased risk of civil strife.

The cut is the latest blow to Egypt, whose economy is reeling from nine months of protests and strikes since the mid-February ouster of former President Hosni Mubarak. Last month, Moody’s Investors Service also cut its ratings for Egypt, citing the ongoing political challenges and the weak economy.

S&P said it cut Egypt’s long-term foreign and local currency sovereign ratings to B+ from BB-, with a negative outlook.

“The downgrade reflects our opinion that Egypt’s weak political and economic profile … has deteriorated further,” the agency said in a statement.

In addition to the current wave of protests against the ruling military council, it cited the erosion of the country’s net international reserves and the risk of further unrest stemming from rising expectations.

“These challenges could arise if populist demands for greater political participation are thwarted, or from demands for improved living standards from different sectors of the population no matter who is governing Egypt,” the agency said.

The timing of the ratings cut is also troubling for Egypt, coming days before the Nov. 28 parliamentary elections _ the first since Mubarak left office. The fate of the elections is uncertain following the latest protests, in which demonstrators have called for the country’s military rulers to step down and transfer power to a national salvation government payday advance online.

Months of unrest have led analysts to cut forecasts for Egypt’s economic growth. A nation that just a few years earlier had boasted growth rates of 7 percent is expected to realize anemic growth of around 1 percent this year, according to the International Monetary Fund.

Equally troubling has been the drop in international reserves, which fell from $36 billion at the end of December to $22 billion by the end of October. That decline, in part, has been linked to the Central Bank’s efforts to prop up the Egyptian pound.

The stock market’s benchmark index has shed almost 48 percent since the start of the year, losing around 190 billion pounds ($32 billion) and earning the dubious distinction of being among the worst performing in the world after Greece and Cyprus. On Thursday, the EGX30 index was up about 1.6 percent.

Bond and Treasury bill yields have climbed sharply, reflecting the premium the government must pay to borrow money, and the deficit is expected to climb above earlier forecasts of around 8.6 percent as officials are forced to increase spending to meet incessant popular demands for a boost in the standard of living.

“Following Egypt’s popular uprising of January 2011, public expectations regarding the government’s ability to promptly deliver improved living standards remain high,” S&P said.

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As protests erupted in Rome and other cities, Italy’s new premier unveiled his economic plan Thursday, vowing to spur growth yet fairly spread the sacrifices Italians must accept to save their country from bankruptcy and the eurozone from a disastrous collapse.

As Mario Monti spoke, riot police clashed with anti-austerity protesters in Milan, signaling the depths of resistance the economist-turned-premier will have to overcome if his plan is to succeed.

“The end of the euro would cause the disintegration of the united market,” the former European Union competition commissioner told the Senate ahead of a confidence vote on his one-day-old government. “The future of the euro also depends on what Italy will do in the next weeks. Also, not only.”

Monti formed his new government Wednesday, shunning politicians and turning to fellow professors, bankers and business executives to fill key cabinet posts.

A day later he revealed plans to fight tax evasion, lower costs for companies so they can hire more and possibly lower taxes rates for women, to encourage their increased participation in the work place. Hee warned Italians they must brace for more “sacrifices,” including the probable return of a property tax on primary residences.

“We must convince the markets we have started going down the road of a lasting reduction in the ratio of public debt to GDP. And to reach this objective we have three priorities: budgetary rigor, growth and fairness,” Monti said.

He said he would quickly work on lowering Italy’s staggering public debt, which now stands euro1.9 trillion ($2.6 trillion), about 120 percent of its GDP.

“But we won’t be credible if we don’t start to grow,” Monti said.

His administration must restore confidence in the country’s financial future and avoid contagion that would worsen the eurozone’s debt crisis. Italy’s spiraling financial crisis helped bring down media mogul Silvio Berlusconi’s 3 1/2 year-old government last week, after months of squabbling over how to save Italy from financial ruin.

Monti’s choice of unelected experts for his Cabinet and the prospect of tough reforms have fueled unrest. In cities from north to south, students clashed with police in protests against feared budget cuts Thursday, while previously planned transport strikes idled buses and trains.

Police in riot gear scuffled with students in Milan, as they tried to march to Bocconi University, which educates Italy’s business elite. Monti is Bocconi’s president.

“The government of the banks,” read one placard held by a youth in Milan.

In Palermo, Sicily, demonstrators hurled eggs and smoke bombs at a bank, and protesters threw rocks at police who battled back with pepper spray, the Italian news agency ANSA reported. One protester was injured in the head in Palermo, where police charged demonstrators who were trying to occupy another bank.

In Rome, hundreds of students gathered outside Sapienza University, while others assembled near the main train station. They marched toward the Senate, where lawmakers were holding a confidence vote in the evening on the new government.

Riot police in Turin reported several police injuries as they held back protesters trying to break through barriers in three locations.

Last week, parliament gave final approval to a package that will reform pensions, slash state spending and open up the economy. But Monti strongly suggested that much harsher medicine was needed to heal Italy’s finances and revive the stubbornly stagnant economy direct payday lenders.

He indicated Italians would be paying new taxes. Italy’s lack of a property tax on primary residences _ a move backed by Berlusconi_ is “a peculiarity, if not an anomaly” in Europe, Monti said.

Monti, who also is serving as finance and economy minister, said if Italy fails to grow and does not stay united, “the spontaneous evolution of the financial crisis will subject us all, above all the weakest, to far harsher conditions.”

He pledged to tackle chronic and widespread tax evasion to increase revenue, but also to further his goal of social fairness. Hiding or underreporting income by the self-employed is rampant in Italy, and workers with paychecks have long complained they bear an unfair share of the nation’s high taxes.

Monti said his government would consider reforms to lower Italy’s “elevated” tax rates. Employers say high payroll taxes discourage them from hiring.

In the workplace, Monti called for structural reforms but added “we must avoid the anguish which accompanies it.”

The question of how long Monti’s government will last has sparked intense debate among Italy’s political parties.

Some, like Berlusconi’s longtime ally the Northern League, refuse to back Monti’s government. Monti has said he intends to govern until the legislative period expires in the spring 2013. The League, which is strong in the affluent north, wants elections earlier.

Holding both thumbs down _ in a sign of rejection _ at the end of Monti’s speech was Senator Roberto Calderoli, a Northern League leader.

Pro-Catholic parties have said they would give “carte blanche” to the Monti government.

Some in Berlusconi’s conservative People of Freedom Party have called for early elections, but top party officials have said they will support Monti in parliament to achieve anti-crisis measures.

Monti indicated he was looking for wide support among Italians.

To encourage more women in jobs _ at 40 percent, the rate of Italian women in the workforce is one of Europe’s lowest _ he said he would consider lower tax rates for them.

In Rome, protester Titti Mazzacane said she was skeptical about the new government. While Monti chose “decent and competent people,” the government … “is a little bit too free-market liberal. I am a bit scared,” said the 53-year-old elementary school teacher.

Public schools have been hard hit by budget cuts from previous Italian governments.

Antonio Romano, who was distributing leaflets to protesters, said the government’s strategy is “make the workers and retired people pay for the crisis, not those who provoked the crisis. I mean big business, bankers.”

A transit strike of several hours idled the subway system and many buses in Rome. Milan was hit by a similar transit walkout.

State railways said a 24-hour nationwide train strike, called by one small union, affected only 5 percent of the train rains.

Alitalia reduced flights Thursday, warning that a four-hour afternoon strike in the air travel sector could cause flight delays. The walkout mainly involved air traffic controllers and airport workers, not Alitalia personnel.

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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.”

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One of the St. Louis area’s leading medical practices for urologists owes more than $338,000 in delinquent property taxes, interest and penalties, St. Louis County records show.

Five years ago, Metropolitan Urological Specialists announced its plan to invest about $15 million in three outpatient centers, including a sexual medicine clinic, and to take on additional urologists as private physician shareholders. The firm, based in Chesterfield, also planned to invest heavily in laboratory and imaging equipment.

Dunard Morris, the medical firm’s former chief executive, said at the time that Metropolitan’s expansion would help meet the growing needs of the baby boomer generation. A large proportion of the firm’s business involves Medicare patients. Morris recently left the firm for unknown reasons.

But the firm, which still lists 14 physicians on its website, now struggles to pay its taxes. The county has sought to collect the back taxes by filing liens on the firm’s property.

The medical firm’s affiliate, Metropolitan Urological Properties LLC, owes state and local tax authorities $338,223 in delinquent taxes, interest and penalties from 2009 and 2010 on its medical office buildings at 10296 Big Bend Boulevard in Crestwood and at 215 Dunn Road in Florissant, according to the St. Louis County Department of Revenue.

Metropolitan Urological Properties also owes state and local property taxes for 2011 totaling $172,652 on those two parcels and improvements to those sites. That amount is due by Dec. 31, and becomes delinquent if not paid or postmarked before Jan. 1, 2012.

If the firm’s 2009 tax bill remains unpaid on its medical office complex in Crestwood, whose market value has been appraised at $4.9 million, county authorities are prepared to auction the property next August.

It is unclear when exactly Metropolitan started falling behind on its taxes or what specifically may have caused any related financial troubles. As shareholders, Metropolitan’s physicians could be on the hook if the firm defaults on any of its financial obligations.

Metropolitan’s property affiliate was able to pay a $29,481 tax bill on its Dunn Road parcel for 2009, but not a larger tax bill on its Big Bend parcel for that year. It did not pay its 2010 tax bills on either parcel.

Bob Lawson, the medical firm’s newly hired interim chief executive, did not return calls requesting comment. Several doctors affiliated with Metropolitan Urological Specialists also did not return phone calls.

Morris, who left the medical practice this fall, returned phone calls placed to one of his residences by leaving a voicemail message that said he was “out of state,” without saying exactly where.

“I have a lot to tell regarding health care and other things. I won’t talk with you if you run your story,” Morris said in the voicemail message. “I got sick of what I see in health care, and specifically in our group. And it’s a much wider story than me or anyone else.”

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