http://www.insidesocal.com/news247/Inland Empire & Inland Valley Breaking News 24/7enCopyright 2009Wed, 22 Apr 2009 09:00:35 -0800http://www.sixapart.com/movabletype/http://www.rssboard.org/rss-specification
The Fairfax County police responded to a 911-call at 4:48 a.m. at the suburban Virginia home Kellermann shared with his wife. The police would not release the cause of death or say if a suicide note was found.

Kellermann, 41, lived in Hunter Mill Estates, a well-off neighborhood of large single-family homes with manicured lawns. County records show Kellermann's home is worth about $900,000.

Paul Unger, who lives across the street from the Kellermanns, called the family a "solid,
salt-of-the-earth kind of family" that hosted the neighborhood's Halloween party. "He was just a nice guy...You cannot imagine what kind of pressures he must have been under," Unger said.

Kellermann worked for Freddie Mac for the past 16 years and was named acting chief financial officer last September when the government seized control of the company to keep it from failing. Freddie Mac lost more than $50 billion last year, and the government has pumped in $45 billion to keep the company afloat.
]]>http://www.insidesocal.com/news247/2009/04/police-investigating-death-of.htmlhttp://www.insidesocal.com/news247/2009/04/police-investigating-death-of.htmlBusinessIV Daily BulletinSB SunWed, 22 Apr 2009 09:00:35 -0800
Redwood Shores, Calif.-based Oracle will buy Sun shares for $9.50 each in cash. The price
represents a 42 percent premium to Sun's Friday closing stock price of $6.69. Net of Sun's cash and debt, the transaction is valued at $5.6 billion, Oracle said.

IBM had offered to buy Sun for $9.40 per share, but acquisition talks fell apart earlier this month. Sun balked at the price and canceled IBM's exclusive negotiating rights, leading IBM to withdraw its offer.

Oracle expects the purchase to add at least 15 cents per share to its adjusted earnings in the first year after the deal closes. The company estimated Santa Clara, Calif.-based Sun will contribute more than $1.5 billion to Oracle's adjusted profit in the first year and more than $2 billion in the second year.
]]>http://www.insidesocal.com/news247/2009/04/oracle-to-buy-sun-for-74b-afte.htmlhttp://www.insidesocal.com/news247/2009/04/oracle-to-buy-sun-for-74b-afte.htmlBusinessIV Daily BulletinSB SunStock marketMon, 20 Apr 2009 11:30:43 -0800
Small bankers are complaining loudly that they had nothing to do with the excesses of big Wall Street firms, freewheeling deals in the mortgage market and risky investments that precipitated the economic crisis.

Still, in the meltdown's wake, community bankers find themselves under tighter scrutiny from federal regulators. They say the $700 billion financial bailout has favored large institutions. And they are upset about a special assessment the government wants to charge to shore up the Federal Deposit Insurance Fund, which failed banks are draining.

This all comes as the government, trying to stimulate the economy, is pleading with banks -- big and small -- to lend, lend, lend.

"People on the street should be interested because community banks account for 45 percent of all small business loans," said Camden Fine, president of the Independent Community Bankers of America. "They really are the engines of Main Street, and if you have an overly aggressive and overly harsh examining atmosphere, then that causes the community banks to pull in their horns."

"Criticism of loan portfolios in community banks has become so harsh that community bankers say, 'I'll just stop making loans until this thunderstorm passes,'" Fine said. He said small banks can turn to other revenue-making practices for a time and wait out the harsh examination environment.
]]>http://www.insidesocal.com/news247/2009/04/recession-pits-small-banks-aga.htmlhttp://www.insidesocal.com/news247/2009/04/recession-pits-small-banks-aga.htmlBusinessIV Daily BulletinSB SunMon, 20 Apr 2009 07:30:29 -0800
The figures released Friday by the Employment Development Department show California lost 62,000 jobs in March.

The unemployment rate grew from 10.6 percent in February, and is nearly 5 points higher than in March 2008.

U.S. Bureau of Labor Statistics figures show it is a historic high. Only two states -- Michigan and Oregon -- had higher rates in March.

- The Associated Press
]]>http://www.insidesocal.com/news247/2009/04/calif-unemployment-rate-at-rec.htmlhttp://www.insidesocal.com/news247/2009/04/calif-unemployment-rate-at-rec.htmlBusinessIV Daily BulletinSB SunFri, 17 Apr 2009 10:01:00 -0800
The Labor Department says its tally of initial jobless claims dropped to a seasonally adjusted 610,000 from a revised figure of 663,000 the previous week. That is significantly below analysts' expectations of 655,000.

The number of people claiming benefits for more than a week increased to 6 million, the highest on records dating to 1967.

- The Associated Press
]]>http://www.insidesocal.com/news247/2009/04/new-jobless-claims-fall-unexpe.htmlhttp://www.insidesocal.com/news247/2009/04/new-jobless-claims-fall-unexpe.htmlBusinessIV Daily BulletinSB SunThu, 16 Apr 2009 08:14:59 -0800
But the company beat Wall Street expectations and stood by its full-year forecast for motorcycle shipments, sending shares higher in premarket trading.

Harley, which is in the midst of a restructuring effort announced three months ago, said it planned to cut between 300 and 400 additional factory jobs over the next two years. That brings the total expected cuts to between 1,400 and 1,500 over that period.

"We don't make any job reduction decisions lightly," outgoing Chief Executive Jim Ziemer said in a statement. "But based on further planning since January and a deeper analysis of our production requirements, we have now determined that fewer production employees will be required."
]]>http://www.insidesocal.com/news247/2009/04/harley-davidson-to-cut-more-jo.htmlhttp://www.insidesocal.com/news247/2009/04/harley-davidson-to-cut-more-jo.htmlBusinessIV Daily BulletinSB SunThu, 16 Apr 2009 07:30:19 -0800
MDA DataQuick says in a report released Wednesday that the figures indicate the housing market in the region might be "exploring price floor levels."

The firm says the median price stood at $250,000 in March. The figure has been stable since January but was down 35 percent from a year ago. Sales increased 52 percent last month from the year-ago period.

Foreclosures accounted for more than 55 percent of March sales.

- The Associated Press
]]>http://www.insidesocal.com/news247/2009/04/firm-socal-median-home-price-s.htmlhttp://www.insidesocal.com/news247/2009/04/firm-socal-median-home-price-s.htmlBusinessIV Daily BulletinSB SunWed, 15 Apr 2009 11:00:58 -0800
The fair will be from 10 a.m. until 2 p.m. Saturday at the San Bernardino County Fairgrounds, 14800 Seventh St., Victorville.

The event will allow teens 15 to 18-years-old to speak with company representatives from the High Desert and other areas of the Inland Empire.

Representatives from colleges, labor unions, trade and vocational schools, the military, private businesses and law enforcement will also be at the fair, sheriff's officials said.

There will be three workshops for teens in job application skills, interview techniques and dressing for success.

Sheriff's officials said there will be scholarship opportunities, vendor displays, food, drinks and raffle prizes.

Information: (909) 387-9851.

melissa.pinion-whitt@inlandnewspapers.com

]]>http://www.insidesocal.com/news247/2009/04/sheriffs-dept-to-host-teen-job.htmlhttp://www.insidesocal.com/news247/2009/04/sheriffs-dept-to-host-teen-job.htmlBusinessIV Daily BulletinSB SunVictorvilleMon, 13 Apr 2009 13:30:49 -0800
Apparently there aren't enough.

The recession is taking a steep toll on the legal profession, an industry long seen as immune from the ups and downs of the economy. Trying to weather the financial crisis, the nation's largest law firms are laying off attorneys and delaying the hiring of others.

More than 3,000 lawyers have been laid off in the first three months of 2009.

"A lot of people go into the law because it's one of those professions where you're always going to have work. There aren't typically big layoffs," said Samuel Smith of Charlotte, N.C. "Realistically, I don't think people saw this coming."

Last summer Smith was working at Cadwalader, Wickersham & Taft while flirting with job opportunities at a few other firms. But in August, Smith was laid off as the economy soured. The firms that earlier had been interested were now reluctant to hire.

"I'm still looking for jobs," said Smith, who launched http://www.rateapartner.com, a Web site that links to legal business news articles and allows lawyers and clients to anonymously rate law firm partners.

Just how bad is it out there?

The Labor Department said the number of unemployed lawyers jumped 66 percent last year to a 10-year high of 20,000.
]]>http://www.insidesocal.com/news247/2009/04/recession-causing-lawyer-layof.htmlhttp://www.insidesocal.com/news247/2009/04/recession-causing-lawyer-layof.htmlBusinessIV Daily BulletinSB SunMon, 13 Apr 2009 12:00:03 -0800
According to bankruptcy court filings, the Richmond-based company has entered into a so-called stalking horse agreement with Systemax for $6.5 million. A stalking-horse bid is an initial offer on a bankrupt company's assets from an interested buyer chosen by the company.

The agreement also includes payments of a scaled percentage of revenues coming from the site.

Other companies should have an opportunity to bid on the assets, if a federal bankruptcy court judge grants a motion for a May 11 auction at a hearing Tuesday.

Circuit City closed its remaining U.S. stores last month and has laid off about 34,000 workers since filing for bankruptcy protection in November.

- The Associated Press
]]>http://www.insidesocal.com/news247/2009/04/circuit-city-seeks-to-sell-bra.htmlhttp://www.insidesocal.com/news247/2009/04/circuit-city-seeks-to-sell-bra.htmlBusinessIV Daily BulletinSB SunMon, 13 Apr 2009 09:30:36 -0800
The event will be from 10 a.m. until 2 p.m. at Cal State's Coussoulis Arena, 5500 University Parkway.

Employers who will be recruiting potential employees include numerous state organizations, Claremont Graduate University, the Drug Enforcement Administration, Wells Fargo Bank and the Internal Revenue Service.

Applicants should dress professionally, school officials said.

The fair is open to Cal State students and the public.

Employers interested in attending should contact the CSUSB Career Development Center, (909) 537-5250 or visit www.career.csusb.edu for more information.

melissa.pinion-whitt@inlandnewspapers.com

]]>http://www.insidesocal.com/news247/2009/04/cal-state-sb-to-host-career-ex.htmlhttp://www.insidesocal.com/news247/2009/04/cal-state-sb-to-host-career-ex.htmlBusinessClaremontIV Daily BulletinSB SunSan BernardinoMon, 06 Apr 2009 10:30:30 -0800
Signs of trouble in talks between IBM Corp. and Sun Microsystems Inc. also weighed on the market.

Investors have been more optimistic in recent weeks, sending the Dow Jones industrials up 22.5 percent since early March, amid improving economic data and as governments around the globe step up efforts to end the recession.

This week, investors will begin poring over first-quarter earnings for more clues on where the economy is headed -- and analysts warn that worse-than-expected reports could upset the market's advance.

Even more important than companies' results will be their forecasts for the remainder of the year. Sectors that will be in particular focus include banking, retail, technology and industrials.

"Companies have to come across with commentary that the worst is passed," said Nicholas Colas, chief market strategist at BNY ConvergEx. "That is the most critical thing and you have to hear it from a broad range of companies in a wide variety of industries."

Aluminum producer Alcoa Inc. kicks off earnings season on Tuesday. There are no economic reports or major earnings scheduled for Monday.

Meanwhile, IBM's talks with Sun Microsystems appeared to be in jeopardy, adding to the market's jitters.

The discussions were in their final stages in recent days, but The Associated Press learned that IBM took its $7 billion offer off the table on Sunday after Sun terminated IBM's status as its exclusive negotiating partner.

In the first half hour of trading, the Dow fell 78.37, or 1.0 percent, to 7,939.22. The Standard & Poor's 500 index fell 11.94, or 1.4 percent, to 830.56, while the Nasdaq composite index fell 26.25, or 1.6 percent, to 1,595.62.

- The Associated Press
]]>http://www.insidesocal.com/news247/2009/04/stocks-fall-after-4-week-rally.htmlhttp://www.insidesocal.com/news247/2009/04/stocks-fall-after-4-week-rally.htmlBusinessIV Daily BulletinSB SunMon, 06 Apr 2009 10:00:53 -0800
It will be held from 8 a.m. to 4:30 p.m. on April 9 at the A.K. Smiley Public Library, 125 W. Vine St. There is a $5 fee.

The five-phase workshop emphasizes communication between managers and tenants.

Topics include:
  
    *  Keep property "safe by design"
    * Applicant screening
    * Property management
    * Working with police
    * Evictions
    * Legal issues
    * Gangs
    * Narcotics
    * Fair Housing and Mediation Board

For reservations or more information, call the North Orange Street Community Policing Station at (909) 798-7534, ext. 7 or (909) 798-7609, ext. 1.  To ensure a reserved seat please RSVP no later than April 6, 2009.  Or, you may send a fax listing your name, address, city, state, zip, phone number, fax number and entity to: (909) 748-7587.

]]>http://www.insidesocal.com/news247/2009/03/crime-free-multi-housing-works.htmlhttp://www.insidesocal.com/news247/2009/03/crime-free-multi-housing-works.htmlBusinessCrimeRedlandsSB SunTue, 31 Mar 2009 09:21:02 -0800government-controlled conglomerate is successful in its late bid to buy the company.

Two earlier bids presented to U.S. District Bankruptcy Court in Delaware are from liquidators who would sell the company's assets.

An auction is scheduled for Monday in Delaware. Company officials have been holding after-hours conference calls with the Shandong Commercial Group General Corp. in an effort to save the retailer.

The company, founded in 1904 in Fresno, employs 5,200 people at 58 department stores across the West, with most in California. The chain's locations include stores in San Bernardino, Redlands, Victorville and Riverside.

Shandong is among China's 20 largest retailers. ]]>http://www.insidesocal.com/news247/2009/03/beijing-controlled-firm-could.htmlhttp://www.insidesocal.com/news247/2009/03/beijing-controlled-firm-could.htmlBusinessRedlandsRiversideSan BernardinoVictorvilleSun, 29 Mar 2009 10:44:14 -0800Union Bank N.A. has named Stuart Bernstein market president for Inland Empire and Orange County retail banking, according to a news release.

"As part of a comprehensive realignment of its retail banking group, Bernstein's position represents the addition of five new regional market presidents throughout California, as well as Union Bank's geographic expansion of its retail markets to five, from three," according to the release.

Bernstein has nearly two decades of banking experience.  He previously worked as a market president for Wells Fargo and was an executive vice president at Countrywide Financial Corp.

Read more at The Bizz.

matthew.wrye@inlandnewspapers.com
]]>http://www.insidesocal.com/news247/2009/03/union-bank-hires-president-for.htmlhttp://www.insidesocal.com/news247/2009/03/union-bank-hires-president-for.htmlBusinessIV Daily BulletinSB SunBusinessThu, 26 Mar 2009 14:00:04 -0800