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Eds: UPDATES with comment from analyst, company spokesman, closing price. Moving on general news and financial services. KANSAS CITY, Mo. (AP) -- Mark Ernst has resigned as chairman, president and chief executive of H e tax preparation and accounting services company said Tuesday. Ernst is being replaced as chairman by former chairman of the Securities and Exchange Commission, Richard Breeden, who led a dissident shareholder group that won three seats on the H ormer Aetna Inc. executive Alan Bennett was named interim CEO while H r a permanent replacement. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from the company's core tax preparation and accounting services business. Ernst's departure follows the resignation of Chief Financial William Trubeck earlier this month.
Sumitomo Trust, Aozora Bank to form broad business tie-up
Sumitomo Trust & Banking Co. and Aozora Bank announced Tuesday they will form a comprehensive business tie-up in the three fields of real estate, trust and asset management. The two banks made the decision to survive intensifying competition from megabanks, but they stressed they will not form a capital tie-up. By offering services and financial products to each other's customers, the two banks plan to strengthen their foundation for higher profitability. The two banks said they will first set up a "tie-up promotion committee" consisting of senior officials of both banks. The committee will decide on the details of the tie-up by March next year, including a possible expansion of the alliance beyond the three fields. According to the agreement between the two banks, an Aozora group company with strength in collecting debts will support the rehabilitation of Sumitomo Trust's debt-ridden client companies using their real estate.
ELI® Unveils New Website. Training Firm's Site Focuses on Solutions for Building a Civil Workplace
ELI has redesigned its corporate website to provide easier access to resources and tools for building a lawful, ethical, and professional workplace. The site was officially unveiled at an event for ELI's Client Master Certified Instructors in October. Atlanta, GA (PRWEB) November 21, 2007 -- ELI unveiled its newly redesigned website at an event for the company's Client Master Certified Instructors in October. The new site features improved functionality, greater interactive capabilities, and easier access to downloads and other resources for building a civil workplace. "Our goal with the redesign was to make it easier for visitors to find the information and tools they need," says ELI president Stephen M. Paskoff, Esq. "The new site really puts relevant news, trends, and program information at the user's fingertips." .
Some homebuilders face bankruptcy in slump
Homebuilders such as Centex Corp. and Pulte Homes Inc. are aiming to survive an industrywide unraveling by selling houses at bargain prices, slashing jobs and scrapping growth plans. But as the housing downturn worsens, experts say at least a few major U.S. homebuilders might end up bankrupt. Builders constructed more than 2 million housing units nationwide in 2005, the year the boom peaked. So far this year, housing starts have fallen to an annual rate of 1.2 million units through September, and economists expect the number to drop to an annual rate of 1 million by mid-2008. Some analysts foresee a shakeout similar to that of the early 1990s, when numerous builders went through bankruptcy, including Reston, Va.-based NVR Inc. and U.S. Home Corp. of Houston, now part of Miami's Lennar Corp.
Study: 1 out of 4 homeless are veterans
Washington_Veterans make up one in four homeless people in the United States, though they are only 11 percent of the general adult population, according to a report to be released Thursday. And homelessness is not just a problem among middle-age and elderly veterans. Younger veterans from Iraq and Afghanistan are trickling into shelters and soup kitchens seeking services, treatment or help with finding a job. The Veterans Affairs Department has identified 1,500 homeless veterans from the current wars and says 400 of them have participated in its programs specifically targeting homelessness. The National Alliance to End Homelessness, a public education nonprofit, based the findings of its report on numbers from Veterans Affairs and the Census Bureau.
Newmark parent considers Ch. 11 bankruptcy
The parent company of a major Austin homebuilder says it's considering filing for Chapter 11 bankruptcy protection as it plunges deeper into the red. TOUSA Inc. (NYSE:TOA), the parent of Newmark Homes, reported a loss of $617 million, or $10.43 a share, in the third quarter, up substantially from its year-earlier loss of $80 million, or $1.34 a share. The Hollywood, Fla.-based TOUSA said in a statement that based on its most recent earnings, "the company believes there is substantial doubt about its ability to continue as a going concern." The company went on to say that it is considering all available in- and out-of-court restructuring and reorganization alternatives including Chapter 11. Newmark is one of several homebuilders under TOUSA operating throughout Florida, the Mid-Atlantic, Texas and the West.
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