In its 2013 Expense IQ Report, Concur, a developer of expense report software, has found that business travel expenses fell off dramatically at the end of 2012.
The average travel and entertainment expense report fell 4.5 percent from 2011 to 2012. The decline dramatically accelerated in the last quarter of the year, when a huge 21 percent drop in T&E expenses was measured.
The report notes that, “While 2012 was overall a year of tighter budgets for U.S. travelers, the sudden and extreme decline in Q4 T&E spend in particular is a bit of an outlier. The dip is likely due to a set of exogenous macro-economic events, such as the impact of Hurricane Sandy, uncertainty about the U.S. presidential election in November, and the ‘fiscal cliff’ negotiations that extended into the first days of 2013.”
Concur
Curiously, Concur notes that small businesses are spending considerably more on travel than their large-company counterparts. On a quarterly, per traveler basis, SMBs pay more for airfare (13.6%), lodging (21.0%), car rentals (56.7%), and even dining out (17.8%). Partly this is because small-business employees are traveling more than large ones, but also because they are often subject to higher rates. In explaining this, Concur notes that private rate agreements with hotel chains, for example, are responsible for offsetting many of the costs that large businesses pay.
The utility industry’s “smart grid” still has a lot to learn, which I experienced firsthand as I sat in the dark after Hurricane Sandy. A new study from reveals what electric service providers must do to convert the vast amounts of data generated by the smart grid into improvements in customer service and other operations. …read more
LONG BRANCH, N.J., July 23 (UPI) — A New Jersey hospital said it is expecting a baby boom — a 35 percent increase in births over last year — as a result of Hurricane Sandy. …read more
The world is celebrating Nelson Mandela Day with acts of community service and messages of goodwill to the former South African president who remains hospitalized on his 95th birthday. Here are some of the international events:
UNITED NATIONS: The U.N. hosted an informal General Assembly in honor of Mandela with former United States President Bill Clinton and co-prisoner and Mandela friend Andrew Mlangeni scheduled to speak. U.N. staff also helped to rebuild homes in Long Island destroyed by Hurricane Sandy.
WASHINGTON: The Congressional Black Caucus celebrated the life and legacy of Mandela at the Emancipation Hall in the U.S. Capitol Visitor Center. House Speaker John Boehner and South Africa’s ambassador to the United States Ebrahim Rasool were among guests slated to speak at the ceremony.
NEW YORK: The Tribeca Film Institute partnered with the Nelson Mandela Foundation to commemorate Mandela Day with a video display in Times Square and a meeting in Duffy Square. A picture of a Mandela portrait by South African artist Paul Blomkamp with the words “Happy 95th Birthday Madiba!” was featured on a Times Square monitor throughout the day.
TORONTO: A community celebration featuring live music and family activities was at the Nelson Mandela Park Public School.
PARIS: The South African embassy in Paris hosts its annual Nelson Mandela Day drive to collect clothes, toys and non-perishable food items for charity. The embassy accepts donations until Aug. 31. The Hotel de Ville hosts a free exhibition, “Nelson Mandela: from Prisoner to President,” where visitors can learn about Mandela’s journey through films, photographs and sculptures. The exhibition will run through July 6.
ROME: An exhibit about Mandela’s life at an anti-racism center was visited by South Africa’s ambassador to Italy, Nomatemba Tambo.
INTERNATIONAL SPACE STATION: Three astronauts from the International Space Station honored Mandela in a video message that included words from Desmond Tutu, the Dalai Lama and Bill and Hillary Clinton, among others.
“Nelson Mandela is the symbol of what humankind must strive for: Peace, brotherhood and a common goal to better every life on this planet. Our work here on the International Space Station mirrors exactly what Mr. Mandela spent his life trying to accomplish,” astronaut Karen Nyberg said for the group.
By Spencer Fordin One day after the All-Star Game, some prominent local athletes took a swing for society. Neither Ike Davis nor David Robertson were a part of the All-Star Game, but the tandem paired up Wednesday to host a charity golf tournament in relief of Hurricane Sandy. …read more
Even most of those hit hardest by Hurricane Sandy are hardening their facilities instead of moving them entirely. In the storm-prone South, however, it’s a different story. …read more
The improbable tale of a diesel-fuel bucket brigade that kept a flooded Manhattan data center running in the wake of Hurricane Sandy is not retold with fondness by those who were involved, even if they do share a sense of pride in their achievements. Insider (registration required) …read more
Loews Corp. (NYSE: L) reported first-quarter 2013 results before markets opened this morning. The holding company reported adjusted net income of $334 million, compared with $392 million in the same period a year ago. Revenues for both quarters totaled $3.71 billion. Based on 389.9 million shares outstanding at the end of the first quarter, Loews earnings per share (EPS) totaled about $0.86. The Thomson Reuters consensus EPS estimate was $0.84.
On a GAAP basis, the company posted EPS of $0.62 in the quarter, compared with $0.92 in the same period a year ago. GAAP earnings include a noncash ceiling test impairment charge of $92 million at Loew’s wholly-owned HighMount Exploration & Production. In the year-ago quarter, a similar noncash impairment charge reduced net income by $28 million. The ceiling test assesses the carrying value of the company’s natural gas and oil properties.
Loews was hit hard in the fourth quarter by the effect of Hurricane Sandy on its CNA insurance group. In the first quarter, the firm attributed the drop in net income to “reduced parent company investment income as a result of lower performance for the trading portfolio.” In other words, picking losers. Investment income in the first quarter of 2012 totaled $76 million compared to just $7 million in the first quarter of 2013.
Loews did not offer guidance in its news release, but the consensus analysts’ estimate for the second quarter calls for EPS of $0.82. For the year, the estimates call for EPS of $3.41 on revenues of $13.29 billion.
Shares are inactive in this morning’s premarket trading, and closed down about 1.3% on Friday, at $44.44 in a 52-week range of $38.14 to $45.20. The 52-week high was set last week. The consensus target price for the shares was $46.00 before today’s report.
Filed under: 24/7 Wall St. Wire, Earnings, Financial Stocks Tagged: L
I installed about 1500 square feet of pre-glued parquet flooring about 2 years ago over painted sub-flooring. Hurricane Sandy sent a tree through my roof and flooded the floor, causing the parquet to float. As it dried, it looked like someone had pleated it – it became 3-dimensional and very hazardous.
It needs to be totally removed so new flooring can be installed. Is there a really fast way to remove those tiles that are still well stuck? Is there a fast way to remove all of the glue residue from the sub-floor?
By Mark RussellIn the aftermath of Hurricane Sandy, many of the uber-rich who have multimillion-dollar beach homes in the tony town of Southampton, NY, are seeking to keep the ocean from their mansions. They’ve been spending big bucks ($50,000, in one case, and that could be on the low end) to…
BELMAR, N.J., April 16 (UPI) — A New Jersey man said the floodwaters of Hurricane Sandy left something unusual in his in-ground pool — a tiny school of live fish.
NEW YORK — Federal mortgage payment relief has been extended up to one year for more than 200,000 homeowners whose houses were damaged by Superstorm Sandy.
U.S. Housing and Urban Development Secretary Shaun Donovan announced the extension for homeowners with Federal Housing Administration-insured loans on Friday.
Burlington, Vt., is a long way from New York and the Jersey Shore, but when Joan Shannon read about the storm ravaged victims of Hurricane Sandy and their struggles to care for their pets she knew she had to get involved.
“I thought that there was probably a need for temporary shelter for the dogs,” she said, explaining her efforts were aimed as much at pet owners who found themselves in an unimaginable situation.
Hundreds of families were left homeless, and unable to take their dogs with them were forced to leave their beloved pets behind in the unheated remnants of their houses.
Shannon founded Sandy Dog Nannies, an organization of volunteers willing to temporarily foster dogs affected by the storm. Dog owners in need are asked to provide a profile of their hound which is then shared with approved foster families that have been vetted by the organization. The dog’s owner then reviews the applications and reports on the potential foster homes and selects the most appropriate offer.
Sandy Dog Nannies couldn’t have come at a better time for Debbie Blair. Like so many, she lost almost everything in the storm. Her home in Breezy Point was battered by flood waters and high winds — and while she fared better than some of her neighbors she was struggling to look after her 11-year-old Cairn terrier, Jessie.
“There’s such a peace of mind that I have that I know my dog is safe and being well taken care of,” said Blair. “Dogs pick up on all our stress as well, so she was removed from all the craziness that was going on in my house. It’s just a blessing.”
The initial idea of Sandy Dog Nannies was to transport the dogs to the green mountains of Vermont, placing them with willing families. However, Shannon quickly discovered that while storm victims were crying out for help they wanted their faithful hounds in close proximity so they could visit. Debbie Blair‘s terrier was placed with Kerry Madden in Manhattan. “I was guaranteeing them that this dog would be well taken care of and I wanted them to take care of their needs,” said Madden. Little Jessie now enjoys thrice daily walks along the sidewalk with Madden’s two other dogs and Blair can concentrate on rebuilding her home knowing her dog is safe.
It will be months, and in some cases years before some of the neighborhoods impacted by Sandy are rebuilt.
“Nobody anticipates being in the position that these folks are in where there are just no good options,” said Shannon. “If we have given somebody an option, we’ve been successful.”
It’s an example of people helping people, and man’s best friend — at perhaps their greatest time of need.
The destruction caused by Hurricane Sandy has prompted the World Meteorological Organization to remove the name from a rotating list of storm titles, the UN agency said Friday.
Another green-car dream appears to be biting the dust. Fisker Automotive said this week that it will lay off 75% of its workforce, as the maker of the hybrid Karma luxury sedan appears to be running out of cash.
In recent months, Fisker had been seeking a major automaker to partner with in an effort to fund continued operations. But after talks with a Chinese automaker collapsed in March, it became clear that Fisker was running short of options.
A promising debut, followed by a streak of challenges Fisker, based in Anaheim, Calif., drew global headlines when it launched the Karma, one of the first “plug-in” hybrids, way back in 2008. The sedan drew raves for its sharp styling, created by company founder Henrik Fisker, who had previously worked as a designer for BMW and Aston Martin.
The Karma also helped launch the idea of a luxury “green” car segment, a market that several global automakers — as well as another California green-car start-up, Tesla Motors — have since entered.
But that was arguably the high point in the company’s history. Years of delays in getting the car certified for U.S. sale — a complex and expensive process that has undone many prior auto start-ups — meant that Fisker didn’t actually start delivering Karmas to customers until late 2011.
Production cars lead to even more troubles for Fisker But even then, things didn’t go well. A Texas house fire in early 2012 was blamed on a malfunctioning Karma, which fueled concerns about electric-car batteries that had arisen after a crash-tested Chevrolet Volt had caught fire the year before.
By then, it was too late. Fisker had run through much of its capital, including $193 million in loans from the U.S. government. No more loans were likely, as the feds had halted further financing in 2011 after Fisker had failed to meet a series of milestones.
Its only hope was to seek a partner, but after talks with China’s Dongfeng Motor Group collapsed last month, hopes faded.
The upshot: Tesla notwithstanding, sarting a car business is really, really hard Fisker’s experience points to just how hard it is to launch a new automaker from scratch. While Tesla Motors is on the verge of a profitable quarter, thanks to near-flawless execution on an audacious business plan, Tesla is really the exception that proves the rule.
The last automaker to be started from scratch and become an enduring presence on the global stage before Tesla was tiny supercar maker Lamborghini, way back in …read more
When I think about energy and national security, the first thing that comes to mind is usually a disruption in oil imports or some sort of nuclear disaster. The form and function of the electrical grid itself wasn’t at the top of the list — until now.
Recent comments from David Crane of NRG Energy have made me think that maybe solar energy could play a role in national energy security. Speaking at The Wall Street Journal‘s ECO:nomics conference late last month, he said that solar energy may be a national security issue. When you step back and think about it, he’s probably right.
Solar energy is the first energy source we’re able to generate economically at home. A roof filled with solar panels can power an entire house, assuming it has some energy storage or grid backup. This is problematic for utilities, because solar owners will be using the grid only for backup, potentially adding cost to other consumers, but from a security standpoint it may be a step forward.
Look at the Fukushima disaster in Japan last year. The country shut down all nuclear reactors, which added to fossil fuel imports and disrupted service. A similar disaster or attack on major power plants in the U.S. could leave portions of the country without power for weeks. It took weeks to get power back to parts of New Jersey after Hurricane Sandy and the Northeast blackout of 2003 left millions without power without any notice.
Solar energy changes the landscape. A blackout would be more manageable for consumers if they have solar power during the day and may go unnoticed if they have battery backup. Maybe it’s true that solar power could be a piece of improved energy security.
The military is on board We know that the U.S. military is already seeing solar as a powerful energy source. SunPower built a 14 MW plant at the Naval Air Weapons Station China Lake, generating 30% of the base’s annual power needs.
On a smaller basis, the Army has introduced portable power solutions for forward bases and is testing other solar technologies and energy storage. If distributed energy on the grid doesn’t make you feel safer for the energy grid, giving usable power to our troops in the field should. Solar will not only be a useful tool for soldiers, but it will also save cost, since transporting fuel is an expensive and dangerous task on the battlefield.
The winners in distributed solar Distributed solar is one piece of a more secure energy grid, and investors can get onboard in a few different ways. NRG Energy owns large solar plants and is getting into the distributed solar business as well. SolarCity is the dominant player in residential solar, and panel manufacturer SunPower is expanding its reach through a leasing program. Finally, MEMC Electronic Materials is transforming itself into a project developer and is putting a big …read more
By Paul Casella After the devastation of Hurricane Sandy, the Bayonne Little League fields looked unplayable for the upcoming season. Thanks to the Baseball Tomorrow Fund and money raised by MLB groundskeepers, the fields were ready for Opening Day. …read more
The musician, whose full name is Michael Diamond, spoke to GOOD Magazine on Tuesday about the project. Since the storm, more than 19,000 free meals have been served.
Seeing the damage to Rockaway Beach, he launched the Rockaway Plate Lunch truck with restauranteur and friend Robert McKinley.
LONDON — After the Easter break, we have an increase in the number of companies going ex-dividend next week. Whether you want to buy in time to be eligible for a company’s dividend payment or you’re looking for a bargain share price when the time has passed, you should mark your diaries.
The FTSE 100‘s current average dividend yield is about 3.1%, and next week’s companies offer quite a spread around that. Here are three of those companies going ex-dividend in the week commencing April 8:
IMI Industrial engineer IMI is set to go ex-dividend next Wednesday with respect to its final dividend of 20.7 pence per share. The payment, announced with preliminary results on March 7, takes the firm’s total dividend for the year to 32.5 pence per share. That’s a rise of 8% over the previous year and represents a yield of 2.5% on the current share price of 1,308 pence.
If you had bought the shares a year ago, in addition to that modest payout you would also have enjoyed a share price rise of about 30%.
GKN Car and plane parts maker GKN has its ex-dividend day next Wednesday, too, and again it’s a final dividend. This time it’s a payment of 4.8 pence per share, making up a very nice 20% rise in the full-year payment to 7.2 pence per share. That was made possible by a 19% rise in pre-tax profit for the year to December 2012.
At the current share price of 272 pence, this annual reward corresponds to a yield of 2.6% — and just like IMI‘s, the shares are up about 30% over the past 12 months.
Amlin Our third ex-dividend share for next Wednesday is insurer Amlin, which will be paying a final dividend of 16.5 pence per share. Announced on March 4, that will add to an interim dividend to provide a full-year payment of 24 pence per share. That’s the smallest rise of the three, up just 4.3%, but it provides the biggest yield — 5.6% on today’s share price of 431 pence.
Amlin had a tough year in 2011 and turned in a loss of 194 million pounds, largely due to claims arising from Hurricane Sandy, but in 2012 it turned that round into a pre-tax profit of 264 million pounds.
Dividends like these can add nicely to your investment returns — they can be spent or reinvested, according to your needs. Whether you’re investing for income or growth, good old cash is always welcome. And that’s why I recommend the brand-new Fool report “The Motley Fool’s Top Income Share For 2013,” in which our top analysts identify a share they believe will provide handsome dividend income for years to come. But it will only be available for a limited period, so click here to get your copy today.
Victor J. Blue, Getty Images The front steps of a home that no longer exists are covered with debris five days after Hurricane Sandy hit the area causing widespread destruction, flooding and power outages Nov. 3, 2012.
Thousands of Americans who donated to charities last year in the wake of Superstorm Sandy and the school shooting in Newtown, Conn., may not get the tax benefits they were expecting.
While many of these charities were legit, others were scams or never received the proper approval from the IRS to become a 501(c)(3) charitable organization — meaning taxpayers aren’t allowed to deduct donations to these groups.
Last month, for example, the New Jersey Attorney General filed a civil suit against the Hurricane Sandy Relief Foundation, alleging that the group had falsely claimed donations would be tax deductible.
The organization had raised more than $631,000, but had given less than 1 percent to victims, state officials alleged. At the same time, roughly $13,000 in donations had been allegedly transferred to personal bank accounts, according to court documents.
The foundation’s website now says that it does not have 501(c)(3) status, but that it has applied for it.
The IRS wouldn’t comment on the case. The Hurricane Sandy Relief Foundation’s founders John Sandberg and Christina Terraccino, and their attorneys didn’t respond to calls and e-mails requesting comment.
If the IRS catches a taxpayer deducting a donation to a non-eligible organization, the filer has to pay a penalty and any unpaid taxes, as well as interest, said Mark Luscombe, principal federal tax analyst with CCH, a tax advisory firm.
Even as the Superstorm Sandy was approaching, more than 1,000 Sandy-related Internet domains had been registered. And in Sandy’s aftermath, the IRS warned donors to look out for potential scammers impersonating charities, especially those claiming to be tied to legitimate nonprofits.
The IRS wouldn’t comment on how many groups actually ended up receiving 501(c)(3) status. But a search for terms related to the storm in the IRS‘s database found fewer than 10 organizations with the status, not including well-established regional and national organizations like the American Red Cross.
Even organizations with the best of intentions can have a difficult time attaining the status needed for donors to get a charitable deduction, said Bennett Weiner, chief operating officer at the Better Business Bureau’s Wise Giving Alliance.
Applications for 501(c)(3) status can take months to be processed and even then, there is no guarantee that it will be approved, explained Weiner.
Sometimes, though, the IRS will “fast track” applications received in the wake of disasters. For example, the Hurricane Sandy New Jersey Relief Fund headed by New Jersey Governor Chris Christie‘s wife, Mary Pat Christie, received 501(c)(3) status on Nov. 27 — just four weeks after the storm hit, according to the state.
Concur
