The Eastern Band of Cherokee Indians wants the tribe's casino to have new live dealer games in place for the July 4 holiday now that its new 30-year compact with the state can be carried out.
Gov. Bev Perdue on Wednesday signed a gambling bill that was given final approval an hour earlier by the General Assembly. The law allows the compact to be executed so table games run by human dealers can operate at the Harrah's Cherokee casino instead of just electronic games.
Tribe principal chief Michell Hicks said he wants the compact fully implemented within 90 days. According to the governor's office, the agreement still must be approved by the U.S. Department of the Interior before taking effect.
Compact boosters said the compact will create 400 jobs and give the state a cut of new game revenues. The agreement will provide for the state to receive a share of revenue generated from these new games, and that money will be directed to classroom education.
Opponents said the change will lead to more people becoming addicted to gambling.
"The Cherokee have been good stewards of the money from their gaming enterprises, investing it in the lives of their people and the people of western North Carolina," Perdue said in a statement. "They will continue to help their tribe and their neighbors with this new revenue.
From staff and wire reports
Nasdaq to offer $40M tied to Facebook glitch
The Nasdaq stock exchange said Wednesday that it plans to hand out $40 million in cash and credit to reimburse investment firms that got ensnared by technical problems with trading Facebook stock.
FINRA, the financial industry's self-regulatory group, will review claims for compensation.
Facebook went public May 18 amid great fanfare. But computer glitches at the Nasdaq plagued the day. They delayed the opening of trading by half an hour and kept some investors from buying shares in the morning, selling them later in the day, or even from knowing whether their orders went through. Some investors have complained that the technical problems left them holding shares that they didn't want.
Nasdaq will pay about $14 million in cash to investment companies that file valid claims. The rest will be given as credit for the costs that firms have to pay to trade on the Nasdaq.
The Associated Press
Health system settles Mecklenburg dispute
Carolinas HealthCare System has agreed to drop its lawsuit against Mecklenburg County, and in exchange will take ownership of the county's psychiatric hospital, under the terms of an out-of-court settlement announced Wednesday.
The Charlotte Observer reported Carolinas sued the county last year after Mecklenburg commissioners voted to stop paying the Charlotte-based hospital system millions each year to care for indigent patients and for psychiatric patients at the Billingsley Road hospital, known as CMC-Randolph.
The county owns CMC-Randolph, but Carolinas has run the hospital for years under a contract with the county. In its suit, the nonprofit hospital system alleged that the county breached its contract.
Under the settlement, the county will give Carolinas HealthCare the psychiatric hospital along with about 8 acres of surrounding land off Randolph Road. Carolinas HealthCare said it plans to continue operating the hospital. Real estate appraisers have estimated the property is worth about $15 million to $20 million, County Manager Harry Jones said.
Carolinas HealthCare, the multibillion-dollar hospital system that owns Carolinas Medical Center, has in the past received about $60 million annually from the county for running the psychiatric hospital, caring for the indigent and providing public health services. The county won't be making those payments in the future.
McClatchy-Tribune
Allegiant reports 20% jump in passenger traffic
Allegiant Travel Co., which operates the airline Allegiant Air, said Wednesday that its passenger traffic soared more than 20 percent in May as it significantly expanded its service.
Allegiant, which specializes in carrying people from smaller cities to resort destinations, said it flew paying passengers 494.9 million miles last month, up 20.4 percent from a year earlier. The carrier's total capacity, or number of available seats, rose 21.4 percent from a year earlier.
Allegiant estimates that passenger revenue per available seat mile fell between 10.4 percent and 10.8 percent last month. That metric, a key measure of an airline's financial health, is how much a carrier makes flying one paying passenger a single mile.
Allegiant offers regular and seasonal service from Piedmont Triad International Airport in Greensboro to two Florida destinations: Orlando and the Tampa Bay area.
The airline has had a turbulent run at PTI.
Allegiant began service at the local airport in May 2007 with service to Orlando and the Tampa area. It added service to Fort Lauderdale in November 2007 but ended those flights in January 2008, citing high fuel costs as the reason.
In March 2008, it said it was pulling out of PTI altogether in June 2008, again citing higher fuel costs. But when Skybus Airlines abruptly exited PTI in April 2008, Allegiant decided to stay and revive the Fort Lauderdale flights, only to end that service in August 2008.
From staff and wire reports
Johnson Controls to build plant in China
Johnson Controls Inc. said Wednesday that it plans to build a $200 million automotive battery plant in China as it seeks a better foothold in the market.
The company said the Tianjin plant will supply automakers and the Chinese aftermarket with lead-acid starter batteries and advanced batteries. Once the facility is at full capacity, it will produce more than 6 million batteries a year.
The company has operations in the Triad, including a plant near Walkertown.
Johnson Controls plans to have an annual battery capacity of 30 million in China by 2017. It recently launched production at its Changxing facility, and its Chongqing plant is expected to start running later this year. An automotive battery plant in Shanghai was part of a 2005 acquisition.
From staff and wire reports
Money Mission: Build a money machine - Jamaica Observer
Wouldn't it be wonderful if you could design a machine that can generate cash every hour of the day? Whether you were eating, playing or sleeping, this device would ensure that you were consistently supplied with a steady stream of income. Your money problems would be history and the lifestyle of the financially free would be yours forever.
While many of us would love to possess a magic money machine, this apparatus would probably be impossible to build, and it would definitely be illegal. However, the concept of creating an income source that could eventually produce earnings without your personal effort is something that is entirely in your power to achieve.
Do you have to work to earn?
Most of us have grown up with the idea that the only way to earn money was to physically work for it. We were taught in school to study hard, get good grades and look for a nice job with attractive fringe benefits. For the most part, our education system does not foster entrepreneurial thinking which focuses on teaching people how to create income-generating systems.
Creating a system that will produce income requires us to think differently about how we earn. Most employees and self-employed people are paid for their time and physical effort; to get an income they have to carry out some activity. This type of earning is called linear income, which requires the work output to be constantly repeated in order to make more money.
How can you get paid for something that doesn't always demand your time and effort? The answer lies in understanding how to create passive income sources, which are not dependent on your direct involvement to produce your earnings. While you would initially have to work at building this 'money machine', it will eventually generate income without your physical efforts.
How to earn while you sleep
The simplest form of passive income is portfolio income, which is derived from investments that generate earnings. These include stocks that provide dividends, bonds and money market instruments that pay interest, and real estate that supplies rental income. However, it can take many years for you to build a large enough asset base to generate a meaningful income.
Another way to earn passively is to build a money machine that brings in residual income. Residual income is generated when your initial work output is designed to pay you over and over again. For example, if you create a product such as an eBook, music score or an application for a smartphone, you can sell your work repeatedly without having to produce it from scratch again.
Building a money machine that utilises other people's work effort to generate income is another means of creating passive earnings. This is known as leveraged income, which involves working along with other people in order to increase your final work output. Business owners generally make use of leverage when they hire employees to carry out various tasks.
Turn-key money machines
You don't have to start your own traditional enterprise to earn from leveraged income. There are direct selling companies that allow individuals to become independent representatives to distribute their goods and build networks of other business owners. The networking organisation will reward business builders with a percentage of the revenue generated by their teams' efforts.
We are living in the age of technology, which makes it easier for everyone to earn passively. Even if you don't have the financial means to amass assets which generate portfolio income, or the technical know-how and talent to create a product for sale, or the time and resources to build a business, you can still seek to earn passive income online.
One Web-based option is called affiliate marketing. Online businesses, such as Amazon.com, encourage persons to sign up as affiliates and market their products and services. Anyone with a simple website can promote these offerings and receive a commission on sales. You would have to use creative marketing techniques which encourage persons to purchase your affiliate products.
Start the building process
Lasting freedom from financial stress will come when you find a way to build a passive 'money machine' of your own. Your mission for this month is to learn more about the concept of passive income. You can find several articles on this topic on www.financiallysmartadvice.com and other websites.
Consider different ways in which you can generate passive income. Start by saving and investing as much as possible to build your portfolio income sources. Do you have any talents or ideas that can be packaged into a product that can be sold repeatedly? Look at ready-made business opportunities in network marketing or become an affiliate for someone else's online business.
Don't be afraid to attempt something new in your search for passive income opportunities. Carefully research all options to ensure that they are legitimate, and don't give out sensitive financial information online. Over time, you could build a money machine that gives you the ability to live the life of your dreams.
Cherryl is a money coach, business mentor, and founder of Financially S.M.A.R.T. Services. Her upcoming book The 3 Ms of Money will reveal all the secrets she learned about financial success. Get more advice on money and business matters at www.financiallysmart.org and www.entrepreneursinjamaica.com. Email comments to cherryl@financiallysmartonline.com.
STOCKS NEWS EUROPE-Burberry rises as CS ups to "outperform" - Reuters UK
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CORRECTED-STOCKS NEWS SINGAPORE-Intraco jumps after tycoon buys stake - Reuters UK
(Corrects ownership of TH Investments in 5th paragraph)
Shares in Intraco Ltd jumped 22 percent to their highest in more than 11 years after Singapore tycoon Oei Hong Leong bought a large stake in the materials trading company.
By 0219 GMT, Intraco shares were up 19.8 percent at S$0.695, their most expensive since November 2000. Over 7.3 million shares had been traded by that time, compared with a full-day average volume of 4.9 million over the last five sessions.
Oei bought 20.8 million Intraco shares through the open market and via a married deal at around S$0.50 per share, according to a stock exchange filing. Oei now holds a 21 percent stake in Intraco.
"Retail investors believe Oei spotted an undervalued company, that's why they are buying into the stock now," said a local trader.
Intraco also said last week TH Investments Pte Ltd had bought a 29.89 percent stake in Intraco from Hanwell Holdings Ltd for about S$18.3 million. TH Investments is owned by the family controlling crane company Tat Hong Holdings Ltd .
For related statements click
1006 (0206 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)
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8:38 STOCKS NEWS SINGAPORE-Index futures up 0.3 pct
Singapore index futures were up 0.3 percent, signalling a positive start for the benchmark Straits Times Index.
Asian shares nudged up on Wednesday but were capped by concerns that Europe's financial strains could intensify without a global response, as Spain warned that it was being shut out of credit markets.
0837 (0037 GMT)
(Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)
German Stocks Rise on Stimulus Speculation - Bloomberg
German stocks rose for a second day amid expectations that policy makers will step up efforts to end the euro-area debt crisis and stimulate the global economy.
Deutsche Boerse AG (DB1) led gains after RBC Capital Markets advised buying shares in the operator of the Frankfurt exchange. Merck KGaA (MRK) and Deutsche Lufthansa AG (LHA) also advanced.
The DAX Index (DAX) climbed 0.4 percent to 6,116.18 at 10:42 a.m. in Frankfurt. The gauge gained 2.1 percent yesterday after European Central Bank President Mario Draghi indicated the bank will act if the debt crisis worsens. The DAX has still tumbled 14 percent from its 2012 high on March 16 on growing concern that Greece may be forced to leave the euro area. The broader HDAX Index rose 0.5 percent today.
“There is still a long way to go and the market has rallied on hopes rather than any proof of firm action to come but it does feel that June is going to be a pivotal month in 2012,” Jim Reid, a strategist at Deutsche Bank AG in London, wrote in a report. “If the authorities drop the ball, then we easily risk a repeat of 2008 and 2009. However, if they act aggressively, we could see a decent two to three months for risk assets.”
European officials are working on a plan that would allow Spain to recapitalize its banks with aid from its European Union partners, Reuters reported, citing unidentified German officials.
U.S. Stimulus
Federal Reserve Vice Chairman Janet Yellen said yesterday slowing job growth and deteriorating financial-market conditions may warrant additional monetary stimulus in the U.S. Fed Bank of Atlanta President Dennis Lockhart said extending Operation Twist, the program to lengthen average maturity of debt on the U.S. central bank’s balance sheet, is an “option on the table.”
Deutsche Boerse rose 1.3 percent to 38.66 euros, paring the decline in 2012 to 10 percent. The shares’ discount to its peers is “too extreme,” RBC wrote in a report, adding that the company may continue to pay between 7 percent and 10 percent of investors’ money in dividends or buybacks.
Merck, maker of the Erbitux cancer drug, rose 0.6 percent to 75.05 euros. Lufthansa, Germany’s biggest air carrier, gained 0.7 percent to 8.33 euros.
To contact the reporter on this story: Alexis Xydias in London at axydias@Bloomberg.net.
To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net
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