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Tag New Media launches new online presence for hummel America.

first_imgTag New Media (TNM) has announced the launch of the hummel America website. Hummel, a soccer equipment and branded apparel company based in Denmark, partnered with TNM to assist them with their online expansion into the U.S. market.The Flash™-based hummelamerica.com website, reflects thecompany’s mission of branding by story-telling. The site’s interactive and youthful feel invites visitors to explore the hummel brand by interacting with virtual “Polaroids” placed within a hummel “keepsake” shoe box. Each “Polaroid” represents one of hummel’s ten key brand messages.Brian Kukon, CEO of hummel America says, “Tag New Media represents the cutting-edge, advanced thinking and dynamic team approach used in website development much the same as hummel approaches the soccer and fashion industries. Our companies have the same synergy.”Tag New Media is an award-winning Web design and development studio based in Burlington, Vermont. Since 1996, TNM has focused on delivering value to their clients through thoughtfully conceived and appropriate interactive design and technology solutions – solutions that address core businessobjectives.last_img read more

UVM med school faculty take leading role in journal

first_imgUVM FACULTY TO ASSUME LEADERSHIP ROLES AT PEDIATRICS JOURNALBURLINGTON, Vt. – Three members of the University of Vermont (UVM) College of Medicine department of pediatrics will serve in national editorial leadership roles as part of an upcoming change at Pediatrics, the peer-reviewed journal of the American Academy of Pediatrics (AAP) and preeminent journal in the world in its field.Jerold F. Lucey, M.D., Harry W. Wallace Professor of Neonatology at UVM, and Pediatrics editor-in-chief for the past 34 years, will step down as of January 2009 and become editor-in-chief emeritus. His successor will be Ralph D. Feigin, M.D., professor and chair of the Baylor College of Medicine and Texas Children’s Hospital in Houston. Stepping up as the new deputy editor will be Lewis R. First, M.D., professor and chair of pediatrics and senior associate dean for medical education at UVM. In addition, Jeffrey Horbar, M.D., who is the Jerold F. Lucey, M.D. Chair of Neonatal Medicine at UVM, will become one of three new associate editors for the journal.”It has been an honor for the UVM College of Medicine, and for Vermont, to house the editorial office of this prestigious publication, and we are proud to have three of our faculty serving in these leadership roles,” said Frederick C. Morin, M.D., dean of the UVM College of Medicine. “We are particularly grateful to Dr. Lucey for his outstanding service to the journal, to the College, and to our community.”During his tenure at Pediatrics, Lucey has overseen numerous innovations, including the launch of foreign editions and Pediatrics Electronic Pages, which greatly expanded the journal’s scope and impact. A resident of Burlington who joined the UVM faculty in 1956, Lucey established Vermont’s first neonatal unit and pioneered several innovations in premature infant care, including phototherapy to control jaundice and surfactant therapy to treat respiratory distress. He is also founder and president of the Vermont Oxford Network, a cooperative international program that links over 700Neonatal Intensive Care Units around the world, and organizer of the “Hot Topics in Neonatology” conference, which brings more than 1400 of the world’s newborn specialists to Washington, D.C. each year. He was elected a senior member of the Institute of Medicine in 2000. In 2004, he received the Vermont Medical Society’s Distinguished Service Award, and in 2007 received the Alfred I. duPont Award for Excellence in Children’s Health Care in recognition of his significant contributions to improving the quality of health care delivered to children.First will continue as professor and chair of pediatrics and chief of pediatrics of Vermont Children’s Hospital, but as the Pediatrics deputy editor position requires a 30 percent time commitment, he will be stepping down from his position as senior associate dean for medical education at UVM as of January 2009.First joined UVM/Fletcher Allen as chair and physician leader of pediatrics in 1994, and was appointed senior associate dean in February 2003. He led the full implementation of the Vermont Integrated Curriculum starting in fall 2003. A member of the Executive Board of the National Board of Medical Examiners, First has played a significant role in ensuring that national exams measure appropriate levels of knowledge and competence. In 2007, he was the recipient of the National Education Award from the AAP and the Miller-Sarkin National Mentoring Award from the Ambulatory Pediatric Association.”Dr. First has been a good friend, colleague and mentor, as well as a tireless advocate in our community, across the state, in the region, and around the nation,” said Morin. “We are grateful for his willingness to have served the College in so many important ways and look forward to his ongoing involvement with our students, our curriculum and our development of new clerkship sites, even if not in his role as senior associate dean.”A UVM/Fletcher Allen pediatrics faculty member since 1981, Horbar currently serves as online editor of Pediatrics. He is a neonatologist at Vermont Children’s Hospital at Fletcher Allen, a clinical scientist with extensive experience in clinical research and its application to the improvement of neonatal care, and also serves as a senior pediatrician for UVM’s Vermont Child Health Improvement Program and as chief executive and scientific officer for the Vermont Oxford Network.last_img read more

Vermont Agriculture Hall of Fame Awards Announced

first_imgVermont Agriculture Hall of Fame Awards AnnouncedWHAT: 6th Annual Vermont Agriculture Hall of Fame Awards BrunchThe Agriculture Hall of Fame Awards honor outstanding farmers, industry supporters and others dedicated to the success of our agricultural community. Farming is an integral part of the fabric and history of Vermont and these individuals are being honored for their commitment to promoting the economic and environmental stability of agriculture.This year’s recipients are:Senator Patrick LeahyDean MerrillSenator Justin Smith MorrillPhilip K. GrimeWHEN: Sunday, August 31, 2008 11:00 a.m.WHERE: Champlain Valley Exposition, Essex Junction, VermontExpo North Buildinglast_img read more

WPTZ, Seven Days announce news-sharing partnership

first_imgSource: BURLINGTON, VT/PLATTSBURGH, NY April 22, 2009 — WPTZ NewsChannel 5 and Seven Days, Vermont s alternative news weekly, have announced a partnership. The two news organizations are involved in a content-sharing agreement servicing residents of Vermont, New York, and New Hampshire. As part of this agreement, Seven Days contributors will appear twice a week during NewsChannel 5 s 11 p.m. newscast. Elements of Shay Totten’s political column, “Fair Game,” will appear on Tuesday nights, in advance of the paper’s Wednesday distribution. On Thursday evenings, Music Editor Dan Bolles will recommend upcoming events from “Notes on the Weekend,” Seven Day’s email newsletter.The reporters made their first appearances on Newschannel 5 the week of April 20th. It s an exciting move that will benefit the news consumer across the region, both online and over-the-air. The partnership will widen the exposure of both NewsChannel 5 & Seven Days, said Sinan Sadar, news director of WPTZ.Seven Days online editor and associate publisher Cathy Resmer agrees. “We’re thrilled to have an opportunity to work with Newschannel 5,” she said. “Everyone wants to be on TV, right?”Both NewsChannel 5 and Seven Days plan to explore further opportunities to deepen their relationship as time progresses.NewsChannel 5 is owned by Hearst-Argyle Television. Seven Days is owned, operated and edited by Burlington residents Pamela Polston and Paula Routly.last_img read more

Pat Moulton leaving Vermont Labor Dept for Vermont Chamber

first_imgPat Moulton Powden is leaving state government to join the Vermont Chamber of Commerce as vice president of public affairs.  Moulton Powden is currently the Commissioner of the Department of Labor and was previously the Chair of the Environmental Board. Deputy Labor Commissioner Valerie Rickert has been appointed by Governor Douglas to take over. Moulton Powden will be starting with the Vermont Chamber on July 19.”Her experience in unemployment insurance, workers compensation, environmental permitting and economic development will be an undisputable asset to our members,” said Betsy Bishop, President Vermont Chamber of Commerce. “Her expertise has earned her the respect of many legislators, regardless of party and it is my goal for her to elevate the Vermont Chamber’s presence and influence in the government and regulatory arenas.” It has been an honor to serve the citizens of Vermont as Commissioner at the Department of Labor, Moulton Powden said in a statement. It s been a privilege to work together with my colleagues in the Administration and the Legislature to achieve the Governor s goals of comprehensive unemployment insurance reform that will restore balance to the trust fund, while maintaining benefits for the unemployed.  I am so proud of this Administration s work – from implementing many new workforce development initiatives to making changes to workers comp and workplace safety that have benefited Vermont employers and workers.Governor Douglas said: I want to thank Pat for her tremendous leadership at the Department of Labor, as well as for her years of dedicated service to the people of Vermont in her current role and, previously, as the Chair of the Environmental Board. The members of the Vermont Chamber of Commerce are incredibly lucky to have Pat leading their government affairs team.  She will bring her expertise in economic development, unemployment insurance, workers compensation and environmental permitting to her new role.Prior to her current role, Moulton Powden led Regional Development Corporations in Springfield, St Johnsbury, Bennington, and greater Windsor county.  She was also appointed by both Governor Dean and Governor Snelling to lead the Department of Economic Development. Her legendary father, Al Moulton, was secretary of the agency (now the Agency of Commerce) under both Governor Snelling and Governor Kunin.Rickert has served in numerous positions in the Department of Labor for the past 25 years.  Prior to her current role as Deputy Commissioner, she served as Director of Unemployment Insurance and Wages overseeing all unemployment benefits, tax payments and enforcement of Vermont wage and hour law. Val is a strong leader and was instrumental in forging a compromise this year on the unemployment insurance trust fund issue, said the Governor. I am confident that she will do an excellent job and ensure a smooth transition at the Department. I am honored by this appointment, and I look forward to leading the Department of Labor team, said Rickert. I intend to build on the strong foundation here at the Department that Commissioner Moulton Powden has established, balancing the needs of both the labor force and employers in the key areas of workforce training, workers compensation and unemployment insurance.Moulton Powden and her husband Tim Powden reside in South Londonderry. Rickert lives in Barre Town.Source: Vermont Chamber of Commerce. Governor’s office. 6.23.2010last_img read more

Jeffrey Hollender forced out of Seventh Generation

first_imgSeventh Generation,Jeffrey Hollender, co-founder and former CEO of Seventh Generation, has been removed as director of the company and his employment has been terminated, according to a spokesperson for the company. The story was first reported by www.greenbiz.com(link is external).Chrystie Heimert told Vermont Business Magazine that the board of directors announced the decision regarding Hollender on October 26. The closely held company is employee owned. Heimert said Hollander and his wife, Sheila, who will remain as an employee and on the board, are still major shareholders in company. Hollender had helped start the company 20 years ago, took it public, then engineered a plan to return it to a private, employee-owned company.Greenbiz.com released an email it said was sent from Hollender to a friend that said, in part, that he was removed from the board and terminated ‘without cause.’ He also said he could not discuss ‘the unpleasant circumstances that led to this.’Fortune Magazine writer, author and Hollender friend Marc Gunther posted the board’s letter and Hollender’s email on his Web site. Heimert said Hollender was removed from the company because there was an issue of leadership. Chuck Maniscalco was Hollender’s hand picked successor, but she said the board did not feel it was “clear and unambiguous” as to who was leading the company.The board’s letter says that Maniscalco tendered his resignation in September, but that the board persuaded him to stay on. The letter also said that Hollender was put on a leave of absence in September. The letter and email are pasted below.Heimert confirmed that when Hollender turned over leadership of Seventh Generation in June 2009 to Maniscalco that a separation agreement between Hollender and the company was put in place and then exercised in October. She also confirmed that Hollender was put on a leave of absence in September. She said she could not release the board letter, but referred Vermont Business Magazine to Gunther’s blog.Maniscalco, she said, will remain as CEO of the company until a new CEO is chosen. Heimert said Maniscalco is now in the process of deciding whether he wants to continue in that role and apply for the job he is currently holding. Seventh Generation, based in Burlington, markets environmentally safe household and personal-care products. www.seventhgeneration.com(link is external)Heimert told Vermont Business Magazine that Seventh Generation employs about 80 in Vermont and a little over 100 system wide; it reported revenues to VBM of $138 million in 2008. Gunther’s blog cited 2009 sales of $150 million.Hollender Email: More than two decades ago, I founded Seventh Generation with the idea of creating a different way of doing business.  Since then, the company has established new benchmarks for ethical and sustainable corporate behavior, grounded in the principles of employee ownership, pay equity, environmental responsibility and transparency.  At the same time, Seventh Generation is a recognized pioneer in its category and a successful business enterprise.On Monday, October 25th, the Seventh Generation Board announced to it’s shareholders and employees that they have ‘decided to end the company’s employment relationship’ with me ‘. . .without cause’.   Though I cannot discuss the circumstances that led to this, I wanted you to hear this news directly from me. [I have also attached the letter that was sent out by the Company.]Over the past twenty years, I have had the privilege to work with an extraordinary group of committed, talented people ‘ and I thank them all and wish them the best. I plan to remain fully engaged in the work of creating a new paradigm for justice, equity and corporate responsibility through my new book, Planet Home that will be published by Random House in January 2011; my work on the boards of Greenpeace and Veritee; and in my role as the co-founder of the American Sustainable Business Council.I greatly appreciate your support and friendship over the years.Board letter:October 26, 2010Dear Friends and Shareholders of Seventh Generation,In the life of every company, there comes a time when the most difficult of decisions must be made. These moments are rarely deliberately sought but instead thrust upon us by unexpected circumstance and by events, which demand that hard choices be made.Recently, the Board of Directors of Seventh Generation faced such a decision and was forced to act in what we firmly believe to be the best interests of both our company and you, its shareholders. First, I want to offer you some context. In mid September, Chuck Maniscalco, our CEO since June 2009, resigned after a very difficult period. Following lengthy discussion the Board convinced Chuck to stay to lead the company at least through a transition while the Board immediately commenced a search for a new CEO. Chuck is personally committed to and focused on leading our company through this transition period, and is considering applying for the job of leading Seventh Generation as part of our search process. We are all committed to having the best leadership we can for our company.With that as background, I want to share with you that, following our September meeting, the Board of Directors reluctantly voted to put Seventh Generation co-founder Jeffrey Hollender on a leave of absence from the company and to remove him from the Board pending further discussions about his future role. Since that time, and after further deliberation, the Board has decided to end the company’s employment relationship with Jeffrey. Importantly, when Jeffrey stepped down as CEO, he negotiated an agreement with the company that allowed for the termination of his employment and provides him with generous severance and other benefits were his employment to end. We have honored that agreement to date, and we intend to honor that agreement going forward. And, I want to assure you that the board, in making these decisions, did so with the best interests of the company, as well as fairness to Jeffrey in mind.All of this was difficult, and I must emphasize that these decisions were not taken lightly. As the leader of the company since its very earliest days and its philosophical guiding light for over two decades, Jeffrey has been an integral part of our brand and an obvious lynch pin of our success, our unique corporate spirit, and our much acclaimed emphasis on equity and justice in the way we conduct our business. It is no overstatement to say that without his unwavering dedication to our cause and his tireless efforts on our company’s behalf, we would not be the company we are today, and indeed might not be here at all. His is a legacy worthy of the highest respect and admiration, and nothing in our recent decision should dim that in any way.Nevertheless, recent events have forced us to choose between divergent paths. We have elected to set the company on the one we strongly feel has the very best chance of fulfilling the commitment we’ve made to all our stakeholders to achieve the greatest possible lasting success, financially but especially in terms of making our world a better, safer place for our children and the following seven generations.To a large extent, present circumstances mirror those at many other companies whose founders have made the decision to turn over the reins to someone else. As organizations grow, so do their managerial requirements. Eventually these increasing layers of complexity demand the recruitment of experienced professional leadership whose abilities and experiences are required to move forward. This is the crossroads at which Seventh Generation now stands.And that is an important point that must be made: Though our leadership has changed, our aspirations have not. It remains our objective to continue to grow Seventh Generation while staying true to the strategies we’ve previously shared with you over the years. We believe deeply in our business and its model, and will continue to do all that is within our power to drive our business, our social mission, and our global imperatives forward.Despite this period of executive transition, the Board remains confident in the company’s ability to continue to grow its business and social mission for long-term success. Our accomplishments over the past year are numerous, and each reflects the company’s ongoing commitment to corporate responsibility and to growth. These important milestones include:‘Achieving three consecutive quarters of growth despite an extraordinarily challenging economic and competitive landscape. Year-to-date, our sales have grown at a double-digit pace, which would be the envy of many of our competitors during this extraordinarily challenging economic landscape.‘Successfully introducing the first ever EPA-registered botanical disinfectant cleaner.‘Launching our first-ever national advertising campaign, which more than doubled awareness of toxic cleaning product issues as well as our brand itself.‘Expanding our already extensive distribution base to include Safeway and also Wal-Mart, a partnership that accelerated our commitment to make green products affordably accessible to more consumers.‘Increasing our involvement with Women’s Action to Gain Economic Security (WAGES) in order to more effectively address our economic equity concerns.‘Marshalling public support for reform of the badly outdated Toxic Substances Control Act.‘Engineering the first cleaning product packaging made from 90% post-consumer recycled content.‘Successfully completing a $30 million equity capital raise with a group of investors aligned with existing shareholders as responsible, long-term stewards of the Seventh Generation brand.Change is always difficult, and this particular evolutionary moment has certainly been more challenging than most. What matters, however, is not what has happened but what will happen. On this count, the Board is confident that it has taken the steps necessary to ensure that Seventh Generation’s untapped growth potential is fully realized in the years ahead. As we move into that promising future, we continue to express our thanks for everything Jeffrey has done for us and for the company he has built. That company has a rewarding road ahead of it indeed, but this success cannot and does not depend on any one individual. Instead it springs from the unique synergy that comes when many act together to realize a singular ideal. That’s the task before us now, and with your continued help and support, I’m certain we’ll achieve it.Respectfully,Peter GrahamChairmanRELATED:Marc Gunther Blog with letter to employees and Hollender email:http://www.marcgunther.com/2010/11/01/seventh-generation-sweeps-out-its-…(link is external) Greenbiz.com Story:http://www.greenbiz.com/blog/2010/11/01/seventh-generation-fires-chief-i…(link is external) Burlington Free Press story:http://www.burlingtonfreepress.com/article/20101102/NEWS01/101102022/Sev…(link is external)center_img 2003 Vermont Business Magazine Profile of Jeffrey Hollender and Seventh Generation:http://vermontbiz.com/article/june/jeffrey-hollender-and-seventh-generationlast_img read more

State of Vermont hires new chief marketing officer

first_imgA Middlesex woman with an extensive background in marketing and brand management will be the new chief marketing officer for the State of Vermont. Kathy Murphy, currently the director of marketing for the Vermont Ski Areas Association, will join the state Agency of Commerce and Community Development this month as the new chief marketing officer. Murphy will assist various state agencies with marketing campaigns and oversee the process of updating the Vermont Brand. ‘Kathy brings 25 years of marketing experience and a comprehensive understanding of the Vermont Brand,’ said Agency of Commerce of Community Development Secretary Lawrence Miller. ‘As the public and private sector work together to explore new ways to market Vermont, Kathy will provide valuable insight, guidance and leadership.’ Prior to her role at the Vermont Ski Areas Association, Murphy was the brand director and general manager of Tubbs Snowshoes for 18 years.  Prior to that, she worked at Jager DiPaola Kemp Design, Paul Kaza Associates and Stowe Mountain Resort. ‘The economic, agricultural and cultural transformation of Vermont continues, and a vision of a mutually reinforcing relationship between tradition and progress is more critical than ever,’ Murphy said. ‘It’s my belief that a fresh, free-thinking, collaborative and consistent approach is necessary to meeting the challenges and opportunities of marketing Vermont today and in the future.’ Murphy replaces Christine Werneke, who has taken a position with the Visiting Nurse Association of Chittenden and Grand Isle Counties.last_img read more

Secretary of State Condos appointed to national task force to protect businesses from identity theft

first_imgSecretary of State Jim Condos has accepted an appointment to a national task force on Business Identity Theft. The National Association of Secretaries of State (NASS) has announced the formation of a NASS Business Identity Theft Task Force to help states combat the growing threat of business identity theft. The task force is a major association initiative that will target business identity theft prevention strategies and develop practical, cost-effective tools and guidance for states. “With the downturn in the economy, the newest victims of identity theft are small and medium-sized businesses, including dormant or inactive companies,” said NASS President Mark Ritchie of Minnesota, who serves on the task force. “As the state officials who oversee business registrations and corporate filings, secretaries of state have come together to find proactive ways to educate business owners on how they can reduce their chances of falling prey to identity thieves and to explore safeguards for state filing systems.”.Secretary Condos is looking forward to his role on this Task Force. ‘I am honored to be joining my colleagues from nine other states to research and address a broad range of Business Identity Theft issues. By participating on this task force, I will be at the forefront, helping establish best practices that can be implemented in Vermont, and introducing cost-effective, cutting edge strategies to Vermont’s businesses to help prevent this from happening to them.’”The NASS Business Identity Theft Task Force capitalizes on the expertise of our members when it comes to state business services and records management,” said NASS Executive Director Leslie Reynolds. “Task force members are confident that working together on identity theft prevention is an extremely wise investment strategy for states and businesses alike, saving valuable time, money and resources for all.”The ten-member NASS Business Identity Theft Task Force will work with a wide array of industry stakeholders, including state legislators, law enforcement, business support groups, financial institutions and others as it develops its final report. The task force’s final report is scheduled to be released later this year.Secretary of State Jim Condos has over 20 years of elected public service including 18 years on South Burlington City Council, 8 years as a Vermont State Senator, along with over 30 years of private sector business experience. Founded in 1904, the National Association of Secretaries of State (NASS) is the oldest, nonpartisan professional organization of public officials in the United States. Members include the 50 states, the District of Columbia, American Samoa, Puerto Rico and the U.S. Virgin Islands.last_img read more

Merchants Bancshares declares 28-cent dividend

first_imgSOUTH BURLINGTON, VT–(Marketwire – October 20, 2011) – Merchants Bancshares, Inc. (NASDAQ: MBVT), the parent company of Merchants Bank, announced that its Board of Directors declared today, October 20, 2011, a dividend of 28 cents per share, payable November 17, 2011, to shareholders of record as of November 3, 2011. Merchants plans to release earnings on or about October 25, 2011.Michael R. Tuttle, Merchants’ President and Chief Executive Officer, Janet P. Spitler, Merchants’ Chief Financial Officer and Geoffrey R. Hesslink, Executive Vice President and Senior Lender of Merchants will host a conference call to discuss these earnings results at 10:00 a.m. Eastern Time on Friday, October 28, 2011. Interested parties may participate in the conference call by dialing U.S. number (800) 230-1074; the title of the call is Merchants Bancshares, Inc. Earnings Call. Participants are asked to call a few minutes prior to register. A replay will be available until noon on Friday, November 4, 2011. The U.S. replay dial-in telephone number is (800) 475-6701. The international replay telephone number is (320) 365-3844. The replay access code for both replay telephone numbers is 200986.Vermont Matters. Merchants Bank strives to fulfill its role as the state’s leading independent community bank through a wide range of initiatives. The bank supports organizations throughout Vermont in addressing essential needs, sustaining community programs, providing small business and job start capital, funding financial literacy education and delivering enrichment through local sports activities.Merchants Bank was established in 1849 in Burlington, Vermont. Its continuing mission is to provide Vermonters with a statewide community bank that combines a strong technology platform with a genuine appreciation for local markets. Merchants Bank delivers this commitment through a branch-based system that includes: 34 community bank offices and 40 ATMs throughout Vermont; local branch presidents and personal bankers dedicated to high-quality customer service; free online banking, phone banking, and electronic bill payment services; high-value depositing programs that feature Cash Rewards Checking, Rewards Checking for Business, business cash management, money market accounts, health savings accounts, certificates of deposit, Flexible CD, IRAs, and overdraft assurance; feature-rich loan programs including mortgages, home equity credit, vehicle loans, personal and small business loans and lines of credit; and merchant card processing. Merchants Bank offers a strong set of comm ercial and government banking solutions, delivered by experienced banking officers in markets throughout the state; these teams provide customized financing for medium-to-large companies, non-profits, cities, towns, and school districts. Merchants Trust Company, a division of Merchants Bank, provides investment management, financial planning and trustee services. Please visit www.mbvt.com(link is external) for access to Merchants Bank information, programs, and services. Merchants’ stock is traded on the NASDAQ National Market system under the symbol MBVT. Member FDIC. Equal Housing Lender.Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. These statements, which are based on certain assumptions and describe Merchants’ future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions. Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future results. Merchants’ actual results could differ materially from those projec ted in the forward-looking statements as a result of, among others, general, national, regional or local economic conditions which are less favorable than anticipated, including continued global recession, impacting the performance of Merchants’ investment portfolio, quality of credits or the overall demand for services; changes in loan default and charge-off rates which could affect the allowance for credit losses; declines in the equity and financial markets; reductions in deposit levels which could necessitate increased and/or higher cost borrowing to fund loans and investments; declines in mortgage loan refinancing, equity loan and line of credit activity which could reduce net interest and non-interest income; changes in the domestic interest rate environment and inflation; changes in the carrying value of investment securities and other assets; misalignment of Merchants’ interest-bearing assets and liabilities; increases in loan repayment rates affecting interest incom e and the value of mortgage servicing rights; changing business, banking, or regulatory conditions or policies, or new legislation affecting the financial services industry, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, that could lead to changes in the competitive balance among financial institutions, restrictions on bank activities, changes in costs (including deposit insurance premiums), increased regulatory scrutiny, declines in consumer confidence in depository institutions, or changes in the secondary market for bank loan and other products; and changes in accounting rules, federal and state laws, IRS regulations, and other regulations and policies governing financial holding companies and their subsidiaries which may impact Merchants’ ability to take appropriate action to protect Merchants’ financial interests in certain loan situations.You should not place undue reliance on Merchants’ forward-looking statements, and are cautioned that forward-looking statements are inherently uncertain. Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements due to certain risks and uncertainties, which are included in more detail in Merchants’ Annual Report on Form 10-K, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission. Merchants does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.last_img read more

Why ‘Clean Coal’ Remains out of Reach

first_imgWhy ‘Clean Coal’ Remains out of Reach FacebookTwitterLinkedInEmailPrint分享Robert Rapier for Forbes:Since the coal industry and utilities that use coal want to continue to exist, they have pushed the clean coal narrative for many years. After all, if there is some hope that this dream is achieved, perhaps the EPA could cut them some slack while they work out the kinks.It’s not so hard to imagine how it would be done. In fact, it’s already been demonstrated many times at a pilot scale. The exhaust from the power plant stack is captured, compressed, and stored underground — either in a cavern or an old oil or gas field.The key challenge has always been one of economics. The capital cost of capturing and compressing those emissions is very high, and the power consumed in compressing the carbon dioxide places a parasitic load on the power plant. Just to compress the emissions can require the electric power requirements of 10% of the plant output, and then it must still be transported to an appropriate site and pumped into the ground. All of these factors drive up the costs to the point that coal power with carbon capture is prohibitively expensive relative to competing ways of producing power.The prohibitive costs are amply demonstrated by the FutureGen project in Illinois. This project was a partnership between the United States Department of Energy (DOE) and an alliance of coal mining and electric utility companies. The project was to be located at the 275 MW Meredosia Power Station in Illinois.FutureGen won $1.1 billion in federal money in 2009, and the project cost was estimated to be $1.65 billion. The DOE spent $202 million on the project, but missed project deadlines and unresolved technology challenges ultimately caused the DOE to pull the plug on the project in 2015.While there are a number of other pilot projects underway around the world, they all suffer from the same basic problem. The costs of competing technologies are close enough to coal that when you try to capture the carbon dioxide emissions it pushes the cost of coal-fired power beyond the competition.Thus, in reality there aren’t any commercial clean coal technologies. It’s very likely there won’t be any. So for countries that have committed to reducing carbon emissions, the pressure to phase out coal will continue to be intense.Full item: The Elusive Search For Clean Coallast_img read more