Archive for April 2008

Washington, D.C.–Top financial executives feel that the U.S. economy will definitely see a recession this year–followed by a slow recovery, the Toronto Star reported Friday.In a survey conducted by the Financial Services Forum, members said they felt there was an 88 percent chance of a U.S. decline this year.Respondents also estimated first quarter growth would…

Washington, D.C.–President Bush will nominate the head of the Small Business Administration, Steven C. Preston, to head the Department of Housing and Urban Development, the Washington Post reported Friday. Alphonso Jackson resigned the post in the midst of accusations that he had treated friends and acquaintances favorably. Preston–a former Lehman Brothers investment banker who left…

Peoria, Ill.–Caterpillar–the world’s largest construction equipment maker, based in Peoria, Ill.–said its first quarter results show it is “weathering a recessionary storm” by growing its international business, the Financial Times said Friday. Quarterly profits at Caterpillar, which was one of the first large U.S. companies to say the economy was going into a recession last…

By Lisa Iannucci, Green Building CorrespondentPhoenix–Equus Development Corp. is working to certify their newest community, Las Piedras Townhomes, under the Energy Star Qualified New Homes program. The community is currently under construction and Equus has hired DR Wastchak, an independent firm in Tempe, Ariz., to conduct testing for certification.“Not only is the location a perfect…

By Anuradha Kher, Online News EditorNew York–Red Stone Partners recently closed a $74 million tax-exempt financing and $35 million direct equity placement to be used for the preservation and rehabilitation of a low-income multifamily housing property in Brooklyn, New York.Linden Plaza consists of five high-rise buildings containing 1,527 apartments. Red Stone worked in conjunction with…

By Erika Schnitzer, Associate EditorNew York–The third New York City Green Building Competition is now open.The purpose of the nationwide competition is to seek projects that uphold New York City as the center of urban sustainability. “Green building is now in the mainstream here with visionary and innovative construction projects gaining a full head of…

By Anuradha Kher, Online News Editor DYL Group Names M. Dale Reed As VP of OperationsMiami–DYL Group, a developer of luxury residential condominiums, hotels, resorts and retail/mixed-use projects, has named M. Dale Reed as vice president of operations.In this position, Reed [photo 1] will oversee the departments of information systems, human resources, marketing and sales.…

By Anuradha Kher, Online News EditorWashington, D.C.–President George W. Bush announced this morning that he has chosen Steve Preston, the former head of the Small Business Administration (SBA), as the new secretary of the U.S. Department of Housing and Urban Development (HUD), praising him as a skilled manager.“At SBA, Preston has demonstrated that he has…

New York–Housing crisis and credit market woes caused Merrill Lynch to lose $1.96 billion in the first quarter of 2008, the firm said Thursday.New York-based Merrill also plans to eliminate 10 percent of its workforce–approximately 4,000 jobs, the New York Times said.The firm’s investment banking sector had a net loss of $4 billion and negative…