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PSE&G laid out $50 million for October snowstorm response

Written on March 1, 2012 – 11:57 am | by Stephanie Brodribb

Damage from last years October snowstorm cost Public Service Electric & Gas an overall outlay of about $50 million, executives of parent company PSEG said today in a call discussing earnings for the last quarter of 2011.

But reduced pension expenses “more than offset” the expenses of the snowstorm and related tree trimming, according to Caroline Dorsa, the companys chief financial officer.

Dorsa said the company paid $13 million in capital costs for replacements of poles and other equipment, and deferred $30 million that it will seek to recover from ratepayers when it presents its next base rate case to the Board of Public Utilities.

Overall, the company had a rise in total profits from $282 million a year ago to $360 million, but the company said that was due to a one-time accounting procedure, and it actually had lower operating earnings for the quarter of 47 cents per share, compared with 60 cents in the same quarter a year earlier.

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Tags: 50 Million, October Snowstorm, Snowstorm

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Unionized workers organize against National Labor Relations Board

Written on February 26, 2012 – 9:37 pm | by Michael Harris

In a twist on typical union activity, employees of the National Labor Relations Board are accusing their bosses of treating them unfairly. NLRB Chairman Mark Pearce and Acting General Counsel Lafe Solomon are facing resistance as they attempt to limit the amount of on-the-job time unionized employees can spend on union business, and on attending seminars and other meetings.

On Feb. 16, many NLRB employees attended a seminar at the Cornell Industrial and Labor Relations School in New York City, where NLRB Deputy General Counsel Celeste Mattina was speaking. Outside the meeting room, some in the NLRB Union passed out flyers accusing Pearce and Solomon of “Declar[ing] War on NLRB Employees” in an effort to “destroy their employees’ union.”

The NLRBs leaders, the flyer claimed, are demanding an 85% cut in the official time that employees can use when they participate in grievance meetings and arbitration hearings. it also said t

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Tags: Board, Labor Relations, Labor Relations Board, Relations Board

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Talk of rebound for Perth property

Written on February 24, 2012 – 4:42 pm | by Ashley Johnson

Perth’s housing market is on the cusp of a comeback, with home values up nearly one per cent over the past three months despite a weak monthly result for February, new data says.

RP Data-Rismark ‘s home value index showed Perth home values dropped by  1.8 per cent in February, but senior analyst Tim Lawless said the market appeared to be staging a turnaround, with values 2 per cent higher compared to October 2011.

RP Data put the Perth median home price at $446,000.

“The Perth housing market is a good example of a city that has been one of the softest locations since 2008,’ Mr Lawless said.

“Perth dwelling values have corrected by 10.1 per cent since their peak back in April 2010, which has provided a significant affordability dividend.

“We are also seeing Perth housing demand being driven by strong population growth underpinned by the resources investment boom.”

Nationally, capital city home values were up 0.8 per cent in February, leaving the market relatively flat for the first two months of the year, dropping by 0.2 per cent.

The best performing capital city was Darwin, with a 4.1 per cent gain in value over the three months to January 29, while Adelaide’s property market was the weakest, falling 2.7 per cent over the period. 

Tags: Perth, Perth Property

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Work has barely begun

Written on February 21, 2012 – 8:41 pm | by Michael Harris

David Leckie, CEO of Seven, has his work cut out.

Kerry Stokes and David Leckie have certainly done a good job at Seven West, consolidating the television network’s No. 1 position.

But the diversified media group’s latest results also reveal that as with all media groups, Seven West has work to do to cope with the rapid changes transforming medialand.

In three to five years’ time, the landscape can will be completely different, with consumers using media in ways that will probably surprise.

Still, for now, the overall group result cheered investors by beating the market’s expectations, as well as the company’s estimates.

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Tags: Work, Work Barely

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Jobless claims hold steady at 4-year low

Written on February 20, 2012 – 12:20 am | by Ashley Johnson

– New claims for unemployment benefits were unchanged last week, holding at the lowest level since the early days of the 2007-2009 recession and giving a fresh sign the battered labor market is healing.

Workers filed 351,000 initial claims for state unemployment benefits, the Labor Department said on Thursday. The prior week’s figure was revised up to 351,000 from the previously reported 348,000.

The last two weekly readings have been the lowest since March 2008. The four-week moving average for new claims, a measure of labor market trends, fell 7,000 to 359,000 – also the lowest since March 2008.

Economists polled by Reuters had forecast initial claims rising to 354,000.

With weekly claims approaching levels last seen before the recession that began in December 2007, economists say employers might be close to ending a long cycle of heavy layoffs, laying the ground for more hiring.

Already, the jobless rate has fallen sharply, dropping to 8.3 percent in January from 9.1 percent in August.

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Tags: Low

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