Saturday, November 10, 2012

More Professionals In Canterbury Than Before September... | Stuff ...

MICHAEL BERRY AND MARTA STEEMAN

Wynn Williams Lawyers partner Kent France misses the liberated convenience of central city business life.

Spending hours of a day sitting in traffic is an Auckland gig, and is a far cry from nipping out on foot for several appointments like the good old pre-quake times.

Nowadays, a car is needed to get anywhere and it's a daily punt on traffic and medium range statistics to arrive on time.

The firm's post-quake headquarters is at Homebase, Marshland Rd; a long way from the company's former home in the BNZ Building, Cathedral Square.

"I spend so much time in the car these days, which is a huge time consumer when you used to be in town," France says.

One day last week he spent 2 hours on the road, using his handsfree phone constantly to make at least some use of the time.

Most of the inner-city professional services crowd is in a similar position: Spread wherever they could score space in the great suburban flight of the quakes' aftermath.

So it comes as some surprise that Statistics New Zealand counted 8100 more of those jobs within the region than before the September 2010 quake.

The September quarter labour figures show there were 43,000 law, accounting, scientific, technical, marketing and support jobs in Canterbury, compared with 34,000 a year ago. In September 2010, there were 34,900.

Those numbers seem a bit far-fetched when casting an eye over the desolate CBD. Is something growing in the offices dotted around the city?

France says Wynn Williams had been growing strongly before the quake. The tremors had created headaches with relocations, business interruption and teething problems, but had not stopped the expansion, France says - a steady stream of jobs being created and filled, he says, with the company now sporting 77 employees, including the Auckland office.

Graduates from the University of Canterbury were taken on, as were mid-level lawyers both from rival firms in the city and around the country, he says.

Those experienced lawyers were traditionally hard to find in the South Island, but many inquiries had started to filter in from Australasian cities - especially from lawyers with commercial property backgrounds. Eight more people would be taken on before February.

The businesses professional services support are more resilient than the now-decimated city centre which was its overt symbol, he says.

Outside the central city, and even beyond its boundaries, the growth is significant, he says.

Agribusiness and dairying, manufacturers in the south-western areas: Those businesses had kept rolling and it had been up to the service industries to relocate while still assisting that unaffected bloc, he says.

That led to an "explosion of technology" as the lawyers and accountants did everything possible to stay functioning and keep those clients, he says.

Fitting out a building for a modern business is expensive, especially when you have to do it twice, he says.

Digital phonelines and computer systems linking employees together like a spider's web become more of a bane - but also more necessary - when the net spreads between suburbs, he says.

"Everybody was in one high-rise building wired up to deal with that. Then, all of a sudden, you've got geographically spread out sites that aren't up to that infrastructure and you end up running miles of cable that doesn't come cheap."

The technological "explosions" happened all around the city as firms moved into any space they could and geared them up, leading to a higher technological ability than before the quakes, he says.

"The capacity to operate remotely went up several notches. I can now do my job from anywhere in a much more seamless way than I could have two years ago."

Video and voice conferencing made working from the suburbs easier, but there were some tasks that require more substance, he says.

"It still doesn't change the fact that face-to-face meetings still rule for some things. You can't nail a deal unless you're face to face."

In about a year, the firm will take two floors of an office building replacing the former St Elmo Courts on the corner of Hereford and Montreal streets. That will give enough space to put all the firm under the same roof.

"We're really looking forward to getting into our building next year - another year to go."

Other businesses are not coping as well, business consultant Wayne Ormandy says. He advises several businesses and believes some law and accountancy practices are struggling, with several buyouts and restructurings going on.

"We seem to be losing more companies in Christchurch than we are gaining."

The post-earthquake scene among the professions had been very collaborative and innovative, but some of the big practices had staff spread across several sites, which was harder to manage, with the past year one of the toughest, he says.

Cavell Leitch managing partner Julian Clarke says staff numbers had shrunk across the legal industry after the quakes through layoffs and sinking lids.

"One year ago it was probably at a four or five-year low point. It has probably rebounded, I would think, rather than necessarily ballooned."

Cavell Leitch, which has 16 partners and 80 staff in total, was now hiring again on the back of strong workloads, he says.

The firm had shifted to new offices at the Hazeldean Business Park, leaving the temporary premises battles behind.

With many of the big firms operating from temporary premises on the outskirts of the city, they were removed from clients and in an inconvenient position, he says.

"There are law firms out there that are really struggling to deliver service. There still some firms working from three-bedroom homes, two partners to an office.

"Only about now are most firms really getting back up to speed."

They had not found it too difficult to attract people because of the quality of the offices, he says.

"I don't think I know of

anyone who is absolutely out there desperately hiring people in the professional services area - not like in the construction area."

But he believed some accounting firms were very busy and struggling to find staff, especially mid-level professionals who tended to be younger people.

The city did not offer a lot of nightlife or variety of entertainment and social life.

One silver lining from the quakes was staff were more open to open plan - more efficient use of space - which made firms more competitive.

"Just as when we are driving around town we expect to come to a closed road with some cones, similarly within the office you can make more autocratic decisions as long as people see, yes, it is for the genuine benefit of the firm," he says.

The combination of the recession and earthquakes had been a catalyst for changes of behaviour in staff.

"People now having sat for six months on a trestle table sharing it with two others, working in an open-plan environment is now quite fantastic, but if you suggested that five years ago they would have told you to take a running jump and they would go and work in another law firm if you took away their magnificent office with a fantastic view," Clarke said.

The new environment meant certain things, such as cost-cutting, had been able to to be done, more easily.

Duncan Cotterill Lawyers also has the relative luxury of one site for all its staff, on Sir William Pickering Dr, Burnside.

Its staff numbers have risen 15 per cent to 95 since the February quake and their exile to the suburbs. Including head office staff based in the city, the number rises to about 125.

Partner Paul Calder says the firm can't wait to return to the city.

"On a day-to-day basis it's perfectly adequate, but what we miss most is the interaction with the our clients and other businesses and organisations. When you're in a central business district you just bump into people, it's not quantifiable, but it's important."

Despite that, people were attracted to Christchurch for the professional opportunities the rebuild represents, he says.

Expat Cantabrians from Britain and Australia, as well as lawyers from New Zealand cities were attracted by the rebuild, he says.

"Christchurch has always been a great place to live - and still is - and a particularly good place to raise a family."

Calder's area of expertise was commercial property law and the future looked bright, he says. Apart from a difficult recruiting time immediately after the quakes, it was now easier than it had ever been to entice lawyers to the city, especially as the rebuild begins to solidify, he says.

Accounting firm Marriotts was lucky enough to retain its central city home on Victoria St. Managing director Graeme Marriott says others in the profession were not as fortunate.

"So we still have a positive mental attitude maybe compared with some accountants who are working out in the wop-wops of Addington or by the airport."

The firm is advertising in Britain and across the Tasman, trying to lure expats through the Institute of Chartered Accountants, with some success, he says. A former Christchurch accountant in Sydney and one in the Netherlands would be winging their way back soon to start around the new year while he was also employing two more support staff.

"Virtually all accountants are struggling to find staff," he says.

He wondered if some of the experienced staff had been lured to other big organisations such as the Canterbury Earthquake Recovery Authority and insurance companies.

"Compounded on top of that we are very busy."

Many of his clients were buying up weaker businesses that were struggling or restructuring to get involved in the rebuild, he says.

He was surprised at the stats showing a big jump in the number of Canterbury professionals.

"I just can't honestly think where are all these people."

- ? Fairfax NZ News

Source: http://www.stuff.co.nz/business/rebuilding-christchurch/7931129/Christchurchs-suburban-warriors

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Thursday, November 8, 2012

Fiscal cliff: Impasse on tax rates is big hurdle

Graphic shows the federal budget deficit

Graphic shows the federal budget deficit

(AP) ? House Republicans' hard line against higher tax rates for upper-income earners leaves re-elected President Barack Obama with a tough, core decision: Does he pick a fight and risk falling off a "fiscal cliff" or does he rush to compromise and risk alienating liberal Democrats?

Or is there another way that will allow both sides to claim victory?

Obama has been silent since his victory speech early Wednesday morning, but is set to weigh in Friday in remarks at the White House.

Capitol Hill Republicans, meanwhile, vow to stand resolutely against any effort by the president to fulfill a campaign promise to raise the top two income tax rates to Clinton-era levels. A battle would set the tone for the start of the president's second term.

"A 'balanced' approach isn't balanced if it means higher tax rates on the small businesses that are key to getting our economy moving again," House Speaker John Boehner, R-Ohio, said on Wednesday. "Raising tax rates is unacceptable," he declared Thursday on ABC. "Frankly, it couldn't even pass the House. I'm not sure it could pass the Senate."

A lot is at stake. A new Congressional Budget Office report on Thursday predicted that the economy would fall into recession if there is a protracted impasse in Washington and the government falls off the fiscal cliff for the entire year. Though most Capitol-watchers think that long deadlock is unlikely, the analysts say such a scenario would cause a spike in the jobless rate to 9.1 percent by next fall.

The analysis says that the cliff ? a combination of automatic tax increases and spending cuts ? would cut the deficit by $503 billion through next September, but that the fiscal austerity also would cause the economy to shrink by 0.5 percent next year and cost millions of jobs.

The new study estimates that the nation's gross domestic product would grow by 2.2 percent next year if all Bush-era tax rates were extended and would expand by almost 3 percent if Obama's 2 percentage point payroll tax cut and current jobless benefits for the long-term unemployed were extended as well.

All sides say they want a deal ? and that now that the election is over everyone can show more flexibility than in the heat of the campaign.

Obama will address the issue Friday though he's not expected to immediately offer specifics. His long-held position ? repeatedly rejected by Republicans ? is that tax rates on family income over $250,000 should jump back up to Clinton-era levels. Republicans say they're willing to consider new tax revenue but only through drafting a new tax code that lowers rates and eliminates some deductions and wasteful tax breaks. And they're insisting on cuts to Medicare, Medicaid and food stamps, known as entitlement programs in Washington-speak.

The White House's "opening position is, 'We're willing to do big entitlement cuts. In return we need you to go up on the rate,'" said Democratic lobbyist Steve Elmendorf. "Then they're going to get into a discussion. It'll be a process."

The current assumption is that any agreement would be a multi-step process that would begin this year with a down payment on the deficit and on action to stave off more than the tax increases and $109 billion in across-the-board cuts to the Pentagon budget and a variety of domestic programs next year.

The initial round is likely to set binding targets on revenue levels and spending cuts, but the details would probably be enacted next year.

"What we can do is avert the cliff in a manner that serves as a down payment on ? and a catalyst for ? major solutions, enacted in 2013, that begin to solve the problem," Boehner said.

While some of that heavy work would be left for next year, a raft of tough decisions would have to be made in the next six weeks. They could include the overall amount of deficit savings and achieving agreement on how much would come from revenue increases and how much would be cut from costly health care programs, the Pentagon and the day-to-day operating budgets of domestic Cabinet agencies.

Democrats are sure to press for a guarantee that tax reform doesn't end up hurting middle-income taxpayers at the expense of upper-bracket earners. Republicans want to press for corporate tax reform and a guarantee that the top rate paid by individuals and small businesses goes down along the way.

While some Democratic partisans want Obama to play tough on taxes and use his leverage to force Republicans to accept higher rates on the wealthy, Republicans warn that such hardball would poison the well even before Obama takes the oath of office and imperil prospects for second-term Obama initiatives including immigration reform.

Another idea is to raise revenue from the wealthy but not through higher income tax rates. Instead, policymakers could cap the amount of itemized deductions that the wealthy might be able to claim, an idea that's in Obama's budget and was a suggestion of Mitt Romney in the campaign.

"There is more than one way to bell the cat. So why are people so fixed on the 39.6 (percent rate)? It's because of the progressivity of the code," said Sen. Kent Conrad, D-N.D., on CNBC on Thursday. "You can accomplish that same progressivity with lower rates if you broaden the (tax) base in a way that's progressive."

Other items on the agenda for the lame duck session include a multi-year farm bill, legislation to reform the Postal Service, and a renewal of Medicare payment rates for doctors.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-11-08-Fiscal%20Cliff/id-9ae1896396bc47bf89d0ee3ad3b5cad6

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This Spiked Rubber Band Equips Any Shoe for Icy Weather

If you don't want to spend the entire winter wearing clunky boots, these elastic Nordic Grip Mini straps feature a pair of metal spikes that give any pair of shoes enough grip to tackle snow and ice. Strapping them on is as easy as putting an elastic band around your wrist, and they're available in three colors for just $15 a pair. More »


Source: http://feeds.gawker.com/~r/gizmodo/full/~3/cWiENBaSnxU/this-spiked-rubber-band-equips-any-shoe-for-icy-weather

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Nigeria bond yields tumble after S&P rating upgrade

LAGOS (Reuters) - Yields on Nigeria's 10-year bond were down 38 basis points at the opening of trade on Thursday from their level before Standard & Poor's lifted the country's credit rating on Wednesday.

The 10-year note, which was trading at 13.98 percent before the ratings announcement, opened for trade on Thursday at 13.60 percent, while yields on other maturities have fallen between 10-20 basis points.

The fall in yields was also helped by Barclays' announcement this week that it will add Nigeria to its emerging market local currency government bond index from March next year, aiding a drop in yields, traders said.

The 3-year and 7-year notes have shed 12 basis points since the ratings announcement to trade at 12.38 percent and 12.42 percent respectively.

"Yields will continue to fall given the effects of the S&P ratings, Barclays and JP Morgan bond index inclusions and positive economic indicators, making local and foreign investors comfortable with Nigeria risk assets," a Lagos-based dealer at Standard Chartered Bank, told Reuters.

On Wednesday, global ratings agency S&P raised Nigeria's long-term foreign and local currency credit rating to BB-, three notches below investment grade, from B+, citing higher foreign exchange reserves and government reform efforts.

Barclays said in a report on Monday that 11 of Nigeria's government bonds had a market value of $13.9 billion, higher than its minimum requirement of $5 billion in eligible debt outstanding to qualify for index inclusion.

It said Nigeria will make up 0.5 percent of the index.

Nigeria's 10- and 20- year bond yields shed 300 basis points in a month in October as markets prepared for its inclusion in JP Morgan's emerging markets index, meant to attract inflows of up to $1 billion into the debt market.

Source: http://news.yahoo.com/nigeria-bond-yields-tumble-p-rating-upgrade-133757772--sector.html

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Game Recalls Helping Voters Get To Polls After Hurricane Sandy

'I was giving people $20 because I felt that would get you to and from a poll,' Game revealed on Wednesday's 'RapFix Live.'
By Nadeska Alexis, with reporting by Sway Calloway


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Photo: MTV News

Source: http://www.mtv.com/news/articles/1696972/game-hurricane-sandy-voters-election.jhtml

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Researcher: Samsung overtook iPhone as best-seller

BOSTON (AP) ? A research firm says that Samsung's Galaxy S3 overtook Apple's iPhone 4S as the world's best-selling smartphone for the first time in the third quarter.

Boston-based Strategy Analytics said Thursday that the S3 shipped 18 million units in the third quarter of this year. Apple Inc.'s iPhone 4S, meanwhile, shipped 16.2 million units, as many people likely held off to buy its successor. Apple launched the iPhone 5 on Sept. 21.

Strategy Analytics' executive director, Neil Mawston, says the Galaxy's top position is likely to be short-lived. The iPhone 5 sold an estimated 6 million units in the third quarter, which ended on Sept. 30.

Apple shares continued their recent decline in morning trading, falling $8.62, less than 2 percent, to $549.38. The stock was over $700 two months ago.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-11-08-US-TEC-Apple-Samsung/id-caabba3763574303975605916f726884

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