Thursday's Daily Pulse

Posted 10/21/2010

Updated 1 decade ago

Florida Investigating 5 For-profit Universities

Adding more scrutiny to an embattled industry, Florida Attorney General Bill McCollum has begun investigating allegations of deceptive practices at five for-profit higher education companies. The civil investigation focuses on consumer complaints made against Kaplan Inc., the University of Phoenix, MedVance Institute, Argosy University and Everest University. They include allegations that the schools made misrepresentations regarding financial aid and engaged in unfair practices in recruiting, enrollment, accreditation, job placement and graduation rates. The for-profits already are under heavy scrutiny from the federal government because of the large sums they get in financial aid. But few states are involved. Some attorneys general have investigated complaints against individual institutions, but several experts say this is the first they know of a state attorney general taking a more thorough look at the industry. [Source: South Florida Sun-Sentinel]

Making a Multinational Mark in Construction

Odebrecht, a Brazilian company, celebrated 20 years of operations in the United States last week with a reception in Miami -- an event that in a way reflected how foreign multinationals have come to play a key role in major U.S. construction projects, particularly transportation. Odebrecht is a contractor in the construction of key elements connected to a $1.7 billion transit hub just east of Miami International Airport, one of three immense transportation projects in South Florida. Other foreign multinationals are also involved in the other two: a $1 billion tunnel to the Port of Miami under Biscayne Bay and the $1.8 billion reconstruction of Interstate 595 in Broward, the most expensive highway and bridge project state transportation officials have ever awarded. ``There is no question foreign multinationals have made a mark in transportation in the United States,'' said José Abreu, director of the Miami-Dade Aviation Department, who served as Florida Secretary of Transportation from 2003 to 2005. [Source: Miami Herald ]

Raymond James Financial Posts Record for Net Revenues

The financials within Raymond James are hovering in record territory again. This time, in a good way. Rebounding from an abysmal 2009 fiscal year, the St. Petersburg financial services firm late Wednesday said it posted net income of $69 million in its fourth quarter ended Sept. 30, up 61 percent from $43 million in revenues in the year-ago period. Net revenues for the quarter reached a record $748 million, up 12 percent. That surge boosted Raymond James' just-ended fiscal year to net income of $228 million, up 49 percent from a year ago and close to the record set in 2007. Paul Reilly, who took over as chief executive in April, called the results "especially gratifying because they reflect our investment in people... combined with a strict cost control mandate during the tsunami in our financial system." [Source: St. Petersburg Times]

Nova Students Get Sales Training for Job-Market Edge

To better prepare its students, Nova Southeastern University queried 50 Florida employers to find out what they need in new employees: The overwhelming answer was people with top sales skills. So Nova is incorporating sales training into its undergraduate curriculum and plans to offer a bachelor's degree and MBA in sales. "It's the difficult employment environment. We have to prepare students and drive value to the employers," says Michael Fields, dean of Nova Southwestern's Wayne Huizenga School of Business & Entrepreneurship. [Source: South Florida Sun-Sentinel]

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» Florida Newsmakers

Fidelity National Financial Names New CEO

Fidelity National Financial Inc. announced that Alan Stinson is stepping down as chief executive officer, although he will remain with the company. Chief Operating Officer George Scanlon will succeed Stinson as CEO. Stinson has been with Jacksonville-based Fidelity (FNF) since 1998 and was named CEO in May 2007. Scanlon joined FNF in June from Fidelity National Information Services Inc. (FIS), a company that was spun off from FNF. Scanlon had been executive vice president of finance at FIS. Stinson will remain with FNF as an executive vice president. [Source: Florida Times-Union]

ALSO AROUND FLORIDA:

› Lockheed Orlando Wins $1 Billion Weapons-Targeting Deal [Orlando Sentinel]
Despite an era of tightening defense budgets, Lockheed Martin Corp.'s Orlando missiles unit has won a contract potentially worth more than $1 billion to produce next-generation fighter jet weapons-targeting systems for the U.S. Air Force, company and military officials said Wednesday. In the competitive bid, the military chose Lockheed Missiles & Fire Control Orlando for the majority share of the seven-year deal, known as the Advanced Targeting Pod-Sensor Enhancement program. Northrop Grumman Corp. was chosen to receive a 40 percent share of the deal. The initial order — worth $23.5 million — will pay for the development and production of advanced systems for an Air Force test program, according to Lockheed.

› World's Fastest Helicopter Made in Palm Beach County [Palm Beach Post]
Sikorsky had picture perfect weather to show off the world's fastest helicopter Wednesday morning, and X2 test pilot Kevin Brendenbeck didn't waste the opportunity. "Are you ready to get spanked?" he asked the Bell 407 pilot about to race him over the swampy tarmac off Beeline Highway. It was a first glimpse of the X2 for media and for many of the subcontractors whose components helped make the aircraft; an adrenaline-fueled day designed to amp up excitement for a project Sikorsky has spent over five years and untold millions developing, all on spec. The X2 demonstrator has been in development at Sikorsky's West Palm Beach test facility off Beeline Highway since July 2009. In a test flight last month, the X-2 hit 250 knots, or 287 miles per hour, unofficially beating the world helicopter speed record, nearly twice the speed of conventional helicopters.
» See video below:

› AMJ Looking to Award Free Office Space to Deserving Business [Gainesville Sun]
AMJ Inc. of Gainesville is giving away free office space for a year to a new business. The development and property management company is taking applications through Nov. 30. Applicants should explain in 500 words or less why they are Gainesville's most deserving business. Entries will be judged on their need for office space, the viability of the business or concept, and the creativity of the submission. The winner will be announced during the University of Florida Bergstrom Center for Real Estate Forum on Jan. 20, 2011. Beau Beery, vice president of commercial real estate, said the idea is to give a boost to a startup business while generating leads to fill AMJ's empty office spaces.

› Sarasota Recruiting for Broadband Task Force [Sarasota Herald-Tribune]
Sarasota is looking for a few good geeks. Looking to expand the broadband task force set up earlier this year to explore how to attract high-speed, business-class Internet to Sarasota, city officials Tuesday asked local businesses to join in the effort. Up to now, the task force has been dominated by government officials. Besides making broadband speeds of at least 100 megabits per second -- or fast enough to download the Encyclopedia Britannica in 10 seconds -- more generally available, the city hopes to find ways to make it more affordable to businesses.

› Business Center to Hold Workshop for Minority Women [Florida Times-Union]
The Jacksonville Women's Business Center will offer a free workshop Oct. 27 addressing the lack of participation among minority women business owners in its training and mentoring programs. The workshop, Stepping Stones Summit II, aims to assist minority women who own businesses identify, understand and resolve issues that are keeping them from participating in programs that might help in the growth of their businesses.

› CNN Broadcasting from UF campus Thursday [Gainesville Sun]
The CNN Election Express is rolling into Gainesville. The network’s mobile newsroom has been touring the country in advance of the Nov. 2 midterm elections. The bus combines the functions of a studio, editing room and production facility with those of a satellite truck. CNN will be broadcasting from campus throughout the day, including features with UF College Democrats and College Republicans as well as political science department chairman Michael Martinez.

Go to page 2 for more stories ...

› St. Petersburg Seeks Help in Paying for Homeless Consultant [St. Petersburg Times]
he city is asking other governments to help pay an expert to develop a plan to deal with a growing homelessness problem. Mayor Bill Foster sent out a letter Wednesday, asking Pinellas cities and county government to chip in. The plan is to be developed by Robert Marbut, founding president and chief executive of Haven for Hope, a 37-acre complex in San Antonio, Texas, devoted to helping the homeless. Marbut will be paid $5,300 a month to develop a system to evaluate and improve the efficiency of the county's homeless services providers.

› Chrysler Taps Sarasota's Sunset for Fiat Dealership [Sarasota Herald-Tribune]
Chrysler Group LLC on Wednesday tapped Sunset Dodge-Chrysler-Jeep-Ram-Subaru to sell the highly anticipated relaunch of the Fiat car line in Southwest Florida. "The decision hinged entirely on their proposal," said Ralph Kisiel, a Chrysler spokesman, of the Sunset selection. "It's likely they were selected because they have facility plans in place and they met all of our requirements. Their proposal was very likely creative and innovative, and they would have shown that they were ready to go." Don Osborne, Sunset Dodge-Chrysler's general manager, said the new Fiats are scheduled to arrive in Sarasota in either February or March. The cars' retail prices will range from $15,000 to $20,000, Chrysler has indicated.

› Biofuel Firm Celebrates Opening of Lee Facility [Fort Myers News-Press]
Lee County's $10 million investment in Algenol is well spent if it leads to more high-paying tech jobs, officials say. But CEO Paul Woods said Algenol, which produces ethanol from algae, can do much more. "We can grow our own energy and we can consume greenhouse gases," Woods said. "We can change the course of the world." Algenol's 40,000-square-foot research and development center on Lee Road, north of Alico Road, celebrated its grand opening this week. Algenol's research and development center aims to take its existing method of creating ethanol from algae, saltwater, carbon dioxide and sunshine and expand it to commercially viable fuel production.
» RELATED: Southwest Fla. Yearbook 2010

› Ocala Building May House "Business Accelerator" [Ocala Star-Banner]
There is no shortage of economic bad news these days: Ocala’s unemployment is near 15 percent; foreclosed homes line many Ocala streets — eyesores reminding there is little hope things will get better soon. In such a climate there are limits to what government can do to create jobs, Ocala City Manager Ricky Horst told his City Council bosses during their Tuesday council meeting. But those limits shouldn’t be a hindrance, either, he told the council. Horst said he wants the city to help new entrepreneurs take the first steps toward creating their own jobs — and work enough for future employees.

› Experts: North Broward Hospital Doesn't Have to Go Private [South Florida Sun-Sentinel]
Hospital industry officials dispute the North Broward Hospital District's claim that it must lease itself to a private nonprofit group to collect higher Medicare payments in 2013. No legal barriers appear to block public hospitals from participating in the higher-payment program, as district officials contend, according to several health care attorneys and officials at the district's sister organization, the South Broward Hospital District. "There's nothing inhibiting us from doing this," said John Benz, a senior vice president at the south district who has been studying the issue. "We feel we can go forward ... if we feel it's in our best interest."

› OptimumBank Adds New Directors [Miami Herald]
OptimumBank Holdings, in Fort Lauderdale, has added three new directors to its board, according to a document filed with the Securities and Exchange Commission. Robert Acri has served as president of Kenilworth Asset Management in Chicago, since 2001. Jerry L. Grace is a private investor and financial and real estate consultant. He was a senior executive with Provident Financial Group from 1984 to 1998. Jack Calloway has served as president of VBNet, an Internet service provider based in Orlando, since 1995. Each new director has been elected for a term that will expire at the annual meeting of our shareholders in December 2010.

› Port Manatee Gets Grant to Help Build Berth for Container Ships [Sarasota Herald-Tribune]
Port Manatee will forge ahead with its long-term plan to handle bigger ships carrying containerized cargo with the help of a $9 million federal grant. The port had applied for a U.S. Department of Transportation economic recovery grant of $25.7 million. Then, with a 20 percent match from the port's own funding, the port planned to complete the entire project, expected to cost $32.1 million. Roughly speaking, the federal government came through with about a third of what Port Manatee was asking for.