ExportAction US Blog

Biggest gains in US employment - November 2011

2011-12-02T16:22:00.000-05:00

Unemployment in the US dropped sharply to 8.6 percent in November, its lowest level in two-and-a-half years, from nine percent the month before, official figures show.

The Department of Labor said the US economy added 120,000 new jobs in November. The number of jobs created in September and October was revised up by 72,000.

The private sector added 140,000 jobs during the month, while government employment continued to fall.
The retail sector saw the biggest gains, with 50,000 jobs added, while the leisure and hospitality, business services and healthcare sectors also saw strong gains.

At ExportAction we interpret these statistics as being good news for our clients selling into the growth sectors.

Home improvement outperforms other consumer sectors

2011-12-01T12:09:00.000-05:00

On November 30, 2011, Bloomberg reported shares of Home Depot Inc. and Lowe’s Cos. -- the two largest U.S. home-improvement retailers -- are outperforming other consumer discretionary stocks as the worst of the declines in the housing market may be over.

Americans are on pace to spend $337.3 billion on their homes, with annualized private-residential fixed investment rising 3 percent from 2010 for the three months ended Sept. 30, Bureau of Economic Analysis data show. This is only the second such increase since 2006 and unlike 2010, wasn’t boosted by government tax-credit stimulus programs including one for appliances, said Scot Ciccarelli, a New York-based analyst at RBC Capital Markets.

Same-store sales for the two retailers -- which track residential investment -- have started to improve and may pick up even more because “there’s been some industry stabilization,” said Ciccarelli, who upgraded Home Depot to “outperform” earlier this month and maintains the same recommendation on Lowe’s.

Comparable-store sales rose 4.2 percent at Atlanta-based Home Depot and 0.7 percent at Mooresville, North Carolina-based Lowe’s in the three months ended Oct. 30 and Oct. 28, respectively, the companies said earlier this month.

$816 million online sales in one day

2011-12-01T12:04:00.000-05:00

Black Friday Internet sales in the US totalled $816m, a 26% gain on last year, claimed Comscore. IBM Coremetrics put the rise at 24%. By comparison, Visa Europe said it believed November 28, 2011 will be the UK's busiest Internet shopping day, with £303m spent online.

Black Friday, the day after Thanksgiving, is treated by many retailers as the start of the Christmas shopping season. They offer one-off discounts to mark the occasion.

Amazon was the most popular destination, with 50% more visitors than any other retailer.Walmart, Best Buy, Target and Apple were next in line, said the analytics company. Around 50 million Americans visited online retail sites on Friday, November 25, 2011, according to Comscore.

Close to 123 million Americans planned to make an online purchase on Cyber Monday (November 28, 2011) according to a survey commissioned by the US National Retail Federation, an industry lobby group. That would be a 15% increase on last year.

November snapshot: security

2011-12-01T11:53:00.000-05:00

NOV 2011: The Department of Homeland Security has awarded ManTech International Corporation a contract valued at $5.9 million to provide a wide range of information technology services that support the congressionally mandated Support Anti-Terrorism by Fostering Effective Technology Act of 2002 (SAFETY Act). The award has a base period of performance of one year and three option years.

NOV 2011: The US Department of Defense has awarded V-Tech Solutions, Inc. (V-Tech) a $4.1 million contract to provide forensic accounting services to the U.S. Forces in Afghanistan, in support of Task Force (TF) 2010. It provides commanders and acquisition teams with situational understanding regarding the flow of contract funds and recommends actions to deny insurgents the opportunity to benefit from illicit revenue.

Nov 2011: The U.S. Office of Personnel Management has selected CACI International Inc. as one of three prime contractors to provide background investigation fieldwork services. The indefinite delivery/indefinite quantity contract is for a ten-month base period and four option years and has a ceiling value of $2.5 billion.

NOV 2011: The U.S. Missile Defense Agency awarded CSC a task order to provide systems engineering support for all MDA-funded ballistic missile defense systems. The task order, which has a one-year base period and a one-year option, has an estimated total two-year value of $80 million.

NOV 2011: The City of Atlanta has awarded a contract to Motorola to integrate disparate public and private surveillance camera systems into one common operational environment in the Video Integration Center (VIC). Motorola’s Global Services organization leads a team including ADT Commercial Security, a Tyco International company and CIBER, Inc. to provide a comprehensive solution for the city. Motorola and ADT Commercial Security have completed the implementation of the first phase of the project by upgrading the city’s existing cameras from analog to digital, and from leased line to wireless backhaul. ADT Government Services Division managed the installation of the wireless network and pan, tilt and zoom (PTZ) cameras in the downtown Atlanta Metro area.

Veteran Affairs

2011-12-01T11:48:00.001-05:00

NOV 2011: The Department of Military and Veterans Affairs of the State has purchased a First Response Water System from PureSafe Water Systems, Inc. The purchase of the system is part of an overall disaster response initiative implemented by the Governor of Alaska. The system will be delivered per contract in January 2012.

Nov 2011: The Department of Veteran Affairs has selected Virtual Corporation’s Sustainable Planner® software program to manage and maintain over 100 disaster recovery and contingency plans. The program will support Business Continuity in within the Region 2 and 3 Interim Data Centers.

NOV 2011: The U.S. Department of Veterans Affairs has awarded DFINE, Inc. a five-year Federal Supply Schedule contract. According to the terms of the contract, DFINE will supply the StabiliT® Radiofrequency Targeted Vertebral Augmentation™ (RF-TVA) System and all related products to treat vertebral compression fractures (VCFs) to the V.A. system, representing 950 facilities throughout the country.

Nov 2011: The Department of Veterans Affairs (VA) has awarded By Light Professional IT Service Inc. a contract for the Omaha Regional Medical Center. By Light and team members World Wide Technology (WWT) and Ekahau will implement an Ekahau Real-Time Location Tracking System (RTLS) Sensor platform over a Cisco 802.11 Wireless network to automatically monitor and manage environmentally sensitive medications, supplies, foods, and other items in the VA Nebraska - Western Iowa Health Care System. The facilities covered by the award include the Omaha Nebraska VA Medical Center and seven Community Based Outpatient Clinics (CBOC) in Nebraska: Bellevue, Grand Island, Holdrege, Lincoln, Norfolk, North Platte, O’Neill, and one in Shenandoah, Iowa.

November snapshot: US Navy

2011-12-01T11:46:00.000-05:00

Nov 2011: The Naval Supply Systems Command has selected CACI International Inc. as a prime contractor to provide technical support services that will help (NAVSUP) facilitate the development, testing, and deployment of the U.S. Navy’s Enterprise Resource Planning (ERP) Single Supply Solution program. This indefinite delivery/indefinite quantity contract has a ceiling value of $36.7 million and is for one base year and four option years.

November snapshot: US Army

2011-12-01T11:44:00.000-05:00

NOV 2011: U.S. Army Corps of Engineers has awarded Tetra Tech, Inc. a $225 million contract to provide a broad spectrum of environmental restoration and remediation services for the Louisville District. Five large business teams will share in the contract ceiling value. The new program has a two-year base period and two four-year options periods. Under the Environmental Restoration Services Contract (ERSC), Tetra Tech will provide a full range of environmental services including investigations, studies, design, remediation, environmental dredging, ecosystem restoration, operation and maintenance, and emergency and/or time-critical response activities.

NOV 2011: The U.S. Army Corps of Engineers has awarded Tetra Tech, Inc. a $21.4 million contract to provide architect-engineering services for hazardous, toxic, and radioactive waste projects for Kansas City District. The majority of the work will be performed within the U.S. Environmental Protection Agency Region 2 (which includes New York, New Jersey, Puerto Rico, and the U.S. Virgin Islands) and USACE’s Northwestern Division, including the Kansas City, Omaha, and Seattle Districts. The indefinite delivery contract has a three-year base period and one option period of two years. Tetra Tech will perform a variety of environmental, engineering, and project management services for hazardous waste and other environmental projects, including projects related to contaminated soil and groundwater, contaminated sediments, radioactive and mixed wastes, underground storage tanks and fueling systems, and habitat restoration and mitigation. Tetra Tech has provided similar services to USACE Kansas City District under a predecessor contract held since 2008.

NOV 2011: The U.S. Army Medical has awarded CACI International Inc. four prime task order contracts, totaling $69 million, to continue the company’s support for the Defense Medical Logistics Standard Support (DMLSS) system at the Joint Medical Logistics Functional Development Center (JMLFDC) at Fort Detrick, Md.

NOV 2011: The U.S. Army Reserve and U.S. Army corps of Engineers, Louisville District has awarded Michael Baker Jr., Inc. a $1 million multi-year design/build project for the construction of a new warehousing facility in Fort Hunter Liggett, Calif. The warehouse design/build project will be complete with utilities, parking, force protection measures, and other site improvements to support this development.

November snapshot: USAF

2011-12-01T11:42:00.000-05:00

Nov 2011: The U.S. Air Force Civil Engineer Support Agency has granted AECOM Technology Corporation a task order contract worth $16.9 million. Under the task order, AECOM will provide design-build services to complete the design and facility repairs at Little Rock Air Force Base. Due to tornado damage that occurred during April 2011, repairs will be made to seven buildings, including structural metal roofing replacement, exterior finishes and siding repair, interior renovations, and mechanical and electrical repairs.

NOV 2011: The U.S. Air Force has placed a $15 million order from Harris Corporation for additional Falcon III^® AN/PRC-117G multiband manpack radio systems. The AN/PRC-117G will provide Air Force personnel with tactical communication capabilities for a range of applications, such as precision air support. Harris received this order in the first quarter of fiscal 2012.

NOV 2011: The General Services Administration (GSA) has awarded ManTech International Corporation a task order under its Alliant Government-Wide Acquisition Contract vehicle to provide cyber defense support to the U.S. Air Force 90^th Information Operations Squadron. The award is valued at $7.1 million with a one year base period of performance and one option year. Under the task order, ManTech will provide software development solutions that support the U.S. Air Force Cyber Command’s cyber defense technology development, integration, and fielding support services.

November snapshot: transportation

2011-12-01T11:39:00.000-05:00

NOV 2011: A transit operating authority located in the Southeast has placed a $2.2 million order with DRI Corporation for Digital Recorders® automatic vehicle location (“AVL”) systems.

Nov 2011: The U.S. General Services Administration’s Office of Government-wide Policy has awarded Mercury Associates, Inc., a Blanket Purchase Agreement (BPA) for services to support Federal agencies in fulfilling the requirements of Presidential Memorandum - Federal Fleet Performance. The contract term is for as many as five years and has a potential value of $5 million. The Federal Government operates the largest fleet in America, with more than 650,000 vehicles.

NOV 2011: Missouri Department of Transportation awards TransCore a $3.3 million contract to replace their existing traffic management software system and integrate TransCore’s TransSuite® traffic management software into the Gateway Guide program, a system designed to relieve congestion and improve safety in the St. Louis area, the state’s largest city and the 16th-largest urban area in the country. The system cutover will be complete by April 2012.

NOV 2011: The Federal Aviation Administration (FAA) and the Department of Transportation (DOT) awarded Sprint a multiyear wireless contract valued at more than $36 million. The agreement will provide wireless services to the FAA and DOT for up to five years and includes voice, mobile broadband, and mobile computing services.

NOV 2011: The California Department of Transportation has awarded Road and Highway Builders of California, Inc. a bid of approximately $44.6 million, on a project for (“CalTrans”). The CalTrans job entails the reconstruction of seven miles of road on I-5 in Siskiyou County near Yreka, close to the California – Oregon border. The project is scheduled to begin in spring 2012 and is scheduled to be completed within 360 working days.

NOV 2011: The New Jersey Department of Transportation has awarded Michael Baker Jr., Inc., a $12.26 million contract from for the I-280/Route 21 Interchange Project in Newark, N.J. This is one of the largest design projects awarded by NJDOT in recent years. Baker will provide project management, roadway design, maintenance and protection of traffic plans, bridge design, geotechnical and foundation design, environmental permitting and utility engineering.

NOV 2011: Texas Department of Transportation has awarded James Construction Group (JCG) nine new contracts with a total value of approximately $162.5 million. JCG secured three new contracts involving heavy civil infrastructure construction in the state of Texas with a combined total value of approximately $128.2 million. The largest of these projects added another $120.7 million to the Company’s growing backlog for TXDOT work along I-35 in central Texas. Work on this project, which is located in McLennan County, should commence during the first quarter of 2012 and is slated for completion by the end of 2014. The other two Texas contracts were awarded to the JCG Houston Region for infrastructure work in the Houston area. Work on these projects has already begun and is slated for completion during 2012.

November snapshot: state government

2011-12-01T11:32:00.001-05:00

NOV 2011: The State of Kansas has awarded Accenture a five-year contract to develop and implement a new benefits eligibility system known as the Kansas Eligibility and Enforcement System (KEES). The new system will provide Kansas with greater integration across human service programs and better meet citizen needs by providing online access to human services and eligibility information as an alternative to office visits.

NOV 2011: The State of Texas Department of Information Resources (DIR) has awarded Time Warner Cable Business Class a multi-year services contract with making the company’s suite of next generation network and internet solutions available to all state agencies.

The State of Texas DIR, through the Tex-AN network, provides statewide communications technology services to more than 600 state agencies, as well as institutions of higher education, public education, local government, and other publicly funded customers. As an approved Tex-AN Next Generation DIR vendor under the new contract, TWCBC will offer Internet, Ethernet, and SoHo remote access services for teleworking and branch office connectivity to help state organizations reduce costs and improve operations.

NOV 2011: The Louisiana Department of Health and Hospitals has awarded a new contract to MAXIMUS, a provider of government services worldwide, to provide enrollment broker services under the state’s BAYOU HEALTH Medicaid managed care program. The three-year, $11.9 million program is expected to launch in December 2011.

November snapshot: software

2011-12-01T11:29:00.000-05:00

NOV 2011: Horizon Beverage has selected the HighJump warehouse management system (WMS) to manage its new 500,000-square-foot distribution center in Norton, Mass. Horizon Beverage distributes wine, spirits and beer in Massachusetts, Rhode Island, New Hampshire, Maine and Vermont.

NOV 2011: Trinity Mother Frances Hospitals and Clinics has selected Zix Corporation to replace its previous email security solution in a new, four-year contract.

Trinity Mother Frances switched to ZixCorp^® Email Encryption Services based on partner recommendations and the convenience of ZixCorp’s Software-as-a-Service architecture.

NOV 2011: Carnival Corporation has selected BIS²’s gameViz software to help better manage its cruise ship gaming operations.

*NOV 2011: ECSI, a provider for the education industry, selected the inContact call routing solution software to power its customer service and client support contact centers.

Document and print management services

2011-12-01T11:27:00.000-05:00

NOV 2011: Child Health Corporation of America has awarded WorkflowOne, a provider of print management, marketing and distribution services a three-year contract for document and print management services. WorkflowOne will provide CHCA with aggregated cost savings on print-based documents, as well as consulting services to manage document lifecycles, online ordering capabilities and web-based document collaboration tools.

Concentrated Solar Power market

2011-12-01T11:24:00.003-05:00

NOV 2011: A report from Pike Research forecasts that the global Concentrated Solar Power market will continue to experience ups and downs between now and 2020, rising dramatically from $2.1 billion in 2012 to $5.1 billion in 2013, and then experiencing a gradual decline to $2.0 billion by 2016 before resuming gradual growth again to $4.9 billion by 2020. Despite this volatility in market value, the cleantech market intelligence firm forecasts that total installed capacity of CSP will increase significantly by the end of the decade, rising from 1.7 gigawatts (GW) in 2012 to 35.0 GW by 2020.

November snapshot: energy

2011-12-01T11:24:00.000-05:00

NOV 2011: Advanced Energy Industries, Inc. announced it has installed its Solaron® PV inverters at a 35-megawatt solar project located near Coalinga, California. Cupertino Electric, Inc. awarded the project to Advanced Energy (AE) earlier this year to leverage the Solaron PV inverter’s energy-efficiency ratings.

NOV 2011: NRG Energy, Inc. and First Solar, Inc. announced an agreement for First Solar to provide engineering, procurement and construction (EPC) services for NRG’s 66 megawatt (AC) Alpine solar project in Lancaster, Calif. First Solar will also provide operations and maintenance (O&M) services. Electricity from the Alpine project will be sold under a 20-year power purchase agreement with Pacific Gas and Electric Company, helping California meet its ambitious renewable energy goals.

Construction is expected to start before the end of 2011 and be completed in Q3 2012, creating an estimated 250 jobs over the course of construction. The project will use First Solar’s advanced thin film photovoltaic (PV) modules.

Nov 2011: Maui Electric Company has selected Silver Spring Networks, a smart grid networking platform and solutions provider, to deploy a strategic and innovative smart grid project on the island of Maui. The project will test the effectiveness of smart grid technologies in helping MECO and its customers reach and exceed the State of Hawaii’s goal of meeting 70% of its energy needs with clean energy by 2030.

Nov 2011: JNS Power & Control Systems, Inc. has added additional electrical vehicle car charger installations to their master contract with 350Green, LLC. After completing the first several locations, the quality of work and installation practices have given JNS Power the opportunity to continually add locations to their contract. Thirty-Four level II electric vehicle car chargers have already been completed by JNS Power, all on time and within budget.

NOV 2011: GE today announced that it is working with Illinois Institute of Technology (IIT) to investigate ways to improve wind farm productivity and efficiency. The results of the study will directly contribute to future product and service designs. The project is part of a larger Department of Energy (DOE) investment of $9 million to an IIT-led consortium to enhance the leadership role of the U.S. in testing and producing the most advanced and efficient wind turbines in the world.

NOV 2011: The New York Power Authority has awarded Eaton Corporation a nine-year, $10.9 million contract for the Life Extension and Modernization program of the Niagara Power Project’s Lewiston Pump Generating Plant (LPGP).

NOV 2011: A new report from Pike Research forecasts that the global Concentrated Solar Power market will continue to experience ups and downs between now and 2020, rising dramatically from $2.1 billion in 2012 to $5.1 billion in 2013, and then experiencing a gradual decline to $2.0 billion by 2016 before resuming gradual growth again to $4.9 billion by 2020. Despite this volatility in market value, the cleantech market intelligence firm forecasts that total installed capacity of CSP will increase significantly by the end of the decade, rising from 1.7 gigawatts (GW) in 2012 to 35.0 GW by 2020.

*NOV 2011: A commercial refrigeration service provider in Southern Ontario has granted Carmanah Technologies Corporation a $1.4M CAD contract to design, supply and install a nominal 250 kW solar rooftop photovoltaic (PV) system. The solar array occupies roughly 30,000 square feet of the facility’s rooftop, and generates approximately 300,000 kWh of clean, carbon-free electricity annually—an amount equivalent to that consumed by 25 average Canadian households.

*NOV 2011: Southern Sky Renewable Energy Canton LLC has granted a contract to Gemma Power Systems for approximately $16.6 million to design and build a 5.7MW (DC) solar energy facility consisting of approximately 19,800 photovoltaic panels located on a closed capped landfill in Canton, Massachusetts. When completed in the summer of 2012, the solar energy project will cover approximately 12.5 acres of the 40 acre landfill. GRP has received a full release to start all construction and engineering activities.

*NOV 2011: SolarCity and Bank of America Merrill Lynch today announced that they have agreed to terms on financing for SolarStrong, SolarCity’s ambitious five-year plan to build more than $1 billion in solar power projects for privatized U.S. military housing communities across the country. As part of the project, SolarCity plans to partner with the country’s leading privatized military housing developers to install, own and operate rooftop solar installations and provide solar electricity at a lower cost than utility power. SolarStrong is ultimately expected to create up to 300 megawatts of solar generation capacity that could provide power to as many as 120,000 military housing units. SolarStrong would be the largest residential solar photovoltaic project in American history.

November snapshot: A/E/C

2011-12-01T11:19:00.000-05:00

NOV 2011: Shell has awarded KBR a two-year contract extension for maintenance and construction services at three of its Houston, Texas research centers: Westhollow Research Center, Bellaire Research Center and Gasmer Research Center.

NOV 2011: The City of Crest Hill, Illinois has awarded Insituform Technologies, Inc a $5.6 million contract to install approximately 135,000 feet of small- to medium-diameter Insituform® cured-in-place pipe (CIPP) in residential neighborhoods throughout Crest Hill, beginning in January 2012.

November snapshot: communications

2011-12-01T11:18:00.000-05:00

Nov 2011: The Los Angeles County Fire Department has granted RF Industries' RadioMobile Division the award of a $2.6 million contract for the implementation of a wireless system upgrade to the County Fire Department's existing remote communications equipment.

NOV 2011: Mississippi College is improving the level of safety for its students and faculty with the help of Amcom’s enhanced 911 (E911) solution.

The Amcom solution enables the college to comply with Mississippi’s E911 legislation by providing the local 911 call center with a 911 caller’s exact location on campus, including the building, floor, and room number. The public safety department at Mississippi College is also notified when a 911 call is made, allowing them to provide valuable first responder assistance. The Amcom solution spans Mississippi College’s phone system, covering nearly 2,000 phones throughout the 36-building campus. This includes a health, medical, and fitness complex run jointly with a nearby hospital. As 911 calls are occurring, the public safety department uses the recording feature of the system to monitor call quality and ensure the call is not a prank.

November snapshot: consumer catering retail...

2011-12-01T11:13:00.000-05:00

Nov 2011: Zoup! Fresh Soup Company has selected the NEXTEP Foundation5 platform for enterprise rollout at all 40 live locations and future locations. Starting with the Zoup! Somerset Collection location in Troy, MI, Zoup! is employing NEXTEP front of house solutions including Point-of-Sale, Dynamic Digital Menu Displays™, Order Management System, and integrated Online Ordering. With the new solution, Zoup! will now individually label each soup, salad, and sandwich. Zoup! is also using NEXTEP’s back of house solution including inventory management and labor management. Zoup!’s “next step” will be a smartphone app for ordering from anywhere, followed by a pilot of NEXTEP’s Self Order Kiosks.

Airport security

2011-12-01T11:10:00.000-05:00

Nov 2011: ImageWare® Systems, Inc. a developer of identity management solutions providing biometric, secure credential and law enforcement technologies, has teamed with GCR & Associates, Inc. to provide secure biometric identity solutions to the U.S. Transportation Industry. Many airports are contemplating major technological upgrades to the security and credentialing capabilities of their facilities and the GCR/ImageWare team has been created specifically to address this requirement. The companies are currently collaborating on several identified aviation projects.

UPS rate increase

2011-11-21T09:12:00.000-05:00

Effective January 2, 2012, UPS rates will increase as follows:

UPS Ground services will increase a net 4.9% through a combination of a 5.9% increase in rates and a 1 percentage point reduction in the UPS Ground fuel surcharge.
UPS Air and International services will increase a net 4.9% through a combination of a 6.9% increase in rates and a 2 percentage point reduction in the UPS Air and International services fuel surcharge. Rates for UPS Next Day Air^® remain up to 4% lower than our largest U.S. private competitor for similar services.
UPS Next Day Air^® Freight and UPS 2nd Day Air^®Freight rates for shipments within and between the U.S., Canada and Puerto Rico will increase 5.9%. UPS 3 Day Freight^® rates will remain unchanged.

To review these new rates, as well as changes to accessorial rates and customs brokerage fees, visit ups.com/rates.

Power of Attorney - new Act

2011-11-18T13:25:00.000-05:00

Florida adopted a new Power of Attorney Act that took effect on October 1, 2011. Here are some points about the new Act that you should know:

General Nature of Powers of Attorney

• A power of attorney is a written instrument that grants authority to an “agent” to act in the place of the “principal.” A power of attorney may be “durable” (i.e., it is not terminated by the principal’s subsequent incapacity) if it contains language indicating that to be the principal’s intent. Absent such language, a power of attorney is non-durable, and it is terminated by the principal’s subsequent incapacity.

Scope of the Act

• The Act applies to both durable and non-durable powers of attorney created by individuals (with certain exceptions such as proxies and governmental powers of attorney).

• Powers of attorney executed before October 1, 2011 are not rendered invalid by the Act, but their meaning and effect is governed by the Act.

Authority that may not be given to an agent
• Certain types of authority may not be delegated to an agent under a power of attorney.

Accordingly, an agent may not:

▫ perform duties under a contract that requires the exercise of personal services of the principal;

▫ make an affidavit as to the personal knowledge of the principal;

▫ vote in any public election on behalf of the principal;

▫ execute or revoke any will or codicil for the principal; or

▫ exercise powers and authority granted to the principal as trustee or as court-appointed fiduciary.

Co-agents

• Unless otherwise provided in the power of attorney, each co-agent may exercise his authority independently.

Acceptance by agent

An agent may accept his or her appointment by exercising authority or performing duties as an agent or by any other assertion or conduct indicating acceptance.
The scope of an agent’s acceptance is limited to those aspects of the power of attorney for which the agent’s assertions or conduct reasonably manifests acceptance.

Photocopies or Electronic Copies

• Unless otherwise provided in the power of attorney, a photocopy or electronically transmitted copy of an original power of attorney has the same effect as the original.

Revocation

• A power of attorney may be expressly revoked in a subsequent power of attorney or other writing signed by the principal, so long as the principal is not incapacitated.

• The principal may, but is not required to, give notice of the revocation to the agent.

• Merely executing a power of attorney does not automatically revoke a power of attorney previously executed by the principal.

Provisions only applicable to powers signed on or after October 1, 2011

No Springing Powers

• “Springing” durable powers of attorney (i.e., those that only become effective upon the incapacity of the principal) are valid only if the durable power of attorney was executed before October 1, 2011 (with the exception of certain deployment-contingent military powers of attorney that are authorized under the Act).

Specific estate planning powers

• Preface: Under Florida law in effect prior to the Act, many durable powers of attorney granted to an agent, who was typically a trusted family member, friend or advisor of the principal, broad “estate planning” powers to make gifts, amend trusts, execute disclaimers, and other powers that could significantly affect the transfer of property of the principal during life or upon death. These powers, if contained in a valid power of attorney executed prior to October 1, 2011, and to the extent they were effective under applicable Florida law prior to the Act, are not rendered invalid by the Act.

• Under the Act, the following “estate planning” powers granted in a power of attorney executed on or after October 1, 2011, will be exercisable by the agent only if the principal signed or initialed next to each

specific enumeration of the authority, the exercise of the authority is consistent with the agent’s duties, and the exercise is not otherwise prohibited by another agreement or instrument:

▫ to create an inter vivos (lifetime) trust;

▫ with respect to a trust created by or on behalf of the principal, to amend, modify, revoke, or terminate the trust, but only if the trust instrument explicitly provides for amendment, modification, revocation, or termination by the settlor’s agent;

▫ to make a gift;
▫ to create or change rights of

survivorship;
▫ to create or change a beneficiary

designation;
▫ to waive the principal’s right to be

a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan; or

▫ to disclaim property and powers of appointment.

• Moreover, unless the power of attorney otherwise provides, a provision in a power of attorney granting general authority with respect to gifts authorizes the agent to only:

▫ make a gift of the principal’s property to or for the benefit of a person, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the amount of the federal gift tax annual exclusion (or twice that amount if the principal’s spouse consents to split the gift for gift tax purposes); and

▫ consent to splitting a gift made by the principal’s spouse in an amount per donee not to exceed the aggregate annual gift tax exclusions for both spouses.

• Also, even if the principal has specifically signed or initialed one or more of the specific “estate planning” types of powers described above, unless the power of attorney provides otherwise, an agent who is not an ancestor, spouse, or descendant of
the principal may not exercise authority to create an interest in the principal’s property in the agent or in an individual to whom the agent owes a legal obligation of support.

Fiduciary issues

Agents are fiduciaries

• Agents who accept appointment are fiduciaries, and are liable to the principal for failing to carry out their fiduciary duties.

An agent’s fiduciary duties

There are certain mandatory fiduciary duties (i.e., duties that cannot be altered or waived by the terms of the power of attorney) of an agent who has accepted appointment.
▫ E.g., to act in good faith.
There are certain default fiduciary
duties (i.e., duties that can be altered or waived by the terms of the power of attorney) of an agent who has accepted appointment.

▫ E.g., to act so as not to create a conflict of interest that impairs the agent’s ability to act impartially in the principal’s best interest.

Recommendations

Although each situation is unique, in view of the facts and issues described above, we recommend that you:

Consider executing a new durable power of attorney to include whatever specific “estate planning” type powers you may wish to include, rather than entirely relying on more general types of powers included in a pre-October 1, 2011 durable power of attorney.
Consider executing a new durable power of attorney to make clear that all business and investment activities are included, including banking and investment powers listed in the Act that may be incorporated by reference in a power of attorney.
Consider preserving a pre-October 1,

2011 “springing” durable power of attorney that is conditioned upon your incapacity, since springing powers signed on or after October 1, 2011 will not be effective.

Employee or independent contractor?

2011-11-18T13:08:00.000-05:00

Whether a worker is performing services as an employee or an independent contractor generally is dependent on whether the service recipient has the right to control and direct the services provided by the worker.

Misclassifying a worker as an independent contractor instead of an employee can result in severe consequences for the employer, including a failure to pay required payroll taxes on compensation paid to the worker. Trying to fix a misclassification on a prospective

basis has, in the past, often presented the issue of whether to also address
this retroactively and/or a heightened exposure to the IRS seeking a retroactive reclassification and the associated liability for taxes, interest and penalties. As a result, employers have tended to just stay the course and live with the misclassification risk.

The IRS recently launched a new voluntary correction program, known as the Voluntary Classification Settlement Program (VCSP) that allows employers to voluntarily reclassify workers from independent contractors to employees at a greatly reduced retroactive payroll tax cost.

To be eligible for the VCSP, the employer:

Must consistently have treated the workers in the past as non-employees;
Must have filed all required Forms 1099 for the workers for the previous three calendar years before the date of the application;
Cannot currently be under audit by the IRS, the Department of Labor (“DOL”) or a state agency concerning the classification of these workers; and
Must have complied with results of a prior examination if the employer was previously audited by the IRS or DOL for the classification of workers.

To participate in the VCSP, the employer must file Form 8952, Application for Voluntary Classification Program.

Form 8952 can be filed at any time, but should be filed at least 60 days before the date the employer wants to begin treating the class or classes of workers as employees.

Employers that are eligible and participate in the VCSP will receive the following relief:

The employer only will be required to pay an amount equal to 10% of the employment tax liability that may have been due on compensation paid to the reclassified workers for the most recent tax year (which is approximately 1% of the compensation paid to the reclassified workers for the most recent year) (the “VCSP Payment”);
No penalties or interest will be due on the VCSP Payment; and
The employer will not be subject to an employment tax audit regarding worker classification for prior years.

To participate in this program, the employer must agree to extend the statute of limitations on assessment of employment taxes from the normal three year period to six years for the first, second and third calendar years after the VCSP closing.

Although the VCSP provides relief from unpaid payroll taxes, employers must be aware of other consequences arising from the reclassification of employees. The areas in which the VCSP provides no relief include:

The impact of the failure in the past to make any required pension contributions to a qualified plan with respect to the reclassified workers;
The impact of the failure in the past to provide health and welfare benefits to the reclassified workers; and
The impact of the failure to comply with wage and hour laws applicable to the reclassified workers.

For many employers, the VCSP provides an excellent opportunity to begin the proper classification of workers as employees at a modest tax cost. However, proceeding under the VCSP program can open up a Pandora’s box that heightens the exposure to other costs and consequences. Thus, all implications arising from the reclassification of workers should be considered and evaluated with your lawyer or accountant before deciding to seek relief under the VCSP.

US hotel prices

2011-11-07T10:45:00.000-05:00

On behalf of clients of ExportAction, we have taken a snapshot of hotel prices. The figures are today's from Expedia for a one night stay in a Hilton hotel:

Boston, MA $ 204.00

New York, NY $ 489.00

San Francisco, CA $ 225.00

Tampa, FL $ 139.00

By comparison, London is $ 335.00.

HSBC and BoA ATMs

2011-11-04T12:48:00.001-04:00

HSBC has 3,789 automated teller machines in the UK (using the Link network). Coast to coast, Bank of America has more than 18,000.

There are more than 7,000 banks (that is banks, not branches) in the US and that does not include investment banks, credit unions and the like.

Not all US banks will make electronic fund transfers to non-US banks.

Telecommunications in October 2011

2011-11-04T10:00:00.002-04:00

OCT 2011: TAMPA, Fla - On the Move Systems Corp., an emerging mobile technology company, signed a mobile applications development agreement today with mobile content provider Spud McCool Media Inc. (Spud Media). The two companies will collaborate to create innovative software products for sale and use with smartphones and tablet computers, a market forecast to reach $7.68 billion by the end of the year.

OCT 2011: Oregon Health and Science University has contracted INX Inc. to deploy a Cisco-centric unified communications solution. OHSU is replacing its telecommunication systems. The initial project services have begun with design, planning and the initial equipment order, with integration of this phase scheduled to be completed mid 2012.

Healthcare in October 2011

2011-11-04T10:00:00.001-04:00

OCT 2011: The National Cancer Institute’s Center for Cancer Research has awarded Harris Corporation, a communications and information technology company, a $37 million contract. The contract, which includes one base year and four one-year options, continues Harris’ twenty-nine year legacy of providing comprehensive clinical data management for the National Cancer Institute’s intramural clinical trials program.

OCT 2011: The U.S. Department of Health and Human Services, Centers for Disease Control and Prevention (CDC) has awarded ICF International, provider of consulting services and technology solutions to government and commercial clients, a new contract by to support the Community Transformation Grant (CTG) program. The contract has a value of $70 million and a term of one base year and six option years.

Aeronautics in October 2011

2011-11-04T10:00:00.000-04:00

OCT 2011: Bell Helicopter, a Textron Inc. company has provided new purchase orders to CPI Aerostructures, Inc. totaling $1.4 million, for the manufacture of various assemblies for the AH-1Z ZULU attack helicopter.

OCT 2011: Sikorsky Aircraft Corp has awarded CPI Aerostructures, Inc. a schedule agreement valued at up to approximately $2.3 million to manufacture gunner window assemblies for the BLACK HAWK helicopter. This new agreement is a follow-on to the $2 million agreement announced in late 2010.

OCT 2011: The Maryland Aviation Administration has awarded Michael Baker Jr., Inc. a $6.5 million, seven-year contract to perform architectural and engineering services at BWI-Marshall Airport and Martin State Airport. Specifically, Baker will provide airfield runway engineering, terminal and facility architectural improvements, landside project engineering, as well as secondary services related to lighting, stormwater, security, navigational aids, and parking.

OCT 2011: The National Aeronautics and Space Administration (NASA) has issued CSC a $41 million contract modification to provide financial management, human resources, procurement and information technology support services to NASA.

Security in October 2011

2011-11-04T09:59:00.002-04:00

OCT 2011: The U.S. Transportation Security Administration has presented L-3 Communications a contract for 300 ProVision^® ATD personnel screening systems for use at aviation checkpoints. The contract value of this order is $44.8 million and production of these units is underway. The millimeter wave-based ProVision ATD automatically detects potential threats and highlights their location on a generic mannequin that appears on a monitor attached to the ProVision ATD.

OCT 2011: The Department of Defense has awarded ManTech International Corporation the AMBIANCE contract to provide full spectrum system integration services that support its analytic modernization efforts. The AMBIANCE award is for a base period of 12 months with an option to extend the contract for an additional six years with a total value in excess of $400 million.

OCT 2011: The U.S. Office of Personnel Management has awarded US Investigations Services, LLC a multi-year contract to conduct background investigative fieldwork services for government agencies. The estimated total value of the contract is approximately $2.45 billion over five years.

OCT 2011: An unnamed US based customer has awarded Intermap a provider of location-based information (LBI) solutions created from its uniform, high-resolution 3D digital models of the earth’s surface, a $1.1 million contract for digital mapping services and licensing of Intermap’s NEXTMap database for selected areas in the U.S.

Energy in October 2011

2011-11-04T09:59:00.001-04:00

Oct 2011: According to a new report from Pike Research, growth in the wind-power industry is being driven by increased government incentives and an expanded awareness of small wind technologies as an alternative source of electric power. The cleantech market intelligence firm forecasts that the global market for small wind systems will more than double between 2010 and 2015, rising from $255 million to $634 million during that period. Within the same forecast horizon, small wind system installed capacity additions will nearly triple to 152 megawatts, and average installed prices of small wind systems will decline to just over $4,150 per kilowatt.

Oct 2011: The Northwest Advanced Renewables Alliance consortium led by Washington State University to study the feasibility of producing jet biofuel from woody feedstocks in the Pacific Northwest, has selected Weyerhaeuser Company to be a participant in the WSU-led project. This is one of two five-year, $40 million grants. The University of Washington received the other $40 million grant.

OCT 2011: East Texas Electric Cooperative, Inc. has awarded Argan, Inc. an engineer-procure-construct (EPC) contract for approximately $165 million to design and build a 49.9 MW, biomass-fired power plant near Woodville, Texas.

OCT 2011: Pacific Gas and Electric Company has selected The Energy Alternatives Division of Cupertino Electric, Inc. to design and build a 20 megawatt (MW) solar photovoltaic (PV) project in Huron, California for the utility company. Engineering of the project has begun and construction of the project is underway. The entire 20 MW project is anticipated to be complete and inter-connected by mid-2012.

OCT 2011: LiteSolar (www.litesolar.com) has placed new Purchase Orders with Quality Bending & Fabrication (QBF) to provide parts and components for their renewable energy products. The most recent purchase orders total approximately $600,000, bringing LiteSolar’s total orders for the year to more than $750,000.

OCT 2011: A major manufacturer of advanced thin film solar photovoltaic (PV) cells has selected Nanometrics Incorporated to install the latest generation of the TSM™ (Trajectory Solar Monitor) metrology system for in-line process monitoring and control of CIGS (Copper, Indium, Gallium) films.

Government IT & comms in October 2011

2011-11-04T09:59:00.000-04:00

Oct 2011: US Government end-users have awarded Globecomm Systems Inc., a provider of communications solutions and services, multiple contracts valued at approximately $4 million to provide Ku and X band aeronautical services. Combining its global teleports, satellite capacity, dedicated terrestrial backbone, Network Operations Center and 24x7 Help Desk, Globecomm will deliver the same quality voice, data and video services and support to aircraft that it provides to land- and maritime-based end-users. These services enable the US Government to transmit large amounts of data to and from aircraft for multiple applications

Oct 2011: The Department of Energy, National Nuclear Security Administration has awarded Criterion Systems a prime contract. Criterion Systems, a systems integrator, will support current and future information technology (IT) and telecommunications systems for the Office of Secure Transportation (OST). The contract has an estimated value of $15 million over four years if all options are exercised.

OCT 2011: The U.S. Food and Drug Administration (FDA) recently awarded a task order to GlobalNet Services, Inc. The objective of the task order, “Foods System Development and Operations and Maintenance Support” is to provide System Life Cycle Management support and services to the FDA Foods Program IT Investments. These IT Investments include software applications that integrate hardware, software, data, communication, and technologies. The task order is to last for up to 5 years and is valued at $44.9 million.

OCT 2011: The U.S. Department of Homeland Security has awarded CSC a task order to provide emergency priority telecommunications services. This activity is in response to a White House directive to meet the needs of authorized National Security/Emergency Preparedness communications users under all levels of stress. The task order has a one-year base period, three one-year options and one four-month option, and was awarded during CSC’s fiscal 2012 first quarter. The estimated total value is $86 million. The task order was issued under the DHS Eagle contract, which was originally awarded to CSC in 2006.

OCT 2011: The U.S. Agency for International Development (USAID) Office of the Chief Information Officer (OCIO) has awarded eGlobalTech, a federal management and technology consulting firm, a Blanket Purchase Agreement (BPA) for wide-ranging information technology support services. eGlobalTech is one of only two BPA awardees and will be providing USAID with services such as information technology strategic planning, enterprise architecture, financial management system support, and program management support services. The contract is for one base year and four option-year periods, with a total ceiling value of $40 million.

OCT 2011: Federal government clients in the Intelligence Community (IC) has awarded CACI International Inc approximately $350 million in previously unannounced contracts. For these awards, CACI is delivering professional services and information technology solutions to national-level intelligence organizations. These contracts were awarded in the first quarter of CACI’s 2012 fiscal year, which ended September 30, 2011.

Oct 2011: The Virginia Department of Transportation (VDOT) has awarded Iteris, Inc. to provide the core services of 511 Interactive Voice Response, aggregating transportation video, and managing web-based traveler information and other data. Iteris will also be responsible for distributing related information to the VDOT and traveling public, as well as to other VDOT public partners. The initial five-year, task order-based contract has an estimated value of $10 million. The contract also includes the option for two, two-year extensions. Work on the project is expected to commence immediately.

Oct 2011: The Federal Aviation Administration (FAA) has awarded Noblis, Inc., the prime contract to provide support services for Enterprise Communications Support Services (ECSS). Under the ECSS contract, Noblis will provide a wide-range of technology management support to the FAA's Air Traffic Control (ATC) Communications Services organization. This 7-year contract has a potential value of $350 million.

State government in October 2011

2011-11-04T09:58:00.002-04:00

Oct 2011: Delaware has awarded NIC Inc. a contract for eGovernment services. The agreement The State of Delaware awarded Delaware Interactive, LLC, a Dover-based subsidiary of NIC, a three-year contract with three one-year renewals that will run through September 2017.

USAF in October 2011

2011-11-04T09:58:00.001-04:00

Oct 2011: The United States Air Force awarded CPI Aerostructures, Inc. a five year contract valued at up to $3.1 million for door assemblies for the C-5B/M aircraft. The initial delivery order is valued at $1.5 million. The first shipment is scheduled for the fourth quarter of 2012 and will continue through 2013.

Education in October 2011

2011-11-04T09:58:00.000-04:00

OCT 2011: The Houston Independent School District (HISD) has selected SciQuest’s Supplier Diversity solutions to support its best-in-class supplier diversity program. The Houston Independent School District is the seventh largest public school system in the nation and the largest in Texas. The organization, which is responsible for more than 202,000 students and encompasses 301 square miles within greater Houston, is implementing SciQuest’s technology to help understand its suppliers’ diversity certifications and ensure that those certifications are valid and accurate.

Marketing in October, 2011

2011-11-04T09:57:00.001-04:00

OCT 2011: Fresh®, Inc. has selected marketing technology provider Neolane, Inc. to consolidate customer data and gain the insight necessary to build and sustain deeper, more significant lifetime relationships with its customers and prospects. Using a centralized database from which to manage customer interactions, Fresh gains a 360-degree marketing view of each customer to improve segmentation and develop more targeted, effective cross-channel marketing campaigns.

Transportation in October 2011

2011-11-04T09:57:00.000-04:00

OCT 2011: National Joint Powers Alliance® (NJPA) has awarded Wright Express Corporation the fleet card vendor contract. The benefit of NJPA membership enables municipalities to reduce fuel management costs, while avoiding a complex agency request for proposal (RFP) process. NJPA, a municipal contracting government agency, has a membership base exceeding over 35,000 agencies serving education, non-profit and all types of government entities. The government agency’s goal is to add a fuel management card program for its government fleet members.

US Navy in October 2011

2011-11-04T09:55:00.001-04:00

Oct 2011: U.S. Naval Air Systems Command awarded BAE Systems a Full Rate Production contract for its ALE-55 Integrated Defensive Electronic Countermeasures subsystem worth $36.7 million. The award includes associated technical support and recurring engineering efforts associated with the order.

OCT 2011: The U.S. Naval Sea Systems Command has awarded VSE Corporation’s GLOBAL Division a one-year $277 million cost-plus-award-fee, indefinite-delivery, indefinite-quantity contract for continuous lifecycle support of naval vessels bought, sold, or otherwise transferred to Foreign Military Sales customers through the International Fleet Support Program. This contract includes options, which, if exercised by NAVSEA, would bring the cumulative five-year maximum potential value of this contract to $1.5 billion.

OCT 2011: The US Navy has issued orders to Orbit International Corp. Inc. for its COTS power supplies. The first order valued at approximately $470,000 is for a COTS power supply used on a U.S. Naval Electro Optical Sensing System. The second order, valued at approximately $657,000, is for a power supply for a computer system used on a major missile defense system. The third order, valued at approximately $455,000, is for a COTS power supply, used on the RC-135, a U.S. Air Force (USAF) all-weather airborne reconnaissance aircraft.

OCT 2011: U.S. Naval Air Warfare Center-Aircraft Division has awarded CACI International Inc a $139 million delivery order to continue its support for the Special Communications Requirements Division (SCRD). This delivery order falls under the Navy’s SeaPort Enhanced (SeaPort-e) contract vehicle and is for one base year and two option years. CACI’s work involves designing, testing, and integrating mobile communications systems for the Department of Defense (DoD) and other federal agencies.

US Army in October 2011

2011-11-04T09:55:00.000-04:00

Oct 2011: The U.S. Army’s Robotic Systems Joint Program Office has granted iRobot Corp. a five-year $60 million indefinite delivery/indefinite quantity contract. The U.S. Army Contracting Command in Warren, Michigan is the contracting entity. Under the contract’s terms, the Army can procure iRobot PackBot® robots, spare parts, repairs, upgrades and support services for U.S. military requirements, including Foreign Military Sales (FMS).

OCT 2011: The U.S. Army has awarded Harris Corporation a $66.3 million order via the GSA, to provide Falcon III^®AN/PRC-117G multiband manpack radios in support of the modernization of Brigade Combat Team tactical communications.

OCT 2011: The U.S. Army Research Development and Engineering Command has awarded PAR Government Systems Corporation a prime contract to provide Intelligence Surveillance and Reconnaissance (ISR) technologies and services in support of the Eagle Intel-X effort. The indefinite delivery/indefinite quantity (IDIQ) contract has a five year period of performance with a total contract ceiling value of $42.5 million.

Strong demand for machinery and computers

2011-11-04T09:54:00.001-04:00

US factory orders rose in September after business investment jumped by its highest amount in six months.

Factory orders increased for a third straight month, rising by 0.3 percent, according to the latest figures.

Demand for core capital goods, seen as a bellwether for business investment spending, jumped 2.5 percent - driven by strong demand for machinery and computers - represented the largest increase since a 5.4 percent rise in March.

The report on factory orders covers durable goods, items expected to last at least three years, and non-durable goods, which includes products such as paper, chemicals and clothing.

Unemployment falls

2011-11-04T09:51:00.001-04:00

The US unemployment rate dropped to 9% in October from 9.1% the month before.

The US added 80,000 new jobs in October, the Department of Labor said. The world's largest economy added 158,000 jobs in September, more than the original estimate of 103,000.

Telecommunications reform

2011-11-01T10:05:00.002-04:00

The Federal Communications Commission (FCC) voted unanimously to reform its Universal Service Fund (USF), with an overhaul planned for its intercarrier compensation system. The watchdog said of the USF, ‘Those systems have been widely viewed as broken, and long overdue for reform. Efforts to expand high speed internet to rural America over the next six years will increase economic growth by $50 billion over that period, the FCCestimates. These reforms create a new Connect America fund with an annual budget of no more than $4.5 billion, which will extend broadband infrastructure to the millions of Americans who currently have no access to broadband. As a result, today’s action has the potential to be one of the biggest job creators in rural America in decades. The FCC estimates that approximately 500,000 jobs will be created over the next six years by expanding high speed internet access to over seven million Americans living in rural areas’.

The FCC also recognises the growing importance of mobile broadband, and intends to make it an independent universal service objective for the first time, with ‘dedicated support’ provided to Tribal [Native American] areas through a new ‘Mobility Fund’. Another key element of the Connect America scheme is a comprehensive reform of intercarrier compensation practices, which it is hoped will eliminate hidden costs in consumer bills, potentially providing consumer savings of $2.2 billion annually, in the form of lower prices and better value for money. Whilst the FCC has warned that, on average, some consumers may pay an additional $0.10 to $0.15 per month on their bills, it claims that, for every dollar in cost, reform will provide$3 in benefits for consumers. No additional charges will be imposed on consumer phone bills that are at or above $30 a month.

Beneath the headlines

2011-11-01T05:43:00.002-04:00

If you are superstitious, you might think the month of October is jinxed. The Wall Street crash of 1929, Black Monday in 1987, the meltdown of 2008... all happened in October.

Stock markets around the world experienced headline-grabbing falls on the last day of October 2011, but put that in perspective. Stocks had their best month in almost a decade. The Dow index rose 1,041 points, almost ten percent, in the month, its largest monthly percentage gain in nine years.

Stronger corporate earnings from corporations including Google and McDonald's and positive signs signs that the US economy was not as bad as feared. Retail sales rose 1.1 percent in September, the biggest gain in seven months.

September consumer spending increased

2011-10-28T13:48:00.001-04:00

Consumer spending in the US was up in September 2011. According to figures from the Commerce Department, personal spending in the US rose 0.6% to $68.7bn in the month. Consumer spending accounts for 70 percent of US economic activity.

US visas for foreigners

2011-10-22T11:37:00.001-04:00

A plan has been proposed by two US senators to offer visas for foreigners buying homes worth $500,000 or more. The proposal would provide a three-year residential visa for foreign owners.

The proposal is similar to an existing Green Card program for foreigners who invest at least $500,000 in an American business that creates at least 10 jobs and the US Chamber of Commerce is supporting the new legislation.

The National Association of Realtors say residential sales to foreigners and recent immigrants totalled $82 billion between April 2010 and March 2011, up from $66 billion and 31 percent of international housing buyers choose Florida.

Prospective buyers would need to spend at least $250,000 on one property that would serve as their primary residence, and could make up the $500,000 requirement with additional rental properties, but the purchases must be in cash, and the owners would have to reside at the primary residences for 180 days out of the year.

The proposal is for a residential visa and and not a work visa, and would not be eligible for government aid programs.

September economic indicators

2011-10-19T15:13:00.002-04:00

The Federal Reserve said industrial production grew 0.2% in September 2011, having been unchanged in August. Factory output grew for a third consecutive month, rising 0.4%.

The US Labor Department says US consumer prices rose by 0.3% in September. Stripping out food and petrol costs, so-called core prices increased by just 0.1% - the smallest gain since March.

Separate figures for September showed that construction of new homes in the US hit its fastest pace for 17 months. Statistics from the Commerce Department showed housing starts were running at a seasonally adjusted annual rate of 658,000 units, a 15% rise on August's figure and much higher than analysts' expectations.

On behalf of its UK clients selling in the US, ExportAction is encouraged by theses figures.

Spaceport America

2011-10-18T13:58:00.001-04:00

The $209 million launchpad for Virgin Galactic's proposed commercial flights, Spaceport America, has been "dedicated" in the state of New Mexico.

150 people have reportedly already bought tickets at $200,000 each for the 2.5-hour flights, which will offer five minutes of weightlessness. Virgin Galactic has still to get a licence from the Federal Aviation Administration before commercial services can begin.