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Gov. Bill Richardson said this week he will release $1 million for early childhood programs across New Mexico.

The federal stimulus money will support programs that serve homeless children and provide home visiting services for infants and their families provided through the Children, Youth and Families Department.

Of the $1 million, $234,000 will go to programs that serve homeless children and their families and $766,000 will go to home visiting services.

CYFD intends to restore budget cuts to contractors that have existing contracts with the state to serve at-risk families with infants cash advance today. The department will issue a request for proposals for the homeless childcare programs.

St. Joseph Community Health has also committed $234,168 of its own funds to support early childhood programs on top of the state money.

Allen Sanchez, CEO of St. Joseph, said investments in early childhood programs are critical during the current recession.

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The Atlanta City Council Friday overwhelmingly adopted a fiscal 2011 budget that will provide raises to city police officers and firefighters and a bonus to most other city employees.

Mayor Kasim Reed, citing the impacts of the recession on city tax revenues, originally had recommended an increase only for police officers.

But council members intervened this week after complaints that it would be unfair to increase pay for one group of city employees and not others.

Under the $558 million budget, which takes effect July 1, police officers and firefighters will get a 3.5 percent raise starting in January.

Other city workers will receive a $450 bonus, to be paid out within 30 days.

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Piedmont Triad International Airport will hold its first-ever “5K Run on the Runway” event tomorrow to celebrate numerous airport projects ranging from the facility’s new 9,000-foot runway to the FedEx hub.

The 8 a.m. run is expected to attract 700 runners. It will benefit the Leukemia and Lymphoma Society in honor of Jay Kirby, whose father designed the airport runway that opened in January. A ceremony will begin at 10 a.m.

Saturday’s event is the culmination of years of development designed to make the airport the mid-Atlantic hub for FedEx, which chose PTI in 1998 cheap payday advance. Ted Johnson, executive director of the Piedmont Triad Airport Authority, said grading on the FedEx site began in 2004. FedEx moved into its new facility at the airport in June 2009, he said.

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Fort Lauderdale-based Stonegate Bank could be on the verge of another growth tear after raising $27.4 million through a private offering.

The bank (OTCBB: SGBK) said it sold more than 2.2 million shares at $12.25 each. About 30 percent to 40 percent of the investors were pre-existing shareholders, Stonegate President and CEO David Seleski said.

This is Stonegate’s second capital raise in the last six months. In October, it raised $14.3 million through a private offering. The same month, it assumed the assets of the failed Hillcrest Bank of Florida and Partners Bank, both of Naples. Only one branch in Naples remains open under Stonegate.

It acquired the assets of the failed Jupiter-based Integrity Bank in July. That location was consolidated into Stonegate's pre-existing Jupiter branch.

The bank finished 2009 with $551.2 million in assets and $63.5 million in Tier 1 capital, which gave it very strong regulatory capital ratios. With $27.4 million more in capital added to that, the bank is poised to grow even more.

The bank will continue its organic growth while hunting for more failed bank deals, acquisitions of operating banks and buying branches, Seleski said.

“You’re going to see us be pretty aggressive,” he said.

If it finds the right deal, Stonegate might enter another region of Florida because it operates as a commercial bank without the need for a lot of branches, he noted.

Stonegate earned $7.1 million in 2009, and 3.1 percent of its loans were noncurrent – a relatively low percentage compared to most Florida banks.

Stonegate shares closed Thursday up 25 cents to $13.25. The 52-week high was $14 on Jan. 5. The 52-week low was $6.50 on April 2, 2009.

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The CEO of Davie-based Ross Realty Investments was named in a foreclosure lawsuit against a stalled mixed-use development in Oakland Park.

Miami Lakes-based BankUnited filed the foreclosure lawsuit on March 5 against RM-Trion Oakland Park, Ross Realty CEO Barry Ross and managing members Kenneth T. Barber and William Matz, according to Broward County Circuit Court records. It concerns a mortgage last modified at $4.1 million in December 2008.

Ross Realty is a commercial developer that has completed buildings for Publix, Ross Dress For Less, Marshalls, Office Depot and LA Fitness. Ross did not immediately return a call and e-mail seeking comment.

Its affiliate, RM-Trion, bought the 2.7-acre site, at the southwest corner of North Federal Highway and Northeast 33rd Court, for $4.5 million in 2004. Three years later, the city granted it approval for 16,000 square feet of commercial/retail space and 175 residential units. However, construction never began.

Miami attorney Jose Casal, who represents BankUnited in the lawsuit, did not immediately return a call seeking comment.

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Chipotle Mexican Grill Inc. Thursday posted sharply higher fourth-quarter profit as restaurant openings and higher menu prices helped push revenue up 12 percent.

The Denver-based fast-casual restaurant chain known for its bulging burritos (NYSE: CMG) posted quarterly net income of $31.6 million, or 99 cents a share, up from $17 million, or 52 cents a share, in the same quarter of 2008.

Analysts on average had expected earnings of 81 cents a share, Thomson Reuters reported.

Revenue for the fourth quarter rose to $387.4 million from $345.3 million a year earlier. Analysts had forecast revenue of $388.2 million.

Chipotle opened 45 new restaurants in the quarter, bringing its total to 956 payday loans in 1 hour. Same-store restaurant sales rose 2 percent, largely on menu price increases.

Revenue-level operating margins were 24.5 percent, up from 21.1 percent a year earlier.

For full-year 2009, Chipotle reported net income of $126.8 million, or $3.95 a share, versus $78.2 million, or $2.36 a share, in 2008.

Full-year revenue was $1.518 billion, up from $1.331 billion the previous year.

Chipotle said it expects to open 120 to 130 new restaurants in 2010, with flat same-store sales. It plans a move into the United Kingdom by spring.

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Cincinnati–Swiffer kitties? Just attach little dusting pads to your feline’s paws, so they can help keep your floors clean while making their rounds. A bit far-fetched? Executives at consumer-products king Procter & Gamble Co. thought so, too, and sent the idea to the discard pile.

P&G also rejected pitches from outside inventors for a belly-button lint brush, a Knees and Toes body wash to complement Head and Shoulders shampoo, and a "man handle" to keep marital harmony in the bathroom by making it easier to raise and lower the toilet seat.

But there are success stories, too. The original Swiffer duster was developed by a Japanese company that P&G teamed up with to take it global. That’s why P&G keeps the door open to proposals.

The once-insular company is now considered a leader among the companies in many industries that are listening to outsiders they once might have shunned, including other businesses. "We don’t care where good ideas come from, as long as they come to us," said Jeff Weedman, a vice-president who helps lead P&G’s effort to solicit ideas online or from scouting by P&G employees around the globe.

"We’re not going to use everything that shows up, but we want to be the preferred partner."

Others noted for "open innovation" include IBM Corp., which runs online "innovation jams," and Eli Lilly & Co., which in 2001 created an InnoCentive branch to draw scientific help from around the globe.

Jeff DeGraff, a professor who focuses on managing innovation and creativity at the University of Michigan’s Ross School of Business, said P&G has helped popularize the approach.

"P&G was the poster child for this movement, showing large companies with growth challenges that this is not just for Silicon Valley or Ann Arbor (Mich business

Honolulu Mayor Mufi Hannemann announced Wednesday that the city has closed a section of Kapiolani Park frequented by homeless people.

The area, a grass strip between Kalakaua Avenue and the sidewalk, will be closed for “ongoing maintenance and beautification work,” according to Hannemann.

It was unclear how long the city would cordon off the grassy border along the street, but the homeless population in Kapiolani Park has been a growing concern for the past several years. Over the past month, dozens of homeless have set up tents and belongings on the grass strip in an effort to get around the city’s closure of the park.

Currently, portions of the park on the mountain side of Kalakaua are closed from midnight to 5 a.m., while portions of the park on the ocean side of Kalakaua are closed from 2 a.m. to 5 a.m.

Overnight camping is also not permitted in the park, but that hasn’t stopped a determined core of homeless who set up tents and move only when prodded by police.

“We are committed to keeping Kapiolani Park clean and safe for everyone,” Hannemann said in a news release.

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European oil trader Trafigura Beheer BV said on Thursday the worst of the credit crisis was over, but cautioned that the oil market was still grappling with severe oversupply and current prices were too high.

“As far as we can see, liquidity is back, and there’s a lot of appetite from existing banks and new banks. As they reposition their portfolios, commodities continue to feature quite highly on their agenda,” Trafigura’s Chief Financial Officer Pierre Lorinet told Reuters in an interview.

But he warned that given the ballooning stockpiles of oil products stored on ships, the current crude price of $80 a barrel was not justified cash advance today.

“The level today seems too high compared to the pure fundamentals. But it goes back to how oil is trading today, and oil is trading like a financial asset.”

The severe oversupply would keep the market’s contango structure in place “for a while,” he added.

(Reporting by Jennifer Tan; Editing by Ramthan Hussain)

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Gold is different from other commodities in many ways. Still, the price of the yellow metal depends on the same three factors as oil or wheat: supply, demand, and financial conditions. Put them together, and the 20% increase since August might only be the beginning.

Start with supply. Production from mines totaled 2,414 tons in 2008, worth $88 billion at the November 16 price. There will be more this year, but less from 2010 onwards. It will take years for new mines to come on stream. Recycling from scrap jewelry and official gold sales were worth $40 billion in 2008, but those sources aren’t likely to cough up much more.

One central bank has even become a buyer. India recently purchased 200 tons of gold from the International Monetary Fund. If China decided to put 10% of its $2.3 trillion of official reserves into gold, it would need to buy up almost three years’ worth of production, at the current price.

Such a big move isn’t likely, but smaller shifts from central banks — selling less — could be enough to move the price, as long as other demand keeps up loan till payday. That’s likely. The long period of ultra-easy money may not be undermining the monetary system, but many people fear it might. Some of them will buy some more gold, just in case. With yields on government bonds so low, gold looks like cheap insurance.

Indeed, financial conditions favor all commodities, gold included. Interest rates are low and banks are more willing to support investors and speculators than to lend to businesses and consumers. Besides, commodities look like a good store of value in the midst of unprecedented fiscal and monetary stimulus in a world of still significant imbalances.

When money is easy and demand moves much faster than supply, prices can explode. In 18 months from July 1978, gold went from $185 per ounce to $850. That’s $2,400 in today’s dollars. And interest rates then were much higher than now. A similar price rise from here would bring gold to more than $5,000 per ounce. 

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