(WisBusiness) MON News Summary — 23 Mar. 2009

From WisBusiness.com …

— Preliminary figures from the state Revenue Department show total taxes collected through the end of February were down 2.8 percent compared to the same time span in 2008.

Corporate franchise and income taxes were down 31.3 percent for the year, while cigarette taxes were up 48.2 percent.

See the DOR release for more: http://wisbusiness.com/1008/090323dor.pdf

— LDS Test and Measurement in Middleton announced the permanent layoff of 51 workers set to take place between May 20 and Sept. 30.

See the state filing: http://wisbusiness.com/1008/large/090320LDS.pdf

— Usually the days around April 15th are the last time you would want to consider sending even more money to Uncle Sam than you otherwise already owe.

But WisBusiness columnist and financial planner Kevin McKinley says now may be a great time to convert your IRA to a Roth IRA. He says you’ll incur taxes on the converted amount now but the long-term gain of such a move could far exceed the short-term tax pain you might pay today.

Read his new column:
http://www.wisbusiness.com/index.iml?Content=214

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Press Releases
· Dane Co. Exec. Falk: Economic development loan boosts Stoughton’s Yahara River Grocery Co-op
· Safe & Sound: New Web presence offers a new resource for mobilizing Milwaukee to reduce crime

For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82


TOP STORIES
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Wausau bank decides against bailout funds: A bank based in Wausau has turned down $14 million in federal bailout money. Scott Cattanach is chief financial officer of Peoples State Bank. He said the bank’s parent company, PSB Holdings, had received approval to sell up to $14 million of preferred stock to the U.S. Treasury to raise capital for its commercial lending operations.
http://www.leadertelegram.com/story-news.asp?id=BJH9JN7AJ0H

Middleton company to lay off 51: LDS Test and measurement is stopping operations and eliminating 51 jobs at its facility at 8551 Research Way, Middleton, a notice from the president of the Massachusetts-based company on Friday says.
http://www.madison.com/tct/business/443997

Marinette Marine yards busy, need more work: “We are actually building modules for the 2009 (Littoral Combat) ship,” said Richard McCreary, Marinette Marine Corp.’s president, chief executive officer and general manager. “With LCS, we can maintain the employment levels we have today — both salaried and hourly — going forward,” McCreary said. “We are going to need to bring in one more program of some size before we are able to recall the 170 (workers) and get back to our previous full employment.”
http://www.greenbaypressgazette.com/article/20090322/GPG03/903220622/1247

Fitch: MGIC may need to restructure debt: MGIC Investment Corp., faces “a high likelihood” of needing to repay or restructure its credit facility to avoid breaching the facility’s financial covenants, Fitch Ratings said in downgrading the company’s credit ratings.
http://www.bizjournals.com/milwaukee/stories/2009/03/16/daily72.html

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WISBUSINESS FEATURED COLUMNISTS

– GREGG HOFFMANN: Contributor, WisBusiness.com

– TOM STILL: President, Wisconsin Technology Council

– JENNIFER SERENO: Senior manager, Wood Communications Group

– STEVE JAGLER: Executive editor, Small Business Times

– TOM BURZINSKI: IT executive and consultant
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TECHNOLOGY (back to top)
– Orion wins state technology award
http://www.stevenspointjournal.com/article/20090322/SHE03/903220423/1096

– Rural areas hope stimulus package includes funds for broadband
http://www.jsonline.com/business/41660642.html

BIOTECH (back to top)
– Third Wave’s two human papillomavirus tests win federal approval
http://www.madison.com/wsj/home/biz/443839

ECONOMY (back to top)
– Smaller companies cut jobs under the radar
http://www.madison.com/wsj/home/biz/444009

– Economy had big impact on college savings
http://www.madison.com/wsj/home/biz/443960

– 10 things to indicate better times ahead
http://www.jsonline.com/business/41607052.html

– Wisconsin finishes selling $1.54 billion in bonds
http://www.jsonline.com/business/41611837.html

LABOR (back to top)
– Unemployed, overqualified turn to temp jobs
http://www.rivervalleynewspapers.com/articles/2009/03/22/business/01temp1.txt

SMALL BUSINESS (back to top)
– Middleton Hills finally gets a tavern to call its own
http://www.madison.com/tct/business/443895

REAL ESTATE (back to top)
– Tighter lending rules trip up homebuyers
http://www.jsonline.com/business/41637852.html

– True condo inventory remains in shadow market
http://www.jsonline.com/business/41607057.html

AGRIBUSINESS (back to top)
– Loans available in 3 area counties for drought loss
http://www.greenbaypressgazette.com/article/20090321/GPG03/903210585/1247

TRANSPORTATION (back to top)
– Shipping season looks late, slow
http://www.greenbaypressgazette.com/article/20090322/GPG03/903220625/1247

RETAIL (back to top)
– DeLind, Watts confirm gallery move
http://www.bizjournals.com/milwaukee/stories/2009/03/16/daily80.html

– National Retail Federation predicts decline in Easter sales
http://www.bizjournals.com/milwaukee/stories/2009/03/16/daily74.html

UTILITIES (back to top)
– Agency to hold public hearings on ATC’s transmission line plan
http://www.madison.com/wsj/home/biz/443921

HEALTH CARE (back to top)
– St. Nicholas wound center expands
http://www.stevenspointjournal.com/article/20090322/SHE03/903220420/1096

– Medical College of Wisconsin will cut its budget by 5%
http://www.jsonline.com/business/41608377.html

FINANCIAL SERVICES (back to top)
– Baylake Corp. reports $9.9 million loss
http://www.postcrescent.com/article/20090323/APC03/903230460/1028

MANAGEMENT (back to top)
– Women managers enjoy networking, gaining expertise in business world
http://www.stevenspointjournal.com/article/20090322/SHE03/903220442/1096

– MetaStar chief assumes national leadership post
http://www.bizjournals.com/milwaukee/stories/2009/03/16/daily73.html

Media Partners
—Channel3000
—Small Business Times
—Madison Magazine
—BusinessWeek

National Business Roundups ( back to top)
–YAHOO FINANCE: http://finance.yahoo.com/
–CNBC BUSINESS NEWS: http://www.cnbc.com
–ABC BUSINESS NEWS: http://abcnews.go.com/sections/business/
–GOOGLE NEWS: http://news.google.com/news/en/us/business.html

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