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The Sarbanes-Oxley Act, sweeping financial reforms enacted by Congress in 2002 in the wake of high-profile accounting scandals, have been a popular target for critics who bemoan the impact of costly, time-consuming government regulations. The law also is being blamed for increased turnover among chief financial officers -- the top accountants at public companies whose performance has come under increased scrutiny. "We could tell in our work levels it was increasing post-Sarbanes-Oxley," say Lorraine Hack, executive director of Russell Reynolds Associates' financial officers practice. The executive search firm says turnover among CFOs at Fortune 500 companies has been on the rise, with almost one of every five Fortune 500 companies changing CFOs last year. That compares with 16 percent changing CFOs the previous year and 13 percent in 2003.
Hurricane Katrina sped along plans for a spate of new high-rise residential towers, but more than a quarter of the proposed housing units have already been killed or put on hold. Out-of-town investors "are circling like eagles" with capital ready to invest in downtown projects, said Kurt Weigle, executive director of the Downtown Development District. And inquiries from outside developers have increased five-fold, possibly because of special tax incentives being made available to building projects in hurricane-impacted areas. But not all of the residential projects will be built, experts say. The pricetags on most of the announced projects have risen 30 percent due to escalating prices on labor and building materials, developers say. That big of an increase is giving pause to both the developers behind the condo towers and the potential condo buyers who, in some cases, are backing out of sales contracts when presented with the higher prices.
After 20 years working in the advertising business in Alaska, New Mexico and Texas, Enid native Carol J. Angel, formerly Carol Underwood, has returned to Oklahoma to open Owner/ Builder Network in Edmond. She and Larry Oesterman have opened their new offices at 124 N. Bryant, Suite C1. Owner/Builder Network helps individuals build homes and save money.Her mother is Norma Jean Gilbert, a retired school teacher and lifelong resident of Enid.2 ADM Milling employees reach milestonesADM Milling Co. recently recognized employees for reaching milestone in their employment.Howard Halcomb has worked for ADM 30 years, and Larry Griffin has worked for ADM 25 years.Ray Cordry Jr. named chair at health sciences centerRay Cordry Jr., D.O., has been named chair of the Department of Psychiatry at Oklahoma State University Center for Health Sciences, a change in title from interim chair.
San Diego State University received nearly $50 million in philanthropic gifts during the 2005-2006 fiscal year, it reported today. This brings the university's 10-year total to more than $400 million in philanthropic support, nearly twice as much as was raised in the previous 99-year history of the university. "It's rewarding to see the San Diego community value the university's contributions to the region so highly and continue to invest in our talented students and faculty," said SDSU President Stephen L. Weber. "This generous support will help us to educate and inspire the future leaders of the region and the state." San Diego State reported $49.8 million in new gifts, pledge payments and new philanthropic pledges for the 2005-2006 fiscal year. Highlights included: Doug and Betsy Manchester gave $5 million to the university, the largest gift from an alumni couple in the university's history. Of the Manchesters' gift, $3.5 million will be used for presidential initiatives and undergraduate teaching support, while the remaining $1.5 million will be given to SDSU's intercollegiate golf program. In recognition of the Manchesters' long record of service and support of SDSU, the university permanently changed the name of Centennial Hall to Manchester Hall.
WASHINGTON - Housing construction plunged in August, falling to the lowest level in more than three years as the once-booming industry showed further signs of a dramatic slowdown.
The Commerce Department reported Tuesday that construction of new homes and apartments fell by 6 percent, the third consecutive decline and a much bigger setback than analysts had been forecasting.
The weakness pushed the annual rate for construction down to 1.665 million units, the slowest pace since April 2003.
Meanwhile, wholesale prices edged up a modest 0.1 percent in August, and outside of energy and food, prices actually fell for a second straight month. That hadn't occurred in more than three years, the Labor Department said.
Analysts said the slowdown in inflation should reassure the Federal Reserve that it can continue to keep interest rates on hold.
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