Close Topic Options

Florida Business

"A Ponzi State" - Univ. Of South Florida Professor Examines the Economic Crisis in Florida

Florida has been hit particularly hard by the recession. It's facing its worst unemployment rate since 1976, with nearly one in ten people out of work, and it has the second-highest foreclosure rate in the country. Florida has also been described as one of the birthplaces of the financial crisis. We speak with University of South Florida Professor Gary Mormino, who describes the state's economy as a giant Ponzi scheme. He's the author of Land of Sunshine, State of Dreams: A Social History of Modern Florida. Ref. Source 6

Business Florida

Two brothers plead guilty in $1.3 million mortgage fraud scheme
Florida Business News

Two brothers covered the bases in a Jacksonville mortgage fraud scheme that prosecutors contend duped lenders into making $1.3 million in shaky home loans. Allen S. Provencal bought homes, repaired them and sold them by secretly providing the money for down payments that lenders assumed were coming from the home buyers own pockets, according to court documents. His brother, Larry M. Provencal, who was a state-licensed mortgage broker, originated the paperwork for the loans and further deceived lenders by falsely inflating borrowers incomes and savings, prosecutors say.
Source: Business

Florida Business History & Civil Business Politics

Caterpillar financial arm moving 57 jobs from Jacksonville to Tennessee
Florida Business News

FCC Equipment Financing, a Jacksonville-based subsidiary of Caterpillar Inc., plans to close its office here by Aug. 31. FCC is a subsidiary of Caterpillar Financial Services Corp., itself a division of Caterpillar Inc. The company specializes in equipment loans and leases to the construction industry for-hire truck fleets and private carriers.
Source: Business

Business Florida

NEFAR: home sales down year over year, but up month over month
Florida Business News

Single-family and condominium sales dipped by 7 percent in metropolitan Jacksonville in March as compared to March the year before, but rose by 24 percent from February to the highest level since June. There were 1,438 sales of homes and condominiums in Clay, Duval, Putnam and parts of Nassau and St. Johns counties, in March, the Northeast Florida Association of Realtors announced Tuesday. Although a majority ? 826, or 57 percent ? were ?distressed? sales, including sales of bank-owned properties, that was three percentage points lower than the February ratio.
Source: Business

Business Florida

Firehouse Subs makes No. 1 on 'Movers and Shakers' list
Florida Business News

The Jacksonville-based Firehouse Subs sandwich shop chain snagged the No. 1 spot on the FastCasual.com ?Movers and Shakers? list, the chain announced. ?We are honored by Fast Casual?s recognition,? Don Fox, CEO of Firehouse of America LLC, said. ?The success of Firehouse Subs is credited to positive leadership, a strong operational culture and a new advertising campaign that was successfully executed at the start of last year.? The Fast Casual website has reported on the fast casual restaurant industry segment since 1997. The site estimates the segment at $23.5 billion.
Source: Business

Florida Business

Bono's barbecue will be on the menu at Veterans Memorial Arena
Florida Business News

Bono?s Pit Bar-B-Q has joined the lineup of food offered at Jacksonville Veterans Memorial Arena. The Jacksonville-based restaurant chain, founded in 1949, will serve smoked pork and turkey sandwiches along with side items. SMG Jacksonville and SAVOR Jacksonville, which respectively manage the arena and provide its food catering services, made the announcement Wednesday.
Source: Business

Florida Business

Northeast Florida gets state's first regional foreign trade zone
Florida Business News

The federal government has approved the Jacksonville Port Authority?s bid to create an expanded foreign trade zone for Northeast Florida, JaxPort announced today. The U.S. Department of Commerce and its Foreign Trade Zone Board approved JaxPort?s application for a zone that covers Duval, Nassau, Clay, Baker and Columbia counties.
Source: Business

Florida Business Politics Business Civil & History

High used-car prices make it ideal time to sell
Florida Business News

DETROIT - It's the best time in years to sell your car.
People are holding on to cars and trucks for about a year longer than they did before the recession, which has created a tight supply of used vehicles. So few are on the market that prices have risen to their highest in at least 16 years. Dealers are paying an average of $11,660 for a used car or truck, up almost 30 percent since December 2008.
Source: Business