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PROFNET WIRE: BUSINESS & TECHNOLOGY: Impact of Hurricane Katrina
Sept. 20, 2005 _________ ROUND-UPS
Impact of Hurricane Katrina (continued, 11 experts) Housing Market (continued, 1 expert) Future of Organized Labor (continued, 1 expert) Bankruptcy Reform Bill (continued, 1 expert)
_____ LEADS
1. Airlines: Airlines Need Modern Fuel Management to Survive 2. Airlines: Jet Fuel Prices Send Airlines Into Bankruptcy Protection 3. Airlines: Airline Woes -- Is Management to Blame? 4. Consumer Issues: Taking Advantage of Today's Buyer's Market 5. Management: Single-Serve Brew Stations Increase Productivity 6. Marketing: Shameless Promotion Month 7. Personal Finance: How to Have More Income than the Millionaire Next Door 8. Technology: Rfid Technology is Emerging 9. Technology: Technology Hiring is on the Upswing
ROUND-UP: Impact of Hurricane Katrina (continued)
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**1. BOBBY RUBARTS, partner of the insurance group at Hughes & Luce, LLP: "Hurricane Katrina may be the costliest natural disaster in U.S. history, with insured losses potentially reaching $50 billion. Unlike 2004's hurricanes, which largely affected homeowners, Katrina ravaged businesses across three states. The insurance industry faces massive claims for lost profits and additional operating expenses from directly impacted businesses under standard business interruption insurance policies, as well as claims under contingent business interruption policies. In light of the enormous number of claims, policyholders should prepare for coverage disputes with their insurers." News Contact: Susan V. Lewis, susan.lewis@hughesluce.com Phone: +1-214-939-5511 Web site: http://www.hughesluce.com/ (9/20/05)
**2. EDWARD JOYCE of Heller Ehrman LLP: "Given the magnitude of this natural disaster, Hurricane Katrina will likely result in a myriad of coverage disputes between policyholders and their insurance companies. These disputes will focus on: 1) what caused the losses and, as a result, whether property damage, extra expense and business income losses are covered or not covered; 2) how much of the losses are covered or how the losses should be valued; and 3) the periods of time for which the business income/extra expense losses are covered. All of this adds up to a potential recipe for legal wrangling over what policyholders paid for when they purchased their insurance policies." News Contact: Wayne Kessler, wkessler@hewm.com Phone: +1-212-847-8680 (9/20/05)
**3. NANCY SHER COHEN of Heller Ehrman LLP: "Hurricane Katrina is the worst natural disaster the insurance industry has ever handled. Like the attacks of Sept. 11, Hurricane Katrina will result in numerous commercial insurance claims, including claims for property damage and lost business income due to disruptions caused by the hurricane. These claims will raise many complex coverage issues, including how property damage and lost profits should be valued and whether insurance coverage is limited by exclusions for flooding. Given the sheer volume of claims, insurers can be expected to deny many of them outright." News Contact: Wayne Kessler, wkessler@hewm.com Phone: +1-212- 847-8680 (9/20/05)
**4. JEFFREY D. FISHER, professor of finance and real estate and director of the Center for Real Estate Studies at Indiana University's Kelley School of Business: "I'm always amazed at how short a memory people have when it comes to events like this. My guess is that any effect on the demand for costal real estate will be short-lived. The likelihood of a hurricane has not changed just because there was one, and most studies have shown that just because an event such as a flood occurs, it does not have a long-term effect on property values because it was already reflected in property value. For example, New Orleans residents have been warned for years that their city was vulnerable to severe hurricane-triggered flooding, while coastal Florida residents realize they're sitting ducks during hurricane season. The condo market in Florida has been very hot this past year, despite the damage from hurricanes last summer." News Contact: Elisabeth Andrews, ecandrew@indiana.edu Phone: +1-812-856-3717 (9/20/05)
**5. GENE FAIRBROTHER, lead business consultant for the National Association for the Self-Employed: "While everyone's eyes are on the enormous Gulf Coast disaster, the reality is that something can happen any day that would be a disaster to a micro-business owner. The devastation of Katrina should open the eyes of every entrepreneur to take a few moments to dwell on the 'what if it happened to me?' Every micro-business owner needs a disaster plan." Fairbrother can offer tips for micro-business disaster planning, and discuss the impact of Katrina on American micro-business. News Contact: Maureen Petron, mpetron@nase.org Phone: +1-202-466-2100 (9/20/05)
**6. STEPHEN F. THODE, associate professor of finance and director of the Murray H. Goodman Center for Real Estate Studies at Lehigh University: "Concerns involving information technology and weather risk will determine the future of the commercial real estate market in and around New Orleans. In fact, many firms already are questioning whether critical functions like record keeping and data storage centers need to be relocated to prevent significant organizational downtime. Companies also will reconsider whether impacted areas can reclaim the labor talent pool needed to thrive, and may end up making their current 'temporary' locations permanent." News Contact: Thomas Yencho, tsy205@lehigh.edu Phone: +1-610-758 ?3172 (9/20/05)
**7. ANTHONY W. ULWICK, founder and CEO of Strategyn and a pioneer in the field of outcome-driven innovation, can shed new light on how events such as Katrina will help create new markets, market trends, and then possibly new jobs for those markets: "How do these events change what people are trying to do each day? Let's talk about the positive response to these events and take a look into what the future may hold." Ulwick was recognized by the editors of Harvard Business Review as authoring one of the year's best business ideas in the March 2002 issue. News Contact: Yvette Romero, yvette@monteiroandco.com Phone: +1-212-832-8183 (9/20/05)
**8. Eugene Dilbeck, executive director of the Center for Travel & Tourism at the Daniels College of Business at the University of Denver, can discuss the monumental challenge the South faces in rebuilding its travel and tourism industry. Formerly president and CEO of the Denver Metro Convention and Visitors Bureau, Dilbeck spent 16 years in director's positions in tourism divisions in three states -- New Jersey, Texas and Oklahoma. He is available for interviews about the challenges now facing the tourism industry in the South. News Contact: Jordan Ames, jorames@du.edu Phone: +1-303-871-2781 (9/20/05)
**9. MARY MEEHAN, co-founder and EVP of Iconoculture, a consumer trend research and advisory services firm, can speak about Katrina's impact on consumer behavior and value shifts that is already playing out across generational and demographic groups, including African Americans, GenWe (0-10) and Millenials (10-27). Meehan can discuss the impact across all demographics and how this is translating into value shifts in areas such as safety/vulnerability, faith/spirituality, thrift and shoring up resources, caring/community, economic uncertainty and environmentalism. News Contact: Jennifer Lauricella, jennifer@sutherlandgold.com Phone: +1-866-262-7373, ext. 103 (9/20/05)
**10. JIM CORBETT, assistant professor of marine policy at the University of Delaware, can discuss the impact of Hurricane Katrina on the key shipping lanes and ports of the Gulf Coast. Corbett and graduate student Chengfeng Wang have been analyzing how the damage wrought by the storm will affect the movement and cost of consumer goods on the regional and national scale. News Contact: Neil Thomas, nfttwo@udel.edu Phone: +1-302-831-6408 (9/20/05)
**11. Dawn Russell, assistant professor of supply chain management at Penn State university, is an expert on collaborative supply chain management and security issues in transportation. Russell: dmr28@psu.edu Phone: +1-814-863- 2054 (9/20/05)
ROUND-UP: Housing Market (continued)
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**1. KATHLEEN KUHN, president and CEO of HouseMaster: "In today's climate, buyers need to remain cautious and invest wisely. The housing bubble is less likely to burst than just float along, but buyers need to get back to the basics of real estate: location, location, condition. A home in a great location will be a good long-term investment, even if housing prices dip. But the key to a good investment is to make sure a home is not fraught with costly defects. Simply put, buyers should protect their investment and never forgo a home inspection." News Contact: Suzanne Williams, suzanne.williams@housemaster.com Phone: +1-800-526-3939 (9/20/05)
ROUND-UP: Future of Organized Labor (continued)
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**1. PHILLIP J. BINOTTO, JR., labor lawyer at Eckert Seamans in Pittsburgh: "The rift between the AFL-CIO and the SEIU, UFCW and Teamsters won't be good for employers. The AFL-CIO's strategies were failing miserably. The Coalition for Change will appeal to a new generation of workers. It will use its resources to boost membership among targeted employers instead of lobbying. The South, for the first time in years, may be at risk, especially the service sector. If it succeeds, organizing a few targeted employers, e.g., Wal-Mart, IBM or Hewlett Packard, there will be a domino effect -- it will gain members and political clout that the AFL-CIO couldn't achieve." News Contact: Kathleen Stackhouse, kstackhouse@jampole.com Phone: +1-412-471-2463 (9/20/05)
ROUND-UP: Bankruptcy Reform Bill (continued)
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**1. JEAN ROBERTSON, attorney and partner at McDonald Hopkins law firm, can provide in-depth commentary, clarification and background of upcoming changes, as well as insight on a number of bankruptcy alternatives, such as receiverships and access, and accommodation agreements. On Oct. 17, new bankruptcy reform laws will take effect, changing the way businesses file. A number of new parameters will be instituted, particularly affecting liquidation filings. News Contact: Joe Mosbrook, jmosbrook@robertfalls.com Phone: +1-216-696-0229 (9/20/05)
_____ LEADS
**1. AIRLINES: AIRLINES NEED MODERN FUEL MANAGEMENT TO SURVIVE. BRAD ANDERSON, president of SOLARC, Inc.: "Most airlines are still dependent on manual spreadsheets and labor-intensive processes to manage an increasingly complex fuel supply. Fuel is the second-largest expense after labor for an airline. Airlines need to modernize their fuel supply management in order to effectively hedge against volatility in jet fuel prices. Some regional carriers, such as Southwest and Frontier, have proven the effectiveness of these integrated systems by paying lower fuel prices than the industry average. The rest of the industry needs to follow suit in order to remain competitive." News Contact: Victor Tsai, vtsai@piercom.com Phone: +1-713-627- 2223 ext. 107 (9/20/05)
**2. AIRLINES: JET FUEL PRICES SEND AIRLINES INTO BANKRUPTCY PROTECTION. STEVEN MORRISON, chair and professor of the department of economics at Northeastern University: "The industry was struggling even before Sept. 11. Already saddled with a recession, Sept. 11 threw the airline industry into turmoil. Four years later, airline travel is 20 percent below what it was in 2000. Planes are flying at rock-bottom prices and the industry cannot make money. Legacy carriers have had a trying time lowering costs, and the latest increase in jet fuel due to the Katrina disaster has had a devastating effect. The airlines use approximately 19 billion gallons of jet fuel a year. Last year, the cost of jet fuel averaged $1.15 -- this year it has jumped to over $2, costing an industry that only earns about $5 billion a year $18 billion." News Contact: Brylee Maxfield, b.maxfield@neu.edu Phone: +1-617-373-2802 (9/20/05)
**3. AIRLINES: AIRLINE WOES -- IS MANAGEMENT TO BLAME? JEFFREY MILLER, travel industry lawyer with the Miller Travel Group Inc. and consultant for Lipshultz and Miller P.A.: "While high fuel costs have added to Delta and Northwest's woes, mismanagement is also a contributing factor. Delta got concessions from its pilots and renegotiated other contracts, yet was unable to compete with low-cost carriers. It also soured what were the industry's best management- labor relations. Northwest has had horrendous labor relations for 40 years. Without major low-cost competition in its largest hub, it still couldn't operate in the black. Consumer tips: Always purchase an airline ticket with a credit card, and be aware that non-stop flights may be changed to one-stop or connections or times may be changed as the airlines modify operations." News Contact: Jill Mross, jmross@cfl.rr.com Phone: +1-407-331-8422 (9/20/05)
**4. CONSUMER ISSUES: TAKING ADVANTAGE OF TODAY'S BUYER'S MARKET FOR NEW AND USED CARS. DEVON COHEN, vice president of automotive services at LiveDeal.com and former CEO of FordDirect.com: "There is a temporary glut of used cars in the marketplace. Rising gas prices have had an adverse effect on the retained value on larger SUVs, leaving dealers little wiggle room to offer aggressive trade-in values. Consumers can get significantly better return by selling their used vehicle themselves through online classifieds, which makes the selling process quick, effortless and affordable. I'll share the simple tips that can help consumers get top dollar for their investment as they list their vehicle for sale." News Contact: Marian Sly Hughes, mhughes@tieronepr.com Phone: +1-708-246-0083 Web site: http://www.livedeal.com/ (9/20/05)
**5. MANAGEMENT: SINGLE-SERVE BREW STATIONS INCREASE PRODUCTIVITY. JUDSON KLEINMAN, president of Corporate Essentials, a beverage service firm for professional businesses in the New York metro area: "Many top law firms in New York City have been moving away from the basic coffee systems and simple product offerings, and toward such upscale choices as single-serve brew stations like Keurig and coffees from Starbucks and Java Cafe. This is one of the simplest, least expensive perks that law firms can provide their associates and support staff. Yet it has a significant impact in a number of ways. It increases productivity, since employees don't have to leave the office to get a great cup of coffee or tea. And it communicates a sense of value to the workers and clients; it tells them that they are valued, and that the firm itself projects a high standard." News Contact: Melissa Chefec, mchefec@optonline.net Phone: +1-203-968-6625 (9/20/05)
**6. MARKETING: SHAMELESS PROMOTION MONTH. MARISA D'VARI, president of Deg.Com Communications, says September is Shameless Promotion Month: "Newspapers, magazines, radio and television shows have space and time to fill ?- the secret of having your business featured is learning about their target audience and fashioning a pitch that would hook the interest of an editor or producer." D'Vari is the Manhattan-based author of "Building Buzz: How to Reach and Impress Your Target Audience." D'Vari: mdvari@deg.com Phone: +1-212- 823-6256 Web site: http://www.buildingbuzz.com/ (9/20/05)
**7. PERSONAL FINANCE: HOW TO HAVE MORE INCOME THAN THE MILLIONAIRE NEXT DOOR. JIM MILLER, registered investment advisor, president of On Track Financial Services and author of "Retire Dollar $Mart: How You Can Do Better Than the Millionaire Next Door With Less Than Half the Capital": "Expense will determine your investment and savings success. Control expense and you succeed. Ignore expense and you fail. Taxes are probably your largest saving or investing expense. Pay taxes irrationally, unnecessarily, frivolously and without looking for a better way, and you lose. Control your taxes and you win." Miller also warns that the greatest financial risk a retiree faces is not the stock market but the nursing home. Miller: iller@westwindcos.com Phone: +1-734-667-2090 News Contact: Scott Lorenz, scottlorenz@westwindcos.com Phone: +1-734-667-2090 Web site: http://www.retiredollarsmart.com/ (9/20/05)
**8. TECHNOLOGY: RFID TECHNOLOGY IS EMERGING. STAN DROBAC, vice president of strategy and planning at Avery Dennison RFID: "Radio frequency identification (RFID) is an emerging technology currently in development by a few industry competitors that are aggressively responding to mandates from companies such as Albertsons, Target, Tesco, Wal-Mart, the Department of Defense and others. End-users are calling for real-world RFID solutions that can simplify supply chain scenarios. As the industry matures, the focus will be on establishing industry standards for RFID technology and developing scalable solutions that help end-users leverage RFID data for improved supply chain processes, warehouse tracking and related applications. Looking to 2006, the industry leaders will be the companies that are focused on delivering 'no-hype' RFID solutions." News Contact: Todd Appleman, todd@tag-pr.com Phone: +1-323-850- 7664 (9/20/05)
**9. TECHNOLOGY: TECHNOLOGY HIRING IS ON THE UPSWING. MARC CENEDELLA, CEO of TheLadders.com: "Technology hiring is on the rise. The tech hiring trend continues to improve for two reasons: First, more organizations are getting serious about Web applications to advance their businesses. The growing pains that needed to take place in the first go-round of the Web have subsided, and companies now possess better knowledge about how the Web can help them discover new and better ways of doing business. Second, Java and open source are positively impacting the upswing, as these tools have sufficiently evolved. Developers with Java and open source skills are in especially high
demand." News Contact: Jeanne Achille, jeanne@devonpr.com Phone: +1-732-542- 2000 (9/20/05)
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