| Southwest Exchange collapse brings stiffer oversight
Southwest Exchange Corp., the local firm that slipped away with as much as $200 million of its customers' cash last month before having its license summarily revoked on Feb. 5, is prompting a sweeping regulatory overhaul. The 17-year-old Las Vegas-based company did '1031' tax-deferred property exchanges.Essentially, a seller of property has 180 days to buy a similar property if he wishes to avoid capital gains tax. A middleman (such as Southwest Exchange) holds the money in the meantime. Section 1031 of the tax code creates these tax-advantaged transactions."These things aren't being regulated at all," said Charlie Mack, who serves on the Nevada Real Estate Commission. "Forty-nine states don't even have registration." .
2007 will be one of the most challenging years in contact center ...
Coming hot on the heels of UK bank Lloyds TSB's announcement that it is to move its contact center operations from Mumbai to the UK, a new report has revealed that contact center outsourcing providers are set to face tremendous challenges with the emergence of late-adopting vertical markets. Indeed, vendors are struggling to adapt industry-specific solutions to both new and established clients. .
BUSINESS BRIEFS: Hotels' staffs gather goods for animals
The sales team from Comfort Suites University Park/Sarasota and Hampton Inn Ellenton/Bradenton gathered surplus bedspreads, bath towels and hand towels, and delivered them to two area animal shelters in January. The supplies will be used to keep animals at Bishop Animal Shelter in Bradenton and Manatee County Animal Services in west Palmetto warm during the winter since most animal shelters in Manatee County are not equipped with heat. For more information on animal adoption in Manatee County, contact Bishop Animal Shelter at (941) 792-2863 or Manatee County Animal Services at (941) 723-4708. A new Smoothie King store has opened at 1880 Stickney Point Road, just west of U.S. 41. Smoothie King smoothies are a blend of real fruit, all-natural juices and a mix of vitamins and nutrients.
Be wary of real estate trusts
Morningstar FundInvestor has joined the chorus of voices wary of real estate investment trusts. In its February issue, the newsletter's editor, Russell Kinnel, writes that REITs "have limited growth prospects and their stock prices have greatly surpassed their fair value." In fact, Morningstar's stock analysts agree that "real estate is far and away the most overvalued asset." Even Vanguard REIT Index -- if you examine the stocks it owns -- is supposedly 32 percent overvalued. Other areas that Morningstar thinks are frothy: Pacific Asia (excluding Japan), Latin America and Europe. Along with small growth and small blend funds. Both Vanguard Small Cap Growth and Vanguard Small Cap are trading at 9 percent above their true value, according to Morningstar. The newsletter also turns thumbs down on three fund families that have not behaved in an especially scrupulous way: Federated, Heartland and Seligman.
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