Phoenix Business News from Biz Journals

• Curt Schilling's company misses $1.1M loan payment May 17, 2012
  A company founded by former Arizona Diamondbacks pitcher Curt Schilling has run into financial trouble in Rhode Island. Video game developer 38 Studios failed to make a required $1.13 million payment to the R.I. Economic Development Corporation (RIEDC), causing alarm at the Rhode Island State House about the company’s finances, House Speaker Gordon Fox confirmed late Tuesday, according to a WPRI report. The report comes just one day after Rhode Island officials met with company executives in...
• The Marketing Coach: Why drama drains your business May 17, 2012
  Many business owners and managers don’t realize employees are their biggest asset. Think about it: You may have the greatest product in the world, but employees are your first line of marketing, quality, customer service and more. Poor processes and too much turnover require intensive training, downtime, an unstable culture and lots of drama. That drives away customers who say, “It’s not worth it!” Enter Barbara Heggarty of iProcess Consultants, who has been a process consultant for 25...
• SRP getting geothermal power from EnergySource May 17, 2012
  Salt River Project is now receiving power from a geothermal plant built in California by EnergySource. The power comes from Hudson Ranch I in Imperial County, and the plant is working under an agreement to provide SRP with 49 megawatts of power, or enough to power about 26,000 homes. SRP officials said they are receiving “significant” power from the facility. It signed an agreement in 2007 to buy power from the facility. SRP also has another agreement to buy 49 megawatts of geothermal power...
• Phoenix among national leaders in job growth May 17, 2012
  The Phoenix area added more than 40,000 news jobs between March of 2011 and the same month this year, ranking it among the biggest job gainers in the country. New research from On Numbers shows Phoenix ranked seventh among the 100 largest U.S. metros for total job growth by adding 40,300 jobs. Phoenix ranked 16th for its percentage job growth, at 2.35 percent between March 2011 and March of this year. All but 14 of the nation's 100 biggest metropolitan areas added jobs during the past 12 months. Eighty-six...
• Zayo expands fiber network in Phoenix May 17, 2012
  A bandwidth infrastructure company out of Colorado is expanding its footprint across the Phoenix area with 123 new towers. The build specifically provides coverage to the Phoenix suburbs of Peoria, El Mirage, Fountain Hills and Sun City. Get more details at the link below.
• US GDP growth far behind Japan's May 17, 2012
  Economic growth in the U.S. is lagging far behind on of its top competitors -- Japan. According to CNNMoney.com, the Japanese economy is rebounding strongly in the wake of the devastating earthquake and tsunami that struck the country in March of 2011. GDP growth in Japan is nearly double what is seen in the U.S. Get the figures at the link below.
• Arizona BioIndustry Expo expected to draw 250 May 17, 2012
  More than 250 people from across the Southwest are scheduled to attend the Arizona BioIndustry Expo at Grand Canyon University on May 17. While the attendee roster is more than last fall’s expo, AzBio CEO Joan Koerber-Walker said she is disappointed that more people haven’t signed up. They are going to miss out on some “amazing speakers and really important contacts,” she said. Currently Arizona’s bioscience industry represents $28.8 billion in annual revenues, according to the group. “The...
• Arizona Rep. Ben Arredondo indicted for bribery, fraud May 16, 2012
  Arizona Rep. Ben Arredondo, D-Tempe, has been indicted on bribery, fraud, extortion and other federal charges for allegedly improperly receiving $6,000 worth of sports tickets while serving on the Tempe City Council. The tickets were from undercover FBI agents who were posing as real estate developers. The U.S. Attorney’s Office in Phoenix announced the federal grand jury indictments Wednesday afternoon. An Arredondo aide at the Legislature said the Democratic lawmaker was declining comment based...
• Bank of America plans to sell some branches May 16, 2012
  In an effort to shed costs, Bank of America Corp. has begun a plan to sell branches in sparsely populated areas. According to BofA’s first-quarter filing with the U.S. Securities and Exchange Commission on May 3, the banking giant closed 154 banking centers and 631 ATMs during the first quarter. The filing said BofA “continues to improve our cost-to-serve and optimize our consumer banking network.” Bank of America (NYSE: BAC) had 5,700 banking centers as of March 31. CEO Brian Moynihan has...
• Mortgage delinquency, foreclosure rates fall in Arizona May 16, 2012
  Mortgage delinquency and foreclosure rates have decreased both in Arizona and nationwide since last year, according to a new survey by the Mortgage Bankers Association. Arizona was below the national rate in both delinquencies and foreclosures. The Arizona mortgage delinquency rate fell to 6.35 percent, down significantly from 2011’s first quarter rate of 8.23 percent, according to the MBA. The delinquency rate includes properties that have missed at least one payment. Loans that are in foreclosure...