South Florida Business News - Local South Florida News | The South Florida Business Journal

Miami residents eat out a lot

Kevin Gale — Thu, 24 May 2012 19:02:01 +0000

Miamians eat out the most among South Florida areas, according to an analysis of credit card data by Bundle.com. The analysis found Miami area residents eat out 21 percent more than the U.S. average, ranking eighth in the nation, while those in the Boca Raton area eat out 19 percent more, ranking 10th. (San Francisco was in between.) Fort Lauderdale was 4 percent below the national average, while Pompano Beach was 11 percent below and Hollywood was 17 percent below. Cities were ranked on the average...

Guess how much Rothstein's 2nd deposition costs

Paul Brinkmann — Thu, 24 May 2012 18:38:18 +0000

It will cost $16,000 for the government to arrange for Ponzi schemer Scott Rothstein to appear in Miami for his second deposition, according to a protocol for the event released Thursday. Rothstein was already questioned for two weeks in December. The second deposition will last three weeks from June 4 to 22. The questions are being asked by attorneys in civil lawsuits connected to Rothstein’s $1.4 billion fraud, which was exposed in 2009. Parties who want to ask questions must chip in to reimburse...

PortMiami dredging project moves ahead

Thu, 24 May 2012 18:25:12 +0000

The Florida Department of Environmental Protection has issued a permit allowing the U.S. Army Corps of Engineers to move forward with deepening PortMiami’s channel to 50 feet, the port announced Thursday. The project, which is widely seen as vital to the region's future economic development, will be put to bid this summer, with construction expected to start in early 2013, the port said. Completion is expected at the same time the expanded Panama Canal opens. “The deep dredge is critical to...

South Florida ranks 21st for lawyer pay

Kevin Gale — Thu, 24 May 2012 18:18:53 +0000

With an average pay of $144,600 in 2011, South Florida ranked 21st in the nation for average lawyer pay, according to an analysis of U.S. Bureau of Labor Statistics data. That was $14,110, or 10.8 percent, above the national average of $130,490. The On Numbers analysis found 9,140 lawyers in South Florida, which ranked 11th in the nation. The New York area had the most lawyers, with 50,3620. California's Silicon Valley ranked first with an average pay of $187,110. Tallahassee ranked second only...

Swisher Hygiene shares close up 21%

Kevin Gale — Thu, 24 May 2012 17:45:35 +0000

Shares of Swisher Hygiene closed up 37 cents, or 21.4 percent, to $2.10 on Thursday. It ranked eighth on a list of the most active gainers on Nasdaq. A chart on Yahoo Finance indicated price spikes earlier in the day were accompanied by noticeable bursts in volume, which appeared to taper off as the stock price steadied later in the morning. Shares then trended higher in mid-afternoon trading. At one point, a round of trades earlier in the morning pushed Swisher (NASDAQ: SWSH) to an intraday high...

Florida Crystals, IDI partner on inland port

Paul Brinkmann — Thu, 24 May 2012 16:05:23 +0000

Florida Crystals Corp. said Thursday it formed a strategic alliance with Atlanta-based real estate company Industrial Development International (IDI) for planning and marketing of a new intermodal railyard in western Palm Beach County. Florida Crystals’ proposed facility is one of three so-called inland ports proposed in southern Florida. Proponents hope such a facility will handle growing cargo from shipping ports after the Panama Canal expansion. U.S. Sugar Corp. and a group of Central Florida...

Florida banks rebound with $174M Q1 profit

Brian Bandell — Thu, 24 May 2012 15:40:01 +0000

Florida banks got off to a strong start to 2012 as the industry regained profitability. The state’s 222 banks combined to earn $174 million in the first quarter, improved from a $77 million fourth quarter loss, according to Federal Deposit Insurance Corp. data released Thursday. Only 27 percent of the state’s banks lost money in the first quarter, compared with 49 percent that reported losses for full-year 2011. National banks combined to earn $35.3 billion in the first quarter, up from earnings...

Catalyst Pharmaceutical Partners plans $4M offering

Brian Bandell — Thu, 24 May 2012 13:50:42 +0000

Catalyst Pharmaceutical Partners announced a stock offering that could raise $4 million. The Coral Gables-based developmental-stage company (NASDAQ: CPRX) plans to issue 6 million units, with each unit consisting of one share of common stock plus a warrant to purchase another share in the future, for 80 cents each. The five-year warrants can be used to purchase Catalyst shares for $1.04. Cowen and Co. is the book-running manager for the offering, while Roth Capital Partners is the co-manager. The...

United's merger turbulence hits elite frequent fliers

Thu, 24 May 2012 12:10:36 +0000

Nearly 20 months after the $3.2 billion merger of United Airlines and Continental Airlines, the airlines are still struggling with merging their reservation systems, websites and frequent-flier programs, The Wall Street Journal reported. The process has left many longtime elite customers, which account for about 25 percent of airline revenues, fuming over the company's agents and slowed revenue growth.

Chipotle under investigation for hiring practices

Thu, 24 May 2012 12:08:27 +0000

Chipotle Mexican Grill Inc. disclosed Tuesday that it is being investigated by federal prosecutors looking into possible criminal violations of securities laws in its process of verifying the legal status of workers, the Jacksonville Business Journal reports. The Denver-based burrito chain (NYSE: CMG), in a Securities and Exchange Commission filing, said that the U.S. Attorney’s Office in Washington, D.C., notified it Monday that it is “conducting an investigation into possible criminal securities...