While the fallout of the subprime loan industry collapse continues to play out, momentum is gaining on another potential economic calamity: Americans now owe a record $915 billion in credit card debt, according to a new report by Moody's Investors Service.
Credit card companies wrote off 4.58 percent in payments between January and May, almost a third more than in the same period in 2006, Moody's said.
As a result, lenders such as Citigroup, Bank of America, and American Express, already reeling from the subprime mortgage collapse, are being further weakened, according to a new report at MoneyNews.com.
The third quarter numbers for banks were the worst since 2001, MoneyNews.com reported.
The stock market slid again today on news about record crude oil prices exceeding $98 per barrel and General Motors Corp.'s quarterly loss of $39 billion. The BizTimes Stock Index gained 1.94 points to close at 178.18 Tuesday, but local stocks slid again with the broader market this morning. The largest local decliners today were Marshall & Ilsley Corp. (down $2.36 to $40.34) and Rockwell Automation Inc. (down $2.02 to $67.74). The largest local advancers this morning were Koss Corp. (up $1.12 to $19.84) and Strattec Security Corp. (up 80 cents to $48.62). The BizTimes Stock Index was created by Small Business Times and is monitored by North Shore Bank. The index, which measures the stock values of publicly held companies based in southeastern Wisconsin, is updated daily and can be viewed at www.biztimes.com.

Joseph Zilber, developer of the former Pabst Brewery complex, is selling one of the key buildings of the site to a partnership that includes former Green Bay Packer Mark Chmura. Read more about this exclusive news story in the new edition of the Small Business Times Real Estate Weekly.
 

Earth, Wind & Flower has purchased Cornerstone Florist, a West Allis business based 6000 W. Lincoln Ave.
The Cornerstone name will be retained, but the company will be managed by Chris Dobs and Dan Block, who also own Urban Sense Flowers & Green House at 5911 W. Vliet St. in Milwaukee's Washington Heights neighborhood.
In addition to floral services, Cornerstone Florist is also a drop-off site for aur Computer Service (www.aurcomputerservice.com).
Earth, Wind & Flower is an affiliate of the aur Enterprises network.

Charitable giving to local nonprofits continued to increase in 2006, according to the findings of the 11th annual Report Card on Charitable Giving, published by the Greater Milwaukee Foundation and researched by the Public Policy Forum.
Giving to the 59 bellwether nonprofit organizations rose 8 percent over 2005 to $284.9 million in 2006.
"For the most part, our local nonprofit bellwether organizations continue to do well," said Doug Jansson, president of the Greater Milwaukee Foundation. "Giving continues to grow for most of the sectors, though it is clear some experience stronger growth year-to-year and over the long term than others."
Contributions to the bellwether organizations have grown by about $65 million since 2001, with $60 million in gifts since 2003.
Nonprofit leaders also are more optimistic about the future. Fifty percent of the bellwether executives believe philanthropy is improving, the highest percentage since 2000. Only 4 percent say philanthropy is declining, compared with 24 percent just two years ago. Nearly nine out of 10 believe individual donations will increase in 2007.
The Report Card tracks gifts made by individuals, businesses and foundations to 59 local bellwether organizations. The groups represent a cross section of education, human service, health, environment, funding, and arts and culture organizations in the greater Milwaukee area. Findings are based primarily on financial information submitted by the organizations to the IRS for the 2005-2006 fiscal year. 
Other key findings of the Report Card include:

• Since 2001, the health sector has experienced the largest increase in giving, up 135 percent since 2001. Gifts from individuals climbed nearly 82 percent and business giving was up over 55 percent. 
• Gifts to education bellwether organizations increased 58% over the past five years, with gifts from individuals and businesses doubling.
• Gifts to the bellwether funding and human service organizations increased 25 percent and 10 percent, respectively since 2001. Contributions to arts and culture organizations rose 1.4 percent.
• Gifts to the environment bellwethers decreased over 65 percent from 2001 to 2005. The environment sector is the smallest of all sectors and the most likely to be influenced by fluctuations to one or two organizations.

Other sponsors of the Report Card on Charitable Giving include Donors Forum of Wisconsin, The Faye McBeath Foundation and United Way of Greater Milwaukee.

Kohl's Corp. announced today a green initiative to pursue LEED (Leadership in Energy and Environmental Design) certification for more than 80 of its department stores.
The certifications are being pursued through the US Green Building Council Portfolio Program and will appear in 28 states nationwide. LEED certified stores will begin opening in fall 2008 and continue through 2009.
The LEED Green Building Rating System is the nationally accepted benchmark for the design, construction, and operation of high performance green buildings which assesses site planning, water management, energy use, material use, air quality and innovation in the design process among attributes.
As of September 2006, there were only 25 LEED-certified retail locations nationwide. The Kohl's program alone will quadruple that number.
Simultaneously, Kohl's has begun implementation of solar energy in California and Wisconsin with approvals under way in five other states. And, on Oct. 22, the company was one of 17 organizations nationwide recognized by the Environmental Protection Agency (EPA) with a Green Power Leadership Award for being the No. 2 retail purchaser of renewable energy.
"Kohl's is committed to being environmentally responsible which was first evidenced through our extensive solar rollout and green power purchases and is now being further extended by the use of green construction methods and LEED certification," said Ken Bonning, executive vice president of logistics for Menomonee Falls-based Kohl's.

At least one government entity in Wisconsin is cutting taxes. The Sheboygan County Board approved its first property tax levy cut in 21 years. The county was able to cut the tax levy because it recently sold the Sunny Ridge Health and Rehabilitation Center. Meanwhile, Manitowoc County officials are considering plans to sell the Manitowoc County Health Care Center. Read more in SBT's daily roundup of headlines from newspapers across the state at www.biztimes.com.

Bipartisan solutions are attainable for many of America's problems, if politicians would just cut back on the rhetoric and bickering and focus instead on doing the right things, according to James Burkee, author of today's Milwaukee Biz Blog.

Joe Williams, president and founder of Innovative Custom Products Inc. in Milwaukee, announced today that his firm has obtained exclusive distribution rights to a "first of its kind" line of products to treat foot problems.
The line, CureCeuticals, was invented by Dr. Marc Selner, a sports podiatrist. The lead products in the CureCeuticals line are Cure Toenail Fungus and Cure Athlete's Foot. Both products are all-natural, all-organic, allopathic and homeopathic formulations.
The products are available without prescription and come in a convenient travel size. Williams said a full Skin Care line utilizing Selner's breakthrough "penetrating carrier technology" is in development and will be ready for distribution under the CureCeuticals brand within the next 12 to 18 months.
According to Selner, Cure Toenail Fungus is the only patent-pending over-the-counter topical that actually penetrates the nail, kills the fungus, and allows growth of a new, healthy nail. Cure Athlete's Foot unique formulation allows it to work on contact and eliminates most athlete's foot, jock itch, and ringworm within 48 hours.
Innovative Custom Products is a manufacturer and distributor of consumer and pharmaceutical products.
Williams said he believes the CureCeuticals product line will generate more than $20 million in sales within the next few years.
For additional information, visit www.icpcorporation.com.