The storied New York Stock Exchange is now in the hands of a 13-year-old Atlanta company.
IntercontinentalExchange closed Wednesday on its $11 billion purchase of NYSE Euronext, which owns the stock exchange. ICE now will have dual headquarters in Atlanta and New York.
“This is a game-changing transaction,” ICE chairman and CEO Jeff Sprecher said in a statement. “We have significant opportunities ahead.”
ICE will hold a conference call next week to discuss its plans for the company, but reiterated Wednesday that it intends to conduct an initial public offering for Euronext, a group of European exchanges, next year. Euronext will continue to operate under its own name.
ICE will keep the New York Stock Exchange brand and Wall Street building, and will not close its trading floor. In the past, ICE has closed the trading floors of the exchanges it has acquired, and moved to electronic trading.
In an earlier interview, Sprecher said ICE embraces technology but is not forcing users away from trading floors. When it bought and added technology to what was then the New York Board of Trade, trading naturally moved to screens within seven months, he said.
“The velocity of trading, the amount of trading, has increased and the transaction time has decreased,” he said. “And so the market itself voted, not ICE. We ran floor and screens in parallel, and overwhelmingly, people moved to the screen.”
Sprecher has said he wants to lead reform at the stock exchange. He considers trading overly complicated, and the process opaque. As a result, he has said, individual traders are at a disadvantage compared to companies or hedge funds that are constantly in the market.
ATLANTA — Gov. Nathan Deal announced today he will put into his budget request for next year the remaining $35 million of the state’s share of the deepening of the Savannah River shipping channel.
That will bring the state’s commitment from past years to $266 million for 40 percent of the cost of the massive project. The federal government is expected to come up with the remaining 60 percent. Continue reading →
Passengers will be paying more, but they will also have control of the thermostat under new rules being considered for taxi operations in Savannah.
Many of the changes, which include the rate hike and a cap on the number of cabs, are being proposed in response to concerns of the Savannah Taxi Owners Association, said Veleeta McDonald, director of mobility and parking services.
“This has been a work in progress for quite some time right now,” McDonald said.
Under the proposal, taxi rates would increase to $3 for the first 1/5 of a mile from $2 for the first 1/6 of a mile. After the initial pick-up charge, meter rates would increase from $1.98 per mile to $2.10 per mile.
Gov. Nathan Deal said Wednesday he will request an additional $35 million from the General Assembly to deepen the Savannah River and harbor.
Legislators have already approved spending $231 million in taxpayer money to deepen about 30 miles of the river so larger ships can reach the port. If approved, the $266 million would fulfill the state’s portion of the estimated $652 million needed to complete the massive dredging project.
Congress is on the hook for the remainder of the money.
Deal spoke during a roundtable discussion on the ports sponsored by the Georgia Chamber held at the Westin hotel in Buckhead.
Johns Creek police have declined to pursue criminal charges against the city manager after a citizen accused him of assault.
Jerry Bush says it happened Oct. 7 during a heated argument with John Kachmar outside of City Hall.
“He said two or three different things,” Bush tells Channel 2′s Mike Petchenik. “On the last one, to make his point, is when he poked me in the chest.”
Bush says the argument was sparked after Kachmar called another citizen a liar for comments she’d made during the preceding city council meeting. Bush admits to Petchenik that he cussed at Kachmar, but says he didn’t deserve what he got in return.
“I don’t think anyone who works for the city, or any citizen of Johns Creek, should have to put up with that type of behavior,” he says. “The way he reacted to me was unprofessional and inappropriate.”
Police tells Petchenik they interviewed nearly a dozen witnesses as part of the investigation.
“Each of the witnesses said they were present for the verbal altercation that took place, however, none of them could corroborate Mr. Bush’s allegation,” says Lt. Chris Byers.
Byers says police contacted the Fulton County solicitor with the information, but based on witness accounts, he says there wasn’t probable cause for their involvement.
Byers says Bush still reserves the right to take out a Fulton County warrant, but at this point he doesn’t intend to do so.
“Basically, it’s between him, me, and God,” he says. “That’s what it’s come down to.”
Bush says he’s hopeful the city council will address Kachmar’s use of expletives and raising his voice at citizens, and says he plans to pursue an ethics complaint against Kachmar now that the criminal case has concluded.
Governor Nathan Deal has suspended Senator Don Balfour from office.
The Republican leadership in the Senate has removed Senator Balfour from the Senate Republican Caucus
Senator Balfour has been stripped of all committee leadership positions.
Senator Balfour had been chairman of the Senate Reapportionment and Redistricting Committee, vice-chairman of the Health and Human Services Committee and an ex-officio member of the Banking and Financial Institutions Committee.
STOP OBAMA: Because of Gov. Deal’s leadership, Georgia is now the No. 1 state in the nation in which to do business and create jobs. We have come too far and worked too hard in reaching this milestone only to allow Barack Obama’s liberal allies a chance at undoing all we have accomplished. Make no mistake, these out of touch organizations hope to gain a foothold in Georgia by targeting Gov. Deal. Join our campaign today, and ensure our conservative principles remain intact. —->http://dealforgovernor.com/stopobama