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In a stunning move, Bay Commercial Bank said it raised $18 million in permanent capital as part of a fund-raising effort that could eventually bring in $53 million.
The bank raised the $18 million from Jacobs Asset Management, Commerce Street Financial Partners, Starboard Funds and other institutional and accredited investors. That money doubled the capital base […]

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Hewlett-Packard Co.'s HP Enterprise Services has signed a Continuity of Services Contract with the U.S. Department of the Navy worth more than $3.4 billion if all options are exercised, HP has announced.
The initial award to the unit, which is based in Herndon, Va., is $27 million, the Department of Defense said in its online contract […]

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This is a weekly roundup of promotions, appointments and employee accomplishments in the Birmingham metro area. For more People on the Move, check out the Birmingham Business Journal’s print edition each week. Send announcements to ccrawford@bizjournals.com.
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Betsy Nolen, professional concierge at Barfield Murphy Shank & Smith, was honored with the Ellis Porch Spirit Award from the […]

South African policy makers are looking at whether they should maintain stimulus measures as the economy hasn’t been as affected by the global recession as other countries, central bank Deputy Governor Xolile Guma said.
“Certainly in South Africa, we’ve been taking a look at it, because we were not affected as seriously as other […]

South Korea’s exports rose for the first time in 13 months in November.
Overseasshipments gained 18.8 percent from a year earlier to $34.3 billion, the Ministry of Knowledge Economy said today in Gwacheon. The median estimate of 12 economists surveyed by Bloomberg News was for a 22.8 percent increase. Imports rose 4.7 percent to […]

A senior Federal Reserve official said on Sunday the central bank should keep alive a mortgage-backed securities buying program beyond a planned end-date to give policy-makers more flexibility as they help the economy recover from a painful recession.
“I have advocated to keep the asset purchase program open but at a very low level, and […]

Real-estate private-equity giant Lone Star Funds LS.UL is cutting some of its fees as it tries to raise $20 billion to buy pools of troubled mortgages and other kinds of distressed debt, the Wall Street Journal reported on its website on Tuesday.
Lone Star, led by John Grayken, reduced the minimum management fee it will […]

Efforts by private equity firms to sell stakes in portfolio companies through initial public offerings continued late this week as two North American companies took steps toward coming to market.
Talecris Biotherapeutics Holdings Corp, controlled by private equity firm Cerberus Capital Management LP CBS.UL, on Friday set terms for its planned $849.3 million IPO, signaling […]

We are always reinventing ourselves. In the beginning, when we are very new, we reach for gravity, adopting silly pinstripes and tight shoes.
Later on, when youth is but a memory, we start dressing like hipsters. Some of us don’t even shave, we’re so youthful, even though the beard that comes in is chased […]

The Securities and Exchange Commission should overhaul management and take advantage of the hungry, experienced lawyers it employs, so that when the next Bernard Madoff is staring in its face, it will catch him.
That’s the assessment of lawyers who once held top positions at the SEC, whose own inspector general blasted it this week […]