Permanent fund grows in market rallies

The Alaska Permanent Fund produced a return of 10.7 percent for the first quarter of fiscal year 2010. At Sept. 30, the fund had a value of $33.3 billion, an increase of $3.4 billion from the beginning of the period. The stock market rally that began in March carried through the fall, leading to a 19 percent return in the Dow Jones Global Index and the best quarter since 1998 for the U.S. market. The fund's stock portfolio performance was the primary contributor to the $3.4 billion increase in value for the quarter. The fund's U.S., non-U.S. and global portfolios returned 16.2 percent, 18.8 percent and 17.7 percent, respectively. Bond markets had a positive quarter as well, and the fund's bonds had solid performance, returning 5.3 percent for the U.S. and 3.2 percent for the non-U.S. portfolio. Absolute return also provided a 5.6 percent return. The fund earned $119 million in statutory net income for the period, which is used to calculate the annual dividend amount.

Aleut Corp. pays out second dividend for 2009

The Aleut Corp.'s board of directors on Oct. 29 approved a second dividend in the amount of $5 per share and an additional $500 elder dividend to be paid in November. This second dividend is in addition to $6 per share and $500 elder dividends that were paid out earlier this year. This combines for a total of $11 per share and $1,000 per elder for 2009. The Aleut Corp. is an Alaska Native regional corporation with 16 subsidiary companies and 3,600 shareholders.

Annual business plan competition seeks entries

The 2009 Business Plan Competition is soliciting entries. The annual event is hosted by Alaska Pacific University's Department of Business Administration, Alaska Pacific University's MBA Program and the University of Alaska Anchorage's College of Business and Public Policy. The competition aims to promote and nurture new business growth in Alaska and to give Alaska business students a chance to show their work. The competition is open to both for-profit and nonprofit businesses that are operating or intend to operate in Alaska. Deadline for submissions is Nov. 16. The competition is scheduled for Dec. 2. For information, contact Scott Fredrickson at (907) 564-8267 or sfredrickson@alaskapacific.edu.

BBB alerts businesses on use of phone-relay systems

Con artists are taking a particular phone scam to a new level, attempting to scam restaurants, auto-repair shops and others. The region's Better Business Bureau has received numerous reports in recent months about con artists misusing Telecommunications Relay Services to place fraudulent orders and scam businesses over the telephone. Using this technology intended to assist the deaf and those with trouble hearing or speaking the scammer uses an operator to relay typed messages to the called party, in this case the business. Through the relay service, the scam artist calls requesting to use the business' services, but alleges that the delivery company they use won't take credit cards; and as a favor, the caller requests that the business wire money to the shipper and add the funds to their total order cost, which will be charged to the "customer" or scammer's credit card. In this scheme, the wired money goes to the con artist and the charges end up on a stolen credit card.

SBA proposes new 8 (a) regulations

The U.S. Small Business Administration announced proposals aimed at strengthening opportunities for disadvantaged small businesses to benefit from its 8(a) Business Development program. The proposed 8(a) regulation changes are the result of the first comprehensive review of the 8(a) program in years. Some of the components of the 8(a) program that the proposed changes will affect include: Joint Ventures - qualifying that 8(a) firms are required to perform a significant portion of the contract work; Economic Disadvantage - providing more clarification on economic disadvantage as it relates to total assets, gross income, retirement accounts and a spouse of an 8(a) company owner in determining the owner's access to capital and credit; Mentor-Protg Program - requiring that assistance provided through the mentor-protg relationship is directly tied to the protg firm's business plan; Ownership and Control Requirements - providing flexibility in admitting individuals of immediate family members of current and former 8(a) participants; Tribally Owned Firms - seeking public comments on the best way to determine whether a tribe meets the criteria of being economically disadvantaged for the 8(a) program; Excessive Withdrawals - amending regulations on what is considered excessive as a basis for termination or early graduation from the program; and Business Size for Primary Industry - requiring that a firm's size status remains small for its primary industry code during its participation in the 8(a) program. Small businesses may submit comments to this proposed rule on or before Dec. 28 to www.regulations.gov or e-mail at 8aBD2@sba.gov.

SBA proposes revisions for size standards for small businesses

U.S. Small Business Administration is proposing increases in the size definitions for some small businesses. The proposed increases cover standards for 71 types of small businesses, including sectors in retail trade, accommodations and food services and other services. The changes would expand eligibility to small businesses and help them gain access to SBA's financial assistance, contracting and other programs. SBA is conducting a comprehensive review of all its small business size standards, and these three proposed rules are the first in the series. Deadline for comments is Dec. 21 to www.regulations.gov or e-mail to sizestandards@sba.gov.

Seattle sets cruise ships record

The Port of Seattle says the 2009 cruise season brought in a record 218 vessel calls and 875,433 passengers, which continues to validate Seattle's strong position in the Alaska cruise market. Seattle's market share of the Alaska cruise business has grown, from six vessel calls to 218 in 10 years, said Tay Yoshitani, Port of Seattle CEO. The cruise business in Seattle generates more than $312 million in annual business revenue, over $16 million in annual state and local taxes, and 3,781 jobs. The 2009 season saw the opening of the new Smith Cove Cruise Terminal, a new two-berth facility. For next year's cruise season, it is estimated that 222 vessel calls will arrive in Seattle bringing with them 846,000 passengers.

Federal grants available

Federal grants are available through the Trade Adjustment Assistance programs aimed at assisting companies losing sales to foreign imports or have been forced to lay off workers or cut back on hours. Eligible companies can receive up to $75,000 in grants for a range of projects to increase profitability and save jobs. The program cannot be used for equipment purchases. The nonprofit Northwest Trade Adjustment Assistance Center administers the funds from the U.S. Commerce Department's Economic Development Administration. The grants also are open to co-ops and associations. For information, go to www.nwtaac.org or contact gary@nwtaac.org.

Al Tamagni named small business champion of the year

Anchorage entrepreneur Al Tamagni is the Solveras/National Federation of Independent Business Small Business Champion of the Year for Alaska. Each year, NFIB and Solveras Payment Solutions single out a small business owner in all 50 states for recognition. Tamagni owns Pension Services International in Anchorage, which he founded in 1984 to serve as third-party administrators of retirement plans for small business owners. He also owns Financial Diversified Service Inc., an insurance brokerage firm specializing in annuities for workers' compensation injuries and for civil-liability, personal-injury cases. The award was given to Tamagni based partly on his work in helping craft legislative solutions helpful to small businesses, said Denny DeWitt, state director for NFIB/Alaska. As a founding member of the Tort Reform Group, Tamagni helped craft and shepherd legal reforms through the Legislature, which were upheld by the Alaska Supreme Court in 2001. NFIB is the nation's leading small-business advocacy association, with offices in Washington, D.C., and all 50 state capitals.