Georgia Gulf Receives Notice Regarding NYSE Listing

(BUSINESS WIRE)--Georgia Gulf Corporation (NYSE:GGC) (the “Company”) today announced the Company has been notified by the New York Stock Exchange (the “NYSE”) that it is not in compliance with one of the continued listing standards of the NYSE.

Georgia Gulf Corporation is below criteria established by the NYSE because the Company’s total market capitalization has been less than $75 million over a consecutive 30 trading-day period and its last reported shareholders’ equity was less than $75 million at December 31, 2008.

In accordance with NYSE procedures, Georgia Gulf Corporation has 45 days from the receipt of this notice to submit a plan to the NYSE demonstrating how it intends to comply with the NYSE’s continued listing standards within 18 months. Georgia Gulf Corporation intends to submit a plan to bring the Company into compliance with the listing standards within the required time frame.

If the average closing price of Georgia Gulf Corporation’s common stock is less than $1.00 over a consecutive 30 trading-day period, the Company will receive a formal written notice from the NYSE regarding its non-compliance with an additional NYSE listing standard (the “Closing Price Rule”). As of February 23, 2009, the average closing price of Georgia Gulf Corporation’s common stock over the last 30 consecutive trading days was $1.08 and the closing price of Georgia Gulf Corporation’s common stock on February 23, 2009 was $0.66. The Company believes it will be out of compliance with this additional listing standard, unless the market price of its common stock increases significantly in the near term. In order to remain in compliance with the Closing Price Rule, the share price and the consecutive 30 trading-day closing price of Georgia Gulf Corporation’s common stock must be above $1.00 within six months from the date the Company receives formal notice of non-compliance from the NYSE. Should the Company fail to meet these standards at the expiration of the six-month period, the NYSE will commence suspension and delisting procedures.

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Tax Provisions Hopeful Sign in New Stimulus, Says Tax Expert

The big question on the economic stimulus bill passed by Congress is: Will it work? Federal tax expert Dorothy Brown of Emory Law says one factor in favor of the new plan is that the tax provisions are incremental, rather than one-time payments.

"Studies have shown that one-time payments are likely to be saved," says Brown, "whereas with this bill, one of the tax provisions will adjust payroll withholdings for workers at the lower income level, which studies have shown are more likely to be spent."

"It will be an increase in the check every week, and workers are more likely to think 'this is more permanent, so I can go ahead and spend it' as opposed to a lump sum of $600 that they want to save," says Brown.

And because the tax breaks are hitting payroll withholding, "it's going to kick in sooner," also a positive sign, she says.

"When I look at the tax provisions, most of them go for low- and middle-income workers, which is exactly what President Obama said he was going to do—tax cuts for 95 percent of American families," Brown observes. "This may be one of the rare instances where a candidate said it and then when elected, did it."

On the president's housing policy, Brown says the provision giving bankruptcy judges the ability to renegotiate mortgages or write them down to the fair market value of the house "is a huge deal."

"I imagine they'll be some pushback," she says. "The argument is when you [renegotiate mortgages] then cost of credit for everybody goes up, because banks can no longer be comfortable with the documents they sign; they're going to be affected. But I think people will get over that. This is a crisis the likes of which we haven't seen."

Brown, professor of law, specializes in federal tax law and critical race theory and is known for her work examining the racial implications of federal tax policy. She has been an adviser to J. Stephen Swift of the U.S. Tax Court, an associate with Haynes & Miller in Washington, D.C., and an investment banker at New York’s Drexel, Burnham & Lambert. She also was a special assistant to the Federal Housing Commissioner at the U.S. Department of Housing and Urban Development in the late 1980s under President George H.W. Bush.

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Stimulus Bill Shakes Up Tax Planning

/PRNewswire/ -- "The recently enacted American Recovery and Reinvestment Act of 2009 contains a long list of tax breaks that come with short-term expiration dates," says Bob D. Scharin, Senior Tax Analyst for the Tax & Accounting business of Thomson Reuters. This means taxpayers need to plan now and act soon in order to gain advantage from the legislation. While the provisions are many, explanations are sparse--so guidance from the IRS on how to implement many of the law changes is desperately needed. Here are highlights of the new tax-saving opportunities now available for individuals:

-- The "making work pay credit" provides a $400 ($800 for joint return
filers) tax credit for employees and self-employed individuals. This
credit is refundable--meaning you can get the money even if you owe no
income tax for the year. The credit is intended to reach your pocket
quickly through additions to your pay check. Eligibility for it phases
out, however, starting when your income exceeds $75,000 ($150,000 for
joint return filers). How will employers know whether the phaseout
applies to their employees--especially employees who are married or
who have two jobs? The law does not specify an answer, but if you
receive too much of a credit from your employer, expect to pay it back
when you file your 2009 income tax return.

-- Get a sales tax deduction for car purchases. The sales tax on up to
$49,500 of the purchase price is deductible regardless of whether you
(1) claim the standard deduction or (2) itemize your deductions and
choose to deduct state and local income taxes instead of sales tax.
The deduction begins to phase out, however, when income exceeds
$125,000 ($250,000 on a joint return).

-- The first-time homebuyer credit is enlarged and improved. The credit
for first-time homebuyers in part of 2008 is capped at $7,500 and has
to be repaid over 15 years. For the first 11 months of 2009, the
maximum credit is increased to $8,000 and repayment is not required
unless you sell the home or stop using it as your main residence
within three years. Here too, a phaseout provision applies if your
income exceeds $75,000 ($150,000 for joint returns). The credit for
2009 purchases can be claimed on your 2008 return. Should the form for
the 2008 credit be used to do so? Homebuyers need guidance from the
IRS quickly regarding the mechanics of claiming it.

-- The energy credit gets another life. Previously, you could claim an
aggregate "lifetime" credit amount of up to $500 for making certain
energy-efficient improvements to your home. For 2009 and 2010, the
credit computation is more generous, and the aggregate ceiling for the
two years is $1,500.

-- The mass transit benefit exclusion is bulked up. Previously, you could
exclude from income up to $120 per month of mass transit benefits
provided by your employer (or funded with pre-tax employee
contributions). Thanks to the new law, the figure rises to $230
starting generally in March 2009 and through 2010.

-- The Hope Scholarship credit is expanded in size and availability in a
variety of ways. Prior to the new law, the Hope Scholarship credit was
generally capped at $1,800 and available for only the first two years
of post-secondary education. The new American Opportunity tax credit
amends the Hope Scholarship credit for 2009 and 2010, raising the
credit maximum to $2,500 and its availability to the first four years
of post-secondary education. Furthermore, among other beneficial
changes, the income level at which the credit begins phasing out rises
too--from $50,000 ($100,000 for joint return filers) to $80,000
($160,000 for joint return filers).

-- Alternative minimum tax (AMT) relief has come early in the year. AMT
"patches," raising the AMT exemption amounts have become a year-end
ritual. This created anxiety and complicated tax planning, however,
for many individuals until that year's fix was in. For 2009, we
already know that the patch is sewn up. The AMT exemption rises to
$46,700 for unmarried individuals ($70,950 for joint return filers)
from $46,200 ($69,950 on joint returns) in 2008. If a patch were not
enacted, however, the 2008 amounts would not have applied in 2009;
rather, the way the Internal Revenue Code is written, the AMT
exemption amount would have dropped to $33,750 ($45,000 on joint
returns).



"The expiration dates on these provisions require taxpayers to watch the calendar." Scharin observes. For instance, purchasing a home after the first-time homebuyer credit expires can be an $8,000 mistake.

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Stimulus Package's Tax Credit for New Car Buyers Means Auto Shoppers Must be Prepared to Take Advantage of Savings

/PRNewswire-USNewswire/ -- The federal stimulus package signed into law by President Obama includes a $2.3 billion tax break for new car and truck buyers, which could save auto buyers hundreds of dollars. With potentially significant savings, auto shoppers should continue to do their homework in preparation for vehicle financing decisions, says AWARE (www.AutoFinancing101.org), a non-profit auto financing education group.

"This tax credit may make a new vehicle purchase more feasible for many consumers in the near future," said Eric Hoffman, spokesperson for AWARE. "Auto buyers should educate themselves about financing before making a purchase. Shoppers should maintain a solid credit track record, and shop around for financing among several sources, including banks, credit unions, financing companies and auto dealers."

As part of the stimulus package, taxpayers will be able to deduct the both local and state sales tax paid on new car purchases up to $49,500. The tax break will cover the purchase of any new car, domestic or foreign, through the end of 2009. Additionally, the deduction is "above the line," which means that it reduces the amount of a filer's taxable income. Eligible taxpayers must have an annual income below $125,000 for individuals or below $250,000 for families.

With the availability of this tax credit in the stimulus package, auto shoppers will see noteworthy savings on new car and truck purchases. Given this opportunity for savings, shoppers should continue to follow a proven approach to financing preparation, according to AWARE.

"Auto shoppers who are considering purchasing a car today or within the coming months should continue to educate themselves about the financing process," Hoffman said. "Our research has shown that consumers who are educated and informed about the auto financing process are the most satisfied with their auto financing decisions."

With the vehicle-buying opportunity presented by the stimulus package, AWARE reminds car buyers that the most important steps to prepare to finance a vehicle are:

-- Understand your credit history - When credit is tighter, as in today's
economy, consumers with a strong credit history will still obtain the
most attractive rates possible, while those with sub-optimal credit
may find fewer financing options. Check your credit rating by
obtaining your credit report from www.annualcreditreport.com.
Immediately contest any errors, settle outstanding debts, and build
your rationale for anything negative.

-- Evaluate your financial situation - Determine how much you can afford
to put down and pay on a monthly basis. A list of online auto
financing calculators and interactive budget worksheets can be found
at www.AutoFinancing101.org/LearningSuite. Once you settle on a
budget, make sure you stick to it.

-- Learn the language - Make sure you are familiar with common terms
you're likely to hear or read in the course of purchasing or financing
a vehicle, such as APR, down payment, fixed and variable-rate
financing, and on- and off-site financing. Many of these terms can be
found at www.AutoFinancing101.org/resources/glossary.asp.

-- Shop around for financing - Given today's marketplace, shopping around
is key. Compare financing from a variety of sources, including banks,
credit unions, financing companies, and auto dealers. It's in your
best interest to use the competitive market to your advantage by
considering all of the financing options available to you, and
choosing the one that best fits your individual needs.


A host of tools, calculators, articles and other resources to help consumers sufficiently prepare for auto financing decisions can be found on AWARE's Web site (www.AutoFinancing101.org) - available in both English and Spanish.

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Merrill Lynch Fund Manager Survey Finds Chinese Economic Optimism Fuelling Improved Growth Outlook

/PRNewswire/ -- Fresh optimism over China's growth prospects has led to a marked improvement in economic sentiment globally, according to the Merrill Lynch Survey of Fund Managers for February.

Investors are at their most hopeful about the year ahead since the credit crunch took hold in July 2007, with the number who forecast a worsening economy in the 12 months ahead falling to a net -6 percent. This compares with a net -24 percent in January. The majority recognises, however, that the world economy is in recession.

Fears of a prolonged slowdown in China appear to be fading. The number of investors who predict lower growth in China over the coming 12 months has fallen sharply, to a net 21 percent in February from a net 70 percent in January.

Similarly, severe pessimism about the outlook for corporate earnings has started to ease. A net 43 percent of respondents expect to see deteriorating profits over the coming year, significantly lower than the 63 percent who held that view in December. A net 49 percent of the panel predicts inflation will fall over the coming 12 months, compared with 64 percent in January and 82 percent in December.

"Fund manager expectations for Chinese economic growth rose dramatically to their highest levels since 2007, and faint global decoupling hopes now reside solely with China," says Michael Hartnett, chief Global Emerging Markets Equity strategist at Banc of America Securities-Merrill Lynch Research.

Commodities coming back as equity allocations shift into cyclicals

Commodities have enjoyed the sharpest pick-up in terms of changes to asset allocations in the past two months. Investors hold a net 15 percent underweight position in commodities, down from a net 32 percent underweight in December.

Bond weightings were trimmed while equity allocations fell back to a net 34 percent underweight - the same position as in December. Investors have been pruning back their allocations to traditional defensive sectors and moving into more cyclical sectors.

Weightings fell in Telecoms, Insurance, Staples and Utilities. At the same time investors increased positions in Technology, Energy, Materials, Industrials and Discretionary Spending.

"Higher risk appetite, rising commodity sentiment and a strong valuation case could encourage further investment in energy and materials sectors. We see this as best played out through sterling-denominated assets," said Gary Baker, Banc of America Securities-Merrill Lynch head of EMEA Equity Strategy.

U.S. in favour while Japan allocations fall

Appetite for U.S. equities has been reawakened in February, possibly boosted by poor market performance in January. The net overweight position in U.S. equities has risen to 15 percent this month, up from 7 percent one month ago. The U.S. benefits from having the best profits outlook, and 31 percent of respondents want to overweight U.S. equities in the next 12 months.

At the same time allocations to Japan have fallen starkly with investors who hold a net underweight position of 26 percent, compared to 15 percent in January. Traditionally, Japanese equities would benefit from a broad pick-up in sentiment. Japan also suffers from having an overvalued major currency, according to the survey.

For the first time, respondents view the yen as more overvalued than the euro. Pessimism over the euro has broadly moderated, while the region's macro-economic outlook is somewhat more favorable.

"Eurozone growth expectations picked up to the highest level in 12 months in February," said Baker. "But in contrast with the global picture, the number of European portfolio managers overweight cash spiked to the highest level since October 2001."

Survey of Fund Managers

A total of 212 fund managers, managing a total of US$599 billion, participated in the global survey from 6 February to 12 February. A total of 177 managers, managing US$372 billion, participated in the regional surveys. The survey was conducted by Banc of America Securities-Merrill Lynch Research with the help of market research company Taylor Nelson Sofres (TNS). Through its international network in more than 50 countries, TNS provides market information services in over 80 countries to national and multi-national organizations. It is ranked as the fourth-largest market information group in the world.

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One Georgia Bank is State's Fastest-Growing Lender to Small Businesses

/PRNewswire/ -- Sprinting ahead of the pack in 2008, One Georgia Bank grew its SBA 7(a) loan volume faster than any other lender in the state. The Atlanta-based community bank set the leading pace during the first year of its newly created SBA Lending Division that started operations in March 2008. In November 2008, the bank received approval from the U.S. Small Business Administration as a Preferred Lender.

One Georgia Bank approved fourteen 7(a) loans totaling $6,600,000 for SBA's fiscal year which ended September 30, 2008, earning the bank SBA's Pacesetter Award.

Among all lenders in the state for 7(a) loans, One Georgia Bank ranked fourth by total dollar volume at the end of December 2008 with four 7(a) loans totaling $2.8 million. The company trailed the leader by only $314,500.

"Small businesses are the lifeblood of the economy, and we're proud to do our part to help them grow and thrive," said Willard "Chuck" Lewis, president and chief executive officer of One Georgia Bank. "During these difficult economic times it's crucial that we support our local entrepreneurs."

In an effort to continue and expand that support, One Georgia Bank has become a Patriot Express lender. The SBA program is designed to help military veterans and their spouses, current or widowed, gain access to loans for expanding small business ventures.

With the Patriot Express program, loans of up to $500,000 are available. Loans of $150,000 or less qualify for the SBA's maximum guaranty of 85 percent. Loans of more than $150,000 qualify for a 75 percent guaranty.

Patriot Express loans can be used for most business purposes, including acquisition of real estate, equipment, inventory and working capital.

"It is an honor to have the opportunity to help brave members of our military lead successful lives once they return home from duty," Lewis said. "After the sacrifices they have made for our country, our veterans and their families are undoubtedly deserving of professional financial help at home."

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Polk Predicts the Impact of U.S. Government Incentives on Automotive Sales

/PRNewswire/ -- Based on detailed analysis and evaluation of the current economic stimulus package expected to be voted on today in Washington, Polk analysts predict the current proposed government incentive will increase U.S. light vehicle sales by 94,000 units in 2009, providing consumers with an average rebate of $330 for each new vehicle purchased.

Throughout the negotiations between the House and the Senate over the economic stimulus plan, Senator Barbara Mikulski (D-MD) spearheaded a provision to help revive the sagging automotive market. Under the current proposal, consumers who buy a new vehicle will be able to deduct the sales tax from their income taxes.

Polk analyzed vehicle prices, sales tax rates, registrations by state, and income tax brackets to develop its rebate forecast. The sales projection forecast is based on measuring the efficiency of past incentive programs across the automotive industry, together with current economic conditions including limited credit availability, low consumer confidence and a rising unemployment rate.

A previous proposal also included a deduction for interest expenses on new vehicle financing. Under that plan, Polk estimates the average rebate would have been $1,250 per vehicle, and would have provided a sales boost of 359,000 units in the U.S.

"Although the current tax incentive is not as generous as the initial one, it is nevertheless an encouraging measure. This incentive program could be even more successful if coupled with additional steps to boost consumer confidence that would drive more showroom traffic for dealers," said Lionel Yron, director of Consulting & Analytics at Polk.

"For example, Hyundai just launched a special program where U.S. consumers can return their newly purchased vehicle if they lose their income within a year. As a result, Hyundai's sales are up 14% in January while overall, the industry is down 37% compared to January 2008," explains Yron. "The magnitude of this gap hints at how much market uncertainties weigh on consumer spending."

Another interesting point of comparison is to look at the steps taken by Western European governments to spur automotive demand in their region. In Germany, consumers can receive a rebate of 2,500 Euros (equivalent to $3,200 USD) if they scrap their old vehicle when purchasing a new one. According to Polk estimates, this measure is expected to increase light vehicle sales by 200,000 units for 2009 and should push the German car market just above 3 million units.

"Because of the fixed rebate amount, small car buyers will benefit from a greater discount. As such, Polk expects to see robust sales gains in this segment. The scrappage bonus may very well ignite a sustained recovery for the German car market," commented Ulrich Winzen, chief analyst at Polk.

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