Daily Record Financial News &
Monday, July 4, 2016
Vol. 103, No. 166 • Two Sections
35¢ www.jaxdailyrecord.com
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Moments that change a life John Phillips plays soccer with children in Ghana during his visit to PeaceJam conference last month. The Jacksonville attorney soon found out the boys were a lot better at the game than he is.
Phillips leaves Ghana with hugs, love and inspiration By Marilyn Young Editor There was a moment in John Phillips’ trip to Ghana where he was being schooled in soccer by a group of boys. He loved it. There was a moment he helped a group of young men create a fictional basketball team whose mission included giving back. He loved it. Then came a moment he was saying goodbye to children who enveloped him in a cascade of hugs with open arms and open hearts. He loved it. The Jacksonville attorney spent three days in West Africa
last month at a PeaceJam conference to help build teenagers into leaders who could transform their communities. He spent time teaching them, he said, but mostly learning from them. Learning they lived in a village where there is “nothing but love.” It reminded Phillips that both hate and racism are learned behaviors. An online charity auction provided the life-changing experience for Phillips. It was a trip he wanted to take because of his ties to Jordan Davis, whose family he represented after the teenager was shot and killed in November 2012 in an argument over loud music. Ghana continued on Page A-6
Phillips gets a major group hug from the children of Ghana as he says goodbye.
Special to the Daily Record
As you undoubtedly know by now, global stocks lost $3 trillion in value in the two trading days after the U.K.’s Brexit vote, the worst two-day loss in history. Jacksonville stocks, of course, were not unscathed. The aggregate market value of the 20 Jacksonville-based public companies with stock prices above $1 dropped by $5.55 billion over those two days. But for local companies, it really wasn’t as bad as that might seem. While just about every stock fell, most of the losses were consolidated in two companies, CSX Corp. and Fidelity National Information Services Inc. (FIS), which lost a combined $4.2 billion in value. The market in general began to recover in the middle of last week, and if you exclude CSX and FIS, the other 18 companies recorded an aggregate gain in the week following the vote. FIS, which provides technology services for banks not only in the U.S. but also in overseas markets, seems to be the Jacksonville company facing the biggest direct impact from Brexit. The company’s annual report said 22 percent of its revenue last year came from international business. The company did not break that down by country but Robert W. Baird analyst David Koning said in a research report about 7 percent of FIS’ revenue comes in British pounds and another 7 percent comes in euros. In his report on exposure to Brexit issued before the vote, Koning expected it to have “little impact to our coverage list from a fundamental standpoint,” but companies did have to worry about the impact on foreign exchange rates. The banks that use FIS technology will still need to use it, regardless of the state Basch continued on Page A-9
Photo by Megan Jackson
Brexit hits FIS and CSX stocks
Humana leaving Downtown for Southside
Humana is leaving its Downtown SunTrust Tower offices in August for two Southside locations. More than 120 employees will make the move. The health insurer now leases about 35,000 square feet in the 23-story tower at 76 S. Laura St. on the Northbank. Its North Florida regional executive and market offices will move at the beginning of August to the Prominence office park in Baymeadows, said spokesman Mitch Lubitz. He said more than 80 employees in leadership, administrative
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and network positions will move to Prominence, where Humana will lease about 13,500 square feet of space. By mid-August, the company will move about 40 Humana and CarePlus Health Plans sales agents and customer service staff to the new Humana MarketPoint in Mandarin. The 5,500-square-foot sales and service retail center will open in the Merchants Walk shopping center at 9965 San Jose Blvd. A formal grand opening is expected in September. That move is part of Humana’s
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strategy to put its sales and service workforce in retail settings closer to members. Lubitz said many of Humana’s Northeast Florida associates telecommute from home, so the company doesn’t need as much office space. As Humana makes its moves, a $37 billion merger is pending
with Aetna Inc. Lubitz said operations continue business as usual. Aetna has received most of the state approvals it needs, although many major financial news outlets have been reporting the U.S. Justice Department is raising antitrust concerns about lessening competition in the health insurance market. The Florida Office of Insurance Regulation approved the deal in February. For its part, Aetna also is leaving Downtown. The company is moving 800 employees from the Southbank to the Gramercy Woods office park
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in Southside. The insurer said it would move starting in mid-2017 from the 22-story Aetna Building at 841 Prudential Drive. The move will be completed by August 2017.
CubeSmart plans Southside project
CubeSmart, with eight Jacksonville locations already, intends to build a self-storage project at 3211 San Pablo Road S. Davis Construction and Development will build the $4 million, Mathis continued on Page A-9
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