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Severe storms are exiting Tallahassee and moving into eastern parts of the Big Bend.
PepsiCo offers a high dividend yield, as well as strong dividend growth, which makes it one of the top dividend stocks in the market today.
These are not easy times for large multinational companies like PepsiCo (NASDAQ:PEP). The first quarter was a tough one, as PepsiCo's revenue and earnings were weighed down by a brutal foreign exchange headwind. The rising dollar against international currencies such as the euro made it much harder for American companies that do a substantial amount of business overseas to meet earnings expectations.
Foreign exchange issues actually caused PepsiCo and many other companies to report falling revenue last quarter. Nevertheless, PepsiCo remains one of the world's strongest brands and highest-quality businesses for income investors, and its recent dividend increase proves it.
Shortly after reporting first-quarter earnings, PepsiCo raised its dividend for the 43rd consecutive year and delivered a 7% dividend increase to investors this quarter compared to same period last year. This ensures PepsiCo maintains its coveted Dividend Aristocrat status, which is reserved for truly elite businesses that have a strong history of boosting shareholder value through dividends.
PEP Dividend data by YCharts.
As shown in the chart above, PepsiCo has an extremely long streak of steady, annual dividend increases. PepsiCo's new annualized dividend totals $2.81 per share, which provides a solid 2.9% yield. That's significantly above the broader market as measured by the S&P 500 Index, which averages about a 2% dividend yield.
The dividend increase is part of PepsiCo's broader capital allocation program. During the past decade, PepsiCo returned more than $60 billion to shareholders in combined dividends and share repurchases. In 2015 alone, PepsiCo expects to return $8.5 billion-$9 billion to investors.
The reason why PepsiCo can afford to pass along such generous amounts of cash to investors is that, even with difficult macroeconomic circumstances, the company still generates healthy cash flow. PepsiCo raked in $7.6 billion of free cash flow in 2014, up 11% from $6.8 billion the previous year. Meanwhile, PepsiCo's dividend cost $3.7 billion last year, resulting in a very comfortable 48% free cash flow payout ratio.
The good news doesn't end there, either. Going forward, PepsiCo has a number of initiatives in place to ensure it should have plenty of room for its amazing dividend streak to continue.
One way PepsiCo plans to keep growing free cash flow is to continue building its massive portfolio of popular brands. PepsiCo's product portfolio now has 22 brands that each collect at least $1 billion in annual sales, including its flagship Pepsi, Mountain Dew, Diet Pepsi, Doritos, and Ruffles. In the years ahead, PepsiCo has embraced the trend toward healthier food and beverages, through its brands like Naked and Sabra. These healthier products, which appeal to younger consumers, stand a great chance of adding to PepsiCo's billion-dollar brands.
Another measure in place to keep cash flow growth intact is to reduce expenses. PepsiCo delivered $1 billion in cost savings just last year as part of its ongoing productivity initiative. Management anticipates cutting approximately $1 billion in costs each year from 2015-2019. This will be accomplished by PepsiCo transforming its business model. PepsiCo will utilize its scale by enabling individual country teams to make quicker decisions to serve local consumers and retailers rather than taking the old, highly decentralized approach.
Not only does PepsiCo provide a market-beating dividend yield, but it also increases its dividend at high rates each year. During the past five years, PepsiCo has increased its dividend by 7%, which is well above the rate of inflation. This means that investors looking for either current income or dividend growth can count on PepsiCo.
Plus, thanks to PepsiCo's massive portfolio of strong brands, as well as its cost-cutting efforts and strong free cash flow, it's very likely the company will continue to increase its dividend for years to come.
Decision required: The Committee is requested to review the state of conservation reports. The Committee may wish to adopt the draft Decision which will be presented during the session.
"[...] the situation of this property corresponds to the criteria mentioned in the ICOMOS note and, in particular, to criteria (e) (significant loss of historical authenticity) and (f) (important loss of cultural significance) as far as "ascertained danger" is concerned, and to criteria (a) (modification of juridical status of the property diminishing the degree of its protection), (b) (lack of conservation policy) and (d) (threatening effects of town planning) as far as "potential danger" is concerned. [...]"
February-March 2004: World Heritage Centre/ICOMOS/ICCROM mission; from September 2005 to May 2008: 6 experts missions within the framework of the elaboration of the Action Plan for the Safeguarding of the Cultural Heritage of the Old City of Jerusalem; February-March 2007: special World Heritage Centre/ICOMOS/ICCROM mission sent by the Director-General of UNESCO for the issue of the Mughrabi ascent; August 2007, January and February 2008: missions for the application of the Reinforced Monitoring Mechanism; March and December 2009: World Heritage Centre missions; December 2013, October 2014, February 2015 and June 2015: project missions.
The Old City of Jerusalem and its Walls (Site proposed by Jordan) was inscribed, as a holy city for Judaism, Christianity and Islam, on the World Heritage List in 1981. It has been further inscribed since 1982 on the List of World Heritage in Danger.
A report was provided to the World Heritage Centre by the Israeli Permanent Delegation to UNESCO on 1 February 2016. A joint report was provided to UNESCO by the Jordanian and Palestinian Permanent Delegations on 6 April 2016. These reports are available at http://whc.unesco.org/en/list/148/documents/.
Regarding town planning, the report informs about ongoing processes regarding the comprehensive local plan for the Jewish Quarter in the Old City which intends to set guidelines for the preservation and development of the quarter, as well as enhancing the value of its cultural, historical and archaeological assets. The report further informs that, in March 2015, the plan cleared compliance with threshold requirements of the Regional Planning committee.
Concerning residential block plans, "a professional summary of the research done so far, and which can serve as planning guidelines, has been published and will be submitted as well. All documents have been translated into Arabic to enhance the process of public participation."
The report furthermore provides a list of detailed schemes for the Old City, including notably the Tifferet Israel as well as the Liba (core) House.
Regarding physical infrastructure and design and execution, the report provides a list of upgrading of infrastructures.
The report also informs about implementation of the Old City Lighting masterplan around the Dormition Abbey on Mt. Zion as well as about Interpretation and Orientation Signage being added along main routes.
Furthermore, the report underlines that the four-year contract for Maintenance and Site Management in the Old City was renewed.
The report indicates that ongoing conservation works on the Dome of the Rock include preservation of dome mosaics and marble tiles and that ongoing conservation was also conducted in Solomon's Stables. Conservation works were completed on the Eastern Wall.
The report also states that conservation activities included structural works in Ohel Yitzhak Synagogue, Western Wall tunnels conservation and cleaning works as well as cleaning and excavation of the large Mameluke pool.
Furthermore, the report indicates that various works of construction, restoration and maintenance were carried out at the St. Abraham convent.
It also provides information on conservation works and activities in the Old City and along its Walls, which includes development works at the promenade and garden, at the south of the Walls, graffiti cleaning, preliminary conservation actions in the Jewish Quarter as well as others maintenance andrestoration works and mentions "excavation along the foundations of the Western Wall (...) which will help understand the building procedure of the Temple Mount".
The report informs about archaeological research excavations in the Jerusalem Archaeological Park at the Western Wall foundations and at the Western Wall Tunnels.
The report also provides a list of several reported excavations referred to as "salvage excavations" at the Strauss building; in the Jewish Quarter; in the Moslem Quarter; in the Christian Quarter; in the Armenian Quarter, as well as at the Herodian Hall.
Finally, the report provides a list of tourism and cultural events that were organized.
The report was submitted on 6 April 2016. It provides information based on the observations and reports of the Jordanian Jerusalem Awqaf and the Jordanian National Committee for World Heritage. It presents activities undertaken by the Jordanian Jerusalem Awqaf and information on measures undertaken in the Old City, reiterating the concern of the Jordan and Palestinian authorities on these matters.
The report refers to alleged prevention of the Jordanian Jerusalem Awqaf, from performing emergency restorations and stabilization measures to historical structures and to the Mughrabi Gate Pathway.
Furthermore, the report presents a detailed list of activities and projects undertaken by the Hashemite Fund for the Restoration of Al-Aqsa Mosque and the Hashemite Restoration Committee notably on the Dome of the Rock, the dome and columns of the Al-Jame' Al-Aqsa (the Qibli Mosque) as well as in the Marwani Mosque.
The report also indicates that "renovating part of the Eastern Wall of Al-Aqsa Mosque / Al-Haram Al-Sharif has been stopped although it is one of the urgent projects needed to conserve the historic wall, which is also the eastern wall of the Old City of Jerusalem". The report also indicates alleged new damages on two Mamluk wooden gates of Al-Jame' Al-Aqsa / the Qibli Mosque that were restored recently.
This chapter of the report includes several sections which describe constructions, excavations and reported intrusive tunneling actions in and around the Old City1, in particular in the areas of the Western Wall and in Silwan. Of particular concern to the Jordanian and Palestinian authorities are intrusive constructions, tunneling and underground excavations. The report also mentions the plan to open a parking lot on the site of Nea Maria Church, in the southern part of the Old City of Jerusalem a few meters away from the Nabi Dawoud Gate.
In addition, the report provides several examples of construction projects in the Old City of Jerusalem, in a manner that negatively affects the function, visual view and skyline of the Old City. The report expresses concern related to alleged aggressions against religious sites and prayer places.
The report also refers to the Resolutions and Decisions taken in this regard by the United Nations notably.
Finally the report adresses several recommendations notably with a view to ensure the implementation of Resolutions and Decisions taken by UNESCO.
Since its 31st session (Christchurch, 2007), the World Heritage Committee has repeatedly asked "the World Heritage Centre to facilitate the professional encounter at the technical level between Israeli, Jordanian and Waqf experts to discuss the detailed proposals for the proposed final design of the Mughrabi ascent, prior to any final decision." (Decision 31 COM 7A.18). Two such meetings took place in Jerusalem on 13 January and 24 February 2008.
UNESCO convened a technical meeting at its Headquarters in 2012, however neither examination nor discussion to reach a consensus on the design of the Mughrabi Ascent could take place on this occasion.
Another meeting was foreseen to take place at the World Heritage Centre in May 2013, however not all the parties concerned were in a position to attend.
Since then, the World Heritage Committee deplored the fact that the meeting of experts on the Mughrabi Ascent had not taken place.
In case it would take place, the Secretariat will be reporting on such a meeting to the World Heritage Committee accordingly, either through an Addendum or orally.
The information provided in the report by the Jordanian and Palestinian authorities underlines reported "continued concrete constructions and irreversible demolition of major parts of the Mughrabi Gate Pathway (MGP)" in 2014-2015. It refers notably to reported extensive underground tunneling beneath the MGP remains, removal of Historic remains, as well as expansion of new prayer areas. It further indicates that many new constructions and excavations have been continuing through 2015.
The Norwegian Government and UNESCO signed in December 2011 an agreement for the project "Ensuring the sustainability of the Centre for the Restoration of Islamic Manuscripts of the Haram al-Sharif in Jerusalem" to build capacities of the staff of the Centre in the preservation of Islamic manuscripts. The stakeholders are currently discussing the possible new phase of the project to be implemented beyond 2016.
The project "Safeguarding, Refurbishment and Revitalization of the Islamic Museum of the Haram al-Sharif and its Collection" started in 2008 with funding from the Kingdom of Saudi Arabia. The project is currently on hold as it requires additional funding to complete the proposed museographical and scenographical planning, which was approved in March 2015 by the Awqaf authorities. A follow-up mission took place in June 2015. The re-opening of the Museum depends on the availability of funds, and is foreseen beyond 2016.
The World Heritage Committee requested at its 34th (Brasilia, 2010), 35th (UNESCO, 2011), 36th (Saint Petersburg, 2012) sessions respectively, "a joint World Heritage Centre/ICCROM/ICOMOS Reactive Monitoring mission to the property as referred to in the Operational Guidelines to assess and advise on progress made in the implementation of the Action Plan and, in cooperation and consultation with the concerned parties, to identify appropriate operational and financial mechanisms and modalities to strengthen technical cooperation with all concerned parties in the framework of the Action Plan". However, no agreement could be reached between the concerned parties on the Terms of Reference of the mission which was planned to take place in May 2013.
Since then, the World Heritage Committee has reiterated the request of the dispatch of the mission. In case it would take place, the Secretariat will be reporting on such a mission to the World Heritage Committee accordingly, either through an Addendum or orally.
The "Reinforced Monitoring Mechanism", requested by the UNESCO Executive Board at its 176th session and by the World Heritage Committee at its 31st session (Christchurch, 2007), has been applied to the Mughrabi Ascent since then. Consequently, nine reports were prepared by the World Heritage Centre and forwarded to the concerned parties and the members of the World Heritage Committee. At its 35th session (UNESCO, 2011), the World Heritage Committee decided to expand the mechanism to the entire Old City of Jerusalem and, thus, six reports were prepared respectively in December 2011, March 2012, February 2013, March 2014, April 2015 as well as in April 2016 and transmitted to the members of the World Heritage Committee and the concerned parties.
1 The issue of the archaeological excavations carried out since 1967 in the Old City of Jerusalem is also the subject of consideration by the Governing Bodies of UNESCO. These archaeological campaigns are in contradiction with article VI. 32 of the 1956 New Delhi Recommendation on International Principles Applicable to Archaeological Excavations, related to excavations in an occupied territory.
The Samsung Gear 2 smartwatch.
The original Samsung Galaxy Gear smartwatch was more of an accessory to Samsung smartphones. It lacked too many features to be a true standalone device and worked best when paired with a phone.
The Gear 2 is a different beast altogether. While similar in interface and design, it actually runs on Samsung's Tizen operating system.
This explains why the Gear 2 and Gear 2 Neo do not have the Galaxy monicker, which is used exclusively on Samsung's Android devices.
The main difference between the Gear 2 and Gear 2 Neo is that the Neo does not have a 2MP camera.
Instead of having to jog with a watch and phone, the Gear 2 alone can track your runs.
It also works as a pedometer. But activities, such as cycling and hiking, still require the use of the Gear 2 and a smartphone, but at least the phone can be kept in your jersey pocket or bag.
The Gear 2 comes with 4GB of built-in memory. Although the operating system will consume some of the storage space, there is still plenty left to store several hundred songs.
Pair the phone with a Bluetooth headset and you can now jog with your music library, minus your smartphone.
The watch has a 1.63-inch Super Amoled screen and a 1GHz dual-core processor.
Though it uses a 300mAh battery compared with the 315mAh of the original, software improvements keep power consumption down. The Gear 2 can operate for two to three days before needing a recharge.
It resists dust and water, and comes with an IR LED sensor which you can use to remotely control the channels and volume on a Samsung TV set.
Located on the underside of the watch, the monitor tracks and records your heart rate.
All readings are stored and can be transferred to your Samsung smartphone. The results can be tracked for as long as eight months.
The Gear 2 will work with several Samsung phones, such as the Note 2, Note 3, S3, S4 and S4 Zoom, right out of the box.
Once paired, it can receive incoming e-mail, SMS and call notifications. It can also be used as a hands-free speaker to take calls when you are driving.
In Samoa, the Minister responsible for the government's newly opened Fugalei market, has changed its opening hours following pressure from farmers and small business operators.
Lautafi Fio Purcell has restored the 24 hour market opening hours after the initial operating hours of 6 in the morning till 6 in the evening drew criticism.
The announcement of the decision by a senior officer of the Accident Compensation Corporation was met with applause from farmers and business vendors who have been critical about some of the new rules for the market.
But our correspondent says the rule of sellers having to take home goods not sold on the day still stands.
President Trump will request from Congress at least $8.6 billion to build additional sections of a wall along the U.S.-Mexico border. This money is in addition to the $1.3 billion Congress appropriated earlier this year and the approximately $7 billion Trump “appropriated” via his declaration of a national emergency at the border.
Trump will seek the $8.6 billion as part of his proposed 2020 budget. The budget also calls for 5 percent cuts in most domestic spending programs and an increase in military spending.
The Democrats declared Trump’s proposal for more border wall money a non-starter. “We hope he learned his lesson” from the recent bruising battle over the wall, Speaker Nancy Pelosi intoned.
Trump seems to have emerged from that battle unscathed, though. His poll numbers show no decline in popularity as a result of the shutdown and the ensuing deal.
Trump would be foolhardy not to seek significant wall funding in the 2020 budget. Even with the funds he found in connection with his national emergency declaration, Trump doesn’t have the money he needs to build the walling/fencing he wants. It’s also unclear that the judiciary will uphold Trump’s self-appropriation of money for the wall.
Thus, failure to seek substantial wall funding in the 2020 budget would signal capitulation in the fight to fulfill his signature campaign promise.
By fighting on, Trump keeps his signature issue alive for the 2020 election. It’s even possible that the Democrats will give him a little more money for the wall. Congress and the White House must agree on a new budget deal by the end of September. They must also agree to a resolution raising the debt ceiling at around that same time, or else risk having the government fall behind on its obligations, which could rattle the economy and financial markets.
I wouldn’t bet on these outcomes. Congressional Democrats don’t have anything much against the wall, but they are determined to prevent Trump from building much of it because they think they can deal him a deadly political blow in that way.
Trump would deal himself a more serious blow if he didn’t renew his fight for wall funding via the 2020 budget.
If These are 'THE' Breakthroughs, Should Markets Take Off?
There seemed to be key breakthroughs for two of the most oppressive fundamental themes of the past few months Tuesday - at least the perception of their possible outcomes. Yet, despite the break in the clouds and the prevailing climb in risk-leaning benchmarks like the S&P 500, the occasion merited relatively limited enthusiasm for broader financial system. What was the progress that should have roused the bulls to life this past session? The leading threat to develop over the past year has been the rise of trade wars. While this economic blight is open on numerous global fronts, the primary engagement is between the United States and China. As of this past week, the rhetoric surrounding the revived negotiations seemed to carry caution and skepticism. Through the end of the week, it was suggested that the Trump administration was skeptical that they would strike a deal in time. That paired with reports that the President was looking to hold to the March 1st deadline with tariff escalation the following day (from 10 to 25 percent), concern was spreading fast. Perhaps recognizing the fading speculative conviction, the President softened his tone from the aggressive negotiation position, saying he may extend the tariff escalation date if he believed they were closing in on a viable deal. The more acute disruptor with a course correction his past session were the headlines indicating a deal on US government funding was agreed to 'in principle.' Curbing these risks is a significant lightening of the fundamental outlook. However, both situations seems to be dependent on the whims of Donald Trump who has changed tack frequently with no warning. My greater concern is: what if these risks genuinely recede and markets slide anyways?
Looking to the last of the remarkable runs across the financial system's major markets, the Dollar's advance finally came to a close with a sizable drop Tuesday. This was the first drop in nine trading days - bring to a close the longest bullish stretch for the benchmark currency dating back to November 2016. Technically-speaking, as impressive as the Greenback's chart was, it did little to alter the general structure solidifying the multi-month range. Starting from the bottom of the well-established congestion pattern, the advance terminated well short of the upper threshold at 97.75. In effect, this was an impressively consistent range swing with no further intent to speak of. That fits the general state of the markets (range trading) as well as the fundamental backdrop to the currency itself. We have seen a dramatic decline in rate forecasts these past months, fading growth forecasts and an unmistakable softening of sentiment surveys. In fact, Monday's CNBC small business and the New York Fed's consumer confidence reports reiterated the pessimism that was starting to peak through. To ensure we didn't miss the pain, the NFIB small business reading reiterated the problems. Beyond the drop in the headline figure, the back-to-back December/January plunge in the figure asking whether it was "a good time to expand" suffered its biggest plunge in the survey's history. Quality of labor was mentioned as the biggest concern and intention to increase compensation raised fears that we the seeds of recession are unmistakable. To add a different facet to the Dollar's troubles, the Fed's quarterly household debt update signaled the weakest showing in credit inquires in the data's history (sign of weak growth) and the Treasury reported national debt hit a new record $22 trillion (reminding us of the underappreciated credit quality question for the US). Ahead, we have the US CPI update, Fed speak and the monthly budget update. None of these will single-handedly trigger the market; but if they add to the building bearish wave, expect pressure.
Another currency testing its focus on fundamental matters was the British Pound. Prime Minister Theresa May was in Parliament this past session calling on MPs to remain steadfast with the negotiations. The assessment of her most recent trip to Brussels with the mandate of previous amendments seems to have been a meet that yielded no material changes in the requirements of the parties. Parliament is due to debate Brexit again on Thursday but the key date is February 26th whereby should the separation not be seen as on-pace, the Houses will consider amendments the following day. With so much uncertainty and signs of economic tension already apparent, it will be difficult for other themes to draw the market's attention. The Bank of England Governor's remarks this past session were only registered for his familiar warning on the Brexit situation. The upcoming inflation data run (including CPI) will similarly be overlooked as there is little confidence in a change in rates - and such a move (hawkish or dovish) would render very little impact. Also at direct risk from Brexit (see our Brexit timeline) is the Euro's health. That fact still seems to be conveniently overlooked for the time being, but traders would do well to remember the connection. In the meantime, local fundamental issues are starting to draw the shared currency's attention. This past session rumors started to circulate that the Spanish Prime Minster's budget was set to fail and an election would be prompted. The vote is up today. On Thursday, we will change the focus to more traditional measures of Euro-health: the Eurozone and German GDP figures will offer a picture of the region's economy and in particular its typical engine. If either reading looks on pace to stall, the convenient downplaying of Italy's technical recession will be seen as a mere delay.
While much of the focus this past session was on trade wars and the progress towards US government funding that extends beyond Friday, there were a few other highlights that traders should keep tabs on. One such theme was monetary policy. With the dovish shift from the Fed and many others these past weeks already painting the picture, there were more obscure updates across the major central banks. Fed officials speaking on the day took the same statement of restraint we read in the December SEP. BOE Governor Carney offered little intention to act aggressively on monetary policy with the Brexit uncertainty in the air. More noteworthy than the market's interests seems to suggest was the suggestion from ECB officials that the market should not put too much emphasis on individual indicators - perhaps recognizing the troubled economic and financial views that can accompany aggressing easing postures. If you were looking for direct monetary policy, the Reserve Bank of New Zealand (RBNZ) held rates unchanged as largely expected, but the New Zealand Dollar rallied smartly after the news. Why? The rate forecast for this lost carry currency was starting to point towards a future cut, but the statement and Governor Orr made it clear that there was little intention of lowering the rates anytime soon. If you want to see what kind of lasting impact this may have, I would suggest steering clear of the likes of NZDUSD or NZDJPY and look instead to an AUDNZD. While the RBNZ has offered some semblance of a lower bound, the general trend is to greater accommodation as economic activity stalls. Keep in mind alternative does well when most traditional fiat markets are under pressure - and especially when risk aversion is added to the mix: gold. We discuss all of this and more in today's Trading Video.
What are the Chances of a S&P 500 Reversal, EURUSD Breakout, Gold Trend Next Week?
Hezbollah says that despite its heavy involvement in Syria, Israel remains the central enemy.
The Hezbollah terror group continues to see Israel as its central enemy and not the rebels in Syria, the group’s deputy leader said on Thursday.
“Israel is the main enemy,” Sheikh Naim Qassem said, according to the Lebanese Daily Star.
“But the tactical priority depends on the direct threat, so our confrontation with takfiri (extremist) groups derives from the direct danger they represent, and it does not affect our readiness to confront Israel,” he declared.
Qassem gave the speech in a conference organized by the Institute of Wisdom Knowledge as part of the Permanent Conference for Resistance. The institute is a research school close to Hezbollah that specializes in philosophical and religious studies, according to the Daily Star.
The talk focused on demonstrating that Israel’s existence is illegitimate, that the country is an eternal enemy to Lebanon and all Arabs, and that armed resistance is the right way of confronting it.
He added that diplomatic resistance, which he said was the preferred choice for Israel, had achieved nothing for the Arabs. Armed struggle, on the other hand, had accomplished a unique victory for Lebanon and the region, he explained.
While Hezbollah has seemingly been busy with the civil war in Syria, where it has been fighting alongside President Bashar Al-Assad’s troops and sustaining heavy losses, it has never stopped threatening Israel.
The Lebanese-based terror group has been increasing its attacks on Israel recently. March was a particularly active month, as the group placed a bomb on the Israeli border in an attempt to kidnap IDF soldiers.
Hezbollah vowed revenge earlier in February, after the IAF took out a transfer of advanced missiles to the terror group from Syria in an airstrike.
In April, three members of a Hezbollah terror cell were exposed in Thailand, where they reportedly were scouting out Israeli and western sites in preparation for an attack.
A car burst into flames Monday after it plunged nine stories down a Miami parking garage.
MIAMI - A car burst into flames Monday after it plunged nine stories down a Miami parking garage.

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