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Why the Bitcoin Halving is Bullish for Every Single Cryptocurrency
ByCCN Markets: The old adage “a rising tide lifts all boats” appears to be more applicable to the crypto market than perhaps any other asset class. Need proof? Just look at the resounding impact the loomingbitcoinhalving is having on virtually every majorcryptocurrency.
For those who are not familiar, the bitcoin halving is a much-anticipated event in which BTC block rewards are reduced by 50 percent. One halving happens every four years.
From an economic standpoint, the bitcoin halving is a bullish event because it significantly reduces the inflation rate of the asset that has a fixed supply of 21 million. The third halving will drop BTC’s annual issuance rate from 3.70 percent down to 1.79 percent, which is lower than the inflation rate of some wealthy nations. For instance, the inflation rate in the US is 1.90 percent.
Bitcoin’s juggernaut runs after the first two halvings | Source:The Journal Blog
Market participants have responded by frantically buying the asset after every halving event, as inflation rate decreases intensify demand pressure.
Read the full story on CCN.com. |
Calculating The Intrinsic Value Of Tredegar Corporation (NYSE:TG)
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In this article we are going to estimate the intrinsic value of Tredegar Corporation (NYSE:TG) by taking the expected future cash flows and discounting them to today's value. This is done using the Discounted Cash Flow (DCF) model. It may sound complicated, but actually it is quite simple!
Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. Anyone interested in learning a bit more about intrinsic value should have a read of theSimply Wall St analysis model.
See our latest analysis for Tredegar
We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. In the first stage we need to estimate the cash flows to the business over the next ten years. Seeing as no analyst estimates of free cash flow are available to us, we have extrapolate the previous free cash flow (FCF) from the company's last reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.
A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars:
[{"": "Levered FCF ($, Millions)", "2019": "$39.57", "2020": "$36.81", "2021": "$35.31", "2022": "$34.59", "2023": "$34.38", "2024": "$34.52", "2025": "$34.90", "2026": "$35.45", "2027": "$36.14", "2028": "$36.92"}, {"": "Growth Rate Estimate Source", "2019": "Est @ -11.15%", "2020": "Est @ -6.99%", "2021": "Est @ -4.07%", "2022": "Est @ -2.03%", "2023": "Est @ -0.6%", "2024": "Est @ 0.4%", "2025": "Est @ 1.1%", "2026": "Est @ 1.59%", "2027": "Est @ 1.93%", "2028": "Est @ 2.17%"}, {"": "Present Value ($, Millions) Discounted @ 8.87%", "2019": "$36.35", "2020": "$31.06", "2021": "$27.37", "2022": "$24.63", "2023": "$22.48", "2024": "$20.74", "2025": "$19.26", "2026": "$17.97", "2027": "$16.82", "2028": "$15.79"}]
Present Value of 10-year Cash Flow (PVCF)= $232.45m
"Est" = FCF growth rate estimated by Simply Wall St
The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 10-year government bond rate of 2.7%. We discount the terminal cash flows to today's value at a cost of equity of 8.9%.
Terminal Value (TV)= FCF2029× (1 + g) ÷ (r – g) = US$37m × (1 + 2.7%) ÷ (8.9% – 2.7%) = US$618m
Present Value of Terminal Value (PVTV)= TV / (1 + r)10= $US$618m ÷ ( 1 + 8.9%)10= $264.32m
The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is $496.77m. The last step is to then divide the equity value by the number of shares outstanding.This results in an intrinsic value estimate of $15.01. Relative to the current share price of $16.41, the company appears around fair value at the time of writing. Valuations are imprecise instruments though, rather like a telescope - move a few degrees and end up in a different galaxy. Do keep this in mind.
Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Tredegar as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 8.9%, which is based on a levered beta of 1.03. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.
Although the valuation of a company is important, it shouldn’t be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. For Tredegar, There are three fundamental aspects you should further examine:
1. Financial Health: Does TG have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk.
2. Other High Quality Alternatives: Are there other high quality stocks you could be holding instead of TG? Exploreour interactive list of high quality stocksto get an idea of what else is out there you may be missing!
PS. Simply Wall St updates its DCF calculation for every US stock every day, so if you want to find the intrinsic value of any other stock justsearch here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
'Quietest in 20 years': Truckers feel chill of slowing US economy
The shipping industry, which serves as the arterial system for the economy, is feeling the chill of a slowdown.
AsU.S. growth decelerates, an overwhelming majority of trucking companies tracked by Merrill Lynch expect shipping rates to either fall or stay flat, the firm said on Friday, as its Truckload Diffusion Indicator tumbled to its weakest levels since October 2016.
The index, a barometer of the freight-hauling industry, is now down 29% year over year, and shippers’ outlooks are broadly negative to neutral.
One Southeast shipper surveyed by Merrill noted that current conditions in Florida were “the quietest he has seen it in his 20 years in Florida through May and June.”
The bank also reported that asset based companies in the region “are lowering prices to compete with the spot market, and expects this situation to level out in the next month or so.”
Merrill’s anecdotal data shone a light on a critical sector of the U.S. economy, where ominous signs suggest a slowdown may metastasize into something deeper — especially with the U.S. and Chinaengaged in a trade war that shows no signsof an immediate resolution.
The sluggish conditions cited by Merrill Lynch in its report appear to be playing out around the country. The Cass Freight Index, watched by some market analysts as a bellwether of the broader shipping industry, fell for the fifth straight month in May.
Meanwhile, with shipments tumbling 6% from the year prior, Cass Freight sees conditions moving from “‘warning of a potential slowdown’ to‘signaling an economic contraction.’”
Cass Freight warned that “weakness in spot market pricing for many transportation services, especially trucking, is consistent with the negative Cass Shipments Index and ... strengthens our concerns about the economy and the risk of ongoing trade policy disputes.”
In March, shipping and logistics giant FedExlowered its outlook for the year,citing “weaker global trade trends” — and analysts areholding their breath when the company reportsquarterly earnings next week.
Javier is an editor for Yahoo Finance. Follow Javier on Twitter:@TeflonGeek
Read the latest financial and business news from Yahoo Finance
Read more:
• Trump walks back Mexico tariffs, promises relief for 'patriot farmers'
• How Trump's 'beautiful' tariffs are casting a shadow over trade policy
• US - China trade is just part of the 'most important geopolitical conflict of our time'
• The bond market is trying to push the Fed into a new rate-cutting cycle |
Halsey Showed Off Unshaven Armpits on Her Rolling Stone Cover
Halsey has never been afraid to blaze her own path, especially when it comes to redefining beauty norms. The pop star makes her own statements on what's considered trendy, and has donned everything from feather eyebrows to air-brushed accessories . For her latest moment in a major spotlight, the recent BTS collaborator did her part to challenge body hair stigma . Rolling Stone selected the singer for the cover of its Hot Issue, and for the image, Halsey is posed with her arms behind her head, armpits on display. Securing the cover of Rolling Stone is reason enough to celebrate, but fans and followers applauded Halsey for choosing to rock unshaven armpits. "There so much yes about this picture idk where to start," Demi Lovato commented on Instagram, while recent Teen Vogue cover star Maggie Rogers shared her own Instagram comment of support, writing, "here for this armpit hair." Zara Larsson also shared the cover on Twitter, writing , "I loooove the fact that they didn't edit the armpits like most magazines would do." https://twitter.com/zaralarsson/status/1141852164316418053 Along with celeb support for the photo, fans have shared their appreciation, tweeting , "My armpits arent something I should be insecure about but like I am. God bless Halsey" and "Always sooo self conscious about my armpits- how they still look stubbly when I shave them to a point where I would never raise my arms, love Halsey for this." https://twitter.com/kristentheys/status/1141763517244149760 https://twitter.com/heyitslaurenfox/status/1142210078742843400 Halsey certainly isn't the first celeb to send a message of body positivity with their choice of body hair. Bella Thorne has frequently rocked unshaven armpit hair on red carpets , and Amandla Stenberg did the same during a red carpet premiere of The Hate U Give . Story continues It's always encouraging when celebs choose to embrace their body hair, especially during high profile appearances and on major magazine covers. Ultimately, whether or not you choose to shave your body hair remains entirely your choice, and with the continued support of celebs like Halsey, hopefully body hair stigma will become a thing of the past. Let us slide into your DMs. Sign up for the Teen Vogue daily email . Want more from Teen Vogue ? Check this out: Halsey Posts Armpit Hair Selfie on Twitter See the video. Originally Appeared on Teen Vogue |
Investors Who Bought Thomson Reuters (TSE:TRI) Shares Five Years Ago Are Now Up 104%
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The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But on the bright side, if you buy shares in a high quality company at the right price, you can gain well over 100%. For instance, the price ofThomson Reuters Corporation(TSE:TRI) stock is up an impressive 104% over the last five years. On top of that, the share price is up 12% in about a quarter.
Check out our latest analysis for Thomson Reuters
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
During five years of share price growth, Thomson Reuters actually saw its EPS drop 28% per year. This means it's unlikely the market is judging the company based on earnings growth. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
The revenue reduction of 13% per year is not a positive. It certainly surprises us that the share price is up, but perhaps a closer examination of the data will yield answers.
Depicted in the graphic below, you'll see revenue and earnings over time. If you want more detail, you can click on the chart itself.
We like that insiders have been buying shares in the last twelve months. Even so, future earnings will be far more important to whether current shareholders make money. So we recommend checking out thisfreereport showing consensus forecasts
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Thomson Reuters's TSR for the last 5 years was 140%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
It's nice to see that Thomson Reuters shareholders have received a total shareholder return of 50% over the last year. And that does include the dividend. That gain is better than the annual TSR over five years, which is 19%. Therefore it seems like sentiment around the company has been positive lately. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. It is all well and good that insiders have been buying shares, but we suggest youcheck here to see what price insiders were buying at.
Thomson Reuters is not the only stock insiders are buying. So take a peek at thisfreelist of growing companies with insider buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on CA exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
The Cullinan: The 'Rolls-Royce' of SUVs is here
When you say something is the "Rolls-Royce of” whatever category your talking about, you’re saying it's the absolute best — and likely the most expensive. Well, the “Rolls-Royce of SUVs” is here, literally.
The 2019 Cullinan is the first SUV Rolls Rolls Royce has ever built. You might be wondering, “Why in the hell is Rolls Royce making an ultra-exclusive, luxury SUV?”
Believe it or not, that’s the way the SUV market is headed. We’ve already seen high- priced SUVs from the likes of Bentley (VOW.DE) and Lamborghini, and a Ferrari (RACE) SUV and an Aston Martin (AML.L) truck are on the way. Of course, Land Rover (TTM) started the high-priced SUV trend years ago and currently offers its Range Rover SV Autobiography that can reach an eye-watering $200,000.
Rolls-Royce executives must’ve noted the highfalutin trend and said, “Hey Rich People, hold my beer, err I mean, hold this flute of 1959 Dom Pérignon rosé,” and Voila! Here’s the Cullinan, which starts at $330,000.
Well, designing and creating the Cullinan wasn’t exactly that easy. “The brand was needing and expecting [it] for the last couple of years,” Martin Fritsches, president of Rolls Royce Motor Cars Americas, told Yahoo Finance about the Cullinan. “[It] finally came out the end of last year, and it’s truly spectacular.”
The Cullinan was years in the works — it’s a Rolls after all — and it had to be special. Not to mention it also needed to boost sales, especially in the U.S.
“Cullinan has been a gamechanger for the brand globally, of course in particular here in the States,” Fritches said. “And last year — 2018 — we had the best year ever globally, over 4,100 commissions, and of course here in the States and North America, the family of our patrons has also been increasing, so clearly a big success.”
I had the chance to drive the Cullinan for a few days, and let me tell you, nothing rides like a Rolls-Royce. And that is key for the brand, to maintain that air-pillow ride that the automaker is known for.
Not surprisingly, the Cullinan uses the same chassis as the massive and luxurious Phantom sedan; it just rides a bit higher, with an SUV wagon attached to the back. The famous Rolls air suspension supports the nearly 6000-lb. vehicle, and the power comes on smoothly via a V-12 pumping out 563hp and 627 lb-ft. of torque.
The Cullinan is deceptively fast when pushed, but that’s not why you have a Rolls-Royce. This Ritz-suite-on-wheels doesn’t so much as drive down the road as hover over it, and from the driver’s commanding viewpoint, with the “Spirit of Ecstasy” hood ornament on full display, you feel like you’re king of the road.
Despite its smooth ride, Rolls asserts the Cullinan can be a beastoff-piste. You just have to push the “off road” button on the lower console. And with its clearance and height, I believe it.
The interior of the Cullinan is up to Rolls-Royce standards, without question. The leather that you and your lucky companions are swaddled in throughout the cabin might be the softest I’ve ever felt. All switchgear, buttons, vents and the like are machined metal with a chrome finish and nicely weighted too. And the lambswool floor mats (a nearly $2,000 option), are the plushest carpets I’ve felt this side of the Orient.
If you must ask, the model we tested was optioned out to the tune of $415,000. But don’t think you need to apply for a mortgage to ride in the Cullinan. Rolls says many of its well-heeled clients actually aren’t buying it, they’releasingit. You can have your very own Cullinan starting at around $4,000 a month.
So if you’re in a tax bracket where this is an option, it’s not too bad of a lease payment for a vehicle that costs about asmuch as the average home in the United States. Again, Rolls tells me the reasonable lease payments, subjectively speaking, would be higher if not for the fact Rolls-Royce cars maintain their residual value over the years.
So there you have it: $4,000 a month and the best SUV in the world is yours. Now just don’t ask about security deposits, down payments, destination fees, and othergauchetopics not suitable for refined conversation. It’s a Rolls, after all.
——-
Pras Subramanian is a reporter for Yahoo Finance. You can follow him onTwitterand onInstagram.
Related stories:
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Bitcoin Price Smashes Past $11,000 – Should Traders Fear a Dump?
ByCCN Markets: Thebitcoin pricerally refuses to let up, and the dominant cryptocurrency just soared above $11,000 for the first time since March 2018.
Around 12:00 UTC, investors bid the bitcoin price up to $11,215.89 on US cryptocurrency exchange Coinbase. The move pushed the asset up by 13 percent for the day, launching its month-to-date gains above 30 percent. The past 24 hours also saw bitcoin’s “real 10” volume, whicheliminates suspicious trades, swell to $2.58 billion.
Bitcoin Surges Past the $11,000 Level For the First Time in nearly 15 Months | Source:TradingView
Following the upside move, the bitcoin price is now trading just 45 percent lower than its all-time high near $20,000, established in December 2017. Furthermore, the cryptocurrency has recovered by 260 percent from its 2018 low of $3,126, including a year-to-date return of more than 200 percent.
Read the full story on CCN.com. |
Toronto Raptors bold predictions revisited
For the past three years, I have written a bold predictions piece as a preview of sorts of the upcoming season. Predictions from the 2018-19 campaign can be found here , and those prognostications will be evaluated below. Somewhat incorrect — Kawhi Leonard wins MVP My initial prediction was that Leonard would win Most Valuable Player in the regular season, but he was disqualified by by most voters on account of sitting out a quarter of the season for load management. However, Leonard did prove his worth in the playoffs, where he was undisputedly the best player of the entire postseason and was rightly crowned as Finals MVP. In retrospect, Leonard would be an unlikely candidate for regular season MVP simply because his focus is elsewhere. It takes an all-out effort — similar to Russell Westbrook’s first triple-double campaign, or what Giannis Antetokounmpo and James Harden did this year — to win MVP during the regular season. Leonard just isn’t interested in anything outside of winning at the highest levels, so you won’t catch him giving it his all during “82 practices” when he would rather save it for when it truly matters. He has bigger fish to fry. It is curious that Leonard drew so little support for MVP despite being the best player on the team with the second-best record. Full results will be announced next Monday, but practically nobody had Leonard on their ballot. There were doubts coming into the season of Leonard’s health and of his ability to perform, and even after he established himself as the best player in the conference, there were still some in the analytics community that suggested Kyle Lowry was the straw that stirred the drink for the Raptors. Those narratives were soundly dispelled in the postseason. kawhi leonard’s game 7 buzzer beater syncs perfectly with his championship parade laugh pic.twitter.com/OIPRoQ3Bny — Yahoo Sports Canada (@YahooCASports) June 17, 2019 Incorrect — Kyle Lowry is no longer an All-Star Lowry wasn’t anywhere close to being named as a starter, and he was no sure bet to squeak in as a reserve, but he showed in the playoffs that he’s still capable of All-Star level performances when it matters most. Sure, the days of Lowry scoring 20 points a night are over, but he still impacts winning at the highest level. Story continues That being said, Lowry was having his worst season since 2013 at the time of his announcement. He was averaging 14.2 points, 9.4 assists (second in the NBA), and 4.5 rebounds and his shooting percentages were down across the board. There was even chatter that an emerging Pascal Siakam was more deserving, but realistically, both Lowry and Siakam should have made the team in what was yet another weak crop of talent from the East. Correct — C.J. Miles gets traded Everybody should have seen this one coming after the Raptors added Danny Green, who was just flat-out better than Miles on both ends of the floor. Green was even an upgrade over Miles as the most media-friendly veteran on the team that everyone would go to for a good quote. Nobody could have foreseen that Miles would drop off so significantly (he went from being a useful microwave scorer to being legitimately unplayable for months) but it only made sense to ditch Miles and the $16 million remaining on his deal. Correct — Norman Powell gets another shot Even though the Leonard trade created a logjam at the wing, Powell was always too impactful to be ignored as he was in 2017-18. Powell failed to lock down a consistent spot in the rotation, and settled in as the eighth man in the playoffs, but Powell did quietly submit a bounce-back year with averages of 8.5 points while shooting 48 percent from the field and a robust 40 percent from deep. Powell was also instrumental in helping the Raptors overtake the Milwaukee Bucks, as it was the promotion of Powell in Game 2 that proved to be the game-changer in the series (along with Leonard switching onto Antetokounmpo). If anything, with the Raptors having to reach deep into their pockets for the luxury bill, there might even be an opportunity for Powell to start next season. Green may become too expensive for the Raptors to retain, which opens up the starting shooting guard slot for Powell to step into. If Powell can maintain his marksmanship from this season, then he would solve a lot of problems for the Raptors’ payroll. Powell provided some memorable playoff moments yet again. (Mandatory Credit: Kyle Terada-USA TODAY Sports) Correct — Benching Serge Ibaka solves the rotation Ibaka was phenomenal to start the season in a platoon with Jonas Valanciunas, but he had to settle into a permanent bench role after Marc Gasol joined the team. And it’s good that Ibaka accepted his role, because he was still able to be an impact player with the second unit while Gasol turned the first five into the best starting lineup in the NBA. Ibaka’s unselfishness was a huge reason why the Raptors were successful. The proud veteran put aside personal goals and sacrificed for the greater good of the team. Ibaka changed positions and became a full-time center, he conditioned himself to bang bodies with bigger players, he was the only functional center remaining after Draymond Green broke Valanciunas’s thumb in December, and Ibaka didn’t say a peep when he was demoted for Gasol. Instead of pouting, Ibaka was a positive presence in the locker room and delivered clutch performances against the Warriors and Sixers throughout the playoffs. This is why every championship team stresses the importance of veterans that are focused on the right things — Ibaka just wanted to win and he got his just reward. pic.twitter.com/NKBybK4IlL — Serge Ibaka (@sergeibaka) June 19, 2019 Correct — Greg Monroe plays fewer minutes than Bebe Nogueira did last season It may seem silly in retrospect, but there was significant excitement over the signing of Monroe for the veteran’s minimum. Monroe clearly wasn’t a starting calibre player, but he was a walking double double as recently as 2017, and there was talk that Monroe would fill Jakob Poeltl’s vacated spot at backup center. Instead, Monroe turned out to be mostly underwhelming. He was a non-factor on defense, which was to be expected, but Monroe also lacked lift around the basket and for some strange reason he lost the ability to covert point-blank layups. Monroe was just a run-of-the-mill third-stringer, and he failed to produce in an expanded role after Valanciunas went down. If anything, the Raptors might have been better off with keeping Lucas “Bebe” Nogueira around for another year. Monroe was eventually salary dumped at the trade deadline and closed his Raptors account with 423 minutes played, which is less than the 442 minutes that Nogueira logged last season between the regular season and playoffs. Monroe eventually latched on with the Sixers and faced the Raptors in the second round, but he was a minus-31 in 49 minutes. Thankfully, incorrect — Overzealous fans flip on OG Anunoby Anunoby failed to build off the excitement around his rookie season, where some touted him as the next coming of Leonard. When trade discussions first swirled about acquiring Leonard, Anunoby was thought to be the most untouchable trade asset by most, even ahead of Siakam. That’s how high expectations were for Anunoby after he won a starting job as a 3-and-D type in his rookie season. Anunoby never came close to meeting those expectations in his second season, but fans understood that it was through no fault of his own. Anunoby had a nightmare season dotted by minor injuries, a death in the family, and it ended with him missing the entirety of the playoffs after undergoing an emergency procedure after his appendix had burst. Fortunately, the Raptors fanbase understood the circumstances, and mostly laid off Anunoby for his sophomore slump. Incorrect — Raptors attempt 40 threes per game The assumption heading into the season was that Nick Nurse was some mad scientist that would entertain kooky ideas that he accrued from years of coaching overseas and in the G League. While that did prove to be true on defense (most notably with his “janky” box-and-one tactic against Stephen Curry), Nurse proved to be mostly traditional on offense instead of hopping on the wave of chucking up every triple imaginable. Most of that speaks to the talent at Nurse’s disposal. Leonard primarily does his damage in the midrange, and he wasn’t quite the same slash-and-kick creator that DeMar DeRozan was, and so the main option on offense wasn’t creating many three-point looks. Lowry also took a step back from pulling up to becoming more of a facilitator on Ibaka’s pick-and-pop looks and on Siakam’s breakaway dunks. Green and Siakam both exceeded expectations from deep, but even still the Raptors only hoisted 33.8 attempts from deep, which was good for 11th. The Raptors did eventually lead the league in three-point percentage following the trade deadline. Gasol’s ability to stretch the defense proved vital in the playoffs, and his playmaking also directly translated to more open opportunities. However, the Raptors never made a concerted mathematical decision to bomb away in the same way that Houston, Brooklyn, or Milwaukee did, and based on how the playoffs shook out, it was probably for the best that they didn’t. Incorrect — Raptors win 60 games The thought process here was straightforward. Toronto had won 59 games in 2017-18, and they made a blockbuster trade that clearly upgraded their talent. With that in mind, 60 wins seemed like a foregone conclusion. However, the Raptors jus didn’t have the same luck with injuries as they did the year prior. Lowry battled back issues, Fred VanVleet was banged up all year, Valanciunas missed months, Leonard sat out for precautionary reasons, and there was simply too much inconsistency on a nightly basis just in terms of who would be on the floor that it affected the Raptors’ ability to get into a groove. Having said that, 58 wins wasn’t too shabby as it won them home court advantage over every team in the league outside of Milwaukee, and their laissez-faire approach to the regular season ultimate translated to their first-ever title run, so the trade-off was clearly worth it. More Raptors coverage from Yahoo Sports |
If You Had Bought Thomson Reuters (TSE:TRI) Shares Five Years Ago You'd Have Made 104%
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When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose your money. But on the bright side, you can make far more than 100% on a really good stock. Long termThomson Reuters Corporation(TSE:TRI) shareholders would be well aware of this, since the stock is up 104% in five years. Also pleasing for shareholders was the 12% gain in the last three months.
Check out our latest analysis for Thomson Reuters
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
Thomson Reuters's earnings per share are down 28% per year, despite strong share price performance over five years. Essentially, it doesn't seem likely that investors are focused on EPS. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
It is not great to see that revenue has dropped by 13% per year over five years. It certainly surprises us that the share price is up, but perhaps a closer examination of the data will yield answers.
The chart below shows how revenue and earnings have changed with time, (if you click on the chart you can see the actual values).
We consider it positive that insiders have made significant purchases in the last year. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. If you are thinking of buying or selling Thomson Reuters stock, you should check out thisfreereport showing analyst profit forecasts.
It is important to consider the total shareholder return, as well as the share price return, for any given stock. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Thomson Reuters's TSR for the last 5 years was 140%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
We're pleased to report that Thomson Reuters shareholders have received a total shareholder return of 50% over one year. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 19%. Therefore it seems like sentiment around the company has been positive lately. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. It is all well and good that insiders have been buying shares, but we suggest youcheck here to see what price insiders were buying at.
There are plenty of other companies that have insiders buying up shares. You probably donotwant to miss thisfreelist of growing companies that insiders are buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on CA exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Did You Manage To Avoid United-Guardian's (NASDAQ:UG) 33% Share Price Drop?
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The main aim of stock picking is to find the market-beating stocks. But even the best stock picker will only win withsomeselections. At this point some shareholders may be questioning their investment inUnited-Guardian, Inc.(NASDAQ:UG), since the last five years saw the share price fall 33%.
View our latest analysis for United-Guardian
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
Looking back five years, both United-Guardian's share price and EPS declined; the latter at a rate of 4.5% per year. This reduction in EPS is less than the 7.6% annual reduction in the share price. This implies that the market was previously too optimistic about the stock.
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
Dive deeper into United-Guardian's key metrics by checking this interactive graph of United-Guardian'searnings, revenue and cash flow.
It is important to consider the total shareholder return, as well as the share price return, for any given stock. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, United-Guardian's TSR for the last 5 years was -12%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted thetotalshareholder return.
It's nice to see that United-Guardian shareholders have received a total shareholder return of 9.1% over the last year. Of course, that includes the dividend. That certainly beats the loss of about 2.5% per year over the last half decade. We generally put more weight on the long term performance over the short term, but the recent improvement could hint at a (positive) inflection point within the business. Before forming an opinion on United-Guardian you might want to consider the cold hard cash it pays as a dividend. Thisfreechart tracks its dividend over time.
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of companies we expect will grow earnings.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
BMW heirs claim to not be driven by wealth: report
The billionaire siblings who together own almost half of German luxury automakerBMWsaid inheriting wealth wasn’t all fun and games.
Susanne Klatten, 57, the richest woman in Germany, who is worth an estimated $19.8 billion, according to Forbes, owns 19.2 percent of BMW.
“Many believe that we are permanently sitting around on a yacht in the Mediterranean,” Klatten told Germany’sManager Magazinin an interview that was published Thursday, according toBloomberg. “The role as a guardian of wealth also has personal sides that aren’t so nice.”
Klatten is also the owner and deputy chairman of Altana, a chemicals company. She holds stakes in wind power company Nordex AG and graphite-maker SGL Group, according toForbes. Her father, industrialist Herbert Quandt, helped bring BMW into prominence.
Klatten’s brother, Stefan Quandt, 53, who owns 23.7 percent of BMW and is worth an estimated $16.7 billion, said it wasn’t the money that drove them.
“For both of us, it’s certainly not the money that drives us,” Quandt said in the interview with his sister. “Above all, it is the responsibility of securing jobs in Germany.”
The siblings both have seats on the automaker’s supervisory board. Quandt is the deputy chairman of the board and also has holdings in homeopathic medicine company Heel, Gemalto and Logwin, according toForbes.
Quandt said he had a hard time when he was given a high-level position at the company and wished he had started out at a more “simple” position such as a product manager.
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“My starting point was never: So, now I come and show everyone how it’s done,” he said. “Instead, it was a constant questioning, associated with self-doubt.”
BMW announced in March that profits in 2019 would be “well below” last year’s and that it planned to cut $13.6 billion in costs by the end of 2022 to offset spending on new technology.
The Associated Press contributed to this report.
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Where LGBTQ Rights Stand Two Years Into the Trump Administration
Millions will gather in New York City later this June to celebrate the 50th anniversary of the Stonewall riots, the historic clash between police and queer patrons at the Stonewall Inn that launched the modern LGBTQ+ rights movement. Since that night, the LGBTQ community and their allies have made strides toward achieving equitable freedom—but the fight is far from over.
Law enforcement arrived at the Stonewall Inn during the early hours of June 28, 1969, to address alleged liquor law violations, but the officers forced out the bar’s patrons with such bias-infused brutality that days of protests began. Fifty years later, the New York police commissioner issued a long-demanded apology for the department’s conduct on that night.
“The actions taken by the N.Y.P.D. were wrong—plain and simple,” Commissioner James P. O’Neill said during an event earlier this month, theNew York Timesreports.
Each year, the LGBTQ community celebrates the anniversary of the Stonewall riots with pride marches and commemorative events throughout the month of June, drawing attention to the fight for civil rights. President Bill Clinton was the first in the White House to issue aproclamationofficially recognizing June as “Gay and Lesbian Pride Month” in June 2000.
“I encourage all Americans to observe this month with appropriate programs, ceremonies, and activities that celebrate our diversity, and to remember throughout the year the gay and lesbian Americans whose many and varied contributions have enriched our national life,” wrote Clinton.
Clinton’s record isn’t perfect: He also implemented the “Don’t Ask Don’t Tell” policy that some argued was a repackaged ban on gays and lesbians serving in the military (Barack Obama repealed the policy in 2011). Clinton did, however,prohibit discriminationbased on sexual orientation in the federal government.
The administration of George W. Bush began the following year, and another proclamation was not issueduntil 2009, when Obama recognized the more inclusive “Lesbian, Gay, Bisexual and Transgender Pride Month.” He did so every year for the rest of his presidency.
Since taking office in 2017, President Donald Trump has not issued an official proclamation recognizing Pride Month (Congress attempted to pass its own measures declaring the celebratory month the past two years, but neither effort was successful).
Trump has repeatedlyvoiced supportfor the community online and in public, but his administration’s policies appear to present an agenda with opposite goals.
LGBTQ rights have not only been ignored under the current White House, but actively withdrawn, Sarah Massey of theNational LGBTQ Task Force, the oldest LGBTQ rights organizations in the country, toldFortune.
“I think not only have we seen a bigot in Trump, we also see someone who seeks to discriminate and hurt the LGBTQ community,” Massey said. “It’s one thing to miss a holiday. It’s another thing to propagate rules that would kick our trans siblings out of the military, would kick people out of shelters or housing, would kick people out of affordable health care. Holiday proclamation is a symbol, but the reality is much, much worse.”
The Trump administration has taken both small and substantial steps toward withering the rights of LGBTQ individuals since day one, atimelineof such moves published by GLAAD, an LGBTQ-focused media monitoring organization, shows. The timeline includes several instances of endorsing anti-LGBTQ beliefs and erasing LGBTQ visibility in important government documents.
Just a month after his inauguration, Trump withdrew protections for transgender individuals by statingTitle IXno longer applies to their community. The 1972 law forbids discrimination based on gender, and had been used under the Obama administration to ensure transgender students were permitted to use the school restroom of their choice.
A few months later, Trump signed anexecutive orderfocused on “religious liberty,” setting the groundwork to allow discrimination against the LGBTQ community based on religious beliefs. The declaration was applauded by the Family Research Council, an educational organization that seeks to inform the general public “about family issues that affect the nation from a biblical worldview.”
The Bureau of Prisons stated in May 2018 that inmates must be housed according to their biological sex, rolling back Obama-era protections for transgender individuals, and Trump’s Justice Department stated in October 2018 that Title VII, which protects against employment discrimination,does not extendto LGBTQ individuals.
More recently, the Supreme Courtupheldthe Trump administration’s ban on transgender people serving in the military, and the Department of Health and Human Servicesproposed a rule changethat could threaten healthcare protections for the transgender community.
The changes are more than just political. According to Massey, the president has failed to be “a moral leader,” allowing a culture of conservatism and white nationalism to be “echoed across the whole country.”
“You have the political, you have the policy, but then you have the culture of hate, and that is impacting our communities,” said Massey.
A 2016data analysisby theNew York Times—published just days after the deadlyPulse Nightclub shootingin Orlando—shows LGBTQ individuals are more likely to be the target of a hate crime than any other minority group. According to the National Coalition of Anti-Violence Programs’“Crisis of Hate” report, 2017 saw more anti-LGBTQ homicides than any of the prior 20 years. Within the last few years, violence against transgender women of color in particular hasgrown into a crisis.
Massey says Trump “uses his pulpit to discriminate” against marginalized populations, all of which include LGBTQ individuals.
“The thing that’s wonderful about being LGBTQ is we are everyone,” said Massey. “The people who are seeking asylum, who are being held in cages: they are LGBTQ. The people who are not getting access to housing and education, they are also LGBTQ.”
“I want everyone to understand that whether you know it or not, you know an LGBTQ person,” Massey continued. “They’re just not out because of the culture and the society that we exist in right now. Every single person has a responsibility to shift that culture.”
Congress has made moves toward fighting discriminatory policies by introducing theEquality Act. If enacted, the Equality Act wouldprohibit discriminationon the basis of sex, gender identity, and sexual orientation.
The House was able to pass the act thanks to the transformative midterm elections, which saw a record number of women and minority representatives elected. The Republican-controlled Senate, however, has not voted on the matter, and Trump hasvoiced disapprovalof the legislation.
While this process is slow-moving, Massey said she remains hopeful for the future.
“We are reflecting on 50 years since the Stonewall riots and what we can say is over the course of these last 50 years, we have made progress,” said Massey. “I look at the younger generation and I see hope.”
Kids today are “throwing out outdated concepts around gender,” said Massey. Many are being raised by two mothers, two fathers, or a transgender parent without realizing this family structure was not always the norm.Being LGBTQ is still illegalin many places around the world; the U.S. Supreme Court guaranteed theright to same-sex marriagejust four years ago.
“I see the Trump administration as a reaction to all of our progress,” said Massey. “He’s taking us one step back, but we’re already way ahead, and we will continue to be, regardless of who is in the White House. If it’s this administration or the next, they have one thing to work on—which is politics—and we have the people. We have the hearts, the minds, and the culture. The wheels of history are turning towards progress and justice.”
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Currency.coms Ivan Gowan: Facebook Libra move will give crypto space a massive boost
Coin Rivet: What are your initial thoughts re. this weeks Libra announcements and whitepaper? IG: It is a very exciting announcement for the wider awareness of digital currencies. When Libra goes live, suddenly it will be in front of 2.5 billion users, forcing mass awareness of crypto and its uses. Facebook is educating the market faster than any pureplay crypto company could, so it will be a hugely interesting 2020 for the blockchain world. Coin Rivet: Libra has divided opinion, with some saying it will take cryptocurrencies into the mainstream and others arguing that a digital currency controlled by tech and payment cartels such as Facebook, Visa and Mastercard, is not the way forward. Do you agree with either of these arguments or does the truth lie somewhere in between? IG: It is great for wider adoption and legitimacy of digital currencies amongst the general public. It is, however, against the core principles of an open, decentralised cryptocurrency. It will bring great benefits to a wide population of the unbanked, who to date have struggled with cryptocurrencies designed to help them due to a lack of wide availability and popularity. Facebook will help provide a meaningful solution here. International payments can be very expensive and time consuming and the introduction of Libra will address this head on. It will, though, be an incredibly divisive cryptocurrency among the blockchain community. Coin Rivet: Libra, blockchain without the block and the chain. Discuss. IG: Im a massive fan of the decentralised nature of open blockchain and believe companies play an important role in helping develop the technology at scale and ensuring wider adoption. The global talent pool of people skilled in blockchain technology is aided by corporations investing heavily. This will lead to many spin off innovations and new startups. Story continues Facebook has invested heavily in solving engineering problems of scale and performance most companies will never face. Their commitment to a digital currency will help accelerate the sector and drive innovation, not least from the hardcore crypto community as well as other corporations wanting to establish competing digital currencies. Coin Rivet: Based on the theory that Bitcoin doesnt need to worry (indeed Libra may even help Bitcoin adoption by driving millions of people to seek out what a real cryptocurrency is), whose piece of the pie is Facebook taking? The banks? IG: They are establishing themselves as a major threat to the banks. With Open Banking and their own digital currency they can move to a position to own the client relationship for a wide range of financial transactions. This is not their desire at the moment, but these trends develop over time. Libra will have a very positive impact on the price of Bitcoin, raising the profile and wider belief in the future of digital currencies. The media attention has already been significant and will continue over the next year. Coin Rivet: Given Facebooks troubled past, I am requesting that it agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. So said Rep. Maxine Waters, Chairwoman of the US House of Representatives Financial Services Committee, this week. Could Libra be derailed by the regulators? IG: There is no doubt that governments and regulators have an active role in determining how money is defined, governed and issued. Facebook has the audience reach and financial power to make a strong case to get this project launched. It will not be a smooth ride with lots of competing interests potentially affected. We will see issues of privacy, control and competition addressed as Facebook forges its way through the FinTech world and there will doubtless be many legal and ethical issues that it will need to confront. The post Currency.coms Ivan Gowan: Facebook Libra move will give crypto space a massive boost appeared first on Coin Rivet . |
The $18 leave-in conditioner Hailey Baldwin swears by
Hailey Baldwin's secret to tangle-free hair is an $18 leave-in conditioner. (Photo by Raymond Hall/GC Images) If you want super soft, shiny and tangle-free hair — and who doesn’t? — then you need a leave-in conditioner in your life. Any hairstylist in the game will attest to that. Not only do leave-ins help to detangle and make the hair easier to brush through, which leads to less breakage , but they also inject a much-needed dose of moisture into the follicles that make strands look and feel more lustrous. With this all said, we’re well aware it can be daunting to shop for a leave-in conditioner (or any hair care product for that matter) due to the well-spring of options on the market. For instance, you might be wondering: How am I supposed to know which ones actually work? And do I have to break the bank on one hair product? The answer to the latter question is no. You see, here at Yahoo Lifestyle , we take product recommendations very seriously, so when Hailey Baldwin raved about It’s a 10 Miracle Leave-In Conditioner, we had to take it for a spin. Turns out, it’s just as amazing as she says it is. And it just so happens to be available at major retailers for only $18. That’s right, folks: You do not have to sacrifice your hard-earned money to get your hands on a quality leave-in conditioner (not to mention, one that’s model-approved). Chances are, you’re asking yourself what makes it so rave-worthy, and well, quite frankly it’s a combination of a few factors, including its ingredients, consistency and, of course, just how effective it is. As far as ingredients go, it’s chock-full of strand-smoothing agents like panthenol, silk amino acids, sunflower seed extract and camellia extract, all of which work to intensely hydrate the hair and protect it from stressors such as the sun and heat damage . It’s a 10 Miracle Leave-In Conditioner (Photo: It's a 10) Shop it : $18, walmart.com ; $19, ulta.com , itsa10haircare.com , walgreens.com Its consistency, which is practically weightless and never drags the hair down, is another aspect worth writing home about. Baldwin told Byrdie , “My hair's really thin, so it gets really knotty quickly, and this one's not too oily.” (Our friends with fine hair, did you hear that?) Even better, it truly works like a charm on all hair types. It doesn’t matter if your mane is baby-fine, curly or full-on coily — this leave-in conditioner has got you covered thanks to its nourishing blend of ingredients that make it easy to glide through any texture. Another plus: It won’t leave behind a weird crunchy residue or any greasiness, which can unfortunately be the case with other brands. Story continues This editor-favorite leave-in couldn't be easier to use, either. Baldwin revealed that she applies it every time she gets out of the shower, which can be done simply by spritzing the hair liberally until it’s successfully coated all of your strands. What’s more, you can also use it as a targeted treatment on areas that could use some extra TLC, like the ends of your hair, which tend to split over time due to heat styling. Speaking of which, you should always be applying a leave-in like this one before using heat on your hair, as it essentially coats it with a protective layer that makes the heat-damaging elements harder to penetrate. All this to say: If you’ve been on the hunt for a new powerhouse hair care product, look no further than It’s a 10 Miracle Leave-In Conditioner . Not only is it celebrity-vetted, but it packs a major punch in all departments. Do yourself a favor and snag it now — you’ll thank us later. Read more on Yahoo Lifestyle: The best mascaras for longer, thicker eyelashes – starting at $7 This $8 'magic' bottle of green oil has been my family's secret to pain relief for generations Thousands of people swear by activated charcoal toothpaste — here's what a dentist thinks Follow us on Instagram , Facebook , Twitter , and Pinterest for nonstop inspiration delivered fresh to your feed, every day. Want daily pop culture news delivered to your inbox? Sign up here for Yahoo’s newsletter. The editors at Yahoo Lifestyle are committed to finding you the best products at the best prices. At times, we may receive a share from purchases made via links on this page. |
Trump delays mass deportation raids, seeks deal with Democrats
By Joel Schectman WASHINGTON (Reuters) - U.S. President Donald Trump said on Saturday he would postpone mass deportation raids for two weeks as he seeks compromise with Democratic leaders on immigration issues. The president was under pressure from Democrats to call off the roundup, which was expected to target families in up to 10 U.S. cities on Sunday. U.S. House of Representatives' Speaker Nancy Pelosi, the top Democrat in Congress, asked Trump by phone on Friday night to call off the raids, according to a person familiar with the matter. Pelosi also urged religious leaders on Saturday to put pressure on Trump. The president, a Republican, has made illegal immigration a centerpiece of his administration and is highlighting the issue in his campaign for the 2020 election. He has railed against an increase in people crossing the U.S. southern border, many from Central America who are seeking refuge in America under U.S. asylum laws. On Saturday he said the U.S. Immigration and Customs Enforcement agency was focused on getting the transnational street gang MS-13 out of the United States. Trump said in a Twitter message he was delaying the raids at the request of Democrats to see if a compromise could be reached. If a solution isn't found to "Asylum and Loophole problems," he said, "Deportations start!" Many asylum seekers from Guatemala, Honduras and El Salvador cite gang violence driven largely by groups like MS-13 as the reason they come to the United States for refuge. Neither Pelosi nor Senator Chuck Schumer, the top Democrat in the Senate, had immediate comment on the delay. Pelosi said earlier in the day the expected raids would "inject terror into our communities" and tear families apart. "The President's action makes no distinction between a status violation and committing a serious crime," Pelosi said. Mark Morgan, acting director of ICE, said this week his agency would target for deportation families that have received a removal order from a U.S. immigration court. Story continues An operation was slated to launch on Sunday and expected to target up to 2,000 families facing deportation orders in as many as 10 U.S. cities, including Houston, Chicago, Miami and Los Angeles, the Washington Post reported on Friday. Trump wrote on Twitter earlier on Saturday that ICE will apprehend people who have run from the law. "These are people that are supposed to go back to their home country," Trump wrote. (Reporting by Timothy Gardner, Nandita Bose and Joel Schectman; Writing by Jason Lange; Editing by Daniel Wallis, Chris Reese and Chizu Nomiyama) |
For Dems, there's no chickening out at Clyburn's fish fry
COLUMBIA, S.C. — An oft-quoted parable in the Bible in the Gospel of Matthew goes like this: When Jesus visited the town of Bethsaida, he faced a puzzling problem — there were 5,000 people and only five loaves of bread and two fish. So, he called in a favor, and the crowd was satiated. But there was no divine intervention to come to the aid of the more than 7,000 very hungry, very overheated attendees of Jim Clyburn’s “World Famous Fish Fry.” Long before the gates opened at 7 p.m. on a steamy Friday evening in Columbia, S.C., crowds snaked out the lot of the amphitheater of the EdVenture Children’s Museum and onto the sidewalk, waiting for a free meal, beer included, and a chance to hear 21 Democrats make their presidential pitch while paying homage to Clyburn, the powerful majority whip of the House. What could go wrong? Due to a late start at the preceding Blue Palmetto Dinner, guests, who were promised an 8 p.m. start time, did not hear a candidate speak until well after 9:30 p.m. Lines to get some of that world-famous fish ran hours long. Sweaty backs and empty stomachs have all the makings of an early riot. One miffed man who passed by the press barricade remarked that he had lost track of his wife, who had been waiting in line for over two hours for a fish. He stormed off quickly, parched and sweaty, yelling for answers or a sign things were going to kick off. Democratic presidential candidates at Jim Clyburn’s “World Famous Fish Fry” in Columbia, S.C., June 21. (Photo: Leah Millis/Reuters) Never fear, the chanting, T-shirt-clad campaign volunteers were there to offer at least moral sustenance, in the form of campaign cheers. A group of Bernie Sanders supporters waved signs and yelled their candidate’s name over and over again. Soon, a similar smattering of Kamala Harris volunteers took up a chant for their candidate. Between them, many fish fry attendees stood in line, still waiting for their meal. Thankfully for Clyburn, what could have been a crescendo of angry constituents never materialized to much more than a smattering of “lets get it started” changes from the VIP balcony above the press pen. Story continues In such a key voting state, candidates can’t afford to get caught up in the spectacle, no matter how tardy, especially since they’re fighting to win attention away from Joe Biden, who’s dominating in early state polling. Hoping to close that gap, candidates as they took their turns on the stage fell back on their most tried-and-true lines. Eric Swalwell pulled out his reliable “Republicans are the Hunger Games” meme; Cory Booker tossed the hungry crowd a fish-themed dad joke; Beto O’Rourke huddled (in full view of press) with Jesse Jackson; and people actually cheered for Andrew Yang, the seldom-seen, never-before-elected-to-anything tech entrepreneur who trails most of the rest of the field and is surprising to see in the race at all. Biden, wearing a blue “Clyburn” T-shirt, spoke for only 65 seconds. And while the antics didn’t live up to a reputation forged in earlier years, when the crowds might have been smaller and the weather less oppressive — no candidate did the expected electric slide or the wobble — at least 21 candidates took a class picture, matching swag and all. Such intimate face time with possibly the next president keeps 46-year-old Caryn Troxler coming back to brace the famously steamy temperatures and crowds. Keeping herself cool with a Cory Booker 2020-branded fan (she is willing to cool off with anyone’s merch, whether or not she supports them), Troxler told Yahoo News that aside from the hurly-burly, watching candidates perform in a relaxed setting helps locals like her stay engaged amid hectic personal lives. “The fish fry gives a personal feel to the candidates. They can drink and dance in a central location that’s close to work and bus lines. It’s easy access for people from all walks of life,” Troxler said. Troxler, who works at the University of South Carolina, was especially excited to hear remarks from Biden, a notably absent frontrunner at previous Democratic cattle calls on the trail. She wouldn’t mind if he danced a little, either. “He may have some rhythm,” she speculated. Democratic presidential candidate Bernie Sanders mingles with the crowd at the fish fry Friday night. (Photo: Randal Hill/Reuters) First-time visitor Candice Hawkins, 37, stressed that the family atmosphere is what sets this event apart from, say, more formal events like town halls. A “card-carrying Democrat,” Hawkins hoped a forum consisting of over 20 candidates would help her narrow down her choice in next year’s primary, although she already has chosen favorites in Harris and Sen. Elizabeth Warren. Fringe-candidate fans have their time to shine (and sweat) too. An exhilarated member of the “Yang Gang,” wearing a MATH (“Make America Think Harder”) hat and a toothy grin, pulled this reporter aside as she was making her way through the crowd. After handing over “Yang 2020” buttons, he called on 25-year-old Tom Krumins for a testimonial to the relatively unknown, albeit Internet-famous, candidate. Could a candidate like Yang get anyone’s attention at the fish fry? “He’s in it for that slow simmer,” said Krumins, who added that the California entrepreneur's proclivity to not take himself too seriously would endear him to South Carolina crowds. “While other candidates were choosing political songs, he came out to ‘Return of the Mack,’” said Krumins, referring to Yang’s walk-out music at the Iowa Democratic Hall of Fame dinner. “It’s just a jam. People like that.” There’s room, too, for the folks who are more interested in spectacle over substance. Thirsty for Franzia boxed wine? The fish fry will provide it. In the mood to see a larger-than-life cutout of Booker’s head attached to a stick several feet long? Come on down! There was a photo booth where guests could pose with “just proving I’m here” signs in front of a branded backdrop, a marketing device known as a step-and-repeat. The antics served a purpose. With such a crowded field, campaigns do anything they can to turn out as fierce, engaged, megaphone-wielding forces, proving to attendees, and perhaps other teams, that they can out-chant and outlast the competition. And the somewhat collegiate energy is plain fun. Still, not every attendee finds the show-outside-of-a-show attractive. “The jesters are distracting,” says Joseph Flemming, 26, another first-time attendee. “The sincerity and platforms should shine through.” He didn’t like how the enthusiastic cheering degenerated into “sloppy” cheer-offs between rival candidate teams. “I feel like it could cause a headache.” But he’s able to turn the other cheek for smart conversation, and, most importantly, delicious Southern food. “Have you tried the tartar sauce? It has such a distinguished taste; it’s worth the wait.” And for the candidates who showed up to cast their bread upon the waters of Columbia, they can only hope they will reap their reward in the future — specifically, on Feb. 29, the date of the South Carolina primary. Read more from Yahoo News: Trump wants his next press secretary to be a cable news 'street fighter' For politicians, the D.C. elite and even a presidential candidate, a Navy program has been an attractive fast-track path to military service Trump admits his Cabinet had 'some clinkers' Confronted with multiple errors in his new Trump book, a testy Michael Wolff says, 'You have to trust me' Why are people willing to risk death for a selfie? PHOTOS: Storms bring flooding and power outages across the U.S. |
What is Personal Injury Protection (PIP) and What are its Benefits?
LOS ANGELES, CA / ACCESSWIRE / June 22, 2019 /Compare-autoinsurance.org has launched a new blog post that explains more about PIP car insurance and its benefits.
For more info and free car insurance quotes, visithttps://compare-autoinsurance.org/basics-of-personal-injury-protection-coverage/.
Personal Injury Protection, or "No-Fault" insurance, is one of the basic car insurance plans and is meant to cover driver's medical bills in the event of a car accident. Payment is not dependent on who was at fault in the accident, so even if you caused most of the damage, PIP will still cover you. Some states make PIP mandatory, while others have their own set of laws and rules for the coverage.
• PIP coverage is a no-fault policy. This means it can be claimed regardless of whether the accident was the policyholder's fault or not. This is a big advantage, also because it does not deal with time delays, which could have been caused in determining the fault.
• Besides covering the medical expenses of a policyholder and his passengers, PIP also covers the costs for lost wages, childcare, house care, burial, and rehabilitation. These additional points make PIP insurance different from medical payments coverage. However, these also make PIP comparatively more expensive.
• PIP insurance is mandatory in 16 states. These states chose to make PIP insurance compulsory in the hopes of limiting the number of lawsuits filed against at-fault drivers.
• PIP coverage extends to any passenger who was in the policyholder's car at the moment of the accident. This means that they will have their medical costs covered.
Personal injury protection does not cover non-economic losses such as damages due to pain and suffering. Also, if motorists are driving while intoxicated or under the influence of drugs (DUI or DWI), or purposely causing the accident, their personal injury protection benefits will be nullified.
Personal injury protection can often work in conjunction with your health insurance plans. In many cases, you may have the option of setting your health insurance as your primary form of injury coverage after an accident. This means that when you are hurt in an accident your health insurance benefits will pay your medical costs first. After that, your PIP coverage will help with expenses that exceed your health insurance limits.
For additional info, money-saving tips and free car insurance quotes, visithttps://compare-autoinsurance.org/
Compare-autoinsurance.org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.
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View source version on accesswire.com:https://www.accesswire.com/549541/What-is-Personal-Injury-Protection-PIP-and-What-are-its-Benefits |
5 High-Yield Dividend Stocks to Watch
Finding high-yield dividend stocks when the stock market is near all-time highs can be difficult, but it can be done. Often, though, it requires buying stocks that have been facing headwinds of some sort. That doesn't mean they are bad companies -- just that they need to be watched a little more closely to ensure they are working through the rough patch in a reasonable fashion. Five high-yield dividend stocks worth looking at today areExxonMobil(NYSE: XOM),General Mills(NYSE: GIS),International Business Machines(NYSE: IBM),Tanger Outlet Centers(NYSE: SKT), andEnterprise Products Partners(NYSE: EPD).
The biggest driver of performance at Exxon are oil prices, which have been a little volatile lately. That's part of the reason why the stock has been bouncing around a bit this year. However, the longer-term issue facing Exxon is production, which has fallen in each of the last three years. That's the wrong direction for an oil company, and investors are worried the industry giant is falling behind its peers.
That's why it's so comforting that productionturned for the better in the middle of 2018. Production rose between the second and third quarters and again between the third and fourth quarters. Although production was flat between the fourth quarter of 2018 and the first quarter of 2019, it was up 5% year over year. Most of this improvement was on the strength ofExxon's U.S. onshore drilling effort, just one of several big growth drivers.
Meanwhile, long-term debt remains around 10% of the company's capital structure, so it has ample financial flexibility on itsbalance sheetto keep funding growth projects no matter what oil prices do. With a yield of 4.9% and a streak of 37 consecutive annual dividend increases, Exxon is worth a look even for conservative investors willing to track production performance.
General Mills is a packaged food giant with a portfolio of iconic food brands, including Cheerios and Yoplait, among others. Consumers have been gravitating to foods that are perceived as fresh and healthy, which isn't the strong suit of packaged food companies. There have also been some self-inflicted wounds, like completely missing the Greek yogurt craze. Financial results haven't been great.
The food giant is working on the issue, including revamping older brands (Yoplait), jettisoning assets that don't resonate with current consumers (Green Giant), and buying brands that are more in demand (Annie's). That last one is a problem today, because one of the acquisitions, natural pet food maker Blue Buffalo, was a very expensive deal that materially increased General Mills' debt load. Worse,some have suggested the company overpaidfor it, even though it was a desirable addition to the portfolio.
Investors have pushed the stock down and the dividend yield up (it currently sits around 4%). But General Mills hasn't cut its dividend in 100 years, raising it or holding the line regardless of the environment in which it is operating. And the current focus is on the integration of Blue Buffalo and paying down debt. Management knows what it needs to do because General Mills has been through periods of change before. And while it's possible that it will only muddle through this time around, history suggests it is highly likely to survive the current headwinds with the dividend intact. The key right now is to watch the company's long-term debt pile.
Next up is international tech giant IBM. The company's problems have been well documented in the press, with persistently weak sales as it attempts to shift from older technology niches (computer manufacturing) to newer ones (cloud, security, artificial intelligence). That's partly because the process has included selling mature businesses and replacing them with smaller but fast-growing businesses via acquisition. The transition has taken a long time, with Motley Fool contributor Danny Vena aptly describing the company's financial results in literary terms as "A Tale of Two Companies."
The thing with IBM is that it's wrong to think of it as tied to any specific technology. In its more than 100-year history, this tech giant has shifted its portfolio many times over. It hasn't always been pretty, and this time around is proof of that. But it always seems to successfully change with the times. The big question mark right now is the company's acquisition ofRed Hat, an expensive deal that is supposed to help IBM gain traction in the hot cloud space.
Investors like Red Hat, but are worried that IBM will botch up the company's success. IBM promises it won't do that, but mergers have a habit of not working out as planned. And, most troubling,the Red Hat purchase was indeed costly. If things don't go as well, it could be trouble for IBM, which has been posting relatively weak results for years at this point. With a 24-year streak of annual dividend hikes under its belt and a fat 5% yield, however, more aggressive types might be interested here. Just keep an eye on the Red Hat deal.
If you are looking for a really high yield, thenreal estate investment trust(REIT) Tanger Outlet Centers' 8.5% yield should be right up your alley. REITs tend to have high yields, but 8.5% suggests that investors are worried it can't support the payout. And there is good reason for that, since Tanger, as its name implies, operates in the retail space. Malls have been hit hard by store closures and retail bankruptcies (Sears), oftenoverhyped as the retail apocalypse.
XOM dividend yield (TTM). Data byYCharts.
Tanger, however, is a little different. It owns outlet centers not enclosed malls. That keys into the low price concept, which is the one area of retailthat has been doing well lately. Moreover, outlet malls cost less to run than indoor malls because they are outdoor structures with easy to change store spaces. And there are no anchor tenants to worry about. The big issue is working through the shifting buying habits of consumers, bringing in new tenants that better match with current trends. Tanger has done this before, and it just takes time. In the short term, that means weak results, including falling occupancy rates (the expectation for this year is around 94.5%, historically low for Tanger).
The big question mark appears to be whether Tanger can survive the changes taking shape in the retail sector. On that score, it has a rock-solid balance sheet on which to rebuild. Only 6% of its portfolio has mall-level debt attached to it (largely mortgages at joint venture assets). It is investment-grade rated and has roughly 97% of a revolving credit facility available to it. And it is well within all of its key debt covenants, including covering interest costs by more than five times. This is not a financially troubled company, and if history is any guide, it will find new tenants to fill the void left by the retail apocalypse. You'll want to watch closely, of course, but the negative sentiment here appears overdone. With an incredible 26-year history of annual dividend hikes, though, it might be worth the risk for more aggressive investors.
Last up is energymidstreambellwether Enterprise Products Partners. Thislimited partnershiphelps move, store, and process oil and natural gas in North America. It is a vital link in the energy market with a business built on fee-based assets. So, unlike Exxon, oil and gas prices don't have as big an impact on its financial results. Instead, demand is the main driver.
On that score, domestic oil and gas production has increased dramatically in recent years with no signs that the trend is going to end. In fact,there isn't enough capacityin the midstream sector to handle all of the oil and gas being produced. So, the outlook for Enterprise is pretty good, with the company currently working on $5 billion in growth projects.
There are two problems here. First, investors appear to have soured on the midstream space in general despite the positive outlook for the industry. Second, Enterprise has beenshifting its business modelso that it can self-fund more of its own growth spending. That's led to a slowdown in its distribution growth rate. However, once this transition is complete (likely no later than 2020), investors should expect distribution growth to pick back up into the mid-single-digit range. And with leverage at the low end of the industry, there doesn't appear to be any need to worry about the 6.2% yield or the continuation of the company's 22-year streak of annual distribution increases. This one is a good choice for more conservative types, but still make sure to watch the self-funding push.
The key theme through this list is change. It can be hard at times, and the outcomes are often uncertain. But that presents opportunity for investors who can think long term. If that sounds like you, then Exxon, General Mills, IBM, Tanger, and Enterprise are worth a deep dive. Yes, you'll need to watch the progress they make along the way, but if things work out as planned, income investors should be well rewarded.
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Reuben Gregg Brewerowns shares of ExxonMobil, General Mills, IBM, and Tanger Factory Outlet Centers. The Motley Fool is short shares of IBM. The Motley Fool recommends Enterprise Products Partners and Tanger Factory Outlet Centers. The Motley Fool has adisclosure policy. |
UConn moving back to the Big East inevitable, per Pete Thamel sources
As conference realignment reshaped the college sports world the past 15 years, theres been one undeniable truth amid the chaos no school has been a bigger loser than the University of Connecticut. The Huskies lost their geographic relevance in basketball by leaving the Big East, as organic rivals like Providence, St. Johns and Syracuse were replaced by strangers like Tulane, East Carolina and Memphis. Passion has been replaced by apathy, as once-teeming arenas became filled with empty seats and a once-rabid fan base has turned ambivalent. A school thats won four national titles in mens basketball since 1999 and 11 womens basketball national titles has been lodged in the geographically disparate American Athletic Conference. For UConn, basketball is the only thing thats ever really mattered. Putting together a relevant football team was essentially a vehicle to help find basketball its best showcase. The market and common sensibilities for the future of UConn athletics appear to be changing. A report emerged late Friday that UConn was making plans to leave the AAC and go back to the Big East. Calls with multiple sources on Saturday morning indicated to Yahoo Sports that a deal is being finalized for UConn to return to the Big East in basketball and other sports. A source told Yahoo Sports that there are still details to be worked out and unwound, but thats the general expectation for UConns future. UConn is finalizing a deal to return to the Big East, sources have confirmed to Yahoo Sports. (AP) The expectation would be for UConn to join the Big East in 2020. The issue will be what happens with UConns football program, as the Big East doesnt include football. Sources told Yahoo Sports that the AAC will not take UConn as a football-only member. UConn has been historically bad on the field and holds little resonance off of it. Independence would likely end up as UConns best option. Big East spokesman John Paquette declined comment when reached on Saturday morning. UConn athletic director David Benedict didnt return a call, nor did administrative sources there. AAC commissioner Mike Aresco, who runs the conference UConn would be departing, didnt return a phone call. Story continues In other words, the wall of non-denials and silence that tends to accompany these types of events has been built. Sources indicated itd be shocking if the move doesnt happen. To those in the AAC, this move comes as comes as little surprise. The biggest sign that UConn could be moving elsewhere soon was their opposition to the leagues recent television deal. The news isnt catching a lot of people by surprise, said a source within the league. I think its felt imminent. For the AAC, the loss of UConn is not expected to impact the television deal significantly. In the contract language, the departure of just one school from the AAC wouldnt trigger a termination of the deal from ESPN. The AACs new television deal will begin in 2020-21. The term sheet of that AAC deal has been signed, and those provisions include membership. In terms of exit fees, AAC bylaws say that any school which departs would be obligated to pay approximately $10 million. Historically, those numbers end up being negotiated. For the AAC, the next likely move would be to follow the model they have with Navy as a football-only and add a school like Army or Air Force. Then theyd follow up that move and add a basketball power like they recently did with Wichita State. (VCU would be the most logical target there.) The other option would be to add a member in all sports, but theres no obvious candidate who could add value in both basketball and football. UConn brought a unique value to the league in basketball with two programs with multiple championship pedigrees. But as the years went on, the arenas in Connecticut emptied and the football team atrophied into a laughing stock. As UConn watched its only neighbors like Pitt and Syracuse cash big checks in the ACC and Villanova win national titles in the Big East, the only logical move for the school was to go back all-in on basketball. The first steps toward that began today. The biggest loser in conference realignment is attempting to change its fate. More from Yahoo Sports: Yankees can win without Judge, but they do need depth Phillies Harper fails to make list of All-Star finalists Curry: Stakes of next presidential election are extremely high USWNT has tough lineup questions as knockout stage begins |
Get Ready for an Onslaught of IPOs
Lately, it seems that the only sure way to make lots of fast money on the stock market is to jump onto aninitial public offering (IPO).
Fresh issues have been all the rage across the past few weeks -- witness the monster first-day pops ofBeyond Meat(NASDAQ: BYND),Fiverr International(NYSE: FVRR), and even the tradition-bucking direct IPO ofSlack Technologies(NYSE: WORK). None of these companies is profitable, by the by, but this doesn't matter. Regardless, we can expect plenty more IPOs in the coming weeks and months.
Image source: Getty Images.
IPOs tend to come in waves, and not surprisingly they tend to come when the market is frothy. That's a big reason we've seen so many lately.
Buying into a new stock on the exchange is always a leap of faith to some degree; people are being asked to put money into a company when a vast pool of investors hasn't been able to fully determine its value. So it's sensible to place a new stock onto a bull market pregnant with optimism.
Another effect of a long, upwardly mobile market is that it drives up prices for stocks that have long been investor favorites. For example,Costco Wholesale(NASDAQ: COST)keeps reaching new peaks, which is saying something for a company that's been publicly traded since 1985.
So you've got a combination of happy optimism and a yearning for something new that hasn't had a price run-up resembling a Himalayan slope. Enter the freshly minted IPO.
Compounding the matter, some of the higher-profile stocks that have arrived on the market lately are from companies that are either somewhat well-known already, have novelty value, or enjoy a combination of both. Good fundamentals and/or prospects help, too.
Beyond Meat is exciting because it's the first true alt-food stock available, it's hitting at a trendy time for such products, and the company'ssignature Beyond line is quickly finding a niche. Fiverr is an unprofitable enterprise that operates on a dubious gig-economy business model. Yet Fiverr is quite a well-known brand, plus it has novelty value as a big, wide marketplace for inexpensive freelance work.
Finally, it's enormously helpful if your new listing is for a stock that operates in a white-hot segment of the economy.
That situation helped the price ofCrowdStrike Holdings, a cybersecurity company that uses cloud-based software to find and eliminate e-threats, pop high on its first day of trading and more or less defy gravity since then. It almost seems uncouth to mention at this point thatCrowdStrike has been an unprofitable business.
Any company hungry for bags of capital would want to list in such an atmosphere. The underwriting investment banks that reap fees and stock allocations by handling their stock issues are happy to egg these companies on.
Expected to arrive soon on the exchange are, among a galaxy of others, well-liked delivery service Postmates and DIY accommodation star Airbnb. Also apparently coming to market is The We Company, which sounds like the name of a bad 1960s pop band but is actually the parent of noted co-working space operator WeWork.
So how should investors play this invasion of IPOs? Wisely, I would suggest. Prices for new stocks can roller-coaster wildly in their first few days on the exchange. There are many instances when they've dropped, or popped quickly and then retreated. It's not good to rely on timing and luck when investing in anything, least of all stocks.
As ever, the best of these issues will probably thrive and rise on fundamentals. Novelty value wears off, trends shift, and fame only means attention, not necessarily success. Although it's a very uncool company far away from anything resembling hipness,Costco consistently delivers on fundamentals, and investors reap the rewards.
In other words, it's best not to get caught up in the crowd's rush to new stocks; better to wait patiently for the prices of the more fundamentally sound companies to cool down. Because very frequently they will -- at some point the masses inevitably move on to other new shiny toys.
The stock market isn't a place to run with the pack, nor is it the venue for blindly hopping on the latest Cool Ride. The IPO onslaught is upon us and it'll continue, but we don't have to get gored by the bulls.
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Eric Volkmanhas no position in any of the stocks mentioned. The Motley Fool recommends Costco Wholesale. The Motley Fool has adisclosure policy. |
The best sunscreens you can shop at Walmart
Yahoo Lifestyle’s shopping team is committed to finding you the best products at the best prices. We may receive a share from purchases made via links on this page. Sunscreen should be at the top of your shopping list this summer. (Photos: Pond's, Hawaiian Tropic, Blue Lizard, Supergoop; Art by Quinn Lemmers for Yahoo Lifestyle) Ask any dermatologist about their No. 1 rule of thumb when it comes to skin care , and they’ll tell you it is sunscreen — no debate needed. It doesn’t matter if it’s the dead of winter or the peak of summer , either: Wearing SPF daily is a non-negotiable deal. “If you aren’t wearing sunscreen every day, you should be, and it’s an absolute must during the summer when the sun is even stronger,” says Joshua Zeichner , who serves as the director of cosmetic and clinical research in dermatology at Mt. Sinai in New York City. “Stick to sunscreens with at least SPF 30 that are labeled with the term ‘broad-spectrum,’ as this means they protect you against both UVA and UVB rays,” he explains. Zeichner also adds that you should never forget to treat your ears, neck, hands, chest and hairline, all of which are spots that people have a tendency to skip. Connecticut-based dermatologist Deanne Robinson stresses the importance of reapplying every two hours when you’re in the sun and immediately after you’ve been swimming or exposed to water. “The key to avoiding premature aging and skin cancer is prevention through proper sun protection,” she says. Don’t have a holy grail sunscreen yet? No worries — we’ve got you covered with some of the best SPF options on the market, all of which just so happen to be available at Walmart. Keep scrolling to find 10 dermatologist-approved sunscreens that will keep your skin protected all summer long (and beyond). Coppertone Pure & Simple Adult SPF 50 Lotion (Photo: Coppertone) Shop it : Coppertone Pure & Simple Adult SPF 50 Lotion , $9 If you’re someone who does your fair share of sports and physical activities, then founder of Smarter Skin Dermatology Sejal Shah says this broad-spectrum sunscreen is an excellent option because it’s water resistant for up to 80 minutes. “It protects the skin with naturally sourced zinc oxide and is free of parabens, phthalates, dyes, fragrance and oxybenzone and it won't clog pores,” she says. Shah also adds that it contains hydrating botanical ingredients like sea kept and lotus extract, both of which nourish and moisturize the skin. Story continues La Roche-Posay Anthelios SPF 50 Mineral Ultra Light Sunscreen Fluid (Photo: La Roche-Posay) Shop it : La Roche-Posay Anthelios SPF 50 Mineral Ultra Light Sunscreen Fluid , $28 Another recommendation from Shah, this sunscreen is one of her all-time favorite sunscreens for the face. “This broad-spectrum sunscreen is lightweight, absorbs quickly, and has a matte finish,” she says. “It even contains antioxidants to further protect the skin from free radicals.” It also comes in tinted formulations, too, which blend in seamlessly and never look chalky or cakey on the skin. Blue Lizard Australian Sunscreen Sensitive SPF 30 (Photo: Blue Lizard) Shop it : Blue Lizard Australian Sunscreen Sensitive SPF 30 , $15 Shah highly recommends this SPF for anyone who has sensitive or easily reactive skin, as it’s ultra-gentle and doesn’t contain any unnecessary fragrances or chemical additives. “It’s a broad-spectrum sunscreen that provides protection with zinc oxide and titanium dioxide, and it’s water-resistant for up to 40 minutes which is great,” she says. What’s more: It contains skin-loving ingredients like vitamin E and castor oil, both of which protect the skin from drying out in the sun. Pond’s Face Moisturizer Clarant SPF 30 (Photo: Pond's) Shop it : Pond’s Face Moisturizer Clarant SPF 30 , $10 Shari Marchbein raves about this two-in-one moisturizer and SPF from Pond’s, which features vitamin B3 to help further protect the skin from dark marks and discoloration caused by the sun. “In addition to sun protection, this one also contains a form of vitamin B known as niacinamide, which really helps with redness and hyperpigmentation,” she says. What’s more, not only does it feel featherlight and sink into the skin almost immediately, but it never leaves behind a white cast or gross greasy feel. Neutrogena Ultra Sheer Lightweight Sunscreen Spray, SPF 100+ (Photo: Neutrogena) Shop it : Neutrogena Ultra Sheer Lightweight Sunscreen Spray, SPF 100+ , $9 Another sunscreen Marchebin swears by is this classic spray SPF by Neutrogena, which is excellent for covering the whole body in mere minutes. It contains a sky-high broad-spectrum SPF, which means it’s even more powerful and lasts longer (though that’s not to say you shouldn’t reapply every two hours still). Even better: It absorbs within seconds and never, ever feels greasy or sticky on the skin. Aveeno Baby Sensitive Skin Face Sunscreen Stick SPF 50 (Photo: Aveeno) Shop it : Aveeno Baby Sensitive Skin Face Sunscreen Stick SPF 50 , $9 “Stick sunscreens are ultra-portable, not messy, and easy to use,” says Zeichner, who highly recommends this SPF stick for anyone who’s constantly on the go or needs a quick way to touch-up throughout the day. “Turn it to the wide side for large surface areas like the cheeks or the narrow side for hard-to-reach areas like the bridge of the nose,” he explains, adding that its mineral formula is gentle enough to use even on the most sensitive skin. “While it is labeled for babies, it can be used by the entire family,” he says. Supergoop Antioxidant-Infused Sunscreen Mist with Vitamin C SPF 30 (Photo: Supergoop) Shop it : Supergoop Antioxidant-Infused Sunscreen Mist with Vitamin C SPF 30 , $35 Infused with skin-brightening vitamin C and soothing lavender oil, this SPF spray does more than just protect your skin from the sun — it treats it too. Zeichner suggests it for anyone concerned with uneven skin or sensitivities to most sunscreens, as it’s incredibly gentle and contains a chock-full of skin-loving ingredients that nourish the skin while shielding it from sun damage. “The vitamin C neutralizes free radical damage, and it’s so easy to apply — simply spray until the skin glistens,” he advises. “If you don't see it on the skin, then it is likely not there.” Hawaiian Tropic Dry Oil Clear Spray Sunscreen SPF 30 (Photo: Hawaiian Tropic) Shop it : Hawaiian Tropic Dry Oil Clear Spray Sunscreen SPF 30 , $9 This coconut-scented SPF dry oil contains a nourishing blend of botanicals and aloe vera to hydrate and soothe the skin while protecting it. It also couldn’t be easier to apply and sinks into the skin super-quickly, despite being an oil formulation. Not only will your skin stay burn-free, but it’ll look radiant and moisturized for hours too — all thanks to the bevy of good-for-you ingredients, including coconut oil, mango extract and carrot fruit extract. Read More from Yahoo Lifestyle: The best mascaras for longer, thicker eyelashes — starting at $7 Do hair vitamins really work? Here’s what a dermatologist says. The $18 leave-in conditioner Hailey Baldwin swears by Follow us on Instagram , Facebook , Twitter , and Pinterest for nonstop inspiration delivered fresh to your feed, every day. Want daily pop culture news delivered to your inbox? Sign up here for Yahoo’s newsletter. |
Trump eyes more Iran sanctions; military action still on table
WASHINGTON (Reuters) - U.S. President Donald Trump said Saturday he will impose additional sanctions on Iran in an effort to prevent Tehran from obtaining nuclear weapons, adding that military action was still a possibility. Trump, who was speaking to reporters at the White House, made his comments after recently calling off military action against Iran to retaliate for the downing of a U.S. military drone. "We are putting additional sanctions on Iran," Trump said. "In some cases we are going slowly, but in other cases we are moving rapidly." The president said military action "is always on the table" against Iran. But Trump also indicated he was open to reversing the escalation, adding he was willing to quickly reach a deal with Iran that he said would bolster the country's flagging economy. "We will call it 'Let's make Iran great again.'" Trump spoke to reporters as he prepared to depart Washington for the presidential retreat Camp David, where he said he would be deliberating on Iran. (Reporting by Nandita Bose; Editing by Chizu Nomiyama and Daniel Wallis) |
Don’t Expect to See Olivia Jade Post on Instagram Anytime Soon
Photo credit: @oliviajade - Instagram From Cosmopolitan Olivia Jade reportedly doesn’t want to post on social media for a whole year. This is especially interesting considering that she’s an Instagram influencer with more than a million followers.... IDK what types of big questions you’ve been pondering on this fine Saturday morning, but if they’re anything like mine, they look something like, What am I going to do with my life? What should I eat for lunch? And what the heck is going on with that whole college scandal? And while I really can’t help you with the first two, I think we could all use an update on Operation Varsity Blues, aka the scandal where rich people and celebs like Felicity Huffman and Lori “Aunt Becky” Loughlin used bribery to get their kids into college . Ever since the news broke that Lori and her husband, Mossimo Giannulli, allegedly agreed to pay half a million in bribes to make it seem like their daughter Olivia could row and therefore be recruited to the USC crew team/admitted to USC, things have not been great for beauty vlogger/influencer Olivia Jade. She lost her sponsorship deals with Sephora, TRESemmé, and Estée Lauder ; got into a huge fight with her parents ; broke up with her boyfriend ; and has been hiding out . However, one of Olivia’s top priorities amid all this has been trying to figure out how to make a comeback as a beauty influencer/rebuild her brand . And apparently, one of the ways OJ is trying to do this is by not posting on Instagram-for an entire year! In a new vid , fellow YouTuber Tana Mongeau talks about Olivia, saying, “She openly tells people, ‘I’m not gonna post on social media for the next, like, year.’” And if you look at Olivia’s Insta-where she still has 1.4 million followers-she’s been sticking to that. OJ hasn’t posted since February, before the scandal broke. And FYI, last month, a source shared that “[Olivia] wants to come out looking like she’s changed, learned life lessons, and growing as a person.” Seems like this social media detox might be part of her master plan.... ('You Might Also Like',) 16 Unexpected Fashion Rules That the Royal Family Follows The 8 Best Clarifying Shampoos for Getting Rid of Product Buildup Here's How to Flawlessly Conceal Your Acne |
Danny Green doesn't think Raptors will visit Trump's White House
It’s customary for the president of the United States to host the sitting NBA champions for a lunch and meet-and-greet at the White House. Don’t expect this tradition to carry forward for the 2018-19 Toronto Raptors. Raptors guard Danny Green spoke about a number of topics on the latest episode of “Inside the Green Room,” and was asked what the team’s response would be if they were invited by Donald Trump. “I just don’t think that we accept, to put it politely,” Green said. “I try to respect everybody in every field that they do, regardless of how crazy that things are, but he makes it really hard. He makes it very, very tough to respect how he goes about things and does things. To put it politely, I think it’s a hard no.” “I’m sure he’s going to take his invite back now, if we do decide [to go]...that’s fine.” Danny Green believes the Toronto Raptors would reject a formal invite to the White House due to Donald Trump's policies and conduct. (John E. Sokolowski-USA TODAY Sports) Trump has feuded constantly with professional athletes throughout his presidential reign, taking aim at Colin Kaepernick for protesting police brutality and racial inequality. More specifically in this case, Trump also rescinded an invite to the Golden State Warriors in 2017 after Steph Curry expressed hesitation about potentially visiting, while Steve Kerr has been an open critic of his policies. LeBron James has called Trump a “bum” before, and NBA stars of this era often haven’t been welcomed by this administration. If Trump gets wind of Green’s comments, which we’ll bet that he does, expect the Raptors to get the cold shoulder from the president. More Raptors coverage from Yahoo Sports |
Is ONEOK a Buy?
In mid-2017,midstream-energy-focusedONEOK(NYSE: OKE)bought its controlled limited partnership, simplifying its business structure. It got through the transition -- which was undertaken in a difficult period for the midstream sector -- without cutting its dividend.
Since completing the merger, ONEOK's stock is up around 25%, while industry-leading names likeEnterprise Products Partners(NYSE: EPD)andMagellan Midstream Partners(NYSE: MMP)are flat to lower. Is ONEOK a worthwhile deal today in the midstream space?
ONEOK operates a large natural gas pipeline, storage, and processing business. The vast majority of its revenues are tied to fee-based assets, providing consistency and protection from commodity price volatility. The company's market cap of around $26 billion is smaller than the industry's largest players but still makes it one of the bigger names in the space.
Image source: Getty Images.
Demand for the ONEOK's services remains strong in its core markets, as well, with production growth and notable amounts of natural gas being burned off (called flaring) that could be captured. ONEOK has expansion projects lined up through 2021, with a total capital budget of around $5.6 billion. A few of the larger projects should be completed in late 2019 or early 2020.
Based on its current projections, the midstream company is looking for a 10% increase in net income in 2019 with a 6% boost in adjustedEBITDA. That's solid performance that should please investors.
Although ONEOK hasn't provided 2020 projections and likely won't until the end of 2019 or early 2020, the completion dates of its capital projects suggest that next year will be another good one. Put simply, the core business is strong.
The company's strength also shows up on itsbalance sheet. ONEOK's debt-to-EBITDA ratio spiked above six times in 2016, but following the merger with its controlled partnership, management has been working on improving its leverage profile. At this point, debt-to-EBITDA is around 3.6 times.
That's a solid number in the midstream space and roughly on par with industry bellwether Enterprise Products Partners. That said, the company's target is in the area of four times -- still a good number -- so it could rise from here to support growth spending.
OKE Financial Debt to EBITDA (TTM)data byYCharts.
ONEOK, meanwhile, has increased its dividend annually for 17 consecutive years. Enterprise (22 years) and Magellan (19 years) have longer streaks, but it would be hard to suggest that ONEOK hasn't shown a commitment to returning value to shareholders via dividends.
That said, over the past decade, ONEOK has increased its dividend at an annualized rate of just under 17%. Magellan's increases were around 12%, and Enterprise's 5%. Magellan and Enterprise, meanwhile, have slowed their increases more recently.
ONEOK's dividend stagnated a bit during the acquisition of its controlled partnership but has since picked up again. The dividend jumped 10.5% in 2017, 20% in 2018, and has been increased twice so far in 2019. The first quarter saw a 12% year-over-year hike, with the second-quarter bump coming in at 9%. ONEOK covered its dividend by 1.4 times in the first quarter, which is strong coverage. As such, it's highly likely it will increase the dividend again before the year is out, following its recent quarterly-hike trend.
When it comes to dividends, ONEOK easily holds its own with some of the best names in the industry. However, after a huge price advance relative to those peers, the company's 5.4% dividend yield is a little light comparatively. Enterprise's yield is a more compelling 6.3%, with Magellan's chiming in at an even higher 6.5%. Which brings on a bigger question... valuation.
ONEOK is a good company, but sometimes, good companies aren't good investments. And in this case, ONEOK's stock has materially outperformed some of the industry's most conservative names since its mid-2017 simplification transaction. Add in the relatively low dividend yield, and investors should be asking if there are cheaper options in the midstream space. The answer is yes.
ONEOK'senterprise value(EV)-to-EBITDA ratio is nearly 15 times. Higher-yielding Enterprise's valuation on this metric is roughly 12 times, with Magellan coming in at about 10.5 times.
Investors are clearly affording ONEOK a premium price today. The question is whether or not that premium is worth it, given that ONEOK has been growing its dividend at a more rapid clip than either bellwether Enterprise or highly conservative Magellan.
OKE EV-to-EBITDA (TTM)data byYCharts.
The answer isn't a clean yes or no. From a big-picture perspective, ONEOK, Enterprise, and Magellan would all be solid midstream choices. For conservative investors looking to maximize current income, however,Magellan would likely be the better option. For investors focused on dividend growth, ONEOK has the lead today. However, you'll be paying a notable premium for that growth.
ONEOK is a great company that's handily managed a big transition without missing a beat. It pays a sizable dividend, but there are higher yields available in the midstream space. That said, dividend growth has been strong and should continue to be so over the next couple of years, as big growth projects come online.
If you're willing to pay up for dividend growth, ONEOK will probably be of interest to you. However, if you're a conservative, income-focused investor, the premium price and lower yield should lead you to hit the pause button. Conservatively managed peers likeEnterprise and Magellanmight be better options.
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Reuben Gregg Brewerhas no position in any of the stocks mentioned. The Motley Fool recommends Enterprise Products Partners, Magellan Midstream Partners, and ONEOK. The Motley Fool has adisclosure policy. |
Macy's Asset Sale Deals Keep Rolling In
At the beginning of 2019, executives atMacy's(NYSE: M)warned investors that the company's asset sale activity would begin to normalize this year. Whereas Macy's has averaged more than $500 million in annual cash proceeds from real estate sales over its past three fiscal years, the company expects asset sale gains of roughly $100 million in fiscal 2019. (Cash proceeds may differ somewhat from the book gains reported, depending on the timing of payments and the book value of properties sold.)
However, while the pace of asset sales may be slowing, Macy's isn't done rationalizing its real estate footprint. The proceeds from asset sales in 2019 and beyond will be a key contributor to the company's cash flow, allowing the retailer to potentially resume its share buyback program later this year while continuing to reduce its debt.
It reported asset sale gains of $43 million for the first quarter of fiscal 2019, putting it nearly halfway to its full-year goal. Cash proceeds came in somewhat lower at $34 million.
Macy's is steadily extracting value from its vast real estate portfolio. Image source: Macy's.
In the first half of the second quarter, Macy's has completed two more asset sales. Earlier this month, local media reported that Macy's had sold its store in White Plains, N.Y., to the mall owner (Pacific Retail Capital Partners) for $27 million.
The retailer said it will lease back its store and continue to operate normally, but there's a good chance that this is only a temporary situation. Macy's has a more successful store 10 miles away in Yonkers and several other stores within 15 miles of White Plains. Furthermore, the Galleria mall in White Plains really needs to be redeveloped. Sooner or later, this Macy's store is likely to close to make way for a major redevelopment project.
Also this month, Macy's sold its ground lease for the Medinah Temple building in Chicago for a reported $25 million. This building currently houses a Bloomingdale's Home store, which will move back into the main Bloomingdale's store (a half-mile away) in mid-2020. The Medinah Temple building will then be redeveloped.
Between Q1 asset sales and these two deals, Macy's may already be closing in on its $100 million goal -- and it's not done yet.
Macy's recently sold its White Plains store to the mall owner for $27 million. Image source: author.
Macy's is already working on several other potential real estate sales. For example, last fall, the company confirmed that it was investigating closing its store in Boulder, Colorado, to make way for a redevelopment of that building into 150,000 square feet of office space.
Furthermore,Brookfield Asset Managementismoving aheadwith plans to develop excess land owned by Macy's (primarily several dozen store parking lots). Former Macy's CFO Karen Hoguet stated in early 2018 that if the company chooses to cash out -- it also has the option to hold on to a joint-venture interest in the new developments -- it could receive $50 million just for the first nine parcels.
Aside from these asset sales that are known to be under consideration, Macy's may also sell and close a small number of full-line stores as part of its usual end-of-year evaluation process. The net result is that Macy's could easily exceed its $100 million target for asset sale gains this year.
Some of the most valuable real estate optimization work that Macy's is doing won't lead to asset sale gains -- at least not immediately. First, the company recently confirmed that it is seeking zoning approvals tobuild a 1.2-million-square-foot office toweron top of its Manhattan flagship store. When completed, this would provide a new source of rental income -- assuming Macy's maintains a stake in the office tower rather than just selling the land and air rights -- while also driving more traffic to the flagship store.
Additionally, two years ago, Macy's announced a project to carve out 10,000 square feet of space in the front of its San Francisco flagship store, facing Union Square. The company hopes to rent this space to luxury brands, bringing inmillions of dollars in rent annually. The renovations are nearly complete, and the new retail space is now on the market.
Despite positive sales trends, roughly stable profitability, and a massive trove of real estate, the company's shares continue to trade for just seven times forward earnings. That makes the stock a great bargain, particularly if Macy's will soon be ready to start returning more cash to shareholders.
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Adam Levine-Weinbergowns shares of Macy's. The Motley Fool owns shares of and recommends Brookfield Asset Management. The Motley Fool has adisclosure policy. |
2019 FIFA Women's World Cup: Real Madrid to launch women's team
After enduring criticism over their lack of a women’s team, it appears Real Madrid will officially launch one in time for the 2019-2020 campaign. According to El Mundo, Los Blancos reached an agreement with newly promoted local side CD Tacón to purchase their place in Liga Femenina Iberdrola , the Spanish women’s top flight, for almost $342,000. The newly renamed team, Real Madrid Women, is scheduled to be announced by club president Florentino Perez before the end of the month. They will join Real Sociedad, Sevilla, Espanyol, Levante, Real Betis, Athletic Bilbao, Levante, FC Barcelona and Atletico Madrid, in the league from September 2019 onward. Real Madrid will finally launch their own women's side. (Photo credit should read BENJAMIN CREMEL/AFP/Getty Images) This news bodes well for women’s soccer in general, which is steadily gaining popularity thanks to this year’s Women’s World Cup. Spanish FA general secretary Andreu Camps announced this week, according to 90Min, that women’s soccer will receive at least 20 million euros in investment this upcoming season and every match featuring top flight sides will either air live on television or stream online. At least three second division matches will air, too. Real Madrid’s rivals, Atletico Madrid and Barcelona, have dominated women’s soccer in Spain for several years now. Atleti has won the last three league titles, while Barcelona has been runners-up the last four years and reached the Women’s Champions League final this past season. More from Yahoo Sports: Yankees can win without Judge, but they do need depth Phillies’ Harper fails to make list of All-Star finalists Curry: Stakes of next presidential election are ‘extremely high’ USWNT has tough lineup questions as knockout stage begins |
From Clean Water Supply to Rebuilding Notre Dame: Crypto and Blockchain in Charity
The technology that underpins cryptocurrencies has been gradually entering the charity sector, purportedly providing more transparency and trust to the industry — especially given adecreasein people’s trust in charity organizations, where the public is increasingly concerned about how charities spend raised money.
Governments around the world have been showing increasing interest in blockchain deployment and digital currency adoption for philanthropy, although few of them have implemented clearregulationstoward the new type of currency at the legislative level.
Recently, the British Virgin Islands — a United Kingdom overseas territory in the Carribean —partneredwith blockchain firm Lifelabs.io to launch an alternative cryptocurrency-enabled payments infrastructure for residents across its network of islands to ensure that residents can continue access essential goods and services in the event of a humanitarian crisis.
Andrew Fahie — premier and minister of finance ofthe British Virgin Islands— said that blockchain-based financial innovation “comes at a pivotal time for our people and our economy, while the memory of recent natural disasters remains fresh in our minds and hearts, and the pressure for increased economic efficiency keeps mounting.”
The mayor of theSouth Koreancapital, Seoul,introduceda five-year plan for developing the blockchain industry in the city last October. The project entitled “Blockchain City of Seoul” contains a number of measures for promoting and developing blockchain-related initiatives and education in the city from 2018 to 2022.
Last September,China’sMinistry of Civil Affairs (MCA)revealedplans to implement blockchain as part of an overhaul of its charity tracking system. The MCA’s four-year plan through 2022 specifically pledges to “explore the use of blockchain technology in charitable donations, charity tracking, transparent management” and elsewhere.
Officials were set to “build a tamper-proof charity organization information query system and enhance the authority, transparency and public trust of information publishing and search services.” The plan confirmed that the blockchain tech component was chosen to “complete the new round of the ‘Charity China’ platform’s upgrade.”
Recent years have seen a number of blockchain and crypto-focused organizations — from well-known to newly formed ones — stepping into the charity industry as well. Just recently, news broke that a charitable campaign dubbed“Airdrop Venezuela”— which is set to enable direct transfer of $1 million in cryptocurrency donations to the country’s citizens —registered60,000 verified beneficiaries and raised $272,000.
The campaign leader, professor Steve Hanke, underscored that the project aims to demonstrate how crypto can be used by relief agencies globally to securely and transparently deliver funds and aid to people in need. As the country struggles astill-ongoingpolitical crisis and ongoing economic turmoil, bitcoin (BTC) trading volumes inVenezuelawere reported to havereachedan all-time high in February of this year.
In theUnited States, theBail Bloc Initiativestartedusing cryptocurrency raised through charity to help people get out of the U.S. Immigration and Customs Enforcement (ICE) pretrial incarceration last November. ICE is a law enforcement agency of the federal government of the U.S., the mission of which is to monitor cross-bordercrimeand illegal immigration.
The Bail Bloc set a goal to help charged immigrants pay their bail with money raised through cryptocurrency mining. The initiative released an app that consumes a small portion — from 10% by default to 50% optionally — of users’ computing power to mine monero (XMR) once it is installed.
Leading cryptocurrency exchangeBinancerevealed in February that its philanthropic arm, Binance Charity Foundation (BCF) — which was firstlaunchedin October 2018 — rolled out its charity campaign “Lunch for Children” in the capital of Uganda, Kampala. According to the program, the organization is set to provide two meals a day during the full year of 2019 to more than 200 students and school staff.
In late 2018, the BCFopeneda new fundraising channel on its blockchain-powered donation platform. The program is conducted in support of terminally ill patients and disadvantaged children inMaltaand Gozo.
The CEO of cryptocurrency exchangeCoinbase,Brian Armstrong, announced the launch of a charitable initiative dubbed “GiveCrypto.org” to “financially empower people by distributing cryptocurrency globally,” last June. GiveCrypto.org intends to raise funds from crypto owners and distribute small amounts to people who live in emerging markets — more specifically, to those going through financial crisis.
A bitcoin-only charity called thePineapple Fundthat was established by an anonymous donorcontributed5,104 BTC to 60 charities around the world in 2017, supporting a variety of projects, from clean water supply in sub-Saharan Africa to digital rights protection. At the time, the donated digital currency was exchanged into $55,750,000.
The progressive adoption of digital currencies makes traditional nonprofit organizations more flexible in attracting funds from new sources. According to a report by the largest donor-advised fund in the U.S.,Fidelity Charitable, the organization received over $30 million in cryptocurrency contributions in 2018 and $106 million since the program’s launch.
In2017, Fidelity reportedly received $69 million — which made it a record year for cryptocurrency donations — while in 2016, the value of crypto donations amounted to only $7 million. Fidelity notes in the report that digital currency donations “eliminate any capital gains taxes and give the full fair market value to charity.”
Recently, the world was appalled by the massive destruction of the 800-year-old French cathedral Notre Dame de Paris following the devastating fire that engulfed the church on April 15. Days after, an array of companies, organizations and individualsdonatedmillions of dollars to reconstruct the damaged cathedral, with the international cryptocurrency and blockchain community reacting promptly by launching donation campaigns as well. The French crypto community also launched a cryptocurrency donation campaign dubbed“Notre Dame des Cryptos”to help rebuild the cathedral. The team behind the campaign emphasized that many people around the world want to fund the reconstruction, with bitcoin being a global and universal cross-border solution that is reliable against censorship.
Blockchain’s potential to ensure fairer, more equitable aid and distribution of donated funds has been recognized by leading organizations around the world, including theUnited Nations, the Red Cross and Save the Children, and the Notre Dame case is just a local example of how effectively blockchain has been helping raise charitable donations in recent years.
United Kingdom-basedCharities Aid Foundation (CAF)recognizesdigital currency and blockchain as the technologies that “have some fascinating features that could have a huge impact on charities and charitable giving,” and points out their “potential for ‘radical transparency’ of donations, and the possibility of making it easier to get aid money to where it is needed.”
Commenting on blockchain integration into internal processes of charity organizations,Rhodri Davies, head of policy and program leader at CAF, told Cointelegraph:
“Radical transparency through the use of decentralised ledgers (either using crypto or some form of tokening) bring the potential for enhancing trust among donors by giving far greater certainty over how money is spent — this would be particularly valuable when giving cross-border into jurisdictions where there are often justifiable fears about corruption and mismanagement.”
However, Davies noted that radical transparency may cause problems, as well as that “many nonprofits already face challenges convincing sceptical donors about the need to spend money on core costs (which are seen as ‘overheads’ or ‘admin cost’) — if those donors were able to see where their individual donations went within an organisation, this is likely to exacerbate the problem as there would probably be many instances where a donor would not be happy that THEIR money wasn’t going to the perceived ‘front line.’”
Recent years have marked a significant progress in the adoption of digital currencies and blockchain in philanthropy by some governments and international organizations. Indeed, blockchain enables donors to see what path their donations came from — from the moment it was contributed to the moment it was spent — purportedly ensuring a high level of transparency and eliminating misreporting.
The blockchain-powered project GiveTrack, backed by bitcoin nonprofit organizationBitGive, was created with the objective to let donors trace transactions on a public platform in real time, thus being aware of the final destination of their donations. Over the life of the platform, it recorded fund flows to projects featured from Code to Inspire, Desafio, Run for Water and America Solidaria. BitGive — which supports 12 cryptocurrencies —carried outglobal campaigns, including Medic Mobile, the Water Project, Save the Children, Techno, Fundación Parlas and Team Rubicon for Tornado Relief.
Davies stressed that charities also need to be careful what they put on a ledger:
“For instance, if a grantmaker is funding LGBTQ rights in a country where homosexuality is still illegal (e.g. Uganda) and they use a blockchain-based platform to move money, they would need to be very careful that they didn’t unwittingly publish information that allowed organisations or individuals to be identified and arrested.”
News broke in 2015, when nonprofit media outlet ProPublicareportedabout inappropriate expenditures of donated funds that the Red Cross received in the course of the Lamika project, which was aimed at building of hundreds of permanent homes for those affected by the earthquake in Haiti’s capital city, Port-au-Prince, in 2011. The Red Cross had reportedly received nearly half a billion dollars, while only six houses were built as of 2015. “The Red Cross won’t disclose details of how it has spent the hundreds of millions of dollars donated for Haiti. But our reporting shows that less money reached those in need than the Red Cross has said,” the news outlet argued.
Notably, the survey “Trust in Charities and the Overseas Developments Sector” prepared by research consultancy firm nfpSynergyshowsa 6% fall in people’s trust in charities in 2017, wherein 54% of 1,000 surveyed adults said they trusted charities “a great deal” or “quite a lot” compared with 60% a year earlier. Blockchain is set to cut out middlemen and issues presented by bureaucracy, as well as a lack of administrative expertise, which could subsequently improve the reputation of charities.
Francesco Nazari Fusetti, social entrepreneurand founder of Ethereum blockchain-based token AidCoin and full-service platform CharityStars, which was designed to allow charitable organizations to raise funds, told Cointelegraph that “charities must keep in touch with their donors all the way through the project, and keep updating them about the new milestones reached” in order to prove that a success story is true, as well as to ensure the work is sustainable. Nazari Fusetti continued:
“Adding financials and proofs of payment definitely helps to create a success story, but only with crypto and blockchain we can aim to give full transparency about the use of funds.”
Davies made an example of the use of decentralized autonomous organization (DAO) structures that purportedly enable social movements to coordinate and operate more effectively at scale:
“We have already seen a growing trend for such movements to take the form of loose networks rather than traditional centralised organizations (e.g. Black Lives Matter, #MeToo, the climate strikes). Often these movements face challenges in terms of maintaining focus and momentum, or carrying out practical action, and the additional structure provided by a DAO might enable them to overcome these challenges but without having to adopt traditional approaches.”
Among other challenges blockchain can purportedly help solve are slow settlement times for transferring funds from philanthropy organizations to beneficiaries and the volatility of contributions made in foreign currency or securities. Although price volatility of digital currencies poses the risk that donations could be worth something different the moment it is needed, it also applies to foreign currency markets.
Last October, Binancereleaseda report on crypto donations to provide relief for west Japan following devastating floods in mid-July, stating it had raised $1.41 million in various types of ERC-20 tokens at the time. Volunteer service provider Open Japan — which received 169.85 ether (ETH) (5.3 million yen, or $47,257, at that time) from Binance — said that “it was carried out instantly, and after confirming the transfer we were able to convert it to Japanese yen. Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.”
Bitcoin is currently the leading cryptocurrency in terms of charitable donations. While no exact figure is available for the amount of bitcoin that charities received in 2017, it was certainly in excess of $100 million, eXeBlock’s survey dubbed “Eight Ways Charities are Cashing in on Cryptocurrencies” says, and further adds:
“For U.S. donors, making charitable contributions in cryptocurrency is a good tax planning strategy because if the IRS considers these currencies as property for tax purposes, meaning that upon liquidation, any appreciation of the assets are subject to capital gains tax. However, if the cryptocurrency is donated prior to be being converted to dollars, the donor receives a tax credit equal to the market value of the asset at the time of donation. There is no tax on cryptocurrencies that are converted to cash in a donor advised account. This approach increases the donation size by up to 21%.”
Speaking about major obstacles that stand between a charity and its mission, Nazari Fusetti named fundraising to be the biggest issue for charities nowadays. This is, according to him, why charities are keen to explore new tech opportunities to attract new donors.
Sharing his experience of working with charities,Jorge Mejia, assistant professor of operations and decisions technologies at the Kelley School of Business at IndianaUniversity, told Cointelegraph that charities are “often not led by tech-savvy leaders, but I think they are getting better over time. Particularly, because many charities have realized they need some online presence to tap into the charity crowdfunding market. I think a large gap for charities is obtaining volunteers that want to work on the tech side of things.”
Meanwhile, among 5,352 nongovernmental organizations surveyed, 72% accepted website donations, with only 1% accepting bitcoin, and only 3% had a digital wallet. In the United Kingdom, only 15% ofsurveyed charitieshave been through the full digital transformation process and have embedded it, while 45% did not have a digital strategy at all.
In 2018, the survey showed skills to be the second-biggest barrier (51%) for charities, following funding (58%). Over half (53%) reportedly saw their digital strategy skills low, and 55% rated themselves as fair or low at keeping up to date with digital trends.
Notably, 73% of the surveyed charities said that they had low to very low skills in artificial intelligence (AI), which is up from 68% a year earlier. Also, 62% of the survey participants reportedly rated their digital fundraising skills as fair to low, with 58% saying their digital governance skills as fair to low.
Nazari Fusetti argued that “through blockchain we could score a life changing goal for charitable organizations.” However, the general trend shows that charities are reluctant to tech adoption:
“Generally charities are reluctant to tech adoptions but there are some cases, especially with big brands such as UNICEF, which show the opposite. Innovation takes time, skilled employees and financial capital which are limited resources to small charities. Therefore it makes it more difficult for them to embrace new technologies.”
Davies stated that technologies such as augmented reality (AR) and virtual reality (VR) have already entered the charity sector, as these technologies can purportedly be deployed to craft compelling narratives and drive empathy. According to Davies, a number of nonprofits already use AR and VR in their fundraising and awareness-raising.
The key findings from TechTrust’s “Digital Survey 2018” report, which surveyed 1,262 charity organizations, show that in 2017, the majority (58%) of charities did not incorporate digital into their overall strategy, with 14% of those with no IT staff being from large multinational companies.
Of them, 82% reportedly hold sensitive data that is not to be shared and are aware of the General Data Protection Regulation (GDPR). Also, 27% of the surveyed said they would upgrade their IT infrastructure, and only 9% of charities were planning to reduce their spending on IT infrastructure. Of the surveyed charities, 31% did not have applications in the cloud, 9% did not have remote access to their customer relationship management (CRM), and 27% saw benefit in cloud software.
According to theInternational Fund for Agricultural Development, “transaction costs to send remittances currently exceed $30 billion annually, with fees particularly high to the poorest countries and remote rural areas.” The World Food Program — the food-assistance branch of the United Nations and the largest humanitarian organization fighting hunger —claimedthat, through the implementation of blockchain, it managed to reduce fees for international payment transactions, which let the program to save around $150,000 a month.
Mejia argued that philanthropic organizations can strive to record and track their successes and failures using mobile and web apps, and added:
“A charity no longer needs to depend on a small but influential number of donors but can actually reach millions of people through the web. However, I think to be successful online, charities need to document their ability to deliver value. They need to be able to show potential donors that they can truly solve problems for people in need. [...] The question is whether they can do it consistently. I have always felt that there is too much distance between donors and charities. For example, if I donate $10 for an emergency relief effort, why can’t I get some assurance that the money was used properly?”
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Mick Jagger Returns to the Stage After Heart Surgery
Mick Jagger made a triumphant turnaround from broken heart to breaking hearts after he returned to the stage to kick off the Rolling Stones summer tour! The 75-year-old rockstar led the charge when the Stones began their "No Filter" tour Friday night at Soldier Field in Chicago. Mick joined Ronnie Wood, Charlie Watts and Keith Richards as the legendary group rocked the stage. Just 3-months ago, the Stones were forced to postpone their summer tour as Mick underwent heart valve replacement surgery. Mick clearly looks to be back on his game, and performed the lengthy sets with no problem. During "Jumping Jack Flash," the frontman dashed across the stage with ease and gave no indication that the surgery slowed him down one bit. After the show, Mick went on IG and expressed his joy about returning to the stage. "Thank you for a great opening show Chicago!" the rocker wrote. The Stones aren't finished in Chicago, as they're scheduled for another performance Tuesday at Soldier Field. The sold out show in the Windy City was the first of 17 shows across 15 cities in the US and Canada. "No Filter" will run through the end of August, ending at the Hard Rock Stadium in Miami. The Rolling Stones have not showed any signs of slowing down since initially forming in 1962. To put their longevity in perspective, their first global #1 hit, "(I Can't Get No) Satisfaction," dropped in 1965 -- 54 years ago. Mick has been just as busy in his personal life as his professional career, as he became a father for the 8th time in 2016 with girlfriend Melanie Hamrick. View comments |
How Many Vehicles Will Tesla Deliver in Q2?
There's been a lot of drama leading up toTesla's(NASDAQ: TSLA)second-quarter vehicle deliveries update. Some analysts haveexpressed concernsabout demand for the company's electric cars even as Tesla asserts there'splenty of interestin its vehicles. In addition, CEO Elon Musk sent out an email about halfway through the quarter, urging employees to rally and push hard to achieve record deliveries.
Despite this recent commentary on Tesla's vehicle delivery trends, it's still not clear how many electric cars the company can deliver this quarter. Nevertheless here's an effort to peg a forecast on the key metric as the quarter comes to an end.
Model S. Image source: Tesla.
Though the exact number of deliveries Tesla will make during Q2 is difficult to estimate, one thing is clear: Deliveries will probably be up significantly both sequentially and compared to the year-ago quarter. That's because (a) Tesla deliveries pulled back sharply in Q1 and (b) Model 3 production has ramped up since the second quarter of 2018.
Going into its second quarter, Tesla management guided for second-quarter deliveries between 90,000 and 100,000 units, up significantly from the 63,000 vehicles Tesla delivered in its first quarter of 2019 but down from the record 91,000 vehicles Tesla delivered in its fourth quarter of 2018. Highlighting the uncanny growth in Tesla's business over the past year, deliveries at the low end of management's guidance would still represent 121% year-over-year growth.
There's good reason to expect Tesla to at least post deliveries around the low end of its guidance range. Musk said in a May 22 email to employees that current delivery trends indicated the company had "a good chance of exceeding" the record deliveries it posted in its fourth quarter of 2018. In addition, Musk reiterated to investors at the company's June 11 shareholder meeting that Tesla had "a good shot" at achieving record deliveries during the quarter. "If not, it's going to be very close," he added.
Tesla's second-quarter deliveries, therefore, will probably come in somewhere between 89,500 and 92,000 units. Whether they fall in this range or even slightly below it, Tesla's year-over-year growth is undeniably astounding for a company in one of the most capital-intensive industries in the world.
While the figures Tesla reports for its second quarter could potentially move the stock up or down, depending on where they fall, investors should look beyond reported deliveries when the update on production and deliveries is released.
The bigger question will be whether Tesla maintains its outlook for full-year deliveries to be between 360,000 to 400,000 vehicles. Reiterating this guidance would suggest management is confident in both production and demand for the rest of the year. And given how important higher sales are for Tesla to achieve profitability, a moderated full-year outlook could spook investors.
Tesla usually posts its production and delivery metrics within a few days of each quarter's end. In other words, investors can expect the update sometime between July 1 and July 3.
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Daniel Sparksowns shares of Tesla. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has adisclosure policy. |
Connecticut approves new 'mansion tax' with a twist
Some wealthyConnecticutresidents are in for anothertaxhike.
Connecticut’s Democratic Gov. Ned Lamont and state Democrats recently came to agreement on a two-year $43 billion budget plan, which is riddled with a number of new or expanded taxes as the state seeks to raise revenue to combat a projected $3.7 billion budget deficit over the next two fiscal years.
Though the state will not raise income taxes, as pushed for by a group of millionaires in the state, some wealthy residents will pay up through a raise in the so-called mansion tax.
The mansion tax is a 2.25 percent conveyance fee on homes sales above $2.5 million. The tax, however, only applies if the seller is moving out of state. Those who move to another residence within the state would get the money back a few years after the sale, in the form of an income tax credit.
It was likely structured that way because property taxes are local – and local governments would not know whether a person stayed in a state – but state income tax administrators will, Chris Edwards, director of tax policy studies at Cato and editor ofwww.DownsizingGovernment.org, told FOX Business.
However, the mansion state income tax credit does not begin until 2023, three years after the levy itself is implemented, according to the Hartford Courant.
Gov. Lamont’s office toldthe Courant, that the policy was basically a “penalty when people whose homes are valued over $2.5 million sell their homes and leave the state.”
The measure is only expected to raise $6.3 million per year.
Critics of the proposal argue that it sends the message to would-be entrants not to buy property in Connecticut.
Other tax provisions in the budget include an expansion of the state sales tax (6.35 percent) to cover things like interior design and laundry services, as well as parking and work safety apparel.
The state will impose a 10 percent tax on the wholesale price of e-cigarettes, a surcharge of 10 cent per single-use on plastic bags (before a complete ban), excise taxes on alcohol (excluding beer) will rise 10 percent and ride-sharing fees will increase to 30 cents per ride, from 25 cents.
The efforts to boost revenue come as the state faces the multi-billion projected deficit, as well as a massive gap in pension funding.
As previously reported by FOX Business, a number of prominent companies have left the state throughout recent years, including General Electric, Bristol Myers-Squibb and Alexion Pharmaceuticals.
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And individuals have fled, too.
As previously reported by FOX Business, of the moves conducted within Connecticut last year,62 percentwere outbound – the third highest of any state. Those with incomes of $100,000 or higher made up the largest share of exoduses.
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Better Marijuana Stock: Tilray vs. Green Thumb Industries
If you had bought shares ofTilray(NASDAQ: TLRY)right after its initial public offering (IPO) last year and held on to your shares, you'd be sitting atop a nice gain of more than 120%. On the other hand, if you had invested inGreen Thumb Industries(NASDAQOTH: GTBIF)around one month earlier when it began publicly trading, your return would be close to 50%. Not bad at all -- but a lot less impressive than Tilray's performance.
So far in 2019, though, Green Thumb Industries (GTI) has been the bigger winner. The stock is up 34%, while Tilray's share price has dropped 29% year to date. Which of these two marijuana stocks is the better pick now? Here's how Tilray and GTI compare.
Image source: Getty Images.
Tilrayranks behind many of the top Canadian cannabis producersin terms of production capacity. It's not in the top tier with respect to cannabis sales, either. But there are several reasons why Tilray deserves serious consideration by investors.
One key plus for Tilray is its strong presence in the international medical cannabis market. The company distributes its medical cannabis products to 12 countries and was the first to ship medical cannabis to four continents. Inits last quarter, Tilray's international medical cannabis sales soared 321% year over year and contributed nearly 8% of the company's total revenue.
Tilray also claims a top spot in the North American hemp market, thanks to a recent acquisition. In February, Tilrayannounced that it was buying Manitoba Harvest, the world's largest hemp foods company. The deal immediately bolstered Tilray's sales and gives the company its first access into the U.S.
But probably the strongest argument for buying Tilray stock is the company's partnerships. Tilray teamed up with big pharma companyNovartisto market medical cannabis products in Canada, with the relationship later expanding to a global reach. Novartis' name recognition should especially help Tilray in gaining support from physicians and pharmacies in Europe.
Tilray and giant beer-makerAnheuser-Busch InBevare working together to develop nonalcoholic cannabis-infused beverages for the Canadian market that's expected to open for business later this year. It's possible that the two companies could eventually partner in other markets, as well.
Earlier this year, Tilray signed another partnership deal with a large company, Authentic Brands Group (ABG). Tilray and ABG plan to market and distribute consumer cannabis-infused products. ABG owns a broad lineup of consumer brands. Look for ABG products such as Nine West foot creams and Spyder muscle rubs infused with CBD from Tilray on shelves perhaps as soon as the end of 2019.
Tilray CEO Brendan Kennedy predicts that in the future, three or perhaps four companies will split 80% of the global cannabis market. He thinks that Tilray will be one of those companies.
Green Thumb Industries believes that the U.S. cannabis market will increase by a compound annual growth rate (CAGR) of 20% over the next 10 years. That translates to a market size of $80 billion. And GTI plans to be one of the big winners from this sizzling growth.
The company currently operates in 12 U.S. states. GTI owns six cannabis brands and runs 23 retail cannabis stores and 13 production facilities. But these numbers are likely to grow in the near future.
GTI plans on opening between 15 and 20 new stores this year and claims 89 retail licenses, in total. And with 33 U.S. states with legal medical cannabis markets and 11 with legal recreational pot markets, GTI has plenty of room to grow.
Actually, though, GTI doesn't need to move into additional states to generate strong growth. It operates in the largest market of all, California, but the legal recreational pot market is still in its early stages. GTI's home state of Illinoisrecently became the 11th state to legalize recreational marijuana, with the market scheduled to launch in 2020.
Of course, GTI is likely to expand into new states. And more states are likely to legalize medical cannabis and/or recreational marijuana.
Even if more states don't legalize cannabis, GTI has another way to grow. Thanks to the passage of the 2018 Farm Bill, hemp is legal in the U.S. GTI's Beboe beauty-care products are infused with hemp-based CBD and are being distributed by major retailers, including Barneys New York and Neiman Marcus.
Both Tilray and Green Thumb Industries should have tremendous growth prospects. But if I had to pick only one of these stocks, it would be GTI.
Tilray's market cap is more than twice the size of GTI. However, GTI made significantly higher revenue in its last quarter. And while Tilray hopes to one day be able to compete in the world's biggest marijuana market, GTI is already a leader in the U.S.
GTI's valuation is currently being held back as a result of marijuana remaining illegal at the federal level in the U.S. But sooner or later, federal laws will change, and GTI's true value will be unlocked. The stock could be a huge winner over the long run.
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Keith Speightshas no position in any of the stocks mentioned. The Motley Fool recommends Anheuser-Busch InBev NV. The Motley Fool has adisclosure policy. |
Militia threat shuts down Oregon Statehouse amid walkout
SALEM, Ore. (AP) — The Oregon Capitol will be closed Saturday due to a "possible militia threat" from right-wing protesters as a walkout by Republican lawmakers over landmark climate change legislation drags on. Republican state senators fled the Legislature — and some, the state — earlier this week to deny the majority Democrats enough votes to take up the climate bill, which would dramatically reduce fossil fuel emissions by 2050. It would be the second program of its kind in the nation after California if passed. Gov. Kate Brown then dispatched the state police to round up the rogue lawmakers, but none appeared in the Capitol on Friday and the stalemate seemed destined to enter its third day with a week left in the legislative session. Right-wing groups posted their support for the GOP lawmakers Friday on social media — in one instance offering to provide escorts to them should the state police come for them. A group of local Republicans were set to protest inside the Capitol on Saturday when lawmakers were present, and anti-government groups threatened to join, prompting the statehouse shutdown. One of the groups, the Oregon Three Percenters, joined an armed takeover of the Malheur National Wildlife Refuge in 2016. Dozens of people occupied the remote Oregon refuge for more than a month to protest federal control of Western lands. The standoff began to unravel when authorities fatally shot the group's spokesman and arrested key leaders as they headed to a community meeting. "The Oregon State Police has recommended that the Capitol be closed tomorrow due to a possible militia threat," Carol Currie, spokeswoman for Senate President Peter Courtney, said in an e-mail to The Associated Press late Friday. The governor's office also confirmed the threats. Oregon State Police, in a statement, said it has been "monitoring information throughout the day that indicates the safety of legislators, staff and citizen visitors could be compromised if certain threatened behaviors were realized." Story continues Also late Friday, Courtney and House Speaker Tina Kotek, both Democrats, condemned comments made by Sen. Brian Boquist, a Republican from Dallas, Oregon, that urged the state police to "send bachelors and come heavily armed" when they come to bring him back to the Capitol. "His comments have created fear among employees in our workplace," the leaders said in a joint statement. "We will always defend free speech and welcome frank policy discussions, but threats like these are unacceptable." Boquist has not responded to multiple requests for comment. A spokeswoman for Senate Republicans did not respond to queries about the statehouse closure. Democrats have an 18 to 12 majority in the chamber, but they need 20 members present for a quorum. One GOP senator recently died and has not yet been replaced. Under the proposed cap-and-trade bill, Oregon would put an overall limit on greenhouse gas emissions and auction off pollution "allowances" for each ton of carbon industries plan to emit. The legislation would lower that cap over time to encourage businesses to move away from fossil fuels: The state would reduce emissions to 45% below 1990 levels by 2035 and 80% below 1990 levels by 2050. Those opposed to the cap-and-trade plan say it would exacerbate a growing divide between the liberal, urban parts of the state and the rural areas. The plan would increase the cost of fuel, damaging small business, truckers and the logging industry, they say. Democrats say the measure is an efficient way to lower emissions while investing in low-income and rural communities' ability to adapt to climate change. It has the support of environmental groups, farmworkers and some trade unions. California has had for a decade an economy-wide cap and trade policy like the one Oregon is considering. Nine northeastern states have more limited cap-and-trade programs that target only the power sector. ____ Follow Sarah Zimmerman on Twitter at http://www.twitter.com/sarahzimm95 and Gillian Flaccus on Twitter at http://www.twitter.com/gflaccus |
2 Trump Stories on Social Media You Shouldn't Believe
A roundup of some of the most popular but completely untrue political stories of the week. None of these are legit, even though they were shared widely on social media. The Associated Press checked them out. Here are the real facts:
CLAIM: A photo shows a street intersection in Orlando shut down because of overflow crowds celebrating President Donald Trump’s 2020 campaign launch Tuesday.
THE FACTS:A photo described inFacebookposts as showing scores of Trump’s supporters gathered outside his Tuesday night campaign rally in Orlando was actually taken a week ago in Toronto. The photo shows thousands of people — many of them wearing Raptors red — crowded in a street intersection at night.
The image actually captured a throng of revelers at Yonge Dundas Square, at the intersection of Yonge and Dundas in Toronto, after the Toronto Raptors clinched the NBA title on June 13. The image also is consistent with aerial photos and video that local media captured of Toronto fans that night. Large crowds, including supporters and protesters, also gathered outside Trump’s rally at Orlando’s Amway Center on Tuesday.
CLAIM:The Trump administration places a ban on student visas for Nigerians until further notice.
THE FACTS:There is no such ban. Media outlets based in Africa began publishing inaccurate reports over the weekend that President Donald Trump had banned Nigerians from coming to the U.S. to study. The stories were shared on Facebook and Twitter. The U.S. Mission in Nigeria debunked the claim on Twitter on Monday in what it called a #FakeNewsAlert.
“Be advised, reports of StudentVisaban for Nigerians is false,” they tweeted. “If you have seen such manufactured item on Facebook and Twitter or received it via WhatsApp, please communicate that it is false.”
The Associated Press reported in April that top Trump administration officials were considering increasing pressure on countries with a high number of citizens overstaying their short-term visas in the U.S. In 2018, Nigeria was one of the countries listed in the top 10 for all overstays, according to the AP.
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Is CareTrust REIT a Buy?
It's been a pretty good year for healthcare-focused REITs --real estate investment trusts. Between fears of economic weakness and the 20% market drop to close 2018, many of the best-known healthcare REITs have seen their stock prices gain more than 30% over the past 12 months.
CareTrust REIT(NASDAQ: CTRE)is at the top of the list, with its share price up 49% since last June. If we add in dividends paid, total returns are 56% over the past year. That's pretty nice if you've owned it over that period.
There's a catch: Its stock price has gone up much faster than cash flows, resulting in a heady valuation that can easily be called expensive. On the other hand, there's also an argument that based on its balance sheet and cash flows -- the product of a very talented management team's actions -- it's still buy-worthy.
Image source: Getty Images.
So which is it: buy or not? In short, a deeper look says CareTrust is the rare company that's worth paying a little bit of a premium for. The combination of its existing assets, a big tailwind from a huge demographic shift, and one of the best-executing management teams in the healthcare REIT space could make it one of the best stocks to own over the next two decades.
Over the past year, CareTrust's stock price has shot up company guidance forfunds from operations-- or FFO, a better proxy for profits than earnings for REITs -- for the full year of $1.35 to $1.37 per share, a small improvement from last year's $1.28 per share. That works out to 18 times 2019 FFO at recent prices, not cheap for a REIT at all.
That's particularly true when considering CareTrust's dividend. After the run-up, investors who buy at recent prices would earn a 3.4% yield. Here's how that compares to some of its well-known peers:
CTRE Dividend Yield (TTM)data byYCharts.
As you can see, there's a substantial difference between what CareTrust yields -- for more context, it's nearly the lowest-yielding REIT in its category -- and what investors could earn from some of its bigger peers.
Sure, investors could capture a higher yield by investing in any of the three REITs above. Moreover, I think there's a solid case to be made thatHCP Inc.(NYSE: HCP)andWelltower(NYSE: WELL), both of which also own senior-focused housing and healthcare properties, should also do well as America's Baby Boomer population ages, creating the biggest population of seniors in history.
But CareTrust stands out in the strength of its balance sheet and cash flows:
CTRE Financial Debt to EBITDA (TTM)data byYCharts.
The table above tells us that CareTrust's balance sheet is less leveraged with debt, and it spent a much smaller portion of cash flows on dividends. These two things mean the company has more breathing room to meet its financial obligations and should also prove to have more flexibility to access capital to fund growth initiatives.
Moreover, CareTrust is still a relatively small fish in the huge ocean that is senior housing and healthcare real estate. It owns fewer than 250 total properties, compared to more than 700 for HCP and almost1,700for Welltower.
Lastly, CareTrust isn't the only healthcare REIT that's seen its valuation surge over the past year. HCP management called for $1.73 per share at the midpoint in adjusted FFO for 2019 on theQ1 earnings call, putting its valuation at nearly 19 times 2019 FFO. Welltower management called for $4.17 in normalized FFO at the midpoint this year; at recent prices, it trades for just under20times 2019 FFO.
Put it all together, and CareTrust doesn't look quite so expensive, at least compared to its peers, when we consider multiple factors that are material to its ability to both maintain the dividend and -- more importantly -- raise it over time.
I'm not going to try to predict what CareTrust stock -- or its peers -- will do over the short term. There are too many factors that simply cannot be predicted, despite its relatively rich valuation, to say whether it will fall in value or gain over the next year or so.
But I have absolutely no problem predicting that CareTrust will deliver solid long-term returns for investors who pay even today's near-record price for the company. It is as well run as it gets, owns an excellent collection of cash-generating properties with great operators under long-term contracts, and has a massive demographic trend in its favor to support multiple decades of growth.
From where I sit, that makes it worth potentially overpaying for today and being prepared to act opportunistically to buy more if the stock price were to fall in the near term on a market "correction" of its valuation or that of its peers. Sure, that might create a little short-term pain if your initial investment falls into the red, but patient investors should be rewarded with tremendous long-term gains.
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Jason Hallowns shares of CareTrust REIT. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. |
This Refining Giant Joins a Race to Solve America’s $100 Million a Day Oil Problem
The global oil market is shortchanging American oil producers. The primary global benchmark, Brent, was recently around $62 a barrel. The main domestic benchmark, WTI, on the other hand, traded at roughly $53.50 a barrel. Because of that discount, U.S. oil companies are earning about $8.50 less per barrel than their global peers. With oil companies currently pumping out more than 11 million barrels per day (BPD) from beneath U.S. soil, it means they're missing out on nearly $100 million of revenue each day. The main issue causing the discount in U.S. crude prices is that there isn't enough refining capacity in the country to handle its growing gusher of crude from shale fields. That's leading several energy companies to work on solutions that would narrow the shortfall. The latest entrant in the race to build more export capacity is refining giant Phillips 66 (NYSE: PSX) , which is proposing a new deep-water oil export terminal off the coast of Texas. It's the ninth such project aimed at making America an energy export juggernaut . Two oil tankers at see with a bright sun in the distance. Image source: Getty Images. An oil overload Oil producers in the U.S. have unleashed a spectacular gusher of new oil production in recent years. According to the U.S. Energy Information Administration (EIA), U.S. crude production grew at its fastest pace in history last year, reaching an average of 11 million BPD, which obliterated the record of 9.6 million BPD set in 1970. The country's output is on track to increase by another 1.4 million BPD this year (only slightly slower than last year's record pace) and expand by an additional 900,000 BPD next year, according to the EIA's latest forecast. While America has 18.6 million BPD of refining capacity, most refiners configured their facilities to process the heavier grades of crude oil produced in Mexico, Venezuela, and Canada. Because of that, they aren't as able to handle the growing volumes of lighter oil that comes from shale formations. While many refineries are working on increasing their ability to process more of this light oil, they can't keep up with supply growth. Story continues Because of that, American energy companies are exporting some of the excess crude oil that's currently weighing down domestic prices. The problem is that there isn't enough capacity to ship this oil to global markets given how fast output is expanding. That's leading a growing number of companies to propose building additional export facilities, which should help ease this glut and improve crude oil pricing in the country. Tankers at a port terminal. Image source: Getty Images. Add another name to the list Phillips 66 is already working on one export solution. The company's MLP , Phillips 66 Partners , has partnered with refiner Marathon Petroleum (NYSE: MPC) and MLP Buckeye Partners on the South Texas Gateway Terminal. The companies are investing $500 million on the facility near Corpus Christi, which will have the ability to load 800,000 BPD onto tankers. It should be operational by the middle of next year and will receive oil from the Gray Oak Pipeline that Marathon, Phillips 66 Partners, and Enbridge (NYSE: ENB) are building to transport crude from the fast-growing Permian Basin to the U.S. Gulf Coast. However, Phillips 66 is now proposing to construct the Bluewater Texas Terminal, which would be an export terminal 20 miles off the coast of Corpus Christi. Bluewater would be able to load up to 1.56 million BPD, which could quickly fill a class of tanker called a very large crude carrier (VLCC), capable of transporting 2 million barrels of oil. If approved, it could be in service in mid-2021. That time frame lines up with two oil pipeline projects that Phillips 66 and its partners recently sanctioned, Liberty and Red Oak, which will move oil from places like the Permian Basin and the Bakken shale to the refining and export market along the Texas Coast. Bluewater, however, faces intense competition since it's now the ninth export project pitched by energy companies. Midstream giant Enterprise Products Partners (NYSE: EPD) , for example, is working on the Sea Port Oil Terminal (SPOT), which is a deep-water export terminal off the coast of Houston. Because Enterprise is building that facility offshore, it could also fill VLCCs quickly. Meanwhile, Enbridge is working on a similar offshore terminal, Texas COLT, that it hopes can start up by 2022. Although one of its partners recently walked away from that project , Enbridge sees the $800 million terminal project as an excellent complement to its oil infrastructure in the Gulf region. There isn't enough room for all of them U.S. oil companies are producing such a gusher of crude oil that it has overwhelmed the nation's infrastructure to transport and process it. That's costing producers money, which is why the industry is looking to increase its export capacity. But even with the country's export volumes on track to potentially reach 8 million BPD by 2025 -- up from 3 million BPD this year -- the industry has proposed more projects than it needs to fill this gap. Because of that, it's unlikely that they will all move forward. So investors shouldn't get too excited by Phillips 66's decision to enter this race to capture a slice of America's oil export market, since it's one that the company might not win. More From The Motley Fool 10 Best Stocks to Buy Today The $16,728 Social Security Bonus You Cannot Afford to Miss 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) What Is an ETF? 5 Recession-Proof Stocks How to Beat the Market Matthew DiLallo owns shares of Enbridge, Enterprise Products Partners, and Phillips 66. The Motley Fool owns shares of and recommends Enbridge. The Motley Fool recommends Enterprise Products Partners. The Motley Fool has a disclosure policy . |
Here's How "Avengers: Endgame" Plans to Unseat "Avatar"
There's little question thatAvengers: Endgameis one of the most successful movies of all time. TheDisney(NYSE: DIS)and Marvel Studios epic began breaking records evenbefore it was released, crashing numerous presale outlets before setting thefirst-day presale recordjust six hours after tickets went on sale.
Avengers: Endgamefollowed that with thebiggest global debut of all-time, generating more than $1.2 billion in worldwide ticket sales -- the first movie to ever achieve more than $1 billion in box office in a single weekend.
The film has gone on to break a host of other box office records, but one remains stubbornly out of reach:Avatarstill holds the box office crown. Now Marvel has a plan to close the gap and potentially unseat the leader from its lofty perch.
Chris Hemsworth in a scene from Marvel'sAvengers: Endgame.Image source: Disney.
After eight weeks in theaters,Avengers: Endgamehad produced a gargantuan $2.744 billion in ticket sales as of June 18, according to BoxOfficeMojo.com, but that still trailsAvatar's take by about $44 million. It makesEndgamethe No. 2-grossing movie of all time, when not adjusting for inflation. There's been plenty of ink spilled tackling the question of whether Earth's mightiest heroes have what it takes to finallytopple the James Cameron epic, which still holds the box office record after nearly a decade.
As the saying goes, it isn't over till it's over. Kevin Feige, president of Marvel Studios and the architect of its interconnected universe of characters, has a plan to take the crown.
In an interview with Screen Rant, Feige revealed thatAvengers: Endgamewill return to theaters next week with a couple of surprises for fans. The movie will be re-released on June 28 with additional material, including a scene that wasn't included in the original release, a tribute, and one of Marvel's signature post-credits sequences. Feige laid out the details:
Not an extended cut, but there will be a version going into theaters with a bit of a marketing push with a few new things at the end of the movie. If you stay and watch the movie, after the credits, there'll be a deleted scene, a little tribute, and a few surprises. Which will be next weekend.
The move makes strategic sense.Spider-Man: Far From Homeis set to debut on July 2, and the trailers have established the obvious continuity between the two films. Peter Parker, the man behind the Spidey mask, is still reeling from the loss of his mentor, which forms the emotional linchpin forFar From Home. With the obvious tie-ins, fans may want to watchEndgameagain before embarking on Spider-Man's latest adventure.
It's important to note that this is mostly about bragging rights.Avengers: Endgamehas already wildly exceeded any expectations Disney had for the film, a fitting end to Marvel's 22-movie story arc.
Stan Lee, who was responsible for creating and developing many of Marvel's best-known superheroes, died in November and reportedly never got to see the last installment of theAvengerssaga. IfEndgamebecame the all-time box office champ, it would be a fitting tribute to the man whose legacy was to give us superheroes as flawed as ourselves.
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Danny Venaowns shares of Walt Disney and has the following options: long January 2021 $85 calls on Walt Disney. The Motley Fool owns shares of and recommends Walt Disney. The Motley Fool has adisclosure policy. |
3 Money Myths That Could Derail Your Retirement
Managing your finances can be complicated, and there's endless advice out there about how to best handle your money -- especially when it comes to investing and preparing for retirement.
While a lot of it is good advice, some of it can steer your retirement in the wrong direction. These three myths may seem harmless, but they can ultimately throw off your entire retirement plan.
Image source: Getty Images
Everyone wants to protect their money, so it makes sense to want to stash your cash in the safest investments possible. Especially if you were burned during the Great Recession, you may think it's best to avoid the stock market to prevent another major loss.
But so-called "safe" investments can actually be riskier over the long term than investing in the stock market. Less risk also usually leads to less of a reward, and lower-risk investments, such asCDsandmoney market funds, typically see returns of only around 2% to 3% per year. And even thebest savings accountshave interest rates of just 2%. With inflation hovering around 2% to 3% per year, that means your savings might not even grow enough to keep up with rising costs of living. In other words, your money could actually be losing value the longer it sits in these "safe" accounts.
The stock market, although it has its ups and downs, typically offers much higher returns over the long run. The key is to invest in low-costindex and mutual funds,which in general are safer alternatives to investing in individual stocks. These types of funds spread your money across dozens or even hundreds of different stocks, limiting your risk while still earning average rates of return -- around 7% to 10% per year.
That's not to say you shouldn't have any lower-risk investments. A strong, diversified portfolio has many different types of investments to create a healthy balance. But if you put the majority of your money toward low-risk investments, you likely won't see the returns you need to reach your retirement goals.
One of the first steps when preparing for retirement is to figure out how much you expect to spend each year. Many people assume their costs will go down, predicting they'll only be spending around 70% to 80% of their pre-retirement income.
That may be true, as some costs will be eliminated once you leave your job. You won't pay to commute anymore, for example, and you'll probably be spending less on dry cleaning and other work-related expenses. But you may be spending more in other areas.
Retirement is essentially one long vacation, which means you have plenty of opportunities to spend money. It may be more tempting to go shopping every afternoon simply because you can, or you might want to take a monthlong trip to the beach because you no longer have to worry about using up all your vacation days at work. If you don't set a limit on your spending, it can quickly get out of control.
You may also be spending more onhealthcare in retirementthan you did while you were working. Planning for healthcare costs can be tricky, since you won't know exactly what you'll face. You at least have to budget for premiums, deductibles, and co-insurance (even with Medicare coverage), which can cost thousands of dollars per year. In the early years of retirement when you're relatively young and healthy, healthcare costs might be minimal. But as you age and your health starts to decline, your expenses can increase quickly.
When you're excited about beginning a new adventure in retirement, the thought of spending your final years in a nursing home is probably the last thing on your mind. But seven in 10 older adults will need long-term care at some point in their lives, according to the U.S. Department of Health and Human Services (HHS), so it's important to think about how you'll cover these costs.
You may decide to put off worrying about that expense until the need arises. After all, why prepare for something you're not even sure you'll need? However, long-term care is incredibly costly, and not preparing for it could drain your retirement fund in a matter of months.
The average stay in a semiprivate room in a nursing home costs roughly $6,800 per month, according to HHS. That amounts to around $82,000 per year. Also, of those who need long-term care, 20% will require it for at least five years. With a price tag of $6,800 per month, that comes out to around $408,000.
The kicker is that Medicare usually won't cover long-term care, so the money will need to come straight from your savings. And considering that most people won't need nursing home care until their final years, there's a good chance your savings will have run dry by then.
Long-term care insurancecan help cover some of these costs, but you'll need to enroll relatively early. This insurance is known for its sky-high premiums, so you can expect to pay a couple of thousand dollars per year for coverage. But if you wait until you're already retired or need long-term care, you'll face even higher rates or be denied coverage altogether.
Separating fact from fiction is crucial when preparing for retirement; even one seemingly harmless mistake could cost you thousands of dollars. But by doing your research ahead of time, you'll be able to enjoy your later years to the fullest.
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Turkey: Key facts in Istanbul's rerun election
ISTANBUL (AP) — Voters in Istanbul return to the polls Sunday for a rerun of the Turkish city's mayoral election. Turkey's top election authority voided the first vote, which an opposition candidate narrowly won. President Recep Tayyip Erdogan's party challenged the March 31 vote, alleging irregularities. The political opposition insists victory was wrongly snatched away from the candidate who had been sworn into office. Here's a look at the tightly contested race seen by many as a test for democracy in this country of nearly 80 million people. THE VOTE The election is taking place again because Turkey's electoral board ordered a rerun after ruling in favor of the governing party, on the grounds that some officials overseeing the vote were not civil servants as required by law. The decision raised questions over Turkey's democratic process and whether Erdogan's ruling party, in power since 2002, would be willing to accept electoral defeat. Sunday's vote is to elect the mayor of Istanbul only, unlike the election in March when voters across the country chose mayors, municipal assemblies, and neighborhood administrators. Around 10.56 million people are eligible to vote Sunday. THE CITY Erdogan has famously said: "Whoever wins Istanbul, wins Turkey" and "Whoever loses Istanbul, loses Turkey." Erdogan's rise to power began as Istanbul mayor in 1994. The city of more than 15 million residents is Turkey's largest, straddling both Europe and Asia. It draws millions of tourists each year and is the country's commercial and cultural hub. The sprawling city accounted for 31% of Turkey's GDP in 2017. The Istanbul metropolitan municipality and its subsidiaries had a total budget of $8.8 billion last year. The municipality, which has been run by the conservative ruling party and its Islamic-oriented predecessor for 25 years, has awarded lucrative contracts to businesses considered to be close to the government and offers huge financial resources and employment opportunities. Story continues THE CANDIDATES Twenty-one people are officially running for mayor but the race is essentially between two men: Ekrem Imamoglu and Binali Yildirim. Imamoglu, from the secular Republican People's Party, CHP, won the annulled vote by a narrow margin of just 13,729 votes in a surprise victory over his ruling party rival. The 49-year-old is a former contractor and ex-mayor of the district of Beylikduzu in Istanbul. He served as Istanbul's mayor for just 18 days before his victory was annulled. He is also backed by the nationalist Good Party. Binali Yildirim, 63, is the candidate for the governing Justice and Development Party, AKP. A former prime minister and transport minister, he resigned as parliament speaker to run in the March 31 local government elections. He's also backed by the AKP ally, the Nationalist Movement Party. As in the March poll across Turkey, the Kurdish vote is key. A pro-Kurdish party, second largest opposition group in parliament, is again sitting the race out in a strategy seen as favoring Imamoglu. THE CONTROVERSY The March vote was rife with controversy that started on election night. Turkey's official Anadolu news agency suspended its results service as the opposition candidate began to narrow the gap, drawing widespread criticism that it was partial toward the government. Both Imamoglu and Yildirim declared victory on the night. Erdogan's governing party filed a series of objections to the results citing alleged voting irregularities. Imamoglu received a mandate to serve as mayor on April 17 when the ensuing recounts failed to alter the results. He was stripped of it on May 6. Voting 7-4, the election board annulled the Istanbul mayoral election on the grounds that some polling stations were not headed by civil servants. Before the elections however, parties had time to appeal alleged violations but had not objected to staffing at those polling stations. THE CAMPAIGN President Erdogan spoke at numerous rallies ahead of the March vote across Turkey, appealing to nationalist and religious sentiments, describing the elections a fight for national survival. But Turkish voters are grappling with economic uncertainty and rising food prices. Both Imamoglu and Yildirim have worked hard to reach Istanbul residents through neighborhood meetings. They've also made visits to homes during what has been the month of Ramadan to break their fasts with voters after sunset. Yildirim has struggled to explain the need for a repeat election. He has promised to build on the government's achievements in improving Istanbul's infrastructure and services. Imamoglu, on the other hand, argues that the AKP squandered the city's resources to the benefit of a powerful inner circle of government backers, and is promising social policy reforms to try and lift a quarter of Istanbul residents out of poverty. He is leading a mild mannered campaign despite attacks from the pro-government news media. ___ Follow Bilginsoy at http://twitter.com/zbilginsoy |
Lucasfilm's Latest Executive Hiring Hints at Plans for "Star Wars"
WhenDisney(NYSE: DIS)announced it was purchasing Lucasfilm and theStar Warsfranchise back in 2012 for $4 billion, the world was stunned, excited for the continuation of the saga, and generally excited about the prospect of the deal. What could go wrong? This wasStar Wars, one of the greatest titles in show-business history.
In the more than seven years since, Disney has managed some successes. 2015'sStar Wars: The Force Awakensbecame one of the highest-grossing films at the box office of all time ($2.07 billion worldwide in gross ticket sales). And the Skywalker family will take their final bow in December withStar Wars: The Rise of Skywalker, which will likely be another big haul for Disney. But there have been missteps along the way, too. The spinoffHan Solo origin flickbombed at theaters, andStar Wars: The Last Jedi-- certainly not a box-office failure with $1.33 billion in global ticket sales -- underperformed expectations and was divisive among fans.
Lucasfilm is on its way to becoming a worthy investment for Lord Mickey, but it certainly isn't the runaway success thatMarvelhas been -- the other $4 billion mega-franchise deal Disney made back in 2009. Not to worry, though.Star Warsmay be taking a cue from its sister subsidiary and readying for life after the original trilogy story line.
Star Warsis all set to become more than just an occasional big-screen event. Image source: Getty Images.
Lucasfilm recently announced it named Michelle Rejwan as senior vice president of live action development and production. (Phew, that's a mouthful.) Basically, Rejwan will be in charge of newStar Warsmovies and shows and will co-produce them along with Lucasfilm's longtime president, Kathleen Kennedy. The official press release added some background:
Rejwan comes poised for the role as a member of the Lucasfilm brain trust since 2015. She brings with her a decade of production experience from Bad Robot Productions, where she was part of filmmaker J.J. Abrams' producing team, on films such asSuper 8,Star Trek Into DarknessandStar Wars: The Force Awakens. Rejwan is currently producing the final episode of the Skywalker saga,Star Wars: The Rise of Skywalker, with Kennedy and Abrams.
As noted above,Star Warsas we know it is coming to an end this year. The ninth and final chapter in the original story arc will take a bow in December, but there's the upcoming live-action seriesThe Mandalorian, which will debut on theDisney+streaming service. Another TV series, built around the characters from the other spin-off,Rogue One: A Star Wars Story, is also reportedly in the works. Then there are thetwo new trilogies being developed, about which there are no details other than who's writing them and a few tentative release dates years from now. Surely, all of these moves are more of an appeal to die-hard fans.
Or are they? Details are scant at best on the second TV show, but the first is headed up by Jon Favreau -- a Marvel alum and the director ofIron Man,the movie that kicked off the whole Marvel Cinematic Universe project back in 2008. Adding Rejwan into the mix makesStar Warslook even more like the Marvel template. Perhaps Rejwan will become Lucasfilm's version of Kevin Feige, the producer and president at Marvel Studios largely responsible for patching the superhero franchise together into the tens-of-billions-of-dollars success it has been.
Maybe that's the plan for Rejwan, maybe not. Either way, Disney and Lucasfilm's task will be turning little-known characters and plotlines -- or entirely new ones -- reserved for cult fans of comics, books, and games into mainstream entertainment. What better way to test the popularity of the franchise and slowly rebuild a fan base than via Disney+? It's an episodic story- and character-building strategy that has consistently worked wonders for Marvel over the last decade. Disney has had some success thus far with Lucasfilm, but not enough to justify the $4 billion price tag...yet. I have no doubt the company will test new ideas in the next few years and figure out how to delight fans -- and make it rain for investors.
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Chore wars: Are men doing enough housework?
The 360 is a feature designed to show you diverse perspectives on the days top stories. Speed read What's happening: In general, gender roles are changing. Women are more likely to work outside the home. Men increasingly say they want an equal marriage . But even though men today spend much more time helping out at home than previous generations, women still take on the bulk of household duties. Women in the United States spend 2 hours and 15 minutes a day on cooking, cleaning and laundry 50 minutes more per day than men. In fact, single mothers spend less time on housework than moms with a live-in male partner. Why there's debate: The women's rights and feminist movements in recent decades have eroded the traditional notion of men as breadwinners and women as homemakers. Scientific research has also begun to show the effect of housework imbalance. Studies indicate splitting household duties unequally can reduce the happiness of both partners and contributes to the gender wage gap that robs the world economy of trillions of dollars a year. Common explanations, beyond laziness, for the gap in housework are an enduring commitment to traditional gender roles, societal pressure women feel to keep a clean house, and fatherhood not being given the same level of respect as motherhood in the workplace. Some argue that it's fair for men to do less of the household work, since they spend more time on average at their jobs. Studies on same-sex couples suggest the chore imbalance may be more about professional obligations than gender. Others say discussion of the housework gap unfairly maligns couples who prefer to practice more traditional gender roles in their marriages. What's next: The notion that men and women should do an equal share of housework has become more popular over time. Two potential government policies that could promote that goal universal childcare and paid family leave have been pushed by a number of lawmakers. Story continues Perspectives Old ideas about gender roles are still prominent. "Traditional attitudes about gender play a large role in the division of household labor, too. In a study of 23 countries across the world, most men and women still believe that the bulk of child-care work, such as changing diapers, giving baths, and feeding, are a mothers responsibility." Lizzy Francis, Fatherly When you consider professional work, men work harder than women. "Among married couples living together with kids, if anything, its dads who do more work in total adding up paid work, housework, child care, and even shopping." Robert VerBruggen, Institute for Family Studies Gender bias in the workplace holds women back from being the primary breadwinner. "Being a working dad means you, statistically speaking, get treated better at work, you get raises, you get seen as responsible.
Being a working mom means you, statistically speaking, get seen as distracted and unreliable, so are passed over for promotions." Pacific Standard columnist David M. Perry, Twitter Couples shouldn't be criticized for choosing traditional gender roles. "Maybe its fair for men to work slightly longer hours overall because work outside the home really is less grueling (and certainly less so than pregnancy and childbirth). At the same time, maybe womens longer home-hours reflect genuine female preferences, a widespread maternal desire for part-time work, and not just the dead hand of patriarchy." Ross Douthat, New York Times Women will have to force men to do their equal share. "Men will have to make better choices. Men will have to develop a greater sense of responsibility and moral feeling toward the women they live with.
Men are not likely to do this willingly. But women may be able to compel them to." Moira Donegan, The Guardian Men need to be given the opportunity to be equal partners at home. "More and more, fathers report feeling that family is not a distraction but rather a precious and essential part of life an ambition just as important, if not more so, than their careers. They say they are ready to lean in and to fulfill their caregiving ambition. When will the rest of us be ready to believe them and, most importantly, support them?" Todd Pittinsky and Julia Bear, New York Daily News Even when men do help with housework, they take on an easier load. "Even when men do contribute to household labor, tired gender dynamics still play out: men do the outdoor chores (lawn mowing) and women do the indoor chores (dish-washing, vacuuming you know, all the work that needs to be done regularly.) The real grunt of housework is still largely considered womens work." Hazel Cills, Jezebel Read more 360s Is assisted suicide mercy or malpractice? Parkland student loses Harvard offer: Fair or unjust? Do body cameras make the police and the public safer? |
Box Office: Toy Story 4 Flies High Friday With $47.4 Million
Disney Pixars Toy Story 4 is reaching for the skies this weekend with a solid $47 million in Friday ticket sales, though weekend estimates are below Disneys earlier projections. Although initial estimates had placed the film north of $140 million for its domestic opening weekend, the strong premiere still looks promising for the family flick, which is now set to take home upwards of $120 million for the weekend. That would make it the third-best domestic launch of all time for an animated film behind previous Pixar titles Incredibles 2, which raked in $183 million in 2018 and Finding Dory, which nabbed $135 million in 2016. Related stories 'Toy Story 4': 5 Takeaways From Opening Weekend China Box Office: 'Toy Story 4' Beaten by Old Animated Film 'Spirited Away' The Dirty Secret of Franchise Fatigue: It Only Lasts Until the Next Bad Sequel Becomes a Hit The entry comes nearly 10 years after Toy Story 3, which bowed to $110 million in 2010. This years iteration sees many of the franchises central characters reunite alongside newcomer Forky, an anxiety-ridden spork on the verge of an existential crisis, played by Tony Hale. Earlier in the week, Toy Story 4 debuted to the second best preview number for an animated movie following an $18.5 million Thursday opening from Pixars Incredibles 2 a year ago. Previously, 2016s Finding Dory had been second with a $9.2 million Thursday night opening. Toy Story 4 hopes to reversed the recent trend of franchise fatigue, which saw Men in Black: International , Dark Phoenix, and Shaft all turn in disappointing receipts. Men in Black: International is set to finish the weekend with around $10.5 million 65% lower than the original film during its second weekend of release while Shaft and Dark Phoenix are estimated to see a little more than $3 million. Coming in second is United Artists new Chucky film Childs Play, which opened Friday to $6 million on 3,007 screens and is estimated to take home around $15.6 million this weekend. Mark Hamill and Aubrey Plaza star in the horror pic, which currently has a 60 percent rating on Rotten Tomatoes. Story continues Ticket sales are looking less promising for Anna, which also debuted this weekend. The Luc Besson and Lionsgate/Summit crime thriller took home a bleak $1.4 million on Friday from 2,114 cinemas. A number of sexual assault allegations have also overshadowed the films release with several women accusing Besson of rape, harassment and workplace abuse. Rounding out the weekend is Disneys Aladdin, which continues to hold in third place despite being in its fifth weekend as well as Sonys Men in Black: International, which is set to come in at No. 4 and Illumination and Universals The Secret Life of Pets 2, now in its third weekend, at No. 5. Sign up for Varietys Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . |
Palestinians reject Kushner 'economy first' approach to Mideast peace
By Nidal al-Mughrabi
GAZA CITY, June 22 (Reuters) - Palestinian officials on Saturday dismissed proposals unveiled by President Donald Trump's son-in-law Jared Kushner for big money projects to form the first economic portion of the Trump administration's long-awaited Middle East peace plan.
Senior Palestine Liberation Organization (PLO) official Hanan Ashrawi said Kushner's plans were "all abstract promises" and said only a political solution would solve the conflict.
Hamas, the Islamist militant group that controls Gaza, was more blunt, saying: "Palestine isn't for sale".
The Trump administration's $50 billion Middle East economic plan calls for creation of a global investment fund to lift the Palestinian and neighbouring Arab state economies, according to U.S. officials and documents reviewed by Reuters.
One proposal is for the construction of a $5 billion transportation corridor to connect the West Bank and Gaza.
The "peace to prosperity" plan is set to be presented at an international conference in Bahrain next week by Kushner, who told Reuters that Palestinian leaders should consider the initiative.
"This is going to be the 'Opportunity of the Century' if they have the courage to pursue it," he said.
However Ashrawi, a veteran Palestinian negotiator and member of the executive committee of the PLO, said only a political solution that ended Israel's occupation of the Palestinian Territories would solve the conflict.
Speaking to Reuters by phone from the West Bank city of Ramallah, she said: "If they really care about the Palestinian economy they should start by lifting the siege of Gaza, stopping Israel stealing our money and our resources and our land and opening up our territorial waters, our air space and our borders so we can freely export and import."
She said the Trump administration's stance was an "entirely wrong approach", adding: "They can end the occupation, which is the most basic requirement for prosperity. There can be no prosperity under occupation."
No Palestinian officials belonging to Palestinian President Mahmoud Abbas' PLO and Palestinian Authority will attend the conference in Bahrain. The White House said it decided against inviting the Israeli government because the PA would not be there.
Several Gulf Arab states, including Saudi Arabia, will participate in the June 25-26 U.S.-led gathering in Manama. Their presence, some U.S. officials say privately, appears intended in part to curry favour with Trump as he takes a hard line against Iran, those countries' regional arch-foe.
The economic revival plan would take place only if a political solution to the region's long-running problems is reached.
More than half of the $50 billion would be spent in the economically troubled Palestinian territories over 10 years while the rest would be split between Egypt, Lebanon and Jordan. Some of the projects would be in Egypt’s Sinai peninsula, where investments could benefit Palestinians living in adjacent Gaza, a crowded and impoverished coastal enclave.
In Gaza, Hamas official Ismail Rudwan also rejected Kushner's proposals.
The armed Islamist group is the main internal rival to Abbas, whose power base is in the West Bank. But both are in rare agreement over the Trump administration.
"We reject the 'deal of the century' and all its dimensions, the economic, the political and the security dimensions," Rudwan told Reuters.
"The issue of our Palestinian people is a nationalistic issue, it is the issue of a people who are seeking to be free from occupation. Palestine isn't for sale, and it is not an issue for bargaining. Palestine is a sacred land and there is no option for the occupation except to leave," he said. (Reporting by Nidal al-Mughrabi; Writing by Stephen Farrell; Editing by Marie-Louise Gumuchian) |
NASA Rover May Have Just Discovered Life on Mars
NASA's exploration rover on Mars, Curiosity , just discovered some gas that could prove the existence of life on the Red Planet. According to The New York Times , Curiosity discovered elevated amounts of methane gas in the air on Wednesday, which could be a sign of microbes living on the Martian planet. The data made it back to NASA scientists on Thursday and caused so much excitement that experiments will be conducted all weekend for further results. On Earth, methane is usually produced by living things, so scientists theorize that methane detected on Mars could lead to the discovery of alien life. For now, NASA has instructed Curiosity to put all its other duties on the back burner while it continues to examine the areas where the methane was registered. Scientists expect the findings returned to Earth by Monday so they can start analyzing and making further determinations. Curiosity was tasked with searching for methane when it initially landed on Mars in 2012, and the following year saw a small spike that soon dissipated. The recent readings are apparently 3x higher than the first, so scientists are excited about the possible implications. Curiosity was initially launched from from Cape Canaveral on November 26, 2011. What began as a 2-year mission was extended indefinitely in 2012. The rover's goals include investigating the Martian climate and geology, assessing whether the environment inside the Gale crater has ever been prime for microbial life. Curiosity also investigates the role of water and habitability studies as NASA, and other space agencies, prepare to send humans to colonize on the planet. |
Investors Go Phishing For Gold In Cybersecurity—Cyber Saturday
Greetings. This is Jonathan Vanian, filling in for Robert Hackett and Jeff John Roberts.
Investors see a potential gold mine in combating one of the oldest tricks by hackers.
Three cybersecurity startups specializing in technology to prevent phishing attacks raised nearly $140 million in venture capital in the past week,according to Crunchbase. In a phishing attack, criminals send legitimate-looking emails that trick people into clicking on the links in them and compromising their online security.
Despite several decades of phishing attacks, analysts say the scams are still the most effective way for hackers to breach corporate networks. All the spending on complicated tools that monitor network security is wasted if an unsuspecting worker responds to a shady email masquerading as a legitimate message from the boss.
Venture capitalists, hungry for the cybersecurity industry’s next big breakthrough, are excited about the rise of artificial intelligence as a possible solution to phishing attacks. All three startups that landed funding— Valimail, IronScales, and Vade Secure—use machine learning in their products to sift through data and try to stop attacks before they happen.
Valimail, for instance, uses machine learning toseparatethe legitimate sources of email from the bad ones. IronScales and Vade Secure, which works specifically withMicrosoftOffice 365, use machine learning to scan for anomalies hidden in email messages.
Whether these tools can prevent the next big corporate hack remains to be seen. As Amy Chang, head of strategic intelligence and cybersecurity operations forJPMorgan Chase, said duringFortune’sBrainstorm Financeconferencethis past week, hackers are increasingly updating their phishing schemes to bypass security tools and prey on their victims.
Chase cited how a criminal called an employee at an unspecified financial services firm and convinced the worker to access a scam email that compromised the business’s security. This type of phishing attack is called “vishing,” which is a mix of “voice” and “phishing,” and it’s becoming more common, she noted.
Maybe the next big cybersecurity bet by venture capitalists will involve startups that specialize in A.I. that detects hackers, merely by listening to their voices.
Jonathan Vanian@JonathanVanianjonathan.vanian@fortune.com
1. THREATSPaying off the ransom. City officials at Riviera Beach, Fl. decided to pay a hacker 65 bitcoins, the equivalent of $600,000, to regain access to the city’s computer systems, which were compromised by the hacker. CNNreportsthat the city’s troubles began when an “employee clicked on a malicious email link three weeks ago.”Oregon’s big data breach. Oregon’s Department of Human Services notified 645,000 people that their personal data was compromised in a data breach, reportedKTVCin central Oregon. Hackers were able to compromise the department’s computers via a phishing attack. “Nine employees opened the phishing email and clicked on an Internet link that gave the sender access to their email accounts,” the report said.That’s not a real Department of Homeland Security message. The Cybersecurity and Infrastructure Security Agency is urging the public to be on the lookout for shady emails appearing to be sent by the Department of Homeland Security (DHS). “The email campaign uses a spoofed email address to appear like a National Cyber Awareness System (NCAS) alert and lure targeted recipients into downloading malware through a malicious attachment,” the DHS said in anotice.Phishing comes to Google Calendar. Security firm Kasperskysaidthat its researchers discovered a phishing scam that targets Google Calendar users. “The fraud occurs when the perpetrator sends an unsolicited calendar invitation carrying a link to a phishing URL,” Kaspersky said. “A pop-up notification of the invitation appears on the smartphone’s home screen, and the recipient is encouraged to click on the link.”
2. ACCESS GRANTEDLet’s get serious. The White House under President Donald Trump is not doing enough to protect the U.S. from cyber attacks, writes cybersecurty expert Ishan Mehta inWired. Mehta, who is a policy advisor for the national security program at the Third Way think tank, writes that hackers targeting the U.S. “fear no consequences from the harm they impose on Americans,” because of a weakened U.S. cybersecurity policy.undefined
3. FORTUNE RECONArtificial Intelligence Is About to Make Ransomware Hack Attacks Even Scarierby Bernhard WarnerHackers Used a Cheap Raspberry Pi Computer to Breach NASAby Alyssa NewcombSecurity Tokens Will Be the ‘Killer App’ of Cryptocurrency, Overstock CEO Saysby Jeff John RobertsKKR Mints a New Cybersecurity Unicornby Rey MashayekhiWelcome to the Next Generation of Corporate Phishing Scamsby Jonathan VanianYouTube Faces Its Next Big Reckoning: How to Handle Children’s Privacyby Alyssa NewcombFacebook Cryptocurrency: Calibra’s Privacy Implicationsby Robert Hackett
4. ONE MORE THINGJapan’s about face. Japanese companies that make security equipment like surveillance cameras want to capitalize on current trade tensions between the U.S. and China,The Wall Street Journalreports. Toshifumi Yoshizaki, who leads the security business of Japanese tech giant NEC, said that the trade war is “a huge opportunity—unprecedented.”Specifically, NEC believes it can benefit from selling facial-recognition technology to U.S. businesses, potentially stealing customers from companies like Microsoft and Chinese A.I. companies like Sensetime and Yito Technology.undefined |
21 Brutally Honest Opinions About Facebook’s Libra Cryptocurrency
ByCCN Markets: Maybe you heard the news? Facebook is launching acryptocurrency called Libra.
Cue the endless tweet-storms and Medium posts and think-pieces! Here are some of the most important comments from regulators, blockchain experts, finance analysts, regulators, andFacebookexecutives themselves.
The crypto community is split over Facebook’scryptoannouncement. Most were quick to point out it’s not a real blockchain, but they almost unanimously believe it will open the door forbitcoinand threaten traditional finance.
1. Ryan Selkis (Messari CEO)– Facebook’s Libra is a“gateway drug”for crypto.
Read the full story on CCN.com. |
Nicki Minaj Calls Miley Cyrus a 'Perdue Chicken' After Singer References Feud with Cardi B
Nicki Minaj has strong words for Miley Cyrus . In Friday’s episode of her Apple Beats 1 show, Queen Radio , the rapper, 36, appeared to respond to Cyrus’ new song “Cattitude,” which includes the lyric: “I love you Nicki, but I listen to Cardi.” The line references Minaj’s feud with fellow rapper Cardi B , which escalated in a heated dispute at the Harper’s Bazaar Icons Party during New York Fashion Week in September. “A Perdue chicken can never talk s— about queens,” Minaj said in response to a question about 26-year-old Cyrus. “But I do notice a lot of Perdue chickens recently have been trying to say the queen’s name for clout. And that’s always been happening.” The rapper added: “That’s what [Cyrus] did in the first place. And then the white girl cried and made the black girl seem like she was a bad guy. In the first place, she disrespected me in a magazine article for no reason.” Nicki Minaj; Miley Cyrus | Jon Kopaloff/FilmMagic; Phillip Faraone/WireImage Minaj also made a reference to Cyrus’ Black Mirror alter ego, Ashley O. “Now you comin’ out with pink wigs , all you bitches want to be Nicki. This is the problem,” she said. Minaj and Cyrus’ feud dates all the way back to 2015, when the “Wrecking Ball” singer called Minaj “not too kind” in an interview with the New York Times . In August 2015, the rapper then called Cyrus out in her VMAs acceptance speech, saying, “This bitch that had a lot to say about me the other day in the press — Miley, what’s good?” RELATED: Nicki Minaj Reveals She and Boyfriend Kenneth Petty Got a Marriage License After teasing her song “Cattitude,” Cyrus sat down with Roman Kemp on his radio show Capital Breakfast last month to clarify the controversial lyric about Minaj and Cardi, telling the DJ “they’re both queens.” “I think what they do is so different from each other. That’s why they both get a crown. They don’t have to share. They don’t have to break it in half. There’s no reason to fight over it,” she said. “They’re both queens. And anytime you want to feel powerful and strong, that’s my go-to: Cardi and Nicki.” Story continues The rappers’ feud appears to be a thing of the past, as Minaj tweeted in October, “Let’s focus on positive things only from here on out.” Cardi, 26, responded, writing , “@Nickiminaj alright then! Let’s keep it positive and keep it pushing!” Cardi B; Nicki Minaj | Stephen Lovekin/REX/Shutterstock; Sean Zanni/Patrick McMullan/Getty Images In the same Friday episode of Queen Radio , Minaj revealed that she and her boyfriend Kenneth Petty have gotten a marriage license . “We did get our marriage license,” she said. “I think I have what I was striving for, just happiness. It was so hard to get to a happy place. Now that I’m there, I don’t want to compromise that for anyone or anything.” RELATED: Miley Cyrus Clarifies That Cardi B—Nicki Minaj Lyric and Insists She’s Not Picking Sides The two have been officially dating since December of last year, according to Minaj’s Instagram , and Petty stars with Minaj in her newest music video , for the song “Megatron,” which dropped on Friday. The video features Minaj and Petty getting steamy in a hot tub as she sings, “I f— him like I miss him/ He just came out of prison,” which could be a reference to Petty’s criminal record . He is a registered sex offender in the state of New York and served time in prison for manslaughter . |
UPDATE 2-Italy must respect its fiscal targets to keep market confidence-Visco
* Italy faces EU disciplinary action over its growing debt
* Central bank head urges government to put deficit under control
* Visco asks not to fuel fears over Rome breaking away from EU (Adds quotes, background)
By Giselda Vagnoni
ROME, June 22 (Reuters) - Italy needs to respect its fiscal targets if it wants to retain the confidence of investors over its capacity to repay its debt, Bank of Italy governor Ignazio Visco said on Saturday, as Rome faces a budget tussle with Brussels.
"Surely, trust in Italy also depends on the ability to meet targets and not to change them," said Visco at a conference in Venice, adding that "trust in public debt (reimbursement) must be sought with every effort".
Italy is negotiating a budget revision with Brussels to try to prevent EU disciplinary measures.
The European Commission wants Italy to reduce its debt this year and next and has opposed the wide tax cut plans of the ruling coalition if they are not offset by new revenues or spending reductions - options that Rome has so far dismissed.
In remarks that may complicate talks with the Commission, Italy's Deputy Prime Minister Matteo Salvini on Friday threatened to resign and bring down the government unless he can push through at least 10 billion euros ($11.37 billion) of tax cuts.
Visco, who did not mention Salvini or any other politician specifically, also warned about "fuelling the fear" of Italy breaking away from Europe if the government defies Europe over its budget and supports anti-EU policies.
"Markets insure themselves against this risk by demanding various basis points of higher interest rates" on Italian debt, he said.
'THE DEFICIT NIGHTMARE'
With a debt of 2.3 trillion euros, Italy is viewed by most economists as too big to fail, and financial instability there could endanger the stability of the entire euro zone.
Italy's 10-year benchmark bond yields were 245 basis points over the equivalent German paper on Friday. In October they spiked to over 340 basis points after the EU rejected the government's 2019 budget.
A compromise defused the crisis - but another showdown between Rome and Brussels would send these premiums soaring again.
The EU Commission fears that a significant tax cut next year might boost Italy's debt pile, the euro zone's second biggest in proportion to output after bailed-out Greece.
The Italian economy cannot grow if it has to "live with the nightmare of the country not being able to contain its budget deficit," Visco said.
Italy's ruling coalition, made up of the anti-establishment 5-Star Movement and the right-wing League, has drawn up a bill aimed at giving the government and parliament the right to name the central bank's five-member board, ending the current system by which appointments are made mainly internally.
The draft bill is likely to increase long-running tensions between the Bank of Italy and the government.
On Saturday, Visco urged the legislators to treat the issue "seriously and carefully".
"More important than the independence of the central bank is its autonomy of judgment, whether those who work at the Bank of Italy are free to exercise their judgment," he said. ($1 = 0.8798 euros) (Reporting by Giselda Vagnoni; additional reporting by Riccardo Bastianello in Venice, Editing by Alison Williams and Ros Russell) |
Royal Ascot 2019: Frankie Dettori ends 15-year wait for top rider title
There may have been no trademark flying dismount as part of his celebrations, but the smile on the face of Frankie Dettori said it all after he was crowned leading jockey at Royal Ascot . Having wowed the crowds with some scintillating displays throughout the week, the ever-popular Italian showed why he is still among the very best in the business in claiming the prize for the first time since 2004, with a final tally of seven winners, which equalled his personal best. After drawing a blank on the first afternoon, the 48-year-old hit back with a double on Wednesday, highlighted by Crystal Ocean in the Prince of Wales’s Stakes, before making all the headlines with his fabulous four-timer on Thursday, which featured a second Gold Cup win for Stradivarius. Only one more winner materialised for the three-times champion jockey across the final two days, courtesy of Advertise in the Commonwealth Cup on Friday, but despite ending the meeting as it started it was not to dampen the mood of a jubilant Dettori, who led Ryan Moore by two at the start of the final day. It is now six titles for Dettori, who said: “I’m back, it’s been a long time. It’s unbelievable. Three Group Ones and a superb Thursday, I’m stuck for words. “I thought if Ryan wins the first (on Saturday), he will be fired up for some of the others. When the first one got beat I thought we will just take it one race at a time. I didn’t have much and I thought he struggled with his rides apart from the first one. “I started the week with Too Darn Hot getting beat and I was really down and I thought it could be one of those weeks. Frankie Dettori celebrates winning the leading jockey prize (PA) “Then it all picked up on Wednesday with the Prince Of Wales’s, then you know the rest with super Thursday. We made headlines for all the right reasons, which was fantastic, and winning the Gold Cup with a fantastic horse.” While Dettori had to wait 15 years to claim his sixth title, he has had some near-misses in that time and believes it was not only the horses but those in the stands that helped him over the line on this occasion. Dettori said: “A couple of times I’ve finished close, but Ryan has got so much firepower with the domination of Coolmore. This year he hit the crossbar several times and I had a super Thursday and that is what made the difference. “I didn’t have Enable or Calyx, but I picked up Crystal Ocean and Advertise, so it works out. I think the magnificent Thursday with the crowd behind me made all the difference.” While Moore saw his quest for a sixth straight Qipco-sponsored title, and ninth in total, ended by Dettori, there was no stopping Aidan O’Brien from claiming a 10th top trainer crown following his five winners, one more than his 2018 total. Story continues O’Brien said: “I’m delighted and privileged. We had chances coming here, but that is all you can ever have coming here and that is all you can expect, as it is very competitive in every race. “I’m delighted for the lads and everybody at home for their hard work. “It does get the heart pumping for everybody as there is nowhere like walking into the winner’s enclosure at Royal Ascot for anybody having anything to do with a Flat horse. “This is the pinnacle and the atmosphere is incredible and this is where everyone wants to be. We get great pleasure out of everybody enjoying it so much and getting that enjoyment out of it.” Looking back on his winners, the Ballydoyle trainer said: “I suppose the Coventry winner Arizona was very good and Circus Maximus was very good in the St James’s Palace Stakes, as they were two very big ones on the first day, while Japan was also very impressive. “Circus Maximus had a good run at Chester and ran very well in the Derby. It is a very difficult thing to do, to come back from a mile and a half back to a mile here and it is a very important race for a three-year-old. “You would have to take your hat off to him really.” PA View comments |
These are the college majors with the highest and lowest unemployment rates
A new study has listed which college majors have the highest and lowest unemployment rates.
HeyTutor, a private tutoring service, analyzed data from the Census Bureau in the 2016 and 2017 American Community survey. The data analyzed was for those between the ages of 22 to 27.
The data found the mass-media industry had the highest unemployment rate at 7.8 percent. The analysis noted the industry has seen layoffs recently and a decrease in career growth.
Coming in second was liberal arts with an unemployment rate of 6.7 percent. The analysis stated those who studied liberal arts may find it difficult to choose a career due to its “broad nature.”
Anthropology came in third with 6.6 percent due to few jobs related to the study, but those who pursue a career in it may want to focus on working at universities or museums.
Philosophy came in fourth with a 6.2 unemployment rate. Meanwhile, construction services came in fifth with a 6.1 percent unemployment rate.
The major with the lowest unemployment rate was theology and religion at 1.0 percent. The analysis noted those with a theology and religion degree was a small percentage.
Medical technicians came in second with an unemployment rate of 1.0 percent. Medical technicians were said to be high in demand and to have a career growth of 13 percent by 2026.
Those who majored in early childhood education could enjoy a 1.7 unemployment rate, but the median career wage is $41,000, the lowest on the list.
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Coming in fourth was general education with an unemployment rate 1.7 percent while public policy and law came in fifth with an unemployment rate of 1.7 percent.
The tutoring firm found 76.9 million people in the U.S. over the age 25 had a bachelor’s degree or higher, a rise from 10 years ago.
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Why Does Slack Spend So Much on Sales and Marketing?
"Our growth is largely due to word-of-mouth recommendations,"Slack(NYSE: WORK)writes in its prospectus. Word-of-mouth referrals are widely considered the best type of advertising for two reasons: Those types of referrals are extremely compelling because they come from friends and peers instead of a paid salesperson, and that means the company doesn't need to spend as much on its salesforce.
Companies that benefit from word-of-mouth referrals tend to also enjoy increased efficiency in terms of sales and marketing expenses. Slack doesn't.
From left to right: Co-founder and CTO Cal Henderson, CFO Allen Shim, and co-founder and CEO Stewart Butterfield. Image source: Slack.
To illustrate this point, let's compare Slack's sales and marketing spending to other enterprise software companies that similarly rely heavily on word-of-mouth recommendations:Dropbox(NASDAQ: DBX)andAtlassian(NASDAQ: TEAM).
"We acquire users efficiently and at relatively low costs through word-of-mouth referrals, direct in-product referrals, and sharing of content," Dropbox wrote in its prospectus when itwent public last year. "We rely on word-of-mouth and low-touch demand generation to drive trial, adoption and expansion of our products within customers," Atlassian said in its own prospectus when it made its public debut back in 2015.
However, the numbers paint a different picture in terms of spending efficiency. As a percentage of revenue, Slack spends far more than either Dropbox or Atlassian.
[{"Income Statement Metric (TTM)": "Revenue", "Slack": "$454.5 million", "Dropbox": "$1.5 billion", "Atlassian": "$1.1 billion"}, {"Income Statement Metric (TTM)": "Sales and marketing", "Slack": "$257.9 million", "Dropbox": "$384 million", "Atlassian": "$240.8 million"}, {"Income Statement Metric (TTM)": "Sales and marketing as a percentage of revenue", "Slack": "56.7%", "Dropbox": "26.3%", "Atlassian": "21.5%"}]
Data source: SEC filings. TTM = trailing 12 months.
The discrepancy is stark. While Slack is smaller than Dropbox and Atlassian in terms of revenue, all three companies still have similar marketing models where adoption tends to be driven from the bottom up within an organization after users rave about the product.
Slack is already seeing growth decelerate, in which case investing more in sales and marketing is warranted. The company does plan on continuing to invest heavily in its direct salesforce: "We plan to increase the dollar amount of our investment in sales and marketing for the foreseeable future, primarily for increased headcount for our direct sales organization and investment in brand and product marketing efforts."
In fact, Slack better resemblesBox(NYSE: BOX), one of Dropbox's primary competitors. Box is smaller than Dropbox ($630.9 million in trailing-12-month revenue) and also relies less on word-of-mouth, instead preferring to leverage a direct salesforce. The smaller cloud storage provider has spent $314 million on sales and marketing over the past year -- 49.8% of revenue.
There's no doubt that Slack is incredibly popular in the world of enterprise messaging. But it seems the company can't rely on word-of-mouth recommendations as much as it purports, and is spending heavily to compensate.
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2019 FIFA Women's World Cup: Why the USWNT must be careful against slick-passing Spain
REIMS, France — Heading into 2019, the defending World Cup champion United States women’s national team had faced all but two of the 23 other nations competing at this summer’s tournament in France. One of the outliers was Cameroon. The other was Spain, the opponent that the Americans will meet here on Monday with a quarterfinal berth on the line. La Roja is universally considered an up-and-coming team in women’s soccer circles, and for good reason. Spain, the longtime men’s power that finally won its first World Cup early this decade, has started to take its other senior squad – and the women’s game in general – seriously in recent years. And with first-class infrastructure – think coaches, stadiums, and training facilities – already in place, it has been able to close the gap on the elite teams considerably in short order. Jill Ellis knew it. So the U.S. coach, anticipating a potential knockout round meeting on her sport’s biggest stage, was eager to schedule the Spaniards early this year. The match happened in January, with Ellis’ side prevailing 1-0 on a Christen Press goal in what some might have considered a meaningless friendly at the time. On Monday, the lessons learned that day may end up proving invaluable. “It was really actually purposeful why we wanted to play them earlier in the year,” Ellis said after the U.S. rolled past Sweden on Thursday to close out the group stage. “You get a sense of a team, and obviously a good team ... we’ll need to have a very good preparation and performance to do well against them.” The Spaniards posted a 1-1-1 record to finish as runners-up in Group B, losing only to heavyweight Germany by a single goal, one of just two they’ve conceded so far. It marked the first time the country advanced to the second round after making its World Cup debut four years ago. Christen Press scored the winning goal when the U.S. women's national team beat Spain, its opponent in the World Cup round of 16, in January in the only previous meeting between the teams. (Getty) Their progress at the youth level is even more pronounced: Last year, La Roja won FIFA’s under-17 Women’s World Cup, while the U-20s finished second in their own age group. “Their women’s program has gotten increasingly better through the years,” U.S. defender Kelley O’Hara told reporters on Saturday. And as much as there is a sense that their senior squad is stuck between generations – all-time top scorer Vero Boquete is no longer with the national team – and not quite ready for primetime yet, Spain can still cause the Americans problems. Like the men’s team that won the 2010 World Cup in South Africa, Spain plays a distinct style. Unlike powerful and direct foes such as Canada, England, France and Germany, Spain passes teams to death. Story continues They rarely lose the ball; they out-possessed the Americans in that January match with their own brand of the “tiki-taka” ethos that Andres Iniesta and Xavi Hernandez popularized with the national team. “Incredible team,” said USWNT veteran Ali Krieger. “Very crafty, very technical, very smart on the ball and intelligent in their decision-making.” “They’re super technical,” Press added. “They want to go through you on the ground, right through the middle of the field.” The U.S. hasn’t conceded a goal so far at this World Cup, but that’s not the same as being perfect. If there’s any area they can improve upon, it’s not giving the ball away cheaply. Sweden was unable to capitalize on those errors in the group finale. Spain isn’t quite as good, but they might be better set up to punish those turnovers. “They’re very good at finding different seams,” center back Becky Sauerbrunn said. “It’s something our back line will have to be vigilant about.” Still, the U.S remains the heavy favorite, in this match and overall. Both Krieger and O’Hara noted that Ellis’ consistent message has been to control their own performance rather than worry about what any specific opponent does well. Fellow vet Carli Lloyd summed up her team’s collective mentality after the last match. “We know what they’re about, we know they’re good on the ball, they’re technical, but for me, I don’t really care who we’re playing,” Lloyd said. “Bring it on.” More from Yahoo Sports: Yankees can win without Judge, but they do need depth Phillies’ Harper fails to make list of All-Star finalists Curry: Stakes of next presidential election are ‘extremely high’ USWNT has tough lineup questions as knockout stage begins View comments |
Jordan delegation to Bahrain conference to be led by deputy finmin - state news agency
AMMAN, June 22 (Reuters) - Jordan said on Saturday it will send a deputy finance minister to attend the U.S.-sponsored Bahrain conference on the Middle East peace plan that will convene on Tuesday.
In a statement carried by the state news agency, the foreign ministry said it will deliver a message there that no economic solutions can replace a political solution to end Israel's occupation of the West Bank and the setting up of a Palestinian state.
(Reporting by Suleiman Al-Khalidi; Editing by Marie-Louise Gumuchian) |
Michael Kors sparks Twitter debate
Fashion designer Michael Kors is trending on Twitter for the most random reason. (Photo: Getty Images) Michael Kors is randomly trending on Twitter because people are fussing over whether the clothing brand is truly luxury. People were triggered after Twitter user Kyslime shared two photos of a $358 leather satchel by MICHAEL, the brand’s cheaper version of its couture line. “Treat your girl,” Kyslime wrote on Thursday, treat your girl 💛 pic.twitter.com/ZZVi4LpKea — HOODWOLF (@kyslime) June 21, 2019 The photos initiated some snappy arguments about whether the line is too low-brow and has lost its luster. Damn! Ppl still buying MK they literally sell that at Ross, Marshall’s and TJ Maxx — 王様の王⎷🐉 (@hennything55) June 21, 2019 Because Michael Kors is tacky https://t.co/gFOajLCoHP — marisa 🌙 (@marisayasminn) June 21, 2019 Lmao @ the whole Michael Kors thing. It is true that around here it’s seen as this truly “luxurious” bag, when in reality and in comparison to other luxury brands, it’s kind of garbage. I’ve literally seen those bags for $30 at Nordstrom Rack. Plus the monogram is kind of trashy. — Lisa Bartholomew, C.D.A. (@MyAthletesFoote) June 22, 2019 Michael Kors cheapened their brand. EVERYBODY wears it now! Girl working at McDonalds....Girl working at the mall.... — BRITNEY WALDRON (@BritneyWaldron) June 22, 2019 Allegations that Kors has knocked off fellow designers re-circulated— in September, while sharing his Spring 2019 collection at New York Fashion Week , Kors was accused of copying a Mexican designer’s gray and black sweatshirt. Not everyone is necessarily saying they’re “too rich” for Michael Kors. I think some of us just don’t appreciate his obvious knockoff designs of luxury brands and the quality is not that great and still has the audacity to charge over $300 for stolen designs and cheap quality??🙄 — Medusa (@majkafaka) June 22, 2019 Lovers of the brand said criticism was snobby and hypocritical, because most high-end brands have diffusion lines, such as Marc by Marc Jacobs, Burberry Sport and Donna Karan’s DKNY. Story continues I don’t understand what’s “cheap” about a $350+ Michael Kors purse, but okay 🙃 — genesis 🦋 (@GennyJ98) June 22, 2019 God forbid a luxury fashion designer makes his products accessible and attainable to all women. It's as if Michael Kors actually cares about us. pic.twitter.com/0m7s8Yu78h — TSLAYLOR1989 (@BabyLoves1989) June 22, 2019 I own a Michael Kors bag that I bought from TJ Max and even with that discount, I felt so proud and excited....till I was broke until the next paycheck...so...ya not cheap — . (@MijaInez) June 22, 2019 I forgot how rich everybody is on Twitter lol y’all make so much money that y’all don’t know that Michael Kors has 3 different brands, with 3 different price points....MK is NOT the same as Michael Kors.... — Brandon (@BGtheDon_) June 22, 2019 Doesn't Michael Kors own Versace AND Jimmy Choo though?? pic.twitter.com/nF1jT9Beu7 — Tupac Angelou✨ (@_FaithAugustine) June 22, 2019 Read more from Yahoo Lifestyle: Pssst...Michael Kors handbags are on sale for up to 60 percent off—but hurry! Michael Kors Ends Fashion Week With Barry Manilow and a Disco Over 1 million pairs of these no-tie shoe laces have been sold — here's why people love them Follow us on Instagram , Facebook , Twitter and Pinterest for nonstop inspiration delivered fresh to your feed, every day. View comments |
Oregon Statehouse Shut Down After Lawmakers Team Up With Right-Wing Militias
Oregons statehouse shut down for safety concerns on Saturday. But the threats werent coming from anonymous trolls or foreign fightersthey were coming from the states Republican senators, who have teamed up with right-wing militias to threaten violence over a climate change bill. Eleven of Oregons Senate Republicans fled the state this week to avoid a vote on a bill that would cap greenhouse emissions. The group, believed to be hiding in Idaho, left the state senate with too few lawmakers to hold a vote. But the move is more than a legislative maneuver. The missing senators have partnered with right-wing paramilitary groups to threaten violence, should they be brought back to Oregon. The state senate had scheduled sessions on Saturday , but cancelled them after reports of several militias two-day Rally to Take the Capitol this weekend . Oregon State Police has recommended that the Capitol be closed tomorrow due to a possible militia threat, a spokesperson for the senate president told the Associated Press on Friday night. The trouble started this month, when state Senate Democrats advanced plans for a bill that would cut carbon emissions. Modeled after a similar policy in California, Oregons proposed cap and trade bill would restrict fossil fuel emissions, particularly for the industries that create the most pollution. The bills proponents say its part of a plan to cut emissions by 80 percent by 2050. ( Climate scientists and the European Union call for effectively eliminating carbon emissions by 2050, in order to prevent out-of-control climate change.) But Oregons state Republicans werent on board , citing increased expenses for Oregon residents and businesses. This week, every Republican in the state senate walked out, rather than vote on the bill. Armed Militias Pledge to Fight for Fugitive Oregon GOP Lawmakers At Any Cost Story continues Walkouts are not unique to Republicans. Democrat lawmakers fled their states in 2003 and 2011 to prevent votes on redistricting and curbing union rights, The Daily Beast previously reported . Oregon has a long history of senate walkouts , including a four-day walkout in May, when Republicans refused to vote on a tax package that would fund schools. They returned to session with the agreement that they would not walk out again. But this walkout also came with violent threats. Multiple senators are believed to have fled to Idaho, with right-wing militias flocking to their aid. While leaving the statehouse before the walkout, Republican Sen. Brian Boquist implied that police officers who pursued them should be ready to die. Send bachelors and come heavily armed, Boquist warned police in a televised interview shortly before his walkout . Im not going to be a political prisoner in the state of Oregon. Its just that simple. State police said they were aware of Boquist's remarks, but were not commenting on them. Boquist and his colleagues are supported by several right-wing militias that made more explicit threats. After Oregon Gov. Kate Brown called on state troopers to return the lawmakers to the capital, the paramilitary group the Oath Keepers suggested violence against her. Gov. Brown, you want a civil war, because this is how you get a civil war, the Oath Keepers wrote on their public Facebook page. Beneath the post, Oath Keeper fans suggesting hanging, arresting, or taking up arms against Brown. Idaho militia insiders previously told The Daily Beast that paramilitary members in Oregon and Idaho had mobilized in defense of the Republican lawmakers, and that they were willing to die for the legislators. One leader compared the situation to the 2014 Malheur National Wildlife Refuge occupation, in which members of a right-wing militia led an armed standoff inside a wildlife sanctuary building. The standoff ended with the death of a militia member. But on Twitter, Oregons Republican party criticized state Democrats for cancelling Saturday sessions over the militias planned protests, tweeting, Oregon senate Democrats canceled their weekend session citing a fear that Republican voters may show up. Read more at The Daily Beast. Get our top stories in your inbox every day. Sign up now! Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more. |
Trump says US will impose 'major' sanctions on Iran starting Monday
President Trumpsaid on Saturday that his administration was preparing an additional round of "major" sanctions againstIranamid heightened tensions between the two countries.
"Iran cannot have Nuclear Weapons! Under the terrible Obama plan, they would have been on their way to Nuclear in a short number of years, and existing verification is not acceptable. We are putting major additional Sanctions on Iran on Monday," he wrote in a tweet. "I look forward to the day that sanctions come off Iran, and they become a productive and prosperous nation again - The sooner the better!"
Earlier in the day, Trump told reporters that his administration was moving forward with sanctions.
“They’re going on slowly and in some cases pretty rapidly," Trump said as he was departing for Camp David.
The president also confirmed in a tweet that he would discuss Iran at Camp David this weekend.
“I am at Camp David working on many things, including Iran!” he wrote.
Concerns about the possibility of a military confrontation rose on Thursday, after Iran shot down a U.S. spy drone over the Strait of Hormuz. Officials in Tehran and Washington have disputed whether the drone was in Iranian airspace or not.
Trump said in a tweet that the U.S. was “cocked & loaded” to retaliate on Thursday night, but that he ultimately decided against doing so because 150 people would have died.
“We want to be proportionate,” he said on Saturday, though he did not rule out the possibility of future military action against Iran.
“It’s always on the table until we get this solved,” he added. “We have a tremendously powerful military force in that area.”
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Trump announced last year that Washington would unilaterally withdraw from the Obama-era Iran nuclear deal, bucking U.S. allies while imposing a punishing round of economic sanctions.
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UPDATE 1-Pelosi urges religious leaders to oppose Trump's expected immigration raids
(Recasts with Pelosi comments on expected raids)
WASHINGTON, June 22 (Reuters) - U.S. House of Representatives' Speaker Nancy Pelosi urged religious leaders on Saturday to pressure President Donald Trump to stop immigration raids by his administration expected to target families in up to 10 U.S. cities on Sunday.
Pelosi, a Democrat, said in a release that the expected raids would "inject terror into our communities" and tear families apart. "The President's action makes no distinction between a status violation and committing a serious crime," Pelosi said, urging faith-based and other leaders to convey to Trump the value of U.S. refugee resettlement programs.
Trump, a Republican, told reporters on Saturday before heading to the Camp David presidential retreat that the U.S. Immigration and Customs Enforcement agency was focused on getting the transnational street gang MS-13 out of the United States.
Many asylum seekers from Guatemala, Honduras and El Salvador cite gang violence driven largely by groups like MS-13, as the reason they come to the United States for refuge.
Mark Morgan, acting director of ICE, said this week his agency would target for deportation families that have received a removal order from a U.S. immigration court.
An operation was slated to launch on Sunday and expected to target up to 2,000 families facing deportation orders in as many as 10 U.S. cities, including Houston, Chicago, Miami and Los Angeles, the Washington Post reported on Friday.
Earlier on Saturday, Trump wrote on Twitter that ICE will apprehend people who have run from the law. "These are people that are supposed to go back to their home country," Trump wrote. (Reporting by Timothy Gardner and Nandita Bose; Editing by Tom Brown and Daniel Wallis) |
Volkswagen's electric race car set another speed record. Can it do that again?
Volkwagen's electric race car took on one of the toughest courses in the world — and set a record.
The VW ID.R with two electric motors took on the Nürburgring-Nordschleife 12.9-mile lap through Germany earlier this month and finished faster than any other all-electric vehicle had ever done: 6 minutes and 5 seconds.
That's an average speed of 128 miles mph and faster than the previous electric record by 40 seconds.
In 2018, the same ID.R vehicle set a record at Colorado's Pikes Peak course — an uphill climb that took 7 minutes and 57 seconds on the 12.42-mile course. The same French racing driver Romain Dumas was at the wheel in both races.Read more...
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New Year’s financial resolutions you still need to accomplish
Pay down debt. Reign in spending. Build your savings. If you haven’t kept any of your New Year’sresolutions, you’re not alone.
A study conducted at the end of 2018 byYouGov Omnibusfound that only one-third of Americans stuck by their resolutions.
But Leslie Thompson, founding principal at Spectrum Management, said to not be discouraged -- now’s the time to reset.
“Even if you did get off target, or perhaps you didn’t even begin, it’s never too late,” she said. “But it’s important that you are monitoring these various areas so that you are not derailing your long term plan.”
Spending/budget
Overspendingcan easily derail any budgeting plan. Thompson said categorizing your spending and tracking your budget can help keep you on the right path. If you need help, try using online tools.
“A lot of people get derailed because they just don’t know where to begin, and they don’t know how to evaluate it,” she said. “There are tools out there that are easy to track to make sure you are on target.”
Debt
Not all debt is equal.
Thompson advised consumers to pay off credit cards first, because interest rates on those are generally higher than other debt. Review all your credit cards with outstanding balances and make note of the balance due and interest rate.
“If you have small balances, pay these cards off first so that you can tackle larger balances,” she said. “While continuing to pay the minimum balance due with each card, pay an additional fixed amount each month beyond what is due on your highest interest rate card. “
Thompson said individuals should also consider taking advantage of credit card promotional offers by transferring high balances to lower interest rate cards.
Credit
Are you checking your credit report at least once a year? By law, every American is entitled to receive a free copy of their credit report every 12 months. Thompson said pulling your credit report will alert you to surprises, such as a new card being issued.
“Sites like Credit Karma will send you your credit score once a month,” she says. “They will alert you real-time if there has been a change. In the past, people had to be more proactive and seek out this information. There are a lot of tools now feeding that information on a set schedule so you don’t have to stop what you are doing and check.”
Retirement
If you have a company-sponsoredretirement plan, Thompson said you should find out if there have been any recent changes, such as the match amount.
You should also review the amount you are saving. Thompson said the goal should be to save 15 percent of your income.
“If you are not setting aside that amount of money, go in and increase it one percent,” she said. “Over the course of the next few years, you will be on target to meet that 15 percent amount.”
Are you having a tough time reaching that 15 percent objective?
“You don’t need to increase it drastically,” she said. “You could increase it once a quarter by small increments so you are not really feeling it.”
Thompson also suggested automating the retirement savings process. Some company-sponsored plans have what are called escalators to force people to gradually increase the amount they are contributing to their retirement.
Emergency savings
When establishing an emergency fund, Thompson said it’s important to identify your risks.
“Do they have enough liquidity to last through a job loss, health scare or major house or car repair? Knowing how much money is necessary to pay monthly fixed costs for a six-month period is a good rule of thumb to determine the size of an emergency fund,” she said.
Thompson added that an emergency fund should be liquid with little to no market risk, such as a high-yielding savings account or an ultra-short-term bond fund.
She said establishing automatic transfers; either directly from your paycheck or from your bank account creates discipline and eliminates decision-making or forgetfulness.
Your home
Maintaining your homewas probably not on your list of New Year’s resolutions.
If not, Thompson thinks it should be. A house is likely the largest asset you will ever own. The middle of the year is the perfect time to assess your home’s condition.
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“Make sure there isn’t any deferred maintenance,” she said. “Typically when people budget they don’t budget for these non-recurring things, like a major house repair. Keep the house in good order so you don’t have unanticipated expenses along the way.”
Linda Bell joined FOX Business Network (FBN) in 2014 as an assignment editor. She is an award-winning writer of business and financial content. You can follow her on Twitter @lindanbell
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From drone swarms to AI border guards: How futuristic technology could be used to police Britain's borders
Whether it is theIrish backstoporEnglish Channel, the issue of how the UK and Europe are controlling their borders has been thrust into the public consciousness.
And as with many of the globe’s conundrums, countries and private companies are turning to ever more futuristic, and often controversial, technologies in order to protect their borders.
There are, of course, immediate issues for Britain’s borders with quandaries such as the potential hard border in Northern Ireland followingBrexit, with the nebulous ‘technology’ promised by some politicians either still being developed or put under question.
One such future proposal is a satellite system that registered mobile phones as they pass the border, while sensors buried in the ground or radars on flying drones could detect possible unlawful breaches of the boundaries. But that would still leave the question of invasive, even if largely invisible, checks that run against the Good Friday Agreement.
“Just think how the residents of Dover or Holyhead would respond to the idea of being constantly surveilled by drones or mobile phone tracing,” Katy Hayward, reader in at Queen's University Belfast and an expert on border studies, wrote inThe Conversation.
“Those in the Irish border region have recent experience of close surveillance and border controls. Twenty years on from the Good Friday Agreement, the negative consequences of militarised security at the Irish border remain evident: economically, socially and politically."
But a push for more advanced border control techniques continue apace. In January it was revealed that theUK will pay the French £6m for drones, CCTV cameras and night-vision equipment to mount 24/7 surveillance of the North France coast in a new bid to prevent migrants crossing the Channel.
And just last month, it was revealed that theEuropean Union are funding a £7.7m project called Roborder, a swarm of autonomous, unmanned ground vehicles, submersibles and flying drones.
The project is made up of a consortium of police agencies, national institutes and private companies, including the Hampshire-based technology and aerospace firm Tekever and Spanish robotic designer Robotnik. The various drones are equipped with an array of sophisticated sensors, such as radar, emission sensors and thermal imaging, and will be able to patrol land, sea and air.
The vehicles can work standalone or as part of a networked swarm, scanning for potential illegal activity --such as unauthorised border crossing, smuggling or even pollutant spills-- and beam back its findings to a manned control hub. The station operators will then use the information from the drones to decide whether to dispatch a team to make an arrest. The drones are not able or authorised to intercept suspects themselves.
However, that doesn’t mean there isn’t the possibility of drones being armed in the future if there is pressure applied for more draconian patrols in this most volatile of topics.
“These devices are not armed yet, but that could be easily done,” says Noel Sharkey, Emeritus Professor of robotics and AI at Sheffield University and a member of the Campaign to Stop Killer Robots. “In some parts of the world drones equipped with pepper spray and plastic ball ammunition are being used for strike busting and breaking up protests. Surveillance robots require fast response from border forces to intercept intruders and if border pressure increases as we see with the Syrian conflict, they may well be armed.”
Sharkey is also concerned about the inherent bias that seems to be emerging from artificial intelligence, despite an autonomous swarm’s potential strength. “The perceived benefits are efficiency and great area coverage but that is outweighed by the potential risks,” he says.
“One of today’s biggest problems for computer algorithms is race and gender bias which is showing great injustice in many areas of our lives including in policing and the judicial decisions. There is every reason to believe that these robot border protocols would perpetuate these injustices and automatically prevent legal immigrants or asylum seekers from crossing borders.”
Applications for Roborder have been touted around the Greek island of Kos and the Hungarian-Serbian border. Kos is close to the Turkish coast line and identified as “one of the possible EU’s points of entry for irregular immigrants” and is where Roborder would look to use its submersible technology, where the analogies to Britain’s island status is clear.
The mainland border near the Hungarian village of Röszke, meanwhile, has been identified as a hotspot for smugglers and human traffickers due to its undeveloped and hard to access terrain. Drones, in theory, would be quicker to identify any potential wrongdoing.
But while the application of Roborder’s drone swarm is targeted more towards undetected border crossing away from roads and civilisation, there are other attempts at streamlining more conventional routes into countries with new technology. Including AI border guards.
IborderCtrl is an “automated deception detection system” developed by the Manchester Metropolitan University, funded by the EU and supported by companies such as European Dynamics and Hungarian biometric firm BioSec.
The project has travellers pre-registering at home and asking questions posed by a digital border guard. The avatar will ask questions similar to a human border guard, but the software will use new artificial intelligence techniques --similar to emerging emotion detection technologies-- to ascertain if a subject is answering truthfully.
“It uses non-verbal behaviour, very fine grained microgestures,” said Dr Keeley Crockett, Reader in Computational Intelligence at Manchester Metropolitan University on unveiling the technology. “We’re not looking at things like smiling or frowning, we’re looking at very small movements such as an eye moving left or right.”
The application will then offer a ‘risk score’ based on whether it believes its interviewee could be lying and will require a further interview by a human guard before passing over the border. “ It’s not just our product that gives the risk score,” says Crockett. “It’s a ‘human-in-the loop’ system, which I think is very important to stress. It does not make an automated decision, it gives a risk score for each individual traveller.
“The idea is that we want to create faster and safer borders for the general public as they travel across Europe. It gives an indication to the border guard that when the person goes to the border if they should go through straight away or be asked a few individual questions.”
Pilots for iBorderCtrl are being run in Latvia, Hungary and Greece which Crockett is hoping will inform more data for the project before it is considered for other countries. Some experts, however, are doubtful that the system will be able to prevent some fooling the system. “It’s not clear why AI would do any better than current lie detector technology, which is very unreliable,” says Chris Frith, a fellow at the Royal Society and a neuroscientist at UCL. “So I don’t believe that it could accurately read individual emotions and detect lying. The good liars don’t get emotional.”
“AI depends upon having a large database, but we know that these databases can be very biased. There is also the danger of over-fitting. With enough data we can always find a way of distinguishing the desired categories, but the technique doesn’t generalise to the next set of data. Sadly, I suspect that the technology will be more widespread in the future.”
Frith’s concern over reliability forms part of the debate over ever more complex systems being used to control our borders the world over. Be it drone swarms over Dover, AI border guards in Latvia or hidden sensors on the Irish border; the debate over checks that juggle our security, privacy and control is one that perhaps no technology can solve. |
NASA just set preliminary dates for its commercial crew launches, with SpaceX in the lead
There’s a space race happening right now. It’s not between the United States and Russia, or any nations at all, for that matter, but it’s definitely happening. It’s a race between SpaceX and Boeing to be the first company to deliver a crew-capable spacecraft to NASA, and it’s been filled with twists, turns, and delays since the very start. Now, a new preliminary planning schedule for NASA’s “Commercial Crew” program hints that SpaceX might ultimately be the victor, but it’s far from a sure thing. Related Stories: Watch SpaceX launch its Falcon Heavy rocket live right here New Mars rover discovery hints at life, but we're not there yet The ring around Uranus has a warm glow NASA hired Boeing to build the Starliner, and threw money at SpaceX to build the Crew Dragon. Both spacecraft will eventually take NASA astronauts into space from U.S. soil, which is a big deal for the space agency, but neither company has followed through on its promises yet. Both programs have been slammed with delays and setbacks , and neither the Starliner nor Crew Dragon has carried a human off Earth at this point. SpaceX sent an empty Crew Dragon to the International Space Station, which is a meaningful milestone, but an explosion ( sorry, “anomaly” ) threw its progress into question. It seemed to open the door for Boeing to take the lead and be the first to fulfill its pledge to NASA. However, if the dates issued in a new planning schedule hold true, SpaceX will be the first to carry NASA crew into space. As NASASpaceflight.com explains, the dates are far from being set in stone, and they’re not even considered official target dates at this point. The dates in the report are based entirely on the available windows within which the space station could receive the spacecraft and when crew would be available to ride aboard them. Still, while the dates aren’t even close to being set in stone, they show that NASA has some serious faith in SpaceX to correct whatever issue caused the explosion of its Crew Dragon during testing and get its program back on track swiftly. Perhaps even more than that, it shows that NASA doesn’t think Boeing’s Starliner will be ready to carry humans any time soon. Story continues BGR Top Deals: Meet the $80 smartwatch with 30-day battery life that’s converting Apple Watch owners left and right 10 deals you don’t want to miss on Saturday: AirPods 2, Roomba sale, 7¢ BIC pens, crazy iPad sale, more Trending Right Now: Netflix is finally testing an awesome new feature we’ve wanted for so long Huawei just launched another phone you’ll be sad you can’t buy The ring around Uranus has a warm glow See the original version of this article on BGR.com |
GOP lawmakers create hurdles for citizen ballot initiatives
LITTLE ROCK, Ark. (AP) Arkansas voters have been active in recent years, passing ballot initiatives that legalized medical marijuana, raised the minimum wage and expanded casino gambling. That hasn't gone over well with Republicans. Arkansas' GOP-dominated Legislature has taken steps this year that will make it harder to put such proposals before voters, and they are not the only ones. Florida, North Dakota, South Dakota and Utah also have enacted restrictions on the public's ability to place initiatives on the ballot. In Michigan, the state's top election official is being sued over Republican-enacted requirements that make it harder to qualify proposals for the ballot. In all, lawmakers in 16 states introduced more than 120 bills this year that would weaken the initiative process, according to the Ballot Initiative Strategy Center. The moves worry advocates who say they undermine the idea of direct democracy and could effectively shut down the initiative process in some states. "This is a way to make sure that there is absolutely no way that anyone can do something that (Republican lawmakers) don't already approve," said Florida state Sen. Oscar Braynon, a Democrat who opposed state restrictions recently signed into law. In Arkansas, the changes came after voters legalized medical marijuana in 2016 and last year approved raising the state's minimum wage to $12 an hour by 2021. The state's governor signed into law legislation overhauling the way measures are approved for the ballot so that a proposed initiative and the signatures collected in favor of it are reviewed at the same time. The change, critics say, would mean groups could waste time and money circulating petitions only to find out afterward that there was a problem with the wording that would disqualify it from the ballot. Arkansas lawmakers also placed on next year's ballot a measure that, if approved by voters, would impose additional restrictions. Those would include tripling the number of counties where initiative sponsors must collect a minimum number of signatures and eliminating a 30-day period groups have to gather additional signatures if they initially fall short. The lawmakers' ballot measure also would move up by several months the deadline for submitting petitions. Story continues "Everything they have done has ... the ultimate goal to eliminate the petitioning process so that the people have no voice, and it is outrageous," said Melissa Fults, executive director of the Drug Policy Education Group, who plans to try and get a recreational marijuana proposal on next year's ballot. The success of the medical marijuana initiative was celebrated by Arkansas residents such as Joanie Hopson, who was one of the first in line when retailers started selling marijuana last month. The 36-year-old said she suffers from a host of ailments, including muscle spasms, seizures and a connective tissue disorder, and cried when she was finally able to buy cannabis legally to ease her pain. "We were really on the verge of moving out of the state because I need my medicine," said Hopson, who lives in the community of East End, a short drive south of Little Rock. Lawmakers pushing the restrictions said they are trying to rein in an initiative process that has been an easy target for out-of-state groups. Previous initiatives included unsuccessful attempts by pro-casino groups to give certain companies a gambling monopoly in the state. Republican state Sen. Mat Pitsch, who co-sponsored the changes in Arkansas, said the state's constitution has been changed 20 times over the past seven elections a number that also includes measures lawmakers themselves put before voters. "When you change your constitution three times every other year, that's more like legislating than having a constitution," said Pitsch, who noted the proposal on next year's ballot also would raise the threshold for lawmakers to send measures to voters. A similar argument was used in Florida when the governor this month signed wide-ranging legislation that erects a number of hurdles to those trying to get initiatives before votes. The new Florida laws require paid petition gatherers to register with the secretary of state, prohibit payments based on the number of signatures collected and levy fines if petitions aren't turned in within 30 days. The petitions also must include the name and permanent address of the signature-gatherer. Gov. Ron DeSantis defended the bill, saying it is aimed at protecting the Florida Constitution from outsiders. The governor said he wants to take more steps to revise the process of changing the constitution. "This is not supposed to be driven by out-of-state special interests; it's supposed to be driven by Floridians, but that's really not what's happened," DeSantis said. "If people really feel the need to do it, then you band together, you do your organizations, you do it. Right now, you just have one guy write a check and you pay these people per signature. It creates a lot of bad incentives." Florida voters have approved a number of petition-driven amendments that Republicans don't like, including limits on class sizes, preschool education for all, medical marijuana legalization and, last fall, restoring voting rights for felons who have completed their sentences. In the works are petition drives for 2020 seeking to ban assault rifles and raise the minimum wage. In Utah, where voters last year approved medical marijuana, Medicaid expansion and redistricting proposals, the state's Republican governor signed legislation delaying the implementation of successful initiatives to give lawmakers a chance to change them. Rep. Brad Daw, the bill's Republican sponsor, said the change allows lawmakers to keep state agencies running smoothly by revising portions of voter-approved laws that conflict with other rules before they go into effect. "The fact is, the Legislature can make changes one way or another," he said. But critics say they worry the changes will leave voters feeling powerless. "When you pass a ballot measure, you want to see something change," said Yoram Bauman with Clean the Darn Air, which is pushing to get on the 2020 ballot with a proposed a carbon tax to curb pollution and greenhouse gas emissions. "If you have to wait an extra year to see something change, that's frustrating, especially when you feel like during that extra time the Legislature can come in and monkey with it." Not all changes are winning favor in Republican states. Idaho Gov. Brad Little vetoed proposals that would have made it tougher to qualify a measure for the ballot, saying he didn't believe the restrictions would stand up in court. The legislation was seen primarily as a reaction by the Republican-dominated Legislature to last year's voter approval of Medicaid expansion. "We argued that for a change to constitutional rights of this magnitude, the correct process is to take that to the voters as a constitutional amendment," said Rebecca Schroeder, executive director of Reclaim Idaho, the group behind the Medicaid expansion initiative. In Arkansas, the fight over initiative restrictions may not be over, with groups opposing them preparing a lawsuit. David Couch, the attorney who sponsored the minimum wage and medical marijuana initiatives, also sees another path to fighting back placing an initiative on next year's ballot that competes with the one pushed by the Legislature. ___ Associated Press Writers Brendan Farrington in Tallahassee, Florida, Keith Ridler in Boise, Idaho, and Lindsay Whitehurst in Salt Lake City contributed to this report. |
Most People Are Expected to Outlive Their Savings, Study Shows
If you've spent nearly your entire adult life working, retirement may seem like it can't come soon enough. And the idea of spending several decades in retirement probably sounds like a dream.
To your wallet, though, a long retirement may be more of a nightmare.
A third of today's 65-year-olds can expect to live past age 90, according to the Social Security Administration, and one in seven will make it past age 95. If you retire at age 65, that means there's a good chance you'll be spending 25 to 30 years in retirement. Unless you have a rock-solid nest egg, your savings likely won't last that long.
Image source: Getty Images.
The average American is expected to run out of savings at some point during retirement, says a new report from the World Economic Forum. Most U.S. retirees will likely outlive their savings by around eight to 10 years, according to the study, but that's assuming a life expectancy of age 85. Retirees who live longer than that could potentially spend even more time in retirement with no savings.
If you run out of money with years (or even decades) still to spend in retirement, your golden years likely won't be as enjoyable as you'd hoped. The key, then, is to do your research long before you retire to ensure your savings are on track to last the rest of your life.
There's no easy answer for how much you should have saved by the time you retire, since everyone'sretirement numberwill be different. Some people will only spend a decade or so in retirement, so they'll need less in savings. Others could live until they're 110 years old and may need a couple million dollars to last the rest of their life.
To get a sense of how much you'll need in savings, take an honest look at your life expectancy. Of course, nobody can predict exactly how long they'll live. But if you have health issues or other reason to believe your retirement years won't last long, that will help you better gauge how much you'll need to save. On the other side of the coin, if everyone in your family has lived until age 100, it's probably a good idea to prepare for a very long retirement.
The type of lifestyle you expect to live in retirement also plays an important role. Someone who wants to spend their golden years traveling constantly or learning expensive new hobbies will likely spend more money than someone who prefers to enjoy most of their time relaxing around the house and catching up on their reading.
Once you have an idea of how many years you expect retirement to last and how much you predict you'll spend each year in retirement, you can plug your information into aretirement calculatorto get an estimate of how much you should save. Because no calculator can be 100% accurate, it's a good idea to try out a few different calculators to get a range of answers. When presented with several different retirement numbers, it's smart to aim high and save more than you think you'll need.
If you run out of savings in retirement, you'll still have Social Security benefits to fall back on. But Social Security isn't the strongest safety net, and you may not be able to survive on your benefits alone. The average beneficiary receives around $1,400 per month from Social Security, which may not be enough to make ends meet even when you're relatively young and healthy -- and it could be even more problematic as you age.
As you get older, you'll inevitably face more health issues. Healthcare isn't cheap, either, and the average retiree spends around $4,300 per year on out-of-pocket costs, according to the Center for Retirement Research at Boston College. That number also doesn't includelong-term care, which can be incredibly costly. The average semi-private room in a nursing home costs nearly $7,000 per month, according to the U.S. Department of Health and Human Services, and 70% of today's 65-year-olds can expect to need long-term care at some point in their lives.
If your savings run dry a decade or two into retirement and then you're hit with steep healthcare costs, Social Security alone probably won't cover all of your expenses. There are ways toincrease your Social Security benefitsto make it a little easier to squeeze every dollar out of your monthly checks, but it's still smart to save as much as you can on your own so you're not entirely dependent on your benefits to pay for all of your expenses.
Saving for retirement is a big enough challenge on its own, but as Americans are living longer -- needing their money to go further than ever before -- it's becoming even more difficult to save enough to last the rest of your life. If you can estimate how much you'll need to save andcreate a retirement planyou can stick to, it will help ensure your money lasts as long as possible.
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Fergie Curtsied to the Queen at the Royal Ascot and the Internet Won’t Stop Talking About It
Photo credit: Mark Cuthbert - Getty Images From Harper's BAZAAR Sarah Ferguson, the Duchess of York, attended the Royal Ascot this week with her ex-husband, Prince Andrew . For the event , the duchess wore a bright yellow dress, with purple heels, and carried a forest green Gucci shoulder bag. Fergie performed a deep curtsy to Queen Elizabeth, and also dipped her head and raised her hand in the air. Several members of the royal family attended the Royal Ascot this week. While Kate Middleton and Prince William put in a chic joint appearance at the start of the week, Prince Andrew and his ex-wife, Sarah Ferguson, the Duchess of York , attended together on day four. And even though they're divorced, Princess Eugenie and Princess Beatrice 's parents remain close. For the event, Ferguson, or Fergie as she is often known, wore a bright yellow wrap dress. She completed the look with a striking pair of purple heels, a green fascinator, and a green Gucci Square G shoulder bag , which you can still shop. And when Queen Elizabeth arrived, Fergie performed a curtsy to Her Majesty. Photo credit: Mark Cuthbert - Getty Images Photo credit: Mark Cuthbert - Getty Images People noted that Fergie "showed off her deep curtsy" for the queen, which is a mark of respect for the monarch. Meanwhile, the Daily Mail called the move "her trademark deep curtsy." Richard Palmer for the Daily Express wrote, "the Duchess of York gave one of her legendary deep curtseys to the Queen," and also noted that Fergie was even spotted in the royal box at Ascot, when "Andrew took his ex-wife in to chat briefly to the queen." While it's unclear what Fergie's hand gesture signified as she performed her curtsy to the queen, it seems that the Duchess of York was extremely happy to be attending the Royal Ascot alongside her family this week. Photo credit: . ('You Might Also Like',) The Essential British Packing List 30 Facial Moisturizers for Every Budget We Cut Bangs on 16 Different Women With The Help of Celebrity Stylist Justine Marjan |
Russian Ministry of Finance Considers Allowing Cryptocurrency Trading
A representative of theRussianMinistry of Finance (MinFin) says the ministry is considering allowingcryptocurrencytrading, Russian news service Interfaxreportedon June 21.
Per the report, the Deputy Minister of FinanceAlexei Moiseyevtold journalists on Friday that, while MinFin had reached no final decision, cryptocurrency trading may be allowed in the coming bill on the circulation of cryptocurrencies in the Russian Federation.
A bill prohibiting the use of crypto assets as a means of payment in the Russian Federation passed in May of last year.
Anatoly Aksakov, head of the Duma Financial Market Committee, called the pending decision a compromise and pointed out that the Financial Action Task Force recommended that Russia adopt a bill regulating the circulation of cryptocurrencies by the end of this year.
As Cointelegraphreportedearlier this week, the State Duma, Russia's parliament, expects to adopt the country’s major crypto bill “On Digital Financial Assets” (DFA) in the next two weeks.
At the time, Moiseev declared that MinFin has also approved separate legislation for initial coin offerings, which will be a part of Russia’s law oncrowdfunding.
Also this week, newsbrokethat the head of theBankof Russia said that while they are exploring the possibility of launching a central bank digital currency (CBDC), it is not planned for the near future.
• Russia to Adopt Crypto Legislation Within Two Weeks: Deputy Finance Minister
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Blue Point completes rare Ascot double to share week's centre stage with Frankie Dettori
James Doyle riding Blue Point (blue) to win The Diamond Jubilee Stakes - Getty Images Europe There are several contenders for Royal Ascot’s star of the week and while Frankie Dettori, was home and hosed for the human version long before drawing a last-day blank on Saturday, for the sheer degree of difficulty in winning two races within the five days, his equine counterpart must surely be Blue Point. The Godolphin sprinter added Saturday's Diamond Jubilee Stakes, by a fast-diminishing head, to Tuesday’s somewhat easier King’s Stand Stakes to complete one of the rarer feats in racing, a double last achieved by the Australian raider Choisir in 2003. Before him it was Diadem 99 years ago. On Tuesday, Blue Point beat Battaash with a degree of ease but on Saturday, over an extra furlong, Kachy, a 33-1 shot, left the stalls like a bullet from a barrel and had opened up a three-length lead before they had gone 100 yards. Two out, everyone except James Doyle on Blue Point was hard at work, but Blue Point’s willingness to please was almost his undoing as he sought to go after the leader. In front at the furlong point and travelling well, Doyle was then reminded of why Ascot’s last furlong can often feel like Aintree’s at the end of the Grand National, even on a sprinter, as Blue Point began to get lonely and no doubt, at the end of his second race this week, weary. Dream Of Dreams, ridden by Danny Tudhope, who was scenting a fifth Royal winner of the week, was the only other horse to get past Kachy and he was catching Blue Point with every stride inside the last 100 yards, but the winner stuck his neck out when he heard him coming to complete the famous double. The Queen congratulates jockey James Doyle after the Diamond Jubilee Stakes Credit: REX When asked whether it had been a difficult decision to run him a second time this week Sheikh Mohammed, who had earlier seen Pinatubo run out an impressive winner of the Chesham Stakes, said: “It was an easy decision. We just wanted to see him run again. It was marvellous.” Charlie Appleby, the trainer, said: “We thought about it about a week ago and I said to His Highness, ‘If you’re happy I’ll leave him in on Saturday, it leaves us in a position where we can have a crack at it if we want to’. He’s going to retire at the end of the year, he is a superstar. Coming to Ascot he has always brought his A-game. His Highness made the call – it was sporting to bring both him and Masar here today.” Story continues James Doyle, who has been standing in this week for William Buick, who is recovering from concussion, said: “He’s a horse you only dream about. He’s learned what the job is all about. He’s a complete professional. Kachy went a hell of a lick and he’s so genuine he was trying to run him down and then got a bit lonely out there.” Masar, last year’s Derby winner having his first start since, was the one blip on Godolphin’s day. He made a so-so comeback after a year off in the Hardwicke nearly five lengths behind the winner, but there was a spectacular near-miss in the race when Nagano Gold, only the second ever Czech runner at Royal Ascot was beaten by just half-a-length by Defoe, the 11-4 favourite. Racing in the Czech Republic is on a very small scale. I dare say Appleby trains as many horses as there are in the country. The five-year-old, a 25-1 shot ridden by Christophe Soumillon, was nearly brought down leaving the stalls, and trailed round in last place, before going past Masar like he was standing still and passing everything except the winner. The Prix de l’Arc de Triomphe is Nagano Gold’s long-term aim, but if they wanted another sporting chance at giant slaying they should bring him back to Ascot for the King George. “He’s been running in France,” explained the owner-trainer Vaclav Luka’s racing manager Tomas Janda. “But he’s always been pulling very hard there [because the tempo of the races is usually slower] so we thought the British style of racing would suit him.” Defoe, however, is now really getting his act together at this level, having broken his Group One duck in the Coronation Stakes. Saturday's race, though a Group Two, was a Group One in all but name. “He’s come forward again from Epsom,” said trainer Roger Varian, who is also eyeing the King George and completed a double on the day with Cape Byron in the Wokingham. “He’s very straightforward, he tries, he’s relaxed, he’s getting better with age. He always had a good attitude as a colt but it was the owner’s decision to have him gelded but that will elongate his career.” Dettori’s four-timer on Thursday will last in the memory a long time and his seven winners all told ensured he was the leading jockey at the meeting for the first time since 2004 while, though not as dominant as some years, Aidan O’Brien’s five winners earned him the leading trainer award for the 10th time. |
Thats not Whitney Houston on The Bodyguard poster, reveals Kevin Costner
Kevin Costner talks The Bodyguard posters The Bodyguard movie poster is one of the finest ever created. The black and white combination of rain and Kevin Costner holding Whitney Houston tight immediately provided a crystal clear idea of what the romantic thriller would be like. 27 years after its release, it is still the endearing image from the film, and one of the main reasons why it went on to gross $411 million worldwide. Read More: Chris Rock's 'tasteless' Whitney Houston joke slammed by Bobby Brown: 'I thought you was a friend of the family' But Kevin Costner has now made a stunning revelation that Whitney Houston isnt actually on The Bodyguard poster. That wasnt even Whitney actually, Costner told Entertainment Weekly. She had gone home and that was her double, and her head was buried into my shoulder, which was appropriate anyway. She was frightened. The poster for The Bodyguard The image for the poster was taken straight out of one of The Bodyguards most memorable scenes, which saw Costners Frank Farmer carrying musical superstar Rachel Marron out of a nightclub after a riot has broken out. Costner instantly recognised that it would make for the perfect poster. I picked that picture out because my friend Ben Glass took it
I sent it to Warner Bros and I go, Theres the poster. Because it was so evocative. It wasnt special photography; it wasnt anything. Read More: New documentary claims Whitney Houston was sexually abused as a child Unsurprisingly, Warner Bros had an issue with this choice because it didnt show Whitney Houstons face. In fact, Costner recalled that they were so adamant that the singer needed to be seen they made five mockups where they put her head [on it], where shes looking [out]. Costner won them over by glibly dismissing their efforts, and saying, Guys, I think we had it the first time. The fact that The Bodyguard poster is still rightfully regarded as iconic proves that he was clearly in the right. |
Mick Jagger Makes Lively Stage Return After Heart Surgery as Rolling Stones Kick Off Tour
Mick Jagger returned to perform with The Rolling Stones just two months after undergoing heart valve replacement. On Friday, the 75-year-old frontman performed in front of 60,000 people at Soldier Field in Chicago and played through a three-hour set. The performance, which marked the launch of the band’s new North America tour, comes after Jagger’s procedure in April when the Stones canceled the first 14 shows of their No Filter tour. Fans captured videos and photos at Friday night’s concert showing Jagger in top form, prancing and singing on the stage. “Thank you for a great opening show Chicago,” Jagger wrote on Instagram and Twitter. Jagger’s return also comes just over a week after he said he “ felt pretty good ” and that the band had been rehearsing quite a bit following his surgery. View this post on Instagram The Rolling Stones opened their No Filter tour at Chicago's Soldier Field last night - here's a quick glimpse at what went down! We'll see you again on Tuesday! #stonesnofilter #therollingstones #chicago A post shared by The Rolling Stones (@therollingstones) on Jun 22, 2019 at 7:02am PDT RELATED: Mick Jagger Shares First Photo After Heart Valve Replacement Surgery: ‘A Walk in the Park!’ View this post on Instagram @ronniewood doing a little warm up last night 😂 #stonesnofilter A post shared by The Rolling Stones (@therollingstones) on Jun 22, 2019 at 10:56am PDT “Thank you everyone for all your messages of support, I’m feeling much better now and on the mend — and also a huge thank you to all the hospital staff for doing a superb job,” Jagger tweeted shortly after the heart valve replacement surgery. The band played all of their fan-favorites, with hit songs like “Satisfaction,” “Sympathy for the Devil,” “Honky Tonk Women,” “Start Me Up,” “Paint it Black,” “Gimme Shelter,” and “Jumpin’ Jack Flash” making the setlist, according to TMZ . The concert was the band’s first complete lineup since July 2018. |
What's the Difference Between Original Medicare and Medicare Advantage Plans?
One of the biggest decisions retirees have to make is how they are going to protect their health. The average 65-year-old couple retiring today will spend $285,000 on healthcare, according to Fidelity, but this number could be much higher if you develop a severe or chronic illness or if you choose the wrong Medicare plan.
Medicare plans are available in two types: Original Medicare and Medicare Advantage plans. Original Medicare plans are offered directly by the federal government while Medicare Advantage plans are offered through private health insurers who partner with the government to provide Medicare coverage to retirees. Both have their advantages and disadvantages, so you need to understand the differences to make the right choice.
Image source: Getty Images.
Original Medicare is broken down into several parts.Part Acovers inpatient and hospice care and some home healthcare services. Most people qualify for premium-free Part A, but if you worked and paid Medicare tax for less than 10 years, you may have to pay a Part A premium. There's a $1,364 deductible and you may have a copay if you're in the hospital for more than 60 days.Part Bcovers outpatient care, lab tests, X-rays, and more. The federal government sets the Part B premium every year. For most people, it's $135.50 in 2019, but high earners may have to pay more than this. There's a $185 deductible and you must pay a 20% copay after you meet your deductible.
There's also MedicarePart D, which is an optional coverage for prescription drugs. These plans are offered through private insurers and the costs varies depending on which plan you go with.
Many people like Original Medicare because it doesn't limit which doctors you can use. You can receive treatment at any hospital nationwide that accepts Medicare and you don't need a referral to see a specialist. This makes it a great choice for snowbirds who may otherwise have difficulty choosing a primary care physician. The downside of Original Medicare is that there are a lot of things left uncovered, like vision and dental, plus you have to pay a portion of your regular medical expenses, and with no annual out-of-pocket limits, you could still end up spending a lot if you require a lot of medical care.
Rather than pay for all the things Medicare doesn't cover out of pocket, many choose to purchase supplemental insurance, known asMedigap policies. These policies cover the things that Medicare doesn't, and some will even pay for your Medicare premiums and deductibles. In that case, you would just pay your Medigap deductible and premium instead. Medigap policies are offered by private insurers, and combined with the costs for Parts A and B, they can be more expensive than Medicare Advantage plans.
You may have noticed we skipped Medicare Part C above. That's because Part C is for Medicare Advantage plans. Private insurers contract with the government to offer these as an alternative to Original Medicare. By law, they must cover all of the same things as Parts A and B, but they can cover additional services, like dental and vision care and prescription drugs, as well. You must sign up for Original Medicare Parts A and B first before you can enroll in a Medicare Advantage plan, and you will still have to pay your Medicare Part B premium. There may be an additional Part C premium as well, but this depends on the plan you choose.
Your plan will also determine what you pay in deductibles and copays, and most have an annual out-of-pocket limit. Once you've hit this ceiling, your Medicare Advantage plan will cover all additional medical costs you incur during that year.
Because Medicare Advantage plans often cover more things than Original Medicare, there's no need for a Medigap policy to supplement it. Some prefer Medicare Advantage plans for their simplicity and find that they actually cost less than paying for Original Medicare and a Medigap policy. But there are some downsides. You're usually limited to doctors within the network for your plan, and this can be a problem if you travel often. You may also need a referral to see a specialist, which means paying for two doctor visits instead of one.
Think about which factors are most important to you when it comes to your healthcare and use these to make your decision. If you travel often, you're better off going with Original Medicare because there are fewer limitations on where you can seek treatment. If you don't travel often, it may be worth considering a Medicare Advantage plan, though you should check if your primary physician accepts Medicare Advantage plans first.
Shop around and compare the costs of Original Medicare plus a Medigap policy and a Medicare Advantage plan. Pay attention to the monthly costs and the out-of-pocket costs in case you need to file a claim. Read through the policies carefully so you understand what is and isn't covered.
If you decide later that you'd like to switch between an Original Medicare and a Medicare Advantage plan, you can do so, but only at certain times. There's an initial enrollment period that begins three months before the month you turn 65 and runs until three months after the month you turn 65. This is when you make your initial plan selection. If you don't like it, you can change it during the general enrollment period, which runs from Oct. 15 to Dec. 7 every year.
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American tourists are canceling their trips to Dominican Republic following deaths: report
American tourists are beginning to consider different travel destinations after a wave of fatalities in the Dominican Republic.
ForwardKeys, which analyzes flight data, said that from June 1 to June 17, flight cancellations increased by 45 percent, according to TheWashington Post.
Meanwhile, flight bookings to the island from the U.S. in July and August decreased by 59 percent, compared to a year ago, according to ForwardKeys, which analyzes about 17 million flight bookings a day.
“The recent deaths of U.S. tourists in the Dominican Republic appear to have had a dramatic impact on travel to the destination,” ForwardKeys toldBloombergin a statement.
ForwardKeys did not immediately respond to FOXBusiness’ request for comment.
The American Society of Travel Advisors toldCNBCthat about 60 percent of travel advisors recently canceled trips for American clients planning to go to the Dominican Republic.
Kayak, a travel search site, told The Washington Post that flight searches from the U.S. to the Dominican Republic have dropped by 19 percent since the beginning of the month, compared to last year.
Some airlines responded to growing concerns from customers about travel to the Caribbean island after at least 11 American tourists died in the past year.
The Dominican Republic also made headlines after former Boston Red Sox star David Ortiz was shot in the back at a bar in the country's capital in June by a gunman who mistook him for the intended target, Dominican officials said Wednesday.
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The Minister of Tourism of the Dominican Republic, Francisco Javier Garcia, said the deaths were not part of a mysterious wave of fatalities.
"We want the truth to prevail," García said. "There is nothing to hide here."
An estimated 3.2 million Americans visited the Dominican Republic in 2018.
The Associated Press contributed to this report.
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School will no longer be recognised as Catholic after refusing to fire gay teacher, church officials say
A school that refused to fire a gay teacher as ordered by the Archdiocese of Indianapolis says it has been told by church officials that it will no longer be recognised as Catholic . But school leaders pledged to keep the institution's religious identification. The archdiocese announced in a statement that it would no longer recognise Brebeuf Jesuit Preparatory School, an independently operated school, because it was not insisting that all employees "be supportive of all teachings of the Catholic Church," the Catholic News Agency reported. The church is against homosexual activity. A statement by the Reverend Brian G Paulson, who heads the Midwest Province of Jesuits, said the archdiocese told Brebeuf Jesuit Preparatory School two years ago not to renew the contract of a teacher whose "marital status does not conform to church doctrine." He also said the decision, to be formalised in a church decree, would be appealed through a church process and would go as high as the Vatican "if necessary." Leaders of Brebeuf Jesuit posted an open letter to their community on the Indianapolis school's website saying the archdiocese had directly inserted itself into a school governance matter in an "unprecedented" way and that it would not do what Archbishop Charles Thompson had demanded. The letter said in part: "Specifically, Brebeuf Jesuit has respectfully declined the Archdiocese's insistence and directive that we dismiss a highly capable and qualified teacher due to the teacher being a spouse within a civilly-recognised same-sex marriage ." The unidentified teacher was said by Mr Paulson to be "a valued employee" who does not teach religion. He wrote that Brebeuf Jesuit became aware through social media "that one of its teachers entered into a civil marriage with a person of the same sex." According to the Associated Press, a school operated by the archdiocese, Indianapolis Roncalli High School, has fired or suspended two guidance counsellors in the past year because they are in same-sex marriages. Story continues Brebeuf Jesuit's leaders who signed the open letter are the Reverend William Verbryke, the school president; W Patrick Bruen, chair of the school's Board of Trustees; and Daniel M Lechleiter, chair-elect of the trustees board. They promised in the letter that the school's mission would not change as a result of this conflict with the archdiocese. "We understand that this news will likely spur a host of emotions, questions and even confusion in the days ahead. Please be assured, the Archdiocese's decision will not change the mission or operations of Brebeuf Jesuit." On Friday, the school's name was not on the archdiocese's list of Catholic schools in its region. The church says there are 68 Catholic schools - 57 elementary schools and 11 high schools - in the Archdiocese of Indianapolis, according to its website. Collectively, they enrolled some 23,200 students during the 2018-2019 school year. Most of those schools are operated by a school division within the archdiocese, which is headed by Superintendent Gina Kuntz Fleming, who did not return phone calls about Brebeuf Jesuit. While Brebeuf Jesuit is a Catholic school within the archdiocese, it is independently operated. The school has nearly 800 students in grades nine through 12. The school leaders' letter said that, while the archdiocese "may choose to no longer attend or participate in the school's Masses and formal functions, Brebeuf Jesuit is, and will always be, a Catholic Jesuit school." It also said church leaders assured them that "Jesuit priests may continue to serve at Brebeuf Jesuit and will retain their ability to celebrate the sacraments of the Catholic Church." The Washington Post |
WRAPUP 5-Trump says new sanctions on Iran to start Monday, dials back rhetoric
* Tensions high after Iran shot down U.S. drone
* Trump says military action still a possibility
* Iran says it won't let its borders be violated
By Parisa Hafezi and Nandita Bose
DUBAI/WASHINGTON, June 22 (Reuters) - U.S. President Donald Trump said on Saturday he would impose fresh sanctions on Iran but that he wanted to make a deal to bolster its flagging economy, an apparent move to defuse tensions following the shooting down of an unmanned U.S. drone this week by the Islamic Republic.
On Thursday, an Iranian missile destroyed a U.S. Global Hawk surveillance drone, an incident that Washington said happened in international airspace. Trump later said he had called off a military strike to retaliate because it could have killed 150 people.
Tehran repeated on Saturday that the drone was shot down over its territory and said it would respond firmly to any U.S. threat.
Speaking in Washington on Saturday before heading to the U.S. presidential retreat at Camp David, Trump indicated the government was taking a diplomatic path to put pressure on Tehran by moving to impose new sanctions.
Military action was "always on the table," the president said, but he added that he was open to quickly reaching a deal with Iran that he said would bolster the country's flagging economy.
"We will call it 'Let's make Iran great again,'" Trump said.
He later wrote on Twitter from Camp David: "We are putting major additional Sanctions on Iran on Monday. I look forward to the day that Sanctions come off Iran, and they become a productive and prosperous nation again."
The Trump administration has sought to use promises of economic revival to solve other thorny foreign policy challenges, including the Israel-Palestinian peace process, with the White House outlining on Saturday a plan to create a global investment fund to lift the Palestinian and neighboring Arab state economies.
Both Trump and Tehran have said they are not seeking a war, but Iran has warned of a "crushing" response if attacked.
"Regardless of any decision they (U.S. officials) make... we will not allow any of Iran's borders to be violated. Iran will firmly confront any aggression or threat by America," Foreign Ministry spokesman Abbas Mousavi told the semi-official Tasnim news agency on Saturday.
A senior commander of the elite Revolutionary Guards struck a similarly defiant note, in comments quoted by the Islamic Republic News Agency (IRNA).
"If the violation is repeated then our response will be repeated," said Brigadier General Amirali Hajizadeh, head of the Guards' aerospace division. "It's possible that this infringement of the Americans was carried out by a general or some operators."
Iran's Foreign Ministry summoned a United Arab Emirates envoy on Saturday because the UAE allowed the drone to be launched from a U.S. military base on its territory, the Fars news agency reported.
The Iranian foreign minister, Mohammad Javad Zarif, published a map on Twitter with detailed coordinates which he said showed the drone was flying over the Islamic Republic's territorial waters.
U.S. Secretary of State Mike Pompeo said in a statement on Saturday that the United States had "shown beyond any doubt" that the drone was in international airspace.
"When the Iranian regime decides to forgo violence and meet our diplomacy with diplomacy, it knows how to reach us," he said. "Until then, our diplomatic isolation and economic pressure campaign against the regime will intensify."
He also denied reports U.S. forces would evacuate personnel from a military base in neighboring Iraq over what military sources had said were "potential security threats."
FLIGHTS REROUTED
Tensions in the region began to worsen significantly when Trump pulled out of a 2015 nuclear deal between Iran and six powers and reimposed sanctions on the country. The sanctions had been lifted under the pact in return for Tehran curbing its nuclear program.
The United States and Iran's main regional rival Saudi Arabia have also blamed Iran for attacks on two oil tankers last week in the Gulf of Oman and on four tankers off the United Arab Emirates on May 12.
Both incidents happened near the strategic Strait of Hormuz, a major conduit for global oil supplies. Iran has denied any involvement.
On Thursday, the Pentagon launched a long-planned cyber attack in retaliation for the oil tanker incidents, Yahoo News reported, citing former intelligence officials. The cyber strike disabled Iranian rocket launch systems, the Washington Post said on Saturday.
A Department of Defense spokeswoman said it would not comment on cyberspace operations, intelligence or planning.
Washington, meanwhile, accused Tehran of stepping up cyber attacks. Chris Krebs, director of the Department of Homeland Security's cybersecurity agency, said on Twitter that officials have detected a rise in "malicious cyber activity" directed at the United States by people tied to the Iranian government.
World powers have called for calm and sent in envoys for talks to try to lower the temperature of a dispute that has pushed up the price of oil.
German Chancellor Angela Merkel called on Saturday for a political resolution of the crisis, adding: "That is what we are working on."
Britain's Foreign Office said Middle East minister Andrew Murrison would visit Tehran on Sunday to raise concerns about "Iran's regional conduct and its threat to cease complying with the nuclear deal."
Iran has threatened to breach the deal if the European signatories to the agreement fail to salvage it by shielding Tehran from U.S. sanctions.
"The Europeans will not be given more time beyond July 8 to save the deal," Mousavi said, referring to Iran's deadline of 60 days that Tehran announced in May.
The U.S. Federal Aviation Administration on Thursday prohibited U.S. operators from flying in Tehran-controlled airspace over the Strait of Hormuz and Gulf of Oman. Saudi Arabian Airlines joined some other international airlines on Saturday in taking related precautions.
Iran said on Saturday that its airspace was "safe and secure" for all planes to cross, Tasnim reported.
Separately, Iran has executed a former contract employee for the aerospace organization of the Ministry of Defence on charges of spying for the U.S. Central Intelligence Agency, the IRIB news agency reported on Saturday.
(Reporting by Parisa Hafezi in Dubai and Nandita Bose in Washington; Additional reporting by John Irish in Paris, Alistair Smout in London, Babak Dehghanpisheh in Geneva, and Idrees Ali and Jason Lange in Washington; Writing by Parisa Hafezi and Rosalba O'Brien; Editing by Alison Williams, Chizu Nomiyama and Daniel Wallis) |
2 finalists in UK leadership race make pitch to Tory members
LONDON (AP) — The two finalists in the race to lead Britain's governing Conservative Party — and become the country's new prime minister — made their first formal pitches to party members Saturday, both vowing to be the right man to deliver Brexit.
Ex-foreign secretary and former London mayor Boris Johnson, the runaway favorite of Tory lawmakers, faced off with Jeremy Hunt, the current foreign secretary, at a Conservative conference in central England's Birmingham.
Opening his address with a focus on delivering Britain's stalled exit from the European Union, Johnson told the audience "We need to get Brexit done" and be prepared to leave the EU without a withdrawal deal in place.
"I am here to tell you that in all confidence we can turn this thing around," he said. "I am utterly convinced that with the right energy and the right commitment, common sense will prevail. But just in case it does not, we must prepare to come out anyway."
Johnson has won backing from the Conservative Party's die-hard Brexiteers by insisting the U.K. must leave the bloc on the rescheduled date of Oct. 31, with or without a divorce agreement with the EU to smooth the way.
Both Johnson and Hunt said they would succeed in seeing Britain out of the EU, a challenge that defeated Prime Minister Theresa May. She quit as Conservative leader earlier this month after repeatedly failing to win Parliament's backing for her Brexit deal and will leave 10 Downing Street when her successor is selected.
Hunt pitched himself as the better negotiator, warning that "catastrophe awaits," if the wrong leader is sent to Brussels for talks with EU leaders.
"If we send the wrong person, there's going to be no negotiation, no trust, no deal, and if Parliament stops that, maybe no Brexit," he said. "Send the right person, and there's a deal to be done."
For the party conference in Birmingham, both contenders were given time to make a short speech before answering questions from the host and audience members.
The Saturday "hustings" was the first of more than a dozen such party meetings set to take place across Britain in coming days.
Johnson refused to comment when asked about a police visit early Friday to the London home he shares with partner Carrie Symonds after a neighbor reported an altercation. The incident dominated news headlines in Britain on Saturday.
The Guardian newspaper said neighbors reported hearing screaming, shouting and banging inside the home. The responding officers found all the occupants "safe and well" and no legal offenses were committed, police said.
Johnson said the public could judge his character and ambition by his track record as London mayor and his plans for the country.
Johnson and Hunt are the final two from a field of 10 contenders that was winnowed down in a series of votes by party lawmakers. About 160,000 party members across Britain will decide who wins in a by-mail vote.
The winner of the runoff, due to be announced the week of July 22, will become the new Conservative leader and replace Theresa May as Britain's next prime minister. |
Alibaba and JD.com Want to Lock in Merchants With Big Data Deals
Alibaba(NYSE: BABA)andJD.com(NASDAQ: JD)are fierce rivals in China's e-commerce market. Alibaba's Taobao and Tmall generated 58% of the country's digital sales last year, according to eMarketer, while JD.com ranked second with a 16% share.
Alibaba's core commerce business, which posted 51% sales growth last quarter, is still faring much better thanJD's business, which grew just 21%. However, both companies face the risk of a slowdown in the Chinese economy, so they're both diversifying into adjacent markets.
Alibaba's expansion efforts includestreaming media, smart speakers, and other businesses. The efforts don't usually overlap JD's, which mostly focus on expanding its logistics platform as a service and selling ads for its marketplace.
Image source: Getty Images.
However, both companies offer cloud services -- Alibaba offers Alibaba Cloud, the biggest cloud platform in China, while JD provides the much smaller JD Cloud. That's why the battle between these two tech giants is now pivoting away from the retail market toward data services like business analytics.
Alibaba and JD both recently started offering data analytics services. Alibaba's initiative, A100, integrates years of consumer shopping data into a merchant's other services. For example, merchants can link facial-recognition data to A100 and instantly know a customer's preferences when they walk into a store. JD's service works in a similar way.
Alibaba and JD are merging their treasure troves of online shopping data with brick-and-mortar shopping data. This will enable the companies to launch new products, streamline their operations, and/or craft better ad campaigns. The rapid growth of facial recognition technologies in China -- which is backed bybig tech companieslike Alibaba,Tencent(NASDAQOTH: TCEHY), andBaidu-- also makes it easier to track individual shoppers at brick-and-mortar stores.
Image source: Getty Images.
The integration of Alibaba and JD's marketplaces into other apps supplies even more data. Alibaba is integrated with Alipay, the most widely used payments platform in China. JD is integrated with Tencent's WeChat, the most popular messaging app in China, as well as its payment platform WeChat Pay (second in the market after Alipay). Both Alipay and WeChat host "Mini Programs" in their apps (for games, purchases, and other services) which accumulate even more data for merchants and advertisers.
Major companies are already signing up for Alibaba and JD's services. Alibaba's A100 customers includeP&G(NYSE: PG),Nestle(NASDAQOTH: NSRGY), and Chinese snack giant Bestore, while JD serves P&G's rivalKimberly Clark(NYSE: KMB).
Nestle reduced its number of warehouses in China from four to one after streamlining its orders with A100's real-time data. Bestore, which encourages shoppers to save their facial data when they pay with Alibaba's face-scanning payment tablets in its stores, recently told Reuters that it can now craft campaigns to target specific niches of customers with Alibaba's data -- including those who own SUVs, have families, or prefer salty foods.
Kimberly Clark redesigned its Huggies diapers for the Chinese market after reviewing JD's data, which sparked a 60% increase in Huggies sales on JD Mall last year. JD also launched ID-linked checkouts for convenience stores in Hong Kong, which reduced average checkout times by 30%. It's also been dabbling with a data-linked chatbot that determines a user's mood to "empathize" with customers.
Those results look promising, but they won't generate any revenue since Alibaba and JD are offering the services for free. However, Alibaba and JD's data services are still impressive showcases for their big data and cloud abilities, which could lock in major merchants and tighten their grip on brick-and-mortar stores over the long term.
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Leo Sunowns shares of Baidu, JD.com, and Tencent Holdings. The Motley Fool owns shares of and recommends Baidu, JD.com, and Tencent Holdings. The Motley Fool is short shares of Kimberly Clark and Procter & Gamble. The Motley Fool recommends Nestle. The Motley Fool has adisclosure policy. |
The Week Ahead In Biotech: Conferences, PDUFA Dates, Clinical Trial Readouts And IPOs
Biotech stocks came made upward moves last week after a rangebound period.
Among big pharma companies,Merck & Co., Inc.(NYSE:MRK) was a standout gainer, notching up 52-week highs in successive sessions, partly due to the ongoing momentum of its cancer immunotherapyKeytruda.
Stocks also reacted to several independent clinical trial readouts as well as conference presentations.Melinta Therapeutics Inc(NASDAQ:MLNT) was a strong performer,treblingon the news of the FDA accepting its sNDA for Baxdela to treat community-acquired pneumonia.
The following are key catalysts in the unfolding week.
Conferences
• BMO Capital 2019 Prescriptions for Success Healthcare Conference: June 25 in New York City.
• Parent Project Muscular Dystrophy 2019 Annual Conference: June 26-30 in Orlando, Florida.
• Cure SMA Annual Conference: June 28-July 1 in Anaheim, California.
PDUFA Dates
The FDA is set to rule Sunday, June 23 onAMAG Pharmaceuticals, Inc.(NASDAQ:AMAG)'s NDA for Vyleesi, a novel melanocortin 4 receptor agonist under evaluation for restoring a natural sexual desire in premenopausal women with hypoactive sexual desire disorder.
Amag acquired the license to the investigational compound fromPalatin Technologies, Inc.(NYSE:PTN).
Acer Therapeutics Inc(NASDAQ:ACER) awaits the FDA verdict on its NDA for Edsivo, which is being evaluated for the treatment of vascular Ehlers-Danlos syndrome in patients with a confirmed type III collagen (COL3A1) mutation. The PDUFA date is set for Tuesday, June 25.
The FDA will announce on Wednesday, June 26, its decisionSanofi SA(NASDAQ:SNY) andRegeneron Pharmaceuticals Inc(NASDAQ:REGN)'s sNDA for Dupixent to be used as an add-on maintenance treatment for adults with inadequately controlled severe chronic rhinosinusitis with nasal polyps.
The FDA will also rule onAlexion Pharmaceuticals, Inc.(NASDAQ:ALXN)'s BLA for Soliris to be used in patients with neuromyelitis optica spectrum disorder. The decision is due Friday, June 28.
View more earnings on IBB
Pfizer Inc.(NYSE:PFE)'s PF-06439535, a biosimilar toRoche Holdings AG Basel ADR(OTC:RHHBY)'s Avastin, is pending before the FDA for approval.
Clinical Trial Readouts
Navidea Biopharmaceuticals Inc(NYSE:NAVB) is scheduled to present Phase 1/2 data for its NAV3-31 in rheumatoid arthritis.
Ascendis Pharma A/S(NASDAQ:ASND) will release Phase 3 fliGHt data for its TransCon hGH, which is being evaluated for growth hormone deficiency in children.
Pfizer will present Phase 1b data for its PF-06939926 in Duchenne muscular dystrophy at the Parent Project Muscular Dystrophy 2019 annual conference on Friday.
Scholar Rock Holding Corp(NASDAQ:SRRK) is due to release final Phase 1 data for its spinal muscular atrophy drug candidate SRK-015 at the Cure SMA Annual Conference on Friday.
IPOs
Adaptive Biotechnologies, which translates the scale and precision of people's adaptive immune systems into products to help diagnose, treat and monitor disease, is set to offer 4.9 million shares in an IPO to be priced between $19 and $22. The company seeks to list its shares on the NYSE under the ticker symbol "ADPT."
BridgeBio Pharmaplans to offer 15 million shares in an IPO, with an estimated price range of $14-$16. The biotech, which focuses on therapies for genetic diseases and cancers, seeks to list its shares on the Nasdaq under the ticker symbol "BBIO."
G Medical Innovations Holding, a medical device company, has filed for a 1.43-million share IPO to be priced at $10.50. The shares are to be listed on the Nasdaq under the ticker symbol "GMVD."
Karuna Therapeutics, which develops therapies for schizophrenia and other central nervous system disorders, proposes to offer 4.375 million shares in an IPO, with an estimated price range of $15-$17. The company has applied to list its shares on the Nasdaq under the ticker symbol "KRTX."
Morphic Holdinghas filed to offer 5 million shares in an IPO to be priced between $14 and $16. The biotech, which develops small-molecule integrin inhibitors for chronic diseases, seeks to list its shares on the Nasdaq under the ticker symbol "MORF."
See more from Benzinga
• The Daily Biotech Pulse: ContraVir's Volatile Ride Continues, Late-Stage Disappointment For Exelixis, Regeneron-Sanofi Breathe Easy
• The Daily Biotech Pulse: DiaMedica Reports Positive Data For Chronic Kidney Disease Drug, Eloxx Offering, IPO Deluge
• The Daily Biotech Pulse: Positive Readouts From Adamas And Ironwood, Sesen Bio To Offer Shares, Stoke Therapeutics Debut
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. |
Honda’s New Super Cub Brings Back One of the Best-Selling Bikes Ever
Click here to read the full article. The original, 49cc, three-speed Honda Super Cub, is the machine that created the Honda Motor Company. Since its debut on the world stage back in 1958, Honda has sold over one million Super Cubs across the globe. American Honda’s greatest advertising slogan of last century, “You meet the nicest people on a Honda”, centered on the Super Cub. It helped to bring in levels of money that could be measured by the cubic ton, and pushed Honda into the realms of global automotive titan, rather than just another automotive manufacturer. American Honda stopped bringing the Super Cub into the country in the early 1980s, although the Honda Motor Company in Japan continued to develop the step-thru motorcycle and sell it around the world with stunning success, particularly in Southeast Asia, where it reached a cult status across a seemingly ageless demographic. Related stories You Can Buy a Coveted Motorcycle from the MC Collection Through Mecum Auctions in Las Vegas 5 Motorcycle Stories That Revved Our Readers in 2018 Honda's New Monkey Bike Is a Ride Down Memory Lane The good news is that not only has Honda created a new Super Cub, now with a 125 cc power plant based off their Monkey Bike , it’s also here in the U.S. American Honda has, thanks to the explosion of small-bike culture they helped start with the enormously successful 125 cc Grom, seen fit to once again grace Stateside city roads and streets with the Super Cub. Retailing at an attractive $3,599, the new, four-speed, ABS-equipped 2019 Honda C125A Super Cub is a charming little machine. The step-thru design, originally conceived to ensure female riders would welcome it back in the late 1950s, makes riding a joy. It’s a fusion between motorcycle and scooter, and a perfect beach or inner-city errand companion, as its top speed of around 60 mph will ensure you stay off the freeways. There are some modern touches to the new Super Cub, such as a gear position indicator and keyless ignition, but the original design that made the machine so popular still seeps through. Story continues The Super Cub runs a semi-automatic gearbox with a heel-toe clutch system, so even though you are still changing gears yourself, there’s no clutch lever and you can roll to the lights in any gear you like and not stall. It’s an idiot-proof design, one that’s stood the test of time for over half a century. Indeed, the Super Cub as a whole has done just that. The Cub’s simplistic design, delightful personality and sheer ruggedness has, for many, allowed the dream of personal mobility to become a reality. It may not be as important to everyday life here in the US as it is in many developing countries, but the fact we can all enjoy the Super Cub once again in North America (and as a new model) is a fine move by American Honda indeed. Sign up for Robb Report's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . |
Price Analysis 22/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Market data is provided by theHitBTCexchange.
Bitcoin’s dominance has reached 58.6% and its rally has helped the total market capitalization of cryptocurrencies cross$325billion. This rise has been backed by an increase in Bitcoin futuresopen interestthat hit an all-time high on the CME on June 17. The recovery from the lows has also helped bitcoin’shashrateclock a new high. Both these are bullish signs and indicate that the rally is on firm ground.
A new survey by Moscow-based cybersecurity firm Kaspersky Lab has stated that19%of people across the world have bought cryptocurrencies before 2019. For a new asset class, this is a very high and impressive number.RippleCEO Brad Garlinghouse recently revealed that he waslong on Bitcoinbecause he considered it a store of value.
While the adoption of cryptocurrencies is increasing, it still has its naysayers. The Reserve Bank ofAustraliadoes notexpectcryptocurrencies to find wide use in Australia if the existing financial system remains robust. Similarly, Patrick Gaulthier, vice president ofAmazonPay, said that they do not have any plans of creating crypto in the short-term as they do not deal inspeculativeassets.
With the Bitcoin price topping $11,000, is it a good time to buy or should investors look to other altcoins? Let’s find out.
The up-move of the past couple of days is reminiscent of the rally during the previous bull market. Bitcoin (BTC) has covered the distance from$10,000to$11,000within a day. It has broken out of the ascending channel and looks to be on target to reach the overhead resistance of $12,000. As the price has reversed direction from $12,000 on three occasions, between the end of January and early March of last year, we expect some resistance at this level.
However, when a cryptocurrency is backed by momentum, it is difficult to predict where it will stop.
Both the moving averages are sloping up and the RSI is deep in overbought territory. This suggests that the rally is looking stretched in the short term. However, in early April and mid-May of this year, the RSI had reached just above 88, which shows that there is some more room for the up-move to extend.
If theBTC/USDpair breaks out of $12,000, it can move up to $13,000. But these vertical rallies are unsustainable. Therefore, we anticipate a minor correction or a consolidation for a few days. We do not suggest traders chase the price higher as the risk to reward ratio is not attractive.
Ether (ETH) broke out of $225.49 to $280 range on June 21. Thereafter, it quickly rallied above the overhead resistance of $322.06 and came very close to its target objective of $335. However, profit booking has pushed the price back below $322.06. This shows a lack of demand at higher levels.
Both the moving averages are sloping up and the RSI is in the overbought zone, which shows that the bulls are in command. If they can propel theETH/USDpair above $322.06 and sustain it, there is no major resistance until $480.
Ripple (XRP) has broken out of the symmetrical triangle, which is a positive sign. It can now move up to $0.57259 and above it to $0.6250. Both the moving averages are sloping up and the RSI is in the positive zone, which shows that bulls have the advantage.
Our bullish view will be invalidated if the bulls fail to sustain the breakout and theXRP/USDpair plummets back below $0.450. Until then, every dip will be viewed as a buying opportunity. Traders can trail the stop loss on thelongposition to $0.41. We will suggest to raise the stop loss again as the price moves up.
After trading in a small range near $140.3450 for the past few days, the bulls are attempting to resume the uptrend. Litecoin (LTC) has broken out of $140.3450 but is struggling to sustain it. This shows profit booking at higher levels. However, both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the path of least resistance is to the upside.
The breakout and close (UTC time frame) above $143.3047 could propel theLTC/USDpair to $158.91 and above it to $184.7949. Conversely, if the pair turns down from current levels and breaks down of the 20-day EMA, momentum will weaken. Therefore, traders can protect the remaininglongposition with a stop loss below the 20-day EMA. As the price surges higher, traders can tighten the stops further to protect paper profits.
Bitcoin Cash (BCH) bounced off the 20-day EMA on June 21. Currently, the bulls are trying to sustain above $481.99. If successful, a move to the resistance line of the ascending channel is probable. This might act as a minor hurdle, but if it is crossed, the rally can extend to $639 and above it to $889.
On the other hand, if theBCH/USDpair struggles to break out of the overhead resistance, it might dip back to the 20-day EMA. It remains bullish as long as both the moving averages are sloping up and the price remains above the moving averages. It will signal a change in trend on a breakdown and close (UTC time frame) below the support line of the channel.
EOSbounced off the 20-day EMA on June 21. It is likely to rally to the resistance line of the channel. If this level is crossed, the next move is toward $8.6503 and above it, $9.30. The 20-day EMA is starting to turn up and the RSI has jumped into positive territory, which suggests that bulls have the upper hand. Traders can trail the stop loss on thelongposition to $6.40.
If theEOS/USDpair struggles to break out of the resistance line of the channel or $8.6503, traders can book partial profits on about 50% of the long positions and trail the rest with a tight stop. The momentum will weaken if the price sinks below $6.8299 and the trend will turn bearish on a breakdown of the support line of the ascending channel. This can result in a fall to $4.4930.
Binance Coin (BNB) has made a new high once again. This is a positive sign as it shows buying at higher levels. The price spiked to $43.2813888, close to our target objective of $46.1645899. However, profit booking at higher levels has dragged the price back near the breakout level of $38.6463356.
If the bulls defend the support around $38.6463356, we anticipate another attempt to break out of $46.1645899. If successful, a move to $50 is possible, which is likely to act as a psychological resistance.
Traders can book partial profits if the pair hits our target objective and trail the stop loss on the remaininglongposition to just below the 20-day EMA. However, if theBNB/USDpair plunges much below $38.6463356, it can drop to the 20-day EMA, which is an important support. A break of this support will weaken the momentum.
Bitcoin SV (BSV) is looking strong as it is attempting to resume its uptrend. It clocked a new high of $255.620 today, but profit booking at higher levels has dragged the price lower. Both the moving averages are sloping up and the RSI is close to the overbought zone, which suggests that the bulls are in command.
If the bulls sustain the rally above $240, the next level to watch is $307.789 and if this level is also scaled, the rally can reach $340.248. However if theBSV/USDpair fails to sustain above $240, it can correct to the 20-day EMA, which is likely to act as a strong support. If this support cracks, the drop can extend to $176.083, which is the 50% retracement of the recent rally.
Stellar (XLM) has broken out of the downtrend line of the descending triangle. It can now move up to the overhead resistance of $0.14861760. A breakout and close (UTC time frame) above this level will complete an inverse head and shoulders pattern that can start a new uptrend. Therefore, traders can initiate long position as suggested in anearlieranalysis.
However, both moving averages are flat and the RSI is just above the midpoint, which suggests equilibrium between bulls and bears. The trend will turn in favor of the bears if theXLM/USDpair fails to sustain above the resistance line of the triangle and plunges below $0.11507853. The next support on the downside is at $0.0855.
Cardano (ADA) is trying to break out of the overhead resistance at $0.10. In the previous five instances, the price had turned down from this resistance. This time, if the bulls succeed in breaking out of $0.10, the cryptocurrency will complete a rounding pattern that has target objective of $0.22466773. Therefore, we retain our buy recommendation given in anearlieranalysis.
Nevertheless, if theADA/USDpair fails to break out and close above $0.10, it is likely to remain range bound between $0.076254 and $0.10. The 20-day EMA has flattened out and the RSI is just above 50, which suggests consolidation in the short term. A breakdown of $0.076254 will signal that the bears are back in command.
Market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 19/06
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 17/06
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 14/06
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 12/06 |
UPDATE 2-Sudan's main opposition coalition says agreed to mediator draft agreement
(Adds background and quote; changes dateline, pvs CAIRO)
KHARTOUM, June 22 (Reuters) - Sudan's main opposition coalition said on Saturday it had received a draft agreement from the Ethiopian mediator and had agreed to all of its points defining the country's governmental structure for the transitional period.
A draft of the Ethiopian proposal seen by Reuters suggested that the sovereign council would be made up of seven civilians and seven members of the military with one additional seat reserved for an impartial individual.
Babikr Faisal, a spokesman for the Forces for Freedom and Change (FFC) coalition, gave no details on the contents of the agreement.
"Our acceptance of the Ethiopian mediation proposal pushes all the parties to face their responsibilities toward continuing to effort a political solution," the coalition later said in a statement.
"Therefore we demand that the document be approved by the military council in order to move the situation in Sudan (forward)."
The ruling generals and the coalition have been wrangling for weeks over what form Sudan's transitional government would take after the military deposed and detained long-time president Omar al-Bashir on April 11.
In May, the parties came to an initial agreement that gave two-thirds of a transitional legislative council to the FFC coalition and allowed them to nominate candidates for a merit-based cabinet of ministers. The Ethiopian draft seen by Reuters suggested this would remain the case.
However, both sides were deadlocked on whether civilians or the military would control a new sovereign council to lead Sudan toward elections.
The coalition was meant to meet the Ethiopian envoy on Saturday, Faisal said, but the meeting was postponed.
Talks between the military and the opposition alliance collapsed when security forces stormed a protest sit-in outside the Defence Ministry on June 3, killing dozens.
There have been no direct talks since them, but Ethiopian Prime Minister Abiy Ahmed and the African Union have been trying to mediate between the sides.
The opposition accused the military council of ordering the sit-in's dispersal using force and wants an international inquiry. Witnesses said the paramilitary Rapid Support Forces, headed by the military council's deputy, carried out the violence.
The military said a crackdown on criminals spilled over to the sit-in area, but some officers have been detained for presumed responsibility. (Reporting by Khalid Abdelaziz; additional reporting by Mohamed el-Sherif in Cairo; writing by Nadine Awadalla; editing by Marie-Louise Gumuchian and G Crosse) |
Trump Suspends ICE Raids, Demands Swift Legislative Action
REUTERS In a surprise move hours before ICE agents were scheduled to conduct raids in search of undocumented immigrants in cities across the country, President Trump announced on Twitter that he was suspending the order scheduled for Sunday, but issued a stern warning that he wanted a swift legislative solution or the Deportations start! At the request of Democrats, I have delayed the Illegal Immigration Removal Process (Deportation) for two weeks to see if the Democrats and Republicans can get together and work out a solution to the Asylum and Loophole problems at the Southern Border, Trump tweeted Saturday afternoon. If not, Deportations start! The ICE raids were expected to target undocumented immigrant families in 10 U.S. cities and target about 2,000 people. Leaders in several major cities, including Chicago, Houston, and Los Angeles, issued statements condemning the expected raids. Trumps announcement came amid political battles over the raids: between political parties, and within Trumps own administration. Republicans are currently pushing congressional Democrats to increase funding for ICE. But Sundays planned mass deportations were a sticking point with prominent Democrats, including House Speaker Nancy Pelosi, who called the raids heartless on Saturday, and called on Trump to stop this brutal action. After Trumps Saturday announcement, Pelosi said she welcomed the delays. Time is needed for comprehensive immigration reform. Families belong together, Pelosi said in a statement. New York Attorney General Letitia James echoed that sentiment. With news of a delay of mass raids on migrant families across the nation, New Yorkers can breathe a short sigh of relief. Immigrants should have never been placed in jeopardy by a president who is willing to rip families apart in order to score points with his base, she said in a statement. Some within the Trump administration reportedly saw the Sunday raids as a political misstep. In the lead-up to the planned deportations, Acting Department of Homeland Security Secretary Kevin McAleenan was reportedly apprehensive about the optics of deporting families, and worried that the move could lose Republicans leverage in their push for more ICE funding, CNN reported Story continues Former ICE director Tom Homan fueled speculation of a rift during a Saturday Fox News segment where he accused McAleenan of resisting what ICE is trying to do. In his Fox News appearance, Homan seemed to imply that McAleenan or his staff had been responsible for leaking information about the Sunday raids to the media. Current administration officials seemed to share that suspicion, with two reportedly telling BuzzFeed News that McAleenan or his staff had put the raids at risk by slipping information to the media. The mass deportations might be stalled, but immigrant rights organizations have accused Trump of using the families as a bargaining chip in the funding battle with Democrats. Trump is psychologically torturing & holding thousands of families ransom to get what he wants, RAICES, a Texas-based immigrant legal service group tweeted after Trumps announcement Saturday . We demand that Democrats give #Not1Dollar more to this admin for more internment camps/raids & asylum laws not be changed. We ask the community to be ready to mobilize. The cancellation of the raids comes amid new reports of horrific conditions in migrant detention facilities, where children have reportedly been found in filthy conditions, or unresponsive from untreated medical issues. Until his announcement, Trump appeared wholeheartedly behind the raids, even defending them on Saturday morning. The people that Ice will apprehend have already been ordered to be deported, he tweeted Saturday morning. This means that they have run from the law and run from the courts. These are people that are supposed to go back to their home country. They broke the law by coming into the country, & now by staying. The tweet was consistent with his long-running threats about mass deportations. He was also reportedly upset with McAleenan, whom Homan and current Trump administration officials have blamed for the raids delay. On Saturday, McAleenan was at the White House, a source told CNN, and not in a good way. This is a developing story. Read more at The Daily Beast. Get our top stories in your inbox every day. Sign up now! Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more. |
Barron's Picks And Pans: Humana, Marriott, Boeing And More
• This weekend's Barron’s cover story looks at the low-interest rate world. In “How to Navigate a World of Easy Money,” Avi Salzman and Nicholas Jasinski look at how investors are having to adjust.
• Other featured articles examine Humana and the Medicare Advantage plan, Marriott International’s recent strength and an update on Boeing’s efforts to recover from the 737 Max groundings.
• Also, a couple fitness companies are pulling the industry into the modern world.
Josh Nathan-Kavis takes a look atHumana Inc(NYSE:HUM), noting that the bull case for the health care company’s stock centers on the Medicare Advantage program. In “Humana Stock Can Rise Above the Health-Care Fray,” he questions whether the Medicare Advantage program is more like a private health plan or a government-sponsored one.
In “Marriott Stock Can Gain Even More as It Becomes More Than a Hotel Company” Teresa Rivas shows why investors who booked stocks inMarriott International Inc(NASDAQ:MAR) may soon be staying at the Ritz. The hotel chain’s shares are up 26%, nicely ahead of the S&P 500.
In “Boeing Passes a Crucial Test,” Al Root looks atBoeing Co(NYSE:BA)’s experience at the Paris air show, and whether orders for the 737 MAX at the show might give the jet maker a chance to show it’s making progress in the wake of two crashes and global groundings.
In “Planet Fitness and Peloton Have Investors Pumped and Rivals Chafed,” Jach Hough looks at two darlings of the fitness business,Planet Fitness Inc(NYSE:PLNT) and stationary bike company Peloton, which announced this month that it's considering an IPO.
Also in this week's Barron's:
The ECB Is Talking Stimulus Again. Is It Bluffing?
The S&P Hit a New High. Start Worrying
Why Investor Mario Gabelli Likes Grubhub Stock, Becle, and e.l.f. Beauty
Why You Should Care About Carbon Pricing
See more from Benzinga
• A Look At This Year's Top Restaurant Trends: Cannabis, Craft And Casual
• FAA Head Assures Congress Boeing 737 Max Won't Return Until Safe
• Barclays Downgrades Boeing After Survey Shows Long Road To Regaining Passenger Confidence
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. |
This is how much American drivers use their phone in the car
We just can't stay away from our phones, even in the car.
The drive safety app Drivemode looked at driving data from 2.7 million U.S. drivers using Android phones between Jan. 2018 and April 30, 2019 and found that over 167 million miles and 13.3 million hours, Americans use their phone for a better part of an hour in the car on average.
Keep in mind, only drivers who had the Drivemode app on their phones were tracked, so these are already fairly connected users who are probably more likely to use a smartphone for various activities in the car. But still, in an hour the average driver surveyed spends some quality time using tech on the phone. During this time they drive about 20 miles at 45 mph, on average. Let's break it down.Read more...
More aboutSmartphones,Texting,Driving,Music Streaming, andTech |
Will PwC’s New Software Solve the Cryptocurrency Auditing Problem?
Earlier this week, Big Four firmPwCannouncedthe release of a cryptocurrency auditing software solution.
According to the multinationalprofessional services network, its Halo auditing suite has now been updated to accommodate “entities engaging in cryptocurrency transactions.” The new tool reportedly allows PwC to establish crypto asset ownership and gather information about transactions and balances from blockchains.
While it is currently unclear whether Halo will now be picked up by cryptocurrency-related businesses, PwC’s move seems to mark another landmark step for the industry.
Auditing in the crypto space is still a developing practice that varies substantially between stakeholders, as Maurizio Raffone, founder and CEO of Finetiq, told Cointelegraph. He also drew a parallel between on-chain and off-chain audits, explaining:
“On one side, crypto exchanges have historically focused on cyber-security measures, processes and procedures dealing with corporate governance and so forth, just like most other businesses. There are then on-chain audits that tend to focus on checking for bugs and correct workflow of a blockchain protocol or, more often, smart contracts.”
Indeed, the Association of Chartered Certified Accountants (ACCA) — a global body for professional accountants — believes that “robust and consistent” accounting treatment is required for different types of cryptocurrencies, as Narayanan Vaidyanathan, head of business insights at ACCA, told Cointelegraph via email:
“This is currently an on-going challenge that is still under deliberation within the accountancy profession. Is a crypto currency cash, inventory, a financial asset, or an intangible asset? Because if there are accounting issues, it therefore as a downstream implication also becomes an audit issue.”
Auditing services might also depend on how companies utilize cryptocurrencies, adds David Martin, chief investment officer at Blockforce Capital:
“It is important to differentiate how a firm is using digital assets in its business dealings. For instance, a company that uses cryptocurrency as a way to make transactions requires different services than an investment firm that is holding digital assets as a form of investment.”
Perhaps the most notable example here would be Tether, the company behind the eponymousstablecoin(USDT) and a wholly owned subsidiary of iFinex — which also owns crypto exchangeBitfinex.
Related:Tether, Bitfinex Stay Afloat Amid Controversy
In early 2018, Tether’s plans to release a third-party auditfell through, although the companyhad previously announcedthat it was undergoing a “balance sheet audit” by Friedman LLP, a New York-based accounting firm.
However, in late June 2018,a document was finally produced— although it turned out to be a memorandum rather than an audit performed by an auditing company. As Tether’s general counselexplainedat the time, mainstream accounting firms would not conduct official audits on companies working with cryptocurrencies.
While it is unclear whether Tether was willing to provide all the required information to third-party auditors (which could be the reason it could not complete the inspection), the general problem seems to persist within the crypto industry. Ben Tsai, president and managing partner of Wave Financial, told Cointelegraph:
“Cryptocurrency companies definitely have an audit problem. Major players such as exchanges, stablecoins and hedge funds are not consistently providing proof of solvency despite the fact they need to.”
According to experts, the regulatory uncertainty within the space might be part of the issue. As Tsai told Cointelegraph, the current regulatory climate allows crypto businesses to turn to auditing firm only in case of emergency:
“Regulation does not currently require ‘proof of funds’ for stablecoins and for exchanges, which is the main reason these audits aren’t taking place. Mostly, the big four come in and audit companies after they ‘mess up.’”
Indeed, as Martin opines, cryptocurrencies remain in “a precarious situation” in regard to regulation:
“Regulatory systems are primarily reactive and laws haven’t necessarily caught up to the innovation of digital assets quite yet. The financial reporting standards in the US which are set by GAAP (Generally Accepted Accounting Principles) don’t currently directly address the accounting for cryptocurrencies. Nuances like this make auditing business activities involving digital assets and cryptocurrencies inherently difficult.”
The Big Four is a commonly accepted term used to refer to the four biggest auditing firms in the world: Ernst & Young (EY), PwC,DeloitteandKPMG. Handling the vast majority of audits for companies around the world, both private and public, they are considered a cornerstone of the mainstream financial world.
Notably, during the past few years, the Big Four have been showing particular interest in the crypto industry. However, all of the major auditors have established long-term blockchain roadmaps to remain relevant in the space.
Related:How Big Four Auditors Delve Into Blockchain: PwC, Deloitte, EY and KPMG Approaches Compared
PwC has arguably been the most active Big Four company when it comes to cryptocurrencies. Itstartedaccepting bitcoin (BTC) for its services back in 2017 andannounceda training program to enhance its employees’ blockchain knowledge in the following year.
Further, PwC has also recognized the regulatory uncertainty, naming it one of the main obstacles on the road to mass blockchain adoption in its 2018 report entitled “Blockchain is here. What’s your next move?” The Big Four giant had also pinpointed thelack of insuranceas another problem hindering crypto businesses in a separate interview with Reutres.
Moreover, PwC has not only recognized the importance of the field, but has started to explore it firsthand. First, in May 2018, the auditing firminvestedinVeChain, a major cryptocurrency project specializing in the Internet of Things (IoT), supply chain management and anti-counterfeiting.
Related:PwC’s Pierre-Edouard Wahl: Blockchain Can Bring Positive Competition to Swiss Banking Space
In March 2019, PwCbeganconducting a trial of its blockchain-powered platform for ensuring the integrity of employee credentials. By the end of the same month, the companyhad becomethe top recruiter for blockchain-related jobs on headhunting platform Indeed, being responsible for as many as 40 blockchain-related job offers there (EY had 17, Deloitte had 10, while KPMG didn’t have any offers). PwC had 400 blockchain experts on board in 2018 to cater to cryptocurrency-related clients,according tothe Financial Times, while this number could be higher at this point.
“We are devoting significant resources to how we might provide audit services in not just cryptocurrency, but blockchain,” a PwC representative told the publication at the time.
However, PwC wasn’t the first Big Four venture to adjust its auditing tools for the needs of cryptocurrency companies. In that sense, it has been outraced by the competing EY, whichrolled outits blockchain analytics program called “Blockchain Analyzer” in April 2018.
So, can PwC’s new solution outshine its rivals in the crypto space and will it actually have an impact on the industry at all?
As PwC statedin the press release, the tool newly added to its Halo auditing suite can be used to “provide assurance services for entities engaging in cryptocurrency transactions.”
The firm claims that, after the update, the Halo suite permits PwC to provide independent evidence of private-public key pairing, which is used to establish crypto asset ownership.
“Proof of ownership is really the main blocking point,” notes Tsai of Wave Financial. He told Cointelegraph:
“We had a California state auditor come into the office who struggled to grasp what ‘ownership’ of cryptocurrencies looks like. Auditors are used to custodial statements, paperwork and other forms of ‘proof’. With the blockchain, only your private key proves ownership, which makes it difficult to show ownership without exerting control over the funds (moving them around, etc.).”
Therefore, if Halo can actually prove ownership of funds and auditors can trust the tool, it would “speed up audits and cut costs and headaches,” Tsai concluded.
Raffone also argued that Halo might prove to be efficient, given that it focuses on a specific on-chain audit niche:
“This is a useful tool for sure, focused on transactional history and balances which seems suitable for institutional investors and fund managers, entities that normally require audits relating to financial transactions and assets ownership.”
Further, PwC’s Halo can now reportedly gather information about transactions and balances from blockchains. That, according to Martin of Blockforce Capital, is also a potentially effective feature.
“The Halo platform offers an easy-to-use way for firms to access blockchain information without having to spend manpower and resources that could be better spent somewhere else,” Martin told Cointelegraph, elaborating:
“For instance, the Bitcoin blockchain is open-source and can be viewed by anyone. However, just because the information is available doesn’t mean it doesn’t require a unique skill set to access.”
According to PwC, the upgraded version of the Halo suite is already being employed to support audits of clients involved with cryptocurrencies and assisting companies for which the firm is not the auditor in implementing processes and controls necessary to obtain assurance reports from their auditors. Theoretically, that could ease cryptocurrency-related audits not only for PwC, but the industry at large.
Still, the Big Four firm notes that the tool has its limitations: namely, client’s control environment, and, “at this stage,” the breadth of tokens supported by Halo. The software reportedly supports bitcoin (BTC), bitcoin cash (BCH), bitcoin gold (BTG), bitcoin diamond (BCD), litecoin (LTC), ether (ETH), OAX (ERC-20 token) andXRP.
“These considerations will be key when determining whether we are comfortable to accept an audit engagement,” PwCwrote in the press release.
It is currently unclear whether Halo is deployable in all 158 countries that PwCclaims to be operating in. Cointelegraph has reached out to the Big Four company to clarify this, but has not heard back as of publication.
Related:Daniel Diemers From PwC Strategy& Switzerland: Adoption of New Technologies Requires More Education
Experts suggest that the vast geography should not be a problem for Halo, however. ACCA’s Vaidyanathan reminded that the international auditing standards (ISAs) apply globally when asked about potential clashes.
Raffone of Finetiq, in turn, stressed the technical nature of PwC’s solution:
“The audit function provided by Halo is purely technical and doesn’t seem driven by any regulatory requirement, therefore it seems a ‘upon request’ service that can be deployed across jurisdictions. Although I don’t think Halo fills any regulatory need per se currently, it is certainly comparable to similar investment fund audit services and once the crypto industry becomes mainstream, I would expect this sort of audit service to be required by regulators.”
Martin maintains a similar position. According to the Blockforce Capital’s CIO, PwC should be well-poised to take on the regulatory complexities, given its experience with running auditing and accounting practices in multiple countries:
“While adjusting to different jurisdictions is difficult, PwC is in a great position to take on the task. They are a highly respected accounting firm and have the resources to apply to such an endeavor.”
In the end, the problem seems to come down to the aspect of adoption: While the cryptocurrency industry continues to grow, the recognition from mainstream corporations — such as the Big Four — could speed up this process. That is why PwC's work with Halo is “validating” the institutionalization of the crypto space, in Tsai’s view.
On the other hand, the need for crypto-specific audits could be fulfilled even without the participation PwC, Deloitte and others, according to what Raffone told Cointelegraph:
“A whole host of specialist firms are emerging as leading crypto audit service providers, challenging the Big Four and their cost structure. EvenIBMis getting in the game with a recently patented solution to audit blockchains.”
While time will tell if Halo turns out to be a viable solution for the crypto space, the remaining Big Four players have now been challenged to release their own software that would be on par with Halo in terms of functionality.
• Malta to Register All Property Rental Contracts on Blockchain
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• IOTA to Enter a New Partnership to Track Potentially Fatal Food Allergens With DLT |
Is Pushpay Holdings Limited (NZSE:PPH) A High Quality Stock To Own?
Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card!
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. To keep the lesson grounded in practicality, we'll use ROE to better understand Pushpay Holdings Limited (NZSE:PPH).
Pushpay Holdings has a ROE of 46%, based on the last twelve months. Another way to think of that is that for every NZ$1 worth of equity in the company, it was able to earn NZ$0.46.
See our latest analysis for Pushpay Holdings
Theformula for ROEis:
Return on Equity = Net Profit ÷ Shareholders' Equity
Or for Pushpay Holdings:
46% = US$19m ÷ US$41m (Based on the trailing twelve months to March 2019.)
It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. It is all the money paid into the company from shareholders, plus any earnings retained. You can calculate shareholders' equity by subtracting the company's total liabilities from its total assets.
Return on Equity measures a company's profitability against the profit it has kept for the business (plus any capital injections). The 'return' is the profit over the last twelve months. A higher profit will lead to a higher ROE. So, all else equal,investors should like a high ROE. Clearly, then, one can use ROE to compare different companies.
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. Pleasingly, Pushpay Holdings has a superior ROE than the average (18%) company in the Software industry.
That's clearly a positive. In my book, a high ROE almost always warrants a closer look. For example,I often check if insiders have been buying shares.
Virtually all companies need money to invest in the business, to grow profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. That will make the ROE look better than if no debt was used.
One positive for shareholders is that Pushpay Holdings does not have any net debt! Its impressive ROE suggests it is a high quality business, but it's even better to have achieved that without leverage. After all, when a company has a strong balance sheet, it can often find ways to invest in growth, even if it takes some time.
Return on equity is one way we can compare the business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
But when a business is high quality, the market often bids it up to a price that reflects this. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to take a peek at thisdata-rich interactive graph of forecasts for the company.
Of coursePushpay Holdings may not be the best stock to buy. So you may wish to see thisfreecollection of other companies that have high ROE and low debt.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
RHOA's Porsha Williams Receives Birthday Tribute from Dennis McKinley After Reported Split
Dennis McKinley is staying friendly amid his reported split with Real Housewives of Atlanta star Porsha Williams . In honor of Williams’ 38th birthday on Saturday, McKinley shared a throwback photo of his ex-fiancée celebrating her birthday in 2018. “Happy 38!” McKinley captioned the photo, which shows Williams relaxing in a plane while holding a large bouquet of red roses. “Tbt 6/22/2018,” he added. Hours later, the businessman shared a second Instagram tribute, this one celebrating his baby daughter with Williams, Pilar Jhena , turning three months old. As of Saturday afternoon, Williams had not liked or commented on either of McKinley’s posts. View this post on Instagram Happy 38! ❤️🙏🏾 tbt 6/22/2018 A post shared by Dennis McKinley (@workwincelebrate) on Jun 21, 2019 at 9:09pm PDT View this post on Instagram 3MONTHS old 3/22/19 @pilarjhena ❤️🙏🏾 A post shared by Dennis McKinley (@workwincelebrate) on Jun 22, 2019 at 5:07am PDT On Thursday, E! News reported that Williams and her fiancé of eight months had split . Williams’ rep did not immediately return PEOPLE’s request for comment. Fans began to speculate that something was amiss between the couple when Williams unfollowed McKinley on Instagram in May. Around the same time, rumors began to circulate that he had cheated on her. Despite the rumors, Williams, who welcomed her daughter with McKinley on March 22, re-followed her fiancé and McKinley denied the cheating allegations in a statement to E! News earlier this month. (Williams has since unfollowed him again.) “These false and slanderous allegations against me are made solely to damage my reputation, jeopardize my ongoing businesses, and negatively impact my family,” he said at the time. RELATED: RHOA ‘s Porsha Williams and Dennis McKinley Split 3 Months After Welcoming Baby Pilar: Report The split news came just days after the new mom was seen enjoying a vacation with baby Pilar at the Costa Hollywood Beach Resort in Hollywood, Florida, without McKinley on Father’s Day weekend . Story continues “Porsha was spotted eating with her family at the resort’s rooftop pool lounge Cielo and cuddling her adorable 3-month old daughter at the pool,” a source told PEOPLE of the Bravo star’s trip. “There were no sightings of Pilar’s father, and Porsha’s fiancé, Dennis McKinley,” the source added. Porsha Williams with baby Pilar | Andrew Goldstein Photography Dennis McKinley and Porsha Williams | Tonya Reeves During a May episode of the star’s spinoff series, Real Housewives of Atlanta: Porsha’s Having a Baby, Williams shut down rumors that there was any trouble in paradise and revealed that she and McKinley decided to postpone their wedding because she was pregnant with Pilar. “I didn’t postpone a wedding ‘cause I’m unsure. I postponed a wedding because I’m pregnant,” she told McKinley’s mother, Mama Gina, assuring her future mother-in-law that the two were prepping a New Year’s Eve nuptials. RELATED: RHOA ‘s Porsha Williams and Baby Pilar Vacation in Florida Without Fiancé Dennis McKinley The couple got engaged in September after an over-the-top proposal and announced the news on October 1. Prior to getting engaged, the couple, who have known each other for years, officially dated for one year. Williams announced her pregnancy a few weeks prior to the Sept. 19 engagement. |
Halsey Showed Off Unshaven Armpits on the Cover of Rolling Stone
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Activists step up trainings amid Trump deportation threats
CHICAGO (AP) Ceci Garcia believes that if her husband had a better understanding of his rights, he would have avoided deportation to Mexico after telling a suburban Chicago police officer during a 2012 traffic stop that he was living in the U.S. illegally. "He failed to remain silent," said the U.S. citizen mother of five. "He proceeded and told the truth." The Chicago woman now spends her time teaching others how to avoid her husband's fate, part of a growing national effort since President Donald Trump took office that took on new urgency in recent days. As he kicked off his 2020 campaign, Trump had proclaimed that his administration would launch a new operation in the coming days to deport millions living in the country illegally. On Saturday, he tweeted that he had delayed the plan two weeks in hopes that Democrats and Republicans could work out solutions to "Asylum and Loophole problems at the Southern Border." From Los Angeles to Atlanta, advocates and attorneys have brought "know-your-rights" workshops to schools, churches, storefronts and consulates, tailoring their efforts on what to do if Immigration and Customs Enforcement shows up at home or on the road. They've role-played interactions, handed out pocket guides, provided hotlines, hosted webinars and offered scripts. The result, advocates argue, is more savvy immigrants who are increasingly refusing to open their doors or provide information, something they hope will blunt any impact of any operation. "It's more about making sure that people feel like they have some power over what is happening in their lives," said Katarina Ramos, a National Immigrant Justice Center staff attorney. "And that they have some control over what is inherently a very scary situation." Whether it's the American Civil Liberties Union or a neighborhood nonprofit, the trainings focus on the same ideas: the right to remain silent; refusing officers entry into a home; not signing anything without legal representation; and asking for paperwork from agents. They are rights attorneys say apply to everyone regardless of citizenship status. Story continues Opening the door to an agent is an invitation that could lead to collateral arrests, so activists suggest talking through a door or a window, something the Coalition for Humane Immigrant Rights Los Angeles depicts in an animated know-your-rights video. A booklet by political organization Mijente advises immigrants not to carry identification with country of origin to avoid having evidence that could end up in immigration court. The Chicago-based Resurrection Project tells immigrants to film interactions. If the agent asks to drop the phone, activists tell trainees to comply but not turn off the recorder. "We don't want things to escalate," said immigration organizer Laura Mendoza. "That's why we constantly, constantly talk about know your rights." A glossy blue and white flyer script distributed by the group tells the person to ask for "a judicial warrant signed by a judge" to gain entry into the home and shows a picture of one next to an administrative warrant, which is signed only by ICE. As concerns rose about Trump's initial announcement, advocates ratcheted up their actions. The American Business Immigration Coalition hosted a Thursday webinar and told the businesses on the call hotel managers, restaurateurs and dairy farmers to not immediately turn over employment records in case of a raid. The head of the Immigrants' Assistance Center in the Massachusetts fishing city of New Bedford said she would speak in the coming days about contingency plans for children's care to church congregations and on local Spanish and Portuguese language TV and radio stations. Chicago activists vowed more public demonstrations. ICE's new acting director Mark Morgan had said the operation would be nationwide and continue for weeks and no one would be exempt from deportations, including families. Morgan said there had been 2,000 letters sent to families telling them they had been ordered removed and he implored people to come in so they didn't have to go out and find them. That's the scenario organizers planned for, particularly challenging for families with mixed citizenship status. National Immigrant Justice Center organizers suggested authorizing someone outside the family to pick up children from day care ahead of time and not only having an emergency contact, but memorizing the phone number in case a cellphone is confiscated. The Resurrection Project has walked families through asset protection, like how to manage a bank account if the head of household is detained. While activists argue their efforts are successful, it's difficult to gauge. Chicago advocates say their reach has been deep; a city legal fund established after Trump took office helped pay for more than 460 trainings from January 2017 until October 2018, involving approximately 40,000 people. The National Partnership for New Americans, with affiliated organizations in 31 states, boasts of 150 attorneys and legal staff nationally. Advocates also point to anecdotal evidence. In May, a New York activist used tactics he learned in training to keep immigration enforcement officers from taking two people with him into custody, something he filmed and posted online. Ceci Garcia said that a person she trained who did not speak English called and put her on speaker phone through a window when an ICE agent showed up and was deterred. Julieta Bolivar, 50, wished she had the training when she was taken into ICE custody in 2002 during a traffic stop and signed papers agreeing to voluntary departure. Orphaned as a young girl in Bolivia, she was brought to the U.S. by a godmother on a visitor visa and overstayed. She worked cash jobs to support her three American-born children. She eventually became a legal resident after making her case to a judge, but being arrested in front of her children still haunts her. She uses her story while conducting trainings in Chicago for The Resurrection Project. Among her top lessons: Talk to children and make sure they know the plan. "Don't open the door," she said. "And don't let the kids open the door." ___ Associated Press writer Andrea Smith in Atlanta, Philip Marcelo in Boston, and Colleen Long in Washington, D.C., contributed to this report. ___ Follow Sophia Tareen on Twitter: https://twitter.com/sophiatareen |
Jessica Jones' Krysten Ritter Shoots Down a Potential Revival: 'I Feel Good About Closing the Door' After Season 3
The moment Netflix cancelled Marvels Jessica Jones , its fans asked the obvious question: Could the show eventually be revived elsewhere? But now that the Marvel dramas third and final season has dropped, star Krysten Ritter said she feels ready to put the cynical private investigator behind her. Related stories Jessica Jones Series Finale Recap: How Did Jessica's Story End? Jessica Jones' Krysten Ritter Weighs In on That Episode 7 Smackdown: 'I Didn't Think Jessica Would Do That' Orange Is the New Black's Final Season Trailer Teases Piper's Post-Prison Life and the Return of [Spoiler] -- WATCH Do I think Ill play her again? I dont think so, Ritter admits to TVLine. I feel like Ive played her, you know? I feel really good about it. I feel good about closing the door. Netflix began to ax its Marvel series in October 2018, beginning with the critically panned Iron Fist . That was followed one week later by Luke Cage , then Daredevil , until the streamers partnership with Marvel TV officially ended in February via Jessica Jones and The Punisher s cancellations. (Read our recap of Jessica Jones series finale here .) Though fans have speculated that Jessica and friends might resurface on the Disney+ streaming service, which launches in November, Variety previously reported that the deal for the original four Marvel shows included a clause that keeps the characters from appearing in any non-Netflix series or films for at least two years after cancellation. (As a spinoff of Daredevil , The Punisher is not a part of that arrangement.) But even if the show were to return down the road, it may not have the same creative team involved. When asked if shed be interested in revisiting Jessica Jones someday, series creator Melissa Rosenberg echoed Ritters sentiment of finality. I feel like this is a really complete, closed chapter, Rosenberg shares. I mean, never say never. But I feel ready to tell all new stories. ( With reporting by Scott Huver ) Sign up for TVLine's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . |
Kayla Itsines shamed for post baby pics
Workout queen Kayla Itsines was shamed on Instagram for her postpartum look. (Photo: Getty Images) Australian personal trainer Kayla Itsines has motivated millions of people to get in shape and feel good about themselves. Two months after giving birth to her first baby, followers are body-shaming the model for her postpartum body. On Thursday Itsines, 28, posted a shot of herself wearing a sports bra and bicycle shorts, sharing her excitement for getting back into her workout routine. "Having been cleared for LIGHT workouts for over a week now (by my doctor and physiotherapist), I'm starting to really feel like myself again and not just in a physical sense," wrote Itsines , who welcomed daughter Arna in April via C-section. "I am so motivated right now because for me, fitness is my self care, my time out and my PASSION. Being able to share my passion with YOU, the #BBGCommunity is helping me to get out of bed every morning (not forgetting my incredible family)!! #comeback." Some werent wowed by Itsines's appearance. "Is this really your postpartum tummy? If so, good for you. If not, please stop this and be real with your followers," wrote someone. "Im sure youre naive enough to think this is a POSITIVE post, but its terrible for females whove just given birth because 98% of them cant and wont look like this. It's irresponsible of you and arrogant," another commented. Im worried. You dont look healthy. I hope you are ok and fine for your baby, asserted someone. These kind of pictures are exactly the kind that makes women hate their bodies, a person remarked. But fans of the fitness queen stepped up. Kayla owes us absolutely nothing about her pregnancy journey, wrote someone. This is what she looks like post-baby. This IS her realistic image. Its disgusting the way some of you choose to attack her as if her current body isnt bad enough to make you feel better. You look AMAZING, encouraged a fan. But seriously some of the negative comments on here are absolutely effing disgusting... Story continues Postpartum inspiration, declared a fan. Last month, sharing two photos of herself before and after giving birth, Itsines confessed to feeling vulnerable. Every woman's journey through life but especially pregnancy, birth and healing post-birth is unique," she wrote on Instagram. "While each journey has a common thread that connects us as women, our personal experience, our relationship with ourselves and our body will always be our own.. View this post on Instagram A post shared by KAYLA ITSINES (@kayla_itsines) on May 8, 2019 at 4:23pm PDT Read More from Yahoo Lifestyle: Do hair vitamins really work? Heres what a dermatologist says. 'Fox and Friends' co-host Janice Dean called beacon of strength after sharing MS flare-up selfie The $18 leave-in conditioner Hailey Baldwin swears by Follow us on Instagram , Facebook , Twitter , and Pinterest for nonstop inspiration delivered fresh to your feed, every day. Want daily pop culture news delivered to your inbox? Sign up here for Yahoos newsletter. |
Royal Ascot's booming hospitality: great for grown-ups, how about the next generation?
Royal Ascot has been an overwhelmingly adults-only occasion, despite attempts to make it more family friendly - PA Children, as many a Miss World and sports opening ceremony have taught us, are the future. On a sunny Saturday at Royal Ascot , then, what was the offer like for the racing fans of tomorrow? While Pinatubo lit up the place for the younger generation with a course record for a two-year-old in the first race, in the Royal and Queen Anne Enclosures small humans were in short supply. Royal Ascot has explicitly stated a goal of increasing family interest, and while I did see more children than on other days this week, on the Royal Enclosure Lawn grown-ups were outnumbering children a hundred to one: a reverse House of Commons. Isaac, 10, was “feeling cool” in a top hat, but Letitia Cooper, wrangling a pack of several kids, noted her lot were on their way to being hot and grumpy and, given the mandatory garb, it was hard to blame them. There was plenty of champers for maters and paters, and rightly so, but not a Nerf Gun in sight. On the other side of the tracks, figuratively and literally, is the Village Enclosure. Here be packs of lads in their early twenties engaged in the favoured activity of the British young person at leisure: getting the beers in and letting everybody in earshot know about it. I did not see anybody in short trousers, unless you count the fashion of the day to wear a suit pant cut high enough to reveal the sock-less man ankle. Overall impression? God help us if the Germans try again. Perhaps parents feel the boozy day out feel is not suitable for kids, or perhaps they would rather get stuck in child-free. The most child-friendly place was the Residents’ Enclosure, a plum spot half a furlong out from the winning post where those with a local postcode can come, free of charge, and bring their own food and drink. Jamie Williams, who pointed out his house to me “over by that big tree there”, had brought daughters Lola, nine, and Poppy, five. The latter is already horse-daft and was thoroughly enjoying the day; we’ll put Lola down as an “undecided” as yet. Attendances have been down throughout the week, although Royal Ascot are not concerned Credit: REUTERS Ascot has reached out to the locals, with an art competition for nearby primary schools yielding a prize of £1,000 for the school, and the winners getting their works displayed in the Heath tunnel, as well as getting to form the guard of honour for the presentation of the jockeys before racing. And children can get into Ascot free on non-Royal race days, which compares very favourably with, for instance, top-whack £27.50 child tickets for Premier League games at Chelsea or a tenner for a youngster at a Lord’s domestic T20, let alone £52 on the day per kid at nearby Legoland. Story continues For adults, though, attendances have been down throughout the week - 292,719 from 301,818 in 2018 - although a Royal Ascot spokesman said: “We are very happy with attendances. They fluctuate slightly year to year, but not materially and for any number of reasons. Hospitality is well up on last year.” One draw card for the high-end hospitality customers is Raymond Blanc, who slipped away from the kitchen at the Panoramic Restaurant after lunch to present the trophy for the second race – in his chef’s whites. Some of the dining here is “a moment on the hips, a lifetime on the wallet” territory: you can see why Royal Ascot would be sanguine about total visitor numbers as long as the mouth-watering, eye-wateringly expensive hospitality is bearing up. All things considered, the appeal of Ascot remains in premium quality flat racing, beautiful clothes, fancy lunches, punting and plenty of champagne: heavenly activities in a wonderful playground… for adults. View comments |
Biden stumbles over abortion rights while Warren receives cheers
Photograph: Leah Millis/Reuters In the first presidential forum on reproductive rights in recent memory, former vice-president Joe Biden told an audience of mostly female Planned Parenthood supporters he had a 100% voting record on reproductive rights. In fact, his record on the subject is mixed, as a question to the former vice-president suggested. Related: Busy Philipps on abortion: Women have held on to a lot of this shame Well, first of all, Im not sure about the mixed record part. Ive had 100% voting record, Biden said, before his microphone cut out. When it came back on, he had moved on to healthcare. Biden, a Catholic and a Delaware senator for 36 years, has gone back and forth on support for abortion access. In this election cycle, reproductive rights has emerged as a top issue as Republican statehouses across the US have attacked abortion rights. Biden told his audience in Columbia he would codify the right to an abortion, granted in Roe v Wade, into law as defined by Casey a stance more conservative than those of many other Democratic candidates present. Casey is the 1992 supreme court decision which allowed states to severely restrict abortion access, including imposing waiting periods and medically unnecessary administrative burdens. Later in the forum, a woman who said she was sexually assaulted by her abusive husband but could not cover an abortion through her military health benefits, asked Biden how he would expand access to abortion. A lot of you women, maybe a lot of men out here, maybe dont realize what incredible courage it took to stand up and say that, Biden said. Other candidates went further. Weve been on defense for 47 years, and its not working, said the Massachusetts senator Elizabeth Warren. An inch at a time, a piece at a time, theyve chipped away, hacked away at the ground under our feet, so access becomes narrower, becomes more limited. She went on: This is a democracy. In a democracy, the laws should reflect the values of the people. So I say it is time to go on offense with Roe v Wade. Its not enough to say were going to rely on the courts. We need to pass a federal law to make Roe v Wade the rule of the land. Story continues That prompted huge cheers. Elizabeth Warren on stage in Columbia. Photograph: Logan Cyrus/AFP/Getty Images She continued: We can add and say: no more of this semi-repeal of Roe, another bite out of Roe, an undercut of Roe. Were going to make it the law. Lets make it the law for real again. But the loudest cheers of the day went to Cory Booker, who called bans passed by states like Alabama a violation of human rights. If they come for you in the morning, they come for me at night. This election is about winning, said Booker, as he stepped off the stage, the only candidate to do so. This election is about women! This election is about minorities! This election is about all of us and thats how Im going to fight. This election is about liberty and justice for all and we will win! The audience presented a sea of pink Planned Parenthood shirts. Some were moved to tears. In a bathroom, a woman cried as she said she had never been to an event like this, and it is so powerful. I want to travel the country. The woman said she had an abortion at a Planned Parenthood facility in 1974, when she was 16. Her mother had been with her. I was able to have an abortion, she said, go to college, meet my soon-to-be husband, and have a life of my choice. She did not say her name, because her family did not know her story. On stage, each candidate was given about 10 minutes to answer questions from Planned Parenthood leaders and an audience member. Shocking stories came forth. I have a beautiful child I love and adore. That does not mean I am grateful for the trauma I was put through Laurie Bertram Roberts One audience member told the New York senator Kirsten Gillibrand that she threw herself down the stairs, drank until she vomited, took hot baths and even rode every ride at a county fair to try to induce an abortion. She was forced to carry the unwanted pregnancy to term, she said, because she lacked the roughly $600 in cash needed to pay for an abortion. I have a beautiful child I love and adore, said Laurie Bertram Roberts, now a doula. That does not mean I am grateful for the trauma I was put through for the fact the Hyde amendment exists. That was a reference to a provision of federal law that prevents the government from paying for abortion and primarily affects 17 million poor and disabled women who rely on Medicaid. Gillibrand became tearful herself. She told the audience not to vote for her but to pick your top five candidates, and donate. If women and candidates of color are not included on that debate stage in September, October, you will not be represented, said Gillibrand. Over the past few months, Republicans and conservative Christians have worked to severely limit abortions rights. Bans have passed in states including Ohio and Kentucky. The laws are patently unconstitutional and abortion remains safe and legal in all 50 states. But supporters hope the bans will be challenged all the way to the supreme court, where the conservative-leaning majority could reconsider Roe v Wade. Social conservatives have also attempted to make abortion inaccessible through administrative means. This week, political appointees in Missouri attempted to shut down the states last abortion clinic and a federal court decided in favor of the Trump administration allowing federal funding to go to clinics which do not offer comprehensive family planning services. Related: How gerrymandering paved the way for the US's anti-abortion movement The South Carolina event was organized in response to such Republican moves. It had the air of a party a DJ blasted Lizzo from the speakers but one whose attendees were frankly fed up. For at least some candidates, this presented a challenge. The former Colorado governor John Hickenlooper stumbled through a short history of his life in the restaurant industry before saying he could oversee a magnificent expansion of Title X federal funding for family planning. Planned Parenthood president Dr Leana Wen told the Guardian her group is working with all the candidates to develop the most proactive policies that would protect womens health and rights. |
2019 FIFA Women's World Cup: Is this USWNT the best one yet?
REIMS, France Ali Krieger did it again. Last week, a United States starting lineup comprised mostly of backups strolled past Chile at the ongoing FIFA Womens World Cup in France, prompting the longtime national team defender to say that the U.S. has the top team in the tournament and the second-best team. On Saturday, Krieger raised eyebrows for the second time when she claimed that this is the most powerful USWNT ever. With three World Cup titles and four Olympic gold medals to its credit, the American program is easily the most successful in womens soccer history. The current version sure looks unstoppable, too, having scored a record 18 goals in its first three games while allowing none in the group stage for the first time. I think this is the best team weve had, Krieger told reporters. In every single position we have multiple players we can get the job done. Theres no specific starting 11 I think each and every one of us is capable enough to get into the game and be a starter. I dont know if I could say that from previous teams. Ali Krieger helped the United States win a record third World Cup four years ago, but she said Saturday that the 2019 squad is the best in U.S. women's national team's history. (Marianna Massey/Getty) Krieger, 34, was too young to play on team that won the inaugural Womens World Cup in 1991, or on the legendary Brandi Chastain- and Mia Hamm-led squad that captured the imagination of the country by defeating China on home soil in the 1999 final. But she was a member of the 2011 squad that finished runner-up to Japan, and she started every game for the team that brought home the world title from Canada four years ago. Yet as dominant as this USWNT has been so far the bookies have made FIFAs top-ranked side the overwhelming favorite to repeat as champions the final is still more than two weeks away. The U.S. will meet up-and-coming Spain on Monday in a round of 16 match at Stade Auguste-Delaune, one that could prove trickier than many believe . After that, a much-anticipated tilt in Paris against the host nation, widely considered the Americans biggest threat, would loom in the quarterfinals unless Les Bleues are upset Sunday by Brazil. If the Americans survive, theyd still have to successfully navigate semis and the championship match in Lyon in order to add that fourth star above their USA crest. Story continues Perhaps thats why U.S. right back Kelley OHara isnt quite ready to agree with her fellow 2015 vet. Thats a bold statement, OHara said, when told of Kriegers comment. This is a great U.S. team, she added. There have been incredible U.S. teams throughout time. I think you can only be the best if you win. So talk to me in 17 days, and Ill answer that question better. More from Yahoo Sports: Yankees can win without Judge, but they do need depth Phillies Harper fails to make list of All-Star finalists Curry: Stakes of next presidential election are extremely high USWNT has tough lineup questions as knockout stage begins |
What To Expect From The S&P 500 Over The Next 20 Years
The volatility of theSPDR S&P 500 ETF Trust(NYSE:SPY) so far in 2019 is enough to highlight just how unpredictable the S&P 500 can be.
It may seem impossible to predict what’s coming for the market over the next 20 years, butDataTrek Researchco-founder Nicholas Colas recently made some predictions about the next two decades based on what has occurred in the past.
History Lesson
Colas said there have been five distinct (overlapping) 20-year periods in the U.S. markets going back to 1928.
First, from 1928 to 1951, the Great Depression put a major dent in long-term returns. Inflation-adjusted, trailing 20-year compounded returns for the S&P ranged from 0.6% to 4.3% from 1948 to 1951.
While starting in 1928 was a disaster for investors, starting just five years later in 1933 wasn’t so bad. The S&P 500 doubled during World War II, and it doubled roughly every 4.3 years from 1942 to 1962 for a trailing compounding average return of 16.7%.
The next extended period for the S&P 500 started at around 1961. High interest rates, high inflation and the oil shock of the 1970s weighed on long-term returns, pushing 20-year trailing inflation-adjusted returns down to just 1% by 1979.
Lower inflation levels, lower inflation rates and the dot-com boom of the 1990s represents the next distinct period for investors. From 1980 to 1999, the S&P 500 experienced just two down years and never had a 5% drop in a single calendar year. In that 20-year stretch, the S&P 500 doubled every four years.
Finally, since 2000, Colas said the market has been defined by volatility. Long-term returns have been terrible given that the S&P 500 has lost a third of its value on two different occasions in the stretch.
In the 20-year period ending 2018, the S&P 500 has compounded at an inflation-adjusted 3%.
The Next 20 Years
Looking ahead, Colas said the keys to strong returns over the next 20 years will be low inflation and some form of major market catalyst.
“America’s development and use of technology will be the key determinant of long-run future S&P 500 returns. With population growth less than 1%, economic growth will have to come from productivity,” he said.
In order to generate market returns equivalent to the post-World War II era or the dot-com boom of the 1990s for the next 20 years, Colas said technology companies will need to figure out a way to make all other industries more efficient.
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Americans Are Feeling More Financially Secure
The economy has been strong, and more Americans have faith that their personal financial situations will remain healthy. Over three-quarters (76%) of adults ages 25-70 reported feeling somewhat or very financially secure, up from 68% in 2013, according to survey data from New York Life.
Survey respondents generally had an optimistic outlook about their financial futures. In fact, only 42% said "they experience stress around planning for their future financial needs," down from 54% five years ago. In addition, only 38% "worry about having enough money to maintain their current lifestyle (down from 45% in 2013), and 62% of those surveyed said they "would be prepared if they or their spouse were laid off," up from 55% in 2013.
Millennials are very financially confident. Image source: Getty Images.
Millennialsrate themselves as more financially responsible than their parents at a higher rate than Generation X or baby boomers. The younger generation also believes that it's more responsible than older people in a broad sense, and millennials have a higher level of confidence in their financial futures.
[{"Statement": "I am more financially responsible than my parents.", "Millennials": "71%", "Gen X": "63%", "Baby boomers": "62%"}, {"Statement": "My generation is more financially responsible than others.", "Millennials": "60%", "Gen X": "50%", "Baby boomers": "59%"}, {"Statement": "I am confident in my financial future.", "Millennials": "79%", "Gen X": "74%", "Baby boomers": "73%"}]
Data source: New York Life.
"Despite all the hand-wringing and criticism of millennials' money habits, we're seeing that they are quite thoughtful about their finances," said New York Life Vice President Brian Madgett in a press release. "They've internalized the idea that budgets, debt reduction, and savings are all important financial goals to pursue in the near-term and they're now in a place to start asking about how they can guarantee a stable future for their families."
It's worth noting that the survey only involved respondents with an income of at least $50,000 a year who are married and/or have financial dependents. It's very possible that people who make less money would not have as positive an outlook.
These results are encouraging, but view them a bit skeptically. Confidence can change pretty quickly based on how volatile finances can be. It's good that people broadly feel better about their finances compared to five years ago, and the millennial results may tie into increased levels of financial awareness.
Younger Americans have access to tools and information that were harder to come by (or didn't exist) just five years ago. This allows them to make choices that maybe don't follow traditional norms.
"Many of the mid-life millennials -- those now in their late 20s and 30s -- are delaying or even foregoing some of the traditional family and financial milestones of generations past," Madgett said.
That might mean waiting longer to buy a house, or starting to save for major purchases and/or retirement from ayounger age. There's no one specific formula, but millennials have been willing to break from expectations in order to achieve longer-term goals. That doesn't match the common perception of that generation, but it's an encouraging reality that suggests younger Americans have learned from their parents' mistakes.
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Large protest at Georgia's parliament for 3rd straight day
TBILISI, Georgia (AP) — Thousands of demonstrators crowded outside Georgia's parliament Saturday night for the third straight day of protests that have kindled tensions in the country and prompted Russia to block air connections with its neighbor. The throng was mostly orderly but insistent in its array of demands, including the resignation of the interior minister over harsh tactics by police in breaking up a rally Thursday in which at least 240 people were injured. The speaker of parliament resigned Friday. The protests were ignited by the appearance of an official Russian delegation in the Georgian parliament building as part of an assembly of legislators from Orthodox Christian countries. Animosity toward Russia is strong in the wake of the 2008 war in which Georgia lost control of two Russia-backed separatist territories. Russia now considers those territories independent, but has established a military presence there and Georgians refer to them as Russian-occupied. The protesters consider Georgia's current government to be overly cooperative with Russia. The protests also tap into other frustrations. Demonstrators are demanding early parliamentary elections and a change in the system so legislators are chosen fully proportionally rather than the current mix of party-list and single-mandate representatives. "I am here to protest the Russian occupation that we still remember, that still hurts after 11 years and still is an ongoing issue," said demonstrator Tina Bezhanidze. Moscow's reaction to the anti-Russia sentiment was quick. President Vladimir Putin on Friday ordered the country's airlines to stop taking Russian citizens to Georgia as of July 8 and the transportation ministry on Saturday said Georgian airlines would banned from Russia on the same date. The bans affect six Russian airlines and two from Georgia. Georgia is a popular destination for Russian visitors, who are attracted by the dramatic mountains and the renowned wine culture, and the flight ban would be a near-term blow to the country's tourism sector, though experts suggested it could recover. Story continues The moves echo bans that Russia imposed in 2006 on flights and imports of Georgian wine and mineral water as tensions rose between the countries. Those bans were later lifted. The 2006 Russian bans "at first had a negative effect, but new markets and new contracts were found. I think the same will happen in the tourism sphere," Kakha Gogolashvili of the Georgian tour agency Globus said Saturday. The Russian association of tour operators says 5,000-7,000 Russians currently are visiting Georgia on organized tours, and twice that many likely are there traveling independently, according to Russian state news agency RIA-Novosti. Organizers of what was to be Tbilisi's first LGBT pride parade announced they were cancelling the Sunday event to avoid further escalating the political tensions. Fears had been strong that the parade would bring a violent backlash from ultra-conservative activists. ___ Associated Press journalists Misha Dzhindzhikhashvili in Tbilisi and Jim Heintz in Moscow contributed to this report. |
3 Top Oil Stocks to Buy Right Now
Considering how volatile the oil industry has been in recent years, it wouldn't be surprising if brokers were handing out airsickness bags with each oil stock purchase. Every time the market gets a whiff of higher oil prices, there is news of immense output increases in America that leaves the global market in a constant state of oversupply. That, in turn, sends oil prices plummeting, and companies scale back their spending plans even further.
As bad as it has been over the past few years, it's always important to remember that the oil industry is cyclical. A lack of spending today means an eventual shortage down the road. With that in mind, we asked three Motley Fool contributors to each highlight a stock they see as worth considering right now. Here's why they pickedTransocean(NYSE: RIG),Royal Dutch Shell(NYSE: RDS-A)(NYSE: RDS-B), andEnterprise Products Partners(NYSE: EPD).
Image source: Getty Images.
Jason Hall(Transocean):The past few years have been horrible for investors who've put capital in the offshore drilling segment. As of this writing, Transocean's stock is down more than 85% from the price five years ago, and it sells for 28% of book value:
RIGdata byYCharts.
So what makes it worth buying now? A few things:
• Offshore oil producers are starting to increase spending on drilling and exploration after four years of spending cuts.
• A substantial amount of consolidation of the global drilling fleet has occurred in recent years.
• More spending is being directed to resources in ultra-deepwater and harsh conditions.
This combination of factors playsdirectly into Transocean's favor. The company owns one of the most capable fleets of floating drilling vessels on the water, and the shift in focus is expected to result in a tightening of supply of drillships over the next few years, pushing up day rates and shifting the leverage back to the drillers.
Simply put, I think we are very near the trough in the offshore sector, and investors who buy Transocean now should do incredibly well over the next five years. I'll be blunt with this caveat: There's no saying things won't get worse before they get better. Even as drilling activity has picked up this year, investors have continued to sell.
If you're willing and able to weather what will likely be stormy seas, Transocean could deliver massive gains over the next half decade. How strong is my conviction? I've personally bought more shares of Transoceantwicethis month.
John Bromels(Royal Dutch Shell):Oil major Royal Dutch Shell is one of those companies in which there's seldom a bad time to invest. Right now, for example, the company's dividend yield of 5.9% is virtually tied withBPfor the top spot among the oil majors, while its P/E ratio and price-to-free cash flow ratio are the lowest among its Big Oil peers (lower is better).
Shell is a very well-managed company, which shows up in its return metrics -- a way to gauge managerial effectiveness. Its return on equity of 11.9%, its return on capital employed of 12.5%, and its return on invested capital of 8.3% are the highest among the oil majors. And for the first two of those metrics, it's not even a close contest! Shell's management showed its savvy recently when it announced itwasn't going to pay a premiumfor assets in the red-hot Permian Basin.
Shell's recent string ofimpressive quarterly earningsshould also encourage investors that June is an excellent time to consider picking up shares of this consistent outperformer.
RIGdata byYCharts.
Tyler Crowe(Enterprise Products Partners):Oil has been in the doldrums for years. So of course there are some investors with a contrarian bent in them to gravitate toward stocks that have the "highest upside" should oil and gas prices go higher.
If there is one thing we have learned over the past five years of low and volatile oil prices, it's that many companies cannot create value for investors when times are bad. Anyone looking to make a long-term investment in this sector should remember this downturn and how quickly this business can decimate shareholder value when oil prices turn south.
So instead of trying to pick through the ones that could be winners at higher prices, investors should focus their attention on companies that have remained resilient through the cycle and created some wealth for shareholders.
There aren't many out there, but pipeline company Enterprise Products Partners has done better than most in this regard. It is one of a select few companies in the oil business that have managed to produce a positive total return over the past five years thanks toits generous and slowly growing dividend. What's more, the company has been able to do that while investing considerable amounts of capital in its energy infrastructure and lowering its debt-to-EBITDA leverage.
Perhaps Enterprise's stock won't be a huge winner when oil turns up again, but these past five years have shown us that it can create some shareholder value in some of the worst times for the oil industry. If you're interested in owning a stock for the long term, that fact should greatly influence your investment priorities.
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Jason Hallowns shares of Transocean.John Bromelshas no position in any of the stocks mentioned.Tyler Croweowns shares of Enterprise Products Partners and Transocean. The Motley Fool recommends Enterprise Products Partners. The Motley Fool has adisclosure policy. |
This Super-Cheap High-Yield Stock Could Have Enormous Upside
Pipeline behemothEnergy Transfer(NYSE: ET)is having a record year. The company's cash flowcatapulted nearly 40% during the first quarter, fueled by the recent completion of several needle-moving expansion projects. Overall, themidstreamgiant hauled in almost $1.7 billion of cash during the period, which was enough money to cover its monster 8.6%-yielding dividend with $856 million to spare. That gave the company even more money to invest in expansion projects.
Despite those exceptional results, shares of Energy Transfer are down about 17% in the past year. As a result of that underperformance, the pipeline company's stock remains ridiculously cheap, especially considering all the growth it still has coming down the, er, pipeline.
Image source: Getty Images.
Energy Transfer anticipates that it will generate $10.7 billion of adjustedEBITDAthis year, which would be about 12.5% above last year's level. With the midstream company'senterprise value (EV)currently at $93.5 billion, it implies that the company trades at just 8.7 times earnings. That's by far the lowest valuation in its peer group.
The next-cheapest rival,Kinder Morgan(NYSE: KMI), for example, trades at 10.7 times itsEV/EBITDA. That higher valuation comes even though Kinder Morgan only expects to grow its EBITDA by 4% this year. Meanwhile, the most expensive peer,ONEOK(NYSE: OKE), sells for a gaudy EV/EBITDA multiple of 14.5 times. That pricey valuation comes even though ONEOK is only on track to increase its EBITDA by about 6% this year.
The main issue that seems to be weighing on Energy Transfer is its elevated leverage. The company currently has a debt-to-EBITDA ratio of around 4.7 times, which is above its 4.0 to 4.5 times target range. Further, this metric is higher than those of both Kinder Morgan (~4.5 times) and ONEOK (~4.0 times). However, Energy Transfer is working on getting that number down to its target range. Not only is its EBITDA expanding at a fast pace, but it's making other moves to reduce its debt level. As leverage continues coming down, that should help relieve the pressure holding down Energy Transfer's valuation.
Image source: Getty Images.
In addition to the upside as Energy Transfer's valuation moves up closer toward its peers, the company hasmore growth ahead of itthat should drive continued fast-paced earnings expansion. The company currently expects to invest $5 billion in growth projects this year. For example, it's expanding its Permian Express 4 pipeline as well as building the Arrowhead III natural gas processing plant, which should both start up during the fourth quarter. Meanwhile, it expects to finish the Mariner East 2X natural gas liquids pipeline as well as the J.C. Nolan diesel pipeline by year-end. While these projects will provide it with some incremental income this year, the uptick will be even more noticeable in 2020.
Speaking of next year, Energy Transfer has several major projects currently under construction that will help drive additional earnings growth. The company's Lone Star Frac VII project, for example, should start up in the first quarter of 2020. Meanwhile, the Lone Star Express pipeline expansion and its Orbit Ethane Export Terminal should come online by the end of next year.
On top of that, the company has several other growth projects in development. Energy Transfer is working on another expansion of its Bakken Pipeline that could be in service by late 2020. Meanwhile, it's looking at a variety of options toexpand its oil pipeline capacity in the Permian Basin. Finally, it's working with energy giantShelltodevelopa large-scaleLNGexport project along the U.S. Gulf Coast.
As the company completes these and other projects, they'll help it continue growing its earnings and cash flow at a fast pace. That earnings growth should help drive Energy Transfer's share price higher in the coming years. Not only will it give the company more money to invest in expansion projects, but Energy Transfer could use some of the funds to increase its high-yielding distribution or repurchase some of its dirt-cheap stock.
Energy Transfer trades at an absurdly cheap valuation these days because the market isn't giving it credit for its growth prospects or the improvements to its balance sheet. Because of that, shares could have significant upside as its valuation improves and it continues growing earnings. In the meantime, however, investors can collect its generous income stream while they wait for the market to reward Energy Transfer for all the work it has done to improve its financial profile and growth prospects.
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Matthew DiLalloowns shares of Kinder Morgan. The Motley Fool owns shares of and recommends Kinder Morgan. The Motley Fool recommends ONEOK. The Motley Fool has adisclosure policy. |
Surprising Google Data Hints at Tantalizing Bitcoin Moonshot
ByCCN Markets: Since early 2019, search engine interest for the keyword “bitcoin” has nearly doubled, according to data from Google Trends.
However, with consumer interest still down nearly 90 percent from its all-time high, there’s a strong possibility the crypto boom has more room to run.
The sharp fall in the bitcoin price from above $6,000 to $3,150 in December 2018 led many investors to despair. Others simply lost interest, leading to a mammoth decline in crypto-related search queries.
The popularity of the keyword bitcoin has increased significantly since January 2019, but it’s still nowhere close to 2017 bull market levels. | Source: Google Trends
As the bitcoin price recovered from $3,150 to $10,915 in just a six-month span, search interest for the asset increased. But, even now, it is nowhere close to the enthusiasm seen in the 2017 bull market during which the bitcoin price peaked at $20,000.
Read the full story on CCN.com. |
Hotel owner sues insurance company after Vegas mass shooting
LAS VEGAS (AP) More than 4,000 people are seeking damages from MGM Resorts International related to the Las Vegas Strip mass shooting that left 58 people dead, the casino giant said in a lawsuit alleging its insurance company has failed to pay promised legal costs. Las Vegas-based MGM Resorts alleges breach-of-contract and accuses Illinois-based Zurich American Insurance Co. of failing to pay defense costs for damage claims stemming from the 2017 shooting. MGM Resorts owns the Mandalay Bay hotel, where the shooter opened fire from a 32nd-floor window, and the Route 91 Harvest festival venue where country music concert-goers died and more than 850 people were injured. Company spokesman Brian Ahern told the Las Vegas Review-Journal the lawsuit filed Wednesday in U.S. District Court in Las Vegas is about legal costs, not about coverage for a potential settlement with victims. Zurich American didn't immediately comment to the newspaper. MGM Resorts has been in mediation with plaintiffs, hoping to avoid years of litigation in civil lawsuits in Nevada, California and five other states alleging that negligence led to the deadliest mass shooting in modern U.S. history. "MGM is aware of in excess of 4,000 claimants who are seeking compensation from MGM for their claims arising out of the (shooting)," the Zurich American lawsuit said. "MGM disputes any liability arising out of the event." The company tallies defense costs left unpaid by the insurer in the "many millions of dollars." Brent Allen, president of Allen Financial Insurance Group in Phoenix, told the Review-Journal the outcome of the case will hinge on a judge's interpretation of the insurance policy. Allen said MGM Resorts will have to prove Zurich American breached the contract and acted in bad faith. He said it could be hard for a company with the money and resources of MGM Resorts to gain sympathy from a judge. ___ Information from: Las Vegas Review-Journal, http://www.lvrj.com |
President Trump Says He'll Pause Deportation Raids for Two Weeks, Awaiting Immigration 'Solution'
President Donald Trump said Saturday that he will stop deportation raids for two weeks to see if legislators can “work out a solution” for immigration at the country’s southern border. Trump announced his decision in a Saturday afternoon tweet, writing that he had made the order “at the request of Democrats.” “I have delayed the Illegal Immigration Removal Process (Deportation) for two weeks to see if the Democrats and Republicans can get together and work out a solution to the Asylum and Loophole problems at the Southern Border. If not, Deportations start!” At the request of Democrats, I have delayed the Illegal Immigration Removal Process (Deportation) for two weeks to see if the Democrats and Republicans can get together and work out a solution to the Asylum and Loophole problems at the Southern Border. If not, Deportations start! — Donald J. Trump (@realDonaldTrump) June 22, 2019 Crediting anonymous sources, the Washington Post reported Friday that Trump had ordered U.S. Immigration and Customs Enforcement to target up to 2,000 families in as many as 10 U.S. cities in immigration raids. In a pair of tweets on Monday, Trump wrote that ICE would begin to remove “millions of illegal aliens” next week. He criticized congressional Democrats for failing to hold a vote to eliminate “loopholes” and taking steps to “fix” the American asylum policies. Next week ICE will begin the process of removing the millions of illegal aliens who have illicitly found their way into the United States. They will be removed as fast as they come in. Mexico, using their strong immigration laws, is doing a very good job of stopping people....... — Donald J. Trump (@realDonaldTrump) June 18, 2019 ....long before they get to our Southern Border. Guatemala is getting ready to sign a Safe-Third Agreement. The only ones who won’t do anything are the Democrats in Congress. They must vote to get rid of the loopholes, and fix asylum! If so, Border Crisis will end quickly! — Donald J. Trump (@realDonaldTrump) June 18, 2019 Trump has made efforts to curb illegal immigration one of the major pillars of his presidency, but in recent months, the number of migrants crossing at the southern border has climbed to the highest levels in over a decade . In response, Trump has threatened to impose tariffs on Mexico to force them to crack down on migrants traveling to the U.S. and announced a plan to increase security at the border and introduce a merit-based immigration system. Story continues Advocates have criticized efforts by the U.S. government to cut back basic services for migrants at the border, including education funding for children. Others have complained about “inhumane” conditions at border control facilities. The deaths of multiple young children in immigration detention has also caused U.S. practices to come under increased scrutiny. In a separate tweet earlier Saturday morning, Trump also wrote that ICE will target deporting people who have already been ordered to leave the country. “The people that [ICE] will apprehend have already been ordered to be deported. This means that they have run from the law and run from the courts. These are people that are supposed to go back to their home country. They broke the law by coming into the country, & now by staying,” Trump wrote. The people that Ice will apprehend have already been ordered to be deported. This means that they have run from the law and run from the courts. These are people that are supposed to go back to their home country. They broke the law by coming into the country, & now by staying. — Donald J. Trump (@realDonaldTrump) June 22, 2019 |
White House unveils $50 billion Palestinian economic plan
WASHINGTON (AP) — The Trump administration on Saturday unveiled a $50 billion Palestinian investment and infrastructure proposal intended to be the economic engine to power its much-anticipated but still unreleased "deal of the century" Middle East peace plan. The scheme, which calls for a mix of public and private financing and intends to create at least a million new jobs for Palestinians, was posted to the White House website ahead of a two-day conference in Bahrain that is being held amid heavy skepticism about its viability and outright opposition from the Palestinians. Palestinian President Mahmoud Abbas on Saturday reiterated his rejection of the proposal and the conference. The "Peace to Prosperity" workshop on Tuesday and Wednesday will also take place amid heightened regional tensions over Iran that threaten to overshadow its goals. With no official participation from the two main protagonists, Israel and the Palestinians, and scant enthusiasm from others, continued uncertainty and strong doubts over the plan's political vision and the distraction of potential U.S.-Iran conflict, expectations are decidedly low. President Donald Trump's senior adviser and son-in-law Jared Kushner faces high hurdles in building support for the initiative. The 10-year plan calls for projects worth $27.5 billion in the West Bank and Gaza, and $9.1 billion, $7.4 billion and $6.3 billion for Palestinians in Egypt, Jordan and Lebanon, respectively. Projects envisioned include those in the health care, education, power, water, high-tech, tourism, and agriculture sectors. It calls for the creation of a "master fund" to administer the finances and implementation of the projects that is says are akin to the Marshall Plan that rebuilt Europe after World War II. The plan foresees more than doubling the Palestinian gross domestic product, reducing the Palestinian poverty rate by 50 percent and cutting the sky-high Palestinian unemployment rate to nearly single digits, according to the documents, which do not specify exactly how the projects will be funded. Story continues It also calls for linking the West Bank and Gaza with a modern transportation network, including high-speed rail service. Such ideas have been floated in the past in previous peace proposals but have run into Israeli security concerns. "Generations of Palestinians have lived under adversity and loss, but the next chapter can be defined by freedom and dignity," the White House said, calling the plan "the most ambitious international effort for the Palestinian people to date." But an already tough sell that has vexed U.S. administrations for decades is made tougher not least because Trump and his aides have refused to endorse a two-state solution to the conflict that has long been seen as the only viable path to lasting peace. They have also suggested they are open to unilateral Israeli annexation of occupied territory in the West Bank. And, officials say there is no intention of discussing either issue or the most contentious parts of their proposal to end the long-running conflict. Thus, the core political issues that are key to resolving the dispute, such as borders, the status of the holy city of Jerusalem, Israel's security and the fate of Palestinian refugees, will not be raised. Such matters, U.S. officials have said, may have to wait until the fall, after Israeli elections, leaving numerous questions that potential investors almost certainly want answers to before making even tentative financial commitments. Palestinian leaders, angered by what they and their supporters see as blatant U.S. bias toward Israel, want nothing to do with the workshop and will not participate. The Palestinians have called for mass demonstrations against the conference on Monday, Tuesday and Wednesday. "The plan cannot pass because it ends the Palestinian cause," Abbas said on Saturday. "We are not going to attend this workshop, the reason is that the economic situation should not be discussed before a political situation, so long as there is no political situation, we do not deal with any economic situation." An economic adviser to Abbas said projects envisaged in the U.S. proposal could be considered, but only after the political question is agreed upon. "Yes, we need to build the infrastructure, the investment, the tourism sector ... but that cannot come before ending the Israeli occupation," Mohammed Mustafa, head of Palestinian Investment Fund, told The Associated Press. In Gaza, the rival Hamas militant group has also condemned the conference. "In one voice, we say no to the Manama workshop and the deal of the century," Hamas leader Ismail Haniyeh said. He appealed to Bahrain's king to "take a brave, strong, authentic Arab decision not to host this workshop" and called on Arab countries to cancel their planned participation. Complicating the Bahrain meeting is the fact that it coincides with a pledging conference in New York for the U.N. agency for Palestinian refugees, a 70-year-old institution that the Trump administration has defunded and wants to eliminate entirely. The U.N. Relief and Works Agency, or UNRWA, already provides health, education and other services to millions of Palestinians. Its supporters suspect the administration purposely scheduled the Bahrain conference to conflict with its event, noting that Kushner's peace plan partner Jason Greenblatt has publicly called for UNRWA's dissolution. Greenblatt argued last month that the agency perpetuates Palestinian victimhood, abets anti-Israel sentiment and is an inefficient drain on funds that could be better directed. Kushner's plan includes large sums of money for Jordan and Lebanon, countries with large Palestinian refugee populations, in an apparent attempt to have them absorbed into these nations. Regardless of American intent, the dueling meetings are likely to leave donors, particularly European nations, in an awkward position: torn between supporting an established international organization or a mystery concept being put together by a U.S. administration that has in two years reversed a half-century of American Middle East policy. Since Trump took office, he has recognized Jerusalem as Israel's capital, moving the U.S. embassy there from Tel Aviv, downgraded the consulate devoted to Palestinian issues, shut down the Palestinian office in Washington and slashed hundreds of millions of dollars in assistance to the West Bank and Gaza. Such steps have made Kushner's prospects for success in Bahrain even slimmer, according to experts. "This is trying to dangle some benefits to the Palestinians to accept terms they already rejected," said Shibley Telhami, a Mideast scholar and the Anwar Sadat professor for peace and development at the University of Maryland. "A lure to get the Palestinians to accept the unacceptable is not going to work. It's impossible." Although Washington's Gulf Arab allies are supportive of the plan, Israel's immediate neighbors have been more reluctant to embrace it. Jordan and Egypt, the only two Arab countries with peace deals with Israel, are sending mid-ranking officials from their finance ministries and not Cabinet ministers to Bahrain. Jordanian foreign ministry spokesman Sufian al-Qudah reiterated Amman's position that a two-state solution, with a Palestinian state on the pre-1967 borders and a capital in east Jerusalem, "is the only way to resolve the conflict and achieve security, stability and comprehensive peace in the region." Egypt supports the same conditions, the state-run news agency quoted Foreign Ministry spokesman Ahmed Hafez as saying. ___ Mohammed Daraghmeh in Ramallah, West Bank, contributed. |
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