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Have Insiders Been Buying Beijer Alma AB (publ) (STO:BEIA B) Shares? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! We often see insiders buying up shares in companies that perform well over the long term. On the other hand, we'd be remiss not to mention that insider sales have been known to precede tough periods for a business. So we'll take a look at whether insiders have been buying or selling shares inBeijer Alma AB (publ)(STO:BEIA B). It's quite normal to see company insiders, such as board members, trading in company stock, from time to time. However, most countries require that the company discloses such transactions to the market. Insider transactions are not the most important thing when it comes to long-term investing. But logic dictates you should pay some attention to whether insiders are buying or selling shares. For example, a Columbia Universitystudyfound that 'insiders are more likely to engage in open market purchases of their own company’s stock when the firm is about to reveal new agreements with customers and suppliers'. See our latest analysis for Beijer Alma Over the last year, we can see that the biggest insider purchase was by President & CEO Henrik Perbeck for kr581k worth of shares, at about kr145 per share. So it's clear an insider wanted to buy, even at a higher price than the current share price (being kr123). While their view may have changed since the purchase was made, this does at least suggest they have had confidence in the company's future. In our view, the price an insider pays for shares is very important. Generally speaking, it catches our eye when insiders have purchased shares at above current prices, as it suggests they believed the shares were worth buying, even at a higher price. Over the last year, we can see that insiders have bought 10500 shares worth kr1.5m. In the last twelve months Beijer Alma insiders were buying shares, but not selling. The chart below shows insider transactions (by individuals) over the last year. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date! There are always plenty of stocks that insiders are buying. So if that suits your style you could check each stock one by one or you could take a look at thisfreelist of companies. (Hint: insiders have been buying them). Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. We usually like to see fairly high levels of insider ownership. Beijer Alma insiders own about kr808m worth of shares. That equates to 11% of the company. We've certainly seen higher levels of insider ownership elsewhere, but these holdings are enough to suggest alignment between insiders and the other shareholders. The fact that there have been no Beijer Alma insider transactions recently certainly doesn't bother us. However, our analysis of transactions over the last year is heartening. With high insider ownership and encouraging transactions, it seems like Beijer Alma insiders think the business has merit. Of course,the future is what matters most. So if you are interested in Beijer Alma, you should check out thisfreereport on analyst forecasts for the company. Of courseBeijer Alma may not be the best stock to buy. So you may wish to see thisfreecollection of high quality companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. 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.
Crude Oil Price Update – Strengthens Over $65.91, Weakens Under $65.04 International-benchmark Brent crude oil futures are trading soft early Friday. The range is tight and volume low as many of the major players take to the sidelines ahead of this weekend’s G-20 summit in Osaka, Japan and the OPEC meetings in Vienna on July 1-2. At the G-20 meeting, US President Trump and Chinese President Xi Jinping are scheduled to meet on Saturday. While nothing major is expected to come out of this meeting, the outcome could set the tone for the OPEC discussions. OPEC is expected to extend its current production cuts that have been in force since January 1, but depending on the outcome of the Trump-Xi meeting, it may decide to make deeper cuts. At 06:08 GMT, September Brent crude oil is trading $65.34, down $0.33 or -0.50%. Daily September Brent Crude Oil Daily Swing Chart Technical Analysis The main trend is up according to the daily swing chart. A trade through $66.02 will signal a resumption of the uptrend. The main trend will change to down on a trade through $59.39. This is highly unlikely, however, today’s session begins with the market inside the window of time for a potentially bearish closing price reversal top. Without any tops or bottoms in the vicinity of today’s price, a series of retracement levels is controlling the price action. The main range is $73.35 to $58.47. Its retracement zone target is $65.91 to $67.67. The lower level of this zone stopped the rally earlier this week. The intermediate range is $71.61 to $58.47. Its retracement zone at $65.04 to $66.59 is also acting like resistance. Combining the two zones makes $65.04 to $65.91 a key resistance area. The market has been straddling this zone for three straight days. A pair of short-term retracement zones at $62.71 to $61.92 and $62.25 to $61.35 are potential downside targets and support areas. Daily Swing Chart Technical Forecast Based on the early price action, the direction of the September Brent crude oil market on Friday is likely to be determined by trader reaction to the short-term 50% level at $65.04. Story continues Bullish Scenario A sustained move over $65.04 will indicate the presence of buyers. If this creates enough upside momentum then look for a test of $65.91 and $66.02. Taking out $66.02 will indicate the buying is getting stronger. This could trigger a rally into $66.59. Bearish Scenario The inability to overcome $65.91 will signal the presence of sellers. Taking out $65.04 could trigger an acceleration to the downside. Because of the way the market rallied throughout the week, the nearest potential downside target is $62.71. This article was originally posted on FX Empire More From FXEMPIRE: E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Straddling Price Cluster at 26601 to 26602 E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Inside Move Indicates Investor Indecision Natural Gas Price Prediction – Prices Slip but Rise 5.4% for the Week The Crypto Week – Bitcoin Leads the Way as Volatility Grips the Majors Altcoins Weekly Analysis – BNB, EOS and ETH – 30/06/19 Gold Price Prediction – Prices Whipsaw Despite Slowing Inflation
Introducing FLSmidth (CPH:FLS), The Stock That Dropped 23% In The Last Year Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! The simplest way to benefit from a rising market is to buy an index fund. But if you buy individual stocks, you can do both better or worse than that. For example, theFLSmidth & Co. A/S(CPH:FLS) share price is down 23% in the last year. That falls noticeably short of the market return of around 7.5%. The silver lining (for longer term investors) is that the stock is still 20% higher than it was three years ago. Check out our latest analysis for FLSmidth 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...' By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. During the unfortunate twelve months during which the FLSmidth share price fell, it actually saw its earnings per share (EPS) improve by 108%. Of course, the situation might betray previous over-optimism about growth. The divergence between the EPS and the share price is quite notable, during the year. But we might find some different metrics explain the share price movements better. FLSmidth's revenue is actually up 6.0% over the last year. Since we can't easily explain the share price movement based on these metrics, it might be worth considering how market sentiment has changed towards the stock. The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers). We know that FLSmidth has improved its bottom line lately, but what does the future have in store? You can see what analysts are predicting for FLSmidth in thisinteractivegraph of future profit estimates. As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, FLSmidth's TSR for the last year was -21%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted thetotalshareholder return. While the broader market gained around 7.5% in the last year, FLSmidth shareholders lost 21% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Longer term investors wouldn't be so upset, since they would have made 0.5%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. Keeping this in mind, a solid next step might be to take a look at FLSmidth's dividend track record. Thisfreeinteractive graphis a great place to start. For those who like to findwinning investmentsthisfreelist of growing companies with recent insider purchasing, could be just the ticket. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on DK 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.
FLSmidth & Co. A/S (CPH:FLS): What Does Its Beta Value Mean For Your Portfolio? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! If you're interested in FLSmidth & Co. A/S (CPH:FLS), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. Volatility is considered to be a measure of risk in modern finance theory. Investors may think of volatility as falling into two main categories. First, we have company specific volatility, which is the price gyrations of an individual stock. Holding at least 8 stocks can reduce this kind of risk across a portfolio. The second sort is caused by the natural volatility of markets, overall. For example, certain macroeconomic events will impact (virtually) all stocks on the market. Some stocks mimic the volatility of the market quite closely, while others demonstrate muted, exagerrated or uncorrelated price movements. Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). While we should keep in mind that Warren Buffett has cautioned that 'Volatility is far from synonymous with risk', beta is still a useful factor to consider. To make good use of it you must first know that the beta of the overall market is one. Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market. See our latest analysis for FLSmidth As it happens, FLSmidth has a five year beta of 1.05. This is fairly close to 1, so the stock has historically shown a somewhat similar level of volatility as the market. Using history as a guide, we might surmise that the share price is likely to be influenced by market voltility going forward but it probably won't be particularly sensitive to it. Beta is worth considering, but it's also important to consider whether FLSmidth is growing earnings and revenue. You can take a look for yourself, below. With a market capitalisation of ø14b, FLSmidth is a pretty big company, even by global standards. It is quite likely well known to very many investors. We shouldn't be surprised to see a large company like this with a beta value quite close to the market average. Large companies often move roughly in line with the market. In part, that's because there are fewer individual events that are signficant enough to markedly change the value of the stock (compared to small companies, at least). It is probable that there is a link between the share price of FLSmidth and the broader market, since it has a beta value quite close to one. However, long term investors are generally well served by looking past market volatility and focussing on the underlying development of the business. If that's your game, metrics such as revenue, earnings and cash flow will be more useful. This article aims to educate investors about beta values, but it's well worth looking at important company-specific fundamentals such as FLSmidth’s financial health and performance track record. I urge you to continue your research by taking a look at the following: 1. Future Outlook: What are well-informed industry analysts predicting for FLS’s future growth? Take a look at ourfree research report of analyst consensusfor FLS’s outlook. 2. Past Track Record: Has FLS been consistently performing well irrespective of the ups and downs in the market? Go into more detail in the past performance analysis and take a look atthe free visual representations of FLS's historicalsfor more clarity. 3. Other Interesting Stocks: It's worth checking to see how FLS measures up against other companies on valuation. You could start with thisfree list of prospective options. 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.
Will Kerry Logistics Network Limited's (HKG:636) Earnings Grow Over The Next Year? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! In December 2018, Kerry Logistics Network Limited (HKG:636) announced its earnings update. Overall, analysts seem fairly confident, with earnings expected to grow by 23% in the upcoming year relative to the past 5-year average growth rate of 7.6%. Presently, with latest-twelve-month earnings at HK$2.4b, we should see this growing to HK$3.0b by 2020. I will provide a brief commentary around the figures and analyst expectations in the near term. For those keen to understand more about other aspects of the company, you canresearch its fundamentals here. View our latest analysis for Kerry Logistics Network The 9 analysts covering 636 view its longer term outlook with a negative sentiment. Given that it becomes hard to forecast far into the future, broker analysts tend to project ahead roughly three years. To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line. From the current net income level of HK$2.4b and the final forecast of HK$2.1b by 2022, the annual rate of growth for 636’s earnings is -8.5%. EPS reaches HK$1.24 in the final year of forecast compared to the current HK$1.44 EPS today. The main reason for 636’s earnings contraction is cost growth exceeding top-line growth of 11% in the next three years. With this high cost growth, margins is expected to contract from 6.4% to 3.8% by the end of 2022. Future outlook is only one aspect when you're building an investment case for a stock. For Kerry Logistics Network, I've put together three key factors you should further research: 1. Financial Health: Does it have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Valuation: What is Kerry Logistics Network worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether Kerry Logistics Network is currently mispriced by the market. 3. Other High-Growth Alternatives: Are there other high-growth stocks you could be holding instead of Kerry Logistics Network? Exploreour interactive list of stocks with large growth potentialto get an idea of what else is out there you may be missing! 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.
Looking At Nolato AB (publ) (STO:NOLA B) From All Angles Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! As an investor, I look for investments which does not compromise one fundamental factor for another. By this I mean, I look at stocks holistically, from their financial health to their future outlook. In the case of Nolato AB (publ) (STO:NOLA B), it is a highly-regarded dividend payer that has been able to sustain great financial health over the past. Below is a brief commentary on these key aspects. If you're interested in understanding beyond my broad commentary, take a look at thereport on Nolato here. NOLA B's ability to maintain an adequate level of cash to meet upcoming liabilities is a good sign for its financial health. This implies that NOLA B manages its cash and cost levels well, which is an important determinant of the company’s health. NOLA B's has produced operating cash levels of 1.33x total debt over the past year, which implies that NOLA B's management has put its borrowings into good use by generating enough cash to cover a sufficient portion of borrowings. NOLA B is also a dividend company, with ample net income to cover its dividend payout, which has been consistently growing over the past decade, keeping income investors happy. For Nolato, I've compiled three fundamental aspects you should look at: 1. Future Outlook: What are well-informed industry analysts predicting for NOLA B’s future growth? Take a look at ourfree research report of analyst consensusfor NOLA B’s outlook. 2. Historical Performance: What has NOLA B's returns been like over the past? Go into more detail in the past track record analysis and take a look atthe free visual representations of our analysisfor more clarity. 3. Other Attractive Alternatives: Are there other well-rounded stocks you could be holding instead of NOLA B? Exploreour interactive list of stocks with large potentialto get an idea of what else is out there you may be missing! 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.
Nicki Minaj reveals why she got fired from Red Lobster Nicki Minaj joined The Tonight Show ’s Jimmy Fallon for a delectable meal at her former place of employment, Red Lobster. And since it was Jimmy’s first visit, Nicki showed him the ropes. Before she was a famous rapper, Nicki worked at the popular seafood chain. Though she may not have been the best employee. Nicki said, “I had worked at a couple different Red Lobsters and got fired from all three or four of them.” While she couldn’t quite remember how many times she was fired, she definitely remembered the last time she was fired. After one of her customers left her no tip and stole her pen, the now famous songstress followed them out to their car. “I banged on the car window and I said, ‘Give me my pen!” recalled Nicki. She then explained how she generously showed her middle fingers to the customer. She said, “My manager fired me on the spot.” Considering the fact that she drives a Rolls Royce and her newest single “ Megatron ” is number one on iTunes, it’s safe to say Nicki done alright since getting axed. And to prove she holds no hard feelings, Nicki threw on a waitress apron and served some unsuspecting fans. In the end, Jimmy gifted Nicki with a “Cheddar Bay Biscuits for Life.” He also gave Nicki a pen, saying, “I also tracked the people down and got your pen back. You've been redeemed.” The Tonight Show Starring Jimmy Fallon airs weeknights at 11:35 p.m. on NBC . Watch as Extremely rare tiebreaker shocks Jeopardy! fans and even Alex Trebek: Read more from Yahoo! Entertainment: ‘Big Brother’ just premiered and Twitter is already calling out its racism Rosie O’Donnell wishes Meghan McCain ‘wouldn’t be mean to Joy Behar’ Dramatic ‘KUWTK’ reveals how the Kardashians reacted to the news of Tristan and Jordyn’s cheating scandal Tell us what you think! Hit us up on Twitter , Facebook , or Instagram , or leave your comments below. And check out our host, Kylie Mar, on Twitter , Facebook , or Instagram . Want daily pop culture news delivered to your inbox? Sign up here for Yahoo Entertainment & Lifestyle's newsletter.
Has Somfy SA (EPA:SO) Got Enough Cash? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Small and large cap stocks are widely popular for a variety of reasons, however, mid-cap companies such as Somfy SA (EPA:SO), with a market cap of €2.9b, often get neglected by retail investors. Despite this, commonly overlooked mid-caps have historically produced better risk-adjusted returns than their small and large-cap counterparts. This article will examine SO’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. Note that this information is centred entirely on financial health and is a top-level understanding, so I encourage you to look furtherinto SO here. View our latest analysis for Somfy SO has shrunk its total debt levels in the last twelve months, from €110m to €37m , which includes long-term debt. With this debt repayment, the current cash and short-term investment levels stands at €260m , ready to be used for running the business. On top of this, SO has produced cash from operations of €171m over the same time period, resulting in an operating cash to total debt ratio of 459%, meaning that SO’s debt is appropriately covered by operating cash. At the current liabilities level of €224m, it appears that the company has maintained a safe level of current assets to meet its obligations, with the current ratio last standing at 2.88x. The current ratio is the number you get when you divide current assets by current liabilities. Generally, for Electrical companies, this is a reasonable ratio since there's a sufficient cash cushion without leaving too much capital idle or in low-earning investments. SO’s level of debt is low relative to its total equity, at 4.2%. SO is not taking on too much debt commitment, which may be constraining for future growth. We can check to see whether SO is able to meet its debt obligations by looking at the net interest coverage ratio. A company generating earnings before interest and tax (EBIT) at least three times its net interest payments is considered financially sound. In SO's, case, the ratio of 142x suggests that interest is comfortably covered, which means that lenders may be less hesitant to lend out more funding as SO’s high interest coverage is seen as responsible and safe practice. SO’s high cash coverage and low debt levels indicate its ability to utilise its borrowings efficiently in order to generate ample cash flow. Furthermore, the company will be able to pay all of its upcoming liabilities from its current short-term assets. This is only a rough assessment of financial health, and I'm sure SO has company-specific issues impacting its capital structure decisions. You should continue to research Somfy to get a more holistic view of the stock by looking at: 1. Future Outlook: What are well-informed industry analysts predicting for SO’s future growth? Take a look at ourfree research report of analyst consensusfor SO’s outlook. 2. Valuation: What is SO worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether SO is currently mispriced by the market. 3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks 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.
Is Breedon Group plc's (LON:BREE) CEO Being Overpaid? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Pat Ward has been the CEO of Breedon Group plc (LON:BREE) since 2016. First, this article will compare CEO compensation with compensation at similar sized companies. Next, we'll consider growth that the business demonstrates. Third, we'll reflect on the total return to shareholders over three years, as a second measure of business performance. The aim of all this is to consider the appropriateness of CEO pay levels. Check out our latest analysis for Breedon Group According to our data, Breedon Group plc has a market capitalization of UK£1.0b, and pays its CEO total annual compensation worth UK£1.1m. (This number is for the twelve months until December 2018). Notably, that's an increase of 8.1% over the year before. While this analysis focuses on total compensation, it's worth noting the salary is lower, valued at UK£581k. We looked at a group of companies with market capitalizations from UK£789m to UK£2.5b, and the median CEO total compensation was UK£1.3m. So Pat Ward receives a similar amount to the median CEO pay, amongst the companies we looked at. This doesn't tell us a whole lot on its own, but looking at the performance of the actual business will give us useful context. You can see, below, how CEO compensation at Breedon Group has changed over time. Breedon Group plc has increased its earnings per share (EPS) by an average of 19% a year, over the last three years (using a line of best fit). Its revenue is up 32% over last year. This shows that the company has improved itself over the last few years. Good news for shareholders. Most shareholders would be pleased to see strong revenue growth combined with EPS growth. This combo suggests a fast growing business. It could be important to checkthis free visual depiction ofwhat analysts expectfor the future. With a three year total loss of 0.9%, Breedon Group plc would certainly have some dissatisfied shareholders. This suggests it would be unwise for the company to pay the CEO too generously. Pat Ward is paid around what is normal the leaders of comparable size companies. We think that the EPS growth is very pleasing, but we find the returns over the last three years to be lacking. We'd be surprised if shareholders want to see a pay rise for the CEO, but we'd stop short of calling their pay too generous. Shareholders may want tocheck for free if Breedon Group insiders are buying or selling shares. Arguably, business quality is much more important than CEO compensation levels. So check out thisfreelist of interesting companies, that have HIGH return on equity 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.
IMI plc (LON:IMI): What Does The Future Look Like? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! After IMI plc's (LON:IMI) recent earnings announcement in December 2018, analyst consensus outlook seem pessimistic, with earnings expected to decline by 4.4% in the upcoming year. However, this is still an improvement on its past 5-year earnings growth rate of -5.8%, on average. Presently, with latest-twelve-month earnings at UK£169m, we should see this fall to UK£162m by 2020. In this article, I've outline a few earnings growth rates to give you a sense of the market sentiment for IMI in the longer term. Investors wanting to learn more about other aspects of the company shouldresearch its fundamentals here. See our latest analysis for IMI The longer term view from the 17 analysts covering IMI is one of positive sentiment. Broker analysts tend to forecast up to three years ahead due to a lack of clarity around the business trajectory beyond this. To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line. From the current net income level of UK£169m and the final forecast of UK£185m by 2022, the annual rate of growth for IMI’s earnings is 3.2%. This leads to an EPS of £0.71 in the final year of projections relative to the current EPS of £0.63. Margins are currently sitting at 8.9%, which is expected to expand to 9.2% by 2022. Future outlook is only one aspect when you're building an investment case for a stock. For IMI, I've put together three fundamental factors you should further examine: 1. Financial Health: Does it have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Valuation: What is IMI worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether IMI is currently mispriced by the market. 3. Other High-Growth Alternatives: Are there other high-growth stocks you could be holding instead of IMI? Exploreour interactive list of stocks with large growth potentialto get an idea of what else is out there you may be missing! 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.
Is IMI plc's (LON:IMI) 3.9% Dividend Worth Your Time? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Is IMI plc (LON:IMI) a good dividend stock? How can we tell? Dividend paying companies with growing earnings can be highly rewarding in the long term. Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. A high yield and a long history of paying dividends is an appealing combination for IMI. We'd guess that plenty of investors have purchased it for the income. Some simple research can reduce the risk of buying IMI for its dividend - read on to learn more. Explore this interactive chart for our latest analysis on IMI! Dividends are typically paid from company earnings. If a company pays more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. Comparing dividend payments to a company's net profit after tax is a simple way of reality-checking whether a dividend is sustainable. IMI paid out 65% of its profit as dividends, over the trailing twelve month period. A payout ratio above 50% generally implies a business is reaching maturity, although it is still possible to reinvest in the business or increase the dividend over time. Another important check we do is to see if the free cash flow generated is sufficient to pay the dividend. IMI paid out 73% of its free cash flow last year, which is acceptable, but is starting to limit the amount of earnings that can be reinvested into the business. It's positive to see that IMI's dividend is covered by both profits and cash flow, since this is generally a sign that the dividend is sustainable, and a lower payout ratio usually suggests a greater margin of safety before the dividend gets cut. We update our data on IMI every 24 hours, so you can always getour latest analysis of its financial health, here. Before buying a stock for its income, we want to see if the dividends have been stable in the past, and if the company has a track record of maintaining its dividend. For the purpose of this article, we only scrutinise the last decade of IMI's dividend payments. During this period the dividend has been stable, which could imply the business could have relatively consistent earnings power. During the past ten-year period, the first annual payment was UK£0.24 in 2009, compared to UK£0.41 last year. Dividends per share have grown at approximately 5.5% per year over this time. Businesses that can grow their dividends at a decent rate and maintain a stable payout can generate substantial wealth for shareholders over the long term. While dividend payments have been relatively reliable, it would also be nice if earnings per share (EPS) were growing, as this is essential to maintaining the dividend's purchasing power over the long term. IMI's earnings per share have been essentially flat over the past five years. Flat earnings per share are acceptable for a time, but over the long term, the purchasing power of the company's dividends could be eroded by inflation. When we look at a dividend stock, we need to form a judgement on whether the dividend will grow, if the company is able to maintain it in a wide range of economic circumstances, and if the dividend payout is sustainable. IMI's is paying out more than half its income as dividends, but at least the dividend is covered by both reported earnings and cashflow. Second, earnings per share have actually shrunk, but at least the dividends have been relatively stable. While we're not hugely bearish on it, overall we think there are potentially better dividend stocks than IMI out there. Without at least some growth in earnings per share over time, the dividend will eventually come under pressure either from costs or inflation. Businesses can change though, and we think it would make sense to see whatanalysts are forecasting for the company. Looking for more high-yielding dividend ideas? Try ourcurated list of dividend stocks with a yield above 3%. 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.
An Intrinsic Calculation For GL Events (EPA:GLO) Suggests It's 35% Undervalued Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Does the June share price for GL Events (EPA:GLO) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by estimating the company's future cash flows and discounting them to their present value. I will use the Discounted Cash Flow (DCF) model. It may sound complicated, but actually it is quite simple! Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in theSimply Wall St analysis model. View our latest analysis for GL Events We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or 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. Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: [{"": "Levered FCF (\u20ac, Millions)", "2019": "\u20ac81.67", "2020": "\u20ac83.86", "2021": "\u20ac80.93", "2022": "\u20ac79.10", "2023": "\u20ac78.02", "2024": "\u20ac77.44", "2025": "\u20ac77.21", "2026": "\u20ac77.22", "2027": "\u20ac77.40", "2028": "\u20ac77.69"}, {"": "Growth Rate Estimate Source", "2019": "Analyst x3", "2020": "Analyst x5", "2021": "Analyst x3", "2022": "Est @ -2.27%", "2023": "Est @ -1.37%", "2024": "Est @ -0.74%", "2025": "Est @ -0.3%", "2026": "Est @ 0.01%", "2027": "Est @ 0.23%", "2028": "Est @ 0.38%"}, {"": "Present Value (\u20ac, Millions) Discounted @ 7.91%", "2019": "\u20ac75.68", "2020": "\u20ac72.01", "2021": "\u20ac64.41", "2022": "\u20ac58.33", "2023": "\u20ac53.31", "2024": "\u20ac49.04", "2025": "\u20ac45.31", "2026": "\u20ac42.00", "2027": "\u20ac39.01", "2028": "\u20ac36.28"}] Present Value of 10-year Cash Flow (PVCF)= €535.38m "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 10-year government bond rate (0.7%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 7.9%. Terminal Value (TV)= FCF2029× (1 + g) ÷ (r – g) = €78m × (1 + 0.7%) ÷ (7.9% – 0.7%) = €1.1b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= €€1.1b ÷ ( 1 + 7.9%)10= €509.16m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is €1.04b. The last step is to then divide the equity value by the number of shares outstanding.This results in an intrinsic value estimate of €35.1. Compared to the current share price of €22.8, the company appears quite undervalued at a 35% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out. We would point out that 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 GL Events 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 7.9%, which is based on a levered beta of 1.079. 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. Valuation is only one side of the coin in terms of building your investment thesis, and 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. What is the reason for the share price to differ from the intrinsic value? For GL Events, I've compiled three additional factors you should further research: 1. Financial Health: Does GLO have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Future Earnings: How does GLO's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart. 3. Other High Quality Alternatives: Are there other high quality stocks you could be holding instead of GLO? Exploreour interactive list of high quality stocksto get an idea of what else is out there you may be missing! PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the EPA every day. If you want to find the calculation for other stocks 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.
Defence contractor consolidation a security concern - U.S. Air Force acquisition head * United Technologies and Raytheon pursuing $121 bln merger * More frequent competitions needed to encourage smaller players * Looking into new technology like 'attritable' drones By Jamie Freed SINGAPORE, June 28 (Reuters) - The number of major U.S. defence contractors has shrunk to the point of becoming a national security concern, according to the U.S. Air Force's acquisition head, who said his service needed to have more frequent competitions to benefit smaller companies. The comment came after U.S. President Donald Trump this month expressed concern that United Technologies Corp's plan to combine its aerospace business with that of Raytheon Co could harm competition and make it more difficult to negotiate defence contracts. The $121 billion deal would be the sector's biggest-ever merger. Will Roper, assistant secretary of the U.S. Air Force for acquisition, technology and logistics, said when his service was formed in 1947, over a dozen companies could make airplanes. "Right now we are down to just a couple of companies who can build tactical airplanes for us. We need to do everything in our power to start opening up that envelope again," he told reporters on the sidelines of a defence technology conference in Singapore on Friday. He said U.S. Air Force tenders for major equipment typically required so much design effort that it was unaffordable for all but the very biggest defence contractors to compete. "For competition to be positive it has to occur frequently enough that the winners are happy but the losers don't have to fundamentally change their company," he said. Roper, who oversees an annual budget of more than $40 billion, said because the United Technologies-Raytheon deal was not finalised, the U.S. Air Force did not have a position on it. But he said the service was focused on funding start-ups and working with smaller companies like Kratos Defense and Security Solutions Inc, which is developing the $2 million to $3 million Valkryie combat drone designed to fly alongside crewed aircraft. The Valkyrie is "attritable", which Roper said is defined as expensive enough to be lethal but cheap enough to take the risk that it will not return from a mission. "In my mind the cap was a missile defence interceptor cost, so nothing more than, say, $10 million," he said. Boeing Co in February unveiled a larger unmanned fighter-like jet developed in Australia, and Lockheed Martin Corp is also investing in attritables. Roper said there would be room in the market for different types of the drones, which could fight alongside F-35s and F-15s controlled by those jets' pilots. "I think that we will have large systems that are designed to have many takeoffs and landings but not be kept for decades," he said. "I think we'll have very small systems that are somewhere between a weapon and a very small drone that I think of as more reusable weapons." (Reporting by Jamie Freed; Editing by Christopher Cushing)
Here's What GL Events's (EPA:GLO) P/E Ratio Is Telling Us Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. We'll look at GL Events's (EPA:GLO) P/E ratio and reflect on what it tells us about the company's share price.GL Events has a P/E ratio of 13.47, based on the last twelve months. That is equivalent to an earnings yield of about 7.4%. Check out our latest analysis for GL Events Theformula for P/Eis: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for GL Events: P/E of 13.47 = €22.8 ÷ €1.69 (Based on the year to December 2018.) A higher P/E ratio means that buyers have to paya higher pricefor each €1 the company has earned over the last year. All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' Generally speaking the rate of earnings growth has a profound impact on a company's P/E multiple. If earnings are growing quickly, then the 'E' in the equation will increase faster than it would otherwise. That means even if the current P/E is high, it will reduce over time if the share price stays flat. A lower P/E should indicate the stock is cheap relative to others -- and that may attract buyers. It's great to see that GL Events grew EPS by 11% in the last year. And it has bolstered its earnings per share by 31% per year over the last five years. So one might expect an above average P/E ratio. The P/E ratio essentially measures market expectations of a company. We can see in the image below that the average P/E (17.2) for companies in the commercial services industry is higher than GL Events's P/E. This suggests that market participants think GL Events will underperform other companies in its industry. Since the market seems unimpressed with GL Events, it's quite possible it could surprise on the upside. You should delve deeper. I like to checkif company insiders have been buying or selling. One drawback of using a P/E ratio is that it considers market capitalization, but not the balance sheet. Thus, the metric does not reflect cash or debt held by the company. The exact same company would hypothetically deserve a higher P/E ratio if it had a strong balance sheet, than if it had a weak one with lots of debt, because a cashed up company can spend on growth. Such expenditure might be good or bad, in the long term, but the point here is that the balance sheet is not reflected by this ratio. Net debt totals 54% of GL Events's market cap. This is enough debt that you'd have to make some adjustments before using the P/E ratio to compare it to a company with net cash. GL Events's P/E is 13.5 which is below average (17.8) in the FR market. The company has a meaningful amount of debt on the balance sheet, but that should not eclipse the solid earnings growth. The low P/E ratio suggests current market expectations are muted, implying these levels of growth will not continue. When the market is wrong about a stock, it gives savvy investors an opportunity. As value investor Benjamin Graham famously said, 'In the short run, the market is a voting machine but in the long run, it is a weighing machine.' So thisfreevisual report on analyst forecastscould hold the key to an excellent investment decision. You might be able to find a better buy than GL Events. If you want a selection of possible winners, check out thisfreelist of interesting companies that trade on a P/E below 20 (but have proven they can grow earnings). 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.
Should You Be Worried About Insider Transactions At Thule Group AB (publ) (STO:THULE)? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. On the other hand, we'd be remiss not to mention that insider sales have been known to precede tough periods for a business. So before you buy or sellThule Group AB (publ)(STO:THULE), you may well want to know whether insiders have been buying or selling. Most investors know that it is quite permissible for company leaders, such as directors of the board, to buy and sell stock on the market. However, such insiders must disclose their trading activities, and not trade on inside information. Insider transactions are not the most important thing when it comes to long-term investing. But logic dictates you should pay some attention to whether insiders are buying or selling shares. As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for Thule Group Over the last year, we can see that the biggest insider sale was by the Senior Vice President of Human Resources & Sustainability, Kajsa von Geijer, for kr4.1m worth of shares, at about kr206 per share. So it's clear an insider wanted to take some cash off the table, even below the current price of kr230. As a general rule we consider it to be discouraging when insiders are selling below the current price, because it suggests they were happy with a lower valuation. However, while insider selling is sometimes discouraging, it's only a weak signal. It is worth noting that this sale was only 22.3% of Kajsa von Geijer's holding. The only individual insider seller over the last year was Kajsa von Geijer. You can see the insider transactions (by individuals) over the last year depicted in the chart below. If you want to know exactly who sold, for how much, and when, simply click on the graph below! For those who like to findwinning investmentsthisfreelist of growing companies with recent insider purchasing, could be just the ticket. Many investors like to check how much of a company is owned by insiders. A high insider ownership often makes company leadership more mindful of shareholder interests. Insiders own 0.7% of Thule Group shares, worth about kr168m. While this is a strong but not outstanding level of insider ownership, it's enough to indicate some alignment between management and smaller shareholders. The fact that there have been no Thule Group insider transactions recently certainly doesn't bother us. It's great to see high levels of insider ownership, but looking back at the last year, we don't gain confidence from the Thule Group insiders selling. If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check thisfreereport showing analyst forecasts for its future. Of courseThule Group may not be the best stock to buy. So you may wish to see thisfreecollection of high quality companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. 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.
A Closer Look At Thule Group AB (publ)'s (STO:THULE) Impressive ROE Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Thule Group AB (publ) (STO:THULE). Over the last twelve monthsThule Group has recorded a ROE of 20%. One way to conceptualize this, is that for each SEK1 of shareholders' equity it has, the company made SEK0.20 in profit. View our latest analysis for Thule Group Theformula for return on equityis: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Thule Group: 20% = kr870m ÷ kr4.4b (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. It is all earnings retained by the company, plus any capital paid in by shareholders. The easiest way to calculate shareholders' equity is to subtract the company's total liabilities from the 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 yearly profit. A higher profit will lead to a higher ROE. So, all else being equal,a high ROE is better than a low one. That means ROE can be used to compare two businesses. 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. As is clear from the image below, Thule Group has a better ROE than the average (14%) in the Leisure industry. That's clearly a positive. We think a high ROE, alone, is usually enough to justify further research into a company. One data point to check is ifinsiders have bought shares recently. Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, 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 used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used. While Thule Group does have some debt, with debt to equity of just 0.60, we wouldn't say debt is excessive. Its very respectable ROE, combined with only modest debt, suggests the business is in good shape. Conservative use of debt to boost returns is usually a good move for shareholders, though it does leave the company more exposed to interest rate rises. Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE. But when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at thisdata-rich interactive graph of forecasts for the company. But note:Thule Group may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with 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.
ONGC seeks partners to boost output from over 60 small oil and gas fields NEW DELHI (Reuters) - India's Oil and Natural Gas Corp on Friday said it had issued a tender seeking partners to work with it on boosting output from 64 small oil and gas fields that were handed to the state-run firm without competition. It said companies could bid individually or in groups to work with ONGC on the fields, located in 17 areas and estimated to hold reserves of 300 million tonnes of oil equivalent. India, the world's third-largest oil consumer, currently buys over 80 percent of its supplies from abroad. But Prime Minister Narendra Modi wants to cut the nation's dependence on foreign oil to 67 percent by 2022. Companies that work with ONGC will be free to market and sell their share of oil and gas output as they like for up to 20 years, ONGC said. Selected partners will have rights over part of incremental output on top of baseline production from the blocks (Reporting by Nidhi Verma; Editing by Joseph Radford)
Jennifer Eberhardt on the 'other race effect' Professor Jennifer Eberhardt is an award-winning Stanford University social psychologist whose groundbreaking work centres around race and inequality. Much of her research has focused on what’s known as the “other race effect” — a phenomenon where people are better at recognising faces from their own race than those of others. Speaking on Yahoo Finance UK’s Global Change Agents with Lianna Brinded show, Eberhardt gave a real-world example of the phenomenon playing out. Watch the full Dr. Jennifer Eberhardt Global Change Agents interview here In 2014, there was an “alarming spike in crime” in the Chinatown neighbourhood of Oakland, California. The police department there found young black men were deliberately robbing middle-aged Chinese women because the perpetrators knew they would be difficult to identify by their victims in a police lineup. Researchers have known about the “other race effect” for around 50 to 60 years, according to Eberhardt. “You can see this in all the cultures and all different countries and so forth, so it seems to be a pretty widespread phenomenon,” she said. The Oakland Police Department worked to tackle the problem by installing more security cameras in the area, “so the cameras could actually do what the women could not, which was [to] identify who was at the root of these crimes,” Eberhardt said. Global Change Agents with Lianna Brinded explores the stories of some of the most inspirational women across business, tech, and academia. Catch up on all the latest episodes here .
The economy doesn't work for most Americans. The poor need a voice Photograph: Alex Wong/Getty Images At a rally in Orlando, Florida, on Tuesday, Donald Trump officially announced his 2020 Keep America Great campaign, touting low unemployment rates and record corporate profits as the result of his administration’s tax cuts and deregulation. While he hasn’t drained the swamp or built his wall, the president is running for a second term on a “booming economy”. Unless we confront the economic struggles nearly half of Americans are experiencing, he may have another four years in the White House. We hosted a 2020 candidates’ forum in Washington last Monday as part of the Poor People Campaign’s Moral Action Congress. Nine presidential candidates, including frontrunners for the Democratic nomination, took questions from poor people who know that, however well the stock market is doing, this economy is not working for them. Poor people have not heard their names in American public life for the past 40 years One hundred and forty million poor and low-income people in America are a $400 emergency away from not being able to pay their bills next month. That’s 43.5% of the population in the world’s richest nation. While Democrats have championed the middle class and Republicans have promoted tax cuts and corporate welfare, poor people have not heard their names in American public life for the past 40 years, even as the gap between the rich and the poor has grown to levels of inequality we haven’t seen since before the Great Depression. While both parties work to energize and mobilize their base, it is no accident that the single largest voting bloc in American politics is not those who voted Republican or Democrat in the last presidential election, but those who did not vote at all. Roughly 100 million Americans who were eligible to vote in 2016 didn’t cast a ballot. In 2018, while many celebrated a historic turnout for a midterm election, the numbers of those who didn’t participate were still higher. Over the past year, since we relaunched the 1968 Poor People Campaign’s effort to build a broad coalition committed to restructuring the American economy, we have organized coordinating committees made up of poor and impacted people, moral leaders, activists and advocates in 41 states and hosted hundreds of local events across the country to lift up issues impacting poor people. When members of this campaign had a chance to speak directly to presidential candidates, they didn’t want to know what candidates plan to do to grow the economy. They wanted to hear how they plan to guarantee living wages for workers, healthcare for all people and a habitable planet for their children. They wanted to know how candidates plan to end voter suppression, attacks on immigrants, mass incarceration and unchecked military spending. Story continues In short, they wanted to know who is committed to solving these problems and making the economy work for everyone. Corporate interests on both sides of the aisle and in the news media that cover politics have brought us to a bipartisan consensus about the economy that ignores the lived experience of most Americans. This was most clear to us in Washington this week when we testified before the House budget committee about the need to radically shift our priorities to address the real needs of everyday Americans who are hurting. For nearly an hour, poor people shared stories about how systemic racism, systemic poverty, ecological devastation and the war economy cripple them and their communities. But during the question period, their elected representatives rehearsed tired myths about personal responsibility and the need to build bipartisan consensus to expand opportunity to everyone. After a year of grassroots organizing and power-building around the nation, the Poor People’s Campaign: A National Call for Moral Revival came to Washington this week to say that action on poverty is a moral mandate in this moment. Here’s what we learned: both Republicans and Democrats have accepted ways of talking about the economy that ignore nearly half of us. Within this framework, any effort at bipartisan consensus building can only prop up those who are already in power. Without a radical revolution of values when it comes to whose issues are represented in our public life, Americans will continue to blame the poor for our problems, pit us against each other and be fed the lie of scarcity. But another future is possible. As we witness the erosion of norms and attacks on vulnerable populations under this administration, we know that nothing less than the future of democracy is at stake. We adjourned our Congress in the nation’s capitol this week with a commitment to go home to our communities and build a movement that will bring tens of thousands of our neighbors back next summer for a Mass Poor People’s Assembly and Moral March on Washington. By demonstrating the power of an electorate that has been ignored, we will demand that both parties address the economy that isn’t working for most of us. The Rev Dr William Barber II is co-chair of the Poor People’s Campaign: A National Call for Moral Revival
Why Fundamental Investors Might Love Aptitude Software Group plc (LON:APTD) Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! I've been keeping an eye on Aptitude Software Group plc (LON:APTD) because I'm attracted to its fundamentals. Looking at the company as a whole, as a potential stock investment, I believe APTD has a lot to offer. Basically, it is a company with great financial health as well as a a great track record of performance. Below, I've touched on some key aspects you should know on a high level. For those interested in understanding where the figures come from and want to see the analysis, take a look at thereport on Aptitude Software Group here. In the previous year, APTD has ramped up its bottom line by 31%, with its latest earnings level surpassing its average level over the last five years. This illustrates a strong track record, leading to a satisfying return on equity of 21%. which is what investors like to see! APTD's ability to maintain an adequate level of cash to meet upcoming liabilities is a good sign for its financial health. This indicates that APTD has sufficient cash flows and proper cash management in place, which is a crucial insight into the health of the company. APTD's has produced operating cash levels of 0.98x total debt over the past year, which implies that APTD's management has put its borrowings into good use by generating enough cash to cover a sufficient portion of borrowings. For Aptitude Software Group, I've put together three essential aspects you should further examine: 1. Future Outlook: What are well-informed industry analysts predicting for APTD’s future growth? Take a look at ourfree research report of analyst consensusfor APTD’s outlook. 2. Valuation: What is APTD worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether APTD is currently mispriced by the market. 3. Other Attractive Alternatives: Are there other well-rounded stocks you could be holding instead of APTD? Exploreour interactive list of stocks with large potentialto get an idea of what else is out there you may be missing! 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.
Jony Ive, Apple designer behind iPhone and iMac, to exit company after 30 years Photograph: VCG/VCG via Getty Images Jony Ive, the chief architect of groundbreaking and distinctive designs from the iMac to the iPhone, announced on Thursday that he is leaving Apple after nearly 30 years. Ives departure, which was announced in an exclusive interview with the Financial Times , is sure to set off shock waves in the tech and design worlds, but the 52-year-old Briton will remain involved with Apple. He plans to launch a new creative company called LoveFrom and said Apple will be his first client. While I will not be an employee, I will still be very involved I hope for many, many years to come, Ive told the FT . This just seems like a natural and gentle time to make this change. Jony is a singular figure in the design world and his role in Apples revival cannot be overstated, chief executive Tim Cook said in a statement. Apple will continue to benefit from Jonys talents by working directly with him on exclusive projects, and through the ongoing work of the brilliant and passionate design team he has built. Cook further paid tribute to Ive in an interview with the FT, highlighting his role in rescuing the company from its early-90s doldrums: The work on the original iMac was sort of the point at which people began to pay attention to Apple again on something other than how badly economically the company was doing. We get to continue with the same team that weve had for a long time and have the pleasure of continuing to work with Jony, he added. I cant imagine a better result. Jony Ive, left, had his first truly iconic hit with the iMac in 1998. With him is Jon Rubinstein, Apples then vice-president of design. Photograph: Susan Ragan/AP Ives departure comes at a tricky moment for Apple, which became the worlds first trillion-dollar company in August 2018, but has faltered amid increased competition, slowing demand for smartphones, and the escalating trade war between the US and China. The company shocked investors in January when it was forced to downgrade sales forecasts , the first such warning the company had issued since 2002. In recent months, Apple has moved to diversify its revenues away from hardware sales and toward subscription services, including a bid to take on Netflix with original entertainment content. Story continues Apples stock fell approximately 1% in after-hours trading on news of Ives departure. Ives influence at Apple pre-dates his employment there. He worked on the companys original Apple PowerBook 140, released in 1991, while still employed by the British design firm Tangerine. His first truly iconic hit after joining Apple was the 1998 iMac with its translucent Bondi blue casing. Next came the iPod, the iPhone and the Apple Watch. But Ives influence extended beyond hardware design. Starting in 2012, he took over design of Apples software, which resulted in a total overhaul of the iPhones operating system, iOS. Ive jettisoned the cutesy faux leather and paper icons and pseudo-3D textures, opting for flat and abstract iconography. He was also involved in designing Apples new headquarters, Apple Park, the $5bn futuristic spaceship that opened in 2017. Apples new headquarters, Apple Park, in Cupertino, California. Photograph: Justin Sullivan/Getty Images The designer also had his share of misses and critics. As stunning as Apple Parks four-story glass walls may be, the minimalist design failed to include the usual markings that can prevent birds and humans from walking into them, resulting in multiple 911-call-inducing accidents . In March, Apple debuted a beautifully absurd laser-etched titanium credit card that drew instant ridicule. No immediate successor has been named to fill Ives role as chief design officer. The heads of the companys user interface team and industrial design teams, Alan Dye and Evans Hankey, will both report to the chief operating officer, Jeff Williams, Apple said. I certainly have an ambition and feel almost a moral obligation to be useful, Ive told the paper. I feel Ive been fortunate enough to work with remarkable people over the last 30-plus years and have worked on some very interesting projects and solved some very difficult problems. I feel keenly aware of a responsibility to do something significant with that learning.
Why Aptitude Software Group plc (LON:APTD) Could Be Worth Watching Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Aptitude Software Group plc (LON:APTD), which is in the software business, and is based in United Kingdom, saw a decent share price growth in the teens level on the LSE over the last few months. As a small cap stock, hardly covered by any analysts, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value. Is there still an opportunity here to buy? Today I will analyse the most recent data on Aptitude Software Group’s outlook and valuation to see if the opportunity still exists. See our latest analysis for Aptitude Software Group Good news, investors! Aptitude Software Group is still a bargain right now. In this instance, I’ve used the price-to-earnings (PE) ratio given that there is not enough information to reliably forecast the stock’s cash flows. I find that Aptitude Software Group’s ratio of 19.43x is below its peer average of 29.78x, which suggests the stock is undervalued compared to the Software industry. What’s more interesting is that, Aptitude Software Group’s share price is quite volatile, which gives us more chances to buy since the share price could sink lower (or rise higher) in the future. This is based on its high beta, which is a good indicator for how much the stock moves relative to the rest of the market. Future outlook is an important aspect when you’re looking at buying a stock, especially if you are an investor looking for growth in your portfolio. Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. However, with an extremely negative double-digit change in profit expected over the next couple of years, near-term growth is certainly not a driver of a buy decision. It seems like high uncertainty is on the cards for Aptitude Software Group, at least in the near future. Are you a shareholder?Although APTD is currently undervalued, the adverse prospect of negative growth brings about some degree of risk. Consider whether you want to increase your portfolio exposure to APTD, or whether diversifying into another stock may be a better move for your total risk and return. Are you a potential investor?If you’ve been keeping tabs on APTD for some time, but hesitant on making the leap, I recommend you research further into the stock. Given its current undervaluation, now is a great time to make a decision. But keep in mind the risks that come with negative growth prospects in the future. Price is just the tip of the iceberg. Dig deeper into what truly matters – the fundamentals – before you make a decision on Aptitude Software Group. You can find everything you need to know about Aptitude Software Group inthe latest infographic research report. If you are no longer interested in Aptitude Software Group, you can use our free platform to see my list of over50 other stocks with a high growth potential. 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.
Madame Tussauds owner Merlin to be bought by Lego family and Blackstone (Reuters) - Madame Tussauds owner Merlin said on Friday it had agreed to be acquired by the investment vehicle of Lego's founding family and private equity firm Blackstone Group LP in a deal valuing the company and its debt at nearly 6 billion pounds ($7.6 billion). The deal to buy Merlin Entertainments, which also operates Legoland theme parks around the world, values Merlin shares at 455 pence each, giving the firm an enterprise value of 5.905 billion pounds. The move will be one of the biggest private equity deals in Europe in recent years, and comes as buyout firms are flush with record amounts of cash to invest. Merlin shares, which closed at 395 pence on Thursday, were expected to rise between 12% and 15% on Friday, traders said. Merlin will be 50% owned by Kirkbi, the private investment company of Lego's Kirk Kristiansen family, and 50% owned by Blackstone and Canadian pension fund CPPIB. "Following an unsolicited approach by a consortium of investors, and after rejecting a number of their proposals, the Merlin Independent Directors believe this offer represents an opportunity for Merlin shareholders to realise value for their investment in cash at an attractive valuation," Merlin Chairman John Sunderland said in a statement. "We are therefore unanimously recommending it to our shareholders." The deal is expected to complete in the fourth quarter of 2019. The deal comes after activist investor ValueAct Capital last month urged Merlin, which also operates Legoland and the Alton Towers theme park in Britain, to take itself private. In an open letter, ValueAct said at the time that the level of investment needed in the company meant it would be better off returning to private ownership. A source familiar with the matter said that the initial, unsolicited offer from the consortium valued the firm at 425 pence, and discussions about a takeover predated the ValueAct letter. ($1 = 0.7893 pounds) (Reporting by Bhargav Acharya in Bengaluru and Alistair Smout in London; Additional reporting by Josephine Mason in London and Jacob Gronholt-Pedersen in Copenhagen; Editing by Bill Rigby and Edmund Blair)
Should Conzzeta AG (VTX:CON) Be Your Next Stock Pick? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! I've been keeping an eye on Conzzeta AG (VTX:CON) because I'm attracted to its fundamentals. Looking at the company as a whole, as a potential stock investment, I believe CON has a lot to offer. Basically, it is a financially-robust , dividend-paying company with a a great track record of performance. Below, I've touched on some key aspects you should know on a high level. If you're interested in understanding beyond my broad commentary, read the fullreport on Conzzeta here. CON's strong financial health means that all of its upcoming liability payments are able to be met by its current cash and short-term investment holdings. This indicates that CON has sufficient cash flows and proper cash management in place, which is a crucial insight into the health of the company. CON seems to have put its debt to good use, generating operating cash levels of 9.47x total debt in the most recent year. This is also a good indication as to whether debt is properly covered by the company’s cash flows. CON is also a dividend company, with ample net income to cover its dividend payout, which has been consistently growing over the past decade, keeping income investors happy. For Conzzeta, I've compiled three important factors you should further research: 1. Future Outlook: What are well-informed industry analysts predicting for CON’s future growth? Take a look at ourfree research report of analyst consensusfor CON’s outlook. 2. Valuation: What is CON worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether CON is currently mispriced by the market. 3. Other Attractive Alternatives: Are there other well-rounded stocks you could be holding instead of CON? Exploreour interactive list of stocks with large potentialto get an idea of what else is out there you may be missing! 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.
Chris Christie calls Chuck Todd a 'pretentious know-it-all' Former New Jersey governor and 2016 Republican presidential candidate Chris Christie joined The Late Show With Stephen Colbert live following the second Democratic presidential debate on Thursday, and he did not hold back in sharing his feelings about one of the debates hour-two moderators, Meet the Press host, Chuck Todd . It was evident that Christies words were spoken with true disdain and not in good fun. After talking about the need to drop Democratic presidential candidates Marianne Williamson, Andrew Yang and Eric Swalwell from further debates, Christie added, And please, God, can we say goodbye to Chuck Todd? I mean, the most pretentious know-it-all on network news. The guy is just a complete a**. Though Colbert had some fun at Todds expense in the monologue, he stopped Christie and said into the camera, Chuck, I thought you did a great job. Todd was trending on Twitter following the debate with many people sharing Christies sentiment. Breaking: Chuck Todd is polling at zero percent. Palmer Report (@PalmerReport) June 28, 2019 When did Chuck Todd turn into the Nickelback of political commentators? Bryan Behar (@bryanbehar) June 27, 2019 As for Christie, he continued by taking swipes at Todd, insulting his hair. Colbert once again came to the rescue, calling Todds hair the Julius Caesar cut. The Late Show With Stephen Colbert airs weeknights at 11:35 p.m. on CBS . Check out the three candidates Alexandria Ocasio-Cortez said had a breakaway night in the first Dem debate: Read more from Yahoo Entertainment: Betheny Frankels near-death experience: if no one was with me I would have been dead Nicki Minaj reveals why she got fired by Red Lobster Jeopardy! fans and Alex Trebek shocked by rare tiebreaker game Story continues Tell us what you think! Hit us up on Twitter , Facebook , or Instagram , or leave your comments below. And check out our host, Kylie Mar, on Twitter , Facebook , or Instagram . Want daily pop culture news delivered to your inbox? Sign up here for Yahoo Entertainment & Lifestyle's newsletter.
I Ran A Stock Scan For Earnings Growth And China State Construction Development Holdings (HKG:830) Passed With Ease Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling short, can easily find investors. But the reality is that when a company loses money each year, for long enough, its investors will usually take their share of those losses. In contrast to all that, I prefer to spend time on companies likeChina State Construction Development Holdings(HKG:830), which has not only revenues, but also profits. While that doesn't make the shares worth buying at any price, you can't deny that successful capitalism requires profit, eventually. In comparison, loss making companies act like a sponge for capital - but unlike such a sponge they do not always produce something when squeezed. See our latest analysis for China State Construction Development Holdings As one of my mentors once told me, share price follows earnings per share (EPS). Therefore, there are plenty of investors who like to buy shares in companies that are growing EPS. It certainly is nice to see that China State Construction Development Holdings has managed to grow EPS by 28% per year over three years. As a general rule, we'd say that if a company can keep upthatsort of growth, shareholders will be smiling. Careful consideration of revenue growth and earnings before interest and taxation (EBIT) margins can help inform a view on the sustainability of the recent profit growth. While we note China State Construction Development Holdings's EBIT margins were flat over the last year, revenue grew by a solid 15% to HK$3.6b. That's a real positive. You can take a look at the company's revenue and earnings growth trend, in the chart below. Click on the chart to see the exact numbers. Of course the knack is to find stocks that have their best days in the future, not in the past. You could base your opinion on past performance, of course, but you may also want tocheck this interactive graph of professional analyst EPS forecasts for China State Construction Development Holdings. Like standing at the lookout, surveying the horizon at sunrise, insider buying, for some investors, sparks joy. Because oftentimes, the purchase of stock is a sign that the buyer views it as undervalued. Of course, we can never be sure what insiders are thinking, we can only judge their actions. The good news is that China State Construction Development Holdings insiders spent a whopping HK$6.5m on stock in just one year, and I didn't see any selling. As if for a flower bud approaching bloom, I become an expectant observer, anticipating with hope, that something splendid is coming. We also note that it was the Vice Chairman & CEO, Mingqing Wu, who made the biggest single acquisition, paying HK$1.9m for shares at about HK$0.86 each. You can't deny that China State Construction Development Holdings has grown its earnings per share at a very impressive rate. That's attractive. The growth rate whets my appetite for research, and the insider buying only increases my interest in the stock. To put it succinctly; China State Construction Development Holdings is a strong candidate for your watchlist. While we've looked at the quality of the earnings, we haven't yet done any work to value the stock. So if you like to buy cheap, you may want tocheck if China State Construction Development Holdings is trading on a high P/E or a low P/E, relative to its industry. The good news is that China State Construction Development Holdings is not the only growth stock with insider buying. Here'sa a list of them... with insider buying in the last three months! Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction 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.
Factbox: From phone makers to farmers, the toll of Trump's trade wars WASHINGTON (Reuters) - U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet on Saturday to seek an end to a costly trade war between the world's largest economies. The United States has demanded wide-ranging economic reforms from China, including providing better protection for American intellectual property, ending subsidies that favor Chinese state-owned enterprises, and improving access to China's markets for U.S. companies.Trump has imposed tariffs on $250 billion of Chinese imports and is threatening to extend those to cover another $300 billion of goods - effectively everything China exports to the United States.China has retaliated with tariffs on U.S. imports. Trump has said bad trade deals, with China and others, have cost millions of American jobs. Below are some of the costs of Trump's push to rewrite the terms of global trade, with China and other top trade partners: GLOBAL ECONOMY Tariffs have disrupted international supply lines, roiled global financial markets and encouraged manufacturers to invest in plants outside China. It is impossible to calculate the precise costs, as many companies do not detail the reasons for changes in their business models or manufacturing locations, nor disclose the financial costs of the trade war. Fitch Ratings estimates that extending tariffs to cover another $300 billion in Chinese goods would chop 0.4 percent from world economic output. The International Monetary Fund has forecast a 0.5 percent reduction, equivalent to the gross domestic product of South Africa's economy. Swiss bank UBS said in a report this week that the escalation in U.S. tariffs could reduce global growth by 75 basis points over the subsequent six quarters, an impact that would resemble a mild global recession. TARIFFS Trump has said that China pays the tariffs he has imposed on Chinese goods. That is untrue. The tariff are paid by importers of Chinese goods into the United States, which are for the most part U.S. companies. They are paid to U.S. Customs. Many companies pass that cost onto buyers and consumers of their products in the United States. From early 2018 through May 1, those tariffs cost U.S.-registered importers $23.7 billion, according to U.S. government data. FARMING American farmers have been among the hardest hit so far. China is the top market for many of their biggest crops and Beijing hit those crops with retaliatory tariffs. The Chinese tariffs targeted U.S. farmers because they helped vote Trump into power. The single biggest agricultural export from the United States are soybean sales, most of which went to China before the trade war. To compensate for lost sales to China, the U.S. government has rolled out two rounds of trade aid for farmers, expected to total $28 billion by the time they are done. As of June 24, the United States had shelled out about $8.6 billion of that. U.S. soybean exports to all countries fell to about $14.1 billion from July 2018 to April 2019, down 27 percent from $19.3 billion in the same period a year earlier, the most recent government data show. Exports to China alone were down 81 percent at just $2.1 billion, from nearly $11 billion from July to April a year earlier. The trade war has hit sales of a wide range of agricultural produce, including fresh fruit, meat and grains. Pro-trade group Farmers for Free Trade estimates that pistachio growers alone have lost $380 million due to the tariffs. TECH Chinese telecommunications giant Huawei has said U.S. restrictions on its business would cost the company around $30 billion. Tariffs are costing the U.S. tech sector $1.3 billion a month, the Consumer Technology Association said in a written statement to the United States Trade Representative in June. Products for 5G mobile technology were hit by $122 million tariffs in the month of October 2018 alone, surging from just $65,000 a year earlier, the trade group said. Apple Inc cut its fiscal first-quarter sales forecast, blaming slowing iPhone sales in China, where uncertainty around U.S.-China trade relations has hurt the economy. Chipmaker Intel Corp in May reduced its revenue forecast for 2019, citing a slowdown in demand from China. Consumer tech will continue to be in the crosshairs if the presidents fail to reach an agreement at the G20. The U.S. plan for more tariffs would raise the retail price of cellphones by an average of $70, the price of laptop computers by $120 and video game consoles by $56, a representative for the Consumer Technology Association said at a hearing this week. VEHICLES Trump's steel and aluminum tariffs have added billions of dollars to the cost of assembling U.S. vehicles, and tariffs on Chinese-made parts have also hiked costs. General Motors Co, the largest automaker in the United States, projects it will incur $1 billion in extra costs for tariffs and raw materials. Fiat Chrysler Automobiles NV also expects dramatically increased costs for commodities due to tariffs, costing the automaker 750 million euros ($852.53 million). Ford Motor Co said that it lost about $750 million because of tariffs. Lower sales volume and increased commodity costs added $500 million to first-quarter costs over the prior year. Motorcycle manufacturer Harley-Davidson was hit by retaliatory tariffs from the European Union for the metals tariffs. The company calculates spending $100 million to $120 million on EU- and China-related tariff costs in 2019. Motor home maker Winnebago Industries Inc said it expected at least $10 million in added cost pressures in fiscal 2020 from the latest tariffs and proposed duties. Recent numbers from industry analyst J.D. Power say that U.S. auto sales are expected to drop 1.5% in June 2019 because of increased prices. Equipment manufacturers Deere & Co and Case New Holland have passed on higher costs from metals tariffs to customers, further lifting farm costs. In May, Deere said it missed quarterly profit estimates for the fifth straight quarter and cut its full-year outlook, as an escalating U.S.-China trade war threatens to further hit farm incomes and demand for the company's equipment. OTHER RISING COSTS Steel and aluminum tariffs were among the first to be levied by the United States in early 2018 and included imports from almost the entire world. The move benefited U.S. steel producers, but not the manufacturers that process the metal. The tariff burden on U.S. steel and aluminum buyers was almost $5 billion last year, according to the American Action Forum. Home appliance maker Whirlpool Corp said in its quarterly earnings report that higher prices for imported steel and aluminum had cut into their profits, but cushioned the blow by raising prices. ($1 = 0.8797 euro) (Reporting by Jonas Ekblom in Washington; Additional reporting by Chris Prentice in New York and Karl Plume in Chicago; Editing by Simon Webb and Jonathan Oatis)
China State Construction Development Holdings Limited (HKG:830) Earns A Nice Return On Capital Employed Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Today we are going to look at China State Construction Development Holdings Limited (HKG:830) to see whether it might be an attractive investment prospect. To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. Firstly, we'll go over how we calculate ROCE. Then we'll compare its ROCE to similar companies. Finally, we'll look at how its current liabilities affect its ROCE. ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. All else being equal, a better business will have a higher ROCE. Overall, it is a valuable metric that has its flaws. Author Edwin Whitingsaysto be careful when comparing the ROCE of different businesses, since 'No two businesses are exactly alike.' The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for China State Construction Development Holdings: 0.19 = HK$233m ÷ (HK$3.4b - HK$2.1b) (Based on the trailing twelve months to December 2018.) Therefore,China State Construction Development Holdings has an ROCE of 19%. View our latest analysis for China State Construction Development Holdings ROCE is commonly used for comparing the performance of similar businesses. China State Construction Development Holdings's ROCE appears to be substantially greater than the 7.3% average in the Building industry. We would consider this a positive, as it suggests it is using capital more effectively than other similar companies. Independently of how China State Construction Development Holdings compares to its industry, its ROCE in absolute terms appears decent, and the company may be worthy of closer investigation. Our data shows that China State Construction Development Holdings currently has an ROCE of 19%, compared to its ROCE of 3.1% 3 years ago. This makes us think about whether the company has been reinvesting shrewdly. The image below shows how China State Construction Development Holdings's ROCE compares to its industry, and you can click it to see more detail on its past growth. When considering this metric, keep in mind that it is backwards looking, and not necessarily predictive. ROCE can be deceptive for cyclical businesses, as returns can look incredible in boom times, and terribly low in downturns. ROCE is, after all, simply a snap shot of a single year. What happens in the future is pretty important for investors, so we have prepared afreereport on analyst forecasts for China State Construction Development Holdings. Short term (or current) liabilities, are things like supplier invoices, overdrafts, or tax bills that need to be paid within 12 months. Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual. To check the impact of this, we calculate if a company has high current liabilities relative to its total assets. China State Construction Development Holdings has total liabilities of HK$2.1b and total assets of HK$3.4b. Therefore its current liabilities are equivalent to approximately 63% of its total assets. China State Construction Development Holdings has a relatively high level of current liabilities, boosting its ROCE meaningfully. This ROCE is pretty good, but remember that it would look less impressive with fewer current liabilities. China State Construction Development Holdings looks strong on this analysis,but there are plenty of other companies that could be a good opportunity. Here is afree listof companies growing earnings rapidly. If you like to buy stocks alongside management, then you might just love thisfreelist of companies. (Hint: insiders have been buying them). 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.
What Should We Expect From Geely Automobile Holdings Limited's (HKG:175) Earnings In The Years Ahead? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Geely Automobile Holdings Limited's (HKG:175) most recent earnings announcement in April 2019 revealed that the business benefited from a strong tailwind, leading to a double-digit earnings growth of 18%. Below is my commentary, albeit very simple and high-level, on how market analysts perceive Geely Automobile Holdings's earnings growth outlook over the next couple of years and whether the future looks even brighter than the past. I will be using net income excluding extraordinary items in order to exclude one-off volatility which I am not interested in. View our latest analysis for Geely Automobile Holdings Market analysts' consensus outlook for next year seems rather muted, with earnings increasing by a single digit 1.4%. The growth outlook in the following year seems much more buoyant with rates arriving at double digit 16% compared to today’s earnings, and finally hitting CN¥16b by 2022. Even though it’s helpful to understand the growth each year relative to today’s value, it may be more valuable to gauge the rate at which the business is rising or falling every year, on average. The pro of this approach is that we can get a bigger picture of the direction of Geely Automobile Holdings's earnings trajectory over the long run, irrespective of near term fluctuations, which may be more relevant for long term investors. To calculate this rate, I've appended a line of best fit through analyst consensus of forecasted earnings. The slope of this line is the rate of earnings growth, which in this case is 8.4%. This means that, we can anticipate Geely Automobile Holdings will grow its earnings by 8.4% every year for the next few years. For Geely Automobile Holdings, I've put together three relevant aspects you should further research: 1. Financial Health: Does it have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Valuation: What is 175 worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether 175 is currently mispriced by the market. 3. Other High-Growth Alternatives: Are there other high-growth stocks you could be holding instead of 175? Exploreour interactive list of stocks with large growth potentialto get an idea of what else is out there you may be missing! 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.
Will Man Wah Holdings Limited's (HKG:1999) Earnings Grow In The Next 12 Months? Want to participate in a short research study ? Help shape the future of investing tools and you could win a $250 gift card! On 31 March 2019, Man Wah Holdings Limited ( HKG:1999 ) released its earnings update. Generally, analysts seem cautiously bearish, with profits predicted to rise by 6.2% next year against the higher past 5-year average growth rate of 8.8%. Presently, with latest-twelve-month earnings at HK$1.4b, we should see this growing to HK$1.4b by 2020. I will provide a brief commentary around the figures and analyst expectations in the near term. Investors wanting to learn more about other aspects of the company should research its fundamentals here . Check out our latest analysis for Man Wah Holdings What can we expect from Man Wah Holdings in the longer term? The longer term view from the 6 analysts covering 1999 is one of positive sentiment. Since forecasting becomes more difficult further into the future, broker analysts generally project out to around three years. To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line. SEHK:1999 Past and Future Earnings, June 28th 2019 From the current net income level of HK$1.4b and the final forecast of HK$1.9b by 2022, the annual rate of growth for 1999’s earnings is 13%. EPS reaches HK$0.51 in the final year of forecast compared to the current HK$0.36 EPS today. With a current profit margin of 12%, this movement will result in a margin of 13% by 2022. Next Steps: Future outlook is only one aspect when you're building an investment case for a stock. For Man Wah Holdings, there are three important aspects you should further examine: Financial Health : Does it have a healthy balance sheet? Take a look at our free balance sheet analysis with six simple checks on key factors like leverage and risk. Valuation : What is Man Wah Holdings worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? The intrinsic value infographic in our free research report helps visualize whether Man Wah Holdings is currently mispriced by the market. Other High-Growth Alternatives : Are there other high-growth stocks you could be holding instead of Man Wah Holdings? Explore our interactive list of stocks with large growth potential to get an idea of what else is out there you may be missing! 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 at editorial-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.
Estimating The Fair Value Of Ferrexpo Plc (LON:FXPO) Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Today we will run through one way of estimating the intrinsic value of Ferrexpo Plc (LON:FXPO) by projecting its future cash flows and then discounting them to today's value. This is done using the Discounted Cash Flow (DCF) model. It may sound complicated, but actually it is quite simple! Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in theSimply Wall St analysis model. Check out our latest analysis for Ferrexpo We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: [{"": "Levered FCF ($, Millions)", "2019": "$264.10", "2020": "$327.24", "2021": "$229.67", "2022": "$148.00", "2023": "$129.00", "2024": "$117.08", "2025": "$109.94", "2026": "$105.65", "2027": "$103.15", "2028": "$101.82"}, {"": "Growth Rate Estimate Source", "2019": "Analyst x3", "2020": "Analyst x5", "2021": "Analyst x5", "2022": "Analyst x1", "2023": "Analyst x1", "2024": "Est @ -9.24%", "2025": "Est @ -6.1%", "2026": "Est @ -3.9%", "2027": "Est @ -2.36%", "2028": "Est @ -1.29%"}, {"": "Present Value ($, Millions) Discounted @ 8.78%", "2019": "$242.79", "2020": "$276.55", "2021": "$178.43", "2022": "$105.70", "2023": "$84.70", "2024": "$70.67", "2025": "$61.00", "2026": "$53.89", "2027": "$48.37", "2028": "$43.89"}] Present Value of 10-year Cash Flow (PVCF)= $1.17b "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 10-year government bond rate (1.2%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 8.8%. Terminal Value (TV)= FCF2029× (1 + g) ÷ (r – g) = US$102m × (1 + 1.2%) ÷ (8.8% – 1.2%) = US$1.4b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= $US$1.4b ÷ ( 1 + 8.8%)10= $588.40m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is $1.75b. In the final step we divide the equity value by the number of shares outstanding. This results in an intrinsic value estimate in the company’s reported currency of $2.99. However, FXPO’s primary listing is in United Kingdom, and 1 share of FXPO in USD represents 0.788 ( USD/ GBP) share of LSE:FXPO,so the intrinsic value per share in GBP is £2.36.Compared to the current share price of £2.73, the company appears around fair value at the time of writing. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent. 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 Ferrexpo 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 8.8%, which is based on a levered beta of 1.136. 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 Ferrexpo, There are three important factors you should look at: 1. Financial Health: Does FXPO have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Future Earnings: How does FXPO's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart. 3. Other High Quality Alternatives: Are there other high quality stocks you could be holding instead of FXPO? 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 GB 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.
Ferrexpo (LON:FXPO) Shareholders Have Enjoyed A Whopping 740% Share Price Gain Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Generally speaking, investors are inspired to be stock pickers by the potential to find the big winners. But when you hold the right stock for the right time period, the rewards can be truly huge. One bright shining star stock has beenFerrexpo Plc(LON:FXPO), which is 740% higher than three years ago. In more good news, the share price has risen 3.5% in thirty days. It really delights us to see such great share price performance for investors. View our latest analysis for Ferrexpo To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. During three years of share price growth, Ferrexpo achieved compound earnings per share growth of 116% per year. We don't think it is entirely coincidental that the EPS growth is reasonably close to the 103% average annual increase in the share price. This observation indicates that the market's attitude to the business hasn't changed all that much. Quite to the contrary, the share price has arguably reflected the EPS growth. The image below shows how EPS has tracked over time (if you click on the image you can see greater detail). We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. Before buying or selling a stock, we always recommend a close examination ofhistoric growth trends, available here.. 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. We note that for Ferrexpo the TSR over the last 3 years was 893%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence! It's nice to see that Ferrexpo shareholders have received a total shareholder return of 61% over the last year. That's including the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 22% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. Before spending more time on Ferrexpoit might be wise to click here to see if insiders have been buying or selling shares. If you like to buy stocks alongside management, then you might just love thisfreelist of companies. (Hint: insiders have been buying them). Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on GB 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.
PH social media overflows with fish memes after Tito Sotto ‘fish could be coming from China’ defense Hilarious fish memes are currently overflowing on Philippine social media for a very unfunny reason. Netizens are now poking fun at and criticizing Senate President Vicente “Tito” Sotto III’s latest defense of President Rodrigo Duterte’s decision to allow the Chinese to fish from Philippine territory. The fish could have come from China, he said. “It’s very difficult to say that there is exclusivity when it’s underwater,” argued Sotto in an interview with ABS-CBN News . “The fish could be coming from China and the fish from the Philippines could be going to China.” He even went all scientific and cited fish migration. “If we want to be technical about it, relate it to the constitutionality of what should be owned by us, there are exclusive types of fish that are only found in China but can be found here because of migration perhaps,” he said. Sotto was commenting on whether he thinks the president’s statement could be used in an impeachment case , as argued by critics . On Monday, Duterte said in a speech that he has agreed to allow China to fish in the Recto Bank (aka Reed Bank), even though it is part of the Philippines’ exclusive economic zone (EEZ). Duterte said this was part of a deal with Chinese President Xi Jinping that allegedly also allows Filipinos to fish from the Scarborough Shoal. China has imposed a fishing ban in the Scarborough Shoal, even though it is still a disputed area and claimed by the Philippines. Duterte has also said that he won’t bar China from fishing in Philippine waters despite the West Philippine Sea (WPS) boat sinking incident earlier this month because “we’re friends.” “I don’t think China would do that (stop fishing). Why? Because we’re friends. They are of the same view that that should not result in any bloody confrontation,” he said. READ: Chinese vessel sinks Philippine fishing boat in West Philippine Sea, abandons crew members Filipinos could not believe Sotto’s defense of the president and are now slamming the senator’s logic in some creative memes. Story continues Columnist Tonyo Cruz shared a SpongeBob SquarePants meme where a fish says in Filipino: “What’s up fishes, we’re getting passports.” Tito Sotto: The fish could be from China. Mga isda: pic.twitter.com/dZmuNesbKc — Tonyo Cruz (@tonyocruz) June 28, 2019 Another one shared by radio personality Sam Gogna (aka Sam YG) shows a fisherman catching a fish then throwing it back into the water after seeing its “Chinese passport.” Eto na: https://t.co/sFEHLLioqe pic.twitter.com/SR64X1oYXj — Sam Gogna (@sam_yg) June 27, 2019 @wawam shared a parody of a Department of Foreign Affairs (DFA) poster that enumerates individuals who do not need to schedule passport appointments. It includes Overseas Filipino Workers (OFW), senior citizens, persons with disabilities (PWD), pregnant women, minors, and “Fish from China, apparently.” #BreakingNewz : DFA chief Teddyboy Locsin announces new guidelines for passport renewal in support of Senator Tito Sotto's POV on Chinese fishes. pic.twitter.com/WSF5nubQM3 — WhatAWasteofAdMoney (@wawam) June 28, 2019 One meme shared by @iscottiie shows Finding Nemo ‘s Marlin telling a crying Dory, “Dory, I’m sorry but we can’t cross the Filipino border.” Miss Tapia of Skul Bukol is very proud to Sen. Tito Sotto! pic.twitter.com/txy7htSMiU — Scott Martin (@iscottiie) June 27, 2019 @yoshicitesz posted a screenshot of a Google search for “clownfish” and tweeted: “Tito Sotto’s Species if he became a Fish.” Tito Sotto’s Species if he became a Fish pic.twitter.com/RbvQiIN5UQ — dioni (@yoshicitesz) June 27, 2019 @kiemjeje shared a photo of a piece of fish and asked: “Hi Fish! Should I eat you with my hands or should I use chopsticks?” Hi Fish! Kakamayin ba kita o gagamit ako ng chopsticks? #TitoSotto #SottoCopy pic.twitter.com/S4RR0SF6dO — Jeje JFB (@kiemjeje) June 27, 2019 Following the backlash, Sotto issued a two-sentence statement yesterday to say that people shouldn’t take what he said seriously. “My comments on WPS and its resources was a tongue-in-cheek statement. Sadly, only a few people understood,” he said in English and Filipino. Screenshot: Senate of the Philippines website. This article, PH social media overflows with fish memes after Tito Sotto ‘fish could be coming from China’ defense , originally appeared on Coconuts , Asia's leading alternative media company. Want more Coconuts? Sign up for our newsletters!
Why You Should Like Bouvet ASA’s (OB:BOUVET) ROCE Want to participate in a short research study ? Help shape the future of investing tools and you could win a $250 gift card! Today we are going to look at Bouvet ASA ( OB:BOUVET ) to see whether it might be an attractive investment prospect. To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. First up, we'll look at what ROCE is and how we calculate it. Next, we'll compare it to others in its industry. And finally, we'll look at how its current liabilities are impacting its ROCE. Return On Capital Employed (ROCE): What is it? ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business. All else being equal, a better business will have a higher ROCE. Overall, it is a valuable metric that has its flaws. Renowned investment researcher Michael Mauboussin has suggested that a high ROCE can indicate that 'one dollar invested in the company generates value of more than one dollar'. How Do You Calculate Return On Capital Employed? Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Bouvet: 0.38 = øre210m ÷ (øre1.1b - øre590m) (Based on the trailing twelve months to March 2019.) Therefore, Bouvet has an ROCE of 38%. Check out our latest analysis for Bouvet Is Bouvet's ROCE Good? ROCE can be useful when making comparisons, such as between similar companies. In our analysis, Bouvet's ROCE is meaningfully higher than the 16% average in the IT industry. We consider this a positive sign, because it suggests it uses capital more efficiently than similar companies. Regardless of the industry comparison, in absolute terms, Bouvet's ROCE currently appears to be excellent. The image below shows how Bouvet's ROCE compares to its industry, and you can click it to see more detail on its past growth. Story continues OB:BOUVET Past Revenue and Net Income, June 28th 2019 It is important to remember that ROCE shows past performance, and is not necessarily predictive. ROCE can be misleading for companies in cyclical industries, with returns looking impressive during the boom times, but very weak during the busts. ROCE is only a point-in-time measure. If Bouvet is cyclical, it could make sense to check out this free graph of past earnings, revenue and cash flow . What Are Current Liabilities, And How Do They Affect Bouvet's ROCE? Current liabilities are short term bills and invoices that need to be paid in 12 months or less. Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual. To counter this, investors can check if a company has high current liabilities relative to total assets. Bouvet has total liabilities of øre590m and total assets of øre1.1b. Therefore its current liabilities are equivalent to approximately 52% of its total assets. Bouvet's high level of current liabilities boost the ROCE - but its ROCE is still impressive. Our Take On Bouvet's ROCE So we would be interested in doing more research here -- there may be an opportunity! There might be better investments than Bouvet out there, but you will have to work hard to find them . These promising businesses with rapidly growing earnings might be right up your alley. I will like Bouvet better if I see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying. 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 at editorial-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.
With EPS Growth And More, Bouvet (OB:BOUVET) Is Interesting Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! It's only natural that many investors, especially those who are new to the game, prefer to buy shares in 'sexy' stocks with a good story, even if those businesses lose money. And in their study titledWho Falls Prey to the Wolf of Wall Street?'Leuz et. al. found that it is 'quite common' for investors to lose money by buying into 'pump and dump' schemes. In the age of tech-stock blue-sky investing, my choice may seem old fashioned; I still prefer profitable companies likeBouvet(OB:BOUVET). Now, I'm not saying that the stock is necessarily undervalued today; but I can't shake an appreciation for the profitability of the business itself. In comparison, loss making companies act like a sponge for capital - but unlike such a sponge they do not always produce something when squeezed. Check out our latest analysis for Bouvet If you believe that markets are even vaguely efficient, then over the long term you'd expect a company's share price to follow its earnings per share (EPS). It's no surprise, then, that I like to invest in companies with EPS growth. I, for one, am blown away by the fact that Bouvet has grown EPS by 37% per year, over the last three years. That sort of growth never lasts long, but like a shooting star it is well worth watching when it happens. One way to double-check a company's growth is to look at how its revenue, and earnings before interest and tax (EBIT) margins are changing. While we note Bouvet's EBIT margins were flat over the last year, revenue grew by a solid 18% to øre1.9b. That's progress. The chart below shows how the company's bottom and top lines have progressed over time. Click on the chart to see the exact numbers. While profitability drives the upside, prudent investors alwayscheck the balance sheet, too. Like standing at the lookout, surveying the horizon at sunrise, insider buying, for some investors, sparks joy. Because oftentimes, the purchase of stock is a sign that the buyer views it as undervalued. Of course, we can never be sure what insiders are thinking, we can only judge their actions. In the last year insider at Bouvet were both selling and buying shares; but happily, as a group they spent øre644k more on stock, than they netted from selling it. Although I don't particularly like to see selling, the fact that they put more capital in, than they extracted, is a positive in my mind. We also note that it was the Chairman, Pål Rønn, who made the biggest single acquisition, paying øre1.1m for shares at about øre222 each. The good news, alongside the insider buying, for Bouvet bulls is that insiders (collectively) have a meaningful investment in the stock. Given insiders own a small fortune of shares, currently valued at øre463m, they have plenty of motivation to push the business to succeed. At 15% of the company, the co-investment by insiders gives me confidence that management will make long-term focussed decisions. While insiders already own a significant amount of shares, and they have been buying more, the good news for ordinary shareholders does not stop there. That's because on our analysis the CEO, Sverre Hurum, is paid less than the median for similar sized companies. I discovered that the median total compensation for the CEOs of companies like Bouvet with market caps between øre1.7b and øre6.8b is about øre4.8m. The Bouvet CEO received øre4.1m in compensation for the year ending December 2018. That comes in below the average for similar sized companies, and seems pretty reasonable to me. While the level of CEO compensation isn't a huge factor in my view of the company, modest remuneration is a positive, because it suggests that the board keeps shareholder interests in mind. I'd also argue reasonable pay levels attest to good decision making more generally. Bouvet's earnings have taken off like any random crypto-currency did, back in 2017. Better yet, we can observe insider buying and the chief executive pay looks reasonable. It could be that Bouvet is at an inflection point, given the EPS growth. For those chasing fast growth, then, I'd suggest to stock merits monitoring. Now, you could try to make up your mind on Bouvet by focusing on just these factors,oryou couldalsoconsider how its price-to-earnings ratio compares to other companies in its industry. The good news is that Bouvet is not the only growth stock with insider buying. Here'sa a list of them... with insider buying in the last three months! Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction 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.
Saudi sovereign fund's strategy in focus DUBAI (Reuters) - Saudi Arabia's Public Investment Fund (PIF) has pursued eye-catching investments abroad over the past several years, part of reform plans to diversify the economy beyond oil and transform the country into a high-tech investment powerhouse. Now, the fund risks being pulled deeper into Crown Prince Mohammed bin Salman’s domestic projects, curbing its international ambitions and tying its fortunes closer to its home market, four sources familiar with its strategy said. The following are some of the key developments and facts about PIF: - PIF's assets have hit about $300 billion, doubling since 2015. - Investments structured in six areas: Saudi equity holdings, sector development, real estate and infrastructure, mega projects, international investments and a "diversified pool" across global asset classes. - International investments are around 15% of its assets under management compared to less than 2% in 2015. - PIF has more than 450 employees and is targeting 700 by the end of the year. - PIF had set a total shareholder return of 4% to 5% and says it is on track to outperform that goal. - PIF is acting as an anchor investor in major projects such as the $500 billion NEOM economic zone. It says phase 1 of the Red Sea Project is targeted for completion in 2022. The first phase of the Qiddiya entertainment project is scheduled to open in 2022, while completion of phase 1 of NEOM is expected in 2025 - Several new companies have been launched by PIF focusing on areas such as mortgage refinancing, entertainment, e-commerce, waste management, military, private aviation and fund of funds. More details here (https://bit.ly/2sgj8in) - Over 900,000 houses and hotel rooms being developed by 2030 across 20 projects. Foreign commitments made by the PIF since 2015, based on Reuters and publicly announced deals, listed in chronological order: - PIF acquired 38 percent of POSCO, a South Korean steelmaker, in February 2015, in a deal worth $1.36 billion. - PIF signed an agreement in July 2015 with the Russian Direct Investment Fund to jointly invest up to $10 billion, without specifying each party’s contribution or where the investments would be made. In January, the head of Russia’s sovereign wealth fund said Saudi Arabia had invested $2.5 billion in Russian projects. - In October 2015, PIF signed an agreement with France to invest $2 billion in French private funds focused on renewable energy and small and medium industries. A French statement said PIF was also in "final negotiations" to provide $3 billion to Coface, the French credit insurer, for export financing. - In April 2016, PIF signed an agreement with Egypt to create a $16 billion investment fund, without elaborating on each party's contribution. - PIF acquired a five percent stake in Uber worth $3.5 billion in June 2016. It was the fund's first major investment and widely seen as a signal of its new tech-focused strategy. It is sitting on a paper loss on its direct investment made at $48.77 per share versus current market price of $43.2. - PIF invested $500 million in November 2016 in Middle Eastern e-commerce venture Noon.com, founded by Dubai billionaire Mohammed Alabbar. - PIF planned to buy a 50 percent stake in Adeptio, the Gulf-based firm which controls Kuwait Food Co (Americana), in a deal worth $2 billion, Reuters reported in November 2016. No information has been publicly disclosed about the deal. - PIF pledged $45 billion to a technology-focused investment fund with Japan's SoftBank Group in May 2017, creating the $100 billion SoftBank Vision Fund. This year, SoftBank's chief executive said that a "Vision Fund 2" would be launched that could again count the PIF as an investor. - PIF signed a memorandum of understanding with U.S. private equity firm Blackstone in May 2017, committing up to $20 billion to a $40 billion fund focused on U.S. infrastructure. - PIF announced plans at Future Investment Initiative in October 2017 to invest $1 billion in British billionaire Richard Branson's space company Virgin Galactic and sister companies The Spaceship Company and Virgin Orbit. Branson last year suspended his directorship in two Saudi tourism projects and halted Virgin Group's talks on the Saudi investment. - PIF signed a memorandum of understanding (MOU) in December 2017 with U.S.-based movie exhibition company AMC Entertainment Holdings, which had plans to set up theaters in Saudi Arabia. The value of the deal has not been made public. - PIF invested $461 million in Magic Leap, a U.S.-based augmented reality startup, in March 2018. - PIF signed an MOU with Endeavor, one of Hollywood's biggest talent and event managers, in March 2018 to take a $400 million stake, but Endeavor pulled out of its deal with the kingdom in the wake of the killing of Saudi journalist Jamal Khashoggi. - PIF announced an agreement with U.S. amusement park operator Six Flags in April last year to open a theme park in Qiddiya entertainment city in Saudi Arabia by 2022. No financial details were disclosed. - PIF partnered with other investors in May last year to acquire a 57.8 percent stake in AccorInvest, a French hotel real estate firm, for $5.33 billion. PIF's stake size was not disclosed. - PIF built up an undisclosed stake of just below 5 percent in electric car maker Tesla, Reuters reported in August. The fund has not commented publicly on comments by Tesla CEO Elon Musk that the fund had expressed support for a prospective deal to take the company private. - PIF agreed in September to invest more than $1 billion in American electric carmaker Lucid Motors. (Reporting by Saeed Azhar, Nafisa Eltahir and Tuqa Khalid. Editing by Carmel Crimmins)
SEC-Registered Clearing House Brings Crypto Trading to 5 Million Clients American financial clearing and execution company Apex Clearing and its crypto investment subsidiary Apex Crypto have launched a new trading platform for broker-dealers and financial advisors to help their clients trade crypto more effectively. According to a June 27 press release announcing the new broker-integrated Apex Crypto platform, equity investors will be able to seamlessly open and fund new crypto trading accounts “within minutes” — rather than the purported weeks it would usually take clients to do so. Founded in 2012, Apex Clearing is an SEC-registered and FINRA member digital wealth management firm owned by American financial services company PEAK6 Investments LLC. As of today, over 5 million current Apex Clearing clients can thus access the Apex Crypto platform, which supports trading of four major cryptocurrencies: bitcoin (BTC), bitcoin cash (BCH), ether (ETH), and litecoin (LTC). The press release places a strong emphasis on the new platform’s apparently high throughput and scalability, claiming that Apex’s systems enable the opening of tens of thousands of accounts within a single day, allowing traders to take advantage of surges in crypto trading volumes. The platform leverages technology jointly provided by Apex Crypto and U.S.-based online discount broker-dealer and Apex Clearing client SogoTrade Inc. Initially, Apex Crypto is being released for investors across 40 U.S. states and the District of Columbia — with additional states expected in future once regulatory approval has been sealed. In a statement, Apex Clearing CEO has said that the clearinghouse seeks to “fundamentally change” the way investors and enterprises think about their finances, proposing that: "Our integration with Apex Crypto helps financial firms give their clients a streamlined way to invest in a wider variety of asset classes in a way that feels part of – not separate from – the rest of their investment portfolio." Story continues As Cointelegraph has previously reported , Apex Clearing first confirmed it planned to launch its Apex Crypto subsidiary last September, stating that the move was spurred by the continued surge in demand for crypto-based investment options. Related Articles: Steve Forbes Tells Zuckerberg: Use Gold to Back Libra, Call It the ‘Mark’ Santander Loses Appeal Against Brazilian Crypto Exchange, Fine Upheld Maple Leaf Capital: Recent Bitfinex IEO Ampleforth Token is Not Stable Coinbase Releases Key Findings on Crypto Awareness and Adoption in US
Will TT Electronics plc's (LON:TTG) Earnings Grow In The Year Ahead? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Since TT Electronics plc (LON:TTG) released its earnings in December 2018, the consensus outlook from analysts appear highly confident, with profits predicted to ramp up by an impressive 61% next year, against the historical 5-year average growth rate of 34%. With trailing-twelve-month net income at current levels of UK£13m, we should see this rise to UK£21m in 2020. I will provide a brief commentary around the figures and analyst expectations in the near term. Readers that are interested in understanding the company beyond these figures shouldresearch its fundamentals here. Check out our latest analysis for TT Electronics The view from 7 analysts over the next three years is one of positive sentiment. Given that it becomes hard to forecast far into the future, broker analysts tend to project ahead roughly three years. To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line. From the current net income level of UK£13m and the final forecast of UK£32m by 2022, the annual rate of growth for TTG’s earnings is 20%. EPS reaches £0.20 in the final year of forecast compared to the current £0.080 EPS today. With a current profit margin of 3.0%, this movement will result in a margin of 6.1% by 2022. Future outlook is only one aspect when you're building an investment case for a stock. For TT Electronics, there are three relevant factors you should look at: 1. Financial Health: Does it have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Valuation: What is TT Electronics worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether TT Electronics is currently mispriced by the market. 3. Other High-Growth Alternatives: Are there other high-growth stocks you could be holding instead of TT Electronics? Exploreour interactive list of stocks with large growth potentialto get an idea of what else is out there you may be missing! 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.
Does Fiem Industries Limited's (NSE:FIEMIND) 5.9% Earnings Growth Reflect The Long-Term Trend? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! When Fiem Industries Limited's (NSE:FIEMIND) announced its latest earnings (31 March 2019), I wanted to understand how these figures stacked up against its past performance. The two benchmarks I used were Fiem Industries's average earnings over the past couple of years, and its industry performance. These are useful yardsticks to help me gauge whether or not FIEMIND actually performed well. Below is a quick commentary on how I see FIEMIND has performed. Check out our latest analysis for Fiem Industries FIEMIND's trailing twelve-month earnings (from 31 March 2019) of ₹556m has increased by 5.9% compared to the previous year. However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 6.0%, indicating the rate at which FIEMIND is growing has slowed down. Why could this be happening? Well, let's examine what's occurring with margins and if the whole industry is facing the same headwind. In terms of returns from investment, Fiem Industries has fallen short of achieving a 20% return on equity (ROE), recording 12% instead. However, its return on assets (ROA) of 8.1% exceeds the IN Auto Components industry of 7.9%, indicating Fiem Industries has used its assets more efficiently. Though, its return on capital (ROC), which also accounts for Fiem Industries’s debt level, has declined over the past 3 years from 23% to 17%. While past data is useful, it doesn’t tell the whole story. While Fiem Industries has a good historical track record with positive growth and profitability, there's no certainty that this will extrapolate into the future. I suggest you continue to research Fiem Industries to get a more holistic view of the stock by looking at: 1. Future Outlook: What are well-informed industry analysts predicting for FIEMIND’s future growth? Take a look at ourfree research report of analyst consensusfor FIEMIND’s outlook. 2. Financial Health: Are FIEMIND’s operations financially sustainable? Balance sheets can be hard to analyze, which is why we’ve done it for you. Check out ourfinancial health checks here. 3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here. NB: Figures in this article are calculated using data from the trailing twelve months from 31 March 2019. This may not be consistent with full year annual report figures. 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.
Mobile phone customers can switch networks by text from Monday Mobile customers can switch provider by sending a text message from Monday under new regulator rules. Currently, people wanting to switchmobile operatorand keep their phone number usually have to call their existing provider to request a “porting authorisation code” or PAC. In the process, many find themselves dealing with unwanted attempts by the firm to persuade them to stay. Ofcom said the new “text-to-switch” process will make it quicker and easier for people to leave their mobile company by giving them control over how much contact they have with the firm. A survey for the regulator suggests that nearly a third of mobile switchers (31 per cent) find it difficult to cancel their previous service, making it the biggest obstacle to going through the process. Of those who consider switching but then choose not to, 45 per cent decide it would be too time consuming and 39 per cent are put off by the hassle of needing to contact more than one provider. Customers who want to switch and keep their existing phone number can from Monday text 'PAC' to 65075 to begin the process. Their existing provider will respond by text within a minute. They will be sent their switching code (PAC), which will be valid for 30 days. The provider's reply must also include important information about any early termination charges or pay-as-you-go credit balances. The customer then gives the code to their new provider, and this company must arrange for the switch to complete within one working day. While most people want to keep their mobile number when they switch, around one in six do not. These customers can text 'STAC' to 75075 to request a 'service termination authorisation code'. The rest of the process is the same as above and takes away the difficulty of having to talk to the provider if the customer simply wants to leave. Customers can also text 'INFO' to 85075 to find out if they are still 'in contract', and would have to pay any early termination charges. Under Ofcom's new rules, mobile providers will also be banned from charging for notice periods running after the switch date. This, the regulator said, will put an end to people paying for old and new services at the same time, saving UK mobile customers around £10 million a year. Customers need to give their new provider the PAC or STAC number, so their old and new mobile companies can make sure there is no double payment. Lindsey Fussell, Ofcom's consumer group director, said: “Breaking up with your mobile provider has never been easier thanks to Ofcom's new rules. “You won't need to have that awkward chat with your current provider to take advantage of the great deals available.” PA
Don't Sell Forbo Holding AG (VTX:FORN) Before You Read This Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. We'll apply a basic P/E ratio analysis to Forbo Holding AG's (VTX:FORN), to help you decide if the stock is worth further research. Looking at earnings over the last twelve months,Forbo Holding has a P/E ratio of 20.7. That means that at current prices, buyers pay CHF20.7 for every CHF1 in trailing yearly profits. View our latest analysis for Forbo Holding Theformula for price to earningsis: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Forbo Holding: P/E of 20.7 = CHF1705 ÷ CHF82.37 (Based on the year to December 2018.) A higher P/E ratio means that buyers have to paya higher pricefor each CHF1 the company has earned over the last year. All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' Probably the most important factor in determining what P/E a company trades on is the earnings growth. That's because companies that grow earnings per share quickly will rapidly increase the 'E' in the equation. Therefore, even if you pay a high multiple of earnings now, that multiple will become lower in the future. So while a stock may look expensive based on past earnings, it could be cheap based on future earnings. Forbo Holding's 290% EPS improvement over the last year was like bamboo growth after rain; rapid and impressive. Having said that, if we look back three years, EPS growth has averaged a comparatively less impressive 9.8%. The P/E ratio essentially measures market expectations of a company. The image below shows that Forbo Holding has a higher P/E than the average (12) P/E for companies in the consumer durables industry. That means that the market expects Forbo Holding will outperform other companies in its industry. The market is optimistic about the future, but that doesn't guarantee future growth. So further research is always essential. I often monitordirector buying and selling. The 'Price' in P/E reflects the market capitalization of the company. That means it doesn't take debt or cash into account. Hypothetically, a company could reduce its future P/E ratio by spending its cash (or taking on debt) to achieve higher earnings. Such spending might be good or bad, overall, but the key point here is that you need to look at debt to understand the P/E ratio in context. Forbo Holding has net cash of CHF127m. That should lead to a higher P/E than if it did have debt, because its strong balance sheets gives it more options. Forbo Holding has a P/E of 20.7. That's higher than the average in the CH market, which is 18.3. The excess cash it carries is the gravy on top its fast EPS growth. So based on this analysis we'd expect Forbo Holding to have a high P/E ratio. When the market is wrong about a stock, it gives savvy investors an opportunity. As value investor Benjamin Graham famously said, 'In the short run, the market is a voting machine but in the long run, it is a weighing machine.' So thisfreevisual report on analyst forecastscould hold the key to an excellent investment decision. But note:Forbo Holding may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with strong recent earnings growth (and a P/E ratio below 20). 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.
Wimbledon 2019 draw: When is it, what TV channel is it on and what are latest odds and predictions for grand slam? Court One's retractable roof is complete and ready to be used during this year's Championships - PA What is it? Its the third grand slam of the year, the Wimbledon championships which run between Monday, July 1 until Sunday, July 14. When is the draw for the championships? The official draw will take place on Friday, June 28 at 10am. How can I follow it? The draw will not be televised but you can follow every match up with our live blog. Just bookmark this page and return on the Friday before the Championships begin. What are the seedings? Who are the defending champions? Novak Djokovic and Angelique Kerber. Kerber and Djokovic won last year's single's titles Credit: PA Anything new for the tournament? Yes. This will be the first time Wimbledon has featured a tie-break at 12-all in the final set to eliminate the marathon matches which have hampered scheduling and player performance in recent years. In the women's draw, it will be the first tournament that will consist of 104 direct entrant players in the women's singles with 16 qualifiers and eight wildcards. The women's qualifying rounds will be increased with 128 players which is the same as the men's qualifying. A £70 million retractable roof will also be in place on Court One for the first time. The project took three years to complete. The work has also generated extra rows taking the capacity up to 12,345. Can I still buy tickets? Of course. Youve heard of the Wimbledon queue, right? You can turn up at Wimbledon Park and wait patiently for a small number of tickets available for Centre Court, Court One or Court Two. Youll have to queue from around 6am on the morning, if not before in order to get lucky, though. If you cant get on the showcourts, you can also purchase a day pass which allows you access to all the ground courts from Nos 3 to 18. Prices start from £25. The All England Club will only accept cash on the day. What TV channel are the Championships on? You can watch coverage on BBC One and Two throughout the fortnight and on the red button. You can also follow the Telegraphs daily coverage. Djokovic's bid to hold all four slam titles again was thwarted by Thiem at Roland Garros Credit: AFP What are the latest odds? Mens champion latest odds: Djokovic 6/4 Story continues Federer 10/3 Nadal 11/2 A Zverev 14/1 Tsitisipas 16/1 Del Potro 16/1 Kyrgios 25/1 Womens champion latest odds: Barty 4/1 S Williams 6/1 Kvitova 9/1 Osaka 9/1 Ka Pliskova 12/1 Kerber 12/1 Konta 12/1 What is our prediction? Novak Djokovic's ambition of simultaneously holding all four grand slam singles titles was dashed by Dominic Thiem in their weather-hampered French Open semi-final earlier this month but the Serbian remains the leading contender to defend his title at SW19. Djokovic sealed a fourth Wimbledon title with a comfortable win over Kevin Anderson last time out, and will be reeling from that Roland Garros heartache. We also fancy Alexander Zverev and Juan Martin del Potro to have decent runs on the grass. Can Ashleigh Barty back up her French Open triumph with success at Wimbledon? Credit: Rex In the women's draw, there are injury doubts hanging over two of the leading contenders in Serena Williams and Petra Kvitova. Ashleigh Barty will look to follow up her maiden major at Roland Garros with victory at Wimbledon, but we're going to plump for world No 3, Karolina Pliskova. Our predictions: Men's winner: Novak Djokovic. Women's winner: Karolina Pliskova
G20 heads struggle to narrow differences beyond their concern on global growth By Leika Kihara and Katya Golubkova OSAKA (Reuters) - Many leaders of the world's top 20 economies on Friday voiced concern over trade tensions and the risk they pose to global growth, but were at loggerheads on key issues such as World Trade Organization (WTO) reform, Japanese and Russian delegates said. The bitter U.S.-China trade war and signs of slowdown in the global economy have overshadowed a two-day Group of 20 summit that kicked off in Osaka, western Japan, on Friday with a session on the world economy and trade. Yasutoshi Nishimura, Japan's deputy chief cabinet secretary, who was present at the meeting, said the G20 heads discussed ways to address common challenges such as promoting free trade and jump-starting stalled talks on reforming the WTO. "There are downside risks to the global economy as trade tensions escalate. Against this background, the G20 leaders agreed on the need for the group to drive global growth," Nishimura told reporters after the session on Friday. But that was as far as they could agree, as U.S. President Donald Trump's "America first" policies and aversion to multilateralism test the solidarity of the G20. Russia's economy minister Maxim Oreshkin told reporters on Friday there was no common agreement among the G20 members on how to reform the WTO. The G20 leaders were also struggling to find common ground on issues such as information security, climate change and migration, said Svetlana Lukash, Russia's sherpa to the group. "Currently work on the final (G20) documents is ongoing and this is not going easy," Lukash told reporters. But she added a final G20 communique will likely be signed, as well as other documents related to the group's agenda that may be in a "more political format." Japan, as chair of this year's G20 meetings, has sought to downplay the rift emerging among the group's members on various topics, notably trade - with little success. French President Emmanuel Macron had also said his country will not sign off on a G20 communique that does not mention the Paris agreement on climate change. Japanese media has reported that Tokyo, as a compromise on phrasing the thorny issue of trade, is working with its G20 counterparts on a communique that would call for the "promotion of free trade" to achieve strong global growth. (Reporting by Leika Kihara; Editing by Chang-Ran Kim and Neil Fullick)
Kerry Logistics Network Limited (HKG:636): Set To Experience A Decrease In Earnings? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! In April 2019, Kerry Logistics Network Limited (HKG:636) announced its most recent earnings update, which suggested that the company experienced a strong tailwind, eventuating to a double-digit earnings growth of 15%. Below is my commentary, albeit very simple and high-level, on how market analysts view Kerry Logistics Network's earnings growth trajectory over the next few years and whether the future looks even brighter than the past. I will be using net income excluding extraordinary items in order to exclude one-off volatility which I am not interested in. Check out our latest analysis for Kerry Logistics Network Analysts' outlook for next year seems optimistic, with earnings rising by a robust 23%. However, the following year seems to show a complete contrast, with earnings reducing by -20%. This volatility continues into the final year of forecast, with earnings arriving at HK$2.1b. While it’s useful to understand the growth each year relative to today’s level, it may be more insightful to evaluate the rate at which the earnings are moving every year, on average. The advantage of this technique is that we can get a bigger picture of the direction of Kerry Logistics Network's earnings trajectory over the long run, irrespective of near term fluctuations, be more volatile. To calculate this rate, I've inserted a line of best fit through analyst consensus of forecasted earnings. The slope of this line is the rate of earnings growth, which in this case is -8.5%. This means that, we can expect Kerry Logistics Network will chip away at a rate of -8.5% every year for the next couple of years. For Kerry Logistics Network, I've put together three essential aspects you should look at: 1. Financial Health: Does it have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Valuation: What is 636 worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether 636 is currently mispriced by the market. 3. Other High-Growth Alternatives: Are there other high-growth stocks you could be holding instead of 636? Exploreour interactive list of stocks with large growth potentialto get an idea of what else is out there you may be missing! 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.
Quality cocoa shortage sends European premiums to near 10-year high By Maytaal Angel LONDON (Reuters) - Buyers in Europe's physical cocoa market are having to pay top dollar for quality beans from leading global producers Ivory Coast and Ghana to compete with stronger U.S. prices, raising cost fears for grinders and chocolate makers. The soaring prices could hit the cocoa users hard next season, especially if the upcoming crop disappoints, as they could be forced to buy large volumes at hefty premiums when they return to the market to restock. Premiums for Ivory Coast cocoa are currently at 160-170 pounds a tonne over spot London futures, their highest in about eight years, while Ghana premiums are around eight-year-highs of 300-350 pounds, five traders told Reuters. The price surge comes as U.S. futures climb to around $150 a tonne over London futures, marking a significant reversal for a market that has for years commanded a discount of around $150-200 to London. "There's a huge shortage of near term supply. If you want to buy good quality beans in Europe, you're not going find them or they'll be very expensive," said a trader. Although most cocoa users have stocked up for now, they will return to the market from October to restock. "New York is now a lot more expensive than London, so good quality cocoa is drawn to the New York exchange. If you want to buy cocoa in Europe, you have to pay more to compensate for the difference," added the trader. Despite the price surge on Europe's physical markets, leading producers Ivory Coast and Ghana have teamed up to impose a minimum price that chocolate companies and processors must pay if they want to access the more than 60% of global supply under their control. The move is an attempt to ease the poverty of farmers that has become a blight on chocolate's image and a threat to the sector's future in West Africa. STOCKS BUFFER DWINDLES London's cocoa futures' traditional premium to New York, which reflected stronger demand for cocoa in Europe, flipped in the second half of 2017 after a large volume of poor-quality cocoa from Cameroon hit the European exchange, while a chunk of Ivory Coast cocoa headed to New York. While cocoa premiums have been recovering in Europe since the Cameroon supplies landed, the supply situation worsened this year as Europe's cocoa stocks dwindled while demand strengthened. Europe's first quarter cocoa grind, a proxy for demand, rose 3.3% in the first quarter, industry data shows. "Every bean produced has been consumed by industry, traders have very little stock," said a second trader. Around 75 percent of the roughly 122,000 tonnes of cocoa currently certified in ICE Europe exchange warehouses is from Cameroon, exchange data indicates. By contrast, about 5,100 tonnes, or half the total certified stock in ICE New York exchange warehouses, is from the Ivory Coast. Two years ago that number was less than 10%. "There’s a lot of surplus Cameroon cocoa that’s effectively changed the basis of the London market. London no longer reflects good quality cocoa," said an industry consultant. Certified stocks represent only a small slice of all the cocoa in the U.S., and one UK-based dealer estimates about 20,000-25,000 tonnes of Ivory Coast cocoa has gone to the U.S. over the last six months alone. "There's almost no off exchange cocoa in Europe. There is cocoa on exchange, but it's in one or two strong hands," said a second trader. He added the exchange cocoa is in any case undesirable for commercial buyers as it is mostly from Cameroon. The cocoa shortage in Europe's physical market coupled with the concentration of exchange cocoa in the hands of a couple of traders who expected higher prices and were unwilling to sell, pushed the premium for ICE Europe May cocoa futures to a nine year high over July futures last month. "Market forces should sort this out. Eventually Cameroon cocoa will become so cheap compared to other origins that if you're a processor, you'll use it, it will disappear and the market will go back to normal," said a third trader. Until such time though, rising costs for European cocoa buyers will remain a concern. (Reporting by Maytaal Angel; Editing by Nigel Hunt, Veronica Brown and Elaine Hardcastle)
The Blue Prism Group (LON:PRSM) Share Price Gained 1088% And Shareholders Are Jubilant Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! It might be of some concern to shareholders to see theBlue Prism Group plc(LON:PRSM) share price down 25% in the last month. But over three years the performance has been really wonderful. Indeed, the share price is up a whopping 1088% in that time. As long term investors the recent fall doesn't detract all that much from the longer term story. The share price action could signify that the business itself is dramatically improved, in that time. We love happy stories like this one. The company should be really proud of that performance! View our latest analysis for Blue Prism Group Given that Blue Prism Group didn't make a profit in the last twelve months, we'll focus on revenue growth to form a quick view of its business development. Generally speaking, companies without profits are expected to grow revenue every year, and at a good clip. Some companies are willing to postpone profitability to grow revenue faster, but in that case one does expect good top-line growth. In the last 3 years Blue Prism Group saw its revenue grow at 72% per year. That's much better than most loss-making companies. In light of this attractive revenue growth, it seems somewhat appropriate that the share price has been rocketing, boasting a gain of 128% per year, over the same period. It's always tempting to take profits after a share price gain like that, but high-growth companies like Blue Prism Group can sometimes sustain strong growth for many years. So we'd recommend you take a closer look at this one, or even put it on your watchlist. The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail). It's probably worth noting that the CEO is paid less than the median at similar sized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. So we recommend checking out thisfreereport showing consensus forecasts Blue Prism Group shareholders are down 20% for the year, but the broader market is up 1.9%. Of course the long term matters more than the short term, and even great stocks will sometimes have a poor year. Fortunately the longer term story is brighter, with total returns averaging about 128% per year over three years. The recent sell-off could be an opportunity if the business remains sound, so it may be worth checking the fundamental data for signs of a long-term growth trend. Before spending more time on Blue Prism Groupit might be wise to click here to see if insiders have been buying or selling shares. We will like Blue Prism Group better if we see some big insider buys. While we wait, check out thisfreelist of growing companies with considerable, recent, insider buying. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on GB 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.
Shell, Exxon Mobil eye re-entry into Somalia's upstream sector LONDON (Reuters) - Royal Dutch Shell and Exxon Mobil are looking to re-enter the market in Somalia ahead of an oil block bid round taking place later this year, the country's oil ministry said in a statement. Shell and Exxon Mobil had a joint venture there prior to the toppling of dictator Mohamed Siad Barre in the early 1990s. Somalia has been mired in insecurity since Barre left and is battling Islamist group al Shabaab that frequently carries out bombings in the capital Mogadishu and elsewhere in the country. The country currently does not produce any oil but production could transform the economy as early stage seismic data has shown there could be significant oil reserves offshore. "(An) agreement was signed in Amsterdam on June 21st 2019 and settles issues relating to surface rentals and other incurred obligations on offshore blocks," the ministry said. The parties have also agreed a plan to convert their old contracts in line with the a new petroleum bill that was passed earlier this year. Somalia hopes to allocate 15 offshore blocks with a potential bid date schedule for November. A roadshow is being organised in Houston, Texas in late September or early October. Somalia has also passed a revenue sharing agreement, splitting revenue with oil producing states but has not yet decided on the share the government will keep in the blocks it awards. (Reporting By Julia Payne; editing by David Evans)
Why Uponor Oyj (HEL:UPONOR) Looks Like A Quality Company Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). We'll use ROE to examine Uponor Oyj (HEL:UPONOR), by way of a worked example. Uponor Oyj has a ROE of 19%, based on the last twelve months. Another way to think of that is that for every €1 worth of equity in the company, it was able to earn €0.19. View our latest analysis for Uponor Oyj Theformula for return on equityis: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Uponor Oyj: 19% = €52m ÷ €324m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. 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. ROE measures a company's profitability against the profit it retains, and any outside investments. The 'return' is the profit over the last twelve months. That means that the higher the ROE, the more profitable the company is. So, as a general rule,a high ROE is a good thing. That means ROE can be used to compare two businesses. By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, Uponor Oyj has a better ROE than the average (11%) in the Building industry. That's what I like to see. I usually take a closer look when a company has a better ROE than industry peers. For exampleyou might checkif insiders are buying shares. Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same. While Uponor Oyj does have some debt, with debt to equity of just 0.76, we wouldn't say debt is excessive. Its very respectable ROE, combined with only modest debt, suggests the business is in good shape. Judicious use of debt to improve returns can certainly be a good thing, although it does elevate risk slightly and reduce future optionality. Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better. Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. 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 check this FREEvisualization of analyst forecasts for the company. But note:Uponor Oyj may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with 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.
Imagine Owning Uponor Oyj (HEL:UPONOR) And Wondering If The 33% Share Price Slide Is Justified Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! As an investor its worth striving to ensure your overall portfolio beats the market average. But its virtually certain that sometimes you will buy stocks that fall short of the market average returns. Unfortunately, that's been the case for longer termUponor Oyj(HEL:UPONOR) shareholders, since the share price is down 33% in the last three years, falling well short of the market return of around 37%. And over the last year the share price fell 30%, so we doubt many shareholders are delighted. The silver lining is that the stock is up 3.3% in about a week. View our latest analysis for Uponor Oyj To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. Although the share price is down over three years, Uponor Oyj actually managed to grow EPS by 9.1% per year in that time. This is quite a puzzle, and suggests there might be something temporarily buoying the share price. Or else the company was over-hyped in the past, and so its growth has disappointed. 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. We note that the dividend seems healthy enough, so that probably doesn't explain the share price drop. We like that Uponor Oyj has actually grown its revenue over the last three years. If the company can keep growing revenue, there may be an opportunity for investors. You might have to dig deeper to understand the recent share price weakness. You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image). Take a more thorough look at Uponor Oyj's financial health with thisfreereport on its balance sheet. When looking at investment returns, it is important to consider the difference betweentotal shareholder return(TSR) andshare price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Uponor Oyj's TSR for the last 3 years was -27%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted thetotalshareholder return. While the broader market gained around 1.7% in the last year, Uponor Oyj shareholders lost 27% (even including dividends). Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 4.1% over the last half decade. We realise that Buffett has said investors should 'buy when there is blood on the streets', but we caution that investors should first be sure they are buying a high quality businesses. Importantly, we haven't analysed Uponor Oyj's dividend history. Thisfreevisual report on its dividendsis a must-read if you're thinking of buying. If you would prefer to check out another company -- one with potentially superior financials -- then do not miss thisfreelist of companies that have proven they can grow earnings. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on FI 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.
Is China MeiDong Auto Holdings Limited's (HKG:1268) CEO Paid At A Competitive Rate? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! The CEO of China MeiDong Auto Holdings Limited (HKG:1268) is Tao Ye. This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. Next, we'll consider growth that the business demonstrates. And finally - as a second measure of performance - we will look at the returns shareholders have received over the last few years. This process should give us an idea about how appropriately the CEO is paid. Check out our latest analysis for China MeiDong Auto Holdings At the time of writing our data says that China MeiDong Auto Holdings Limited has a market cap of HK$6.2b, and is paying total annual CEO compensation of CN¥5.5m. (This number is for the twelve months until December 2018). Notably, that's an increase of 21% over the year before. While we always look at total compensation first, we note that the salary component is less, at CN¥2.4m. When we examined a selection of companies with market caps ranging from CN¥2.8b to CN¥11b, we found the median CEO total compensation was CN¥3.0m. As you can see, Tao Ye is paid more than the median CEO pay at companies of a similar size, in the same market. However, this does not necessarily mean China MeiDong Auto Holdings Limited is paying too much. We can get a better idea of how generous the pay is by looking at the performance of the underlying business. You can see a visual representation of the CEO compensation at China MeiDong Auto Holdings, below. Over the last three years China MeiDong Auto Holdings Limited has grown its earnings per share (EPS) by an average of 43% per year (using a line of best fit). Its revenue is up 44% over last year. Overall this is a positive result for shareholders, showing that the company has improved in recent years. It's great to see that revenue growth is strong, too. These metrics suggest the business is growing strongly. It could be important to checkthis free visual depiction ofwhat analysts expectfor the future. Boasting a total shareholder return of 634% over three years, China MeiDong Auto Holdings Limited has done well by shareholders. So they may not be at all concerned if the CEO were to be paid more than is normal for companies around the same size. We examined the amount China MeiDong Auto Holdings Limited pays its CEO, and compared it to the amount paid by similar sized companies. Our data suggests that it pays above the median CEO pay within that group. However we must not forget that the EPS growth has been very strong over three years. On top of that, in the same period, returns to shareholders have been great. Considering this fine result for shareholders, we daresay the CEO compensation might be apt. Shareholders may want tocheck for free if China MeiDong Auto Holdings insiders are buying or selling shares. If you want to buy a stock that is better than China MeiDong Auto Holdings, thisfreelist of high return, low debt companies is a great place to look. 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.
CORRECTED-FOREX-Euro set for biggest monthly gain in 17 months before price data (Corrects weaken to gain in sixth paragraph) * Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh By Saikat Chatterjee LONDON, June 28 (Reuters) - The euro stabilised on Friday but was on track for its biggest monthly gain in 17 months as traders questioned how much firepower the European Central Bank could potentially roll out to support a struggling economy and boost inflation. June data at 1000 GMT is expected to show monthly euro zone inflation of 1.2% -- well short of the ECB's target of just under 2%. Policymakers have promised more stimulus if needed but some investors are sceptical. "The elbow-room for the ECB to ease policy is far more limited than the (U.S.) Fed and that is weighing on the euro," said Esther Reichelt, FX strategist at Commerzbank. While inflation expectations in the United States and Europe have declined in recent weeks, as measured by forward-starting swaps, U.S. gauges have stabilised after the Federal Reserve opened the door to rate cuts last week. In comparison, policy interest rates in Europe are already in negative territory and Europe's most widely watched measure of inflation expectations -- the five-year, five-year forward rate -- has started declining again. Against the dollar, the single currency edged 0.1 percent higher at $1.1384. On a monthly basis, the single currency was set to gain 1.6%. The dollar index, which measures the U.S. currency against six of its peers, was at 96.217, unchanged on the week. Markets are also hoping that a meeting between U.S. President Donald Trump and Chinese President Xi Jinping at the G20 in the Japanese city of Osaka will bring progress on trade. Negotiations between the world's two largest economies have been fraught, however, and traders and analysts caution that a resolution at the G20 summit is far from certain. Trump will meet Xi at 11:30 a.m. (0230 GMT) on Saturday. The dollar traded at 107.66 yen, little changed on the day but on course for a 0.3% gain this week as the greenback mounted a recovery from a five-month low of 106.77 yen reached on Tuesday. (Reporting by Saikat Chatterjee; Additional reporting by Stanley White in TOKYO; Editing by Catherine Evans)
Should You Like SITC International Holdings Company Limited’s (HKG:1308) High Return On Capital Employed? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Today we'll look at SITC International Holdings Company Limited (HKG:1308) and reflect on its potential as an investment. Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. First up, we'll look at what ROCE is and how we calculate it. Then we'll compare its ROCE to similar companies. Last but not least, we'll look at what impact its current liabilities have on its ROCE. ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Generally speaking a higher ROCE is better. Overall, it is a valuable metric that has its flaws. Renowned investment researcher Michael Mauboussinhas suggestedthat a high ROCE can indicate that 'one dollar invested in the company generates value of more than one dollar'. The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for SITC International Holdings: 0.14 = US$176m ÷ (US$1.6b - US$270m) (Based on the trailing twelve months to December 2018.) So,SITC International Holdings has an ROCE of 14%. See our latest analysis for SITC International Holdings ROCE is commonly used for comparing the performance of similar businesses. In our analysis, SITC International Holdings's ROCE is meaningfully higher than the 3.1% average in the Shipping industry. We consider this a positive sign, because it suggests it uses capital more efficiently than similar companies. Independently of how SITC International Holdings compares to its industry, its ROCE in absolute terms appears decent, and the company may be worthy of closer investigation. Our data shows that SITC International Holdings currently has an ROCE of 14%, compared to its ROCE of 9.5% 3 years ago. This makes us think about whether the company has been reinvesting shrewdly. You can see in the image below how SITC International Holdings's ROCE compares to its industry. Click to see more on past growth. When considering ROCE, bear in mind that it reflects the past and does not necessarily predict the future. ROCE can be misleading for companies in cyclical industries, with returns looking impressive during the boom times, but very weak during the busts. ROCE is, after all, simply a snap shot of a single year. Future performance is what matters, and you can see analyst predictions in ourfreereport on analyst forecasts for the company. Current liabilities are short term bills and invoices that need to be paid in 12 months or less. Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. To check the impact of this, we calculate if a company has high current liabilities relative to its total assets. SITC International Holdings has total assets of US$1.6b and current liabilities of US$270m. As a result, its current liabilities are equal to approximately 17% of its total assets. Low current liabilities are not boosting the ROCE too much. Overall, SITC International Holdings has a decent ROCE and could be worthy of further research. SITC International Holdings looks strong on this analysis,but there are plenty of other companies that could be a good opportunity. Here is afree listof companies growing earnings rapidly. If you like to buy stocks alongside management, then you might just love thisfreelist of companies. (Hint: insiders have been buying them). 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.
Iran Bitcoin Miners Set Up Shop in Mosques Amid Gov’t Crackdown Iranianbitcoin (BTC)minersare moving into mosques as the government launches an energy crackdown,social media usersrevealed on June 25. Iran, which offers free energy to mosques, now has around 100 miners occupying places of worship, generating much-needed income of around $260,000 a year. “This money goes a long way in Iran’s choked sanctioned economy,” Oxford University researcher Mahsa Alimardani explained on Twitter. Despite its increasingly troubled economic situation, Iran remains uncoordinated when it comes tocryptocurrencypolicy. Last year, thecentral bankofficiallyforbadelenders from servicing crypto businesses, at the same time as officials said they wouldconsider launchingtheir own digital token. Now, after bitcoin mining allegedly contributed to a 7% spike in power consumption in June, 1,000 miners have been seized, Cointelegraphreportedon Tuesday. “Two of these bitcoin farms have been identified, with a consumption of one megawatt,”Reutersadditionally quoted Arash Navab, an official from the energy industry in Yazd province, as telling state television. Tehran hadpreviously recognizeddomestic cryptocurrency mining as an industry. As Cointelegraphreported, the majority of bitcoin mining now uses sustainable energy sources, while separate research tackles claims the process is environmentally damaging. This week, aU.S.companycommittedto building a solar-powered farm which will become the largest in North America when it starts operating inCalifornia. • Iranian Authorities Confiscate 1,000 Bitcoin Mining Machines • Bitcoin Mining is Now More Competitive Than Ever, New Data Shows • Iranian Government to Cut Off Power to Crypto Mining Until Approval of New Energy Prices • North America’s Largest Solar Bitcoin Mining Farm Coming to California
Should You Be Tempted To Sell Lagercrantz Group AB (publ) (STO:LAGR B) Because Of Its P/E Ratio? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). To keep it practical, we'll show how Lagercrantz Group AB (publ)'s (STO:LAGR B) P/E ratio could help you assess the value on offer.Lagercrantz Group has a P/E ratio of 24.86, based on the last twelve months. That corresponds to an earnings yield of approximately 4.0%. See our latest analysis for Lagercrantz Group Theformula for P/Eis: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Lagercrantz Group: P/E of 24.86 = SEK125.6 ÷ SEK5.05 (Based on the year to March 2019.) A higher P/E ratio means that investors are payinga higher pricefor each SEK1 of company earnings. That is not a good or a bad thingper se, but a high P/E does imply buyers are optimistic about the future. Probably the most important factor in determining what P/E a company trades on is the earnings growth. When earnings grow, the 'E' increases, over time. Therefore, even if you pay a high multiple of earnings now, that multiple will become lower in the future. And as that P/E ratio drops, the company will look cheap, unless its share price increases. Lagercrantz Group increased earnings per share by an impressive 20% over the last twelve months. And earnings per share have improved by 14% annually, over the last five years. So one might expect an above average P/E ratio. The P/E ratio indicates whether the market has higher or lower expectations of a company. The image below shows that Lagercrantz Group has a higher P/E than the average (19.7) P/E for companies in the electronic industry. Its relatively high P/E ratio indicates that Lagercrantz Group shareholders think it will perform better than other companies in its industry classification. Clearly the market expects growth, but it isn't guaranteed. So further research is always essential. I often monitordirector buying and selling. One drawback of using a P/E ratio is that it considers market capitalization, but not the balance sheet. That means it doesn't take debt or cash into account. In theory, a company can lower its future P/E ratio by using cash or debt to invest in growth. Spending on growth might be good or bad a few years later, but the point is that the P/E ratio does not account for the option (or lack thereof). Lagercrantz Group has net cash of kr139m. That should lead to a higher P/E than if it did have debt, because its strong balance sheets gives it more options. Lagercrantz Group trades on a P/E ratio of 24.9, which is above the SE market average of 16.4. Its strong balance sheet gives the company plenty of resources for extra growth, and it has already proven it can grow. So it is not surprising the market is probably extrapolating recent growth well into the future, reflected in the relatively high P/E ratio. When the market is wrong about a stock, it gives savvy investors an opportunity. People often underestimate remarkable growth -- so investors can make money when fast growth is not fully appreciated. So thisfreereport on the analyst consensus forecastscould help you make amaster moveon this stock. Of courseyou might be able to find a better stock than Lagercrantz Group. So you may wish to see thisfreecollection of other companies that have grown earnings strongly. 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.
Does Lagercrantz Group AB (publ)'s (STO:LAGR B) CEO Pay Matter? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Jörgen Wigh became the CEO of Lagercrantz Group AB (publ) (STO:LAGR B) in 2006. This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. Then we'll look at a snap shot of the business growth. And finally we will reflect on how common stockholders have fared in the last few years, as a secondary measure of performance. This process should give us an idea about how appropriately the CEO is paid. View our latest analysis for Lagercrantz Group According to our data, Lagercrantz Group AB (publ) has a market capitalization of kr8.5b, and pays its CEO total annual compensation worth kr7.9m. (This figure is for the year to March 2018). While this analysis focuses on total compensation, it's worth noting the salary is lower, valued at kr5.2m. As part of our analysis we looked at companies in the same jurisdiction, with market capitalizations of kr3.7b to kr15b. The median total CEO compensation was kr5.6m. Thus we can conclude that Jörgen Wigh receives more in total compensation than the median of a group of companies in the same market, and of similar size to Lagercrantz Group AB (publ). However, this doesn't necessarily mean the pay is too high. We can get a better idea of how generous the pay is by looking at the performance of the underlying business. The graphic below shows how CEO compensation at Lagercrantz Group has changed from year to year. On average over the last three years, Lagercrantz Group AB (publ) has grown earnings per share (EPS) by 11% each year (using a line of best fit). It achieved revenue growth of 15% over the last year. Overall this is a positive result for shareholders, showing that the company has improved in recent years. This sort of respectable year-on-year revenue growth is often seen at a healthy, growing business. You might want to checkthis free visual report onanalyst forecastsfor future earnings. Most shareholders would probably be pleased with Lagercrantz Group AB (publ) for providing a total return of 69% over three years. As a result, some may believe the CEO should be paid more than is normal for companies of similar size. We compared total CEO remuneration at Lagercrantz Group AB (publ) with the amount paid at companies with a similar market capitalization. As discussed above, we discovered that the company pays more than the median of that group. Importantly, though, the company has impressed with its earnings per share growth, over three years. In addition, shareholders have done well over the same time period. As a result of this good performance, the CEO remuneration may well be quite reasonable. Shareholders may want tocheck for free if Lagercrantz Group insiders are buying or selling shares. Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies. 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.
BBC cut Boris Johnson's description of French as 'turds' from documentary The BBC reportedly cut a crude comment by Boris Johnson about the French from a documentary following concerns at the Foreign Office over how it could impact diplomatic relations (Picture: Andrew Matthews/PA via AP) Boris Johnson reportedly accused the French of being turds over Brexit in a comment that was cut from a BBC documentary before it aired. The Daily Mail reported that the comment was due to appear in a fly-on-the-wall documentary but the Foreign Office asked for it to be removed amid concerns it could affect diplomatic relations. According to the newspaper, a Whitehall memo said the comment would make Anglo-French relations awkward. Senior diplomats also privately voiced concerns that it could make it harder for the UK to get a good Brexit deal, it reported. The comment was reportedly made during filming for the three-part documentary Inside the Foreign Office. The documentary was broadcast on BBC Two in November last year, after Mr Johnson had resigned as foreign secretary. READ MORE Primary school 'actively discourages' pupils from socialising in classroom A BBC spokeswoman said: "The programme set out to reflect the realities of life inside the Foreign Office, the production team made judgments about what was in the programme and they are satisfied that the programme achieves its ambitions and has the content they wanted." The Foreign Office declined to comment. But Foreign Office Minster Sir Alan Duncan said there had been a significant level of concern within the Foreign Office about the documentary. He told the BBC Radio 4 Today programme: "I do remember that the filming of the documentary was a pretty high octane venture. There were some pretty bumpy moments when we thought 'Ooh, we don't want that to appear'. "I imagine that there were discussions between the Foreign Office and the Beeb saying 'Please don't put that it in ... or that, or that, or that, or that'. This was perhaps one of them." ---Watch the latest videos from Yahoo UK---
Irish crypto exchange Bitsane disappears in a suspected scam worth millions Ireland-based cryptocurrency exchange Bitsane has reportedly disappeared in a suspected scam worth millions of euros.Irish Mirrorreportedthe news Thursday, saying that it has learned that Bitsane “vanished” last week, and over 100 people have lost between €5,000 (~$5,700) and €132,000 (~$150,000).Bitsane reportedly went offline on June 17 and its Twitter and Facebook accounts have also been deleted. On June 19, one Twitter userpostedthat he can’t withdraw XRP from Bitsane. Another userreplied, “me too.” One user named Shane Johnson, who claims to be “a US Army veteran,”tweetedthat he is missing over $7000 worth of crypto in Bitsane. Another user from India, named Vikas Tak,tweetedthat Bitsane closed their exchange “without any notice” and that he is unable to recover his 6,400 XRP tokens. Tak further said that there are “Many Victims.”Data captured by Archive.orgshowsthat Bitsane had 246,000 registered users as of May 30, 2019. The exchange firstwent livein November 2016. At the time, it said: “At any point, if a customer needs help with anything on the platform, quick professional support is always within reach on Bitsane.” And today, customers are reportedly unable to reach them.Bitsane page on data provider CoinMarketCapshowsnil volume currently, with the last update being made "260 hours ago" i.e. about 11 days.
Boris Johnson could end stamp duty on homes under £500,000 Canary Wharf and the docklands in London. Photo: Prisma by Dukas/Universal Images Group/Getty Stamp duty could be scrapped for all homes worth under £500,000 if Boris Johnson becomes the next UK prime minister, according to reports. Analysis by Yahoo Finance UK suggests the move could save first-time buyers up to £10,000 on their first home and give buy-to-let landlords and second homeowners a £30,000 tax cut. Existing homeowners moving into new properties could avoid up to £15,000 of stamp duty if they bought a new property worth £500,000, according to the Money Advice Services stamp duty calculator. The changes would see stamp duty disappear for buyers of the majority of homes in England, where the median average property price is around £240,000. The shakeup could go even further, with reports he is looking at reversing former chancellor George Osbornes stamp duty hike on more expensive homes. The stamp duty increases are widely seen to have cooled the London property market in recent years. READ MORE: Boris Johnsons points-based immigration plans explained But the former London mayor is reported to be looking at the radical overhaul of stamp duty only if he leads Britain out of the EU without a deal. Three sources in his campaign told the Times he was considering an emergency budget including stamp duty cuts, large tax breaks for business investment and an assault on regulation. Proposals for a Trump-style moratorium blocking all new regulations could prove the most controversial part of the plans. Any benefits to homebuyers through lower taxes and homeowners through a hotter property market could also be outweighed by the economic rupture caused by a no-deal Brexit. The Bank of England has warned that house prices could crash by as much as 30% in a worst-case scenario, with Britain entering a recession that could see jobs lost. What is stamp duty? Johnson as London mayor with Osborne. Photo: AP Photo/Matt Dunham Stamp duty is a tax on property purchases. It is currently paid on the value of property higher than £125,000 for residential properties and £150,000 for non-residential properties and land. Story continues Buyers currently pay a 2% tax on the value of their main residence between £125,000 and £250,000. Higher taxes are paid on more expensive property bands, with 15% the highest rate for second homeowners on the value of properties above £1.5m. First-time buyers already pay less or even no tax on properties under £500,000. READ MORE: How much first-time buyers need to earn to get on the property ladder
Failure at a big Indian non-bank lender could cause large damage: RBI By Swati Bhat MUMBAI (Reuters) - Failure of a large Indian non-banking financial company could cause as much damage as the collapse of a big commercial lender, the Reserve Bank of India said, stressing a need for greater surveillance of these firms. The central bank issued the warning in its latest Financial Stability Report, released on Thursday night, in which it also forecast that the proportion of debt-burdened commercial banks' non-performing assets (NPAs) would fall slightly by March next March. A series of defaults last year by a financing firm, Infrastructure Leasing and Financial Services (IL&FS), led to the government taking over its operations. That was followed by defaults by some other non-banking financial firms (NBFCs), also known as shadow banks, triggering a surge in borrowing costs and causing a freeze in much of their lending. Dewan Housing Finance, one of India's largest housing finance companies (HFC), had multiple defaults on interest payments. It has stopped taking deposits and delayed some debt payments, citing cashflow problems. While the RBI has taken measures in recent months to address the sector's liquidity issues, the stability report marks the first time it has spelled out publicly the extent of the risks to the overall financial system from such defaults. It said solvency contagion losses to the banking system due to "idiosyncratic HFC/NBFC failure" show that the failure of largest such institutions "can cause losses comparable to those caused by the big banks", underscoring the need for greater surveillance. CONTAGION RISKS However, the risks of contagion to the banking system have lessened because the public-sector banking system is now better capitalised, the report said. The Financial Stability Report is published by the RBI in June and December. The central bank said bank borrowings have risen. Their share of total borrowings was 29.2% in March 2019 versus 23.6% a year earlier and 21.2% in March 2017. "This indicates that banks are compensating for the reduced market access for NBFCs in the wake of stress in the sector," the RBI said. In the commercial paper market, which was heavily relied on by the NBFCs and HFCs, absolute issuance has declined sharply relative to its level before the IL&FS defaults, the RBI said. Consequently NBFCs and HFCs now rely more on long-term bank loans for their funding, which could be unsustainable, it added. "IL&FS stress episode brought the NBFC sector under greater market discipline as the better performing companies continued to raise funds while those with asset-liability management and/or asset quality concerns were subjected to higher borrowing costs," the RBI wrote in the report. (Editing by Martin Howell and Richard Borsuk)
London Capital Finance investors may get compensation after all FCA has come under strong criticism recently and is being urged to strengthen consumer protection measures. Photo: Getty Some of the investors who lost money after the collapse of London Capital Finance in January may be entitled to get compensation, the Financial Compensation Services Scheme said on Friday. The state-run scheme, which can pay compensation if a firm is unable to pay claims against it, had previously said that it would not accept claims from London Capital Finance investors, who lost up to £237m. After reviewing London Capital Finance’s business practices, the scheme said it now believed that Surge Financial, a marketing firm which promoted the company’s mini-bonds, may have provided a number of clients with “misleading advice.” Since this is a regulated activity, the statutory protection scheme could be triggered, resulting in impacted customers becoming eligible for compensation. London Capital Finance raised hundreds of millions by selling high-risk mini-bonds. But the Financial Conduct Authority froze the firm’s activities in December and ruled in January that communications it made in relation to the mini-bonds were “misleading, not fair and not clear.” The company collapsed soon after, leaving more than 11,000 investors out of pocket, and wiping out the life savings of many. A significant proportion of the investors in the firm were first-time investors, small business owners, or newly retired. READ MORE: ‘Perfect storm’ blamed for scandals like London Capital Finance The Financial Compensation Scheme said on Friday, however, that it did not yet know enough details about the advice provided by Surge Financial, and that it was too early to say how much compensation investors could be entitled to. The scheme may be able to pay out up to £50,000 to the investors impacted. “At this stage though we don’t have access to all of the information needed to determine the nature and extent of this misleading advice, and we’re still working with the relevant parties on gaining access to it,” it said in an update on its website. Investors have been asked to fill in a questionnaire to help them “better understand individual investor’s circumstances and the number of customers that may have been impacted.” Story continues The mini-bond industry is unregulated — which is why the Financial Compensation Services Scheme initially determined that investors would not be entitled to compensation. But the type of marketing communications issued by Surge Financial, which was paid £58m by London Capital Finance to develop its website and online comparison sites, may be regulated. In the wake of the collapse, the Treasury is also considering the introduction of regulation for the mini-bond industry. On Tuesday, the chair of the Financial Conduct Authority warned that a “perfect storm” of de-regulation, low interest rates, and the rise of social media had left customers vulnerable to fraudsters or high-risk investments that aren’t appropriate. The comments from Charles Randell came as he defended the FCA’s handling of the collapse of London Capital Finance.
Exit Scam? Dublin-Based Exchange Bitsane Vanishes With Users’ Funds Ireland-basedcryptocurrency exchangeBitsane has apparently vanished, taking as many as 246,000 users’ crypto deposits with it. The news wasreportedby Forbes on June 27. Launchedin 2016, Dublin-registered Bitsane LP wasformerly listedas one of Ripple’s approved exchanges — a January 2018 CNBCarticlehad also pitched the exchange as an option for investors seeking to trade XRP ahead of its listing on major platforms such as Coinbase. According to Forbes, user withdrawals on Bitsane began faltering in May of this year, with allegedly technical reasons cited as the reason for their temporary disabling. By June 17, both the Bitsane site and its social media accounts had been deleted, with emails to Bitsane accounts bouncing back as undeliverable. Moreover, neither the exchange’s CEO — Aidas Rupsys — nor its chief technology officer, Dmitry Prudnikov, could be reached by Forbes during the magazine’s investigation into the case. At press time, Prudnikov’s LinkedInprofileappears to have been deleted. As of May 30 2019, Bitsanecounted246,000 registered users, with a daily traded volume of just over $7 million on March 31, perCoinMarketCap. User groups on messaging platform Telegram and Facebookrevealusersclaimingto have typically lost up to $5,000, with Forbes citing an anonymous U.S. resident who says he had $150,000 in XRP and bitcoin (BTC) on the exchange prior to the company’s disappearance. Forbes further reports on a separate firm, incorporated in the United Kingdom as Bitsane Limited by Maksim Zmitrovich in August 2017, which apparently attempted to purchase the intellectual rights to Bistane’s code and use it as the basis for its own platform, dubbed Azbit. According to Zmitrovich, the firm has assumed the Bitsane name to fulfil a condition set by Bistane’s developers, yet the desired partnership between the two firms failed to materialize. In a blog postpublishedearlier this month, Zmitrovich has vehemently denied any substantive link between Azbit and the apparent exit-scam, noting that the Bitsane team has failed to respond to any of his correspondence since April of this year. While Forbes notes that multiple Bistane users based in the U.S. have reportedly filed complaints with the F.B.I., solutions for those affected by the platform’s disappearance currently remain unclear. Earlier this month, reportssurfacedthat Polishcrypto exchangeCoinroom reportedly shut down its operations and disappeared with customer funds, having notified users they had just one day to withdraw funds before their contracts would be terminated. • Singaporean Exchange Bitrue Gets Hacked, Losing $5 Million in XRP, Cardano • Report: Two Israeli Brothers Arrested for Hack of Bitfinex Crypto Exchange • CabbageTech Crypto Scheme Operator Pleads Guilty to Wire Fraud • Riviera Beach City Council Agrees to Pay $600,000 in BTC to Ransomware Attackers
Prince Harry Meghan Markle slammed by veteran royal photographer Harry and Meghan are facing significant criticism from royal photographer Arthur Edwards. [Photo: Getty images] A veteran royal photographer has shared a glimpse behind the scenes of Meghan and Harry’s contentious royal presence, and it looks like our suspicions may be confirmed. Royal watchers might be thrilled with the prospect of getting a proper introduction to the royal bub on the couple’s upcoming tour of South Africa , but this royal insider is markedly unimpressed. Photographer Arthur Edwards has snapped the world’s poshest family for The Sun for 40 years, and is repeatedly referred to as the closest photographer to the royal clan. When Kate and Wills introduced Louis to the world, Arthur was singled out by the Prince in his speech, he’s often photographed interacting with members of the family, and was once on the receiving end of one of Harry’s pranks. READ MORE: Harry and Meghan reveal baby Archie will join them on South Africa tour this autumn Arthur Edwards dancing with Camilla. Photo: Getty Images Now however, he has published a personal account of the reality of working with Meghan and Harry, and the pair don’t come off in the most favourable light. The reality behind the cameras While rumours have swirled for months around the Meghan’s difficult behaviour, Edwards described the pair as both projecting a poor attitude to their royal duties. He says recently, Harry has ‘sulked’ almost incessantly, and he no longer recognises the sweet young royal he watched grow up. Edwards says behind the cameras Harry and Meghan are difficult to work with. [Photo: Getty Images] “The old Harry is no longer there, and he seems to have forgotten that being a royal is a two-way street,” he writes. He also slammed Meghan’s absence from the state dinner with President Trump , saying he ‘couldn’t believe’ her decision to stay away. “Harry seemed to sulk all the time he was with the Trumps and it was Meghan’s duty as an American member of our Royal Family to support the Queen and welcome her President,” he says. However, let’s not forget that Meghan is still on maternity leave, and was only four weeks into motherhood when the Trumps came to town. Royal snub The photographer also weighed in on the confusion surrounding Archie’s birth, saying he was so personally offended by the couple’s decision to allow only one press photographer , that he deliberately sat it out. READ MORE: Meghan and Harry 'very excited' to set up their own charity foundation Arthur Edwards skipped the photo opportunity Harry and Meghan set up. [Photo: Getty Images] The long-time snapper described that he chose to follow Charles’ trip to Germany in order to photograph royals who ‘wanted me to photograph them’. This is all the more significant given Arthur has photographed eight royal births according to his Twitter bio, one of which was Harry’s own. Arthur Edwards has been capturing candid images of Prince Harry for years. [Photo: Arthur Edwards/ Getty Images] He’s previously spoken out about the couple’s decision to skip the traditional photo opportunity outside the hospital, criticising them for bucking over 40 years of tradition. Story continues Others meanwhile, praised the decision as it meant Meghan did not have to bring in hair and makeup teams and squeeze into a dress and heels just hours after giving birth. New perspective It’s no smear campaign from Arthur however, the trusted photographer was previously enthusiastic about Meghan, giving her the benefit of the doubt by putting any issues down to ‘nerves’. "I think she's absolutely lovely, I've covered almost all the engagements she's done,” he told a Foreign Press briefing earlier this year. "I think she's just a joy to work with, she's very nervous obviously, but she's doing a brilliant job." His prognosis isn't positive for the new family. Photo: Getty Images Looks like there’s been a tectonic shift in the relationship, and now Arthur is calling for the couple to engage directly with the press to clear the air, although he doesn’t seem overly confident about the prospects. “It would be great if Harry and Meghan had a clear-the-air reception for the royal press corps and tell us what’s really been going on,” he concluded his piece. “But I don’t suppose they will — because it’s not what Meghan wants.” ---Watch the latest videos from Yahoo UK--- View comments
Apple Grants $100 Million Lifeline to Ailing Japan Display (Bloomberg) -- Apple Inc. is providing a $100 million lifeline to Japan Display Inc., a person familiar with the matter said, shoring up a key smartphone display supplier that’s trying to salvage a bailout package after multiple investor departures. The U.S. company is stepping in after Taiwan’s TPK Holding Co. withdrew from a $1.1 billion rescue plan for the Japanese firm, the person said, asking not to be identified discussing a private deal. Cosgrove Global Ltd. and Topnotch Corporate Ltd. pulled out shortly after, leaving the bailout in limbo. Harvest Tech Investment Management Co. and Oasis Management Co. remain in discussions, the Japanese company said in a statement on Thursday. It’s received commitment letters from Chinese fund Harvest for investments of $300 million -- including Apple’s outlay -- and a conditional agreement from Oasis to stump up as much as $180 million. Japan Display said it’s continuing talks and seeks to close a bailout deal by Dec. 30. It’s been a roller-coaster month for Japan Display’s shareholders. The stock fell to near a record low on June 17 after TPK’s withdrawal, then soared 18% on Thursday after a report emerged that Apple was considering financial support. It ended Friday unchanged. Japan Display has struggled with faltering demand and a shift in technology, losing money for five straight fiscal years. The smartphone market has been shrinking and Apple, its biggest customer, is moving to next-generation organic light-emitting diode displays, which the Japanese company doesn’t produce in mass quantities. (Updates with Oasis commitments from the third paragraph.) To contact the reporter on this story: Pavel Alpeyev in Tokyo at palpeyev@bloomberg.net To contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Pavel Alpeyev For more articles like this, please visit us atbloomberg.com ©2019 Bloomberg L.P.
Rapper Nipsey Hussle and accused killer talked about snitching before shooting - media (Reuters) - Rapper Nipsey Hussle and the man accused of killing him talked about "snitching" before the rap star was shot dead, according to court documents released Thursday, media reports said. The more than 500 pages of grand jury testimony released by a Los Angeles County Superior Court judge contain the first chronology of the March 31 attack in which Hussle, 33, was shot multiple times and two others were wounded by gunfire. Eric Ronald Holder, 29, pleaded not guilty on April 4 to charges of killing the Grammy Award-nominated rapper, whose real name was Ermias Asghedom, and was ordered held on $5 million bail. After the talk about snitching, Hussle's accused shooter left in a car then returned a half-hour later and shot Hussle outside of his clothing store in south Los Angeles, the court papers said, according to media accounts. "You got me," Hussle reportedly said after he fell. The gunman then kicked him twice in the head before fleeing. The Los Angeles Times argued in court for public access to the transcripts while Holder's public defender argued against their disclosure, saying it could jeopardise his client's right to a fair trial, media reported. According to the papers, Hussle spent part of the afternoon signing autographs and taking photos with fans outside of his store, the Times and other media reported, including taking a selfie with the woman who drove Holder to the parking lot. Deputy District Attorney John McKinney told a grand jury that Holder approached Hussle and the two had a short conversation, according to media accounts of the documents. "Apparently, the conversation had something to do with [Hussle] telling Mr. Holder that word on the street was that Mr. Holder was snitching," McKinney said in the court transcripts, adding that snitching was a serious offence among gang members. McKinney said that conversation drove "Eric Holder to a point of wanting to return to the parking lot and kill Nipsey Hussle." Story continues Investigators previously said that the shooting was over a personal dispute that was not gang-related. If convicted, Holder faces a maximum sentence of life in prison without the possibility of parole. Last month, prominent defense attorney Chris Darden, a onetime member of the O.J. Simpson prosecution team who was representing Holder, withdrew from the case, citing threats against his family. (Reporting by Rich McKay; Editing by Catherine Evans)
Bitcoin Price Back Above $11,000 as Dip 'Consistent' With Parabolic Bull Run Bitcoin (BTC) corrected as low as $10,380 before rebounding above $11,000 on June 27 as commentators remain highly bullish about the market’s potential. Market visualization courtesy ofCoin360 Data from Coin360 showed the bitcoin price dipping down from recent highs of $13,800 in a pullback many had anticipated. BTC/USD gained rapidly throughout this week and last, adding thousands of dollars over several days before resistance at $14,000 finally checked the speed of the growth. Estimates had said the pair could goas high as $16,000before reversing, with Cointelegraphreportingon Thursday that breaking the $13,800 barrier could now prove significant. At press time, BTC/USD traded around $11,280. According to an increasing number of analysts, the losses seen over the past 24 hours are not only healthy, but reflect previous patterns of price behavior. Bitcoin 7-day price chart. Source:Coin360 “A 20%-30% pullback would not be surprising and very consistent with bitcoin’s recent bull-market pullbacks,” Robert Sluymer, managing director and technical strategist at Fundstrat Global Advisors, said in a note to clients quoted by ratings agencyWeiss Ratings. Crypto investor and trader Josh Rager went further, suggesting the roughly 20% dip this week could form a new, less volatile pattern for bitcoin. “18% pullback might be the new 30% pullback we're expecting,” he summarized onTwitter, comparing this year to the last bull market’s top in December 2017. Weiss was more bearish, arguing a more intense reversal was still to come. Altcoinsmeanwhile continued to lick their wounds after bitcoin’s downward trend saw most tokens hemorrhage value. A look at the top twenty cryptocurrencies by market cap sees leader ethereum (ETH) back below $300 on 6.4% daily losses after rising as high as $350. Ether 7-day price chart. Source:Coin360 Most others behaved similarly, with tron (TRX) and bitcoin cash (BCH) the worst performers on 10.5% losses. • Bitcoin Breaks $200 Billion Market Cap For the First Time in 17 Months • Bitcoin Holds $9,100 Support While Top 20 Coins Trade Sideways • Bitcoin Hover Over $11,800 as Top Cryptos See Gains • Price Analysis 28/06: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, ADA, TRX
Katie Price's pink Volkswagen Beetle repossessed due to 'spiralled' unpaid toll charge Katie Price's VW Beetle was repossessed by bailiffs after a £2.50 toll charge 'spiralled' out of control. (Photo by Rick Findler/PA Images via Getty Images) Katie Price has had her pink Volkswagen Beetle repossessed after failing to pay a toll charge two years ago. According to The Sun , the reality star passed through the Dartford Tunnel back in 2017 but didnt cough up the £2.50 to cross the River Thames between Kent and Essex. Bailiffs allegedly removed the vehicle from her driveway earlier this week. Read more: Katie Price sparks rumours she's pregnant with sixth child in cryptic post Katies saying the letters must have got overlooked as she had no idea that the fine had spiralled from £2.50 to £800, a source told the publication, before explaining that if Price wants to get the car back, shell have to fork out £1,300. She reportedly bought the car in 2010 when her daughter, Princess, was just two-years-old. The intention was to give it to her when she got old enough to drive, but someone must have been using it for the Dartfords Tunnels automatic number plate recognition - which was implemented in 2014 - to track the fine back to Price. Back in January, the 41-year-old was issued a three-month driving ban for breaching the conditions of a previous ban shed received for speeding. A month later, she was banned from getting behind the wheel for a further three months and fined around £1,200 after being caught being drunk in charge of a motor vehicle. She was not found guilty of drink driving. Shortly after the ruling, she revealed that she had resorted to selling her breast implants and old knickers to wealthy fans in order to pay off the debts . View this post on Instagram A post shared by IDESIGN GOLD (@idesigngold) on Jun 25, 2019 at 1:46am PDT Price also tried to flog her Barbie-themed Suzuki Vitara on eBay, but the dealers who listed it online apparently received so much abuse that they were forced to take it down. Just a few days ago, the former Im A Celebrity... Get Me Out of Here! contestant took to her Instagram story to share a photograph of herself getting a special delivery from luxury phone shop IDesign Gold. In the snap, a beaming Price could be seen holding up her new 18k rose gold iPhone XS Max with Swarovski love heart diamonds. Story continues As stated on the retailers website, such a model would set you back around £3,500. ---Watch the latest videos from Yahoo UK---
Spiralling Bitcoin Pullback Snowballs to Brutal $58 Billion Crypto Market Dump In the past 24 hours, the valuation of the crypto market has dropped from $386 billion to $328 billion as thebitcoin pricedeclined from $13,800 to $10,500. The bitcoin price dropped by 23.9 percent overnight as it neared the $14,000 mark which traders have acknowledged as a heavy resistance level for the dominant crypto asset. The abrupt decline in the price of bitcoin is widely considered to be technical and as explained by Blockhead Capital general partner Matt Kaye, bitcoin tends to go through major pullbacks in a bull market. As it is with any other asset, even in a strong upside movement, the bitcoin price tends to demonstrate wild volatility in short time frames. In 2017, when the bitcoin price reached a record high at $20,000, the asset experienced eight major pullbacks with an average retracement of 36 percent against the U.S. dollar. Read the full story on CCN.com.
Market report: Merlin takeover, Ive leaves Apple, and G20 begins Wax figures of Meghan Markle and Prince Harry at Madame Tussauds in London, Britain. Photo: Xinhua/Ray Tang via Getty Images Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad: Madam Tussauds takeover Madame Tussauds owner Merlin Entertainment ( MERL.L ) has accepted a £5.9bn takeover bid from the family owners of Lego and private equity firm Blackstone, the company has announced. Merlin, which also owns attractions such as Alton Towers and Legoland, accepted the bid from Kirkbi, the investment vehicle of Lego’s Danish founding family, as well as Blackstone and Canadian pension fund CPPIB. The takeover has valued the company at 455p per share, representing a 15% increase on the FTSE 100 firm’s 395p per share value at the end of trading on Thursday. Shares in Merlin jumped by 13% to 450.20p on Friday. Sir John Sunderland, chairman of Merlin, said: “Following an unsolicited approach by a consortium of investors, and after rejecting a number of their proposals, the Merlin independent directors believe this offer represents an opportunity for Merlin shareholders to realise value for their investment in cash at an attractive valuation.” Jony Ive leaves Apple Legendary Apple ( AAPL ) design guru Jony Ive is set to leave the iPhone maker after more than two decades at the company. “Jony is a singular figure in the design world and his role in Apple’s revival cannot be overstated, from 1998’s groundbreaking iMac to the iPhone and the unprecedented ambition of Apple Park, where recently he has been putting so much of his energy and care,” Apple CEO Tim Cook said in a statement. Ive is creating his own design firm called FromLove. In an interview with the Financial Times , Ive said that Apple will be FromLove’s first client. G20 begins European markets were marginally higher as the G20 summit got under way in Japan. Britain's FTSE 100 ( ^FTSE ) was up by 0.2%, by Germany's DAX ( ^GDAXI ) was up by 0.3%, and France's CAC 40 ( ^FCHI ) was flat, and the Euronext 100 ( ^N100 ) was up by 0.1%. “A resolution might be highly unlikely, but will markets have any greater clarity as to which path trade talks travel down next in a little under 24 hours’ time?” Deutsche Bank strategist Jim Reid wrote in his morning note to clients. “Presidents Trump and Xi are scheduled to meet at 11.30am local time tomorrow morning. Story continues “Unsurprisingly, the headlines second-guessing what may or may not happen have picked up in recent days with the latest being the WSJ story yesterday suggesting that Xi will insist on any trade truce including the US lifting the Huawei ban, though he will also reportedly offer new support for the US vis-à-vis Iran and North Korea.” Japan's Nikkei 225 ( ^N225 ) ended down 0.2% overnight, Hong Kong's Hang Seng index ( ^HSI ) was down by 0.2%, and China's benchmark Shanghai Composite ( 000001.SS ) was down by 0.6%. Shake-up at Woodford Patient Capital Trust Neil Woodford’s listed business has said it plans to cut its debts and shake up its board after talks with shareholders, following the suspension of Mr Woodford’s major fund. Woodford Patient Capital Trust ( WPCT.L ) has seen its share value slide over the past month since the star fund manager froze investors out of accessing cash they had placed into the Woodford Equity Income Fund. The investment trust said it is mulling a share buyback to prop up its net asset value – the value of its assets once liabilities are removed. CBI: Build more nuclear plants The government should commission new nuclear power plants and invest in carbon capture technology to hit its ambitious target of net zero carbon by 2050, a leading business group has said. The Confederation of British Industry (CBI) on Friday wrote a letter to the Secretary of State for Business, Energy and Industrial Strategy (BEIS) urging the government to invest more in green energy infrastructure. Earlier this month the government announced a plan to reduce greenhouse gas emission to net zero by 2050 in a bid to tackle climate change. Britain is the first major country to propose such a target. Bitcoin volatile Bitcoin’s price continues to be volatile as it hovers around the $11,000 mark. Bitcoin is up 2.8% against the dollar to $11,474.19 ( BTC-USD ) and up 2.7% against the pound to £9,043.80 ( BTC-GBP ) at 9.45am UK time. At the start of the week Bitcoin broke through $10,000 for the first time in over a year . It kept rising and reached as high as $13,800 on Wednesday before a “flash crash” took momentum out of the bull run . “Bitcoin endured a couple of brutal selloffs overnight, continuing the turbulent price action we've seen in recent days,” Neil Wilson, the chief market analyst at Markets.com, said in a note to clients on Friday morning. “It's been a very rough ride - from $14k almost to sub $10k last night. From making a year high to a bear market in a day is pretty wild. The chart's starting to look like the Dow.” What to expect in the US US stock futures were pointing to a higher open later today. S&P 500 futures ( ES=F ) were up by 0.2%, Dow Jones Industrial Average futures ( YM=F ) were up by 0.3%, and Nasdaq futures ( NQ=F ) were up by 0.1%.
A cure for baldness could be coming Scientists say they are close to discovering a cure for baldness [Photo: Getty] Scientists have had a breakthrough in the search for a cure for baldness after discovering they can create natural-looking hair using stem cells. According to the NHS , baldness affects approximately half of men in the UK by the age of 50. The process of hair loss usually begins when men are in their twenties or thirties kickstarting an often long and distressing period after discovering a receding hairline. Recent statistics have revealed that 40% of men are likely to have experienced hair loss by the age of 35. But a new advance could mean we’re close to finding a potential ‘cure’ for baldness. Researchers in America claim to have refined a method which allowed them to grow hair through the skin of mice using dermal papilla cells derived from human pluripotent stem cells. Presenting their results at the annual meeting of the International Society for Stem Cell Research (ISSCR) in Los Angeles, experts said the findings could prove to be a “critical breakthrough” in the treatment of hair loss. READ MORE: How to slow hair loss The study , by researchers at Sanford Burnham Prebys Medical Discovery Institute in California, involved the human stem cells being combined with mice cells before they were attached to a 3D biodegradable scaffold made from the same material as dissolvable stitches. The scaffold controls the direction of hair growth and helps the stem cells integrate into the skin, a naturally tough barrier. “Our new protocol overcomes key technological challenges that kept our discovery from real-world use,” says Alexey Terskikh , an associate professor in Sanford Burnham Prebys’ Development, Ageing and Regeneration Program and the co-founder and chief scientific officer of Stemson Therapeutics, which licensed the technology. “Now we have a robust, highly controlled method for generating natural-looking hair that grows through the skin using an unlimited source of human iPSC-derived dermal papilla cells. “This is a critical breakthrough in the development of cell-based hair-loss therapies and the regenerative medicine field.” Story continues Hair loss affects almost 50% of men by the age of 50 [Photo: Getty] Speaking at the ISSCR, Dr Richard Chaffoo added: “It could improve the lives of millions. “Hair loss profoundly affects many people’s lives. A significant part of my practice involves both men and women who are seeking solutions to their hair loss." Researchers now hope they might be able to apply the same science to humans, claiming there is an “unlimited” supply of stem cells which can be derived from a simple blood draw. Current treatments for hair loss include the drugs minoxidil or finasteride, while hair transplants can cost anywhere between £1,000 and £30,000. READ MORE: Hair loss: How it happens and what to do about it It isn’t the first time a we’ve been close to finding a cure for baldness. Back in 2017 South-Korean scientists revealed they had developed a biochemical substance which encourages new hair follicle growth. A team of researchers led by Yonsei University’s professor Choi Kang-Yell discovered a protein called ‘CXXC-type zinc finger protein 5’ which binds to Dishevelled protein. The scientists understand that this binding process interrupts the development and regeneration of hair follicles. And in 2018, scientists revealed they could be on the cusp of finding a treatment for balding, and it’s all down to sandalwood. Sandalore, the artificial scent made to smell like sandalwood, a scent used in many of our perfumes and soaps, has been found to stimulate hair growth by increasing keratin levels in the scalp. Further advancements revealed scientists were also exploring a method which would help to reverse the process of gradually going bald by successfully regrowing hair on wounded skin.
The Future Cost of Retirement: How Much Younger Generations Will Need To Save After decades of working, you should be able to reward yourself with leisure time spent traveling, pursuing a hobby or spoiling your grandchildren. However, a previousGOBankingRates surveyfound that 42% of Americans have less than $10,000 saved for their golden years — which is far from enough for a comfortable retirement. So, how much will you actually need to save in order to retire? Calculating the future cost of retirement for all Americans is nearly impossible. After all, the cost of living will change, and you may have unforeseen costs for healthcare and other expenses. But, you can at least estimate future costs by understanding the impact of inflation and learning how much seniors are currently paying for various necessities. It’s also important to examine your own spending so that you can gauge your future habits in retirement. Find out how much Gen Xers, millennials and Gen Zers need to save for their golden years, so you know what to expect down the line. There are many different ways to calculate how much you should save for retirement. For example, Fidelity Investments uses a simple rule of thumb to help ensure people stay on track for their retirement savings goals. Dubbed the “10 times savings approach,” Fidelity’s rule shows exactly how much you need in savings at different ages in order to have 10 times your income saved by the time you retire at 67 years old. By saving more as your earnings increase and maximizing your retirement savings contributions during your peak earning years, you can amass a sizable nest egg. Here’s how it works for someone who earns $69,062 annually at age 30 and eventually a $100,213 salary at age 67: [{"Age": "30", "How Much You Should Have Saved": "$69,062", "How Much You Should Aim To Save": "1x your income"}, {"Age": "35", "How Much You Should Have Saved": "$155,844", "How Much You Should Aim To Save": "2x your income"}, {"Age": "40", "How Much You Should Have Saved": "$260,346", "How Much You Should Aim To Save": "3x your income"}, {"Age": "45", "How Much You Should Have Saved": "$373,990", "How Much You Should Aim To Save": "4x your income"}, {"Age": "50", "How Much You Should Have Saved": "$601,278", "How Much You Should Aim To Save": "6x your income"}, {"Age": "55", "How Much You Should Have Saved": "$701,491", "How Much You Should Aim To Save": "7x your income"}, {"Age": "60", "How Much You Should Have Saved": "$801,704", "How Much You Should Aim To Save": "8x your income"}, {"Age": "67", "How Much You Should Have Saved": "$1,002,130", "How Much You Should Aim To Save": "10x your income"}] If you are young and have many years before you plan to retire, Fidelity’s savings approach provides good goals to shoot for. “Starting early is always the best strategy,” said Bobbi Rebell, a certified financial planner and author of “How to Be a Financial Grownup.” “The earlier you start, the more benefit you’ll get from compound interest and your 401(k) company match.” However, GOBankingRates’ survey found that most Americans aren’t on track to save at this pace. Most 18- to 34-year-olds — 57%, to be exact — have less than $10,000 saved for retirement. Many of these people still have time to reach their savings goal by age 30 if they’re diligent about it, but those who are already over age 30 have some catching up to do. The results were slightly better for Americans ages 35-54. In this age group, 17% of respondents have $300,000 or more socked away in their retirement savings accounts, and 23% have between $100,000-$299,999 saved. Unfortunately, over a third — 37% — also have less than $10,000 saved for retirement. Discover:What a Comfortable Retirement Will Cost You in Each State To determine what future retirees can expect to spend, GOBankingRates analyzed the costs of healthcare, food, clothing, transportation, and housing for seniors in 1966, seniors in 1985, and seniors today. By applying the historical rate of growth to each category, the study was able to project what these costs might look like when younger generations retire from the workforce. In 1961, a couple spent an average of $355 per year on healthcare. That figure rose to $565.19 per year by 1985. Today, a 65-year-old couple retiring in 2019 will pay $285,000 in healthcare costs throughout their retirement, whereas a single person will pay $142,500, according to the Fidelity Retiree Healthcare Cost Estimate. Applying this rate of increase, a 30-year-old couple planning to retire in 2054 at age 65 can expect to spend $976,116 on healthcare costs in retirement. A Generation Z couple, born in 2008 and planning to retire in 2073 at age 65, will likely spend a whopping $1,904,337 on healthcare in their golden years. Healthcare costs have been rising faster than inflation for some time, according to a 2018 Vanguard study, and retirees are likely to spend more on healthcare as they grow older — creating a perfect storm of growing healthcare costs in retirement. Housing costs tend to go down as you get older. Retirees may downsize their homes, pay off their mortgages, or sell their homes and rent, according to a recent study by the Limra Secure Retirement Institute. The average American forks over $19,884 per year on housing, but the average amount spent by someone 65 and older is $16,668 per year — which is $3,216 less than the national average. And, older retirees tend to spend less on housing than younger retirees. Americans ages 75 and older set aside an average of $14,692 per year on housing, whereas those ages 65-74 spend an average of $18,068 annually. Transportation is another cost that usually goes down in retirement. The average 65-year-old spends $7,513 per year on transportation, compared to the national average of $9,576. Gone are the expenses associated with commuting to work, which frees up retirees’ budgets, according to the Limra Secure Retirement Institute study. Couples may also choose to keep just one car after retiring, further reducing transportation costs. Food spending typically declines slightly in retirement, which may be attributed to reduced appetite in older people as well as more time for retirees to cook at home. The average American spends $4,363 per year on food, compared to an average of $3,815 per year for those ages 65 and older. Additionally, spending on clothes drops considerably in your golden years. Once you’re retired, there’s no need to purchase work-related clothing, and you’ll probably spend less on services like dry cleaning. Those ages 65 and older spend just $1,193 per year on apparel and services, but the average American needs to budget $1,833 per year. In terms of how much income Americans are allocating to these expenses, spending on food and clothing has dropped considerably over the years. In 1960-61, clothing accounted for 14.7% of the American family’s annual expenditures; today, it’s just 3.1% of their budget. Do It Like the Pros in 8 Steps:The Ultimate Financial Planning Guide When you’re calculating how much money you’ll need for retirement, you must account for inflation, or the growing cost of necessities. Inflation dictates that when prices increase, your purchasing power will decrease. While you’re working, you may get a pay bump to cover the rising costs of food or gasoline, for example. But, when you’re retired, those additional costs will have to come out of your retirement savings. If you’re collecting Social Security, you may receive small annual bumps to compensate for the growing cost of living. However, Social Security might not cover all of your retirement expenses to begin with. And, with healthcare making up a significant portion of retirees’ budgets, rising healthcare costs can hit seniors particularly hard. So, what can younger people do toprepare for a potentially expensive retirement? Choosing investments that keep pace with or outperform inflation is important. If you put your money in a regular savings account earning 1% interest and inflation is growing at 2.5%, you’ll lose purchasing power every year. You can protect yourself by moving your money to a high-interest savings account orinvesting in stocksthat perform at a higher rate than inflation — and by starting early to take advantage of compound interest. You could also move to a state with cheaper housing costs or lower taxes, like one of thebest states for retirement taxes. Uprooting just to save money may seem extreme, but if you’re considering where you want to raise your family or deciding between multiple job offers, it might be a smart move to take housing costs and taxes into consideration. If you haven’t saved nearly enough for retirement — or you haven’t started saving at all — don’t despair. There are steps you can take that will help you achieve a more comfortable retirement: • Start as soon as possible.Every little bit counts, so you don’t need to wait until you get your raise or win the lottery to start saving for retirement. • Review your budget.Examining your current spending andusing budget templateswill help you see where you can carve out more money for savings. As you get closer to retirement, look for ways to slowly cut things out of your budget so that you get in the habit of spending less. • Start a side hustle.“We’re living in the golden age of the side hustle,” Rebell said. “Think of other ways you can make money, in addition to your full-time job. Babysit for three hours on a Saturday night, and make $50.” • Take advantage of the company match for your 401(k).“This is free money,” Rebell said. “If you invest $1, and your company matches that $1, you’re getting a 100% return on your investment on day one. You’ll never get that kind of return anywhere else.” • Plan for increasingly larger contributions.“Set up your 401(k) or [individual retirement account] contributions so they increase each year,” Rebell said. “Start by contributing 3% of your pay, and increase it to 4% after a year. Keep increasing it every year until you are saving 10% to 15% of your pay for retirement.” The future cost of retirement might seem daunting, but with the right preparation, you’ll be well equipped to face these expenses head-on when you reach your golden years. Click through tosee the financial gap between boomers and millennials. More on Retirement Planning • Americans Have No Idea How Much They Actually Need For Retirement • Waiting Too Long To Save For Retirement Will Cost You $789,618 • 16 Unusual Money Moves That Could Set You Up for Life Methodology: To calculate the future cost of retirement, GOBankingRates analyzed healthcare, groceries, clothing, transportation and housing expenditures from the 2017 Consumer Expenditure Survey by the Bureau of Labor Statistics; expenditures from 1985, sourced from the Bureau of Labor Statistics; and expenditures from 1960-61, sourced from the Bureau of Labor Statistics. For the future cost of healthcare, the 2018 retirement healthcare cost for individuals and couples was extrapolated based on the average year-over-year increase in healthcare costs from 2002-2018, sourced from Fidelity’s annual report. The study used Fidelity’s scale and pretax mean incomes, sourced from the Bureau of Labor Statistics’ Consumer Expenditure Survey, to calculate how much Americans need to save by retirement. This article originally appeared onGOBankingRates.com:The Future Cost of Retirement: How Much Younger Generations Will Need To Save
Berlin Scares Off Banks Targeting the Rich as Fintechs Boom (Bloomberg) -- Berlin’s “poor but sexy” appeal has helped to turn the city into a fintech hub with Goldman Sachs Group Inc. investing there and local startup bank N26 being valued at $2.7 billion. For some of Germany’s biggest private banks, however, the city’s demographics are a reason to stay away. The heads of Frankfurter Bankgesellschaft and 345-year-old Bankhaus Metzler declared Berlin unfit to house private banking locations in recent weeks, blaming the lack of lucrative clients. Some competitors like Fosun International Ltd.’s Hauck & Aufhaeuser are also missing in the city, while Berenberg is only maintaining a satellite office with two people. “You can find just a few small and medium-sized companies in Berlin”, said Metzler partner Emmerich Mueller on the sidelines of his firm’s annual press conference, adding that entrepreneurs are key clients in private banking. That makes it difficult to work profitably there, he said. Berlin is the German state with the second highest unemployment rate and lags behind many other parts of the country in terms of average income. At the same time, accompanying low cost of living -- even though rising as of late -- has attracted both, young entrepreneurs and talented graduates, triggering a fintech boom. Banking platform provider Elinvar, co-founded by former employees of Deutsche Bank AG, won Goldman Sachs as an investor in May. Earlier in the year, N26 received $300 million from several backers. The gradual rise of the fintech sector could help to put Berlin on the map for some private banks, at least in the long run. “The startup scene as well as the increasing number of technology and real estate companies have laid the ground work for potential private banking clients, which we are keeping an eye on”, said Holger Sepp, board member of Hauck & Aufhaeuser. Original Story:’Armes, aber sexy’ Berlin lässt einige große Privatbanken kalt (Details on N26 investment added in third to last paragraph.) Reporter on the original story: Stephan Kahl in Frankfurt at skahl@bloomberg.net Editor responsible for the original story: Erhard Krasny at ekrasny@bloomberg.net For more articles like this, please visit us atbloomberg.com ©2019 Bloomberg L.P.
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Irish Crypto Exchange Bitsane May Have Disappeared With Users’ Funds Irish cryptocurrency exchange Bitsane may have done a runner with users’ funds. Forbessaid Thursdaythat the Bitsane exchange, which offers spot trading of cryptos and gained popularity as an early provider of XRP trading, has gone offline and has deleted its social media accounts. Emails sent by Forbes bounced back, it said. Customers of the exchange are saying that they have possibly lost amounts ranging from $5,000 to $150,000 in crypto holdings. Related:Another Indian Crypto Exchange Shuts Down Blaming Banking Ban On crypto data website CoinMarketCap,Bitsane’s trading informationhas not been updated for over 10 days. A user that claimed to have lost $150,000 and requested to remain anonymous told Forbes: “I was trying to transfer XRP out to bitcoin or cash or anything, and it kept saying ‘temporarily disabled.’ I knew right away there was some kind of problem. I went back in to try to look at those tickets to see if they were still pending, and you could no longer access Bitsane.” Launched in 2016, Bitsane was registered in Ireland as Bitsane LP, with Aidas Rupsys listed as CEO and Dmitry Prudnikov as CTO. Forbes says Prudnikov’s LinkedIn account has now also been deleted, and that both could not be reached for comment. Related:Singapore Exchange Bitrue Hacked for Over $4 Million in Crypto Some users apparently suspect that another firm, Bitsane Limited, which was founded by Maksim Zmitrovich, may be connected to the possible exit scam. Forbes did manage to speak to Zmitrovich, but he denied any involvement and said he hadn’t spoken to Prudnikov in over five months. Empty pocketsimage via Shutterstock • Six Arrested Over Cloned Crypto Exchange That Stole €24 Million • Mt Gox Founder Hit With Lawsuit Over Alleged Fraudulent Misrepresentation
Harris's confrontation with Biden a defining moment for first debates MIAMI It was supposed to be an introductory affair. But at the halfway mark of Thursday nights debate, Sen. Kamala Harris went for Joe Bidens jugular. I do not believe you are a racist, Harris, a Democratic senator from California, told the former vice president. But with that faint praise, she then launched into a clearly premeditated criticism of Biden for comments he made recently about working in the Senate with former Mississippi Sen. James Eastland, a notorious segregationist. Harris called Bidens remarks hurtful and then turned to Bidens record on the issue of forced busing in the 1970s, when Biden voted against the measure, which was intended to desegregate public schools. You also worked with [segregationist lawmakers] to oppose busing, Harris said, and she added that when she was a young girl, she had been bused to public school as part of a desegregation effort. Biden reacted defensively. Sen. Kamala Harris and former Vice President Joe Biden speak as Sen. Bernie Sanders looks on during the Democratic presidential debate on Thursday night. (Photo: Drew Angerer/Getty Images) "I did not praise racists. That is not true, he said. "Everything Ive done in my career, I ran because of civil rights. I continue to do that. But Harris, a former district attorney in San Francisco, pressed the issue. "Would you agree today that you were you wrong to oppose busing? she asked Biden. Biden tried to defend his decision by making an argument about states rights versus intrusions from the federal government. I did not oppose busing in America. What I opposed is busing ordered by the Department of Education, Biden said. States rights was also an argument that defenders of segregation used. Harris seized on Bidens mistake, noting that the federal government had stepped in due to the failure of states to integrate public schools. "I was part of the second class to integrate Berkeley, Calif., public schools almost two decades after Brown v. Board of Education, she exclaimed. Biden grew even more agitated. "Because your city council made that decision, he said. Harris made her point one final time, declaratively, noting that sometimes the federal government must step in because "there are moments in history where states fail to preserve the civil rights of our people. Story continues Biden responded by noting his support for the Voting Rights Act, but then saw that his time was up and trailed off in his answer. My times up, he said. It was a stunning exchange, with the 54-year-old Harris showing she is ready to lay claim to the lane that Biden now occupies in the Democratic primary as the alternative to the left-wing darlings Bernie Sanders and Elizabeth Warren. And it overshadowed everything else that took place Wednesday and Thursday nights, as 20 Democratic hopefuls paraded to the stage over two nights to try to generate attention and enthusiasm for their candidacies. Joe Biden (Photo: Saul Loeb/AFP/Getty Images) Prior to the debate, the Harris campaign had told Yahoo News it wanted voters to know after the debate that she was the best candidate to prosecute the case against Trump. That has been Bidens argument as well. Harriss decision to swing at the primary frontrunner and bet she wouldnt miss put voters on notice that she could play hardball with Biden, and do it with Trump as well. It was the kind of moment that could shift the momentum and the polling in this race much sooner than most had expected. I thought [Biden] performed badly. Not reassuring, said one experienced Democratic operative who is not working for any campaign. [Biden] will not be their nominee, no way, said a Republican operative with close ties to the White House. One senior aide to a rival Democratic campaign declared himself very surprised to see Biden dig into defending his stance against a federal role over busing. "That's fundamental to a Democratic Party [that] believes in a government role to address social ills, the aide said. Biden aides came to meet the press after the debate and defended their candidate. Vice President Biden stood shoulder to shoulder with President Obama in the White House for eight years, so the idea that he is somehow out of step with the Democratic Party when it comes to civil rights, I just dont think it sticks, said Symone Sanders, a Biden aide hired to provide outreach to the African-American community. Kate Bedingfield, another Biden spokeswoman, implied that Harris had engaged in personal attacks. Hes the frontrunner and we fully expected attacks to come, but he wasnt going to engage in a back-and-forth of personal attacks, Bedingfield said. The Harris-Biden exchange overshadowed the rest of the night, but South Bend, Ind., Mayor Pete Buttigieg also had a good night, showing poise and a sharp command of the issues. His answer to a question about the shooting of a black man by a white police officer in his city earlier this month was also frank and did not evade responsibility. Buttigieg was asked why the South Bend police force has become less diverse in his time as mayor. Because I couldn't get it done. My community is in anguish right now because of an officer-involved shooting, a black man, Eric Logan, killed by a white officer, he said. Its a mess. And we're hurting. And I could walk you through all of the things that we have done as a community, all of the steps that we took, from bias training to deescalation, but it didn't save the life of Eric Logan. And when I look into his mothers eyes, I have to face the fact that nothing that I say will bring him back, Buttigieg said. Mo Elleithee, who runs the Institute of Politics and Public Service at Georgetown University, said the contrast between Buttigiegs answer and Bidens response to Harris was striking. Pete Buttigieg (Photo: Wilfredo Lee/AP) Buttigieg spokeswoman Lis Smith made the same point. He said the buck stops here. The buck stops with me. It was a good contrast with the Washington folks onstage, she told Yahoo News. Bernie Sanders, the senator and self-described socialist from Vermont, was strong on his talking points but did not have any breakout moments. The fireworks of the night were a contrast to the first debate, which was largely the Elizabeth Warren show. The Massachusetts senator entered the Wednesday-night debate head and shoulders above the others in the polls, and nothing happened to change that. But Julián Castro, secretary of housing and urban development under President Barack Obama, elevated himself with a forceful presentation on immigration and, in the process, delivered a body blow to former Rep. Beto ORourke of Texas. The next debate is slated for the end of July, and the threshold of poll numbers and small-dollar donors needed to qualify for that will be higher , slightly winnowing the field. Former Rep. John Delaney of Maryland told Yahoo News that he wont be one of the candidates to drop out. "I think what I have that others dont is staying power. I think the field will narrow down and were gonna stay in, he said. The former entrepreneur is worth $92 million and said his ability to self-fund his campaign is part of his ability to stay in the race. "I think thats an advantage, Delaney said. When asked if he has set a limit on what hell spend, he said, You should assume like any normal person I did, but I dont disclose it." Democratic presidential candidates, left to right: Marianne Williamson, John Hickenlooper, Andrew Yang, Pete Buttigieg, Joe Biden, Bernie Sanders, Kamala Harris, Kirsten Gillibrand, Michael Bennet and Eric Swalwell. (Photo: Wilfredo Lee/AP) A few policy issues bear watching in the months ahead. One is the Democratic debate over how to provide universal health care. Warren eagerly raised her hand when asked Wednesday if shed do away with private health insurance. The only other Democrat to do so was New York City Mayor Bill de Blasio. On the second night, Sanders and Harris both raised their hand to support this same measure. Polling does show significant support for a national health care system that provides universal coverage, but it shows less support once voters are asked about doing away with private health insurance. Warrens answer on this, which aligns with Sanderss, might not become a headwind in the primary. But it could hurt the Democrats in the general election. Among the second-tier candidates, there were a few standouts. Sen. Cory Booker had the most time to talk on the first night, and was the most searched-for candidate online, a sign that he had a good night. Others, like Sen. Amy Klobuchar and Sen. Michael Bennet, performed capably but are not likely to make or break their campaigns in the debates. Nonetheless, the debates are important for them simply to raise awareness about their candidacies and to allow them to keep trucking on with their appeals to moderate voters. Two more debates are scheduled, and there will likely be five or six more between now and the time that Iowa voters get to choose their candidate on Feb. 3. Next up for the candidates are July 4 parades, and then a long, hot summer of county fairs, controversies of the moment and continued debates over how far left the Democratic Party is going to go, and whether thats the road to perdition in the general election. Brittany Shepherd contributed reporting Read more from Yahoo News: For several of the Democratic underdogs, the first debate gave a much-needed boost Dear debaters: You don't need a 'breakout moment' to break through Democrats unite at debate in endorsing health care to undocumented immigrants NBC hot mic mars a moment Health care question divides the field
Central Bank of Uganda Warns Decentralized Cryptocurrencies Are Risky The deputy governor of the Bank of Uganda has warned the public about the limited protections offered them when they invest in unregulated cryptocurrencies. English-language Ugandan daily New Vision reports on June 28 that the bank’s deputy governor — Dr. Louis Kaskende — made his remarks during a Town Hall meeting in the city of Masaka, which was devoted to educating the public about the institution’s activities and role. Despite bitcoin being designed, in particular, as a politically-neutral money, Kaskende reportedly underscored the risks of crypto trading and adoption, stating that: “[...] online cryptocurrency businesses are not regulated at the moment and therefore carry a significant risk of loss of savings, with no recourse to protection or insurance by government, like is the case with regulated financial institutions such as commercial banks.” In his remarks, the governor clarified that the central bank does not have a comprehensive oversight of all financial services firms and institutions, and that its supervision typically spans commercial banks, credit institutions, foreign exchange bureaus and money remittance service providers. As Cointelegraph reported earlier this month, Uganda’s president, Yoweri Museveni, is set to officiate the 2019 Africa Blockchain Conference this July. The conference, devoted to preparing the continent for the so-dubbed “Fourth Industrial Revolution,” will cover areas such as fintech , payment systems, and the future of education . This May, the charity arm of major crypto exchange Binance signed a Memorandum of Understanding with a Uganda-based non-governmental organization focused on improvements to local education. This week, three senior officials at the Bank of Uganda — including the director-in-charge of currency — were charged with alleged abuse of office and corruption in connection with a consignment of Ugandan currency from France. Related Articles: JPMorgan Chase CEO: Crypto Projects Pose No Threat to Banking System Swiss Crypto Bank Dukascopy to Introduce Its Own Cryptocurrency Goldman Sachs ‘Looking at Potential’ of Creating Virtual Currency, CEO Reveals Singapore Central Bank: Concerns Over Facebook’s Libra ‘Not Trivial’
Study: Retirees lose by taking Social Security at wrong time It's tough to decide when to start taking Social Security benefits and it appears many people are shorting themselves with their choice. A new study finds that only 4% of retirees start claiming their Social Security benefits at the most financially optimal time. And current retirees collectively will lose $3.4 trillion in potential income to fund their retirement because they started drawing benefits at a less than ideal time. That's roughly $111,000 per household, according to the research from United Income, an online investment management and financial planning firm. Americans typically can start claiming their Social Security benefits as early as age 62 and most adults do so by the time they turn 63. But the size of the monthly benefit grows for each year they wait, maxing out at age 70. It's not just a financial equation though. Deciding when to draw benefits depends on a myriad of personal factors such as age, health, other savings, marital status and plans for retirement. But the report's authors say people aren't spending enough time sorting through this process and policymakers could do more to encourage it. "If you have the discussions, you can you optimize your decisions," said Jason Fichtner, former chief economist at the Social Security Administration and one of the report's authors. "These discussions aren't necessarily happening for everyone." Those conversations are important because Americans are increasingly in charge of their own retirement planning and Social Security is a major component. It accounts for about one-third of all income annually received by U.S. retirees. And many Americans are underprepared to supplement their retirement with their own savings. For about one-third of retirees, Social Security is their primary source of income. "It is not just about increasing your income, it's about increasing your chances you'll be able to afford retirement," said Fichtner. The researchers also estimate that elderly poverty could be cut by 50% if all retirees claimed Social Security at the optimal time. They suggest policymakers make changes to encourage people to claim at a more financially advantageous age, such as improved education for those eligible for Social Security or changing the terminology to indicate that benefits may increase with time. For example, researchers suggest that instead of calling 62 the "early eligibility age" it could be labeled the "minimum benefit age." Story continues While there is no one optimal age, the researchers found that 92 percent of retirees would be better off waiting to claim Social Security until at least their 65th birthday. The exact timing is tough to pinpoint, even varying within households depending on age and who earned more. That being said, there are people who are better off taking the benefits as soon as they can, such as those in poor health who have less time to enjoy their benefits. For others, waiting for the ideal time to claim would mean losing wealth in their 60s as it would require them to live off savings or investment account withdrawals instead of Social Security benefits. "This shouldn't be about 'claim early' or 'claim late', it should be a discussion," Fichtner said. "If anything, just claim as late as you financially can." The researchers analyzed the information of more than 2,000 households in a Social Security Administration sponsored survey. Using info respondents provided about health, longevity, finances and other details, they used forecasting technology to simulate how much their households would be worth throughout retirement based on various timing options. The study did not assume any additional job income in calculating the optimal age. Why don't people wait to claim later? Teresa Ghilarducci, a professor of economics at the New school and retirement expert, unaffiliated with the study, says that there are many reasons. That includes personal dynamics within a marriage, financial advisers who would lose out if you draw from investments early, a desire to boost income as many older Americans work low wage jobs and difficulty in estimating how long you have to live. While not a complete solution for insufficient savings, the study's authors say that optimizing Social Security would improve the lives of millions of retirees.
UK gig economy workers 'treated like disposable labour' A protest march against gig economy in London last year. Photo:Alastair Grant/AP The number of workers in the “gig economy” in the UK has doubled in three years, a trade union survey suggests. Britain’s top trade union leader claimed such workers on short-term, freelance or part-time contracts were too often denied legal rights and “treated like disposable labour.” A survey by researchers at the University of Hertfordshire for the Trades Union Congress (TUC) suggests almost one in 10 working-age adults now works in such roles in the so-called gig economy. Just three years ago, the number was estimated at one in 20. Sectors where the gig economy is most conspicuous include taxi driving and food deliveries, as well as cleaning, repairs, office and design work. Younger workers were most likely to be working in such roles. READ MORE: Ford to slash 12,000 jobs across Europe as factories closed One in five surveyed said they had to check or be alerted digitally if work was available, and one in four had to use an app or website to record their work. Supporters of the gig economy suggest many workers enjoy the greater flexibility over their hours, and that it helps firms limit overheads and easily adapt their services to variable consumer demand. But critics say the insecurity is dangerous and difficult for workers, leaving their finances in a precarious position and limiting their bargaining power. Some economists suggest lower negotiating power could explain why Britain’s record employment has not rapidly increased average wages as organisations compete harder for staff. TUC general secretary Frances O'Grady. Photo: PA READ MORE: How much first-time buyers need to get on the ladder Frances O’Grady, general secretary of the TUC, said: “The explosion of the gig economy shows that working people are battling to make ends meet. “Huge numbers are being forced to take on casual and insecure platform work, often on top of other jobs. The world of work is changing fast and working people don’t have the protection they need.” “Government must get wages rising to make sure everyone has a secure job that pays the bills, and everyone working for an employer must get basic rights like the minimum wage and holiday pay.” Ursula Huws, professor of labour and globalisation at the University of Hertfordshire, added: “In a period when wages have been stagnant, people are turning to the internet to top up their earnings. She suggested taxi drivers and couriers on the streets were only the tip of the iceberg, adding: “They’re outnumbered by an invisible army of people working remotely on their computers or smartphones or providing services in other people’s homes.” View comments
Tesla says single battery module caused car fire in Shanghai, has changed vehicle settings BEIJING/TOKYO (Reuters) - Electric vehicle (EV) maker Tesla Inc <TSLA.O> said on Friday a single battery module caused a car to catch fire in Shanghai and it had revised its vehicle settings to further protect its batteries following an investigation into the incident. The company said in a statement posted on its Weibo social media account that the joint investigation team had conducted an investigation and analysis of the battery, software, manufacturing data and vehicle history. The investigation found no system defect, and the initial findings show the incident was caused by a single battery module located at the front of the vehicle, Tesla said. Japanese battery manufacturer Panasonic <6752.T> supplies Tesla with battery cells, but not modules, which are a group of cells joined together. The company has revised the charge and thermal management settings on Model S and Model X vehicles via an over-the-air (OTA) software update, to help further protect the battery and improve battery longevity, the statement said. A parked Tesla Model S caught fire in Shanghai on April 21. Tesla has said its EVs are about 10 times less likely to experience a fire than petrol-powered cars. Tesla's local competitor Nio Inc <NIO.N> said on Weibo on Thursday that some battery modules in its cars might have safety issues as well, and that it would recall 4,803 units after three fire incidents in China. Safety of electric vehicles is a growing issue in China, the world's largest new energy vehicle (NEV) market, where 1.3 million NEVs were sold last year. China's industry ministry asked carmakers this month to carry out safety investigations on waterproof protection, high-voltage harnesses, in-vehicle charging devices, and battery boxes in their cars. (Reporting by Yilei Sun in BEIJING, Makiko Yamazaki in TOKYO and Brenda Goh in SHANGHAI; Editing by Christian Schmollinger and Tom Hogue)
APAC first-half lending slowest in seven years By Prakash Chakravarti HONG KONG, June 28 (LPC) - Syndicated lending in Asia Pacific, excluding Japan, fell to a seven-year low, with only US$198.52bn raised in the first six months of 2019 as the global economy reeled from the effects of the ongoing trade war between the US and China. Lending in Asia in the first half of 2019 plunged 22% compared with the US$255.55bn raised in the same period last year. The tally for the second quarter this year was US$91.97bn, a 14% drop from US$130.43bn in the second quarter of 2018. Syndicated lending this year is the lowest half-yearly tally since 2012. The number of loans continued to fall, with the second quarter clocking up 234 deals, compared with 355 in the previous quarter. The first-half tally of 589 deals was 16% lower than 700 loans closed in the first six months of 2018. The trade war between the US and China was the biggest factor contributing to the decline. “The global economy continued to suffer from the overhang of the trade war and uncertainty gripped the financial markets,” said Mildred Chua, head of syndicated finance at DBS Bank in Singapore. "Lending activity in Asia took a hit this year particularly due to the slowdown in China and the lack of blockbuster acquisition financings." Global economic headwinds will remain a challenge in the coming months pending a resolution of the trade dispute. US President Donald Trump has threatened to impose tariffs on another US$325bn of goods, covering nearly all remaining Chinese imports into the US, including consumer products such as cellphones, computers and clothing. Earlier this month, Christine Lagarde, managing director of the International Monetary Fund, said in a note to G20 finance ministers and central bank chiefs that US-China tariffs – including those implemented last year – could reduce global GDP by 0.5% in 2020. This amounts to a loss of about US$455bn. RIPPLE EFFECTS The effects of the trade war were most evident in China, where syndicated lending in the first half of 2019 plunged 26% to US$35.44bn, compared with US$48.41bn a year earlier. Neighbouring Hong Kong also suffered a 20% decline to US$55.84bn this year against US$69.72bn raised in the first six months of 2018. However, the two geographies produced significant activity from the real estate sector, particularly from financial sponsors borrowing to buy assets. “Real estate financing is one of the areas where deal flow has been encouraging during the first half of this year, especially from financial sponsors and asset managers who have been very active acquiring assets,” said Amit Lakhwani, head of loan syndicate & distribution, Asia Pacific, at Standard Chartered. "The sector is less reliant on exports or impacted by tariffs and therefore has been somewhat insulated from the negative sentiment arising from concerns on the trade war." In May, a consortium comprising private equity giant Blackstone Group, Hong Kong-based real estate fund Gaw Capital Partners and Goldman Sachs closed a HK$9.2bn (US$1.17bn) five-year loan backing the leveraged buyout of a dozen shopping malls from Hong Kong-listed Link Real Estate Investment Trust. It followed a Gaw Capital-led consortium’s HK$13.8bn LBO loan in March to back a winning bid for commercial properties of Link REIT in Hong Kong. Gaw Capital and Chinese PE firm Hengli Group also raised HK$9.9bn through senior and mezzanine loans for their acquisition of office towers Cityplaza Three and Four in Hong Kong's Taikoo district. Australia and Singapore were among the other major markets to post a significant drop in loan volumes. Australia’s tally of US$36.56bn in the first half of 2019 represented a 31.43% decline from US$53.31bn in the corresponding period last year. Singapore clocked US$14.26bn in the first six months this year, plummeting 51% from the US$29.14bn raised a year earlier. Despite the drop in volumes, Australia and Hong Kong proved fertile ground for leveraged financings. Hong Kong topped the M&A loans tally with volume of US$8.44bn, while Australia clocked US$7bn in the first half of 2019. Together the two markets accounted for nearly 70% of the US$22.23bn in M&A loans raised in Asia Pacific (ex-Japan) this year. Australia generated a few LBO loans that provided opportunities across domestic and international markets. These included a A$2.15bn (US$1.52bn) senior loan supporting the buyout of Australian hospital operator Healthscope, a A$660m six-year unitranche loan backing US private equity firm TPG Capital's leveraged buyout of Australian pet-store owner Greencross and UK forecourt operator EG Group’s A$400m term loan B that partially funded its acquisition of the petrol business of Australian supermarket chain Woolworths, among others. “It is positive to see strong investor demand for different loan structures and across a variety of sectors,” said Andrew Ashman, head of loan syndicate for Asia Pacific at Barclays. “This year, we have seen a broadening of the institutional investor base with new lenders from Australia, Singapore and Hong Kong joining Aussie dollar TLB loans for the first time to gain exposure to Australian credit.” Elsewhere, Vietnam stood out across Asia Pacific (ex-Japan) with a nearly four-fold increase in lending to US$5.41bn in the first six months of 2019, compared with US$1.11bn in the same period a year earlier. The pipeline in South-East Asia shows promise, particularly with a jumbo S$8bn (US$5.86bn) new money loan and amendment-and-extension exercise of existing debt for Singapore integrated resort Marina Bay Sands, which is expected to close in the third quarter. (Reporting By Prakash Chakravarti; Editing by Steve Garton)
France's Orange raises $616 million with sale of its BT stake By Inti Landauro and Justin George Varghese PARIS (Reuters) - French telecom giant Orange <ORAN.PA> said it had sold its remaining 2.5% stake in BT <BT.L>, raising net proceeds of 486 million pounds ($616 million) as the former state monopoly faces a battle for market share in France. . BT bought 41 million shares in the private placement of France Telecom's 248 million shares, a stake which was worth about 493 million pounds at Thursday's market price. Shares in BT were 2% down at 0720 GMT on Friday, while Orange was almost unchanged following the Thursday placement, on which Citigroup Global Markets was the sole bookrunner. Orange ended up with a 4% BT stake in 2014 when the British group bought mobile operator EE, a joint venture between the French company and Germany's Deutsche Telekom <DTEGn.DE>. Deutsche Telekom is BT's largest shareholder with a stake of about 12%. "Orange argues that it had no 'strategic objective' related to its BT stake and wished to sell out ahead of seasonally lower trading liquidity in the summer", analysts at Jefferies said in a note to investors, adding that Orange has never been interested in leveraging an equity position into a strategic partnership in the way that Deutsche Telekom attempted. "We certainly do not believe that Orange has special insight into BT's prospects.. This feels like an Orange committee decision to tidy up holdings," Jefferies said. Orange's disposal means it no longer has any exposure to BT and comes as BT undergoes a major restructuring under its new chief Philip Jansen. This overhaul includes 13,000 job cuts and is aimed at tackling problems ranging from criticism of BT's fiber broadband to an underperforming IT services business.. ($1 = 0.7886 pounds) (Reporting by Inti Landauro and Justin George Varghese; Editing by Alexander Smith)
Guns N' Roses Steven Adler reportedly admitted to hospital after 'stabbing himself' Steven Adler arrives for the 3rd Annual Revolver Golden Gods Awards, Tuesday, April 20, 2011, in Los Angeles. (AP Photo/Chris Pizzello) Former Guns N Roses drummer Steven Adler has reportedly been admitted to hospital after stabbing himself. Los Angeles Police Department Officer Jeff Lee confirmed to People that emergency services were called to attend a possible suicide attempt at the 54-year-old musician and reality stars home in Los Angeles at around 6.30pm local time on Thursday. Lee said: Upon arrival, LAPD officers determined that there was no crime and the incident was being treated as a medical emergency only. The subject was transported to a local hospital with a non-life-threatening injury. Read more: Steven Adler on Forgiving Axl Rose and Life After Guns N' Roses US news website TMZ were first to report the news that Adler had been admitted to hospital with an apparently self-inflicted stab wound to the stomach. Guns N' Roses, from left, Matt Sorum, Duff McKagan, Slash and Steven Adler appear on stage at their induction into the Rock and Roll Hall of Fame in 2012 (Credit: AP) Adler was an original member of Guns N Roses alongside Axl Rose, Slash, and Izzy Stradlin. The drummer was sacked from the band in 1990 due to his struggles with drugs and alcohol. He has been open about his addiction problems and has twice appeared on reality show Celebrity Rehab with Dr. Drew in 2008 and 2011 and the first season of its spin-off Sober House in 2009. In 2008 Celebrity Rehab s Dr Drew described Adlers behaviour as "suicidal" and revealed that Adler had to be committed to a psychiatric hospital for two weeks prior to entering rehab. Adler did not participate in the Guns N Roses 2017-2018 reunion tour. View this post on Instagram A post shared by Steven Adler (@realstevenadler) on Jun 23, 2019 at 8:32pm PDT He is currently touring solo with a supporting band under the billing Steven Adler of Guns N Roses, performing the bands hits. He performed in Mississippi earlier this week. This is a developing story View comments
Goldman Sachs Explores Creating a Digital Coin Like JPMorgan’s (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here. David Solomon may take a leaf out of Jamie Dimon’s book by exploring a digital coin for payments. Goldman Sachs Group Inc.’s chief executive officer told France’s Les Echos newspaper that he’s “absolutely’’ looking at digital currencies and said Goldman is conducting “extensive research’’ on tokenization, the process for transforming currencies or assets into tradeable digital contracts that live on a blockchain. “Assume that all major financial institutions around the world are looking at the potential of tokenization, stable coins and frictionless payments,’’ said Solomon. JPMorgan Chase & Co. said in February it developed its own stable coin, JPM Coin, for its clients to use in cross-border payments. Facebook Inc. this month unveiled a new coin for payments called Libra which it plans to launch next year. Solomon declined to comment on whether Goldman Sachs has had discussions with Facebook. He said blockchain-based stable coins tied to real currencies are “the direction in which the payment system will go.’’ Libra is the latest example of how tech companies including Apple Inc. and Amazon.com Inc. have ventured into the financial industry. Still, Solomon said the tech giants will more likely seek to partner with banks than challenge them directly, citing Goldman’s credit-card partnership with Apple as an example. “Do you believe that the tech giants, who have other concerns for the moment, want to submit to the same regulatory constraints as JPMorgan or Goldman Sachs?’’ said Solomon. “Of course, these companies have a lot of customers and will certainly try to monetize them. It seems to me, however, that they will try to seal partnerships with banks rather than become banks themselves.’’ --With assistance from Anne Swardson. To contact the reporter on this story: Alastair Marsh in London at amarsh25@bloomberg.net To contact the editors responsible for this story: James Hertling at jhertling@bloomberg.net, Patrick Henry For more articles like this, please visit us atbloomberg.com ©2019 Bloomberg L.P.
European rights group rebukes Portugal over corruption fight LISBON, Portugal (AP) — Europe's foremost human rights organization says Portugal's efforts to fight corruption are "globally unsatisfactory." A report published Friday by the Council of Europe, which counts 47 countries among its members, says Portugal's compliance with recommended anti-corruption measures covering lawmakers, judges and prosecutors is "very low." The report comes after a wave of high-level corruption cases being heard by courts or under investigation has weakened public trust in institutions. The cases involve a former prime minister and lawmakers in his government, the former head of the country's largest private bank, which went bankrupt, and the former head of Portugal Telecom, among others. The Council of Europe says Portugal has so far implemented satisfactorily just one of 15 recommendations presented in a report published in 2016.
Trio of banks share £20m in fees for Merlin takeover deal Goldman Sachs, Barclays and Citi are set to share fees of around £20 million for advising Merlin Entertainments on its £6 billion sale to Blackstone and the Lego family, unveiled on Friday. Lazard, which advised Blackstone, could get £5 million for work on an uncontested bid. Blackstone’s deal sees it return to Merlin after just six years. The US private equity house bought Merlin in 2005 for £102 million, expanding it fast and floating it on the London Stock Exchange in 2013 at a value of £3 billion. Merlin, which owns Madame Tussauds, the London Dungeon, left, the London Eye and Alton Towers, has been frustrated by the stock market’s lack of enthusiasm for the shares lately. Blackstone and Canadian pension fund CPPIB take a 50% stake in the business, while Kirkbi, the investment company of Lego’s Kirk Kristiansen family, will own the other 50%. The deal is at 455p a share compared with a closing price last night of 395p.
US Congressmen seek clarity about Facebook’s crypto plans from head of financial crime unit The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, has discussed Facebook’s new cryptocurrency project Libra with a bipartisan group ofUS Congressmen this week. Since Facebook’s subsidiary, Calibra, will offer digital wallets and custody services for Libra, it falls under FinCEN’s jurisdiction.Calibra registeredwith the regulator as a money services business in February. However, Democratic Congressman Cleaver highlighted the social media giant had failed in the past to identify and impede “nefarious actors.” According to Cleaver, Facebook has already caused significant damage just by offering messaging and advertising services. “Before we allow such a giant corporation to begin processing millions to billions of financial transactions, we have to study these issues and ensure we have the tools and guardrails in place to deter terrorists, extremists, and/or enemies from utilizing such a platform to do harm to our nation,” Congressman Cleaver said. Calibra may well need to obtain more licences to be able to operate in different states. Blanco also briefed the congressmen about FinCEN's use of artificial intelligence and machine learning in its anti-money-laundering efforts. The congressmen, all members of the House Financial Services Committee, further discussed what the regulator is doing to foster the use of new technologies among other financial institutions.
China's government sets up Dajia Insurance to take over Anbang's assets as the disposal of former asset buyer nears China's government has established a new insurer to take over the operations of Anbang Group, more than 16 months after one of the country's biggest asset buyers was put under state ward and its chairman was jailed for fraud. Dajia Insurance Group was registered on June 25 in Beijing with 20.4 billion yuan (US$3 billion) of capital put up by identical shareholders as Anbang, according to documents published by the business registrar. The move is the clearest sign that the China Banking and Insurance Regulatory Commission (CBIRC) is moving ahead with its programme to transfer Anbang's business operations. The insurer, which began as a regional seller of car insurance founded by Wu Xiaohui in 1994, had 1.9 trillion yuan in assets as of February 2017, before Wu's fall from grace. Dajia, which means "everyone" in Chinese, shares the same shareholding structure with Anbang. The China Insurance Security Fund, controlled by the Ministry of Finance, owns 98.2 per cent of Dajia, exactly matching its stakein Anbang after a cash injection of 60.8 billion yuanlast April. SCMP Graphics alt=SCMP Graphics China Petrochemical Corporation, the country's state oil monopoly, owns 0.55 per cent of Dajia, as it does in Anbang. Shanghai Automotive Industry Corporation (SAIC), the largest state-owned Chinese carmaker, owns 1.2 per cent in both insurers. Anbang was one of China's most aggressive asset buyers, building its war chest from billions of yuan of savings provided by investors of its high-yield "universal life insurance," a variant of wealth management financial product. Former chairman of Anbang Insurance Group Wu Xiaohui during the China Development Forum in Beijing on March 18, 2017. Photo: Reuters alt=Former chairman of Anbang Insurance Group Wu Xiaohui during the China Development Forum in Beijing on March 18, 2017. Photo: Reuters All the acquisitions ended in the summer of 2017, when China's regulators and central bank putAnbang, Dalian Wanda Group, HNA Groupand several other asset buyers under intense scrutiny to force them to pare their debt. Xiang Junbo was fired as insurance regulator, and his former regulatory commission was absorbed by the bank overseer to become the CBIRC. Anbang was taken over by the newly merged banking and insurance regulator, and Wuwas sentenced to 18 years in prison for fundraising fraud. An investor will be more likely to invest in a holding company, rather than in Anbang directly, to insulate them from any liabilities that may be hidden in the insurer, analysts said. "The regulator is probably setting up a holding company to control Anbang, and will sell the stake of this holding company to investors as a way to exit from the takeover," said Guo Zhenhua, head of the insurance department at Shanghai University of International Business and Economics. "Two things may happen. Firstly, Anbang as a brand name may be eliminated in future. Secondly, using a holding company to control Anbang may look better if the authority misses the takeover deadline because of its inability to find enough eligible investors." Corrects the stakes held by Chin Petrochemical Corp and Shanghai Auto in the fifth paragraph. This article originally appeared in theSouth China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore theSCMP appor visit the SCMP'sFacebookandTwitterpages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
Gold Holds Steady as Inflation Data Keep Fed Cuts in Play; Eyes on G20 Investing.com - Gold prices held steady on Friday as economic data did little to change expectations for rate cuts from the Federal Reserve and markets prepped for a meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Spot gold inched up just 30 cents, virtually unchanged, to $1,410.26 by 9:25 AM ET (13:25 GMT), while gold futures for August delivery on the Comex division of the New York Mercantile Exchange, edged forward $1.25, or 0.1%, to $1,413.25 a troy ounce. Data released Fridayshowed only a moderate pickup inconsumer spendingwhileinflation, excluding food and energy, held below the Fed’s target as forecast, doing little to change market expectations that it could cut rates at its next meeting in July. Growing conviction that the Fed will move interest rates lower has supported prices of the non-yielding precious metal in June, up more than 8% on the month. Financial markets meanwhile awaited the outcome of a meeting between Xi and Trump at the G20 summit at 11:30 AM (2:30 GMT) local time in Osaka, Japan on Saturday. That's 10:30 PM ET on Friday. Rhetoric from the two sides this week has been sufficiently downbeat to limit markets' hopes to a truce that would postpone further increases in tariffs. New U.S. tariffs on imports from China are due to take effect next week. ING economists said in a note that “it still looks as if things will get worse before they get better, meaning that any possible relief rally in risk assets after the G20 meeting may be short-lived,” a situation that could benefit safe-haven gold. They indicated that resuming trade talks seems to be the best attainable result. “But even then, there are too many bridges to be crossed for a smooth path towards a deal,” they said. “We think there will be another round of tariffs before the pain of the trade war forces both parties to strike a deal in the last quarter of this year.” Investors have been buying gold and other haven assets to hedge risks from the trade battle between the world’s two biggest economies. In other metals trading, silver futures dipped 0.1% to $15.283 a troy ounce by 9:28 AM ET (13:28 GMT). Palladium futures fell 1.6% to $1,514.15 an ounce, while sister metal platinum jumped 1.1% to $826.50. In base metals, copper was unchanged at $2.716 a pound. Related Articles Only God knows when my tenure will end, Soviet-era oil baron says With Iran nuclear deal on the brink, U.S. vows to choke off Iranian oil sales Oil Trapped in Tight Range; Seen Breaking out After G20, OPEC Meetings
Chinese shoe seller Belle plans to spin off its Topsports athletic wear retail unit through an initial public offering in Hong Kong Belle International Holdings, the largest seller of women's shoes in China, said it's planning to spin off a unit that distributes sportswear and athletic shoes for Adidas and Nike for a listing on the Hong Kong stock exchange. A listing by Belle's Topsports International Holdings unit could raise up to US$1 billion in Hong Kong, according to a Reuters report that cites sources close to the matter. The initial public offer is sponsored by Bank of America Merrill Lynch and Morgan Stanley,according to Belle's filing to the Hong Kong exchange. Topsports operates more than 8,000 retail stores throughout China, with 16 per cent of the country's market share for sportswear sales last year, according to research firm Frost & Sullivan. The retailer's net profit rose 23.6 per cent to 2.2 billion yuan in the financial year ended February 28, while sales jumped 22.7 per cent to 32.5 billion yuan (US$4.73 billion). Hong Kong third in global IPO rankings for stock exchanges alt=Hong Kong third in global IPO rankings for stock exchanges Topsport's spin-off comes two years after Belle was privatised by its private-equity shareholders Hillhouse Capital Group and CDH Investments in a US$6.8 billion deal to delist from Hong Kong. Founded in the city in 1978, Belle's portfolio of brands include Joy & Peace, Staccato, Basto and Mirabell, and distributes shoes for CAT, Clarks and Hush Puppies in mainland China, Hong Kong and Macau. The sportswear business plans to use some of the profits from the listing for technology, hiring staff, purchasing equipment and upgrading its directly operated stores, Belle said in the filing. The Hong Kong stock exchange already hosts mainland China's four largest producers of athletic wear and sports shoes - Li-Ning, Anta Sports Products, Xtep International Holdings and 361 Degrees International. The impending listing would help Hong Kong catch up with New York in its annual race to retain the title as the world's IPO hub. The city surpassed New York and Shanghai to take the 2018 crown, helping 208 companies raise a combined US$36.6 billion in capital. This came after Hong Kong Exchanges and Clearing Limited (HKEX) and the city's securities regulator changed their listing rules to allow companies with dual-class share structures to float in the city and eased requirements for overseas-listed Chinese firms to have a secondary listing in Hong Kong, having lost out on some big names like Alibaba Group Holding choosing instead to IPO in New York. Huge names have chosen the US so far this year, including Uber which raised US$8.1 billion in New York in May, while activity has slowed in Hong Kong amid the ongoing US-China trade tensions. According to data from Dealogic and EY, the New York Stock Exchange and the Nasdaq have raised a combined US$33.6 billion so far this year, while Hong Kong has raised just US$8.9 billion. Topsports' decision comes as the market looks to be picking up pace again. The world's biggest brewer, Anheuser-Busch InBev, is expected to float in the city next month, while Alibaba " owner ofSouth China Morning Post" is considering a secondary listing. This article originally appeared in theSouth China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore theSCMP appor visit the SCMP'sFacebookandTwitterpages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
Mika Brzezinski on 'Morning Joe': ‘He came up with the show. I'm the reason it's still going’ “Through Her Eyes” is a weekly show hosted by human rights activist Zainab Salbi that explores contemporary news issues from a female perspective. You can watch a full episode of “Through Her Eyes” every Tuesday at 8 p.m. ET on Roku, or at the bottom of this article. “Morning Joe” host Mika Brzezinski has had a long career at the influential MSNBC talk show. But although the show is named after her co-host and now-husband Joe Scarborough, she says she’s responsible for its continued success. “I will just say: He came up with the show, I’m the reason it’s still going,” Brzezinski told the Yahoo News show “Through Her Eyes.” “I ran the show. I managed it. I booked the show. I did everything from the get-go, and tried to make a space for this incredible voice and have him modulate that voice and develop who he is today.” A journalist and author of the new book “Earn It!: Know Your Value and Grow Your Career, in Your 20s and Beyond," Brzezinski says she gave Scarborough — a former GOP congressman from the Florida Panhandle — some blunt advice on how to break into the tight-knit “network community of TV people.” “I said, ‘Sit down. Stop sucking up to everybody. You don't need to jump up and sweat all over. They're lucky to be on this show. Trust me. You are so good at what you do. I just need to make a space for you in what this world is,’” she recalled. “And that’s what I did.” Brzezinski began dating her future spouse while working together on “Morning Joe.” But Brzezinski’s relationship with Scarborough hasn’t been easy. She says her divorce from broadcast journalist Jim Hoffer, compounded with her parents’ failing health, took a toll on her own mental well-being. While speaking with “Through Her Eyes,” Brzezinski described periods of overwhelming sadness, including “about two years there where I would cry all the time.” "It was really hard, and it took such a toll on my mental health,” she said. “And I came close to having a complete breakdown." “It's not even the salacious story that people think it is. It's hard,” Brzezinski added. “In terms of Joe and where we are now, I'm so happy. But it has been a long road of a lot of things building and breaking down.” And it’s not just her marriage to Scarborough that has attracted attention. In April, Brzezinski was criticized for coming to former Vice President Joe Biden’s defense on-air amid allegations that the frontrunner for the Democratic presidential nomination had inappropriately touched several women . “I went [out] on a limb because I know he’s a good man and I know he’s not a sexual predator,” Brzezinski said. Story continues “There were so many things missing from the Biden #MeToo story,” she continued. “I mean, we had a certain number of women who made a certain number of accusations that were not actually sexual assault in any way.” Shortly after his accusers went public, Biden released a video message saying he is going to be “mindful” of people’s boundaries going forward. But at subsequent campaign rallies, Biden has laughed off the allegations, while also telling reporters that he has “never been disrespectful, intentionally, to a man or a woman.” Brzezinski gave a note of caution for the public. “We can’t forget two incredible words as we go down this road and make society and the workplace better for our daughters,” she told “Through Her Eyes.” “Those words are ‘due process.’ And we can’t forget them because they’re important too.” Brzezinski has also received backlash for her association with pundit Mark Halperin, a former fixture on “Morning Joe.” The Daily Beast published an article in May accusing Brzezinski and Scarborough of assisting Halperin’s “professional rehabilitation campaign” following multiple accusations of sexual harassment against Halperin during his tenure at ABC News. “The headlines for all those stories were very frustrating, because they weren’t right,” Brzezinski said. In the wake of the 2017 allegations, Halperin was fired from multiple media positions, including his role as a senior political analyst at MSNBC. “As a human being with decent feelings about helping people, I was as worried about him as I was about his victims,” Brzezinski continued. “I talked to both sides, and I tried my best, and I failed at times. It didn't work. You know, it's complicated. It's so highly charged.” But Brzezinski told “Through Her Eyes” that she wanted to set the record straight regarding whether she’s trying to “rehabilitate” Halperin’s television career. “I’m not,” she said firmly. “And I don’t expect him back on our show. And I’ve got a pretty good track record of who’s allowed on our show and who’s not.” Listen to the full episode of the “Through Her Eyes” podcast , and listen to past interviews with Queen Latifah, Aly Raisman and more from Season 1. View comments
Jim Armitage: Black marks for the market and a plus for private equity Blackstone and the Canada Pension Plan have bagged themselves a bargain with Friday’s Merlin takeover. More’s the pity for the reputation of the London Stock Exchange. Since this business floated in 2013, despite decent profits and a well-executed expansion programme, the shares have barely moved. That’s frustrating, given that Merlin is an unsung British success story. The truth that reflects so badly on the London market is that Merlin’s shares have been held back by the fact that it is investing for growth. Its development of new brands and $500 million investment in new Legolands in New York and Korea are just the kind of long-term thinking the British economy needs. Yet the public markets have failed to understand and reward that. Now, the returns on those investments in future years will go to private equity rather than stock market investors. In fairness, you can’t blame all big City investors for failing to recognise long-term value. Institutions who backed Merlin’s float largely stuck with it. But, while they get a 40% premium to the IPO price in today’s bid, they won’t cherish the memory of Merlin. On top of the moribund valuation, the vagaries of the public market meant one or two broker notes would trigger unnerving share price swings on the back of barely any actual trading. Where Merlin reflects badly on the public markets, it is a poster boy for private equity. Blackstone provided the capital it needed back in 2005 to grow the business, made a fortune when it floated, and is now coming back to its aid again. It will doubtless return Merlin to the market in a few years at double today’s valuation. to the sound of champagne corks popping over its Mayfair HQ. Again.
The Best Memes, Funniest Jokes And Ultimate GIFs From The Democratic Debate Thursday night’s Democratic presidential debate had its share of policy and substance, but it also offered plenty of fodder for jokes. From Andrew Yang ’s decision to ditch the customary necktie to Sen. Bernie Sanders (I-Vt.) gesturing so wildly he almost hit former Vice President Joe Biden , there was plenty of material to work with: This is the best moment of the night. Biden avoiding Bernie's hand. #DemDebate2 pic.twitter.com/owQV70Jxdy — Haleigh Hoffman (@HaleighHoffman) June 28, 2019 👀 #DemDebate2 pic.twitter.com/dGIMddx3Yp — The Daily Show (@TheDailyShow) June 28, 2019 pic.twitter.com/45feZ0clGt — erin chack (@ErinChack) June 28, 2019 who — and i can't stress this enough — is this pic.twitter.com/CTBFn7c5iA — David Mack (@davidmackau) June 28, 2019 Andrew Yang isn't wearing a tie, hoping to appeal to the coveted "single dads who day-drink at Cheesecake Factory" demographic #DemDebate — Matt Oswalt (@MattOswaltVA) June 28, 2019 When a couple arguing on your flight but you got the middle seat #DemDebate2 pic.twitter.com/B7y9DxNoqP — Roy Wood Jr- Ex Jedi (@roywoodjr) June 28, 2019 determinedly waiting for your carry-out order at a busy deli energy pic.twitter.com/ycZpE379s7 — southpaw (@nycsouthpaw) June 28, 2019 when i tweet something but see someone else did it better pic.twitter.com/H2QEcU3dES — Max Tani (@maxwelltani) June 28, 2019 Our wish: when they return from break everyone is tie-less and exasperated and Yang is wearing all of their ties and the crowd is going nuts and we never find out what happened. #DemDebate — Full Frontal (@FullFrontalSamB) June 28, 2019 There were some DAGGERS coming from @PeteButtigieg 's eyes towards @RepSwalwell just now when Swalwell told Buttigieg he should fire his police chief: #DemDebate pic.twitter.com/1neBzXkZLa — Frank Thorp V (@frankthorp) June 28, 2019 this is weirdly terrifying pic.twitter.com/abMf7nSuRj — andrew kaczynski (@KFILE) June 28, 2019 record scratch Yeah, that's me. You're probably asking yourself: How'd he get into this situation? https://t.co/OGXCxoZ8US — Dave Weigel (@daveweigel) June 28, 2019 . @cenkuygur with a debate-worthy one-liner to sum up Biden’s night: “No wonder he was against busing. Cause Kamala Harris just threw him under one.” — Christopher Cadelago (@ccadelago) June 28, 2019 pic.twitter.com/4zj46oq8zJ — Muscle Skoals (@MuscleSkoals) June 28, 2019 Andrew Yang looks like he just remembered he forgot his tie #DemDebate2 pic.twitter.com/QaWNOeUejq — Samantha Navarrete (@Nos_Spes) June 28, 2019 pic.twitter.com/InqynCA1ic — Live Fast Die Slow (@SarahEastcoast) June 28, 2019 Love HuffPost? Become a founding member of HuffPost Plus today. This article originally appeared on HuffPost . View comments
UPDATE 1-Turkish court rules to keep U.S. consulate employee in custody (Adds details on case, background on strains) By Ezgi Erkoyun ISTANBUL, June 28 (Reuters) - A Turkish court ruled on Friday to keep an employee of the U.S. consulate in custody as his trial on espionage charges continues, in a case that has damaged relations between Washington and Ankara. Metin Topuz, a Turkish translator for the Drug Enforcement Administration at the consulate in Istanbul, has been in custody for 21 months. The next hearing in the case was set for Sept. 18. Trials of U.S. citizens and local consulate workers in Turkey have been a source of discord between the NATO allies, whose ties have also worsened over Ankara's purchase of Russian missile defences and policy differences in Syria. Presidents Tayyip Erdogan and Donald Trump are expected to meet at the G20 summit in Osaka on Saturday to discuss Turkey's purchase of the S-400 defences, which are expected to be delivered in July. Topuz is charged with espionage and links to the network of cleric Fethullah Gulen, who is based in the United States and blamed by Turkey for plotting the failed 2016 coup. Washington says Topuz is innocent. He is accused of being in frequent contact with officers who led a 2013 corruption probe in Turkey, which the government has described as a "judicial coup attempt" by Gulen's network. Topuz denies the charges, saying it was not his decision who he came into contact with through his work. (Writing by Daren Butler; Editing by Jonathan Spicer) View comments
Japan's household consumption seen up for sixth straight month in May: Reuters poll TOKYO (Reuters) - Japan's household spending likely grew for a sixth consecutive month in May, a Reuters poll found on Friday, offering some hope domestic consumption may offset risks from abroad. Household spending in May was expected to have risen 1.6% from a year earlier, the poll of 16 economists showed, compared with 1.3% in April. "Consumer spending and capital expenditure are relatively firm, so domestic demand could help soften damages from external factors," said Hiroaki Mutou, chief economist at Tokai Tokyo Research Institute. "The employment situation is stable despite the weak economy and consumer spending has not deteriorated." The protracted tariff war between Beijing and Washington poses risks to Japan's economy as many of its companies in electronic parts and semiconductors ship goods to China to make final products destined for the United States. If the U.S.-China trade dispute escalates further, it could harm Japanese firms' sentiment, and thus affect domestic consumption, analysts said. The Japanese government's plan to raise the national sales tax to 10% from the current 8% in October could serve an additional blow to consumer spending. The government will publish household spending data at 8:30 a.m. Japan time on Friday, July 5 (2330 GMT, July 4). Bank of Japan policymakers had debated the feasibility of ramping up stimulus at their meeting in June, a summary of their opinions released on Friday showed, which could heighten speculation of more monetary support as early as next month. (Reporting by Kaori Kaneko; Editing by Jacqueline Wong)
China criticizes 'negative content' in US defense bill BEIJING (AP) Beijing on Friday criticized "negative content" about China in legislation before the U.S. Congress, saying it would further damage relations already roiled by disputes over trade and technology. Foreign ministry spokesman Geng Shuang said the draft National Defense Authorization Act, if passed, would undermine efforts to mutually overcome obstacles. "We express firm opposition to the U.S. Senate's approval of the act containing negative content related to China," Geng told reporters at a daily briefing. "Once the act becomes a law, it will damage China-U.S. relations and disrupt bilateral cooperation in some important areas." The bill blocks transfer of sensitive technology to China and prevents Chinese state companies from receiving U.S. federal funds. Geng's comments came a day before President Donald Trump is to meet his Chinese counterpart, Xi Jinping, at the G-20 summit in Osaka, Japan, amid hopes the leaders will call a truce in the ongoing disputes. Geng said the two sides are in close communication over preparations for the meeting "We hope that the U.S. can meet China halfway and work together with us to promote a positive result of the meeting," Geng said. "This is in the interest of both countries and also meets the common expectation of the international community." The U.S. accuses Beijing of stealing technology and forcing foreign companies to hand over trade secrets as part of a drive to end America's technological supremacy. Trump has already imposed 25% tariffs on $250 billion in imports from China and is threatening to tax an additional $300 billion worth, covering virtually everything China exports to the United States. China has retaliated by imposing tariffs on $110 billion in U.S. imports. Negotiations on a resolution have been stalemated since last month after the administration accused Beijing of backtracking on previous commitments. While the sides are hoping Trump and Xi can agree to some kind of truce in Osaka, the odds of an enduring agreement being reached are considered low.
Fresh inflation reading little comfort for ECB By Francesco Guarascio and Balazs Koranyi BRUSSELS/FRANKFURT (Reuters) - Underlying inflation in the euro zone rebounded in June, offering some comfort to the European Central Bank but still falling short of the improvement policymakers are hoping for. With growth and price pressures easing throughout the year, ECB President Mario Draghi has already said that more policy easing will come in the near future unless inflation and growth prospects improve. Overall inflation held steady as expected at 1.2 percent, well short of the ECB's target of almost 2 percent, but a closely watched 'core' figure, excluding volatile food and energy prices, jumped to 1.2 percent from 1 percent in May. While the core inflation rebound is impressive, it is in line with expectations and still below April's reading, suggesting that overall price pressures are modest despite years of extraordinary stimulus from the ECB. The weak inflation has long puzzled policymakers. The 19-country currency bloc has created over 10 million jobs since the worst days of its debt crisis and employment is the highest on record. Wages are also rising relatively fast, creating the textbook environment for higher prices. Yet inflation remains weak as businesses would rather sacrifice their own margins than jack up prices. The problem is that if prices failed to rise during the boom times, they are unlikely to do so during an economic slowdown. Euro zone growth is seen at just 1.2 percent this year, less than half the 2017 figure, and a recent string of dismal indicators suggest this may still be an optimistic estimate. A key euro zone sentiment indicator published on Thursday underperformed expectations and Germany's widely watched IFO index also disappointed. The figures only reinforced already widespread expectations that the ECB will cut interest rates either in July or September and lay the groundwork for restarting asset purchases. Such support is bound to push borrowing costs even lower but may fail to provide significant stimulus as bond yields are already near record highs. Ten-year German bonds are yielding minus 0.30% and French yields are also negative. This indicates that the biggest support would come in the euro zone's periphery, particularly Italy, where yields are still relatively high, reflecting its large public debt. The ECB will next meet on July 25 and investors are split on whether the bank will pull the trigger on stimulus then or wait until its Sept. 12 meeting. While some investors are advocating an earlier move, changes at the top of the ECB may complicate the process. Draghi is leaving at the end of October but European leaders have yet to appoint his successor and ECB policymakers may be hesitant to effectively tie the hands of their new president for most of the next year. (Editing by Robin Emmott and Catherine Evans)
China iron ore posts best quarter in 2-1/2 years on supply issues By Enrico Dela Cruz MANILA (Reuters) - Iron ore prices in China hit record highs on Friday and booked their biggest quarterly gain since late 2016, buoyed by expectations that supply of the raw material in the world's top steel producer will remain tight in the second-half of the year. Steel futures rose for the eighth straight session, the longest run for Shanghai rebar since August 2017, driven by falling stockpiles and mandatory output cuts in some steel hubs. The most-active September iron ore contract on the Dalian Commodity Exchange rose as much as 2.7% to 844 yuan ($122.94) a tonne, the highest since 2014 when trading in China's iron ore futures started. It ended up 2.1% at 838.5 yuan. The benchmark booked its seventh monthly gain and rose 47% in the June quarter, the biggest since the last quarter of 2016. "The recent restart of the Brucutu iron ore mine in Brazil has brought no relief to the market, with tightness expected to persist for the foreseeable future," said Daniel Hynes, senior commodity strategist at ANZ. "Falling steel inventories (in China) also supported sentiment." Spot iron ore prices have jumped to the highest levels in more than five years, with benchmark 62% fines for delivery to China at $116.70 a tonne as of Thursday, data tracked by SteelHome consultancy showed. Iron ore inventory at China's ports had fallen to 116.75 million tonnes as of last week, the lowest since the start of 2017, SteelHome data showed, largely reflecting the impact of reduced supply from Brazil. Brazil's Vale SA, which shut mines for safety checks following a deadly tailings dam burst in January, has resumed full Brucutu operations, according to analysts. "The mine should be back to 100% capacity (of 30 million tonnes) soon," ANZ said in a note. "However, this didn't completely ease concerns about shortages in the market, with Rio Tinto's cut to guidance for 2019 output still fresh in its mind." Mining giant Rio Tinto Ltd last week lowered its guidance on iron ore volumes it expects to ship this year from the key Pilbara region in Australia for the third time since April, citing operational problems. The most-active construction steel rebar contract, for October delivery, on the Shanghai Futures Exchange was up 0.7% at 4,065 yuan a tonne, near a more than 8-year peak of 4,095 yuan hit on Thursday. It gained 6.5% on a weekly basis, the biggest since July 2018. Hot rolled coil, steel used in cars and home appliances, edged up 0.3% at 3,953 yuan a tonne and posted a weekly gain of 6.6%, the biggest since December 2018. Other steelmaking raw materials traded mixed with Dalian coking coal up 0.7% at 1,392.5 yuan a tonne, while coke slipped 1.2% to 2,071 yuan. ($1 = 6.8650 yuan) (Reporting by Enrico dela Cruz; Editing by Joseph Radford & Uttaresh.V)
Jordana Brewster confirmed for 'Fast & Furious 9' Jordana Brewster (Credit: Richard Shotwell/Invision/AP) Jordana Brewster is officially back for Fast & Furious 9 . Vin Diesel took to his Instagram page to confirm the news, on day four of filming the ninth movie in the Fast & Furious series. The clip finds Diesel and Brewster on the movie's rural location outside London, with the child actor who's playing 'baby Ryan', the child of her character Mia, sister of Diesel's Dom Toretto. View this post on Instagram A post shared by Vin Diesel (@vindiesel) on Jun 27, 2019 at 10:00am PDT However, Brewster's appearance in the movie will throw up some potential plot issues. Mia was the often concerned love interest for Brian, played by the late Paul Walker, with whom he rode off into the sunset to settle down with at the end of Fast & Furious 7 . Brewster's character then sat out Fast & Furious 8 , but with her now back in the fold, it would seem that Brian's absence from the movie will have to be broached in some manner. Read more: Has Vin Diesel just joined the Avatar sequels? This could in turn mean that the character is being killed off, but we'll have to wait and see about how that is dealt with, though fans were generally pleased with how Walker's character was written out sensitively, so it could be a fine line to walk. Vin Diesel, Jordana Brewster and Tyrese Gibson, winners of the Generation Award, pose in the press room at the 2017 MTV Movie and TV Awards". (JEAN-BAPTISTE LACROIX/AFP/Getty Images) Justin Lin is back in the director's chair, having helmed four previous F&F movies, and will direct the 10th movie too. Tyrese Gibson, who plays jokester Roman Pearce in the Fast series, also confirmed that he is due to start shooting on Fast 9 today after wrapping on Spider-Man spin-off Morbius . Now Im headed to set 12:30pm call time #Fast9 God is truly the greatest.!!!!!!!!!!, Gibson shared on Instagram. View this post on Instagram A post shared by TYRESE (@tyrese) on Jun 28, 2019 at 2:37am PDT Fast & Furious 9 , also starring Michelle Rodriguez, Tyrese Gibson, Nathalie Emmanuel, Ludacris, and new recruit John Cena is due for release on 22 May, 2020. Fast & Furious 10 then arrives in April, 2021.
Now that's a wedding band! Couple get married in front of hundreds at Glastonbury A wedding celebration for Jack Watney, 32, and Sarah Adey, 31, at The Croissant Neuf bandstand at Glastonbury (PA) A couple have celebrated their wedding with hundreds of people at Glastonbury Festival with their reception taking place where they became engaged two years ago. Jack and Sarah Watney managed to secure tickets for 50 friends and family to attend this years event, including many who had not been previously. They said their vows on the Croissant Neuf bandstand where Ed Sheeran performed in 2011 before wellwishers sang the Beach Boys Wouldnt It Be Nice to them. The pair also got engaged at Glastonbury (PA) The bride and groom then made their way to the Stone Circle to cut their wedding cake, which had a vegan option, and receive a toast with pink paper cups. Mr Watney, 32, who lives with his wife in Glastonbury, said: We got engaged here a few years ago. Since then weve been planning the ceremony. It was incredible. We are so lucky to be able to do it here. It feels like the right place to be. Oddly it is sort of as I imagine it, but the way I imagined it seemed completely unattainable. The sun sets behind the ribbon tower on day two of Glastonbury. The festival continues until Sunday (Photo by Jim Dyson/Getty Images) Im so glad weve had the opportunity to share what is usually quite a private thing with family and friends with everyone at Glastonbury. When asked what it was like to see so many strangers at their wedding, the couple said the festivals open and friendly atmosphere meant it did not seem like anyone was a stranger. Mrs Watney, 31, said: Im a bit overwhelmed to be honest I didnt expect so many people there. We are lucky to have so many family and friends around us. It really has been perfect. The couple met during their final year at Plymouth University, where Mrs Watney studied art and her husband was a photography student. They moved to Brighton before relocating to Glastonbury . Mr Watney has been attending the festival since he was 17, with his wife joining him from 2011. Bride Sarah Adey, 31, is walked down the 'aisle' at The Croissant Neuf bandstand ahead of her 'wedding ceremony' to Jack Watney (PA) He said he couldnt imagine proposing anywhere else but only told one person about his plans ahead of the festival in 2017 to keep it a surprise. I was so worried because the security was tight, Mr Watney said. We were in the queue for a long time and I was worried that someone was going to get out the ring but it worked out well. Mrs Watney said she was gobsmacked when he proposed, with hundreds of wellwishers taking photographs to capture the moment. Friend Darren Lambert, 36, who met the couple in Brighton, acted as vow master for their wedding celebration. The wedding celebration at Glastonbury, took place on Friday (PA) The couple pledged to take each other as their awesome wedded wife and wonderful wedded husband before kissing to loud cheers from the crowd. Mr Watney added: We got married last Thursday at the Bath Guild Hall. This was our wedding celebration or wedding blessing because legally you cant get married here. Story continues Guests will have drinks at the Williams Green area of the Somerset site later on Wednesday afternoon before speeches take place. ---Watch the latest videos from Yahoo UK--- View comments
VW's Traton shares limp on stock market debut FRANKFURT (Reuters) - Traton made a lacklustre start on its debut on Friday, as shares in Volkswagen's truck unit slipped below their initial public offering price. The stock opened at 27 euros ($30.75), the IPO price in Europe's second-largest listing of the year, before slipping to trade as much as 2.4 percent lower. Germany's benchmark DAX index was up 0.5% at 1200 GMT. Weak demand for German listings had forced VW to scale back its Traton IPO and it had already priced the offering at the low end of its target range. "At first glance, markets don't look that bad. But volumes have been low as risk averse investors hoard cash," a banker working on the deal said. The average daily turnover of Stoxx600 shares stood at 470 billion euros so far this year and the June median was 439 billion euros, compared with the 2018 daily average of almost 600 billion. Global IPO volumes are down 30% in the year so far, Refinitiv data shows, while the European figure is at its lowest level since 2012 amid concern about the global economic outlook. Online fashion retailer Global Fashion Group slashed its IPO offer price on Wednesday, citing "current market conditions". Volkswagen floated 11.5% of Traton's shares after initially seeking to list a stake of up to 25% in a bid to put the company's truck business on an independent footing. The deal values Traton at 7.9 and 7.0 times its 2019 and 2020 earnings before interest and taxes, respectively, roughly in line with the valuation of its peer Volvo, two people close to the matter said. The 1.55 billion euros ($1.77 billion) in proceeds from the offering will flow to parent Volkswagen which aims to use the funding to invest in mass producing electric cars. Traton, which includes the MAN, Scania and Volkswagen trucks businesses wants to create a global trucks operation. A flotation could give Traton the resources to deepen its relationship with U.S. truck maker Navistar International Corp, in which it owns a 16.85% stake. Asked whether Volkswagen planned to buy out Navistar, Chairman Hans Dieter Poetsch said: "Today's steps make many things possible. Currently there are no concrete plans." Traton Chief Executive Andreas Renschler said alliances with Navistar, Hino and Sinotruck gave Traton economies of scale. "We don't need any further participation at all, there's no need to always buy companies," he said. ($1 = 0.8780 euros) (Reporting by Edward Taylor, Arno Schuetze, Hans Seidenstücker and Hakan Ersen; Editing by Tassilo Hummel and Edmund Blair)

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