Housebuilder warns of mortgage famine

first_img whatsapp whatsapp Tags: NULL Thursday 4 November 2010 10:21 pm Show Comments ▼ NUMBERS of house sales will continue to drop even lower and the UK is at risk of a “mortgage famine” unless the government acts to boost the market by helping buyers to take out loans, said the housebuilder Redrow yesterday as it announced its third quarter results.“Deliberately suppressing housing demand at the very time that the country has a chronic housing shortage is laying the foundations for the next boom/bust cycle,” said the firm’s chairman Steve Morgan. “The way to end the cycle of boom and bust is to increase the supply of new homes to meet the demand by freeing up the supply of affordable mortgages. The regulators are going too far and the medicine risks killing the patient.” Despite the gloomy outlook about the industry, Redrow announced that private home sales in the financial year to date were nine per cent up on the same period last year at £133m and that the average house price went up 16 per cent to £174,000, which reflected the company’s launch of its Heritage Collection, estates of 1920s Arts and Crafts-style family homes that it has built around the country. Its shares closed up 2.9p at 112p on the news.Redrow said that although the economic climate has obviously affected the demand for houses the underlying demand remains strong. Morgan said that the firm was having to turn away potential purchasers who were not able to raise the deposit of 25 per cent or more. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrapcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Housebuilder warns of mortgage famine Share KCS-content last_img read more

Melbourne Cup drives turnover growth for Tab NZ in November

first_imgRugby union dominated sports betting turnover, meanwhile, though only two matches, which saw the All Blacks take on Argentina and Australia, generate more than NZ$1.0m in stakes. After winnings were paid out, gross betting revenue came to NZ$41.6m, NZ$8.7m above budget and 19% above prior year levels. Regions: Oceania New Zealand Melbourne Cup drives turnover growth for Tab NZ in November Tab NZ customers staked NZ$11.5m on the Melbourne Cup race itself, again breaking the previous record fo NZ$10.3m, set in 2018.  The Melbourne Cup helped New Zealand’s Tab NZ grow turnover NZ$27.6m above budget in November, in turn allowing the country’s only licensed racing and sports betting operator to return NZ$14.4m to the racing codes over the month. As a result Tab NZ distributed NZ$14.4m to the country’s racing codes, above the NZ$12.9m it had budgeted. Finance From the operator’s fiscal year to date, from 1 August to 30 November, operating profit for the year stands at NZ$61.2m, or 23% ahead of prior year levels. Turnover for the month came to NZ$232.6m, with Australia’s Melbourne Cup day setting a new turnover record of NZ$26.6m, up 14% year-on-year, resulting in gross betting revenue of NZ6.2m, again a new record.  With operating expenses declining year-on-year, net profit for the month came to NZ$17.7m, surpassing budget expectations by NZ$4.9m. This comprised NZ$16.4m from betting, and NZ$1.8m from gaming, with NZ$0.5m going to the Racing Integrity Unit. Email Address The biggest domestic racing event was the NZ Trotting Cup day, for which turnover reached $11.3m, again breaking 2018’s record, this time of $10.8m. More than 40,000 account holders bet on the day’s racing.  Topics: Finance Sports betting Horse racing Online sports betting Sports betting regulation 18th December 2020 | By Robin Harrison AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Tags: Tab NZlast_img read more

How I’m investing in the worst FTSE 100 crash in a generation

first_imgHow I’m investing in the worst FTSE 100 crash in a generation “This Stock Could Be Like Buying Amazon in 1997” Image source: Getty Images. The FTSE 100 is uncertain, but that doesn’t mean your financial future has to be. Interest rates are near zero, so stashing your money in a Cash ISA will do nothing to help your wealth.And while the index is down 23% in the last three months, there are still ways to secure your future prosperity. Dividends, share price growth and stability all remain extremely important to me as a long-term investor.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Bag big FTSE 100 bargainsThe investment decisions you make today will ripple far into the future. If you have done your research and you think you’ve spotted an undervalued FTSE 100 bargain, go ahead and buy. With a long enough time horizon, buying and holding good companies is still the best and most proven way to enrich yourself.No matter how far markets fall, they always bounce back, eventually. You might have to wait three years, or five. But pick strong companies, try not to overpay, then simply sit on your investment. You’ll reap the best rewards.One thing to note though. The coronavirus-induced economic setback means that traditional value measurements like price-to-earnings ratios are less reliable indicators than usual. Companies are having a tough time predicting what they could earn in the rest of 2020 and beyond. Lifting lockdown restrictions might happen soon, or it might take much longer.But as investing legend Peter Lynch sagely wrote in One Up On Wall Street: “Companies with no debt can’t go bust.” So I would focus on FTSE companies with low or no debt, strong balance sheets to ride out the storm, operating in sectors that make money whether the economy is doing well or struggling.For example, there are some classic defensive FTSE 100 shares I think every good investor should consider.They are: UK utilities infrastructure operator National Grid, household products giant Unilever and global pharma firm GlaxoSmithKline. Depending on your ethical investing stance on addictive products, I’d add British American Tobacco and Diageo to that list as well, where dividends are safer than most.Some 45%of UK companies have now scrapped (or are preparing to scrap) their dividends in Q1 2020. That’s according to the widely-cited Dividend Monitor report from Link UK.FTSE 100 diversificationPutting too much weight on one particular sector is the surest way to drag your portfolio down. For example, on 20 April US oil futures dropped below zero for the first time ever. Global demand has cratered under lockdown while storage is reaching capacity and the industry faces some historic bankruptcies.If all my net worth was tied up in energy stocks, I could be looking at a pretty devastating blow. Instead, I’m spreading my investments across FTSE 100 shares in tech, financials, consumer durables, telecoms, entertainment and more.Run your winnersThe strongest advice I’d give is to keep hold of your best-performing investments, FTSE 100 or otherwise.For me, that’s the likes of Team17, Microsoft and Frontier Developments. These are highly profitable stocks that have done well out of lockdown with more people staying at home.These are the ones that will see you through the inevitable torrent of pain that’s coming from a bear market and a global recession worse than the Great Depression. Enter Your Email Address Simply click below to discover how you can take advantage of this. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Tom Rodgers | Tuesday, 21st April, 2020 center_img Tom Rodgers currently owns shares in Microsoft, Team17, Frontier Developments, GlaxoSmithKline and Unilever. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool UK owns shares of and has recommended GlaxoSmithKline, Microsoft, and Unilever. The Motley Fool UK has recommended Diageo and recommends the following options: long January 2021 $85 calls on Microsoft and short January 2021 $115 calls on Microsoft. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Our 6 ‘Best Buys Now’ Shares I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! See all posts by Tom Rodgerslast_img read more

3 reasons why I’d invest £5k in cheap FTSE 100 dividend stocks in an ISA today

first_img Peter Stephens | Monday, 1st June, 2020 3 reasons why I’d invest £5k in cheap FTSE 100 dividend stocks in an ISA today Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Image source: Getty Images. Enter Your Email Address Simply click below to discover how you can take advantage of this. “This Stock Could Be Like Buying Amazon in 1997” Peter Stephens has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.center_img I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Our 6 ‘Best Buys Now’ Shares Investing £5k, or any other amount, in cheap FTSE 100 dividend stocks may not sound like a shrewd move at present. The world economy currently faces one of its most challenging periods in living memory. And this could see operating conditions for many large-cap shares deteriorate.However, the FTSE 100’s recovery potential, with its income prospects and low valuations, suggest now could be the right time to buy a diverse range of dividend stocks in an ISA. They could boost your financial prospects over the coming years.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Low valuationsBuying FTSE 100 shares when they trade at low prices has been a successful strategy for many investors in the past. It allows you to access wide margins of safety for high-quality businesses. And that can translate into high returns over the long run.Currently, many FTSE 100 stocks trade on valuations significantly below their historic averages. In some cases, they may be warranted due to highly uncertain outlooks. But, with equities relatively unpopular due to increased risk-aversion among investors, a number of high-quality large-cap shares currently offer good value for money.Buying them while their prospects are unclear requires self-discipline. But, in many cases, their low valuations suggest potential challenges in their sectors have been factored in by cautious investors.Recovery potentialThe FTSE 100 has an excellent track record of recovering from its most challenging periods. It’s experienced a number of bear markets, corrections and crashes in its 36-year lifetime. Yet it’s been able to rise six-fold from 1,000 points in 1984 to around 6,000 points today. When dividends are factored in, its total returns are in excess of 8% per annum since inception.Investors may naturally be cautious about the prospect of buying shares due to the unprecedented situation that many economies currently face. However, backing the FTSE 100’s recovery potential has historically been a sound move. Its allowed investors to capitalise on improving business environments and stronger sentiment among their peers.The same outcome may appear unlikely in the current economic climate but, over the coming years, the FTSE 100 is likely to deliver a successful return to previous record highs.FTSE 100 dividend appealThe FTSE 100 may also offer income investing appeal over the long run. Although some of its members have reduced their dividends in recent months, due to their uncertain outlooks, many large-cap shares continue to make shareholder payouts as expected. Dividends across the index are also likely to return.Meanwhile, the income appeal of other assets, such as cash and bonds, should remain low due to falling interest rates. So, demand for large-cap income shares could increase.This could push their prices higher and lead to impressive total returns from the index. And that could make now the right time to buy a selection of FTSE 100 shares. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. See all posts by Peter Stephenslast_img read more

US non-profits receive large gifts online

first_img Tagged with: Digital Major gift Research / statistics  29 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 29 October 2003 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Do donors make large gifts online? Some US non-profits say they are receiving gifts online of $1 million or over.Rick Christ of American consultancy NPadvisors.com shares news of some major gifts being received online by US non-profits.Writing in his monthly e-mail newsletter, Christ reports on an e-mail appeal on behalf of a client that generated an online donation of $50,000. The appeal had asked for “a gift of $100 or even more.” “The code assigned by the web donation matched that assigned to the e-mail” says Christ, so it wasn’t a case of the donor being prompted by another perhaps paper-based appeal. Advertisementcenter_img Even this though was small compared to what some non-profits say they are receiving online. An informal online poll by online fundraising company Kintera revealed that 9% of the non-profits which responded had received an online gift of $1 million or more. Another 4% had received a donation of over $100,000, and 13% had received a gift between $10,000 to $99,999. However, the majority of non-profits were not quite so fortunate: 27% received a donation of between $100 to $999, and 31% had not received an online gift larger than $100.Christ offers two useful tips in the light of these figures. He suggests that you “look at your automated ‘thanks for your online gift’ email and make sure it would be as welcome to a $100,000 donor as it would be to a $10 donor.” In addition he recommends ensuring that your Web site generates an automatic e-mail to you if a donation over a certain amount is made online: this will then allow you to call the donor personally to thank them and perhaps elicit more on why they gave. About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. US non-profits receive large gifts onlinelast_img read more

NCGA: The Value of Corn in the Pet Food Industry

first_img SHARE NCGA: The Value of Corn in the Pet Food Industry Facebook Twitter Photo: NCGAApril 11 is National Pet Day. There are many benefits to including corn in your pet’s diet, but have you ever wondered about the benefits that your cat or dog brings to the corn industry? In November a comprehensive study unpacked the $30 billion U.S. retail pet food industry, thanks to the Institute for Feed Education and Research (IFEEDER), the Pet Food Institute and the North American Renderers Association.The study found that corn and corn gluten meal are the top two most used plant-based ingredients in pet food products. Corn is the dominant plant-based carbohydrate at 1,283,674 tons, and corn gluten meal is the dominant plant-based protein ingredient at 476,649 tons used on an annual basis. Thanks to Fido and Fluffy, the corn industry moved 1,958,061 tons of product, valued at a total of $438 million.“Farmers and farm-product processors sell $6.9 billion worth of products to pet food manufacturers every year that are used as ingredients. Sales made by farmers and processors of farm products to pet food manufacturers stimulates further upstream economic activity, leading to the purchase of $5.3 billion of materials and services from farm suppliers providing necessary inputs such as seed, fertilizer, fuel, labor, machinery and repairs to produce high-quality products that are used as pet food ingredients,” cites the report.Founded in 2009 by the American Feed Industry Association (AFIA), IFEEDER supports critical education and research initiatives that assure consumers a safe, healthy and sustainable food supply. The National Corn Growers Association (NCGA) partners with IFEEDER and the AFIA on research projects as well as feed and food industry efforts, such as the Association of American Feed Control Officials’ petition on Corn Gluten Meal and the current partnership on the U.S. Roundtable on Sustainable Beef Feed Task Force.“This first-of-its-kind research shows that there are nearly 550 diverse ingredients used in U.S. pets’ diets to provide complete and balanced nutrition at price points that fit shoppers’ budgets,” said Robert Cooper, IFEEDER’s executive director. “Collaborations on research like the pet food study allow us to leverage our resources and share information that helps allied organizations, like the National Corn Growers Association, amplify its outreach with decision-makers and consumer influencers, so they are more informed about how important commodities, such as corn, are in producing safe and nutritious food for both humans and their four-legged companions.”Link to the full Pet Food Production and Ingredient Analysis study here.Rethinking Corn’s Role in Pet Food here.View all of NCGA’s pet food resources here.View a presentation on Rethinking the Role of Corn in the Pet Food Industry here.Source: National Corn Growers Association news release Home Indiana Agriculture News NCGA: The Value of Corn in the Pet Food Industry SHARE Facebook Twitter By Hoosier Ag Today – Apr 9, 2021 Previous articleAgronomy Week Adds FFA Benefit to the MixNext articleCommentary: Pave Paradise and Put Up a Parking Lot Hoosier Ag Todaylast_img read more

23 months jail and a 5 years ban for pro-reform journalist

first_img Receive email alerts June 9, 2021 Find out more IranMiddle East – North Africa Follow the news on Iran After Hengameh Shahidi’s pardon, RSF asks Supreme Leader to free all imprisoned journalists Reporters Without Borders (Reporters sans frontières – RSF) protested today against the sentencing of pro-reform journalist Ahmad Zeid-Abadi (see photo) to 23 months in prison and a five-years ban on “all public and social activity, including journalism” and called on the head of the Iranian legal system, Ayatollah Shahrudi, to cancel the “very harsh” punishment. “The conservatives who control the judiciary are taking advantage of the UN Human Rights Commission’s recent failure to condemn Iran to resume their attacks on journalists and the media,” said RSF secretary-general Robert Ménard.  Despite the release of eight journalists since the beginning of this year, 12 are still imprisoned in Iran. At least five more are free on bail waiting for the result of their trials.RSF learns that Zeid-Abadi, who works for the pro-reform daily newspaper Hamchari and the monthly Iran-e-Farda, was sentenced on 17 April by the president of the Teheran court, Judge Said Mortazavi, for “propaganda against the Islamic regime and its institutions.”The court said he had taken “provocative positions that threatened national security.” In recent articles, he has defended Palestinian leader Yasser Arafat and condemned suicide bombings, a line which differs from the Iranian government’s position. He plans to appeal against the sentence.Zeid-Abadi was arrested at his home on 7 August 2000 by a dozen plainclothes officials because of what they said was his refusal to appear before a court. He was freed on heavy bail on 8 March 2001.Said Afsar, a journalist with the government daily Iran, went on trial before the Teheran court on 28 April for “insulting Islam” in three articles he had written about the religion. During the trial, he said that as a Muslim, he would never insult Islam. The verdict will be announced later. News Iran: Press freedom violations recounted in real time January 2020 News Help by sharing this information Organisation center_img News RSF_en IranMiddle East – North Africa News Call for Iranian New Year pardons for Iran’s 21 imprisoned journalists March 18, 2021 Find out more April 29, 2002 – Updated on January 20, 2016 23 months jail and a 5 years ban for pro-reform journalist to go further February 25, 2021 Find out morelast_img read more

Exclusive: New Propertymark CEO job spec excludes estate agents from applying

first_imgHome » News » Associations & Bodies » Exclusive: New Propertymark CEO job spec excludes estate agents from applying previous nextAssociations & BodiesExclusive: New Propertymark CEO job spec excludes estate agents from applyingTrade association says it wants someone with wider experience other than just insider knowledge of the industry.Nigel Lewis27th July 20202 Comments1,383 Views At the same time Propertymark said goodbye to ARLA boss David Cox on Friday it was quietly briefing London recruitment firm Saxton Bampfylde with details of the kind of person it hopes can be found to fill the new CEO role, The Negotiator can reveal.Surprisingly, Propertymark says it wants someone who does not have a track record in the industry – which in part explains Cox’s departure – but will need to have an interest in property and a track record in regulation and professional membership bodies, and help drive up profits and turnover.“The successful candidate will be a dynamic, communicative and commercial leader, capable of leading the organisation towards ‘one Propertymark’, capitalising on opportunities to bolster its position as a leader and voice of authority in the sector,” the briefing document says.“Candidates will bring substantial experience of strategic leadership at a comparable scale to Propertymark.”The document also suggests that Propertymark is unifying into one organisation because both it and the industry faces an extremely challenging few years as the effects of Covid, the soon-to-implemented Code of Practice, a property regulator and Brexit bear down on agents and the housing market.“Central to the future success of Propertymark is an ambitious programme of transformational change, which will see the organisation building on its strong foundations to shape the future culture of the organisation, and ensure the highest standards are met internally and externally, with the consumer at the heart of everything it does,” the document says.“Operating in a fast-evolving sector anticipating a number of significant legislative changes Propertymark has the chance to consolidate its position as the industry-leading body, by capitalising on the opportunities such changes will bring.”The successful candidate will report into Propertymark’s chair Christopher Hamer, be paid a competitive salary depending on their experience, implement the organisation’s thee-year strategy and be based in at its offices in Warwick and London.The new candidate is expected to announced in September or October.Read the brief in full.Saxton Bampfylde propertymark ARLA David Cox July 27, 2020Nigel Lewis2 commentsAndrew Stanton, CEO Proptech-PR Real Estate Influencer & Journalist CEO Proptech-PR Real Estate Influencer & Journalist 27th July 2020 at 3:20 pmWell the closing date for applications is the 4th of August, so a week for Alison Platt to get her application in. But big questions remain; – Why is there such a hurry to fill the vacancy and why have Mark Hayward & David Cox left so suddenly, creating a succession vacuum? Given the NAEA Propertymark laud themselves as the ‘thoughtful, professional and regulatory arm’ of the real estate profession, they seem to be doing a really good impression of a circus act.With real estate in a state of flux, and the pandemic changing the way all verticals of business are conducted, there has never been a greater need for someone who can see what is going on, what the future holds and can de-risk the organization, and get the rank and file to believe in the NAEA’s vision, at the same time modernising and growing the membership.For me real estate is now another data and technology industry, we see over 50 proptech companies a month, if the NAEA wants to be credible and survive, its head should have the greatest knowledge around where ‘traditional agency and proptech agency join’ and who will be the winners and losers.Log in to ReplyFriendly local agent, Friendly local agency Friendly local agency 27th July 2020 at 8:47 amDoesn’t need to have a track record in the property industry? To lead an organisation that is 100% about property? This is madness!! David Cox had proven himself in the lettings arm but was denied the opportunity to prove himself in the new role. Just by looking at the posts relating to his leaving ARLA, it is obvious that he was very popular among its members, aside from his many achievements there, he brought a certain friendliness to an otherwise starchy old boys club. In my mind Christopher Hamer (who I personally find to be unapproachable and unfriendly) has made a huge mistake.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Queen Elizabeth to visit Oxford at Easter

first_imgTHE QUEEN is to visit Oxford on 28th March, to take part in an ancient ceremony at Christ Church Cathedral, where she will hand out money to pensioners in recognition of their work for the community and the church.Usually Maundy money is given to pensioners from one diocese each year, but this year to celebrate her 60 years as monarch, the Queen will hand out money to people from all of of the UK’s 44 Christian dioceses.87 women and 87 men, one for each of the Queen’s 87 years, will receive uniquely minted Maundy Money.Held on Maundy Thursday, the day before Good Friday, the ceremony commemorates the Last Supper when Jesus is believed to have washed his disciples’ feet.The word ‘Maundy’ comes from the command (mandatum) by Christ at the Last Supper, to love one another.It is the first time that the monarch will come to Oxford for the service.last_img read more

How Private Jet Owners Got A Subsidy From Coronavirus Relief Funds

first_imgRecipients were also required to promise to use federal money “exclusively for the continuation” of those costs and “refrain from conducting involuntary layoffs or furloughs or reducing pay rates and benefits,” according to the department.But Clay Lacy Aviation’s participation in the PPP program, which also gives out money on the condition that recipients keep their workforces intact, wasn’t publicly known until now. Some industry competitors with different business models have taken the stance that federal money isn’t supposed to support high fliers.“We have observed others in our industry badly bruised by the pandemic as the recipients of CARES Act monies have become public,” Patrick Gallagher, CEO of NetJets, wrote in a recent email blasting other players in the aviation industry for taking federal money. “The names on the list and amounts received have been eye-popping.”Why CLA was eligible for two bailout programsCLA is unusual both because it’s a major player in the aviation industry and because its executives say it qualifies as a small business for the purposes of the new lending program. The CARES Act created its own matrix of eligibility standards for small businesses, which include companies with fewer than 500 U.S.-based employees, caps on revenue and a variety of metrics.While PPP funds are legally limited to companies that don’t have other debts to the SBA, Congress didn’t prohibit a company’s taking both a PPP loan and grant money from Treasury’s aviation fund.“There’s no question there were beneficiaries who lawmakers did not intend to have access to these funds,” said Caroline Bruckner, a former chief counsel to the Senate Small Business Committee who is the managing director of American University’s Kogod Tax Policy Center. “Mistakes are always made when legislation is drafted so quickly to respond to an emergency — that’s inevitable — but this also means, and this could be a prime example why oversight post-CARES Act is critically important.”The planes managed by the company are all owned by its clients. CLA stores and maintains the aircraft for the owners, and it charters flights and acts as a “pass-through” for the owners to pay flight crews. The company and its clients share revenue generated from renting planes when the owners aren’t using them.So when the CARES Act was enacted, CLA had three obvious options: forgo the loan, take all the money for itself, even though its revenue is supported by jet-owning clients, or devise a way for the clients to share the bounty. The account credits allow for the latter.On April 29, the company advised its clients that they had until May 11 to decide whether they wanted to take the credits. The only requirement was to sign a statement-making a good-faith representation that “1) the current economic uncertainty makes receipt of these credits necessary in order to support the ongoing operations of the owner’s aircraft and 2) aircraft owner has neither separately applied for nor received relief under the SBA-PPP or another SBA program.”CLA has signaled that it may be worried that its loan might not be forgiven — or that it could get yanked altogether.In the letter to jet owners, Wright, the company’s CFO, wrote that the credits won’t be awarded until after the loan is forgiven and that owners would have to repay CLA if the company is “subsequently deemed ineligible” for the program “upon audit.”Fliers who are hard to trackMany private jet owners have no interest in publicity about their planes.To find the owners of jets managed by Clay Lacy Aviation, NBC News obtained a list of identifying numbers for each of the planes registered under the company’s flag and matched it against Federal Aviation Administration records, Securities and Exchange Commission disclosures and filings with state business compliance offices. The planes tend to be owned by limited liability partnerships with names that have little obvious connection to the people or parent companies that own them.Jon Croasmun, senior vice president, and corporate trust manager for the Bank of Utah, which is the registered owner of more than a half-dozen aircraft managed by Clay Lacy Aviation, said the company holds titles to planes in trust but isn’t part of financial arrangements with management companies.The bank generally represents both U.S. citizens and foreign nationals who own airplanes. He declined to say whether any of the clients it shares with Clay Lacy Aviation aren’t Americans.“The only time we divulge ultimate ownership is if the FAA asks,” he said, adding that the agency hasn’t sought that information. That means it is unlikely that the Treasury Department or the SBA know whether bailout money is being turned into credits for foreign nationals.In part because of the confidentiality offered by the Bank of Utah and a Delaware company that offers similar services to management firms, NBC News was able to identify only about two-thirds of Clay Lacy’s 50-plus clients. In addition to Henley, Blackstone, Bonfigli and Freeman Spogli, the list includes:Brian Fitterer, owner of a chain of trailer parks.Shlomo Rechnitz, owner of a chain of nursing homes.Aby Rosen, a real estate tycoon, and art collector.Edward Roski Jr., a co-owner of the Los Angeles Lakers.Ernie Moody, a video poker magnate.Rosen “was not in receipt of such an offer and he would have never taken it if he had received it,” a representative from his office said.NBC News’ attempts to obtain comments from Fitterer, Rechnitz, Roski, and Moody were unsuccessful. It is unclear whether they opted in or out of the credits.But Bonfigli said he doesn’t recommend buying a plane unless “you win a really large lottery” and can afford not to rent it out.“I don’t know about other owners and how they operate their planes, but I can tell you this: When a plane sits like that, you’re paying a fortune for it to sit,” he said. “From a business perspective, honestly, it couldn’t get any worse than owning a plane. It’s been terrible.”Cloobeck has little sympathy for jet owners who get taxpayer-subsidized benefits.“No government program is perfect, especially given the need and urgency it is designed to serve,” Cloobeck said. “But this company and these owners all know the money was not designed for them, and they have a moral, if not legal, duty to treat the country that enabled them to become so wealthy a whole lot better than this.” “Everything about this is distressing, deplorable and disgusting,” said Steven J. Cloobeck, the founder of Diamond Resorts International and a jet owner who isn’t a CLA client. “There should be serious and punitive repercussions for those at the absolute top of the food chain who abuse an emergency government rescue.”CLA’s client list includes rocker Don Henley, Sexy Brand CEO Mark Bonfigli and private equity firms the Blackstone Group and Freeman Spogli, which is owned by the finance chairman of President George W. Bush’s inaugurations and a former ambassador to Italy and San Marino, according to a list of aircraft registration numbers provided to NBC News by a source and a combination of federal and state disclosures.Christine Anderson, a spokesperson for the Blackstone Group, said the company turned down the offer to take part in the credit program. Henley declined to comment, and Freeman Spogli didn’t respond to NBC News’ requests for comment about whether it accepted the credit. But other jet owners, including Bonfigli, were eager to participate.“Oh, my God, yes,” Bonfigli said in a telephone interview Wednesday.He said paying for a plane called SexyJet to sit on the ground has been such a financial drain that he would have fired his crew by now if it weren’t for the promise of relief from Clay Lacy Aviation — and taxpayers.Bonfigli said that he plans to sell his plane, a Gulfstream GV that he said has transported the Red Hot Chili Peppers and actor Robert De Niro, among other A-listers, but that the credits from CLA’s loan may buy him time to keep renting it out until the market for private jets improves.“It would be really helpful for us to have a chance to continue to charter,” he said. “Otherwise, I think it would have to sell sooner, not later, and for a lower price, because the market is hurting. … I don’t mind the idea of selling it for a good price, but now we’d really have to lose some real money.”CLA declined to disclose the exact amount of its loan, and the two federal agencies that administer the program — the Treasury Department and the Small Business Administration, or SBA — haven’t made the information public. The company also declined to answer most questions NBC News posed over email about its operations, the reason it designed the credit system, and its clientele.But a representative of the company said: “all funds received under federal programs must and will be used in accordance with federal guidelines to save the jobs of hundreds of mechanics, flight attendants, pilots, customer service representatives, line service technicians, dispatchers, avionics technicians, and other workers.”The representative also said the company has experienced a 94 percent reduction in flights and noted that “the distribution of all funds is also subject to a federal audit.”The loan wasn’t the only money CLA got from the federal government through the Coronavirus Aid, Relief and Economic Security (CARES) Act, which became law March 27.The Treasury Department also approved a $27 million grant to CLA on April 20. The money came from a separate CARES Act fund designed to stabilize the airline industry, and CLA’s share was the 19th largest among more than 200 aviation companies that received federal money.Clay Lacy Aviation was named for its founder, who developed air-to-air cinematography techniques for blockbuster films such as “Top Gun” and is a donor to Trump. Brian Kirkdoffer, a longtime friend and employee of Lacy’s, is the CEO and majority shareholder, according to a profile in Business Jet Traveler.‘Eye-popping’On April 3, the National Business Aviation Association, a lobbying group representing companies like CLA, held a webinar for its members in which experts discussed the access that private jet travel companies have to various new streams of federal benefits. The list included Treasury’s payroll support initiative, the SBA’s Paycheck Protection Program, an economic injury disaster loan fund, and a suite of tax breaks.Aviation industry insiders told NBC News that they found it inappropriate for a management company to ask for federal bailout funds from two separate federal programs, each designed to prevent layoffs, and then use them to offer credits to clients who are in such rarefied air financially.“The headline of this story should be ‘man, f— these guys,’” said an airline industry executive who asked to remain anonymous because he wasn’t authorized by his company to speak on the record.After the CARES Act became law, the Treasury Department gave multibillion-dollar rescue packages to major carriers American, Delta, United, and Southwest on April 20 and 21. In each case, the government received stock warrants in exchange for the money as part of the deals with publicly traded companies.Clay Lacy Aviation and other small charter and private jet management companies applied for and received millions of dollars from the Treasury program without having to give taxpayers shares in their businesses. In determining how much money to give eligible recipients, the Treasury Department required companies to provide data and sworn statements disclosing how much they paid in salaries, wages, benefits, and other compensation to employees. How Private Jet Owners Got A Subsidy From Coronavirus Relief FundsClay Lacy Aviation’s use of paycheck protection funds illustrates one of the many ways the wealthiest Americans have benefited from programs to help workers. May 28, 2020, 5:10 PM CDTBy Stephanie Ruhle, Jonathan Allen, and Michael CappettaNBC NEWS A California aviation management company to the elite is sharing the benefits of a taxpayer-financed loan with its private jet-owning clients after it won the loan through the federal Paycheck Protection Program, according to three clients and a copy of a letter announcing the plan.Congress and President Donald Trump enacted the loan program, known as PPP, to prevent workers at small businesses from being laid off during the coronavirus crisis. The company, Clay Lacy Aviation of Van Nuys, near Los Angeles, will be able to keep pilots and flight attendants employed with the money it received.But the company also decided to provide a benefit for clients who own the jets it manages, a rich set who wasn’t the target of federal coronavirus relief funds.The owners who opted in will get account credits through a formula based on the amount of the loan and the cost each owner incurs to employ crew members, according to a letter written by a top company executive that one of the clients provided to NBC News.“CLA was approved for a loan and recently received funding,” Bradford W. Wright, Clay Lacy Aviation’s chief financial officer, wrote in the letter, dated April 29. “CLA is prospectively offering aircraft owners credit for a portion of full-time payroll and employee benefit costs paid through CLA to their respective flight, cabin, and maintenance crew members during the covered period.”The crew members keep their jobs, which is a condition of the taxpayer-backed loan, and jet owners keep more of their money, which isn’t.The PPP loans were created to keep businesses afloat by providing money to pay their workers during the crisis. Legally, flight crews are employed by CLA, but it is only a “pass-through” company for the jet owners to pay the workers’ salaries. The crews are dedicated to each jet owner, who hires, fires, and sets salaries for them. Without the PPP loan, jet owners would have had the choice of continuing to pay their crews or laying them off.While the loan is only a small slice of the $650 billion-plus PPP fund — $10 million is the cap for any company — Clay Lacy Aviation’s use of it illustrates one of the many ways the wealthiest Americans have benefited from programs to help workers. FacebookTwitterCopy LinkEmailShare FOOTNOTE: Article written by: Stephanie Ruhle is an MSNBC anchor and senior business correspondent for NBC News, Jonathan Allen is a senior political analyst for NBC News, based in Washington.  Michael Cappetta and Michael Cappetta is a producer at NBC News covering business and technology.last_img read more