Lenders expect stable credit conditions

first_img Show Comments ▼ whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition Share Thursday 6 January 2011 6:56 am More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her whatsappcenter_img Lenders expect credit conditions to remain broadly steady in the first quarter of 2011 but are bracing for a further drop in mortgage demand and slightly higher losses from mortgage defaults, a survey by the Bank of England showed.The central bank’s quarterly credit conditions survey highlights the continued reluctance among banks to extend credit at a time of deep public spending cuts and possible further falls in house prices.“Some lenders reported that availability had been dampened somewhat by expectations for house prices,” the survey noted. “Lenders commented that the outlook for house price inflation and the housing market more generally had weakened in the fourth quarter of 2010.”On the positive side, lenders reported they had increased the availability of credit to small businesses over the past three months and expected a further increase in the first quarter of this year.The government has been encouraging banks to lend more to small firms, many of whom have been badly hit by the recession and do not have access to the capital markets.Lenders reported that the default rate on mortgages had remained broadly steady in the fourth quarter of 2010 but losses due to defaults rose for the first time since the second quarter of 2009 and were expected to rise further.Default losses on corporate lending was expected to fall in the first quarter of 2010 for large and medium-size companies but to rise for small firms. John Dunne Lenders expect stable credit conditions Tags: NULLlast_img read more

ISL 2020 transfer news: Manvir Singh signs 3-year deal with ATK-Mohun…

first_img Euro 2020: Daley Blind has a special message for Christian Eriksen Football Foundation Repair | Search AdsThe Prices For Crawl Space Repair In Scottsdale Might Surprise YouFoundation Repair | Search Ads|SponsoredSponsoredUndoBalanced FinancePeople With Over $20,000 In Debt May Get Massive Relief (Check If You Qualify)Balanced Finance|SponsoredSponsoredUndoAll Things Auto | Search AdsNew Subaru’s Finally On SaleAll Things Auto | Search Ads|SponsoredSponsoredUndoHealth Natural15 Everyday Foods Killing You SlowlyHealth Natural|SponsoredSponsoredUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallSign up and play for free on Taonga official website!Taonga: The Island Farm|SponsoredSponsoredUndoForge Of Empires Advertisement If You Need to Spend Time on Your Computer, this Strategy Game is a Must-Have. No Install.Forge Of Empires |SponsoredSponsoredUndo RELATED ARTICLESMORE FROM AUTHOR Tokyo Olympics: Organisers working on safe stay and training of Indian athletes in Games Village Wimbledon 2021 Pullouts: List of players who have withdrawn from year’s third grand slam- check out By Kunal Dhyani – August 25, 2020 Sport News Viking Classic Birmingham 2021 Final: Daria Kasatkina vs Ons Jabeur, head to head, live stream, all you need to know ATK-Mohun Bagan on Tuesday announced the signing of India forward Manvir Singh on a three-year deal which will keep the player with the Indian Super League (ISL) side till 2023.“2018 Indian Super Cup Champion @manvir_singh07 is our newest recruit! The National Team striker will represent ATK Mohun Bagan FC for the next three years!” the club tweeted from their official Twitter handle. Previous articleNuggets vs Jazz Game 5 Live in NBA Playoffs : NBA LIVE stream, watch online, Schedules, Date, India time, Live Link, Result UpdatesNext articleWWE Payback 2020: Randy Orton will clash against Keith Lee in the upcoming PPV this Sunday Kunal DhyaniSports Tech enthusiast, he reports on Sports Tech industry and writes on sports products. Football Sport News Formula 1 ATP Tour by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeFoundation Repair | Search AdsThe Prices For Crawl Space Repair In Scottsdale Might Surprise YouFoundation Repair | Search AdsUndoIPL 2020: Bad news for Sunrisers Hyderabad’s Jonny BairstowUndoIPL 2020 : Srikanth and fans slams MS Dhoni, says ‘wasted 15 Cr on Jadhav & Chawla’UndoI am happy to announce that @atkmohunbaganfc is my new club and am very excited to wear the green and maroon colours in the upcoming season of @IndSuperLeague and also in the @theafcdotcom cup#JoyMohunBagan #ATKMohunBagan #IndianSuperLeague #NewClubNewDream #ManvirSingh— Manvir Singh (@manvir_singh07) August 25, 2020“I am happy to announce that @atkmohunbaganfc is my new club and am very excited to wear the green and maroon colours in the upcoming season of @IndSuperLeague and also in the AFC Cup,” Manvir said in a tweet.Manvir was contracted with FC Goa till last season. The Punjab footballer started his professional career in Kolkata with I-League Second Division club Mohammedan SC. After a one-year stint with Minerva Punjab, he shifted his base to Goa.Manvir made 47 appearances for FC Goa in the ISL over a span of three seasons, mostly coming off the bench. The 24-year-old has scored three goals. He made his international debut under former India coach Stephen Constantine against Mauritius. Halle Open 2021 Final: Ugo Humbert vs Andrey Rublev, Head-to-Head, LIVE streaming; all you need to know ISL 2020 transfer news: Manvir Singh signs 3-year deal with ATK-Mohun Bagan F1 French GP 2021 Live: Max Verstappen vs Lewis Hamilton today at 6:30 pm — Follow Live Updates Euro 2020: Belgium suffer another blow, after Castagne now Thorgan Hazard ruled out ATP Tour Facebook Twitter Sport News Queens Club Final: Matteo Berrettini vs Cameron Norrie, Head-to-Head, LIVE streaming; all you need to know TAGS2018 Indian Super CupATK-Mohun BaganFC GoaIndian Super LeagueISLISL NewsManvir Singh SHARE Bett1Open 2021 Final: Belinda Bencic vs Liudmila Samsonova, head to head, live stream, all you need to know Football Sport News Share on Facebook Tweet on Twitter Indian Super League (ISL)ATK Mohun BaganFootballSportSport News Euro 2020: Thomas Muller says Germany can’t become arrogant after defeating Portugallast_img read more

Wolters Kluwer CT Corporation Survey Reveals How Corporate Law Departments Evolve as Companies Expand…

first_img WhatsApp Wolters Kluwer CT Corporation Survey Reveals How Corporate Law Departments Evolve as Companies Expand Internationally By Digital AIM Web Support – February 3, 2021 Twitter Facebook WhatsApp NEW YORK–(BUSINESS WIRE)–Feb 3, 2021– Corporate law departments are evolving and global growth is the biggest driver. Maintaining compliance given the variety of global regulations and jurisdictions is a challenge that requires innovative approaches. That’s according to the IDC InfoBrief, sponsored by Wolters Kluwer CT Corporation, “ Modernization of Corporate Legal: How and Why Is Legal Changing.” IDC interviewed more than 100 general counsel, associate general counsel, and corporate secretaries from large multinational organizations. These enterprises struggle to manage the volume of legal entities comprising their global organizations. Notably, legal corporate compliance is seen as the top area requiring future resources by 47.5% of respondents. Most companies outsource some legal department responsiblities to managed legal service provides and many are considering outsourcing entity management and legal corporate compliance. “As companies expand globally, the law department has to manage additional compliance responsibilities while also under pressure to increase efficiency. Our customers find that outsourcing international entity compliance saves money and gives their professionals more bandwidth to focus on high value tasks,” said Domingo Vazquez, Vice President and Head of Corporations for Wolters Kluwer CT Corporation. On February 10, CT Corporation will host a webinar with guest speaker Senior IDC Analyst, Ryan O’Leary, Esq., as he deep dives into insightful takeaways from the survey, including:Key drivers on why corporate legal is changingWhere the most future resources will be needed and whyTop three strategic transformation mechanismsRecommendations on how to stay at the forefront of legal trends and technologies For more than 125 years, Wolters Kluwer CT Corporation has been the leading provider of registered agent services, incorporation services, and legal entity compliance. With a global reach into over 190 countries, more than 75 percent of Fortune 500 companies, 95 percent of AmLaw 100 law firms, and 350,000 small businesses trust CT to handle their compliance needs. About Wolters Kluwer Governance, Risk & Compliance Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance. Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. View source version on CONTACT: Media Contact Erica Glass Director, Global Corporate Communications – Legal Solutions Wolters Kluwer Governance, Risk & Compliance 917-822-7702 [email protected] KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES LEGAL CONSULTING BANKING DATA MANAGEMENT ACCOUNTING PROFESSIONAL SERVICES TECHNOLOGY SOURCE: Wolters Kluwer Copyright Business Wire 2021. PUB: 02/03/2021 10:53 AM/DISC: 02/03/2021 10:53 AM Twittercenter_img Pinterest Pinterest TAGS  Facebook Local NewsBusiness Previous articleCORRECTING and REPLACING CCC Information Services Inc. and Dragoneer Growth Opportunities Corp. Announce Business Combination, Creating Publicly Listed Leader Accelerating the Digital Transformation of the P&C Insurance EconomyNext articleNEO Announces Invesco Launch of Leading Index Based Mutual Funds as PTFs Digital AIM Web Supportlast_img read more

Donegal set to benefit from €50m fund to develop cycle tracks and paths

first_img WhatsApp Important message for people attending LUH’s INR clinic Pinterest WhatsApp Donegal set to benefit from €50m fund to develop cycle tracks and paths RELATED ARTICLESMORE FROM AUTHOR Community Enhancement Programme open for applications News, Sport and Obituaries on Monday May 24th AudioHomepage BannerNews Facebook Donegal is set to benefit from a fund of €50 million set up for local authorities to develop cycle tracks and paths.It is primarily for rural towns and villages to enhance infrastructure.Applications for the fund will be accepted until early 2021.Junior Transport Minister Hildegarde Naughten outlines what the money can be used for:Audio Player Up/Down Arrow keys to increase or decrease volume. Loganair’s new Derry – Liverpool air service takes off from CODA center_img Previous articleFirst batch of Covid-19 vaccines arrives in Northern IrelandNext articleBanks back on board at Sligo News Highland Google+ Pinterest Google+ Nine til Noon Show – Listen back to Monday’s Programme Twitter Arranmore progress and potential flagged as population grows Twitter Facebook By News Highland – December 4, 2020 last_img read more

Feds launch hate-crime probe in double slaying at Kentucky Kroger store

first_imgiStock/Thinkstock(LOUISVILLE, Ky.) — The FBI has launched a federal hate-crime investigation into the double slaying of two African-American shoppers at a Kentucky grocery store as murder charges were filed against the suspect, a man who reportedly told a witness who confronted him “whites don’t shoot whites.”The suspect, Gregory Bush, 51, was indicted Wednesday by a grand jury in Louisville on two counts of murder, one count of criminal attempted murder and two counts of first-degree wanton endangerment.Tom Wine, the Jefferson County commonwealth attorney, told reporters Wednesday that he had not yet decided whether to seek the death penalty against Bush. Wine said he first wants to discuss the case with the families of the victims before deciding if he will pursue the ultimate punishment if Bush is convicted of murder.“It’s too early to talk to them about that weighty decision,” Wine said of the loved ones of Vickie Jones, 67, and Maurice Stallard, 69, who were allegedly gunned down by Bush inside a Kroger store on Oct. 24 in Jeffersontown.Meanwhile, Russell Coleman, the U.S. Attorney for Kentucky, announced the FBI and the Department of Justice’s Civil Rights Division have initiated a hate-crime investigation in the slayings of Jones and Stallard.“Experienced civil rights prosecutors from the U.S. Attorney’s Office and the Civil Rights Division are assigned to this matter, including prosecutors who have charged and taken to trial hate crime murders,” Coleman said in a statement to ABC News Thursday. “Those prosecutors and all of us are working to ensure that justice will be done in this case. In the interim, Mr. Bush remains detained and is no further threat to the public.”Bush appeared in court for arraignment on October 25. He was appointed a public defender, who requested that the suspect’s $5 million bail be reduced. A judge denied the request, saying there is reason to believe Bush is a danger to the community.The public defender assigned to represent Bush at the arraignment declined to comment. Bush has pleaded not guilty to the charges.Bush was ordered to return to court on Friday for a preliminary hearing, records showed.Police said that just prior to the killings at the Kroger store, Bush was spotted outside the First Baptist Church, a historically black church in Jeffersontown.Bush was captured on the church’s security footage trying to get into the house of worship, which was closed at the time, according to the police.After failing to enter the church, Bush went to the nearby Kroger grocery store, police said.Without warning, Bush allegedly shot Stallard in the head, according to a statement released by the Jeffersontown Police Department. The suspect then exited the store and shot and killed Jones in the parking lot, police said.Ed Harrell, told the Courier-Journal newspaper of Louisville that he was in the parking lot waiting for his wife who was shopping when he saw the suspect with a gun. Harrell said he grabbed his handgun, crouched down near his vehicle and yelled at the suspect, asking what was going on.Harrell, who is white, said the suspect replied, “Don’t shoot me. I won’t shoot you. Whites don’t shoot whites.”Harrell didn’t fire his weapon, but another armed citizen did, police said.“While in the parking lot, a citizen possessing a carry concealed permit and armed with a handgun engaged the suspect at that time which resulted in an exchange of gunfire that lasted several moments amongst the parked vehicles in the store’s parking lot,” police said in the statement.“Multiple rounds were fired by both the suspect and the intervening citizen. Neither the suspect nor the involved citizen, nor other bystanders were injured with this exchange of gunfire,” according to the police statement.Police said that after exchanging gunshots with the armed citizen, Bush made it to his vehicle and fled the parking lot. Officers responding to the scene stopped Bush nearby and arrested him, police said.Copyright © 2018, ABC Radio. All rights reserved.last_img read more

NY police deploy more than 600 officers to patrol subways after stabbings

first_imgAerialPerspective Works/iStockBy MARLENE LENTHANG, ABC News(NEW YORK) — More than 600 New York City uniformed police officers are being deployed to patrol the subway system in the wake of last week’s deadly stabbings.Two people were killed and four were injured in a rash of stabbing attacks over the weekend. All of the victims appeared to be homeless.Transit Chief Kathleen O’Reilly said 644 officers will patrol platforms, inspect trains, secure entryways and ride in subway cars for the “foreseeable future.”But homeless advocates argued the heavy police presence won’t protect vagrants in need of shelter.“Mayor de Blasio and Governor Cuomo need to respond not with more stigmatization and callousness toward people without homes, or heavy-handed police removals, but with real and immediate access to housing for unsheltered New Yorkers,” Giselle Routhier, policy director at the Coalition for the Homeless in New York, told ABC News.She pointed out that officials have promised time and time again to prevent violent crimes like last weekend’s stabbings from occurring.“These devastating attacks are a reminder that failing to offer the dignity and safety of a real home during this historic pandemic is literally a matter of life and death,” she added.The Salvation Army Greater New York Division also slammed the move to increase the number of officers on subways.“The vast majority of unhoused people are peaceful and penalizing poverty will not solve the homeless crisis in New York City,” a Salvation Army spokesperson told ABC News.The organization said a more effective solution to protecting the vulnerable homeless population is to allocate funds to “expand safe, non-congregate housing for people experiencing homelessness” that will “restore safety and dignity to all.”The Metropolitan Transportation Authority (MTA) closed the subway overnight during the pandemic, essentially kicking out homeless people who often flock to subway stations for warmth in the cold winter months.Homeless man Rigoberto Lopez, 21, was arrested and charged with the murder of two people on the A subway line last weekend.Other violent incidents have also been reported over the past few months.Last week a man was stabbed on the 1 train platform at the Christopher Street station in Manhattan and in January a person was caught on body camera footage trying to shove a woman in front of a moving train.O’Reilly said the new group of patrol officers include 331 Transit Bureau officers and 313 Patrol Bureau cops and they’ll be spread out across the subway system, especially for morning and evening rushes.She assured the public the Big Apple’s public transit system “remains one of the safest large transit systems in the world,” adding, “When a crime does occur, our officers move swiftly to make immediate arrests.”The influx of officers is still less than the additional 1,000 officers the MTA asked for.Copyright © 2021, ABC Audio. All rights reserved.last_img read more

Ranking New York’s top residential brokerages of 2020

first_img Share via Shortlink This content is for subscribers only.Subscribe Now Full Name* Tags From left: Compass’ Robert Reffkin; Corcoran Group’s Pam Liebman; Brown Harris Stevens’ Bess Freedman; Douglas Elliman’s Howard Lorber; Sotheby’s International Realty’s Philip White (Photo-illustration by The Real Deal; photos via Getty Images)Last year, there were no winners — just brokerages that suffered less than the rest.The coronavirus pandemic crippled New York City’s residential real estate market in 2020. Agents were banned from showing homes for nearly an entire quarter, and many wealthy Manhattanites fled the city, wounding an already fragile luxury market. That only made brokerage margins thinner, driving a surge in the M&A activity that has been a hallmark of the sector in recent years.The Real Deal’s annual brokerage ranking, which tracks the number of sell-side deals that closed in 2020, reflects these times. Most firms saw volume fall.“Obviously there’s a decline,” said Pam Liebman, CEO of the Corcoran Group. Still, she said she believed her agents “outperformed the market.”She was right.Corcoran took the No. 1 spot on the sales ranking, with $5.8 billion in closed sales in Manhattan, Brooklyn and Queens. Though sales fell 26 percent from 2019, the brokerage was able to beat out its two biggest rivals.Compass, which is on the verge of going public, claimed the No. 2 spot with $4.01 billion in sales, a 17 percent year-over-year drop. And Douglas Elliman fell from the top of the previous ranking to No. 3 with $3.06 billion in 2020 sales — a nearly 62 percent plunge from the year prior.Together, the top 25 firms reported $18.92 billion in New York City closed sales last year, down 32 percent from $28 billion in 2019. TRD pulled listings from real estate data firm LavaMap and cross-referenced these listings with closed deals in public records and with the brokerages. Sales handled in-house by developers and off-market transactions were excluded.As buyers’ preferences changed — square footage outweighed location, outdoor space trumped views and the appeal of shared amenities evaporated — Manhattan’s market took a particularly big hit. Sales in the borough fell 39 percent to $14.05 billion last year among the city’s top 25 firms, down from $23.1 billion in 2019. The borough’s sales volume took such a nosedive in early 2020 that the industry was applauding its fourth quarter for being  “only” 20 percent below 2019’s figures.The plunge was due in part to a drop-off in overall transactions, but also because of a sharp contraction of the luxury market. Buyers were able to extract hefty concessions on the deals that did get done.The so-called “Covid discount” was as high as 17 percent for the most expensive homes on the market, according to Liebman. For deals hammered out in 2020, some sellers ate losses of up to 50 percent, as happened with a recent condo sale at One57 on Billionaires’ Row.Discounts didn’t affect the major new development sales closing last year that were negotiated before the pandemic. Vornado Realty Trust’s 220 Central Park South, where Corcoran’s new development division Corcoran Sunshine handled sales, saw a steady stream of eight-figure closings.But leave it to the city’s ever-optimistic residential brokers to find a way to spin upheaval into upside.Bess Freedman, CEO of Brown Harris Stevens, said the sales pitch to buyers is simple: “This is the time if you want to throw down your flag,” said Freedman. “This is when you get real value.”“This is a very value-oriented market,” said Liebman. “People took advantage of very, very low interest rates, very high inventory and reduced prices. So the smart buyers continued to be opportunistic during the pandemic.”Steven James, Douglas Elliman’s New York CEO and president, agreed. “The city is becoming more affordable,” he said. Pointing to the surge in Manhattan condo sales in the fourth quarter of 2020, James said, “I’m finally feeling positive.”James has navigated various big challenges during his four decades in the business, “[but] this is the first time honestly in all those years that I’ve experienced what I truly believe was a huge, huge cataclysmic change,” he said.Island hoppingFor Jed Garfield, the pandemic brought his business to new places — namely, Brooklyn.The broker, whose firm Leslie J. Garfield only sells townhouses, used to make only a few visits across the East River each year. But in 2020, he ventured to Brooklyn multiple times every month, often with high-net-worth clients who wanted to trade in their Manhattan townhouses for homes in Brooklyn.“It’s like you go there and I feel like I’m in Manhattan on the Upper East Side in the 1970s,” said Garfield. “People still play out on the street there, there are still corner delicatessens — good ones.”Garfield said that in 2020 deals in Brooklyn Heights and other areas in the borough significantly picked up, while deals in Manhattan’s Upper East Side and Upper West Side submarkets declined. He estimated that deal volume in both of those neighborhoods was down about 35 percent last year.Still, 2021 has brought renewed interest to Manhattan’s housing market, with new contracts signed in the borough hitting levels not seen since the 2015 peak, according to Serhant, the firm founded by Ryan Serhant in September. His new venture did not make the ranking this year, but his alma mater, Nest Seekers International, landed the No. 7 spot, unchanged from last year’s ranking.It’s anyone’s guess how lasting the new “work from anywhere” world will be, but over the first nine months of the pandemic, people’s housing preferences shifted, and so too did the market.In this year’s ranking, eight of the city’s top 25 firms did a third or more of their 2020 sales volume in Brooklyn. And four of those firms did nearly all their business in the borough. Those firms — which had never made TRD’s annual ranking before — included RE/MAX Edge, Fillmore Real Estate and Momentum Real Estate.Among the top firms, Compass reported the biggest year-over-year increase last year in Brooklyn, where its sales soared nearly 133 percent to $1.3 billion, up from $560 million in 2019. Brown Harris Stevens reported a nearly 83 percent bump in Brooklyn business, at more than $374.5 million in 2020, up from $205 million in 2019. This boost was partly attributable to the firm’s June 2020 merger with Halstead, which made a higher proportion of its sales in the borough — including more than $181 million prior to the merger.Many firms that made the ranking also saw a year-over-year increase in sales volume in Queens. Elliman reported the highest sales volume in that borough at $179.7 million — up 33.5 percent from 2019. Long Island City-based firm Modern Spaces had $146.97 million in sales, up from $90.3 million in 2019. And Compass rounded out the top three in the borough, nearly tripling its Queens sales to reach a $145 million total.The new (virtual) realityBuyer preferences and locations weren’t the only shifts in the city’s brokerage business. In order to keep themselves and their clients safe and comply with regulations, agents had to adopt new marketing tactics.Agents turned to virtual home tours during New York’s three-month ban on in-person showings, whether pre-filmed or shown in real time over FaceTime. The widespread adoption of virtual tours has actually become a bright spot for agents and clients, allowing both parties to determine their interest before committing to an in-person showing.Many agents and executives believe virtual tours will remain a fixture even after concerns over the coronavirus fade. Corcoran’s Liebman even suggested that the pandemic may have killed the industry’s iconic open house, saying that many agents will opt to continue doing showings virtually before setting up in-person tours by appointment.There’s also a new flexibility within firms with the normalization of video conferencing. Elliman’s James admitted having strong reservations. “I thought, ‘I’ll never be able to do this,’” he recalled. But he said that on small-group video calls, he began hearing from sales managers who had never spoken up in the large all-hands meetings the firm previously held in person. Despite the dramatic changes of last year, most firms have committed to holding on to their New York offices and say they’re betting on the city and corporate life returning to what it once was — sooner or later. Corcoran is renovating a new headquarters on Madison Avenue, while Elliman and Compass say they’re retaining their entire office footprint. BHS cut down on office space formerly used by its sister firm Halstead since their merger, but Freedman says that for cultural reasons, there won’t be further consolidation.“It’s not the same when you work at home,” she said. “I think we benefit by being together.”Backing up its talk with money, Sotheby’s International Realty launched its first-ever TV commercial in February — an artsy ode to New York running on Hulu and Link NYC digital kiosks, showing New Yorkers moving through the city in flattering sunlight interspersed with shots of Manhattan’s skyline. The firm closed $924.9 million in sales last year, down 37.5 percent from $1.48 billion in 2019.“We have a 38,000-square-foot [office at] 650 Madison, so we have a heavy, heavy investment in this city and we expect it to come back,” said Philip White, CEO of the firm. All hands on deckThe response to the pandemic also undermined the brokerage industry in a more indirect way than scaring off buyers or banning open houses.Under the federal CARES Act, independent contractors like residential brokerage agents were able to qualify for unemployment payments for the first time ever — and in New York, they could claim the expanded benefits even if they stopped working voluntarily due to concerns about the pandemic. So, faced with daunting obstacles and a bleak market, nearly 4,000 agents terminated their real estate licenses last year. The drop in state licensees didn’t translate into big declines in headcount at the city’s major firms, however, which continued to recruit vigorously after some start-of-year cuts.Compass overtook Elliman as the largest brokerage in the city with 2,485 agents, up nearly 18 percent from 2,112 in 2019. Elliman’s numbers were down slightly to 2,345 from 2,460. No. 3-ranked Corcoran had a 33 percent boost in headcount with 2,264 agents, up from 1,697 agents the previous year, but that was due to its January 2020 merger with sister company Citi Habitats. The combined company had 2,420 agents at the time of the merger.Many agents worked harder for less business, even while putting themselves at risk. That led R New York, a 100 percent commission firm, to make a big recruiting push, according to the firm’s president, Stefani Berkin.In the fall, the company added a “calculator” to its website that allows agents to crunch the numbers and compare how much they’d take home if they worked at R New York versus their current brokerage. Since then, Berkin said, the firm has seen recruitment levels grow, peaking in December when more than 20 agents joined.“When agents are having a tough time, every dollar really counts, and if they’re doing five deals instead of 15 deals, or one deal instead of 10 deals … every dollar counts,” said Berkin. “So, people really are appreciating what the 100 percent commission model means and how far it actually goes.”Despite the recruitment push, R New York saw its headcount decrease 18 percent last year to 634 agents. Berkin contests the figure, arguing that R New York has 819 agents — counting brokers who are either in the process of joining the firm or completing training to renew lapsed licenses. But size isn’t everything. Smaller boutique firms that focus on high-end properties once again had higher average deal prices than the big players.Leslie J. Garfield was the top firm in the city with an average deal size of over $5.8 million, followed closely by the Modlin Group at $5.3 million. Sotheby’s was third with just over $3 million. Among the larger firms, Corcoran fared the best with an average deal size of $2.29 million, while Elliman’s average deal was $1.7 million and Compass’ was $1.4 million.White of Sotheby’s said the average sale price per agent is the metric his firm tracks.“We’ve never gone out to be the biggest firm in New York City,” he said. “We focus more on productivity per agent than the size of our company.”Garfield, whose firm made $174.76 million worth of sales in 30 deals last year, agreed.“I really like the fact that we don’t have any dead weight,” he said. “If you look at a place like Douglas Elliman, they’ve got a lot of dead weight. You look at Compass, they’ve got a lot of dead weight. If they didn’t, they would be doing more business per broker than any other brokerage,” Garfield added.Seller’s market — for firmsThough deals for residential units took a hit, deals for residential firms did not. The year saw a wave of M&A transactions across brokerage.While most bigger firms say they’re still on the lookout for merger opportunities, the smaller shops high on TRD’s ranking say the incentive to sell is low.Garfield said he fields offers every six months or so, but he doesn’t see how being part of a larger firm equates to more business for a highly specialized outfit like his. Frederick Peters of Warburg — which placed eighth on the ranking with $238 million in sales — said he has no motivation to sell either, arguing that the presence of smaller firms is best for the industry as a whole. He noted that price-fixing and price wars that increase costs for consumers are hallmarks of industries dominated by big companies.“If it becomes impossible to compete or succeed without multiple millions in venture funding, that will be a sad day for the entrepreneurial spirit in our country,” Peters said in a statement.Peters’ comment raises the concern many industry leaders and agents have about Compass, which has raised $1.5 billion in venture capital since it was founded in 2012. Like many other VC-backed firms, it has yet to turn a profit, and some in the industry wonder if its loss-leading growth strategy can ever result in a sustainable business model.In the prospectus Compass filed as part of its initial public offering, the brokerage disclosed that it lost $270 million last year and has lost a total of $1.1 billion since 2016. Its revenue, however, was up 56 percent last year, reaching $3.7 billion compared to $2.4 billion in 2019.Compass’ IPO will mean an infusion of cash, which the firm — the largest brokerage in the city by headcount — will likely spend on even further growth.Once Compass goes public, all three of the city’s biggest brokerages will be publicly held and ultimately answerable to their shareholders.Freedman at BHS, which will become the largest privately held brokerage in the city, said retaining flexibility gives firms like hers a competitive advantage over the big three.“We have the freedom to build a company that we believe in,” she said.Contact Erin Hudson Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Email Address* Message* compassCorcoran GroupDouglas EllimanrankingsResidential Brokeragelast_img read more

Influence of Introduced Reindeer on the Vegetation of South Georgia: Results From a Long-Term Exclusion Experiment

first_img(1) The sub-Antarctic island of South Georgia has a species-poor vascular flora that is not adapted to grazing by vertebrates. Consequently, reindeer (Rangifer tarandus L.) introduced to different areas of the island in 1911 and 1925 have had a serious impact on the vegetation. (2) Experimental exclosures and cages were established in various plant communities in 1973-74, and changes in floristic composition and vegetation cover have been recorded for 12 years. (3) Recovery of vegetation in exclosures showed that the native grass Poa flabellata and the dwarf shrub Acaena magellanica increased in cover in response to removal of grazing pressure. In contrast, the introduced grass Poa annua and, to a lesser extent, the moss Polytrichum and bare ground decreased in cover in response to exclusion. Other species and various communities including macrolichens, mossbanks, oligotrophic mire and eutrophic mire showed little change. (4) The experiment demonstrated that several of the important components of the vegetation affected by reindeer can rapidly regain their former abundance when grazing pressure is removed entirely. The major exception is macrolichens, notably of the genus Cladonia, which will probably take several decades to recover. (5) Although grazing does not apparently threaten the survival of any native plant species, an active management policy to eradicate reindeer would be necessary to allow native vegetation to re-establish natural communities.last_img read more


first_imgHILLARY AND BILL – THE OLD COUPLEMaking Sense by Michael ReaganNow that the health of Hillary has become a serious issue in the mainstream media and not just a dirty alt-right rumor, maybe someone should carry Bill Clinton down to the nearest clinic for a checkup.Bill appears to be in much worse shape than poor old Hillary.In his campaign speeches the old lech looks and talks like some retired codger you’d find hanging out at Jerry’s One Stop convenience store in Hope, Ark.If I’m running Hillary’s Campaign to Nowhere, I’d pull the old man off the trail immediately and let him appear only at private $100,000-a-plate fundraisers in Hollywood.All thin, rich Bill does now is remind people how old and tired he and Hillary are.The thought of Bill and Hillary —- the Old Couple? — together again in the Oval Office might still bring tears of joy to Babs Streisand and the rest of the liberal entertainment elite.But to any voter under forty it must look like their grandparents’ bridge club is trying to take over the country.Trump isn’t exactly the most fit or youthful 70-year-old, no matter what Doctor Oz decrees. He too is older than we’d like.But at least he can still play golf, climb up and down stairs without assistance and use a cellphone without losing it. He isn’t almost collapsing in public, either.Poor Hillary’s public stumble at the 9/11 memorial ceremonies last weekend forced her to do what she, Bill and the entire Clinton Mob do better than any modern political operation in modern history —- lie.They could have come out and said Hillary had pneumonia but she thought the 9/11 ceremony was so important she tried to tough it out. She could have been a hero.Instead they did what first comes naturally to the Clintons. They hid from the public and started lying.They’d still be lying if some ordinary guy with a smartphone and a Twitter account hadn’t caught her wobbly walk on video.And we’d all still be believing she left in the middle of the event because she works harder than any man, was dehydrated and got sunstroke on a pleasant morning thousands of others thought was perfect.The mainstream news media didn’t discover Hillary’s latest lies. They didn’t even capture her stumbling collapse into her SUV. Maybe they’ll do better next time, but don’t count on it.WikiLeaks and the Russian hackers are doing the dirty work the media won’t do. Now we’re outsourcing our journalism.The true state of Hillary’s health is a serious issue and her people can’t be trusted to provide us with the truth. But in her basket of deplorable acts, where do you put this one?On top of Benghazi? Above the emails? Below the Clinton Foundation? Next to her lousy job as secretary of state? Under all those quarter-million dollar speeches she and Bill made?Trump is no prize for anyone with Republican or conservative values. And it’s not pretty to watch him learning to be a politician on the job — and in public.But for all the insulting things he’s said or dumb liberal things he and Ivanka want to do, he still has the potential to not make Republicans sorry they voted for him.There’s no hope for old Hillary to change for the better. She betrayed her true, nasty character when she read her “Deplorables Speech” to her elite pals.Millions of American voters have been given a rare glimpse of the real Hillary. Let’s hope most of them saw that she’s the one who’s really deplorable.FacebookTwitterCopy LinkEmailSharelast_img read more

Inter Link sales hit as Mr Kipling bounces back

first_imgCake giant Inter Link had its first major setback last week as it issued a surprise profit warning, blaming unsuccessful promotional activity in April.Inter Link said April is traditionally one of its busiest trading periods, but that significant promotional activity had been unsuccessful. Like-for-like sales for the year to May 6, 2006 will be up by around 8% at £130m – £10m less than forecast, a fall blamed by analysts on the recovery of Manor Bakeries’ Mr Kipling brand. David Lang from Investec commented that Inter Link “hit an air pocket in April”, after sales weakened in February and March. Private-label had been squeezed by a resurgence of Manor Bakeries’ Mr Kipling brand over the period, with strong offers such as ‘two for £1.80’ on cake slices. He said: “Mr Kipling’s performance had been quite disastrous, but it is recovering now. It has taken a lot of costs out. It has reduced advertising and has switched to promoting more. It is giving much better brand leadership than before.” Mr Kipling is now breaking even on annual sales of around £200m, he calculated, and Inter Link, which has “had a bit of a free ride against Mr Kipling”, has suffered, he suggested. However, Inter Link is still on track for strong growth, with overall sales expected to be up 34% and year-on-year pre-tax profits of “not less than 25%”.Inter Link indicated it will look at expanding production in its Polish factory, where costs are lower than in the UK. And it is continuing to seek “attractive acquisition opportunities”.last_img read more