MADRID (AP) — The Latest on Catalan protests and politics (all times local):
The former head of a pro-independence group in Spain's Catalonia region says he will fight to get the European Court of Human Rights to overturn his sedition conviction and to secure amnesty from Spain.
Jordi Sánchez, who was president of the grassroots group ANC before his arrest and detention, said he thinks the 9-year prison term Spain's Supreme Court gave him Monday was "unfair" for actions "of political nature."
Sánchez told The Associated Press his ultimate goal is getting Spain to grant amnesty that acknowledges he and 11 other Catalan separatists didn't commit any crimes when they pushed for secession in 2017.
An aide conveyed the imprisoned Sánchez' answers to the AP's questions on Tuesday.
Spain's center-left caretaker government has not specifically ruled out an official pardon for the Catalan politicians and activists.
Sánchez said securing a government pardon would require expressing contrition and therefore, "In the name of democracy, I can't accept this blackmail."
He said: "I won't contribute to making bigger the damage that Spain's justice has done to political rights."
A line of riot police has charged a mass of demonstrators in Barcelona after some in the crowd protesting the convictions of Catalan separatists lit a fire in the street, set off firecrackers, kicked metal barricades and taunted officers.
The greatly outnumbered riot police went in with shields and batons ready to hit protesters in their path, striking legs, shoulders, arms and backs. They pushed the knot of people back hundreds of yards. Some were herded along the sidewalk with their hands up.
A few remained where they were, objecting as people struck by the batons limped away...
LANSING, Mich. (AP) — A Michigan judge temporarily blocked the state's weeks-old ban on flavored e-cigarettes Tuesday, saying it may force adults to return to smoking more harmful tobacco products and has irreparably hurt vaping businesses.
Court of Claims Judge Cynthia Stephens put the prohibition on hold until "further order of this court." The preliminary injunction is likely to be appealed by Gov. Gretchen Whitmer, who ordered the creation of the emergency rules in a bid to combat the epidemic of teen vaping.
The judge said two businesses that sued showed a likelihood of prevailing on the merits of their contention that the rules are procedurally invalid, because state officials did not justify short-cutting the normal rule-making process.
"Thus, and at this stage of the litigation, defendants have undercut their own assertions of an emergency by the fact that they demurred on taking action for nearly a year, and in the case of some information even longer than that, after they were in possession of the information cited in support of the emergency declaration," Stephens wrote.
She also said improved health outcomes for adults who switch to vaping products from combustible tobacco "could, and likely would, be lost under the emergency rules."
Several states have banned the sale of flavored vaping products amid a rising number of vaping-related lung illnesses and an epidemic of teen e-cigarette use. As of last week, vaping-related illnesses in the U.S. had reached about 1,300 cases in 49 states and one U.S. territory, including at least 26 deaths.
Most who got sick said they vaped products containing THC, the marijuana ingredient that causes a high, but some said they vaped only nicotine.
In New York, a state appeals court this month preliminarily blocked the...
LUXEMBOURG (AP) — European Union officials were hoping Tuesday that —after more than three years of false starts and sudden reversals — a Brexit deal with Britain might be sketched out within hours.
The bloc said that it might be possible to strike a divorce deal by Thursday's EU leaders' summit, which comes just two weeks before the U.K's scheduled departure date of Oct. 31. One major proviso: The British government must make more compromises to seal an agreement in the coming hours.
Britain and the EU have been here before — within sight of a deal only to see it dashed — but a surge in the British pound Tuesday indicated hope that this time could be different. The currency rose against the dollar to its highest level in months.
Even though many questions remain, diplomats made it clear that both sides were within touching distance of a deal for the first time since a U.K. withdrawal plan fell apart in the British House of Commons in March.
Martin Schirdewan, a German member of the European Parliament's Brexit Steering Group, said an agreement is "now within our grasp" following a breakthrough in negotiations.
This week's EU leaders' meeting — the last scheduled summit before the Brexit deadline — was long considered the last opportunity to approve a divorce agreement. British Prime Minister Boris Johnson insists his country will leave at the end of the month with or without an agreement, although U.K. lawmakers are determined to push for another delay rather than risk a chaotic no-deal Brexit.
Michel Barnier, the EU's chief Brexit negotiator, said at a meeting of the bloc's ministers in Luxembourg on Tuesday that the main challenge now is to turn the new British proposals on the complex Irish border issue into something legally binding. EU member Ireland has a land border with the U.K.'s Northern...
SAN FRANCISCO (AP) — "Desperate Housewives" star Felicity Huffman — aka prisoner No. 77806-112 — reported Tuesday to a federal prison in California to serve a two-week sentence in a college admissions scandal that ensnared dozens of wealthy mothers and fathers trying to get their children into elite schools.
Huffman's husband, actor William H. Macy, dropped her off at the Federal Correctional Institution, Dublin, a low-security prison for women in the San Francisco Bay Area, according to TASC Group, which represents Huffman.
The prison has been described by media as "Club Fed," making its way onto a Forbes list in 2009 of America's 10 Cushiest Prisons.
Like all inmates, Huffman would be issued a prison uniform and underwear and referred to by her number once inside the prison, where she will share a room and open toilet with three other inmates, according to a TASC Group publicist who declined to be named in accordance with company policy.
Huffman, 56, "is prepared to serve the term of imprisonment Judge (Indira) Talwani ordered as one part of the punishment she imposed for Ms. Huffman's actions," the TASC Group said in a statement that provided no further details.
Officials at the prison did not immediately return two phone calls seeking comment.
A federal judge in Boston sentenced Huffman last month to 14 days in prison, a $30,000 fine, 250 hours of community service and a year's probation after she pleaded guilty to fraud and conspiracy for paying an admissions consultant $15,000 to have a proctor correct her daughter's SAT answers.
Huffman tearfully apologized at her sentencing, saying, "I was frightened. I was stupid, and I was so wrong."
Huffman was the first parent sentenced in the scandal that exposed the lengths some parents will go to to get their...
Stocks notched solid gains on Wall Street Tuesday as investors welcomed surprisingly good quarterly results from some of the nation's biggest companies.
Technology, health care and financial stocks powered the market's broad gains, which erased modest losses from a day earlier.
The S&P 500 index climbed 29.53 points, or 1%, to 2,995.68.
The Dow Jones Industrial Average rose 237.44 points, or 0.9%, to 27,024.80.
The Nasdaq gained 100.06 points, or 1.2%, to 8,148.71.
The Russell 2000 index of small-company stocks picked up 17.87 points, or 1.2%, to 1,523.30.
For the week:
The S&P 500 is up 25.41 points, or 0.9%.
The Dow is up 208.21 points, or 0.8%.
The Nasdaq is up 91.67 points, or 1.1%.
The Russell 2000 is up 11.40 points, or 0.8%.
For the year:
The S&P 500 is up 488.83 points, or 19.5%.
The Dow is up 3,697.34 points, or 15.8%.
The Nasdaq is up 1,513.43 points, or 22.8%.
The Russell 2000 is up 174.74 points, or 13%.
(Bloomberg) -- Billionaire money manager Ken Fisher is facing more pressure from clients following offensive remarks he made at an industry conference.Fidelity Investments and the state of Florida pension fund said Tuesday they’re examining their relationship with Fisher Investments.“We are very concerned about the highly inappropriate comments by Kenneth Fisher,” a Fidelity spokesman said in a statement. “The views he expressed do not align in any way with our company’s values. We do not tolerate these types of comments at our company and Fidelity Strategic Advisers is reviewing this relationship.”Fisher Investments manages about $500 million for Fidelity Strategic Advisers, which oversees managed accounts. Fisher is listed as a subadviser for Fidelity Strategic Advisers Small-Mid Cap Fund.The Florida State Board of Administration, which has about $175 million with Fisher, was concerned enough about the executive’s comments to begin an investigation to determine if it will drop the firm, spokesman John Kuczwanski said in an interview.“SBA policies require our employees and service providers to foster positive business and personal practices designed to ensure that everyone is treated with respect and dignity,” Kuczwanski said in a statement Tuesday.Michigan’s MoveLast week, the State of Michigan Retirement Fund’s pension account ended its relationship with Fisher’s firm, which managed $600 million for the state.At the event last week, Fisher spoke about how he built his company, which manages $112 billion. He compared the process of gaining a client’s trust to “trying to get into a girl’s pants” and talked about genitalia. Fisher has apologized for the comments.Fidelity came under media scrutiny two years ago after it dismissed a prominent stock picker who had been accused of sexual harassment by a junior female employee. Chief Executive Officer Abby Johnson set out to improve the gender mix at her firm by recruiting more women and tapping talent from within.Reuters earlier reported the Fisher news.To contact the reporters on this story: Michael McDonald in Boston at email@example.com;Miles Weiss in Washington at firstname.lastname@example.org;Janet Lorin in New York at email@example.comTo contact the editors responsible for this story: Alan Mirabella at firstname.lastname@example.org, Vincent BielskiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
I’m not convinced that Elizabeth Warren is thinking clearly when she says she opposes overweening corporate power, and in particular Facebook’s overweening corporate power:> Facebook holds incredible power to affect elections and our national debate. They’ve decided to let political figures lie to you—even about Facebook itself—while their executives and their investors get even richer off the ads containing these lies.> > -- Elizabeth Warren (@ewarren) October 12, 2019What would Warren have Facebook do? She would have it vet and reject ads for truth:> You’re making my point here. It’s up to you whether you take money to promote lies. You can be in the disinformation-for-profit business, or you can hold yourself to some standards. In fact, those standards were in your policy. Why the change? https://t.co/CE766Jpwoo> > -- Elizabeth Warren (@ewarren) October 13, 2019Warren’s complaint appears as one respectable elite liberal appealing to the elite liberal executives and managers inside Facebook. The message? You need to play for your own team here, even if it costs you something.The interesting question is how the standard Warren is demanding of Facebook would play out in real life. It might very well work against the goal she desires. Unscrupulous campaigns could still flood social-media sites like Facebook with ads, daring them to take the political risk of cracking down. Worse, her opponents’ ads could effectively use Facebook’s fact-checking as a kind of character witness for their attacks. How would it look for her if Facebook, the progressive behemoth with apparently immense sway over out elections, were seen to be endorsing and certifying Donald Trump’s attacks on her?Warren says that “Facebook already helped elect Donald Trump once through negligence.” This is not knowably true, though liberals and progressives have done their best to claim otherwise since Trump’s election. In 2008 and 2012, Democrats were thrilled that Barack Obama was able to use Facebook very effectively, often exploiting the same techniques they deplored and viewed as conspiratorial when used on a smaller scale by groups aligned with the right. A decade ago, progressives fantasized about social-media-powered revolutions of the young across the world. In the years since, the median age of a Facebook user has gone up dramatically, and now resembles the median age of a Donald Trump voter. Trump won the election, and we know that voters and his campaign interacted across Facebook during the campaign that preceded it. But it is still difficult, if not impossible, to determine how much Facebook caused his election to happen and how much it simply reflected his ascent.One thing that’s certain is that the resulting controversy has not helped either our politics or Facebook’s public image (and thus its bottom line). Warren’s standard would have the potential to make future such controversies even more intense. Facebook’s certification of political ads would involve the company in more controversial political judgements and events, not fewer. To progressives who believe history’s arc bends in their direction by right, it would make Facebook appear more guilty when democracy threw up a surprise result. And it would arguably make the platform more powerful and desirable as a political ad space, which is an odd goal for an avowed opponent of corporate power to pursue.Facebook’s team has responded to Warren’s attacks on Twitter, arguing that its current standard is analogous to FEC guidelines, which discourage broadcasters from censoring ads and encourage voters to decide. That is, in rough terms, the right approach. A democratic people should not want gigantic corporations that have Facebook’s insidious and omnipresent reach certifying the truth and falsity of political claims. If we want democratic citizens to be skeptical of both corporate and political claims, then those claims should continue to travel under the names of “spin” and “boob bait” and we should stop pretending that Mark Zuckerberg can assemble a reliable truth squad.Adjudicating campaign claims in a democratic system should be messy, decentralized, and oppositional. It shouldn’t be a duty entrusted to the corporations that have done the most to addict us to their products and capture our errant attention.
Audible.com best-sellers for week ending October 11:
1. Carnival Row: Tangle in the Dark by Stephanie K. Smith, narrated by Karla Crome (Audible Original)
2. Carmilla by Joseph Sheridan Le Fanu, narrated by Phoebe Fox, Rose Leslie, David Tennant, David Horovitch, James Wilby, Susan Wooldridge, Hannah Genesius (Audible Studios)
3. Camp Red Moon by R. L. Stine, narrated by the author and a full cast (Audible Original)
4. the way she spoke by Isaac Gomez, narrated by Kate del Castillo (Audible Original)
5. Where the Crawdads Sing by Delia Owens, narrated by Cassandra Campbell (Penguin Audio)
6. The Institute: A Novel by Stephen King, narrated by Santino Fontana (Simon & Schuster Audio)
7. The Dark Bones by Loreth Anne White, narrated by Emily Sutton-Smith (Brilliance Audio)
8. The Murmur of Bees by Sofia Segovia, narrated by Xe Sands & Angelo Di Loreto (Brilliance Audio)
9. The Handmaid's Tale: Special Edition by Margaret Atwood, narrated by the author, Claire Danes, and full cast (Audible Studios)
10. Leaving Time: A Novel by Jodi Picoult, narrated by Rebecca Lowman, Abigail Revasch, Kathe Mazur & Mark Deakins (Random House Audio)
1. My Lost Family: An Audible Original by Danny Ben-Moshe and Dasha Lisitsina, narrated by Danny Ben-Moshe (Audible Original)
2. The Burnout Generation by Anne Helen Petersen, narrated by the author (Audible Original)
3. Talking to Strangers: What We Should Know About the People We Don't Know by Malcolm Gladwell, narrated by the author (Hachette Audio)
4. Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth by Rachel Maddow, narrated by the author (Random House Audio)
5. Work It Out: The New Rules for Women to...
(Bloomberg) -- JPMorgan Chase & Co. had the cash and willingness to calm short-term funding markets when they went haywire in mid-September, but the banking giant said regulations held it back.The firm has what Chief Executive Officer Jamie Dimon on Tuesday called a checking account at the Federal Reserve. When rates on repurchase agreements spiked to around 10% a month ago -- roughly four times more than what JPMorgan earns at the Fed -- the bank could’ve profited by shifting the money into repo.It didn’t. The bank, Dimon told analysts following JPMorgan’s third-quarter earnings release, needed to keep that money put so it could fulfill its liquidity requirements mandated by regulators.“We could not redeploy it into the repo market. We’d have been happy to do it,” Dimon said Tuesday. “It’s up to the regulators to decide if they want to recalibrate the kind of liquidity they expect us to keep in that account.”A spokesman for the Fed declined to comment on Dimon’s remarks. Chairman Jerome Powell said Sept. 18 that the central bank doesn’t believe its liquidity demands are improperly calibrated. He said it’s “not impossible” the central bank could change its mind at some point, “but that’s not something that we think right now.”September’s experience showed the Fed that it can’t rely on the largest institutions to help out the next time cash dries up in the multi-trillion-dollar repo market that is the lifeblood of the financial system.JPMorgan responded very differently when rates jumped in late December. Back then, the bank deployed excess cash to the repo market when rates surged above 6% as other lenders retreated as a way of tidying up their balance sheets for regulatory purposes. JPMorgan drew down its deposits with the Fed and increased its allocations to the repo market by more than $100 billion, according to its fourth-quarter earnings statement.“Last year, we had more cash than needed for regulatory requirements,” Dimon said. So shifting into repo “obviously made sense, you make more money,” the CEO added.To get the market back under control, a month ago the Fed began daily liquidity injections into repo as market forces alone weren’t able to right the ship. Repo rates have since returned to more normal levels, but the Fed has acknowledged that it needs a more permanent solution than these ad-hoc operations.Last week, the central bank announced it will buy $60 billion of Treasury bills a month. The move came sooner and at a larger scale than many expected, and was welcomed as a way to keep benchmark rates under control in the long-term.“We have to get used to the Fed’s presence in the repo market for a while,” said Priya Misra, head of rates strategy at TD Securities. “I don’t think we’ll be at adequate reserves at least until the second quarter of next year.”(Updates with response from Fed, Jerome Powell’s past comments.)\--With assistance from Michelle F. Davis and Jesse Hamilton.To contact the reporters on this story: Emily Barrett in New York at email@example.com;Alexandra Harris in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Benjamin Purvis at email@example.com, Nick BakerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK (AP) — Stocks that moved substantially or traded heavily on Tuesday.
UnitedHealth Group Inc., up $18 to $238.59
The nation's largest health insurance company raised its profit forecast after beating Wall Street's third-quarter financial expectations.
Johnson & Johnson, up $2.12 to $132.84
The world's biggest maker of health care products raised its profit forecast for 2019 after giving investors a solid third-quarter financial report.
JPMorgan Chase & Co., up $3.51 to $119.96
The bank beat Wall Street's third-quarter profit forecasts thanks to higher interest rates and a solid performance by its investment banking business.
Charles Schwab Corp., up $2.02 to $39.74
The brokerage reported a rise in interest revenue that helped it beat Wall Street's third-quarter financial forecasts.
American Tower Corp., down $1.43 to $224.21
Shares of the real estate company and its peers fell as investors backed away from safe-play holdings.
Whiting Petroleum Corp., down 52 cents to $6.73
The oil and gas company is discussing a possible deal with Abraxas Petroleum, according to media reports.
First Republic Bank, up $6.44 to $103.62
The bank's third-quarter profit and revenue beat Wall Street's third quarter forecasts.
BlackRock Inc., up $10.24 to $444.45
The investment firm reported sold growth in management assets and beat Wall Street's third-quarter profit forecast.
OKLAHOMA CITY (AP) — An Oklahoma judge has acknowledged making a $107 million miscalculation in determining how much drug maker Johnson & Johnson must pay the state to help address the state's opioid crisis.
Following a hearing Tuesday in Cleveland County, District Judge Thad Balkman acknowledged making the error in his judgment in August in which he ordered the company to pay the state $572 million to address the opioid crisis. Balkman said the actual amount he should have included in his judgment was $107,000 to help the state develop a program for treating babies born addicted to opioids.
The judge said the correction will be reflected in a final order that he issues at a later date.
Attorneys for Johnson & Johnson are asking for additional reductions in the $572 million award.
DETROIT (AP) — General Motors CEO Mary Barra joined negotiators at the bargaining table, an indication that a deal may be near to end a monthlong strike by the United Auto Workers union that has paralyzed the company's factories.
Barra and GM President Mark Reuss were in the bargaining room early Tuesday, a person briefed on the talks said, but they left later in the morning as committees began work on specific contract language. The person didn't want to be identified because the talks are confidential.
The appearance of two key executives is a strong sign that bargainers are closing in on a contract agreement that would end the strike, which began on Sept. 16.
Another person briefed on the talks said the only issues that remain are faster pay increases for workers hired after 2007, apprenticeships for skilled trades workers, and the specifics of winding down a joint union-company training center. The person also didn't want to be identified because the talks are ongoing.
The union has summoned its national council of factory-level leaders to Detroit for a meeting Thursday billed as an update on contract talks. The group could be assembling to vote on a tentative agreement. It also will decide if workers should return to their jobs before or after they vote on the deal.
"I don't think Mary Barra would have returned unless they were making progress," said Art Wheaton, an auto industry expert at the Worker Institute at Cornell University. "And I don't think they'd have told everybody to return to Detroit on Thursday."
The strike, now in its 30th day, is the longest against an automaker since a 54-day strike in 1998 in Flint, Michigan. That strike cost GM $2 billion. The union also went on a brief two-day strike against General Motors in 2007.
Both sides are under...
General Motors CEO Mary Barra joined negotiators at the bargaining table, an indication that a deal may be near to end a monthlong strike by the United Auto Workers union that has paralyzed the company's factories. Barra and GM President Mark Reuss were in the bargaining room early Tuesday, a person briefed on the talks said, but they left later in the morning as committees began work on specific contract language. The union has summoned its national council of factory-level leaders to Detroit for a meeting Thursday billed as an update on contract talks.
Stocks notched solid gains on Wall Street Tuesday as investors welcomed surprisingly good quarterly results from some of the nation's biggest companies.
Strong earnings from UnitedHealth Group, JPMorgan Chase and other companies helped power the market's broad gains, erasing modest losses from a day earlier.
Investors are looking to the wave of quarterly report cards due out over the next few weeks to give them a clearer picture of what impact the trade war between the U.S. and China is having on corporate profits and the broader economy.
The encouraging earnings reports came with a spate of surprisingly good forecasts for the rest of the year, which helped ease concerns about a slowdown due to the costly trade conflict.
"That was what everybody was afraid of," said JJ Kinahan, chief market strategist for TD Ameritrade. "Instead, we got 'no, the future looks good.'"
The S&P 500 index climbed 29.53 points, or 1%, to 2,995.68. The benchmark index is now 1% below its all-time high set in July.
The Dow Jones Industrial Average rose 237.44 points, or 0.9%, to 27,024.80. The Nasdaq gained 100.06 points, or 1.2%, to 8,148.71. Small-company stocks also bounced back after leading the decline a day earlier. The Russell 2000 index picked up 17.87 points, or 1.2%, to 1,523.30.
Bond prices fell. The yield on the 10-year Treasury rose to 1.77% from 1.75% late Friday. Bond markets were closed Monday for Columbus Day.
Technology, health care, financial and communication services stocks drove much of Tuesday's broad rally, which gave the market its fourth gain in five days. Utilities and makers of consumer goods fell as investors regained an appetite for more risk. The sectors are considered safe-play holdings and usually lag the market when investors are more confident.
Stocks notched solid gains on Wall Street Tuesday as investors welcomed surprisingly good quarterly results from some of the nation's biggest companies. Strong earnings from UnitedHealth Group, JPMorgan Chase and other companies helped power the market's broad gains, erasing modest losses from a day earlier. Investors are looking to the wave of quarterly report cards due out over the next few weeks to give them a clearer picture of what impact the trade war between the U.S. and China is having on corporate profits and the broader economy.
With cannabis stocks beaten down in the last few months, the big rally by Aphria (APHA) following the release of FQ1 numbers is a major relief rally. The numbers weren’t exactly spectacular for a cannabis sector expected to generate substantial revenue growth, yet the stock didn’t deserve the 35% decline since the September peak above $7.Flat To Down QuarterThe quarterly numbers just weren’t that impressive. Aphria reported revenues down 2% from the prior quarter as a change in business strategy in Germany caused a reduction in sales.In total, FQ1 net sales of C$126.1 million were down from C$128.6 million in the prior quarter. The key adjusted EBITDA figure was C$1.0 million, up from C$0.2 million in the prior quarter. The adjusted EBITDA from the important cannabis operations was actually down about C$0.5 million from C$1.8 million in the prior quarter.Due to the purchase of the cannabis distribution system in Germany, the company has a confusing set of financials. CC Pharma generates most of the revenues while the Canadian cannabis operations generates all of the positive EBITDA and most of the gross profits.Reaffirming GuidanceAfter the debacle at HEXO, the market was relieved to see Aphria maintain full year guidance. The company forecasts net revenues of C$650 million to C$700 million with distribution revenue representing slightly above half of total net revenue. The cannabis company maintained adjusted EBITDA of ~C$88 million to C$95 million.The key to FY20 guidance is the expectation to drastically expanded cannabis operations revenues. One might question if that actually can occur with how weak Canadian sales have been over the Summer. Aphria needs to boost the cannabis operations sales from C$30 million in FQ1 to end the year closer to C$100 million on a quarterly basis.In FQ1, Aphria only sold 5,969 kg of cannabis, up about 10% from the prior quarter. The company remains on track to up production to 255,000 kg when all facilities are fully licensed and operational.The goal is to increase quarterly capacity 10-fold to 63,750 kg. No doubt, this amount of capacity growth will generate revenue growth for the division with about 50% margin already, but the question remains how Canada will absorb all of this additional capacity.In the quarter, Aphria saw average retail selling prices of both medical and recreational cannabis remain relatively stable. In fact, the company saw recreational prices increase to C$6.02 (before excise taxes) sequentially while just about every other cannabis player in Canada has seen pricing pressure. Major pricing pressure in the December quarter could reduce any benefit of higher production output.Consensus Verdict The rest of Wall Street largely buys into what this cannabis player has to offer, as TipRanks analytics reveal APHA as a Buy. Out of 5 analysts polled in the last 3 months, 3 are bullish on Aphria stock while one remains neutral and one is bearish. With a return potential of 47%, the stock’s consensus target price stands at $7.95. (See Aphria stock analysis on TipRanks)One of these analysts, Jefferies' Owen Bennett, reiterated a "buy" rating on APHA stock today, along with C$11.00 price target. Bennett noted, "We highlight Aphria as one of our three top picks, with strong execution, profitability, and possible near-term positive newsflow around the US all helping. Today's update supports our bullishness. On execution, it continues to take market share in Canada and also reiterated its sales and EBITDA outlook. The confirmation of sales should be seen as a big positive given that there have been concerns around wider industry pressures, with a wave of recent street downgrades [...] We continue to believe Aphria can be one of a few global leaders long term, yet it remains one of the cheapest names across our coverage and at a significant discount to the likes of Canopy, Tilray, Aurora and Cronos." (To watch Bennett's track record, click here)TakeawayThe key investor takeaway is that Aphria has now proven to the market that the management and operational concerns are in the past. The company continues to produce solid numbers in a competitive cannabis market.With about 252 million shares outstanding, the stock has a current market cap of ~$1.35 billion. After converting the adjusted EBITDA target to ~$70 million in US dollars, the stock trades at about 20x the forecast. Aphria is reasonably valued after the rally, though the company has a long ways to go in order to prove all of this cannabis production increase can be turned into positive numbers.To find more good ideas for cannabis stocks trading at fair value or better, Visit TipRanks’ Best Stocks to Buy, a newly launched feature that unites all of TipRanks’ equity insights.
A huge oil spill off Brazil's northeastern coast may have involved a "ghost ship" carrying Venezuelan oil in breach of US sanctions, an expert close to the probe into the disaster said Tuesday. Brazil has accused its South American neighbor of responsibility for the leakage that began in early September and affects a 2,000-kilometer (1,200-mile) stretch of the Atlantic coast -- charges Venezuela's state oil giant PDVSA denies. Describing the incident as "very complex and unprecedented," Brazil's navy says it is investigating "lots of hypotheses" for the cause of the massive spill, including a ship accident.
Chicago-based United is one of three U.S. airlines that has had to cancel more than 2,000 monthly flights through the end of the year as Boeing Co's
Chicago-based United is one of three U.S. airlines that has had to cancel more than 2,000 monthly flights through the end of the year as Boeing Co's
(Bloomberg) -- United Airlines Holdings Inc. raised its 2019 profit forecast for the second straight quarter, citing strong travel demand and lower-than-expected fuel prices.Earnings will climb to at least $11.25 a share this year, United said in a statement Tuesday as it reported third-quarter results that showed robust demand for summer travel. The new outlook is 75 cents a share higher than the forecast from July, when United also raised its expectations for this year’s performance.The carrier is reaping the rewards of a turnaround plan it set out in January 2018, which called for aggressive growth to boost connecting traffic and profitability at hubs in Chicago, Houston and Denver. In 2020, United said earnings are poised to “meet or exceed” the target of $11 to $13 a share, the upper end of the target established last year by Chief Executive Officer Oscar Munoz.United rose 2.2% to $89.81 after the close of New York trading. The shares have advanced 5% this year, trailing the 6.9% gain of a Standard & Poor’s index of major U.S. airlines.Non-fuel costs for each seat flown a mile are expected to rise 1.2% this year, United said, surpassing the 1% target for so-called unit costs. The Chicago-based airline blamed the increase on the grounding of Boeing Co.’s 737 Max and separate flight reductions made in response to political tensions in India, Pakistan and Hong Kong.Delta Air Lines Inc. disappointed investors last week when it said unit costs would rise next year as much as a full percentage point more than its long-term goal of no more than 2%.United’s adjusted earnings rose to $4.07 a share in the third quarter, topping the average estimate of $3.97. Sales rose 3.4% to $11.4 billion, in line with estimates.To contact the reporter on this story: Justin Bachman in Dallas at firstname.lastname@example.orgTo contact the editors responsible for this story: Brendan Case at email@example.com, Susan WarrenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Ras al-Ain (Syria) (AFP) - Kurdish fighters battled to defend a key Syrian border town from Turkish-backed forces on Tuesday as Russia seized on a US withdrawal to move its troops into new areas. The Damascus regime dispatched more forces to contain the Turkish advance, but its key backer Moscow deployed patrols to prevent clashes between the two sides. Washington slapped sanctions on its NATO ally in a bid to stop an assault triggered by its own abrupt pullout, but Turkish President Recep Tayyip Erdogan said the operation would continue until "our objectives have been achieved".
(Bloomberg) -- Sign up to our Brexit Bulletin, follow us @Brexit and subscribe to our podcast.U.K. and European Union negotiators are closing in on a draft Brexit deal amid optimism there could be a breakthrough before the end of Tuesday, two EU officials said.They cautioned talks haven’t yet finished, and there could be problems hitting the midnight deadline. But there are clear signs that a legal text is close to being ready.The aim would be to present the draft to national delegations on Wednesday morning, an EU diplomat said. The pound surged, climbing as much as 1.2% to $1.2756, the highest level in nearly four months.Prime Minister Boris Johnson will still need to secure the agreement of the U.K. Parliament. Negotiators have approached, and even managed to strike, a Brexit deal before -- only to see it shot down in London. Any concession Johnson makes to secure a deal in Brussels risks incurring the opposition of the Democratic Unionist Party, whose support will be vital for any agreement to pass.All time stamps below are Brussels time (CET).Key developments:EU, U.K. negotiators said to be closing in on draft Brexit dealPound traders are gearing up for a nail-biting finish to BrexitJohnson still needs to persuade his Northern Irish alliesDUP: ‘Gaps Remain’ on Proposed Deal (10:15 p.m.)Johnson spent around 90 minutes this evening speaking to Arlene Foster, leader of his Democratic Unionist Party allies, along with Nigel Dodds, who leads their contingent in Parliament. They issued a brief statement afterward: “We respect the fact negotiations are ongoing therefore cannot give a detailed commentary but it would be fair to indicate gaps remain and further work is required.”Talks Are On Basis of Northern Ireland-Only Backstop (9:45 p.m.)An EU diplomat, speaking privately, said that the two sides were working on the basis of the old, Northern Ireland-only backstop. Michel Barnier has previously said that the further negotiators move from this off-the-shelf legal text, the longer and more complicated negotiations will be.The diplomat said there’s a chance the two sides won’t conclude the talks tonight, but they could still make sufficient progress for a “concept” of a legal text to be presented at the summit. This would not be a fully ready deal, but its main principles would be clearly outlined, according to the official.In that case, it is possible that the leaders will decide that negotiations can continue after the summit. But some fear that a delay would kill the momentum currently in the talks.Lib Dems Push For Second Referendum (9:30 p.m.)The anti-Brexit Liberal Democrats are pushing for any deal to be put back to the public in another referendum. They’ve put down a motion to go before Parliament on Oct. 22, calling for one. On its own, that vote wouldn’t do the job, but it would demonstrate the level of support in Parliament for the idea. “We cannot predict from one day to the next what will happen in Parliament,“ Tom Brake, one of the MPs behind the move, said. “We need to be ready for all eventualities and to press the people’s vote case at every turn.”DUP Cautious About Potential Deal (7:30 p.m.)Democratic Unionist Party leader Arlene Foster has given a wary reaction to the developments, emphasizing that any deal must not threaten the unity of the U.K. We need “a deal that respects Northern Ireland’s constitutional position as per the Belfast Agreement within the United Kingdom and indeed respects the economic integrity of the U.K. single market,” she said in an interview with RTE.Foster suggested the idea of a Northern Ireland-only backstop plan, which has been mooted, won’t be acceptable. “I think that things are very far off the mark in terms of all of that,” she said.But Foster said she expected to engage in further discussions with Johnson later on Tuesday and would be working with the government to try to achieve a deal.Davis: Time to Back Johnson’s Deal (7:15 p.m.)Former Brexit Secretary David Davis has urged his Conservative colleagues to back any deal Johnson can reach. Talking to Sky News, he said his message to the “Spartans” -- the Tory MPs who have so far refused to back any deal, taking their name from ancient Greek warriors who refused to surrender -- was to remember that “the Spartans lost!”Baker: ‘Optimistic’ Johnson Will Get ‘Tolerable’ Deal (7 p.m.)Steve Baker, chairman of the pro-Brexit European Research Group, and a man who refused to vote for Theresa May’s Brexit deal, has left Downing Street after talks on what Johnson is trying to achieve. He sounded like he was minded to support the prime minister, something that raises significantly the chances of a deal passing Parliament. “I’m happy to say it was a very constructive conversation,” Baker told reporters, “and I’m optimistic it is possible to reach a tolerable deal which I’ll be able to vote for.”EU Envoys To Meet Wednesday Afternoon (6:30 p.m.)Ambassadors from the 27 remaining EU governments will be briefed by European Commission negotiators at 2 p.m. on Wednesday.This could be the moment when we find out officially whether Johnson has a deal to take to the summit of leaders on Thursday.Varadkar: Gaps Remain as Talks Make Progress (5:30 p.m.)Irish premier Leo Varadkar said Brexit talks have made “progress,” and are moving in the right direction, but as of a few hours ago, significant gaps still remain between the EU position and that of the U.K. The key difference remains on plans for customs checks on the island of Ireland.Speaking to reporters in Dublin, Varadkar said the situation may have developed in the last few hours and he would be briefed this evening on developments.Negotiators Closing In on Draft Brexit Deal (4:30 p.m.)A dramatic breakthrough in negotiations could come within hours after a productive day of intensive talks in Brussels so far. The British side submitted revised proposals for a deal which appear to have unlocked progress.The U.K’s plans are shrouded in secrecy but the focus is on Northern Ireland’s relationship to the EU’s customs union and the degree to which checks on goods crossing the Irish border can be eliminated. That border has been the scene of violence for decades until the late 1990s and both sides are committed to protecting the peace, which border posts could undermine.Two EU officials suggested that the U.K. had accepted that customs checks would have to take place on goods traveling between Great Britain and Northern Ireland -- in other words between two parts of the U.K. -- rather than at the border between Northern Ireland and the Irish Republic.That’s something that Theresa May ruled out, and Boris Johnson’s Northern Irish allies in the Democratic Unionist Party has previously said they cannot support. This means getting a deal on these lines through a vote in Britain’s Parliament could be difficult.Saturday Sitting Will Depend on Talks: Rees-Mogg (3:15 p.m.)Leader of the House of Commons Jacob Rees-Mogg said it still hasn’t been decided if the U.K. Parliament should meet on Saturday, and events at the summit of EU leaders on Thursday and Friday will determine if it does.“The events that might require a Saturday sitting have not yet reached their fruition,” Rees-Mogg told the House of Commons. “It will only happen if we have something, subject to what happens in European Council, to debate on Saturday.”He said Parliament meeting on a Saturday for only the fourth time in 70 years would be necessary to fulfill the terms of the Benn Act, which requires Boris Johnson to write to the EU to request an extension if a Brexit agreement has not been reached by then. Chris Leslie, a Labour MP who backed the legislation, said it does not need Parliament to meet for the law to be obeyed.Finnish PM Says U.K. Making ‘Real Effort’ (1:45 p.m.)Finnish Prime Minister Antti Rinne said an extension to Brexit may come up at the EU leaders’ summit at the end of the week and there are grounds to consider it.Rinne, whose views are significant because his country holds the rotating presidency of the bloc, also said it’s possible an extra summit on Brexit will be needed before the end of the month. “It makes sense to try to reach a common view until the last moment,” Rinne told reporters in Helsinki.“For the first time during this process I have a feeling the U.K. is making a real effort,” he said. “Britain’s actions have shown it is seeking a deal to avoid a hard Brexit.”Johnson, Macron Had ‘Constructive’ Brexit Call (12:48 p.m.)Boris Johnson discussed Brexit with French President Emmanuel Macron in a 20 minute phone call, Johnson’s spokesman, James Slack, told reporters in London.“It was constructive. I would say it was a good discussion,” Slack said, without giving further details of the discussion.The U.K. is working hard to reach a deal with the bloc as time runs short before Thursday’s summit of EU leaders in Brussels, Slack said.The Pound Pares Earlier Gains (12:25 p.m.)After rallying on Barnier’s comments that a deal is possible this week, the pound pared some of its gains, as details emerged from the meeting of EU ministers in Luxembourg, in which remaining sticking points were highlighted.It was still up by 0.3% against the dollar as of 12:20 p.m in Brussels, amid cautious optimism that an accord is within grasp. The whipsaw between positive and skeptical headlines pushed one-week volatility to its highest since July 2016.France Says U.K. Made Serious Brexit Proposal (12:14 p.m.)The French government believes that the U.K. presented a “serious proposal” to exit the EU, though it’s too early to say if there will be a deal by the European summit later this week.The situation regarding Brexit must be clear before the EU leaders meet on Thursday in Brussels, about two weeks prior to the Oct. 31 deadline for the U.K.’s exit from the bloc, a French presidency official said during a briefing with reporters in Paris.JPMorgan Says Pare Back No-Deal Brexit Protection (12:12 p.m.)JPMorgan Chase & Co. credit strategists are so confident that the U.K. will avoid crashing out of the EU without a deal this month that they recommend closing Brexit hedges on no-deal exposed borrowers such as Lloyds Banking Group Plc and ITV Plc.Coveney Says “Today is a Key Day” (12:00 p.m.)“This isn’t the time for optimism or pessimism,” Irish Foreign Minister Simon Coveney told reporters in Luxembourg after the meeting with his EU counterparts and Barnier. “The negotiating teams have made progress but it’s been slow,” he added.“This is difficult, but it is possible,” according to Coveney, who reiterated that EU leaders aren’t willing to negotiate on a legal text. Such text must be finalized by negotiating teams.“Today is a key day,” he said. “I don’t want to raise expectations, but later on today or this evening, but if there is going to be a positive report that is needed in EU capitals tomorrow in advance of the EU Summit, well clearly, a big step forward needs to happen today.”Barnier’s Cautious Optimism (11:35 a.m.)Barnier was cautiously optimistic about the prospect of a Brexit deal during his meeting in Luxembourg with EU ministers, according to a national official who spoke on the condition of anonymity. A breakthrough is possible as soon as today, in which case the matter would be to EU leaders when they meet Oct. 17-18, according to the official.While the sticking points remain the same, Barnier’s optimism reflects U.K. willingness to address EU concerns, said the official. Barnier himself, walking by reporters in a hallway in Luxembourg, told them the search for a Brexit agreement is an “ongoing process.”Barnier Sees Chances of Significant Progress (11:05 a.m.)Here’s a bit more from Barnier’s discussion with EU ministers in Luxembourg. “Not all that U.K. has been saying in the last days is totally unacceptable,” the chief negotiator said, according to one of the people in the meeting. “They have moved in our direction on key points and that’s why I think we still can make significant progress today,” he said, according to the official.Rees-Mogg: Parliament Would Approve Deal (10:45 a.m.)Jacob Rees-Mogg, the U.K. minister in charge of steering legislation through the House of Commons, said that if Johnson secures a deal with the EU, it could be ratified by Parliament very quickly. “The votes are there,” Rees-Mogg told LBC radio.For any deal to pass, the issue of the Irish border would need to be solved in order to guarantee the support of the Democratic Unionist Party, which has 10 crucial votes in the legislature.“I don’t know what is being discussed in Brussels,” Rees-Mogg told LBC. “Basically, I am trusting Boris Johnson because he has been a Brexiteer before the term Brexiteer existed.”Barclay: Deal is “Very Much” Possible (10:45 a.m.)“Talks are ongoing and we need to give them space,” U.K. Brexit Secretary Stephen Barclay told reporters in Luxembourg. He added that a “deal is very much possible.”Merkel Promises to Work to ‘Last Minute’ (10:40 a.m.)Chancellor Angela Merkel says Brexit talks are like “squaring the circle,” but she will continue to work for a deal until the “last minute.”“It’s very, very complicated,” Merkel said in a speech in Berlin at an industrial conference. “We’ll work on it until the last minute.”Text Ready for Summit? (10:30 a.m.)Barnier has told EU ministers that there is a chance the two sides could have a consolidated legal text ready by Thursday’s summit, according to two officials present at the meeting. The two sides are closing in on an agreement on the Stormont lock and customs checks in Northern Ireland.Barnier cautioned that the talks could still go one of three ways: conclude, reach a deadlock, or need to continue after the summit. He plans to debrief the bloc’s envoys in Brussels on Wednesday about the outcome of the discussions.U.K. Carmakers call for EU deal (10 a.m.)After spending more than 500 million pounds ($628 million) preparing for Brexit, British carmakers made a last-ditch call to the government to reach a deal. Crashing out of the EU would threaten jobs and the industry’s long-term survival, the Society for Motor Manufacturers and Traders said on Tuesday.U.K. Submits New Proposals (9:55 a.m.)The U.K. submitted new proposals to EU negotiators on Monday clarifying its plan for customs rules for Northern Ireland, two officials said.Barnier had told diplomats on Sunday that the U.K.’s plans were too complex and risked opening up the European single market to fraud. Monday’s proposals were aimed at responding to that, the officials said.France Says a Deal Is Up to the U.K. (9:30 a.m.)France’s Europe minister, Amelie de Montchalin, said she is still hopeful of a Brexit deal -- but the onus is on the U.K. to bring forward its proposals. The complexity of what was being requested for the Irish border and the short time available make things difficult, she said.“An agreement is possible, but it has to be a balanced deal for everyone,” she said.U.K. to Submit New Proposals (9:20 a.m.)The U.K. will bring forward new proposals today, RTE’s Europe’s editor Tony Connelly reported, citing two unidentified people familiar with the matter. It is not clear if they are revised version of the current British plans being discussed -- which involve keeping Northern Ireland in both the EU and U.K.’s customs zones -- or a different plan, Connelly added.Late Night Talks (9:15 a.m.)In a sign of how intensive the Brexit negotiations have become, they didn’t break up until about 11:30 p.m. on Monday, officials with knowledge of the talks said. They have already resumed in Brussels on Tuesday morning, they said.German Minister Not Sure Deal Is Close (9:10 a.m.)“I’m not quite sure a deal is close but we’re doing our best to find a good deal,” Germany’s Europe Minister Michael Roth told reporters in Luxembourg. “A hard Brexit would be a disaster, not just for the U.K., but also for the 27.”Roth said Germany was “extremely flexible” but that the integrity of the single market and the Good Friday Agreement, which brought peace to Northern Ireland after decades of violence, were key.Dutch Minister Says Proposal Needs More Work (8:56 a.m.)The foreign minister from the Netherlands told reporters that the U.K. offer indicates progress, but more work needs to be done.“The U.K. proposal contains some steps forward but doesn’t yet guarantee that the single market will be protected,” Dutch Foreign Minister Stef Blok told reporters in Luxembourg. “There have been intensive talks and they’re still going on, but let’s use the remaining time until Oct. 31.”Pound Gains After Barnier Comments (8:50 a.m.)The pound jumped on Barnier’s comments, rising as much as 0.7% to $1.2698, close to the three-month high touched last week after leaders said they could see a “pathway” to a potential Brexit deal. Hedge funds and asset managers have been paring their bets on a weaker pound, according to the Commodity Futures Trading Commission.Barnier Says Brexit Deal Difficult, Possible (8:35 a.m)EU chief Brexit negotiator Michel Barnier said a Brexit deal is possible this week but talks remain tough. “Even if an agreement will be difficult -- more and more difficult to be frank -- it will still be possible this week,” Barnier told reporters in Luxembourg.“Reaching an agreement is still possible. Obviously, any agreement must work for everyone, the whole of the U.K. and the whole of the EU,” he said.He added that it’s high time to “turn good intentions into a legal text.”Earlier:Boris Johnson’s Brexit Deal On Knife Edge as EU Needs More TimeJohnson Has a Big Brexit Problem: His Northern Irish FriendsThe Brexit Threat to World Markets Remains Too Huge to Ignore\--With assistance from Thomas Penny, John Ainger, Jessica Shankleman, Patrick Donahue, Kitty Donaldson, Vassilis Karamanis, Helene Fouquet, Leo Laikola, Jonathan Stearns, Robert Hutton and Greg Ritchie.To contact the reporters on this story: Ian Wishart in Brussels at firstname.lastname@example.org;Nikos Chrysoloras in Brussels at email@example.comTo contact the editors responsible for this story: Ben Sills at firstname.lastname@example.org, Edward Evans, Tim RossFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks notched solid gains on Wall Street as investors welcomed surprisingly good quarterly results from some of the nation's biggest companies.
Strong earnings from UnitedHealth Group, JPMorgan Chase and other companies helped lift the market Tuesday, erasing modest losses from a day earlier.
UnitedHealth soared 8% and JPMorgan added 3%.
The S&P 500 rose 29 points, or 1%, to 2,995.
The Dow Jones Industrial Average added 237 points, or 0.9%, to 27,025. The Nasdaq rose 100 points, or 1.2%, to 8,148.
Bond prices fell. The yield on the 10-year Treasury rose to 1.77%.
Stocks are broadly higher on Wall Street as investors applauded some good results in the first batch of earnings reports from major U.S. companies.
UnitedHealth Group, the nation's largest insurer, jumped 7.4% Tuesday after again raising its 2019 earnings forecast.
JPMorgan Chase rose 4.1% after reporting results that easily beat analysts' forecasts, thanks partly to higher interest rates and solid gains in investment banking.
Goldman Sachs fell slightly after reporting a drop in profits.
The S&P 500 rose 33 points, or 1.1%, to 2,999.
The Dow Jones Industrial Average added 267 points, or 1%, to 27,054. The Nasdaq rose 100 points, or 1.2%, to 8,148.
Bond prices fell. The yield on the 10-year Treasury rose to 1.75%.
Stocks are opening broadly higher on Wall Street as investors found things to like in the first batch of third-quarter corporate earnings reports.
UnitedHealth Group, the nation's largest insurer, jumped 5.4% after again raising its 2019 earnings forecast.
The Tri-City construction market continues to add millions of dollars in new projects as home and commercial lease prices skyrocket. The average Tri-City home sale price did not dip below $300,000 for the first eight months of 2019. But area real estate experts say prices could begin to level off in 2020. “I think we’re…
The post Market overview: Relief on horizon for housing shortage as prices skyrocket appeared first on Tri-Cities Area Journal of Business.
As Tri-City home prices climb, so does their value. In the last three years, Vicki Monteagudo, broker-owner at Century 21 Tri-Cities and NAI Tri-Cities, said she’s observed a 10.4 percent home appreciation rate. “Some areas have hit double-digit appreciation in the last 12 months alone, especially in those more lower-end prices,” she said. The Tri-Cities ranks No. 8…
The post Residential growth: Home values rise as affordable housing options languish appeared first on Tri-Cities Area Journal of Business.
Commercial real estate agents cite years of ongoing growth for the Tri-Cities’ especially tight market today. “There’s a lot of leasing, a lot of sales, a lot of new construction going on,” said Rob Ellsworth, senior advisor at SVN | Retter & Co. in Kennewick. “Our market might even be too strong right now because…
The post Commercial real estate: Costs continue to drive up prices appeared first on Tri-Cities Area Journal of Business.
ATLANTIC CITY, N.J. (AP) — Gamblers wagered a record-breaking $445 million on sports in New Jersey in September, the largest monthly total in the state since legal sports betting began in June 2018.
Tuesday's release of figures came as the rapidly growing New Jersey sports betting market challenges Nevada for nationwide leadership of the industry.
The two states have toggled back and forth in recent months in terms of who takes in more sports bets, but Nevada still has the highest monthly totals, including nearly $600 million in March, the largest monthly amount in U.S. history.
The state Division of Gaming Enforcement reported the New Jersey casinos and racetracks made nearly $38 million on their September bets after winning wagers and expenses were paid. The total was boosted by the return of NFL and college football, which always generate heavy betting action.
The extra money came in a month where Atlantic City's casinos saw revenue from their core business of on-premises table games and slots decline by 3.2%, to $224.5 million.
But the sports betting revenue, along with another record-setting month for internet gambling, helped the casinos to an overall revenue increase of 4.1%, at $283.2 million.
Online bets generated $41.1 million in revenue for the casinos in September, an increase of nearly 60% over Sept. 2018.
When sports betting money from the Meadowlands and Monmouth Park is included, the state's gambling industry won over $303 million.
Overall, the news was mixed for Atlantic City's nine casinos in September; while they collectively posted a 4.1% increase, six of them saw their individual monthly gambling revenue decline.
Caesars was down 15.7% to $19.3 million; Tropicana was down 12.9% to $28.9 million; Bally's was down 10.8% to $15.3 million; Resorts...
Transformational projects in central Richland will add new housing options, transportation routes and businesses to the city’s core. The long-anticipated Duportail Street bridge is expected to open in fall 2020. The route will connect drivers from the Stevens Drive corridor to the Queensgate Drive retail hub, and provide easier access to locations in central Richland,…
The post City of Richland: New bridge, developments to boost central district appeared first on Tri-Cities Area Journal of Business.
The city of Kennewick continues to grow at a steady clip, ushering in new commercial and residential growth anchored by recent developments along Columbia Center Boulevard and in the Southridge, Vista Field and downtown areas. There’s plenty of commercial development along Columbia Center Boulevard, including the opening of three popular new stores. Goodwill Industries of…
The post City of Kennewick: The reigning retail capital of the Tri-Cities appeared first on Tri-Cities Area Journal of Business.
By Andrew Kirk Pasco’s residential subdivisions continue to gobble up farmland and large buildings are sprouting up all over industrial zones. Franklin County is offering to let the city annex 4,800 acres of land to the north so it has room to grow, said Rick White, community and economic development director for Pasco. Prior to…
The post City of Pasco: Record-breaking growth pushes further west, north appeared first on Tri-Cities Area Journal of Business.
By Andrew Kirk The Tri-City’s bedroom community saw continued residential growth in 2019 and more is on the horizon. West Richland issued 86 residential building permits for the first half of 2019, compared to 42 during the same period last year. The Heights at Red Mountain Ranch, the largest residential development project ever approved by…
The post City of West Richland: Residential projects continue to outpace commercial sector appeared first on Tri-Cities Area Journal of Business.
Port of Kennewick projects to transform more than 100 acres in Kennewick’s retail core and a neglected waterfront into pedestrian-focused developments are taking shape. The $4.9 million first phase of the Vista Field development is expected to be completed in January 2020. The project lays the groundwork to turn the former air field into a vibrant, urban,…
The post Port of Kennewick: Projects aim to transform city center, riverfront areas appeared first on Tri-Cities Area Journal of Business.
By Andrew Kirk The Port of Pasco’s key properties continue to see interest, growth and improvements. The port manages the Tri-Cities Airport and the marine terminal east of the cable bridge, and promotes the development of land on multiple sites in east Pasco to boost the economy in south Franklin County. The port’s operations and…
The post Port of Pasco: Warehouses, airport, wharf developments – oh my! appeared first on Tri-Cities Area Journal of Business.
By Andrew Kirk Port of Benton property not far from Pacific Northwest National Laboratory is changing hands as plans are hatched to develop industrial flex space in north Richland. The Port of Benton manages 2,756 acres in the north, central and west side of Benton County, including 50 buildings on 12 sites, 16 miles of short-rail line,…
The post Port of Benton: New projects taking shape in PNNL’s neighborhood appeared first on Tri-Cities Area Journal of Business.
LAS VEGAS (AP) — Nevada's gambling regulators have filed a complaint against former casino magnate Steve Wynn that could bar him from ever working in the industry in the state.
The complaint filed Monday by the state's Gaming Control Board lists sexual misconduct allegations that have been lodged against the mogul since January 2018. The complaint asks Nevada's Gaming Commission, which acts on the board's recommendations and has final say on licensing, to fine Wynn and revoke his status as being found suitable to be licensed in the industry.
Gambling licenses are considered a revocable privilege that can be denied or revoked for those who aren't found suitable. Suitability findings can hinge on a background check and any other action deemed "inimical to the public health, safety, morals, good order and general welfare" of Nevada residents or discrediting of the state and its gambling industry.
It's unclear if Wynn had plans to return to the industry after stepping down from his company, Wynn Resorts, in 2018 and selling his company shares.
Wynn has denied all misconduct allegations against him. An email seeking comment from his lawyer L. Lin Wood on Tuesday was not immediately returned.
The move follows a $20 million fine the commission levied on Wynn's former company in February to settle allegations that former executives failed to investigate claims of sexual misconduct against Wynn by female employees.
Gambling regulators in Massachusetts levied a $35 million fine on the company in April but allowed it to keep a casino license for a Boston-area resort.
An investigation by the Nevada gaming control board detailed an allegation that Wynn in 2005 paid $7.5 million to a former salon employee who alleged he raped her and that she became pregnant. The investigation...
BARCELONA, Spain (AP) — Violent clashes erupted for a second consecutive night in Barcelona between police and protesters angry about the conviction of a dozen Catalan separatist leaders, as Spain launched an investigation Tuesday into an activist group organizing the protests.
Thousands of people held vigils near the Spanish government offices in Catalonia's four provinces. But it was in the northeastern regional capital, Barcelona, where police charged at protesters after some hurled firecrackers and other objects at the officers and kicked temporary fences put in place to protect the building.
The protesters sang the Catalan anthem and shouted, "The streets will always be ours," ''Independence," as well as slogans calling Spanish police "occupying forces" and urging them to leave Catalonia. They erected improvised barricades with trash bins, fences, and piles of cardboard that they set on fire.
The evening vigils, also in Girona, Lleida and Tarragona, as well as smaller towns across Catalonia, had been called by ANC and Omnium, two grassroots pro-secession groups whose leaders Jordi Sánchez and Jordi Cuixart were sentenced on Monday to nine years in prison for sedition.
Seven politicians were also given prison terms of around a decade in Monday's landmark Supreme Court ruling and three more were fined for disobeying the laws as they pushed ahead with a banned referendum on Oct. 1, 2017, and briefly declaring independence based on its results before Spain crushed the defiance.
Activists also blocked highways, smaller roads and railway tracks for brief periods on Tuesday, following an attempt to besiege Barcelona's international airport the night before that left thousands of passengers stranded. Many, desperate to catch their flights, were forced to walk with their luggage on highways and across fields..
LONDON (AP) — Germany released draft security guidelines on Tuesday for next generation wireless networks that stopped short of banning Huawei, as the U.S. warned again it would reconsider intelligence sharing with allies that use the Chinese company's equipment.
The Federal Network Agency catalog of conditions for suppliers of new 5G networks include requiring certification of critical components and ensuring trustworthiness of manufacturers, without singling out Huawei for exclusion.
Huawei said it welcomed the German government's move to "create a level playing field" for 5G suppliers, in which "all vendors are equally and fairly welcome to participate in the construction of 5G networks if they fulfill the security requirements."
The U.S. has been lobbying allies in Europe to shun Huawei, the world's biggest maker of networking equipment, over worries its equipment might aid Chinese electronic spying, claims the company has repeatedly denied. The Trump administration cut off its access to U.S. technology in May, part of a broader geopolitical feud between Washington and Beijing over technology and trade.
The top U.S. cybersecurity diplomat, Rob Strayer, said that along with testing equipment and software for vulnerabilities, governments should also take into account the background of the manufacturer's home country, including whether it has independent courts and the rule of law.
U.S. officials worry that companies in China are required to cooperate with intelligence requests under a national intelligence law.
"If there's technology that's untrusted deployed in their networks, then we have to reassess how we share information with countries like Germany," Strayer told in a telephone media briefing, though he added he hadn't yet reviewed the German rules, which are open for consultation and could become law by...
WASHINGTON (AP) — The Supreme Court seems likely to leave in place the oversight board established by Congress to help Puerto Rico out of a devastating financial crisis that was deepened by Hurricane Maria in 2017.
The justices voiced skepticism Tuesday about a constitutional challenge to the oversight board's composition that could affect more than $100 billion in debt and the island's economic future. Hedge funds that invested in Puerto Rican bonds are leading the case against the board.
A lower court ruled in February that board members were appointed in violation of the Constitution because they were not confirmed by the Senate.
The president selects the board's seven voting members. They and one other non-voting member chosen by Puerto Rico's governor approve budgets and fiscal plans drawn up by the island's government. The board also handles bankruptcy-like cases that allow the island to restructure its debts.
Justice Samuel Alito asked facetiously if it's "excessively cynical" to think that the hedge funds were more interested in the money at stake than the constitutional challenge they are mounting.
The oversight board and the Trump administration appealed the ruling by the 1st U.S. Circuit Court of Appeals in Boston. There appeared to be substantial support for their arguments that the board's makeup is not controlled by the Constitution's provision on appointments, but by a different provision giving Congress significant control over U.S. territories, of which Puerto Rico is one.
Legislation passed by Congress in 2016 directed the oversight board to act "on behalf of Puerto Rico and its people and its agencies," Justice Ruth Bader Ginsburg said.
The appeals court gave the president time to rectify the problem by re-nominating the members and getting them...
LANSING, Mich. (AP) — Michigan judge issues injunction to block state's ban on flavored e-cigarettes, cites harm to adult users.
FRANKFURT, Germany (AP) — The sanctions the U.S. announced against Turkey this week over its offensive in Syria fall well short of doing serious damage to an economy still healing from a recession and currency collapse.
President Donald Trump could take far tougher action that would deter foreign investment and credit that Turkey badly needs. But doing so could backfire in a number of ways, and it's not clear he really wants to.
Trump has said he could "destroy and obliterate" the economy of Turkey and called on the country to rein in its Syria offensive.
His warning came after both Democrats and Republicans questioned Trump's decision to give Turkey a green light for a military incursion against Kurdish fighters who were U.S. allies in Syria.
However, the U.S. sanctions announced Monday did not match the rhetoric; analysts and financial investors saw them as minimal.
The measures were limited to the Turkish defense and energy ministries and three Turkish officials, the ministers of defense, energy and interior security. They block transactions involving any assets they may have in the U.S. financial system and bar U.S. residents and businesses from dealing with them. The U.S. also raised tariffs on Turkish steel exports from 25% back to 50%, where they were in May, and suspended talks over a U.S.-Turkey trade deal.
Given the dominant role that U.S. financial institutions and the dollar play in world commerce, such measures fall far short of what the U.S. could do by targeting Turkey's banks and their links to the global financial system. Turkey's currency and stock market both rose Tuesday as investors breathed a sigh of relief that harsher measures were not imposed.
Timothy Ash, emerging market strategist at Bluebay Asset Management, called the sanctions...
NEW YORK (AP) — JPMorgan's third-quarter profit grew 8% thanks to higher interest rates and strong performance at its investment banking business.
Recent upticks in yields in the U.S. bond market have allowed banks to charge higher interest rates on their loans, particularly at JPMorgan with its large credit card business and home-lending operations. But the Federal Reserve's decisions to lower its benchmark interest rate this year has yet to have a significant impact on bank profits.
JPMorgan, the nation's largest bank by assets, said Tuesday that its consumer banking business reported a 5% rise in quarterly profits from a year ago. That was largely helped by more activity in its home lending business, as well as more people carrying a balance on their credit cards.
Profits at its investment bank rose 7%, driven the bank's trading desks, despite the typical slow summer months on Wall Street.
The bank as a whole earned $9.08 billion, or $2.68 per share, in the quarter ended Sept. 30, up from $8.38 billion, or $2.34 a share, in the same period a year earlier. The results beat analysts' expectations for a profit of $2.45 a share, according to FactSet.
Total revenue at the bank was $29.34 billion, up from $27.26 billion a year earlier.
JPMorgan Chase & Co is one of four big Wall Street banks to report results Tuesday, along with Citigroup, Goldman Sachs and Wells Fargo. Investors were looking to see how the nation's biggest banks fared last quarter, particularly in light of the ongoing U.S.-China trade war and fears that U.S. economic growth is slowing.
Chief Executive Jamie Dimon said he believes the U.S. consumer remains healthy.
But that strength is "being offset by weakening business sentiment and capital expenditures, mostly driven by increasingly complex...
PARIS (AP) — Thousands of French firefighters marched through Paris on Tuesday against low pay for a risky job in a protest that ended in an unusual face-off with police — who held their own protest two weeks ago.
Police used tear gas and water cannon when the march diverged from the official route and lined up their vans in a blockade when a contingent of firefighters refused to call it quits at the Place de la Nation in eastern Paris. Some firefighters apparently wanted to block the nearby beltway.
Andre Goretti, president of the Union of Professional Firefighters, noted that the firefighters had been on strike since June, but had won only "total disdain" from authorities.
Tuesday's protest march, like the nationwide strike, involves only professional firefighters — not volunteers who make up a large majority, or Paris and Marseille firefighters who are military.
Holding aloft smoky flares and wearing uniforms and reflective helmets, they walked through Paris. Some donned gas masks when tear gas was fired.
Tuesday's protest comes two weeks after a similar protest by police in the streets of Paris.
Pierre Tenepoude, who has been a firefighter for 10 years in the city of Nimes, said firefighters feel like they're working at 200% without respect or the means to do their jobs properly.
Union leader Goretti, speaking on BFMTV, said firefighters want an increase in their ranks and improved risk compensation.
The question has been asked by many people and businesses – How to get free advertising for your business?
Luckily, there are a lot of free ways you can advertise your business. Please note that it’s recommended you do this even if you’re already doing paid advertising. Free advertising can still be good advertising if you’re doing it properly.
Here are 5 ways to get free business advertising.
You probably already use social media for your personal needs and you know it’s free. It’s also free to create an account for your business, a page, a group, and more.…
Many business owners spend less time investigating their digital marketing consultants than they do equipment and furnishings. In fact, one OutboundEngine survey revealed 58% of teams spend less than five hours a week on their general marketing strategy, a sign that many companies don’t adequately vet their digital consultants.
I’ve seen countless instances of businesses missing clear signs that their consultant wasn’t as reliable or brilliant as promised. Rather than trusting any digital agency unquestioningly, executives should learn the ins and outs of the digital ecosystem themselves to lessen their risk.
It takes time for leaders to build digital marketing knowledge, but it’s an investment that can save organizations millions and help foster future growth.…
Customer lifetime value is one of the most important metrics to measure for any company wanting to improve sales or scale-up. SaaS companies find it is even more critical to their success than anything else. Every type of software relies heavily upon the customer experience, measuring every aspect of it from usage of the app to customer service itself.
With happy customers and a low churn rate, SaaS companies can achieve incredible CLV and revenue growth.
There are several different ways you can calculate customer lifetime value. You could use the Customer Service Metrics Calculator offered by HubSpot. Or you could take a more straightforward approach by calculating your annual earnings and dividing it by the number of customers that your company served over that time.…
The post 5 Ways to Improve Customer Lifetime Value for Your SaaS Business appeared first on SMALL BUSINESS CEO.
Based off of an extension of the Longshore and Harbor Worker’s Compensation Act, the Defense Base Act serves a very specific purpose. It provides compensation for medical benefits, death benefits and more to eligible employees. Unlike the LHWCA, the Defense Base Act has several restrictions on which accidents are covered, and which workers can collect payment.
The often-complicated nature of the paperwork leads to workers depending on the help of Defense Base Act legal teams. They provide a network of information that is needed to navigate the rough road to recovery.
When driving on the job, an accident can change everything.…
The post What Are the 5 Types of Accidents Covered Under the Defense Base Act? appeared first on SMALL BUSINESS CEO.
We all want to earn more money. Whether it’s to boost our monthly income, or you’re saving for a house, holiday or a new car. And while it might not be possible to get more hours working at your current job, there are other ways you can earn money from home by setting up your own little side business!
The best thing about setting up a side business at home is the fact that you can put in as many hours as you wish and be fully in control of every aspect of your business. You don’t have to answer to anyone, and you can enjoy the profits!…
The post 5 Home Based Business Ideas – for a Lucrative Side Hustle appeared first on SMALL BUSINESS CEO.
Running a small business requires entrepreneurs to wear many hats: accounting, project management, collaboration, marketing and so on. Just as there is no lack of tasks for you to do, there is no shortage of online apps and tools to help make these responsibilities easier or more efficient either.
If you’re looking to take some of the tedious duties digital, then here are five tools that you can start using immediately:
HootSuite is the most popular tool for managing social media platforms because you can carry out and track campaigns across multiple social networks. There is one web-based dashboard that allows you to measure campaign results and keep on top of conversations.…
Most business owners today are aware of the importance of a website. Even with the prevalence of social media, a website helps to establish a business as legitimate and professional. However, while it’s fair to say that a website is a requirement for doing business, don’t look at it as simply another expense, or a box to be checked. Instead, view your website for what it is: a fantastic opportunity to build your brand.
Seeing your website from this perspective will help you create a better site that uses the full potential of the internet for establishing and growing a successful business.…
If you deal directly with a single consumer, you can easily tug their heartstrings with a compelling newsletter to get them to buy something. However, B2B marketing is a bit different.
The buying process typically takes longer and the investment will likely be larger. Over time, you will have to nurture a relationship with the purchaser or manager to make the sale. With that in mind, how can you successfully get a B2B subscriber to open your emails, let alone respond and convert?
Here are 3 strategies that a B2B company can use to increase customer conversions with email marketing:
CarGuard Elijah Norton is making strategic changes to the auto protection firm’s operations to boost efficiency and customer satisfaction.
CarGuard has been offering great extended warranty plans to vehicle owners for many years. The car protection firm employs dedicated professionals that share the same vision as the CEO, Bryan REO Elijah Norton.
Elijah adopts a proactive approach when it comes to communicating with employees about any major changes. Employees need to know that they are valued and that someone takes care of them.
Corporate culture influences the personnel and directs them to behaviors that contribute to effective strategy implementation. Consistency with cultural norms makes it easier to eliminate inadequate practices.…
The post Bryan REO CarGuard Announces Strategic Changes To Business Operations appeared first on SMALL BUSINESS CEO.
It can be devastating to travel down the road in your own vehicle, minding your business, and suddenly get into a serious car crash. Now that you’ve been hurt by a negligent driver, we understand you want to learn about your rights under the laws of California.
It is possible to seek financial relief from all the medical bills that keep coming in the mail. However, it’s hard to know what your personal injury claim might be worth or to know which paperwork to send to the defendant’s insurance company without first securing expert legal advice.
While some tort claims are small and seem relatively easy to settle with a phone call to the insurance company, other claims can drag on for years.…