Top investment bank fees slide across the board in 2019 amid deals slowdown

first_imgEurope’s investment banks earned a combined $13.3bn (£11bn) worth of fees in the first half of 2019, plunging 14 per cent on the same period in the previous year. Jones added: “While European banks have seen steady, consistent fee earnings over the past decade, they haven’t seen the fee growth and recovery post-financial crisis that banks in other regions have enjoyed.” Sebastian McCarthy Read more: New head of global commercial banking at HSBC Top investment bank fees slide across the board in 2019 amid deals slowdown in Europe and US whatsapp Read more: Property investment plummets in first-half of 2019 amid Brexit uncertainty “With Brexit looming we’ve seen a decline in M&A…we just haven’t seen the activity in Europe that we’ve seen over the last few years,” said Lucille Jones, deals analyst at Refinitiv. Credit Suisse was the highest earning European bank on $1.7bn while the highest earning Asian bank was Mizuho Financial Group on $964m. Chinese group CITIC was the only bank among the top 20 to record a rise in fees. whatsapp Goldman Sachs followed with $3.1bn and Bank of America Merrill Lynch came in third with $2.5bn. Friday 9 August 2019 1:08 am Comparedwith their USand Asian peers, Europeanbanks havefailedto see fee growth and recovery post-financial crisis, according tothe new research produced by Refinitiv. Since 2009, European banks’ share of the global investment banking fee pool has fallen from 39 per cent to 26 per cent, marking a drop of 13 per cent and the lowest first-half share since our records began in 2000. Waningactivity in Europe’s mergers and acquisitions (M&A) market anda world slowdown in floats from major companies pushed down feeearnings, which declined in thetop 19 biggest investment banks. Fees at all but one of the world’s 20 largest investment banks tumbled in the first half of 2019, as fewer mergers in Europe and a global slowdown in initial public offerings (IPO) dented corporate pay cheques. JP Morgan earned the most in fees in the first six months of 2019, reaping in $3.3bn. Share More From Our Partners Matt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA 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.orglast_img read more

‘We will give you one heck of a fight’: Lawsuits filed against drilling plan for Alaska’s Arctic Refuge

first_imgAlaska’s Energy Desk | Energy & Mining | Environment | Federal Government | North Slope | Wildlife‘We will give you one heck of a fight’: Lawsuits filed against drilling plan for Alaska’s Arctic RefugeAugust 25, 2020 by Tegan Hanlon, Alaska’s Energy Desk – Anchorage Share:Caribou graze on the coastal plain of the Arctic National Wildlife Refuge, with the Brooks Range as a backdrop. (USFWS)The Gwich’in Steering Committee and more than a dozen environmental groups are suing the Trump administration over its controversial plan to open up part of the Arctic National Wildlife Refuge to oil and gas development.The two lawsuits filed Monday argue that the Bureau of Land Management’s environmental review process failed to follow numerous laws meant to protect wildlife, land, water and people.“The remedy that we’re seeking is to throw out this illegal decision as well as any lease sale or leases that rely on it,” said Victoria Clark, executive director of Trustees for Alaska, the Anchorage-based firm representing the Gwich’in Steering Committee and other groups.The lawsuits come a week after the BLM finalized its plans for development in the Arctic Refuge’s 1.6-million-acre coastal plain — an area roughly the size of Delaware that makes up about 8% of the vast refuge. It’s a place where caribou migrate, polar bears den and migratory birds feed. It’s also an area believed to hold billions of barrels of untapped oil.Interior Secretary David Bernhardt has said the federal government could auction off drilling rights in the coastal plain by the end of the year.That’s why the groups had to quickly move forward with their lawsuits, Clark said. Once leases are issued, it could be more difficult to reverse course.“We have an administration that is just steamrolling along trying to get these decisions made,” she said.The BLM’s development plan stems from legislation approved by Congress in 2017 that called for two lease sales in a coastal section of the Arctic Refuge within seven years.In response to the lawsuits, the BLM released a statement Monday saying that its plan for where and when development can take place “includes extensive protections for wildlife, including caribou and polar bears.”“This is a congressionally mandated energy development program that leaves 92% of the refuge completely off-limits to development,” it said.But the lawsuits argue that the BLM is downplaying the impacts of drilling and that oil and gas development will cause irreparable harm to wildlife, the tundra and the climate.“Developing Alaska’s last wild places would be a death sentence for polar bears and other threatened Arctic species. The oil industry just doesn’t belong in the Arctic National Wildlife Refuge,” said a statement from Kristen Monsell, a senior attorney at the Center for Biological Diversity, a group behind the second lawsuit.On a call with reporters Monday, Gwich’in Steering Committee’s executive director Bernadette Demientieff said the Gwich’in people feel attacked by the government.“We are not asking for anything but the ability to continue to live and thrive off the land that has sustained us for thousands and thousands of years,” she said.Demientieff is from the Yukon River community of Fort Yukon, and she’s one of the highest profile leaders among the Gwich’in, an indigenous group spread between Alaska and Canada whose members harvest caribou that give birth in the Arctic Refuge.Demientieff described the coastal plain as pristine and sacred and vowed to protect it.“We will give you one heck of a fight,” she said.Share this story:last_img read more

7 of Downtown L.A.’s Best Rooftops for a Summertime Hang

first_imgDrinkingSummer FunOutdoors7 of Downtown L.A.’s Best Rooftops for a Summertime HangFresh air, maybe some swimming, definitely cocktailsBy Los Angeles magazine – June 21, 20198140ShareEmailFacebookTwitterPinterestReddItThe weather is finally warming up, and there’s no better place to enjoy it than several stories about the madness on a DTLA rooftop. From bars to pools to bars with pools, here are a few spots where you can catch some rays, enjoy some fresh(ish) air, and take in those breathtaking views in the heart of the city.Upstairs at the Ace Hotel a favorite hang for downtown’s hip locals and visitors, the rooftop bar at the Ace stays fresh by frequently updating its menu, and hosting art shows, pop-ups, and events, and turning over the decks to a rotating cast of DJs who keep the party flowing, from low-key daytimes when artsy types take lunches and laptops, to more swinging nighttime shindigs. The pool is open to the public from 11 a.m. to 2 a.m., but keep in mind that guests get priority. 929 S. Broadway, downtown.Perch haven’t really experienced L.A. until you’ve spent “Apertif Hour” at Perch. Situated on the 16th floor of the historic Pershing Square Building, the French bistro’s rooftop bar hosts a weekday sunset happy hour with live music, a menu of small plates, plus $5 Kronenburgs, $6 glasses of (actually good) wine, and $7 cocktails, including a Penicillin an a drink of the day. The bar caters to stargazing night owls every day of the week, staying open till 2 a.m. (1 a.m. on Sundays), and on weekend’s, early(ish) birds seeking sunshine can guzzle brunch bevs starting at 10 a.m. 448 S. Hill St., downtown.Broken Shaker you’re looking for the perfect rooftop bar to have a low-key night with friends, have Insta-worthy drinks, and take in beautiful views of DTLA, then plan a night out at the Broken Shaker at Freehand Hotel. Hell, with L.A.’s recent unpredictable weather, you can even take a dip in the pool. 501 S. Spring St., downtown.NoMad Hotel every inch of the NoMad is breathtaking (even the lobby bathrooms are insane), and the 12th-floor rooftop is no exception. The pool itself is reserved for guests, but the pool bar and outdoor café are open to the public, and has plenty of lounge seating and tables, not to mention views for days and a replica Orcus statue that doubles as a fireplace. 649 S. Olive St., downtown.Spire 73 for people who are fearful of heights, Spire 73 has the distinction of being the highest open-air bar in the Western Hemisphere, 73 stories up as the name suggests. There’s an entry fee of $10 a person for non-hotel guests ($20 on Fridays and Saturdays after 8), but the views—not to mention the fire pits and highly quaffable cocktails—justify the cost of admission. 900 Wilshire Blvd., 73rd Floor, downtown.The Standard, Downtown L.A. you’re looking for a clubby vibe, weekend nights on the rooftop pool deck at the Standard is your scene. During the day, the roof’s mid-century styling really shines; post up in one of their waterbed pods, sip something bubbly, and gaze at the greatest city in the world. 550 S. Flower St., downtown.WP24 by Wolfgang Puck rooftop pool deck at the Ritz-Carlton is only open to guests, but then there’s WP24. Wolfgang Puck’s swanky restaurant atop the hotel’s L.A. Live location also has open-air seating, where you can sip cocktails and gawk at the masses of sports fans and concertgoers below. 900 W. Olympic Blvd., downtown.RELATED: 23 of the Best Bars in Downtown L.A.Stay on top of the latest in L.A. food and culture. Sign up for our newsletters today. TAGSAce HotelBroken ShakerSpire 73NoMad HotelPerchPrevious articleThe Edge’s 14-Year Battle to Build a Malibu Compound Comes to an EndNext articleL.A.’s Best Bets for Negroni Week, When Your Favorite Cocktail Benefits a Good CauseLos Angeles magazine RELATED ARTICLESMORE FROM AUTHOR10 Projects That Changed the Face of Downtown L.A. During the 2010sAs Ace Hotels Turn 20, a Look Back at One of the Best-Known Brands in TravelWhen NYC Restaurants Come to L.A., Chefs Have to Spice Things Uplast_img read more

You have questions on biosimilars. We have answers

first_img Washington Correspondent Nicholas Florko reports on the the intersection of politics and health policy. He is the author the newsletter “D.C. Diagnosis.” You have questions on biosimilars. We have answers About the Authors Reprints What’s included? Not surprisingly, there are a lot of questions these days about biosimilars — nearly identical variants of biologic drugs that are expected to achieve the same results in patients as the original brand-name drug. Last week we hosted an hourlong webinar on the biosimilars, and we also fielded many questions on the subject from folks who tuned in.But we ran out of time to answer all of the questions, so to compensate, we collected some more of those questions and compiled responses below. Tags Biosimilarsdrug developmentfinancelegalpharmaceuticalspolicySTAT+ By Nicholas Florko and Ed Silverman Nov. 20, 2018 Reprints What is it? Nicholas Florko GET STARTED Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond.center_img @NicholasFlorko Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Log In | Learn More [email protected] Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. Ed Silverman Pharmalot Justin Sullivan/Getty Images [email protected] @Pharmalot last_img read more

“Disapproving of the June 15 Joint Declaration is an Anti-Unification Action”

first_img AvatarKim So Yeol North Korea tries to accelerate building of walls and fences along border with China News By Kim So Yeol – 2008.07.09 3:59pm Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR News Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak center_img News SHARE The North Korean Workers Party mouthpiece “Rodong Shinmun” stated on the 8th that to disapprove of the June 15 Joint Declaration or the October 4 Agreement is both anti-unification and separatist, so a struggle against such attitudes and activities must be undertaken. The editorial, “Our fatherland will thrive according to the great Supreme Leader’s intent,” stated that “The South Korean government has been driving inter-Korean relations into a serious crisis by publicly disapproving of the June 15 Joint Declaration and the October 4 Agreement. We will struggle against that in order to crack down on Southern anti-unification and separatist maneuvers. The newspaper emphasized for the domestic audience that, at the same time as pointing out that this year is the 60th anniversary of the foundation of the North Korean regime, “We have to strengthen the national defense around the People’s Army.”It continued that “We have to bring about a revolution in the development of the people’s lives through encouraging the basic and light industry fields. We have to ride over this barrier with the great strength of the revolutionary military spirit.”However, in Tuesday’s editorial international trends and U.S. related issues were not mentioned. There are signs that North Korea is running into serious difficulties with its corn harvest News “Disapproving of the June 15 Joint Declaration is an Anti-Unification Action”last_img read more

Sanctions galvanize train smuggling operations

first_img By Daily NK – 2016.07.07 2:03pm North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) There are signs that North Korea is running into serious difficulties with its corn harvest NewsEconomy News Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR Cross-border trains are currently one of the most durable conduits for contraband goods in the face of heightened global sanctions targeting North Korea. For this reason, train attendants are actively leveraging their position within the current political climate to accumulate massive profits by turning a blind eye to smuggled products.“The Pyongyang-Beijing cross-border trains, which make stops in Sinuiju and Dandong, have emerged as an extremely reliable vehicle for the distribution of smuggled goods, thereby conferring a corresponding degree of influence to train attendants,” a source from North Pyongan Province told Daily NK in a telephone conversation.The attendants typically charge traders anywhere from 300 to 600 RMB (390,000 to 780,000 KPW) per box of goods, tailoring the price points to reflect the cargo’s significance. “Sometimes this means traders find themselves paying hundreds of dollars,” she explained. Certainly, train attendants were engaged in smuggling operations long before the UN adopted the strongest-ever sanctions against North Korea followed by standalone packages levied by individual nations. Such pressure has merely motivated them to build on their past experience ushering in forbidden imports for significant financial rewards.The higher stakes and therefore bigger gains means competition to land a railroad attendant position is heated; many are rejected in spite of the significant sums of money they offer high-ranking managerial cadres to bring them into the fold. And business is booming. As the list of banned products grows longer, so do the number of trade workers scrambling to sidestep the regulations by lining the pockets of train attendants, who grow “bolder by the day,” according to the source.“Now they’ll pocket fees offered up by middlemen to distributing dollar notes, top-shelf liquor, and other restricted items,” she said, explaining that this process is enabled by the fact that often times these ‘customers’ include cadres, the most powerful of whom are said to use intimidation to bypass fees altogether.Team managers stand to make the most from these illicit transactions, the source asserted, noting, “Attendants must get the green light from managers on which goods to let slide through and then kick back a portion of the profits.” However, the profit window for attendants is limited. These coveted positions are swapped out every two to three years to hedge against losing well-oiled smuggling systems to a law enforcement clampdown. Nevertheless, the duration is “sufficient enough to provide them with enough money to live on for the rest of their lives,” said a source privy to North Korean affairs in China. center_img News News AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] Sanctions galvanize train smuggling operations SHARE US dollar and Chinese reminbi plummet against North Korean won once againlast_img read more

Fehr: Encourage clients to stay invested in times of pullback

Share this article and your comments with peers on social media Video Player is loading.Play VideoPlayMuteCurrent Time 0:00/Duration 3:34Loaded: 0%0:00Stream Type LIVESeek to live, currently behind liveLIVERemaining Time -3:34 1xPlayback RateChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Facebook LinkedIn Twitter Craig Fehr read more

Falling oil prices raise risks for bondholders: Moody’s

first_img Share this article and your comments with peers on social media The recent plunge in oil prices spells rising subordination risk for bondholders in the energy sector, says Moody’s Investors Service in a new report. The rating agency says that, as oil prices fall, and energy companies’ credit positions become more precarious, the risks for their bondholders increases. “Oil companies require a high level of ongoing investment in exploration and development to maintain their asset base, much of which has been funded with debt,” says Alexander Dill, vice president and head of covenant research at Moody’s. “Amid falling oil and gas prices, their financing is most likely to take the form of second-lien debt secured by collateral of diminished value and that ranks senior to liens held by their bondholders.” The flexible structure of many oil and gas bonds adds to their liens subordination risk, Moody’s says. This is most common in the midstream and propane subsectors, where it affects 86.7% and 85.7% of bonds, respectively, it reports; and, it’s least often a feature in the oilfield services and refining and marketing subsectors. Moody’s assesses covenant quality on a five-point scale, in which 1.0 denotes the strongest investor protections and 5.0 represents the weakest. It says that the midstream and propane subsectors have average scores for liens subordination of 4.80 and 4.88, respectively. “The midstream and propane subsectors offer the poorest protection against liens subordination,” Dill notes. James Langton With bond yields low and rising, what is the price of safety? Catastrophe bond market gains momentumcenter_img When bond ratings slip, investors shrug Related news Keywords Bond Facebook LinkedIn Twitterlast_img read more

Timbercreek names new CFO

first_img Wong was most recently director of capital markets operations for the Ontario Teachers’ Pension Plan. Prior to that role, she was CFO, chief compliance officer and secretary with Toronto-based CQI Capital Management LP, which was formerly GMP Investment Management, and director of investment finance at GMP Securities LP, also of Toronto. “We are pleased to have Gigi join the senior management team at Timbercreek,” says Blair Tamblyn, managing director and CEO of Timbercreek, in a statement. “Her extensive and impressive background in finance and capital markets is an asset to our growing organization and we look forward to having her as part of the team that will continue to drive the company forward.” Timbercreek also announced that David Melo, the firm’s current managing director of finance has been appointed to the role of president of Timbercreek Communities, the property management division responsible for the operations of the Canadian multi-residential properties held in Timbercreek-managed portfolios. Timbercreek is an investor, owner and manager of global real estate and related assets. The firm manages more than $5 billion in alternative assets for investors. Share this article and your comments with peers on social media Tessie Sanci Related news CI GAM names its first-ever head of investment management Facebook LinkedIn Twittercenter_img Keywords Appointments PenderFund names new SVP for investments TD getting new head of private wealth, financial planning Toronto-based Timbercreek Asset Management Inc. has announced that Gigi Wong will be taking over the role as the firm’s chief financial officer (CFO) on Tuesday. Wong will be responsible for overseeing financial and taxation reporting, treasury, corporate financings and the financial reporting and risk analytics platform for the firm. last_img read more

Energy Council Congratulates Anna Collyer

first_imgEnergy Council Congratulates Anna Collyer The Australian Energy Council congratulates Anna Collyer on her appointment as Chair of the Australian Energy Market Commission.Welcoming the announcement, the Australian Energy Council’s Chief Executive, Sarah McNamara, said “Ms Collyer’s distinguished career as a lawyer and previous roles in the energy sector equip her extremely well to lead the AEMC.“Her work on energy sector reform via the COAG Energy Council and the AEMC, and her proven track record of working constructively with government and industry stakeholders on energy market reforms represents an ideal blend of experience, skills and strategic knowledge.“Ms Collyer’s appointment comes at an important time not just for the AEMC, but also for the Energy Security Board and the sector generally, which continues to wrestle with the challenges of an extended period of transformational change.“I, along with the AEC’s members, wish Anna every success and look forward to working with her in this new and significant role.“We also thank Merryn York for her leadership of the AEMC through this transitional period as Acting Chair.”About the Australian Energy CouncilThe Council represents 21 major electricity and downstream natural gas businesses operating in the competitive wholesale and retail energy markets. These businesses collectively generate the overwhelming majority of electricity in Australia, sell gas and electricity to over 10 million homes and businesses, and are major investors in renewable energy generation. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Australia, Australian, Australian Energy Council, Commission, council, electricity, energy, Government, industry, natural gas, reform, renewable, renewable energy, security, wholesale, Yorklast_img read more