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"No boundaries" for industrial demand: Developer plans 554-acre project

PNK Group, a Russian-based industrial developer with an Atlanta office, has submitted plans calling for about 5.4 million square feet of new industrial space alongside Interstate 85 in Banks County......»»

Category: topSource: bizjournalsJan 14th, 2022

Exclusive: Intel Reveals Plans for Massive New Ohio Factory, Fighting the Chip Shortage Stateside

As part of an effort to regain its position as a leading maker of semiconductors amidst a global chip shortage, Intel is committing $20 billion to build a manufacturing mega-site in New Albany, on the outskirts of Columbus, Ohio, the company exclusively confirmed to TIME. The chip maker says it will build at least two… As part of an effort to regain its position as a leading maker of semiconductors amidst a global chip shortage, Intel is committing $20 billion to build a manufacturing mega-site in New Albany, on the outskirts of Columbus, Ohio, the company exclusively confirmed to TIME. The chip maker says it will build at least two semiconductor fabrication plants, or fabs, on the 1,000-acre site, where Intel will research, develop, and manufacture its most cutting-edge computer chips, employing at least 3,000 people. Construction will begin this year and the plant should be operational by 2025, the company said. [time-brightcove not-tgx=”true”] Intel’s announcement is the largest private-sector investment in Ohio history and a bright spot in what has been a dismal few decades for manufacturing in Ohio and the Midwest. Big employers like General Motors laid off thousands as factory jobs relocated to the U.S. South and overseas. But as automation drives efficiency in factories, creating technical, rather than assembly-line jobs, Ohio is trying to mount a manufacturing comeback. “Our expectation is that this becomes the largest silicon manufacturing location on the planet,” Intel CEO Pat Gelsinger told TIME; the company has the option to eventually expand to 2,000 acres and up to eight fabs. “We helped to establish the Silicon Valley,” he said. “Now we’re going to do the Silicon Heartland.” Maddie McGarvey—Bloomberg/Getty ImagesA town sign is displayed in New Albany, Ohio, U.S., on Monday, May 6, 2019. The announcement comes amidst a push to increase domestic manufacturing of semiconductors. Partly because of enormous incentives offered by other countries to jumpstart semiconductor manufacturing on their shores, the share of chips made in the U.S. has fallen to 12%, from 37% in 1990, according to the Semiconductor Industry Association(SIA). As booming demand and supply chain woes led to semiconductor shortages over the past year, entire U.S. industries like auto manufacturing were crippled. Read More: From Cars to Toasters, America’s Semiconductor Shortage Is Wreaking Havoc on Our Lives. Can We Fix It? Semiconductor manufacturing has grown at a much slower rate in the U.S. than in other places around the world, particularly East Asia, in part because it costs 30% more to build and operate a fab over 10 years than it does in Taiwan, South Korea, or Singapore, according to the SIA. To create a more reliable supply of chips, the federal government is weighing providing incentives for chip makers in the U.S. The CHIPS for America Act, passed last year, authorized federal investments in chip manufacturing, but it did not provide funding. The Senate passed $52 billion in funding in June, but the House has not passed the legislation. Intel has joined with other leading semiconductor companies, including competitors AMD, Inc., NVIDIA, and GlobalFoundries, to lobby President Biden to fund semiconductor research and manufacturing. Gelsinger has met with various leaders in Washington including the bipartisan Problem Solvers’ Caucus in Congress and the New Democrat Coalition to emphasize the need for bringing more semiconductor manufacturing capability to the U.S. “My first meeting with the Undersecretary of Defense basically scolded her,” he said. “I said, Why am I explaining why this is so important to Congress, and you’re not?’” Why the U.S. needs chip manufacturing The supply chain bottlenecks of the past two years are part of the reason there’s such urgency to create more chip manufacturing capability in the U.S. Unable to get the chips used in manufacturing cars, U.S. automakers such as General Motors idled some North American plants last year and resorted to manufacturing some cars without features that require chips. That’s made it more difficult for U.S. consumers to buy cars, driving the price of used cars up 24% over the course of a year, and slowing national economic growth. Supply chain bottlenecks have motivated big companies to start increasing capacity in the U.S.; Intel itself said last year it would spend $20 billion to build two major factories in Arizona, and in 2020, the global leader in chip manufacturing Taiwan Semiconductor Manufacturing Co. (TSMC), said it would spend $12 billion to build a semiconductor factory, also in Arizona. Samsung is investing $17 billion in a chip plant in Texas. Read More: Apple Set to Cut iPhone Production Goals Due to Chip Crunch Of course, some of the urgency of having more chip manufacturers in the U.S. is purely political. Locating a chip factory in the United States doesn’t necessarily insure against further supply chain disruptions; Intel’s chips will still be sent to Asia for assembly, packaging, and testing. Chips cross borders dozens of times before they make their way to consumers in phones, computers, and cars, said Dan Hutcheson, vice chair at TechInsights, which follows the semiconductor industry. Three-quarters of the world’s semiconductor manufacturing capability is within the flight path of the Chinese Air Force, Hutcheson said, which could be problematic in an era of growing geopolitical tensions. Intel could bring some packaging, assembly, and testing back to the United States if the CHIPS for America Act is funded, Gelsinger said, which would be beneficial for national security. The sand used to make semiconductors comes from the U.S. South, after all, so it’s not inconceivable that the process of making some chips, from start to finish, could happen domestically. “My objective would be sand to product to services, all on American soil,” he said. So much chip manufacturing ended up in Asia because of the low cost of labor there, in addition to the incentives offered, he said. But now, with increasing automation in chip factories and potential government funding, Intel is able to reshore some of this manufacturing and still be cost-effective. Since there are subsidies for the taking, now is the time to build semiconductor fabs in the U.S., said Stacy Rasgon, senior analyst at Bernstein Research. Subsidies for U.S. manufacturing have bipartisan support, especially in the tech industry. Locating a factory in the political battleground of Ohio could help the legislation gain even more support; on Jan. 14, GOP members of the Ohio congressional delegation asked Congress to fully fund the $52 billion CHIPS for America Act. What the factory means for Ohio Intel’s choice of New Albany for its new facility is a vote of confidence in the Midwest as a manufacturing hub after years of factories decamping from Ohio, Michigan, and Indiana to the U.S. South and overseas. There are 34% fewer manufacturing jobs in Ohio now than there were in 1991; the closure of plants like General Motors’ Lordstown Complex have left whole towns reeling. But some companies have started to move back to Ohio from the coasts. “I truly believe this is our time. This is our time in history,” Ohio Gov. Mike DeWine told TIME, wearing a hooded sweatshirt and sitting by his home fireplace. The pandemic has helped the state sell its low cost of living and suburban lifestyle, which is coming back into vogue after an era in which tech companies and their employees wanted to be in expensive, coastal cities. Last year, companies including Peloton, First Solar, and Amgen announced plans to establish factories in Ohio. Warren Dillaway—The Star-Beacon/APOhio Gov. Mike DeWine learned that Intel had selected New Albany as the location for its manufacturing mega-site on Christmas Day. The changing nature of manufacturing has helped the state attract new factories. “It used to be assembly line work, now it’s tech work,” Ohio Lt. Gov. Jon Husted told TIME. “It’s a lot more enjoyable kind of manufacturing—clean, tech-oriented, higher-paying. These are the kinds of the manufacturing jobs that are part of the modern economy.” And the past and future of manufacturing in the state is already inextricably tied up in the semiconductor supply chain; last year, Ford cut the production schedule at its Ohio Assembly Plant because of chip shortages. Intel considered 38 different sites “in every major state you can imagine” before choosing New Albany in December, Keyvan Esfarjani, Intel’s senior vice president of manufacturing, supply chains and operations told TIME. DeWine said the state learned that it had won the site on Christmas Day. The state agreed to invest $1 billion in infrastructure improvements, including widening State Route 161, to support the factory and the nearby community. In advance of the Intel factory and other deals, the Ohio General Assembly also expanded its tax incentives, allowing mega projects with more than $1 billion in investment to benefit from job creation tax credits for up to 30 years, rather than the previous 15. Read More: U.S. Taxpayers Bankrolled General Electric. Then It Moved Its Workforce Overseas Gelsinger has spoken of a new mega-fab as “a little city,” which requires a lot of space. The amount of available land in Ohio, in addition to a favorable regulatory environment, were factors in making the decision, Esfarjani told TIME. Although another location offered bigger incentives, Intel chose Ohio because it seemed like the best fit, he said; the company did not want to displace any residents, an increasingly important factor for companies since pushback against a proposed Amazon headquarters in New York City killed the deal. Ohio also seemed willing to move quickly to approve permits and plans, Esfarjani said. “We want to make sure that where we go, the community is going to be happy,” Esfarjani said. “There were states where we were going to go, where we got a sense that people were not going to be happy, so we ruled them out,” he said, though he would not specify which states. Places where potential problems around protected species or land ownership might cause problems were taken off the list. Intel was also drawn to Ohio because of the availability of talent to draw on from local colleges and universities. Making semiconductor chips is a completely different type of work than making cars; much of the work is done by engineers in “bunny suits”—protective clothing that ensures that no dust gets into the microchips. Over the last two years, 60% of Intel’s external hires have had a bachelor’s degree or higher. The company said it will spend $100 million over the next 10 years to establish the Intel Ohio Semiconductor Center for Innovation, a partnership with universities and community colleges to build semiconductor-specific curricula. Ohio State University, with its 10,000 person College of Engineering, will be one partner. In August of 2020, Ohio State named a new president, Kristina M. Johnson, who received bachelor’s, master’s, and doctoral degrees in engineering from Stanford University and who established partnerships with tech companies like IBM while the head of the State University of New York. Ohio State is in the process of building an Innovation District to establish a health and sciences research space near its West Campus and recently hired a female robotics professor from the Georgia Institute of Technology to be dean of the College of Engineering. Transforming a suburban town The Intel project, the first leading-edge semiconductor fab in the Midwest, will accelerate the transformation of a sleepy rural area outside of Columbus into a diverse city full of tech workers. In recent years, companies like Google, Facebook, and Amazon have established data centers in New Albany, a city of 12,000 residents. Much of New Albany today consists of a master-planned community created in the 1990s by Les Wexner, the founder of L Brands—best known for subsidiaries like Victoria Secret—and Ohio developer Jack Kessler. The two wanted to create the type of town that was attractive to companies while still offering an idyllic country lifestyle for residents. New Albany today features white picket fences, Georgian architecture, and walking trails: Drive through and you might mistake it for a Virginia horse farm. The choice of New Albany is a bet that after nearly two years of a global pandemic, Intel’s employees will embrace a suburban environment with reasonable home prices and good schools. (Zillow estimates the typical New Albany home is worth $516,752, about one-third the value of homes in Intel’s home base of Santa Clara, Calif.) The pandemic has hastened a move from urban locations to suburban places with more space. “It’s a place where a new college grad can come with a husband, or wife, or significant other, a kid, and they can build a life,” Esfarjani said. Intel Corporation—Intel CorporationIntel’s Arizona factory, Fab 42, became fully operational in 2020 on the company’s Ocotillo campus in Chandler, Arizona. There is some potential for some pushback from New Albany residents who are already worried that development is fundamentally changing the nature of where they live. “Two years ago, there were cows, now there are houses,” said Andre Vatke, who has lived in New Albany since 1986, about the area around his home. When he moved in, New Albany was essentially a farm town; now it’s known as one of the wealthiest towns in Ohio. Insider named the town America’s No. 1 suburb in 2015 because of the quality of its schools and public parks. Vatke has publicly objected to the tax abatements given to big tech data centers because the projects don’t create a lot of jobs. He consults with small businesses who are seeing costs go up locally but who aren’t offered the same tax incentives as the multinational tech companies, he said. Read More: Senate Overwhelmingly Passes $250 Billion Tech Investment Bill Aimed at Countering China Neighbors of Intel chip factories in other states have raised questions about the environmental impact of fabs, too. In Arizona, residents are also concerned about the amount of water fabs use—millions of gallons a day—in their drought-stricken state. And in Corrales, New Mexico, where Intel has had a factory for decades, residents have complained about air quality issues. “A lot of people have an impression that this is a clean industry—but the chemicals they are using are incredibly dangerous,” said Dennis O’Mara, a member of the Community Environmental Working Group, which advocates for improvements at the New Mexico facility. In the summer, O’Mara and his wife have been overwhelmed by a smell like burnt coffee; once, recently, his wife had difficulty breathing in the fumes. He says that because Intel is categorized as a “minor” source of emissions, creating less than 100 tons per year of pollutants, the company is allowed to hire its own monitoring companies who are not verified by an independent party. He helped create a group, Clean Air for All Now, to advocate for stricter permitting requirements; a Change.org petition requesting that New Mexico require a change to Intel’s air permits has 199 signatures. “Because of how important Intel is to the state’s economy, the 73,000 of us living near this plant have to shoulder the entire risk,” he said. Last year, Intel said it would spend $3.5 billion to enable the New Mexico plant to make advanced semiconductor packaging technologies. Intel said that it has a good neighbor policy that minimizes the impact of its operations on surrounding communities, and that it meets all applicable regulatory and environmental requirements. The New Albany site will be constructed with green building principles, and the company hopes to power the new factories with 100% renewable energy and achieve net positive water use. Inside Intel’s comeback strategy This new facility is part of Intel’s plan to catch up with industry leaders TSMC and Samsung. Though Intel was once at the forefront of semiconductor manufacturing, it has fallen behind in recent years after delays on its 14 nanometer and 10 nanometer chips. Analysts attribute this delay to Intel’s structure; as other leading-edge companies focused on either designing chips and sending them elsewhere to be manufactured, or manufacturing chips for other customers, Intel has continued to try and do both. Courtesy of IntelA rendering of Intel’s planned factory in New Albany, Ohio. CEO Gelsinger, who took the reins of the company almost a year ago, has launched a strategy he calls IDM 2.0 in which Intel will continue to make its own chips, but also establish Intel Foundry Services, which will make chips for other companies. The Ohio site will host Intel Foundry Services and make chips for Intel. Wall Street analysts are skeptical of Gelsinger’s strategy. They say that Intel’s previous attempts to be a foundry have failed, and that it’s fallen too far behind to catch up. Last year, semiconductor industry sales grew 25% while Intel’s sales grew 1%, said Vivek Arya, semiconductor analyst at Bank of America. Read More: Inside the Taiwan Firm That Makes the World’s Tech Run What’s more, analysts say, long-term trends continue to disadvantage Intel. Companies like Apple and Microsoft have begun to replace Intel processors with chips they design themselves. Intel makes the lion’s share of chips used in PCs, but analysts say that PC sales are at a cyclical peak, and that competitors like AMD are wrestling market share from Intel. And Intel doesn’t make chips for the biggest semiconductor market: smartphones. That makes analysts like Arya wonder who Intel’s customers will be as it expands its U.S. fabs, and how it plans to catch up to the technological prowess of TSMC when it is still focusing on both design and manufacturing. “This is not an industry where you just wake up and catch up, “ he said. “It’s like trying to get back to being an Olympic level athlete—it doesn’t happen overnight.” Intel said that subsidies from the U.S. government will help it build more quickly and overtake overseas competitors. It anticipates that increased demand from the automotive industry and from its newly-formed high performance computing business unit will provide more than enough demand. Gelsinger argued that Intel is already catching up, with plans to accelerate the development of new technologies so that it can regain industry leadership by 2025. “It’s going to be unrecognizable” When Intel started manufacturing in Arizona around 1980, Chandler, its hub, was a farm town known for citrus and cotton, with a population of around 24,000. Today, Chandler has around 280,000 residents, nearly a quarter of whom work in high-tech industries. Intel is the city’s biggest employer, with 12,000 workers. Intel has attracted suppliers and partners who have also set up in Chandler, and the influx of high-income residents has led to a bloom of restaurants, shopping, and tax revenue, said Chandler mayor Kevin Hartke. The city’s average household income of $114,000 is 32% higher than that of Arizona. Gelsinger anticipates that New Albany could undergo a similar transition as Intel builds up its presence. Intel hasn’t built a new site from scratch for several decades. But each time it’s done so, the new site has become a magnet for suppliers and talent from around the globe, he said. He wants the New Albany site to be a place where every Ohio State graduate will want to work, but also a place that will attract PhDs and talent from all over. In short, he said, he hopes the tiny town today will soon become the hub of a global manufacturing hotspot more advanced than anything anywhere else, attracting the economic activity that high-tech facilities often do. When asked: will today’s New Albany residents recognize their small-town in what he sees for the future, Gelsinger replied: “New Albany today versus the high-tech mega manufacturing center of the heartland in five years?” he said. “Yea, it’s going to be unrecognizable.”  .....»»

Category: topSource: timeJan 21st, 2022

Halpern secures $65M to build Jersey City apartments

 JLL Capital Markets has arranged $65 million in construction financing for the development of 49 Fisk Street, a 337-unit, luxury, mid-rise multi-housing project in Jersey City, New Jersey. JLL worked on behalf of the developer, Halpern Real Estate Ventures, to secure the four-year, floating-rate, non-recourse loan through Bank OZK. Located on a 1.84-acre... The post Halpern secures $65M to build Jersey City apartments appeared first on Real Estate Weekly.  JLL Capital Markets has arranged $65 million in construction financing for the development of 49 Fisk Street, a 337-unit, luxury, mid-rise multi-housing project in Jersey City, New Jersey. JLL worked on behalf of the developer, Halpern Real Estate Ventures, to secure the four-year, floating-rate, non-recourse loan through Bank OZK. Located on a 1.84-acre site in Jersey City’s West Side neighborhood, 49 Fisk Street will redevelop a former industrial building with a six story, luxury apartment building featuring 337 market rate apartments and 143 parking spaces. The completed project will include a mix of studio, one- and two-bedroom units averaging 612 square feet. 49 Fisk will be a strategically designed, amenity focused development that addresses new consumer preferences in a post-Covid world with more than 48,000 square feet of lifestyle and amenity space. The building design will emphasize innovation and sustainability, with key focuses on resident health and wellness and the potential for extended hybrid work models. Apartments will feature modern finishes, including stainless steel appliances, nine-foot ceilings, quartz countertops and wood-style flooring, along with having stackable washers and dryers. Community amenities will include co-working spaces, a large 14,000 square foot green park, a 18,500 square foot rooftop deck with grilling stations, a speak-easy style bar, a community garden, game room, oversized fitness center and a shuttle service to the Journal Square PATH Station. 49 Fisk Street is a short five minute walk to the West Side Avenue Light Rail on the Hudson-Bergen Line, which provides access to both Wall Street and Penn Station within 30 to 40 minutes via connections to the PATH. The project’s shuttle service to the Journal Square PATH station will provide residents with additional options for commuting directly into the lower Manhattan World Trade Center Station within 30 minutes. Additionally, the property is 15 minutes from Newark Liberty International Airport, the New York Waterway Ferry and the New Jersey Transit Hoboken Terminal station, providing additional transportation to nearby employment, retail and entertainment hubs. The property is located in the West Side submarket, one of Jersey City’s newest transformative and gentrifying neighborhoods.  The area has demonstrated impressive market fundamentals over the last several years followed by a wave of new investment that has included New Jersey City University’s 22-acre expansion project and the 95-acre Bayfront redevelopment. 49 Fisk Street is expected to open its doors by late 2023. The JLL Capital Markets Debt Advisory team representing the developer was led by Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti, Directors Thomas E. Didio, Jr. and Max Custer and Associate Carlos Silva. “Jersey City has been the beneficiary of tremendous post-COVID rental demand for multi-housing. Bank OZK was quick to recognize this demand resurgence and bid the non-recourse financing aggressively for the borrower,” said Didio, Jr. “This transaction marks our 20th in Hudson County since the onset of COVID, equating to more than $615 million in total deal volume.” “We are thrilled to have aided Halpern Real Estate Ventures in arranging construction financing for 49 Fisk Street,” added Custer. “HREV designed a carefully thought-out project with best-in-class features and amenities which will undoubtedly lead to tremendous success.” The post Halpern secures $65M to build Jersey City apartments appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 15th, 2021

Crow adding to northeast industrial portfolio with new LeHigh Valley property

Crow Holdings Industrial, the industrial development company of Crow Holdings, announced its plans to develop a new 652,080-square-foot, state-of-the-art logistics property in Ontelaunee, Pennsylvania. Construction on the project is slated to begin in December. Leasing for the property is being handled by a JLL team led by Jeff Lockard. Crow Holdings purchased... The post Crow adding to northeast industrial portfolio with new LeHigh Valley property appeared first on Real Estate Weekly. Crow Holdings Industrial, the industrial development company of Crow Holdings, announced its plans to develop a new 652,080-square-foot, state-of-the-art logistics property in Ontelaunee, Pennsylvania. Construction on the project is slated to begin in December. Leasing for the property is being handled by a JLL team led by Jeff Lockard. Crow Holdings purchased the 59.6-acre property in November 2021 from the Greater Berks Development Fund (GBDF), the economic development arm of the Greater Reading Chamber Alliance (GRCA). After acquiring the property as part of a larger parcel in 2019, GBDF worked with local authorities to rezone the site for industrial use, and subsequently sold it to Crow Holdings to facilitate the creation of this logistics facility.  “Tenant demand continues to surge, but what truly set this property apart is its incredible access to labor,” said Johanna Chervak, vice president of Crow Holdings. “We looked at several different properties in the market, and there was nothing that even approached this site’s access to the Reading labor pool via Routes 61 and 222 and  I-78. Coupled with its location in Ontelaunee — a municipality that recognizes the economic value of logistics development — this deal checks all the boxes for a successful industrial project.” The property is strategically located within the Reading market, one of the most sought-after locations for industrial development in southern Pennsylvania.  Situated less than a quarter of a mile from Route 61, it offers convenient access to every major roadway, including I-78 and Route 222. “Greater Berks Development Fund continues to play a role in identifying opportunities for growth of the Berks County economy and we are appreciative of the investment to be made by Crow Holdings,” said Dan Langdon, GRCA chairman. The Class-A logistics facility will feature a 40 ft. clear height, 182 dedicated trailer parking stalls, 124 loading docks and 4 drive-in doors. It will also feature 484 spaces for car parking. For Crow Holdings, this project — its first in the Lehigh Valley — is the most recent example of the company’s national expansion. Three years after launching its Northeast operations in 2018, the Crow Holdings team has built a development pipeline of more than 11 million square feet of industrial space in New Jersey and Pennsylvania, including Millstone 8 Logistics Center, a two-building, 1.2-million-square-foot property in Millstone, New Jersey; and Crow Holdings at Carteret, a three-building, 1.2-million-square-foot property in Carteret, New Jersey. Since 1948, Crow Holdings has been investing in the industrial sector, and has grown to become a market leader across both its institutional real estate asset management business and its development business. Over the past 22 years, Crow Holdings operating companies have developed or acquired more than 170 industrial properties with an additional 54 currently in development, representing over 115 million square feet of industrial space across the U.S. The post Crow adding to northeast industrial portfolio with new LeHigh Valley property appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 3rd, 2021

First Industrial to build 200,000 s/f logistics facility on NJ/PA border

First Industrial Realty Trust is set to build a 208,000 s/f distribution facility in Bordentown, NJ. The developer acquired a 20-acre parcel located at 445 Rising Sun Road in Bordentown, from a private investor in a deal brokered by NAI Mertz’ Jonathan Klear and Fred Meyer.  First Industrial is launching... The post First Industrial to build 200,000 s/f logistics facility on NJ/PA border appeared first on Real Estate Weekly. First Industrial Realty Trust is set to build a 208,000 s/f distribution facility in Bordentown, NJ. The developer acquired a 20-acre parcel located at 445 Rising Sun Road in Bordentown, from a private investor in a deal brokered by NAI Mertz’ Jonathan Klear and Fred Meyer.  First Industrial is launching construction of a speculative building on the site, which has frontage on Route 130, Rising Sun Road, and Dunns Mill Road. Klear and Meyer, in conjunction with Cushman & Wakefield’s Jules Nissim  and Kimberly Bach, Snr., have been selected by First Industrial to handle leasing for the building, to be known as First Bordentown Logistics Center. “First Bordentown Logistics Center will be a great addition to our New Jersey portfolio and will enable us to meet strong tenant demand in this significant logistics corridor that serves the East Coast consumption zone,” said John Hanlon, Executive Director of First Industrial Realty Trust. “We have enjoyed success with the three nearby buildings we already own totaling 453,000 square feet and will continue to explore new investments in this high growth market that is benefiting from strong highway infrastructure and a talented and diverse local workforce.”  First Bordentown will total approximately 208,000 square feet of warehouse and include 2,950 square feet of office space. Delivery is slated for late 2022. The proposed building will feature 36 ft. clear ceiling heights, approximately 56 by 50 ft. column spacing, 45 trailer stalls, 42 dock doors, two ramps, ESFR sprinkler system and abundant employee parking. Corporate neighbors include Grainger, Genesis Logistics, Netflix, United Supply, Owens & Minor and BJ’s, among others.  “The site for this Class A building is an ideal location for distribution and industrial users given its close proximity to major highways offering many transportation options, and a local labor pool of hundreds of thousands of talented and eager workers,” said Klear.  “First Industrial is a long-time client of our firm and we have built a strong relationship with their team of professionals for many years. They always deliver quality products and we are thrilled for the opportunity to bring a quality tenant to their building. Our expert knowledge of the area and local business climate will be sure to help make this project a complete success,” added Meyer.  This location in Burlington County has been witnessing an industrial boom for several years. This site will offer potential tenants immediate northbound and southbound access to Route 130 and less than one mile of travel to southbound access to I-295 at Exit 56 and northbound access to I-295 at Exit 57. It is also just two miles to Exit 7 of the New Jersey Turnpike and 7.5 miles to the Pennsylvania Turnpike. The post First Industrial to build 200,000 s/f logistics facility on NJ/PA border appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 3rd, 2021

A more than $300-million wellness center with a water park, saunas, and communal baths could open in NYC after 2025 — see what it could look like

Therme Group has tapped Robert Hammond, the co-founder of the High Line park, to join the team as it builds its upcoming New York location. The Therme center in Bucharest, Romania.Therme Group Therme is opening an eponymous "wellness center" in New York City that'll start at $40 per person. The center will have saunas, a water park, meditation spaces, a botanical garden, communal baths, and more. Therme New York estimates it will cost about $300 million to $350 million to build. Wellness and fitness tourism has been on the rise since before the anxiety-inducing, stress-snacking COVID-19 pandemic blistered the travel industry and our mental and physical health.The Therme center in Bucharest, Romania.Therme GroupSource: BBC But in a few years, New Yorkers won't have to travel out of the city for a blissful retreat from the hoards of people and screaming sirens.The Therme center in Bucharest, Romania.Therme GroupNew York City isn't known as a destination for peace and tranquil getaways …The Therme center in Bucharest, Romania.Therme Group… but Therme Group, an international wellbeing resort company, is looking to change this mentality by opening what Travel and Leisure has called a "wellness theme park" right in the city.The Therme center in Bucharest, Romania.Therme GroupSource: Travel and Leisure  "One simple way to describe the value of a Therme is it's the antidote to the meta universe that Mark Zuckerberg just announced," John Alschuler, the incoming Therme North America executive chairman, told Insider in an interview. "This is about an actual experience that can't be and shouldn't be digitized."The Therme center in Bucharest, Romania.Therme GroupOpening a quiet refuge in one of the world's most bustling cities isn't an easy endeavor.The Therme center in Bucharest, Romania.Therme GroupTo do so, Therme has tapped Robert Hammond, the co-founder of another NYC haven, the High Line park, to join the team …The Therme center in Bucharest, Romania.Therme Group… with the hopes that Hammond can bring the High Line's design and emphasis of nature and community to Therme New York.The Therme center in Bucharest, Romania.Therme Group"All those things together, to me, is what makes the High Line and what will make Therme," Hammond told Insider in an interview.The Therme center in Bucharest, Romania.Therme GroupIn April 2022, Hammond will leave his post as the executive director at the High Line to serve as Therme North America's president and chief strategy officer.The Therme center in Bucharest, Romania.Therme GroupThe company — which can best be summarized by its "wellbeing for all" motto — currently has several locations around the world, specifically In Romania and Germany.The Therme center in Bucharest, Romania.Therme GroupIts Bucharest, Romania location was the country's "most popular attraction from 2016 to 2018, welcoming over one million guests in the first year of operation," according to the company's website.The Therme center in Bucharest, Romania.Therme GroupSource: Therme Besides the upcoming New York outpost, Therme has already announced plans for centers in Canada and the UK.The Therme center in Bucharest, Romania.Therme GroupThe latter will open in 2023, while the New York location will likely open within the next four to five years.The Therme center in Bucharest, Romania.Therme GroupSource: Therme This stateside Therme is still being designed, but it could take after the other centers, which combine live plants and large glass walls to create a bright, relaxing, nature-centered space.The Therme center in Bucharest, Romania.Therme GroupTherme's self-proclaimed "well-being center" in New York will be a combination of a family-friendly water park, meditation space, botanical garden, gym, spa, communal thermal bathhouse, and art gallery.The Therme center in Bucharest, Romania.Therme GroupTogether, all of these amenities will create a "wellbeing facility" that could be embraced by New Yorkers, Alschuler says.The Therme center in Bucharest, Romania.Therme Group"There's a very strong demand from whole segments of America for this kind of experience, just fragmented, " Alschuler said. "So when you put it together, the demand becomes exponentially stronger."The Therme center in Bucharest, Romania.Therme GroupThe tradition of communal bathing has existed for centuries, from ancient Roman baths to Japanese onsens.The Therme center in Bucharest, Romania.Therme GroupCommunal bathing centers currently aren't that popular across the US. But Americans love water parks, which is close enough: "I don't think it's a dramatic discontinuity with what Americans currently do," Alschuler noted.The Therme center in Bucharest, Romania.Therme GroupTherme's goal is to "bring back the essence of these global bathing traditions," according to its website.The Therme center in Bucharest, Romania.Therme GroupSource: Therme Group "There's no experience in the Therme that Americans haven't already adopted," Alschuler said. "What's different is we've combined it all together with abundant nature and a focus on wellbeing."The Therme center in Bucharest, Romania.Therme GroupTherme centers around the world all have similar amenities and services …The Therme center in Bucharest, Romania.Therme Group… which include several types of saunas, lounges, pools, restaurants, and a water park, all of which attract a wide age range.The planned Therme in Manchester, United Kingdom.Therme GroupSource: Therme"There's a theme park component of this … and Americans love theme parks," Alschuler said. "Americans flock in large numbers to Miami and the southwest to be outdoors in water, and that's what we will have in New Yorkers' backyards."The Therme center in Bucharest, Romania.Therme GroupThe New York location specifically will reflect the "emotion, taste, and sensibility of the city," Alschuler said, noting that the High Line — a public park that melds nature with the city — is an example of this sentiment.The Therme center in Bucharest, Romania.Therme GroupAnd unlike other spas that primarily target adults with deeper pocketbooks, Therme wants to make its New York center widely accessible.The Therme center in Bucharest, Romania.Therme GroupEntry into Therme New York will start at about $40. This price then increases when specialized services like a massage are added on.The Therme center in Bucharest, Romania.Therme Group"This is not an elite experience," Alschuler said. "This is not for the Lululemon culture. It's an inclusive experience that people of different ages, incomes, cultural, and racial experiences can all come and enjoy."The planned Therme in Manchester, United Kingdom.Therme GroupUnsurprisingly, all of the facility's amenities will take up a decent chunk of square footage, something New York City doesn't have much of anymore.The Therme in Bucharest, Romania.Therme GroupThe team is still looking for an ideal location in the city, but "there is no five-acre site waiting to be developed in the middle of Manhattan," Hammond said.The Therme in Bucharest, Romania.Therme GroupHammond believes the facility will likely end up in an old repurposed industrial building, while Alschuler says he could see Therme in a Manhattan skyscraper or on an abandoned pier.The Therme in Bucharest, Romania.Therme GroupThe team is still figuring out the logistics and layout of the New York location, but one thing's for sure: the New York location will likely have to be more vertical than Therme's other centers.The Therme in Bucharest, Romania.Therme Group"We're going to be a New York institution, so we will adopt … New York's building typology, which is vertical," Alschuler said.The Therme in Bucharest, Romania.Therme GroupAs of now, Alschuler estimates the project will cost about $300 million to $350 million to construct.The planned Therme in Ontario, Canada.Therme Group“What’s special about the Therme is that it takes combinations that are very familiar [to Americans] and combines them in a way that’s magical and new,” he said.The planned Therme in Ontario, Canada.Therme GroupRead the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 20th, 2021

Tejon Ranch Co. Announces Third Quarter 2021 Financial Results

TEJON RANCH, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Tejon Ranch Co., or the Company, (NYSE:TRC), a diversified real estate development and agribusiness company, today announced financial results for the three- and nine-months ended September 30, 2021. The Company operates in a variety of land-based business segments, including farming, mineral resources, and ranch operations, as well as a commercial/industrial mixed use master plan known as the Tejon Ranch Commerce Center, that is currently in operation focusing on leasing, development, and sales. The Company is also in the process of developing three additional mixed use master planned residential developments in southern California. When all four master planned developments are fully built out, Tejon Ranch will be home to 35,278 housing units, more than 35 million square feet of commercial/industrial space and 750 lodging units. "The Company is maintaining positive momentum even in the face of challenges in the current economic and business environment," said Gregory S. Bielli, President and CEO. "On the industrial real estate front, all 4.8 million square feet of leasable space has been leased and occupied at Tejon Ranch Commerce Center and we have started construction on another 630,000 square-foot industrial spec building to provide additional opportunities for growth and reoccurring revenues. On the residential side, we are advancing our projects and have submitted for approval the final map for the initial phases of our Mountain Village community." Third Quarter Financial Results Net income attributable to common stockholders for the third quarter of 2021 was $0.2 million, or net income per share attributed to common stockholders, basic and diluted, of $0.01, compared with a net income attributable to common stockholders of $0.4 million, or net income per share attributed to common stockholders, basic and diluted, of $0.02, for the third quarter of 2020. Revenues and other income, for the third quarter of 2021, including equity in earnings of unconsolidated joint ventures were $16.5 million, compared with $15.1 million for the third quarter of 2020. Factors affecting the quarterly results include: Mineral resources segment revenues were $4.8 million for the three months ended September 30, 2021, an increase of $3.5 million, or 261%, from $1.3 million for the three months ended September 30, 2020. The dry 2020/2021 winter diminished water availability in California, eventually resulting in a State Water Project Allocation of 5%, which increased water transaction opportunities. With this demand, the Company generated $3.1 million in additional water sales. During the quarter ended September 30, 2021, the Company sold 2,603 acre-feet of water, while comparatively, there were no water sales during the third quarter of 2020. Additionally, the Company generated more rock aggregate royalties due to demand fueled by increased infrastructure construction throughout the state. Farming segment revenues were $6.7 million for the three months ended September 30, 2021, a decrease of $1.8 million, or 21%, from $8.5 million for the third quarter of 2020. Pistachio revenues for the quarter decreased $1,243,000 primarily due to a decrease in insurance proceeds received in 2021 when compared to 2020. In 2020, the Company received pistachio crop insurance proceeds of $3,789,000 as weather conditions negatively impacted the expected yields, but because the 2021 pistachio crop year is a down bearing production year and yields were expected to be lower, the insurance proceeds were only $466,000, a decrease of $3,323,000. With respect to yields, the Company sold 1,615,000 and 456,000 pounds of pistachios for the quarters ended September 30, 2021 and 2020, respectively. Almond revenues decreased $472,000 as a result of the timing of sales. Comparatively, the Company sold 337,000 and 529,000 pounds of almonds for the quarters ended September 30, 2021 and 2020, respectively. Supply chain disruption could hinder the Company's ability to sell the entirety of its almond crop in 2021, which would result in a greater portion of the 2021 crops being sold in the 2022. Equity in earnings from the Company's joint ventures were $1.5 million for the three months ended September 30, 2021, an increase of $0.4 million or 38%, from $1.1 million during the same period in 2020. The changes are primarily attributed to the following: The Petro Travel Plaza improved its operating results during the quarter now that all of its restaurants are open for business. Additionally, the joint venture saw an increase in traffic as evidenced by a 22% increase in fuel sales volumes over the comparative period. The TRCC/Rock Outlet Center improved its operating results as a result of not having to issue COVID-19 related lease concessions in 2021. Additionally, there were fewer tenant departures over the comparative periods. Year-to-Date Financial Results Net income attributable to common stockholders for the first nine months of 2021 was $2.0 million, or net income per share attributed to common stockholders, basic and diluted, of $0.08, compared with a net loss attributable to common stockholders of $0.6 million, or net loss per share attributed to common stockholders, basic and diluted, of $0.02, for the first nine months of 2020. Revenues and other income, for the first nine months of 2021, including equity in earnings of unconsolidated joint ventures, totaled $45.6 million, compared with $34.5 million for the first nine months of 2020. Factors impacting the year-to-date results include: Commercial/industrial real estate development segment revenues totaled $12.8 million for the first nine months of 2021, an increase of $5.7 million, or 79%, from $7.1 million for the first nine months of 2020. The increase was primarily attributed to a land sale to the TRC-MRC 4 joint venture that resulted in $5.7 million in additional revenues. Mineral resources segment revenues were $19.4 million for the first nine months of 2021, an increase of $10.1 million, or 109%, from $9.3 million for the first nine months of 2020. The 2021 State Water Project Allocation of 5% brought about favorable sales conditions, resulting in a significant increase in water sales. Comparatively, the Company sold 13,199 acre-feet and 4,625 acre-feet of water as of September 30, 2021 and 2020, respectively. The Company in 2021 also generated additional rock aggregate royalties resulting from increased demand for building supplies. he above increases were partially offset by a decrease in farming revenues. Farming revenues were $7.6 million for the first nine months of 2021, a decrease of $2.1 million, or 22%, from $9.7 million for the first nine months of 2020. The decline is attributed to lower pistachio revenues of $1.3 million because of lower crop loss insurance proceeds, and lower almond revenues of $0.9 million as a result of the timing of sales as discussed previously. Equity in earnings were $2.8 million for the nine months ended September 30, 2021, a decrease of $0.8 million, or 22%, from $3.6 million during the same period in 2020. The decrease was primarily attributed to the Petro Travel Plaza Holdings joint venture, or Petro. Although Petro improved its fuel sales volume by 24% in 2021 when compared with 2020, the Company's share of operating results declined by $0.9 million due to an 91% increase in the overall cost of fuel that was only partially offset by a 64% increase in fuel sales prices. Lastly, in 2020 the Company sold a building and land previously operated by a fast food tenant to its Petro joint venture. The Company received a cash distribution of $2.0 million from the joint venture, and realized a Gain on Sale of Real Estate of $1.3 million. There was no such transaction in 2021. 2021 Outlook: TRCC has seen an increase in traffic as evidenced by a 24% increase in fuel sales volumes at the Petro Travel Plaza joint venture when compared to the same prior year period. The Company's other segments continue to operate without restrictions as they are and continue to be deemed essential. As it relates to COVID-19, the Company will continue to prioritize employee health and provide work safety guidelines prescribed by Cal/OSHA. The Company is adhering to the applicable COVID-19 safety requirements as prescribed by the Federal Government. Uncertainty remains over long-term vaccine efficacy, global vaccine adoption and availability, and the possibility of reinstating pandemic restrictions arising from future mutations such as the Delta variant. Labor shortages are increasing the Company's cost of labor in its farming segment, while supply chain disruptions are impacting the ability to deliver our farm production to customers. We expect almond sales for 2021 to be affected by these two factors, however the total impact is not known at this time. The long-term impact of such uncertainties on the Company's business are currently unknown and may vary in scope and severity from the impacts to-date. The actions taken by governments, other businesses, and individuals in response to the supply chain disruptions and the pandemic will continue to have an impact on results of operations and overall financial performance. The Company's capital structure provides a solid foundation for continued investment in ongoing and future projects during this time of uncertainty. As of September 30, 2021, total capital, including debt, was approximately $505.3 million. As of September 30, 2021, Company had cash and securities totaling approximately $45.5 million and $35.0 million available on its line of credit. The Company will continue to aggressively pursue commercial/industrial development, multi-family development opportunities, leasing, sales, and investment within TRCC and its joint ventures. The Company will also continue to invest in its residential projects, including Mountain Village at Tejon Ranch, Centennial at Tejon Ranch and Grapevine at Tejon Ranch. For the remainder of 2021, the Company will continue to invest in master project infrastructure, defending currently held entitlements, and vertical development within its active commercial and industrial developments. California is one of the most highly regulated states in which to engage in real estate development and, as such, natural delays, including those resulting from litigation, can be reasonably anticipated. Throughout the next few years, the Company expects net income to fluctuate from year-to-year based on commodity prices, production within its farming and mineral resources segments, and the timing of sales and leasing of land within its industrial developments. About Tejon Ranch Co. Tejon Ranch Co. (NYSE:TRC) is a diversified real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. More information about Tejon Ranch Co. can be found on the Company's website at www.tejonranch.com. Forward Looking Statements: The statements contained herein, which are not historical facts, are forward-looking statements based on economic forecasts, strategic plans and other factors, which by their nature involve risk and uncertainties. Some of the factors that could cause actual results to differ materially are the following: business conditions and the general economy, future commodity prices and yields, market forces, the ability to obtain various governmental entitlements and permits, interest rates, the impact of COVID-19, and other risks inherent in real estate and agriculture businesses. For further information on factors that could affect the Company, the reader should refer to the Company's filings with the Securities and Exchange Commission. TEJON RANCH CO.CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except earnings per share)(Unaudited)   Three Months Ended September 30,   Nine Months Ended September 30,   2021   2020   2021   2020 Revenues:               Real estate - commercial/industrial $ 2,466     $ 2,710     $ 12,820     $ 7,144   Mineral resources 4,774     1,322     19,354     9,276   Farming 6,726     8,537     7,612     9,698   Ranch operations 996     944     2,868     2,483   Total revenues 14,962     13,513     42,654     28,601   Cost and Expenses:               Real estate - commercial/industrial 2,331     2,026     8,595     5,704   Real estate - resort/residential 322     273     1,314     1,225   Mineral resources 3,025     648     12,325     5,240   Farming 7,296     8,108     9,977     10,909   Ranch operations 1,182     1,164     3,511     3,748   Corporate expenses 2,021     2,121     6,676     7,148   Total expenses 16,177     14,340     42,398     33,974.....»»

Category: earningsSource: benzingaNov 4th, 2021

First Industrial Realty Trust Reports Third Quarter 2021 Results

CHICAGO, Oct. 20, 2021 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE:FR), a leading fully integrated owner, operator and developer of industrial real estate, today announced results for the third quarter of 2021. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.33, compared to $0.28 a year ago and third quarter FFO was $0.51 per share/unit on a diluted basis, compared to $0.49 per share/unit a year ago. Excluding approximately $0.04 per share/unit of income related to the final settlement of an insurance claim, third quarter 2020 FFO was $0.45 per share/unit. "Our team continued its strong performance in the quarter producing excellent portfolio results and executing on our investment strategy," said Peter E. Baccile, First Industrial's president and chief executive officer. "We are achieving strong rent growth across our markets while driving external growth through our expanding development pipeline." Portfolio Performance In service occupancy was 97.1% at the end of the third quarter of 2021, compared to 96.6% at the end of the second quarter of 2021, and 96.3% at the end of the third quarter of 2020. Third quarter 2021 same property cash basis net operating income before termination fees ("SS NOI") increased 6.9%. Cash rental rates increased 22.8% and increased 36.2% on a straight-line basis in 3Q21. Cash rental rate growth on the 98% of 2021 rollovers completed and new leases signed to-date is 15.3%. The Company, to-date, has signed approximately 29% of 2022 rollovers by square footage at a cash rental rate increase of approximately 19.0%. Development Leasing During the third quarter and fourth quarter to-date, the Company: Leased its 548,000 square-foot First Park @ PV303 Building C in Phoenix prior to completion and signed an agreement for a 254,000 square-foot expansion with the tenant. Leased 100% of the 303,000 square-foot First Wilson Logistics Center I in the Inland Empire. The lease is expected to commence upon completion in the first quarter of 2022. Leased 100% of its 28,000 square-foot port-centric redevelopment in the South Bay submarket of Los Angeles. Investment and Disposition Activities In the third quarter, the Company: Commenced development of three projects totaling 691,000 square feet, with an estimated total investment of $108 million comprised of: First Park Miami Building 1 in South Florida - 219,000 square feet; 50% pre-leased; $39 million estimated investment. First Loop Logistics Park in Central Florida - four buildings totaling 344,000 square feet; $45 million estimated investment. First Steele in Seattle - 129,000 square feet; $24 million estimated investment. Acquired a 39,000 square-foot building in Fremont in Northern California for $8 million. Acquired three sites totaling 122 net acres in the Inland Empire East and Denver for $59 million that are developable up to 2.1 million square feet. Sold six buildings and four units totaling 159,000 square feet located in Detroit and South Florida for $14 million. In the fourth quarter, the Company: Plans to commence development of three projects totaling 800,000 square feet, with an estimated total investment of $130 million comprised of: First Pioneer Logistics Center in the Inland Empire - 461,000 square feet; $73 million estimated investment. FirstGate Commerce Center in South Florida - 132,000 square feet; $24 million estimated investment. First Bordentown Logistics Center in New Jersey - 208,000 square feet; $33 million estimated investment, includes $8 million for site acquisition in 4Q21. Acquired two additional sites comprised of ten acres in the Inland Empire and Northern California for a total of $10 million. Sold four buildings totaling 90,000 square feet located in Detroit for $7 million. "Our team is creating value for shareholders by delivering high quality distribution facilities to serve the logistics needs for tenants operating in a range of industries," said Johannson Yap, chief investment officer. "We will have $725 million of development projects underway including our three planned fourth quarter starts and we continue to replenish our pipeline by sourcing and entitling land in high-barrier locations."   Capital During the third quarter, the Company: On July 7, 2021, closed a $750 million senior unsecured revolving credit facility which amended and restated its previous facility. The facility matures on July 7, 2025 and has two six-month extension options. The agreement provides for interest-only payments currently at an interest rate of LIBOR plus 77.5 basis points based on the Company's current credit ratings and consolidated leverage ratio which is a 32.5 basis point reduction in the credit spread compared to the prior facility. On July 7, 2021, closed a new unsecured term loan facility that refinances its $200 million unsecured term loan facility previously scheduled to mature on July 15, 2021. The new term loan matures on July 7, 2026 and provides for interest-only payments currently at an interest rate of LIBOR plus 85 basis points based on the Company's current credit ratings and consolidated leverage ratio which is a 65 basis point reduction in the credit spread compared to the prior term loan. With the interest rate swap agreements in place, the fixed interest rate on the new term loan is 1.84%. Issued 1.1 million shares of its common stock at an average price of $55.35 per share through its "at-the-market" equity offering program generating approximately $59 million in net proceeds. Outlook for 2021 "We are raising our full year FFO per share guidance for 2021 by $0.02 at the midpoint due to our strong third quarter performance and our outlook for the fourth quarter," added Mr. Baccile. "With strategic land positions that support the development of more than 16 million square feet of additional space, we are well-positioned for future growth." Low End of High End of Guidance for 2021 Guidance for 2021 (Per share/unit) (Per share/unit) Net Income $ 1.48 $ 1.52 Add:  Real Estate Depreciation/Amortization 0.98 0.98 Less:  Gain on Sale of Real Estate, Net of Allocable Income Tax Provision Including Joint Ventures, Through October 20, 2021 (0.53) (0.53) FFO (NAREIT Definition) $ 1.93 $ 1.97 The following assumptions were used for guidance: In service occupancy at year-end fourth quarter of 96.75% to 97.75%. This implies a full year quarter-end average in service occupancy of 96.5% to 96.8%, an increase of 15 basis points at the midpoint. Fourth quarter SS NOI growth on a cash basis before termination fees of 6.0% to 7.5%. This implies a quarterly average SS NOI growth for the full year 2021 of 4.3% to 4.7%, an increase of 25 basis points at the midpoint. Same Store revenues for the full year 2020 excludes approximately $1 million of insurance settlement gain relating to a building destroyed by fire in 2016. General and administrative expense of approximately $34 million to $35 million, an increase of $1 million at the midpoint. Includes the incremental costs expected in 2021 related to the Company's developments completed and under construction as of September 30, 2021 and the aforementioned planned fourth quarter starts of First Pioneer Logistics Center, FirstGate Commerce Center and First Bordentown Logistics Center. In total, the Company expects to capitalize $0.08 per share of interest in 2021. Other than the transactions discussed in this release, guidance does not include the impact of: any future debt repurchases prior to maturity or future debt issuances, any future investments or property sales, or any future equity issuances.  Conference Call First Industrial will host its quarterly conference call on Thursday, October 21, 2021 at 10:00 a.m. CDT (11:00 a.m. EDT). The conference call may be accessed by dialing (866) 542-2938 and entering the conference ID 2499227. The conference call will also be webcast live on the Investors page of the Company's website at www.firstindustrial.com. The replay will also be available on the website. The Company's third quarter 2021 supplemental information can be viewed at www.firstindustrial.com under the "Investors" tab.  FFO Definition In accordance with the NAREIT definition of FFO, First Industrial calculates FFO to be equal to net income available to First Industrial Realty Trust, Inc.'s common stockholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain or plus loss on sale of real estate, net of any income tax provision or benefit associated with the sale of real estate. First Industrial also excludes the same adjustments from its share of net income from unconsolidated joint ventures. About First Industrial Realty Trust, Inc. First Industrial Realty Trust, Inc. (NYSE:FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, we own and have under development approximately 67.7 million square feet of industrial space as of September 30, 2021. For more information, please visit us at www.firstindustrial.com. Forward-Looking Information This press release and the presentation to which it refers may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; the uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events, such as the recent outbreak of coronavirus disease 2019 (COVID-19); our ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including both public and private capital) and changes in interest rates; the availability and attractiveness of terms of additional debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; our competitive environment; changes in supply, demand and valuation of industrial properties and land in our current and potential market areas; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to manage the integration of properties we acquire; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreased rental rates or increased vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up schedules; potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described under the heading "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2020, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the SEC. We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC. A schedule of selected financial information is attached.   FIRST INDUSTRIAL REALTY TRUST, INC. Selected Financial Data (Unaudited) (In thousands except per share/Unit data) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 Statements of Operations and Other Data:     Total Revenues $ 121,082 $ 116,194 $ 354,739 $ 335,739     Property Expenses (33,396) (30,355) (98,386).....»»

Category: earningsSource: benzingaOct 20th, 2021

Futures Top 4,500 As Market Meltup Accelerates

Futures Top 4,500 As Market Meltup Accelerates Over the weekend, a Goldman flow trader explained why it expected a powerful market meltup to emerge in coming days, and this time Goldman was right because after trading at 4317 just one week ago, spoos are now almost 200 points higher, rising above 4500 this morning after a powerful ramp pushed US equity futures and global markets as an upbeat profit forecast from Johnson & Johnson which boosted (get it "boosted") its Revenue and EPS guidance, added to the positive momentum in corporate earnings generated by big banks last week and helped counter concerns about elevated inflation. At 715 a.m. ET, Dow e-minis were up 183 points, or 0.52%, S&P 500 e-minis were up 22.75 points, or 0.51%, and Nasdaq 100 e-minis were up 61.75 points, or 0.40%. Treasury yields were unchanged at 1.60% and the dollar slumped to a 4 week low. In premarket trading Johnson & Johnson - whose covid vaccine will soon be "mixed and matched" with mRNA platforms - rose 1.7% after it raised its 2021 adjusted profit forecast, even as it stuck to its outlook of $2.5 billion in sales from its COVID-19 vaccine this year. Walmart rose 2% after Goldman Sachs added the world’s largest retailer to its “Americas Conviction List”. Travelers Cos Inc rose 2.7% after the property and casualty insurer beat estimates for third-quarter profit. Large-cap FAAMG names all rose between 0.3% and 0.7%. Netflix Inc rose 0.1% ahead of its quarterly results later in the day, where it is expected to report blowout guidance for subscriber growth on the back of Squid Games. Here are some of the biggest U.S. movers today: Crypto stocks in spotlight as Bitcoin continued its climb toward all-time highs, bolstered by optimism over the launch of the first Bitcoin futures exchange-traded fund in the U.S. on Tuesday Hive Blockchain (HIVE US) +1.8%, Riot Blockchain (RIOT US) +2.3%, Marathon Digital (MARA US) +0.9%, Bitfarms (BITF US) +3.9% AgEagle Aerial Systems (UAVS US) shares rise as much as 16% in U.S. premarket after the provider of drones, sensors and software entered into a definitive agreement to buy Sensefly from Parrot at a valuation of $23m in cash and stock Steel Dynamics (STLD US) +1.5% in U.S. premarket trading after it reported 3Q adj. EPS above average analyst estimate Frontline (FRO US) jumps 6.5% in U.S. premarket trading, helped by rising oil prices Apple (AAPL US) marginally higher Tuesday premarket after analysts were upbeat on the company following an event where it showcased a revamp of its MacBook Pro laptops, along with new audio products EverQuote (EVER US) shares slipped Monday postmarket after co. cut 3Q revenue outlook TaskUS (TAS US) fell 6.8% Monday postmarket after holders offered shares via Goldman Sachs, JPMorgan Markets have taken comfort from robust earnings, but also grappling with the prospect of tightening monetary policy to quell price pressures. As Bloomberg notesm, traders are waiting to see if a slate of Federal Reserve speakers this week will try to calm the jitters stemming from the scaling back of pandemic-era policy support. “The world is watching interest rates more closely than it has for some time -- and rightly so, the moves have been emphatic, especially in the short-term maturities,” Chris Weston, head of research at Pepperstone Financial Pty, wrote in a note. He added it’s “impressive how resilient and calm markets are in the face of the rates repricing.” Still, the recent bounce in the Nasdaq 100 index has failed to shoo away the bears, with net short positions on the tech-heavy benchmark higher than at the peak of the pandemic, Citigroup strategists said. J&J, P&G, Philip Morris, Netflix and United Airlines are scheduled to report today. “We’ve seen companies post some fairly decent beats,” said Michael Hewson, chief market analyst at CMC Markets in London. “While it’s been notable that most have cited concerns about rising costs, as well as supply-chain disruptions, we haven’t seen many significant profit downgrades yet.” In Europe, gains for mining companies outweighed a retreat for the travel industry, lifting the Stoxx Europe 600 Index up 0.2%. Danone dropped 2.2% in Paris after the French food giant reported sales that were overall in line with expectations, but warned of rising costs of milk, packaging and transportation. Ericsson AB fell after sales were hit by supply chain issues.  Miners and oil & gas are the strongest sectors, healthcare and travel underperform. Here are some of the biggest European movers today: Moneysupermarket.com shares climb as much as 8.9% after the British price comparison website posted its 3Q update and announced the acquisition of cashback site Quidco for GBP101m in cash. Hochschild gains as much as 6.8% after the silver miner said it plans to spin off the rare earths project it bought two years ago and list the new company in Canada. Software AG drops as much as 14%, the most since 2014, after the company cut its FY bookings growth guidance in the Digital Business segment, which analysts highlight as a negative. Bachem falls as much as 11% to CHF745 after placing 750,000 new shares at CHF778 apiece to raise CHF584m for growth. Beijer Ref trades down as much 7.2% after the cooling and heatings systems manufacturer missed analyst estimates on both sales and profit in 3Q. Earlier in the session, Asian equities gained, buoyed by a rebound in technology shares listed in Hong Kong and elsewhere in the region amid better-than-expected earnings and lower valuations. The MSCI Asia Pacific Index climbed as much as 1%, as TSMC and Alibaba provided some of the biggest boosts. The Hang Seng Tech Index rose to its highest since Sept. 13, as Chinese authorities are said to be considering opening up access for content on Tencent and ByteDance platforms to search engines such as Baidu. “Markets are currently adjusting their expectations around regulatory risks,” said Jun Rong Yeap, market strategist at IG Asia.  Most benchmarks in the region were in the green as the earnings season comforted edgy investors, who are keenly watching inflation figures, supply chain bottlenecks and China’s growth slowdown. The Asian measure crossed above a key technical level that it’s been flip-flopping around for most of 2021. Some material and energy stocks took a breather, even as supply shortages and strong demand cause a price surge for raw materials. Profits for Asian oil refiners have shot back up to pre-pandemic levels as the shortage of gas and coal sparks a rush to secure alternative supplies. “The policy misstep, which I think is unlikely, is for central banks to confuse themselves by saying there’s inflation because of us, as aggregate demand is way too strong and so let’s fix a supply chain, Covid-driven pickup in costs by tightening monetary policies,” Ajay Kapur, head emerging markets strategy at BofA Global Research told Bloomberg Television. In a notable development, China Evergrande Group’s main onshore unit paid interest due Tuesday on a yuan bond, Reuters reported, citing four people with knowledge of the matter. Japanese equities rose, powered by advances in technology stocks as cyclicals fell. Electronics makers and telecommunications providers were the biggest boosts to the Topix, which gained 0.4%. Fast Retailing and SoftBank Group were the largest contributors to a 0.7% rise in the Nikkei 225. Australian stocks snapped a 3-day winning streak as banks, miners declined. The S&P/ASX 200 index fell 0.1% to close at 7,374.90, edging lower after three consecutive days of advances. Mining stocks and banks were the biggest drags on the benchmark. Appen was among the top performers, extending gains for a fifth straight session. Chalice Mining retreated, snapping a four-day winning streak. Higher interest rates would remove some of the heat from the nation’s property market, though it would come at the cost of fewer jobs and weaker wages growth, the Reserve Bank of Australia said in minutes of its October meeting released Tuesday.  In New Zealand, the S&P/NZX 50 index rose 0.5% to 13,065.92. “We are going to get a lot of information on whether margins are being squeezed by these shortages and higher prices and wages continuing to go up,” JoAnne Feeney, Advisors Capital Management partner and portfolio manager, said on Bloomberg Television. She added the delta-plus Covid variant could be among sources of volatility in the next few months. In rates, Treasury yields fell, led by the front end; Bund yields were also lower but by less than U.S. peers. Yields are richer by 2bp-3bp across front-end of the curve, cheaper by ~1bp across long-end, with 2s10s, 5s30s spreads steeper by 2bp-3bp; 10-year is little changed at 1.597%, with bunds, gilts lagging by ~2bp. Daily ranges remain narrow while bunds and gilts underperform. Stock index futures are rising, lifting S&P 500 futures to highest level in more than a month.  In FX, the Bloomberg Dollar Spot Index plunged as the dollar steepened its losses throughout the day; the greenback fell versus all of its Group-of-10 peers and risk-sensitive antipodean and Scandinavian currencies were the best performers.  The euro advanced a fifth consecutive day against the greenback to touch an almost three-week high of $1.1663. Options suggest the euro will rise above a string of resistance levels that it faces in the spot market. Australian and New Zealand dollars both advanced to the strongest in more than a month as lower Treasury yields dragged down the U.S. currency. Australia’s sovereign bonds rebounded after minutes from the nation’s latest central bank meeting prompted a rollback of early rate-hike bets. The central bank said it is committed to maintaining a supportive policy until actual inflation is sustainably within its 2%-3% target range. The yen snapped a three-day decline aided by falling U.S. yields and as traders saw the recent losses as excessive; Japan’s 20-year debt sale drew the lowest bid-to-cover ratio since 2015. In commodities, oil gained as Russia signaled that it won’t go out of its way to offer European consumers extra gas to ease the current energy crisis unless it gets regulatory approval to start shipments through the controversial Nord Stream 2 pipeline. Spot gold rallied, clawing back half of Friday’s losses to trade near $1,780/oz. Base metals are well bid. LME nickel and tin outperform, both rising over 2%. Looking at the day ahead, and we’ll hear from an array of central bank speakers, including the BoE’s Governor Bailey, Pill and Mann, the ECB’s Rehn, Centeno, Elderson, Panetta and Lane, along with the Fed’s Daly, Barkin, Bostic and Waller. Otherwise, US Data releases including September’s housing starts and building permits, and earnings today include Johnson & Johnson, Procter & Gamble, Netflix, Philip Morris International and BNY Mellon. Market Snapshot S&P 500 futures up 0.2% to 4,488.50 STOXX Europe 600 up 0.2% to 467.87 MXAP up 1.0% to 200.25 MXAPJ up 1.2% to 658.33 Nikkei up 0.7% to 29,215.52 Topix up 0.4% to 2,026.57 Hang Seng Index up 1.5% to 25,787.21 Shanghai Composite up 0.7% to 3,593.15 Sensex up 0.5% to 62,070.31 Australia S&P/ASX 200 little changed at 7,374.85 Kospi up 0.7% to 3,029.04 Brent Futures up 0.4% to $84.63/bbl Gold spot up 1.0% to $1,782.67 U.S. Dollar Index down 0.36% to 93.61 German 10Y yield rose 4.7 bps to -0.155% Euro up 0.4% to $1.1652 Top Overnight News from Bloomberg Bank of France Governor Francois Villeroy de Galhau says there is no reason to raise rates next year as inflation will come back below ECB’s 2% target, according to France Info radio interview U.S. Treasuries, European sovereigns, U.K. gilts and emerging-market credit are all set to lose money over the 12 months through September as dwindling coupons provide little cushion against rising yields, according to forecasts from Bloomberg Intelligence. Adding to the potentially toxic environment for bonds is the prospect of major central banks unwinding debt purchases and raising interest rates U.K. Prime Minister Boris Johnson promised to find a solution to Brexit’s Northern Ireland Protocol, a sign that a compromise will be reached with the European Union in a dispute that had threatened to spiral into a trade war. Bitcoin continued its climb toward all-time highs, bolstered by optimism over the upcoming launch of the first Bitcoin futures exchange-traded fund in the U.S. by asset manager ProShares China’s property and construction industries contracted in the third quarter for the first time since the start of the pandemic, weighed by a slump in real estate China’s central bank has room to cut the amount of cash banks must hold in reserve in order to boost liquidity and support economic growth, a government adviser said Contagion effects on inflation from the recent surge in energy prices can’t be excluded, but they are not the most likely scenario, Riksbank Deputy Governor Martin Floden says in parliamentary hearing A more detailed look at global markets courtesy of Newsquawk Asian equity markets were kept afloat with the region encouraged after the mostly positive lead from US, where equity markets shrugged off the hawkish calls on global rates and big tech gained including Apple which benefitted following its hardware event. ASX 200 (-0.1%) was initially marginally higher as tech mirrored the outperformance of the sector stateside and with notable gains in property stocks, although the advances in the index were capped and upside faded ahead of resistance at the 7,400 level and due to weakness in mining-related stocks following yesterday’s cooldown in commodity prices, as well as lower production results from BHP. Nikkei 225 (+0.7%) was underpinned as exporters benefitted from favourable currency flows, while the KOSPI (+0.7%) was also firmer with the index unfazed by the latest North Korean projectile launches which were said to be ballistic missiles and therefore banned under UN Security Council resolutions. Hang Seng (+1.5%) and Shanghai Comp. (+0.7%) adhered to the upbeat mood with Hong Kong the biggest gainer in the region amid strength across a broad range of sectors aside from energy due to the recent pullback in oil and with casino names also underwhelmed by weaker Q3 Macau gaming revenue compared with the prior quarter. Finally, 10yr JGBs nursed some of yesterday’s losses after global counterparts also found reprieve from the latest bout of bond selling pressure but with the recovery only marginal amid the mostly positive risk tone and following mixed results from the 20yr JGB auction. Top Asian News Alibaba Unveils One of China’s Most Advanced Chips Secretive Body Leads Xinjiang’s AI Policing, Report Finds China’s Central Bank Should Cut RRR, Government Adviser Says China’s Curbs on Fertilizer Exports to Worsen Global Price Shock European equities (Euro Stoxx 50 +0.1%; Stoxx 600 +0.2%) trade with an upside in an attempt to claw back some of yesterday’s losses with fresh macro impulses relatively light since Monday’s close. The Asia-Pac session was predominantly firmer with indices kept afloat by the mostly positive lead from the US and performance in the tech sector. As it stands, US equity index futures are marginally firmer with performance across the majors relatively even (ES +0.4%) as markets await a slew of large-cap earnings. In terms of market commentary, JP Morgan notes that global EPS revisions remain plentiful as sell-side analysts’ global EPS upgrades continue to outnumber EPS downgrades. That said, JPM is of the view that the trend is slowing. In terms of the sector breakdown, analysts note that Defensive Sectors show improving EPS revisions, whilst Global Cyclicals sectors such as Technology, Financials, Energy, Industrials and Discretionary dominate the largest upgrades. Back to Europe, sectors are mostly firmer with outperformance in Basic Resources amid upside in underlying commodity prices. Elsewhere, Retail names also outperform peers with some of the French luxury names such as Kering, LVMH and Hermes trying to claw back some of yesterday’s post-Chinese GDP losses with the former set to release earnings after-hours. To the downside, the Telecoms sector sits in modest negative as Ericsson (-0.3%) acts as a drag post-Q3 results. In terms of individual movers, Pearson (+3.6%) stands at the top of the Stoxx 600 after being upgraded at Credit Suisse, whilst Iberdrola (+3.2%) is also a notable gainer amid news that it is to invest USD 8.3bln into a North Sea wind farm complex – its largest global investment. Laggards include Teamviewer (-4.8%) following a broker downgrade at Exane, whilst broker action has also hampered IAG (-3.5%). In terms of large cap earnings, Danone (-1%) shares are seen lower after flagging rising costs and a slowdown in sales growth. Top European News European Gas Prices Drop on Windy and Mild Weather Forecasts Most of Barclays’ U.S. Workers Now Back in Office, Staley Says Poland Escalates Rule-of-Law Dispute, Risking EU Recovery Money Goldman Sachs Investment Banker Joins Nordic Venture Fund Hadean In FX, a downbeat session for the Dollar thus far as the index retreats further from the 94.000 mark to extend the lower bound of a two-week range. There has been little in terms of fundamental catalysts to trigger the selloff as yields remain elevated (albeit off recent highs), and market sentiment remains tentative. State-side, there is a lack of developments Capitol Hill, with US President Biden stating that he is "right now" going to try for a deal with Moderate Democratic Senator Manchin, while it was separately reported that Senator Manchin said he does not see how a deal on Biden's agenda will happen by October 31st. The DXY is more interesting from a technical standpoint after falling just short of the 100 WMA (94.213) during yesterday's session to a high of 94.174 and losses exacerbated overnight by a breach of support at the 21 DMA (98.879) – with the line acting as firm support over the past three consecutive trading sessions. The next levels to the downside naturally reside at the 93.500 mark – with clean air seen until the psychological mark. Below that, the September 28th low resides at 93.360, followed by the 50 DMA at 93.242 and the 27th Sept base at 93.206. Ahead, the data docket remains light, but Fed speak is abundant, although from regulars. AUD, NZD, CAD - The antipodeans top the G10 chart, with the NZD the marked outperformer as participants mull stepper RBNZ rate hikes following yesterday's hot Kiwi CPI metrics. ANZ Bank brought forward its forecast for the RBNZ to lift the OCR to a neutral rate of 2% by August 2022 from a prior forecast of a neutral rate by the end of 2022. NZD/USD surpassed its 200 DMA - which matches the 0.7100 psychological level (vs low 0.7079). The pair now probes 0.7150 with some potential resistance seen at 0.7156 (September 10th high), 0.7167 (September 6th high), and 0.7170 (September 3rd high). The Aussie meanwhile saw a relatively mundane RBA minutes release, but the AUD optimism is likely spurred by the rebound in base metals. AUD/USD found support at its 100 DMA (0.7406) and inches closer towards 0.7450. Gains in the CAD are still somewhat hampered by the slide in crude prices yesterday; nonetheless, USD/CAD re-eyes levels last seen in July. EUR, GBP, JPY - All benefit from the softer Dollar, although the Sterling fares slightly better as BoE market pricing provides further tailwinds; markets are currently assigning a 78% probability of a 25bps hike at the November 4th confab. HBSC weighed in this morning and suggested the economic fundamentals do not appear to have changed sufficiently to warrant the recent market move, with market pricing looking too aggressive given the balance of supply and demand in their view. This followed GS and JPM reeling in their BoE hike forecasts yesterday. GBP/USD extends upside above 1.3800 and topped its 100 DMA situated at 1.3809. On the UK docket, BoE’s Mann and Chief Economic Pill could provide some more meat on the bones following Governor Bailey’s weekend remarks. EUR/USD was bolstered above its 21 DMA (1.1620) and posts gains north of 1.1650 at the time of writing, with the pair also eyeing chunky OpEx with EUR 1.3bln between 1.1600-15 and EUR 581mln between 1.1670-75. EUR/GBP meanwhile tests 0.8450 to the downside from a current 0.8463 high. USD/JPY has pulled back after failing to breach resistance just ahead of the 114.50 mark, with the softer Buck bringing the pair back towards the 114.00 ahead – with Friday's base at 113.63. In commodities, WTI and Brent front-month futures are nursing yesterday’s wounds and prices remain elevated despite a lack of fresh catalysts and with the macro landscape little changed as of late. The themes remain a) OPEC+ supply, b) supply crunch in the natural gas, LNG, electricity, and coal markets and c) winter demand. Elsewhere, the White House said it is continuing to press OPEC members to address the oil supply issue and is also addressing logistics of supply. Furthermore, the White House will use every lever at its disposal and the FTC is also looking at possible price gouging. WTI Nov extends gains above USD 83/bbl (vs 82.05/bbl low) while Brent Dec aims at USD 85/bbl (vs low 83.83/bbl). Elsewhere, metals have been spurred by the retreat in the Dollar, with spot gold topping its 50 DMA (1,778/oz) after testing its 21 DMA (1,760/oz) overnight, with the yellow metal also seeing its 200 and 100 DMAs at 1,793/oz and 1,794/oz respectively. Over to base metals, Dalian iron ore futures snapped a four-day losing streak, with iron ore shipments departing from Australia and Brazil lower W/W according to Mysteel data. Copper prices meanwhile are buoyed with the LME future holding onto comfortable gains north of USD 10k/t. US Event Calendar 8:30am: Sept. Building Permits MoM, est. -2.4%, prior 6.0%, revised 5.6% 8:30am: Sept. Housing Starts MoM, est. -0.2%, prior 3.9% 8:30am: Sept. Building Permits, est. 1.68m, prior 1.73m, revised 1.72m 8:30am: Sept. Housing Starts, est. 1.61m, prior 1.62m DB's Jim Reid concludes the overnight wrap At home we have recently bought a wooden bench for our kitchen table with the names of our three kids carved into the seats. We are pretty confident that there’ll be no need for more names. The problem was though that we chose an elegant, flamboyant font. The twins have just started to learn how to recognise and write their own names with the school having a very strict letter formation. As such last night when we were discussing it, young James refused to accept that this was his name on the bench and was hysterical with anger screaming that the bench needed to go as it was wrong. He kept on shouting “that’s not my name”. Nothing could persuade him otherwise. I thought I was defusing the situation by playing the famous Ting Tings song “that’s not my name” on the kitchen speakers but this just made matters far worse just before bedtime. So if anyone wants a bench with Edward, Maisie and James carved into it let me know as it’s causing a lot of grief at home. It seems like rate hikes are increasingly being carved into markets at the moment as Bank of England Governor Bailey’s hawkish Sunday comments that we discussed yesterday set the tone for the last 24 hours. Rates opened very weak across the globe but a similar pattern broke out to that seen over the last couple of weeks where higher yields have either brought in fresh bond buyers or markets have decided that the higher rate story is enough of a potential risk-off or negative growth story that dip buying mentality sets in. So yields have been a bit 3 steps higher, two steps lower over the last couple of weeks even though the inflation data has been largely one way higher. It was the UK that saw the most seismic shifts yesterday after Governor Bailey’s comments, with yields on 2yr UK gilts (+13.1bps) seeing their biggest daily move higher since August 2015, and the 2s10s curve (-9.8bps) flattening by the most since the height of the pandemic in March 2020. Markets are now pricing in a move in the Bank Rate up to around 0.45% by the December meeting (from 0.1%), and up to around 0.95% by the June meeting, around 15-30bps more priced in across the next several meetings from Friday’s close. So tomorrow’s CPI release from the UK will be interesting in light of this but it will likely be the calm before the storm given favourable base effects and with other pipeline inflation items yet to feed into the data. You can get a sense of how the UK is moving much faster than others in its rate hike pricing in that the spread between 2yr gilts and treasury yields is now at its widest in favour of gilt yields since late 2014. Yields on shorter maturities saw the most sustained movement elsewhere as well as investors began to anticipate imminent rate hikes. In fact, by the close of trade yesterday, markets were just shy of pricing in 2 Fed hikes by the end of 2022, which is some way ahead of the Fed’s dot plot from last month, when half the members didn’t see any hikes until at least 2023. Indeed, December 2022 Eurodollar futures have increased some 40 basis points over the last month, whilst September 2022 futures have increased more than 20 basis points. 10yr Treasury yields climbed +3.0 to 1.600%, with the rise entirely driven by higher real yields (+4.6bps). They were at 1.625% at the session highs, though. Those movements were echoed in the Euro Area, although the main difference to the US and the UK was that higher inflation breakevens rather than real rates drove the moves higher in yields. By the close of trade, yields on 10yr bunds (+2.1bps), OATs (+2.2bps) and BTPs (+3.0bps) had all moved higher even if again a few bps off the highs for the session. On the inflation side, the 10yr German breakeven hit a post-2013 high of 1.85%, just as the 5y5y forward inflation swap for the Euro Area was up +4.5bps to 1.91%, its highest closing level since 2014. The prospect of faster rate hikes put a dampener on equities, especially earlier in the day, though the S&P 500 (+0.34%) recovered to close just -1.13% beneath its all-time closing high from early September. Cyclical industries led the index higher, with the FANG+ index of megacap tech stocks (+1.99%) seeing a strong outperformance as all but 1 of its 10 constituents moved higher on the day. It was a different story in Europe however, where the STOXX 600 fell -0.50% in line with the losses elsewhere on the continent. At the sectoral level, energy was the outperformer in Europe but faded into the US close. After 8 successive weekly advances for WTI oil prices, yesterday saw it hit fresh multi-year highs (again…) intraday, gaining as much as +1.89% during the London session. However WTI made an about turn after the London close, and ultimately finished only slightly higher (+0.19%) on the day. Elsewhere, Bitcoin increased +3.31% yesterday and is up another +1.95% this morning to $62,564, bringing it within 1.5% of its own all-time closing high back in April and 3.6% beneath its all-time intraday high. The cryptocurrency has rallied in recent weeks as news picked up that the first US bitcoin ETF would be approved. Later today the ProShares ETF is expected to start trading, offering US retail investors a new avenue to trade the world’s largest cryptocurrency. The ETF will offer exposure to bitcoin futures contracts rather than “physical” bitcoin. Stocks are trading higher in Asia overnight, with the Hang Seng (+1.30%), CSI (+1.01%), Shanghai Composite (+0.74%), the Nikkei (+0.73%) and the KOSPI (+0.61%) all advancing thanks to an outperformance from technology stocks. For now at least, positive earnings are outweighing the impact from the prospect of faster than expected interest rate hikes. However, the issues stemming from Evergrande will continue to remain in focus as the developer has a Yuan bond interest due today. Outside of Asia, futures are pointing towards modest gains at the open, with those on the S&P 500 (+0.06%) and the DAX (0.11%) moving higher. Turning to the pandemic, the continued decline in global cases over the last couple of months and the lack of new variants has rather taken it off the front business pages of late. That said, there were a few concerning indications yesterday when it came to the health picture. Firstly, China is dealing with a fresh cluster in its northwestern provinces, with further positive tests reported overnight. Second, there are signs that we could be facing a more severe flu season as we approach winter in the northern hemisphere, with the Walgreens Boots Alliance reporting that flu cases are 23% higher in the US relative to a year ago. Third, there were some questions from the UK, as former US FDA Commissioner Scott Gottlieb wrote on Twitter on Sunday that given the recent rise in UK cases and the “delta-plus” variant, that there should be “urgent research” to discover if it was more transmissible or had partial immune evasion. Finally, New Zealand (which had been pursuing a zero-Covid strategy in the past) reported a record 94 cases yesterday as Auckland remains in lockdown. There wasn’t a massive amount of data yesterday, though US industrial production fell -1.3% in September (vs. +0.1% expected), and the August number was also revised down half a percentage point to now show a -0.1% contraction. Partly that was thanks to the continuing effects of Hurricane Ida, which contributed around 0.6 percentage point of the overall drop in production, but the contraction also reflected supply-chain issues (eg auto chip shortages). Otherwise, the NAHB housing market index for October unexpectedly rose to 80 (vs. 75 expected). To the day ahead now, and we’ll hear from an array of central bank speakers, including the BoE’s Governor Bailey, Pill and Mann, the ECB’s Rehn, Centeno, Elderson, Panetta and Lane, along with the Fed’s Daly, Barkin, Bostic and Waller. Otherwise, US Data releases including September’s housing starts and building permits, and earnings today include Johnson & Johnson, Procter & Gamble, Netflix, Philip Morris International and BNY Mellon. Tyler Durden Tue, 10/19/2021 - 07:50.....»»

Category: dealsSource: nytOct 19th, 2021

Futures Surge On Debt Ceiling Reprieve, Slide In Energy Prices

Futures Surge On Debt Ceiling Reprieve, Slide In Energy Prices The nausea-inducing rollercoaster in the stock market continued on Thursday, when US index futures continued their violent Wednesday reversal - the biggest since March - and surged with Nasdaq futures up more than 1%, hitting a session high, as Chinese technology stocks rebounded from a record low, investors embraced progress on the debt-ceiling impasse in Washington, a dip in oil prices eased worries of higher inflation and concerns eased about the European energy crisis fueled a risk-on mood. At 7:30am ET, S&P futures were up 44 points or 1.00% and Dow futures were up 267 points or 0.78%. Oil tumbled as much as $2, dragging breakevens and nominal yields lower, while the dollar dipped and bitcoin traded around $54,000. Wednesday's reversal started after Mitch McConnell on Wednesday floated a plan to support an extension of the federal debt ceiling into December, potentially heading off a historic default, a proposal which Democrats have reportedly agreed to after Senate Majority Leader Chuck Schumer suggested an agreement would be in place by this morning. While the deal is good news for markets worried about an imminent default, it only kicks the can to December when the drama and brinksmanship may run again. Markets have been rocked in the past month by worries about the global energy crisis, elevated inflation, reduced stimulus and slower growth. Meanwhile, the prospect of a deal to boost the U.S. debt limit into December is easing concern over political bickering, while Friday’s payrolls report may shed light on the the Federal Reserve’s timeline to cut bond purchases. “We have several things that we are watching right now -- certainly the debt ceiling is one of them and that’s been contributing to the recent volatility,” Tracie McMillion, head of global asset allocation strategy at Wells Fargo Investment Institute, said on Bloomberg Television. “But we look for these 5% corrections to add money to the equity markets.” Tech and FAAMG stocks including Apple (AAPL US +1%), Nvidia (NVDA +2%), Microsoft (MSFT US +0.9%), Tesla (TSLA US 0.8%) led the charge in premarket trading amid a dip in 10-year Treasury yields on Thursday, helped by a slide in energy prices on the back of Putin's Wednesday announcement that Russia could ramp up nat gas deliveries to Europe, something it still has clearly not done. Perhaps sensing that not all is at Putin said, after plunging on Wednesday UK nat gas futures (NBP) from 407p/therm to a low of 209, prices have ominously started to rise again. As oil fell, energy stocks including Chevron, Exxon Mobil and APA led declines with falls between 0.6% and 2.1%. Here are some of the other big movers today: Twitter (TWTR US) shares rise 2% in U.S. premarket trading after it agreed to sell MoPub to AppLovin for $1.05 billion in cash Levi Strauss (LEVI US) rises 4% in U.S. premarket trading after it boosted its adjusted earnings per share forecast for the full year; the guidance beat the average analyst estimate NRX Pharmaceuticals (NRXP US) drops in U.S. premarket trading after Relief Therapeutics sued the company, alleging breach of a collaboration pact Osmotica Pharmaceuticals (OSMT US) declined 28% in premarket trading after launching an offering of shares Rocket Lab USA (RKLB US) shares rose in Wednesday postmarket trading after the company announced it has been selected to launch NASA’s Advanced Composite Solar Sail System, or ACS3, on the Electron launch vehicle U.S. Silica Holdings (SLCA US) rose 7% Wednesday postmarket after it started a review of strategic alternatives for its Industrial & Specialty Products segment, including a potential sale or separation Global Blood Therapeutics (GBT US) climbed 2.6% in Wednesday after hours trading while Sage Therapeutics (SAGE US) dropped 3.9% after Jefferies analyst Akash Tewari kicked off his biotech sector coverage On the geopolitical front, a senior U.S. official said President Joe Biden’s plans to meet virtually with his Chinese counterpart before the end of the year. Tensions are escalating between the two countries, with U.S. Secretary of State Antony Blinken criticizing China’s recent military maneuvers around Taiwan. European equities rebounded, with the Stoxx 600 index surging as much as 1.3% boosted by news that the European Central Bank was said to be studying a new bond-buying program as emergency programs are phased out. Also boosting sentiment on Thursday, ECB Governing Council member Yannis Stournaras said that investors shouldn’t expect premature interest-rate increases from the central bank. Here are some of the biggest European movers today: Iberdrola shares rise as much as 6.8% after an upgrade at BofA, and as Spanish utilities climbed following a report that the Ministry for Ecological Transition may suspend or modify the mechanism that reduces the income received by hydroelectric, nuclear and some renewables in relation to gas prices. Hermes shares climb as much as 3.8%, the most since February, after HSBC says “there isn’t much to worry about” from a possible slowdown in mainland China or questions over trend sustainability in the U.S. Edenred shares gain as much as 5.2%, their best day since Nov. 9, after HSBC upgrades the voucher company to buy from hold, saying that Edenred, along with Experian, offers faster recurring revenue growth than the rest of the business services sector. Valeo shares gain as much as 4.9% and is Thursday’s best performer in the Stoxx 600 Automobiles & Parts index; Citi raised to neutral from sell as broker updated its model ahead of 3Q results. Sika shares rise as much as 4.2% after company confirms 2021 guidance, which Baader said was helpful amid market concerns of sequentially declining margins due to rising raw material prices. Centrica shares rise as much as 3.6% as Morgan Stanley upgrades Centrica to overweight from equalweight, saying the utility provider will add market share as smaller U.K. companies fail due to the spike in wholesale energy prices. Earlier in the session, Asian stocks rallied, boosted by a rebound in Hong Kong-listed technology shares and optimism over the progress made toward a U.S. debt-ceiling accord. The MSCI Asia Pacific Index climbed as much as 1.3%, on track for its biggest jump since Aug. 24. Alibaba, Tencent and Meituan were among the biggest contributors to the benchmark’s advance. Equity gauges in Hong Kong and Taiwan led a broad regional gain, while Japan’s Nikkei 225 also rebounded from its longest losing run since 2009. Thursday’s rally in Asia came after U.S. stocks closed higher overnight on a possible deal to boost the debt ceiling into December. Focus now shifts to the reopening of mainland China markets on Friday following the Golden Week holiday, and also the U.S. nonfarm payrolls report due that day. READ: China Tech Gauge Posts Best Day Since August After Touching Lows “Risk off sentiment has persisted due to a number of negative factors, but worry over some of these issues has been alleviated for the near term,” said Shogo Maekawa, a strategist at JPMorgan Asset Management in Tokyo. “One is that concern over stagflation has abated, with oil prices pulling back.” Sentiment toward risks assets was also supported as a senior U.S. official said President Joe Biden plans to meet virtually with Chinese President Xi Jinping before the end of the year. Of note, holders of Evergrande-guaranteed Jumbo Fortune bonds have yet to receive payment; the holders next step would be to request payment from Evergrande. The maturity of the bond in question was Sunday October 3rd, with a Monday October 4th effective due data, though the bond does have a five-day grace period only in the event that payment failure is due to an administrative/technical error. Australia's S&P/ASX 200 index rose 0.7% to close at 7,256.70. All subgauges finished the day higher, with the exception of energy stocks as Asian peers tumbled with a retreat in crude oil prices.  Collins Foods was among the top performers after the company signed an agreement to become KFC’s corporate franchisee in the Netherlands. Whitehaven tumbled, dropping the most for a session since June 17.  In New Zealand, the S&P/NZX 50 index fell 0.5% to 13,104.61. Oil extended its decline from a seven-year high as U.S. stockpiles grew more than expected, and European natural gas prices tumbled on signals from Russia it may increase supplies to the continent. The yield on the U.S. 10-year Treasury was 1.526%, little changed on the day after erasing a 2.4bp increase; bunds outperformed by ~1.5bp, gilts by less than 1bp; long-end outperformance flattened 2s10s, 5s30s by ~0.5bp each. Treasuries pared losses during European morning as fuel prices ebbed and stocks gained. Bunds and gilts outperform while Treasuries curve flattens with long-end yields slightly richer on the day. WTI oil futures are lower after Russia’s offer to ease Europe’s energy crunch. Negotiations on a short-term increase to U.S. debt-ceiling continue.    In FX, the Bloomberg Dollar Spot Index was little changed and the greenback was weaker against most Group-of-10 peers, though moves were confined to relatively tight ranges. The U.S. jobs report Friday is the key risk for markets this week as a strong print could boost the dollar. Options traders see a strong chance that the euro manages to stay above a key technical support, at least on a closing basis. Risk sensitive currencies such as the Australian and New Zealand dollars as well as Sweden’s krona led G-10 gains, while Norway’s currency was the worst performer as European natural gas and power prices tumbled early Thursday after signals from Russia it may increase supplies to the continent. The pound gained against a broadly weaker dollar as concerns over the U.K. petrol crisis eased and focus turned to Bank of England policy. A warning shot buried deep in the BoE’s policy documents two weeks ago indicating that interest rates could rise as early as this year suddenly is becoming a more distinct possibility. Australia’s 10-year bonds rose for the first time in two weeks as sentiment was bolstered by a short-term deal involving the U.S. debt ceiling. The yen steadied amid a recovery in risk sentiment as stocks edged higher. Bond futures rose as a debt auction encouraged players to cautiously buy the dip. Looking ahead, investors will be looked forward to the release of weekly jobless claims data, likely showing 348,000 Americans filed claims for state unemployment benefits last week compared with 362,000 in the prior week. The ADP National Employment Report on Wednesday showed private payrolls increased by 568,000 jobs last month. Economists polled by Reuters had forecast a rise of 428,000 jobs. This comes ahead of the more comprehensive non-farm payrolls data due on Friday. It is expected to cement the case for the Fed’s slowing of asset purchases. We'll also get the latest August consumer credit print. From central banks, we’ll be getting the minutes from the ECB’s September meeting, and also hear from a range of speakers including the ECB’s President Lagarde, Lane, Elderson, Holzmann, Schnabel, Knot and Villeroy, along with the Fed’s Mester, BoC Governor Macklem and PBoC Governor Yi Gang. Market Snapshot S&P 500 futures up 1% to 4,395.5 STOXX Europe 600 up 1.03% to 455.96 MXAP up 1.2% to 193.71 MXAPJ up 1.8% to 633.78 Nikkei up 0.5% to 27,678.21 Topix down 0.1% to 1,939.62 Hang Seng Index up 3.1% to 24,701.73 Shanghai Composite up 0.9% to 3,568.17 Sensex up 1.2% to 59,872.01 Australia S&P/ASX 200 up 0.7% to 7,256.66 Kospi up 1.8% to 2,959.46 Brent Futures down 1.8% to $79.64/bbl Gold spot up 0.0% to $1,762.96 U.S. Dollar Index little changed at 94.19 German 10Y yield fell 0.6 bps to -0.188% Euro little changed at $1.1563 Top Overnight News from Bloomberg Democrats signaled they would take up Senate Republican leader Mitch McConnell’s offer to raise the U.S. debt ceiling into December, alleviating the immediate risk of a default but raising the prospect of another bruising political fight near the end of the year The European Central Bank is studying a new bond-buying program to prevent any market turmoil when emergency purchases get phased out next year, according to officials familiar with the matter Market expectations for interest-rate hikes “are not in accordance with our new forward guidance,” ECB Governing Council member Yannis Stournaras said in an interview with Bloomberg Television Creditors have yet to receive repayment of a dollar bond they say is guaranteed by China Evergrande Group and one of its units, in what could be the firm’s first major miss on maturing notes since regulators urged the developer to avoid a near-term default Boris Johnson’s plan to overhaul the U.K. economy is a 10-year project he wants to see out as prime minister, according to a senior official. The time frame, which has not been disclosed publicly, illustrates the scale of Johnson’s gamble that British voters will accept a long period of what he regards as shock therapy to redefine Britain The U.K.’s surge in inflation has boosted the cost of investment-grade borrowing in sterling to the most since June 2020. The average yield on the corporate notes climbed just past 2%, according to a Bloomberg index A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks traded positively as the region took impetus from the mostly positive close in the US where the major indices spent the prior session clawing back opening losses, with sentiment supported amid a potential Biden-Xi virtual meeting this year, and hopes of a compromise on the debt ceiling after Senate Republican Leader McConnell offered a short-term debt limit extension to December. The ASX 200 (+0.7%) was led higher by strength in the tech sector and with risk appetite also helped by the announcement to begin easing restrictions in New South Wales from next Monday. The Nikkei 225 (+0.5%) attempted to reclaim the 28k level with advances spearheaded by tech and amid reports Tokyo is to lower its virus warning from the current top level. The Hang Seng (+3.1%) was the biggest gainer owing to strength in tech and property stocks, with Evergrande shareholder Chinese Estates surging in Hong Kong after a proposal from Solar Bright to take it private. Reports also noted that the US and China reportedly reached an agreement in principle for a Biden-Xi virtual meeting before year-end and with yesterday’s talks in Zurich between senior officials said to be more meaningful and constructive than other recent exchanges. Finally, 10yr JGBs retraced some of the prior day’s after-hours rebound with haven demand hampered by the upside in stocks and after the recent choppy mood in T-notes, while the latest enhanced liquidity auction for longer-dated JGBs resulted in a weaker bid-to-cover. Top Asian News Vietnam Faces Worker Exodus From Factory Hub for Gap, Nike, Puma Japan’s New Finance Minister Stresses FX Stability Is Vital Korea Lures Haven Seekers With Bonds Sold at Lowest Spread Africa’s Free-Trade Area to Get $7 Billion in Support From AfDB Bourses in Europe hold onto the gains seen at the cash open (Euro Stoxx 50 +1.5%; Stoxx 600 +1.1%) following on from an upbeat APAC handover, albeit the upside momentum took a pause shortly after the cash open. US equity futures are also firmer across the board but to a slightly lesser extent, with the tech-laden NQ (+1.0%) getting a boost from a pullback in yields and outperforming its ES (+0.7%), RTY (+0.6%) and YM (+0.6%). The constructive tone comes amid some positive vibes out of the States, and on a geopolitical note, with US Senate Minority Leader McConnell offered a short-term debt ceiling extension to December whilst US and China reached an agreement in principle for a Biden-Xi virtual meeting before the end of the year. Euro-bourses portray broad-based gains whilst the UK's FTSE 100 (+1.0%) narrowly lags the Euro Stoxx benchmarks, weighed on by its heavyweight energy and healthcare sectors, which currently reside at the foot of the bunch. Further, BoE's Chief Economist Pill also hit the wires today and suggested that the balance of risks is currently shifting towards great concerns about the inflation outlook, as the current strength of inflation looks set to prove more long-lasting than originally anticipated. Broader sectors initially opened with an anti-defensive bias (ex-energy), although the configuration since then has turned into more of a mixed picture, although Basic Resource and Autos still reside towards the top. Individual movers are somewhat scarce in what is seemingly a macro-driven day thus far. Miners top the charts on the last day of the Chinese Golden Week Holiday, with base metal prices also on the front foot in anticipation of demand from the nation – with Antofagasta (+5.1%), Anglo American (+4.2%) among the top gainers, whist Teamviewer (-8.2%) is again at the foot of the Stoxx 600 in a continuation of the losses seen after its guidance cut yesterday. Ubisoft (-5.1%) are also softer, potentially on a bad reception for its latest Ghost Recon game announcement. Top European News ECB’s Stournaras Reckons Investor Rate-Hike Bets Are Unwarranted Shell Flags Financial Impact of Gas Market Swings, Hurricane Johnson’s Plans for Economy Signal Ambitions for Decade in Power U.K. Grid Bids to Calm Market Saying Winter Gas Supply Is Enough In FX, the latest upturn in broad risk sentiment as the pendulum continues to swing one way then the other on alternate days, has given the Aussie a fillip along with news that COVID-19 restrictions in NSW remain on track for being eased by October 11, according to the state’s new Premier. Aud/Usd is eyeing 0.7300 in response to the above and a softer Greenback, while the Aud/Nzd cross is securing a firmer footing above 1.0500 in wake of a slender rise in AIG’s services index and ahead of the latest RBA FSR. Conversely, the Pound is relatively contained vs the Buck having probed 1.3600 when the DXY backed off further from Wednesday’s w-t-d peak to a 94.102 low and has retreated through 0.8500 against the Euro amidst unsubstantiated reports about less hawkish leaning remarks from a member of the BoE’s MPC. In short, the word is that Broadbent has downplayed the prospects of any fireworks in November via a rate hike, but on the flip-side new chief economist Pill delivered a hawkish assessment of the inflation situation in the UK when responding to a TSC questionnaire (see 10.18BST post on the Headline Feed for bullets and a link to his answers in full). Back to the Dollar index, challenger lay-offs are due and will provide another NFP guide before claims and commentary from Fed’s Mester, while from a technical perspective there is near term support just below 94.000 and resistance a fraction shy of 94.500, at 93.983 (yesterday’s low) and the aforementioned midweek session best (94.448 vs the 94.283 intraday high, so far). NZD - Notwithstanding the negative cross flows noted above, the Kiwi is also taking advantage of more constructive external and general factors to secure a firmer grip of the 0.6900 handle vs its US counterpart, but remains rather deflated post-RBNZ on cautious guidance in terms of further tightening. EUR/CHF/CAD/JPY - All narrowly mixed against their US peer and mostly well within recent ranges as the Euro reclaims 1.1500+ status in the run up to ECB minutes, the Franc consolidates off sub-0.9300 lows following dips in Swiss jobless rates, the Loonie weighs up WTI crude’s further loss of momentum against the Greenback’s retreat between 1.2600-1.2563 parameters awaiting Canada’s Ivey PMIs and a speech from BoC Governor Macklem, and the Yen retains an underlying recovery bid within 111.53-23 confines before a raft of Japanese data. Note, little reaction to comments from Japanese Finance Minister, when asked about recent Jpy weakening, as he simply said that currency stability is important, so is closely watching FX developments, but did not comment on current levels. In commodities, WTI and Brent front month futures are on the backfoot, in part amid the post-Putin losses across the Nat Gas space, with the UK ICE future dropping some 20% in early trade. This has also provided further headwinds to the crude complex, which itself tackles its own bearish omens. WTI underperforms Brent amid reports that the US was mulling a Strategic Petroleum Reserve (SPR) release and did not rule out an export ban. Desks have offered their thoughts on the development. Goldman Sachs says a US SPR release would likely be of up to 60mln barrels, only representing a USD 3/bbl downside to the year-end USD 90/bbl Brent forecast and stated that relief would only be transitory given structural deficits the market will face from 2023 onwards. GS notes that any larger price impact that further hampers US shale activity would lead to elevated US nat gas prices in 2022, and an export ban would lead to significant disruption within the US oil market, likely bullish retail fuel price impact. RBC, meanwhile, believes that these comments were to incentivise OPEC+ to further open the taps after the producers opted to maintain a plan to hike output 400k BPD/m. On that note, sources noted that the OPEC+ decision against a larger supply hike at Monday's meeting was partly driven by concern that demand and prices could weaken – this would be in-fitting with sources back in July, which suggested that demand could weaken early 2022. The downside for crude prices was exacerbated as Brent Dec fell under USD 80/bbl to a low of near 79.00/bbl (vs 81.14/bbl), whilst WTI Nov briefly lost USD 75/bbl (vs high 77.23/bbl). Prices have trimmed some losses since. Metals in comparison have been less interesting; spot gold is flat and only modestly widened its overnight range to the current 1,756-66 range, whilst spot silver remains north of USD 22.50/bbl. Elsewhere, the risk tone has aided copper prices, with LME copper still north of USD 9,000/t, whilst some also cite supply concerns as a key mining road in Peru (second-largest copper producer) was blocked, with the indigenous community planning to continue the blockade indefinitely, according to a local leader. It is also worth noting that Chinese markets will return tomorrow from their Golden Week holiday. US Event Calendar 7:30am: Sept. Challenger Job Cuts YoY, prior -86.4% 8:30am: Oct. Initial Jobless Claims, est. 348,000, prior 362,000; Continuing Claims, est. 2.76m, prior 2.8m 9:45am: Oct. Langer Consumer Comfort, prior 54.7 11:45am: Fed’s Mester Takes Part in Panel on Inflation Dynamics 3pm: Aug. Consumer Credit, est. $17.5b, prior $17b DB's Jim Reid concludes the overnight wrap On the survey, given how fascinating markets are at the moment I think the results of this month’s edition will be especially interesting. However the irony is that when things are busy less people tend to fill it in as they are more pressed for time. So if you can try to spare 3-4 minutes your help would be much appreciated. Many thanks. It was a wild session for markets yesterday, with multiple asset classes swinging between gains and losses as investors sought to grapple with the extent of inflationary pressures and potential shock to growth. However US equities closed out in positive territory and at the highs as the news on the debt ceiling became more positive after Europe went home. Before this equities had lost ground throughout the London afternoon, with the S&P 500 down nearly -1.3% at one point with Europe’s STOXX 600 closing -1.03% lower. Cyclical sectors led the European underperformance, although it was a fairly broad-based decline. However after Europe went home – or closed their laptops in many cases – the positive debt ceiling developments saw risk sentiment improve throughout the rest of New York session. The S&P rallied to finish +0.41% and is now slightly up on the week, as defensive sectors such as utilities (+1.53%) and consumer staples (+1.00%) led the index while US cyclicals fell back like their European counterparts. Small cap stocks didn’t enjoy as much of a boost as the Russell 2000 ended the day -0.60% lower, while the megacap tech NYFANG+ index gained +0.82%. Risk sentiment improved following reports that Senate Minority Leader Mitch McConnell was willing to negotiate with Democrats to resolve the debt ceiling impasse and allow Democrats to raise the ceiling until December. This means President Biden and Congressional Democrats would be able to finish their fiscal spending package – now estimated at around $1.9-2.2 trillion – and include a further debt ceiling raise into one large reconciliation package near year-end. Senate Majority Leader Schumer has not publicly addressed the deal yet, but Democrats have signaled that they’ll accept the deal, although they’ve also indicated they’d still like to pass the longer-term debt ceiling bill under regular order in a bipartisan manner when the time came near year-end. Interestingly, if we did see the ceiling extended until December, this would put another deadline that month, since the government funding extension only went through to December 3, so we could have yet another round of multiple congressional negotiations in just a few weeks’ time. The news of a Republican offer coincided with President Biden’s virtual meeting with industry leaders, where the President implored them to join him in pressuring legislators to raise the debt limit. Treasury Secretary Yellen also attended the meeting, and re-emphasised her estimate for the so-called “drop dead date” to be October 18. Potentially at risk Treasury bills maturing shortly thereafter rallied a few basis points, signaling investors took yesterday afternoon’s debt ceiling developments as positive and credible. This was a far cry from where markets opened the London session as turmoil again gripped the gas market. UK and European natural gas futures both surged around +40% to reach an intraday high shortly after the open. However, energy markets went into reverse following comments from Russian President Putin that the country was set to supply more gas to Europe and help stabilise energy markets, with European futures erasing those earlier gains to actually end the day down -6.75%, with their UK counterpart similarly reversing course to close -6.96% too. The U.K. future traded in a stunning 255 to 408 price range on the day. We shouldn’t get ahead of ourselves here though, since even with the latest reversal, prices are still up by more than five-fold since the start of the year, and this astonishing increase over recent weeks has attracted attention from policymakers across the world as governments look to step in and protect consumers and industry. In the EU, the Energy Commissioner, Kadri Simson, said that the price shock was “hurting our citizens, in particular the most vulnerable households, weakening competitiveness and adding to inflationary pressure. … There is no question that we need to take policy measures”. However, the potential response appeared to differ across the continent. French President Macron said that more energy capacity was required, of which renewables and nuclear would be key elements, while Italian PM Draghi said that joint EU gas purchases had wide support. However, Hungarian PM Orban took the opportunity to blame the European Commission, saying that the Green Deal’s regulations were “indirect taxation”, which shows how these price spikes could create greater resistance to green measures moving forward. Elsewhere, blame was also cast on carbon speculators, with Spanish environment minister Rodriguez saying that “We don’t want to be hostages of external financial investors”, and outside the EU, Serbian President Vucic said that his country could ban power exports if there were further issues, which just shows how energy has the potential to become a big geopolitical issue this winter. Those declines in natural gas prices were echoed across the energy complex, with both Brent Crude (-1.79%) and WTI (-1.90%) oil prices subsiding from their multi-year highs the previous day, just as coal also fell -10.20%. In turn, that served to alleviate some of the concerns about building price pressures and helped measures of longer-term inflation expectations decline across the board. Indeed by the close, the 10yr breakeven in the US had come down -1.4bps, and the equivalent measures in Germany (-4.6bps), Italy (-6.1bps) and the UK (-4.2bps) had likewise seen declines of their own. In spite of those moves for inflation expectations, this proved little consolation for European sovereign bonds as higher real rates put them under continued pressure, even if yields had pared back some of their gains from the morning. Yields on 10yr bunds (+0.6bps), OATs (+0.9bps) and BTPs (+3.2bps) were all at their highest levels in 3 months, whilst those on Polish 10yr debt were up +13.7bps after the central bank there unexpectedly became the latest to raise rates, with the 40bps hike to 0.5% marking the first increase since 2012. However, for the US it was a different story, with yields on 10yr Treasuries down -0.5bps to 1.521%, having peaked at 1.57% earlier in the London morning. There was a late story in Europe that could bear watching in the coming weeks as Bloomberg reported that the ECB is studying a new bond-buying tool that could help ease market volatility if a “taper tantrum”-esque move were to happen when the PEPP purchases end in March. The plan would reportedly target purchases selectively if there were to be a larger selloff in more heavily indebted economies, which differs from the existing programs that buys debt in relation to the size of each member’s economy. Asian stocks overnight have performed strongly, with the Hang Seng (+2.28%), Nikkei (+1.68%) and KOSPI (+1.61%) all advancing after the positive news on the debt-ceiling, as well on news that US President Biden was set to meeting with Chinese President Xi by the end of the year. All the indices were lifted by the IT and consumer discretionary sectors, and the Hang Seng Tech index has rebounded by +3.29% this morning. Separately, Evergrande-related news has been subsiding in recent days, but China Estates, a company controlled by a backer of Evergrande, rose 30% after the company disclosed an offer to take it private for $245mn. Otherwise, US futures are pointing to a positive start later, with those on the S&P 500 (+0.50%) and DAX (+1.19%) both advancing. Turning to Germany, exploratory talks will be commencing today between the centre-left SPD, the Greens and the Liberal FDP, who together would make up a so-called “traffic-light” coalition. That marks a boost for the SPD, who beat the CDU/CSU bloc into first place in the September 26 election, although CDU leader Armin Laschet said that his party were “still ready to hold talks”. However, the CDU/CSU have faced internal tensions after they slumped to their worst-ever election result, whilst a Forsa poll out on Tuesday said that 53% of voters wanted a traffic-light coalition, versus just 22% who favoured the Jamaica option led by the CDU/CSU. So momentum seems clearly behind the traffic light option for now. Looking at yesterday’s data, in the US the ADP’s report at private payrolls came in at an unexpectedly strong +568k (vs. +430k expected), which is the highest in their series for 3 months and comes ahead of tomorrow’s US jobs report. However in Germany, factory orders in August fell by -7.7% (vs. -2.2% expected) amidst various supply issues. To the day ahead now, and data releases include German industrial production and Italian retail sales for August, whilst in the US we’ve got the weekly initial jobless claims and August’s consumer credit.From central banks, we’ll be getting the minutes from the ECB’s September meeting, and also hear from a range of speakers including the ECB’s President Lagarde, Lane, Elderson, Holzmann, Schnabel, Knot and Villeroy, along with the Fed’s Mester, BoC Governor Macklem and PBoC Governor Yi Gang. Tyler Durden Thu, 10/07/2021 - 07:57.....»»

Category: blogSource: zerohedgeOct 7th, 2021

How the baby boomer generation is the real problem, according to 21 millennials

21 millennials told Insider why baby boomers are responsible for the many problems millennials now face. These millennials tell us about the problems they now face because of baby boomers. Business Insider Deutschland Millennials are accused by some of being whiny, narcissistic, and too politically passive. A number of them suggest, however, that the real problem isn't them; it's baby boomers. 21 millennials told Insider why baby boomers are responsible for many problems millennials now face. See more stories on Insider's business page. Whiny, self-obsessed, not politically engaged enough - the accusations directed at millennials by older generations seem endless.Millennials, or anyone born between 1980 and 2000, often get painted as pampered do-gooders with a naive worldview, whose priorities extend only to getting sabbaticals and being allowed to work from home.That said, decades of disregard for the climate, unfair policies and structures being implemented between the generations, and questionable ideas concerning success in the workplace have left 18 to 38-year-olds with a heavy weight to bear.Twenty-one young people from Germany told Insider of the problems the baby boomers have created and perpetuated in Germany and how they can be solved:'Let's stop talking about what's gone wrong.' Felix Finkbeiner, 20, environmental activist. Flickr / Plant for the Planet We're hurtling towards the edge of a cliff at full pelt - it isn't for the sake of science that we're trying to figure out the quantity by which sea levels are set to rise; it's about survival.Together, with more than 67,000 other children and young people from our Plant for the Planet initiative, I've committed myself to combat the climate crisis. And yes, perhaps the older generation is listening to us but are they doing enough?The climate crisis is the greatest challenge of our time. The CO2 clock is ticking. What must we do and what can we do right now? Well, we can massively reduce our CO2 emissions. And we can plant 1,000 billion trees to absorb a quarter of man-made CO2. I'd say to the older generations, to company bosses, and to politicians: "Let's stop talking about what's gone wrong or what's going wrong - let's plant trees together and save our future."'It's older people who get to call the shots on pensions - yet they no longer have to cough up.' Sarna Röser, 30, chairwoman of Junger Unternehmer (Young Entrepreneurs). BJU Most baby boomers will be retiring soon, which will put considerable pressure on our pension system. There's a massive disparity between the number of working people and the increasing number of pensioners for whom those working people are footing the bill.I think a simple and logical solution would be if everyone had to work for a period of time during their later years. And retirement should be linked to life expectancy. I'm skeptical about who decides what's what when it comes to pensions. You only find older people sitting on the Pensions Commission, who no longer foot the bill themselves. We younger people have to hand out payments but aren't given a say.'The biggest problem the baby boomers have left us isn't that they haven't grown out of their crap.' Kevin Kühnert, 28, national chairman of the youth organisation of the Social Democratic Party of Germany, Jusos. Getty Images The biggest problem the baby boomers have dumped on us isn't that they haven't grown out of their crappy habits: it's the state they've in which they've left the future of our pension system. Pay-as-you-go financing, which has been successfully practiced for decades, will come under increasing pressure as more baby boomers leave the workforce and begin receiving benefits from the pension fund. This news comes as no surprise but politics has, so far, failed to make provisions for that day, when it comes.Fewer contributors and more beneficiaries mean great challenges will be posed for the statutory pension for a good 15 years. How these challenges will be managed isn't just a technical question. In fact, some are taking the opportunity - through scandalous inaction - to slowly chip away at the principle of solidarity when it comes to pensions and to privatize them. If all employees became contributors, we could increase contributions slightly and, if necessary, avoid shying away from tax subsidies.'We've inherited the baby boomers' workaholic attitude and taken it to the next level. Stefanie Laufs, 31, senior communications consultant at a PR agency. Stefanie Laufs The notion that Generation Y has no interest in professional success and thinks of the home office as synonymous with doing nothing is certainly not new - and unfortunately, it's firmly rooted in the minds of many among the older generation. I actually believe we've inherited their workaholic attitude - always better, always more, always higher - and that we've taken what the baby boomers did and pushed it much further.Whether among friends, colleagues, or in reports in the media - no other generation linked with topics such as burnout or partly unpaid overtime as often as ours. The demands on our generation when it comes to starting a career are enormous. You're expected to have five years of professional experience after completing your studies as well as to nearly have finished your Ph.D. Of course, you can't solely blame the baby boomers, but they've always stressed the importance of establishing a career and reinforced that it was the key to a successful and happy life. Although we've taken on this attitude, we'd actually do a lot better to leave it behind. Generation Y continues to work a lot, but having a private life is much more important than money: leisure and downtime shouldn't be overlooked.Our generation is on its way to achieving the ideal work-leisure balance and to putting the baby boomers' workaholic madness to rest.'Too much emphasis on progress and performance is a key problem we've inherited from the older generation.' Jonathan Sierck, 24, author of the book 'Junge Überflieger'. Jonathan Sierck A serious problem we've inherited from the older generation is this fixation on progress and performance. In our tireless efforts to push boundaries, whatever the cost, there's usually little room to address the often serious consequences. There's no doubt about it: constant growth and development do pay off and, as a species, we have to take certain risks every now and then in order to move forward and survive. But pushing boundaries mustn't become the objective itself nor must it come at the cost that it currently does.In order to steer us into a desirable future, we need those in decision-making positions to be sharp. They need both the courage to change yet the informed judgment to pick up on warning signs too. To ensure we don't continue to deplete our resources, we need a clear plan that takes into consideration the effects of our actions. Otherwise, we'll leave our future generations with more - possibly even more serious - problems than those we have inherited, whether they be nuclear waste, the bees dying off, or climate disasters.'Our education systems barely differ to those of the previous generation - and neither has the emphasis on grades and targets in the world of work, unfortunately.' Magdalena Rogl, 33, head of digital channels Microsoft Germany. Magdalena Rogl I'm firm on the notion that we owe much to those who came before us. Especially the generation born in 1968, who revolutionized so much and helped break down so many structures.But one area in which far too little has happened in recent decades is education. Our education systems have barely changed from those of the previous generation - and neither has the emphasis on grades and targets in the world of work, unfortunately.At the age of 10, our children are still "sorted" into schools - not based on their individual talents, but purely according to their grades. Applicants are still assessed according to their qualifications on paper far too often, and not by what they actually know. And academic degrees are still worth more than emotional education.I still remember the look of horror on the faces of my first boyfriend and his parents when I announced I was leaving high school as soon as I legally could, to follow my heart and become a childcare worker.But I think I learned more life lessons through doing so than I could have ever done at university.And that's exactly what our generation so urgently needs: lessons in life. More and more tasks are being taken over by machines and artificial intelligence. The skills Generation Y needs in professional life today are not obedience, authority, and academic knowledge, but empathy, flexibility, and problem-solving.Our generation must adapt quickly to new circumstances, because the job you did yesterday may look quite different tomorrow. And the office is no longer about sitting at a desk from nine until five; it's about working at a time and place that maximizes one's quality of work, based on the individual.That's why I'm committed to ensuring our future generations get better human and digital education, so they make our world more human and each individual person can be as he or she is - and thus achieve their own best performance.'Those who monopolize most of the power are, on average, much too old.' Daniel Krauss, 35, cofounder and chief information officer of Flixbus. Flixbus Today's prosperity is probably the greatest legacy of the previous generation. We should definitely be grateful for it. But it's not as though it's being passed down to younger generations without its drawbacks. The downside is that his focus on prosperity means few provisions have been made for the future and we haven't adapted to our current challenges.Those who monopolize most of the power are still, on average, far too old. Our generation is still trapped in a gilded cage. At some point, young Germans are going to escape that cage and find that the country is no longer at the top of the list of industrial nations.This power needs to be handed over to the younger generation at an early stage. We're ready to take on the responsibility and start restructuring things.'The older generation knows little about what constitutes a healthy and balanced diet.' Jörg Mayer and Nadine Horn, both in their early thirties, are vegan bloggers on 'Eat this'. Eat This The abundance in food and convenience have featured heavily in the kitchens of the post-war generation. Where meat had previously featured rarely on the dining table, it was almost a compulsory, everyday part of meals in the 1950s. But it had to be simple, fast, and cheap.It's becoming increasingly clear that this kind of practice can't go on indefinitely for future generations.Due to this abundance and a lack of true appreciation for food, some among the older generation have little idea about what constitutes a healthy, balanced diet. What's more, over the years a lot of marketing-driven pseudo-sciences - which, simply put, is often wrong and sometimes even dangerous - have persisted.Questions like: "Where do vegans get protein from if they don't eat meat?" or the myth that milk consumption is good for the bones (when the opposite is true) are still firmly anchored in their minds and will only be shifted with a lot of effort.We try to set a good example and show that vegan life is anything but boring, that we don't just live off salad or tofu - that the kitchen can be a place to have fun. We're trying to show that cooking with friends, either alone or in pairs, is not another tedious chore; it's the best thing you can do.'Politicians must take us and our ideas seriously.' Ria Schröder, 26, chairman of Jungen Liberalen (the Young Liberals). Business Insider Deutschland The baby boomers, our parents and theirs, have been instrumental in ensuring we grew up with high living standards. I'm grateful for that but we've also inherited a few problems, one of them being the pension situation. Like many in my generation, I don't assume I'll be provided for in old age. The level of baby boomers being paid for by us is ever increasing while there are fewer of us to foot the bill. It's great that people are living longer but the subsidy for the pension system is already the largest item in the German budget.At the same time, less and less is being invested in the future: for example, in education, and in infrastructure. My generation is outnumbered. But those who focus only on large voter groups are putting the future of our country at risk in favor of short-term electoral success. Politicians must take us and our ideas seriously. Ultimately it will help not only one generation but the whole country.'We know humanity has power over the Earth's biophysical systems, thanks to our predecessors.' Sina Leipold, 32, junior professor of social transformation and circular economy at the University of Freiburg. Sina Leipold For some time, we've known humanity affects and has control over the Earth's biophysical systems more than any other force of nature - knowledge we've attained only thanks to our predecessors. It is both a blessing and a curse for our generation.Never before have so many people been able to inhabit our planet and never before have commodities like regular holiday flights been so easy and readily affordable.At the same time, hurricanes, floods, and heatwaves have threatened to destroy (and, in many cases, have destroyed) the lives and homes of millions.My personal goal, through a more responsible approach than previous generations, is to help our generation ensure this power sticks around long term, instead of putting it at risk by inviting irreversible climate disasters.'Older generations aren't prepared to take risks.' Christopher Obereder, 26, startup founder. David Visnjic Setting up a business in Germany is far too complex; it should be more straightforward. Other countries are well ahead and we should be moving on as soon as possible. The tax system in Germany is also massively outdated and makes it extremely difficult for those looking to get started with a business.Start-ups could be much better supported with tax reforms so the start-ups could focus more on taking care of their business. Singapore has attracted startups from all over the world with its simple control system and has become the hub of the crypto scene. Our political structures are also too slow to change and aren't able to keep up with innovation. Things have to change on this front.A survey by U.S. News showed Germany was in first place in the "Entrepreneurship" category, ahead of Japan and the USA. It's clear Germany is at the forefront despite the clear room for improvement.Work has also changed: people used to stay in the same job their whole life, which is why it used to be feasible to work without constantly developing and learning. Today we seem to switch jobs every year or two. I think it has a lot to do with the Internet.We always need to be ready to learn new things and take risks. And many opportunities and possibilities arise with the Internet if you're open to it - cryptocurrencies are something I'm currently heavily involved in and open to, and I realize older generations aren't.There's a conflict simply because older generations always advocate stability and safety over risk-taking, which they aren't prepared to do. I can only speak for myself but if I'd never taken risks, I'd never have learned. We have to learn through trial and error that you can't make money from anything and everything. Failure has become a valid part of working life, even if older generations still don't want to admit it.But older generations are starting to accept the start-up scene for what it is: it's fast-moving, involves risk-taking, and isn't always lucrative.'The older generation has left European peace in a fragile state.' Lisa Badum, 34, Green Party parliament representative. Lisa Badum The rapid rise in greenhouse gases, the dramatically worsening climate crisis, the question of nuclear waste disposal, the irreversible death of countless plant and animal species - these are just some of the many consequences of failed climate and environmental policies from previous generations. Because they haven't relied on sustainability, they've dumped the consequences of and responsibility for their actions onto future generations. We're now having to face a mammoth challenge together: to keep global warming below two degrees to give future generations the chance to make mistakes.As for Europe, our younger generation has inherited the task of establishing European peace, a project which the older generation has left in a sorry state. The continually rising rate of youth unemployment within the EU, austerity policies, Brexit - all of these things have greatly weakened the notion of the "European community" and reinforced right-wing nationalist and populist forces in Europe. I myself have close ties with Greece, and over the years I've witnessed the destructive effects of austerity there, and have also seen growing disillusionment towards the EU. We have to stop this in its tracks and do it now because lasting peace between us all is the most basic of prerequisites for taking on the many challenges ahead and finding solutions for tomorrow.Where justice and gender equality are concerned, the older generation has set us on a path of clear progress, particularly as regards legal equality between the sexes. While we have to defend this success, we also have to continue fighting for 100% equality between men and women, whether in family and work, pay or pension, and the end of sexual violence towards women and girls.'Digitisation is largely a generational issue.' Barbara Engels, 30, economist at the Institute of German Economics Cologne (IW). IW Cologne Being digital means being online, networking, being open to new business models - and being young. It seems to be a largely generational issue: older people are less likely to be online than younger people, which is a pity because digitization opens up many new possibilities, especially for people who are aging. It can simplify and enrich everyday life. I hope people of all ages will greet digitization with open arms and optimism, but obviously not without a healthy dose of skepticism. Networking is at the heart of the digital world and could contribute to a better level of understanding between young and old. And it would help us learn much more from older people and vice versa.'Pension plans are a big disappointment.' Kristine Lütke, 35, president of WirtschaftsjuniorDeutschland (the Junior Chamber Germany). Wirtschaftsjunioren Deutschland The subsequent drop in birth rate as a result of the rise of the contraceptive pill among the baby boomers is exacerbating demographic change. This has resulted in a shortage of specialists and labor in all areas of the economy. We young entrepreneurs and managers in particular are suffering from this as employers. Moreover, our country's pension plans are a huge disappointment for our generation and an attack on intergenerational justice, particularly in view of demographic changes. The question of billions of funding for the "maternal pension" that's been proposed in Germany remains open.What can be done to increase employment rates and to mitigate the consequences of demographic change, as well as the pensions package? We need to look at options for flexible retirement. The statutory retirement age should be done away with. And working time law needs to be fundamentally reformed.'Climate change presents us with challenges that will dictate the opportunities of future generations.' Lukas Köhler, 31, Free Democratic Party Member of Parliament. Lukas Köhler We've inherited a lot of problems to do with CO2 in the atmosphere. Climate change today presents us with a task - and how we manage this task will directly determine the opportunities available for future generations. That's why I'm fully committed to limiting climate change as much as possible. We will only succeed with a market-based climate policy in which politicians set clear targets for reducing emissions. Other bans and regulations are unnecessary and provide false incentives. If we succeed in building a global emissions trading scheme with ambitious goals, which is as broad as possible for all economic sectors, I'm convinced we can limit global warming to an acceptable level.'We've been left with a society that revolves around profit rather than sustainability.' Sonja Oberbeckmann, 36, environmental microbiologist at the Leibniz Institute for Baltic Sea Research. Sonja Oberbeckmann We have much to thank the previous generations for: no generation has grown up as carefree and with as many possibilities as ours. However, it's come at a price: we've been left with a society that revolves around profit rather than sustainability, where material prosperity counts more than individual happiness.My professional field, science, is set up for the short term: there are many temporary contracts, focusing on trendy topics. But this profit-focused society has left its mark everywhere. The environment is riddled with pesticides, exhaust gases, plastics, and much more. People are stressed and it seems they would sooner pop pills than demand the time to live more healthily. Hardly anyone stops to breathe.We, all generations together, can define new goals and break out of this established cycle, that's exploiting human and environmental resources. Instead of sitting passively in front of the television and getting worked up about company bosses, we should all be taking responsibility and consuming both more sustainably and consciously. And we should be asking ourselves from time to time what actually makes us truly happy.'We're still teaching as though we're in the 19th century.' Nina Toller, Private Teacher. Business Insider Deutschland Living in the 21st century, teaching 19th-century style: this is what seems to be at the core of our schooling.I've tried myself to fend this off with learning methods that combine critical thinking and communication with creativity and teamwork, as well as the use of digital media. My students shouldn't just be learning content and facts; they should be learning how to obtain new facts, how to share work effectively and efficiently, and how best to absorb and apply what they've learned. In this way, they develop openness, a willingness to learn, and also a certain degree of independence. The teacher becomes more of a companion for learning and a moderator.My school is open to digital media and supports me in my creative work. I almost always use QR codes or get foreign-language authors, into the classroom via Skype.Yet, due to a lack of technical support, training, time, and security, few teachers can organize something like this on their own initiative. On my page "Toller Unterricht" I publish lots of my ideas as well as tried and tested lesson plans, with materials included.Politicians have made promises to digitize schools. In addition to the lack of qualifications teachers have, there also seems to be a lack of equipment. I'm glad my school has some projectors and smartboards I can use for my lessons, but some don't even have Internet access.Data protection is currently being taken to ridiculous extremes: new data protection regulation makes the use of private computers difficult, so some are being advised to use paper and pen. This won't work within the frame of a digitization strategy for Germany in 2018.Therefore, comprehensive reform is needed. Only then can we equip all our students with the skills to prepare them for life and learning in the 21st century.'It's as if the parents think schools are responsible for raising children.' Franziska Hafer, 23, teacher. Franziska Hafer The older generation has paid far too little attention to sustainable development. Sustainable development means empowering children to form their own opinions and encouraging them to act sustainably. Sustainable development means the current generation is developing, not compromising the next generation, but actively considering it. Children haven't been sensitized to this at all.I think there's a very different tone in schools now. I get the sense that kids are becoming less and less respectful. Manners are disappearing and, unfortunately, you rarely see a boy holding the door open for a girl. It's as if parents think schools are responsible for bringing children up.Some children are only interested in who has the latest, highest-end mobile. The children who do not have a say in this are outside the picture - and I think that the generation above us is responsible for instilling different values.'We've inherited a toxic political style from the generation before us.' Max Lucks, 21, spokesman for Grünen Jugend (Green Youth). Max Lucks We've not inherited generational conflicts; we've inherited a toxic political style from the generation before us, which has dealt little with political change or shaping the future and has been more focused on how everything can remain as is. One only has to look at how Merkel's government dealt with a climate crisis and how it's always been ignored and fought against by one commission or another. This political style has disappointed our generation and rightly so: it's clear to young people that a little isn't enough to answer the hard questions. For example, how can we still find well-paid and permanent jobs in 20 years' time in spite of digitalization?'The older ranks of conservative politicians are afraid of change.' Akilnathan Logeswaren, 29, European Activist. Business Insider Deutschland As an activist for a united Europe, I'm always reminded of how much of the older ranks of conservative politicians fear change. While young people are almost unanimous in their commitment to a united Europe, the older generation is still resistant to it, although though the United States of Europe has been on the agenda of previous German political figures such as Franz Josef Strauss himself.While old politicians are practicing against the left by remaining on the right, today's young people are already focusing more on the spirit of the European Parliament, namely by looking for solutions.In the 21st century, it is no longer about just having ideas, but about collaborating for a shared future. For example, the campaign #FreeInterrail - a free Interrail ticket for all Europeans as soon as they turn 18 - was devised by the youth for the youth. Ideas like these will secure our peace and cohesion in the long term.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 4th, 2021

Google buying St John’s Terminal building for $2.1B

Google today announced its intent to purchase the St. John’s Terminal development that it currently leases for $2.1 billion in Q1 2022.  Google’s decision to exercise its option to purchase St. John’s Terminal further builds upon its existing plans to invest more than $250 million this year in its New... The post Google buying St John’s Terminal building for $2.1B appeared first on Real Estate Weekly. Google today announced its intent to purchase the St. John’s Terminal development that it currently leases for $2.1 billion in Q1 2022.  Google’s decision to exercise its option to purchase St. John’s Terminal further builds upon its existing plans to invest more than $250 million this year in its New York campus presence. Google’s 1.7 million-square-foot Hudson Square campus spans three buildings: 315 Hudson Street, 345 Hudson Street and St. John’s Terminal at 550 Washington Street. Google’s spaces in the two Hudson Street buildings are now completed, and the St. John’s Terminal anchor site is expected to open by mid 2023 as the new NYC headquarters for Google’s Global Business Organization. “New York’s energy, creativity and world-class talent are what keep us rooted here and why we’re deepening our commitment with plans to purchase St. John’s Terminal,” said Ruth Porat, Alphabet and Google CFO. “We look forward to continuing to grow along with this remarkable, diverse city.” “This announcement from Google is yet another proof point that New York’s economy is recovering and rebuilding. We are creating jobs, investing in emerging industries, lifting up New Yorkers, and together, we are writing our comeback story,” said Governor Kathy Hochul. “Google’s historic investment in New York City marks an enormous step for our recovery,” said Mayor Bill de Blasio. “The purchase of St. John’s Terminal will ensure New York remains a global leader in technology as well as a place that people are excited to live and work in.” The St John’s Terminal site was acquired for $700 million in 2017 by Oxford Properties, the project’s lead developer, and is a joint venture with Canada Pension Plan Investment Board. The 12-story, 1.3 million-square-foot St. John’s Terminal site encompasses two entire city blocks adjacent to Hudson River Park’s Pier 40 and is currently under construction.  “When we acquired the St. John’s Terminal site in 2017, we saw an incredible opportunity to rethink the modern workplace and bring that vision to New York,” said Dean Shapiro, Head of US Developments at Oxford Properties. “From day one of our partnership on the project, it was clear that Oxford and Google’s vision for the future of work were fully aligned. Today showcases our deeply shared commitment to the future of the office, and the great city of New York, as we drive innovation and creativity in the heart of NYC.” The former freight terminal is being reimagined into a highly sustainable, adaptable and connected building, with its biophilic design adding numerous outdoor open spaces and reconnecting the Hudson Square neighborhood to the waterfront. The building will also offset 100% of its carbon in support of Google’s carbon goals, in addition to pursuing LEED Platinum and ILFI (International Living Future Institute) Zero Carbon certifications. “St. John’s Terminal gave us the opportunity to design a healthy, high-performance building for Google that will connect Hudson Square to Hudson River Park with new public greenspaces and pathways, honor the industrial history of the area, and serve as a model for the sustainable future of New York City,” said Rick Cook, Founding Partner of COOKFOX Architects. As part of investing in its long-term campus footprint in New York City, construction is also proceeding at Pier 57 where Google will occupy about 320,000 s/f office space. Once completed next year, the site will also include a public food hall, community space, galleries, the city’s largest public rooftop space, and educational and environmental programs run by the Hudson River Park Trust.  Pier 57 rendering Google has had a presence in New York for more than 20 years, with 12,000 full-time employees in the state as Google’s largest office outside of California. The company’s campus investments will provide the capacity to grow its workforce in the city to more than 14,000 employees in the coming years. As part of its previously announced racial equity commitments, Google also plans to continue expanding the number of employees in diverse communities including New York that contribute to a high quality of life for Black+ Googlers. Google remains focused on helping local communities, organizations and people emerge stronger from the pandemic. Since 2005, Google has provided over $170 million in grant funding to nonprofits in New York. In the Hudson Square neighborhood, the company is supporting the new Jackie Robinson Museum opening next year with a grant to help deliver new educational programming for students. Google also provided grant funding to the Children’s Museum of the Arts to help launch new digital programming for childhood arts education, and to God’s Love We Deliver to offer free nutritious meals and services for those living with HIV/AIDS, cancer and other serious illnesses.  Jackie Robinson Museum rendering via Gensler Google also continues to invest in growing the next generation of tech talent. Its Grow with Google programs are helping to create new pathways to in-demand, good paying tech jobs for people most impacted by the pandemic. Through Google’s skilling programs, more than 3,800 New Yorkers have completed a certificate program to date. Google is also working with select CUNY/SUNY Schools to add Google Certificates to their curriculum as part of the SUNY for All free online training program. “We are excited to see Google expand its footprint here in New York City bringing opportunities for thousands of tech and related good-paying jobs. It is a true commitment to the City’s economic recovery and the future of the workplace, proving New York City is a thriving vital place in the global tech landscape,” said New York City Economic Development Corporation President and CEO Rachel Loeb. “The announcement by Google today reinforces what we’ve known all along: that New York is a great home for the tech industry,” said Bill Rudin, CEO and Co-Chairman of Rudin Management Company. “Google has been a great partner to this city and their continual investment and growth here is a strong demonstration of their commitment to New York and of the strength of our economic future.” St. John’s Terminal renderings all via COOKFOX Architects The post Google buying St John’s Terminal building for $2.1B appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklySep 21st, 2021

Woodmont Industrial Partners Acquires Site in Allentown, Pennsylvania

Woodmont Industrial Partners, a national developer and owner of industrial properties, today announced the acquisition of 2401 West Emmaus Avenue in Allentown, Pennsylvania. The site consists of a 91,350-square-foot building on 13.75 acres and is leased on a short-term basis. Woodmont Industrial Partners plans to re-position the site into a... The post Woodmont Industrial Partners Acquires Site in Allentown, Pennsylvania appeared first on Real Estate Weekly. Woodmont Industrial Partners, a national developer and owner of industrial properties, today announced the acquisition of 2401 West Emmaus Avenue in Allentown, Pennsylvania. The site consists of a 91,350-square-foot building on 13.75 acres and is leased on a short-term basis. Woodmont Industrial Partners plans to re-position the site into a state-of-the-art Class A facility that will meet the market’s demand for industrial space as vacancies hit a record low. “Pennsylvania’s Lehigh Valley is an incredibly attractive market for logistics and Allentown is at the heart of it as the site provides excellent proximity to I-78, the market’s main thoroughfare,” said Anthony Amadeo, Vice President at Woodmont Industrial Partners. “With the recent acquisition of 2401 West Emmaus Avenue, we’re thrilled to begin the redevelopment of a prime asset in an Opportunity Zone, and as we continue our strategic expansion in major corridors throughout the United States.” Woodmont plans to apply for its redevelopment plan in early 2022, with an expected completion of a Class A facility in 2023.  Allentown, PA is located just over 60 miles from Philadelphia and represents an incredibly attractive industrial market in the outer rings of the city, offering easy access to the surrounding region and beyond due to proximity to I-78, one of the region’s most active thoroughfares. Propelled by the growth in on-line retail and domestic manufacturing, the demand for state-of-the-art industrial facilities in and throughout the northeast has served to further enhance the value of strategically located assets in the region.  Over the past year Woodmont Industrial Partners has executed several key acquisitions in the most active industrial growth markets in the country. Over the last 12 months, WIP has added over 3,500,000 square feet to its industrial development pipeline   The post Woodmont Industrial Partners Acquires Site in Allentown, Pennsylvania appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJan 21st, 2022

Why Builders FirstSource (BLDR) is a Must Buy Right Now

A solid housing market backdrop, buyouts and digital solutions are encouraging for Builders FirstSource (BLDR). Solid momentum in the housing market has been a silver lining for building product suppliers. The migration of consumers to larger suburban and second homes is resulting in substantial square footage growth, thereby driving accelerated home products demand.Also, consumers are gradually shaking off worries about inflation and the rising cases of new variant Omicron. This is evident from the latest consumer confidence data. Consumer confidence improved in December, following a very modest gain in November. Importantly, as highlighted by Lynn Franco, senior director of economic indicators at the Conference Board, “expectations about short-term growth prospects improved, setting the stage for continued growth in early 2022. The proportion of consumers planning to purchase homes, automobiles, major appliances, and vacations over the next six months all increased.”Hence, among the bellwethers, Builders FirstSource Inc. BLDR has been gaining from the industry tailwinds. Also, the company’s focus on strategic acquisitions and divestitures, cost synergies as well as digital solutions bodes well.Shares of this leading supplier of building materials, manufactured components and construction services have rallied 97.1% over the past year, outperforming the Zacks Building Products – Retail industry’s 39.4% growth. Image Source: Zacks Investment Research Full-year 2022 earnings estimates for this Zacks Rank #1 (Strong Buy) company have moved 1.9% upward to $6.86 per share over the past seven days. This positive trend signifies bullish analysts’ sentiments, indicating robust fundamentals and the expectation of outperformance in the near term. You can see the complete list of today’s Zacks #1 Rank stocks here.What Makes the Stock an Attractive Pick?Inorganic DriveSystematic acquisition is an important growth strategy for Builders FirstSource in order to supplement organic growth and expand extensively across vast geographic boundaries. The company’s first selective targets are those entities manufacturing prefabricated components such as factory-built roof and floor trusses, wall panels, stairs, and engineered wood as well as other value-added products such as vinyl windows and millwork. Secondly, the company intends to enter some of the homebuilding markets wherein it does not currently operate.On Sep 1, 2021, the company acquired certain assets and operations of CTF Holdings Limited Partnership. Prior to the acquisition, CTF was the largest independent truss manufacturer in California, supplying framing contractors and builders in both single and multifamily markets.On Aug 17, 2021, the company acquired certain assets and operations of WTS Paradigm, LLC (“Paradigm”), a software solutions and services provider for the building products industry. This buyout expands the company’s digital capabilities and aligns with its broader vision to provide digital solutions improving efficiency in the homebuilding process.Focus on Digital SolutionsBuilders FirstSource remains focused on investing in innovations and enhancing digital solutions for customers. On Sep 9, 2021, the company acquired the Apollo software assets from a construction technology startup, Katerra. The platform provides design collaboration and workflow, construction budgeting and scheduling as well as field task assignment with mobile functionality. Much optimism can be noted in this regard, as the company intends to boost long-term value through digital transformation. Also, during second-quarter 2021, the company adopted new logistics technologies, mainly delivery and dispatch management system. Its digital strategy includes three major areas — to focus on internal processes and productivity by investing in technology to drive operational efficiency as well as excellence, to help streamline interactions with vendors and customers, and to focus on external innovation and investment to offer value-added digital products and services that support customers' success and growth.Focus on Cost SynergiesThe company’s elevated scale and a very comfortable balance sheet position enable it to project an annual run-rate synergy of $140 million to $160 million by the end of 2022, indicating an overachievement in just two years compared with the original three-year commitment between $130 million and $150 million. The company continued its focus on achieving higher operating leverage on the back of higher sales and robust expense controls by offsetting higher variable costs. Builders FirstSource is focused on cost-saving initiatives and implementing various plans for the same. Owing to this, the company is expected to provide greater resources to invest in growth, innovation and non-stop value creation for all its shareholders.Other Top-Ranked Stocks From the Broader Retail-Wholesale SectorGMS Inc. GMS presently has a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 24.9%, on average. Shares of GMS have gained 73.9% over the past year.The Zacks Consensus Estimate for GMS’ sales and earnings per share for the current financial year suggests an improvement of 36.6% and 100.6%, respectively, from the year-ago period.Beacon Roofing Supply, Inc. BECN presently has a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 566.8%, on average. Shares of BECN have gained 30.7% over the past year.The Zacks Consensus Estimate for BECN’s sales and earnings per share for the current financial year suggests an improvement of 6.7% and 9.4%, respectively, from the year-ago period.Fastenal Company FAST presently has a Zacks Rank #2. The company has a trailing four-quarter earnings surprise of 2%, on average. Shares of FAST have gained 20.3% over the past year.The Zacks Consensus Estimate for FAST’s sales and earnings for the current financial year suggests an improvement of 8.8% and 9.6%, respectively, from the year-ago period. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fastenal Company (FAST): Free Stock Analysis Report Beacon Roofing Supply, Inc. (BECN): Free Stock Analysis Report Builders FirstSource, Inc. (BLDR): Free Stock Analysis Report GMS Inc. (GMS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksJan 14th, 2022

Solar to Comprise 50% of 2022 U.S. Electricity Generation

In 2022, 21.5GW of new utility-scale electricity is projected to be generated from solar energy. To capitalize on this profitable trend, you may want to keep an eye on ENPH, SOL, FSLR Per the latest report by the U.S. Energy Information Administration (EIA), almost half of the planned 2022 electric capacity additions in the United States are expected to be solar. In particular, according to EIA’s Preliminary Monthly Electric Generator Inventory report, 46.1 gigawatts (GW) of new utility-scale electric generating capacity is projected to be added to the U.S. power grid, of which 21.5 GW is expected to be solar.This planned new capacity would exceed 2021’s 15.5 GW of solar capacity additions. This should benefit stocks like Enphase Energy ENPH, ReneSola SOL and First Solar FSLR that have a strong presence in the U.S. solar market.Factors Driving Increased Solar CapacityThe U.S. solar industry, which was dealt a big blow at the initial stages of the pandemic due to a decline in installation trend, is once again on a solid growth trajectory. Several factors have been boosting the growth of this industry, which we expect to witness this year as well.While the rapid transition of the entire world toward a net-zero carbon environment driven by growing demand for clean energy has been the primary catalyst bolstering the solar industry, factors like declining price, abundant corporate investment and a booming storage market have been playing a vital role in strengthening the U.S. solar industry lately.For instance, per the Solar Energy Industry Association’s report (SEIA), as of 2020, the cost to install solar dropped by more than 70% over the last decade. According to SEIA’s latest Solar Means Business Report, U.S. corporate solar investments swelled to 8300 megawatts, growing 20-fold over the last decade.Per Wood Mackenzie, the United States commands a global leadership position in energy storage and is expected to constitute 40% of the world’s capacity by 2030.  Such developments are surely boosting the U.S. solar industry.Solar Stocks to BenefitConsidering the aforementioned favorable trends of the U.S. solar industry along with the forward-looking prospects, the following solar stocks are expected to witness growth in the days ahead.Enphase Energy: Based in Fermont, CA, Enphase designs, develops, manufactures and sells home energy solutions, while microinverters remain this company’s legacy product. At the onset of the fourth quarter of 2021, the company introduced an all-in-one Enphase Energy System with IQ8 solar microinverters for customers in North America. With IQ8 being Enphase's smartest microinverter, so far, this launch surely expands the revenue growth prospects of the company in the United States.The Zacks Consensus Estimate for Enphase’s 2022 earnings has improved 15.2% over the past 90 days. ENPH boasts a four-quarter earnings surprise of 29.49% on average.ReneSola: Based in Stamford, CT, ReneSola is a solar project developer and operator, with robust pipeline projects worldwide. The United States continues to be a large and lucrative market for ReneSola. As of Sep 30, 2021, the company had mid-to-late-stage projects of 464 MW in the United States.The Zacks Consensus Estimate for Enphase’s 2022 earnings indicates an improvement of 39% from the prior-year estimated figure. SOL boasts a four-quarter earnings surprise of 127.50% on average.First Solar: Based in Tempe, AZ, First Solar is a leading global provider of comprehensive PV solar energy solutions and specializes in designing, manufacturing, and selling solar electric power modules. The company announced plans to expand its manufacturing capacity by 6.6 GW by constructing its third U.S. manufacturing facility in Ohio. This should enable First Solar to maintain its position as the largest U.S. solar module manufacturer.First Solar currently boasts a solid long-term earnings growth rate of 10.8%. FSLR has a four-quarter earnings surprise of 19.01% on average. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities. Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 3 crypto-related stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Renesola Ltd. (SOL): Free Stock Analysis Report First Solar, Inc. (FSLR): Free Stock Analysis Report Enphase Energy, Inc. (ENPH): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksJan 13th, 2022

Norwegian Cruise (NCLH) Expands Prima Class Fleet With New Ship

Norwegian Cruise (NCLH) unveils a new Prima Class brand ship, Norwegian Viva. The ship is scheduled to debut in Mediterranean destinations in June 2023. Norwegian Cruise Line Holdings Ltd. NCLH recently unveiled its new ship, Norwegian Viva, to its fleet of the Prima Class vessel. The 142,500-ton unit marks the brand’s second ship following the launch of Norwegian Prima in August 2021.Manufactured by Fincantieri in Marghera, Italy, the 3,219-guest capacity ship comprises 107 suites, including an expansive sundeck, an infinity pool as well as an outdoor spa with a glass-walled sauna and a cold room. It also features Ocean Boulevard (including a 44,000-square-foot outdoor walk), an outdoor sculpture garden, an Ocean walk and the Indulge Food Hall. Additional recreational activities, such as freefall drop slides at sea (The Rush and The Drop) as well as a three-level racetrack (Viva Speedway), are also made available.With respect to this, Harry Sommer, president and the chief executive officer of Norwegian Cruise Line, stated, "Norwegian Viva sets the standard in the premium segment, illustrating our commitment to pushing boundaries in four main areas: wide open space, service that puts guests first, thoughtful design and experiences beyond expectation.”Going forward, the company remains optimistic about welcoming guests as the ship is scheduled to debut in Mediterranean destinations in June 2023. Scheduled from Jun 15 to Nov 6, 2023, the ship will operate on a series of eight, nine and 10-day voyages from Lisbon, Portugal; Venice (Trieste) and Rome (Civitavecchia), Italy; and Athens (Piraeus), Greece. Also, the company emphasized the 2023-2024 winter season with scheduled sailings from San Juan, Puerto Rico to Southern Caribbean, starting Dec 15, 2023.Focus on Fleet Size ExpansionNorwegian Cruise is constantly looking to expand its fleet size. It has plans to introduce nine more ships through 2027. Most of them are on order for the Norwegian Cruise Line and the rest are for Oceania Cruises and Regent Seven Seas Cruises. For the Regent brand, it has one Explorer Class Ship to be delivered in 2023. For the Oceania Cruises brand, the company has two Allura Class Ships to be delivered in 2023 and 2025. With project Leonardo, Norwegian Cruise will have additional six ships with expected delivery dates from 2022 through 2027.Price PerformanceImage Source: Zacks Investment ResearchShares of NCLH have declined 15.9% in the past year against the industry's 4% growth. The dismal performance was mainly due to the COVID-19 crisis. A rise in cases has led to last-minute voyage cancelations. Although the company has announced the restart of cruise voyages, it is unable to evaluate the overall impact of the pandemic on its long-term or short-term business results. Earnings estimates for 2022 have remained unchanged in the past 30 days, limiting the upside potential of the stock.However, strong demand and growth in booking volumes are likely to aid the company in the upcoming periods. Despite the impact of the Delta variant, the company’s overall cumulative booked position for full-year 2022 is in line with 2019’s record levels. Also, the increased focus on fleet-expansion efforts is enabling the company to gain traction. The company was operating at nearly 40% of its capacity by the end of the third quarter of 2021.Zacks Rank & Key PicksNorwegian Cruise currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Some better-ranked stocks from the Consumer Discretionary sector include Hilton Grand Vacations Inc. HGV, Bluegreen Vacations Holding Corporation BVH and RCI Hospitality Holdings, Inc. RICK.Hilton Grand Vacations sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 411.1%, on average. Shares of Hilton Grand Vacations have increased 63.4% in the past year.The Zacks Consensus Estimate for HGV’s 2022 sales and earnings per share (EPS) suggests growth of 27.7% and 154.4%, respectively, from the year-ago period’s levels.Bluegreen Vacations sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 695%, on average. Shares of Bluegreen Vacations have surged 145.4% in the past year.The Zacks Consensus Estimate for BVH’s 2022 sales and EPS indicates a rise of 7.6% and 0.4%, respectively, from the year-ago period’s levels.RCI Hospitality sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 67.7%, on average. Shares of RCI Hospitality have surged 109.7% in the past year.The Zacks Consensus Estimate for RICK’s 2022 sales and EPS suggests growth of 34.9% and 22.1%, respectively, from the year-ago period’s levels. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities. Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 3 crypto-related stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Norwegian Cruise Line Holdings Ltd. (NCLH): Free Stock Analysis Report RCI Hospitality Holdings, Inc. (RICK): Free Stock Analysis Report Hilton Grand Vacations Inc. (HGV): Free Stock Analysis Report Bluegreen Vacations Holding Corporation (BVH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksJan 13th, 2022

PPG to Boost Waterborne Coatings Production With $10M Investment

PPG's $10-million investment in Germany will bolster its capability to produce waterborne basecoats to cater to automakers' rising demand for sustainable materials. PPG Industries, Inc. PPG recently announced its decision to invest more than $10 million (€9 million) in its plant in Weingarten, Germany, to boost production of automotive original equipment manufacturer (OEM) coatings.The Pennsylvania-based paints giant plans to build a 10,000-square-foot extension to its existing facility in Weingarten, which will have a capacity to produce more than 5,000 metric tons of waterborne basecoats annually. The project is anticipated to conclude in the second quarter of 2022.Waterborne coatings create lower volatile organic compound (VOC) emissions and replace the solvents found in conventional basecoats with distilled water. This helps provide reduced odor and enhanced air quality in the work environment for both PPG and its customers. VOC regulations in regions like Europe and China have fueled demand for waterborne technology.The latest investment will help PPG capitalize on the revved-up demand from automakers to include more sustainable materials in their products. This vital investment aims to solidify PPG’s production capabilities in Europe and will leverage its best-in-class waterborne technology to help its customers meet their carbon-neutrality goals. In fact, the company considers Weingarten as a crucial location due to its closeness to several key German OEM customers.This project forms part of the series of investments PPG makes in its automotive OEM coatings production in Europe. It parallels the company’s recently announced investment of €3 million to expand clearcoat production at its plant in Erlenbach, Germany. These investments will aid PPG in reducing its total operational carbon footprint by more than 1,000 metric tons of CO2 equivalent per year.PPG, having a long record of supplying paints and coatings to automotive manufacturers, stated that the latest investment will bolster its capabilities to produce more environment-friendly products and ensure continued value creation for its customers.Shares of PPG have gained 10.8% in the past year compared with a 6.5% rise of the industry.Image Source: Zacks Investment ResearchThe company, in its last earnings call, stated that it expects the ongoing supply-chain crisis to continue throughout the fourth quarter of 2021, with potential additional impacts from the recent industrial production curtailments in China. Nonetheless, it anticipated these disruptions to ease modestly in overall quantity and magnitude as the quarter progresses.PPG will continue to prioritize further selling price hikes and expects price realization to offset raw material cost inflation early this year. Moreover, the recovery of the automotive OEM, aerospace and automotive refinish coatings businesses will be a key catalyst for the company’s growth in 2022.PPG Industries also expects net sales volumes to be down 8-10% year over year in the fourth quarter of 2021. The company also sees adjusted earnings for full-year 2021 at $6.67-$6.73 per share.Zacks Rank & Key PicksPPG Industries currently carries a Zacks Rank #4 (Sell).Some better-ranked stocks worth considering in the basic materials space include Albemarle Corporation ALB, Commercial Metals Company CMC and AdvanSix Inc. ASIX.Albemarle, currently sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 51.5% for 2022. The Zacks Consensus Estimate for Albemarle’s 2022 earnings has been revised 5.4% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.Albemarle beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 22.1%. ALB has rallied around 34% in a year.Commercial Metals, flaunting a Zacks Rank #1, has a projected earnings growth rate of 10.5% for the current fiscal year. The consensus estimate for Commercial Metals’ current fiscal year has been revised 6.6% upward in the past 60 days.Commercial Metals beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missing once. It has a trailing four-quarter earnings surprise of roughly 13.1%, on average. CMC has rallied around 67.6% in a year.AdvanSix has a projected earnings growth rate of 3.9% for 2022. The Zacks Consensus Estimate for AdvanSix’s 2022 earnings has been revised 2% upward in the past 60 days.AdvanSix beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 46.9%. ASIX has rallied 102.3% in a year. It currently carries a Zacks Rank #2 (Buy). Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities. Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 3 crypto-related stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PPG Industries, Inc. (PPG): Free Stock Analysis Report Albemarle Corporation (ALB): Free Stock Analysis Report Commercial Metals Company (CMC): Free Stock Analysis Report AdvanSix (ASIX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksJan 13th, 2022

Futures Flat Ahead Of Another Scorching PPI Print

Futures Flat Ahead Of Another Scorching PPI Print US futures were little changed on Thursday one day after the highest CPI print since 1982 and just minutes before another red hot PPI print is expected (9.8%, up from 9.6%), as investors tried to gauge the timing and pace of monetary tightening. S&P 500, Dow and Nasdaq 100 futures were up 0.1% as investors waited for the next trading signal. 10Y yields were flat around 1.74%, and the dollar edged lower as a growing tide of investors bet the world’s reserve currency has reached a peak with rate hikes largely priced-in to the market with Fed tightening likely to lead to an economic slowdown. “Markets in 2022 have been volatile as the reality of inflation set in, and this reaction mainly reflects relief that the print did not exceed already lofty expectations,” Geir Lode, head of global equities at the international business of Federated Hermes, said in an email. Inflation hitting 7% could force a quicker move by the Federal Reserve, with the market now pricing four rate hikes this year starting no later than March, according to technical analyst Pierre Veyret at ActivTrades in London. “Investors still struggle with one crucial question: how will the Fed manage to tackle rising price pressure without derailing the fragile post-pandemic economic recovery?” Sure enough, San Francisco Fed President Mary Daly and her Philadelphia peer Patrick Harker added their voices to the chorus in interviews published yesterday evening and this morning, calling for a rate hike as soon as March when odds of a rate hike have hit a new high of 90%. Attention today will be on the confirmation hearing of Lael Brainard in the Senate. The vice-chair nominee, who last publicly commented on the economic outlook in September, said in prepared remarks that tackling inflation is the bank’s “most important task.” In premarket trading, shares in Delta Air Lines rose more than 2% even though the carrier missed revenue and EPS expectations, after the company said the omicron variant won’t derail its expectation to remain profitable for the rest of the year, as it released fourth-quarter financial results. Here are some of the biggest U.S. movers today: U.S. chip stocks are mixed in premarket trading after sector bellwether TSMC gave a 1Q sales outlook that beat estimates and raised its projected annual capex versus last year. Equipment stock Applied Materials (AMAT US) +2% premarket, while TSMC customers are mixed with Apple (AAPL US) -0.1%, Nvidia (NVDA US) +0.7% and AMD (AMD US) +0.6%. Puma Biotechnology (PBYI US) shares surge 13% in U.S. premarket trading, after the company said that its Nerlynx treatment was included in the National Comprehensive Cancer Network’s (NCCN) clinical practice guidelines in oncology for the treatment of breast cancer. KB Home (KBH US) shares rise 6.2% in premarket trading after the homebuilder’s 4Q EPS beat estimates, with Wells Fargo calling the results and guidance “solid.” Planet Labs (PL US) shares rise 1.6% in U.S. premarket trading, after the satellite data provider said that it plans to launch 44 SuperDove satellites on Thursday on SpaceX’s Falcon 9 rocket. Adagio Therapeutics (ADGI US) said ADG20 has neutralization activity against omicron and cites recent findings from three publications on ADG20. Shares jumped 30% in post-market trading. Discussing yesterday's scorching CPI print, DB's Jim Reid writes that "if you did an MRI scan of US inflation yesterday you’d find things to support both sides of the debate which is surprising when it hit 7% YoY and the highest since 1982 when Fed Funds were more than 13% rather than close to zero as they are today. So a slightly different real rate to back then. In fact the real rate is through any level seen in the 1970s and is only comparable to WWII levels. Back to CPI and the YoY number was in line with expectations, but core and MoM figures were all a bit firmer than expected. However, the beats were small enough that the data didn’t significantly change the outlook for monetary policy, with Fed funds futures still pricing in an 89% chance of a March hike, which is roughly around where it’d been over the preceding days." In Europe, the Stoxx Europe 600 Index paused after a two-day advance, erasing early declines of as much as 0.3% to trade little changed, with technology and automotive shares offsetting losses in consumer products and health care. CAC 40 underperforms, dropping as much as 0.6%. The Stoxx Europe 600 Technology sub-index is up 1.1%, getting a boost from chip stocks which gained after sector bellwether TSMC gave a 1Q sales outlook that beat estimates and raised its projected annual capex versus last year. Geberit dropped as much as 4.5% to a seven-month low after the Swiss producer of sanitary installations reported fourth-quarter sales. Bloomberg Dollar Spot dips into the red pushing most majors to best levels of the session. NZD, AUD and GBP are the best G-10 performers. Crude futures maintain a relatively narrow range. WTI is flat near $82.70, Brent stalls near $84.84. Spot gold dips before finding support near $1,820/oz. Most base metals are in the red with LME zinc lagging peers.  Asian stocks were little changed after capping their biggest rally in a year, with health-care and software-technology names retreating while financials advanced. The MSCI Asia Pacific Index fluctuated between a drop of 0.3% and a gain of 0.2% on Thursday. Hong Kong’s Hang Seng Tech Index lost 1.8% after rising the most in three months in the previous session. Benchmarks in China and Japan were the day’s worst performers, while the Philippines and Australia outperformed.   “The market rose a bit too much yesterday,” said Mamoru Shimode, chief strategist at Resona Asset Management in Tokyo. “Investors keep shifting back and forth from value stocks to growth names and vise versa. It’s because we don’t know yet where U.S. long-term yields will end up settling around.”  The Asian stock measure jumped 1.9% Wednesday on views that the Federal Reserve’s anticipated rate hikes will help curb inflation and allow the global recovery to chug along. U.S. inflation readings overnight, at an almost four-decade high, were in line with expectations and helped investors keep previous bets Japanese stocks fell after Tokyo raised its Covid-19 alert to the second-highest level on a four-tier system. The Topix dropped 0.7% to 2,005.58 at the 3 p.m. close in Tokyo, while the Nikkei 225 declined 1% to 28,489.13. Recruit Holdings Co. contributed the most to the Topix’s decline, decreasing 4%. Out of 2,181 shares in the index, 500 rose and 1,604 fell, while 77 were unchanged. HIS, Japan Airlines and other travel shares fell. Tokyo’s daily cases jumped more than fivefold on Wednesday to 2,198 compared with 390 a week earlier. India’s benchmark equity index eeked out gains to complete its longest string of advances since mid-October, buoyed by the nation’s top two IT firms after their earnings reports. The S&P BSE Sensex rose for a fifth day, adding 0.1% to close at 61,235.30 in Mumbai, while the NSE Nifty 50 Index climbed 0.3%. Infosys and Tata Consultancy Services were among the biggest boosts to both measures. Of the 30 shares in the Sensex index, 19 rose and 11 fell. Thirteen of the 19 sector sub-indexes compiled by BSE Ltd. advanced, led by a gauge of metal companies.  Infosys’ quarterly earnings beat and bellwether Tata Consultancy Services’s better-than-expected sales offer some hope that the rally in India’s technology sector has further room to run, according to analysts. Still, Wipro sank the most in a year after its profit missed estimates Fixed income is relatively quiet, with changes across major curves limited to less than a basis point so far. The 10-year yield stalled around 1.75%, slightly cheaper on the day, and broadly in line with bunds and gilts. Eurodollar futures bear steepen a touch after a round of hawkish Fedspeak during Asian hours. Treasuries were steady with yields broadly within a basis point of Wednesday’s close.  Eurodollars are slightly lower across green- and blue-pack contracts after Fed’s Daly and Harker sounded hawkish tones during Asia hours. Across front-end, eurodollar strip steepens out to blue-pack contracts (Mar25-Dec25), which are lower by up to 4bp. 30-year bond reopening at 1pm ET concludes this week’s coupon auction cycle.$22b 30-year reopening at 1pm ET follows 0.3bp tail in Wednesday’s 10-year auction, and large tails in last two 30-year sales. The WI 30-year yield at ~2.095% is above auction stops since June and ~20bp cheaper than last month’s, which tailed the WI by 3.2bp. In FX, the pound advanced to its highest level since Oct. 29 amid calls for U.K. Prime Minister Boris Johnson to resign over a “bring your own bottle” party at the height of a lockdown meant to stem the first wave of coronavirus infections in 2020. The Bloomberg Dollar Spot Index held a two-month low as the greenback weakened against all of its Group-of-10 peers, and the euro rallied a third day as it approached the $1.15 handle. Implied volatility in the major currencies over the two- week tenor, that now captures the next Fed meeting, comes in line with the roll yet investors are choosing sides. The Australian dollar extended its overnight gain as the greenback declined following as-expected U.S. inflation. Iron ore supply concern also supported the currency. The yen hovered near a two-week high as long dollar positions were unwound. Japanese government bonds traded in narrow ranges. In commodities, cude futures maintain a relatively narrow range. WTI is flat near $82.70, Brent stalls near $84.50. Spot gold dips before finding support near $1,820/oz. Most base metals are in the red with LME zinc lagging peers. Bitcoin traded around $44,000 as the inflation numbers rekindled the debate about whether the cryptocurrency is a hedge against rising consumer prices. Expected data on Thursday include producer prices, an early indicator of inflationary trends, and unemployment claims. Market Snapshot S&P 500 futures little changed at 4,715.50 STOXX Europe 600 down 0.1% to 485.67 MXAP little changed at 196.79 MXAPJ up 0.1% to 643.93 Nikkei down 1.0% to 28,489.13 Topix down 0.7% to 2,005.58 Hang Seng Index up 0.1% to 24,429.77 Shanghai Composite down 1.2% to 3,555.26 Sensex up 0.1% to 61,220.38 Australia S&P/ASX 200 up 0.5% to 7,474.36 Kospi down 0.3% to 2,962.09 German 10Y yield little changed at -0.04% Euro up 0.2% to $1.1465 Brent Futures down 0.1% to $84.58/bbl Gold spot down 0.3% to $1,820.68 U.S. Dollar Index little changed at 94.83 Top Overnight News from Bloomberg Federal Reserve Bank of San Francisco President Mary Daly and her Philadelphia Fed peer Patrick Harker joined the ranks of officials publicly discussing an interest-rate increase as early as March as the central bank seeks to combat the hottest inflation in a generation Global central banks will diverge on the way they respond to inflation this year, creating risks to economies everywhere, Bank of England policy maker Catherine Mann said Norway’s race to appoint a new central bank governor is reaching a finale mired in controversy at the prospect of a political ally and friend of Prime Minister Jonas Gahr Store getting the job Italy’s government is working on a spending package that won’t require revising its budget to expand the deficit, people familiar with the matter said Several of China’s largest banks have become more selective about funding real estate projects by local government financing vehicles, concerned that some are taking on too much risk after they replaced private developers as key buyers of land, people familiar with the matter said A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks traded mixed following the choppy session in the US where major indices eked mild gains as markets digested CPI data in which headline annual inflation printed at 7.0%. ASX 200 (+0.5%) was underpinned as the energy and mining related sectors continued to benefit from the recent upside in underlying commodity prices, while Crown Resorts shares outperformed after Blackstone raised its cash proposal for Crown Resorts following due diligence inquiries. Nikkei 225 (-1.0%) declined with the index hampered by unfavourable currency flows and with Tokyo raising its COVID-19 alert to the second-highest level. Hang Seng (+0.1%) and Shanghai Comp. (-1.1%) were initially subdued, but did diverge later, after the slight miss on loans and aggregate financing data, while there is a slew of upcoming key releases from China in the days ahead including trade figures tomorrow, as well as GDP and activity data on Monday. In addition, the biggest movers were headline driven including developer Sunac China which dropped by a double-digit percentage after it priced a 452mln-share sale at a 15% discount to repay loans and cruise operator Genting Hong Kong wiped out around half its value on resumption of trade after it warned of defaults due to insolvency of its German shipbuilding business. Finally, 10yr JGBs traded rangebound and were stuck near the 151.00 level following the indecisive mood in T-notes which was not helped by an uninspiring 10yr auction stateside, while the lack of BoJ purchases in the market also added to the humdrum tone. Top Asian News Asia Stocks Steady After Best Rally in a Year; Financials Gain Country Garden Selloff Shows Chinese Developer Worries Spreading China Banks Curb Property Loans to Local Government Firms China’s True Unemployment Pain Masked by Official Data Bourses in Europe now see a mixed picture with the breadth of the price action also narrow (Euro Stoxx 50 Unch; Stoxx 600 -0.10%). The region initially opened with a modest downside bias following on from a mostly negative APAC handover after Wall Street eked mild gains. US equity futures have since been choppy within a tight range and exhibit a relatively broad-based performance with no real standout performers. Back in Europe, sectors are mixed and lack an overarching theme. Tech remains the outperformer since the morning with some follow-through seen from contract-chip manufacturer TSMC (ADR +4.3% pre-market), who beat on net and revenue whilst upping its 2022 Capex to USD 40bln-44bln from around USD 30bln the prior year, whilst the CEO expects capacity to remain tight throughout 2022. Tech is closely followed by Autos and Parts and Travel & Leisure, whilst the other end of the spectrum sees Healthcare, Oil & Gas, Retail and Personal & Household goods among the straddlers – with Tesco (-1.5%) and Marks & Spencer (-5.3%) weighing on the latter two following trading updates. In terms of other individual movers, BT (+0.5%) trades in the green amid reports DAZN is nearing a deal to buy BT Sport for around USD 800mln, a could be reached as soon as this month but has not been finalized. Turning to analyst commentary: Morgan Stanley’s clients have aligned themselves to the view that European equities will likely perform better than US counterparts. 45% of respondents see Financials as the top-performing sector this year, 14% preferred Tech which would be the lowest score in over six years. Top European News Johnson Buys Time With Apology But U.K. Tory Rage Simmers U.K. Retailers Slide as Updates Show Lingering Impact of Virus Wood Group Plans Sale of Built Environment Unit Next Quarter Just Eat Advisers Pitching Grubhub Sale or Take-Private: Sources In FX, the Dollar has weakened further in wake of Wednesday’s US inflation data as ‘buy rumour sell fact’ dynamics are compounded by more position paring and increasingly bearish technical impulses to outweigh fundamental factors that seem supportive, on paper or in theory. Indeed, the index only mustered enough recovery momentum to reach 95.022 on the back of hawkish Fed commentary and some short covering before retreating through the psychological level, then yesterday’s 94.903 low and another trough from late 2021 at 94.824 (November 11 base) to 94.710, thus far and leaving little bar the 100 DMA, at 94.675 today, in terms of support ahead of 94.500. However, the flagging Greenback could get a fillip via PPI and/or IJC, if not the next round of Fed speakers and final leg of this week’s auction remit in the form of Usd 22 bn long bonds. NZD/AUD - A change in the running order down under where the Kiwi has overtaken the Aussie irrespective of bullish calls on the Aud/Nzd cross from MS, with Nzd/Usd breaching the 50 DMA around 0.6860 on the way to 0.6884 and Aud/Usd scaling the 100 DMA at 0.7288 then 0.7300 before fading at 0.7314. GBP/EUR/CHF/CAD/JPY - Also extracting more impetus at the expense of the Buck, but to varying degrees as Sterling continues to shrug aside ongoing Tory party turmoil to attain 1.3700+ status and surpass the 200 DMA that stands at 1.3737, while the Euro has overcome Fib resistance around 1.1440, plus any semi-psychological reticence at 1.1450 to reach 1.1478 and the Franc is now closer to 0.9100 than 0.9150. Elsewhere, crude is still providing the Loonie with an incentive to climb and Usd/Cad has recoiled even further from early 2022 peaks beneath 1.2500 as a result, and the Yen is around 114.50 with scope for a stronger retracement to test the 55 DMA, at 114.22. SCANDI/EM - Some signs of fatigue as the Nok stalls on the edge of 9.9000 against the Eur in tandem with Brent just a few cents over Usd 85/brl, but the Czk has recorded fresh decade-plus highs vs the single currency following remarks from CNB chief Rusnok on the need to keep tightening and acknowledging that this may culminate in Koruna appreciation. The Cnh and Cny are firmer vs the Usd pre-Chinese trade and GDP data either side of the weekend, but the Rub is lagging again as the Kremlin concludes that there was no progress in talks between Russia and the West, but the Try is underperforming again with headwinds from elevated oil prices and regardless of a marked pick up in Turkish ip. In commodities, WTI and Brent front-month contracts have conformed to the indecisive mood across the markets, although the benchmarks received a mild uplift as the Dollar receded in early European hours. As it stands, the WTI Feb and Brent Mar contract both reside within USD 0.80/bbl ranges near USD 82.50/bbl and USD 84.50/bbl respectively. News flow for the complex has been quiet and participants are on the lookout for the next catalyst, potentially in the form of US jobless claims/PPI amid multiple speakers, although the rise in APAC COVID cases remains a continuous headwind on demand for now – particularly in China. On the geopolitical front, Russian-backed troops have reportedly begun pulling out of the 1.6mln BPD Kazakh territory, but Moscow’s tensions with the West do not seem to abate. Russia's Kremlin suggested talks with the West were "unsuccessful" – which comes after NATO’s Secretary-General yesterday suggested there is a real risk of a new armed conflict in Europe. Elsewhere, spot gold has drifted off best levels as the DXY found a floor, for now – with the closest support yesterday’s USD 1,813/oz low ahead of the 50 and 21 DMAs at USD 1,807/oz and USD 1,806.50/oz respectively. LME copper has also pulled back from yesterday’s best levels to levels under USD 10,000/t as the mood remains cautious, although, copper prices in Shanghai rose to over a two-month high as it played catch-up to LME yesterday. US Event Calendar 8:30am: Dec. PPI Final Demand YoY, est. 9.8%, prior 9.6%; MoM, est. 0.4%, prior 0.8% 8:30am: Dec. PPI Ex Food and Energy YoY, est. 8.0%, prior 7.7%; MoM, est. 0.5%, prior 0.7% 8:30am: Jan. Continuing Claims, est. 1.73m, prior 1.75m 8:30am: Jan. Initial Jobless Claims, est. 200,000, prior 207,000 DB's Jim Reid concludes the overnight wrap Today I have a first. I have two MRI scans. A fresh one on my back and one on my right knee which gave way as I was rehabbing (squats and lunges) the left knee after recent surgery. In my fifth decade of playing sport averagely, but vigorously, it’s all catching up with me very quickly. I’ve exhausted all strengthening exercise routines and injections on my back and the pain gets worse. My surgeon does not want to operate but we will see if he changes his mind after today. If he says play less golf I will walk out mid-meeting even if he may be medically correct. In contrast my knee surgeon is an avid skier and he keeps on doing things to prolong my skiing career even though I’ve said to him that I just really care about golf. So I’ll soon be looking for an avid golfer who just happens to be a back surgeon. Talking of confirmation bias, if you did an MRI scan of US inflation yesterday you’d find things to support both sides of the debate which is surprising when it hit 7% YoY and the highest since 1982 when Fed Funds were more than 13% rather than close to zero as they are today. So a slightly different real rate to back then. In fact the real rate is through any level seen in the 1970s and is only comparable to WWII levels. Back to CPI and the YoY number was in line with expectations, but core and MoM figures were all a bit firmer than expected. However, the beats were small enough that the data didn’t significantly change the outlook for monetary policy, with Fed funds futures still pricing in an 89% chance of a March hike, which is roughly around where it’d been over the preceding days. Looking at the details of the release, (our US econ team’s full wrap here) headline month-on-month number came in at +0.5% in December (vs. +0.4% expected), which is the 8thtime in the last 10 months that the print has come in above the consensus expectations on Bloomberg. However, that does still mark a deceleration from the +0.9% and +0.8% monthly growth in October and November respectively. The core CPI reading was also a touch stronger than anticipated, with the monthly print at +0.6% (vs. +0.5% expected), thus sending the annual core CPI measure up to +5.5% (vs. +5.4% expected) and its highest since 1991. Diving into some of the key sub-components, Covid-era favorite used cars and trucks grew +3.5% MoM. More concerning for policymakers, is the continued growth in persistent measures such as shelter, with primary and owners’ equivalent rent both increasing +0.4% MoM. If you were expecting Omicron to slow down American holiday travel, think again, lodging away from home and airfares both posted large increases, +1.2% and +2.7%, respectively. Most forecasters think the peak for inflation is sometime soon, but the pace of the glide path is open to debate. This is a topic we covered in yesterday’s CoTD, found here. Even though Treasuries had rallied strongly in the immediate aftermath of the report, with the 10yr yield falling back to 1.709% at the intraday low, yields pared back those losses to end the session basically unchanged at 1.74% (+0.7bps). CPI was expected to be bad and therefore the ability to shock was relatively low. However this tame overall move masked a divergence between a sharp bounceback in the 10yr real yield (+7.5bps) and a decline in inflation breakevens (-7.5bps) as the worst fears from the report weren’t realised. Over in Europe however, there was a more sustained rally, with yields on 10yr bunds down -3.2bps to -0.06%, having come very close in recent days to moving back into positive territory for the first time since May 2019. Furthermore, there was a continued divergence between the two regions at the front end of the curve, with the gap between 2yr yields on Treasuries and bunds widening to 153bps yesterday, which is the biggest since the pandemic began. Staying with bonds, our US econ and Rates strategy team published a joint piece last night outlining their early expectations for QT, here. For equities, the lack of an inflation surprise meant that they got a continued reprieve following last week’s selloff, with the S&P 500 (+0.28%) advancing for a 2nd day running for the first time this year, whilst in Europe the STOXX 600 (+0.65%) posted an even stronger advance. Megacap tech stocks were a noticeable outperformer, with the FANG+ index gaining +1.25%, whilst in Europe the STOXX Banks index (+1.22%) hit a fresh 3-year high. On the topic of inflationary pressures, one asset that continued its upward march was oil yesterday, with Brent Crude (+1.13%), just missing its first close above $85/bbl since October yesterday. Bear in mind it was only 6 weeks earlier that Brent hit its post-Omicron closing low, just beneath $69/bbl, so it’s now up by more than $16/bbl over that period. WTI (+1.75%) saw a similar increase yesterday, which won’t be welcome news to those who’d hoped the recent decline in energy prices late last year would offer some relief on the inflation front. That said, WTI oil is making a great case to be the top-performing major asset for a second year running at the minute, having advanced by over +10% since the start of the year.. This morning, Asian markets are mostly trading lower. The Nikkei (-0.91%) is leading losses in the region, followed by the CSI (-0.55%), Shanghai Composite (-0.31% ) and Kospi (-0.19%). Elsewhere, Hong Kong's Hang Seng index (+0.07%) is swinging between gains and losses. In stock news, Cruise operator Genting Hong Kong Ltd nosedived by a record 56%, after it resumed trading today following last week's suspension as the company indicated the possibility of default. Looking forward, US equity futures are indicating a weak start with the S&P 500 (-0.15%), Nasdaq (-0.26%) and Dow Jones (-0.11%) contracts trading in the red. On the Covid front, there was further good news from the UK as the latest wave showed further signs of ebbing. For the UK as a whole, the total number of reported cases over the last 7 days is now down -19% compared with the previous 7 day period, whilst in England the number of Covid patients in a mechanical ventilation bed has dropped to its lowest in almost 3 months, before we’d even heard of the Omicron variant. For those following credit, our colleagues in the European Leveraged Finance Research team have just published their quarterly top trade ideas. You can find the report here. Looking at yesterday’s other data, Euro Area industrial production grew by +2.3% in November (vs. +0.3% expected), although the October reading was revised down to show a -1.3% contraction. To the day ahead now, and one of the highlights will be Fed Governor Brainard’s nomination hearing at the Senate Banking committee to become Fed Vice Chair. Other central bank speakers include the Fed’s Barkin and Evans, ECB Vice President de Guindos and the ECB’s Elderson, along with the BoE’s Mann. Separately, data releases from the US include December’s PPI and the weekly initial jobless claims, whilst there’s also Italy’s industrial production for November. Tyler Durden Thu, 01/13/2022 - 08:00.....»»

Category: blogSource: zerohedgeJan 13th, 2022

Northern Technologies International Corporation Reports Financial Results For First Quarter Fiscal 2022

MINNEAPOLIS, Jan. 06, 2022 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (NASDAQ:NTIC), a leading developer of corrosion inhibiting products and services, as well as bio-based and biodegradable polymer resin compounds, today reported its financial results for the first quarter of fiscal 2022. First quarter fiscal 2022 financial and operating highlights include (with growth rates on a fiscal year-over-year basis): Consolidated net sales increased 42.4% to a record $18,193,000 ZERUST® net sales increased 41.1% to $14,424,000 ZERUST® oil and gas net sales increased 72.7% to $972,000 NTIC China net sales decreased 10.7% to $4,058,000 Natur-Tec® product net sales increased 47.3% to $3,770,000 Joint venture operating income decreased 16.7% to $2,634,000 Net income attributable to NTIC increased to $4,494,000, compared to $1,262,000 last year Net income per diluted share attributable to NTIC was $0.46, compared to $0.13 per diluted share last year Non-GAAP adjusted net income was $781,000 or $0.08 per diluted share Consolidated balance sheet as of November 30, 2021, was strong with net cash and cash equivalents of $8,048,000 "First quarter fiscal 2022 sales enjoyed a record start, even excluding incremental sales as a result of our recent acquisition of Zerust India. Unfortunately, profitability lagged due to several one-time items associated with the Zerust India transaction, as well as higher raw material, freight, and labor expenses. We plan to implement certain measures to address these inflationary pressures, although we anticipate these measures taking effect during the second half of our fiscal 2022," said G. Patrick Lynch, President and Chief Executive Officer of NTIC. During the first quarter of fiscal 2022, NTIC acquired the remaining 50% ownership interest in its Indian joint venture, Harita-NTI Limited, ("Zerust India") for USD $6.25 million in cash. Effective as of September 1, 2021, Zerust India's sales and earnings are consolidated on the Company's income statement. For first quarter of fiscal 2022, Zerust India contributed $2,453,000 in sales to NTIC's consolidated net sales. NTIC's consolidated net sales increased 42.4% to $18,193,000 during the three months ended November 30, 2021, compared to $12,779,000 for the three months ended November 30, 2020. The year-over-year increase in consolidated sales was primarily a result of sales growth across all the Company's product categories due to higher global demand and the recovery from the COVID-19 pandemic, as well as the contribution from Zerust India. The following tables set forth NTIC's net sales by product category for the three months ended November 30, 2021 and November 30, 2020 by segment:   Three Months Ended   November 30,2021 % of Net Sales November 30,2020 % of Net Sales % Change ZERUST® industrial net sales         $         12,611,530 69.3 % $         9,077,554 71.0 % 38.9 % ZERUST® joint venture net sales                   840,439 4.6 %           580,304 4.5 % 44.8 % ZERUST® oil & gas net sales                   971,816 5.3 %           562,693 4.4 % 72.7 % Total ZERUST® net sales         $         14,423,785 79.3 % $         10,220,551 80.0 % 41.1 % Total Natur-Tec® net sales                   3,769,628 20.7 %           2,558,561 20.0 % 47.3 % Total net sales         $         18,193,413 100.0 % $         12,779,112 100.0 % 42.4 % NTIC's joint venture operating income decreased 16.7% to $2,634,000 during the three months ended November 30, 2021, compared to joint venture operating income of $3,162,000 during the three months ended November 30, 2020. This decrease was attributable to the acquisition of the remaining 50% ownership interest of Zerust India, and higher expenses and lower gross margin at the Company's joint ventures, partially offset by an increase in total net sales of the joint ventures as fees for services provided to joint ventures are primarily a function of the net sales of NTIC's joint ventures. Net sales of NTIC's joint ventures, which are not consolidated with NTIC's financial results, increased 0.9% to $27,023,000 during the three months ended November 30, 2021, compared to $26,777,000 for the three months ended November 30, 2020. Operating expenses, as a percent of net sales, for the first quarter of fiscal 2022 were 39.0%, compared to 46.3% for the same period last fiscal year. This improvement in operating leverage was due to higher first quarter fiscal 2022 sales. On a dollar basis, first quarter fiscal 2022 operating expenses were $7,070,000, compared to $5,911,000 for the same period last fiscal year. The Company reported net income attributable to NTIC for the first quarter of fiscal 2022 of $4,494,000, or $0.46 per diluted share, compared to net income of $1,262,000, or $0.13 per diluted share for the same period last fiscal year. During the fiscal 2022 first quarter, NTIC incurred a net one-time gain of $3,952,000 related to the acquisition of the remaining 50% ownership interest of Zerust India. Excluding this gain and other related adjustments as set forth in the GAAP reconciliation at the end of this release, NTIC's non-GAAP adjusted net income was $781,000, or $0.08 per diluted share, for the first quarter of fiscal 2022 compared to $1,262,000, or $0.13 per diluted share, for the same quarter last fiscal year. NTIC's consolidated balance sheet remains strong, with working capital of $25,843,000 as of November 30, 2021, including $8,048,000 in cash and cash equivalents, $5,000 in available for sale securities, and outstanding line of credit balance of $2,500,000, compared to $25,231,000 of working capital as of August 31, 2021, including $7,681,000 in cash and cash equivalents and $5,000 in available for sale securities, and no outstanding line of credit balance. As of November 30, 2021, the Company had $21,358,000 of investments in joint ventures, of which $11,623,000 or 54.4%, is cash, with the remaining balance mostly made up of other working capital. Conference Call and Webcast NTIC will host a conference call today at 8:00 a.m. Central Time to review its results of operations for the first quarter of fiscal 2022 and its outlook, followed by a question-and-answer session. The conference call will be available to interested parties through a live audio webcast available through NTIC's website at www.ntic.com where the webcast will be archived and accessible for at least 12 months. The dial-in number for the conference call is (877) 670-9776 and the confirmation code is 1774767. About Northern Technologies International Corporation   Northern Technologies International Corporation develops and markets proprietary, environmentally beneficial products and services in over 60 countries either directly or via a network of subsidiaries, joint ventures, independent distributors and agents. NTIC's primary business is corrosion prevention marketed mainly under the ZERUST® brand. NTIC has been selling its proprietary ZERUST® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over 45 years and, in recent years, has targeted and expanded into the oil and gas industry. NTIC offers worldwide on-site technical consulting for rust and corrosion prevention issues. NTIC's technical service consultants work directly with the end users of NTIC's products to analyze their specific needs and develop systems to meet their technical requirements. NTIC also markets and sells a portfolio of bio-based and biodegradable polymer resin compounds and finished products marketed under the Natur-Tec® brand.    Forward-Looking Statements   Statements contained in this release that are not historical information are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include NTIC's expectations that it plans to implement measures to address inflationary pressures, and other statements that can be identified by words such as "believes," "continues," "expects," "anticipates," "intends," "potential," "outlook," "will," "may," "would," "should," "guidance" or words of similar meaning, and the use of future dates. Such forward-looking statements are based upon the current beliefs and expectations of NTIC's management and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied. Such potential risks and uncertainties include, but are not limited to, in no particular order: the effects of the COVID-19 pandemic on NTIC's business and operating results; the effects of supply chain and shipping issues on NTIC's business and operating results; the health of the U.S. and worldwide economies, including in particular the U.S. automotive industry; the effect of economic uncertainty and trade disputes; NTIC's dependence on its joint ventures, including in particular in Germany, its relationships with its joint venture partners and the success of its joint ventures, including fees and dividend distributions that NTIC receives from them; risks associated with NTIC's international operations, including its NTIC China operations, its recent acquisition of the remaining 50% ownership interest in Zerust India, the United Kingdom's exit from the European Union and exposure to fluctuations in foreign currency exchange rates and tariffs, including in particular the Euro compared to the U.S. dollar; the effect of the, economic slowdown and political unrest; the level of growth in NTIC's markets; NTIC's investments in research and development efforts; acceptance of existing and new products; timing of NTIC's receipt of purchase orders under supply contracts; variability in sales to customers in the oil and gas industry and the effect on NTIC's quarterly financial results; increased competition; the costs and effects of complying with changes in tax, fiscal, government and other regulatory policies, and rules relating to environmental, health and safety matters; pending and potential litigation; and NTIC's reliance on its intellectual property rights and the absence of infringement of the intellectual property rights of others. More detailed information on these and additional factors which could affect NTIC's operating and financial results is described in the Company's filings with the Securities and Exchange Commission (SEC), including its annual report on Form 10-K for the fiscal year ended August 31, 2021 and subsequent quarterly report on Form 10-Q to be filed shortly with the SEC. NTIC urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the Company faces. Additionally, NTIC undertakes no obligation to publicly release the results of any revisions to these forward-looking statements, which may be made to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Use of Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release contains the non-GAAP financial measures of adjusted net income attributable to NTIC and adjusted net income attributable to NTIC per diluted share. The reasons for the use of these measures, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures and other information relating to these measures are included below following the unaudited condensed consolidated financial statements. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for NTIC's financial results prepared in accordance with GAAP. Investor and Media Contacts:Matthew Wolsfeld, CFONTIC(763) 225-6600 NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF NOVEMBER 30, 2021 (UNAUDITED) AND AUGUST 31, 2021 (AUDITED)                                                                                                               November 30, 2021     August 31, 2021 ASSETS           CURRENT ASSETS:             Cash and cash equivalents   $         8,047,565     $  7,680,641     Available for sale securities     4,634       4,634     Receivables:               Trade, excluding joint ventures, less allowance for doubtful accounts               of $382,000 as of November 30, 2021 and August 31, 2021     13,107,126       11,128,805     Trade, joint ventures     791,246       624,808     Fees for services provided to joint ventures     1,200,869       1,505,127     Income taxes     500,061       386,574     Inventories     11,439,738       11,114,207     Prepaid expenses     2,173,851       1,302,293     Total current assets  .....»»

Category: earningsSource: benzingaJan 6th, 2022

19 underrated part-time jobs that pay well and how to get them

If you can't find a full-time job, want to make extra income, or need schedule flexibility, part-time work is a promising option. The number of people employed part-time has skyrocketed in the past year.Getty Part-time jobs have become a popular to bring in extra cash with a low commitment. Accountants, physician assistants, and programmers are among the highest paid part-time roles. Writing, tutoring, fitness instructing, and graphic designing are also in-demand options. In recent years, it has felt outdated to think about a career in terms of working long hours for many years in a single job and climbing the career ladder in the same profession you chose as a teenager or 20-something. In particular, the COVID-19 pandemic really exploded stereotypes around how and when we do our work.Part-time jobs have expanded since the pandemic hit, according to the Bureau of Labor Statistics. The number of people employed part-time for economic reasons (because employers downgraded full-time jobs, laid people off, or otherwise had to alter their workforce) more than doubled from 4.4 million in February 2020 to 10.9 million in April 2020. And even a year into the global health crisis that number remained higher than it was pre-pandemic. As of September 2021, over 20 million people were working part-time for noneconomic reasons such as balancing school or family — an increase of more than 1.3 million year over year.Below, you'll find 19 high-paying part-time jobs covering a mix of functions, industries, and levels of experience — along with the median hourly rates and links to help you find current job openings. Each rate, pulled from the Bureau of Labor Statistics' 2020 data, is at least $20 an hour (with one exception). It's worth noting that since these are median wages, half of earners in these roles fall below and half fall above this rate. In other words, entry-level positions may pay less, but there are also opportunities to make significantly more.Why work part-time?Almost every industry has part-time jobs. These opportunities, typically requiring less than 30 hours of work per week, can give you some consistency without the demands of a full-time job. You might be able to work remotely and, depending on context and employment status, you may earn paid time off or holidays off, too.You might pursue part-time work because you can't find a full-time job, need or want to make extra income on top of your existing employment, or enjoy the flexibility or variety these positions offer. "More and more people are pursuing their passions, and this means multiple roles," said Muse career coach Jennifer Sukola. Working part-time in a competitive field also lets workers "get their foot in the door, gain experience, and find out if they will eventually want to do [the role] full-time."As someone who's been working as a freelancer for a decade, I've taken on many, many part-time jobs — sometimes simultaneously — in order to work the equivalent of one full-time job. I currently work part-time as a writer since it's a competitive field and I live in a city with few staff jobs. But I've previously held part-time roles in tutoring, administration, and marketing.I love having free time during the day, pursuing work I find interesting, working from home (as many of my part-time roles have allowed me to do), seeking out clients, being able to take on — and say no to! — assignments as I see fit, and having a multifaceted career that's not tied to one role or employer.1. WriterMedian hourly rate: $32.27A writer creates communication materials: in print, online, or both. Short-form content might include social media or blog posts, pamphlets, and email copy, while long-form content could mean articles, web content, newsletters, reports, white papers, and even books. You might be assigned to a topic, or you might pitch and create content on your own. Regardless, you may also have to conduct interviews and research and will usually work with an editor or someone who oversees the quality of your work. Some writers specialize in a particular topic or form — science or finance journalist, technical or medical writer, or grant writer, for example — while others might write more broadly. Entry-level writing gigs usually require at least one year of experience, which could be in the form of an internship.Increasingly, media companies have listed part-time writing jobs that can be done remotely — though they usually request that work be done during business hours. In 2021, I obtained a 20-hour a week writing position at Bustle, which is located in New York, and worked 20 hours a week from Boston. Don't limit yourself to just media, though; lots of organizations — from nonprofits to financial institutions and everything in between — need writers.Find writer jobs on The Muse2. Tutor(Note: BLS groups tutors with other teachers and instructors and does not provide hourly wage information.)Tutors help students — children or adults — learn a subject or skill. The material could range from more fundamental subjects like basic math to high-level content like the SAT or college-level physics. Tutoring doesn't always take place during "normal" business hours, with many clients preferring to meet after work or school hours or on the weekends. Unlike teachers, tutors don't need formal accreditation, but they do need a deep knowledge of the subject they're teaching; that usually translates to at least an undergraduate degree in the subject.Rates can vary pretty widely depending on the subject, your experience, and the location: Tutors in cities like DC and New York City can charge $50 an hour and up, for example. If you work on your own, you can charge more, but working with a tutoring agency means they help find students and take care of some of the employment paperwork. When I worked with an agency in DC, I made $33 an hour, but when I worked on my own I made at least $60 an hour and usually more.Find tutor jobs on The Muse3. Marketing specialistMedian hourly rate: $31.64A marketing specialist is responsible for promoting or selling products or services to new or existing customers — which might be individuals and/or organizations. Specialties include email marketing, market research, social media, ecommerce, and search engine marketing (SEM), but the work fundamentally centers around understanding a target audience and knowing how to reach and persuade them to take action. You may need an undergraduate degree in marketing, communications, or even journalism.Companies sometimes hire part-time marketing specialists to help with particular campaigns or to provide expertise in a particular type of marketing. Smaller organizations might only need — or have the budget for — 10 or 20 hours of marketing and communications work per week. In my case, I offered my copywriting and editing skills on a per-project basis, bidding for work based on my availability and the rate I would charge for the work ($40 and above).Find marketing specialist jobs on The Muse4. Graphic designerAverage hourly rate: $25.66A graphic designer supports a business by creating illustrations, graphics, and other visual concepts and content. Projects can vary from a short-term deliverable like a flyer that needs to be visually appealing to a large-scale project like a book or magazine. According to BLS, a college degree or equivalent coursework is usually essential for developing the necessary skill set, which may include web management if they're putting these designs online. Graphic designers can be hired with a year or less of experience, which students can bridge with an internship, summer job, or pro bono work with a club or faculty member.Part-time graphic designers can work consistently with one organization or with many clients by the project as part of an agency or as freelancers, but they usually need to have more significant experience before striking out on their own.Find graphic designer jobs on The Muse5. Exercise trainer or group fitness instructorMedian hourly rate: $19.48Fitness instructors work with individuals or groups on developing their strength, fitness, flexibility, and related skills. They can work with a variety of ages and experience levels and teach various types of classes (such as kickboxing, Zumba, pilates, or spin), depending on their own experience and training.A personal trainer certification can take several months to complete, but you only need to be 18 and have completed high school to be eligible. You may not need credentials to teach group classes, but some employers will require or encourage certifications in the specific type of fitness (for example, a yoga studio might only hire instructors who've completed a yoga teacher training program). Instructors usually teach classes or train clients part-time at gyms, studios, camps, community centers, and other locations. As a trainer, you might also work directly with clients, scheduling by the session.Find exercise trainer and fitness instructor on The Muse6. Massage therapistMedian hourly rate: $20.97A massage therapist works with clients on the muscles and soft tissues of the body to decrease pain and tightness, relieve pressure, and improve health. They can work with a variety of client types in a variety of settings, from salons to doctors' offices to hospitals. Usually massage therapists complete a program with 500 or more hours of study and hands-on training and most states require a certification or license (the exact requirements vary by location).There may be the opportunity to focus on a specialty like sports massage or deep tissue massage. Depending on the workplace, a massage therapist may work in shifts or as scheduled with clients, but there's often flexibility based on the workload and clientele.Find massage therapist jobs on The Muse7. Insurance sales agentMedian hourly rate: $25.08An insurance sales agent sells policies to prospective customers. The policies mitigate against certain types of risk: Life insurance provides financial compensation to an insured person's beneficiaries in the event of the policy holder's death, for example. Like a number of sales jobs, this type of role requires you to talk to strangers every day, identify their needs, and work with them as they complete a detailed application.The actual position could range from working a call center to meeting clients in person. You only need to have completed high school according to BLS, though employers often look for a bachelor's degree, and in any case, you'd be required to obtain a license. There might be flexibility around working from home, especially if you're selling over the phone, and working non-traditional hours.Find insurance sales agent jobs on The Muse8. Executive assistantMedian hourly rate: $30.34An assistant might be expected to handle administrative tasks in and outside of the office: managing calendars and meetings, handling expenses, greeting visitors, answering the phone, and dealing with other clerical tasks. But an executive assistant, who usually supports one or more leaders in an organization, might also do higher-level work including pulling together research, sales material, and other important information for one or more executives.Usually the more senior the executive you work for, the higher the salary. Employers usually look for an undergraduate degree in a business-related field like marketing or accounting, especially if the candidate has no prior experience.Find executive assistant jobs on The Muse9. AccountantMedian hourly rate: $35.37An accountant prepares, reviews, and files financial documents and maintains and organizes detailed tax and other records. In some cases, they might also weigh in on business decisions, suggest strategies to reduce costs or increase revenue, and make other recommendations. They can work for individuals who have complex financial needs or larger organizations, either in-house or at an accounting firm that works with multiple external clients.An accountant needs an undergraduate degree to work, and becoming a Certified Public Accountant (CPA) or getting another relevant certification can make an accountant look more attractive to employers. Many accountants do work full time, but smaller businesses might only require assistance during tax season or at the end of every quarter. If you pursue the part-time route, you may need more than one client or job to maintain regular work.Find accountant jobs on The Muse10. Real estate agentMedian hourly rate: $24.63A real estate agent is a professional who helps clients sell, buy, or rent a property. This could include a house, an apartment, a residential building, or a commercial property (and less frequently industrial or agricultural properties). Agents keep track of what's on the market, show properties, facilitate interactions and negotiations between parties, and help clients complete relevant paperwork and records to close deals. They also stay on top of trends in the market so they can advise on how much a property might be worth.You do need your real estate license to become an agent, which requires some pre-licensing courses, but besides that, you only need a high school degree. Many real estate professionals do have bachelor's degrees, so sometimes it helps, but employers look for your ability to close on a sale first and foremost. Real estate agents work odd hours (since many people can only go to open houses or viewings at night and on the weekends) but they also have a lot of flexibility to set their own schedules.Find real estate jobs on The Muse11. Physician assistantMedian hourly rate: $55.48 per hourA physician assistant (PA) works in a variety of medical settings (including hospitals and outpatient clinics) and can diagnose and treat patients as well as assist — as the name implies — doctors and other medical professionals. They can work with a doctor doing surgery, help a patient manage a treatment plan as the provider they see most often, order tests, write prescriptions, and handle a long list of other responsibilities. PAs could work in emergency medicine, trauma surgery, transplants, family medicine, pediatrics, and other specialties — meaning you can choose the area of healthcare that interests you once you decide that this career path is of interest.You'll need a master's degree to become a physician assistant. Though most PAs work full time, smaller practices can use part-time PAs, and sometimes larger clinics and hospitals only require part-time shift work (but bear in mind those shifts could be overnight or on weekends).Find physician assistant jobs on The Muse12. Computer programmerMedian hourly rate: $42.88A computer programmer makes sure that an application or software runs correctly by writing code for new software and features and/or testing and fixing code on a regular basis as bugs are discovered. A bachelor's degree is helpful, but some programmers can obtain positions with an associate's degree or no degree at all. Some companies hire part-time programmers, or you can pursue freelance or contract opportunities.Find computer programmer jobs on The Muse13. Software developerMedian hourly rate: $52.95A software developer designs applications and programs — unlike programmers, who typically execute on a plan or optimize a program, developers are more involved in the creative ideation and problem-solving when an app is in its early stages. They might analyze user needs, brainstorm ways to address those needs via an application or feature, design the various elements of that software, lay out different pieces of the project for programmers to execute on, and handle documentation.Developers are in high demand: BLS projects developer jobs will grow 22% between 2020 and 2030, much faster than the 8% average growth for all occupations. Some companies require an undergraduate degree, although it isn't essential. A developer can potentially work remotely and part-time — it just depends on the context and workload. Developers can sometimes work more flexible hours, too.Find software developer jobs on The Muse14. Occupational therapistMedian hourly rate: $41.48When someone is struggling to complete everyday tasks due to injury, illness, pain, and/or disability, an occupational therapist (OT) helps that person adapt their movement and behavior to manage those tasks more effectively. They might focus on helping people do professional work or on enabling them to simply get out of bed and dress themselves. They could work in a person's home or in a professional setting like a hospital or school.This position requires a master's degree as well as licensing. If a school only needs assistance for a few children, for example, an occupational therapist may only need to work part-time hours in that environment. Like some other medical professionals on this list, they can also manage their own businesses and set their own hours.Find occupational therapist jobs on The Muse15. Physical therapistMedian hourly rate: $43.75Like an OT, a physical therapist (PT) can help someone with an illness or injury, but in this case they're working on pain management and mobility. They're an integral part of someone's recovery after a stroke, for example, or in the wake of surgery. A PT might work with a variety of patients — from senior citizens to professional athletes — wherever those patients are, from nursing homes to hospitals to outpatient settings like sports teams or physical therapy clinics.PTs need to be licensed and complete their doctor of physical therapy degree, and some go on to do residencies or fellowships to further specialize. They can work part-time during regular business hours, on evenings and weekends, or a combination of both.Find physical therapist jobs on The Muse16. Dental hygienistMedian hourly rate: $37.06A dental hygienist assists a dentist in cleaning teeth, assessing patients for teeth and gum disease, and communicating best practices around oral health. A dental hygienist often interacts with the patient more frequently than the dentist, which means they need strong customer service and interpersonal skills as well.This role requires completion of a three-year associate's degree (instead of a bachelor's degree) as well as a licensing program. A lot of dental hygienists work part-time, coming in a few days a week, according to BLS, and some may work for more than one dentist or office.Find dental hygienist jobs on The Muse17. Speech-language pathologistMedian hourly rate: $38.69A speech-language pathologist (sometimes called a speech pathologist) helps both children and adults with communication issues. If someone has a challenge, whether it be a speech, language, swallowing, or other communication disorder — which might result from a stroke, hearing loss, developmental delay, Parkinson's disease, autism, or other causes—the pathologist can work with them to mitigate or overcome it.Some speech-language pathologists work in schools or other places where children might be present — before or after school as well as during free periods and as an alternative to their regular classwork. Others work in settings such as hospitals, assisted living centers, private practices, corporations, and the military.It varies by state, but a master's degree is essential and licensing may be required too. On the bright side, the number speech-language pathologist roles is projected to grow 29% from 2020 to 2030, so those who've completed their training and licensing are in high demand.Find speech pathologist jobs on The Muse18. Translator or interpreterMedian hourly rate: $25.16Translators and interpreters convert one language into another — translators via the written word and interpreters via spoken languages. They might assist non-English speaking patients in a hospital or work at a conference center or meeting place where individuals speaking different languages are congregating. They could also work to translate written work such as a manual or book from one language to another.It's essential to have a deep knowledge of languages in this role — with complete fluency in both (whether you grew up bi- or multilingual, majored in a foreign language in college, or otherwise gained competency). An undergraduate degree can sometimes be enough, according to BLS, but sometimes organizations look for continuing education or certifications in the case of court or medical interpreters or translators. Many translators can work remotely. Those who are self-employed tend to have variable hours.Find translator and interpreter jobs on The Muse19. PlumberMedian hourly rate: $27.08Plumbers are the professionals who install, maintain, clean, and repair water, gas, septic and other systems as well as fixtures from toilets to dishwashers. You could be working in a person's home or in a commercial or municipal building, depending on the context and your specialty. As companies work to be more sustainable, plumbers may also help with conserving water.To become a plumber, you would only need a high school degree but there's often vocational training, apprenticeship, and licensing involved. Plumbers are very much dependent on client work, so depending on your boss (and especially if you're self-employed) you can set a limit on how many clients you take on or the hours you're available to work.Find plumber jobs on The MuseEven though they're increasing in popularity, part-time jobs can sometimes be hard to find. It's estimated that up to 85% of all jobs are obtained through networking, and part-time work is no exception.So how do workers go about finding and procuring a high-paying, part-time job? "They can first identify the industries or type of work they want, and then make a list of companies within those industries," Sukola said. Then network actively and often, both with employees at the companies they're interested in to see if part-time work is available and with other part-time workers who hold the kinds of roles they'd like to get into.The key, says Sukola, is having an entrepreneurial spirit: Sometimes positions only materialize because you asked if part-time work was available and a role was adapted or created for you.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 3rd, 2022

Bridge Industrial Acquires Property in Pompano Beach, Florida

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has acquired Pompano Beach Commerce Park — a three-building, 336,852-square-foot industrial campus in Pompano Beach, Florida.  Following the acquisition, Bridge plans to launch a comprehensive capital improvements program at the property, inclusive of... The post Bridge Industrial Acquires Property in Pompano Beach, Florida appeared first on Real Estate Weekly. Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has acquired Pompano Beach Commerce Park — a three-building, 336,852-square-foot industrial campus in Pompano Beach, Florida.  Pompano Beach Commerce Park Following the acquisition, Bridge plans to launch a comprehensive capital improvements program at the property, inclusive of landscaping, parking lot upgrades, monument signage, and roof replacements. The acquisition will mark Bridge’s first property closing as part of a new value-add strategy.  “The acquisition of this campus in a prime submarket marks not only the latest addition to our growing portfolio, but the introduction of a new value-add strategy that will expand our capabilities and allow us to acquire existing buildings and deliver even more services to our clients in the region,” said Nick Siegel, Partner with Bridge. Jose Lobon of CBRE National Partners represented the Seller in the transaction. Located on Powerline Road in the Pompano Beach submarket of Broward County, Pompano Beach Commerce Park is made up of three industrial buildings — spanning 140,094 square feet, 124,894 square feet and 71,864 square feet, respectively. The facilities possess several attractive characteristics including 24-clear heights and multiple points of ingress and egress along its 800 feet of linear frontage along Powerline Road. Bridge has had previous development success in Pompano Beach, with its Bridge Point Powerline Road project spanning over 450,000 square feet less than one mile from its newest acquisition. The campus is located less than two miles from I-95 and just 1.4 miles from the Florida Turnpike, allowing users to reach nearly all of Florida’s population of 6.2 million within just a 60-minute drive. The property also sits just 15 miles from Port Everglades and the Fort Lauderdale-Hollywood International Airport, and roughly 40 miles from the Port of Miami and Miami International Airport. The central location of the site allows its tenants to service 92% of South Florida’s 6.2 million population within a 60-minute drive time. “South Florida is one of the most supply-constrained markets in the entire country, and Bridge has found major success in developing and operating state-of-the-art warehouse space that can help meet the immense demand from industrial users in this area,” said Kevin Carroll, Southeast Partner at Bridge.  Bridge is one of South Florida’s most active industrial real estate developers. The company has acquired approximately 700 acres in 17 separate transactions throughout Miami Dade and Broward Counties and delivered approximately 7 million square feet of Class-A industrial space across the region since entering the market in 2012. The company’s current South Florida portfolio spans more than 5 million square feet of company-owned and third-party managed properties with an additional 2.5 million square feet under construction. The post Bridge Industrial Acquires Property in Pompano Beach, Florida appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJan 1st, 2022