RBS to rebrand as Natwest as it posts £4.2bn profit to beat expectations

first_imgToday, we are setting a bold new ambition – to be a leading bank in the UK & Republic of Ireland helping to address the climate challenge; by making our own operations net carbon zero in 2020 and climate positive by 2025, and by driving material reductions in the climate impact of our financing activity. We are setting ourselves the challenge to at least halve the climate impact of our financing activity by 2030, and intend to do what is necessary to achieve alignment with the 2015 Paris Agreement.This will be a significant challenge as we, like others, do not yet fully understand what this will require and how it will be achieved, not least as there is currently no standard industry methodology or approach. Solving this will require UK and international industry, regulators and experts to come together and find solutions. We are determined to not just play our part, but to lead on the collaboration and co-operation that is so critical to influencing the transition to a low carbon economy.As a systemic UK bank, we must play an active role and these market leading ambitions underline our position. This is not only the right thing to do, it will give us the opportunity to do more business with our customers, as they transition to a low carbon economy. We are already taking positive steps in the right direction. Traders reacted badly to a cautious outlook on growth amid historically low interest rates as well as the bank’s commitment to new climate change targets. RBS also warned of a £200m regulatory income hit, in part from overdraft changes, in 2020 alone. Friday 14 February 2020 10:04 am Joe Healey, investment research analyst at The Share Centre, added that the structural overhaul of RBS as it rebrands as Natwest, could also be a factor behind the share price. And Rose also revealed a major rebrand to rename Royal Bank of Scotland as Natwest, its biggest retail banking arm. Rose now plans to halve investment bank Natwest Markets’ risk weighted assets to £20bn and warned RBS could take a £1bn hit as it overhauls the division. Its return on tangible equity also almost doubled from 4.8 per cent to 9.4 per cent. The bank paid a net interest margin of 1.99 per cent, down slightly from 2018. But it boosted basic earnings per share from 13.5p a year ago to 26p for 2019. whatsapp “This moves the focus away from the core philosophy of driving shareholder returns to promote a more sustainable core business,” he said. “It appears not only RBS but others are entering a period of change in the industry pushed by an evolving market environment and stakeholder interests. The group has a history of restructuring – however, time will tell whether this is the right move for the historic bank.” Chief executive Alison Rose said: What RBS said That could include moves like stopping lending to coal companies to achieve Rose’s transition into what she called a “purpose-led” bank. Firstly, she said the bank would go carbon net zero in 2020, before aiming to become “climate positive” by 2025 and halve the impact of the bank’s financing activity by 2030. Why it’s interesting RBS impressed investors by beating analysts’ profit expectations by around £400m despite subdued growth in the UK economy, with interest rates still low after a period of political uncertainty. But the bank has committed to finding £250m of savings in 2020, with speculation job losses could fall in the 5,000-strong staff of Natwest Markets. Alison Rose took over as chief executive of RBS in November Also Read: RBS to rebrand as Natwest as bank posts £4.2bn profit under new boss Alison Rose whatsapp But RBS’s share price sank 6.4 per cent to lead the FTSE 100 fallers today. center_img Royal Bank of Scotland reported profit of £4.2bn for 2019 today, beating its financial targets as new boss Alison Rose outlined a rebrand of the bank to its Natwest name. RBS posted an operating profit before tax of £4.23bn and an attributable profit of £3.13bn. Operating profit was 24 per cent higher than last year’s, and beat analyst expectations of £3.8bn. Chairman Howard Davies said: “The board has decided that it is the right time to align the parent name with the brand under which the great majority of our business is delivered. Customers will see no change to products or services as a result of this change and will continue to be served through the brands they recognise today.” Rose refused to confirm any job cuts at the bank after a Sunday Times report that said Rose was ready to axe 3,700 Natwest jobs to save £120m. RBS to rebrand as Natwest as bank posts £4.2bn profit under new boss Alison Rose Show Comments ▼ Rose ‘has her work cut out’ at RBS Nicholas Hyett, an equity analyst at Hargreaves Lansdown, said the downbeat guidance means Rose will “have her work cut out” in 2020. “Bad loans have spiked and the bank reckons that could get worse. Meanwhile a highly competitive mortgage market is squeezing the turn the bank can make on lending and some fairly impressive loan growth is failing to make up the shortfall,” he added. “Restructuring costs remains substantial as well and look set to stay so.” She said: “Our performance doesn’t yet match the potential that exists in this bank. We can deliver so much more. The way people live their lives has changed. And their expectations of companies are changing too; looking for us to deliver not only financial performance but a positive contribution to society; benefitting customers and communities as well as shareholders. The future of this bank depends on us successfully delivering on both.” Alison Rose took over as chief executive of RBS in November Also Read: RBS to rebrand as Natwest as bank posts £4.2bn profit under new boss Alison Rose Share RBS will pay a final dividend of 3p per share – or £362m in total – and a 5p special dividend that comes to £606m. Joe Curtis For the fourth quarter, during which Rose took over, the bank posted an operating profit of £1.16bn and attributable profit of £867m. Alison Rose took over as chief executive of RBS in November The figures Rose, who took the top job after serving as deputy CEO of Natwest, used her first set of results today to announce a shake-up at one of the UK’s biggest banks. 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BREAKING: Laois senior football team named for All-Ireland Qualifier against Offaly

first_img BREAKING: Laois senior football team named for All-Ireland Qualifier against Offaly GAA 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshin Pinterest Twitter Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory WhatsApp Facebook RELATED ARTICLESMORE FROM AUTHOR WhatsApp GAA By Alan Hartnett – 28th June 2019 TAGSAll-Ireland Football QualifiersLaois senior footballersLaois v Offaly Pinterest Here are all of Wednesday’s Laois GAA results Facebook Laois senior footballers Brought to you in association with FREESOUL PortlaoiseLaois senior football boss John Sugrue has named his team for Round 3 of the the All-Ireland Qualifiers against Offaly.Laois face their neighbours in a championship match for the first time since 2006 at 7pm on Saturday June 29 in O’Moore Park.Ahead of the game, the manager has made two changes from the team that defeated Derry in Dungiven last week.Sean O’Flynn is in at wing back for Trevor Collins while Damien O’Connor returns to the team in place of Conor Boyle.Mark Timmons (broken hand) and Colm Begley (Achilles) are not named to start once again on Saturday.The pair missed the Leinster semi final defeat to Meath three weeks ago having picked up the injuries in the quarter final win over Westmeath.The Laois team actually shows seven changes from the side that defeated Offaly in the league earlier this year.As well as the aforementioned Begley and Timmons, Trevor Collins, Marty Scully, Eoin Lowry, Benny Carroll and Ross Munnelly all started that day.We will be in O’Moore Park on Saturday evening where we will bring you all the action as it happens on our Live Blog.If Laois can win this game, they will go into the Round 4 draw where they will meet either Galway, Cavan or Cork.They cannot play Meath if they reach this round having already met them this year in the Leinster semi final.LAOIS: Graham Brody (Portlaoise); Stephen Attride (Killeshin), Denis Booth (The Heath), Gareth Dillon (Portlaoise); Sean O’Flynn (Courtwood), Robert Pigott (Portarlington), Patrick O’Sullivan (Portarlington); John O’Loughlin (St Brigid’s), Kieran Lillis (Portlaoise); Daniel O’Reilly (Griaguecullen), Donie Kingston (Arles-Killeen), Damien O’Connor (Timahoe); Paul Kingston (Arles-Killeen), Colm Murphy (Portarlington), Evan O’Carroll (Crettyard).Meanwhile, Offaly have also named their team for the game and it is an unchanged one from the side which defeated Sligo last weekend.From Laois’s meeting with Offaly in the league back in March, there are a number of positional switches but just one in personnel as veteran Niall McNamee is there instead of Paul McConway.McConway started that game at wing back, a place now filled by Niall Darby. Cathal Mangan played midfield that day but he is in at wing forward with Peter Cunnigham moving to midfield and Anton Sullivan coming out to centre forward.OFFALY: Paddy Dunican; Declan Hogan, Eoin Rigney, David Dempsey; Cian Donohoe, Johnny Moloney, Niall Darby; Eoin Carroll, Peter Cunningham; Shane Horan, Anton Sullivan, Cathal Mangan; Bernard Allen, Niall McNamee, Ruairi McNameeSEE ALSO – Six Laois football teams set to go for All-Ireland Feile glory in Connacht GAA Previous articleLaois councillors request meeting with Housing Minister following ‘stupid’ affordable housing planNext articleWATCH/LISTEN: Joe McDonagh Cup final preview as Laois hurlers set for Westmeath challenge Alan HartnettStradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016. Twitter Home Sport GAA BREAKING: Laois senior football team named for All-Ireland Qualifier against Offaly SportGAAGaelic FootballLaois Senior Football Teamlast_img read more

Service of Appreciation for Dr. Bryan in New York

first_imgAdvertisements RelatedService of Appreciation for Dr. Bryan in New York Service of Appreciation for Dr. Bryan in New York UncategorizedOctober 12, 2007 RelatedService of Appreciation for Dr. Bryan in New Yorkcenter_img FacebookTwitterWhatsAppEmail A service of appreciation for the work of Dr. Basil K. Bryan, former Consul General to New York, will be held at the St. Luke’s Episcopal Church in the Bronx on Saturday (Oct. 20).The service, which is being arranged by the Jamaican Diaspora community under the patronage of Vicar Bishop for New York City, the Right Rev. E. Don Taylor, is in appreciation of Dr. Bryan’s outstanding stewardship over the nine years that he has served as Consul General.Dr. Bryan will read the lesson and address the congregation at the end of the service.Dr. Bryan, who demitted office on September 30, was appointed Consul General on April 1, 1998, succeeding Kay Baxter Collins. Prior to coming to New York, he served as Deputy Chief of Mission in the Jamaican Embassy in Washington, D.C.A highly decorated diplomat, Dr. Bryan was awarded the Order of Distinction by the Government of Jamaica in 2002, and is a recipient of the Lignum Vitae Award for outstanding and dedicated service to the Jamaican community by the National Association of Jamaican and Supportive Organizations (NAJASO).This past summer, Dr. Bryan was recognized by New York Senator and presidential hopeful Hillary Rodham Clinton, for his many years of exemplary service as Consul General of Jamaica and chair of the New York Caribbean Consular Corp. RelatedService of Appreciation for Dr. Bryan in New Yorklast_img read more

Platypus should be listed as a threatened species: new report

first_imgPlatypus should be listed as a threatened species: new report We need to list one of the world’s most iconic animals as a threatened species, UNSW scientists say.In NSW, the number of platypus observations declined by around 32 per cent in the last 30 years. Photo: Stuart CohenA landmark assessment by scientists at UNSW Sydney recommends the platypus be listed as a threatened species under Australia’s and NSW environmental legislation.The UNSW researchers, along with the Australian Conservation Foundation, WWF-Australia and Humane Society International Australia, today submitted their recommendations to the Commonwealth and NSW Government’s scientific committees.The International Union for Conservation of Nature (IUCN) Red List currently lists the iconic species as ‘Near Threatened’ – but it is not listed as threatened under Australia’s Environment Protection and Biodiversity Conservation (EPBC) Act.For their assessment, a team of researchers from the Centre for Ecosystem Science (CES) at UNSW collated all available data and evidence and assessed the species’ risk of extinction against IUCN and EPBC criteria.The scientists find that the area of eastern Australia where platypuses are found has shrunk by up to 22 per cent, or about 200,000 km2, over the past 30 years.“We recorded the most severe declines in platypus observations in NSW – particularly in the Murray-Darling Basin, where natural river systems and water flows have been the most heavily modified,” says UNSW’s Dr Tahneal Hawke, a lead author of the report.In NSW, the number of platypus observations declined by around 32 per cent in the last 30 years, compared to 27 per cent in Queensland. In Victoria, even though the state-wide decline was around 7 per cent, the researchers observed reductions in numbers of as much as 54-65 per cent in some urban catchments near Melbourne.The scientists’ models predict that platypus populations may have declined by more than 50 per cent as a result of historic land clearing, river regulation, and extreme droughts – some of the major threats affecting the species. Platypuses also drown in closed freshwater yabby traps, which are still legally sold in NSW and Queensland.“The platypus continues to face ongoing threats across its range. Unsustainable water extraction and land clearing will continue to put pressure on freshwater ecosystems and drive future declines in the future,” says UNSW’s Dr Gilad Bino, a lead author.UNSW’s Gilad Bino and Tahneal Hawke in the field. Photo: Stuart CohenThe changing climate also presents a serious threat to platypuses, with more severe droughts, reduced rainfall and intense fires drying out rivers, reducing water quality, and destroying the riparian vegetation.Listing the platypus as threatened would increase the scrutiny placed on developments that might endanger the species and prioritise its monitoring.“It would also mean an increased focus on what we can do to improve the situation,” Professor Kingsford, CES Director, says.The scientists say protecting one of the world’s most iconic animals and the rivers it relies on must be a national priority.“We have a national and international responsibility to look after this unique animal and the signs are not good. Platypus are declining and we need to do something about threats to the species before it is too late,” Prof. Kingsford says.The UNSW report, available online, was funded through a research grant from the Australian Conservation Foundation (ACF) in collaboration with WWF-Australia and Humane Society International (HSI). /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Australia, Australian, Australian Conservation Foundation, commonwealth, conservation, environment, environment protection, Government, legislation, Melbourne, NSW, Queensland, Scientists, Sydney, university, University of New South Wales, UNSW, UNSW Sydney, water qualitylast_img read more

Changes To Yan Yean Road Upgrade Protect Environment

first_imgChanges To Yan Yean Road Upgrade Protect Environment VIC PremierChanges to the Yan Yean Road upgrade will ensure that impacts on the local environment are minimised and local wildlife like the critically endangered Swift Parrot and Grey-headed Flying Fox are better protected.Minister for Planning Richard Wynne announced his assessment today of the environmental effects of stage 2 of the upgrade. The assessment noted the extensive work undertaken by Major Road Projects Victoria to mitigate impacts on the environment and local heritage.The Minister concluded that, subject to design, construction and operational mitigation and management measures meeting standards endorsed in the assessment, the environmental impacts arising from the project are acceptable.The changes to the project plan mean that two Doreen River Red Gums will be protected, as will the Doreen General Store and Post Office on Doctors Gully Road.Realigning holes at Yarrambat Park Community Golf Course will avoid the need for fencing along the road and avoid impacts on local flying fauna, especially the Swift Parrot and Grey-headed Flying Fox.The upgrades will widen the road from two to four lanes between Kurrak Road and Bridge Inn Road and upgrade six intersections. A continuous safety barrier will be installed to prevent head-on crashes and the road will be straightened to improve driver visibility.Upgrades will also result in new service roads to allow residents to safely access their properties and new street lighting, signs and landscaping.There will also be new off-road cycling and pedestrian paths along the length of the upgrade.As stated by Minister for Planning Richard Wynne“This is another important step in delivering road upgrades for Melbourne’s north. We’re planning properly and we’re getting it done.”We’re getting the planning right to ensure disruptions are minimised and both the community and the environment are protected.”As stated by Danielle Green, Member for Yan Yean“We’ll continue to work with local communities as we get on with this vital project, to slash congestion, keep neighbourhood streets quieter and safer, while also respecting the local environment which is what makes Yarrambat and Doreen such great places to live.” /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:AusPol, Australia, community, cycling, environment, GOLF, Government, Melbourne, Minister, Pedestrian, planning, project, Safety, Victoria, wildlife, Yan Yean, Yarrambatlast_img read more

Judge: App user not entitled to anonymity in rally case

first_imgTags :apNewsshare on Facebookshare on Twitteradd a commentGovernor appoints 4 to UC Board of RegentsHigh surf and high heat combine for a dangerous few daysYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall9 hours agoNewsCouncil picks new City ManagerBrennon Dixson20 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter20 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor20 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press20 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press20 hours ago HomeNewsJudge: App user not entitled to anonymity in rally case Aug. 07, 2018 at 5:00 amNewsJudge: App user not entitled to anonymity in rally caseAssociated Press3 years agoapNews A social media platform can be compelled to divulge account information belonging to a woman who anonymously chatted online about plans for last summer’s deadly white nationalist rally in Charlottesville, Virginia, a federal magistrate judge ruled Monday.U.S. Magistrate Judge Joseph Spero’s 28-page order says the woman’s First Amendment rights to anonymous speech don’t outweigh the importance of disclosing her identity to plaintiffs’ attorneys suing over the rally’s violence. Leaked Discord messages indicate the woman, identified only as “Jane Doe” in court papers, likely was involved in planning the event last August, the magistrate said.San Francisco-based Discord, an app that allows for text and voice chats, is popular with video game players. But the service also has been a communication tool for far-right extremists, including organizers of the Charlottesville rally.The woman’s attorneys had asked the San Francisco-based magistrate to quash a subpoena for Discord to turn over her account information and content of her communications to the lawyers, who filed a federal suit in Virginia against organizers of the “Unite the Right” rally last August.At the rally last summer, hundreds of people traveled to Charlottesville to participate in the rally and protest the city’s plans to remove a statue of Robert E. Lee from a park that was named after the Confederate general.Sunday is the anniversary of the deadly rally is Charlottesville, where white supremacists and counterprotesters clashed in the streets before a car plowed into a crowd, killing 32-year-old counterprotester Heather Heyer.Spero said federal law prohibits Discord from releasing the content of a message without the sender or receiver’s consent. But he ruled the plaintiffs’ interest in her account information outweighs any impact on her First Amendment rights.The magistrate noted that the woman’s personally identifying information can remain confidential, or “highly confidential” and therefore kept from plaintiffs’ lawyers, under a protective order issued in the Virginia lawsuit.The woman had asked the court to quash a subpoena for Discord to turn over subscriber information and communications belonging to at least 32 accounts. But the magistrate said the woman does not have legal standing to challenge the subpoena on behalf of other users.Lawyers for the user argued the subpoena is a “fishing expedition” designed to expose the identities and destroy the lives of people with “unpopular political views.”“Doe has a constitutional right to associate with people who think as she does and to engage in controversial political speech anonymously, and the Plaintiffs have no right to acquire her correspondence or information,” her attorneys wrote.But plaintiffs’ attorneys say the Discord chat logs are “evidence at the heart of the case” against the Charlottesville rally’s organizers, who posted instructions for participants, including what weapons to bring.Jane Doe is a self-described “political dissident” who used the handle “kristall.night” on Discord. Her alias appears to refer to the Nazis’ deadly, anti-Jewish Kristallnacht pogroms in Germany before World War II.Leaked excerpts of the Charlottesville chat logs show Jane Doe was involved in planning that weekend’s events and shared the rally organizers’ “goals of violence and intimidation and their motivation of racial animus,” plaintiffs’ lawyers claim.“She declared, ‘Without complicit whites, Jews wouldn’t be a problem,’ and ‘I hate miscegenation so much more after actually talking to mixed race people about their identity,’” they wrote.Doe’s lawyers said her statements were “nothing more than generic advice to others interested in attending” the rally.“Plaintiffs cannot violate Jane Doe’s constitutional rights simply because she holds personal viewpoints of which they disapprove,” they wrote.Plaintiffs’ attorneys served Discord with the subpoena in January. Discord had deleted data sought by the subpoena but created backup tapes that likely included that data, according to the lawyers.Doe’s lawyers said a 1958 decision by the U.S. Supreme Court held that a subpoena couldn’t be used to identify members of the NAACP because it would have a chilling effect on the First Amendment. They argue that the anonymous Discord users “may not have all the formalities of the NAACP” but are “no less an organization of like-minded individuals sharing their political beliefs and advocating for social change, no matter how noxious Plaintiffs may find this advocacy to be.”Doe is represented by Marc Randazza, a Las Vegas-based attorney who specializes in First Amendment cases. Randazza’s clients also include neo-Nazi website publisher Andrew Anglin and Infowars radio host and conspiracy theorist Alex Jones.last_img read more

Wesley J. Smith: Human Cloning, Hidden Under Jargon

first_img Recommended Medicine Wesley J. Smith: Human Cloning, Hidden Under JargonEvolution News @DiscoveryCSCDecember 2, 2018, 4:25 AM TagsadultsbabiesbioethicsDean Abbotthuman cloningID the FuturejargonmanufacturingpodcastResearchscientistsWesley Smith,Trending Requesting a (Partial) Retraction from Darrel Falk and BioLogos Email Print Google+ Linkedin Twitter Share Jane Goodall Meets the God Hypothesis “A Summary of the Evidence for Intelligent Design”: The Study Guide Origin of Life: Brian Miller Distills a Debate Between Dave Farina and James Tour Evolution NewsEvolution News & Science Today (EN) provides original reporting and analysis about evolution, neuroscience, bioethics, intelligent design and other science-related issues, including breaking news about scientific research. It also covers the impact of science on culture and conflicts over free speech and academic freedom in science. Finally, it fact-checks and critiques media coverage of scientific issues. Share A Physician Describes How Behe Changed His MindLife’s Origin — A “Mystery” Made AccessibleCodes Are Not Products of PhysicsIxnay on the Ambriancay PlosionexhayDesign Triangulation: My Thanksgiving Gift to All On a new episode of ID the Future, bioethicist Wesley J. Smith speaks with host Dean Abbott about the arrival of human cloning.Download the podcast or listen to it here.Human cloning research is underway even now, under cover of scientific jargon to obscure what’s going on, Smith says. Are we ready for this? Significant barriers remain that will slow its development as far as manufacturing (as Smith aptly puts it) cloned babies and adults. Yet ethical constraints still depend only on scientists’ restraint — a “thin reed to stand on.” Please consider donating to support the IDTF Podcast.Photo credit: 192635, via Pixabay. Email Print Google+ Linkedin Twitter Share Congratulations to Science Magazine for an Honest Portrayal of Darwin’s Descent of Manlast_img read more

Governor’s Request to Throw Out Complaint Rejected

first_img Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox. Email HELENA – The Montana commissioner of political practices has denied a request from the governor to throw out an ethics complaint against him.The order denying Gov. Brian Schweitzer’s motion was issued by Commissioner Jennifer Hensley last week.The complaint comes from the Montana Republican Party over the governor’s appearance in a public service radio advertisement during his 2008 campaign.The governor’s spokeswoman said in a statement Wednesday the governor did nothing wrong and he will appeal the decision to make sure the commissioner isn’t the final decision maker in the matter.last_img read more

Premium / Supply chain radar: Ryder – the partially sighted leading the blind

first_img Password* Subscription required for Premium stories In order to view the entire article please login with a valid subscription below or register an account and subscribe to Premium Forgotten your password? Please click here << Go back Premium subscriber LOGIN New Premium subscriber REGISTER Reset Your Password LOGIN Email*center_img Email* Please Login By Mike Weir 04/03/2020 A good way to lose money over the past year would have been to buy shares in Ryder System, Inc.The US truck sales/leasing & supply chain management company dropped from $66 last April to $37 now on the stock exchange, with no sign of the runaway slowdown, umm, slowing, and plenty of stormclouds on the horizon.(Here’s our previous take at Premium following the release of its Q4 ’19 and annual numbers last month.)As ever, after the latest earnings release, management spent a … © Alexey Novikov Please either REGISTER or login below to continue Resetlast_img read more

What tenants are paying at Vornado’s theMART in Chicago

first_imgShare via Shortlink Vornado CEO Steven Roth and TheMART (Getty, VNO)When Chicago’s Merchandise Mart opened in 1930, it was the largest building in the world. Though it no longer holds that title, the sprawling trophy property on the north bank of the Chicago River remains one of the city’s most iconic buildings.It’s also one of two major office properties that New York City-based Vornado Realty Trust owns outside of the five boroughs. (The other one, 555 California Street in San Francisco, is now up for sale.)Since acquiring the 3.6 million-square-foot property, now known as theMART, from the Kennedy family in 1998, Vornado has invested millions of dollars in repositioning the property, increasing the share of office and retail space while reducing showroom space. The company also committed $8 million to convert the building’s facade into a digital canvas in 2018.The property’s most recent refinancing came in the form of a $550 million CMBS loan provided by Morgan Stanley, Barclays and Bank of China in 2016. As is usually the case with such loans, documents associated with the securitization provide an inside look at the building’s finances.Embed code (view here):Read moreVornado turning Merchandise Mart into giant digital canvasVornado sees “tragic abyss” now, better times aheadVornado looks to sell towers co-owned with Trump The property was about 95-percent leased in 2016, with office rent averaging $35.86 per square foot and showroom rent averaging $45.54 per square foot, according to a DBRS report from the time of the refinancing. Office tenants accounted for about 49 percent of total base rent, while showroom tenants accounted for about 42 percent.Occupancy at the building has since declined somewhat to about 89 percent, while rents have increased substantially: Annual office rent is now $44.45 per square foot while showroom and trade show rent averages $54.49 per square foot, Vornado’s latest financial report shows.Gross asking rents in Chicago’s River North submarket, where theMART is located, average $45.54 per square foot, according to CBRE’s latest Chicago office leasing report.The largest tenant at the property is Motorola Mobility, the consumer electronics and telecommunications unit that spun off from the former Motorola Inc. in 2011. Although the company was sold by Google to China’s Lenovo Group in 2014, Google is still the guarantor for Motorola Mobility’s lease at theMART, which commenced in 2012 and extends through 2028. The Motorola lease accounts for about 17 percent of square footage and base rent at the property.In 2018, Braintree — the mobile-payment unit of Paypal — expanded its lease to 148,000 square feet, making it the fourth largest tenant. A 93,000-square-foot lease for Medicus Group International — a subsidiary of French marketing conglomerate Publicis Groupe — expired that same year. Another Publicis subsidiary, Razorfish, remains as a tenant at the building.According to Vornado’s latest financials, the company leased 273,000 square feet at theMART in the first half of 2020, at an initial rent of $48.64 per square foot. Meanwhile, the cancellation of trade shows due to Covid-19 led to a $8.2 million reduction in funds from operation in the second quarter. TheMART hosts the annual NeoCon trade show, dedicated to commercial office design, and more than 20 other shows per year, according to DBRS. Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsOffice LeasingTRD InsightsVornado Realty Trustlast_img read more