Markets finish lower as U.S. Fed releases meeting minutes

first_img TSX gets lift from financials, U.S. markets rise to highest since March Canada’s main stock index dragged Wednesday as bank and consumer staples stocks fell, while markets south of the border also finished lower with the release of the latest meeting minutes from the U.S. Federal Reserve. In Toronto, the S&P/TSX composite index dropped 26.08 points at 15,642.99. The Canadian dollar fell 0.11 of a cent at US74.48¢. Linda Nguyen In corporate news, retailer Hudson’s Bay reported a $152-million net loss in its fourth quarter ended Jan. 28. A year ago, it had earnings of $370 million for the same quarter. The Toronto company, which reported after markets closed Tuesday, attributed the loss to a one-time, non-cash goodwill impairment charge of $116 million driven by weak sales at Gilt, one of its e-commerce businesses, as well as at its Saks Off 5th stores. Its shares rose nearly 8%, or 75¢, to $10.45 on the TSX following the company’s earnings call. In New York, the Dow Jones industrial average lost 41.09 points to 20,648.15. The S&P 500 pulled back 7.21 points at 2,352.95 and the Nasdaq composite index was down 34.13 points at 5,864.48. Wall Street indices had been trading higher throughout the day, but sold off after the U.S. central bank suggested it might start trimming its balance sheet later in the year. In minutes from its March meeting, Fed officials agreed that if the economy continues to perform as expected, a change in the committee’s reinvestment policy would be needed later this year. The Fed has US$4.5 trillion on its balance sheet, a figure that quadrupled during the financial crisis of 2008-09 as the central bank bought up bonds to keep interest rates low and boost the economy. The minutes also showed that there was near unanimous support for the quarter point increase to its key policy rate to a range of 0.75% to 1%, its second hike in three months. The central bank continued to hint that it plans to raise rates three times this year, with expectations in financial markets that the next hikes will occur in June and September. The bank meets next in early May. Allan Small, a senior adviser at HollisWealth, said investors will soon be shifting their attention to corporate earnings and economic data. “Markets should turn its focus to earnings to see if this run-up we’ve seen recently is all that justified,” he said. “Now we got to turn to earnings to figure that out.” Investors were also awaiting for Friday’s March jobs report from the U.S. Labor Department to confirm that the economy is continuing to show signs of strength. On Wednesday, payroll provider ADP reported that there were 118,000 jobs added by small businesses last month, up from a revised 87,000 in February. In commodities, the May crude oil contract was up US12¢ at US$51.15 per barrel and May natural gas contracts lost three¢ at US$3.27 per mmBTU. The June gold contract was down US$9.90 at US$1,248.50 an ounce and May copper contracts were up US7¢ at US$2.68 a pound. With files from The Associated Press Related news Facebook LinkedIn Twittercenter_img S&P/TSX composite hits highest close since March on strength of financials sector Keywords Marketwatch Share this article and your comments with peers on social media Toronto stock market dips on weakness in the energy and financials sectorslast_img read more

Public access granted to six acres of open space at SMO

first_imgHomeNewsAirportPublic access granted to six acres of open space at SMO Jul. 06, 2017 at 7:15 amAirportNewsPublic access granted to six acres of open space at SMOMatthew Hall4 years agoairportdaily pressdaily press newsNewsSanta Monica Airportsanta monica daily presssmdpsmoSanta Monica – Airport  Six acres of airport land have reopened to the public following the removal of aircraft parking from the site.City Hall has approved plans for a 12-acre redevelopment at the airport and one six-acre lot is now open to the public while the larger plans work through the regulatory system. The large asphalt square might not resemble a traditional green-space but park advocates say the space has a variety of community uses.“These are six much-needed acres of new open space,” said Neil Carrey, President of the Santa Monica Airport2Park Foundation. “They demonstrate how quickly we can repurpose land that was previously restricted for aviation use only.”Carrey’s organization said uses for the site could include walking, jogging, bike riding, wind surfing, hopscotch, kickball, family gatherings, civic festivals, bicycle rodeos, skateboarding, roller skating, and a whole host of classes like public safety training.City staff cleaned debris from the site, removed weeds, patched wide gaps in existing concrete to prevent tripping, removed reflectors and plane tie-downs and added an access gate. Sidewalks and new trash cans are also planned for the site.“We made it safe and usable but it’s up to People’s imaginations as to what they use it for,” said Danny Welch, an architect with the City’s Public Works Department.Some activities, such as flying kites or drones are prohibited because there are still aircraft in the vicinity.The parcel, located adjacent to the existing Airport Park, is one of the least controversial items in the City’s ongoing airport saga. Airport advocates and critics both agree that restrictions on 12 acres of land (split between two six-acre parcels) used to park aircraft expired in 2015 with the ending of a 1984 settlement between the City and the FAA.Council approved conceptual plans for a park expansion covering the total 12-acres in 2016. The plan calls for increasing the number of fields, more community garden plots and providing non-sport uses near the existing Airport park.Three designs were presented for public review last year and council ultimately created a fourth option that combined the most popular elements of the three previous drafts.The approved design has three synthetic turf sports fields, relocates Donald Douglas loop to create an undisturbed park, adds 60 new community gardens in a more central location and adds significant natural landscaping.Plans for the new park are currently in the design phase by Rios Clementi Hale Studios and construction could begin as early as 2018 but space is open for public use in the meantime.The second phase of work at the airport is related to shortening the runway. City Hall secured the right to remove 1,500 feet of runway in the same agreement with the FAA that allows the airport to close in 2028.The City hired an engineering company to provide designs for a shorter runway and approved a plan in May that will remove more than 700 feet from each end.The shorter runway will facilitate park conversion but staff have also said it will effectively shut down business jet charters at SMO. The smaller runway will still accommodate most personal and corporate jets but the shorter runway should reduce jet operations by 44 percent, from around 16,300 flights per year to 9,000 with an annual increase in traffic between five to ten percent.In a recent email, Senior Advisor to the City Manager on Airport Affairs Nelson Hernandez said the construction contract for demolish is planned for the Aug. 8 council meeting.“The runway shortening project remains on schedule,” he said. “The tentative date for project completion is December. On August 8, staff will recommend award of a construction contract. Assuming the contract is awarded, construction will occur from September through early December.”[email protected] :airportdaily pressdaily press newsNewsSanta Monica Airportsanta monica daily presssmdpsmoshare on Facebookshare on Twitteradd a commentCity Council doubles down on Downtown Community Plan meetings“The Big Sick”, A Cure For What Ails YouYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall11 hours agoNewsCouncil picks new City ManagerBrennon Dixson22 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter22 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor22 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press22 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press22 hours agolast_img read more

Time’s Up

first_img“The final group is finally on the back nine in the Valero Texas Open …” Those were the words of NBC announcer Dan Hicks, some three hours after the threesome of Steven Bowditch, Matt Kuchar and Andrew Loupe all diligently pulled the proper club, checked the wind, took a few practice swings and smacked the first tee shots of their final round into the air. They were preceded by the telecast showing a graphic which explained potential slow play penalties, based on the fact that two of those three had already received warnings for a bad time and a few other groups were also on the clock. The good news? Things got noticeably quicker from there. Not quick enough, though. Valero Texas Open: Articles, photos and videos Sunday afternoon appeared ripe for the first one-stroke penalty for slow play on the PGA Tour in nearly two decades. (Those issued last year to Guan Tianlang at the Masters and Hideki Matsuyama at the Open Championship came from other governing bodies.) After all, there’s a difference between slow and stagnant. This one was so halting that it felt like the entire leaderboard was on the clock; it was so deliberate that it took the final group about 5:32 to finish the round; it was so plodding that reaction to the pace overwhelmingly overshadowed Bowditch’s first career victory. Consider it a perfect storm without the rain. The TPC San Antonio track was set up tough with a scoring average well over par, it featured a one- to two-club wind, they were playing in threesomes and the resort course is never an easy walk. But that’s not to make any excuses. There were also some interminably slow players on the leaderboard. How slow? Johnny Miller said of Loupe, “If everyone on Tour played like him, I would stop commentating.” At one point, with Loupe assessing a putt on the 15th green, Bowditch appeared to be napping nearby. Or maybe he was just doing an impersonation of so many viewers on their living-room couches. That’s because competitors and rules officials weren’t the only ones checking their watches. Discussions on social media, which during final rounds usually range from attempting to pick the winner to sharing thoughts on specific shots, were dominated by rancor and revulsion toward the pace. More than a few observers insisted they’d rather watch no golf than slow golf. Therein lies a major problem for the game in general and the PGA Tour more specifically. If viewers dislike slow play but continue to tune in, there likely won’t be much change; if they start clicking to other pursuits, though, that’s where officials might have to – to steal a phrase – stop being polite and start getting real. If there were any positives to come from Sunday’s pace of play, it’s that we can hope it becomes the tipping point toward proactive change. That might be wishful thinking – and I’m on record as writing that I’d rather watch professionals play better than faster – but sometimes you have to squint to see the silver lining. Right now, slow play is the uninvited houseguest who won’t leave. But in its defense, nobody has tried to kick it out, either. I’ve long believed that people shouldn’t bemoan a problem without offering a solution, but I don’t have one here. I know – the easy answer is for the PGA Tour to start issuing penalty strokes, which is actually part of its official rules, despite the fact that no penalty has been assessed since 1995. That’s also the popular answer based on both public opinion and the membership as a whole. Hit ’em where it hurts, the idea states, and players will collectively speed up. Monetary fines haven’t helped alleviate the issue, so the answer must come in the form of discipline on the scorecard. What I find ironic, though, is watching the last two weeks of the NCAA basketball tournament and so often hearing cries about officials determining results. Which leads to the problem with assessing penalties for slow play: There can’t be selective enforcement. You can’t assess a penalty to a notoriously slow player on Thursday morning, but fail to give one on the final hole Sunday afternoon to the leader who gets a second bad time while under the gun. Let’s say for example (and it’s hardly a perfect one, because he wasn’t much of an offender) that Bowditch took a little too long over one of his putts on the final hole and it was his second bad time of the day. The feel-good story of his first career victory would have instead led to a playoff. It would be like a ticky-tack blocking foul whistled in the first minute of a hoops game similarly being called on the final play to decide the outcome. We don’t like it when officiating determines results in other sports. Those asking for it in golf might want to be careful what they wish for, because it could open a Pandora’s Box as to how tournaments are officiated. Sunday afternoon may not have been the slowest round in PGA Tour history, but it sure seemed like it. Once again, the pace-of-play issue reared its ugly head. And once again, we’re left wondering when – or if – we’ll ever see the repercussions of such negligence.last_img read more

When a Student Couldn’t Pay Tuition Fees, Prison Inmates Rallied to Raise $32k to Help

first_imgAddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to EmailEmailEmailShare to RedditRedditRedditShare to MoreAddThisMoreSy Newson Green was a high school freshman when his world pretty much fell apart. His dad needed a heart transplant, and his mom was in an accident that impaired her vision. Both parents lost their jobs—and without their income, his future at the Palma School, the private all-boys Catholic high school he attended, was in peril.Palma SchoolBut Green was about to get a helping hand he’d never expected from an unlikely source.A group of inmates at California’s Soledad Prison pooled their income from working jobs as prisoners, and with a little outside help, they raised most of Green’s tuition to get him all the way through his sophomore year to graduation. All told, the sum was a whopping $32,000. Bryant and Gray also decided to channel their energy into creating a scholarship fund for a deserving Palma student—and, Sy Green, who excelled at his studies and sports, got the green light.For the next three years, Bryant and Gray worked behind prison walls to gather donations to finance Green’s education. Most of the donations were small, but a steady flow paid off.Green, now 19, got his Palma diploma last year and is currently a student at San Francisco’s Academy of Art University.Bryant was granted clemency after serving 20 years, and now serves as the Director of Restorative Programs at CROP, a nonprofit that focuses on reducing the recidivism rate via training, career development, and stable housing.CHECK OUT: Former Prisoners Use Skills Learned as Inmates to Help Firefighters Battle Blazes–And Give Jobs to Ex-ConsIn a system where so many inmates are locked into a cycle of crime and punishment, Bryant found the key to lasting change was forged by helping others.He embraces his second chance with a full heart.READ: Inmates Are Earning Free College Degrees Behind Bars, And Their Recidivism Rate Plunges to 2%“I don’t know about redemption… I can say this,” he told the Washington Post, “I know that those of us who have truly transformed our lives are committed to adding value in any way that we possibly can.”In the prison system, crime and punishment go hand in hand. Rehabilitation—while often cited as a goal—is usually more elusive. But if more book clubs were added to the mix, who knows how many transformations we could read about.SHARE Some Redemption and Generosity–Pass This Story on to Friends…AddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to EmailEmailEmailShare to RedditRedditRedditShare to MoreAddThisMore And the gesture was inspired by a book club!Jim Micheletti, an English and theology teacher at Palma School launched a reading program at Soledad seven years ago, called Exercises in Empathy—and he never imagined the cascade of positive repercussions that would follow.Sowing a seed that would come full circleIn the program, Palma students and teachers met regularly inside the prison to discuss books with inmates. More than a simple exchange of ideas, it became an opportunity to change students’ preconceived notions about inmates—and offered prisoners a chance to step outside those stereotypes.“They go in thinking ‘monster,’ and they come out thinking ‘a man, a human being.’ They’ve done bad things, but there are no throwaway people here,” Micheletti told CNN.In 2016, one reading club selection, Miracle On The River Kwai by Ernest Gordon was the perfect book to change lives. The story chronicles the transformation of a group of prisoners of war from a mindset of ‘survival of the fittest’ to one of solidarity with one another and self-sacrifice.MORE: Global Nonprofit that Trains African Prisoners to Become Lawyers is Featured on 60 MinutesJason Bryant, who was serving a 26-year sentence for his part in an armed robbery, finished reading the book and was so inspired by the story, that he and fellow-inmate Ted Gray set out to emulate the book’s example: “A small group of men made a different decision, and they decide to look out for each other.”RELATED: They Recycle Electronics – And People’s Lives – By Giving Ex-Felons Good Jobs to Imagine a Better Worldlast_img read more

Automotive Aftermarket Association Southeast Officers Elected

first_imgDeMoulpied comes to LSI from the Private Client Services practice of Ernst & Young where he managed strategy & operations improvement engagements for privately held client businesses. Some of his prior roles include VP of strategic development, director of strategic initiatives, and Lean Six Sigma Master Black Belt at OptumHealth, UnitedHealth Group’s health services business, as well as Lean Six Sigma Black Belt at General Electric, where he applied operations improvement principles to customer service, supply chain and product development. A successful entrepreneur, deMoulpied is also the founder of PrestoFresh, a Cleveland-based e-commerce food/grocery business.  With more than 20 years of experience across multiple industries and functional areas, deMoulpied has particular expertise in organizations with complex technical products. Combined, his prior positions have required a spectrum of skills in corporate strategy, operations improvement, product quality, and revenue cycle management. He has an impressive history of utilizing data driven problem solving (Lean Six Sigma) and project management (PMP and CSM) to achieve strategic goals surrounding customer satisfaction, operational efficiency and improved profit.  LSI President Brett Tennar says, “Steve’s success in developing operational strategies that improves the bottom line, builds teamwork, reduces waste and ensures quality product development and distribution checks many of the boxes of what we were looking for in a COO. This, coupled with his career in the Air Force working with highly technical systems and his in-depth understanding of Lean Six Sigma and Business Process Management sealed our offer. As our tagline states, our products are Powered by Science. This data driven approach is one reason why our company has grown exponentially as we employ the most advanced technology to product development. I am confident that Steve is the right person to drive operational strategy for our diverse and growing brands.” Advertisement MONTGOMERY, Ala. – Automotive Aftermarket Association Southeast Inc. (AAAS) elected officers during the association’s recent annual conference in Sandestin, Fla. AdvertisementClick Here to Read MoreAdvertisement Steve Kampwerth of Auto Electric and Carburetor Co. Inc. in Birmingham, Ala., was re-elected to lead the group as chairman of the board. Kampwerth has served the association as first and second vice chairman and prior to that as a director. His service also includes trustee and now chairman of the AAAS Employee Benefit Fund and he is also a trustee for the AAAS Educational Foundation. Serving with Kampwerth are: ·    Tommy Rogers – 1st vice chairman, Rogers Automotive Supply, Alexander City, Ala. ·    Brian Keith – 2nd vice chairman & treasurer, Walter S. White Auto Parts Inc., Birmingham, Ala. ·    Bill Lewis – immediate past chairman, Southern Generators Inc., Greenville, Ala. ·    Barry Daniel – director, Tools & Equipment Warehouse Inc., Conley, Ga. ·    Clyde Darville – director, 3-D Service Inc., Tampa, Fla. ·    Sid Dooley – director, Associate Jobbers Warehouse Inc., Boaz, Ala. ·    Bob Greathouse – director, CARQUEST Distribution Center, Ocala, Fla. ·    Bill Hamilton – director, Hamilton Parts & Equipment Co. Inc., Birmingham, Ala. ·    Jarrett Liles – director, Connie Liles Auto Parts Inc., Tallahassee, Fla. ·    Mike Morgan – director, Frost Transmission Inc., Gadsden, Ala. ·    Phil Payne – director, National Parts Exporters, Atlanta, Ga. ·    Tom Powell – director, PSKB, Inc., Atlanta, Ga. ·    Tom Roberson – director, Service Auto Parts Inc., Greenwood, Miss. ·    Keith West – director, Auto Supply Company, Bowdon, Ga. ·    Steve Wiggins – director, Wiggins Auto Part Inc., Panama City, Fla.,Lubrication Specialties Inc. (LSI), manufacturer of Hot Shot’s Secret brand of performance additives and oils, recently announced the expansion of senior leadership. Steve deMoulpied joins LSI as the company’s chief operating officer (COO). AdvertisementClick Here to Read MoreAdvertisement DeMoulpied has a Bachelor of Science degree in Engineering Management from the United States Air Force Academy and a Master of Business Administration degree from the University of Dayton in Marketing and International Business. He served six years with the USAF overseeing the development of technology used on fighter aircraft and the E-3 Surveillance aircraft, finishing his career honorably as Captain.last_img read more

New management role for ACD employee

first_imgSubscribe Get instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270.last_img

Air Liquide to supply largest West-African manufacturer

first_imgGet instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270. Subscribelast_img

Big day at Clonmel racecourse

first_imgJockey Sean Flanagan will be trying to win this afternoons Grade 2 Clonmel Oil Chase for the second year in a row.He won on Alpha Des Obeaux last year and is looking forward to riding Rashaan for Carlow based trainer Colin Kidd in this year’s renewal.Flanagan says Clonmel is a course that suits the horse and he is looking forward to the ride as he believes Rashaan can be as successful over the larger obstacles as he was over hurdles. Photo: © clonmelraces.ie The first on a seven race card is off at 12.50pm.last_img