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Summer Youth Crew Camp Is Happening Now For 4 Sessions

first_imgOcean City High School Crew Boosters “Summer Youth Crew Camps” began tonight. This is the first session out of four available session dates for the youth rowing camp, held in July and August near the 34th street bridge.Youth Crew Camp is for kids 12 to 14 years old who are interested in learning to row. Head Coach Michael Millar says, “For most of our crew campers, it’s their first experience around the crew boats. Our summer camp program gives them a taste of what the sport of rowing is all about in a fun, relaxed atmosphere.”The OCHS Crew team has a lot to offer the young campers. The team is coming off a stellar spring season, winning medals at the Atlantic County Championships, the Garden State Regatta, Philadelphia City Championships, Stotesbury Regatta, and Nationals. OCHS boys varsity 8+, boys second 8+, girls lightweight 8+ and the girls freshman 8+ were named Press of Atlantic City “All-Star Boats of the Year” for 2017. Our Coach Ian Tapp was named Coach of the Year for 2017 by the Press of Atlantic City. Last year’s winner was also one of our coaches, Head Coach Michael Millar.OCHS Crew team’s coaches will teach the campers the basics of rowing. OCHS crew team student volunteers will be on-hand as well to assist the coaches. Registration is open now.Sessions are as follows: Session 1: July 17 to 20, 5-7:30pm (make-up date July 21) Session 2: July 24 to 27, 5-7:30pm (make-up date July 28) Session 3: July 31 to Aug. 3, 5-7:30pm (make-up date Aug. 4) Session 4: Aug. 7 to 10, 5-7:30pm (make-up date Aug. 11) Championship Regatta: Aug. 14, 5-7:30pm (make-up date Aug. 15)The cost is $200 per session. Families registering a second child will be discounted to $150 for that rower. If a child is signed up for a third week, the fee is $150.00. If a child registers for all four camps, the fourth week is free. Each rower will receive a camp tshirt and an invitation to the camp’s Championship Regatta, where dinner will be served.Rowers should come wearing close-fitting shorts and t-shirt, water bottle, socks and slides. All rowers must sign an insurance waiver on US Rowing or you will not be able to row. Go to www.usrowing.org. Click on ABOUT. Click on Waivers. OCHS School Code is SL6NH. If thunderstorms develop during a camp session, parents will be contacted to come pick up their child early. Please be sure to leave a contact number where you can be reached.For more information, contact Gretchen Wiley at: [email protected] or Head Coach Mike Millar at [email protected]last_img read more

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Speech: Japan and the UK: an enduring trade partnership

first_imgThank you.It’s good to be here to discuss British-Japanese trade and investment – something of great importance to both our countries.The scale of investment alone makes Japan an important partner for the UK – £46 billion in the UK according to latest figures.And we have common interests more broadly – we’re both champions of a rules-based international system.That trading and investing relationship has deep roots – the UK receives a lot of investment from across Asia, but Japan was the first.And it’s continuing to flourish right now: Japan is the UK’s main source of investment in Asia, and there’s around 100 new projects per year.To give just 2 examples, from very different industries – Toyota is currently investing £240 million at its Burnaston car plant in Derbyshire, securing 750 jobs; Softbank now employs 2,000 people thanks to its acquisition of ARM, and it’s continuing to expand its operations there.And as you know, Your Excellency Ambassador Tsuruoka, we opened Telehouse and its Japanese parent company KDDI’s £135 million data centre in the London Docklands in 2016.So I am sure that once we’ve left the EU, Britain will remain a natural investment destination for Japanese companies, and a natural partner for Japan.After all, the UK is far more than a stepping stone for foreign companies to trade into the EU.According to recent World Bank figures, we are the fifth largest economy in the world. That makes the UK one of the world’s largest markets, in our own right.It’s not only a large market – it’s a market that is and will remain almost uniquely friendly to business, including foreign investors – the World Bank independently ranks us seventh in the world for the ease of doing business.Foreign companies have £1.2 trillion invested here – that’s for a good reason.And it’s a market where you can easily access the skills, finance and business services you need to support your business.We speak the world’s language, in the world’s most convenient timezone – and one particularly convenient for Japanese companies.From London you can trade with Asia in the morning and America in the evening – as I remember from my time working for the Industrial Bank of Japan a mile downstream from here, almost 30 years ago.So London can provide a link between the 2: it’s 5 hours from London to New York, whereas Tokyo and New York are almost exactly on opposite sides of the globe.Indeed the City of London, alongside New York, are the world’s largest financial centres.And London has been Europe’s largest financial centre for hundreds of years – it’s hardly going to disappear when we leave the EU after less than 50.And we have world-renowned professional services – including a legal system that is so respected it’s chosen for contracts the world over.Again, that’s a reputation grounded in hundreds of years of precedent – it won’t disappear when we leave the EU.Nonetheless, I understand that there will be businesses for whom one of the attractions of the UK market has been access to the European market.To which I hope I can offer reassurance. Brexit does not mean Japanese investors in the UK will be unable to access the European market – as I said to the Keidanren when I met them in March this year to discuss the position paper they co-authored with JBCE.Now, Japan itself trades significantly with continental Asia, without being in any form of Customs Union; and I’m sure Britain will continue to have excellent access to EU markets, as this is strongly in our common interest.And we’re looking to sign a good trade agreement with the EU, to give firms based in the UK smooth and extensive access to the single market.I’m sure we’ll get that.It’s strongly in both sides’ interests to reach a good agreement – on the day we leave, we’ll become overnight the EU’s second-largest export market: only slightly behind the US, and well ahead of third-placed China.It’s not a zero-sum game. The EU won’t want to lose their second-largest export market. That calculation isn’t changed by how big or small the impact is on us.And it will be made easier by being the only trade agreement in history where both sides start from a position of regulatory alignment.Which means that if there’s a will, there can be a way.And I’m sure there will be the will to sign a deep and comprehensive FTA – there certainly is on our side, and there will be on the EU side.Not just because it’s in our mutual self-interest, but because we are and will remain close allies with the EU.The EU-Japan trade agreement – the Economic Partnership Agreement or EPA – is currently being finalised.We’ve been fully supportive of the EU signing that – in fact, we’ve been one of the parties in the EU pushing for it the strongest.Because so long as we’re a member of the EU, we’re going to be a constructive member. So, I hope that the EU-Japan agreement will be signed smoothly – and I hope that the UK can transition that smoothly.I was very pleased by the agreement between our 2 Prime Ministers to quickly establish a new economic partnership, based on the final terms of the one between the EU and Japan.But I hope for more than that, too. We’re leaving the Customs Union not because we want to turn the UK inwards, but because we want to turn it outwards, to the world.And that means deepening and strengthening our ties with our natural partners, like Japan.That’s exactly what the UK has been doing, from Theresa May’s visit last year, to a recent agreement between the government of Tokyo and the City of London on the financial industry.As set out in the Japan-UK joint declaration in August last year, Japan and the UK are among the strongest global champions of free trade, and both our countries are committed to work quickly to establish a new economic partnership as the UK exits the European Union.Because business and investment are right at the heart of our vision for a Global Britain.And they’re right at the heart of our relationship with Japan. I look forward to that continuing.last_img read more

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Yusuf/Cat Stevens Plays First New York Show In 40 Years [Watch]

first_imgThe last time Yusuf/Cat Stevens played New York, the year was 1976. The subsequent four decades were marred with controversy, but the singer had no problem selling out the Beacon Theatre in his return to the Big Apple. As Rolling Stone points out, the show was something of an olive branch, extending familiar music to fans who genuinely missed hearing it.The stage was packed with memorabilia from Yusuf’s career, as the show was billed as “A Cat’s Attic.” Posters, records, and classic Cat Stevens hits filled the room, capturing a long-lost fan base with musical magic. He opened the show with “Where Do The Children Play?,” ultimately treating fans to a full 33 song showing over two sets.Check out a few fan-shot videos from the night, as well as the full setlist, posted below.Peace Train (via Michelle Galerkin)Wild World (via Michelle Galerkin)Morning Has Broken (via Michelle Galerkin)Setlist: Yusuf at Beacon Theatre, New York, NY – 9/19/16First Set“Where Do the Children Play?”“If You Want to Sing Out, Sing Out”“Somewhere” (P.J. Proby cover)“Love Me Do” (Beatles cover)“Here Comes My Baby”“The First Cut Is the Deepest”“I Love My Dog”“Matthew and Son”“A Bad Night”“Trouble”“Fill My Eyes”“Katmandu”“I Wish, I Wish”“Miles From Nowhere”“On the Road to Find Out”Second Set“Sad Lisa”“Don’t Be Shy”“Into White”“Father and Son”“Moonshadow”“How Can I Tell You”“Sitting”“Boy With a Moon and Star on His Head”“Ruins”“Oh Very Young”“Novim’s Nightmare”“People Get Ready” (Impressions cover)“Be What You Must”“Roadsinger”“Maybe There’s a World” / “All You Need Is Love” (Beatles cover)“Peace Train”Encore“Wild World”“Morning Has Broken”last_img read more

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Watch Pigeons Playing Ping Pong Rage “F.U.” With The Swift Technique Horns

first_imgPigeons Playing Ping Pong teamed up with Swift Technique for an all out musical celebration last Wednesday, December 28th, performing to a packed house at TLA. The show raged from start to finish, but one of the biggest highlights was an extended encore jam on Pigeons’ song “F.U.”, featuring the horn section from Technique.Check out the collaboration in the video below.Pigeons continue their New Year’s run with a show tonight at the Broadberry in Richmond, VA, followed by a New Year’s celebration opening for Lotus at Pittsburgh’s Stage AE. You can see the setlist from this performance below.Setlist: Pigeons Playing Ping Pong | TLA | Philadelphia, PA | 12/28/16Set: Porcupine, Melting Lights, Whoopie > 1999 > Whoopie, Stay, Burning Up My Time > Condenser, Horizon > Somethin For Ya > Skipjack, Henrietta, Pop Off, King Kong > War Pigs > King KongE: F.U. (w/Swift Technique horns)[photo via Iamsymmetrical Photography]last_img read more

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Galactic Is Calling For Fan Submissions For Their New “Going Straight Crazy” Music Video

first_imgGalactic is making a music video for their recently released single, “Going Straight Crazy“, and they want you to be in it! The Already Ready Already track is an upbeat, sing-along jaunt featuring vocals by fellow NOLA standout Princess Shaw, and begs to be blasted from your car stereo with the windows down on a sunny day.As the band notes in a post on their website,We want to see YOU going straight crazy!We’re calling all Galactic fans to submit your own videos for our ‘Going Straight Crazy feat. Princess Shaw’ fan-generated music video! Send your videos of you singing, dancing, getting down to the funk at the Jazz Fest fairgrounds, at Tipitina’s, in-store at Louisiana Music Factory or at home in to [email protected] Please film your videos in landscape mode. Get crazy, y’all.Related: Stanton Moore Talks Galactic’s New Album, Buying Tipitina’s, & “Playing Like You Own The Place” [Interview]What’re you waiting for? Find your best videos of you and your friends “going straight crazy” for some New Orleans funk and send them to Galactic for the chance to be immortalized in their new video! Give the song a listen below:Galactic ft. Princess Shaw – “Going Straight Crazy”[Video: Galactic]Even though the 2019 festivities at the Jazz Fest fairgrounds are now over, Galactic still has plenty of funk in the tank for those still in New Orleans. Today at 6 p.m., the band will play a free show at Louisiana Music Factory on Frenchmen Street. For a full list of Galactic’s upcoming tour dates, head over to the band’s website here.last_img read more

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Armyworms destroy Georgia turf

first_imgAlmost every year in late summer, caterpillars invade turfgrass across Georgia. Damage to established turf is mostly aesthetic, but newly planted sod or sprigged areas can be severely damaged or even killed. Several caterpillars can damage turfgrass, but in late summer most of the problems are caused by fall armyworms. Their favorite turf to feed upon is bermudagrass. Eggs hatch in just daysAdult armyworm moths are active at night. Females lay eggs in masses of 50 to several hundred. Eggs hatch in a few days, and the young larvae begin to feed on leaf tissue. As the worms grow, they consume entire leaves of grass. Armyworms are most active early and late in the day, spending the hotter hours down near the soil in the shade. Larvae feed for 2 to 3 weeks before pupating in the soil. Moths emerge 10 to 14 days later. The entire life cycle — from egg to adult moth — takes about 28 days in the warm weather of August and September. Weather conditions fuel the development of armyworms, said University of Georgia Assistant State Climatologist Pam Knox. Some UGA Cooperative Extension agents report this seaso as the worst they have seen in 25 years, she said. “They devastate pastures and hayfields in locations across the state,” Knox said.Do the soap testTo see if worms are present, perform this simple test: Pour soapy water on the grass (one-half ounce of dishwashing soap per gallon of water). If the worms are present, they will quickly surface. Controlling armyworms and other turf caterpillars is relatively simple once the problem is identified. The old standby carbaryl (Sevin) still works well, as do all the pyrethroids (pyrethroids are those active ingredients listed on a label that end in “-thrin”). If the worms are detected while they are still small, Dipel or other Bacillus thurengiensis-based products provide good control. Treat at nightSince armyworms are most active late in the day and at night, applications should be made as late in the evening as possible. It is not necessary to water after application, but an application rate of 20 to 25 gallons of solution per acre as a minimum will ensure good coverage. Do not cut the grass for 1 to 3 days after application.For more information on maintaining turfgrasses in Georgia, visit www.Georgiaturf.com.last_img read more

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General Fraser : “US Military Working Feverishly and Aggressively” to Provide Aid to Haiti

first_imgBy Dialogo January 14, 2010 This is the first time I visit your web page and as a Mexican journalist it is very nice to know there exist such well written articles with accurate information. Congratulations to the Editorial staff of your magazine and again, THANK YOU as this represents hope for the printed media and true journalism at a global level…it means a lot to count on true professionals of such an important field. May God bless you. RSA USSOUTHCOM Commander, General Douglas Fraser, emphasized the humanitarian relief efforts that are underway to provide assistance to victims of the devastating earthquake that rocked Haiti Tuesday, during a news conference held January 14, 2010 at USSOUTHCOM headquarters. “We are working feverishly and aggressively to provide life sustaining capabilities in Haiti. Our hearts go out to the Haitian people and we are making use of every asset we have at the Department of Defense to ensure that relief gets to them as soon as possible”, General Fraser stated. The scale of commitment and rapid response to the humanitarian crisis is clear. Outlining relief efforts, General Fraser summed up the U.S. military presence so far. “We have 329 troops on the ground today, 757 troops will be in Haiti tomorrow, and 942 will be on the ground by Saturday”, indicated General Fraser. A snapshot of ongoing relief efforts in Haiti, presented by General Fraser, indicated that less than 48 hours after the earthquake, more than 300 personnel specialized in disaster relief missions were already on the ground. When additional support arrives via carriers in the coming days, between 5,000 to 6,000 personnel will be available in Haiti to provide desperately needed relief supplies, distribute aid and rebuild vital infrastructure capabilities at the damaged port and airstrip in the Haitian capital, Port au Prince. Four Coast Guard cutters with helicopter capabilities, a Navy destroyer with helicopter support and a disaster relief assessment team are also headed to Haiti. A battalion from the 82nd Airborne equipped with a Command and Control Center will also be dispatched to work with search and rescue teams from the U.S. government and international aid groups. In a race to provide urgently needed supplies, the aircraft carrier USS Carl Vinson is expected to arrive in Haiti Friday morning, with a sizeable logistic capacity to transport injured personnel and vital relief supplies. The ship will also be carrying 19 helicopters and 30 pallets of water, food and emergency aid. By January 19th, just one week after the crisis, three ships with 2,200 U. S. Marines providing disaster relief supplies will also reach Haiti, and by January 22nd, the USNS Comfort hospital ship will arrive to provide much needed medical teams and surgeons with the capability to tend to a wide range of medical needs including delicate operations.last_img read more

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NCUA issues final Risk-Based Capital Rule

first_imgSince the Great Recession, the financial institution industry has been flooded with regulatory changes. From the Dodd-Frank Wall Street Reform and Consumer Protection Act to the expected change in the allowance for loan losses to a current expected credit loss model, the purpose of regulatory reform is to provide stability and confidence in the industry. To that end, the National Credit Union Administration (NCUA) recently approved a final risk-based capital (RBC) rule.The NCUA proposed sweeping changes to the capital rules in 2014 in an effort to replace the current risk-based net worth ratio with a metric that more adequately addresses the amount of capital compared to credit union balance sheet risks. The NCUA expects credit unions will be able to better absorb losses through sufficient capital without causing systemic losses to the National Credit Union Share Insurance Fund (NCUSIF). The RBC rule will apply to complex credit unions—those with more than $100 million in assets. This exempts 78 percent of federally insured credit unions from the risk-based capital requirements.The final rule also will incorporate minimum ratios for credit unions to be considered adequately capitalized (8 percent) or well-capitalized (10 percent). The 2014 proposed RBC rule included an individual minimum capital requirement. This was removed in the final RBC rule, though the final rule offers the NCUA remedies to address credit unions with deficiencies in capital levels.Calculating the RBC RatioThe RBC ratio will be determined by dividing the RBC by the credit union’s total risk-weighted assets. RBC includes tangible and/or liquid balance sheet items that would be available to cover losses incurred by the credit union, including undivided earnings, appropriation for noncomforming investments, equity acquired in a merger, net income and secondary capital accounting in net worth with the addition of the allowance for loan losses. Deducted from RBC will be the credit union’s NCUSIF capitalization deposit and any intangible assets, including goodwill.The denominator of the ratio will represent the credit union’s total risk-weighted assets, including certain off-balance-sheet assets, and will be reduced by the same items that reduce the numerator. There are 10 categories of risk weights, comparable to the FDIC’s Basel III risk weights implemented by the banking system in 2015. The risk weighting of the balance sheet will require higher levels of capital for credit unions with concentrations in real estate loans, commercial loans or noncurrent loans. A significant change from the 2014 proposed RBC rules is the elimination of interest rate risk from the calculation of risk-based assets.Implementation The implementation date of the rule is January 1, 2019. While most credit unions affected by this rule will be considered well-capitalized, the extended implementation date will allow credit unions to implement capital strategies to reduce risk on the balance sheet and/or maintain the current risk. Credit unions also should consider how proposed changes in business operations or potential mergers or acquisitions will impact the credit union’s RBC ratio. Extensive changes will be required to the 5300 Call Report; these are expected to be complete in early 2018. The changes will affect not only regulatory capital schedules but also loan, investment and other schedules. Complex credit unions also will be required to implement a capital policy addressing the credit union’s strategy for assessing capital adequacy and maintaining appropriate capital levels.For more information on how the final RBC rules could affect your credit union, contact your BKD advisor. 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Bob Swartz Bob is a member of BKD National Financial Services Group and provides a full range of assurance and consulting services to banks, thrifts and credit unions. He also provides audit … Web: www.bkd.com Detailslast_img read more

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A commercial real estate apocalypse?! Part 2: Branch neighborhoods

first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Joe Karlin Joe Karlin has worked with or at credit unions his entire career.  Starting as a CPA with Deloitte and Touche, he audited credit unions, corporates, and leagues.  Joe spent nearly … Details Near/in office park, unclear: It is challenging to foretell the future of office parks, the scenario for most office parks is negative.  Three factors come into play in the way we work: co-working solutions, remote work, and traditional (single tenant) office space.  First, the upward trajectory of co-working space (e.g. WeWork) was knocked back down to earth by COVID-19.  While WeWork was already in trouble before, COVID-19 may be the final nail in its coffin. By contrast, remote working has been on the rise as a result of COVID-19. Many employers and employees may see remote work as a win-win in the long-term.  Finally, some companies will want to maintain control over their work environment, supporting the traditional office space.  Of the three scenarios, the most likely is an increase in remote working and reductions in traditional and co-working, pointing to a negative outlook.  Near/in residential, positive – Thirty or so years ago, branches were often situated adjacent to residential areas.  Those locations may now be back in vogue as members spend more time at/near home and less time at work, retail shops, restaurants, grocers, etc.  These locations may be the best positioned to provide convenience and service.Actions for your branchesAssess – Assess the outlook for your neighborhood, including your branch’s neighbors, the business they are in, and whether the properties can be easily renovated to alternative CRE uses.  If you lease, assess your landlord (e.g. grocery store owner or strip mall owner). Owners may come under stress if they own significant volumes of similar properties that all begin to sour at the same time.  As well, they may come under stress if they are a small owner, as they lack the financial wherewithal to renovate properties as tenants move out.  Assess your proximity to rooftops.  Assuming we work from home more and venture out less, are your locations close enough to consumers to be convenient?Act – A variety of options exist for your branches.MaintainRenovateShrinkCollaborate to drive more traffic (e.g. coffee shop, café, co-working space, etc)Convert to e-only branch Add ATMs, ITMs, e-branchesMoveSale-leasebackCloseWhile many of the alternatives presented will require a capital investment, the return with increased traffic, reduced costs and member satisfaction will be worth the investment.Branches, the Real Estate FactorIn the next article, we’ll discuss the impact on the value of the branch properties, and different options to minimize the downside and maximize the upside. Grocery store-located branches, neutral-to-negative: The good news is that everyone needs to eat. The bad news is that the number of grocery store trips is declining, a victim of grocery delivery both by the local grocery stores and the national providers, as well as meal plan delivery (e.g. Freshly) and restaurant delivery.  In response, grocery store sizes are shrinking, and/or shifting to a “market” style offering.  The outlook for in-store branches is mixed. If your grocer partner is willing to continually invest as necessary to retain its market share, then the outlook for your in-store branch is neutral (neutral, and not positive, because the need for branch visits will continue to decline). If your grocer partner is unwilling (or unable) to continually invest as necessary to retain its market share, then your outlook is negative. center_img AUTHOR’S NOTE: I presented a speech on this topic in early December 2019, before COVID-19 was part of our daily news. Now, with the introduction of COVID-19 and everything it introduced into our world (like social distancing and shuttered bars and restaurants), the long-term outlook for most commercial sectors turned from questionable to bleak. This series presents a likely scenario for commercial real estate, as well as actions you should take to prepare your credit union.In Part 1, I predicted that certain commercial real estate (CRE) sectors will face an apocalypse. Some of the culprits include Amazon, “big money,” technology (5G and Artificial Intelligence), and changing consumer habits.  And, within the past few months, the most recent development (COVID-19).  As I also discussed, CRE is not in a “bubble” . . . these CRE sectors will be down and out, and it will happen within 5-7 years.Does 5-7 years seem too quick for such a radical decline?  Ask a taxi driver in NYC how quickly things change. In NYC and certain other large cities, taxi drivers need a taxi medallion for the privilege of operating a taxi – only a limited number are offered.  A single NYC taxi medallion was worth slightly over $1 million in 2013. Back then, most considered them to be “as good as gold.” Taxis were ubiquitous in the Big Apple, so how could they ever lose value?  Answer: Uber and Lyft. NYC taxi medallions have since cratered in value. Last summer, three medallions sold for an average $137,000 each; thirteen up for sale received no bids. An 86 percent decline in value in six years. Now that’s fast! A similar transformation will impact certain segments of CRE.  CRE sectors that are most susceptible to an apocalypse include retail, restaurants, and special-use facilities. Least susceptible include residential, warehouse, and light industrial.In this article, we’ll explore the particulars of this transformation, and the impact of the CRE Apocalypse on your branches.  Not specifically the value of the branch properties (that’s the next article in the series), but the “neighborhood” each branch lives in.Why minor traffic reductions have such significant impactsAlmost every sector – grocers, restaurants, retailers – has seen a drop in traffic, thanks to the likes of Amazon and UberEats, and most recently COVID-19. No one has proven immune to the new technologies and the shifting consumer habits. And, minor traffic reductions can have an outsized impact on a business’ ability to survive. This is particularly evident in sectors with higher fixed costs. As a simple example, let’s say a restaurant serves 100 customers daily; the first 85 cover the fixed costs and variables; the last 15 cover variable costs and provide the profit margin.  If business drops just 10 percent – just 10 fewer customers walk through the door daily – two-thirds (67 percent) of the contribution toward profit margin evaporates. Another five percent drop causes all profit margin to vanish, leaving no reason to keep the lights on.Nearly all industries realizing significant disruptionIt’s no secret that retail stores have suffered at the hands of online retailers.  The best outlook in retail is for those retailers who are specialized or offer specialized service.Experiential retail (things at which you need to be physically present to experience) was once thought to be safe but now is subject to disruption. Until about five years ago, restaurants were largely safe. Now, a host of alternatives are eating into (no pun intended) restaurants’ volumes.  And, meal delivery is not a panacea; first, the delivery services take a large cut of the ticket; second, delivery cuts out high margin products (e.g. drinks and desserts).In the not-too-distant past, fitness centers were seemingly “safe”, as it was something you needed to be there to experience.  Not only did they have the equipment, but they also had the community – encouragement from other gym rats to help you meet your goals. Now, with new entrants like Peloton and Mirror, even a workout can be achieved from home, along with the community (brought to you digitally). So, maybe that gym is no longer as safe as it was just a couple of years ago.  Again, a small drop in volume may represent a loss of the margin that allowed them to survive.So few businesses are immune to volume reductions. And, as we discussed, small volume reductions can have outsized impacts to a company’s bottom line.CRE Neighborhood OutlooksOur branches reside in different “neighborhoods,” and the outlook for each such neighborhood differs.  Below are some of the typical neighborhoods and their outlooks.Strip malls, negative: The typical strip mall contains too many CRE uses that are in decline, such as retail, restaurants, and gyms.  Further, these properties are not easily converted to other CRE uses.  We can expect most strip malls to struggle greatly in the short term, and many risk going dark in the next 5-7 years. One big differentiator is whether the strip mall in which your branch is located is a destination or is along well-traveled roads. Destination strip malls face a more dire future, as consumer trips to the strip malls will drop, resulting in fewer trips near your branch. “New urban” / city centers, positive: The most recent innovation in many cities is the “new urban” development.  These areas offer a population density akin to a downtown urban area as opposed to suburban sprawl.  Much the same as in our lives, balance is key and the new urban neighborhoods offer a balance of different CRE offerings. These areas offer restaurants and bars, experiential retail, residential, and office. As such, the new urban centers have a great chance to thrive in the new future.  If a new urban area near you is looking for a credit union partner to build a branch, jump at the chance!last_img read more

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Brexit: Sponsor covenant is key, say UK and European associations

first_imgJerry MoriartyJerry Moriarty, vice-chair of PensionsEurope and chair of its Brexit working group, said a “no deal” outcome would “generate uncertainty for EU citizens working in the UK regarding their own pension rights and social security rights and for UK citizens who work in other EU countries”.Matti Leppälä, secretary general of PensionsEurope, added: “In this challenging and uncertain environment, it is of utmost importance that policymakers and supervisors do not cause any unnecessary burdens, costs or uncertainty for pension funds.“Their consequences would be harmful also for the wider European public, as they would lead to decreasing investments by pension funds in the European real economy that creates jobs and growth. Instead, policymakers should focus on removing the barriers to cross-border investment in Europe.” James Walsh“Whatever sector you look at there are all sorts of regulatory questions that need to be addressed, and questions about what the system will be in the future,” he said. “These need to be addressed and we’re concerned there’s not enough time.“These issues will all affect sponsors. We don’t attempt to get into the detail of sectors; we just point out that it’s all interwoven with pension funds. Often the assumption is that the big concern is about the impact on assets, but it’s really about sponsor covenant.”PensionsEurope: Disruption would be ‘unavoidable’ Meanwhile, European trade body PensionsEurope has published a white paper calling for Brexit negotiators to pay heed to the potential impacts on pension funds and their sponsors.Failure to reach a deal on the future relationship between the UK and EU could cost pension schemes “millions of euros” if it affected derivatives transactions, which are currently almost exclusively carried out through London, PensionsEurope warned.In addition, the association said short-term disruption was “unavoidable” in a no-deal scenario, which would undermine sponsor covenants in many countries.“Such disruption should be avoided and PensionsEurope stresses the need for a comprehensive and definitive agreement,” it said. “PensionsEurope also stresses that scheme employers and trustees need to work with their legal, actuarial and investment advisers to consider the risks related to Brexit.” Walsh added that there was “political will” to maintain free trade of goods between the UK and the EU, which would also be supportive for many companies and therefore pension funds.However, he said both sides of the negotiations were running out of time to fill in the gaps in future policy.center_img The first year of Brexit negotiations has brought some assurances for UK pension funds but there remains much still to be decided, according to the Pensions and Lifetime Savings Association (PLSA).The trade body issued a list of concerns and requirements to government early last year in an attempt to ensure the needs of UK pension funds were heard during the negotiations with the EU.James Walsh, the PLSA’s policy lead of engagement, the EU and regulation, indicated that some concerns had been addressed, at least in part, and recent agreements on trade and a transition period were positive for schemes and their sponsoring employers.“Our headline concern was disruption to the economy and therefore to sponsoring employers, that [Brexit] doesn’t weaken sponsor covenant,” Walsh told IPE. “There has been some progress. We have political agreement on a transition period – it’s not guaranteed yet but it is looking like a strong possibility.”last_img read more

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