Con Edison, other utility stocks take a hit after customers lose power in heat wave

The stocks of Consolidated Edison, Public Service Enterprise Group and DTE Energy, all hit by power outages, fell at the open Monday and were off lows in afternoon trading as more power was restored. About 13,300 Con Ed customers were still without power as of Monday afternoon, after more than 52,000 lost electricity Sunday. Southeast Brooklyn was the worst hit area, with the utility saying it had to shut off power to 33,000 customers because of high usage. Public Services’ PSE&G said there were


The stocks of Consolidated Edison, Public Service Enterprise Group and DTE Energy, all hit by power outages, fell at the open Monday and were off lows in afternoon trading as more power was restored. About 13,300 Con Ed customers were still without power as of Monday afternoon, after more than 52,000 lost electricity Sunday. Southeast Brooklyn was the worst hit area, with the utility saying it had to shut off power to 33,000 customers because of high usage. Public Services’ PSE&G said there were
Con Edison, other utility stocks take a hit after customers lose power in heat wave Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-22  Authors: patti domm
Keywords: news, cnbc, companies, stocks, trading, heat, website, hit, edison, outages, energy, afternoon, lower, service, lose, utility, jersey, wave, customers, power


Con Edison, other utility stocks take a hit after customers lose power in heat wave

The stocks of Consolidated Edison, Public Service Enterprise Group and DTE Energy, all hit by power outages, fell at the open Monday and were off lows in afternoon trading as more power was restored.

About 13,300 Con Ed customers were still without power as of Monday afternoon, after more than 52,000 lost electricity Sunday. Southeast Brooklyn was the worst hit area, with the utility saying it had to shut off power to 33,000 customers because of high usage.

In New Jersey, several thousand were without power over the weekend as temperatures soared.

Public Service Enterprise Group shares were slightly lower in afternoon trading, after opening lower. The outages affected customers of both PSE&G and First Energy’s Jersey Central Power and Light. Public Services’ PSE&G said there were about 2,400 customers in New Jersey without power as of 1:15 p.m. Monday.

First Energy shares opened lower but edged slightly higher in afternoon trading. There were about 2,372 First Energy customers without power in New Jersey Monday afternoon. There were also about 1,500 without power in West Virgina, just under 1,600 affected in Pennsylvania and 1,700 in Ohio.

DTE Energy said on its website that severe storms Friday and Saturday caused 600,000 power outages in its Michigan service area, which includes Detroit. Its website projects that 80% would be restored by Monday and a full 100% by Wednesday.

New York City Mayor Bill de Blasio said Monday he is losing faith in Con Edison after prolonged outages in the middle of a heat wave. “I can’t trust them at this point because I’m not getting any real answers,” the mayor said, according to wire reports.


Company: cnbc, Activity: cnbc, Date: 2019-07-22  Authors: patti domm
Keywords: news, cnbc, companies, stocks, trading, heat, website, hit, edison, outages, energy, afternoon, lower, service, lose, utility, jersey, wave, customers, power


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Boeing to take $4.9 billion hit in second quarter on 737 Max grounding

Workers stand near Boeing 737 MAX airplanes as they sit parked at a Boeing facility adjacent to King County International Airport, known as Boeing Field, on May 31, 2019 in Seattle, Washington. Boeing on Thursday said it will take a $4.9 billion charge in the second quarter due to the worldwide grounding of its 737 Max planes after two fatal crashes that killed 346 people. Analysts expected the company to book a per-share profit of $1.80 for the second quarter, according to average estimates com


Workers stand near Boeing 737 MAX airplanes as they sit parked at a Boeing facility adjacent to King County International Airport, known as Boeing Field, on May 31, 2019 in Seattle, Washington. Boeing on Thursday said it will take a $4.9 billion charge in the second quarter due to the worldwide grounding of its 737 Max planes after two fatal crashes that killed 346 people. Analysts expected the company to book a per-share profit of $1.80 for the second quarter, according to average estimates com
Boeing to take $4.9 billion hit in second quarter on 737 Max grounding Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: leslie josephs phil lebeau, leslie josephs, phil lebeau
Keywords: news, cnbc, companies, 737, billion, second, quarter, grounding, max, charge, planes, hit, boeing, workers, 49, worldwide


Boeing to take $4.9 billion hit in second quarter on 737 Max grounding

Workers stand near Boeing 737 MAX airplanes as they sit parked at a Boeing facility adjacent to King County International Airport, known as Boeing Field, on May 31, 2019 in Seattle, Washington.

Boeing on Thursday said it will take a $4.9 billion charge in the second quarter due to the worldwide grounding of its 737 Max planes after two fatal crashes that killed 346 people.

The charge, which comes to $8.74 a share, is set to wipe out profits. Analysts expected the company to book a per-share profit of $1.80 for the second quarter, according to average estimates compiled by Refinitiv. The charge would reduce revenue and pre-tax earnings by $5.6 billion in the quarter, Boeing said.

The 737 Max jets have been grounded since mid-March and regulators have not said when they expect to allow the planes to fly again.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: leslie josephs phil lebeau, leslie josephs, phil lebeau
Keywords: news, cnbc, companies, 737, billion, second, quarter, grounding, max, charge, planes, hit, boeing, workers, 49, worldwide


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Huawei reportedly plans to lay off hundreds of employees in the US

Overall, Huawei has about 1,500 employs in the U.S. who mainly sell equipment to rural wireless carriers. The blacklist has hit Huawei hard. President Donald Trump, however, agreed to ease restrictions on Huawei and let U.S. companies do business with it so long as national security is not jeopardized. White House economic advisor Larry Kudlow has made clear that Trump was not granting Huawei a general amnesty. Rather, Commerce will simply grant more licenses to U.S. companies who want to do bus


Overall, Huawei has about 1,500 employs in the U.S. who mainly sell equipment to rural wireless carriers. The blacklist has hit Huawei hard. President Donald Trump, however, agreed to ease restrictions on Huawei and let U.S. companies do business with it so long as national security is not jeopardized. White House economic advisor Larry Kudlow has made clear that Trump was not granting Huawei a general amnesty. Rather, Commerce will simply grant more licenses to U.S. companies who want to do bus
Huawei reportedly plans to lay off hundreds of employees in the US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-14  Authors: spencer kimball
Keywords: news, cnbc, companies, plans, reportedly, journal, security, hundreds, employees, business, national, hit, lay, companies, restrictions, trump, huawei, long


Huawei reportedly plans to lay off hundreds of employees in the US

The layoffs are expected to hit Huawei’s U.S. development subsidiary Futurewei, according to the Journal. Futurewei employs 850 people in research labs throughout the U.S., including Texas, California and Washington state. Overall, Huawei has about 1,500 employs in the U.S. who mainly sell equipment to rural wireless carriers. Although the exact number of layoffs was unclear, a person familiar with the matter told the Journal that hundreds of people were expected to lose their jobs.

The Trump administration declared a national emergency in May over threats to national security and the Commerce Department added Huawei to a blacklist, which effectively bars U.S. companies from doing business with Huawei unless they receive special permission from Commerce.

The blacklist has hit Huawei hard. CEO and founder Ren Zhengfei said the company expects a $30 billion hit over the next couple years due to the U.S. restrictions. Huawei also recently announced that it was scrapping a new laptop.

President Donald Trump, however, agreed to ease restrictions on Huawei and let U.S. companies do business with it so long as national security is not jeopardized. That concession came as part of a truce reached by Trump and Chinese President Xi Jinping at the G-20 in Japan last month to restart trade talks and avoid further escalation for now.

White House economic advisor Larry Kudlow has made clear that Trump was not granting Huawei a general amnesty. Rather, Commerce will simply grant more licenses to U.S. companies who want to do business with Huawei so long as their are no national security concerns.

Read the full story in The Wall Street Journal


Company: cnbc, Activity: cnbc, Date: 2019-07-14  Authors: spencer kimball
Keywords: news, cnbc, companies, plans, reportedly, journal, security, hundreds, employees, business, national, hit, lay, companies, restrictions, trump, huawei, long


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Tropical Storm Barry’s wind and rain hit Louisiana coast

Drinking water was lined up, and utility crews with bucket trucks moved into position in the region. Barry was expected to arrive as a weak hurricane, just barely over the 74 mph (119 kph) windspeed threshold. “Nobody should take this storm lightly just because it’s supposed to be a Category 1 when it makes landfall,” Gov. That could leave only a small margin of safety in some places, particularly if the storm were to change direction or intensity. Tracking forecasts showed the storm continuing


Drinking water was lined up, and utility crews with bucket trucks moved into position in the region. Barry was expected to arrive as a weak hurricane, just barely over the 74 mph (119 kph) windspeed threshold. “Nobody should take this storm lightly just because it’s supposed to be a Category 1 when it makes landfall,” Gov. That could leave only a small margin of safety in some places, particularly if the storm were to change direction or intensity. Tracking forecasts showed the storm continuing
Tropical Storm Barry’s wind and rain hit Louisiana coast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12
Keywords: news, cnbc, companies, orleans, water, mississippi, rain, louisiana, storm, barry, wind, city, tropical, coast, hurricane, barrys, river, hit


Tropical Storm Barry's wind and rain hit Louisiana coast

Homeowners sandbagged their doors and tourists trying to get out of town jammed the airport Friday as Tropical Storm Barry began rolling in with the potential for an epic drenching that could prove whether New Orleans and the rest of Louisiana learned the lessons of Hurricane Katrina over a decade ago. With the strengthening storm expected to blow ashore early Saturday near Morgan City as the first hurricane of the season, authorities rushed to close floodgates and raise the barriers around the New Orleans metropolitan area of 1.3 million people for fear of disastrous flooding. About 3,000 National Guard troops along with other rescue crews were posted around the state with boats, high-water vehicles and helicopters. Drinking water was lined up, and utility crews with bucket trucks moved into position in the region. “This is happening. … Your preparedness window is shrinking,” National Hurricane Center Director Ken Graham warned. He added: “It’s powerful. It’s strengthening. And water is going to be a big issue.”

Source: NBC News

While 10,000 people or more in exposed, low-lying areas along the Gulf coast were told to leave, no evacuations were ordered in New Orleans, where city officials instead urged residents to “shelter in place” starting at 8 p.m. “My concerns are just hoping it’s not going to be another Katrina,” said Donald Wells, a restaurant cook in New Orleans. Forecasters said slow-moving Barry could unload 10 to 20 inches (25 to 50 centimeters) of rain through Sunday across a swath of Louisiana that includes New Orleans and Baton Rouge, as well as southwestern Mississippi, with pockets in Louisiana getting 25 inches (63 centimeters). The storm’s leading edges lashed the state with bands of rain for most of the day, and some coastal roads were already under water Friday morning. Barry was expected to arrive as a weak hurricane, just barely over the 74 mph (119 kph) windspeed threshold. But authorities warned people not to be fooled by that. “Nobody should take this storm lightly just because it’s supposed to be a Category 1 when it makes landfall,” Gov. John Bel Edwards said. “The real danger in this storm was never about the wind anyway. It’s always been about the rain.” Authorities took unprecedented precautions: The governor said it was the first time all floodgates were sealed in the New Orleans-area Hurricane Risk Reduction System. Still, he said he didn’t expect the river to spill over the levees. Workers also shored up and raised the levee system in places with beams, sheet metal and other barriers.

Source: NBC News

Barry’s downpours could prove to be a severe test of the improvements made to New Orleans’ flood defenses since the city was devastated by Katrina in 2005. The Mississippi River is already running abnormally high because of heavy spring rains and snowmelt upstream, and the ground around New Orleans is soggy because of an 8-inch torrent earlier this week. The Mississippi is expected to crest Saturday at about 19 feet (5.8 meters) in New Orleans, where the levees protecting the city range from about 20 to 25 feet (6 to 7.5 meters) in height. That could leave only a small margin of safety in some places, particularly if the storm were to change direction or intensity. “The river should be taken seriously. It’s a really powerful river,” said Nadia Jenkins of New Orleans. She hadn’t yet decided whether to leave but wasn’t taking any chances: “We’re prepared. We’ve got stuff stocked up. Car is gassed.” Scientists say global warming is responsible for more intense and more frequent storms and floods, but without extensive study they cannot directly link a single weather event to the changing climate. Late Friday afternoon, Barry was about 70 miles (115 kilometers) southeast of Morgan City, with winds of 65 mph (100 kph). Tracking forecasts showed the storm continuing on toward Chicago, swelling the Mississippi River basin with water that must eventually flow south again. President Donald Trump declared a federal emergency for Louisiana, authorizing the Department of Homeland Security and the Federal Emergency Management Agency to coordinate relief efforts.

A truck passes by the University Medical Center (UMC) with the Mercedes-Benz Superdome in the background on Glavez Street in New Orleans after flooding from a storm Wednesday, July 10, 2019. Matthew Hinton | AP


Company: cnbc, Activity: cnbc, Date: 2019-07-12
Keywords: news, cnbc, companies, orleans, water, mississippi, rain, louisiana, storm, barry, wind, city, tropical, coast, hurricane, barrys, river, hit


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Fed’s Powell says US homebuilders hit by ‘a perfect storm’ of Trump’s immigration policy, tariffs

Federal Reserve Chairman Jerome Powell echoed what most in the homebuilding industry have been complaining about all year. While the nation sinks into a severe housing shortage, homebuilders are struggling against high costs for labor and materials. Powell replied, “That’s what we hear from homebuilders. The homebuilders feel almost like they’ve been hit by a perfect storm here.” The lack of sufficient home construction, especially at affordable price points, has led to a severe housing shortage


Federal Reserve Chairman Jerome Powell echoed what most in the homebuilding industry have been complaining about all year. While the nation sinks into a severe housing shortage, homebuilders are struggling against high costs for labor and materials. Powell replied, “That’s what we hear from homebuilders. The homebuilders feel almost like they’ve been hit by a perfect storm here.” The lack of sufficient home construction, especially at affordable price points, has led to a severe housing shortage
Fed’s Powell says US homebuilders hit by ‘a perfect storm’ of Trump’s immigration policy, tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: diana olick
Keywords: news, cnbc, companies, tariffs, construction, hit, immigration, perfect, shortage, labor, policy, smith, powell, storm, housing, hear, thats, feds, trumps, especially, homebuilders


Fed's Powell says US homebuilders hit by 'a perfect storm' of Trump's immigration policy, tariffs

Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a Senate Banking Committee hearing in Washington, D.C., on Thursday, July 11, 2019.

Federal Reserve Chairman Jerome Powell echoed what most in the homebuilding industry have been complaining about all year. While the nation sinks into a severe housing shortage, homebuilders are struggling against high costs for labor and materials.

In response to questioning from Sen. Tina Smith, D-Minn., Powell said, “What we hear from the homebuilders is that it’s a series of factors that are holding them back and challenging affordability.”

He pointed to the fact that thousands of skilled workers left the construction industry following the housing crash that began in 2008 and never returned.

“Now you have a shortage of skilled labor, so it’s hard to get people on the job, electricians, plumbers, carpenters and other people. No matter what you pay them, just finding people to do that work,” said Powell.

Smith responded, “Would you say our immigration policy might have something to do with that?”

Powell replied, “That’s what we hear from homebuilders. That’s part of it for sure.”

Then he added, “Material costs too have gone up, and some of that is tariffs for sure. The homebuilders feel almost like they’ve been hit by a perfect storm here.”

Builders, especially in the south and west, rely on immigrant labor, much of it from Mexico. The Trump administration’s tough stance on immigration has hit construction employers hard.

“It’s really across the entire labor force, I mean some of the stats are staggering,” said Sheryl Palmer, CEO of Arizona-based homebuilder Taylor Morrison, at a recent CNBC Capital Exchange conference. “We’ve lost productivity, and we haven’t brought new kids into the system because it’s not this career that folks are aspiring to have, and for all those reasons, we just can’t physically solve the problem because we just can’t get them [houses] built.”

Single-family housing starts have been unimpressive so far this year. In May, they fell 6.4% compared with April and were 12.5% lower compared with May 2018, according to the U.S. Census.

The lack of sufficient home construction, especially at affordable price points, has led to a severe housing shortage. That shortage continues to inflate home prices, keeping would-be first-time buyers on the sidelines. Rents are now rising at a fast clip, as occupancy is unexpectedly high in both apartment buildings and single-family rental properties.

“What I hear from businesses and communities, especially in rural Minnesota but really all over the state, is that the lack of workforce housing, affordable housing for people who have good jobs is actually a real limit on economic growth,” said Smith.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: diana olick
Keywords: news, cnbc, companies, tariffs, construction, hit, immigration, perfect, shortage, labor, policy, smith, powell, storm, housing, hear, thats, feds, trumps, especially, homebuilders


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Microsoft shares hit another record as Cowen analysts predict it will hit 25% cloud market share

The firm initiated coverage of Microsoft on Thursday with an outperform rating and a $150 price target. In the cloud infrastructure market, Microsoft trails Amazon Web Services, but it benefits from having a large base of customers using its traditional on-premises products who are now moving some workloads to the cloud. They predict Microsoft’s revenue in cloud infrastructure and platform services will increase 39% a year to $49.1 billion in fiscal 2025, up from $9.6 billion in fiscal 2020, pul


The firm initiated coverage of Microsoft on Thursday with an outperform rating and a $150 price target. In the cloud infrastructure market, Microsoft trails Amazon Web Services, but it benefits from having a large base of customers using its traditional on-premises products who are now moving some workloads to the cloud. They predict Microsoft’s revenue in cloud infrastructure and platform services will increase 39% a year to $49.1 billion in fiscal 2025, up from $9.6 billion in fiscal 2020, pul
Microsoft shares hit another record as Cowen analysts predict it will hit 25% cloud market share Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: jordan novet
Keywords: news, cnbc, companies, shares, market, revenue, hit, commercial, microsoft, microsofts, cloud, predict, services, cowen, fiscal, share, record, infrastructure, analysts


Microsoft shares hit another record as Cowen analysts predict it will hit 25% cloud market share

Microsoft’s stock keeps breaking records, and analysts at Cowen see further gains ahead.

The firm initiated coverage of Microsoft on Thursday with an outperform rating and a $150 price target. The stock rose about 1% to as high as $139.22, after closing at an all-time high of $137.85 on Wednesday. The average price target among analysts tracked by FactSet is $144.31.

In their note to clients, Cowen’s Nick Yako and Carson Sippel said that Microsoft has growth opportunities ahead from its Azure public cloud and Office 365 productivity suite. In the past several months Microsoft reclaimed the title of world’s most valuable public company, with a market capitalization above $1 trillion, following its transition to a more subscription-oriented business model.

The analysts see cloud products becoming a larger part of Microsoft’s revenue mix in the years ahead, particularly as it takes market share in infrastructure, which entails raw computing and storage resources for storing data and hosting applications, as well as by providing more services for application deployment. In the cloud infrastructure market, Microsoft trails Amazon Web Services, but it benefits from having a large base of customers using its traditional on-premises products who are now moving some workloads to the cloud.

“We believe MSFT’s hybrid approach will continue to resonate with customers who want to migrate at their own pace,” Yako and Sippel wrote.

They predict Microsoft’s revenue in cloud infrastructure and platform services will increase 39% a year to $49.1 billion in fiscal 2025, up from $9.6 billion in fiscal 2020, pulling its market share up to about 25% from roughly 13%.

Azure is part of the Commercial Cloud metric (which also includes Office 365, the Dynamics 365 cloud-based enterprise software and commercial services from LinkedIn) that Microsoft discloses each quarter. The analysts see Commercial Cloud as the major contributor of growth and expect it to provide almost 60% of Microsoft’s total revenue in the 2025 fiscal year, up from about 30% currently.

WATCH: Inside Microsoft’s first retail store in Europe


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: jordan novet
Keywords: news, cnbc, companies, shares, market, revenue, hit, commercial, microsoft, microsofts, cloud, predict, services, cowen, fiscal, share, record, infrastructure, analysts


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Cisco plans to acquire Acacia Communications in a $2.6 billion deal

The housing market is about to shift in a bad way for buyersInventory began to grow in the second half of last year, but supply will soon drop yet again, and could hit a new low. Real Estateread more


The housing market is about to shift in a bad way for buyersInventory began to grow in the second half of last year, but supply will soon drop yet again, and could hit a new low. Real Estateread more
Cisco plans to acquire Acacia Communications in a $2.6 billion deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: lauren feiner
Keywords: news, cnbc, companies, housing, half, market, acacia, supply, soon, cisco, acquire, deal, billion, plans, communications, second, 26, shift, lowreal, hit, way


Cisco plans to acquire Acacia Communications in a $2.6 billion deal

The housing market is about to shift in a bad way for buyers

Inventory began to grow in the second half of last year, but supply will soon drop yet again, and could hit a new low.

Real Estate

read more


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: lauren feiner
Keywords: news, cnbc, companies, housing, half, market, acacia, supply, soon, cisco, acquire, deal, billion, plans, communications, second, 26, shift, lowreal, hit, way


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Here are Barclay’s favorite tech stocks into earnings

The housing market is about to shift in a bad way for buyersInventory began to grow in the second half of last year, but supply will soon drop yet again, and could hit a new low. Real Estateread more


The housing market is about to shift in a bad way for buyersInventory began to grow in the second half of last year, but supply will soon drop yet again, and could hit a new low. Real Estateread more
Here are Barclay’s favorite tech stocks into earnings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, supply, lowreal, tech, stocks, earnings, market, housing, favorite, barclays, soon, half, shift, second, hit, way


Here are Barclay's favorite tech stocks into earnings

The housing market is about to shift in a bad way for buyers

Inventory began to grow in the second half of last year, but supply will soon drop yet again, and could hit a new low.

Real Estate

read more


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, supply, lowreal, tech, stocks, earnings, market, housing, favorite, barclays, soon, half, shift, second, hit, way


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Multibillion-dollar Singapore investing giant Temasek says its returns have taken a hit

In its latest annual report, Temasek — a closely followed investor globally — said its one-year shareholder return was 1.49% for the financial year to March 31. Over a longer term horizon, the company’s shareholder returns were 9% for a 10-year period and 7% for a 20-year timeline — compared to 5% and 7%, respectively, a year ago. “These issues have key repercussions on global sentiments and sustainable growth for the longer term,” he added. Facing greater macroeconomic headwinds, the company ma


In its latest annual report, Temasek — a closely followed investor globally — said its one-year shareholder return was 1.49% for the financial year to March 31. Over a longer term horizon, the company’s shareholder returns were 9% for a 10-year period and 7% for a 20-year timeline — compared to 5% and 7%, respectively, a year ago. “These issues have key repercussions on global sentiments and sustainable growth for the longer term,” he added. Facing greater macroeconomic headwinds, the company ma
Multibillion-dollar Singapore investing giant Temasek says its returns have taken a hit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: yen nee lee
Keywords: news, cnbc, companies, hit, dollars, term, singapore, investing, temasek, longer, shareholder, giant, temaseks, returns, multibilliondollar, taken, trade, billion


Multibillion-dollar Singapore investing giant Temasek says its returns have taken a hit

Singaporean state investment firm Temasek Holdings on Tuesday reported a plunge in its returns over a one-year period amid a challenging economic environment compounded by trade tensions between the U.S. and China.

In its latest annual report, Temasek — a closely followed investor globally — said its one-year shareholder return was 1.49% for the financial year to March 31. That’s a major decline from 12% in the prior 12 months.

Over a longer term horizon, the company’s shareholder returns were 9% for a 10-year period and 7% for a 20-year timeline — compared to 5% and 7%, respectively, a year ago.

“We remain watchful around the risks of a late cycle recession in the US. Brexit and political fragmentation continue to weigh on Europe, while China has yet to move fully to restructure its economy for longer term sustainability,” Lim Boon Heng, Temasek’s chairman, said in the annual report.

“These issues have key repercussions on global sentiments and sustainable growth for the longer term,” he added.

Facing greater macroeconomic headwinds, the company made more divestments than investments in the last financial year: Temasek let go of 28 billion Singapore dollars’ worth of assets, while adding 24 billion Singapore dollars.

Temasek — which focuses on equity investments — said it divested from Gilead Sciences, Cargill Tropical Palm and Klabin.

Overall, the value of Temasek’s portfolio was 313 billion Singapore dollars (about $230 billion) as of March 31 — growing from 308 billion Singapore dollars in the previous year.

Dilhan Pillay Sandrasegara, chief executive of Temasek International, described the past year as “complicated and difficult.”

He told CNBC’s Tanvir Gill that factors such as the U.S.-China trade war affected the performance of Asian markets — where Temasek is heavily invested in.

Temasek International is the investment arm of Temasek Holdings.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: yen nee lee
Keywords: news, cnbc, companies, hit, dollars, term, singapore, investing, temasek, longer, shareholder, giant, temaseks, returns, multibilliondollar, taken, trade, billion


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The housing market is about to shift in a bad way for buyers

Competition in the housing market finally began to cool this year, as listings multiplied and price gains moderated. The housing shortage that fueled competition and resulted in sky-high price gains throughout 2017 and the first half of 2018 is on the horizon yet again. Supply is soon expected to drop and potentially hit a new record low, according to realtor.com, after increasing in the second half of last year. Inventory gains began to slow this year from 6.4% growth in January to 5.8% in Febr


Competition in the housing market finally began to cool this year, as listings multiplied and price gains moderated. The housing shortage that fueled competition and resulted in sky-high price gains throughout 2017 and the first half of 2018 is on the horizon yet again. Supply is soon expected to drop and potentially hit a new record low, according to realtor.com, after increasing in the second half of last year. Inventory gains began to slow this year from 6.4% growth in January to 5.8% in Febr
The housing market is about to shift in a bad way for buyers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: diana olick
Keywords: news, cnbc, companies, housing, inventory, buyers, rates, low, months, market, competition, according, gains, price, record, bad, shift, hit, way


The housing market is about to shift in a bad way for buyers

Competition in the housing market finally began to cool this year, as listings multiplied and price gains moderated. Bidding wars became less frequent and spring sales perked up a bit. Well, forget that. The heat is on yet again.

The housing shortage that fueled competition and resulted in sky-high price gains throughout 2017 and the first half of 2018 is on the horizon yet again. Supply is soon expected to drop and potentially hit a new record low, according to realtor.com, after increasing in the second half of last year.

The number of for-sale listings was up 2.8% annually in June, but that was down from May’s 2.9% gain. Inventory gains began to slow this year from 6.4% growth in January to 5.8% in February. Gains continued to slow throughout the spring and supply is now expected to flatten over the next three months and could hit its first decline in October of this year, according to realtor.com

“It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we’ve ever seen. If the trend we’re seeing continues, overall inventory could near record lows by early next year,” said Danielle Hale, chief economist for realtor.com. “So far there’s been a lackluster response to low mortgage rates, but if they do spark fresh buyer interest later in the year, U.S. inventory could set new record lows this winter.”

Part of the issue is that fewer owners are now listing their homes for sale, and there are several reasons why.

“It’s likely a combination of rate-lock, recently decreased consumer confidence and older generations choosing to age in place,” added Hale.

Mortgage rates are still pretty low, but so many homeowners refinanced their loans when rates were even lower that moving would mean paying more for the same mortgage, on top of paying more for a move-up home. Even those sellers who want to downsize would be moving into a pricier market.

Home price gains had been shrinking, but the gains increased again in June for the first time in 14 months, according to CoreLogic.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: diana olick
Keywords: news, cnbc, companies, housing, inventory, buyers, rates, low, months, market, competition, according, gains, price, record, bad, shift, hit, way


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