Hints and tips:
...Without concerted fiscal expansion to scale-up investment and protect the vulnerable, aggregate demand will remain low and standards of living will stagnate....
...This aggressive mark down came in the form of ERVs -12% l-f-l and yields expanding +17bps....
...Some discussions of secular stagnation come from insufficient aggregate demand....
...Baylor, France; Scott Forbes, London; Judith Hadley, USA Polymath 1,014: Peter Boyd, Wiltshire Crossword 16,117: Mary Aclandhood, London; Rev T K Hole, Sheffield; Robert Smith, Norfolk Polymath 1,013: Bob...
...France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to. The slack is only partly taken up by France P&C which is over distributing....
...Apart from negative l-f-l rental and value growth, we assume recapitalizations to an LTV of c.35% by 2021 lowering the EPS and NAV by c.49% and c.61%....
...at the ‘C-suite’....
...Small negative impact on dividend cover: The aggregate annual coupon payment of the five hybrid bonds issued amounts to ~$480m per year....
...Company commentary supports our view of limited direct impact to P&C : Hannover Re: noted a potential €200m loss across P&C and L&H; Munich Re: noted a €500m loss should all the events it covers for communicable...
...And Morgan Stanley’s gone right off aggregates maker CRH. Sector note again. We expect EPS to fall c.40% YoY. We think the revenue growth outlook for Europe is as bad as the GFC, N....
...Even if demand/macro visibility remains low, mining majors show 10% upside on our bear case, vs 17% downside for pure plays in aggregate....
...The second scenario is that, having paid up for the recovery, equities get stuck in a trading range, perhaps ‘Fat & Flat’ with quite a lot of volatility but little aggregate return for a while....
...As a result, Ashtead now sees PBT for the financial year ending Apr-20 to be c£1,050m (-10% vs. previous consensus c£1,170m)....
...We estimate Whitbread's annual rates bill is c.£120m, equivalent to c.35% of FY20e PBT (Feb YE). Mitchells & Butlers' rates bill is also around c.£100m, c.50% of FY19 PBT (Sep YE)....
...On current multiples LSL is trading on a PE of 12.8x fo Dec 2020 while Countrywide is on 12.2x our 2020 estimates albeit it has c. £75m of debt vs a market cap of c. £123m....
...“This has proved very effective for our clients from an investment and inheritance tax planning perspective,” says Iain Tait, a partner in L&C’s private investment office, noting a long-standing fiscal incentive...
...And with value likely to outperform both in the mild and severe scenarios, AXA is the pick among the multilines, L&G’s favoured in life, plus Prudential....
...Work by L.S. Lowry, Frank Auerbach, Tony Bevan, David Hockney and Peter Blake also features....
...J F C Fuller did not invent the tank....
...These investors want to get high (so high) A private equity consortium including Bob Marley’s youngest son bought Trans-High Corporation (THC, if you’re hip) for $70m....
...C’est très riche.”...
...Pfizer investors will have the opportunity to receive cash instead of stock in the combined company, as long as the aggregate amount of cash does not exceed $12bn....
...The top ranked future leader is Aritha Wickramasinghe of K&L Gates, the law firm....
...In the Journal of Economic Perspectives, Joel Mokyr, Chris Vickers, and Nicolas L Ziebarth write: [We] are skeptical for a number reasons that a horizon is relatively near—say, within a few decades—either...
...But Table L.205 in the FA indicates that only $1.659 trillion of time and savings deposits are held in large balances (amounts greater than $100,000)....
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