Share to Twitter Share to Linkedin A few weeks back, bond giant PIMCO trimmed a bunch of payouts from its closed-end funds (CEFs). Which was no bueno for income investors, who buy CEFs solely for their dividends. We don’t own any PIMCO funds in our premium portfolios currently. But readers, who rightfully recognize me as a PIMCO fanboy, have written in to ask what’s up. “Any thoughts on PIMCO recent slashing of dividends? Do you think they will also cut PDI’s dividend?” — John S John, you know me well. Maybe too well! My nightstand currently boasts a copy of The Bond King: How One Man Made a Market, Built an Empire, and Lost It All . (I’m 128 pages in… and would enthusiastically recommend it to fellow fixed-income geeks.) Bond nerd or not, most of us dividend investors do know the “Bond King” Bill Gross. He was Morningstar’s Fixed Income Manager of the Decade from 2000 to 2009. Gross netted 7.7% yearly returns for his investors—a big … [Read more...] about We Dumped This 13% Dividend—Time To Reconsider?
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Job Growth Surged in January as Unemployment Fell to a 54-Year Low
The U.S. economy added more than double the number of jobs expected in January, pushing the unemployment rate to the lowest since 1969 and complicating the Federal Reserve ’s effort to tame inflation. Bureau of Labor Statistics (BLS) said on Friday. January’s figures exceeded last year’s average monthly gain of 401,000, and the bureau also revised 2022’s total growth to almost 7.1 million from 6.4 million. hawkish after raising rates by just 25 basis points at its latest meeting. Yields on 10-year Treasurys , which move inversely to prices, jumped 13 basis points to more than 3.5%. Federal Open Market Committee (FOMC) , and hold rates higher for longer afterward. Jerome Powell , have emphasized the need to bring inflation down to the Fed’s target rate of 2%. The report came after weekly jobless claims , which are more volatile than monthly figures, fell to the lowest since April, not far above an all-time low set in 1968. The labor force participation rate and … [Read more...] about Job Growth Surged in January as Unemployment Fell to a 54-Year Low
FM Sitharaman on Adani: LIC, SBI exposure to group within permissible limits
Finance Minister Nirmala Sitharaman Exposure of big lenders such as LIC and State Bank of India (SBI) to the crisis-ridden Adani group is well within the permissible limits as stated by these lenders, said Union Finance Minister Nirmala Sitharaman in an interview with Network18 Group Editor Rahul Joshi on February 3. “They are not overexposed. Their exposure is very well within permitted limits,” said Sitharaman in the interview two days after announcing the Budget 2023 . This was the first time the FM responded to the Adani crisis and about the Indian lenders' exposure levels to the group. After the Adani group plunged into a crisis following the accusation raised by the Hindenburg research report, there have been concerns about banks' exposure to the group. ALSO READ: Nirmala Sitharaman Exclusive Interview: Here are the top highlights Earlier, LIC managing director and chief executive officer Siddhartha Mohanty had said that the insurance company is positive … [Read more...] about FM Sitharaman on Adani: LIC, SBI exposure to group within permissible limits
RBI looking at banks’ exposure to Adani group companies, seeks present status: Sources
Adani group's stocks have nosedived after the Hindenburg report's release The Reserve Bank of India (RBI) is looking into the details of banks' exposure to Adani group companies and has sought the present status of these loans, people familiar with the matter told Moneycontrol . The RBI has already reached out to some of the major banks which are the lenders to the group and is engaging with lenders to verify the exposure details, one of the persons quoted above said. The Adani group companies have seen shares plummeting following a recent research report by a short-seller which followed the cancellation of group's Rs 20000 crore follow on share sale. An email sent to Adani group seeking a response to this story remained unanswered till the press time. A separate email sent to the RBI too seeking official comment didn't elicit any response. According to a report by CLSA, bank debt that include term loans, working capital and other facilities form just 38 percent of … [Read more...] about RBI looking at banks’ exposure to Adani group companies, seeks present status: Sources
SBI exposure to Adani Group around 0.9%, says chairman
State Bank of India Chairman Dinesh Kumar Khara Plummeting prices of Adani stocks will not affect the State Bank of India’s loans, chairman Dinesh Kumar Khara said on February 3, as concerns mount over banks’ exposure to the conglomerate. “We have not extended loans against shares. The stock price will not impact our loans,” Khara said, adding that SBI lent to those Adani projects that have tangible assets and adequate cash collections. “They are able to meet obligations and it is only 0.8-0.9 percent of our loan book. We do not see any challenges in servicing the loans,” he said during a post-earnings call. Also read: Hindenburg on Adani's 413-page rebuttal: Cannot obfuscate by nationalism The stocks of Adani group has been hammered after American investment firm Hindenburg Research in a report flagged alleged stock manipulation, use of tax havens and mounting debt. Read More The company has denied the charges but that not been enough to stem the slide. … [Read more...] about SBI exposure to Adani Group around 0.9%, says chairman
Rep. Malliotakis, CNN Anchor Spar Over Removing Ilhan Omar From Key Committee
Republican New York Rep. Nicole Malliotakis sparred with CNN anchor Poppy Harlow on Friday over removing Democratic Minnesota Rep. Ilhan Omar from the House Foreign Affairs Committee. The House of Representatives voted to remove Omar from the committee Thursday at the behest of House Speaker Kevin McCarthy, who also removed Democratic California Reps. Eric Swalwell and Adam Schiff from the House Intelligence Committee. Omar faced scrutiny in 2019 for suggesting that American Jews advocate for “allegiance to a foreign country” and that Israel purchased American support. Malliotakis, who also served on the Foreign Affair committee, said Omar held “very dangerous views” surrounding Israel, for blaming the U.S. for the catastrophe in Venezuela and for allegedly having “diminished” 9/11 and thus should not serve on that committee. “Congresswoman, to the first point you made in your objections of her, she did respond saying that ‘I was in no way equating terrorist organizations … [Read more...] about Rep. Malliotakis, CNN Anchor Spar Over Removing Ilhan Omar From Key Committee
Starbucks Stock Drops After Massive Decline In China Sales
Share to Twitter Share to Linkedin Topline Starbucks’ stock slid Thursday afternoon after the company missed its quarterly revenue estimate, in part because of an immense drop in sales across China as the country grappled with tight lockdowns followed by a renewed surge in the spread of the virus, resulting in reduced commerce that hurt retail businesses across the country—one of Starbucks’ largest markets. Key Facts The company reported $8.71 billion in quarterly revenue, setting a new record but falling short of Wall Street’s $8.78 billion estimate. Sales in North America rose 10% but tumbled 13% internationally, largely due to an eye-popping 28% decline in China. Starbucks also missed on earnings per share, reporting 75 cents after analysts expected 77 cents. The company’s share price declined more than 3% in after-hours trading to $105.81. Crucial Quote “We posted today’s strong results despite challenging global consumer … [Read more...] about Starbucks Stock Drops After Massive Decline In China Sales
On The FedNow Service: What To Expect From The First Version
Share to Twitter Share to Linkedin Mateus Hernandes Rodrigues—Director of International Operations at DB1 Global Software . Under development by the Federal Reserve, FedNow is a U.S. instant payment service designed to provide a fast, safe and efficient way for individuals and businesses to conduct real-time financial transactions. Inspired by the Brazilian PIX, in my previous article, Five Lessons From Brazil For Implementing FedNow , I mentioned some preparations that technology companies may have. I will now provide more detailed information on key resources, stakeholders and technical information about the service. Unlike other instant payment methods, such as PayPal, FedNow is being developed and operated by the Federal Reserve rather than a private company. This means that it will be supervised directly by the institution and will be subject to the same regulations and supervision as other payment systems that are operated by it. The … [Read more...] about On The FedNow Service: What To Expect From The First Version
15 Key Tips For Developing Active Listening Skills As A Leader
Share to Twitter Share to Linkedin Active listening is a skill that needs to be cultivated to be an effective leader, and often, employees can be your best source of inspiration for this. They know the day-to-day concerns of the company and can offer unique, valuable insights and perspectives. However, leaders tend to be pulled in many different directions each day. They often feel they need to make quick, executive decisions without consulting others, sometimes to the detriment of the business. Here, a panel of Forbes Business Council members share their best tips for managers who want to improve their active listening skills to create a more comfortable, successful business environment. 1. Follow Up On Feedback Aside from common active listening practices such as paying attention to nonverbal cues and uninterrupted communication, it all comes down to action. An employee is only ever truly heard when their thoughts are put to practical use and … [Read more...] about 15 Key Tips For Developing Active Listening Skills As A Leader
15 Tips For Tech Companies Launching Physical Products
Share to Twitter Share to Linkedin Tech entrepreneurs and companies with digital offerings may choose to expand their offerings to include physical products. An essential first step, of course, is developing an offering that truly addresses a market need. However, a great product alone won't guarantee success, and tech companies must be prepared for the unique challenges that come along with a physical launch. To help, the members of Forbes Technology Council offer 15 expert tips for moving into the physical product space. 1. Gauge Customer Response Although it’s important to get internal buy-in within your organization before moving into the product space, the real key to a successful marketing and sales approach is validating your value proposition within your customer base. Gauging customers’ perceptions and needs can help you tailor your strategy and ensure you’re creating products that deliver real value. - Kevin MacDonald , Bluesight 2. … [Read more...] about 15 Tips For Tech Companies Launching Physical Products