Related news Q: On Dec. 16 last year, the U.S. Federal Reserve Board announced an increase in its federal funds target-rate range to 0.25% to 0.50%. What will the Fed do in 2016? Robitaille: The Fed move in December was a big financial-market event. The Fed communicated, at the time, that it would adopt a gradual approach to the future path of this rate and that it would continue to watch the economic data. It also noted that the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. The lower-for-longer interest-rate environment is therefore intact. Through 2015, some of the dividend-paying sectors of the equity market sold off, particularly as we moved into December, in anticipation of the rate hike. They subsequently rebounded a little, once the hike occurred. It was important for the Fed to move from a credibility standpoint and to signal its views on the strength of the U.S. economy and its views on global growth. Gibbs: I agree with the lower-for-longer outlook for interest rates. I subscribe to the secular thesis of low global economic growth. We’ve added something like US$57 trillion in both public and private-sector debt globally since the financial meltdown in 2007. That’s a lot of additional debt on top of the fair amount of debt already in place at that stage. Also, the global labour force is not growing by as much as it used to, and it’s aging. This all adds up to lower economic growth and lower inflation. It’s hard for interest rates to go up materially in this environment. Looking at 10-year government-bond rates, the Government of Canada rate is 1.3%, the U.S. Treasury rate is 2.16%, the German government-bond rate is 0.53% and Switzerland’s government-bond rate is negative 0.14%. The Fed gets a lot of attention and it should. It has raised its policy rate. But since that date, the market interest rates that are really important have kept going down. There are bigger forces at play than the Fed. Frost: The Fed is going to find itself in a conundrum with the U.S. dollar’s strength becoming a big headwind for the U.S. economy. If you look at year-over-year U.S. industrial production growth from 1990 to where we are today, it has gone negative of late. Negative growth has heralded a recession in the past. The U.S. economy is different today than in the 1990s, but the level of industrial-production growth has always been a good economic indicator. The U.S. manufacturing sector is in a recession. I would hate to see 12 months from now that the Fed actually tightened into a recession. Q: What does this economic backdrop mean for Canadian dividend-paying stocks? The dividend yield on the S&P/TSX Composite Index is about 3.5%. Frost: Dividend stocks look to be tremendous value. Compare their dividend yield to the yield on the 10-year Government of Canada bond of 1.3%. Gibbs: You do have to look at every sector. Dividend stocks encompass a lot of stocks in a lot of different sectors. There is a difference between a dividend stock in the Canadian energy sector and a dividend stock in the Canadian telecom sector, where revenues and dividends are more sustainable. Investors have to realize that resource companies that pay dividends can have highly volatile revenues. But big picture, the theme of getting paid dividends from stocks in a low investment-return world is as strong as ever. The dividend yield plus capital growth is attractive versus the risk-free Government of Canada bond yield. Q: In 2015, the S&P/TSX Composite High Dividend Index, which focuses on dividend income, produced a total negative return of 14.6%, underperforming the S&P/TSX Composite Index, which had a total negative return of 8.3%. Robitaille: Energy and materials did quite poorly in 2015. Q: In particular, energy represented some 30% of the High Dividend Index at the end of 2015 versus its 18.5% weighting in the Composite. Its hefty energy weighting must have hurt this dividend index. Robitaille: In energy, the low commodity-price environment has brought the dividends of both the higher-yield energy producers and those services companies that had implemented dividends into question. You saw a lot of pressure on those areas of the equity market, even more so than on the broader energy sector. Frost: The Canadian pipeline stocks came under selling pressure following the drop in U.S. energy-infrastructure stocks. There was the early December announcement by major U.S.-based pipeline company Kinder Morgan, Inc.(KMI) of a 75% cut in its dividend. In the wake of this, Canada’s Enbridge Inc.(ENB) got hit pretty hard. Q: The ongoing weakness in the Canadian energy sector has been a drag on the S&P/TSX Composite. The low commodity price is also taking its toll on the Canadian economy. Gibbs: There is a divergence in the Canadian economy. Alberta is finding it tough. But Canada has 36 million people and for a reasonable portion of this country, low fuel prices and low interest rates and, in some cases, a low currency, is a good thing. Ontario, Quebec and B.C. are a big part of the Canadian population and these provinces are doing OK. But if you add it all up, you will probably get weak Canadian economic growth. Frost: Part of the problem for our manufacturing sector is that the emerging-market currencies are down significantly relative to the U.S. dollar. So the Canadian competitive advantage as a result of the low Canadian dollar is not as powerful. Q: Has most of the good economic news south of the border been factored into the U.S. equity market? Have all the economic challenges in Canada been discounted by the Canadian stock market? Is the sell-Canada theme getting long in the tooth? Robitaille: If you look at the valuations in particular Canadian sectors, such as energy, there has been a lot of negative pressure. This is largely driven by commodity prices. These have continued to grind lower since the beginning of the year and put pressure on the Canadian equity market as a whole. It’s hard to say that we’re at an inflexion point in the short-Canada thesis. We consider that oil prices in the US$30-per-barrel range are not sustainable. But there is an inventory overhang. You could go through a period over the next month or two, at least, of continued pressure on oil prices. We’re probably not at the very bottom. Frost: You could see further dividend cuts in the Canadian energy sector. There are only a handful of Canadian energy producers that have not cut their dividends. Robitaille: It’s hard to get excited about the idea of stepping into this sector. In other sectors, bank-stock valuations seem very attractive relative to historic levels. Gibbs: You do have to look at all the Canadian sectors. You wouldn’t say that some consumer stocks, for example, are undervalued. You have to take a long-term view when it comes to the Canadian banks, and from that perspective I think bank stocks are attractive. The stock prices are assuming a pretty material increase in bank loan-loss reserves. Frost: We haven’t seen this materialize yet. I agree that bank stocks are attractive. Robitaille: The negative sentiment surrounding Canadian bank stocks, which is already reflected in bank-stock valuations, will remain until we have an improvement in energy prices. The thesis on the banks is that as long as we have low oil prices, the Canadian economy is at risk and if it goes into recession, then not only will there be loan losses related to energy, but the Canadian housing market could also be at risk. If you think this is unlikely to materialize, as we do, then there is good long-term value in Canadian bank stocks. Frost: The short-sell-Canada thesis could be long in the tooth, unless we start to see real estate turn down in Canada. We haven’t seen that yet. Interest rates have been low and have buoyed real-estate prices. Gibbs: The unemployment rate in Canada has remained stable, so this has helped the housing market. Robitaille: Job creation has been solid through the course of 2015. Gibbs: We could be at the beginning of the end of the short-Canada theme. It should be pointed out that the S&P/TSX Composite Index has underperformed the S&P 500 Index in local currency terms for five years now. That is pretty long. Editor’s note: This is part one of a three-part equity-income roundtable. Michele Robitaille, managing director and equity-income specialist at Guardian Capital LP, a sub-advisor to the BMO family of funds. The Guardian equity team’s mandates include BMO Monthly High Income II. Jason Gibbs, vice president and portfolio manager at 1832 Asset Management LP. Gibbs is a senior member of the firm’s equity-income team, which has a wide range of mandates including Scotia Canadian Dividend. Peter Frost, senior vice president and portfolio manager at AGF Investments Inc. His responsibilities include two income-oriented balanced funds: AGF Monthly High Income and AGF Traditional Income. The roundtable was convened and moderated by Morningstar columnist Sonita Horvitch, whose three-part series continues on Wednesday and concludes on Friday. Sonita Horvitch Share this article and your comments with peers on social media Income-paying equities: Managers insist on strong balance sheets for their energy holdings Facebook LinkedIn Twitter Editor’s note: It’s been a trying time for investors in income-paying Canadian equities. An interest-rate hike in the United States, widespread dividend cuts in the energy sector and weak GDP growth all contributed to selling pressure that saw high-dividend Canadian stocks fare even worse in 2015 than the market as a whole. Amid this gloomy backdrop, our roundtable participants discuss how they’re positioning their portfolios now. The panellists: Income-paying equities: Securities-selection criteria in a low-return environment Keywords Fund managers
We’ll send you our regular newsletter and include you in our monthly giveaways. PLUS, you’ll receive our exclusive Rider Fitness digital edition with 15 exercises for more effective riding. More from Horse Sport:Christilot Boylen Retires From Team SportAfter an exemplary career as one of Canada’s top Dressage riders, seven-time Olympian Christilot Boylen has announced her retirement from team competition.2020 Royal Agricultural Winter Fair CancelledFor only the second time in its history, The Royal Agricultural Winter Fair has been cancelled but plans are being made for some virtual competitions.Royal Agricultural Winter Fair Statement on 2020 EventAs the Province of Ontario starts to reopen, The Royal’s Board and staff will adhere to all recommendations put forward by government and health officials.Government Financial Assistance for Ontario FarmersOntario Equestrian has recently released this update of several financial assistance packages available, including those for farm business. The need for training in prevention and preparedness is highlighted with every media report of yet another horrific barn fire. Equine Guelph has announced it will be providing online resources on barn fire prevention and large animal rescue for all first responders and fire departments across Ontario available at: TheHorsePortal.ca/FirstResponders.The free “workshop in a box” contains everything needed to deliver a comprehensive fire prevention workshop for farm owners. PowerPoint presentations and handy checklists make it easy to take the information out into the community. When awareness is not enough, face-to-face, expert-led delivery of this important information could break down sociological barriers for the livestock and equine industry and help large animal owners take preventative actions on their farms.“This web page is a wonderful resource with well thought out powerpoints, checklists and links for barn safety,” says Dianne Kyle, Fire Prevention Officer for Severn Fire & Emergency Services. “I especially like the interactive quizzes as these promote ‘think safety’ for anyone that participates.”Also available is a large animal rescue resource kit which includes online resources (reference sheets and videos) to be used after participating in Equine Guelph’s Large Animal Emergency Rescue technical training sessions. These handy references of rescue protocols and techniques are meant to be used as a refresher for quick reference.To date over 280 first responders have completed specialized training in Large Animal Emergency Rescue hands-on workshops from Equine Guelph. Great feedback has been received from first responders and fire stations who have hosted the Large Animal technical training sessions from Equine Guelph.“This training is of benefit for all fire departments to help their communities,” says Chief Scott Granahan, Rideau Lakes Fire Rescue. “Many commendations have been made by past participants thanking the instructors for coming and providing important training on the use of specialized rescue equipment to significantly mitigate risks and improve the odds of a favorable outcome for both animals and responders in rescue situations.”These hands-on Large Animal Emergency Rescue training sessions are ongoing. For more information about the course, please contact Susan Raymond ([email protected]).“Equine Guelph is pleased to assist first responders in the critical areas of barn fire prevention and large animal emergency rescue,” says Equine Guelph director, Gayle Ecker. “Any knowledge transfer that aids in horse welfare and well-being is top priority for Equine Guelph.”Equine Guelph would like to thank all the funders, partners and contributors for their valuable support on this project and for sharing the vision of achieving large animal welfare through education and training. Tags: Equine Guelph, Large Animal Rescue, fire prevention, first responders, Subscribe to the Horse Sport newsletter and get an exclusive bonus digital edition! Email* SIGN UP Horse Sport Enews
Community Bank NA,Vermont Business Magazine Merchants Bank donated $8,000 to sponsor the Athletes Village at the Lake Champlain Dragon Boat Festival on Sunday, August 7th. This is Dragonheart Vermont’s eleventh year holding this event and Merchants Bank is overjoyed to have been involved each year. Funds raised during the Dragon Boat Festival stay in Vermont to benefit cancer programs. They have raised over $1.65 million since starting the annual festival in 2005.”Dragonheart Vermont is thrilled to have the support of a company like Merchants Bank to put on the Lake Champlain Dragon Boat Festival,” stated Linda Dyer, Founder of Dragonheart Vermont and Lake Champlain Dragon Boat Festival. “They have put in a spirited team in our event for all 11 years with the best captain—Carol Boivin— and the best team name—Hakuna MaTaTas! We truly appreciate the financial support that Merchants Bank offer us. They have served as our Athletes’ Village sponsor to our community charity event for the last 3 years. Clearly, Merchant Bank is a company that believes in community as much as Dragonheart Vermont does. Paddles Up to Merchants Bank!”Anita Bourgeois, Senior Vice President at Merchants Bank stated, “We are proud of our Merchants Bank team. Over thirty dedicated Merchants Bankers were participating in the Festival supporting friends and neighbors who have had, or are currently battling cancer. We are truly honored to support Dragonheart Vermont so that they can continue providing hope to those who have been touched by cancer.”About Merchants Bank: A Vermont-chartered commercial bank established in 1849, Merchants Bank is the largest Vermont-based bank. The bank’s business, municipal, consumer, and investment customers enjoy personalized relationships, sophisticated online and mobile banking options, with 31 branches in Vermont and 1 location in Massachusetts, operating as NUVO, A division of Merchants Bank. American Banker ranks Merchants Bank a “Top 200” in America among 851 peers. For more information, go to www.mbvt.com(link is external). Where do you want to grow? (Member FDIC, Equal Housing Lender, NASDAQ “MBVT”)Source: BURLINGTON, Vt., Aug. 15, 2016 /PRNewswire/ — Merchants Bank
RelatedSymphony in the Park slated May 4Special to the Parade Brownsville Literacy Center’s 15th Annual Symphony in the Park will be held on Saturday, May 4 at Washington Park. The gate opens at 5 p.m. to “Swing into Literacy,” the theme for this year’s exciting family fun event featuring the Dean Canty Big Band. Before the…April 24, 2013In “South Padre Parade”Fantasticks coming to SPISpecial to the PRESS The Fantasticks! may look like a simple show when one is enjoying it from the audience, but in reality it is one of the most challenging musicals for the actors/singers, directors and accompanists. The beautiful music is particularly challenging for vocalists and the well-drawn characters require…May 30, 2011In “News”UTB plans to honor US military on Veterans DaySpecial to the Parade The University of Texas at Brownsville will host two consecutive days of events in honor of veterans of the United States military. The Veterans Upward Bound Program will host the 12th annual Veterans Day Ceremony at noon Thursday, Nov. 10 on the Cardenas South Hall Lawn.…November 10, 2011In “South Padre Parade” Share Port Isabel High School Principal William Roach (center) earned his Doctorate of Education at the University of Texas at Brownsville/Texas Southmost College (UTB/TSC). (UTB/TSC photo)Special to the PRESSBROWNSVILLE – More than 1,400 graduates, including Port Isabel High School Principal William Roach received certificates and degrees at the 17th Winter Commencement for The University of Texas at Brownsville and Texas Southmost College on Saturday, Dec. 17. The graduating class is the largest in the university’s history.The original single ceremony planned for the Cardenas South Hall Lawn was moved indoors earlier this week to Jacob Brown Auditorium due to inclement weather. Students were divided by their degrees, colleges and schools for three ceremonies held in the morning and afternoon. Overflow viewing areas were opened at The Arts Center and Garza Gym for the large audiences.Want the whole story? Pick up a copy of the Jan. 2 edition of the Port Isabel-South Padre Press, or subscribe to our E-Edition by clicking here.
BILL NEAL:10—Yeah, I am at the spot and if I told ya where, I’d have to kill ya! That being said, while at the spot, Britney Spears popped up on the T.V. and let me just say…WOW!!! And for all you keep the races separate people out there, and you know who you are…shut up! She’s fine and you know it. But just to keep the peace, hear me and hear me loud and clear…Nicki Minaj is…well…uh…okay, the body of body’s.:09—As promised, here’s your salute to the Penn Hills Eagles Track Club Champions from last week’s invitational. I was proud to be the guest announcer at the event. It was a class act event. Well done, well organized, great fun, exciting…a 5 star event to be sure. A tip of the “track hat” to Chaz & Becky Carter and the crew and volunteers for a job well done for the kids and what was great about the day was that it was absolutely trouble free. No fights. No trouble. No drama. Just a fantastic day of track and field. Proud – of – you – family! (Special Note: I apologize for not being able to place all the winners’ names in the paper. Just not enough space. For details, go to 2015 UATFJO National Championships.)
//platform.twitter.com/widgets.js Golden State Warriors’ superstar guard Steph Curry is getting dragged all over the Internet after Under Armour released an all new edition of Steph Curry’s signature shoe this week.The shoe was initially scheduled for a release this weekend, but it’s been made available on the Under Armour website. The shoe sells for $119.99 on UA’s site, but most fans believe you can get a duplicate pair at Walmart for twenty bucks.Curry has been getting seriously clowned for his subpar play in the NBA Finals 2016. But he absolutely got pummeled into the pavement for what they call lame and plain looking sneakers.Take a look at the most hilarious responses to Curry’s Under Armour tennis shoes.
By JARROD POTTER GETTING through the NAB Cup unscathed was the first step in the right direction for Greater Western…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.
By Tania MartinFOUR Beaconhills College students have gone global in their campaign to help save the Leadbeater’s Possum. Up against…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.
The Championships are Ireland’s largest annual water sports event and are also the most significant All-Ireland sporting championship to be held annually in Cork. It’s the premier domestic event of the rowing season and promises to be a very exciting weekend of competitive rowing, with spectators from all areas of Ireland coming to enjoy the country’s sporting talent in a lively and enjoyable atmosphere.Racing begins at 9am Friday 15th and will run until 5:30pm, with Saturday’s racing taking place from 8am to 6:30pm. Sunday will see races running from 8am to 4:30pm.print WhatsApp Facebook Twitter Email 52 clubs in total will travel to the National Rowing Centre for the Championships, which take place this weekend 15-17 July. The biggest Championship event is set to be the men’s club single sculls, with a total of 42 scullers entered, while 49 entries in the men’s junior 15 single sculls makes it the largest non- championship event of the weekend. The entries for the 2016 Irish Rowing Championships has been recorded as the largest ever at 917 crews. 520 of these crews are Championship crews, while a further 397 are entered for non-championship events. There are 7 events requiring semi-finals.
O’Neill revealed his selection at ‘Three’ Headquarters as he turns his focus toward the 2018 FIFA World Cup qualifier against Wales on Friday, 24 March and the ‘Three’ International Friendly against Iceland on Tuesday, 28 March.There are first senior call-ups for Brentford defender John Egan and Reading midfielder Liam Kelly, while Newcastle United goalkeeper Rob Elliot returns to the squad for the first time in a year since being injured against Slovakia.Brighton & Hove Albion defender Shane Duffy and Reading midfielder Stephen Quinn miss out due to injury, while Burnley midfielder Robbie Brady will be suspended for the Wales game after collecting his second yellow card of the qualifying campaign last November.The squad will report into camp on Sunday, 19 March for the ‘Three’ FAI International Football Awards, which will be broadcast live on RTE2 from 20:30. The shortlist for the Awards will be announced on Tuesday, 14 March.From Monday, 20 March, the squad will train at the FAI National Training Centre in preparation for the two games. The visit of Wales will be Ireland’s fifth qualifying game following victories over Georgia, Moldova and Austria, as well as a draw away to Serbia.Currently top of Group D, Ireland have six qualifying games remaining – four of which are at home – as well as upcoming friendly games against Iceland, Mexico and Uruguay.Tickets for the Wales game are sold out, but there are still some on sale for the Iceland game. Also, supporters can avail of the DUO ticket package for the Uruguay and Austria double header this summer via Ticketmaster.ieRepublic of Ireland Provisional SquadGoalkeepers: Colin Doyle (Bradford City), Rob Elliot (Newcastle United), Darren Randolph (West Ham United), Keiren Westwood (Sheffield Wednesday)Defenders: Seamus Coleman (Everton), Cyrus Christie, Richard Keogh, Alex Pearce (Derby County), Paul McShane (Reading), Andy Boyle (Preston North End), John O’Shea (Sunderland), Ciaran Clark (Newcastle United), John Egan (Brentford), Stephen Ward (Burnley), Matt Doherty (Wolverhampton Wanderers)Midfielders: Aiden McGeady, Daryl Horgan (Preston North End), Glenn Whelan (Stoke City), James McCarthy (Everton), Jeff Hendrick, Robbie Brady (Burnley), David Meyler (Hull City), Liam Kelly (Reading), Darron Gibson (Sunderland), Harry Arter (Bournemouth), Eunan O’Kane (Leeds United), Conor Hourihane (Aston Villa), Stephen Gleeson (Birmingham City), Wes Hoolahan (Norwich City), Anthony Pilkington (Cardiff City), Callum O’Dowda (Bristol City), Jonathan Hayes (Aberdeen), James McClean (West Bromwich Albion)Forwards: Kevin Doyle (Colorado Rapids), Shane Long (Southampton), David McGoldrick (Ipswich Town), Daryl Murphy (Newcastle United), Adam Rooney (Aberdeen), Jonathan Walters (Stoke City)print WhatsApp Facebook Twitter Email Galway Born Daryl Horgan, who is presently playing with Preston North End, has been named in the Republic Of Ireland provisional squad to face Wales and Iceland. Republic of Ireland manager Martin O’Neill the 39-man provisional squad for the games earlier today.