Showing posts with label drops. Show all posts
Showing posts with label drops. Show all posts

Saturday, January 11, 2014

Trace Adkins drops Sea World show

Trace Adkins co-hosts the American Country Awards 2013 at the Mandalay Bay Events Center in December 2013 in Las Vegas, Nevada. Trace Adkins co-hosts the American Country Awards 2013 at the Mandalay Bay Events Center in December 2013 in Las Vegas, Nevada. Adkins joins a long list of musical acts who have canceled SeaWorld shows recentlyRep: "Trace prefers that the focus of his performances be on music, not on controversy"Trisha Yearwood, Willie Nelson and others canceled because of 'Blackfish' backlashOnly Justin Moore and Scotty McCreery remain on SeaWorld's original schedule

(CNN) -- Country star Trace Adkins has decided not to sing at SeaWorld to avoid controversy over how the Orlando, Florida, theme park treats its orcas.

Adkins joins a long list of musical acts who have canceled shows that were scheduled as part of SeaWorld's "Bands, Blues & BBQ" in February and March.

"Trace prefers that the focus of his performances be on music, not on controversy," Adkins' representative said in a statement e-mailed to CNN on Thursday. "Therefore, he has decided not to proceed with this show in the midst of this debate."

The entertainers' exodus from SeaWorld's calendar begin soon after CNN broadcast the documentary "Blackfish" in October. The film tells the story of the killing of a SeaWorld trainer by an orca in 2010. It raises questions about the safety and humaneness of keeping killer whales in captivity.

Online petitions and social media postings targeted the acts who had signed on to play at the park.

Only Justin Moore and Scotty McCreery remain from the original list of acts on the event calendar. Their representatives have not responded to CNN's repeated requests for comment.

A promoter could put together a whale of a concert series with the acts that have canceled SeaWorld shows, including Trisha Yearwood, Willie Nelson, Cheap Trick, Heart, Barenaked Ladies, Martina McBride and 38 Special.

SeaWorld spokesman Nick Gollattscheck confirmed Adkins' cancellation, which CNN was initially alerted to through Twitter postings Thursday.

"While we're disappointed a small group of misinformed individuals was able to deny fans what would have been great concerts at SeaWorld, we respect the artists' decisions," Gollattscheck said in an e-mailed statement nearly identical to what was sent to CNN when others canceled last month. "We expect that other artists will be targeted in this campaign."

Adkins' show was never officially announced, but it later appeared on his own online schedule for March 2, 2014.

The park's six-week concert scheduled disappeared from SeaWorld's website last month. It now simply promises "incredible concerts with top artists in classic rock and country music."

SeaWorld is working to book replacement acts, Gollattscheck said. "We'll announce the full lineup of bands when all artists have been confirmed."

The Canadian rock band Barenaked Ladies was the first to cancel, reacting to a petition posted on Change.org.

"This is a complicated issue, and we don't claim to understand all of it, but we don't feel comfortable proceeding with the gig at this time," the band said on its Facebook page.

"I don't agree with the way they treat their animals," Willie Nelson said on December 6 when he canceled. "It wasn't that hard a deal for me."

Sisters Nancy and Ann Wilson of Heart did not elaborate last month when they announced their decision to cancel at SeaWorld, although they acknowledged it was "due to the controversial documentary film."

"We're disappointed a small group of misinformed individuals was able to deny fans what would have been great concerts at SeaWorld," Gollattscheck said.

SeaWorld said it would like the musical artists to learn for themselves about SeaWorld.

"The bands and artists have a standing invitation to visit any of our parks to see firsthand or to speak to any of our animal experts to learn for themselves how we care for animals and how little truth there is to the allegations made by animal extremist groups opposed to the zoological display of marine mammals," Gollattscheck said.

SeaWorld says the documentary ignores the park's conservation efforts and research.

"More than 11 million people a year visit SeaWorld parks and most will see a killer whale presentation during their visit," Gollattscheck said.  "Over the course of our 50-year history hundreds of millions of people have experienced killer whales in our parks.  There is tremendous appeal in that kind of inspirational and educational experience and we anticipate that killer whale display will continue for generations to come."

CNN's Jane Caffrey contributed to this report.

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Wednesday, March 6, 2013

Obama approval drops to 43 percent: Reuters/IPSOS poll

WASHINGTON (Reuters) - Less than two months into his second term, President Barack Obama's approval rating has dropped and Americans blame him and his fellow Democrats almost as much as his Republican opponents for a fiscal mess.

A Reuters/Ipsos online poll released on Wednesday showed 43 percent of people approve of Obama's handling of his job, down 7 percentage points from February 19.

Most of that steep drop came in the week to February 26 when it was becoming clear that Washington was going to be unable to put aside partisan differences and agree to halt automatic budget cuts which started last Friday.

Confounding the White House's efforts to blame Republicans for the cuts, most respondents in the online survey hold both Democrats and Republicans responsible.

Obama shot out of the gate in January at the start of his second four years in the White House, promising gun control and immigration legislation as well as efforts to tackle climate change and expand gay rights.

But Ipsos pollster Julia Clark said the survey shows Obama's honeymoon is now over, partly due to the "sequestration" cuts which will likely curtail public services like air traffic control and national parks as well as funding for the Pentagon.

"People are seeing things are back to business as usual in Washington," she said. "They are reading about the immense fallout this is going to have in terms of how it's going to affect the military and individuals."

Thirty-eight percent of Americans believe all the political actors involved - Republican and Democratic members of Congress along with Obama - deserve most of the blame for the cuts.

Twenty-seven percent think Republicans in Congress are responsible, 17 percent blamed Obama and 6 percent thought Democrats were to blame. Nearly half of independent voters, 49 percent, said both sides deserve the blame.

"I think this frustration is being reflected certainly in their view of the president and Congress as well. This is a pox on everyone's house really," Clark said.

The fall in Obama's rating was similar to that in the Gallup three-day average tracking poll which shows his approval dropping 7 percentage points from late February to last weekend before recovering slightly.

WHITE HOUSE DEFENSIVE

That survey put the White House on the defensive on Tuesday. Spokesman Jay Carney cautioned that the result should not detract from Obama's efforts to fix thorny tax and spending issues after a convincing election defeat of Republican candidate Mitt Romney last November.

"Before we say anything is clear based on one poll, could we just remember, just think back a few months to the summer and fall of 2012, and understand that we're here focused on the president's agenda, getting the work done that we think is most beneficial to the middle class," he told a briefing.

Obama is now facing questions over whether he and fellow Democrats miscalculated the budget showdown and especially their messaging strategy of making frequent graphic warnings that public services were about to be decimated by cuts.

The strategy seemed aimed at having the public put pressure on Republican lawmakers to cede to White House demands to include tax increases as part of a solution to halt sequestration.

But tax hikes were always going to be a tough sell to Republicans, said William Galston, a Brookings Institution senior fellow who was a domestic policy adviser to President Bill Clinton

"Opposition to taxes is about the only thing holding the current Republican Party together," Galston said. "I can't imagine any Republican leader proposing a new deficit reduction package including tax increases and holding onto his job for very long."

While the budget battle are complex, the Reuters/Ipsos poll showed many Americans are paying attention. The poll found 35 percent of those surveyed are paying a little bit of attention to the fight, 27 percent a fair amount and 9 percent a great deal. More than a quarter, 28 percent, knew nothing at all about it.

In the poll, 1,797 adults were interviewed between March 1-5.

The precision of the Reuters/Ipsos online polls is measured using a credibility interval. In this case, the poll has a credibility interval of plus or minus 2.6 percentage points.

(Editing by Alistair Bell and Eric Walsh)


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Thursday, January 12, 2012

Rate on 30-year mortgage drops to record 3.89 pct. (AP)

WASHINGTON – Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes. But few are able to take advantage of the rates.

Freddie Mac says the average rate on the 30-year fixed mortgage fell to 3.89 percent. That's below the previous record of 3.91 percent reached three weeks ago.

The average on the 15-year fixed mortgage ticked down to 3.16 percent. That's down from a record 3.21 percent three weeks ago.

Mortgage rates are lower because they track the yield on the 10-year Treasury note, which fell below 2 percent.

Average fixed mortgage rates hovered around 4 percent at the end of 2011. Yet many Americans either can't take advantage of the rates or have already done so.


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Wednesday, October 12, 2011

30-yr mortgage drops below 4 pct for first time (Reuters)

WASHINGTON (Reuters) – Interest rates on 30-year U.S. mortgages fell below 4 percent for the first time this week, helping those with access to credit but doing little for the millions who owe more than their homes are worth.

Freddie Mac, a major mortgage finance provider controlled by the U.S. government, said on Thursday the national average rate for 30-year fixed rate mortgages dropped to 3.94 percent in the week through October 6.

That is the lowest level on record dating to 1949 for mortgages with terms of 25 years or more. Last week, 30-year rates averaged 4.01 percent.

The U.S. Federal Reserve slashed overnight interest rates to near zero in December 2008 to try to lower costs for mortgages and other loans, and it has continued to break out new tools to help the economy recover from recession.

After its last meeting on September 21, the central bank said it would alter the composition of its bond portfolio in an attempt to further lower borrowing costs, and said it would continue its support for mortgage-related debt.

But many economists are skeptical those attempts to lower rates will help much because millions of Americans owe more on their mortgages than their homes are worth. That can effectively chain them to their properties while also preventing them from refinancing to lower their monthly costs.

Household debt taken on during the pre-recession boom years is holding back the economy's recovery.

Freddie Mac's records on 30-year rates go back to 1971, but data on long-term mortgages from the National Bureau of Economic Research show rates never dropped below 4 percent.

NBER data on 30-year mortgages extends back as far as 1961 and data on 25-year mortgages to 1949.

(Reporting by Jason Lange; Editing by Kenneth Barry)


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Monday, June 6, 2011

Fixed mortgage rates drops for 7th straight week (AP)

By DEREK KRAVITZ, AP Real Estate Writer Derek Kravitz, Ap Real Estate Writer – Thu Jun 2, 11:11 am ET

WASHINGTON – Fixed mortgage rates slid for the seventh consecutive week, but the lowest rates of the year have done little to lift the struggling housing market.

Freddie Mac says the average rate on the 30-year loan fell to 4.55 percent from 4.60 percent. The average rate on the 15-year fixed mortgage, a popular refinance option, slipped to 3.74 percent from 3.78 percent. Both are lows for the year.

Rates tend to track the yield on the 10-year Treasury note, which has dropped over fears that higher energy prices could slow economic growth this year.

Most people are unable to take advantage of the lowest mortgage rates because they can't meet tougher lending requirements. And those who could afford to refinance likely did so last year, when rates fell to the lowest levels in decades.

Sales of new and previously occupied homes rose in April. But sales are well below healthy levels. Waves of foreclosures have pushed prices down. Many would-be buyers are holding off, worried that home prices have yet to hit bottom.

Home prices fell in the first three months of this year to the lowest levels since before the housing bust. Prices are expected to keep falling until the glut of foreclosures for sale is reduced, companies start hiring in greater force, banks ease lending rules and more people think it makes sense again to buy a house. In some markets, that could take years.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

The average rate on a five-year adjustable-rate mortgage stayed flat at 3.41 percent. The five-year adjustable rate loan hit 3.25 percent in April, the lowest rate on records dating back to 2005.

The average rate on a one-year adjustable-rate loan rose slightly to 3.13 percent.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fee for the 30-year fixed loan in Freddie Mac's survey was 0.6 and it was 0.7 for the 15-year fixed loan. The average fee for the five-year ARM and the 1-year ARM was 0.6 point.


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Thursday, April 21, 2011

BofA profit drops as foreclosure delays hurt bank (Reuters)

CHARLOTTE, North Carolina (Reuters) – Bank of America Corp posted an unexpectedly sharp drop in first-quarter profit as higher expenses from delayed home foreclosures weighed on its mortgage business.

The largest U.S. bank lost more than $2.39 billion in its home loan business as revenue fell and expenses rose. The foreclosure mess that began in the fourth quarter of 2010, with borrowers accusing major banks of repossessing homes without having the right paperwork in place, was a key source of higher costs in the quarter.

BofA also named Chief Risk Officer Bruce Thompson as its new chief financial officer, becoming the sixth new CFO in seven years. The current CFO, Charles "Chuck" Noski, is stepping aside after less than a year in the post due to a serious family illness.

The first-quarter results give some inkling of why the Federal Reserve told the bank in March to rein in its plans to boost dividends, even as competitors got approval to do so.

"Bank of America is further behind. And the reason they're further behind is because of what's going on with the mortgage business," said Ben Wallace, analyst at Grimes & Co, with $1 billion under management.

The bank said it was not sure how it would resubmit its request for a higher dividend -- it now pays 1 cent per share quarterly -- and warned that a dividend increase could be pushed back into 2012, depending on when it receives Fed approval.

Noski, in an interview with Reuters, said the bank is still hoping for a dividend increase in the second half of 2011, but could not estimate the likelihood of such an increase occurring.

"That's up to the judgment of our regulators," he said.

In addition to the foreclosure costs, the bank reported a shrinking loan portfolio, mainly due to a decline in consumer loan assets. Consumers grew more confident about the economy in April, a survey showed, which could signal greater loan demand ahead, and retail prices remained relatively stable.

Revenue in five of the bank's six major businesses fell, with the investment banking business facing a particularly steep drop as trading revenues fell from their unusually high levels in the same quarter last year.

Bank of America did manage to earn $2 billion in the latest quarter, its first profit since the second quarter of 2010.

But profit fell more than 35 percent from a year earlier, and earnings per share were just 17 cents, compared with analysts' average forecast of 27 cents, according to Thomson Reuters I/B/E/S.

Total revenues after interest expenses dropped 15.9 percent to $26.9 billion.

The bank's shares closed down 2.4 percent at $12.82 Friday. The shares fell 1.5 percent Wednesday after JPMorgan Chase & Co's quarterly results showed the pressure facing consumer lending businesses.

WAITING YEARS FOR NORMAL EARNINGS

A big portion of the bank's profit was driven by a $2.2 billion release of loan loss reserves, as loan delinquencies and defaults continued declining.

Bank of America said in March it did not expect its mortgage business to return to normal earnings until 2014 or later, while most of its other businesses could recover by 2013.

Home loan difficulties appear to be widespread among major lenders.

Bank of America faced increased mortgage expenses from hiring more people to deal with foreclosures. And when the bank delayed foreclosures in the fourth quarter, it had to make compensatory payments to government-backed mortgage giants Fannie Mae and Freddie Mac.

The bank is also buying back home loans packaged into bonds and sold to investors, because the mortgages did not meet the standards that investors had demanded.

Those loans are usually worth far less than face value, but the bank must buy them back at 100 cents on the dollar. The company set aside $1 billion during the quarter for this expense, an extra $474 million compared to the same quarter last year.

Bank of America's Merrill Lynch brokerage business provided a bright spot in the latest quarter, reporting sharply higher revenue and client assets as well as a net increase of nearly 200 financial advisers.

As with JPMorgan, bond trading was down from the record levels a year earlier but up from the fourth quarter. Fixed income, currency and commodity trading revenue was $3.65 billion, more than double the fourth-quarter level.

Bank of America, built through a series of acquisitions over decades, made an ill-fated purchase in 2008 when it bought mortgage lender Countrywide Financial Corp as the financial crisis intensified.

The purchase gave BofA more subprime mortgages, home equity loans and other assets that have generated big losses.

HURDLES TO JUMP

Chief Executive Brian Moynihan, who took the helm in early 2010 and received a $9.1 million bonus in January, is trying to fix the bank by cutting costs and selling more products to retail customers.

He faces macroeconomic hurdles. Bank of America's results are closely tied to the health of U.S. consumers, who have been reducing their debt as they wrestle with stagnant wages and high unemployment. BofA does business with one of every two U.S. households.

The bank's loan book fell 8.5 percent to $932.43 billion during the first quarter.

Moynihan has put new people in charge of many areas of the bank, but more changes are underway in the executive suite.

In the latest change, Thompson will become CFO by the end of the second quarter. A search is underway for a new risk chief.

Noski took over as CFO in May 2010 and lives in Los Angeles. He had planned to move to Charlotte this summer, but the family illness prevented the move, the bank said.

Bank of America also said it had settled a mortgage-related lawsuit with Assured Guaranty Ltd, a bond insurer, at an estimated cost of $1.6 billion.

(Reporting by Joe Rauch, additional reporting by Dan Wilchins in New York and Dominic Lau in London; editing by John Wallace, Gerald E. McCormick and Bernard Orr)


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Monday, April 18, 2011

BofA profit drops as foreclosure delays hurt bank (Reuters)

CHARLOTTE, North Carolina (Reuters) – Bank of America Corp posted an unexpectedly sharp drop in first-quarter profit as higher expenses from delayed home foreclosures weighed on its mortgage business.

The largest U.S. bank lost more than $2.39 billion in its home loan business as revenue fell and expenses rose. The foreclosure mess that began in the fourth quarter of 2010, with borrowers accusing major banks of repossessing homes without having the right paperwork in place, was a key source of higher costs in the quarter.

BofA also named Chief Risk Officer Bruce Thompson as its new chief financial officer, becoming the sixth new CFO in seven years. The current CFO, Charles "Chuck" Noski, is stepping aside after less than a year in the post due to a serious family illness.

The first-quarter results give some inkling of why the Federal Reserve told the bank in March to rein in its plans to boost dividends, even as competitors got approval to do so.

"Bank of America is further behind. And the reason they're further behind is because of what's going on with the mortgage business," said Ben Wallace, analyst at Grimes & Co, with $1 billion under management.

The bank said it was not sure how it would resubmit its request for a higher dividend -- it now pays 1 cent per share quarterly -- and warned that a dividend increase could be pushed back into 2012, depending on when it receives Fed approval.

Noski, in an interview with Reuters, said the bank is still hoping for a dividend increase in the second half of 2011, but could not estimate the likelihood of such an increase occurring.

"That's up to the judgment of our regulators," he said.

In addition to the foreclosure costs, the bank reported a shrinking loan portfolio, mainly due to a decline in consumer loan assets. Consumers grew more confident about the economy in April, a survey showed, which could signal greater loan demand ahead, and retail prices remained relatively stable.

Revenue in five of the bank's six major businesses fell, with the investment banking business facing a particularly steep drop as trading revenues fell from their unusually high levels in the same quarter last year.

Bank of America did manage to earn $2 billion in the latest quarter, its first profit since the second quarter of 2010.

But profit fell more than 35 percent from a year earlier, and earnings per share were just 17 cents, compared with analysts' average forecast of 27 cents, according to Thomson Reuters I/B/E/S.

Total revenues after interest expenses dropped 15.9 percent to $26.9 billion.

The bank's shares closed down 2.4 percent at $12.82 Friday. The shares fell 1.5 percent Wednesday after JPMorgan Chase & Co's quarterly results showed the pressure facing consumer lending businesses.

WAITING YEARS FOR NORMAL EARNINGS

A big portion of the bank's profit was driven by a $2.2 billion release of loan loss reserves, as loan delinquencies and defaults continued declining.

Bank of America said in March it did not expect its mortgage business to return to normal earnings until 2014 or later, while most of its other businesses could recover by 2013.

Home loan difficulties appear to be widespread among major lenders.

Bank of America faced increased mortgage expenses from hiring more people to deal with foreclosures. And when the bank delayed foreclosures in the fourth quarter, it had to make compensatory payments to government-backed mortgage giants Fannie Mae and Freddie Mac.

The bank is also buying back home loans packaged into bonds and sold to investors, because the mortgages did not meet the standards that investors had demanded.

Those loans are usually worth far less than face value, but the bank must buy them back at 100 cents on the dollar. The company set aside $1 billion during the quarter for this expense, an extra $474 million compared to the same quarter last year.

Bank of America's Merrill Lynch brokerage business provided a bright spot in the latest quarter, reporting sharply higher revenue and client assets as well as a net increase of nearly 200 financial advisers.

As with JPMorgan, bond trading was down from the record levels a year earlier but up from the fourth quarter. Fixed income, currency and commodity trading revenue was $3.65 billion, more than double the fourth-quarter level.

Bank of America, built through a series of acquisitions over decades, made an ill-fated purchase in 2008 when it bought mortgage lender Countrywide Financial Corp as the financial crisis intensified.

The purchase gave BofA more subprime mortgages, home equity loans and other assets that have generated big losses.

HURDLES TO JUMP

Chief Executive Brian Moynihan, who took the helm in early 2010 and received a $9.1 million bonus in January, is trying to fix the bank by cutting costs and selling more products to retail customers.

He faces macroeconomic hurdles. Bank of America's results are closely tied to the health of U.S. consumers, who have been reducing their debt as they wrestle with stagnant wages and high unemployment. BofA does business with one of every two U.S. households.

The bank's loan book fell 8.5 percent to $932.43 billion during the first quarter.

Moynihan has put new people in charge of many areas of the bank, but more changes are underway in the executive suite.

In the latest change, Thompson will become CFO by the end of the second quarter. A search is underway for a new risk chief.

Noski took over as CFO in May 2010 and lives in Los Angeles. He had planned to move to Charlotte this summer, but the family illness prevented the move, the bank said.

Bank of America also said it had settled a mortgage-related lawsuit with Assured Guaranty Ltd, a bond insurer, at an estimated cost of $1.6 billion.

(Reporting by Joe Rauch, additional reporting by Dan Wilchins in New York and Dominic Lau in London; editing by John Wallace, Gerald E. McCormick and Bernard Orr)


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