Weekly Market Review: October 28, 2019

first_imgStock market investors are voting with their dollars and apparently, they believe a U.S.-China trade deal is more likely than not. The S&P 500 rallied to close at 3023 last Friday (10/25/19), within 0.1% of its all-time closing high set three months ago on 7/26/19. The venerable stock index is up +22.5% YTD (total return) (source: BTN Research).The U.S. government is like any other organization – if the news isn’t all that flattering, release it to the public late on a Friday afternoon. They did exactly that on Friday 8/05/11 when S&P downgraded the U.S. from a top credit rating that America had held for 70 years. And they did it again last Friday 10/25/19 when the Treasury Department released at 2 p.m. ET the final deficit number for our government for fiscal year 2019 (the 12 months ending 9/30/19), a stunning $984 billion (source: Treasury Department).Operating in the red isn’t uncommon for Uncle Sam – 54 of the last 59 fiscal years, i.e., 1961-2019, have resulted in an operating deficit. The only surplus years were 1969, 1998, 1999, 2000 and 2001. To change this pattern, the United States must either raise taxes (unpopular) or reduce spending (also unpopular). Our spending is however concentrated: 62% of the $4.45 trillion of total 2019 outlays went to just four categories – Social Security ($1.044 trillion), National Defense ($688 billion), Medicare ($651 billion) and Net Interest Expense ($376 billion) (source: Treasury Department).Notable Numbers for the Week:LIVE WITHIN YOUR MEANS – 41% of American households make less than $50,000 of adjusted gross income (AGI) per year. Only 8% of American households make at least $200,000 of AGI (source: Census Bureau).UNAFFORDABLE FOR MANY – The median home price in June 2019 in San Francisco ($1,466,900) was more than five times the median home price in Phoenix ($280,000), i.e., by moving 754 miles southeast from the northern California coast to the Arizona desert, the median home price drops by 81% (source: Redfin).NO WORK – 37% of American seniors report they retired earlier than planned as a result of health problems, buyout packages, layoffs, grandchildren, or caring for an aging parent (source: Health and Retirement Study).ROTTEN KIDS – A study involving 2,500 wealthy families over decades of wealth transfers across generations found that, on average, only 30% of the original family fortune remained at the end of the second generation, and only 10% remained at the end of the third generation (source: Williams Group).last_img read more

Appalachian Outdoor Film Festival: Q&A with Jay Young

first_imgBlue Ridge Outdoors is excited to announce its partnership with the New River Alliance of Climbers for the first annual Appalachian Outdoor Film Festival (AOFF), set to take place in Fayetteville, W.Va., on May 21, 2016. Whether or not you’re a professional filmmaker is no matter to us — we’re looking to spread the love of Appalachia and its mountains, rivers, adventures, and adventurers.Appalachian Outdoor Film Festival: Trailer 2 from Jay Young on Vimeo.Submission is free, but the deadline is soon! Want to learn more? Check out this Q&A with AOFF Co-Director Jay Young.BRO: Where did the idea for AOFF originate?JY: Kenny Parker, Maura Kistler, and I were at a birthday party, sitting around talking. For a couple years, the elephant in the room had been “With what do we replace the New River Climbers’ Rendezvous?” And Maura had an idea—bring the Banff Mountain Film Festival to Fayetteville. The more we spoke about bringing a festival like Banff or Reel Rock here, the more we began to see problems with them. One, they’re prohibitively expensive for a little non-profit like us. Two, the films are too long—if you’re not into one, you’re a captive audience for the next 40 minutes. Three, while the films are very high quality in those other festivals, they’re not usually geographically specific to the New…or West Virginia…or for that matter, Appalachia. BRO: Who should enter in the AOFF and what types of films are you looking for?JY: Amateurs and professional film makers should feel free to submit their films. The run-time limit for submissions is 15 minutes (no captive audiences here), and all entries must have some tie to Appalachia, even if that’s just an Appalachia-based film maker who ventured farther afield to create a film. BRO: What is the mission of the AOFF?JY: We want a festival that is accessible to amateur film makers and geographically pertinent to where we are, Appalachia. BRO: What are the important dates and facts to know about the film fest?JY: The deadline for submissions is 11:59pm April 1, but really, as long as it’s in my inbox when I turn my computer on April 2, we won’t worry about minutes and hours. Films must be maximum 15 minutes long and must have some tie to Appalachia. Submission is free. There’s a submission form to fill out here: http://aoff.org. The live festival is May 21, 2016, at 8pm, with the after party at the American Alpine Club campground.There’s also a pretty hefty cash prize up for grabs. Rather than prizes for various categories, we have one cash award for Best in Show and one for Audience Favorite. Both are $1,000, which means there’s potential for one film maker to walk with two large lumps of cash.center_img BRO: Is the event BYOP (bring your own popcorn)?JY: Huh, we haven’t really thought about that. I think we may actually own a popcorn maker from the Rendezvous days… BRO: The culture of the New River Gorge is steeped in adventure, so for film makers and potential attendees to the film fest who may be unfamiliar with the area, tell us what makes the NRG, and this fest, so unique?JY: The Appalachian Outdoor Film Festival is not a New River Gorge film festival. I really hope that we’ll be able to draw films and film makers from as far away as Maine and Georgia. But none of that means the festival is not infused with the adventurous spirit of the New River Gorge. Our roots are here, and we love to share it with others, but we also know that our spirit is not unique to the Appalachian chain. We want to bring Pennsylvania’s spirit in, Georgia’s, Vermont’s, New York’s. In that way, the Appalachian Outdoor Film Festival is a celebration of East Coast adventure and East Coast natural beauty. We also decided early on that we didn’t want just a climbing festival. Here at the New—where several world class outdoor pursuits are 20 minutes from our front doors—none of us are just climbers. We all have multiple outdoor loves. I’m also into whitewater. Maura’s a trail runner. We all snowboard. A bunch of us mountain bike. I can think of a few fishermen and a birder. This festival is as inclusive as the New River Gorge itself is.last_img read more

Governor Wolf Announces Investments Supporting Seven Economic Development Projects in York County

first_imgGovernor Wolf Announces Investments Supporting Seven Economic Development Projects in York County September 25, 2018 Economy,  Environment,  Infrastructure,  Press Release Today, Governor Tom Wolf announced the recent approval of funding to support seven economic development projects throughout York County, including the revitalization of historic buildings, libraries, streetscape improvements, increased pedestrian access and trails, and the expansion of job creation opportunities.“I have worked hard to ensure that when the state is investing in our local communities, we are directing our resources towards projects that transform our cities, municipalities, and counties into stronger communities where residents want to work and live,” said Governor Wolf.The recently approved York County projects are:Redevelopment Authority of the County of York was approved for a $1.4 million grant for the revitalization of 34 Frederick St., a historic building in downtown Hanover. The first floor will be completely transformed to house an upscale restaurant. The second floor will become 14 market-rate housing units. The alley beside the building will be vacated by the borough to accommodate al fresco seating and exterior beautification of a block that is under-occupied and in desperate need of investment.Keystone Kidspace was approved for a $2 million grant to reuse the historic York Armory located at 369 N. George St. in downtown York. The Armory will be reinvented as a dynamic and accessible program and gathering space. The significant site improvements will provide access to the Rail Trail, enhance the streetscape, and connect visitors with the Codorus Creek.Magnesita Refractories Company was approved for a $3 million grant for the construction of a new facility and related infrastructure to house and operate the new crushing equipment, including concrete foundations and structural steel for Magnesita’s York facility.York County Industrial Development Authority was approved for a $2 million grant to support the complete rebuilding of the original Yorktowne Hotel. Interior rooms will be reconstructed; lobby, ballrooms and public areas will be refinished and restored. All utilities and systems will be replaced, and the project will be brought to current codes with the addition of ADA compliant ingress and egress as well as sprinklers and alarm systems. Back-of-house areas will be brought to current standards and codes. A rear plaza will be developed which will allow for safe and compliant guest drop off and loading. Zion Church will be tied in as part of the campus development.York County Economic Alliance was approved for a $5 million grant for the Codorus Creek Beautification Initiative which seeks to create pedestrian access and greenways along the Codorus Creek channel in the City of York. This would be accomplished by the construction of streambank stabilized improvements and replacements that will improve and protect the infrastructure elements to better manage storm water thus improving the ecological health of the Codorus Creek Watershed. New pedestrian trails and points of access to reconnect the residents of the City of York to the Codorus is a primary goal.York County Libraries was approved for a $1 million grant to renovate Martin Library by updating public restrooms, replacing decades-old sliding doors in the children’s department, and completing building weatherization, interior renovations and space design enhancements. Also, Kreutz Creek Valley Library will acquire donated land from Hellam Township for construction of a new library building and Kaltreider-Benfer Library will double the size of the existing facility by building on the adjacent concrete pad area to create space for the children’s library, teen center, and private study area.Previously announced in this year, the Fortress Initiative was approved for $6 million to support a community revitalization and economic development project in York County known as The York Plan 2.0 Innovation District in the northwest corner of the city, part of a larger project to revitalize this area into a manufacturing, technology, history, arts, and education district.Supported through the Redevelopment Assistance Capital Program (RACP), funding will support critical expansion projects, some of which will provide opportunities for additional economic development.center_img SHARE Email Facebook Twitterlast_img read more

$1.8 million sale inspires Hope in listing hotspot

first_imgDressed for success! A great result for the vendor. Source: realestate.com.auMr Phillis said the advertised price of $1.8 million was “obviously ambitious” for a single level home, leading the vendors to be extremely happy with their sale result. “Being a gated estate, you don’t have big groups of 20 or 30 coming to open inspections. We had about three or four inspections before we sold it.” The property at 1058 Rosebank Way recently sold for $1.79 million. Source: realestate.com.au There are 9 properties listed on Rosebank Way. Source: realestate.com.auThere are currently nine listings for Rosebank Way, and two listings for adjoining Rosebank Way West, including a single storey four-bedroom, two-bathroom residence on the market for $1.49 million and a renovated single storey abode with a pool at 1051 Rosebank Way, that sold for $1.38 million back in 2009. The new owners can soak up the modern finish. Source: realestate.com.auMr Phillis said it’s indicative of Hope Island’s status as a “hot suburb”. In June, he sold a four-bedroom, three-bathroom house next door for $1.9 million.“Those buyers were a retired couple looking for a holiday house. So it just goes to show there is a completely different mix of people looking to get into Hope Island,” he said. The sale was put to bed earlier this month. Source: realestate.com.auProperty records show just up the road, 1056 Rosebank Way sold a month later in July for $1.92 million. No decking around. The pool setting has river views. Source: realestate.com.auThe Bahamas themed residence is described as having one of the best outdoor decks on the Gold Coast, on one of Hope Island’s best streets. The property was on the market for 67 days. Source: realestate.com.auAgent Alex Phillis said the sale is proof of the Chinese market’s longevity. “A lot of people are saying there’s no more Chinese buyers but I disagree,” he said.“We identified the buyer straight away. It shows the Chinese market is still there.” More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North2 hours ago02:37International architect Desmond Brooks selling luxury beach villa22 hours agoLounge in style. Source: realestate.com.au 1058 Rosebank Way, Hope Island. Source: realestate.com.auAN “ambitious” Hope Island property listing has come out smelling like roses, after a Chinese investor snapped up the riverfront residence just shy of the vendor’s $1.88 million price tag. The revamped property on Rosebank Way sold for $1.79 million, after 67 days on the market, and changing marketing agents about halfway through its campaign. last_img read more

Coronavirus: CONMEBOL urges FIFA to postpone World Cup 2022 qualifiers

first_imgAsuncion: The South American Football Confederation (CONMEBOL) has urged FIFA to postpone the World Cup 2022 qualifiers to September as a preventive measure against the ongoing coronavirus pandemic.“Request FIFA to postpone the South American qualifying rounds for the FIFA World Cup Qatar 2022 to September 2020,” CONMEBOL said in a statement read.“By doing this, the confederation ensures all precautions are taken against the global and regional spread of the coronavirus, in line with the recommendations of international health authorities,” it added.The South American zone’s opening World Cup qualifiers had been scheduled to take place on March 26, 27 and 31 but were suspended last week. Brazil is due to host Bolivia and travel to Peru in their first two qualifiers while Argentina is scheduled to host Ecuador and visit Bolivia.The 2022 World Cup is scheduled to be played in Qatar from November 21 to December 18.Earlier, the CONMEBOL had postponed the Copa America until the summer of 2021. The 12-team tournament, which had originally been scheduled to take place from June 12 to July 12 in Colombia and Argentina, follows the 16th edition of the euros which also has been postponed to 2021 amidst the crisis unleashed by the spread of the coronavirus pandemic. IANSAlso Read: Copa America postponed until summer of 2021: CONMEBOLAlso Watch: Veterinary College in Guwahati creates hand sanitizers to fight the shortage of Sanitizers in Assamlast_img read more