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[ad_1] Dollar Up, Yen Bid as Ukraine Tension Concerns Remain [ad_2] Source link

[ad_1] Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian equity markets are staring at a gap-down open as trends on SGX Nifty indicated a negative start for Indian benchmark indices Sensex and Nifty 50, with a loss of 40.50 points or 0.23 per cent. The Nifty futures were trading around 17,226.50 level on the Singaporean Exchange. Global cues were weak with shares in Asia declining as simmering tensions between Ukraine and Russia continued to keep investors on edge. Shanghai composite slipped 0.49% and the Shenzhen component edged 0.521% lower. Hong Kong’s Hang Seng index dropped 0.94%. Japan’s Nikkei shed 1.46% while the Topix index dipped 1.15%. South Korea’s the Kospi also fell 0.82%. Overnight on Wall Street, all three major indices fell with S&P 500 and Nasdaq down 2% [ad_2] Source link

[ad_1] You can’t please all the people all of the time, but Redfin is a unique real estate brokerage, an instant homebuyer, a popular listings website, a platform for renters, a mortgage company, a title company, a concierge service, and a research service on the U.S. housing market. What does that all add up to? A company that posted a $110 million dollar loss in 2021, a sextuple leap from the $19 million lost in 2020. Redfin is projecting similar, if not higher losses, in upcoming quarters as it incorporates multiple moving parts. The loss was accompanied by rapid growth. Redfin posted $1.9 billion in 2021 revenue, a 108% jump from 2020. As with rival Zillow, Redfin grew its 2021 revenue and losses due to iBuying. The company’s properties division, home to iBuying arm RedfinNow, saw revenue rocket to $881 million in 2021 compared to $210 million in 2020, a year when the company partly paused iBuying due to COVID-19. Redfin CEO Glenn Kelman claimed on an earnings call Thursday that his company is running a profitable iBuying business. The $881 million in revenue did exceed a $871 million “cost of revenue.” But this “gross profit” imagines a world where none of the company’s $367 million in operating expenses went to iBuying. In fact, operating expenses were split among Redfin Now, Redfin’s 16-year-old brokerage division, and its mortgage arm. Redfin’s brokerage generated $849 million in revenue for the company, and the mortgage division $20 million. Redfin plans to completely revamp its mortgage services in 2022 following the expected acquisition of Bay Equity Home Loans in the second quarter. On the call, analysts expressed concern about iBuying especially whether Redfin is buying pricier homes. Kelman said that the company is being cautious. “We are running on the knife’s edge with volume, and we know it,” Kelman said. “When in doubt we go low.” And while Zillow has scrapped iBuying, which all evidence so far points to as a money-hemorrhaging industry, Kelman said that Redfin will stay the course. “We are committed to iBuying at an existential level,” the company CEO and founder said. Analysts also raised questions about RentPath, a rental listings platform that Redfin acquired for $608 million last February and was an unseemly blotch on the company’s earnings statement. RentPath contributed $122 million in revenue, but triggered sundry increases in company expenses across the board. For example, technology expenses increased 86% to $157 million, with RentPath making up the majority of the increase. Also, marketing expenses soared 153% to $84 million in 2021, predominantly due to RentPath. Kelman was fairly candid about RentPath’s struggles. He repeatedly mentioned that the company had fallen into bankruptcy and was “not on track” to even make a profit before subtracting operating expenses.   The CEO suggested that RentPath could improve with its listings incorporated onto Redfin’s website but warned investors “We haven’t laid out long-term targets” for the struggling division. Meanwhile, Redfin is putting a pause on any further acqusitions. “We don’t need to buy any more companies,” Kelman said. Kelman introduced some levity to the call. He compared homebuyer’s reluctance to sell without a new home lined up to that “guy in college” who won’t break up with their partner, until they have someone new lined up to date. He referred to tough questions as a “humdinger,” and told analysts at the end that he had a fun time. The post Redfin losses soar amid iBuying ramp up appeared first on HousingWire. [ad_2] Source link

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[ad_1] Analysis-Pandemic fatigue a challenge for Canada's Trudeau amid protests [ad_2] Source link

[ad_1] Income tax authorities on Thursday raided the residences of Chitra Ramakrishna, former managing director and chief executive officer of the National Stock Exchange, and Anand Subramanian, former group operating officer. The raids come a day after top NSE officials, including the current managing director Vikram Limaye, met senior financial officials following the Securities and Exchange Board of India’s (Sebi’s) February 11 order. Sources familiar with the developments in New Delhi said the raids will continue on Friday. The Sebi order had stated that the duo had committed “financial misdeeds” and there were serious governance lapses between 2013 and 2017. FE has learnt that the tax authorities are looking at tax evasion and several other angles that pertain to payments made “as gratitude” money to an unknown person on the gross amount paid to Subramanian. After finding serious lapses in governance and misrepresentation of facts, Sebi imposed a penalty of Rs 3 crore on Chitra Ramakrishna and Rs 2 crore each on the National Stock Exchange, former MD and CEO Ravi Narain, and Anand Subramanian. The most damning observation is that Ramakrishna shared sensitive information pertaining to financials, appraisals, increments and strategy with an unknown person, who is also referred to as the “Siddha Purush” by Ramakrishna. In its order, Sebi says, “Hence, there appears to be a glaring conspiracy of a money making scheme that involves Noticee No. 1 (Ramakrishna) and No. 6 (Subramanian) with the unknown person, by which Noticee No. 1 would increase the compensation granted to Noticee No. 6 and Noticee No. 6 would then pay the unknown person from such increased compensation.” Sources said the government is looking at all possible angles, which could at a later date include money laundering too. Sebi’s order has raised more questions about the “unknown person” who has played a key role in the decision-making by Ramakrishna. There have been several allegations regarding governance violations at the country’s largest stock exchange between 2013 and 2017 with reference to the appointment and compensation of Subramanian, who did not have the qualification required for the position he held. Sebi concluded that there were financial misdeeds by the former CEO as she could neither justify the appointment of Subramanian nor the substantial increases in his remuneration. In a late evening statement on Wednesday night, NSE said over the last few years there have been several changes at the board and management level at NSE. Sebi has also instituted various changes in the governance structure of market infrastructure institutions (MIIs), including board committee structures and oversight, tenor of management, accountability for lapses at MIIs, etc, which have strengthened the control environment of MIIs. NSE said Sebi has been closely monitoring and supervising the operations of NSE and other MIIs, and reiterated its commitment to the highest standards of governance and transparency. [ad_2] Source link

[ad_1] Covid-19 Live Updates: Mask Mandates, Cases and More  The New York Times Gov. Newsom to unveil shift to ‘endemic’ approach to COVID  CBS 8 San Diego California lays out plan to live with Covid for the long-term, fight future surges and new variants  CNBC California Gov. Gavin Newsom can help make COVID endemic  Sacramento Bee Newsom Expected To Unveil ‘Endemic’ Approach To Next Steps In COVID Battle  KPIX CBS SF Bay Area View Full Coverage on Google News [ad_2]

[ad_1] Fairway Independent Mortgage Corporation, Fairway Wholesale Lending and the American Warrior Initiative (AWI) wrapped up last year by granting 16 service dogs to 16 veterans in a timespan of less than one hour. The presentations were part of the American Warrior Initiative’s mission to bridge the military-civilian divide by bringing awareness to civilians all over this country of the challenges facing service members and helping service members to know that there are people who do care. Fairway founded AWI in 2015 and underwrites all expenses of the nonprofit, with Fairway employees donating millions of dollars to the non-profit over the years. “When I began to originate loans for active-duty military clients in Leesville, La., I heard stories of what these soldiers and their families were going through, and it broke my heart. Some of the challenges include repeated deployments, post-traumatic stress, financial strain, higher rate of divorce, and tragically a higher rate of suicide,” Louise Thaxton, a branch manager at Fairway and a military specialist for the American Warriors Initiative, said. “As I began to speak nationally to mortgage professionals about the needs in the military community, there was a beautiful response, and people began asking how they could help. The CEO of Fairway generously allowed us to create a nonprofit where 100% of the donations would go directly to veterans and active duty service members,” she said. In total, AWI funding granted 100 service dogs in 2021, a few seen in these photos, doubling the 50 given in 2020. It has not, however, been a smooth ride to get to this point, with the COVID-19 pandemic bringing hardship to the cause. “Because of the pandemic, service dog companies either completely shut down or drastically reduced the training of dogs,” Thaxton said. “This dramatically impacted our initiative in 2020 as we were only able to grant 50 dogs when the goal was actually 100. And a tragic fact is that suicide rates increased for veterans in 2020. “We are determined, moving forward that we will place as many dogs in the hands, hearts and lives of as many veterans as we can — because we believe service dogs save lives,” she said. Along with donating service dogs, Fairway also honors service members through staff-related activities, such as wearing red on Fridays to “Remember Everyone Deployed” and hosting events across the country like 5Ks and auctions. Looking ahead, Thaxton said her long-term goal is to create a veteran reality TV show that brings awareness to the challenges that veterans and active-duty military members face as well as how Americans can help. This piece was originally featured in the February issue of HousingWire magazine. To read the full issue, go here. The post Fairway delivers service dogs to veterans appeared first on HousingWire. [ad_2] Source link

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[ad_1] 'Assassin's Creed' maker Ubisoft sees FY results at lower end of guidance [ad_2] Source link