Asda sales bounce back triggering staff bonus

first_imgTuesday 22 February 2011 11:09 am Asda sales bounced back at the end of last year it had lost ground to some of its rivals.The grocery giant, second in size only to Tesco, saw its market share slip last year.But sales in the fourth quarter rose 1.6 per cent. It said it had been boosted by its Chosen by You range. Chief executive Andy Clarke said: “I’m pleased with the progress we’ve made in the last six months. We have successfully extended our price gap to ten per cent, significantly improved the quality of our food across the entire store, and given our customers even better service.”The sales rise means Asda staff will share a bonus pot of £26.9m, with most receiving around £350 each.Meanwhile Asda’s parent company Wal-Marrt yesterday reported that sales fell 1.8 per cent – the seventh consecutive quarterly fall. Tags: NULL Show Comments ▼ whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndocenter_img John Dunne Share Asda sales bounce back triggering staff bonus whatsapp last_img read more

Standard Chartered Bank Botswana Limited (STANCH.bw) 2012 Annual Report

first_imgStandard Chartered Bank Botswana Limited (STANCH.bw) listed on the Botswana Stock Exchange under the Banking sector has released it’s 2012 annual report.For more information about Standard Chartered Bank Botswana Limited (STANCH.bw) reports, abridged reports, interim earnings results and earnings presentations, visit the Standard Chartered Bank Botswana Limited (STANCH.bw) company page on AfricanFinancials.Document: Standard Chartered Bank Botswana Limited (STANCH.bw)  2012 annual report.Company ProfileStandard Chartered Bank Botswana is a leading financial services company in Botswana; operating in the retail, corporate and institutional banking sector. The first branch was opened in 1897 which makes it the oldest financial institution in Botswana. Standard Chartered operates a network of 17 branches and agencies located in the major towns and cities of Botswana, and supported by a Loan Centre and Customer Call Centre. The retail banking division offers a range of transactional products and services, as well as solutions for wealth management and SME banking and lending. The Corporate and Institutional banking division caters for local businesses as well as multi-national corporations; with a product portfolio that includes cash management, trade services, syndications and lending, treasury services, foreign exchange, currency options, government bonds, high-yield deposits and liquidity management products. Standard Chartered Bank is highly respected for its adherence to corporate government standards and its commitment to uplift communities in Botswana through a dedicated community programme.last_img read more

Here are 3 of my top shares to buy now to profit from the stock market crash

first_img I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Here are 3 of my top shares to buy now to profit from the stock market crash Some investors make the mistake in thinking that after a stock market crash, they should buy anything and everything. This isn’t true. Some sectors will have been hit very hard by the catalyst which caused the crash in the first place. Firms within these sectors may be ones to stay away from.As a smart investor, it pays to be selective in the stocks you buy after a market crash. Finding companies that have been oversold but still have a fundamentally sound business model is key. This leads me to my top shares to buy now!5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Defensive stock to buy Don’t be misled by the name of Coca-Cola HBC. The HBC (Hellenic Bottling Company) is the more important part of the company name. The firm is one of the largest bottlers of Coca-Cola, but isn’t the actual Coca-Cola company (that’s listed in the US). Aside from drinks, the firm has also expanded into food operations in recent years, via buying a Serbian biscuit company.The share price has fallen over the course of this year, in line with the FTSE 100 as a whole. But I’d bucket the firm into the defensive stock category. The firm is closely linked to the success of Coca-Cola, which in itself is a mainstream, affordable soft drink. Even with a downturn in the global economy, I’d expect sales to remain fairly unaffected (compared to those of higher priced energy drinks). This should help the share price outperform peers, making it one of my top shares to buy now.Growth stocks to buyThe Boohoo share price has been hit twice recently. Firstly, the stock market crash saw the stock tumble significantly. Add on to this the recent news of poor working conditions and pay from one of its suppliers, and the stock now trades under 300p. When you consider the highs of the year are above 400p, there’s a good opportunity to make a profit from buying the stock now.The crash in March was across the board, and wasn’t specifically aimed at Boohoo. As for the recent news story, it’s more of a reputational issue than financial. For that reason I wrote a piece on why I thought it could be the buy of the decade when it was trading around 230p earlier this week.Finally, I’m still bullish on Persimmon, and the prospects for the share price to rally further. This pick ties in with my outlook for Brexit for the rest of the year. Given the desire of the UK government to strike a deal, domestic firms are likely to see a share price bump in the immediate aftermath of this happening. Construction is one sector which would certainly benefit from the Brexit uncertainty being taken away, with Persimmon leading the charge. It is still down 20% from its year-to-date highs, making it a top share to buy right now.The stock market crash has provided some great opportunities that won’t hang around that long. The market has already been rallying since the lows in March. Yet all three stocks are still below the highs of the year so far, indicating further growth is definitely possible. “This Stock Could Be Like Buying Amazon in 1997” Enter Your Email Address Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. See all posts by Jonathan Smithcenter_img Our 6 ‘Best Buys Now’ Shares I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Jonathan Smith | Friday, 10th July, 2020 Image source: Getty Images. Simply click below to discover how you can take advantage of this. Jonathan Smith owns shares in boohoo group. The Motley Fool UK has recommended boohoo group. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.last_img read more

US stocks versus UK shares. Which would I buy and hold today?

first_img Adventurous investors like you won’t want to miss out on what could be a truly astonishing opportunity…You see, over the past three years, this AIM-listed company has been quietly powering ahead… rewarding its shareholders with generous share price growth thanks to a carefully orchestrated ‘buy and build’ strategy.And with a first-class management team at the helm, a proven, well-executed business model, plus market-leading positions in high-margin, niche products… our analysts believe there’s still plenty more potential growth in the pipeline.Here’s your chance to discover exactly what has got our Motley Fool UK investment team all hot-under-the-collar about this tiny £350+ million enterprise… inside a specially prepared free investment report.But here’s the really exciting part… right now, we believe many UK investors have quite simply never heard of this company before! See all posts by Cliff D’Arcy Image source: Getty Images Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Our 6 ‘Best Buys Now’ Shares Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. US stocks versus UK shares. Which would I buy and hold today? I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement.center_img Cliff D’Arcy | Friday, 1st January, 2021 Click here to claim your copy of this special investment report — and we’ll tell you the name of this Top Small-Cap Stock… free of charge! Enter Your Email Address The high-calibre small-cap stock flying under the City’s radar Simply click below to discover how you can take advantage of this. One thing that has plagued investors throughout history is FUD: fear, uncertainty and doubt. When beset by FUD, I try to behave rationally, taking a long-term view in scary situations. For example, after the Brexit vote of June 2016, my wife and I agreed that the UK faced many years of political and economic uncertainty. Therefore, we immediately and massively reduced our exposure to UK shares, reinvesting this capital into global and US-focused index funds. Over the next three years, this proved very profitable, as the FTSE 100 hugely underperformed other major stock markets.America the beautifulHowever, with US stocks soaring and other financial assets looking fully priced, FUD returned. In 2019, we de-risked our wealth, moving half (50%) of our capital into the safety of cash. Our goal was to buy equities when prices became more attractive. When Covid-19 collapsed markets in March 2020, we acted decisively. By early April, all of our available capital was again invested in global stocks. Our absolute gain since this market meltdown has been the largest in over 30 years. Now, after years of depressed returns, we believe that UK shares look set to shine.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Since mid-2016, our family portfolio has been heavily weighted towards the US, with modest exposure to Britain. Over the past five years, the S&P 500 has doubled, excluding dividends. Over the same half-decade, the FTSE 100 has gained just 11%. Thus, moving our exposure from UK to US after the Brexit vote delivered outstanding returns. Then again, given the extreme price differential between frothy US stocks and cheap UK shares, I feel this will change.US stocks look frothyLooking at the performance of US stocks in 2020 — a pandemic year — I’m stunned. The S&P 500 gained almost a sixth (16.3%) and the tech-heavy NASDAQ Composite index soared by three-sevenths, leaping 43.2%. To me, this smacks of excessive exuberance. Would these indices have climbed so high in a normal year of modest economic growth, absent Covid-19? I cannot find any fundamental justification for these market moves (other than ongoing ultra-low interest rates and huge global liquidity). Today, the S&P 500 trades on a trailing price-to-earnings ratio above 40, an earnings yield below 2.5%, and a dividend yield of 1.6%. Even with earnings recovering strongly in 2021, this is too pricey for me. Today, I prefer less frothy UK shares.UK shares seem cheapWhile US stocks soared in 2020, cheap UK shares missed the party. In 2020, the Footsie dived by a seventh (14.3%), dropping almost 1,100 points to close at 6,460. Yet I think the worst could be over for UK equities. With vaccinations being rolled out, Covid-19 should be under control in the second half of 2021. Likewise, with a last-minute Brexit deal agreed, the no-deal worst-case scenario has been averted.For me, 2021 will be about finding, buying and holding cheap UK shares for their long-term returns. My aim is to buy quality businesses with solid balance sheets, strong earnings and, ideally, market leadership. What’s more, as a value investor, I’m digging in the FTSE 100’s bargain bin for lowly rated shares with high earnings yields and juicy dividends. With top dividends ranging from 5% to double-digit percentages, the Footsie has a lot to offer income-seekers and bargain-hunters today. That’s why the FTSE 100 is my #1 index pick for 2021!last_img read more

My best stocks to buy now list: this FTSE stock is up nearly 2,000% in 5 years

first_img See all posts by Jabran Khan Jabran Khan has no position in any shares mentioned. The Motley Fool UK owns shares of Games Workshop. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Jabran Khan | Wednesday, 17th February, 2021 | More on: GAW Markets around the world are reeling from the coronavirus pandemic…And with so many great companies trading at what look to be ‘discount-bin’ prices, now could be the time for savvy investors to snap up some potential bargains.But whether you’re a newbie investor or a seasoned pro, deciding which stocks to add to your shopping list can be daunting prospect during such unprecedented times.Fortunately, The Motley Fool is here to help: our UK Chief Investment Officer and his analyst team have short-listed five companies that they believe STILL boast significant long-term growth prospects despite the global lock-down…You see, here at The Motley Fool we don’t believe “over-trading” is the right path to financial freedom in retirement; instead, we advocate buying and holding (for AT LEAST three to five years) 15 or more quality companies, with shareholder-focused management teams at the helm.That’s why we’re sharing the names of all five of these companies in a special investing report that you can download today for FREE. If you’re 50 or over, we believe these stocks could be a great fit for any well-diversified portfolio, and that you can consider building a position in all five right away. Click here to claim your free copy of this special investing report now! Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Simply click below to discover how you can take advantage of this.center_img 5 Stocks For Trying To Build Wealth After 50 Image source: Getty Images There aren’t many FTSE shares from my best stocks to buy now list that have experienced close to a 2,000% price rise in the past five years. Games Workshop (LSE:GAW) is one such stock and I still think it could be a great stock to buy.FTSE 250 opportunityGames Workshop is setting the gaming world alight. The FTSE 250 incumbent is a British manufacturer of miniature figurines, war games, and fantasy figures. It’s best-known product is its Warhammer range which has skyrocketed in popularity around the world.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…GAW is on my best stocks to buy now list due to its unbelievable rise, as well its ability to navigate economic fluctuations and continue to grow. I particularly like the fact that GAW is expanding its geographical footprint to capitalise on its popularity. There has been massive overseas demand for its products and sales from foreign markets are increasing regularly.Share price and recent performanceThere aren’t many shares on the FTSE 250 that have experienced a share price increase like GAW. Crunching the numbers, GAW has risen by close to 85% annually over this five-year period. As I write, shares are trading for close to 10,200p per share. This is still an approximate 50% rise compared to this time last year. This slight drop off can be attributed to the global pandemic as well as the ensuing market crash. In last month’s half-year report, GAW reported record sales, profit levels, and cash generation. Expansion strategies seemed to be reaping rewards with a special mention of significant sales in North America. GAW reported the Covid-19 pandemic had majorly affected the opening of its 529 retail stores. Online sales offset these closures. Overall sales rose by 26% and pre-tax profit rose by 6% compared to the same period last year. Furthermore, a dividend of 80p per share was also declared. Many firms across the FTSE have cut dividends to conserve cash so this is another positive in my eyes.Best stocks to buy now have risks but great rewardsGames Workshop is facing challenges dealing with copyright issues as 3D printing of the company’s premium figurines is on the rise. This poses a risk to GAW as an investment as it could could affect sales figures. Piracy is a major issue in the gaming sector. In addition to this, GAW shares currently trade on 30 times 2020–21 forecast earnings. This could be considered expensive.To me, the Games Workshop share price still looks good. In the face of the pandemic, Games Workshop has generated healthy profit margins and earnings growth in the past year. I believe that, once things do return to normal, GAW could thrive even further.GAW is on my list of best stocks to buy now from the FTSE 250 due to its unrivalled success. I also look to make a passive income, and here is one of my FTSE 100 picks to help me do that. Enter Your Email Address Our 6 ‘Best Buys Now’ Shares My best stocks to buy now list: this FTSE stock is up nearly 2,000% in 5 yearslast_img read more

England push All Blacks all the way at Eden Park

first_imgIn the end it was a “brave” decision that saw New Zealand beat England in the first match of a three-Test series, writes Alan Dymock in Auckland. LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Either way, Burns kicked the goal on an evening where he looked every bit an England goal-kicker. England will be hoping to add tries to that kicking ability next week in Dunedin. With the likes of Owen Farrell, Luther Burrell and Billy Vunipola available for selection but fighting with England’s best performers in the opening Test for a spot, Lancaster should be excited about his side’s prospects.Yet you cannot look to far ahead without studying this game first. It was quick and hard, error strewn and full of big decisions but it was also a game where England were in the hunt for a rare win at Eden Park. If anything, we now know this England team have the ability and the belief to upset the All Blacks. With the game finely poised at 15-all and only minutes remaining, Aaron Cruden shunned the straightforward shot at goal, following a penalty award, and took a tap. His decision to run caught everyone off guard – including his captain and team-mates – but it led to Conrad Smith slithering in at the corner, a moment that ultimately secured a 20-15 win.Stuart Lancaster called it “brave” but conceded that he cannot criticise Cruden when he has gambled and won the game having never held the lead until the death. Steve Hansen was a bit more colourful about the choice his fly-half made.“He was never in jail,” Hansen said when asked, post-match, whether Cruden had gotten his team out of jail. “There were two teams going hammer and tong, hammer and tong. Crudes did something different.”Arguably the something different was that an All Black executed a skill without spilling the ball. In an uncharacteristic performance, the New Zealand side were prone to dropping the ball frequently while England, and in particular Ben Morgan, troubled Kiwi defenders.Upset but impressive: Chris Robshaw looks miffed after England loseEngland’s back-row were the epitome of industry, with James Haskell putting in a muscular showing in the fist half and Chris Robshaw more often than not the first support player when a team-mate made a half break.The problem was that England just couldn’t score. While Marland Yarde and Jonny May were often seen scuttling back to fall on probing grubber kicks, but rarely did they get the ball in too much space in New Zealand’s 22.Kyle Eastmond and Freddie Burns defied the pre-match blethering to show assured international-standard performances. Indeed, while many expected this channel to be where the All Blacks busted through, the only real damage done to the pair was when Burns came off second-best after a collision with Ma’a Nonu. He was later substituted for Danny Cipriani when cramp got the better of him while Eastmond made an breathtaking break in the second half that stunned Conrad Smith who drifted too much for Eastmond to ignore.center_img Nonu himself had a subdued afternoon, with his role reserved more for supply and drifting across to offer defensive help whenever England had quick ball and were looking to throw a pass from Burns in behind a decoy runner and into the mitts of Manu Tuilagi who smashed into 85m with ball in hand, a match high.Debutant Malakai Fekitoa was brought on to try and add some spark in the No 12 channel, while Israel Dagg was hauled off the park on the 55 minute mark. He looked a little confused if not frustrated, but any confusion would have more to do with the fact that Dagg spun from making pitch-churning breaks one minute to dropping straightforward passes the next.This match was still played at the customary lick you would expect from two Test sides, but with balls going down repeatedly there was a real chance for England to lean on the All Blacks’ scrum. David Wilson shone in the set-piece, while also having a poor day around the park.However, if there was an area England fans will look to grumble about it would centre around the performance of referee Nigel Owens, who rightly yellow carded Yarde for killing the ball once pantomime villain Brodie Retallick had lollopped up the park. It was whilst Yarde was off that Smith scored in the corner, and yet there were also times when Owens could have brandished a card – the most notable of which came in the first half when Robshaw went clear, could see the line but knew he wasn’t going to make it and so looked to pass. The problem was that Nonu was pulling Haskell back by the shirt so he couldn’t get onto the pass.Feeling lucky: New Zealand celebrate after doing just enough to winOwens did not show a card and you could argue that such a move could have seen England gain advantage. In truth he could have done so and also let a few questionable knock-on calls go, but Owens did what he always does and backed himself. It’s the thing we all like about him so rather than expect change we may have to chalk today up as a blip. The deciding moment: Conrad Smith touches down to score the only try of the Test last_img read more

Consumer Expectations are Making a Comeback

first_imgHome / Daily Dose / Consumer Expectations are Making a Comeback The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Consumer Expectations are Making a Comeback Servicers Navigate the Post-Pandemic World 2 days ago Consumer Expectations House Prices Household Income New York Fed Survey of Consumer Expectations 2016-03-14 Brian Honea March 14, 2016 2,777 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News Share Save The expectations of consumers toward inflation, the economy, housing, personal finances, and the labor market were up across the board, which suggests that expectations are on the rebound, according to the results from the February 2016 Survey of Consumer Expectations (SCE) released by the New York Fed on Monday.As core inflation is rising heading into the Federal Open Market Committee’s second meeting of 2016, which starts Tuesday and concludes Wednesday afternoon, the median inflation expectations of consumers increased over-the-month at both the one-year horizon (from 2.4 percent to 2.7 percent) and at the three-year horizon (from 2.5 percent to 2.6 percent).“The increase was most pronounced among respondents with lower income, lower education and lower numeracy,” the New York Fed said, noting that the median inflation expectations at both horizons remained at the low end of the range observed in the last two and a half years.The median home price expectation rose by 0.1 percentage point from January to February, up to 3.1 percent, according to the SCE. The home price expectation was broad-based, though it was most pronounced in the West and Northeast. Despite the increase, the median home price expectation remains below the series average, according to the New York Fed.The median one-year ahead expected earnings growth reversed two months of decline by jumping up to 2.5 percent in February, the level it was at for most of last year. Though the increase was broad-based, the respondents with a high school degree or less saw the most pronounced increase. The results of the February SCE indicated that expectations in the labor market were more positive—the mean number of respondents who said they thought the unemployment rate would be higher a year from now declined from 38.1 percent in January to 37.9 percent in February. Also, the mean probability of losing one’s job in the next 12 months ticked slightly downward to 13.9 percent.Consumers’ expectations of their finances jumped in February—the median expected household income growth rose from 2.2 percent to 2.5 percent over-the-month, driven by older, less educated, and lower income respondents, according to the New York Fed. Despite the increase, it remained below 2015 levels.Click here to view the entire SCE for February 2016.center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribe Tagged with: Consumer Expectations House Prices Household Income New York Fed Survey of Consumer Expectations Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Fannie Mae and Freddie Mac Make First Contribution to Housing Trust Fund Next: Counsel’s Corner: Digging Deeper Into the 9th Circuit Court Decision on GSEs Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

If Officers Stumble Upon Contraband During Income Tax Search It Does Not Amount To Seizure Under NDPS Act: Bombay HC [Read Judgment]

first_imgNews UpdatesIf Officers Stumble Upon Contraband During Income Tax Search It Does Not Amount To Seizure Under NDPS Act: Bombay HC [Read Judgment] Nitish Kashyap22 May 2020 7:49 AMShare This – xRefusing relief to Anant Vardhan Pathak, President (Corporate Affairs), Yash Birla Group, the Bombay High Court on Friday held that when officers stumble upon a contraband (4.5 gm cocaine in this case) during an income tax raid, it does not amount to ‘seizure’ under the Narcotics And Psychotropic Substances Act. Justice NJ Jamdar passed the judgment more than five months after reserving it…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginRefusing relief to Anant Vardhan Pathak, President (Corporate Affairs), Yash Birla Group, the Bombay High Court on Friday held that when officers stumble upon a contraband (4.5 gm cocaine in this case) during an income tax raid, it does not amount to ‘seizure’ under the Narcotics And Psychotropic Substances Act. Justice NJ Jamdar passed the judgment more than five months after reserving it in December last year. Justice Jamdar heard the criminal revision application filed by the 25-year-old Pathak who was arrested after officers of the income tax department found 4.5 grams of cocaine in his possession at a five star hotel in Mumbai six years ago. Pathak was booked for offences punishable under Section 8(c) read with Section 21(b) of the NDPS Act along with two co-accused. Case Background On January 7, 2014, officers of the Income Tax Department conducted a search and seizure operation at a particular room in Taj Palace Hotel, Mumbai in connection with the affairs of the group companies controlled by Yash Birla. The applicant, who is the President of the Corporate Affairs of the said group was found in the said room along with co-accused. In the course of the said search and seizure operation, one of the co-accused namely Dharmu Rathod was found in possession of eight small self-knotted transparent polythene pouches containing white powdery substance kept in a white paper envelope. The officers collected the said article and kept it in a safe, which was available in the said room, in the presence of the public witnesses, who were already summoned for the said search and seizure operation. The superior officers of the Income Tax Department thereafter informed the Zonal Director, Narcotics Control Bureau, Mumbai on January 10, 2014 about the said occurrence. Then the empowered officers of NCB came to the said room on the same day and the said substance was checked with the assistance of a field testing kit. It transpired that the said substance was cocaine weighing about 4.5 grams. The officers of NCB seized the said contraband material in adherence to the procedure. After completion of the investigation, charge- sheet was filed against the accused for the offence punishable under section 8(c) read with section 21(b) of the NDPS Act. The applicant filed an application for discharge which the NCB opposed and the Special Judge rejected the application holding that there was strong prima-facie evidence against the applicant which warranted framing of charge. Being aggrieved by the said order, the applicant filed the said revision application. The special judge had rejected the applicant’s contention that officers who were not empowered under the NDPS Act could not have conducted the seizure of the contraband. Submissions Senior Advocate Ashok Mundargi appeared on behalf of the applicant and Special Public Prosecutor Poornima Kantharia for the NCB. Mundargi vehemently opposed the Special Judge’s order and submitted that he committed a manifest error in recording a finding that the income tax officers did not “seize” the contraband substance on January 7, 2014. According to him, this is an erroneous view which vitiates the impugned order. He argued that in view of the governing provisions of the NDPS Act and binding precedents, the Special Judge could not have taken the view that the contraband was not at all seized on January 7, 2014 but three days later by empowered officers of the NCB. Special PP Kantharia said that the context of the search and seizure operation by the officers of the IT Department cannot be lost sight of. The operation was in connection with the affairs of Yash Birla Group Companies. The officers of the IT Department, during the course of the said operation, found the contraband material on the person of co-accused Dharmu Rathod. The statements of the accused recorded under section 67 of the NDPS Act squarely incriminate the accused. The officers of the IT Department, in the circumstances, were justified in keeping the contraband substance in safe custody and informing the said fact to the concerned officer of the NCB, Kantharia submitted. Judgment At the outset, Court noted- “In the backdrop of the aforesaid facts, the pivotal question which comes to the fore is whether the act of the Income Tax Officers of collecting and keeping the contraband in the safe custody on 7th January 2014 constitutes a seizure? The phraseology of sections 41 and 42 of NDPS Act, extracted above, indicates that the powers under those sections cannot be exercised by an officer who is not either empowered or authorized. A search and seizure operation by an officer not empowered or authorized would be without mandate of law. Can this prescription be applied with equal vigour when the contraband is found per chance by the officers who are neither empowered nor authorized under the NDPS Act, is the real question. If the search and seizure operation is carried out by the officers who are neither empowered nor authorized with the purpose or under a belief that the suspect possesses the contraband substance, then the provisions of the Act would apply with full force and the prosecution would not be permitted to rely upon such search and the trial on the strength of such seizure would stand vitiated. However, when the officers stumbled upon the contraband substance in possession of a person in a totally different proceedings, like the income tax search at hand, different considerations ought to come into play lest the ground of non-compliance of the provisions contained in sections 41 and 42 of the NDPS Act, even in case of an accidental recovery of contraband substance, would cause serious prejudice to the cause of administration of criminal justice.” Justice Jamdar examined several judgments of the Supreme Court including State of Punjab vs. Balbir Singh and submissions advanced on behalf of the applicant. Dismissing the revision application, Justice Jamdar observed- “I am not persuaded to accede to the submission on behalf of the applicant that the very act of the Income Tax Officers taking over the substance from the possession of the co-accused Dharmu Rathod amounted to “seizure”. Click Here To Download Judgment[Read Judgment] Next Storylast_img read more

Republic of Korea Navy decommissions three ships

first_imgThe Republic of Korea Navy (ROK Navy) has decommissioned two multipurpose guided missile frigates and one general purpose corvette.The ships in question are the Ulsan-class frigates Masan (FF-955) and Kyeongbuk (FF-956) as well as the Pohang-class corvette Suncheon (PCC-767).All three vessels were retired in a decommissioning ceremony held on December 24, 2019, the navy said in a statement.Masan, built at Hanjin Heavy Industries yard, was commissioned into service in 1985, and Kyeongbuk, constructed at Daewoo Shipbuilding & Marine Engineering, in 1986. The third vessel, the corvette Suncheon, also built at Hanjin Heavy Industries, was commissioned in 1989.As informed, the trio will be used in support of the ROK Navy’s fleet training exercises.The move comes as the Korean Navy is preparing to welcome two new Daegu-class frigates, ROKS Gyeongnam (FFG-819) and ROKS Seoul (FFG-821) after it received the first Daegu-class unit, ROKS Daegu (FF-818), in 2018.Naval Today Staff View post tag: Corvette Share this article View post tag: Frigate View post tag: Republic of Korea Navy Photo: Photo: Republic of Korea Navy View post tag: Decomissioninglast_img read more

British Baker deputy Amy North promoted to editor

first_imgBritish Baker is pleased to announce that deputy editor Amy North has been promoted to the role of editor.She steps into the role with immediate effect and replaces Vince Bamford, who left in August to spend more time with his family.Amy has been a journalist for a decade – with six of these years spent at William Reed Business Media (WRBM) working on The Grocer prior to joining the British Baker team three years ago.“I am delighted to step up and lead British Baker as we embark on a new strategy for the brand, with a strong digital focus and exciting events such as the Baking Industry Awards,” she said.“I have enjoyed getting to know the bakery industry over the past three years, even curating a tip or two for my own baking adventures. A lot has changed during this time – from the challenges presented by Brexit and Covid-19 to a poor wheat harvest – but bakery has proven its resilience time and again. I look forward to leading the conversation and informing the industry in the future.”Lorraine Hendle, managing director – retail and manufacturing, WRBM, added: “I am sure you will join me in congratulating Amy and wishing her every success as we embark on an exciting digitally focused plan for the brand.”last_img read more