A warning about chasing yield

first_img 7.4 $45.5 billion $90.09 Market cap Franklin Templeton renames funds with new managers Total % return 3Y* Toronto-Dominion Bank Feb. 24 close Daniel Bubis, president and CEO at Winnipeg-based Tetrem Capital Management Ltd., says that defensive dividend-paying stocks remain expensive, while offering lacklustre earnings growth, against the backdrop of a strengthening global economy. In this defensive-dividend category, he includes pipelines, utilities, telecommunications services and consumer staples. Investors have been chasing these stocks for their dividend yields, as well as for their safe-haven characteristics, says Bubis, who is a value manager. Sonita Horvitch 11.5 $91.90-$73.89 Next: The energy sector @[email protected] The energy sector At the end of January, energy constituted 17.8% of the portfolio and was the second largest sector weighting. The two biggest energy holdings are Suncor Energy Inc. (TSX:SU) and Canadian Natural Resources Ltd. (TSX:CNQ) The latter, says Bubis, is buying the Canadian conventional assets of U.S.-based Devon Energy Corp. (NYSE:DVN) “These predominantly natural-gas assets are close to CNQ’s existing properties and infrastructure.” CNQ’s management is a “great steward of capital.” In the last few years, the company has been bearish on natural gas, he says. “This acquisition is a positive signal for the outlook for natural gas, which has seen its price rise in the wake of a tough winter and low inventories.” Also in this sector, the portfolio has a number of leading energy-services companies, “which should benefit from the expected pick-up in drilling in Canada, the United States and internationally.” They include Precision Drilling Corp. (TSX:PD) and Trican Well Service Ltd. (TSX:TCW) Precision is gaining market share, says Bubis, and is enjoying pricing strength. “Trican USA has had challenges, but it is in the midst of a turnaround and the company has appointed a new president, a seasoned veteran in the field, to head this division.” The portfolio has a holding in one of the largest global energy-services companies, Schlumberger Ltd. (NYSE:SLB) “This high-quality company has a substantial research and development budget that far exceeds that of other oilfield services companies,” says Bubis. “This keeps Schlumberger ahead of the curve when it comes to new technology.” In keeping with his view that “bond proxies are expensive,” Bubis has sold the remainder of his holding in the Canadian pipeline company, Enbridge Inc. (TSX:ENB), which is also part of the energy sector. In consumer staples, the team sold a “small position” in Maple Leaf Foods Inc. (TSX:MFI) Maple Leaf recently announced a deal to sell its 90% stake in Canada Bread Co. Ltd. (TSX:CBY) to Mexico’s Grupo Bimbo. “This was the catalyst we were looking for in Maple Leaf Foods,” says Bubis. “The story has played out.” About the Author Sonita Horvitch is a Morningstar columnist who specializes in reporting on money managers and their strategies. Manulife Financial Corp. $22.22-$13.79 Change to Counsel Global Small Cap Fund $21.20 Total % return 5Y* 12.0 Royal Bank of Canada 21.1 Related news Source: Morningstar Rising interest rates represent a headwind for these “bond proxies.” These companies have “little economic sensitivity or exposure outside of Canada.” Of the interest-rate environment, Bubis says that the 31-year decline in interest rates ended in 2012. “While I don’t see interest rates shooting up, the trend is for them to go higher.” In contrast to these defensive dividend-payers, the Canadian banks and insurers were not accorded the “bond-proxy status by investors and rightly so,” says Bubis. These financial companies have a number of lines of business, including their growing wealth-management divisions. “They benefit from rising interest rates, stronger equity markets and, in the case of those with substantial international operations, a weaker Canadian dollar.” Bubis says he has “selectively and opportunistically” added to his major holdings in Canadian banks and in one insurer. In the shorter term, the insurers are likely to be bigger beneficiaries of the stronger equity markets and rising interest rates than the banks, he says. Also, the Canadian banks’ consumer and mortgage-loan growth is being stunted by the slowdown in the Canadian housing market and the highly leveraged Canadian consumer. “But the banks remain steady-as-she-goes dividend payers and a core component of a Canadian equity portfolio.” At the end of January, Tetrem had $5.4 billion in assets under management, with CI Investments a major client. Heading the list of its CI mandates are CI Canadian Investment and CI Canadian Investment Corporate Class. These funds had assets under management of $2.3 billion and $994 million respectively. Both funds have foreign content. At the end of January, they had 65% in Canada, 21.9% in the United States and the remaining 13.1% in Europe, Japan and elsewhere. “We had increased the foreign content in our Canadian portfolios prior to 2013,” says Bubis. This weighting rose to 38% during 2013, with the strong outperformance of the foreign-content holdings versus the Canadian holdings. Bubis emphasizes: “All our country sleeves did well, with the Canadian holdings handily beating the benchmark S&P/TSX Composite Index.” At the end of September, the Tetrem team started to move money out of the portfolio’s international holdings and into Canadian stocks across the board. “This was a portfolio-allocation decision, which brought the foreign content down to 35%.” This strategy will likely continue, he says, “so as to get back to our historic 30% in foreign content.” The team has also used tactical changes to its hedging strategy for the portfolio’s U.S.-dollar exposure to take advantage of the strength in the U.S. dollar. Bubis and his team target securities that trade below Tetrem’s estimated fair value. “We are, at times, contrarian and certainly opportunistic.” Financials constituted 28.4% of the portfolio at the end of January. Top-10 holdings include Toronto-Dominion Bank (TSX:TD), the largest overall weighting in the portfolio, Royal Bank of Canada (TSX:RY) and Canadian Imperial Bank of Commerce (TSX:CM) . Another major financial holding is Manulife Financial Corp. (TSX:MFC) Of TD, Bubis says the stock is “trading at a valuation premium and the team did not add to it, but it did to Royal on an opportunistic basis during 2013.” The Tetrem team also used weakness in CIBC’s stock to add to its holding in this bank. CIBC’s stock trades at a discount to its peers, yet the bank has a higher-than-average return on equity, says Bubis. Earlier last year, the stock came under pressure due to uncertainty surrounding the future of CIBC’s Aeroplan loyalty credit cards in the wake of TD’s move into this business. “Later in 2013, a satisfactory compromise was reached on this matter, with both CIBC and TD issuing these loyalty credit cards.” Recent renewed concern about the health of the emerging markets put pressure on Scotiabank’s stock, says Bubis. The bank has been building its South American operations and is the most exposed of its peers to these markets. “As contrarians, we used the weakness to add to our holding in Scotiabank (TSX:BNS); the stock was mispriced.” On average, Bubis says the major Canadian banks trade at 10 to 12 times earnings-per-share estimates for the next 12 months, and the stocks have dividend yields of 3.5% to 4.5%. As for Manulife, Bubis says that the worst of its problems, which surfaced during the global financial crisis, are behind the company and the financial climate is favourable to insurers. “We upped our weighting in this stock.” 42.5 Share this article and your comments with peers on social media 7.1 $72.49 Canadian Imperial Bank of Commerce 52-week high/low 24.0 $50.28-$39.80 Total % return 1Y* Facebook LinkedIn Twitter 21.2 12.0 $36.0 billion 16.9 $73.35-$58.55 10.8 NEO, Invesco launch four index PTFs *As of Feb. 24, 2014 $39.1 billion Keywords Fund managers 26.2 $104.8 billion $49.44last_img read more

FCA’s CEO calls for transition away from LIBOR

first_imgJames Langton British regulators are now calling for LIBOR’s ultimate replacement despite efforts to rehabilitate the global interest rate benchmark in the wake of a market manipulation scandal. The financial services sector should be planning for a transition to alternative interest rate benchmarks that are based on actual transactions over the next four to five years, said Andrew Bailey, CEO of the U.K.’s Financial Conduct Authority (FCA), in a speech delivered in London on July 27. The central concern is the lack of underlying data for banks’ LIBOR submissions, Bailey said: “The absence of active underlying markets raises a serious question about the sustainability of the LIBOR benchmarks that are based upon these markets. If an active market does not exist, how can even the best run benchmark measure it? Moreover, panel banks feel understandable discomfort about providing submissions based on judgments with so little actual borrowing activity against which to validate those judgments.” To date, the FCA has encouraged banks to continue providing LIBOR submissions, but ultimately, Bailey said that an alternative is needed: “In our view, it is not only potentially unsustainable, but also undesirable, for market participants to rely indefinitely on reference rates that do not have active underlying markets to support them.” Work is underway on several alternative benchmarks, Bailey noted, but the shift away from LIBOR will take time. Indeed, he indicated that regulators are proposing to keep LIBOR going until the end of 2021. “This date is far enough away significantly to reduce the risks and costs of a more sudden change. By having a date by which transition will need to be complete, however, we give market participants a schedule to plan to, and make it easier for them to engage as many counterparties and LIBOR users as is practicably possible in that planning,” he said. And, by the end of 2021, he suggested, “it would no longer be necessary for the FCA to persuade, or compel, banks to submit to LIBOR.” So far, the idea of continuing to support LIBOR through the end of 2021 is being supported by the banks that currently submit to LIBOR he noted, but talks are ongoing about how this will work in practice. “Work must therefore begin in earnest on planning transition to alternative reference rates that are based firmly on transactions,” Bailey concluded. “Panel bank support for current LIBOR until end-2021 will enable a transition that can be planned and can be executed smoothly. The planning and the transition must now begin.” Facebook LinkedIn Twittercenter_img Companies Financial Conduct Authority Share this article and your comments with peers on social medialast_img read more

IA Financial expands mobile app coverage

first_img Digital identity verification comes to Canadian financial institutions Related news Hub acquires Calgary-based brokerage Share this article and your comments with peers on social media Keywords Group retirement savings plans,  Mobile applications and devicesCompanies Industrial Alliance Insurance and Financial Services Facebook LinkedIn Twitter Wealthsimple’s peer-to-peer app goes national IE Staff Industrial Alliance Insurance and Financial Services Inc. (IA Financial Group) has reached an important phase in its shift to digital by integrating group savings and retirement plans in its mobile app, IA Mobile, the Quebec City-based company announced Tuesday.Plan members can use IA Mobile to track the growth of their retirement savings and their investment returns, see where they are on the way to their retirement goal, and determine whether the composition of their investment portfolio still fits their investor profile. Smartphone with finance and market icons and symbols concept ra2studio/123RF Group savings and retirement users join the several thousand group insurance plan members who already use the IA Financial Group mobile app.“iA Financial Group uses digital technologies to get closer to its plan members and offer each one the ability to interact with the company in a way that fits their preferences, to encourage proactive commitment and to allow them to attain better financial health, says Valérie Lelièvre, senior director, marketing, communications and product development, group benefits and retirement solutions, in a statement.last_img read more

Community tree planting greens city

first_imgCommunity tree planting greens city City of NewcastleThe community has joined with City of Newcastle in celebration of World Environment Day by planting 5,500 native grasses, groundcovers, shrubs and trees in Jesmond this week to restore Newcastle’s urban ecosystems.The 2021 United Nations World Environment Day’s theme of ‘Ecosystem Restoration’ has been acknowledged with community activities planned to enhance Newcastle’s urban forest.Lord Mayor Nuatali Nelmes said connecting with local school students and residents to plant a tree and learn about nature was a special way to mark the global event.“Locals have volunteered their time and effort to create a pocket of habitat for local birds and other wildlife in Maclure Reserve, which demonstrates the value people place on greener public spaces,” Cr Nelmes said.“Green spaces make our city ecologically richer, and a more beautiful and pleasant place to live.“The City plants more than 300,000 tube stock each year, which makes a big contribution to restoring Newcastle’s diverse natural ecosystems.“City of Newcastle has invested more than $1.3 million in caring for and restoring Newcastle’s bushland, creeks, wetlands, coast and estuary ecosystems so far this year and has committed $1.5 million in next year’s budget.“Over the last four years City of Newcastle has invested $6 million in caring for our bushland, watercourse and wetland assets through design and delivery of on-ground habitat restoration works.“In addition, the City invested $4.2 million in the street and park tree replacement planting program.“The City cares for a wonderful array of natural ecosystems including 79 kilometres of creeks, 506 hectares of bushland, 65 wetlands, nine coastal rock platforms, 19 hectares of sand dunes along our 10 beaches, and over 90,000 street and park trees.“These natural assets not only sustain our local biodiversity but also keep our city cool, absorb and store carbon, provide food and shelter for native wildlife, and keep our air and water clean.“The greening of our urban landscape, by restoring urban forest areas, watercourses or wetlands has a positive impact on Newcastle and improves our community sense of wellbeing. It’s a win-win for the city.”The urban forest planting events are another example of the City’s commitment to becoming an International Council for Local Environmental Initiatives (ICLEI) City with Nature, recognising and enhancing the value of our natural surrounds, as well as our efforts to be a global local government leader in sustainability.The Greater Bank partnered with City of Newcastle by donating new trees as part of its community tree planting program, which will see 20,000 additional trees established throughout Newcastle.More community planting events are planned this month. Visit newcastle.nsw.gov.au/living /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:biodiversity, community, council, ecosystem, environment, Government, habitat, Impact, local council, Newcastle, school, students, sustainability, United Nations, wellbeing, wetland, wildlifelast_img read more

Why Apple buying McLaren isn’t such a crazy idea after all

first_img On the face of it, McLaren would seem an odd partner for Apple as the consumer electronics and software giant seeks to crack the global auto industry.With its racetrack heritage and gas-guzzling models priced from US$165,000, Woking, England-based McLaren is a world away from the mainstream auto market, which Apple appears to be targeting and where it would face brands with a global profile to match its own.Yet McLaren’s rich history in Formula One, the most elite level of auto racing, means the company has as much in common with Apple as it does with more-conventional carmakers such as Ford and General Motors. Formula One is a technology-led circuit in which engines and chassis are highly regulated and minute electronic enhancements can make the difference between winning and finishing last. advertisement The Rolls-Royce Boat Tail may be the most expensive new car ever COMMENTSSHARE YOUR THOUGHTS RELATED TAGSMcLarenNewsApple Inc.Automobile ManufacturingBahrain Mumtalakat Holding Co.Bruce McLarenCaliforniaCenter for Automotive ResearchChicagoComputer TechnologyConsumer CyclicalsConsumer Products and ServicesCupertinoEnglandEuropeEvercore Partners Inc.Ferdinand DudenhoefferFerrari SpAFord Motor CompanyFormula One Management Ltd.Formula One RacingFormula One World ChampionshipFoster and Partners Ltd.General Motors CorporationIndustriesJuan Manuel FangioLuxembourgManufacturing SectorMcLaren F1McLaren GroupMcLaren Technology CentreMotor Vehicle ManufacturingMotorsportsNew ZealandOceaniaRichard HilgertRon DennisScience and TechnologySoftwareSportsStirling MossTAG Group Ltd.TechnologyUnited StatesUniversity of Duisburg-EssenWestern Europe See More Videos Created with Raphaël 2.1.2Created with Raphaël 2.1.2 At 666 horsepower, the McLaren 675LT is questionably evil. PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | Driving.ca virtual panelPlayThese spy shots get us an early glimpse of some future models | Driving.ca Dennis, as “the driver behind McLaren,” is likely to be part of the attraction, Dudenhoeffer said. “He’s always had the drive and passion to pursue goals that are difficult to get to, so from that perspective it would be a good fit with Apple too.” Trending in Canada McLaren has also achieved the transition from developer of industry-leading technology to a full-scale producer of street-legal cars in just six years, presenting a blueprint for making a splash in the auto market in short order. Apple is exploring a strategic investment with the carmaker, people familiar with the matter said, though both parties denied talks are underway.“Getting into McLaren would give Apple engineering and carmaking competency at the pointy end,” said Ferdinand Dudenhoeffer, director of the Center for Automotive Research at the University of Duisburg-Essen. “This is about gaining research and development knowledge, not about about buying a carmaker with mass-production capabilities.”Technical AdvancesMcLaren was established by New Zealand-born racer and car designer Bruce McLaren in 1963, and first competed in the Formula One world championship three years later. It ranks second only to Ferrari in the number of drivers’ titles won.While the first decades of F1 were notable for buccaneering drivers such as Juan Manuel Fangio and Stirling Moss, the sport gradually came to be dominated by technical advances as its organizers introduced a host of performance and engineering limitations to help level the field.The curbs pushed teams to innovate to eke out incremental improvements and develop systems not yet limited by the governing body. McLaren was first to use carbon fibre composites in its cars, developed an air-flow system that exploited a loophole in the rules to deliver a 6 MPH speed advantage and in 2009 won the first race using hybrid technology that stores up energy from braking to deliver a sudden burst of power.Lab CoatsThe two companies also share a design ethos, with architects Foster + Partners Ltd. creating Apple’s “spaceship” headquarters in Cupertino, California and the McLaren Technology Centre in Woking. The heart of the auto company’s operations features a glass-fronted building that combines with an artificial lake to form a yin-yang shape.Next door stands the McLaren Automotive production center, where staff members wear white coats and clutter is banned.The 50 million-pound factory opened in 2011, two years after McLaren Chairman Ron Dennis announced that the race team planned to start manufacturing cars for the public. It had dipped a toe in the water in the 1990s with the McLaren F1 supercar, of which only about 100 were built.Sales of the company’s supercars increased for a fifth straight year in 2015, prompting it to expand the engineering workforce by 40 per cent and to target production of 4,000 cars annually as early as 2017. Ferrari plans to build about 8,000 vehicles next year.Project TitanApple already has hundreds of car engineers in a special projects group called Project Titan. The auto team includes three main groups: one focused on software, another on self-driving sensors and a third on mechanical hardware. The approach gives it the option of marketing any platform technology it creates to carmakers or selling its own automobiles.Closely held McLaren is more than 55 per cent owned by Bahrain Mumtalakat Holding Co., the investment arm of the kingdom of Bahrain. The next two biggest shareholders are TAG Group Ltd., a Luxembourg-based holding company, with 11 percent, and Dennis, who owns 10 percent and is still regarded as a key figure, having run the race team in its heyday.McLaren is valued at 750 million to 1 billion pounds, according to Richard Hilgert, a Chicago-based analyst with Morningstar.Analysts at Evercore ISI said Thursday in a note that Apple may just be targeting the McLaren Technology racing arm — led by Dennis — which would be attractive for its experience in predictive data analytics, simulation, advanced manufacturing and electronic components. We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. ‹ Previous Next › Buy It! Princess Diana’s humble little 1981 Ford Escort is up for auction An engagement gift from Prince Charles, the car is being sold by a Princess Di “superfan” Trending Videoslast_img read more

Longtailed McLaren P1 GT by high-end tuner makes Goodwood debut

first_img Trending Videos PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | Driving.ca virtual panelPlayThese spy shots get us an early glimpse of some future models | Driving.ca Buy It! Princess Diana’s humble little 1981 Ford Escort is up for auction An engagement gift from Prince Charles, the car is being sold by a Princess Di “superfan” RELATED TAGSMcLarenNews While it’s only announced the one car so far, the rumour is Lanzante could be convinced to build two more to match the three-unit production run of the 1997 McLaren F1 GT.Created with Raphaël 2.1.2Created with Raphaël 2.1.2The longtail McLaren P1 GT by Lanzante Trending in Canada The Rolls-Royce Boat Tail may be the most expensive new car ever We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. See More Videos COMMENTSSHARE YOUR THOUGHTS Lanzante, a British racing specialist, took the cover off of its special-edition P1 GT at the Goodwood Festival of Speed mid-July, a longtailed hypercar throwing back to the trio of F1 GT homologation cars McLaren itself built back in 1997.The characteristic extension to the rear mimics that worn by those F1s 20 years ago, as does the paint, a match for the retro Silverstone Green the F1 GT prototype wore.The car, commissioned by a customer in the Middle East, is expected to expand performance-wise on the P1 LM that the company promised last year it’d build six of. Those cars were based on the 986-horsepower McLaren P1 GTR but significantly lightened via cheats like plastic windows and upgraded exhausts; they boasted 40-percent more downforce, a curb weight some 60 kg lower, and broke records for street-legal cars at the Nurburgring and at the Goodwood hill climb. advertisement ‹ Previous Next › Created with Raphaël 2.1.2Created with Raphaël 2.1.2 The longtail McLaren P1 GT by Lanzante last_img read more

Financial Futures aligns financial resources with mission

first_imgCategories:Financial FuturesStrategic InitiativesCampus Community The CU Boulder campus has announced it is undertaking a new approach to engaging in strategic financial alignment called Financial Futures.The initiative, campus leaders say, continues work started 20 months ago to transition to a total funds approach that supports bold initiatives such as Academic Futures; Foundations of Excellence; the Diversity, Inclusion and Academic Excellence Plan and a new enrollment strategy.“Financial Futures will directly align our financial resources with these exciting new strategic priorities,” said Ann Schmiesing, interim senior vice provost for Academic Resource Management. “We will do this with the full involvement of our stakeholders—faculty, staff, students and administrators—in an incremental process similar to what we’ve used in Academic Futures.” Carla Ho-a, associate vice chancellor for finance and business strategy, who is co-leading the initiative with Schmiesing, said the budget principles guiding the initiative will be “putting our faculty and students first, focusing on continuing budget to invest in strategic priorities, supporting resource decisions with tools, incentivizing revenue generation and reducing duplication.”“We will be looking holistically at the interaction of procurement strategies, use of gift funds, new revenues and evaluating activity portfolios to build a foundation of funds in support of our mission,” Ho-a said. The initiative’s first phase, through mid-October, focuses on building a diagnostic that includes benchmarking, gathering budget and other resource data and conducting interviews across campus to get a sense of what strategic planning opportunities exist.That phase was launched on Aug. 14 in a kickoff meeting among key administrators and a partial group of Financial Futures advisors. Moving ahead, the Financial Futures advisors—composed of faculty, staff, students and administrators—will provide departmental and functional unit expertise in financial resource planning and implementation.More focused, campuswide discussions begin in November.  “At that time, we will be involving the campus community more widely and directly with input opportunities and helping to understand and implement priorities,” Schmiesing said. “Faculty, staff and students can look for engagement opportunities around Financial Futures at that time in CU Boulder Today, in email updates and via unit-level meetings.”The Financial Futures effort is being led by a team of CU Boulder academic and budget officials, with support by a team from McKinsey & Co., which has a long track record in helping CU Boulder and other public and private higher ed institutions achieve their mission-driven goals.The total effort is expected to take about 36 months, at the end of which, “CU Boulder will be better positioned to fund its visionary priorities more strategically and effectively,” Ho-a said.  Published: Aug. 14, 2018 center_img Share Share via TwitterShare via FacebookShare via LinkedInShare via E-maillast_img read more

Wente Family Estates Announces Promotions for Sales and Marketing Team

first_imgEmail Linkedin Home Industry News Releases Wente Family Estates Announces Promotions for Sales and Marketing TeamIndustry News ReleasesWine BusinessWente Family Estates Announces Promotions for Sales and Marketing TeamBy Press Release – March 23, 2021 139 0 TAGSAly WenteChris McCallisterDavid EnderlepeopleWente Family Estates AdvertisementMarch 23, 2021 Livermore CA—Wente Family Estates, America’s longest, continuously family owned and operated winery, announces key promotions for executives across the Sales and Marketing Organization.David Enderle has been appointed the role of Chief Sales Officer, where he will lead the Domestic, Export, and National Accounts sales teams, and serve as a member of the eight-person Senior Leadership Team. Enderle joined Wente Family Estates in May 2015 as Vice President National Accounts Off Premise and most recently has served as Senior Vice President National Accounts supporting the On and Off Premise businesses.  During his time at Wente Family Estates, Enderle and the National Accounts team have worked in partnership with the sales divisions, wholesaler network, and internal functional leaders to support significant growth of Wente Family Estate brands with key national customers.  The resulting impact of this growth has been critical in driving brand health as measured by Nielsen and IRI syndicated data, further reinforcing a foundation for future growth. Prior to joining Wente Family Estates, he held leadership roles at Constellation Brands in National Account sales management, building on his time spend at Johnson Brothers, Safeway, and Romano Brothers. Newly appointed Chief Executive Officer, Tyson Overton, says “Dave has demonstrated strong leadership skills and helped drive several key strategic initiatives during his time at Wente Family Estates. We look forward to him leading the team to expand our footprint in domestic and international businesses.”  Succeeding David as Senior Vice President of National Accounts, responsible for On and Off Premise national account business, is Chris McCallister. He has most recently been serving as Vice president National Accounts, focusing his time growing the Wente Family Estates portfolio of brands in the Off Premise channel with some of the largest clients in the United States. McCallister joined Wente Family Estates in 2017 following his time serving as the national representative for Schmitt Söhne. Chris’s prior industry experience includes working in sales and category management at Glazer’s Distributors and E. & J. Gallo Winery. David Enderle, Chief Sales Officer states, “Chris’s relationships within the industry at all tiers, and his ability to create and lead innovative, data driven solutions make him an exceptional leader and will serve Wente Family Estates well with him in a lead role.”In the marketing organization, Aly Wente, has been promoted to Vice President of Marketing and Customer Experience. In this expanded role, she will continue to oversee the total portfolio marketing strategy while bringing the hospitality business into her purview.  The hospitality business includes the Wente Vineyards Tasting Lounge, Murrieta’s Well tasting room, The Grill at Wente Vineyards, events, and experiences. She will report directly into Tyson Overton, Chief Executive Officer, and serve as a key member of the Senior Leadership Team. “Aly has played a significant role in supporting the growth and success of the wholesale, DTC, and customer experience businesses while leading the marketing organization. We believe that aligning marketing and hospitality will allow for a stronger connection to the consumer at all brand touchpoints,” says Overton. Aly joined Wente Family Estate as Senior Brand Manager in 2019 after serving in brand marketing management roles at Constellation Brands. She has most recently been operating as Director of Marketing since July of 2020.About Wente Family EstatesWente Family Estates was established by Carl H. Wente who came to California as an immigrant 138 years ago.  The company portfolio includes Wente Vineyards, Murrieta’s Well, Hayes Ranch, Ravel & Stitch, entwine, Angels Ink, Unsullied, and Double Decker brands.  The winery draws from certified sustainable estate vineyards in the Livermore Valley, San Francisco Bay, and Arroyo Seco, Monterey appellations to create an outstanding array of fine wines distributed in all 50 states and over 70 countries worldwide.  In 2010, it joined the top 5% of California wineries that meet all three tiers within the Certified California Sustainable Winegrowing codes & designation. In 2011, Wente Family Estates was named American Winery of the Year by Wine Enthusiast.  2012 marked the 100th anniversary of the Wente family bringing Chardonnay cuttings to California from France. Today, the Wente clones of Chardonnay are the most widely planted in California.Wente Family Estates is among the top 30 wineries in the United States from the standpoint of production and distribution.  The winery has a brisk domestic business and a significant share of the export wine market, where the wines have enjoyed international acclaim for decades. Wente Family Estates is also a leading export company, selling wines to 75 countries globally.    Located just east of San Francisco in the historic Livermore Valley, Wente Vineyards is recognized as one of California’s premier wine country destinations. In 2018, the winery took a leadership role in its longstanding mission to inspire employees and guests to make time for what really matters, as realized through Wente Vineyards’ best practices, outstanding wines, and wine country experiences. For more information, visit www.wentevineyards.com.Advertisement Share Facebook Pinterest ReddIt Twitter Previous articleWilliam Chris Vineyards Welcomes New General Manager for Hye, Texas, HeadquartersNext articleCastello Di Amorosa Establishes “Cavalieri Del Fuoco,” “The Knights of the Fire,” Newly Prepared to Fight Wildfires at the Estate Press Releaselast_img read more

Locals catch the sustainability bug at Off the Hook

first_imgBy Yasser MarteSMC Corsair / Daily Press staff writerThis story was produced as part of a partnership between the Santa Monica Daily Press and the SMC Corsair Student newspaper.Tags :Newsshare on Facebookshare on Twitteradd a commentFourth Annual Mad Hatter Tea PartyCalifornia rent control ballot measure prompts fierce fightYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall9 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press20 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press20 hours agoNewsCouncil picks new City ManagerBrennon Dixson20 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter20 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor20 hours ago HomeFeaturedLocals catch the sustainability bug at Off the Hook Oct. 09, 2018 at 5:00 amFeaturedNewsLocals catch the sustainability bug at Off the HookGuest Author3 years agoNewsSanta Monica Pier (File photo) Local Santa Monica restaurants and residents gathered at the Santa Monica Pier for the 4th annual Off the Hook’s Seafood Festival on Saturday, October 6.The event raises money and environmental awareness for Heal the Bay, a non-profit organization who advocates to clean coastal waters and rivers in the Greater Los Angeles Area.For a ticket price of $50, attendees could choose from over 30 tents from local restaurants, wineries, breweries and other organizations gathered under the sun to serve fresh local seafood and drinks to the hungry crowd.“This is the fourth time this event has gone on,” said Heal the Bay aquarium director Marslaidh Ryan. “This year all the proceeds go to Heal The Bay which is a first for us and were really excited to a part of this organization and to have all the benefits comes to us. We’re right here at the Pier and the Aquarium.”The event also featured a beer garden that served beer, wine and Japanese whiskey. Attendees also had a chance to play games like giant corn hole and larger than life-size connect four while a local Venice band, Brightside, played soft funky reggae beach rhythms at the corner stage of the pier.“I think it’s a really good event and it’s bringing the community together. There’s a lot of local representation and it’s nice to feel one with our community,” said Jennifer Bennett, PR Manager at Fairmont Miramar Hotel & Bungalows.Most of the seafood provided at the event was caught locally off the California coast. Vendors spoke with environmental consciousness about the importance of purchasing local seafood and eating sustainability.“We buy seafood directly from fishermen all over California. Our focus is on bait fish and by catch. Bait fish would be seafood that is abundant in California, but typically shipped and used outside the state as bait to get other fish,” said Trash Fish founder Ren Ostry.The concept to buy local is no stranger to Santa Monica. According to the Santa Monica Chamber of Commerce (SMCC) website some reasons include helping the Santa Monica economy, the environment and creating local jobs.“So if we can elevate it and keep it local, we’re cutting food miles, and we’re celebrating our local bounty,” said Ostry.The event that drew the largest crowds was the oyster shucking contest. Each contestant was tasked with prying open as many oysters as possible in under two minutes. Eight competitors, mostly restaurant cooks, took to the stage to show off their shucking skills. The crowd closed in on the stage cheering and inspiriting the competitors.Tony Aguilar, from Chaya restaurant, came out victorious, shucking over 12 oysters.“It’s great to have all these restaurants who compete with one another at one place enjoying themselves and coming together for the community,” said Off The Hook organizer Kim Koury.last_img read more

Ofcom urges end to segregated spectrum approach

first_img LIVE FROM DSA GLOBAL SUMMIT, LONDON: Philip Marnick, UK regulator Ofcom’s group director of spectrum, urged mobile operators to rethink a protectionist mentality to spectrum and find new approaches to enable a more open environment.In a keynote at the Dynamic Spectrum Alliance Global Summit today (2 May), Marnick (pictured, right) said mobile operators, large ministries and satellite operators had to “figure out a way” to make spectrum available to more people – like innovators and enterprise disruptors – thus enabling a new approach and mindset around future spectrum usage.“We live in a world where protection is key. Everyone thinks they own the bit of spectrum they’ve got…we work in a way to make sure people can’t get in and it’s very much a keep off the grass approach. But, it’s a world we can’t live in. It’s an approach of ‘no you can’t’ and we’ve got to move to a world of ‘how do we make it work?’” he said.Freeing up spectrum and giving people more power to use it could also help with the development of 5G, Marnick said. He questioned how mobile operators will be sole developers of the technology in the future given the vast number of use cases expected when 5G comes to market.“5G is a range of things,” he said. “But, is it a mobile technology or is it a technology that people can use to develop different solutions at different points? Is it really something that is driven by mobile operators? I believe it is a mobile technology that can be used to facilitate development – and not just by the mobile operators.”Highlighting the fact 5G is expected to deliver industrial high capacity applications, IoT for both consumers and industry, along with transport through autonomous and connected cars, Marnick homed in on his point, stating mobile is still a key driver, but a 5G world “is not the traditional mobile of the last 30 years”.“Is this a world always enabled by mobile operators or is this a world enabled by technology evolution? That’s what we are struggling with as we go.”Marnick referenced the US CBRS model as an example of how to open up more access.“Lots of people are developing new applications and services. Mobile operators buy big bits of equipment from big suppliers, but lots of new innovative players can’t deal with big mobile suppliers to supply equipment. Like with US CBRS example, how do we get different people involved?”Ofcom committed to 5GMarnick said his challenge at the UK regulator was to ensure spectrum “is not an inhibitor to 5G”, and it will look to ensure “spectrum is available for 5G to take off”.Updating on the UK’s 5G spectrum roadmap, Marnick said the regulator was looking at releasing 3.6GHz to 3.8GHZ in 2019, following this year’s spectrum auction for 3.4GHz. Ofcom is also looking at sharing models for 3.8GHz to 4.2GHz. AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 02 MAY 2018 Home Ofcom urges end to segregated spectrum approach Tags Author Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >> Read more Asia Relatedcenter_img Nokia scores Philippines 5G deal with Dito Previous ArticleMyanmar operators surpass global average 4G speedsNext ArticleBlu settles FTC smartphone privacy spat Telkomsel turns on 5G in major cities Mobile Mix: Buzzing for Barcelona Kavit Majithia 5GOfcomspectrumlast_img read more