Virgin Blue profits zone out of the red

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first_imgSource = e-Travel Blackboard: N.J Virgin Blue are out the red for the year ending 30 June 2010, reporting a net profit before tax of $34.3 million a considerable increase compared to the $226.2 million loss for the same time last year.The airline also reported a revenue increase of 13.1 percent to $2.9 million as well as underlying earnings of $87.2 million. The results come as a relief for the company who reported a decline in operations during the fourth quarter.   The company attributed the decline in demand on the decrease in leisure travel but said the year’s profits were a result of the “strong Australian domestic short haul achieving a 2.7 percent increase in revenue per seat kilometre”. Virgin Blue CEO John Borghetti said the airline expected positive results and achieving a profit during the current financial situation demonstrates Virgin Blue’s capabilities the results comes as no surprise to the airline.“Achieving a $34.3 million profit before tax … demonstrates that Virgin Blue’s domestic business has the capability to ride through market and economic volatility, and remain well positioned to extend its reach in key markets.” The airline said the industry is gaining strength with Virgin Blue achieving a passenger load growth of 0.7 percent from 79.1 percent last year to 79.8 percent in 2010. “Conditions continue to be volatile and competitive activity continues to put downward pressure on yields,” Mr Borghetti said. “The soft growth seen at the end of the fiscal year, at this stage, is not sufficient to suggest a consistent across the board improvement in market conditions.”Mr Borghetti is expecting continued success for Australia’s second largest airline with the addition of two A330-200 carriers to the Virgin Blue fleet as well as announcing a new alliance with Abu Dhabi based airline, Etihad.last_img read more

Pow Wow to boost California economy

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first_imgSource = e-Travel Blackboard: N.A International visitor spending in California is expected to have increased as a result of Los Angeles hosting Pow Wow last week.Visit California led a delegation of more than 225 travel industry businesses at last week’s travel trade show which saw the Golden State act as hosts for the second year in a row.“In terms of economic impact and global exposure, International Pow Wow is the Olympic Games of the U.S. travel industry,” Visit California president and CEO Caroline Beteta said. “Hosting IPW in Los Angeles this year and San Francisco last year gave Visit California an incredible opportunity to show off our diverse tourism product to the world’s most influential and top-producing buyers of U.S. travel products.”International visitor spending in the host cities and surrounding areas is expected to generate an additional USD$400 million over the next three years as a direct result of Pow Wow. 2011 saw 220 million visitors to California spend USD$102.3 billion, which, in turn, supported 893,000 jobs and generated USD$2.3 billion in local taxes. “Australia is the largest international market for Los Angeles…perhaps because of the variety that our city offers,” LA Tourism Chief Marketing Officer Don Skeoch told e-Travel Blackboard. “We offer everything from endless entertainment options to the beach, shopping to amazing dining venues.”The fastest growing segment in the industry, international tourism represents 20 per cent of total visitor spending.“California competes globally for these lucrative visitors, who stay longer and spend more than domestic travellers, and as the global economy continues to improve the competition will get even fiercer,” Ms Beteta said.“Visit California will continue to look for high-impact opportunities like IPW to attract these high value customers.”Investing more than USD$20 million to international marketing alone, Visit California funds a global presence with consumer and travel trade advertising and public relations activities. Also serving as vice chair for the newly formed Brand USA, Ms Beteta sees Visit California’s international marketing programs as a long-term investment in the state’s growth.“Aligning efforts with Brand USA to boost international tourism into our country is a natural extension of our global marketing program and key to our state’s future economic health.”e-Travel Blackboard flights to Pow Wow proudly sponsored by Hawaiian Airlines <a href=”http://www.etbtravelnews.global/click/1eb63/” target=”_blank”><img src=”http://adsvr.etbtravelnews.global/www/delivery/avw.php?zoneid=222&amp;cb=INSERT_RANDOM_NUMBER_HERE&amp;n=af663c61″ border=”0″ alt=””></a>last_img read more

Investigation into cockpit smoke ongoing

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first_imgA months-long safety investigation is underway, following an emergency landing at Canberra Airport earlier this week. The Australian Transport Safety Bureau (ATSB) will spend months investigating the source of smoke in the cockpit that forced an emergency landing at Canberra Airport on Monday, the Canberra Times reported. Initial reports said the pilot of the Dash 8 aircraft advised air traffic control of smoke in the cockpit, forcing the Wagga-Wagga bound service to divert its flight to the nation’s capital for an emergency landing. A Dash 8 passenger aircraft had to divert for an emergency landing. NB: Not actual cockpit image. All 50 passengers aboard the aircraft, including one child, arrived safely at Canberra Airport. The investigation into the incident is expected to take three months. Source = ETB News: P.T.last_img read more

Phil Hoffman tours Australia should do more to attract rich tourists

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first_img“The hardest thing is getting into the market and I believe we still lack much of the necessary infrastructure,” Mr Hoffman said. Surprisingly, he also mentioned that the USA was a growing source of tourists, with 508,700 tourists visiting Australia in 2013.  One of Australia’s premier tourist operators, Phil Hoffman Tourism, has said that Australia should make itself a more attractive option for wealthy travellers. The Director of Phil Hoffman Tourism, Phil Hoffman, said that Australia needs to build its tourism infrastructure stocks, the Herald Sun reported. Hoffman has pointed to Kangaroo Island as an example of a place with the potential to attract the world’s big spenders. Hoffman said that Australia was also well positioned to cash in on middle class tourists from China and India. Source = ETB News: Tom Nealelast_img read more

Amadeus to Acquire Navitaire from Accenture for US830 Million

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first_imgAmadeus to Acquire Navitaire from Accenture for US$830 MillionNew York and Madrid, 1 July 2015: Amadeus has agreed to acquire Navitaire, a wholly owned subsidiary of Accenture (NYSE: ACN) that provides technology and business solutions to the airline industry, for US$830 million.Navitaire, which focuses on the low-cost and hybrid-carrier segments of the airline industry and has a global customer base of more than 50 operators, provides revenue-generation and cost-streamlining solutions in the areas of reservations, ancillary sales, loyalty, revenue management, revenue accounting and business intelligence.The addition of Navitaire’s portfolio of products and solutions for the low-cost segment will complement Amadeus’ Altéa suite of offerings for its largely full-service carrier customer base, giving the company the ability to serve a wider group of airlines.  Amadeus intends to market and sell the two product portfolios separately and will continue to invest in both platforms, enhancing the services and functionality availability to all types of carriers. Amadeus believes that the acquisition will enable it to improve the connectivity between different carriers in the same airline groups or alliances and that the functionality from each platform will enhance the other.“Bringing Navitaire’s experience, industry know-how, client base and strong product portfolio is a significant step for Amadeus in the low-cost and hybrid-carrier segments,” said Luis Maroto, President and CEO of Amadeus. “Airlines of all shapes and sizes face an increasingly competitive market for an increasingly demanding traveler, and this transaction will give us the ability to serve all airlines with technology that can enable them to drive new revenues and contain their costs.”Navitaire has a strong track record of revenue growth, profitability and cash generation.As part of the acquisition, approximately 550 Navitaire employees, including the company’s senior management team, are expected to transfer to Amadeus.Amadeus and Accenture expect to close the Navitaire acquisition in the fourth quarter of calendar 2015, following regulatory approvals.  Amadeus expects the acquisition to have minimal impact on its financial performance in 2015.In a separate agreement, Accenture and Amadeus have agreed to form an alliance to help lead airlines through the digital transformation taking place in the industry and drive efficiency in the global operations of airlines’ businesses. The alliance combines Amadeus’ and Navitaire’s industry solutions and experience with Accenture’s aviation expertise and global capabilities in technology, analytics, cloud, mobility and operations. Accenture and Amadeus will jointly focus on digital travel services, with an emphasis on commercial passenger operations in order to provide a more seamless traveler experience from “door to door”.Under the alliance agreement, Accenture will be designated as an Amadeus “Strategic Partner” for its Airline IT business for management consulting, technology consulting, systems integration, business process outsourcing and digital services, complementing Amadeus’ existing in-house consulting and digital services.Accenture and Amadeus have also agreed to enter into a third agreement under which Accenture will provide Amadeus with infrastructure outsourcing, application and research and development services.  Accenture will continue to provide hosting services for current Navitaire clients as well as Amadeus’s future clients that purchase the Navitaire solution.“The travel industry is a strategic market for Accenture, and we continue to grow our practice in this area to help our clients better serve their digital customers,” said Eric Schaeffer, senior managing director, Accenture.  “The combination of products and solutions from Accenture, Amadeus and Navitaire in this alliance will create a unique offering in the market that no single provider currently offers.  We’re also excited to be leveraging our experience in the airline industry and our technology expertise to provide Amadeus with a range of outsourcing and R&D services.”David P. Evans, Navitaire CEO, said, “Today’s announcement marks a new chapter for Navitaire that will enable us to accelerate and deepen our industry offerings.  Our customers will benefit from greater access to Amadeus’ industry solutions to help support their growth and link with traditional industry partners.  At the same time, they will continue to benefit from Accenture’s expertise and capabilities as a result of the Accenture-Amadeus alliance.”Source = Amadeuslast_img read more

Worldfirst by MCB secures win at 2015 Melbourne Awards

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first_imgThe city-wide benefits of the Melbourne Convention Bureau’s (MCB) hosting five of the world’s largest health conferences in one year, a world-first, continue to be acknowledged, with MCB awarded the hotly-contested Melbourne Award for Contribution to a Profile by a Corporation.MCB Chief Executive Karen Bolinger accepted the prestigious 2015 Melbourne Award from Melbourne Lord Mayor Robert Doyle at a Gala Dinner on Saturday, 14 November.“This achievement recognises the positive effect the conferences had on profiling the city internationally thanks to the participation across the whole city through our ongoing Team Melbourne approach to securing and delivering international conferences, and the incredible work of the entire MCB team,” Ms Bolinger said.“The success of these conferences was the result of a true partnership between the city, state and international associations.“Importantly, they also left legacies, such as policy and legislative change and health and social improvements meaning these conferences are still having an impact today”Staging five of the world’s largest health conferences in one year – which included the World Diabetes Congress, World Cardiology Congress, International Congress of the World Federation of Hemophilia, 20th International AIDS Conference and World Cancer Congress – attracted almost 35,000 experts in their field to Melbourne, 75 per cent of whom were international, and overall contributed $204 million to the economy.MCB is honoured to have won in a category that included reputable finalists such as Tennis Australia for the Australian Open, GM Holden’s Australia Design Centre and the Indian Film Festival of Melbourne, all of which have done an exceptional job in raising Melbourne’s profile on the world stage and we congratulate them.It is the second major award for MCB in two weeks, with Melbourne also named Australia’s Leading Meetings and Conference Destination, for the third consecutive year, at the World Travel Awards in Hong Kong on 30 October. Melbourne Convention BureauSource = Melbourne Convention Bureaulast_img read more

House of Travel Australia expands management structure

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first_imgGrant Campbell – Chief Operating OfficerHouse of Travel Australia expands management structureHouse of Travel Australia is delighted to announce the internal promotion of Grant Campbell to Chief Operating Officer (COO). This newly created role, with day-to-day operational responsibility for TravelManagers and eventually Hoot Holidays was created specifically to meet the growing demands of both companies.House of Travel Australia Chief Executive Officer Joe Araullo is heartened by the companies’ continual focus on investing in its people and proactive ability to future proof its business.“House of Travel Australia is a company that really cares about its people and recognizing talent and providing opportunities for internal growth is also of absolute importance to us. The company is constantly reviewing its performance to ensure maximum effectiveness and efficiency is achieved. The creation of the COO role and expansion of the leadership team is clearly reflective of this. We recognize effective leadership and management support is crucial to the success of our business and we are constantly look at ways to be forward thinking and innovative.”Campbell’s initial focus as COO is to assume direct and overall responsibility for TravelManagers and he is looking forward to the challenge.”TravelManagers is fortunate to have over 490 brand ambassadors who on a daily basis achieve significant success and provide inspiration to colleagues by going above and beyond for their clients. The opportunity to work more closely, provide positive influence and actively support these personal travel managers is really appealing.”At a time when many companies are downsizing, TravelManagers continues to expand for the benefit of their personal travel manager network.“I am simply thrilled to be working closely with Michael to collectively ensure TravelManagers continues to thrive and be the company everybody wants to work for,” says Campbell.Campbell continues to report to Araullo, with TravelManagers Executive General Manager Michael Gazal reporting through to Campbell. Campbell will also retain direct oversight of House of Travel Australia’s financial performance and reporting with day-to-day financial operations now managed by the newly created Financial Controller role.Campbell has been with House of Travel Australia since March 2007 commencing on a consultancy contract basis before taking on the full time role of Finance & Administration Director in July 2007, a position he has held to date. Prior to joining House of Travel Australia, for 11 years Campbell was employed by Harvey World Travel, with the exception of a two-year hiatus where Campbell took on the proprietorship of the retail business Michel’s Patisserie.“As much as I loved my time having full control running my own business it was Harvey World Travel’s decision to list on the Australian Stock Exchange in 2000 along with the company’s strong desire to expand, that convinced me to return.”The Harvey World Travel acquisition of Thomas Cook Ltd in both Australia and New Zealand resulted in a 25% increase in group turnover and 550 personnel.“This together with never owning retail outlets in their own right resulted in a great many new challenges for the management team,” says Campbell.The challenges didn’t stop there for Campbell. During 2004 Harvey World Travel made the decision to expand into the UK market and subsequently Campbell relocated to England to assist with the set-up of the company.TravelManagers Chairman Barry Mayo knows TravelManagers’ personal travel managers are in good hands with Campbell’s extensive credentials and all-round business experience speaking for itself.“The combination of extensive travel management and financial oversight in growing and expanding markets, combined with having experienced all facets of running his own business makes Grant well placed to lead TravelManagers and HOOT Holidays.”Campbell has already commenced his new role with TravelManagers already seeing results from the increased leadership team.“Even at this early stage TravelManagers has seen a positive effect with the sharing of responsibilities and direct reports benefiting the entire business. Joe can focus more on the future strategy and growth for House of Travel Australia and Grant through our superior infrastructure and technology will be more active in providing more and exclusive product for personal travel managers,” says Mayo.With the imminent signing of the company’s 500th personal travel manager, Mayo is confident TravelManagers personal travel managers has the strongest and most experienced management structure possible to support them.“It really does further enhance our reputation as having the largest network of personal travel managers as offering a truly dedicated management, leadership and support team in addition to being Australia’s only truly national personal travel manager network.With a formula that is working so successfully, Araullo is looking ahead to 2016 with confidence.“From experience we know by supporting and investing in our people, increased sales and business success will naturally follow. The future of TravelManagers and its mobile personal travel managers has never looked brighter,” says Araullo.For more information or to speak to someone confidentially about TravelManagers please contact Suzanne Laister on 1800 019 599. ENDSAbout TravelManagers TravelManagers operates in all Australian States and is a wholly owned subsidiary of House of Travel, Australasia’s largest independent travel company which has a forecast turnover of $1.5 billion for 2015. TravelManagers is a sister company to Hoot Holidays, also owned by House of Travel, and hasmore than 490 personal travel managers throughout Australia with a dedicated support team at the company’s national partnership office in Sydney. TravelManagers places all customer money in a dedicated and audited Client Trust Account which is separate from the general business accounts, ensuring client funds are only used for client purchases. Source = House of Travel – TravelManagers Australia TravelManagers Australiadiscover more herelast_img read more

Regal Hotels signs strategic partnership

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first_imgRegal Hotels Signs Strategic Partnership Agreement with reward-URegal Hotels Signs Strategic Partnership Agreement with reward-URegal Hotels International is delighted to announce a strategic partnership with reward-U to reward guests who book with participating Regal Hotels and iclub Hotels.Starting from today, members of reward-U are entitled to earn 2,000 and 1,000 reward-U points respectively for each eligible stay at participating Regal Hotels and iclub Hotels* with specified qualifying room rates.Regal Hotels is delighted to form this strategic alliance with reward-U. Regal Hotels has strived to extend its partnership network to provide guests with more options and benefits. The partnership brings together Hong Kong’s leading hotel group and airline loyalty programme to create added incentives and enhance experience for mutual guests. Regal Hotels will continue to deliver its world-class facilities and attentive hotel services that bring guests a pleasant and memorable stay.Launched in 2016, reward-U is the loyalty programme founded by HK Express. It has reached 1 million members quickly by offering an easy-to-understand programme structure, and unique features and benefits that members see value in.“reward-U caters to the needs of the mass market and the growing millennial segment that is overlooked, helping them maximize moments of enjoyment,” says Steven Greenway, CEO of reward-U. “The new partnership with Regal Hotels Group appeals to the love of travel in our members, providing more exciting rewards to them,” he adds.Regal Hotels currently works with 21 other international airline partners, including Air China, Alaska Airlines, American Airlines, ANA, Asiana Airlines, British Airways, Cathay Pacific, China Airlines, China Eastern Airlines, Etihad Airways, EVA Air, Hong Kong Airlines, JAL, Jet Airways, Korean Air, Malaysia Airlines, Philippine Airlines, Qantas, Singapore Airlines, United Airlines and Virgin Atlantic.*Participating Regal Hotels and iclub Hotels –Hong Kong: Regal Airport Hotel, Regal Hongkong Hotel, Regal Kowloon Hotel, Regal Oriental Hotel, Regal Riverside Hotel, iclub Fortress Hill Hotel, iclub Ma Tau Wai Hotel, iclub Sheung Wan Hotel and iclub Wan Chai HotelShanghai: Regal International East Asia Hotel, Regal Shanghai East Asia Hotel, Regal Jinfeng Hotel and Regal Plaza Hotel & ResidenceDezhou: Regal Kangbo Hotel and Regal Kangbo Hotel & ResidenceFoshan: Regal Financial Center HotelXi’an: Regal Airport Hotel, Xi’anTerms and conditions apply. For details, please visit www.regalhotel.com and www.hkexpress.com. For enquiries, please contact individual hotel reservations directly.Source = Regal Hotels Internationallast_img read more

Bob Guy Announces Retirement from Destination Asia

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first_imgBob Guy Announces Retirement from Destination AsiaBob Guy Announces Retirement from Destination AsiaIt is with sincere gratitude for all his accomplishments that we are announcing the retirement of senior manager Bob Guy. After nine years at Destination Asia that involved opening the Singapore office in 2010 and then Malaysia in 2011, Bob has decided it is time to conclude his active role in the Asian inbound, DMC, meeting and events and cruise business segments to enjoy retirement.Bob’s career spans more than 50 years in the travel industry with active roles in the United States, the Fiji Islands, Australia and numerous Asian countries including Singapore where he was been based for nearly 40 years. His career in the DMC segment began in Fiji in 1973 and concluded as managing director of Destination Asia in Malaysia and previously Singapore where he served alongside colleagues to develop innovative tours, shore excursions and new destinations.In addition to company activities he served as advisor to several governments including those in Singapore, Malaysia and Indonesia, including years as a director of both the Singapore Tourist Promotion Board and the Sentosa Development Corporation.Bob is succeeded in Destination Asia Malaysia by Sadie Yeoh, General Manager, who has led a team in the office since 2011. Sadie will drive forward new initiatives to further develop the key sectors as she oversees all business activity from the now four operational offices located across Malaysia (Kuala Lumpur, Penang, Langkawi & Kota Kinabalu).James ReedI have known Bob for over 35 years, many of them while he was with Pacific World and I was with Tour East – and then the company I formed with colleagues, Destination Asia. To me one of Bob’s main contributions to the travel industry was sharing his knowledge of the DMC business. He set standards and tirelessly gave of himself for the betterment of all inbound DMCs. Yes, we were competitors, but Bob excelled in the lobbying for advanced standards of operations. Bob’s main love was (and still is) MICE, though he was also one of the first Cruise Ship ground operators when there was little “port infrastructure” in the Far East. And I would be remiss to not mention Bob’s wife, Gill Guy, who was always there to support Bob. Bob and I became dear friends – and I will always cherish that relationship.James Reed,Executive Chairman Destination AsiaAddie HirunkateI have known Bob for nearly 40 years and I thank him for training me in the field of meetings and incentives. He has long been a key player in enticing US Incentive clients over to Southeast Asia – and not just M&I clients, he has also worked tirelessly in promoting the Far East to a whole host of cruise lines. I learned so much from Bob on how to manage many of our top clients – he is indeed the M&I and Cruise guru!Addie Hirunkate,Managing Director Destination Asia ThailandSadie YeohWe wouldn’t have come this far without Bob’s long-sighted business vision. I’ve learned much from his exceptional leadership over a period of three decades. Bob is truly a one of a kind and compassionate leader. The team and I thank Bob for the great opportunities he has provided in our career advancement. Cheers to a hard-earned and well-deserved retirement for yourself and Gill – we love you both!Sadie Yeoh,General Manager Destination Asia MalaysiaNicholas MulleyOver the course of his time with Destination Asia, Bob has been a tremendous resource for the Group not only in terms of his experience but his knowledge of the industry. I have never met a person with such in depth and detailed knowledge of every aspect of our business spanning many decades. His insight and guidance has helped many people, including myself, navigate complex aspects of the business and ultimately supported them in making the right decisions for the company.Nicholas Mulley,Chief Operating Officer Destination AsiaSource = Destination Asialast_img read more

Guangzhou to join RwandAirs network in June 2019

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first_imgGuangzhou will be RwandAir’s second destination in Asia following Mumbai, which has been operational since April 2017. This new route will extend RwandAir’s network to 28 destinations. RwandAir, the flag carrier of the Republic of Rwanda, is pleased to announce that it will commence flights to Guangzhou, the provincial capital of Guangdong and the third largest city in China, effective from 18 June 2019. Guangzhou, well known as the “Canton City” is an expansive port city northwest of Hong Kong on the Pearl River. The city, which is one of the major shopping destinations for merchants also features popular tourist attractions such as the iconic Canton Tower and Guangzhou Chimelong Tourist Resort which offers an amusement park, international circus, water park, safari park, a bird park and a hotel. Commenting on the upcoming launch of the Guangzhou route, Yvonne Manzi Makolo, the CEO of RwandAir said, “With the increasing volume of trade between African countries and China, the need to meet the high demand of businessmen and traders travelling between Africa and Guangzhou is strongly felt. This new route will open new business opportunities and also increase our passenger and cargo traffic”. RwandAir will fly to Guangzhou three times per week viz. on Tuesdays, Thursdays and Saturdays. Guangzhou will be tagged to the existing Mumbai route and will be operated by their Airbus A330 that boasts of a triple-class cabin equipped with state-of-the-art technology, Wi-Fi, in-flight entertainment and comfortable seats with added legroom, making it very convenient for long haul flights.last_img read more

Rising Prices Drive Down Connecticut Sales in April

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first_imgRising Prices Drive Down Connecticut Sales in April April home sales in Connecticut dropped on a yearly basis for the third straight month as prices continued to ascend, the “”Warren Group””:http://www.thewarrengroup.com/ reported.[IMAGE]Statewide, April saw 1,923 single-family home sales in April, down 2.5 percent from April 2012; however, the figure was still the highest so far this year, surpassing the 1,507 sales recorded in March.Year-to-date, total sales were 5,966 as of April, down 3.6 percent from the first four months of 2012.[COLUMN_BREAK]””There is high demand this spring, which is causing this pattern of rising prices,”” said Warren Group CEO Timothy Warren Jr. “”Nevertheless, sales volume is down which means that buyers and sellers are missing market opportunities.””The median price for a single-family home sold in April was $250,000, a 9.2 percent improvement over last year. The median selling price from January through April was $237,000, a 7.7 percent increase over January-April 2012.””The housing market continues to improve, but could be hindered if rising prices cause an affordability issue. Seven consecutive months of price increases is slightly concerning,”” Warren said.Statewide condominium sales increased for the first time since January, rising 4.7 percent year-over-year to 532. A total of 1,647 condo sale transactions were recorded in the first four months of the year, an annual increase of only 0.1 percent.The median condo sales price also rose in April. According to the Warren Group, prices were up 13.9 percent to $174,000. The year-to-date condo price was up 3.2 percent to $162,000. June 25, 2013 421 Views in Data, Government, Origination, Secondary Market, Servicingcenter_img Agents & Brokers Attorneys & Title Companies For-Sale Homes Home Prices Home Sales Housing Supply Investors Lenders & Servicers Processing Service Providers The Warren Group 2013-06-25 Tory Barringer Sharelast_img read more

Pending Home Sales Three Steps Forward One Back

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first_imgInventory shortages remain the bugaboo in many housing markets, triggered by still-low mortgage. The result of making houses easier to buy is that competition for them has gotten fierce and home prices are rising accordingly, Yun said.“Total housing inventory at the end of each month has remarkably decreased year-over-year now for an entire year,” he said. “There are simply not enough homes coming onto the market to catch up with demand and to keep prices more in line with inflation and wage growth.”Yun was not quite dour, but also not quite bullish on the second half of 2016 either, saying that the U.K.’s decision to leave the European Union last week will likely create a mixed bag for the U.S. housing market.“In the short term, volatility in the financial markets could very likely lead to even lower mortgage rates and increased demand from foreign buyers looking for a safer place to invest their cash,” Yun said. “On the other hand, any prolonged market angst and further economic uncertainty overseas could negatively impact our economy and end up tempering the overall appetite for homebuying.” in Daily Dose, Headlines, News, Origination National Association of Realtors Pending-Home Sales 2016-06-29 Seth Welborn “There are simply not enough homes coming onto the market to catch up with demand and to keep prices more in line with inflation and wage growth.”Lawrence Yun, Chief Economist, NAR After steadily increasing for three straight months, pending home sales let up in May across all four major regions, and declined year-over-year for the first time in almost two years, according to the National Association of Realtors (NAR).Based on contract signings, the NAR’s Pending Home Sales Index dropped to 110.8 in May from a 115 in April and was just shy of May 2015’s index of 111. It was the first time the index decreased year-over-year since August of 2014.The largest dropoff occurred in the Northeast, which slid 5.3 percent to 93 in May and was unchanged from a year ago. The Midwest slipped 4.2 percent to 108 in May and was 1.8 percent below last May. The West decreased 3.4 percent in May to 102.6, remaining essentially flat compared to a year ago.The South was the only market to finish higher than last May. The index there declined 3.1 percent to 126.6 in May, remaining by far the most robust market on the index and 0.6 percent higher than May of 2015.NAR chief economist Lawrence Yun said the strong demand that has been frustrating buyers and the spring’s swift sales “took a dent out of what was available for sale in May and ultimately dragged down contract activity.”  he said.center_img Share June 29, 2016 481 Views Pending Home Sales: Three Steps Forward, One Backlast_img read more

Potential Buyers Step Back Even as Mortgage Rates Decline

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first_imgPotential Buyers Step Back Even as Mortgage Rates Decline May 19, 2017 618 Views in Daily Dose, Featured, News, Origination Homebuyers mortgage rates 2017-05-19 Seth Welborncenter_img Potential buyers could be taking a temporary step back from the housing market as the volume of mortgage applications declines even though fixed and adjustable rates continue to fall. Bankrate, whose survey ran from Wednesday May 10 to Wednesday May 17, is reporting falling rates for nearly all variations of mortgages across the board. A benchmark 30-year fixed mortgage is down to 4.15 percent from 4.22 percent last week across the nation, the lowest it’s been in five months; while a jumbo 30-year fixed fell to 4.08 percent. A 15-year fixed sunk 0.21 points from 3.48 percent to 3.35 percent.  Even a five-year adjustable rate mortgage dropped to 3.42 percent. Seven-year adjustable returned to its value two weeks prior, sitting at 3.72 percent. Bankrate attributes the dip in mortgage rates to rumors that the Federal Reserve will raise short term interest rates in June. This, coupled with higher yields in long-term government bonds and decreased rate of inflation creates an ideal condition for decreased rates. Freddie Mac also recorded weekly drops in mortgage rates, although the report closed before Wednesday saw a flight to quality, which could skew next week’s report and show even further drops. Still, all mortgage rates remain higher than they were a year ago.  A 30-year fixed dropped an average of 0.5 point to 4.02 percent from 4.05 percent last week. This time last year, average rates for a 30-year FRM were as low as 3.58 percent. Similarly, a 15-year FRM dropped from 3.29 percent to 3.27 percent this week (2.81 percent last year); and five-year ARM fell 0.5 point to 3.13 percent from 3.14 percent (2.80 percent last year). The Mortgage Bankers Association, in their weekly survey ending Monday, May 12, disclosed that mortgage applications and activity have decreased over the last seven days. Mortgage loan applications have dropped 4.1 percent on a seasonally adjusted basis, and four percent on unadjusted. And while the refinance index has decreased six percent, refinance mortgage activity has dropped to 41.1 percent of the total applications. ARM share of activity has also dropped to 8.1 percent. But, while activity has dropped, the average loan size for applications that have been pushed through this week is on the rise, reaching a record high of $322,300. Sharelast_img read more

Mortgage Apps Experience YearOverYear Rise

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first_img According to the most recent MBA Builder Applications Survey (BAS) data, mortgage applications for new home purchases experienced an increase of 7.8 percent compared to December 2016. However, applications decreased by 18 percent month-over-month. According to the report, this change did not include any adjustment for typical seasonal patterns.Lynn Fisher, MBA VP of Research and Economics explained that after playing catch-up for two months following the slowdown caused by hurricanes Harvey, Irma, and Maria, mortgage applications for new homes declined in December to a more normal growth rate.“Based on December applications, we forecast that new home sales fell in December but remained nearly 16 percent higher than a year ago, and we are anticipating only modest year-over-year growth for new home sales in 2018,” said Fisher. “Despite robust demand, a lack of labor and land will continue to constrain homebuilders.”In addition, the survey, which tracks application volume from mortgage subsidiaries of home builders across the country, estimated new single-family home sales were running at a seasonally adjusted annual rate of 554,000 units in December 2017, a decrease of 16.4 percent from the November pace of 663,000 units.On an unadjusted basis, the survey estimated there were 40,000 new homes for sale in December 2017, a decrease of 14.9 percent from 47,000 new home sales in November. These estimates were derived using mortgage application information from the survey as well as assumptions regarding market coverage and other factors.Providing data information on the types of loans used by new home buyers, the survey results reported that conventional loans made up 72.5 percent of loan applications, FHA loans produced 15.1 percent, RHS/USDA loans composed 2.3 percent, and VA loans collected 10.1 percent. In addition, the average loan size of new homes increased to $339,203 in December—compared to $337,427 in November. Mortgage Apps Experience Year-Over-Year Rise HOUSING mortgage Mortgage Applications 2018-01-12 Nicole Casperson January 12, 2018 561 Views center_img in Daily Dose, Data, Featured, News Sharelast_img read more

Apps Rise as Borrowers Return to the Market

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first_img August 22, 2018 536 Views Apps Rise as Borrowers Return to the Market Share 30-year fixed-rate applications loans mortgage mortgage rate Purchase Loans rate Refinance Loans 2018-08-22 Radhika Ojhacenter_img Stable mortgage rates and the summer buying season ensured the increase in mortgage applications during the week. According to the Weekly Mortgage Applications Survey by the MBA, apps rose 4.2 percent from the prior week. Mortgage applications had been declining over the past few months, but this week both the purchase and refinance indexes saw an uptick, the survey indicated.On an unadjusted basis, the market composite index, which is a measure of mortgage loan application volume, increased three percent from a week ago.While purchase index for applications increased 3 percent during the week, the refinance index rose six percent from the prior week. The refinance share of mortgage activity also increased during the week to 38.7 percent of total applications from 37.6 percent last week. The adjustable-rate mortgage (ARM) share of activity increased to 6.5 percent of total applications, the survey said.Among purchase loans, applications for FHA, VA, and USDA loans saw a decrease compared to the previous week. While FHA loans declined to 10.2 percent, the VA share of total applications decreased to 10.5 percent. USDA loan applications also decreased slightly from 0.8 percent to 0.7 percent.In terms of average contract interest rates, the rate for 30-year fixed-rate mortgages with conforming balances remained unchanged at 4.81 percent as did its effective rate. However, the rate for 30-year fixed-rate mortgages with jumbo balances decreased to 4.68 percent from 4.72 percent last week. The effective rate for these loans also decreased during the week.For FHA backed 30-year fixed-rate mortgages, the rate  increased to 4.82 percent from 4.77 percent last week. It’s effective rate also saw an uptick.The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.25 percent from 4.27 percent, with its effective rate decreasing from last week.For 5/1 ARMs, the average contract rate decreased to 4 percent from 4.06 percent during the week. It’s effective rate also decreased from last week. in Daily Dose, Featured, News, Originationlast_img read more

Opportunity Zone Fund Created by Home Builder

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first_imgOpportunity Zone Fund Created by Home Builder S2A Modular – creator of the electrically self-sustaining, custom and smart-connected luxury residence, the—GreenLuxHome—announced the establishment of S2A Opportunity Zone Fund, LP, joining a national campaign to create jobs and spur economic development in distressed regions across the United States. Investors will have an opportunity to drive the #GreenLux revolution, delivering green housing and commercial units to areas in need, while including tax benefits.“The #GreenLux revolution is much more than just a slogan: It’s our passionate way of reimagining how society lives and works through safer, greener, stylish and smart-connected buildings that elevate quality of life while lowering the costs of living through electrical self-sustainability and leading technology,” said John Rowland, President of S2A Modular. “These are the core values behind S2A Opportunity Zone Fund, LP. While other builders in Opportunity Zones may focus on cheap housing, we’re spurring dramatic revitalization that will bring communities into the future. Investors have a unique opportunity to have a hands-on role in awakening American cities, while reducing capital gains taxes. We look forward to welcoming people who are just as passionate about this cause as we are.” Share June 28, 2019 253 Views center_img in Headlines, News 2019-06-28 Mike Albaneselast_img read more

TOP IMAGE discoverhongkongcom

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first_imgTOP IMAGE: discoverhongkong.com airlinesHong KongMelbourneVirgin Australia Virgin Australia will fly daily to Hong Kong ex Melbourne from 12 November 2017.VA87 will depart Melbourne late morning/midday each day. VA86 will depart Hong Kong each evening and arrive in Melbourne the next morning.The new schedule is on sale now at virginaustralia.com. last_img

It also marked the first time since September 13

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first_imgIt also marked the first time since September 13, 2003, the team was off the scoreboard.“[The Cardinals] can’t have any confidence in the quarterback position,” Ditka, now an ESPN analyst, told Mike & Mike in the Morning. “I mean these guys don’t look very good. I hate to say that about any professional football player because that’s their living and they have their families, but they don’t look very good at what they’re trying to do.”During the Cardinals’ nine-game game losing streak — the franchise’s longest since their Chicago days back in 1944 — the offense has scored six points or less on four occasions.After Sunday’s debacle in Seattle, Arizona is ranked last in the league in points per game (14.3), completion percentage (54.8), yards per attempt (5.6) and passer rating (63.5).Ditka wouldn’t commit to calling out just Skelton or Lindley on Monday, after all he made sure to point out the quarterbacks didn’t give up all 58 points to the Seahawks.“The quarterback didn’t play defense,” said Ditka. “He was never on defense for one play, and 58 points is a pretty high number. It’s a reflection on more than just the quarterback. You better look at the whole football team.” As a five-time Pro Bowl wide receiver and Super Bowl-winning head coach, Mike Ditka knows a thing or two about the quarterback position.During his playing career, Ditka played alongside Pro Bowlers Billy Wade (Chicago Bears) and Roger Staubach (Dallas Cowboys), so he admits watching what has transpired with the Arizona Cardinals at the position is not easy to say the least.In the Cardinals’ franchise-worst 58-0 loss to the Seattle Seahawks Sunday, Arizona’s quarterbacking duo of John Skelton and Ryan Lindley combined to go 19-of-39 for 133 yards and six turnovers. The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo – / 17 The head coach of the football team, Ken Whisenhunt, seemed dejected more than anything after Sunday’s historic loss. Instead of his typical coach-speak, the coach opted for an open apology.When asked what advice he’d offered up to Whisenhunt coach-to-coach, Ditka was at a loss for words. “I don’t know what to say,” said Ditka. “I guess you pick up the pieces and start all over again.” Comments   Share   center_img Top Stories Grace expects Greinke trade to have emotional impact Former Cardinals kicker Phil Dawson retires Derrick Hall satisfied with D-backs’ buying and sellinglast_img read more

Comments  

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first_img Comments   Share   Your browser does not support the audio element. Derrick Hall satisfied with D-backs’ buying and selling The Cardinals feel the same way about adding Palmer, who at 33 may not be what he once was, but still appears to have something left in the tank.Last season, which was his first full campaign in Oakland, Palmer completed 61.1 percent of his passes for 4,018 yards and 22 touchdowns. He was also picked off 14 times.Those numbers are decent, and they’d be a far cry from what the team has received from the position over the last three seasons. So, the organization will not only go into the new season with the usual optimism that surrounds a new coaching staff, but also that of a new quarterback who has been to a pair of Pro Bowls in his career. Palmer said he is excited to work with coaches like Bruce Arians and Tom Moore, who are each known for their innovative offensive minds, as well as throw passes to a receiver of Larry Fitzgerald’s caliber.“The trickle down effect you get from a guy like Larry makes average receivers really good and really good receivers great,” Palmer said. “I’m going to learn a lot from Larry. “I’ve already started watching film on him; I’m starting to watch every single ball thrown his way and trying to see what he does really well, and maybe some things he can improve on and areas I can help him improve, because I know he’s the type of guy that’s always looking to improve.” Grace expects Greinke trade to have emotional impact LISTEN: Carson Palmer, AZ Cardinals QB That right there is what this move is all about, for both Palmer and the Cardinals. Because while Palmer was productive in Oakland, he did not do a lot of winning. And the Cardinals, well, they’ve struggled in large part because of inadequate play from the quarterback position.If all goes according to plan, both sides should get what they’re looking for out of this arrangement.And if the union is not successful, it will not be due to a lack of effort or preparation from the quarterback.“I know that we’re not blessed to play this game for very long and you have to take advantage of every opportunity,” he said. “You have to be a gym rat, you have to be studying film, you have to be improving.“Because if you’re not, there’s too many guys out there who want to play in this league and want to play for this organization and this team that want your job.” – / 11 Top Stories The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo The Arizona Cardinals have a starting quarterback. And, unlike the last few seasons, he has a track record of success.Carson Palmer, whom the team acquired from the Oakland Raiders via a trade Tuesday, told Arizona Sports 620’s Doug and Wolf the opportunity to come to Arizona was a “no-brainer.”“You start thinking of the coaching staff they’ve put together and the players they’ve drafted and the players they’ve signed in free agency,” he said, adding that the locale being close to his west coast roots also played a role. “It made too much sense from every angle, really.” Former Cardinals kicker Phil Dawson retireslast_img read more

1998 Cowboys 38 Cardinals 10 The Cardinals gav

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first_img1998: Cowboys 38, Cardinals 10 The Cardinals gave up 444 yards of total offense to the Cowboys, including 256 passing yards and two TDs to QB Troy Aikman, in Dallas. Aikman also rushed for 43 yards and two scores. Plummer completed just 14 of 33 passes for 166 yards.1997: Bengals 24, Cardinals 21 Trailing 21-3 going into the fourth quarter, Bengals RB Ki-Jana Carter rushed for two TDs, and Blake connected on a 7-yard TD pass to WR Carl Pickens to complete Cincinnati’s comeback at home. Arizona quarterback Kent Graham went 20-of-36 for 248 yards, and wide receiver Frank Sanders hauled in six catches for 105 yards.1996: Colts 20, Cardinals 13 Cardinals quarterback Boomer Esiason threw for 237 yards and rushed for a fourth-quarter score, but a pair of TD tosses by Colts QB Jim Harbaugh put Indianapolis over the top at home. Arizona RB Larry Centers caught 11 passes for 108 yards.1995: Redskins 27, Cardinals 7 Washington outgained Arizona 456-197, including 259-109 on the ground, as QB Gus Frerotte completed 9-of-15 passes for 157 yards and two TDs, and RB Terry Allen rushed for 131 yards on 26 carries. Cards RB Garrison Hearst was the lone bright spot on offense with 97 yards on 17 rushes. 2003: Lions 42, Cardinals 24 The Cards yielded a 57-yard punt return and 48-yard interception for touchdown in the second half in Detroit. Arizona quarterback Jeff Blake threw for 358 yards and three touchdowns, and Boldin racked up 217 receiving yards and a pair of TDs.2002: Redskins 31, Cardinals 23 QB Jake Plummer completed just 14 of 36 passes for 187 yards and threw an interception on the Cardinals’ final possession in Washington. WR David Boston caught seven passes for 138 yards and a touchdown. Redskins QB Shane Matthews threw for over 300 yards and three TDs.2001: Broncos 38, Cardinals 17 Denver wideout Rod Smith had 162 receiving yards and two touchdowns as the Broncos cruised in Tempe. Boston caught eight passes for 145 yards, but the Cardinals lost the turnover battle by a 3-0 margin.2000: Giants 21, Cardinals 16 Plummer threw for 318 yards and two touchdowns but also gave up three INTs at Giants Stadium. Trailing 21-3 in the fourth quarter, Arizona scored twice in the final two minutes – both on TD passes from Plummer to Boston – but failed to recover an onside kick with 32 seconds to play.1999: Cardinals 25, Eagles 24 Cards kicker Chris Jacke connected on a pair of fourth-quarter field goals, including a game-winning 31-yard kick as time expired in Philadelphia, as Arizona rallied from a 24-6 second-half deficit. The Cardinals’ defense held the Eagles to 67 passing yards and overcame Plummer’s three interceptions. Former Cardinals kicker Phil Dawson retires The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Comments   Share   Grace expects Greinke trade to have emotional impact Derrick Hall satisfied with D-backs’ buying and selling 2008: Cardinals 23, 49ers 13 Warner threw for 197 yards and a TD to Fitzgerald, and WR Anquan Boldin caught eight passes for 82 yards in San Francisco. The Cardinals dominated time of possession, holding the ball for over 37 minutes, and caused five 49er turnovers.2007: 49ers 20, Cardinals 17 Arizona RB Edgerrin James rushed for 92 yards and a score, but quarterback Matt Leinart managed just 102 passing yards and threw a pair of picks. San Francisco wideout Arnaz Battle scored on a 1-yard run with 22 seconds to play to put the Niners over the top in San Francisco.2006: Cardinals 34, 49ers 27Warner threw for 301 yards and three TDs, and Fitzgerald caught nine passes for 133 yards. Following a made field goal, the 49ers recovered an onside kick with 31 seconds left, but a would-be game-tying 36-yard pass from QB Alex Smith fell short as time expired at UOP Stadium.2005: Giants 42, Cardinals 19 The Cardinals surrendered 35 points in the second half, and they allowed a kickoff return, punt return and interception return for a TD at Giants Stadium. Fitzgerald had 13 grabs for 155 yards and a touchdown in a losing effort.2004: Rams 17, Cardinals 10 Arizona RB Emmitt Smith rushed for 87 yards and the team’s only touchdown in St. Louis. The Cards gave up 448 yards of total offense, as Rams RB Marshall Faulk rushed for 128 yards on 22 carries and WR Isaac Bruce caught nine passes for 112 yards and a TD. 2013: Rams 27, Cardinals 24 Quarterback Carson Palmer threw for 327 yards and two touchdowns — both to wide receiver Larry Fitzgerald – and took a 24-13 lead into the fourth quarter. But tight end Jared Cook’s one-yard TD reception from QB Sam Bradford, followed by a pair of Greg Zuerlein field goals – including the game-winner with 40 seconds to play – gave the Rams the win at home.2012: Cardinals 20, Seahawks 16 Arizona QBs Kevin Kolb and John Skelton combined for 215 passing yards and a touchdown, and the Cards’ defense held the Seahawks to 254 total yards and executed a goal-line stand in the final minute to preserve the win in Glendale. Seattle rookie QB Russell Wilson completed 18 of 34 passes for 153 yards in his first regular-season NFL game.2011: Cardinals 28, Panthers 21 Aided by Kolb’s 309 passing yards and two TDs at University of Phoenix Stadium, the Cards overcame rookie QB Cam Newton’s 422-yard performance in his regular-season debut. A 70-yard TD reception by Early Doucet and an 89-yard punt return for at TD by rookie cornerback Patrick Peterson in the fourth quarter allowed Arizona to pull ahead.2010: Cardinals 17, Rams 13 The Cardinals intercepted Bradford three times in his first career start, as Arizona won its first game following QB Kurt Warner’s retirement. QB Derek Anderson’s 21-yard TD toss to Fitzgerald with 6:13 left in the fourth quarter put the Cards ahead for good in St. Louis.2009: 49ers 20, Cardinals 16 Warner threw for 288 yards and a TD, but he also committed three turnovers (two interceptions and a fumble), while running back Frank Gore scored twice, including a 3-yard reception from QB Shaun Hill with 7:26 left in the fourth quarter, to give the 49ers the victory in Glendale. The Cardinals held San Francisco to 203 total yards, including 21 rushing yards on 25 carries. 1990: Redskins 31, Cardinals 0 Rosenbach threw four interceptions and Washington quarterback Mark Rypien threw three touchdowns at RFK Stadium. Phoenix RB Johnny Johnson rushed for 54 yards and caught six passes for 99 yards. 1989: Cardinals 16, Lions 13 Phoenix quarterback Gary Hogeboom completed 21-of-35 passes for 264 yards and a 15-yard fourth-quarter TD pass to wideout Roy Green to give the Cardinals a 13-10 lead in Detroit. Kicker Al Del Greco’s 33-yard field goal late in the fourth quarter was the difference. Phoenix WR J.T. Smith had 10 catches for 121 yards. Lions RB Barry Sanders had 71 yards and a TD on just nine carries in a losing effort.1988: Bengals 21, Cardinals 14 Phoenix quarterback Neil Lomax (21-of-31, 227 yards, two TDs) lost a duel with Cincinnati’s Boomer Esiason (17-of-26, 271 yards, three TDs). Cardinals RB Stump Mitchell rushed for 110 yards and had a 4-yard TD reception in the second quarter. Cincinnati WR Mike Martin’s 15-yard TD grab in the fourth quarter gave the Bengals the victory. 1994: Rams 14, Cardinals 12 In a game in which the Rams and Cardinals combined for just 386 yards of total offense in Los Angeles, the difference was three Arizona turnovers. Rams RB Jerome Bettis scored from a yard out in the third quarter. The Cards responded a few minutes later on a 3-yard TD pass from QB Steve Beuerlein to Centers, but the two-point conversion attempt failed.1993: Eagles 23, Cardinals 17 The Eagles outgained the Phoenix Cardinals 359-231 at Philadelphia’s Veterans Stadium. Eagles QB Randall Cunningham threw for 192 yards and rushed for 49 yards and a TD. Beuerlein and Chris Chandler combined to go just 15-of-39 for 189 yards and a TD for the Cards.1992: Buccaneers 23, Cardinals 7 The Cardinals managed just 181 yards of total offense and committed three turnovers at Tampa Bay. Chandler, along with QBs Timm Rosenbach and Tony Sacca, managed just 120 passing yards. Tampa Bay quarterback Vinny Testaverde was an efficient 14-of-25 for 167 yards, one TD and no turnovers.1991: Cardinals 24, Rams 14 Buoyed by seven Rams turnovers, Phoenix overcame a near 2-to-1 disadvantage in total offense in L.A. The play of the game: an 85-yard fumble return for a score in the first quarter by Cards linebacker Eric Hill. Phoenix WR Ricky Proehl caught five passes for 69 yards. Top Stories last_img read more