Bricks produced locally in L.A. and rich oak flooring sourced from Italy are some of the tasteful new additions found in the renovated Spanish Revival style house at Eagle Rock. A special steel arched door quartet in the family room and kitchen seamlessly integrates the indoor-outdoor space of the house. Mature olive trees, Mediterranean landscapes and saltwater swimming pools give the classic feel of Southern California.
Location: 2385 Hill Drive, Los Angeles, CA 90041
Asking price: $ 2,685 million
Year built: 1930
Living room: 4,157 square feet, four bedrooms, 3.5 bathrooms
Many sizes: 9,039 square feet
Feature: Arto brickwork; Italian oak wood floors; custom steel arched door; formal entry; new chef’s kitchen; two master suites; saltwater swimming pool
About the area: In Postal Code 90041, based on 13 sales, the average price for sales of single-family homes in March was $ 1,005 million, a 23.6% increase year-on-year, according to CoreLogic.
Agent: Ali Morisi and Kat Nitsou, International Realty Sotheby, (323) 665-1700
To send candidates for Home of the Week, send high-resolution color photos via Dropbox.com, the photographer’s permission to publish images and descriptions of the house to [email protected]
New Zealand Prime Minister Jacinda Ardern has warned that “perfection” in response to the Covid-19 pandemic “is just not possible” as she urged New Zealanders against complacency and laid out her government’s plans for future outbreaks.
“Every country we have sought to replicate or have drawn from in the fight against Covid has now experienced further community outbreaks,” Ardern said in a speech at New Zealand’s parliament in Wellington.
“We only need to look to [the Australian states of] Victoria, New South Wales; Hong Kong, Singapore and Korea to see examples of other places that like us had the virus under control at a point in time only to see it emerge again.”
Six staff affiliated with Melbourne’s Royal Women’s hospital are among those confirmed to have Covid-19 as part of Victoria’s recent outbreak, with a concerning number of healthcare workers throughout the state now infected with the virus.
The hospital, located in Parkville next to Melbourne city, on Tuesday afternoon sent a notice to staff confirming six active cases and two recovered cases in health staff, including visiting medical officers and other staff who work elsewhere across multiple health services:
Some of Norway’s funeral homes have found themselves without work and have turned to the state for aid, AFP reports.
Due to declining mortality and cancelled funeral ceremonies, half a dozen Norwegian undertakers, according to a public registry, have turned to the state for help after the initial success of Norway’s handling of Covid-19 left them struggling to make ends meet.
On 12 March, Norway’s Prime Minister Erna Solberg announced what she dubbed “the strongest and most intrusive measures” the country had seen in peacetime.
Those included the closure of schools, bars and many public spaces, a ban on sports and cultural events and a curb on foreign travel.
Since then nearly all of the measures have been lifted and the virus has been mostly contained, in stark contrast to neighbouring Sweden which is still seeing community spread.
Egyptian doctors targeted for highlighting Covid-19 working conditions
Overwhelmed and ill-equipped medical staff in Egypt are being threatened for speaking out about poor working conditions during the Covid-19 pandemic, with increasing numbers detained by a domestic security agency.
Doctors recounted threats delivered via WhatsApp, official letters or in person. They said hospital managers and government officials told them failing to attend shifts, posting on social media or voicing objections would result in complaints to the National Security Agency, Egypt’s primary internal security body, which rights groups say has arrested multiple healthcare workers:
Tokyo is considering raising its alert for coronavirus infections to the highest of four levels, officials said on Wednesday, after a spike in cases to record numbers in the Japanese capital.
Fearing a second wave of infections spreading from the capital, local municipalities and opposition lawmakers also urged the central government to suspend a major campaign aimed at boosting domestic tourism.
Economy Minister Yasutoshi Nishimura, however, said on Wednesday the government would proceed with the so-called ‘Go To’ travel aid campaign, which includes offers such as discounts for shopping and food, but move cautiously.
“Obviously we will consider the thoughts of many of our people, while monitoring the situation ahead,” Nishimura, who leads the government’s coronavirus policy, told parliament.
In Tokyo, daily coronavirus cases exceeded 200 in four of the last six days, touching an all-time high of 243 cases last Friday as testing among workers in the metropolis’s red-light districts turned up infections among young people in their 20s and 30s.
Tokyo Governor Yuriko Koike confirmed that Tokyo would hold a “monitoring” meeting with experts on Wednesday, moving up the weekly gathering by a day, to discuss the recent rise in cases.
The Australian state of Victoria has recorded 238 new cases of Covid-19 and the death of a woman in her 90s and New South Wales has recorded 13 new cases, including 10 linked to the Crossroads Hotel cluster in south-west Sydney which has now affected 34 people.
Victoria’s deputy police commissioner, Rick Nugent, has outlined disappointing breaches of Covid-19 lockdown measures including people refusing to leave KFC restaurants, playing Pokémon Go and poker in groups, and hiding in garages and closets when caught by police on Wednesday.
There are now 105 Victorians in hospital, an increase by 20 from Tuesday, and 27 people are in intensive care. Of the new cases recorded, 209 are still under investigation. The cases have prompted questions about whether tougher restrictions may be needed in Victoria, as Nugent said some people continued to flout lockdown rules.
A Guardian Australia analysis of Victorian coronavirus cases shows that infections have been increasing in areas outside the locked-down postcodes, and that all significant growth areas are now contained within the wider Melbourne lockdown.
Using data aggregated daily from the dashboard of the Victorian Department of Health and Human Services (DHHS) here, we calculated the number of new cases a day for every local government area in Victoria.
We then checked to see if cases had increased or decreased over the past fortnight for each area that reported more than five cases during that period.
Australian PM says Australia can’t be shut down to contain second Covid-19 wave
Australian Prime Minister Scott Morrison says the response to a second wave of Covid-19 infections cannot be shutting the country down to try to eliminate the virus, and he’s moved to reassure people his government will not be withdrawing income support “for those in need”.
“You have to do that sometimes, as is the case in Victoria,” he said. He said trying to eliminate the virus wasn’t the “right strategy” for Australia.
“You don’t just shut the whole country down because that is not sustainable. I’ve heard that argument. You’d be doubling unemployment potentially, and even worse.”
Morrison said it was impossible to achieve elimination “unless we are not going to allow any freight, or medical supplies into Australia, or any exports into Australia, or things like this – there is alway
The Trump administration has ordered hospitals to bypass the Centers for Disease Control and Prevention and send all Covid-19 patient information to a central database in Washington beginning on Wednesday. The move has alarmed health experts who fear the data will be politicized or withheld from the public.
In Australia, a cluster of coronavirus cases at a pub called the Crossroads Hotel, in the state of New South Wales has been linked back to a man in Melbourne, Victoria who attended a workplace party.
NSW Health contact tracer Jennie Musto has explained the genomic link between Victoria and the NSW outbreak, as a man travelling from Melbourne to Sydney at the end of June.
A man from Melbourne came into a workplace in Sydney, and then there’s some transmission within that workplace and then they all went to a party that night of the third of July, at the Crossroads hotel. So this is where it all began.
She said he travelled on the 30 June, and works in the freight industry.
Musto said this case was linked to six colleagues who have been diagnosed.
NSW health minister Dr Kerry Chant has added more about the potential spread of NSW’s current outbreaks:
Whilst we’ve had a very strong focus on the Crossroads, a hotel cluster, it is very important that we don’t lose sight of the fact that Covid could have been introduced in any other parts of Sydney, and we may well have had transmission of the virus just continuing.
Prepared by Stephanie, Analyst at BAD BEAT Investing
Those who follow our exclusive chat room frequently know that we said financials were going to face pressure, but there was only one that we fully endorsed while everyone else was negative. This was, of course, the best-of-breed JPMorgan Chase (JPM). We are frequently asked about banks, along with hundreds of other stocks a week, in our group. We have been clear – stay away from the other banks short term, but consider JPM. On the downside, we have very low rates. We also have strong risks from loan forbearance, mortgage deferrals, and straight-up defaults weighing on the sector. But we have felt the name was a good buy from $80-85. This market gave you multiple chances to get in. While real economic data weighs, the company truly put out a heroic quarter, showing why it is dominant. But it was not all good news. Relative to its competition, it was impressive. Let us discuss. We remain bullish and think it is a solid stock to not only trade but to invest in the long term, which is why we want to scale in.
Headline numbers impress
JPMorgan had a tremendous quarter when it came to the headlines versus historic performance, but relative to expectations, was heroic. No one really knew where it would come in. Overall, the headline numbers reflected the pain of the COVID-19 crisis, which has led to reduced demand and changing banking activity from the norm, but it trounced expectations. Of course, after a near-50% drop from peak to trough in the stock, well, we can see the market priced in disaster. Q2 was better than expected, but Q3 could see the pain continue, at least operationally. Managed revenue was $32.9 billion, up about 15% year over year. This was above our expectations for $30 billion by nearly $3 billion. This continues a pattern of strong growth in Q2 revenues over the last several years:
What a result. We obviously had been ratcheting down our expectations for the year. The same thing happened with analysts. The competition has struggled. But JPM hit a home run. Revenues were eye-popping. It was not all sunshine and roses here though. Operational expenses were hiked by 4% from a year ago, while provisions for credit losses were atrocious, at a massive $10.5 billion versus an average $1.5 billion in each of the last 3 quarters of 2019. It was also up from Q1 2020’s $8.2 billion. This offset the massive revenues, and EPS showed a reduction from last year’s Q2:
Source: SEC Filings, graphics by BAD BEAT Investing
In last year’s Q2, the company saw earnings per share of $2.83, or $9.6 billion total. The result this quarter beat our expectations for $1.10 by $0.28, and that was with us expecting $30 billion in revenues and not nearly as many credit losses. Let us delve a bit into the major income metrics.
Interest and non-interest income
So those who follow our work know that when looking at a bank, we like to look at both of the major classifications of income. Oftentimes, they are dichotomous, with growth in one area and contraction in others.
That said, JPMorgan’s performance reflected such a dichotomy in these metrics. Over the years, the trend is higher for both measures. In the present quarter, non-interest income spiked a massive 33% to $19.1 billion. This was a result of a ton of client trading activity.
Net interest income had grown for years, but now we are seeing the impact from rates. This quarter, net interest income was flat versus last year. The pace of growth has slowed down due to rates. It came in at $13.8 billion, down 4%, which was not as bad as we thought. The impact of rate cuts did not weigh like we thought. We do have to point out that assets under management increased to $2.5 trillion from last year and was up 12% from just 3 months ago. Huge trading was taking place. As assets under management continue to grow, it is important to look at any movements in the company’s provision for credit losses. And the provisions were quite jaw-dropping.
Loan growth continues along with provisions for credit losses
We saw continued growth in the loan portfolio from last year, as total loans were up 2% from last year. With rising loans, we need to be mindful of possible credit losses, and believe me, those losses were huge.
Provisions for credit losses were up from last year drastically, but even before COVID-19, things had been volatile, and provisions had risen over time. But what we saw here was crazy. When provisions expand, we are cautious because it may mean the company is making risky loans, or borrowers may not be able to pay. In this case, it is the latter – with all of the unemployment creeping up, and with small businesses not having revenue, businesses closed. The results are bearish for the economy and the consumer’s health, but the bank will do well in the medium term.
Normally, we watch this as a measure for loan safety. Please note that this does not mean there will be losses, we just like to note how much is being set aside.
Much of the reserves are in the consumer portfolios, where much of the new loan activity is ongoing. The company entered this crisis in a position of strength, and it still remains well-capitalized and highly liquid with total liquidity resources of over $1 trillion.
While it is tightening some lending criteria, in the second quarter, the underlying results of the company were extremely good. However, given the likelihood of a fairly severe recession, it was necessary to build credit reserves resulting in total credit costs of $10.5 billion for the quarter. The provision was intentional but far beyond what we expected. We thought they would be about flat from Q1 2020.
Highly efficient bank
One metric that has not seen improvement over the last few years is the efficiency ratio, but again, it doesn’t really matter because the bank is highly efficient.
The efficiency ratio looks at the costs expended to generate a dollar of revenue. This metric has long been attractive for JPM. As a whole, JPMorgan Chase has seen its efficiency ratio remain solid, and this quarter put in the best we have ever seen for this metric for JPM at 51%. Lower is better, of course. We have generally stuck with a textbook target of about 50% for this critical indicator, so JPMorgan’s 51% efficiency demonstrates another reason why it is the best.
There is little doubt that JPMorgan Chase produced strong results here. The company spent the quarter positioning for a recession, playing defense. It got a huge boost from credit and wealth management. Besides the virus, there remain complex geopolitical issues, and global growth now is a major concern. However, this virus issue will not last. It will be a few more quarters of pain, and the economic issues will largely last through the end of the year.
The company still has a fortress-like balance sheet and is positioned to defend itself in coming quarters. We always contend that in the long term, the ups and downs of the stock don’t matter, and you should look to buy a quality company at a fair price. We have a high-quality company here that is at a discount, even with EPS taking it on the chin for a few quarters. It is a winner long term. You should be scaling in on declines. Don’t buy all at once, let the market inevitably give you better pricing.
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Disclosure:I am/we are long JPM.I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
CNN White House correspondent Jim Acosta tore into President Donald Trump’s marketing campaign-like Rose Yard speech on Tuesday night, saying the explanation no one in the White Home stopped it is since the team is “down to Kool-Help drinkers and up coming of kin.”
In what was to begin with billed as a press meeting to announce China sanctions, the president rapidly veered off into a rambling stream-of-consciousness rant that echoed just one of his rally performances. Repeatedly attacking presumptive Democratic presidential nominee Joe Biden, Trump aired a collection of grievances and characterized Democrats as hating America so substantially that they “wouldn’t mind” if terrorists blew up their metropolitan areas.
“Presidents do not use the Rose Back garden in that form of bare political vogue,” he additional. “That was not a press convention, as the WH explained it. It was a marketing campaign rally disguised as a press conference. It was a bait and switch.”
Hours later on, Acosta appeared on anchor Anderson Cooper’s method to go over the presser, which Cooper described as a “meandering screed” that demonstrates “how numb we are” for the reason that we no for a longer time obtain it surprising.
Immediately after blasting Trump for peddling far more lies about the coronavirus pandemic that is killed approximately 140,000 Us residents, the CNN anchor puzzled aloud if there was any individual in the administration who could steer Trump absent from these spectacles.
“No, Anderson, we’re down to Kool-Aid drinkers and future of kin in this article at the Trump White Property,” the reporter snarked in response. “There are no more older people that will degree with the president and convey to him he simply cannot supply a rally-like rant in the Rose Back garden as he did previously.”
Acosta went on to say that one particular of the reasons most networks no for a longer time have the president’s rallies is since he cannot be relied upon to notify the reality, incorporating that Trump experienced taken a location intended to be no cost of presidential politics and “plunged it headfirst into a cesspool of campaign politicking.”
Immediately after reporting on some of the lowlights of the speech, the CNN correspondent reiterated that there was no one in the White House who would “rein him in,” including that he thinks Trump will continue to make the most of the Rose Garden as a rally room.