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Manulife Q3 core earnings up 10.1%

first_img “I don’t want to be so beholden to a target that we will make sacrifices with respect to the long-term health of the business in order to meet that target … This is not the kind of management team that is going to sacrifice the long-term in order to make the target,” he told analysts during a conference call Thursday. “So, given that we don’t want to be communicating to the Street about things that we are thinking about doing, we don’t want to have to be updating the outlook to that target which would naturally reflect the timing of those activities.” Guloien said analysts and investors should be confident that Manulife is continuing to meet its long-term goals. “The bottom line message is, you’re really buying a company with a long-term trajectory of earnings sure 2015 is important but you hear a lot of velocity going into 2017 and beyond,” he said. Earlier in the day, the insurance and wealth management company reported that it had $755 million of core earnings in the third quarter, up 7.4 per cent from a year earlier. The core earnings amounted to 39 cents per share, up from $704 million or 36 cents per share a year earlier but a penny short of analyst estimates as compiled by Thomson Reuters. Manulife said its net income for the three months ended Sept. 30 was $1.1 billion or 57 cents per share, up from $1.034 billion or 54 cents per share in the third quarter of 2013. Analysts had estimated 26 cents per share of net income but Manulife has said in the past that its core earnings are a better measure of the company’s profitability because of the nature of its business. Manulife said the increase in its core profit was driven by higher fee income on increased assets under management at its wealth businesses, lower net hedging costs and the favourable impact of a stronger U.S. dollar. The company saw declines across its North America operations as wealth management sales fell 15 per cent in Canada and six per cent in the United States. On the insurance side, sales in the U.S. sales were down 19 per cent and down 23 per cent in Canada. Despite the lower growth, the company gained strength from operations in Asia, where insurance sales were up 46 per cent and wealth management sales climbed 74 per cent. The gains were driven across Hong Kong, Indonesia and Japan. In September, Manulife announced it was acquiring the Canadian-based operations of Standard Life PLC for about $4 billion in cash. The transaction has been approved by Standard Life shareholders and cleared the Canadian Competition Act waiting period on Nov. 10, but the company is awaiting further approvals. The deal is expected to close in the first quarter 2015. Manulife shares closed down seven cents at $21.60 Thursday on the Toronto Stock Exchange. Manulife Financial (TSX:MFC) says it doesn’t plan on providing updates on its guidance after 2015. Donald Guloien, Manulife’s president and chief executive, said the company will still talk about business developments, but wants to avoid getting caught up in fluctuating performance over the short term. Laurentian Bank reports $53.1M profit in Q2, beats expectations Canadian banks to focus on growth, spending and buybacks after strong second quarter Canaccord reports record revenues, drops proposal to acquire RF Capital Canadian Press center_img Share this article and your comments with peers on social media Related news Keywords Earnings,  MarketwatchCompanies Manulife Financial Corp. Facebook LinkedIn Twitterlast_img read more

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IMS to build dirt track inside oval, host race during Brickyard 400 week

first_imgINDIANAPOLIS – The Indianapolis Motor Speedway will add to its luster as the Racing Capital of the World with the construction of a quarter-mile dirt track inside its famous oval, hosting a United States Auto Club Midget National Championship event during Big Machine Vodka 400 at the Brickyard Powered by Florida Georgia Line race week in early September.Race week for the Big Machine Vodka 400 at the Brickyard powered by Florida Georgia Line will feature an even wider variety of thrilling action with the USAC P1 Insurance Midget National Championship competing in a two-night spectacular event, the Driven2SaveLives BC39, on Wednesday, Sept. 5 and Thursday, Sept. 6. The event honors late USAC champion and three-time Indianapolis 500 starter Bryan Clauson and increases awareness of Indiana Donor Network and Driven2SaveLives.RELATED: Get your Indianapolis tickets todayThe Driven2SaveLives BC39 will include a unique format ending with a 39-lap feature Sept. 6 in the richest Midget racing event in recent history. The event will feature more than $70,000 in purse and incentives, including a $15,000 winner’s purse – the largest in Midget racing.Dirt and asphalt racers from around the country have expressed interest in the event, with a large and diverse field – including Monster Energy NASCAR Cup Series drivers – expected to compete.“This is an exciting new chapter of the longtime relationship between USAC and the Indianapolis Motor Speedway and reinforces the connection between short-track racing and this facility,” IMS President J. Douglas Boles said. “The Speedway truly is The Greatest Race Course in the World, and adding a dirt track will create even more opportunities for fans to enjoy the magic of IMS. We can’t wait to see some of the best drivers and teams in America compete here during Brickyard race week.”Construction of The Dirt Track at IMS, located inside Turn 3 of the oval, started last week with the first loads of Indiana clay arriving for grading. Concrete walls and safety fencing will be constructed during the summer, and portable lights will illuminate the track.Reece O’Connor of Kokomo (Indiana) Speedway is overseeing the track design and layout and supervising the construction. Allegiant International, a multinational advisory and consultancy firm based in Indianapolis, is facilitating the project.The United States Auto Club and IMS were synonymous for many years after the sanctioning body was formed in 1956 by IMS owner Tony Hulman. USAC was the sanctioning body for the Indianapolis 500 from 1956 through 1997.“Over the years, the Indianapolis Motor Speedway has played such a critical part not only in the formation but also the successful growth of the United States Auto Club,” USAC President/CEO Kevin Miller said. “Our roots originated at IMS, and our passion continues to reside here. To have USAC return to hosting a race at the Indianapolis Motor Speedway is a historic and exciting new chapter for our Midget series. We are beyond thrilled for both our competitors and fans to add this race to our 2018 calendar.”Ticket prices will range from $35-50 and go on sale in mid-July. Camping also will be available. Visit www.ims.com/bc39 for more information about this event and to learn when tickets become available.Indiana Donor Network, which oversees and coordinates organ, tissue and eye donation across the state, launched Driven2SaveLives in April 2016 with Verizon IndyCar Series driver Stefan Wilson to promote donation and transplantation awareness around the 100th Running of the Indianapolis 500. At the time, the campaign honored Stefan’s late brother, IndyCar race winner Justin Wilson, who died in August 2015 from injuries he sustained in a race crash and saved five lives as an organ donor.Three-time USAC Midget and two-time USAC Sprint Car national champion Clauson, a versatile and beloved driver, died in August 2016 following a race accident. As a registered donor, he went on to save five lives as an organ donor and continues to heal the lives of countless others as a tissue donor. In January 2017, Indiana Donor Network partnered with Clauson-Marshall Racing and expanded Driven2SaveLives into dirt track racing in honor of Clauson.last_img read more

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Northwest Woods Man Charged With Felony Coke Possession

first_imgEast Hampton Town police charged Rian O’Dwyer on a felony charge of possession of over a half-gram of cocaine. Independent/T. E. McMorrow A traffic stop led, ultimately, to the arrest of a Northwest Woods man on a felony cocaine possession charge early Sunday morning, September 9. According to East Hampton Town police, Rian O’Dwyer, 22, was speeding in a 2013 Toyota Tundra pickup on Route 114 a little before 4 AM, with a burned-out rear taillight. Failing roadside sobriety tests, he was placed under arrest.A breath test at headquarters indicated that O’Dwyer had .07 of one percentage alcohol in the blood, below the .08 mark that defines intoxication. O’Dwyer was charged with driving with ability impaired, a violation.When they frisked O’’Dwyer, police said they found two small plastic bags containing cocaine “on his person,” along with another four in the cabin of the pickup truck. Police said the total weight was over a half gram, leading to a felony possession charge.During his arraignment later Sunday morning, he was represented by Brian DeSesa. DeSesa said that O’Dwyer is a lifelong resident of East Hampton Town who has recently been seeking help for a substance abuse problem. Bail was set at $3000, which was [email protected] Sharelast_img read more

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Academy Awards promise a leaner show, and a new Oscar category for popular movies

first_imgAMPAS(LOS ANGELES) — Remember that Chris Rock Oscars bit in 2016 where Rock, that year’s host, quizzed people on the street as to whether or not they’d seen that year’s Academy Award-nominated movies?  And it turned out that many people hadn’t even heard of the movies in question, let alone seen them?  Well, that may soon change.Perhaps as a reaction to last year’s ratings for the 90th annual Academy Awards, which were the lowest ever, the Academy of Motion Picture Arts and Sciences tweeted today that a new category is “being designed around achievement in popular film.”What’s more, the ceremony’s 2020 show will air earlier in the year: February 9; by comparison, the 2019 show will be held on February 24.The most welcome piece of news, though, is that the Academy says it will take steps to battle the show’s tendency to run long — way too long, in many cases — and create a “more globally accessible, three-hour telecast.”Copyright © 2018, ABC Radio. All rights reserved.last_img read more

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Sentencing hearing continued for Calgary couple convicted in sons death

first_imgA forensic pathologist’s report said the boy was malnourished and died from a staph infection. The Crown said he was on the verge of death by the time his parents took him to hospital.The couple’s lawyers argued that doctors at the Alberta Children’s Hospital were to blame because they raised the boy’s sodium and fluid levels too aggressively.David Stephan, who with his wife Collet are to be tried a second time next week in the 2012 death of their son, sat in the gallery with a notebook during much of the Clarks’ trial.Stephan posted several Facebook videos from outside the courthouse decrying what he sees as the unfair treatment of the Clarks.The Stephans were found guilty in 2016 of failing to provide the necessaries of life to 19-month-old Ezekiel, who died from meningitis. The Supreme Court of Canada overturned their conviction last year and ordered a new trial.Lauren Krugel, The Canadian Press CALGARY — A sentencing hearing continued Friday for a Calgary couple convicted in the death of their 14-month-old son.A jury last fall found Jennifer and Jeromie Clark guilty of criminal negligence causing death and failing to provide the necessaries of life.The trial heard their toddler, John, didn’t see a doctor until the day before he died of a staph infection in November 2013.Jurors saw photos of the dead boy with a red rash all over his body and with blackened toes.READ MORE: Jury finds Calgary couple guilty in 2013 death of toddler sonThey were also shown screen shots of online searches for natural remedies for gangrene such as cabbage leaves and cayenne.During sentencing submissions on Friday, the Crown asked for four to five years in prison because the Clarks ignored their son’s worsening health, while the defence requested eight months in jail, followed by probation, saying they were loving parents who simply made a mistake.Crown says Clarke’s just needed to use common sense in order to be effective parents. But they failed in this and “failed John” by acting in an “ignorant and selfish” way.— Tom Ross (@Tommy_Slick) May 31, 2019 Starting off with a restatement of prior facts — signs of a loving home, parents cared for kids, going to hospital right after noticing blackened toes, Jennifer in a state of shock after learning he would die.— Tom Ross (@Tommy_Slick) May 31, 2019A judge will deliver a sentence on Wednesday morning.At the start of their sentencing hearing in February, the Clarks spoke of the deep sorrow they felt over John’s death.The rest of the hearing was postponed until today because a pre-sentencing report had not been submitted. There was no agreed statement of facts, because the defence and the Crown had contradictory views of John’s cause of death.last_img read more

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