Liferep.net

Tuesday September 8, 2015

// September 8th, 2015 // Comments Off on Tuesday September 8, 2015 // Daily News

Dick Bove: BofA board ‘should be eliminated

CNBC.com

Dick Bove, the vice president of equity research at Rafferty Capital Markets, has heaped pressure on Bank of America as shareholders get set to vote on the dual role of its CEO.
Pension funds and shareholder advisory firms have criticized a decision last year to overturn company policy and make Brian Moynihan the chairman of the bank as well as its CEO. A vote that could strip Moynihan of the chairman’s title has been set for September 22, but Bove told CNBC that the whole issue is merely a “tempest in a teacup.”
“I think it’s ridiculous that we’re going through this,” he told CNBC Tuesday, taking aim at the board itself.
“It should be a vote on the board, the board should be eliminated for putting the shareholder in this position.”
Proxy advisory firm ISS (Institutional Shareholder Services) on Friday joined Glass Lewis in recommending shareholders strip Moynihan of the chairman’s role. Critics have argued that a number of conflicts of interest arise when one person holds both titles.
In a statement last week, Bank of America’s board said that having the “same flexibility on board leadership that 97 percent of the S&P 500 now have, while still providing strong independent oversight, is still in the best interest of stockholders.”
Bove explained that this is the only company on the S&P 500 where the dual role is a problem and highlighted that there had been no academic studies to prove that split roles can either be an attribute or a hindrance.
“It is absolutely absurd,” Bove continued. He added that he continued to remain bullish on a company that he believes has managed to turn round its fortunes since the start of the global financial crisis.
“Bank of America is in position to show enormous gains in price over the next 12 to 18 months,” he said.
BofA’s tier one capital ratio—the amount of capital it keeps compared to assets weighted by the risk they carry and a key indicator of a bank’s ability to withstand economic shocks —is 12.5 percent, which is only slightly lower than JPMorgan Chase’s 12.8 percent and equal to Citigroup. It trades at 0.8 times book value, which is actually a slight discount to Citi’s 0.9 times and JPM’s 1.2 times, according to S&P Capital IQ.
BofA shares have faced a rocky few weeks, not just because of the wider market turmoil spreading from China. The stock is now down 12.5 percent year-to-date and has underperformed the S&P 500.

Today’s Inspiration

Make Love a Habit

by Joyce Meyer – posted September 08, 2015

And let us consider and give attentive, continuous care to watching over one another, studying how we may stir up (stimulate and incite) to love and helpful deeds and noble activities.
– Hebrews 10:24

If we intend to make love a habit, then we must develop the habit of loving people with our words. The fleshly (lower, sensual) nature points out flaws, weaknesses, and failures. It seems to feed on the negatives in life. It sees and magnifies all that is wrong with people and things. But the Bible says in Romans 12:21 that we are to overcome evil with good.

Walking in the Spirit (continually following the prompting or leading, guiding, and working of the Holy Spirit through our own spirit instead of being led by our emotions) requires being positive. God is positive, and in order to walk with Him we must agree with Him (see Amos 3:3).

It is easy to find something wrong with everyone, but love covers a multitude of sins: Above all things have intense and unfailing love for one another, for love covers a multitude of sins [forgives and disregards the offenses of others]. (1 Peter 4:8) Love does not expose faults; it covers them.

Monday August 31, 2015

// August 31st, 2015 // Comments Off on Monday August 31, 2015 // Daily News

Oil prices fall sharply on profit-taking, rate hike uncertainty

Justin Solomon | CNBC

Pipelines and oil storage tanks in Cushing, Oklahoma.
Oil fell below $49 a barrel on Monday after its biggest two-day rally in six years last week, pressured by a supply glut and renewed concern about a hard landing for China’s economy.
International benchmark Brent crude climbed 10 percent last week but was still heading for its fourth straight monthly decline and has risen in only two of the past 14 months.
Brent was down $1.25 at $48.80 a barrel shortly after 7 a.m. (1100 GMT). U.S. crude, which had rallied 12 percent last week, dropped 92 cents to $44.30.
Read MoreAre hopes for an oil bounce short lived?
“Volatility was high last week, so now we’re seeing some retracement—$50 is proving to be a resistance level,” said Olivier Jakob, analyst at Petromatrix, referring to Brent. “It is still a market which is very well supplied.”
Volume is expected to be lower than normal on Monday because of a British public holiday.
Chinese equities fell sharply on Monday before recovering much of their losses ahead of a survey expected to point to further economic weakness.
China will release its official reading on August factory conditions on Tuesday, and economists polled by Reuters believe activity likely shrank at its fastest pace in three years.
Excess supply is weighing on oil. The Organization of the Petroleum Exporting Countries, which used to adjust its own supply to keep crude above $100, decided in 2014 to let prices fall in order to retain market share.
OPEC’s forecasts point to an oversupply of more than 2 million barrels per day (bpd) on the market because of higher output from members including Saudi Arabia and Iraq, and resilient supply from countries outside the group.
Output from OPEC could rise even higher in 2016 if and when sanctions on Iran are lifted.
A possible increase in U.S. interest rates is expected to support the U.S. dollar, making dollar-priced commodities including oil more expensive for users of other currencies.
Investors are looking ahead to U.S. business surveys, factory orders, trade data and Friday’s nonfarm payrolls this week after comments by a top Federal Reserve official suggested a September rate rise was more likely than some investors expected.
“We believe that bearishness is still in play,” Phillip Futures said in a report.

Today’s Inspiration

Empowered through Christ

by Joyce Meyer – posted August 31, 2015

Be strong in the Lord [be empowered through your union with Him]; draw your strength from Him [that strength which His boundless might provides].
– Ephesians 6:10

Most of the things that are truly worth doing are never easy—we are not filled with the Spirit of God to do easy things. He fills us with His Spirit so we can do impossible things!

If you want to develop your potential and succeed at being all you can be, keep your eyes on the prize and press on! It won’t all be easy, but it will all be worthwhile. Most of those who blame everyone and everything for their failures had potential, but either did not know how to develop it or were unwilling to meet its requirements. When things don’t work out in our lives, it is not God’s fault. It isn’t really circumstances or other people who are to blame, because if God is on our side, they are not mightier than He is (Romans 8:31).

The truth is, when things don’t work out for us, it is because we have not obeyed God, not pressed on and been willing to take giant steps of faith. The world wants us to conform, but the Lord wants to transform us, if we will do things His way.

Lord, I ask You to fill me with Your Spirit right now so that I am fully equipped to do Your will in this world. I will press on and fight my way through all the fear and doubts that stand in my way. Amen.