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They’ve Come a Long Way: FHFA Details Progress of Non-Performing Loan Sales

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Fannie Mae FHFA Freddie Mac Non-Performing Loan Sales 2016-03-03 Brian Honea About Author: Brian Honea Sign up for DS News Daily Freddie Mac conducted an initial pilot sale in August 2014 covering $596 in unpaid principal balance (UPB) and another one in March 2015 covering $349 in UPB. Also that month, the FHFA issued enhanced guidelines for the GSEs’ NPL sales programs aimed at further reducing the Enterprises’ losses and improving borrower and neighborhood outcomes. Under the new guidelines, bidders in the NPL auctions must show evidence that they have the experience and capability to help borrowers avoid foreclosure; they must identify their servicing partners and demonstrate a successful track record of loan resolution through foreclosure alternatives; apply a “waterfall of resolution tactics,” using foreclosure only as a last resort; market to owner-occupants and non-profits first when an NPL results in an REO property; increase transparency of the sale process and post-sale borrower outcomes by increasing pre-sale and post-sale disclosures; and encourage bids from non-profits who have the objective of stabilizing neighborhoods through offering smaller pools.After the requirements were issued, Freddie Mac conducted eight more NPL sales covering 24,372 loans in 24 pools. Fannie Mae conducted a pilot sale in June 2015 covering 2,477 loans, after which the Enterprise received the go-ahead to conduct more sales. Later in 2015, Fannie Mae conducted two more NPL sales; in all, the transactions included six pools of collateral covering 7,965 loans.“Both Enterprises developed pages related to NPL sales on their web sites to educate and assist interested bidders,” the FHFA said. “In an effort to encourage more nonprofit bidders, both also hosted one-day NPL seminars featuring overviews of bidder-qualification, eligibility, and data-room-access requirements, and bidding, funding, closing, and servicing processes.”The GSEs worked to strengthen existing relationships with diverse broker-dealers to ensure more diversity and inclusion in the NPL sales, according to FHFA. Fannie Mae and Freddie Mac engaged diverse broker-dealer firms to help market NPL sales to non-profits and small investors for each NPL transaction.“The Enterprises and FHFA will assess borrower outcomes of NPL sales going forward,” FHFA said. “Because of the time it takes to transfer sold loans to a new servicer, evaluate borrowers for foreclosure prevention actions and complete trial periods for loan modifications, it requires six to twelve months after the date of an NPL sale to receive meaningful data on borrower outcomes. FHFA plans the first public release of NPL sales data in 2016.”Click here to view the FHFA’s complete 2015 Scorecard Progress Report. They’ve Come a Long Way: FHFA Details Progress of Non-Performing Loan Sales Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. in Daily Dose, Featured, News, Secondary Market Fannie Mae and Freddie Mac officially launched their non-performing loan (NPL) sales programs in 2015 after their conservator, the Federal Housing Finance Agency (FHFA), issued enhanced guidelines for those programs in March.On Thursday, the FHFA provided an annual update on the progress of Fannie Mae’s and Freddie Mac’s non-performing loan sales programs as well as other GSE programs in the FHFA’s 2015 Scorecard Progress Report.The purpose of the Scorecard Progress report is to summarize the major activities of Fannie Mae and Freddie Mac that contributed to achieving the FHFA’s three objectives as conservator of the GSEs as set forth in the 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac, which was published in May 2014. Those three objectives are: Maintain foreclosure prevention activities and credit availability for new and refinanced mortgages to foster national housing markets that are liquid, efficient, competitive, and resilient; Reduce risk to taxpayers by increasing the role of private capital in the mortgage market; and build a new single-family securitization infrastructure for the GSEs to use and for other secondary market participants to use in the future.“This Progress Report underscores our commitment to accomplishing our goals of fostering liquidity and efficiency in the housing finance markets, reducing risk to taxpayers, and building a new mortgage securitization infrastructure, and our commitment to doing so in a safe and sound manner,” FHFA Director Melvin L. Watt said.  “Working collaboratively with Fannie Mae and Freddie Mac, we have accomplished a tremendous amount over the past year and we look forward to building on this success in 2016.”Under the objective of foreclosure prevention, the 2015 scorecard called for the GSEs to reduce the number of severely delinquent loans in their single-family portfolios. The purchaser’s final interest, according to FHFA, is helping the borrowers avoid foreclosure and re-perform on their loans.“Purchasers typically transfer loan servicing to a specialty servicer skilled at working with borrowers to achieve a mutually beneficial outcome,” FHFA said in the report. “Thus, an NPL sale can increase the potential for a borrower to benefit from foreclosure avoidance actions, such as a HAMP or proprietary modification, forbearance, a short sale, or a deed-in-lieu transaction.” Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img March 3, 2016 1,218 Views Tagged with: Fannie Mae FHFA Freddie Mac Non-Performing Loan Sales Previous: AACER: Bankruptcy Filings Remain Virtually Unchanged Over-the-Year Next: Treasury Issues First Guidance on Termination of Making Home Affordable Program Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / They’ve Come a Long Way: FHFA Details Progress of Non-Performing Loan Sales Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago “Working collaboratively with Fannie Mae and Freddie Mac, we have accomplished a tremendous amount over the past year and we look forward to building on this success in 2016.”FHFA Director Mel Watt Subscribelast_img read more

Snite Museum hires new art director

first_imgThe new director of the Notre Dame Snite Museum of Art, Joseph Becherer, began work at the University earlier this month and has since spent time becoming familiar with his staff and the museum’s collection of art.The University’s decision to hire Becherer was announced in the fall, and besides directing and working with exhibits in the Snite, one of his main tasks will be working towards the construction and design of the new Raclin Murphy Museum of Art, set to open in 2022.Becherer has previously done work directing and curating pieces for exhibitions and installations including the Frederik Meijer Gardens & Sculpture Park in Grand Rapids. Prior to coming to Notre Dame, he was the Lena Meijer professor in the history of art at Aquinas College, where he taught renaissance, baroque and contemporary art courses.Becherer said he is excited and honored to join the Snite Museum and the Notre Dame community.“For me, one of the most important things is that every great university deserves to have a great art museum,” he said. “Notre Dame deserves to have great museum and I am honored to help however I best can to deliver that great museum to this great university.”During the short two weeks he has been working for the University, Becherer said he has given a lot of thought into the direction he has envisioned for the current and new art museums of Notre Dame.“The best new museum structures, I believe, are the ones that are built from the inside out,“ he said. “It’s really a very communal experience. It starts out with the 18 people that are here on staff and extends to those faculty and our many wonderful students that engage with us regularly. So, there are a lot of people that will help us decide what that inside is going to be like and how best we can use it not just for this current generation but for future generations. … This is a museum that you want to be relevant and interesting for today but you want to also ensure is vibrant and important for tomorrow.”Becherer said his career thus far has been interesting, challenging and positive. He said experiences have prepared him for this special task and that he has fresh, exciting points of view to bring to the table and community of Notre Dame.Gina Costa, marketing and public relations program manager for the Snite Museum, said “[Becherer’s] experience with contemporary sculpture and the remarkable collection he has acquired from international artists at the highest level brings new expertise and a new vision to lead us into the next decade as we look forward to the new Raclin Museum.”Particularly exciting to Becherer is the prospect of working in a Catholic university, he said, as he was born and raised Catholic and describes a particular passion about religion in the arts.“I have always been so deeply in awe at how significant the arts have been in the history of the Catholic Church,“ Becherer said. “ … Through the Middle Ages, the Renaissance, and even today the visual arts have been significant to the Catholic experience. [Being at Notre Dame] adds a dimension to my work in a museum context which I find deeply moving and full of potential. So much of every large museum collection has a connection to history and traditions. For me, it’s an extremely moving and meaningful opportunity.”Having an art museum on campus is an important resource for all members of the community, Becherer said, and he encourages everyone to come and explore the museum.“I think that the most important thing is to realize that this museum is open to everybody,” he said. “ … It is a very critical and affirming resource that helps you to really understand how truly beautiful and special it is to have the arts as part of the human experience and I encourage everyone to pop in. You got ten minutes? Great. Got an afternoon? Come on in. It’s free. Just come in and see just one thing and find out what it is … appreciate that moment.“Tags: Joseph Becherer, Raclin Murphy Museum of Art, Snite Museum, Snite Museum of Artlast_img read more

What Are Focus Charts and Why Do You Need One?

first_imgEver used a focus chart? Learn more about this important filmmaking tool and discover how it can help your next production.Top image via Hurlbut VisualsThe very first thing you need to do before you ever roll on a single camera is obtain critical focus. By making absolutely sure you have critical focus, you’re ensuring that your final product is of professional quality. Most cameras have a magnify feature option that allows you to crop in closely to a subject and set your focus.Basic Filmmaker has a great four-part series on how to get the critical focus you need. Here’s the first part.There are several tools you can use while on location or on set that will help you capture critical focus. One such tool is a focus chart.What Is a Focus Chart?Basically, a focus chart acts like a target. It gives you multiple areas to zoom in on in order to get the focus you need. You will usually see a focus chart utilized in a controlled studio environment, but it isn’t always necessary. Focus charts are typically used when working with shallower depths of field. It’s common to see focus charts used on a product or low-light shoot.Focus charts can also be used for calibrating lenses and testing your camera’s autofocus. Using a focus chart, you can quickly determine if your lens or your camera is causing chromatic distortions.Image via Distant BlueWhere Can You Get Your Hands on One?When you first do a search for focus charts, you’ll find that they aren’t cheap. The less-expensive ones are around $100, while some can get as high as $1500 or more. If you’re on a budget, you can download Distant Blue’s Focus Chart App. It’s free and essentially turns your smart phone or tablet into a focus chart.If you would rather have a printed version of the focus chart, but don’t have the money to purchase one, then you can make one in Illustrator. Join Adobe evangelist Colin Smith in this great video tutorial as he breaks down the process.Video via VideoRevealedDo you use a focus chart for your productions? How do you capture critical focus? Share your techniques in the comments below.last_img read more

ECI cell to monitor fake news, poll code violations on social media

first_imgCandidates contesting the Maharashtra Assembly elections will be under watch not just physically, but also in the cyberspace, with the Election Commission of India (ECI) setting up a dedicated cell to monitor their activities on social media platforms ahead of the polls. Cyber crime officials said the social media monitoring cell was set up earlier this month, in light of the observation that social media has become a popular platform for election-related activities. The cell will be headed by Superintendent of Police Balsing Rajput, Maharashtra Cyber, who is also the nodal officer for Maharashtra for the cell.“We are watching out for any and all content uploaded on social media that could amount to violation of any kind, and will be reporting these instances to the relevant authorities. This includes scanning all mediums like Facebook, Twitter and Instagram,” Mr. Rajput said. The cell will mainly be keeping an eye out for three kinds of violations. The first kind is any content being shared that might amount to defamation, rumour-mongering or fake news, and such instances will be forwarded to the concerned police units for further action. The second is violation of the model code of conduct, which will be reported to the ECI. The third category is of posts that might give rise to law and order problems, in which case they will be removed from the internet. “There is a lot of scope for violations through social media, such as holding live events on Facebook or Instagram when campaigning is forbidden, or uploading advertisements of candidates on such platforms when it is not allowed. Any activities which hamper the election process will be liable for action,” Mr. Rajput said. The cell will also scan social media for posts by citizens drawing attention to wilful violations of the model code of conduct by candidates or their supporters, including enticement for votes and use of force or intimidation, officers said.last_img read more

Harvey Norman Special Offer

first_imgNRL Touch Football’s major partner, Harvey Norman, has a great deal for members through the TFA website and newsletter. The Fitbit Surge is now available at a special price of $312 when using the code below, a saving of $34. The Fitbit Surge features GPS tracking, a heart rate monitor, the ability to measure steps, distance, calories burned, elevation and active minutes, a long battery life also displays notifications such as call, text and current music playing when linked to your smartphone. For more information, please click here. To take advantage of this deal, you’ll need to use the code TOUCH16SURGE to redeem (online only. Not to be used with any other offer and limit to one per customer). Hurry, the offer is only valid until Friday, 29 January. Stay tuned to the TFA website and newsletter for more great Connected Health and Fitness deals from Harvey Norman. Related LinksHarvey Norman Deallast_img read more

13 days agoNapoli captain Insigne: I DO row with Ancelotti

first_imgNapoli captain Insigne: I DO row with Ancelottiby Carlos Volcano13 days agoSend to a friendShare the loveNapoli captain Lorenzo Insigne admits he rows with coach Carlo Ancelotti.Insigne was dropped for their Champions League draw with KRC Genk.“My rapport with Ancelotti is a bit odd, as at times we have had rows, but that’s all down to our respective personalities,” Insigne told Rai Sport.“Carlo remains an extraordinary Coach and I really hope to win with him. Over two years of training sessions, when I arrived late or irritable, at times I’ve responded to some of his observations, but these are incidents that start and end there, they don’t get dragged on.“Obviously, that’s not all that happens, as I can joke around with the Coach too. Since he’s been at the club, he has never forced me to take on a role I didn’t want.” About the authorCarlos VolcanoShare the loveHave your saylast_img read more

Video: Lee Corso Finally Picks Michigan State On College GameDay

first_imgThree times this year, ESPN College GameDay analyst Lee Corso had the opportunity to pick Michigan State. Three times he opted not to, and consequently, lost. It appears that he’s finally a believer.Saturday, Corso, in Indianapolis ahead of the Big Ten title game between the Spartans and the Iowa Hawkeyes, picked MSU to win the conference. He donned a large Spartans helmet to make his pick. Here’s video, via FanSided’s Mike Dyce.Corso picks Michigan State pic.twitter.com/F7YIQ1I5Yl— Mike Dyce (@mikedyce) December 5, 2015Lee Corso is 0-3 picking against @MSU_Football in @ChevyTrucks #SaturdaySelections this year. He learned his lesson! pic.twitter.com/Ga5f0ftKmx— ESPN (@espn) December 5, 2015Corso’s blessing isn’t exactly a good thing – he’s just 3-10 on the year. That being said, Michigan State fans are still probably feeling pretty good about his decision.last_img read more

Freeland touts made in Canada NAFTA approach meet with advisory panel

first_imgOTTAWA – The Canadian automotive industry is anxiously waiting to see if the next round of NAFTA negotiations will provide some clarity on American demands that vehicles must have “substantial” U.S. content to qualify for duty-free movement within North America.Rules of origin — one of the most complicated and contentious issues on the table, particularly when it comes to the auto sector — is on the agenda for the third round which starts Saturday in Ottawa.David MacNaughton, Canada’s ambassador to the U.S., acknowledged Friday that the clock is ticking on the talks overall — and that negotiators won’t be able to take a passive approach if they want the best deal possible.“We do have an opportunity to be a real powerhouse in the world, and keep our citizens prosperous and happy, and we can’t do that simply by playing defence,” MacNaughton said following an event in Banff, Alta.“We’ve got to really iron out some of the difficulties that have emerged, or some of the things that weren’t thought of in 1994, but also look forward 10 years and say, ‘Where we want to be there?’“The one thing that I can absolutely assure you of: I am 100 per cent confident, in terms of these discussions, that there will be some drama before they’re over.”But while Canadian officials had been hopeful the U.S. would finally put some flesh on the bones of its auto-sector position over the course of the five-day session, they say it’s now uncertain whether American negotiators are ready to show their hand.Flavio Volpe, president of the Automobile Parts Manufacturers Association, said everyone in government and industry is ready to spring into action the moment the U.S. tables its position but, in the meantime, they’re all “circling the airport.” He suspects they’ll have to continue circling for some weeks yet.As far as Canadian officials are concerned, automobiles — specifically, the exodus of auto industry jobs and investment to low-wage Mexico — are at the root of President Donald Trump’s threat to rip up the North American Free Trade Agreement. And resolving the problem will be the key to the success, or failure, of efforts to rewrite the trilateral trade pact.Hence, the eagerness to find out precisely what is the American bottom line on rules of origin.“We’re waiting with bated breath, I guess, like our Canadian negotiating team and probably the Mexican negotiating team, as to what the U.S. is actually going to propose,” says Mark Nantais, president of the Canadian Vehicle Manufacturers’ Association.U.S. Trade Representative Robert Lighthizer opened the first round of negotiations in Washington last month with the aggressive pronouncement that “rules of origin, particularly on autos and auto parts, must require higher NAFTA content and substantial U.S. content.” Moreover, he said there must be a way to verify that content.The U.S. has not gone into any further detail since then. But it’s bound to be controversial when they do.“Trade negotiations are based on the concept of a balance of concessions and the United States explicitly wants an imbalanced result (that favours the U.S.),” says Ted Alden, senior fellow with the Council on Foreign Relations in Washington.“That’s going to be a pretty hard thing for Canada and Mexico to swallow and I’ve never seen a trade negotiation conducted where that was the starting point.”Under the current terms of NAFTA, at least 62.5 per cent of a vehicle’s content must be made in North America to qualify for duty-free access between the U.S., Canada and Mexico — which is already “the highest content requirement of any trade deal we’re aware of,” according to Nantais.Reports in the U.S. suggest the Trump administration wants to raise that to more than 70 per cent and add a requirement that anywhere between 35 and 50 per cent must be made specifically in the United States.Moreover, the U.S. reportedly wants to add steel and electronics, which aren’t currently included, to the list of components whose country of origin must be traced.Automakers on both sides of the border contend the U.S. position would disrupt their fully integrated North American supply chain, add costly red tape and ultimately weaken the North American industry’s competitiveness.And trade experts on both sides of the border are warning that it could backfire.In a paper published Thursday, Scotiabank Economics argues that there is no need to tighten rules of origin for the auto sector; more than 75 per cent of vehicle parts are already made in North America.That could drop, the paper acknowledges, with the rapidly increasing computerization of cars and trucks since the electronic components are primarily produced in China, Japan and Germany. But tightening the NAFTA content requirement wouldn’t necessarily result in those components being made in the U.S.More likely, Scotiabank says automakers would move more production to Mexico or even opt to conduct trade outside NAFTA altogether, preferring to pay the 2.5 per cent tariff on auto imports to the U.S.Dionisio Perez Jacome, Mexico’s ambassador to Canada, warned Friday of precisely such a scenario if the requirement for U.S. content is increased.“We have to look at it very carefully, in order not to have it backfire,” he said.“Certain companies, if we increase it too much, might just opt to import cars directly and pay the 2.5 per cent tariff and we would lose that production. So that is an element that needs to be discussed.”Unifor president Jerry Dias, whose union represents Canadian autoworkers, supports hiking the North American content requirement, but warns it can’t be done in isolation.“Unless you fix the rest of the mess, it’s meaningless,” says Dias, who “absolutely” expects to see more detail on the American position during the next few days.The rest of the mess includes, in his view, more stringent labour standards that would significantly hike wages for Mexican auto and auto parts workers and an increase in the low U.S. and Canadian tariffs on imported vehicles outside of NAFTA.Without those two additional measures, he says more jobs and investment will simply wind up flowing to Mexico or outside North America altogether.— With files from Armina Ligaya in Toronto and Ian Bickis in Banff, Alta.last_img read more

Health care energy companies power US stock market higher

first_imgWall Street capped a day of volatile trading with a late-afternoon buying spree that sent U.S. stock indexes to a mostly higher finish Friday.Despite the 11th-hour rally, the benchmark S&P 500 index ended with its second weekly loss in four weeks.Gains in health care and energy companies powered the market higher.The market got a brief boost after President Donald Trump expressed optimism that the U.S. and China will reach a deal to resolve their costly trade dispute. The remarks came as representatives of both countries have resumed talks.Large retailers and media and communications companies were the laggards.“The market and market participants are more unsettled now than they have been in years,” said Tom Martin, senior portfolio manager with Globalt Investments. “We’re that much further on in the cycle and you have these tariffs and trade wars that are really still in the very early stages.”The S&P 500 index rose 6.07 points, or 0.2 per cent, to 2,736.27. The Dow Jones Industrial Average gained 123.95 points, or 0.5 per cent, to 25,413.22. The Nasdaq composite slid 11.16 points, or 0.2 per cent, to 7,247.87. The Russell 2000 index of smaller companies picked up 3.41 points, or 0.2 per cent, to $1,527.53.The S&P 500, which finished higher for the second straight day, ended the week with a loss of 1.6 per cent.Like much of this week, the market spent much of Friday veering between bouts of listless trading and modest swings.“Investors are really trying to figure out how they want to be positioned based on the incoming information,” Martin said. “It’s not surprising to me that at this time of year, given what we’ve seen, that we’re getting the intraday moves we’re getting.”One of the day’s market swings came as traders reacted to Trump’s remarks on trade.At the White House, speaking about the lingering trade dispute, the president said he hoped the U.S. could make a deal with China.“I think a deal will be made,” Trump said. “We’ll find out very soon.”Stocks snapped higher after the remarks were reported, with the Dow briefly jumping as much as 220 points, before pulling back to about where they were beforehand.Soybean futures spiked after Trump’s comments. Soybean prices have fallen sharply since this Spring as the trade dispute with China led to a steep drop in China’s purchases of U.S. soybeans. Soybean futures jumped from $8.83 to $8.92 a bushel following the comments. They had traded as high as $10.78 a bushel in early March.The Trump administration has imposed a 10 per cent tariff on $200 billion of Chinese goods over complaints Beijing steals or pressures foreign companies to hand over technology as the price of market access. That tariff is set to rise to 25 per cent in January. Another $50 billion of Chinese goods already is subject to 25 per cent duties. Beijing has responded with penalty duties on $110 billion of American goods.Washington and Beijing resumed talks over their spiraling trade dispute this week ahead of a meeting between President Xi Jinping and Trump, China’s Commerce Ministry said Thursday.Health care stocks were among the biggest gainers Friday. Universal Health Services gained 3.9 per cent to $133.Troubled California power provider PG&E surged 37.5 per cent to $24.40 after the president of the utility’s state regulator said it was essential for a power company to have the financial strength to operate safely. The remark late Thursday by California Public Utilities Commission President Michael Picker appeared to reassure investors concerned the company may face a torrent of costs related to the devastating wildfire in Northern California. There’s been speculation that PG&E’s equipment may have set off the blaze, which started Nov. 8 and has killed at least 56 people.Chipmaker Nvidia led a sell-off in technology stocks. The company plunged 18.8 per cent to $164.43 after saying it had a large number of unsold chips because of a big drop in mining of cryptocurrencies.Retailers also weighed on the market. Nordstrom cratered 13.7 per cent to $50.93 after the department store issued weak guidance for the full year. That disappointing outlook overshadowed the company’s third-quarter results, which topped Wall Street’s estimates.Williams-Sonoma tumbled 11.2 per cent to $53.76 after the cookware seller said products were delayed because of shipping congestion out of China ahead of U.S. tariffs.The price of U.S. crude oil finished flat after a two-day winning streak. Benchmark U.S. crude oil was unchanged at $56.46 a barrel in New York. Brent crude, used to price international oils, gained 0.2 per cent to $66.76 a barrel in London. Despite the latest uptick, U.S. crude oil is still down about 13 per cent for the month.The pickup in oil prices helped lift energy stocks. Helmerich & Payne rose 4.2 per cent to $62.59.In other energy trading, heating oil held steady to $2.07 a gallon and wholesale gasoline jumped 1.3 per cent to $1.58 a gallon.Natural gas, which spiked earlier this week amid forecasts calling for a cold snap across much of the Northeast and South, continued to climb Friday, adding 5.8 per cent to $4.27 per 1,000 cubic feet. It is now up around 32 per cent this month.Bond prices rose. The 10-year Treasury fell to 3.07 per cent from 3.11 per cent late Thursday.The dollar fell to 112.83 yen from 113.58 yen on Thursday. The euro strengthened to $1.1412 from $1.1348. The pound rose to $1.2831 from $1.2791.The price of gold rose 0.7 per cent to $1,223 an ounce. Silver gained 0.8 per cent to $14.38 an ounce. Copper climbed 1.9 per cent to $2.80 a pound.Major European stock indexes closed lower as trade tensions and political risks surrounding Britain’s exit from the European Union kept investors cautious. Germany’s DAX lost 0.1 per cent and France’s CAC slid 0.2 per cent. Britain’s FTSE 100 gave up 0.3 per cent.In Asia, Japan’s Nikkei 225 index lost 0.6 per cent while the Hang Seng in Hong Kong added 0.3 per cent. South Korea’s Kospi rose 0.2 per cent.Alex Veiga, The Associated Presslast_img read more

Canfor sawmills in BC are curtailing production

first_img“We are working to mitigate impacts on our employees as much as possible,” said Don Kayne, President and Chief Executive Officer. “We have made the difficult decision to curtail our BC sawmill operations over the fourth quarter due to log supply challenges following another difficult wildfire season, uncompetitive log costs and declining lumber prices.” Vancouver B.C. – Canfor’s B.C. sawmills will be curtailing production while mitigating the impact on employees.Canfor Corporation announced Thursday during Q4 2018 due to log supply constraints, log costs and current market conditions curtailment will are required by the company and expected to reduce production output by approximately 10 percent throughout the quarter.Lumber production will be reduced by decreasing operating days and achieved through immediate short-term curtailments at some facilities, along with extended downtime at Christmas.last_img read more