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October 23, 2012 - 12:01 am ET UPDATED: 10/23/12 2:25 pm ET |
TORONTO (Reuters) -- Royal Bank of Canada has agreed to buy the Canadian auto finance and deposit arm of Ally Financial Inc. in a $4.1 billion deal to expand its vehicle-lending business at a time when loan growth overall is slowing in the country.
Canada's largest bank said on Tuesday the deal would give a big boost to its existing domestic consumer and commercial auto financing business, and position it as a leader in the segment.
Ally, majority-owned by the U.S. Treasury, outlined plans in May to sell its international operations, aiming to speed up repayment of government bailouts during the financial crisis.
The company is the former auto lending arm of General Motors. Last week it agreed to sell its Mexican insurance business to ACE Ltd for $865 million.
Ally expects to receive total proceeds of about $4.1 billion from the sale of its Canadian business. RBC said its cash outlay on the deal would be between $3.1 billion and $3.8 billion, as it is contingent on the size of the dividend that Ally intends to extract from its Canadian business before closing.
While Canadian banks still churn out steady profits, they have been struggling lately to spur growth in the face of slowing loan growth and narrow interest margins.
Given this backdrop, analysts said the deal may be good for RBC, noting that auto lending - at least on the personal side - is one of the areas that has continued to experience relatively strong growth.
"We view the transaction positively as it increases scale and builds out Royal's very profitable domestic franchise," Barclays analyst John Aiken said in a note to clients.
The deal, which requires regulatory approval, is expected to close in the first quarter of 2013. RBC competed with another Canadian bank, Toronto-Dominion Bank, in an auction for the assets, a source told Reuters on Monday.
The Canadian banking industry is dominated by six domestic banks, and the federal government discourages mergers among them, making growth opportunities hard to come by. Given this scenario, any assets that come up for grabs in Canada typically attract a flurry of interest.
"We believe this deal will deliver long-term strategic value and provide significant opportunities given the strength of the combined business and the attractive dynamics of the industry," RBC Chief Executive Gord Nixon said in a conference call.
"In summary, of all the deals we looked at in Canada, this was the one we really wanted," he said.
Ally deal
"This deal is consistent with our goal of being a financial leader in financial services in all areas of our domestic market, and the acquisition positions RBC as a leader in the auto finance business in Canada," Nixon said.
Even so, shares of RBC along with other Canadian banks pulled back on Tuesday, after the Bank of Canada held its key rate at 1.0 percent and softened its bias on an interest rate increase somewhat by making the timetable for such a move less definite.
Ally's Canadian arm offers commercial loans to more than 580 auto dealerships across the country, while its consumer business offers retail financing to Canadian consumers through about 1,600 dealerships.
RBC expects the Ally Canada business to generate about $120 million in net income on a standalone basis within the first 12 months after closing. The deal is expected to modestly boost RBC's earnings per share in the first year after closing.
Ally CEO Michael Carpenter said in a statement the lender would evaluate options for its remaining operations in Europe and Latin America, and expects to identify its plans in November.
Ally's international operations in Europe, Canada, Latin America and Mexico have drawn interest from more than 30 bidders, including banks and GM, a source familiar with the situation told Reuters on Monday.
The lender's Canadian operations, based in Toronto, are its largest outside the United States, with $13.6 billion in assets at the end of the third quarter. Ally's international business assets totaled $31 billion, according to data in a recent company presentation.
Ally is aiming to turn around its operations by focusing on U.S. auto lending and banking.
Its Residential Capital mortgage unit filed for bankruptcy in May in a bid to protect the parent company from lingering liabilities tied to home loans it sold to investors during the housing boom.
An auction for ResCap's mortgage servicing and lending operations begins on Tuesday in New York. A consortium of Ocwen Financial Corp and Walter Investment Management Corp is vying with Nationstar Mortgage Holdings Inc to buy the business, sources told Reuters last week.
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18:19 23 October 2012
The Nikon Small World prize has recognised microscope photography at its very best since 1974, rewarding scientist photographers for showing the world its tiniest pieces. Here are our favourites from this year's competition. Joanna Carver
Image 1 of 6
This iridescent tangle is the blood-brain barrier, which separates blood and brain fluid, in a live zebrafish embryo. Zebrafish can be seen in a household aquarium near you and only grow to about 6 centimetres long, but have similar brain chemistry to humans. It won Jennifer Peters and Michael Taylor of St Jude Children's Research Hospital in Memphis, Tennessee, the first prize.(Image: Jennifer Peters and Michael Taylor/Nikon Small World)
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Sunset North Car Wash is a United States local business and is located on 1198 East Grand Avenue, Arroyo Grande, CA 93420-2543. Are you trying to find map info closest Sunset North Car Wash office via your recent position? Today, we can provide you the information regarding Sunset North Car Wash that you are looking for.
They focus their business in Motorized Vehicle. They run their business in an office located on 1198 East Grand Avenue, Arroyo Grande, CA 93420-2543. Sunset North Car Wash is a typical Auto Customizing business type. These are the details of office information that we are sure will assist you. Don't forget to check the Full Map on the page below.
Sunset North Car Wash
1198 East Grand Avenue
Arroyo Grande, CA 93420-2543
Tags: Auto Customizing, Auto Washing
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Source: http://www.tygyl.com/sunset-north-car-wash/
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Source: http://carrenolaurene.typepad.com/blog/2012/10/sunset-north-car-wash-tygylcom.html
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By Erik Carter | Forbes ? Mon, Oct 15, 2012 11:52 AM EDT..
Managing credit is one of the most common subjects that I?ve been getting asked about lately. Perhaps it?s because so many had their credit scores damaged during the recession and are now trying to improve them in order to qualify for the record low mortgage rates we?ve been seeing. In addition, employers have increasingly been using credit scores to evaluate applicants and especially in this job market, every little factor really counts. So regardless of your motivation to increase your credit score, here are some of the most common credit myths I?ve heard that could be hurting your score:
1) I haven?t done anything wrong so my credit is fine. Even if you?ve done everything right, your credit could still be in trouble. That?s because 70% of credit reports have errors on them. In the likelihood that you have one of them, you could be paying more in interest than you need to be.
2) If I check my credit report, it will hurt my score. Checking your own report generally doesn?t hurt your score but errors do so don?t let this be an excuse not to do it.
3) I?ve checked my credit report and there are no errors so I don?t have anything to worry about. You actually have 3 credit reports (from Experian, Equifax, and TransUnion) so if you?ve only checked one, there?s still a chance that errors on one of the others is hurting you.
4) I can check my credit reports for free at freecreditreport.com. First, many sites like this only give you access to one report, which is from Experian in this case. Second, freecreditreport.com ironically isn?t exactly free. It?s one of many copycat sites that charges you a fee to see your credit report and then charges you a monthly fee unless you cancel within a short period of time. Instead, you?ll want to go to annualcreditreport.com, which allows you truly free access to each of your credit reports once every 12 months.
5) I should always make payments on old debts. While it may feel like the right thing to do, the debt collector will be unable to sue you for it if the debt is older than your state?s statute of limitations. However, if you make a payment, it could actually reactivate that time period and give the creditor a chance to file a lawsuit against you. If it?s older than 7 years, it shouldn?t even be on your credit report at all so have it removed and forget about it.
6) I should use a debt settlement company. The first thing debt settlement companies usually do is collect your payments and withhold them from the creditor in order to settle the debt for a lower lump sum payment later. The problem is that until the debt is settled, this strategy could result in a lower credit score, harassing phone calls from creditors, and even a lawsuit against you. If you have debt within your state?s statute of limitations but you can?t afford to pay it back in full, you could avoid the debt management company?s fees by trying to reach a settlement yourself. Just be sure to let them know that you?re considering filing for bankruptcy protection. Another option is to work with a nonprofit credit counselor that can negotiate on your behalf.
7) I should always close a credit card after paying it off. This can actually hurt your credit score in a couple of ways. If it?s a card you?ve had for a while, closing it can reduce your credit history, which is about 15% of your score. Second, if you have any debt, closing a card can increase your debt utilization or the ratio of debt to credit available. Keep in mind that you can always cut up the card and simply not use it.
However, there are also a couple of reasons to close a credit card account. One is a steep annual fee but you can always ask them to switch the card to a no-fee one. In addition, closing a card can help your score if you have too much credit available. To see if this is the case for you, you can see the effect of closing a card and other actions on your score at sites like Credit Karma, Quizzle, and Credit Sesame.
8) Bankruptcy is the end of the world. Yes, it?s painful and can take 7-10 years to be removed from your credit report but many people?s credit scores are practically recovered within just a few years. If you can?t pay your debts, think of bankruptcy as a second chance that?s better than allowing the debt to continue hurting your score.
9) Maintaining a balance on my credit cards will increase my credit score. Opening and using a credit card can increase your score, especially if you?re starting to build or rebuild your credit, but keeping a balance will only increase your interest payments. If anything, the opposite is true since having a lot of debt can hurt your score.
10) I need to pay a company like LifeLock to protect my credit. You can get free daily credit monitoring through Credit Karma. Even better, you can put a security freeze with each credit bureau for at most a nominal fee to help prevent identity thieves from opening an account in your name.
Source: http://www.baronfinancialgroup.net/10-common-credit-myths-that-could-be-costing-you-money/
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This film image released by Paramount Pictures shows Kathryn Newton in a scene from "Paranormal Activity 4." (AP Photo/Paramount Pictures)
This film image released by Paramount Pictures shows Kathryn Newton in a scene from "Paranormal Activity 4." (AP Photo/Paramount Pictures)
Scary movie fans are still into "Paranormal Activity," though the horror franchise looks as though it's starting to run out of steam at the box office.
Paramount's "Paranormal Activity 4" debuted at No. 1 with $30.2 million, a big drop from the $40 million and $50 million opening weekends of the last two installments, according to studio estimates Sunday.
Perpetual hit maker Tyler Perry failed to find an audience for his new persona as an ace crime solver. Summit Entertainment's "Alex Cross," starring Perry as author James Patterson's brilliant criminal profiler, was a dud, opening at No. 5 with $11.8 million.
Perry has written, directed and starred in a string of hits featuring his sassy grandma Madea, which mostly have had opening weekends two and three times bigger than that of "Alex Cross." Fans didn't buy into Perry as the title character, who goes up against a diabolical serial killer.
"He's become so identified and so successful with the Madea franchise that when he steps outside of that, it doesn't necessarily follow that the audience is going along with him," said Paul Dergarabedian, an analyst for box-office tracker Hollywood.com. "It's fun for him to stretch out a little bit, but it didn't really pay off."
Ben Affleck's Iran hostage tale "Argo" held up well in its second weekend, remaining at No. 2 with $16.6 million, dropping just 15 percent from its debut. Big studio releases often drop 50 percent or more in subsequent weekends, but "Argo" has proven a hit with critics and audiences alike, earning Academy Awards buzz and strong word of mouth that should give it a long run at theaters.
Affleck, who also directed "Argo," plays a CIA specialist who concocts a wild plan to rescue six Americans hiding in Tehran after the 1979 takeover of the U.S. embassy there.
Released by Warner Bros., "Argo" raised its domestic total to $43.2 million.
Liam Neeson's action sequel "Taken 2," which had been No. 1 the previous two weekends, slipped to fourth place with $13.4 million, lifting the 20th Century Fox release's domestic haul to $106 million.
Adam Sandler's animated hit "Hotel Transylvania," from Sony Pictures, also held up well at No. 3 with $13.5 million, pushing its domestic earnings to $119 million.
While domestic revenues were way down for the fourth "Paranormal Activity" flick, the franchise remains a big moneymaker for distributor Paramount. "Paranormal Activity 4" was produced on a tiny budget of $5 million, continuing the franchise's trend of turning minimal investments into tidy profits.
"For us, the focus is always, what are these movies made for and how profitable are they? Within Paramount, it's a colossal success," said Don Harris, the studio's head of distribution. "A $5 million movie that has an opening weekend of over $30 million, it's really kind of irrelevant what No. 2 or No. 3 did. The movies really stand on their own."
Overseas, "Paranormal Activity 4" had a good start with $26.5 million in 33 countries, giving it a worldwide total of $56.7 million.
In limited release, Fox Searchlight's acclaimed drama "The Sessions" did solid business, opening with $121,005 in four theaters in New York City and Los Angeles, for a healthy average of $30,251 a cinema. By comparison, "Paranormal Activity 4" averaged $8,851 in 3,412 theaters.
"The Sessions" stars John Hawkes and Helen Hunt in the true-life story of a man, paralyzed by polio and stuck in an iron lung most of his life, who hires a sexual surrogate so he can lose his virginity. The film expands to more cities over the next month.
While "Paranormal Activity 4" fell short of the franchise's third installment, which opened over the same weekend last year, overall Hollywood revenues continued to rise after a late-summer slump.
Strong holdovers such as "Argo," ''Hotel Transylvania" and "Taken 2" made the difference, with domestic business totaling $131 million, up 8 percent from the same weekend a year ago, according to Hollywood.com. Revenues were up for the fourth-straight weekend.
"Last year, the box office was so top-heavy with 'Paranormal Activity 3,' and the rest of the films really underperformed," Dergarabedian said. "This year, we have a much more balanced lineup."
Estimated ticket sales are for Friday through Sunday at U.S. and Canadian theaters, according to Hollywood.com. Where available, latest international numbers are also included. Final domestic figures will be released Monday.
1. "Paranormal Activity 4," $30.2 million ($26.5 million international).
2. "Argo," $16.6 million ($1.2 million international).
3. "Hotel Transylvania," $13.5 million ($14.5 million international).
4. "Taken 2," $13.4 million ($23.6 million international).
5. "Alex Cross," $11.8 million.
6. "Sinister," $9 million ($2.3 million international).
7. "Here Comes the Boom," $8.5 million.
8. "Pitch Perfect," $7 million ($320,000 international).
9. "Frankenweenie," $4.4 million ($4.1 million international).
10. "Looper," $4.2 million ($5.6 million international).
___
Estimated weekend ticket sales at international theaters (excluding the U.S. and Canada) for films distributed overseas by Hollywood studios, according to Rentrak:
1. "Paranormal Activity 4," $26.5 million.
2. "Taken 2," $23.6 million.
3. "Madagascar 3: Europe's Most Wanted," $14.9 million.
4. "Hotel Transylvania," $14.5 million.
5. "The Impossible," $8.7 million.
6. "Asterix et Obelix: Au Service de Sa Majeste," $8.1 million.
7. "Ted," $8 million.
8. "Looper," $5.6 million.
9. "Perfect Number," $4.1 million.
10 (tie). "Frankenweenie," $4.1 million.
10 (tie). "Masquerade," $4.1 million.
___
Online:
http://www.hollywood.com
http://www.rentrak.com
___
Universal and Focus are owned by NBC Universal, a unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by News Corp.; Warner Bros. and New Line are units of Time Warner Inc.; MGM is owned by a group of former creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC.
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SAN DIEGO (AP) ? The new media barons of America's eighth-largest city are upfront about wanting to use their newspaper to promote their agenda of downtown development and politically conservative causes ? and they are making their points in a brash, bare-knuckle style.
Douglas Manchester and his partner John Lynch gave their 143-year-old newspaper a new slogan ? "The World's Greatest Country & America's Finest City" ? ran a front-page editorial that declared their plan to reshape the city's downtown waterfront their highest priority, and forecast doom if President Barack Obama wins re-election.
Manchester, who became wealthy building hotels during the dawn of San Diego's downtown renaissance and insists on being called "Papa Doug," bought The San Diego Union-Tribune last year and its most serious competitor, the North County Times, this month. As he and Lynch eye expansion to Los Angeles and other major cities, they are frank about seeking to use their new platforms to advance their agenda ? and they think they can make a profit while they're at it.
In an interview with The Associated Press, Lynch said the new owners bought the newspaper in part to promote their views in editorials. He called those views pro-family, pro-military and pro-America, and said "anybody who isn't shouldn't be living here."
"We think our country is on the edge of real, real danger, and you have to stand up, and that was a huge part of why we bought this," said Lynch, vice chairman and chief executive officer of U-T San Diego, the newspaper's new name.
The editorial page named Obama the worst U.S. president and predicted a second term will result in "Arab terror states" attacking Israel, "death panels" rationing health care, income tax rates between 60 and 70 percent for many Californians and an attempt to get taxpayers to pay for late-term abortions. It warned of an effort to erase "In God We Trust" from U.S. currency.
Manchester, 70, is likened to a smaller market version of Rupert Murdoch and earlier moguls like William Randolph Hearst and Robert McCormick who used newspapers to wield influence. The unusually strong editorial tone stands out in an era when many newspapers are owned by corporations.
"Hard to believe UT could go further to the right and for the developers but now it is owned by the developers!" Ron Belanger, a 70-year-old retired Navy aviator, wrote on a Facebook page for critics of the new owners called "Bring the L.A. Times back to San Diego."
"It's a strong voice for a minority viewpoint in the media," countered Josef Horowitz, a 67-year-old retired college administrator who renewed his subscription in March, having canceled it under previous owners because he felt the editorials were mealy-mouthed and too liberal.
Lynch said editor Jeff Light has complete control of news coverage and that neither he nor Manchester, as chairman and publisher, meddle.
"Aside from the activist stance of the owners, I am someone who is scrupulously concerned with fairness," Light said.
Lynch, a former radio station owner with a linebacker's build at age 65, speaks bluntly. He recently wrote to Scott Peters, a Port of San Diego commissioner and Democratic nominee for Congress, demanding to know his position on a shipping contract to unload bananas that could complicate the publisher's plans for the downtown waterfront redevelopment. He wanted an exit clause.
"Otherwise this will become a major issue in the campaigns and the UT will be forced to lead a campaign to disband the PORT," he wrote.
The email correspondence, dated in early August and released after a public records request by KPBS/I-Newsource, came as Peters wages a bid to unseat U.S. Rep. Brian Bilbray, a Republican endorsed by the newspaper.
In May, Lynch lashed out when the city warned of a fine for hanging a promotional banner outside its offices. He agreed to take it down while seeking approval for a large video screen atop the five-story building.
"If it weren't for the digital sign pending approval, I would instruct our folks to run a piece on how this is so reflective of this city being anti-business," Lynch wrote a city councilman's aide, according to an email published by the San Diego Reader.
Lynch said his missive about the sign was intended as a joke and questions why other news organizations haven't taken a harder look at the port.
Dean Nelson, director of Point Loma Nazarene University's journalism program, said he hasn't seen blatant examples of editorial views seeping into news coverage and is skeptical how much newspaper editorials shape public policy. The question that will be watched most closely in the beleaguered U.S. newspaper industry, he said, is whether the business succeeds.
Tim McGuire, a journalism professor at Arizona State University, said San Diego is at the forefront of what he predicts will be a major trend of wealthy people buying newspapers to push for their agendas.
"People are going to buy and treat newspapers like sports teams," he said. "It's a toy, it's fun to have, and it gives you great power."
Manchester embraced the "Papa Doug" moniker after a Little League coach used it to distinguish him from a son, also named Doug. "Papa Doug" sold interests in two giant downtown hotels but still has major holdings in San Diego and is pursuing prospects, including a $1.3 billion hotel and office complex on the downtown waterfront.
Lynch said Manchester was unavailable for an interview. The pair are old friends and allies since they led a failed campaign to move San Diego's airport out of downtown in the 1990s.
Manchester spent $550,000 on his 65th birthday bash, as well as traveled extensively around the world and stayed at luxury hotels, according to court documents from his 2010 legal separation from his wife of 43 years. Elizabeth Manchester claimed he had $57 million in the bank.
His $125,000 donation to support a 2008 ballot initiative to ban gay marriage in California drew protests ? a decision Lynch says his partner regrets.
"If you're a Catholic, marriage is between a man and a woman," Lynch said. "He had no idea there would be these kind of ramifications."
Manchester invested in San Diego-area resident Dinesh D'Souza's hit documentary, "2016: Obama's America," which portrays a gloomy future if the president is re-elected, according to Lynch.
Manchester bought the U-T from private equity firm Platinum Equity LLC for $110 million and picked up the North County Times from Lee Enterprises Inc. for $12 million. Last week, the Times' print edition was folded into the U-T.
The U-T has spent $5 million on a television venture with a studio in the middle of the newsroom and 12 hours of daily cable programming that highlights Lynch's radio background. The Sunday edition features more in-depth reports and military coverage.
Lynch said the privately held U-T is "significantly profitable" but declined to be specific about revenue or earnings. One test comes when the Audit Bureau of Circulations releases semiannual paid circulation figures Oct. 30.
Amid a brutal decline in the newspaper business, Manchester and Lynch hope to extend their San Diego empire to other major U.S. cities, eyeing adjacent markets like Los Angeles.
"We're trying to do what we can to change the direction of this country," Lynch said.
Source: http://news.yahoo.com/san-diego-media-baron-promotes-conservative-causes-224507412.html
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