US wholesale stockpiles post biggest gain in 6 months in May

first_img Patients with chronic pain give advice Here’s how to repair and patch damaged drywall Sponsored Stories Clean energy: Why it matters for Arizona Comments   Share   Top Stories Mesa family survives lightning strike to home 4 ways to protect your company from cyber breachescenter_img Ex-FBI agent details raid on Phoenix body donation facility The strong increase in inventory building in May could be evidence that businesses are growing more confident about the future. A decision to accelerate inventory stocking would help bolster overall economic growth.The May rise left inventories at the wholesale level at a seasonally adjusted $449.8 billion, 3.8 percent below a year ago.Economists believe sales at both the wholesale and retail levels will rebound in coming months after a slowdown in the first quarter that was caused in part by unusually frigid weather. A pickup in consumer spending, which accounts for 70 percent of economic activity, is expected to translate into stronger economic growth for the rest of the year.The government has already reported that retail sales accelerated solidly in May.The big inventory gain in May reflected larger stockpiles of autos and auto parts as well as furniture, lumber and computers.In the January-March quarter, the harsh weather and other factors sent the economy into reverse with the gross domestic product contracting at an annual rate of 0.2 percent. But analysts are forecasting a strong pickup in the current growth to GDP growth of around 2.5 percent.They expect growth will accelerate further in the second half of the year to a rate around 3 percent. WASHINGTON (AP) — U.S. wholesalers boosted their stockpiles in May by the largest amount in six months, while sales rose by a modest amount.Wholesale stockpiles rose 0.8 percent, double the gain in April and the largest one-month rise since November, the Commerce Department reported Friday. Sales were up 0.3 percent in May following a 1.7 percent surge in April. That had been the biggest sales increase in more than a year. New Valley school lets students pick career-path academies Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. In this photo taken March 31, 2015, Ed Fotta sorts hardwood at the Allegheny Millwork and Lumberyard in Pittsburgh. The Commerce Department issues its May report on wholesale stockpiles on Friday, July 10, 2015. (AP Photo/Gene J. Puskar)last_img read more

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2019-08-18

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Borghetti to integrate V Australia into Virgin Blue

first_imgVirgin Blue CEO John Borghetti plans to change the fortunes of the company’s loss making, long-haul offshoot V Australia by bringing it back under the direct control of the main airline group. Under the changes, Virgin Blue and V Australia will fall under a single brand which is expected to be announced shortly. The integration of the two airlines is said to be part of Virgin’s strategy to take on Qantas in the business travel market and reposition the company away from its budget carrier roots. Borghetti also outlined plans to increase his senior executive team from six to eight in a memo to staff yesterday.Virgin’s commercial chief Liz Savage will take on the combined roles of network and revenue management across the entire group. Next month her team will complete a review of Virgin’s entire international and domestic networks. As reported earlier this week, Borghetti has poached two of his former colleagues at Qantas, Will Owens and Jane McKeon. Qantas’ former head of government and international relations, Jane McKeon will be in control of government relations, while QF’s former head of pricing, Will Owens, will be head of yield management with Virgin. Keith Neate will stay on as chief financial officer and Richard Tanner will retain his position as human resources chief.Former Creative Holidays MD Justin Montgomery has also joined the Virgin Group as the head of sales (excluding Virgin Atlantic). Andrew David will be in charge of Group executive operations and V Australia’s general manager, Scott Swift will report directly to David. In a statement, Virgin Blue said that its new group executive for product and guest services, Martin Daley, will give customers “a seat at the table” among Virgin Blue’s executive ranks.Virgin Blue is expected to have a strong presence at the upcoming NTIA Awards next week, with John Borghetti also expected to be in attendance. Source = e-Travel Blackboard: C.Flast_img read more

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2019-08-17

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Regal Airport Hotel Hong Kong wins SKYTRAX Awards Worlds Best Airpor

first_imgMr. Edward Plaisted, Chairman of Skytrax; Mr. Jan Kirstein, General Manager of Regal Airport Hotel (from left to right) Regal Airport Hotel, Hong Kong, has edged out airport hotels around the world to be named World’s Best Airport Hotel and Best Airport Hotel Asia. The annual Skytrax awards, known across the globe as the Passengers Choice Awards, are among the most highly recognised in the industry, with the results based on 11.38 million survey questionnaires, with over 860,000 hotel guests participating.Alongside this, Hong Kong International Airport took the lead in winning three Awards amongst others, the ‘World’s Best Airport’ , ‘Best Airport Asia’  and the ‘Best Airport Dining’. Source = Regal Airport Hotellast_img read more

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2019-08-17

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Etihad Airways selects SR Technics to manage its B787 fleet

first_imgEtihad Airways selects SR Technics to manage its B787 fleetSR Technics, one of the world’s leading providers of technical services for airlines, today announced that it has been selected to provide Integrated Component Services for Etihad Airways’ new Boeing 787 fleet, and is in advanced discussions on further Maintenance, Repair and Overhaul (MRO) contracts.The agreement, worth over US$150 million, will see SR Technics provide Etihad Airways, the national airline of the UAE; with component maintenance support for what is set to be one of the largest Boeing 787 fleets in the world, with 71 aircraft in operation by 2023.The agreement will cover the maintenance, repair and overhaul of Etihad Airways’ core Boeing 787 components, providing access to SR Technics’ main component pool distribution centre as well as its logistical, technical, engineering expertise and support.James Hogan, Etihad Airways President and Chief Executive Officer, said: “This agreement confirms our growing relationship with SR Technics, which has already proven its capability when it comes to managing our existing fleet’s component services requirements.“We were confident that SR Technics is the quality provider that best meets the needs of our Boeing 787 fleet on a global scale.”The agreement will lead to a major increase in volume for SR Technics’ existing Boeing 787 component services-related business, demonstrating the competitive offering for this expanding market segment.Commenting on the announcement, André Wall, CEO of SR Technics, said: “This latest agreement significantly reinforces SR Technics’ strategy to become a major provider to leading carriers of Boeing 787 component services in this fast-emerging market.“The Boeing 787 aircraft forms a highly strategic position at the heart of both Etihad Airways’ and SR Technics’ long-term plans.“We are delighted to deepen our long-standing partnership with Etihad Airways with the delivery of flexible and value-added solutions on a global scale. This award is the latest in a series of milestones for SR Technics, and is testament to the quality of our service and the strength of our workforce.”Etihad Airways currently operates three Boeing 787 aircraft on key medium and long-haul routes from Abu Dhabi that include Washington DC, Mumbai, Moscow and Brisbane. This will be expanded to Zurich in July, and Singapore in August, with more destinations being added as the airline takes delivery of more of the type. The airline will also begin taking delivery of Boeing 787s in a two-class configuration from 2016. Fly with Etihad AirwaysSource = Etihad Airwayslast_img read more

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2019-08-17

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SANZAR and IHG extend partnership

first_imgSANZAR and InterContinental Hotels Group (IHG®) have extended their long-standing partnership for a further three years, covering the 2016-18 seasons.As part of the agreement, IHG is the Exclusive Hotel Partner throughout Australia, New Zealand, Singapore and Japan during Super Rugby and The Rugby Championship.The continuation of this significant sports accommodation contract covers all IHG hotels in Australia and New Zealand, primarily Crowne Plaza® hotels and resorts, as well as InterContinental® Singapore and InterContinental® Tokyo due to the exciting expansion of the competition to these new countries in 2016.Karin Sheppard, Chief Operating Officer, Australasia, Japan and Korea & Asia, Middle East and Africa (AMEA) Franchising, IHG said: “We are thrilled to open our doors to the prestigious SANZAR squads once again as the exclusive hotel partner of Super Rugby and The Rugby Championship.“We are extremely supportive of these elite global competitions and look forward to welcoming the teams to our hotels across the region to experience the very best in hospitality.”Brendan Morris, SANZAR Interim CEO added: “We are delighted to re-affirm our commitment to IHG as SANZAR’s exclusive hotel provider throughout Australasia.“Over the past three years, IHG’s dedicated teams throughout all of their first-class properties have done everything possible to look after the needs of our players and support personnel.“In what is one of the most travel-intensive competitions in world sport, it’s vital that comfort and high performance needs are met with seamless ease and we look forward to another three years working with the attentive and highly-experienced team at IHG.” InterContinental Hotels GroupSource = InterContinental Hotels Grouplast_img read more

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2019-08-17

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Famil at Club Med Villars sur Ollon Switzerland

first_imgFamil at Club Med Villars sur Ollon SwitzerlandIn the heart of the Vaudoise Alps at 1,300 metres (4,265 ft), this south-facing Swiss resort opens onto a magnificent panoramic horizon.A striking, snow-capped 1920s hotel awaits you with prestige and luxury. Here, the whole family will breeze down the pistes like it was nothing, winner taking all. Villars-sur-OllonDiscover the resortClub Med and Cathay Pacific recently hosted top selling WA agents on a famil to Club Med Villars-sur-Ollon in Switzerland. With stopovers in Paris and Hong Kong, the group were treated to a multitude of experiences, from the hot spots of Paris to dumplings in Hong Kong. In Switzerland it was all about the snow, with the group participating in ski and snowboard lessons and carving up the powder soft snow.The all-inclusive experience meant the agents were indulging in Toblerone for breakfast and fondue by night while taking in the majestic views of the Swiss Alps. The weary legs were rested on the flight home with upgrades to business class and premium economy from Cathay, giving everyone the opportunity to sample all cabin classes. All agreed the trip was an amazing experience! Lesley Cavill – Travelmanagers, Jody Testar – Flight Centre Belmont, Erin Kramer – Club Med, Scott Hosking – Cathay Pacific, Chelsea Wood – Helloworld Bunbury, Emily Scott – Flight Centre Cottesloe, Grace Price – Flight Centre Kalamunda, Luke Chittock – Amity Travel, Christine Ross Davies – Attadale Travel, Tanya Lepidi – helloworld Dunsborough Source = Club Medlast_img read more

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2019-08-17

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Stylish MTA Member enjoys FranceSwitzerland study tour

first_imgStylish MTA Member enjoys France/Switzerland study tourPictured a long long way from her Darwin home base, a very stylish attired MTA – Mobile Travel Agents’ Chris Hopton who recently visited the town of Megève in the French Alps as part of an exclusive study tour of French and Swiss luxury hotels in conjunction with Creative Destinations.Chris’ program also included stays at the renowned La Reserve overlooking Lake Geneva, the Hotel Baumanière in Baux Le Provence, Hotel Le Vieux Castillon in Castillon-du Gard and the Hotel Cap Estell in Eze-Brod-de-Mer. MTA – Mobile Travel Agentslearn more about MTA here My Switzerlanddiscover more hereSource = MTA – Mobile Travel Agentslast_img read more

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2019-08-17

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SwissBelinn Airport Surabaya celebrates Grand opening

first_imgSwiss-Belhotel International, the award-winning global hotel chain and hospitality management group, will hold the official launch of its latest 3-star property in Indonesia, the Swiss-Belinn Airport Surabaya, with a Grand Opening Ceremony on 9th September 2017.With invited members of the press in attendance, the opening ceremony was marked by the ribbon-cutting and inscription signing by the Regent of Sidoarjo, Bapak H. Saiful Ilah S.H, M.Hum, accompanied by Matthew Faull, Swiss-Belhotel International Executive Director, and Emmanuel Guillard, Senior Vice President of Operations and Development at Swiss-Belhotel International and General Manager Nungrudin Sukmawati.Gavin M. Faull, Chairman and President at Swiss-Belhotel International highlights how important the hotel’s strategic location is, just 2 km from Djuanda International Airport.“Swiss-Belinn Airport, Surabaya is all about ease of travel, particulary for business travellers and visitors who want the convenience of staying close to the airport. The hotel boasts seven meeting rooms, all fully equipped to cater for small to medium corporate events and special occasions. Smart rooms and efficient but friendly service creates the perfect combination for today’s travel-savvy guests looking for a modern-day city hotel.”Swiss-Belinn Airport, Surabaya features 120 Deluxe and 9 Grand Deluxe rooms and 4 Suites with bathtubs. Ranging from 24-48 sqm, each room and suite comes with all modern conveniences, including WiFi access, laptop-sized in-room safes, mini refrigerators and 40”LCD TV with cable channels. The hotel also offers all-day lobby dining and lounging at BaReLo™, as well as a BBQ area in the hotel’s spacious outdoor area and 24-hour room service. There is also a swimming pool and gym, in-room massage and laundry service, with parking and a valet parking service too.Home to Indonesia’s largest Chinatown district and a thriving Arab quarter, Surabaya is known locally as the City of Heroes. It was the seat of independence that gave rise to the birth of the nation and remains an important business and trade hub in Southeast Asia.Source = Swiss-Belhotel International Swiss-Belinn Airport Surabaya celebrates Grand openingSwiss-Belinn Airport Surabaya celebrates Grand openinglast_img read more

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2019-08-17

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Six Senses Spa Qing Cheng Mountain wins

first_imgSix Senses Spa Qing Cheng Mountain winsSix Senses Spa Qing Cheng Mountain winsSix Senses Spa Qing Cheng Mountain received the Grand Jury Award at SpaChina’’s 9th Annual Award Ceremony in Chengdu. The award is an acknowledgement of its superb performance and exceptional facilities and presented to only three hotels in the country.The SpaChina Grand Jury Award is considered one of the industry’’s most influential accolades, both in China and across the Asian region. The bi-lingual SpaChina magazine has a strong focus on wellness, spa and related travel news and is published in print and digital format and invites nominees for a total of 32 individual awards. Nominees are put through a rigorous four-month evaluation by a judging panel that comprise senior spa consultants, experienced spa managers and discerning spa enthusiasts, and account for 80 percent of the final decision, weighed against the results of an online poll.Six Senses Spa Qing Cheng Mountain has made customer experience a top priority since opening in 2015. This was achieved through dedication to service, knowledgeable and well-trained therapists, results-driven treatments, and exceptional products from reputable natural and organic brands, with affirmation as a winning combination by the award.““This outstanding recognition reflects our commitment to consistent service excellence which could not have been possible without the efforts of our knowledgeable and passionate team here at Six Senses Qing Cheng Mountain. In line with Six Senses Spas’ service philosophy, we will continue to bring the group’s awarding-winning spa concept and coveted holistic signature treatments to our guests,”” says Royal Rowe, general manager of Six Senses Qing Cheng Mountain.In the two years since opening, Six Senses Spa Qing Ching Mountain has been positioning itself as the leading spa and wellness destination in Chengdu, to develop into a top national and global spa destination in the near future. Source = Six Senses Spa Qing Cheng Mountainlast_img read more

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2019-08-17

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Banyan Trees bucket list for romantic travellers

first_imgBanyan Tree Vabbinfaru JettyBanyan Tree’s bucket list for romantic travellersFacebook contest to win a 3-night romantic getawayWith hotels in some of the most romantic locations in the world, Banyan Tree Hotels & Resorts has compiled a list of must-see and do activities for couples. Unique to every Banyan Tree resort and city hotel, each experience can be personalised for any romantic celebration.Banyan Tree is giving travellers the chance to win their very own romantic getaway in some of the most beautiful destinations in the world. The lucky winners will enjoy a 3-night stay, a signature Banyan Tree romantic experience and daily breakfast for two at one of three Banyan Tree hotels; Banyan Tree Vabbinfaru in Maldives; Banyan Tree Phuket in Thailand; or at Banyan Tree’s newest hotel in Kuala Lumpur Malaysia (opening June 2018).To enter, you will need to:1)    Like and follow Banyan Tree Hotels and Resorts Facebook Page.2)    Share why you deserve to win in a maximum of 400 characters in the comment box.3)    Tag your partner for the trip in the post.Prize Details as follows:1)    Banyan Tree Vabbinfaru in Maldives, 3-night stay in Oceanview Pool Villa for two persons, inclusive of daily breakfast, 90-minute couple spa massage and return speedboat transfers2)    Banyan Tree Phuket in Thailand, 3-night stay in Banyan Pool Villa for two persons, inclusive of daily breakfast  and a 60-minute couple spa massage3)    Banyan Tree Kuala Lumpur in Malaysia, 3-night stay at Banyan Retreat for two persons, inclusive of daily breakfast and a couple spa massageThe three (3) winners with the best comments will be announced on 19 June 2018. The contest begins on 28 May and closes on 10 June 2018 (03.59PM GMT).Some of the romantic Banyan Tree experiences guests can enjoy include:Banyan Tree Bangkok, Thailand: Nestled in the cityscapes of Bangkok, Banyan Tree Bangkok is one of the tallest hotels in the city. Exclusive to the urban retreat are eight restaurants and two bars tailored to the gourmet traveller. Indulge in mouth-watering international cuisines at their roof-top restaurant, Vertigo, amidst breath-taking panoramic views of the city from the 61-storey hotel. Signature cocktail, Vertigo Sunset: THB650. Other classic cocktail prices start from THB620.Banyan Tree Bintan, Indonesia: Find the yin to your yang with couple yoga on the beachfront resort’s 1.5-kilometre-long private beach. Watch the sunrise from the glistening ocean before enjoying a delicious breakfast on the beach. Yoga beach breakfast set at IDR500,000.Banyan Tree Chongqing Beibei, China: Leave the hustle and bustle of the city and retreat to this sanctuary filled with spirituality and tranquillity. Relax in your private hot spring dipping pool and enjoy a quiet moment with your beloved, followed by a couple’s massage from the award-winning Banyan Tree Spa.Banyan Tree Hangzhou, China: With a priceless sense of tranquillity in an authentic water village within the Xixi Wetlands Nature Reserve, Banyan Tree Hangzhou is unlike any other resort. Couple can take in the naturally beautiful surrounds on a dinner boat, floating though lush greenery and listening to the peaceful sounds of the water. Dinner Boat: CNY 2,000 for two personsBanyan Tree Huangshan, China: Nestled at the foot of one of China’s most majestic mountains, Mount Huangshan, couples can enjoy the awe-inspiring landscape of Banyan Tree Huangshan. Outside of the hotel, guests can also explore the local Lucun village whilst meeting and greeting locals. ComplimentaryBanyan Tree Lăng Cô, Central Vietnam: Take a tour to the ancient town of Hoi An and immerse yourself in one of the best culturally-preserved towns in Central Vietnam. Travel back in time with a visit to the Phung Hung Old House and enjoy the local markets that hosts a variety of traditional handicrafts. From the charming port towns to the picturesque street architecture, Hoi An is the perfect destination to discover local heritage. Private Tour (2 persons MAX): US$110/person OR Private Tour (5-10 persons PAX): US$68/personBanyan Tree Lijiang, China: The ancient city of Lijiang makes a beautiful backdrop for a romantic vacation. With Naxi-inspired architecture and breath-taking views of the Jade Dragon Snow Mountain, couple can experience a local traditional Naxi Wedding ceremony with Banyan Tree. Wearing traditional Naxi costume, couples can visit a local family where they will receive best wishes from the Dongba Master. Back in the room, Banyan Tree’s Jet Pool is the perfect way to unwind and relax.Banyan Tree Macau, China: For couples wanting to experience an adrenaline rush, take the SkyWalk on the open outer perimeter of the 764 feet Macau Tower. Summon the courage to walk along a platform just 1.8 metres wide with no handrail in this once-in-a-lifetime adventure. If heights is not the forte, opt for an intimate stroll at the ruins of St. Paul to witness the beautiful sights Macau has to offer. Skywalk: MOP788 p/personBanyan Tree Phuket, Thailand: Experience dining on water differently with a romantic dinner on board Banyan Tree’s traditional long tail boat, the ‘Sanya Rak’. Translated as the “Promise of Love”, the Sanya Rak cruises along Banyan Tree’s lagoon as a couple share a magical moment dining while the sun sets. Sanya Rak Dinner: THB15,000 p/couple (including one bottle of Champagne)Banyan Tree Ringha, China: For an authentic experience, couple can enjoy the romantic setup of Banyan Tree Ringha’s Tibetan style farmhouse and spa as well as an enchanting riverside dinner.Banyan Tree Samui, Thailand: Overlooking the azure waters of the Gulf of Thailand, explore the island with Banyan Tree’s ‘Sense of the Sea’ marine excursion. Combining the best elements of a tropical getaway, couples can also opt for a half day marine and island tour to visit natural and cultural attractions.Half-day tour to Koh Taen & Koh Matsum’: THB 25,000`Banyan Tree Sanya, China: Banyan Tree Sanya offers unique experiences for couples, surrounded by a beautiful private beach. Together they can discover the joy of the Ocean Treasure Hunt and enjoy one of the most romantic sunsets with a Sundown Ritual offering of complimentary dessert, fruit and soft drinks.ComplimentaryBanyan Tree Shanghai On The Bund, China: Situated in the hub of one of the world’s largest cities, Banyan Tree Shanghai On The Bund embodies an urban luxury lifestyle. Dine from rooftop restaurant and bar TOPS where a couple can enjoy an awe-inspiring panorama of the Bund and Huangpu River. Full Moon package is MOP1,688 /coupleBanyan Tree Ungasan, Bali: Positioned 70 metres above sea level on the Southern tip of Bali, this luxury all-pool villa resort is the perfect couples escape. Find true relaxation at this charming island resort, explore local communities with a village walk and experience their daily activities, followed by a romantic dinner at Ju-Ma-Na Restaurant. Village Walk: IDR 150,000/person. 3-Course set menu at Ju-Ma-Na Restaurant: IDR 1,192,500/personBanyan Tree Vabbinfaru Maldives: Enjoy breakfast, lunch or dinner in perfect serenity on a secluded sandbank. Set in the Indian Ocean just 15 minutes away by speedboat, indulge with a personal chef and waiter who will cater to the culinary wishes. Sandbank dining will leave guests with unforgettable memories like no other. Sandbank Grill at US$250 p/person.Banyan Tree Yangshuo, China: With mesmerising views of the mountain range, Banyan Tree Yangshuo encapsulates the beauty of the Li River. Taking in all of the natural surrounds, visiting couples can enjoy an intimate, Pagoda Lake Destination Dining experience exclusively with Banyan Tree. CNY 1,988/coupleSource = Banyan Tree Hotels & Resortslast_img

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2019-08-17

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Guldeep Singh Sahni

first_imgOTM Mumbai is a big event and the kind of people who participate is a feather in your cap. Every year new products are evolving which means everybody in the travel industry is looking for new products, which gives you leverage.  OTM is one of the best travel marts in the region, and my congratulations to you.last_img

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2019-08-16

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Mauritius takes over presidency of Indian Ocean Vanilla Islands

first_imgThe Indian Ocean island of Mauritius has taken over the rotating presidency of the Vanilla Islands organisation, with the Mauritian Deputy Prime Minister Xavier Luc Duval vowing to use his mandate to “further strengthen the regional grouping.” Duval was handed the Vanilla Islands flag during the 2015 Ministerial Meeting of the Indian Ocean Vanilla Islands held at Balaclava’s Westin Resort in Mauritius.The meeting saw the participation of tourism ministers from Mauritius, Seychelles, Reunion, Madagascar and Mayotte. The points discussed which included working to increase cruise ship business in the region, hotel classification, the events calendar for the Vanilla Islands and the uniting of forces at Tourism Trade Fairs.The Mauritius Deputy Prime Minister, Duval managed during this Ministerial Meeting to pave the way forward and he emphasised the spirit of togetherness for the islands of the Indian Ocean. Duval confirmed that a Golf Tournament based a bit on the ‘Ryder Cup’ would become the annual event for Mauritius that should now appear on the Vanilla Islands calendar of events alongside the Carnaval International de Victoria of the Seychelles, the International Tourism Fair of Madagascar, the Culinary and Arts Fiesta of the Comoros and the Festival Liberte Metisse of Reunion Island.“This is a great day for the Vanilla Islands. In unity we are strong. Creating a new tourism region is no easy feat, but together we shall continue to work as a region as brothers and sisters to grow our tourism industry for the benefit of our respective islanders and for the economy of our respective islands,” Minister Alain St. Ange of the Seychelles said as he congratulated Xavier Luc Duval, the Deputy Prime Minister of Mauritius, and as he assured him of the total support of Seychelles.last_img read more

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2019-08-16

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Tourism Malaysia and Malindo Air hosts a presentation for agents

first_imgMalaysia Tourism Promotion Board, Chennai in collaboration with Malindo Air organised a product update presentation of Tourism Malaysia, where Travel Agents and Tour Operators from Coimbatore were invited. The event was in line with the celebration of the Malaysia Year of Festivals 2015 and announcement of new route by Malindo Air from Trivandrum to Kuala Lumpur effective from August. Trivandrum becomes the 6th destination in India and the 2nd in Kerala for Malindo Air.Noor Azman Samsudin, Director of Tourism Malaysia in Chennai said, “It is great news that Malindo Air will be starting direct flights from Trivandrum to Kuala Lumpur. Malaysia has a lot to offer as a travel destination with the multi-cultural background, variety of cuisines and year-long shopping. With this added connectivity, we are sure of getting more tourists from this sector to join us in the year-long festivities of MYFest 2015.”MYFest 2015 is expected to help Malaysia in achieving its targeted 29.4 million tourist arrivals and RM89 billion in tourist receipts for 2015.last_img read more

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2019-08-16

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Rajasthan Tourism set to unveil marketing campaign in Delhi

first_imgRajasthan Tourism will launch an aggressive marketing campaign along with a new logo of Rajasthan Tourism in New Delhi on September 22, 2015. This information was revealed by Sanjay Pande, Additional Director (P&D), Department of Tourism, Government of Rajasthan while addressing the media at the recently concluded IATO Convention in Indore, Madhya Pradesh.Sunil Gupta, Vice President, Federation of Hospitality and Tourism of Rajasthan (FHTR) and General Manager, ITC Rajputana, Jaipur, informed that road shows will be held in the national capital on September 25 and 26, with focus on Domestic Tourism. The road shows would also be organised in Chandigarh (September 28-29); Mumbai (October 24-25); Pune (October 27-28); Chennai (December 7- 8); Bengaluru (December 10-11); Kolkata (January 8-9); Guwahati (January 11-12); and Hyderabad (February 11-12), he added.Pande, throwing light on tourism projects, informed that they are in the process of recognising major fairs and festivals of Rajasthan, such as the Pushkar Fair. Locally known as Pushkar ka Mela, the fair is an annual five-day camel and livestock fair held in the town of Pushkar.Pande also added that in order to increase the overnight stay of tourists in the state, Rajasthan Tourism is promoting Night Tourism during summers at Amer Fort and is looking to replicate the same in other parts of Jaipur, Jodhpur, and Udaipur by the end of this month.Under the Desert Circuit of the Swadesh Darshan scheme, about INR 100 crore is being spent on the uplifting of the Sambhar Salt Lake area (located 96 km south west of Jaipur and 64 km north east of Ajmer along National Highway 8 in Rajasthan). The project aims to come up with a salt train and dining experience, a salt complex, light and sound show, Caravan Park, cycle track, cafeteria, and night safari, among others, he informed.last_img read more

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2019-08-16

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AFR Mortgage Rolls Out Reverse Mortgage Products

first_img Share in Data, Government, Origination, Secondary Market, Servicing, Technology November 21, 2012 460 Views AFR Mortgage Rolls Out Reverse Mortgage Productscenter_img Agents & Brokers Attorneys & Title Companies Company News Investors Lenders & Servicers Processing Reverse Mortgage Service Providers 2012-11-21 Abby Gregory Despite significant current challenges in the reverse mortgage market, “”American Financial Resources, Inc.””:http://www.afrmortgage.com/#null, recently rolled out a full range of related loan products. [IMAGE]Based in Parsippany, New Jersey, AFR Mortgage will launch the new initiative in the company’s home state, giving borrowers who are over the age of 62 access to the specialty loans.[COLUMN_BREAK]Commenting on the company’s reverse mortgage offerings, AFR Mortgage noted that its line of products “”can be customized to best fit the client’s needs.”” Elaborating on the company’s plans to cater to senior borrowers, AFR Mortgage added, “”All products are very competitively priced and their highly-trained staff can help educate clients on all aspects of reverse mortgages.””Diane Masucci, AFR Mortgage’s senior manager of reverse mortgages, explained the company’s strategy stating, “”We recognize the growing financial needs of our clients who are 62 years and older and we are excited to introduce products to help them meet their financial needs.””Other products encompassed by AFR Mortgage’s lines of business include conventional home loans, VA loans, HARP refinancing, USDA rural housing loans, manufactured home loans, and 203K rehabilitation loans among others. The national mortgage lender concluded its statements on the reverse mortgage initiative, emphasizing that the products make it possible for seniors to “”remain in their homes when they might not otherwise be able to afford to do so.””last_img read more

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2019-08-15

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Former Yahoo Exec Joins Auctioncom

first_img Share Yahoo! Inc.’s former CFO and interim CEO has joined Auction.com as CFO and EVP, the real estate marketplace announced.According to Auction.com, Tim Morse will work out of the company’s Silicon Valley office, overseeing financial operations and growth strategies. He is currently working with outgoing CFO Bruce Felt to help ease the transition.Morse’s appointment comes weeks after Auction.com announced a $50 million investment from Google Capital as part of a strategic partnership focused on expanding the company’s share of the global real estate marketplace.“As we position ourselves for a new phase of growth, Tim’s expertise and experience with fast-growing technology companies are important additions to the Auction.com management team,” said Jeff Frieden, Auction.com’s CEO and co-founder. “We will rely heavily on his leadership as we expand our ongoing efforts to transform how real estate is bought and sold.”Morse has a history of aiding technology companies in implementing growth strategies. After leaving Yahoo! in 2012, he joined Adap.tv, where he led the firm’s initial public offering (IPO) efforts to near conclusion. The company was acquired by AOL shortly before going public.In addition, he spent 15 years at General Electric (GE), moving up through progressively greater financial leadership positions. Before leaving the company in 2007, he served as CFO and general manager of business development for GE plastics.“Auction.com is a game-changer for both the real estate industry and e-commerce,” Morse said. “Real estate represents the largest financial transactions that most businesses and individuals will make. It’s truly exciting to help make that process more fair and equitable.” May 5, 2014 413 Views in News, Technologycenter_img Auction.com Movers & Shakers 2014-05-05 Tory Barringer Former Yahoo! Exec Joins Auction.comlast_img read more

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2019-08-15

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Favorable Housing Market Conditions Drive Home Prices and Risk Up

first_img Home prices and risk are being driven up quicker than income by low mortgage rates, an improving labor market, and loose credit standards, but some believe this is not a sustainable approach to homeownership.The American Enterprise Institute’s (AEI) First-Time Buyer Mortgage Share Index (FBMSI) found that first-time buyers accounted for 56.4 percent of primary owner-occupied home purchase mortgages with a government guarantee in September 2015, up from last years’ total of 54.4 percent.“The strong 2015 home buying season continues to be paced by outsized sales gains for first-time buyers,” said Edward Pinto, codirector of the AEI’s International Center on Housing Risk.He added, “These gains have been fueled in part by liberalized credit standards, which is creating demand pressure and driving real home prices higher. This is not a firm foundation upon which to build sustainable homeownership.”The Federal Housing Administration (FHA) has a share of 80 percent or more first-time homebuyers in September. Freddie Mac has a share of about 40 percent and Fannie Mae has a share of about 43.5 percent.The Combined FBMSI, which measures the share of first-time buyers for both government-guaranteed and private-sector mortgages, reached approximately 52.8 percent, up from 51.0 percent last September, according to AEI.In addition, the report also showed that the number of primary owner-occupied purchase mortgages going to first-time buyers in September totaled an estimated 155,000, up 20 percent from 129,000 in the prior year.The First-Time Buyer Mortgage Risk Index (FBMRI) stood at 15.47 percent in September, up 1.1 percentage points from a year earlier. The index is also nearly 6 percentage points higher than the mortgage risk index for repeat homebuyers. “The higher risk for the mortgages taken out by first-time buyers is largely due to risk layering.”The report also found that 53 percent of first-time buyer loans were high risk (MRI above 12 percent) in September, up from 49 percent a year earlier.“The typical first-time buyer today puts little money down and chooses a mortgage that pays off very slowly,” said Oliner. “This combination means that many first-time buyers are only one recession away from being significantly underwater.”Click here to view the complete report. in Daily Dose, Data, Headlines, Market Studies, News October 19, 2015 525 Views Sharecenter_img American Enterprise Institute First-Time Buyer Mortgage Risk Index First-Time Buyer Mortgage Share Index 2015-10-19 Staff Writer Favorable Housing Market Conditions Drive Home Prices and Risk Uplast_img read more

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2019-08-15

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Homeowners Emerge From Negative Equity Trap

first_imgMore homeowners regained equity in their home in the first quarter, reflecting improving home prices, fewer distressed borrowers, and increased principal repayment.CoreLogic’s first quarter Equity Report showed that 268,000 homeowners regained equity in the first quarter of 2016, bringing the total number of mortgaged residential properties with equity to approximately 46.7 million, or 92 percent of all mortgaged properties. According to the report, home equity increased by $762 billion from the first quarter of 2015 to the first quarter of 2016. Another 800,000 would see equity rise if home prices rose another 5 percent. “In just the last four years, equity for homeowners with a mortgage has nearly doubled to $6.9 trillion,” said Frank Nothaft, Chief Economist for CoreLogic. “The rapid increase in home equity reflects the improvement in home prices, dwindling distressed borrowers and increased principal repayment. These are all positive factors that will provide support to both household balance sheets and the overall economy.”On the negative equity front, 4 million properties, or 8 percent of all homes were underwater or upside down in the first quarter, CoreLogic reported. These borrowers owe more on their home than the home is worth, typically because of falling home values, an increase in mortgage debt, or both. This number is down 6.2 percent quarter-over-quarter from 4.3 million homes, or 8.5 percent, in the fourth quarter of 2015, and a decrease of 21.5 percent year over year from 5.1 million homes, or 10.3 percent, compared with first quarter of 2015.At the end of the first quarter, the national aggregate value of negative equity was $299.5 billion, down $11.8 billion, or 3.8 percent, from $311.3 billion in the fourth quarter of 2015. Year-over-year, the value of negative equity declined overall from $340 billion in the first quarter of 2015, an 11.8 percent decrease in 12 months.Under-equitied homes, or those with less than 20 percent equity, are among 9.1 million, or 18 percent, of the 50 million homes with a mortgage, CoreLogic said. In addition, 1.1 million, or 2.2 percent, have less than 5 percent equity, also called near-negative equity. “Borrowers who are under-equitied may have a difficult time refinancing their existing homes or obtaining new financing to sell and buy another home due to underwriting constraints. Borrowers with near-negative equity are considered at risk of moving into negative equity if home prices fall,” CoreLogic said in the report.“More than 1 million homeowners have escaped the negative equity trap over the past year. We expect this positive trend to continue over the balance of 2016 and into next year as home prices continue to rise,” said Anand Nallathambi, President and CEO of CoreLogic. “Nationally, the CoreLogic Home Price Index was up 5.5 percent year over year through the first quarter. If home values rise another 5 percent uniformly across the U.S., the number of underwater borrowers will fall by another one million during the next year.” Homeowners Emerge From Negative Equity Trap June 9, 2016 522 Views Sharecenter_img CoreLogic homeowners Negative Equity 2016-06-09 Staff Writer in Daily Dose, Data, Headlines, Market Studies, Newslast_img read more

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2019-08-15

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Court Denies Governments Bid for New Trial in BOA Hustle Case

first_img in Daily Dose, Featured, News August 22, 2016 763 Views Share The 2nd Circuit U.S. Court of Appeals in New York has denied the request of Manhattan U.S. Attorney Preet Bharara’s office for a new trial of Bank of America for alleged mortgage fraud just before the crisis in 2008, according to a report from Reuters.In late May, a federal appeals court overturned a $1.27 billion penalty and a jury verdict against Bank of America which found the bank liable of mortgage fraud through Countrywide Loans’ High Speed Swim Lane (HSSL, or “Hustle”) program. Bank of America acquired Countrywide for $4 billion in 2008.In early August, Bharara’s office asked a three-judge panel on the 2nd U.S. Circuit Court of Appeals in New York to grant a new trial in the case, arguing that the May decision that overturned the verdict “overlooked a wealth of evidence” which established that Bank of America committed fraud through the Hustle program.According to Reuters, the 2nd Circuit Court gave no reason for denying the request from Bharara’s office for a new trial.Bharara’s office originally filed suit against Bank of America in 2012 based on a complaint from whistleblower Edward O’Donnell. Late in 2013, a jury found Countrywide liable for selling toxic mortgage-backed securities to Fannie Mae and Freddie Mac through the Hustle program. In July 2014, a judge ordered Bank of America to pay a $1.27 billion civil penalty and also fined former Countrywide executive Rebecca Mairone $1 million for her alleged role.From the time the verdict and the penalty were issued, Bank of America fought to have both dismissed, claiming not only that the Hustle program ended prior the bank’s 2008 acquisition of Countrywide, but that the government’s accusations in the case amounted only to breach of contract and not fraud. On May 23, 2016, the 2nd Circuit Court overturned both the jury’s verdict and the judge’s imposed penalty as well as the penalty against Mairone.Bank of America had no comment on the 2nd Circuit Court’s decision not to grant a new trial; in May, at the time the Hustle verdict was dismissed, a bank spokesperson said, “We are pleased with the appellate court’s decision.” Mairone told MReport in May of the dismissal of the penalties, “I think it was a fair decision, and it was a long time coming. I’m relieved to finally be vindicated from the whole fraud issue. I couldn’t be happier. It took a long time to get to this point, but you have to keep fighting for the right thing.”center_img Bank of America Hustle Case Mortgage Crisis 2016-08-22 Seth Welborn Court Denies Government’s Bid for New Trial in BOA ‘Hustle’ Caselast_img read more

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2019-08-15

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Carrington Hosts 6th Annual Golf Classic to Benefit Wounded Veterans

first_imgCarrington Hosts 6th Annual Golf Classic to Benefit Wounded Veterans in Headlines, News Carrington Charitable Foundation Wounded Veterans 2016-10-20 Seth Welborn More than 250 golfers and guests assembled for the CCF Golf Classic.The Carrington Charitable Foundation (CCF)’s 6th Annual Golf Classic recently raised $2.2 million for wounded veterans who have returned from service and need support, with proceeds going directly to benefit Carrington House and the Veterans Airlift Command.Every year since 2011, the CCF Golf Classic has raised money to provide diverse ongoing assistance to veterans and their families. More than 250 golfers participated in this year’s event on October 10 at The Resort at Pelican Hill in Newport Coast, California. Following a day of golf, more than 400 supporters participated in a banquet and benefit auction.The CCF is the nonprofit organization of The Carrington Companies and it proudly honors veterans through its signature program, Carrington House, honoring the sacrifices of servicemen and women who have served in Iraq and Afghanistan. Carrington House has completed nearly two custom dozen homes across the country to meet the special needs of wounded veterans. Another two homes are scheduled for completion this year and another three are scheduled to be completed in 2017.In addition to building custom homes for wounded veterans, CCF announced plans to expand its mission to provide veterans with job-search assistance, business-plan consulting, counseling, and treatment to help provide veterans with the guidance they need to rejoin civilian life.The CCF has been a leading supporter of Veterans Airlift Command, which works with a network of volunteer aircraft owners and pilots to organize free air transportation for severely wounded veterans of Iraq and Afghanistan conflicts, and their families. Carrington Aviation has participated on missions with aircraft and crew to transport these veterans to medical facilities for treatment and reunite them with their loved ones for the past nine years.“It is a tremendous honor for us to organize this event to give back to our Veterans and their families, and we are grateful that so many others have joined us in this worthy cause,” said Rosemary Rose, Carrington Charitable Foundation Chairman. “The proceeds will continue to assist Veterans with their mobility, stability, purpose and prosperity.”Click here for more information and photos from the 6th CCF Annual Golf Classic. The 7th CCF Annual Golf Classic is already planned for October 9, 2017, at The Resort at Pelican Hill.center_img October 20, 2016 534 Views Sharelast_img read more

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2019-08-15

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