Friday's market folly a flurry of hype and hope

YESTERDAY’S massive swings on the markets are a reminder – if it was needed – that financiers and investors are at least as likely as everyone else to get caught in their own hype.

Billions of notional euro were being added hourly to the valuations of Irish firms, especially the likes of Bank of Ireland and Ryanair, that do a lot of their business in the UK. By lunchtime, not quite as many billions of notional value was being subtracted from the same valuations.

The same thing was happening with UK shares, German exporter shares and French banks.

Thursday’s resounding Conservative win was seen as a catalyst for a new certainty in Britain and a definitive break with three-and-a-half years of deadlock. Boris Johnson’s win does give him a mandate to negotiate Brexit and the majority to execute it.

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But the race to revalue UK-exposed assets was spectacularly overblown. In reality, the election moves us from a situation where Brexit could not be negotiated to one where it can. The UK is set to formally leave the EU this year, but so gently no one will really notice the shift to transitioning leaver. Beyond that, who knows? Certainly not the markets.

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Canadian regulator dismisses Catalyst request for cease trade order on Hudson's take private deal

(Reuters) – Canadian financial regulator the Ontario Securities Commission said on Friday it has dismissed a request by Catalyst for a cease trade order relating to proposed take-private deal of Hudson’s Bay (HBC.TO).

The hearing comes after Hudson’s Bay fell short of securing enough shareholder support for a C$1.9 billion ($1.4 billion)proposed take-private deal for Saks Fifth Avenue owner by its Chairman Richard Baker-led consortium, Reuters reported earlier on Friday.

Catalyst’s request for an order requiring amendment of HBC’s Management Information Circular is granted, with the terms of such amendments and related matters to be the subject of the final order, said the regulator.

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‘Emergency plan’ used after Niagara goaltender injury, says London Knights trainer

London Knights trainer Doug Stacey says a serious injury during Thursday night’s game between the Niagara Ice Dogs goalie Tucker Tynan is the reason trainers talk over “an emergency action plan” before the first puck drops.

Stacey told Global News that trainers typically meet up before the first period of every game to discuss potential worst-case injury scenarios as a precaution.

“And my big line at the end is, OK, now that we’ve talked about it, nothing’s going to happen. And for the most part, it doesn’t.”

However, Stacey and Ice Dogs trainer Chris Trivieri were called into action early in the second period of Thursday’s Knights-IceDogs game in St. Catharines, Ont., when IceDogs netminder Tynan was hit as teammate Ivan Lodnia and Knights’ Hunter Skinner crashed into the net.

 

The two players fell and went feet-first into Tynan, who was pushed back into the goal. Both Skinner and Lodnia got up quickly and rejoined the play while Tynan remained down.

“The referees were looking towards their (IceDogs) bench and motioning for them to come,” said Stacey. “But then they (Trivieri and officials) looked at my bench and said, ‘you need to come,’ and I realized that it was something more significant.”

Stacey says when he got to the crease he saw a big pool of blood and knew right away the emergency action plan was happening.

Tynan had a laceration to his leg.

“Chris Trivieri did an unbelievable job in terms of… he was there, he was calm, cool, he’d already stabilized like in terms of locating where the wound was and right away was giving me direction,” Stacey said.

Tynan, who is from Chicago, Ill., and is in his first year in the Ontario Hockey League, was attended to by trainers and medical personnel for a considerable amount of time as proper protocols were followed.

Stacey says his primary job during the ordeal was to keep talking to Tynan while Trivieri and medical personnel begin on ice treatment of the goalie’s injury.

“I didn’t want him to talk about the wound. Instead, I just said, you know what? These guys have things under control. I said, how are you feeling? Do you feel cold? Do you? I was more trying to talk to him just so that he was engaged with me and that he could focus on something else.”

Stacey says the idea behind such a discussion was to redirect Tynan’s focus on other things than his immediate injury.

“Because if he gets agitated, you can go into shock and shock can often be more damaging to anything than the actual injury,” said Stacey.

The 17-year old was eventually taken off the ice on a stretcher and transported to hospital. The IceDogs tweeted just before midnight that Tynan had undergone successful surgery and was “stable and safe in hospital.”

 

Tynan’s injury is the second serious leg injury Stacey has dealt with in his time as Knights trainer. In 2014, then Knights netminder Anthony Stolarz, who now plays in the American Hockey League, was accidentally cut on the back of the leg by a skate blade in a game against the Saginaw Spirit.

Stolarz injury came during a shoving match in front of the net. He was also removed from the ice on a stretcher and sent to hospital to get 55 stitches to close a wound.

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Rep. Mike Johnson dismisses 'absurd' claim McConnell should recuse from impeachment trial

Rep. Johnson on ‘absurd’ call for McConnell to recuse himself from impeachment trial

House Democrat calls on Sen. McConnell to recuse himself from trial; Louisiana Rep. Mike Johnson reacts.

House Judiciary Committee member Mike Johnson, R-La., dismissed a claim by a committee Democrat Friday that Senate Majority Leader Mitch McConnell is unfit to oversee an impeachment trial of President Trump.

Rep. Val Demings, D-Fla., claimed McConnell's recent interview with Fox News host Sean Hannity proved he was not impartial enough to run the proceedings responsibly.

"Senator McConnell has promised to sabotage that trial and he must recuse himself," said Demings, a former Orlando police chief, later adding that "No court in the country would allow a member of the jury to also serve as the accused’s defense attorney."

"I think it's absurd," Johnson said of Demings' claim.

In the interview with Hannity, McConnell, R-Ky., said he will "take [his] cues" from President Trump's attorneys.

"There will be no difference between the president’s position and our position as to how to handle this to the extent that we can," he said, adding that the Senate would "be working through this process, hopefully in a fairly short period of time."

On "Tucker Carlson Tonight," Johnson said some of McConnell's recent comments simply acknowledge an "obvious truth."

"Everybody in the country now has seen the record. They've seen the facts and they've seen what supposedly is backing up these articles of impeachment — and there's nothing there," Johnson told host Brian Kilmeade.

Demings also accused McConnell of threatening to violate his own oath of office.

"He has effectively promised to let President Trump manage his own impeachment trial. The Senator must withdraw," she said.

"The Senate rules provide the oath to be sworn by each Senator: 'I solemnly swear … that in all things appertaining to the trial of the impeachment of President Donald John Trump, now pending, I will do impartial justice according to the Constitution and laws, so help me God'," Demings added, according to a statement on her official House website.

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Globus Medical’s (GMED) Got A Spine…

Shares of Globus Medical Inc. (GMED) closed at an all-time high of $57.18 on Friday (Dec.6), and are up 32 percent year-to-date.

Globus Medical is a medical device company marketing implantable devices, disposables, and unique instruments used in an expansive range of spine, orthopedic trauma, hip, knee, and extremity procedures.

The Company has grown its net income, revenue, and gross profit over the past two years and expects the momentum to continue as can be seen from the upbeat outlook.

Metrics 2016 2017 2018
Sales $563.9 Mln $635.9 Mln $712.9 Mln
Net income $104.34 Mln $107.34 Mln $156.47 Mln
EPS $1.08 $1.10 $1.54
Gross Profit $429 Mln $485 Mln $553 Mln

In the third quarter ended September 30, 2019, the Company’s GAAP net income rose to $38.3 million or $0.38 per share from $35 million or $0.35 per share in the third quarter of 2018. On a non-GAAP basis, the net income in the third quarter of 2019 was $43 million or $0.43 per share compared to $39 million or $0.39 per share in the year-ago quarter.

The net sales in the recent third quarter jumped to $196 million while gross profit increased to $150 million. This compares with sales of $169 million and gross profit of $131 million in the year-earlier quarter.

Looking ahead to full-year 2019, Globus Medical expects to report non-GAAP earnings per share of $1.72 and sales of $783 million. The Company has boosted its 2019 revenue outlook twice this year.

Founded in 2003, Globus Medical went public on the New York Stock Exchange in August 2012, offering its shares at a price of $12 each.

In the last 1 year, GMED has traded in a range of $38.01 to $57.22. The stock closed Friday’s (Dec.6) trading at $57.18, up 0.51%.

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US and China seek to avoid all out war as tensions surge in the South China Sea

The two global superpowers have been on brink of conflict – and this was not helped by an an incident in which reportedly China intercepted US combat ships in Beijing waters. This is amid a trade war between the two nations – as well as China believing that the US covertly backed protestors in Hong Kong. So tensions have started to mount between the pair in the South China Sea.

In December, Generals Mark Miller and Li Zuocheng reportedly held a phone call to try and avoid any conflict.

The conversation was described as a courtesy call, where the two parties shared a mutual concern over the escalating tensions.

According to the Pentagon, the pair vowed to explore the “opportunity to discuss building a constructive and results-oriented defence relationship.”

“The two military leaders agreed on the value of a productive dialogue, effectively managing differences and cooperation on areas of common ground,” said the Pentagon.

Recent strategy papers from the Pentagon identified China as a strategic rival, both in the South China Sea, among other areas of Asia.

A 2018 paper labelled China as a “revisionist power” – and one that “seeks to create a world consistent with their authoritarian models.”

Over the summer, the US formed a new job – the deputy assistant secretary of defence for China.

The office will aim to maintain the US’s military relationship with China, with it reported that China military officials were hopeful it could be a “stabilising force.”

Last summer, a Chinese defence white paper worryingly acknowledged that the country saw the US as an aggressive and destabilising force in Asia.

Milley had before been sent to defuse tensions with China, when in 2016. the Permanent Court of Arbitration (PCA) ruled against the legalities of China’s claims to the sea.

 

This case was started by a key US ally and the officials in the Philippines, all with full support of the US and other superpowers.

Senior officials in the US were determined to prevent any escalation which could develop from arbitral ruling.

The administration of then-president Barack Obama called on China to abide by the ruling.

President Donald Trump is approaching the election season, and so the Pentagon are trying to increase their naval presence while keeping China in line.

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The discussion the two military chefs had was done shortly after China put a ban on US war ships from docking in Hong Kong.

It is thought this was done in retaliation to the Trump’s signing of the Human Rights and Democracy Act, in lieu of China’s request for the US to keep out of domestic affairs.

This measure has been seen by some as the country being perceived as the same fodder of those taking part in anti-government protests.

According to the PLA, the phone call “means military ties between the PLA and their American counterparts will remain stable even though [China] banned American warships and aircraft from making port visits in Hong Kong.”

“The ban on port calls is just a diplomatic and political gesture to pacify the Chinese public after Trump signed the Hong Kong bill. The PLA doesn’t really want to fight with the Americans,” the same source told the South China Morning Post.

The Pentagon had even invited China to attend the Rim of the Pacific (RIMPAC) exercises, even though they had concerns about possible espionage and maybe even illegal surveillance activities from China.

The hope is now the two parties will attempt to find middle-ground over the situation in the South China Sea.

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Water main break floods homes in North Vancouver’s Lynn Valley

Crews in North Vancouver were hard at work Friday battling the region’s latest water main break.

Several Lynn Valley homeowners reported flooding near the intersection of Dracott and Hoskins roads Friday afternoon.

“Before I know it, looking at the garage there was about four feet of water,” said resident Marly Sas.

“All in the basement, thick mud, sticky, slimy stuff … there’s a ton of water, a ton of damage.”

The problem is believed to be due to an aging pipe, estimated to be between 40-50 years old.

About 20 homes in the neighbourhood were being warned that they may be without water until 11 p.m. as crews work to repair the damage.

The District of North Vancouver was also also advising Lynn Valley residents they may have murky water due to the water main issue.

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Canadian regulator dismisses Catalyst request for cease trade order on Hudson's take private deal

(Reuters) – Canadian financial regulator the Ontario Securities Commission said on Friday it has dismissed a request by Catalyst for a cease trade order relating to proposed take-private deal of Hudson’s Bay (HBC.TO).

The hearing comes after Hudson’s Bay fell short of securing enough shareholder support for a C$1.9 billion ($1.4 billion)proposed take-private deal for Saks Fifth Avenue owner by its Chairman Richard Baker-led consortium, Reuters reported earlier on Friday.

Catalyst’s request for an order requiring amendment of HBC’s Management Information Circular is granted, with the terms of such amendments and related matters to be the subject of the final order, said the regulator.

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Mentorship gives B.C. junior hockey players first-hand look at addiction

There are piles of used hypodermic needles in front of almost every room on the third floor of the Arco Hotel in Vancouver’s Downtown Eastside. Garbage is piled up so deep in one room, it would be easy to assume it is abandoned.

It is not. The hotel is full of people paying more than they can afford for conditions that are less than anyone deserves.

This is the scene six members of the BC Hockey League Surrey Eagles find themselves in. The look on the faces of the 19-year-old players says it all. For some time after they leave the hotel, words simply fail the young men.

“It’s hard to see people live like this,” says Eagles forward Kenny Riddett from Fishkill, N.Y.

The players are taking part in a program offered by the Odd Squad, a non-profit association made up of current and former police officers that uses documentaries and peer-to-peer presentations to educate about the dangers of addiction and gangs.

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20 Biggest Crime Stories of the Year

As 2019 fades into history, America ruefully looks back on another year of mass murders, bias-inspired crimes, child and sex abuse cases, fraud involving the privileged class, and other misdeeds.

Using media sources such as The New York Times, National Public Radio, and The Associated Press, 24/7 Wall St. reviewed hundreds of popular news stories to create a list of the year’s biggest crime stories. We selected stories that stood out for how many lives they impacted, for being in some respects unprecedented, and for involving people or institutions of great importance to the public. We also aimed for a variety of subjects to cover the wide range of notable 2019 crime stories.

America was shaken by two mass-shooting events in a 24 hour period this past August, renewing the debate over gun control in Washington, D.C. as well as in living rooms and workplaces across the nation. These are the deadliest mass shootings in our nation’s history.

Crimes such as a shooting in a California synagogue and church burnings in Louisiana reminded us that bias and hate remain intractable problems in the United States.

Other crimes involved the entitled elite, such as the college admissions scandal in which affluent and well-connected people used their status to gain an unfair advantage for their children to get into America’s most exclusive universities. It was a reminder that in a nation that prides itself on merit, the playing field is not level. Here are the worst scandals that shocked Hollywood.

Click here to see the 20 biggest crime stories of the year

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