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Tag: Commercial

Soaring commercial auto insurance rates, onerous conditions ‘killing us,’ small businesses say

October 13, 2020
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For more than five years, Frank Hunt’s moving company has been a pillar of his community in Barrie, Ont., but he says his award-winning business is now on its knees — and he blames his insurance company. 

“They’re killing us. They’re literally shutting down the business,” he told CBC News. He says onerous demands from his insurer have led to a loss of about 75 per cent of his revenue.

Hunt, 73, says his company pays about $10,000 for commercial vehicle insurance each year. He says there have been no claims or accidents. “Not even a broken windshield,” he said.

His problems began in May, when his insurer suddenly demanded his drivers upgrade their licences to beyond what Ontario’s Ministry of Transportation requires. He and his drivers are legally allowed to drive the company’s five-ton moving trucks with a basic G licence.

“This year, the insurance company comes up with,

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Deutsche Bank, Goldman and JP Morgan top commercial real estate finance, despite COVID-19 cracks

October 10, 2020
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Spencer Platt/Getty Images

Several Wall Street banks have come to dominate a corner of U.S. commercial real estate finance over the past seven months, even as the coronavirus pandemic has cast a long shadow over the market.

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Deutsche Bank (DB) Goldman Sachs (GS) and JP Morgan Chase (JPM) each significantly grew their share of the roughly $550 billion commercial mortgage-backed securities (CMBS) market during the pandemic, according to a new report by Deutsche’s research arm.

The CMBS market is a type of property finance where Wall Street banks make loans on hotels, skyscrapers, and other types of commercial buildings to package into bond deals that investors buy.

This chart shows which Wall Street banks won — and lost — market share since the pandemic took hold in the U.S.

Deutsche Bank Research, Index data

Researchers categorized loans as pre-COVID from January to March, but as post-COVID as

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Nissan gives up on commercial vans in North America

October 10, 2020
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| business

Nissan is done selling its NV line of commercial and passenger vans in the U.S. and Canada, Automotive News reported Friday, confirming a move that AN reported a few months ago. The automaker is going to push its sedans and SUVs for fleet sales instead.

Nissan will end production of its full-size NV vans in Canton, Miss., and the compact NV200 in Cuernavaca, Mexico, next summer.

A few factors went into the decision, not the least of which is Ford’s dominance in commercial vans. Nissan sold just under 39,000 units of the NV and NV200 in North America last year — while Ford sold just under a quarter of a million of the Transit and Transit Connect. In market share, Ford has nearly half of all large van sales, with Chevy taking a quarter, according to the Automotive News Data Center. Nissan’s market share? It’s 4.9 percent.

The other factor:

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Wells Fargo cuts 700 commercial banking jobs- Bloomberg News

October 7, 2020
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Oct 7 (Reuters) – Wells Fargo & Co WFC.N has cut 700 commercial banking jobs as part of workforce reductions that could ultimately impact “tens of thousands” of staff, Bloomberg News reported on Wednesday citing people with knowledge of the matter.

The bank resumed job cuts in early August after it paused layoffs in March because of the COVID-19 pandemic.

Wells Fargo said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses caused by the pandemic and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.

Layoffs, branch closures and cuts to third-party spending are on the table, the bank’s executives had then said.

Big U.S. banks had postponed decisions about staff cuts when the virus outbreak first began to take hold, with executives saying they were unsure how long the outbreak would hurt

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Nano-cap commercial REIT Presidio Property Trust prices IPO at $5

October 7, 2020
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Presidio Property Trust, a diversified REIT repositioning its portfolio to focus on office and industrial properties, raised $3 million by offering 0.5 million shares at $5, as expected. The company most recently planned to offer 1 million shares at the same price before decreasing its deal size by 50% on Tuesday. It originally filed to raise $69 million in September 2017. At pricing, the company commands a market value of $47 million. Because its deal size is less than $5 million and its market cap is less than $50 million at pricing, Presidio Property Trust will be excluded from Renaissance Capital’s stats.

Presidio Property Trust plans to list on the Nasdaq under the symbol SQFT. Kingswood Capital Markets acted as sole bookrunner on the deal.

The article Nano-cap commercial REIT Presidio Property Trust prices IPO at $5 originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment

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The Zacks Analyst Blog Highlights: Commercial Metals Co, L.B. Foster, Schnitzer Steel Industries, POSCO and ArcelorMittal

October 2, 2020
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For Immediate Release

Chicago, IL – October 2, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Commercial Metals Company CMC, L.B. Foster Company FSTR, Schnitzer Steel Industries, Inc. SCHN, POSCO PKX and ArcelorMittal MT.

Here are highlights from Thursday’s Analyst Blog:

5 Red-Hot Steel Stocks Set to Run Higher in Q4

The steel industry has staged a recovery after being out of favor for much of the first half, thanks to a revival in demand in key end-markets from the coronavirus-induced slowdown and a rebound in steel prices.

With China (the top consumer of steel) seeing an economic rebound and businesses gradually resume across the world following loosening of lockdowns and restrictions, things are looking up for the steel

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Omega Commercial Finance Corporation Update On Capital Restructuring

September 29, 2020
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| finance

MIAMI, Sept. 28, 2020 (GLOBE NEWSWIRE) — Omega Commercial Finance Corporation (OCFN) is hereby providing shareholders and the investment community with an update of its capital restructuring, as a result of the Company having become a non-reporting public company in October 2018..

Becoming a non-reporting public company afforded OCFN the opportunity to restructure the Company’s capital structure and address massive derivative debt that was cultivated overtime by “Bad Actors,” which is pervasive within the over-the-counter market. The derivative debt originated from various holders of promissory notes of which OCFN issued in the period following the 2008 credit crisis to sustain operations and stay afloat during a period where investment bankers where not readily providing capital for over-the-counter companies and instead focusing on top tier public companies trading on national securities exchanges.

Consequently, when the debt from the promissory notes were due, the Company strategically felt it was best to allow

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Value of U.S. commercial property slashed by 27%, Financial Times reports

September 27, 2020
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| money

By David Randall



a view of a city: FILE PHOTO: The Empire State Building and Manhattan skyline are seen in New York City


© Reuters/MIKE SEGAR
FILE PHOTO: The Empire State Building and Manhattan skyline are seen in New York City

NEW YORK (Reuters) – The economic effects of the coronavirus are battering the U.S. commercial-backed securities market, raising the question of the value of hotels, malls, and other buildings that act as collateral for mortgages, according to a report in the Financial Times on Sunday.

Wells Fargo estimates that U.S. properties that have gotten into trouble are being written down by 27% on average, according to the report. (https://on.ft.com/36cE4eE)

Declining appraisal values could hammer portfolio managers that have moved into the commercial mortgage-backed securities market in search for yield at a time when the Federal Reserve has indicated that it will keep benchmark yields near zero until 2023 at the earliest.

(Reporting by David Randall; Editing by Lisa Shumaker)

Video: Dollar Could Get Stronger Over Next Several Weeks, Says

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Wells Fargo’s Kara McShane Named Commercial Real Estate Finance Council’s Inaugural 2020 Woman of the Year

September 26, 2020
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Wells Fargo & Company (NYSE: WFC) is pleased to announce that Kara McShane, head of Commercial Real Estate (CRE), has been named the inaugural 2020 Woman of the Year by Commercial Real Estate Finance Council (CREFC). The award is given to a member of CREFC who is nominated by industry peers, exemplifies strong engagement and leadership in the commercial real estate finance industry, has helped improve the marketplace, and demonstrates high ethical and professional standards.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200923005337/en/

Jon Weiss, CEO of Wells Fargo Corporate and Investment Banking, comments on Kara McShane, Head of Wells Fargo Commercial Real Estate, receiving CREFC’s Woman of the Year honor (Photo: Business Wire)


McShane has more than 25 years of commercial real estate and fixed-income experience. She took the helm of Wells Fargo CRE, which is the #1 commercial real estate lender in the

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Quality Insurance for Auto, Home, Commercial, and Life

May 7, 2020
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| insurance


Customer service agent making call

Our Coronavirus Response

Your peace of mind is our number one priority. We want to share our commitment to your safety and remind our customers that we can address all your needs over the phone.

View Details

Why People Choose InsureOne

  • We Do the Shopping for You

    We compare quotes from top insurance carriers to ensure you get the best coverage and great rates.

  • Customized Insurance Packages

    When you request a quote from InsureOne, we take the time to understand your needs and provide you with a personalized insurance package based

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