Wikimedia CommonsCorvo Bianco. Chef Elizabeth Falkner Brings the Italian Coast to the Upper West Side
Corvo Bianco, or “white crow” in Italian, has opened at 446 Columbus Avenue, and 81st Street, bringing coastal Italian fare to the Upper West Side of Manhattan. Executive Chef Elizabeth Falkner helms the kitchen, turning out both authentic and inspired takes on Italian cuisine that highlight fresh seafood, bright flavors, and handmade pasta.
An abbreviated bar menu offers inventive Bruschetta and a number of Pizza Griglia and Panini, with a beverage program boasting a 120-bottle wine list curated by Wine Director Enrique Duran. An impressive collection of both international and domestic varietals are poured; 30 of which are priced at $33. Ward III mixologist Michael Neff has created a number of signature cocktails incorporating complex amaros and infusions such as an option featuring Rye, Averna, bitters, and Earl Grey Tea. Corvo Bianco also offers draft and bottled craft beer.
“We wanted to bring the Upper West Side community a glimpse of that downtown vibe,” says Mexican co-owner Luis González Rul. “We hope that Corvo Bianco will cater to families, tourists, older crowds and younger crowds. But first and foremost, we want to be a neighborhood restaurant—a place where everyone feels welcome and at-home,” adds Paulina González Rul, co-owner and image consultant of Corvo Bianco.
The 225-seat restaurant, designed by the Mexican architect Mauricio Zermeño-Bessonart, is housed in what used to be the historic Endicott Hotel. Zermeño aimed to preserve much of the building’s original architecture and integrity, while also incorporating elements reminiscent of Italy’s iconic osterias and terraces. “We wanted something sophisticated-chic, yet cozy and inviting,” says Zermeño. Original brick archways line the perimeter of the main dining room, while a landmarked skylight sends natural sunbeams throughout the 7,000 sq. foot space. A terracotta fireplace to the back of the main dining room anchors the space and complements the potted plants dappled across the walls. For special occasions, a 30-seat private dining room to the side of the main floor is the perfect alcove from the bustling restaurant.
Corvo Bianco is located at 446 Columbus Avenue, and 81st Street, and will be open Sunday through Thursday 5:00pm to 12:30am, and Friday & Saturday 5:00pm to 1:30am.
For more information, please call (212) 595-2624 or visit their page.
Wikimedia CommonsFoto: mattbuck . ¿Qué estrategias reciben más consultas en Morningstar? La renta variable global gana posiciones
Individual investors, advisors, and institutions continued to show interest in large-cap equity strategies in the first half of 2013, according to a list of the most-researched investments in Morningstar’s platforms. The mid-year snapshot also finds individual investors seeking dividends, financial advisors exploring allocation funds and income investments, and institutions searching for opportunities internationally.
Highlights of the most-researched investments in Morningstar platforms during the first half of 2013 include:
Seven of the 10 most-researched separate accounts by institutional investors were large-cap growth strategies. Two value strategies also ranked in the top 10.
A bank loan strategy made the list of both the top funds and ETFs researched by individual investors—no bank loan strategies made the individual investor lists in 2012.
Financial advisors’ most-researched mutual funds focused on large-cap equity and allocation funds, while the number of fixed-income funds on the list declined from 2012.
Emerging-markets ETFs were most popular among individual investors, while advisors showed particular interest in bond ETFs and large-cap strategies; though an energy sector ETF topped the advisor list after not making the list during the previous period.
“Core equity and bond strategies largely remain the most-researched investments across our main product platforms, but changes to the number of searches in niche categories indicate that investors were switching gears in the first half of the year,” Paul Justice, director of fund research for Morningstar, said. “In the institutional segment, we saw a dramatic increase in interest in international preferred stock and junk-rated domestic bonds, likely because of the rapid shift in interest rates in the United States.”
“Within separate accounts, the new additions to the list indicate how institutions have changed sentiment,” Justice added. “According to searches in our software platforms, portfolio managers seem to be reinvigorating their search for income and international exposure following the rise in interest rates and perhaps the overheated performance of U.S. equities relative to the rest of the world.”
Most Researched Investments, Jan. 1 — June 30, 2013—Individual Investors (Morningstar.com):
Wikimedia Commons. 5th Convention of American Residents of Asturian Origin
The 5th Convention of American Residents of Asturian Origin organized by SabadellHerrero, took place on July 31st, with the aim of recognizing the work of the large group of entrepreneurs who, for many years, have been able to combine their roots in the Principality of Asturias with their successful careers in different countries of the American continent.
The event, which took place at the National Parador of Cangas de Onis, was attended by over 200 people who are either based in America or have interests in the American continent, and who have significant financial, business, cultural, and social responsibilities Among the objectives of the meeting was to facilitate the implementation of new business initiatives between Spain and the American countries in which these Asturian entrepreneurs operate.
During the day, Josep Oliu, president of Banco Sabadell, gave a lecture on the current macroeconomic climate and the future prospects for the coming months. Fernando Perez Hickman, business director of Banco Sabadell in America, and Graciano Torre, Regional Minister of Economy and Employment of the Principality of Asturias, also addressed the attendees.
Wikimedia CommonsBy Presidencia. Peruvian AFPs May Directly Register Their Investments in Foreign Mutual Funds
A few days before it became mandatory for Peruvian citizens to choose between the Private Pension System (SPP)and the National Pension System (SNP) to provide for their retirement, the Superintendence of Banking and Insurance (SBS) and the Peruvian President Ollanta Humala Tasso announced that they will seek to streamline investment in the stock market by private managers.
In his speech commemorating the 192 nd Anniversary of National Independence last week, the president said “This reform complements the one carried out to our Private Pension System, in order to expand pension coverage, increase the profitability of our funds, and benefit members; to date having achieved the reduction of commissions to a third of the average charged .”
Through a draft resolution, which shall receive input from the public until August 26th, the SBS proposes the “elimination of registration of instruments and fund operations,” thereby seeking to shorten the timeframes for the authorizations issued by the regulatory authority when transferring the registration of “instruments which are considered simple” such as local and foreign fixed income investments, foreign and local equities (stocks), and foreign mutual funds, to the AFPs.
Wikimedia CommonsBy Wall Papers Wide. Afores Back in the Green Zone in July
After a two-month low at the end of last July, the Retirement Savings System in Mexico (SAR) rose, registering 1.9 trillion pesos (approximately USD $154 billion) under management, according to figures released by the National Savings System for Retirement Commission (Consar).
These resources, derived from over 49 million individual employee accounts, increased by over 33 billion pesos (approximately USD $2.7 billion), representing a rise of 1.76% on the balance as at the end of June 2013, and generated historical returns for the system of 12.74% nominal annual average and 6.27% in real terms during the SAR’s 16 years of operation, a slight increase on the 6.22% previously recorded.
The performance over the past 12 months has been lowered to 2.94%, mainly affected by the past two months, while the performance over five years is 10.25%, a slight recovery compared to 10.20% of the previous month. The system’s average net return over 51 months is equivalent to 10.8%, a figure which remains unchanged from last month, although with the Consar’s new reporting system, (which adds a month every month to update the System’s Net Yield) these figures can’t be really compared.
Wikimedia CommonsBy mattbuck. Standard and Poor’s Upgraded Grupo Sura’s Credit Rating to BBB
Standard and Poor’s has upgraded GRUPO SURA’s credit rating from BBB- to BBB for which it has issued a stable outlook. This upgrade symbolizes the progress that the company continues to make in consolidating its Latin American operations, its sound business performance in various parts of the region as well as the financial robustness of its investments. S&P acknowledged, amongst other factors, the company’s flexibility in accessing capital, its robust investment portfolio, and stable incoming dividend flows.
“This upgrade, for which we have issued a stable outlook, mirrors our expectations that GRUPO SURA’s investment portfolio shall continue to provide important streams of dividends, which shall allow the Company to continue with its mid-term growth strategy in various strategic sectors, without this entailing any structural increase in the Company’s indebtedness”. Statement contained in this latest ratings report issued by Standard and Poor’s.
This BBB rating, confirming the company’s sound financial position compared with the highest international standards, was also based, according to the S&P report, on the ING acquisition, currently known as Sura Asset Management, with regard to which, GRUPO SURA managed to reduce its total gross debt within a period of just 12 months while at the same time obtaining an increase of 47% in dividends received during 2012.
“We are very pleased to receive this report announcing an upgrade for GRUPO SURA’s long-term credit rating, since it underscores the Company’s sound position. This Triple B rating, with a stable outlook, substantiates GRUPO SURA’s skillful management of its investments. We have handled our finances in a careful and consistent fashion, so as to maintain adequate levels of indebtedness” stated David Bojanini, GRUPO SURA’s Chief Executive Officer.
This report also acknowledged that GRUPO SURA’s investment portfolio is benefiting from the growth opportunities to be had in Latin America, without any need to increase its levels of debt. It also confirmed stable streams of dividends and adequate cash flows going forward.
Wikimedia CommonsFoto: Eric Ward. Los norteamericanos le tienen más miedo a invertir en bolsa que a la muerte
A new Nationwide Financial survey conducted by Harris Interactive found that Americans are more afraid of investing in the stock market than they are of losing their jobs, public speaking and even dying. And despite those fears, many – especially younger investors – would rather use a website for their financial planning needs than meet with an investment professional.
According to the “Fear of Financial Planning” survey released today, of the 783 potential investors over the age of 18 who had at least $100,000 in investable assets, 62 percent are scared of investing in the stock market, while 58 percent fear death, 57 percent fear public speaking and 37 percent fear losing their jobs. Despite this revelation, more than one in two millennials and nearly half of generation X (58 and 48 percent) turn to websites before financial advisors for help with financial planning.
The survey also found 83 percent of respondents are afraid of another financial crisis, while 72 percent are concerned their personal health care costs will become unmanageable and 71 percent worry they will not be able to pay for their children’s education.
“Even with the recent uptick in the markets, we still hear from our financial advisor clients that investors are very skittish. We wanted to dig deeper to understand their fears related to their financial security, and to help advisors address them,” said Michael Spangler, president of Nationwide Funds, Nationwide Financial’s mutual fund business. “Americans are increasingly moving toward managing their own assets and investments. For their practices to be sustainable, advisors need to focus more resources on demonstrating their value to both existing and prospective clients.”
Rather than working with an investment professional, generation X and millennials are more likely to use websites as their primary financial planning resource. Forty-three percent of generation X and 51 percent of millennials use an advisor for their financial planning needs, which is fewer than those using websites (48 percent and 58 percent). However, 78 percent of retirees and 61 percent of high-net-worth investors (those with $250,000 or more in investable assets) use a financial advisor as their top resource for financial planning needs.
The study was conducted online within the United States by Harris Interactive on behalf of Nationwide Financial from March 26 – April 3, 2013, and participants included 783 Americans ages 18 and older with a minimum of $100,000 in investable assets. This online survey is not based on a probability sample and a therefore no estimate of theoretical sampling error can be calculated.
Wikimedia CommonsUma Thurman Posing for the Campari Calendar 2014. Uma Thurman, Image of the Campari Calendar 2014
Campariis officially unveiling Uma Thurman as the star of the Campari Calendar 2014, which will be captured by noted fashion photographer Koto Bolofo. The iconic, edgy actress takes the lead in the 2014 edition of the Calendar which is entitled ‘Worldwide Celebrations’, with each month focusing on a unique festival from a number of different cultures around the world. Through this new theme, Campari intends to highlight how cultures around the world have become more global than ever before, and reinterprets each celebration through its spirit made of passion, style and charisma.
Uma, who has starred in a number of high-profile blockbuster movies such as Pulp Fiction and Kill Bill, follows in the footsteps of previous Campari Calendar heroines, including stylish and passionate actresses Salma Hayek, Eva Mendes, Jessica Alba, Milla Jovovich and Penelope Cruz.
Koto Bolofo is the latest photographer to capture the renowned Campari Calendar, for its 15thedition. Having been born in South Africa, raised in Great Britain and now residing in France, Bolofo is a true world citizen, enabling him to embody the theme of the Calendar even further. Bolofo is well known for his powerful portraits, innovative fashion shoots and numerous short films. He has shot for a number of high-profile publications including Vogue, Vanity Fair and GQ, and has created advertising campaigns for luxury brands such as Louis Vuitton and Dior.
Bolofo is renowned for his keen eye for lively and dynamic imagery, which he will be using to offer a window on the world to Campari lovers around the world in the 2014 Calendar.
Wikimedia CommonsFoto: Tom Varco. Novedades sobre compañías farmacéuticas
We adhere to the theory of mean reversion in our management of the portfolio. Three years ago, pharmaceuticals stocks were out of fashion and valuations had fallen to a very low level. The market, however, was overlooking the fact that pharmas had a long-term growth story ahead of them. Peaks and troughs are part of the natural rhythm in any industry and it is the fallow period from 1998 to 2006 – when fewer new drugs were reaching the market – that wrongly shaped current opinions.
Since then, companies have diversified into broader, more sustainable revenue streams through non-core pharmaceutical treatments, low-cost generics and emerging markets opportunities that are less dependent on patent protection or research and development. Technological progress has enabled firms to launch new medications for widespread diseases such as cancer and Alzheimer’s. At the same time, demographic developments and growing demand in emerging economies has fuelled demand for treatments.
Sanofi and Roche are two examples of companies we favour in the industry:
Sanofi:
French healthcare company Sanofi’s risk/reward profile remains attractive, given the positive outlook for the firm’s diabetes franchise, particularly Lantus, the insulin product, consumer health products and opportunities for growth in the emerging markets. Around 35% of Sanofi’s business comes from emerging markets where more medically immature markets are leading to strong uptake of healthcare products. The company’s broad earnings base could be a benchmark for any industry, with sales diversified by geography (US: 35% / EU: 24% / EM 32%/ ROW13%, 2012 figures) and division. The company’s sales are also well-balanced amongst government expenditure and private consumer expenditure. Net debt is significantly below target of €10 billion, so the balance sheet is strong and the company enjoys positive net cash flow. Investors can look to a healthy dividend yield, currently 3.7%, which is expected to rise next year by around 10% and there may even be potential for share buybacks. The company currently trades on a 1-year forward price/earnings ratio of around 13.5.
Roche:
Swiss pharmaceuticals and diagnostics company Roche is a core long-term holding for us, reflecting our belief that the company is only partway through a multi-year re-rating. Sales have continued to grow at an impressive rate, driven by Roche’s headline cancer treatments Heceptin and Avastin, amongst others. The firm’s strong pipeline of potential new drugs, continued expansion of its diagnostics operations, and growing emerging markets presence should help Roche to grow earnings. Roche trades at a premium to some of the other pharmaceutcials but this reflects the quality of its products. A dividend yield currently of more than 3%, trading on a price/earnings ratio of 15 does not seem unreasonable for a company that is forecast to grow earnings by 7-10% per annum over the next few years.
Other investors have begun to discover this trend and the valuations among pharmaceuticals have risen but not to the extent that they are overvalued. In fact, we believe the sector is in the midst of a long-term upwards re-rating.
By John Bennett, Director of European Equities at Henderson Global Investors
Wikimedia Commons. Tom Fekete, New Product Development Leader at iShares
iShares, the exchange-traded funds platform of BlackRock, appointed Tom Fekete as head of product development in Europe, the Middle East and Africa (EMEA) effective immediately and substituting Axel Lomholt who left the firm last January.
Based in London, Fekete will report to Joe Linhares, head of iShares EMEA, who commented: “Tom brings with him considerable industry knowledge and skill, paired with vast experience delivering solutions to a diverse range of clients. He joins the firm at a time when the exchange traded products industry, and the adoption of these products, is growing significantly in Europe with users including IFAs, insurance companies and pension funds. Developing and creating high quality, innovative products is key to supporting this growth.”
Fekete, a Harvard graduate, joins from Barclays Wealth where he was EMEA head of investment products and global head of FX advisory, a role he held from 2009 onwards. Fekete previously headed the structured solutions team at UBS preceding his promotion to lead the products and services distribution arm of the Swiss bank.
