Latest news with #Berard
Business Times
14-05-2025
- Business
- Business Times
ABN Amro profit beats estimates on fees, bad loan provisions
[AMSTERDAM] ABN Amro Bank reported first-quarter profit that beat expectations after higher fees and lower-than-forecast provisions for souring loans helped offset the effect of declining interest rates. Profit at the Amsterdam-headquartered bank came in at 619 million euros (S$902.8 million) for the three months through March, compared with the analyst estimate of 543 million euros in a Bloomberg survey. Fee income grew 8 per cent due to higher assets under management and increased trading volumes that drove income from clearing, better than estimated. 'Fee growth is continuing, and the business momentum is good,' chief financial officer Ferdinand Vaandrager said in an interview. The results are the first to be presented by Marguerite Berard, a former BNP Paribas executive who was named to the bank's top role last month. She takes over the reins as the continent's banks grapple with the European Central Bank's interest rate cuts and the potential economic fallout of tariffs. ABN Amro is also working on containing expenses arising out of an increase in staff it had brought in to boost data capabilities and for regulatory programmes over the past year. In April, the firm imposed a hiring freeze to help achieve cost targets. 'After a few quarters of rising costs, we managed to reduce our underlying costs' in the first quarter compared with the previous three months, Berard said in a statement. 'To deliver on our guidance of keeping underlying costs broadly flat compared with last year, cost discipline remains a priority,' she said. The firm forecasts costs of between 5.3 billion euros to 5.4 billion euros this year and reiterated its outlook for net interest income. Berard is set to lead a review of the bank's activities to improve profitability, with ABN Amro's next strategic plan due to be presented at a capital markets day in November. This comes as the Dutch government, which is the lender's largest shareholder since its bailout, is in the midst of reducing its stake to about 30 per cent. ABN Amro has previously said it will provide an update on a potential share buyback along with second-quarter results. BLOOMBERG
New York Post
12-05-2025
- Sport
- New York Post
Rangers' Brett Berard pulls out of IIHF World Championship
Access the Rangers beat like never before Join Post Sports+ for exciting member-only features, including real-time texting with Mollie Walker about the inside buzz on the Rangers. tRY IT NOW Brett Berard will not be a part of Team USA at the 2025 World Championship over the next couple weeks, after the 22-year-old Ranger had to pull out at the last minute due to some 'physical limitations.' According to a league source, Berard's agent has been in touch with the International Ice Hockey Federation and Team USA regarding his client sitting out of the international tournament for what appears to be a minor issue. Berard is expected to still be able to train this offseason, per a source. There is also no concern about his participation in training camp. The tournament, which began on Friday, is set to run through May 25 in Stockholm, Sweden and Herning, Denmark. Rangers forward Brett Berard has pulled out of the IIHF World Championship. IMAGN IMAGES via Reuters Connect After making his NHL debut on Nov. 25, 2024, Berard finished the 2024-25 season with six goals and four assists in his first 35 career games. He missed three games in December for an undisclosed upper-body injury. 'I feel like it was just last month I was moving into my apartment there in Hartford,' Berard said during the Rangers' break-up day on April 21. 'If you told me at the beginning of the year that I would have played 35 games in the NHL, I'd take that as if it was a dream come true. It was special to be here. It was special to be around this group of guys. Came in, right away everyone made me feel right in place.' Berard said he plans to return to the area at the beginning of June to work out with his fellow teammates, Chris Kreider, Matt Rempe and Jonathan Quick, at Prentiss Hockey Performance in Stamford.
Yahoo
11-04-2025
- General
- Yahoo
Northumberland mayor proclaims National Library Week in the borough
NORTHUMBERLAND — Northumberland Borough Mayor Dan Berard issued a proclamation declaring National Library Week through Saturday in the borough. 'During the week I encourage all residents to visit the Priestley Forsyth Library, explore its resources and celebrate all the ways that the library draws us together as a community,' Berard said. — RICK DANDES
CBC
31-03-2025
- Business
- CBC
Could Trump's tariffs spell the end of Canadian-made NHL jerseys?
Like the names of Hall of Fame players in an NHL arena, dozens of retired SP Apparel Inc. employees' names hang from the rafters of the company's factory. The number on the back represents how many years that employee dedicated to making jerseys for the NHL. They go all the way up to 42. The NHL and the people of Saint-Hyacinthe, Que., have a long-running relationship. Every authentic NHL hockey jersey that has hit the ice or been purchased by fans since 1975 has come from Quebec. But now, U.S. President Donald Trump's trade war is threatening the long tradition of Canadian-made NHL jerseys, and the jobs of the 250 SP Apparel employees that make them. "We are vulnerable because the price is kind of like an elastic," said SP Apparel Inc. CEO Steve Berard. "How long can you stretch that elastic before [it snaps] and crashes into your face?" With 25 of the NHL's 32 teams based in the U.S., nearly 80 per cent of everything made for the league in Saint-Hyacinthe could be hit with tariffs, raising the price of a jersey that already sits at a high price point. An authentic pro jersey on the NHL Shop website, which is run by the American company Fanatics and has a licensing deal for all NHL official merchandise, starts at $499.99 Cdn. For a custom authentic pro jersey that includes a name and number, they start at $579.99 Cdn. The jerseys are composed of about 100 individual pieces that are stitched together by hand in Saint-Hyacinthe. The yarn for the fabric is sourced from the U.S., and the NHL team logos come pre-made from China. The rest is entirely made on site. "We call it haute couture, it's not a mass production line," said vice-president of sales for SP Apparel, Mike Quinn. "The labour is the big component because you're paying Canadian dollars, you're paying Canadian labour rates and these people have 20, 30 years of experience." The cheaper authentic replica jerseys available on NHL Shop are not made in Canada. WATCH | How tariffs can impact production of NHL jerseys: Every NHL jersey is made in Canada, but U.S. tariffs could change that 4 minutes ago Duration 3:23 For decades, SP Apparel in Sainte-Hyacinthe, Que., has made every authentic NHL jersey that's hit the ice or been purchased by fans. Nearly 80 per cent of NHL apparel the manufacturer makes could be hit with 25 per cent tariffs, stoking fears the company it supplies may look to make changes. Concerns about moving production to avoid tariffs Berard worries the NHL's supplier, Fanatics, will consider moving production out of Quebec to avoid paying any tariffs. "We don't have the capacity to absorb that 25 per cent and the customer doesn't have the capacity [for] that 25 per cent increase either," Berard said. Last year, the contract through Fanatics to produce the authentic pro NHL jerseys and socks accounted for 70 per cent of SP Apparel's business. Economists say the tariffs are designed to put the squeeze on companies like SP Apparel. "Trump all along said, 'we want those jobs to come back to the U.S., like they were in the 1970s and 1980s,' and this is one of those [industries] that's easily mobile," said Moshe Lander, economics professor at Concordia University. Lander is not convinced that the NHL would stand in the way if Fanatics decided to relocate its production, even if Canadian fans objected or even boycotted buying American-made jerseys. "It might be something where they leave a reduced footprint in Canada, maybe only to do licensing for the seven NHL teams up here and the other 25 move to the U.S. side of the border, but I don't know that this is the type of thing that is going to really make the NHL pause beyond that this is a business decision," Lander said. SP Apparel says once the NHL picks its supplier, it's not up to the league to decide where the jerseys get made — it's up to its partner, Fanatics. SP Apparel says Fanatics has yet to indicate any plans to make a change and emphasizes that it maintains a great relationship with the NHL. "They really appreciate the fact that [the jerseys] are made in Canada," Berard said. Neither the NHL nor Fanatics responded to CBC's request for comment. "I've lost a lot of sleep," Berard said, adding his employees are on edge and worried about their jobs.
Reuters
14-02-2025
- Business
- Reuters
Exclusive: BNP investors consider bank's long-term CEO succession plans, sources say
PARIS, Feb 14(Reuters) - Investors in BNP Paribas ( opens new tab are starting to consider who might lead the bank once long-time chief executive Jean-Laurent Bonnafe leaves amid a scarcity of obvious internal candidates to succeed him, sources familiar with the matter said. Some of the French lender's shareholders are urging the bank to bolster succession planning after a senior executive's departure last year left a gap internally if Bonnafe were to leave in coming years, one of the sources said. They are concerned that the lender does not have a clear line of candidates, some of whom would probably need to spend a few years in a senior role before stepping into the top job, said another source. All required anonymity because these discussions are private. Bonnafe, 63, is poised to have his position as a director renewed at the next shareholder meeting in May, enabling him to stay on as CEO until he reaches 65, the initial age limit to lead the company. The lender's board could grant Bonnafe an additional year, allowing Bonnafe to run the bank until 2028 at the latest. A spokeswoman for BNP Paribas declined to comment. There is no urgency to replace Bonnafe, who is praised by investors for his meticulous risk management, execution of the bank's strategy and familiarity with clients, as well as for elevating BNP's standing as a major European investment bank. Bonnafe, who has led BNP since 2011, has bet on growing the securities trading and merger advisory businesses and competing with Wall Street peers, filling a gap left by European rivals that have retreated. Last year, the investment banking division made up about 45% of the lender's 16.2 billion euros ($16.9 billion) in pre-tax income. The abrupt departure of the head of BNP's French retail unit less than a year ago prompted queries from some of the shareholders and within the board, chaired by Jean Lemierre, the first source said. Marguerite Berard, who had joined BNP in 2019, left in March. Berard, 47, was perceived outside and inside the company as a potential successor, three of the sources said. Dutch bank ABN Amro recently tapped her to take over as CEO as it prepares for a further government stake sell-down. BNP is led by the so-called general management, which is composed of Bonnafe and three others. An obvious candidate from the enlarged executive committee, which includes another 15 other top managers, has yet to emerge, three of the sources said. Among the recently promoted executives who might eventually replace Bonnafe, two of the sources pointed to Isabelle Loc, who succeeded Berard as head of the French retail division, and has quickly risen through the ranks. BNP Paribas has historically picked its CEOs within its ranks and Bonnafe had been groomed to succeed his predecessor, Baudouin Prot. Of course, companies' succession plans are typically closely guarded secrets and the lender could surprise with plans it has not yet shared. BNP Paribas announced at the start of the week that its chief operating officer, Laurent David, was leaving and would be replaced by Philippe Maillard, who holds a similar role in its investment banking division. The bank did not say why David was leaving. Reuters could not ascertain if this personnel change addresses succession planning. European banks have seen profits rise as interest rates jumped in 2022 and 2023, giving lenders bigger margins on loans and bolstering their shares. Still, BNP shares have gained 11% in the past two years, compared with a 50% gain in the STOXX Europe 600 Bank Index, and the bank's valuation lags that of some of its peers. BNP trades at about 0.6 times its book value, while HSBC shares value the lender at the same level as its book value and Barclays trades at 0.6 times. French banks' stock prices have been impacted by political uncertainty as the country struggles to reduce its lingering deficit. Analysts have noted that the political instability has led to increased borrowing costs and potential challenges in implementing fiscal reforms, affecting the financial sector. ($1 = 0.9607 euros)
