Canada Mortgage and Housing Corp. says the pace of housing starts in September slowed compared with August.
The agency says the seasonally adjusted annual rate fell 2.5 per cent to 221,202 units in September compared with 226,871 in August.
Economists on average had expected an annual pace of 214,500 for September, according to financial markets data firm Refinitiv.
"This continues to reflect strong demographic demand, both from international inflows and new households created within Canada," said Robert Kavcic, a senior economist at Bank of Montreal.
"There's a lot of homebuilding activity going on across the vast majority of Canada."
The decrease came as the pace of urban starts fell 2.4 per cent to 208,503 units. Multiple-unit urban starts dipped 0.2 per cent to 159,742, while starts of single-detached urban homes fell 9.2 per cent to 48,761 units.
Rural starts were estimated at a seasonally adjusted annual rate of 12,699 units.
The six-month moving average of the monthly seasonally adjusted annual rates of housing starts was 223,507 in September, up from 218,782 in August.
The CMHC's monthly report follows industry figures that show home sales have been stronger than last year and stronger than the early months of 2019.
Last month, the Canadian Real Estate Association raised its 2019 forecast sales of existing homes to 482,000 units, up five per cent from 2018.
"Canada's housing sector is back on the front foot with resales picking up as the year progresses and homebuilding activity clearly displaying some momentum," Josh Nye, a senior economist at Royal Bank, said Tuesday.
"Ontario, the Prairies and Atlantic Canada are on the rebound while the trend in B.C. and Quebec remains strong despite slower starts in the last month or two."
In a separate report, Statistics Canada said Tuesday the value of building permits issued by Canadian municipalities rose 6.1 per cent to nearly $9 billion in August.
The value of permits for multi-family dwellings increased 18.8 per cent to $3.3 billion in August, while the value of permits for single-family homes rose 3.2 per cent to $2.4 billion.
Industrial permits rose 18.9 per cent to $675 million, while commercial permits fell 5.9 per cent to $1.9 billion. Institutional permits slipped 10.7 per cent to $651 million.
from Business - Latest - Google News https://ift.tt/2Msa4jF
via IFTTT
October 08, 2019 at 10:16PM
The energy sector led Canada's main stock index lower, while U.S. stock markets pulled back in the face of increased tensions ahead of U.S.-China trade talks.
The S&P/TSX composite index was down 131.98 points at 16,289.77.
In New York, the Dow Jones industrial average was down 250.44 points at 26,227.58. The S&P 500 index was down 30.69 points at 2,908.10, while the Nasdaq composite was down 81.35 points at 7,874.94.
The Canadian dollar traded for 75.06 cents US compared with an average of 75.15 cents US on Monday.
The November crude contract was down 31 cents at US$52.44 per barrel and the November natural gas contract was down 2.4 cents at US$2.28 per mmBTU.
The December gold contract was up US$4.30 at US$1,508.70 an ounce and the December copper contract was up 0.1 of a cent at US$2.58 a pound.
from Business - Latest - Google News https://ift.tt/336ZVj4
via IFTTT
October 08, 2019 at 10:32PM
QuadrigaCX founder left thousands of bitcoin investors holding the bag (CBC)
The widow of cryptocurrency exchange QuadrigaCX’s founder is handing over $12 million worth of assets to help make clients whole, after her husband’s death left them empty-handed.
He had never shared any of the passwords needed to unlock the $214.6 million worth of cash and cryptocurrency stored on digital wallets — not even with his wife.
Bankruptcy trustee Ernst & Young has recovered only $33 million to date. Documents show Cotten was moving clients’ money into his own accounts, and his widow says she was kept in the dark about the whole affair.
“As a result of the monitor’s (Ernst & Young) investigation, I have agreed to return to QCX assets that I had previously thought were purchased with Gerry’s legitimately earned profits, salary and dividends,” said Jennifer Robertson in a statement.
“I was upset and disappointed with Gerry’s activities as uncovered by the investigation when I first learned of them, and continue to be as we conclude this settlement,” Robertson said.
The settlement — which is pending approval in an Ontario court — includes 16 real estate properties in Nova Scotia, a property in British Columbia, vehicles, a sailing vessel and a personal aircraft amongst other assets.
While she will be handing over most of her assets, she will get to keep around $100,00 in cash, RRSP savings valued at around $20,000, a 2015 Jeep Cherokee, $8,700 in jewellery, $15,000 worth of furniture, clothes, and issued and outstanding shares of the controlled entities and QuadrigaCX.
Hopes to put this behind her
“I believe this settlement is a fair and equitable resolution for QCX and the affected users, which lets the trustee continue to do the business of recovering as much as possible for the affected users in an efficient way that keeps trustee and legal fees as low as possible going forward,” Robertson said.
“In return, this settlement will allow me to move on with the next chapter of my life.”
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter@jessysbains.
In a news release, the Norwegian fund which administers more than US$81-billion in assets says a full exit from the oil sands is 'great news' for customers because that activity is not aligned with a two-degree Celsius global warming target.
Jeff McIntosh/The Canadian Press
The largest pension fund in Norway has removed four Canadian energy names from its investment list and says it will no longer put money in companies that derive more than five per cent of their revenue from the oil sands.
Kommunal Landspensjonskasse or KLP says it sold US$58 million worth of stocks and bonds as it reduced its tolerance threshold for companies with interests in the oil sands from 30 per cent to five per cent, matching its limit for coal investments.
The Norwegian fund which administers more than US$81 billion in assets said a full exit from the oil sands is “great news” for customers because that activity is not aligned with the two-degree Celsius global warming target under the Paris climate agreement.
Story continues below advertisement
“By going coal and oil sands free, we are sending a strong message on the urgency of shifting from fossil to renewable energy,” said KLP CEO Sverre Thornes in a statement.
Calgary-based Cenovus Energy Inc., Suncor Energy Inc., Imperial Oil Ltd. and Husky Energy Inc., along with Russia-based Tatneft PAO, are now to be excluded from investment consideration, the fund said.
Shares in all four companies have fallen since a year ago as growth in oil sands output outstripped pipeline capacity, leading to steep price discounts in Canada and legislated production curtailments in Alberta.
Shares in Cenovus have fallen by nearly 10 per cent since last October, Suncor and Imperial are both down more than 20 per cent and Husky has dropped by more than 55 per cent.
“Institutional investors are abandoning high-carbon investments because they can see where the puck is heading,” said Keith Stewart, senior energy strategist with Greenpeace Canada, in an e-mail.
In March, Norway’s US$1-trillion wealth fund said it will sell shares in oil and gas companies including some Canadian names in order to diversify its investments as a hedge against the possibility of a downturn in the energy industry.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.Sign up today.
Story continues below advertisement
from Business - Latest - Google News https://ift.tt/33a0t7H
via IFTTT
October 07, 2019 at 11:54PM
A Chinese bank employee counts 100-yuan notes and US dollar bills at a bank counter in Nantong in China's eastern Jiangsu province on August 6, 2019.
STR | AFP | Getty Images
The dollar was little changed against a basket of currencies on Monday as traders awaited U.S.-China trade talks later in the week for clues to the state of the prolonged trade war between Washington and Beijing, even as chances of a deal appeared low.
Investors' overall appetite for risk was weak on Monday after a Bloomberg report said that Chinese officials were reluctant to agree to U.S. President Donald Trump's broad trade deal.
Top-level U.S.-China trade talks are scheduled to resume next Thursday and Friday, when Chinese Vice Premier Liu He meets with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Washington.
"The tone of markets overall has softened again today following news that Chinese officials are reluctant to agree to a broad trade agreement with the U.S.," Shaun Osborne, chief market strategist, at Scotiabank in Toronto, said in a note.
The dollar index, which measures the greenback against a basket of other currencies, was up 0.17% at 98.98.
Renewed concerns over the trade war pressured trade-oriented currencies such as the Australian dollar, which slipped 0.34% against the greenback.
"Negotiations so far have revealed little progress," he said. Investors also awaited the U.S. Federal Open Market Committee's minutes from its September meeting, due on Wednesday, for clues to whether the Fed will cut rates at its October meeting, its third interest rate cut for the year.
"(Fed Chair Jerome) Powell and his colleagues might increasingly consider a more aggressive loosening of monetary policy," said Fongern.
"This would only temporarily weaken the dollar, as it looks set to remain in demand as a safe-haven currency," he said.
Hedge funds have added to their massive long dollar positions, which rose in the latest week to a nine-week high, according to Reuters calculations and Commodity Futures Trading Commission data released on Friday.
While the dollar has been in favor for many months now thanks to its relatively high interest rate and a strong economy, the ongoing trade war with China and a scramble for funding in U.S. money markets has added fuel to the fire in recent weeks.
The greenback hit a 28-month high against the euro early last week. On Monday, the common currency was up 0.14% at $1.0991.
Sterling edged lower against the greenback as investors grew increasingly concerned that Britain and the European Union were no closer to agreeing a Brexit withdrawal deal. The pound was 0.06% lower on the day.
from Business - Latest - Google News https://ift.tt/2nxSBOo
via IFTTT
October 07, 2019 at 05:07PM
(Reuters) - Index funds now control half tmsnrt.rs/2Mhmc6L the U.S. stock mutual fund market, giving the biggest funds enormous power to influence decisions and demand better returns at the companies in which they invest trillions of dollars.
FILE PHOTO: Blackrock's Richard Prager rings the opening bell above the floor of the New York Stock Exchange (NYSE) in New York, U.S. May 31, 2019. REUTERS/Lucas Jackson/File Photo
But the leading U.S. index fund firms, BlackRock Inc, Vanguard Group and State Street Corp, rarely use that clout. Instead, they overwhelmingly support the decisions and pay packages of executives at the companies in their portfolios, including the worst performers, according to a Reuters analysis of their shareholder-voting records.
The three fund firms, for instance, supported doubling the pay of the chief executive at California utility PG&E Corp after its stock plummeted over potential liability from maintenance problems linked to California wildfires. The funds supported big pay packages for executives at beauty products company Coty Inc - including nearly $500,000 for their children’s tuition - as the company struggled to digest its acquisition of Procter & Gamble’s beauty business. And all three cast pivotal votes against the proposed reform of splitting the CEO and chairman roles at General Electric Co after a decade of poor performance.
Such votes reflect a larger trend of deference to management, according to an analysis of proxy voting at 300 of the worst-performing companies in the Russell 3000 index, as measured by three-year returns through the end of 2018. The analysis was conducted for Reuters by shareholder-voting data firm Proxy Insight.
The study looked at the 300 worst performers who held proxy votes in 2018. It found that BlackRock voted with management 93% of the time, followed by Vanguard at 91% and State Street at 84% during the proxy year ended June 30, 2018. The analysis showed that the three index fund firms supported management at the worst-performing Russell 3000 firms only slightly less often than they did for all companies in the index, regardless of performance.
“If we think that informed and engaged shareholders play an important role in disciplining company management, the rise of index investing is a problem,” said Dorothy Lund, a law professor at USC’s Gould School of Law and an author of several published corporate-governance studies.
Actively managed funds also routinely support management in proxy ballots. But their voting records are not directly comparable to those of index funds because active managers routinely signal their displeasure with company management by simply dumping a stock or never buying it. Index funds, by contrast, are prevented from active trading by their own rules because they aim to match, rather than beat, the market. They are required to own all the companies in the index they track, such as the Russell 3000 or the S&P 500 - high-flyers and dogs alike.
That leaves proxy voting as the primary leverage for index funds firms to hold companies accountable for practices that undermine shareholders’ interests, such as exorbitant executive pay. But the index providers face powerful disincentives in confronting management at the companies in their portfolios, industry experts said.
With no mission to outperform market indices, the funds lack a financial incentive to ensure that portfolio companies are well-run, Lund said. Their business models also rely heavily on recruiting everyday investors away from actively managed mutual funds with the promise of lower fees. And large companies - like the ones in major stock indexes - are key to acquiring new customers for the big fund firms: BlackRock, Vanguard and rival firms count on corporations to offer their funds to employees in retirement plans, which often limit the options workers can select.
Those vital business relationships mean index funds treat their portfolio companies more like clients, Lund said in an interview.
“The problem is going to be greater as these index funds get more money,” she said.
The index fund firms say they take seriously the watchdog role that institutional investors have historically played in the stock market. Proxy voting, they say, is only a small part of their regular engagement with companies, and they prefer to address problems privately.
“Continuing to have a dialogue without airing all of our dirty laundry” helps maintain long-term relationships, said Glenn Booraem, who oversees Vanguard’s proxy voting and its interaction with portfolio companies.
BlackRock said it talks or emails with executives and directors - sometimes for years - before voting against them. “A vote against management is a sign of a failed engagement,” Michelle Edkins, who oversees BlackRock’s proxy voting, said in an interview.
“It’s wrong to measure the effectiveness of BlackRock’s investment stewardship efforts solely by our proxy voting record,” BlackRock said in a statement. “That fails to recognize our process of engaging directly with companies to enhance the long-term value of our clients’ assets.”
BlackRock, State Street and Vanguard all declined requests to discuss their votes on specific proxy proposals at poor-performing firms, or to provide details of their private interventions at laggard companies. State Street declined to make executives available for comment.
“We use our voice and vote to influence companies on long-term governance and sustainability issues,” State Street spokeswoman Olivia Offner said in an email.
Proxy votes on proposals by the company or its shareholders, influence key issues of executive pay, director appointments and strategic plans, along with a company’s actions to address controversial issues such as climate change or gender pay equity.
BlackRock opposed executive pay just 3% of the time in 2018 at Russell 3000 companies and Vanguard opposed pay 5% of the time, according to Proxy Insight. State Street funds did not support pay 9% of the time in that group of companies, according to Proxy Insight. The figure includes a small number of abstentions by State Street.
Compare that to America’s largest public retirement funds. The $378 billion California Public Employees’ Retirement System opposed executive pay 53% of the time in the first seven months of 2019 at U.S. companies, according to its latest report.
The $210 billion New York State Common Retirement Fund opposed executive pay packages 27% of the time last year at U.S. companies, a spokesman for the fund said. The $200 billion retirement system run by the Florida State Board of Administration voted against executive compensation 64% of the time among 2,226 U.S. companies during the twelve months ended June 30, Jacob Williams, the system’s corporate governance manager, told Reuters.
(For a graphic comparing how large index firms and pension plans voted in 2018, see: here )
Some activist investors cite the low rate of negative votes by top investors as a reason for the persistence of unpopular corporate practices, such as rich executive compensation and poor disclosure of climate impacts. Median CEO pay rose 25% to $12.1 million in 2018 from $9.7 million in 2014 at the 500 largest publicly-traded U.S. companies by revenue, according to the latest disclosures analyzed by executive pay researcher Equilar.
Company leaders usually won’t even discuss an issue unless about a third of investors cast opposing votes, said Tim Brennan, who until June oversaw proxy votes and resolutions as chief financial officer for the Unitarian Universalist Association.
“The votes definitely matter,” he said.
CalPERS investment director Simiso Nzima said CEO pay design would improve if other big investors voted more critically.
“Talking to companies behind the scenes on this particular issue is a bit like trying to boil the ocean,” Nzima said.
‘EXCESSIVELY DEFERENTIAL’
Few foresaw an investing revolution when Jack Bogle of Vanguard introduced the first index fund, now called the Vanguard 500 fund, in 1976. Rather than trying to beat the market, Bogle simply sought to match it - while chopping fees to investors. Bogle, who died in January, often recalled how early index funds were disparaged as mediocre, even called “un-American.”
After the 2008 financial crisis whipsawed retirement account balances, many investors stopped trying to beat the market and embraced the lower fees of passive funds. At the end of August, passive U.S. stock funds managed $4.27 trillion - up from less than $1 trillion before the crisis, and slightly more than the $4.25 trillion in actively managed U.S. stock funds, according to research firm Morningstar Inc.
Challenging company management in proxy votes creates adversarial relationships that do not serve the business interests of the index funds, Lucian Bebchuk, a Harvard University corporate governance scholar, wrote in a May research paper. The index fund firms are “excessively deferential” to the managers of their portfolio companies, he wrote, because that approach better serves their corporate mission to grow their assets-under-management - and the fees that come with managing those assets. Bebchuk and several other academics say the index fund providers do not want to rankle senior management at publicly traded U.S. corporations because they also want to make money selling index funds to their employees through company retirement plans.
Effectively monitoring the thousands of firms in stock-market indexes would also require considerable staff and resources with little tangible payoff to an index fund’s bottom line. Because the funds all own the same stocks – under formulas calibrated to track a broad index – they can’t compete with one another on market performance. Instead, they compete with aggressive discounting of fees.
Those low costs are also the biggest selling point of all index funds over their actively managed competitors, which must charge more to pay for teams of managers who constantly research companies and cull low performers from their portfolios.Index funds’ business model and cost pressures don’t allow for much company research, said Ron Gilson, a professor at the law schools of Columbia University and Stanford University who follows the industry.
“There’s not much room for them to be investing in stewardship, particularly when real stewardship is expensive and you’re charging some customers close to a zero management fee,” Gilson said in an interview.
BlackRock, for instance, has 45 people on its team that handles proxy votes, according to a company report in August. The votes cover about 16,000 corporate meetings per year. Last year, the Los Angeles County Employees Retirement Association (LACERA) moved about $10 billion in equity index assets into accounts that would allow the retirement plan to take over proxy voting – and take it away from external portfolio managers including BlackRock, according to publicly available meeting minutes.
With expanded voting power, LACERA’s support for management proposals dropped to 80% in 2018 from 93% the previous year, when BlackRock had more sway, according to LACERA board presentations. Support for shareholder proposals rose to 74% in 2018, up from 56% support in 2017. LACERA declined to comment.
BACKING EXECUTIVE PAY
During the 2018 proxy season, top index fund providers supported corporate leaders through some trying times for shareholders of the companies in the bottom 10% of the Russell 3000 index.
The three funds’ backing of a big raise for PG&E chief executive Geisha Williams - to $8.6 million in 2018 from $4.2 million the year before - came after the company suspended its dividend. The executive pay package received overwhelming support from other investors, even though a stable dividend is a key reason for owning utility stocks. PG&E stock lost a quarter of its value in 2017. The utility sought Chapter 11 bankruptcy protection earlier this year after severe wildfires in 2017 and 2018 resulted in more than $30 billion in liabilities amid investigations into whether the utility’s equipment had caused the blazes.
When the index fund companies helped defeat the proposal to split the chairman and CEO roles at GE in 2018, their huge stakes in the company allowed them collectively to cast 1.3 billion votes against the measure out of a total of 2.8 billion votes in opposition. Investors supporting the measure cast nearly 2 billion votes in favor, hoping to curb the power of GE’s CEO in the boardroom.
In November 2017, the three index fund firms unanimously backed the pay packages at beauty products company Coty Inc, one of the worst performers in the Russell 3000 index after losing 72% of its value in the three years ended in 2018. The nearly $500,000 in tuition payments for executives’ children – an unusual perk – came as part of pay packages that ranged from $3 million to $12 million. The Florida State Board of Administration was one of the few dissenters to vote against Coty’s pay arrangements.
The large index funds also backed the re-election of Coty Chairman Lambertus Becht, who received a special $3.6 million payout for his work on the company’s $12.5 billion acquisition of Procter & Gamble’s beauty business in 2016. Top proxy adviser Institutional Shareholder Services said Becht’s total compensation of $4.6 million “significantly exceeds market norms for non-employee director pay.” Other major investors voted in favor of Becht’s re-election, but some dumped Coty’s stock as it struggled to digest the acquisition.
Spokespeople for PG&E, General Electric and Coty declined to comment for this story.
It’s rare in proxy voting for a majority of investors in a company to oppose executive pay packages. Even in such cases, BlackRock usually supports management. In 2018, among the 57 companies in the Russell 3000 that failed to win a majority of investor support for their pay plans, BlackRock sided with management about 60% of the time, according to consulting firm Semler Brossy and company voting records.
BlackRock supported rich pay packages for directors at Clovis Oncology, who each earned about $500,000 a year despite the firm’s modest market capitalization of $1.4 billion. That’s twice the typical pay of directors at the 500 largest U.S. companies by revenue, according to Equilar. Vanguard and State Street sided against BlackRock. In all, 58% of votes cast were against a proposal to ratify director pay. Clovis, which declined to comment, responded by cutting director pay by one-quarter after taking into account the low support and investor feedback, the company said in its 2019 proxy.
Switch Inc CEO Rob Roy received nearly $100 million in compensation in 2017 when he took the Las Vegas-based data center operator public. The following year, BlackRock backed the election of three directors on Switch’s compensation committee who had awarded Roy his big pay package. State Street backed two of them. Vanguard voted against all three on the compensation committee.
“The awards are unusual, and the complete lack of performance-vesting criteria heightens concern,” proxy advisory firm ISS wrote in a May 2018 research report. Each of the three Switch directors received 97% of votes cast.
Switch shares lost about two-thirds of their value in the 15 months after its October 2017 initial public offering. Switch and CEO Roy declined to comment.
ALL ABOARD FOR AN $84 MILLION PAYOUT
In one case, BlackRock noted concerns about a big payout to an executive but voted for it anyway.
In February 2017, legendary railroad executive Hunter Harrison demanded $84 million in upfront money to join CSX Corp as CEO. BlackRock balked at the size of the payment and cited investor concerns about Harrison’s health, according to a June 2017 BlackRock report on proxy voting. Before investors voted on his pay package, a Wall Street Journal story detailed how an undisclosed medical condition forced Harrison to work from home, breathing with the help of an oxygen machine.
BlackRock, which owned a 6% stake in the rail firm, put aside its concerns and supported the pay package, which received 93% support from all investors. Vanguard, with a 7% stake, and State Street, with around 4%, also voted in favor. Several months later, in December 2017, Harrison died.
CSX adopted a rule requiring its next CEO to submit to a physical examination. The resolution that prompted that change at CSX was filed by Virginia attorney John Fishwick Jr., and it was adopted by the company before any vote. He said he was surprised none of the big fund managers stepped up with their own proposal. CSX declined to comment on Harrison’s pay.
Slideshow (7 Images)
“These funds talk a big game, using a lot of flowery language,” Fishwick told Reuters in a phone interview. “I have not seen that they’ve done much.”
(GRAPHIC: Index funds now control half the mutual-fund market - here)
Reporting by Tim McLaughlin and Ross Kerber; Editing by Brian Thevenot
Dick's Sporting Goods CEO Ed Stack said his company destroyed $5 million worth of assault rifles as part of its tough stance on guns.
In his new book and in an interview with "CBS News Sunday," Stack shared how the company turned the guns into scrap metal.
"I said, 'You know what? If we really think these things should be off the street, then we need to destroy them,'" Stack told CBS News.
In his book, "It's How We Play the Game: Build a Business. Take a Stand. Make a Difference," which goes on sale Tuesday, Stack wrote that rather than returning the firearms banned by the company to manufacturers, the chain "sawed $5 million worth of rifles into scrap."
Stack is scheduled to be on CNBC’s "Squawk Alley" on Tuesday.
Open carry changes: Publix, Aldi, CVS, Walgreens and other businesses want shoppers to leave guns at home
CEOs call for universal background check: 150 business leaders call on Congress to take 'common-sense' action on guns
The National Rifle Association tweeted an article written by right-wing publication Breitbart and wrote: “Dick’s Sporting Goods CEO Ed Stack told CBS News that his company destroyed $5 million worth of “assault-style rifles” to keep them out of private hands.”
The reaction to the NRA tweet was mixed with several saying they'd shop at Dick's and others against the news.
"Thank you for publicizing this very excellent thing that Dicks has done," Twitter user @RevAndyKarlson commented. "I'm proud to support a company that acts with moral conviction."
"Exactly why I no longer shop at @DICKS," Twitter user @tjomac wrote. "They are deceptive in their terminology, trying to be PC and they made stupid business decisions."
In his CBS interview, Stack said after the 2012 Sandy Hook Elementary shooting in Newtown, Connecticut, he removed the AR-15 from his chain of 720 stores.
"All we were going to do was just take it off the shelf and not say anything," Stack said. "We thought we’d get a little bit of a backlash, but we didn't expect to get what we got."
After the Parkland school shooting in Florida left 17 dead in February 2018, Dick’s pulled high-capacity magazines from stores and halted the sale of firearms to anyone under 21.
“We found out we sold this kid a shotgun and I said, ‘We’re done,’” Stack said on CBS of the then-19-year-old alleged shooter. “Even though that’s not the gun he used, it could have been.”
Contributing: Jeff Platsky, Binghamton Press & Sun-Bulletin; Kristin Lam, USA TODAY
Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko
/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com/public/DZLG6RTF65GNLD5LV5MER2DAHM.jpg)
