1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Organic growth, mergers and CUSOs: How these three strategies can drive credit union income.by: Laura LynchFinding new revenue sources is strategically important to credit unions. The convergence of margin compression, downward pressure on debit interchange and overdraft income, and a slowly recovering economy are forcing the industry to rethink and develop effective revenue growth strategies.Jim Burson and Vincent Hui, senior directors for Cornerstone Advisors, Inc., a CUES Supplier member and strategic partner based in Scottsdale, Ariz., focused on the execution of several strategies during a CUES Webinar, “Hitting Revenue Growth out of the Park.”Organic GrowthGrowth rates have slowed dramatically for credit unions since 2009. According to The Cornerstone Report: Benchmarks & Best Practices for CUs, credit unions are averaging 2.5 products per household, representing stagnant growth in that area.New accounts per day are also stagnant, but when compared to banks, credit unions are doing well. Credit unions are averaging two new accounts per day per branch; banks are averaging one. continue reading »
Vitol Netherlands B.V., a majority shareholder in Latvian Shipping Company (LSC), has proposed to delist and sell 200 million bearer shares of the shipping company, listed on Nasdaq Riga.The proposal is set to be discussed at the extraordinary shareholder meeting scheduled for December 20, 2017.Vitol Netherlands acquired 19.62 percent of the total voting capital in LSC in June this year, bringing its total shareholding to 69.56 percent.Latvian Shipping Company returned to the black having posted a net profit of USD 13.08 million for the first nine months of this year.The recovery from last year’s loss of USD 19.33 million booked in the same period was driven mainly from the reversal of the fleet revaluation loss and profit from sale of non-core assets, the company said.The company has a fleet of 16 ships, including 12 MR product tankers and four Handysizes.
A determined Medeama side, with ten men, sank glorious Accra Hearts of Oak into relegation with a 3-1 thumping away from home.Gordon Joseph shot the visitors into the lead early in the game and again put the game beyond the reach of the Phobians with a screamer of a goal later in the second half.Hearts’ Mahatma Otoo had drawn level for the Phobians only for a former Hearts player Eric Nyarko to restore Medeama lead.In a game that summed up the sad story of the Phobians in the first round of the league, skipper Mahatma Otoo began the tale of near misses in the opening minute when he failed to put the Phobians in the lead after he had teasingly been set up by Ollenu Ashitey.The Hearts skipper was completely bereft of ideas when he had only the Medeama goal keeper to beat and with one touch too many, the ball was cleared off his foot even before he could shoot.It was Gordon Joseph who taught the Hearts skipper how to score when he expertly converted a free-kick in the 5th minute which bounced awkwardly to beat Robin Gnagne and Tetteh Luggard in post for the Phobians. Otoo replied four minutes later with an easy tap in from close range after Paul Acquah had made a rampaging run on the right and set him up beautifully.In the 18th minute former Hearts midfielder, now with Medeama, Eric Nyarko restored the lead of the visitors with a stupendous header from close range. Tetteh Luggard was caught flat-footed and ball watching as the ball dangled in his net.Mohammed Tanko was given an early shower in the 25th minute after a needless but dangerous tackle on Ollenu giving the Phobians a numerical advantage but they failed to make it count.Otoo was set up again in the 35th minute but his bicycle kick was too feeble to beat Joseph Halm in post for Medeama.Hearts returned from recess poised for victory but they were shocked. A 35 yard screamer by Gordon Joseph lighted up the stadium and left the home fans with no choice but to clap and give a standing ovation. It was a goal of breathtaking genius, one that could easily be crowned the goal of the season.That goal sank the Phobians into relegation with 14 points after 14 games and in the 14th position.