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annual report 1177

NC1177: Agricultural and Rural Finance Markets in Transition

(multistate research project), status: active, project menu.

  • Appendix E: Participation
  • Participants Directory
  • Publications
  • Photo Album

Attachments

Duration : 10/01/2019 to 09/30/2024

Administrative Advisor(s):

Non-Technical Summary

Statement of issues and justification.

The presence of internal and extental shocks to U.S. agricultural markets generate the impetus for new agricultural finance research on the response of U.S. agriculture to farm financial stress. The agricultural commodity price boom of 2007-2013 generated substantial increases in farm income, farm asset prices, and farm (and farmland owner) wealth. Recent commodity price declines due to a glut of global production, the prospect of increased tariffs on agricultural commodities, considerable agricultural and macroeconomic policy uncertainty, and the similarity of other economic indicators to those in the 1980s, lead many to wonder if U.S. agriculture is on the brink of another 1980s-type agricultural bust. In the 1980s, farm asset prices and farm wealth declined forcing many farmers into bankruptcy and exit with negative consequences for rural economies.

Since early 2013, prices for corn, soybeans, and wheat have declined by approximately 50%. Livestock and dairy prices have seen similar declines. Concurrent to these sector-wide output price decreases, agricultural real estate value have declined despite low interest rates and continueddemand for farmland, land values in many agricultural states across the U.S. have seen at least three years of continued decline. While large profits and low interest rates during the boom encouraged farmers to use debt to invest in capital assets such as equipment and farmland, interest rates are rising which threatens to put additional negative pressure on farm asset prices and makes farmers particularly vulnerable to financial shocks. Trade disputes with key trading partners such as China, Mexico and Canada also created uncertainty and negative shocks to the farm income that could worsen agricultural credit conditions. 

U.S. agricultural production is critically and increasingly dependent on cost-effective access to capital and prudent regulation of the financial system to continue to meet the food, fiber, and bio-energy demands of the U.S. and the world. Production agriculture is part of a diverse and complex economic and financial system that is subject to systemic risks of the type seen during the 2008 financial crisis. While agriculture was not greatly harmed during this financial crisis, in part because commodity prices were high, it remains vulnerable to shocks to the availability and price of credit. These shocks can spillover from other sectors as was the case with the housing sector in 2008. There are important lessons to be learned about the role of systemic risk that are important to both Wall Street capital providers and Main Street agricultural users of capital in rural America. In addition, increasing farm financial stress is testing the tighter agricultural credit regulations and more prudent agricultural lending practices, in part adopted after the 1980s farm crisis.

The availability and use of credit by farmers, rural businesses, and agribusinesses has a critical impact on their long-term sustainability and competitiveness. One aspect of credit use is determining when and how much credit the business should use and when credit use should adjust to changing economic conditions. At the heart of this issue is determining the extent to which the firm should use its credit reserves or unused borrowing capacity. Borrowing capacity has a value to the firm because it can be called upon in times of financial distress and keeps options for future investment. Determining the value of unused credit capacity, however, is a challenge complicated by the fact that unused borrowing capacity tends to grow and shrink as the overall market conditions in agriculture fluctuate. When times are bad, unused credit reserves tend to shrink as lenders become more conservative. These unused credit reserves are typically larger for established farmers but many of these farmers are nearing retirement and may not want to take on additional debt. Young and beginning farmers, which are often small or have less than $250,000 in gross farm sales, are now in a position to move back to the farm or start a new or another career in production agriculture. While some of the wealth will be transferred from the older to the younger generation of farmers, many young farmers will need access to credit to start or grow their operations. Work is needed to determine how to value and manage credit reserves in agriculture as well the implications of a new generation of borrowers entering agriculture. This issue and its distributional implications are particularly salient now since young and beginning farmers are more likely to experience greater income shocks and financial stress due to the ongoing trade disputes.

The increased regulatory environment is also playing a role in reshaping rural financial markets. In response to the 2008 financial crisis, the U.S. Congress enacted sweeping financial regulations. These financial regulations on rural credit institutions have had major impacts to oversight and bank lending. Since these regulations were passed, mergers and acquisitions within the rural credit markets have increased. This has the direct effect on reducing the choices available to farmers and agribusiness for credit and reducing competition. These trends have major long-term impacts on credit availability and how rural financial markets are structured.

Firms in the food and agribusiness sector are experiencing continued financial risk in their operations as input and output prices have been highly volatile in recent years, a risk that is likely to continue for the foreseeable future. Rising food prices worldwide resulting from poor crop production years have reinforced the need to develop informed policies to promote economic development and expansion of agricultural markets in the developing world. Broadening and deepening financial markets in rural areas is one effective way to promote strong emerging markets as recent microfinance and rural finance initiatives have demonstrated. Agricultural economists have lagged in their contribution to the knowledge of the programs that bring about strong financial development in rural areas of developing countries, but recently this area has been more active among agricultural economics research. More work is needed, however, to further develop our understanding about the nature of risk in emerging markets.

The members of NC-1177 play a critical role in educating future and current agricultural financial managers through teaching and extension. These efforts provide the industry with the knowledge necessary to manage financial aspects of farms and agribusinesses. However, work is needed to jointly develop an understanding of the key components of a state-of-the art financial management curriculum for undergraduate, graduate, and extension audiences. This project will seek to identify key concepts and lessons that should be incorporated into each of these curricula. By improving the training of undergraduates, graduates, and practitioners the project will improve the financial management ability of members of the food system and increase the long-term sustainability of businesses operating in the food, fiber, and bio-energy system.

The track record of NC-1177 was excellent regarding the number of collaborations and outcomes that depended upon multistate efforts. This current project will leverage those existing relationships. Each objective of the new project specifically states how multi-state activity will occur and why it is needed. The scientists involved in the project have a wide variety of expertise in agricultural finance and policy analysis. However, most institutions have only one scientist working in this area. Thus, a regional emphasis fosters synergy as resident experts can establish a critical mass necessary to attract national interest and leaders of regulatory agencies, financial institutions, and policy groups; more efficiently collect data of mutual interest; enhance peer review of each work produced; and collaborate on issues that exceed local interest. Extension members of the committee benefit from research that is not available locally. The past multi-state effort benefitted greatly from the rich participation of industry, public agency, and non-profit members.

This group has a strong history of leveraging the multistate funds to acquire numerous national and state level grants. For example, in 2013 members of NC-1177 from Kansas State, North Dakota State, University of Illinois, University of Minnesota, and University of Kentucky collaborated on a national farm benchmarking grant with just under a million in funds received. NC-1177 members have also leveraged multistate funds by working with industry. Researchers at Kansas State have received funds from CoBank to understand the outlook for farm supply cooperatives. Researchers at North Dakota State University have received funds from four Farm Credit Associations to develop and aid with lender training. Members will continue to collaborate and pursue grant opportunities from USDA, state agencies, and private industry to maximize benefit of multistate funds.

The primary activity of this regional research group is the annual meeting held each year in conjunction with the National Agricultural Credit Committee meeting. The meeting is hosted by the Federal Reserve Bank of Kansas City. The meetings represent an excellent opportunity to bring together members of academia, industry, and government to discuss important and current issues in agricultural finance. The academic call for papers for these meetings will ask participants to explicitly address the objectives of this project in their presentations. In addition, industry and government participants will address project objectives from an ‘real world’ perspective. The objectives will be evaluated based on the relevance and quality of research projects presented and discussion among academic and industry participants. Further, many research projects are expected to be published in peer-reviewed academic journals and the number of such publications is a quantitative measure of the impact of the research generated. Other work will result in extension publications and outputs targeted toward business and policy audiences. The number and geographic reach of these outputs is another measure the project’s impact. 

In addition to the fall Annual Meeting, many of our members are part of the Agricultural Finance and Management (AFM) section of the Agricultural and Applied Economics Association (AAEA). This group meets annually during the summer AAEA meetings and hosts track sessions in the area of agricultural finance. Leadership of the AFM section is the same as the NC-1177 leadership. Activities sponsored by the AFM section foster collaboration among agricultural finance scholars throughout the U.S. and abroad and generate additional research presentations and publications related to the objectives of this project.

Upon completion of the project, insights will be gained to ultimately improve the functioning of agricultural and rural financial markets. Producers, rural residents, and businesses should benefit through increased performance and reduced business risk. The lending sector will become more stable and better prepared to face future policy, portfolio and structure-related challenges. The value of this work to stakeholders is evidenced by the large number of non-station members who actively participate in annual meetings and desire to keep abreast of research results via listserve communication. There are no apparent barriers hindering the technical feasibility of the proposed research project.

Related, Current and Previous Work

The project is a renewal of NC-1177 ending in 2019 which was a replacement for NC-1014, NC-221 and NCT-194. The membership is largely drawn from the continuing membership of NC-1177 and members of the Agricultural and Applied Economics Association Agricultural Finance and Management section. The project actively engages participants from government agencies and industry through our partnership with the National Agricultural Credit Committee to jointly hold our annual meeting. This partnership is mutually beneficial in that we are able to engage with the National Agricultural Credit Committee in joint sessions and learn what issues they are working on and dealing with in industry to shape our work and research, and we are able to share our knowledge and research on topics of interest to them back to them. There are currently no other active regional projects that deal with the financing of agriculture and rural America.

The NC-1177 membership works closely with the Agricultural and Applied Economics Association (AAEA) Agricultural Finance and Management (AFM) section. AFM is the only section in AAEA that has a dedicated external peer-reviewed journal, Agricultural Finance Review, associated with it. From 2014 to date, there have been over 78,500 article downloads. In 2017, the NC-1177 executive team, served as guest editors for a special issue in  Agricultural Finance Review entitled "Commemorating 100 years of agricultural credit". This special issue has had over 2,000 downloads in the last 12 months. The work our participants are doing in this area is heavily cited with the top publications citing articles in the  Agricultural Finance Review , American Journal of Agricultural Economics, China Agricultural Economic Review, Agricultural Economics, and Applied Economic Perspectives and Policy.

Several sites are available where participants regularly share materials designed for lay audiences. These include Kansas State University's agmanager.info, University of Illinois farmdoc daily, Purdue University's Center for Commerical Agriculture and Center for Food and Agribusiness, Iowa State University's Ag Decision Maker, and The Ohio State University's Farm Income Enhancement Program. 

NC-1177 had four objectives for the last five years:

1. Examine the impact of recent fluctuations in capital and commodity markets on the performance, management, and regulation of agricultural financial institutions

2. Evaluate the management strategies, capital needs, and policy impacting the financial performance and long-term sustainability of firms in the food and agribusiness sector

3. Identify financial institutions and services that benefit agricultural producers and rural communities and expand agricultural markets, especially those producers that are beginning, young, from socially disadvantaged groups, and/or involved in producing specialty crops

4. Investigate capital structure, financial performance, and investment strategies of firms producing renewable energy in context of long term climate change. Implications of these findings for agriculture and rural communities will be delineated

The previous project produced a great deal of knowledge regarding the stated objectives related to financing agriculture and rural America. Project members addressed the objectives through a variety of collaborations. Much of the research addressed individual objectives. The literature cited section includes a brief summary of the research published just in the last 12 months of the NC-1177 project. The participants in this project have also sought and secured additional funding of research.

The previous work includes examining the financial strength and performance of agricultural lenders. The efficient performance of commerical banks, the associations of the farm credit system, and federal government loan program continue to be of interest to the NC-1177 participants. One focus has been on better understanding the agricultural lending relationships to provide lenders with greater detail on the default risk of borrowers, loss when default occurs, and general profitability of agricultural lending relationships. During the prior five years, many lenders faced defaults infrequently which has made the assignment of default probabilities and incidences difficult.  Given recent market fluctuations, it is important to consider the impact of capital and commodity market volatility on the performance, management and regulation of agricultural financial institutions. Researchers at The Ohio State University, Kansas State University, Purdue University, and University of Georgia have all been analyzing these topics.

Land values continue to be an important topic and NC-1177 participants and researchers from USDA, the Federal Reserve, Kansas State University, Iowa State University, University of Illinois and Purdue University have been studying the impact of changes in land values on the financial health of rural economies, commercial banks, and Farm Credit Associations.

Members of NC-1177 have a long history of investigating the borrowing and financial behavior of agricultural producers and agribusinesses. Researchers have considered the access and use of agricutural credit important for a healthy rural economy. Thus, understanding a producer's use of credit is important when evaluating the success of government sponsored lending programs and the competitiveness of the rural credit market. Researchers from The Ohio State University have been examining the financial stress and performance of beginning farmers specifically during times of economic downturns. They have also looked at finanical stress and farm bankrupticies. Researchers at Kansas State University, University of Kentucky, University of Illinois, University of Minnesota, and North Dakota State University either have existing or have been developing farm level databases. This farm level data are being used to develop state and national benchmarks used by researchers, lenders, and farmers. Kansas State University has been using this data to show how liquidity, or lack there of, impacts farm level efficiency. 

  • Examine the impact of relationships between recent fluctuations in capital and commodity markets and the performance, management, and regulation of agricultural financial institutions.
  • Evaluate the management strategies, capital needs, and policies impacting the financial performance and long-term sustainability of firms in the food and agribusiness sector.
  • Identify and analyze financial institutions and services that benefit agricultural producers and rural communities and expand agricultural markets, especially those producers that are beginning, young, and from socially disadvantaged groups.
  • Evaluate farmland and commodity markets and government policies that affect producers and the risk management and financial strategies producers use to mitigate risks and enhance profitability and sustainability of the agricultural sector.

The primary concern of the agricultural finance community during the last proposal was whether the agricultural sector would continue to experience high growth, income levels, and healthy credit markets relative to the broader economy. Previous research of this regional group suggested that the financial health of the agricultural sector should be closely monitored as the risk of a decline in agricultural incomes and asset values appeared likely. While the agricultural sector appears decoupled from the broader economy, declining commodity prices and increasing costs of borrowing were predicted to be a concern for a significant decline in farm financial conditions.

The theoretical basis used to frame the research outputs of this regional research group are drawn from the theory of finance and credit markets. According to the simplest model of asset valuation, the present value model, the value of an asset is determined by the discounted stream of expected future returns. As a result, the major areas of concern for agricultural finance are (i) expected farm income, (ii) interest rates (the discount factor), and (iii) asset values. These three components continue to comprise the tenants of agricultural finance research and are the primary topics of inquiry for this regional research group. These theories are applied to the research objectives of this group and are explained below.

Objective 1: Examine the impact of relationships between recent fluctuations in capital and commodity markets and the performance, management, and regulation of agricultural financial institutions.

The recent downturn in commodity prices following the highs seen in 2012 and 2013 has resulted in a watchful eye on U.S. credit markets and farmland values. Many believe that changes in US farm and energy policies have led to increased volatility in commodity markets and we are starting to see some decline or at least leveling off from record farmland values. These changes may have contributed to an increase in systematic risk in the agricultural sector. Because systematic risk is inherent to the broader financial system, it cannot be diversified away and poses a serious threat to the long run success of firms. While the agricultural sector, in particular agricultural financial institutions, remained somewhat insulated from the catastrophic effects of increased systematic risk, it would be naive to say that the sector is completely immune to the short- and long-run effects of this increase in systematic risk or the increase in volatility of capital and commodity markets. Research of the widespread effects of the capital and commodity market fluctuations on the performance, management, and regulation of agricultural financial institutions is the focus of this objective. 

Most of the issues outlined above are national in nature but fully understanding and analyzing the implications of this objective requires an analysis at a regional level. Agricultural financial institutions are just as diverse as their agricultural borrowers and as agricultural borrowers’ demographics and production changes, so does the different types of risk an agricultural financial institutions faces. For example, Midwest states are dominated by grain farmers that have seen agricultural land values reach well above $10,000/acre. While this makes balance sheets strong for these farmers, it creates additional financial risk for agricultural financial institutions or agricultural banks. If land values were to fall, similar to what we have seen in the U.S. housing market and the 1980s farm bust, many agricultural banks may find themselves with under collateralized loans and an inability to loan additional funds. Agricultural bankers in the South have seen an increase in land values as well but this increase is dwarfed by the run-up in land values experienced in the Midwest. Thus, the inherent risks are different for agricultural banks across the U.S. due to differences in land values, as well as difference in agricultural production. In addition to differences created by the type of agricultural production that dominates their region, the size, scale, and commitment to agricultural lending varies considerably across the country. For example, the Northeast is characterized by relatively large banks while the Midwest has a larger number of smaller community banks focused on agricultural lending.

NC-1177 and its members have a long history of working through these types of problems faced by agricultural financial institutions. For example, the University of Illinois, Purdue University, and Cornell University were leaders in researching the implications of the 1980s farm crisis and its subsequent effects on U.S. agriculture at a national and regional level. This was accomplished by pooling of state-level data and different experts at universities across the U.S. bringing their regional expertise to analyzing this pooled data. Many of these previous experts as well as new experts in the proposed renewal of NC-1177 will continue to pool data (such as income and call reports for banks) and conduct collective analyses to address the increase in systemic risk for agricultural financial institutions.

Another unique aspect of addressing this systemic risk in U.S. agriculture will be the continued work with the Federal Reserve Bank of Kansas City, hereafter the Bank. The Bank has been and will be actively involved in supporting NC-1177’s research efforts. The Bank has produced many outputs in their Mainstreet Economist, the Economic Review, and other academic outlets addressing many past and future issues facing U.S. agriculture. The Bank provides additional access to agricultural bankers and their Survey of Agricultural Credit Conditions. Access to this data will provide information on the loan availability, loan demand, and the overall health of agricultural banks and agricultural producers. Coupling this data with other state level data and bringing experts from the Bank and other universities together on research of these pooled data will create a national and multi-state level analysis that will benefit all agricultural banks. And, will provide policy makers and state-level bankers associations sound evidence of how to best address the impacts of the financial crisis on agriculture.

Agricultural banks are but one type of agricultural financial institution. Other key agricultural financial institutions are government sponsored enterprises (GSEs), like the Farm Credit System and Farmer Mac. A series of studies will be conducted to address the implications of fluctuations in capital and commodity markets on these GSE agricultural firms. Efforts will focus on examining how changes in government policy toward GSE’s would impact the supply and price of capital in agricultural markets. The collapse and reorganization of other prominent GSE’s, Fannie Mae and Freddie Mac, has called into question the role of GSEs in modern capital markets. Work is needed to understand how changes in the GSE status of these lenders would impact capital availability in agricultural markets. Research will be conducted to determine how GSE status influences the cost of funds for Farmer Mac and the Farm Credit System and how alternative structuring of these institutions might be best accomplished so as not to disrupt the agricultural credit markets.

The financial characteristics of agricultural producers vary across the U.S. Each type of producer has a different set of business and financial risks, which impact those that lend them money. For example, dairy operations located in New York have different credit needs than a corn-soybean producer in Illinois. While these differences in credit needs as well as credit reserves exist, synthesizing what is being asked of all producers in terms of loan documentation will lead to better and more sound financial management educational programs. In addition, information on failures and successes of agricultural financial institutions will be collected that will benefit not only specific states and regions but the nation as a whole. Researchers from Illinois, Kansas, North Dakota, Minnesota, and Kentucky will collaborate on this objective.

Objective 2: Evaluate the management strategies, capital needs, and policies impacting the financial performance and long-term sustainability of firms in the food and agribusiness sector.

Efforts in this objective will be directed toward issues related to capital supply and demand in agriculture, financial management of agricultural businesses, and the impacts of public policy on capital availability and its use in the agricultural system. One key to successfully addressing this objective is to utilize a variety of state and national level data sets designed to understand the financial situation of farms. Many of the researchers involved in the project lead or assist with farm level data collection efforts in their respective states. These data sets will be analyzed in a coordinated manner to shed light on how capital needs vary across states and regions and how national level policies will impact the financial performance on firms in the sector. Additionally, the project has a long history of collaborating with researchers from the USDA’s Economic Research Service. Several of the researchers have developed collaborative working relationships with ERS to analyze ERS’s Agricultural Resource Management Survey (ARMS). This data set contains arguably the most definitive data on the financial structure and characteristics of the farm sector. In completing this objective researchers will continue to collaborate with and involve ERS scientists in the project. This will greatly expand the scope of the work that is done and will also greatly benefit the analysis by bringing together many of the top agricultural researchers to work on analyzing the data. The data will be analyzed with well-known and accepted econometric and optimization procedures.

In addition, to making the best use of data already collected in the individual states and at the national level by ERS, the project participants will also augment existing data collection efforts to explicitly analyze issues related to understanding how management strategies, capital needs, and policy impact financial performance. This additional data collection effort will benefit greatly from multi-state coordination which will insure that data is consistently collected and that the results can shed light on issues that transcend state boundaries.

The problems identified in this objective are all national in nature. In developing a sound federal policy, it is critical that regional perspectives inform the analysis. For instance, the banking and agricultural credit sectors differ considerably amongst the regions of the US. The work on financial education must also consider the full extent of financial management knowledge and programming currently underway throughout the country. While almost every state has operators whom produce a diverse set of agriculture outputs, the type of farming operations tend to be concentrated regionally. For example, corn and soybean production tends to be concentrated in the Midwest and dairy production in the Western states, the Northeast, and Midwest.

As a result, educators in these regions have developed outstanding financial management education programs for these types of operations. By combining and summarizing the knowledge developed in these regions across the country, producers of these commodities in non-traditional production regions can benefit from the work developed in more traditional production regions. In short, by summarizing and building upon this knowledge a coherent and useful financial management research and education program can be developed to achieve the greatest benefit to agricultural producers in all regions of the country.

In addition, the 2018 Farm Bill is in the process of being signed during the writing of this current project. The member of this project have a long history of studying many important facets of farm policy, Federal crop insurance and related programs. Researchers from Illinois, Kansas, North Dakota, New York, Minnesota, Texas, and Louisiana will collaborate on this objective.

Objective 3: Identify and analyze financial institutions and services that benefit agricultural producers and rural communities and expand agricultural markets, especially those producers that are beginning, young, and from socially disadvantaged groups.

The credit available to agricultural communities and especially young, beginning, and small (YBS) producers or socially disadvantaged producers is an important focus area given the continued increase in average age of farmers. Thus, YBS or socially disadvantaged producers will benefit from additional efforts to ensure adequate credit. These farm groups can play a vital role in maintaining and growing rural communities in the U.S. Ensuring that YBS farmers as well as socially disadvantaged farmers receive credit is one of the missions of the Farm Service Agency within the U.S. Department of Agriculture. In addition, the Farm Credit System is charged with providing credit to YBS farmers. The NC-1177 group has strong ties to these two government agencies and sharing data between these groups has improved lending and financial service practices to YBS farmers, socially disadvantaged, and/or specialty crop producers in the past. An example of this is the research completed by Oklahoma State University, Purdue University, and the Farm Credit Administration (regulator of the Farm Credit System) on the importance of credit to YBS farmers that operate nonfarm businesses.

NC-1177 participants will work with these government agencies by pooling data and other resources to ensure these special interest farm groups receive credit and financial services necessary to navigate the potentially turbulent times ahead. Many NC-1177 participants have experience with the ARMS data set. Since the agricultural sector is global, international regulatory and financial issues affect YBS and socially disadvantaged producers as much as domestic ones and must be considered to understand the viability of these at risk producers. In effect, expanding agricultural markets must consider the implications of the recent global economic recession and slow recovery. Agricultural export markets are important to the financial health of U.S. agricultural producers and these export markets will undoubtedly be impacted by new rules of international finance.

Producers will need to quickly understand the potential ramifications of changing the rules of international finance on their farm business. Delivering this information to farmers should help them compete in a global economy. However, obtaining, analyzing, and delivering this information is a large and substantial task. Most universities have few faculty that specialize in agricultural finance and/or international trade. In addition, agricultural production varies across geographic regions and this variation in crop and livestock production may be impacted differently by these new international finance rules. Therefore, an effort to pool resources is needed to address the timely issue of international finance. Pooling of resources will be accomplished through a multi-state effort. Cornell University and Auburn University have faculty members that are experts in the area of international agricultural finance. In addition, the Agricultural Finance Review has shown a recent commitment to publishing work in the area of international agricultural finance. Researchers from Illinois, Kansas, Auburn, Cornell, Ohio, Iowa State, and Kentucky will collaborate on this objective.

Objective 4: Evaluate farmland and commodity markets and government policies that affect producers and the risk management and financial strategies producers use to mitigate risks and enhance profitability and sustainability of the agricultural sector.

At the time of this proposal, the 2018 Farm Bill is expected to soon clear the President’s desk. Producers, lenders, academics, and agribusinesses will need to understand the changes being implemented and how this will impact their respective business. Faculty members in Kansas, Illinois, Indiana, Iowa, North Dakota, and New York will all work to provide timely and applicable information regarding how these policies as well as others affect producers and the risk management and financing strategies they choose.

Measurement of Progress and Results

  • Dedicated section (Agricultural Finance and Management) at Agricultural and Applied Economics Association annual conferences
  • Refereed journal articles
  • Multi-state research bulletins
  • Extension publications (e.g., fact sheets, bulletin updates, etc.
  • Popular press articles
  • Papers presented at professional conferences
  • Extension presentations delivering research findings and educational material
  • The organization of special conference sessions at professional meetings
  • Postings on Outreach Websites

Outcomes or Projected Impacts

  • A strengthened network of scholars, industry participants, and economists capable of examining finanical market policies affecting rural areas. Participants will discern local impacts of transition and change in financial markets. Impacts will likely differ across regions.
  • A standardized set of accepted, investigative methodologies and assessment tools for analyzing the social, economic, and fiscal impact of global financial markets and exchanges on rural financial markets.
  • Publications and educational materials for public and private policymakers, financial industry and agribusiness leaders, adn farmers and rural citizens that will help them understand and navigate during times of global financial stress and what it means for themselves and their associated business and rural communities.

Projected Participation

Outreach plan.

The need for NC-1177 stems from the collaboration among researchers and educators across institutions as well as with government and industry leaders. Previous NC-1177 projects have highlighted that the collective research undertaken through this project places a premium on communicating and disseminating research results to academic professionals, policymakers, farmers, financial institution managers, agribusiness managers, and leaders in local communities. In addition to the usual channels through extension and professional publications, NC-1177 is connected to government and industry leaders, which will provide an immediate transfer of knowledge beyond normal academic outlets. Since 2013, the annual NC-1177 meeting has been coordinated with the National Agricultural Credit Committee and held at a Federal Reserve Bank Branch each year. The meeting is themed based off of what is currently going on in the economy and split between joint sessions with the National Agricultural Credit Committee and research presentations by NC-1177 members. In addition, we encourage overlap of our members with the Agricultural Finance and Management (AFM) section of the Agricultural and Applied Economics Association (AAEA). Track sessions will be organized for the AAEA meetings each year. Project annual reports, symposia programsa nd related materials will be provided to the public via the NC-1177 website along with summaries of research results.

Organization/Governance

The recommended Standard Governance for multistate research activities include the election of a Chair, a Chair-elect, and a Secretary. All officers are to be elected for at least two-year terms to provide continuity. Administrative guidance will be provided by an assigned Administrative Advisor and a NIFA Representative.

The officers will coincide with the officers elected to serve in the Agricultural Finance and Management (AFM) Section of AAEA. This will allow for consistency and the minimum two-year term to provide continuity. The close relationship between NC-1177 and AFM will ensure that the group is meeting at least twice per calendar year and allow for ease of synthesizing project work and results.

Literature Cited

This list of literature represents an example of what our participants have published in the last year of the previous NC-1177 project.

Bruce Ahrendsen

Dodson, Charles and Bruce Ahrendsen. Characteristics of borrowers likely to benefit from loan modifications . 2018

Dodson, Charles and Bruce Ahrendsen. Farm and lender structural change: implications for federal credit. 2017

Ahrendsen, Bruce. Agricultural Trade Policy: ‘America First’?. 2017

Maria Bampasidou

Moss, C.B., J.D. Kropp, M. Bampasidou. The financial economics of agriculture and farm management. The Routledge Handbook of Agricultural Economics, 689-712. 2018

Osti, S., M. Bampasidou, J.M. Fannin. Revisiting Farm efficiency of Rice-Crawfish farmers: Accounting for the H-2A program. 2018

Mishra, A.K., M. Harris, M. Bampasidou. Health Insurance Coverage and Labor Allocation of Beginning Farm Operator Households. 2018

Moss, C.B., M. Bampasidou, J.D. Kropp, A.K. Mishra. Modeling Debt Choice in Agriculture: Mixture Models of Operating Margins. 2018

Bampasidou, M., A.K. Mishra, C.B. Moss. Modeling debt choice in agriculture: the effect of endogenous asset values. Agricultural Finance Review 77(1),95-110. 2017

Eric Belasco

Belasco, E. Is Organic Farming Risky? Overcoming Crop Insurance Barriers to Expanding Organic Food Production and Markets. 2018

Bekkerman, A., E.J. Belasco, V.H. Smith. Does Size Matter? Distribution of Crop Insurance Subsidies and Government Program Payments across US Farms. Applied Economic Perspectives and Policy. 2018

Brady Brewer

Li, X., B.E. Brewer, C.L. Escalante. Pre-recession efficiencies and input allocation decisions of agricultural and critically insolvent banks. Applied Economics. 2018

Brewer, B.E., A.M. Featherstone. Agency cost of debt: evidence from Kansas farm operations. Agricultural Finance Review. 2017

Rusiana, H., B.E. Brewer, C.L. Escalante. Effects of business maturity, experience, and size on farms economic vitality: A credit migration analysis of Farm Service Agency borrowers. Agricultural Finance Review. 20147

Brian Briggeman

Russell, L.A., B.C. Briggeman. A.M. Featherstone. Financial leverage and agency costs in agricultural cooperatives. Agricultural Finance Review. 2017

Briggeman, B.C., C. Mickelsen, K. Pokharel. Equity Composition of Kansas Grain, Oilseed and Farm Supply Cooperatives. 2017

Mashange, G., A.M. Featherstone, B.C. Briggeman, C. Wilson, J. Janzen. Credit Risk Migration Analysis of Cooperatives. 2018

Allen Featherstone

Taylor, M.R., A.M. Featherstone. The value of social capital in farmland leasing relationships. 2018

Featherstone, A.M. The Farm Economy: Future Research and Education Priorities. 2018

Parman, B.J., A.M. Featherstone, B. Coffey. Estimating product-specific and multiproduct economies of scale with data envelopment analysis. 2017

Featherstone, A.M., M.R. Taylor, H. Gibson. Forecasting Kansas land values using net farm income. 2017

Zereyesus, Y.A., A.M. Featherstone . Empirical analysis of profit maximization and cost minimization behavior of Kansas farms. 2017

Michael Gunderson

Lai, J., N.J. Olynk Widmar, M.A. Gunderson, D.A. Widmar, D. Ortega. Prioritization of farm success factors by commercial farm managers. 2018

Johnson, A.M., M. Boehlje, M.A. Gunderson. Agricultural credit risk and the macroeconomy: Determinants of Farm Credit Mid-America PD migrations. 2017

Joleen Hadrich

Hadrich, J.C., C.A. Wolf, K.K. Johnson. Characterizing U.S. dairy farm income and wealth distributions. 2017

Valentina Hartarska

Quaye, F.M., D. Nadolnyak, V. Hartarska. Climate Change Impacts on Farmland Values in the Southeast United States. Sustainability. 2018

Shen, X., V. Hartarska. Winners and Losers from Financial Derivatives Use: Evidence from Community Banks. 2018

Quaye, F.M., D. Nadolnyak, V. Hartarska. Factors Affecting Farm Loan Delinquency in the Southeast. 2017

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Ani Katchova

Sant’Anna, A.C., A. Katchove. Determinants of land value volatility in the Corn Belt. 2018

Jaclyn Kropp

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Kuethe, T.H., T. Hubbs, D.R. Sanders. Evaluating the USDA’s Net Farm Income Forecast. Journal of Agricultural and Resource Economics 43 (3), 457-468. 2018

Kuethe. T.H., D.P. Bigelow. Bargaining Power in Farmland Rental Markets. 2018

Patrick, K., T.H. Kuethe, J. Ifft. Implement Dealer Financing and Farm Financial Stress . 2018

Hanson, E.D., B.J. Sherrick, T.H. Kuethe. The Changing Roles of Urban Influence and Agricultural Productivity in Farmland Price Determination. Land Economics 94 (2), 199-205. 2018

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Kuethe, T.H., T. Hubbs. Banker’s forecasts of farmland values: A qualitative and Quantitative evaluation. Journal of Agricultural and Applied Economics 49 (4), 617-633. 2017

Kuethe, T.H., D.B. Oppedahl, T. Hubbs. Heterogonous Expectations of Agricultural Bankers. 2017

Zhang, W., S.H. Lence, T.H. Kuethe. Do Agricultural Professionals Self-Correct in Expert Opinion Surveys? Panel Data Evidence from Iowa. 2017

Ifft, J., T.H. Kuethe, K. Patrick. Nontraditional Lenders in the US Farm Economy . 2017

Michael Langmeier

Langemeier, M.R. Assessing Production Management Skills. 2018

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Liu, Y., M.R. Langemeier, I. Small, L. Joseph, W. Fry, J. Ristaino, A. Saville. A Risk Analysis of Precision Agriculture Technology to Manage Tomato Late Blight. Sustainability 10 (9), 3108. 2018

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Purdy, R., M.R. Langemeier. International Benchmarks for Corn Production . 2018

Langemeier, M.R., M. Boehlje. What is My Sustainable Growth Rate? 2018

Langemeier, M.R., M. Boehlje. How Will Expansion Impact My Current Operation? 2018

Langemeier, M.R., M. Boehlje. What Skills and Competencies Do I Need to Grow? 2018

Langemeier, M.R. Labor Efficiency and Productivity Benchmarks. The Journal of the ASFMRA, 17-28 1. 2018

Yeager, E.A., M.R. Langemeier. Economic efficiency adjusted for risk preferences. Applied Economics. 49 (16), 1627-1636 1. 2017

Langemeier, M.R., M. Boehlje. Drivers of Consolidation and Structural Change in Production Agriculture. Federal Reserve Bank of Kansas City, Economic Review 102, 5-23 2. 2017

Carson, N., M.R. Langemeier. An Examination of the Relationship Between Net Crop Returns and Cash Rent Values in Indiana. 2017

Sergio Lence

Plastina, A., S.H. Lence. A Parametric Estimation of Total Factor Productivity and Its Components in US Agriculture. American Journal of Agricultural Economics 1. 2018

Ashok Mirshra

Khanal. A.R., AK Mishra, U Honey Impact of diversification strategies on financial performance: A Multinomial Endogenous Switching Regression Approach, 2018

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Moss, C.B., DH Suh, AK Mishra. An Information Approach to the Impact of Ethanol Policy on Regional Changes in Corn Production . Preprints. 2018

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Roderick Rejesus

Li, Z, RM Rejesus, X Zheng. Nonparametric Estimation and Inference of Production Risk with Categorical Variables.        2018

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The Financial Performance of US Sugar Consumer Agribusinesses

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Modelling mergers and acquisitions in the agribusiness sector, 1990-2017

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National Ag Credit and NC - 1177 Joint Meeting, Saint Louis, MO, October 2018             2018

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American Journal of Agricultural Economics 100 (2), 625–639       1          2018

Florida’s Natural® and The Supply of Florida Oranges

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Assessing the CFA University Recognition Program: A Survey Based Analysis

M Terrance, G., Noguera, C and Trejo-Pech

Calum Turvey

The historical relationship between the US Farm Credit System, Farm Service Agency and commercial bank lending

CG Turvey, JE Ifft, A Carduner

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Animal Welfare Perceptions Of The US Public And Cow-Calf Producers

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Journal of Agricultural and Applied Economics 50 (4), 544-578                  2018

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Characterizing US dairy farm income and wealth distributions

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A Survey Of Farm Management And Reproductive Management Strategies On US Commercial Dairy Farms

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An Analysis of Hard Red Winter Wheat Convergence in Local Delivery Points

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The Value and Feasibility of Farming Differently Than the Local Average

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invoX Pharma Completes Acquisition of F-star Therapeutics Inc.

invoX Pharma Completes Acquisition of F-star Therapeutics Inc.

Limaprost tablet – novel medicine to benefit over 30 million patients

Limaprost tablet – novel medicine to benefit over 30 million patients

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Sino Biopharm's application for clinical trials of innovative drugs TQB2103 (Claudin18.2 ADC) was accepted by the CDE

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Breaking News

A new report says the world faces a ‘dangerous decade’ as instability and military spending rise

FILE - Ukrainian soldiers practice on a tank during military training in Ukraine Wednesday, Dec. 6, 2023. The world has entered an era of increasing instability as countries around the globe boost military spending in response to Russia’s invasion of Ukraine, the Hamas attack on Israel and China’s growing assertiveness in the South China Sea. That’s the conclusion of a new report from the International Institute for Strategic Studies released on Tuesday Feb. 13, 2024. (AP Photo/Efrem Lukatsky, File)

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The world has entered an era of increasing instability as countries around the globe boost military spending in response to Russia’s invasion of Ukraine , the Hamas attack on Israel and China’s growing assertiveness in the South China Sea .

That’s the conclusion of a new report released Tuesday by the International Institute for Strategic Studies, which also highlighted rising tensions in the Arctic , North Korea’s pursuit of nuclear weapons and the rise of military regimes in the Sahel region of Africa as contributing to a “deteriorating security environment.” The London-based think tank has compiled its annual estimate of the global military situation for 65 years.

“The current military-security situation heralds what is likely to be a more dangerous decade, characterized by the brazen application by some of military power to pursue claims — evoking a ‘might is right’ approach — as well as the desire among like-minded democracies for stronger bilateral and multilateral defense ties in response,’’ the report said.

Global defense spending rose 9% to $2.2 trillion last year as Russia’s full-scale invasion of Ukraine, now entering its third year, heightened concerns that China and other militarily powerful states may try to impose their will on neighbors, the IISS said.

The increase was even steeper in NATO, which has supported Ukraine as a bulwark against further Russian incursions into Europe. The alliance’s non-U.S. members have boosted military spending by 32% since Russia invaded Ukraine’s Crimean peninsula in 2014, the institute found. Ten European members reached the alliance’s goal of spending 2% of economic output on defense last year, up from just two in 2014.

European defense spending received renewed attention in recent days after former U.S. President Donald Trump told a campaign rally that when he was president he told an unidentified NATO state he would “encourage” Russia to attack alliance members that didn’t meet their funding commitments.

“‘You didn’t pay? You’re delinquent?’” Trump recounted himself as saying. “‘No I would not protect you. In fact, I would encourage them to do whatever the hell they want. You gotta pay. You gotta pay your bills.’”

Trump’s remarks caused concern among alliance members such as Poland, where anxieties are high over the war Russia is waging in neighboring Ukraine. They also added to uneasiness over delays in the U.S. Congress’ passage of a $60 billion aid package for Ukraine .

Ben Barry, a senior fellow in land warfare at the institute, said Congress’ failure to approve the aid would likely embolden Russia to adopt a strategy of grinding away at Ukraine’s defenses and inflicting mass casualties.

The question for Ukraine’s allies “is, do they really want Ukraine to win?” Barry told reporters. “If they really want Ukraine to win, then they … need to double the amount of aid they’ve given last year, because the opportunity costs to Europe of a Russian victory are probably, in financial terms, even greater than the cost of, say, doubling down in their aid.’’

One of the report’s key findings is that Russia has lost some 3,000 main battle tanks during the fighting in Ukraine, or roughly as many as Moscow had in its active inventory before the full-scale invasion began in February 2022.

While Russia has replenished its forces by pulling 2,000 older tanks out of storage, the Ukrainian government in Kyiv is relying on Western nations to provide the ammunition and weaponry it needs to hold off its bigger neighbor.

“But Kyiv also continued to demonstrate its ingenuity in other ways, using Western and indigenously developed systems to put Russia’s Black Sea Fleet on the back foot,’’ the think tank said, citing Ukraine’s use of unmanned “maritime vehicles.”

Lessons learned from the war in Ukraine are starting to influence military planning in other countries, the IISS said. In particular, many countries have recognized that they need to increase production of military hardware and build up bigger stockpiles of materiel in case they are forced to fight a protracted war.

“A just-in-time mindset that has persisted for almost three decades is giving way to a just-in-case approach, though delivering on these ambitions is challenging,” the report said.

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1 person killed and 10 injured when vehicle crashes into emergency room in Austin, Texas

A car crashed into a Texas hospital’s emergency room on Tuesday, killing one person and injuring at least 10 others, authorities said

One person killed and 10 injured when vehicle crashes into emergency room in Austin, Texas, authorities say

Sen. Carden Summers, R- Cordele, speaks in support of Senate Bill 88 at the Georgia State Capitol on Tuesday, Feb. 13, 2024. The bill would ban teachers from discussing sexual orientation or gender identity without parental consent. (Natrice Miller/Atlanta Journal-Constitution via AP)

Teaching of gender in Georgia private schools would be regulated under revived Senate bill

A Georgia Senate committee is advancing a long-stalled proposal aimed at stopping private school teachers from talking to students about gender identity without parental permission

Democrats retain their slim majority in the Pennsylvania House

GOP-led House impeaches Alejandro Mayorkas, Biden’s secretary of homeland security, over his handling of the border

FILE - State Sen. Mike Wilson, R-Bowling Green, speaks at the groundbreaking ceremony for the Kentucky Department of Veterans Affairs Bowling Green Veterans Center in Bowling Green, Ky., Nov. 2, 2022. A Republican-backed measure to limit diversity, equity and inclusion practices at Kentucky's public universities won approval from the state Senate on Tuesday, Feb. 13, 2024, after an emotional debate that delved into race relations and what Wilson, the bill's sponsor, portrayed as the liberal bent on college campuses. (Grace Ramey/Daily News via AP, File)

Diversity, equity and inclusion initiatives limited at Kentucky colleges under Senate bill

A Republican-backed measure to limit diversity, equity and inclusion practices at Kentucky’s public universities has won approval from the state Senate

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Where Can I Find a Company's Annual Report and Its SEC Filings?

annual report 1177

Publicly traded companies who have their shares listed on stock exchanges are required to file regular financial statements and disclosures with regulators, such as the securities and exchange commission (SEC) in the United States.   Among the most widely read of these are a company's annual report , which tells investors and analysts how the company has performed over the previous fiscal year (FY), how its businesses look going forward and summarizing corporate financials for use in fundamental or ratio analysis through scrutinizing the balance sheet, income statement, and statement of cash flows.  

In the old days, shareholders would receive the annual report by mail or through their broker. Thanks to the Internet, finding financial reports is easier and quicker than ever. Nowadays, nearly every reputable company has an easy to follow investor relations section on its website that is a wealth of information including an archive of its annual reports, often going back several years.

Working Example: Walt Disney

Walt Disney Co. (DIS) is an excellent example of a business that uses its website to get information out to its shareholders , analysts, and prospective investors. It is very easy to find a direct link to its investor relations section .   This part of the Disney website contains a downloadable version of its annual report, as well as stock quotes , an investor newsletter, archived conference calls and even the opportunity for current shareholders to sign up for electronic reports. The best part about these online investor relations sections is their extra nuggets of hard-to-find information. For example, most companies will use these spaces to offer detailed info on past acquisitions and stock splits not always available on other financial portals .

If you want to dig deeper and go beyond the slick marketing version of the annual report found on corporate websites, you'll have to search through required filings made to the Securities and Exchange Commission . All publicly-traded companies in the U.S. must file regular financial reports with the SEC. These filings include the annual report (known as the 10-K ), quarterly report ( 10-Q ), and a myriad of other forms containing all types of financial data.    

Filing Reports

Reports are filed through a system known as EDGAR (Electronic Data Gathering, Analysis, and Retrieval system). EDGAR performs automated collection, validation, indexing, acceptance and forwarding of submissions by companies and others required by law to file forms with the SEC. Information on EDGAR can be found on the SEC's website , where you can search through forms as well as familiarize yourself with the system using its EDGAR tutorial .

Be warned, the tools on the SEC's site are still cumbersome at best. For more user-friendly sites , try the following:

EDGAR Online is a subscription-based site offering dozens of products on any type of information filed with the SEC. You won't find anything free, but if you need sophisticated services, EDGAR Online is the site for you.

Securities and Exchange Information. " Using EDGAR to Research Investments ."

Securities and Exchange Commission. " Annual Report ."

Walt Disney Company. " Investor Relations ."

Securities and Exchange Commission. " Form 10-Q ."

Securities and Exchange Commission. " Form 10-K ."

Securities and Exchange Commission. " About EDGAR ."

Securities and Exchange Commission. " How Do I Use EDGAR? "

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trading lower

Sino Biopharmaceutical Ltd

Key statistics.

1.75 mean rating - 24 analysts

2024 (millions HKD)

About Sino Biopharmaceutical Ltd (1177.HK)

Company information.

Sino Biopharmaceutical Limited is an investment holding company principally engaged in the medicine products business. The Company operates through three business segments. The Modernized Chinese Medicine and Chemical Medicine segment is engaged in the manufacture, sale and distribution of modernized Chinese medicine products and western medicine products. The Investment segment is principally engaged in the long term and short term investments. The Other segment is principally engaged in the related medical and hospital business.

Contact Information

+ 852 ( ) 28029886

http://www.sinobiopharm.com/

Biotechnology & Drugs

Executive Leadership

Income statement.

2022 (millions HKD)

Balance Sheet

Source: LSEG , opens new tab - data delayed by at least 15 minutes

Markets Performance

Commodities, rates & bonds, latest news.

Hong Kong-listed Sino Biopharmaceutical will sell a 67% stake in unit CP Pharmaceutical (Qingdao) for 1.82 billion yuan ($253.28 million) to entities controlled by state-owned Guoxin Group, the company said late on Tuesday.

China's vaccine specialist CanSino Biologics Inc in Tianjin

China stocks fell on Tuesday on weakened sentiment over concerns that the U.S. Federal Reserve would tighten policies and uncertainties in the markets ahead of the incoming Chinese New Year holidays, with media firms leading the decline.

2023 Annual Results

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Thursday, February 08, 2024

annual report 1177

Revenue: €19,566 million down 4% as reported, down 2% on a comparable basis Recurring operating income down to €4,746 million Net income attributable to the Group: €2,983 million Recommended ordinary dividend: €14 per share

“In a trying year for the group, we strengthened our organization and took significant steps to further enhance the visibility and exclusivity of our Houses. We are focused on revitalizing Gucci, leveraging the unique blend of craftsmanship, Italian heritage, and modernity that characterizes this iconic House. The launch of Kering Beauté and the acquisition of Creed, a storied maker of high-end fragrances, will enable us to capture our share of the steadily growing beauty market. In a market environment that remains uncertain in early 2024, our continuing investments in our Houses will put pressure on our results in the short term. Thanks to the experience gained across the group through a decade of outstanding expansion, we are confident in achieving our long term ambitions.” François-Henri Pinault, Chairman and Chief Executive Officer

Revenue amounted to €19.6 billion in 2023 , a decrease of 4% as reported, including significant impacts from changes in exchange rates and the scope of consolidation (-4% and +2% respectively) and down 2% on a comparable basis.  o Sales from the directly operated retail network, including e-commerce, were stable on a comparable basis.  o Wholesale and Other revenue fell 11% on a comparable basis, as the Group further strengthened the exclusivity of its Houses’ distribution.

- In the fourth quarter of 2023 , revenue was down 6% as reported and down 4% on a comparable basis. Sales from the directly operated retail network dropped 2% on a comparable basis. Revenue grew in Asia-Pacific and Japan. Trends in Western Europe and North America improved sequentially.

- 2023 recurring operating income totaled €4.7 billion in 2023, down 15% from the 2022 level.  Recurring operating margin was 24.3% in 2023 versus 27.5% in 2022. 

- 2023 net income attributable to the Group amounted to €3.0 billion.

- Free cash flow from operations was €2.0 billion in 2023. Excluding real estate acquisitions and disposals, free cash flow from operations was €3.3 billion.

Gucci’s 2023 revenue was €9.9 billion, down 6% as reported and down 2% on a comparable basis.Sales from the directly operated retail network, which account for 91% of revenue, dropped 2% on a comparable basis. Wholesale revenue was down 5% on a comparable basis.

In the fourth quarter of 2023 , Gucci’s revenue decreased 4% on a comparable basis. Sales from the directly operated retail network were down 4% on a comparable basis, with sequential improvements in North America and Asia-Pacific, as well as in Leather Goods and Women’s Ready-to-Wear. Towards the end of the quarter, Gucci reopened its historic store on via Monte Napoleone in Milan. Wholesale revenue was up 3% on a comparable basis in the quarter. 

Gucci's recurring operating income totaled €3.3 billion in 2023. The recurring operating margin was 33.1%, as investments in implementing the House’s strategy weighed on profitability.

Yves Saint Laurent

In 2023 , Yves Saint Laurent’s revenue amounted to €3.2 billion, down 4% as reported and down 1% on a comparable basis. Sales from the directly operated retail network rose by 4% on a comparable basis, while revenue from Wholesale, still undergoing rationalization, was down 26% on a comparable basis.

In the fourth quarter of 2023 , sales were down 5% on a comparable basis, while revenue from the directly operated retail network was stable. Yves Saint Laurent performed well in Asia-Pacific and Japan, while sales in North America and Western Europe declined year-on-year, with trends improving sequentially. The House opened its largest store worldwide in the fourth quarter, on the Champs-Elysées in Paris. Wholesale revenue was down 39% in the fourth quarter.  

Yves Saint Laurent achieved recurring operating income of nearly €1 billion in 2023, and its recurring operating margin remained above 30%.

Bottega Veneta  

Bottega Veneta's revenue totaled €1.6 billion in 2023 , down 5% as reported and down 2% on a comparable basis. Sales from the directly operated retail network rose by 4% on a comparable basis, while Wholesale revenue fell by 24% on a comparable basis, in line with the House’s strategy.

Sales in the fourth quarter of 2023 were down 4% on a comparable basis, and up 5% in the directly operated retail network, driven by Bottega Veneta’s solid performance in North America and encouraging signs in Asia-Pacific, particularly Mainland China. Wholesale revenue was down 37% on a comparable basis.

In 2023, Bottega Veneta achieved recurring operating income of €312 million, yielding a recurring operating margin of 19%, reflecting the House’s continuing investments.

Other Houses

2023 revenue from Other Houses amounted to €3.5 billion, down 9% as reported and down 8% on a comparable basis. On a comparable basis, sales from the directly operated retail network rose by 3%, while Wholesale revenue was down 29%.

In the fourth quarter of 2023 , sales from the Other Houses dropped 5% on a comparable basis, while sales from the directly operated retail network were up 4%. Wholesale revenue was down 30%.

Trends improved significantly for Balenciaga in North America and Western Europe, and the House also delivered a solid performance in Asia-Pacific. At Alexander McQueen, sales in the directly operated retail network were up fueled by its Ready-to-Wear collections. Brioni had another very good quarter. 

Kering’s Jewelry Houses maintained their excellent momentum, with double-digit growth in the fourth quarter, driven by the success of all collections.

The Other Houses generated recurring operating income of €212 million in 2023, while recurring operating margin fell to 6%.

Kering Eyewear and Corporate

In 2023, Kering Eyewear’s revenue hit a new record of €1.5 billion (up 35% as reported and up 10% on a comparable basis), benefiting from the consolidation of Maui Jim and excellent development of the brand portfolio. In the fourth quarter , sales were up 6% on a comparable basis. 

Kering Eyewear’s recurring operating income rose sharply to €276 million, reflecting Maui Jim’s contribution and the Eyewear division’s newly acquired scale.

Taking into account Kering Beauté and Corporate costs, the Kering Eyewear & Corporate segment posted a recurring operating loss of €7 million, an improvement from 2022. Creed’s high level of profitability offset start-up costs at Kering Beauté. 

Financial performance

In 2023, Kering’s net financial expense totaled €410 million.  The effective tax rate on recurring income was 27.4%. Net profit attributable to the Group was €3.0 billion.  Earnings per share amounted to €24.40.

Cash flow and financial position 

Free cash flow from operations was over €2.0 billion in 2023. Excluding real estate acquisitions and disposals, free cash flow from operations was €3.3 billion.

At December 31, 2023, Kering’s net debt amounted to €8.5 billion. The increase reflects the acquisitions carried out during the year.

In its February 7, 2024 meeting, Kering’s Board of Directors decided to ask shareholders to approve a cash dividend of €14.00 per share at the Annual General Meeting to be held on April 25, 2024 to approve the financial statements for the year ended December 31, 2023.

An interim dividend of €4.50 per share was paid on January 17, 2024. If approved, a finaldividend of €9.50 will be paid on May 6, 2024 on positions determined on the evening of May 3, 2024. The ex-date for the final dividend payment will be the morning of May 2, 2024.

To achieve its long-term vision, Kering invests in the development of its Houses, so that they continuously strengthen their desirability and the exclusivity of their distribution, strike a perfect balance between creative innovation and timelessness, and achieve the highest standards in terms of quality, sustainability, and experience for their customers. In an environment of ongoing economic and geopolitical uncertainty, Kering will continue to execute on its strategy and vision, in pursuit of two key ambitions: to maintain a trajectory of long-term profitable growth, and to confirm its status as one of the most influential groups in the Luxury industry.

In 2024, in a context of ongoing normalization of the sector’s growth, the impact of Kering’s investment strategy will weigh on the group’s full-year recurring operating income (based on the scope of consolidation and exchange rates at December 31, 2023), which should post a decline compared to the level reported in 2023, particularly in the first half of the year. The group will prioritize expenses and investments supporting the long-term development and growth of its houses, while remaining vigilant and disciplined with regards to its cost structure.

At its February 7, 2024 meeting, Kering’s Board of Directors, chaired by François-Henri Pinault, approved the consolidated financial statements for 2023. The consolidated financial statements have been audited and are in the process of being certified.

About Kering

A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin and Ginori 1735, as well as Kering Eyewear and Kering Beauté. By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow’s Luxury in a sustainable and responsible way. We capture these beliefs in our signature: “Empowering Imagination”. In 2023, Kering had 49,000 employees and revenue of €19.6 billion.

Press Emilie Gargatte +33 (0)1 45 64 61 20 [email protected] Marie de Montreynaud +33 (0)1 45 64 62 53 [email protected]

Analysts/investors Claire Roblet +33 (0)1 45 64 61 49 [email protected] Julien Brosillon +33 (0)1 45 64 62 30 [email protected]

annual report 1177

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Published on 01/22/2024, published on 01/09/2024, published on 12/07/2023.

New report says most American Jews feel less safe in US after Israel-Hamas war

annual report 1177

More than three-quarters of American Jews feel less safe as a Jewish person in the U.S. and nearly half have changed their behavior as a result, according to a report on antisemitism released Tuesday by the American Jewish Committee.

The AJC's State of Antisemitism in American 2023 report comes four months after Hamas' Oct. 7 attack on Israel and a subsequent wave of rising antisemitism worldwide . It found that those who feel less safe are far more likely than those who don't to see U.S. antisemitism as a serious, worsening threat and the status of American Jews as less secure than a year ago.

"No one should be fearful of being targeted or harassed for being Jewish when walking down the street, going to school, or being at work," said Ted Deutch, the American Jewish Committee’s CEO. "This isn’t a new problem, but the explosion of antisemitism since Oct. 7 demands that we take collective action now."

The report is based on data collected in a survey of 1,528 American Jews ages 18 and older in October and November. The AJC adjusted its survey to add questions in response to the Oct. 7 massacre to measure awareness of the attack and the resulting influence on respondents' feelings of personal safety.

"While large majorities of U.S. Jews have consistently viewed antisemitism as a problem in the United States, 2023 reflects an uptick in the share who hold that opinion," the report's authors wrote. "Moreover, the 2023 results show a sharp increase in the share of U.S. Jews who see antisemitism as a very serious problem in the United States."

Changing behavior, hiding their identity

According to the report, 78% of American Jews said they felt less safe because of the Oct. 7 attack, and 46% said they'd changed their behavior as a result, compared with just under 40% who said they had done so in 2021 and 2022.

Three in 10 said they had avoided posting online content identifying themselves as Jewish or revealing their views on Jewish issues, and one-quarter (26%) said they had refrained from publicly wearing or displaying items identifying them as Jews or had avoided certain physical spaces or situations out of concern for their personal safety or comfort.

About 4 in 10 Jews in the U.S. (39%) said they had personally seen incidents of antisemitism or heard antisemitic comments in the past year, and 3 in 4 (74%) considered antisemitism at least a "somewhat serious" problem in the U.S.

More than 6 in 10 (63%) of Jewish adults described their community’s status in the U.S. as "less secure than a year ago," reflecting an increase of more than 20 percentage points, the report said. One in 5 (19%) said businesses in their community had been the target of antisemitism over the past five years.

About one-quarter of young Jews on college campuses , where incidents spiked in the wake of the attack, said they had avoided wearing or displaying items identifying them as Jewish, expressing views on Israel on campus or with classmates, or had been told they could not miss class for Jewish holidays.

The committee said it was calling on Congress and President Joe Biden to take steps to implement the White House’s U.S. National Strategy to Counter Antisemitism , including appointment of a national coordinator.

"Now that we have this road map, we need to be sure to use it," Deutch said. "The strategy can no longer be seen as a recommendation but rather a requirement." The group’s first such report was done in 2019, a year after a gunman’s deadly attack at the Tree of Life synagogue in Pittsburgh.

U.S. Geological Survey - science for a changing world

Southwest Biological Science Center

Funded by Bureau of Reclamation

U.s. geological survey open-file report 2008-1177 version 1.0, yellow-billed cuckoo distribution, abundance, and habitat use along the lower colorado river and its tributaries, 2007 annual report, by matthew j. johnson, scott l. durst, christopher m. calvo, laura stewart, mark k. sogge, geoffrey bland, and terry arundel.

Close-up photo of bird in a tree.  It indeed has a yellow bill

Executive Summary

This 2007 annual report details the second season of a 2-year study documenting western yellow-billed cuckoo ( Coccyzus americanus occidentalis ) distribution, abundance, and habitat use throughout the Lower Colorado River Multi-Species Conservation Program boundary area. We conducted cuckoo surveys at 40 sites within 14 areas, between 11 June and 9 September 2007. The 169 surveys across all sites yielded 163 yellow-billed cuckoo detections. Cuckoos were detected at 25 of the 40 sites, primarily at the Bill Williams River National Wildlife Refuge (NWR) study area (n = 139 detections; 85 percent of all detections). Detections declined slightly through the cuckoo breeding season, with most detections occurring in the first and second survey periods (n = 92; 54 percent). We detected breeding activity only at the Bill Williams River NWR, where we confirmed 27 breeding events, including two nesting observations. However, the breeding status of most detected birds was unknown.

We used playback broadcast recordings to survey for yellow-billed cuckoos. Compared to simple point counts or surveys, this method increases the number of detections of this secretive, elusive species. It has long been suspected that cuckoos have a fairly low response rate, and that the standard survey method of using broadcast recordings might fail to detect all birds present in an area. In 2007, we found that the majority (84 percent) of cuckoo detections were solicited through broadcast at all study sites. The number of solicited detections was highest during the first survey period and declined as the breeding season progressed, while the number of unsolicited detections (cuckoos heard calling before broadcast was initiated) remained fairly constant through the first, second, and third survey periods. The majority (66 percent) of cuckoo detections, solicited or unsolicited, were aural, 23 percent were both heard and seen, and 11 percent were visual detections only. We also found that 50 percent of all responses by cuckoos were evenly split between the first and second broadcasts at sites with >10 detections, while 45 percent of responses occurred after a single broadcast at the sites with <10 detections.

We refined our collection of vegetation data in 2007 and found that across the entire study area the dominant tree species were tamarisk ( Tamarix spp.), willow ( Salix spp.), and cottonwood ( Populus spp.). The smallest size class (<8 cm diameter at breast height) trees were the most common and were dominated by tamarisk, but cottonwood and willows were well represented in the larger size classes. Sites that were occupied by yellow-billed cuckoos generally had higher canopies, denser cover in the upper layers of the canopy, and sparse shrub layers compared to unoccupied sites that consistently had higher densities of woody species. As most occupied sites were within the Bill Williams River NWR and most unoccupied sites were at Grand Canyon National Park/Lake Mead National Recreation Area, vegetation characteristics at these study areas drove the cuckoo distribution patterns we observed in 2007. However, there was a range of habitat conditions in locations that were used by yellow-billed cuckoos across the entire lower Colorado River Multi-Species Conservation Program study area.

We measured microclimate variables (temperature, relative humidity, soil moisture) at occupied and unoccupied sites, and found that, across the entire study area, occupied sites were consistently cooler during the day and more humid during the day and night compared to unoccupied sites, but that soil moisture did not differ between occupied and unoccupied sites. While most cuckoo detections occurred at Bill Williams River NWR, with generally cooler and more humid conditions, cuckoos were also detected at study areas that had hotter and dryer microclimate conditions. We did not find any relationship of canopy cover characteristics to temperature or soil moisture, suggesting that more complicated factors are involved in determining microclimate regime, possibly including canopy height, dominant tree species, proximity to water, the nature of surrounding habitat, or other variables. Although microclimate conditions might play a significant role in cuckoo habitat selection or breeding ecology, the factors underlying microclimate conditions in riparian patches are not currently fully understood.

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Prices rose more than expected in January as inflation won't go away

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  • The consumer price index increased 0.3% in January, the Bureau of Labor Statistics reported. On a 12-month basis, that came out to 3.1%, down from 3.4% in December.
  • Shelter prices accounted for much of the rise, climbing 0.6% on the month, contributing more than two-thirds of the headline increase. On a 12-month basis, shelter rose 6%.
  • Stocks slid sharply following the release and Treasury yields surged higher.

Inflation rose more than expected in January as stubbornly high shelter prices weighed on consumers, the Labor Department reported Tuesday.

The consumer price index, a broad-based measure of the prices shoppers face for goods and services across the economy, increased 0.3% for the month, the Bureau of Labor Statistics reported. On a 12-month basis, that came out to 3.1%, down from 3.4% in December.

Economists surveyed by Dow Jones had been looking for a monthly increase of 0.2% and an annual gain of 2.9%.

Excluding volatile food and energy prices, the so-called core CPI accelerated 0.4% in January and was up 3.9% from a year ago, unchanged from December. The forecast had been for 0.3% and 3.7%, respectively.

Shelter prices, which comprise about one-third of the CPI weighting, accounted for much of the rise. The index for that category climbed 0.6% on the month, contributing more than two-thirds of the headline increase, the BLS said. On a 12-month basis, shelter rose 6%.

Food prices moved higher as well, up 0.4% on the month. Energy helped offset some of the increase, down 0.9% due largely to a 3.3% slide in gasoline prices.

Stock market futures fell sharply following the release. Futures tied to the Dow Jones Industrial Average were off more than 250 points and Treasury yields surged higher.

Even with the rise in prices, inflation-adjusted hourly earnings increased 0.3% for the month. However, adjusted for the decline in the average workweek, real weekly earnings fell 0.3%. Real average hourly earnings rose 1.4% from a year ago.

"Inflation is generally moving in the right direction," said Lisa Sturtevant, chief economist at Bright MLS. "But it's important to remember that a lower inflation rate does not mean that prices of most things are falling — rather, it simply means that prices are rising more slowly. Consumers are still feeling the pinch of higher prices for the things they buy most often."

The release comes as Federal Reserve officials look to set the proper balance for monetary policy in 2024. Though financial markets have been looking for aggressive interest rate cuts, policymakers have been more cautious in their public statements, focusing on the need to let the data be their guide rather than preset expectations.

Fed officials expect inflation to recede back to their 2% annual target in large part because they think shelter prices will decelerate through the year. January's increase could be problematic for a central bank looking to take its foot off the brake for monetary policy at its tightest in more than two decades.

"The much-anticipated CPI report is a disappointment for those who expected inflation to edge lower allowing the Fed to begin easing rates sooner rather than later," said Quincy Krosby, chief global strategist at LPL Financial. "Across the board numbers were hotter than expected making certain that the Fed will need more data before initiating a rate cutting cycle."

Generally, the inflation data had been encouraging, even if annual rates remain well above the Fed's 2% target. Moreover, core inflation, which officials believe is a better guide of long-run trends, has been even more stubborn as housing costs have held higher than anticipated.

In recent days, policymakers including Chair Jerome Powell have said the broader strength of the U.S. economy gives the Fed more time to process data as it doesn't have to worry about high rates crushing growth.

Market pricing before the CPI release indicated a tilt toward the first rate cut coming in May, with a likely total of five quarter-percentage point moves lower before the end of 2024, according to CME Group data. However, several Fed officials have said they think two or three cuts are more likely.

Outside of the jump in shelter costs, the rest of the inflation picture was a mixed bag.

Used vehicle prices declined 3.4%, apparel costs fell 0.7% and medical commodities declined 0.6%. Electricity costs rose 1.2% and airline fares increased 1.4%. At the grocery store, ham prices fell 3.1% and eggs jumped 3.4%.

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IMAGES

  1. 55+ Customizable Annual Report Templates, Examples & Tips

    annual report 1177

  2. 49 Free Annual Report Templates [LLC, Nonprofit..] ᐅ TemplateLab

    annual report 1177

  3. Annual Report Template

    annual report 1177

  4. Annual Report Template for Adobe InDesign

    annual report 1177

  5. What is an Annual Report? Definitions, Requirements, and Examples

    annual report 1177

  6. 50+ Customizable Annual Report Design Templates, Examples & Tips

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VIDEO

  1. Analysts condemn the ugly words of Molana Fazal ur Rehman's yesterday speech

COMMENTS

  1. 1177.HK

    1 Day 1177 -2.68% DJIA 0.33% S&P 500 -0.09% Health Care/Life Sciences 0.45% Overview Earnings & Estimates Sino Biopharmaceutical Ltd. Per Share Data Sino Biopharmaceutical Ltd. All values...

  2. NC1177: Agricultural and Rural Finance Markets in Transition

    Duration: 10/01/2019 to 09/30/2024 Administrative Advisor (s): Allen Featherstone NIFA Reps: Charlotte Tuttle Non-Technical Summary Statement of Issues and Justification

  3. After a Decade of Decline, the US Undocumented Population Increased by

    After estimating the number of undocumented residents counted in the ACS, we made a final adjustment for undercount in the ACS. For most countries of origin, the undercount rate varies from about 7 percent to 10 percent. 2 In 2022, it was necessary to make additional undercount adjustments for El Salvador, Guatemala, and Honduras. The total addition for this extra undercount for these three ...

  4. 2023 Annual Report

    5Data is as of December 31, 2023. 6Fidelity Crypto® is offered by Fidelity Digital Assets℠. Investing involves risk, including risk of total loss. Crypto as an asset class is highly volatile, can become illiquid at any time, and is for investors with a high risk tolerance. Crypto may also be more susceptible to market manipulation than ...

  5. Annual reports, proxies and shareholder letters

    European Union English. France. United States. About Amazon Investor Relations Annual reports, proxies and shareholder letters. Annual reports, proxies and shareholder letters. Quarterly results. SEC filings. Press releases. FAQs.

  6. 1177

    Quotes Stocks Hong Kong 1177 Finanicals Stock Screener Earnings Calendar Sectors | 1177 Hong Kong Sino Biopharmaceutical Ltd. Watch list Open Last Updated: Jan 22, 2024 10:17 a.m. HKST...

  7. PDF The Budget and Economic Outlook: 2024 to 2034

    The Congressional Budget Office regularly publishes reports presenting its baseline projections of what the federal budget and the economy would look like in the current year and over the next 10 years if laws governing taxes and spending generally remained unchanged. This report is the latest in that series. Projections for 2024 Budget deficit:

  8. Sino Biopharm

    invoX Pharma Limited ("invoX"), a U.K.-based wholly-owned subsidiary of Sino Biopharmaceutical Limited ("Sino Biopharm") (HKEX 1177 HK) with an advancing pipeline of innovative products, today announced that it has successfully completed the acquisition of F-star Therapeutics, Inc. ("F-star") (NASDAQ: FSTX) a clinical-stage biopharmaceutical company pioneering bispecific antibodies ...

  9. The Correlation Between Annual Reports' Narratives and Business

    Traditionally, a typical analytical exercise of the correlation between annual reports' narratives and business performance (hereinafter "correlation") begins with an extraction of language and financial variables from narratives and business indicators, respectively, then works toward the relationship between variables by following manually interpretative or computer-aided analytical ...

  10. World enters era of increasing instability, London-based think tank

    World enters era of increasing instability, London-based think tank says in latest annual report FILE - Ukrainian soldiers practice on a tank during military training in Ukraine Wednesday, Dec. 6 ...

  11. Do Family Firms Issue More Readable Annual Reports? Evidence From the

    This study examines whether family firms' annual report (10-K) readability differs from that of non-family firms. Family firms have a significant presence in the U.S. corporate landscape, constituting a third of the Standard & Poor's 500 companies and more than 10% of the market capitalization of all listed firms (Ali et al., 2007; D. Wang, 2006).

  12. Where to Find a Company's Annual Report and SEC Filings?

    EDGAR Online is a subscription-based site offering dozens of products on any type of information filed with the SEC. You won't find anything free, but if you need sophisticated services, EDGAR ...

  13. AnnualReports.com

    Annual reports for 10,198 international companies. Search 135,043 annual reports from 10,198 global companies help you make the right investment decision. AnnualReports.com is the most complete and up-to-date listing of annual report on the internet.

  14. 1177.HK

    Key Statistics 1.75 mean rating - 24 analysts Sell Hold

  15. Annual Reports

    820 Mercer Street Cherry Hill, NJ 08002 Phone: 856-665-6500

  16. AnnualReports.com

    Browse Reports. Search by Stock Exchange. Featured Programs. REIT. Russell 1000 Index. Russell 2000 Index.

  17. www.kering.com

    /en/news/2023-annual-results/

  18. From Aspiration to Action: DeVry University Releases Annual Impact Report

    DeVry University released its annual Impact Report today, which shares the university's impact on its students, corporate partners, the economy and communities. The report, From Aspiration to Action: Closing the Opportunity Gap, examines the university's role in helping reshape the workforce of tomorrow, particularly centered around opening access in tech fields for diverse and underserved ...

  19. New report says most American Jews feel less safe in US after Israel

    The report is based on data collected in a survey of 1,528 American Jews aged 18 and older in October and November 2023. The AJC adjusted its survey to add questions in response to the Oct. 7 ...

  20. Annual Reports Readability From Linguistic and Communication

    Findings show that in every language approach, there is an obfuscation level for annual reports, depending on the weakness of a particular component of the text communication process, starting from the use of a complex writing style and ending with the imposition of specific methods of presentation, while suggesting ways to mitigate the ...

  21. Yellow-billed Cuckoo Distribution, Abundance, and Habitat Use Along the

    This 2007 annual report details the second season of a 2-year study documenting western yellow-billed cuckoo ( Coccyzus americanus occidentalis) distribution, abundance, and habitat use throughout the Lower Colorado River Multi-Species Conservation Program boundary area.

  22. CPI inflation January 2024: Consumer prices rose 0.3%, more than ...

    The consumer price index increased 0.3% in January, the Bureau of Labor Statistics reported. On a 12-month basis, that came out to 3.1%, down from 3.4% in December. Shelter prices accounted for ...

  23. Sinopharm Group Co. Ltd

    Financial Reports. Annual Report Interim Report. . 2022 Annual Report. 2021 Annual Report. 2020 Annual Report. 2019 Annual Report. 2018 Annual Report. 2017 Annual Report.

  24. PDF 1100 Cassatt Road Berwyn, PA 19312-1177 www.ametek

    At December 31 Total debt$1,263.9$1,168.5 $1,041.7 $1,111.7 $ 903.0 Net debt(3)$1,093.5$1,005.3 $ 795.3 $1,024.7 $ 732.9 Stockholders' equity(4)$2,052.8$1,775.2 $1,567.0 $1,287.8 $1,240.7 Shares outstanding160.4160.7 161.8 160.1 161.1 Number of employees 12,20011,600 10,100 11,700 11,300

  25. PDF Genre Analysis of Corporate Annual Report Narratives

    10.1177/0021943605279244JOURNAL OF BUSINESS COMMUNICATIONRutherford / CORPORATE ANNUAL REPORT NARRATIVES ARTICLE GENRE ANALYSIS OF CORPORATE ... annual report narratives are produced, combined with the pattern of opportunities and constraints faced by their authors, make it likely that such narratives will ...

  26. The Correlation Between Annual Reports' Narratives and Business

    This article investigates the extant literature on the correlation between narratives in corporate annual reports and corporate performance. Prior studies are reviewed for overall characteristics, research topics, theoretical foundations, and methods.

  27. US Jobs Report to Show Slower Hiring Pace After Annual Revisions

    February 1, 2024 at 9:00 PM PST. Listen. 2:11. A monthly US jobs report due Friday will probably show a slower pace of hiring in 2023 following annual revisions, according to Bloomberg Economics ...

  28. Bleacher Report's Picks for 2023-24 NFL Honors Awards

    It's black tie time in the NFL. Thursday night at the Resorts World Arena in Las Vegas, the 14th Annual NFL Honors will be held. Players will run elbows with…

  29. The Correlation Between Annual Reports' Narratives and Business

    It has been reported that narratives in corporate annual reports are intentionally manipulated by the informant, sending impor- tant corporate internal economic signals and conveying high- value business information to the public (Leung et al., 2015; Patelli & Pedrini, 2014; Qian & Sun, 2021).

  30. Caitlin Clark Headlines 2024 Naismith Women's College ...

    Kamilla Cardoso's impact on defense is undeniable as she's averaging 9.8 rebounds and 2.9 blocks. Te-Hina Paopao, meanwhile, has made a seamless transition to the Gamecocks with 12.0 points and 3. ...