Oil is lower. It is recovering as well. Banks seeing even steeper losses today. Raises the question of whether the rally for stocks is over for good. Whether this market is really on the verge of some serious trouble. Pete, is it . Is it in serious trouble . I dont know that its in serious trouble but will it trade lower . It absolutely is going lower. And when you look at this rally and we have been talking about this for days now. The rally is encompassed by materials, energy, a few other names here and there but financials have been lagging on these up days and on the down days they have been almost in the leadership role so we have to see the financials show any kind of stability. We havent seen that. 1810 was the low in february. Are we going back there or even lower than that, doc . No i dont think we are. The reason is i think its a reaction to the exit, the potential exit by Great Britain out of the european union. I think that is why, that 3. 6 move that youve seen out of the
Three day strike which had cut production by nearly half. In the meantime back in the United States data showed that stockpiles actually rose last week. Despite all you see oil prices down about 2 . The biggest intel earnings topping estimates. That is the good news, revenues were in line. The chip maker giving weak Current Quarter revenue guidance and as a result cutting its full year profit margin outlook. Shares under some pressure. But intel also announcementing it is going to be cutting 12,000 jobs globally as it works to diversify away from the struggle pc industry. This restructuring is a tool to do that. And what it allows us to do is to be more forget, to be more profitable and to increase investments in some of these new areas, things like the data center and memory, internet of things, 5g and opportunities in the client space where we can concentrate investments on areas we think we have great return and can generate for intel in the future. New roles and a formal search pro
From the likes of china and europe, that has got to be the hope. Many have to cancel those christmas lunches. We have got so much on our plate. Russia hiking. The Interest Rate the most since 1998. You have got oil continuing to have got chinese manufacturing contracting. That was a surprise. We have got eurozone debt the later today. We have pmis from france. Hope is on the equity market. Lets look at what happened to the ruble. To theeeing a rebound russian ruble. The dollar is down. On a twoday basis. Yesterday we saw the u. S. Dollar up 10 against the ruble. Central bankhe stepped in. The emergency meeting at midnight, raising Interest Rates i 6. 5 . Ls economic growth. If youre going to support the ruble, what happens to growth when you have sanctions . You have oil continuing to fall. Be hurting the russian economy further. Look at oil. We are seeing it continue to drop. Clearly, there is a concern. Keep an eye on the euro. We have got moves coming out of europe. We have data, pm
That occur few wept in effect that occur few wept in effect, there have been 10 arrest. But he said that it has worked and the curfew has made a difference. Dark needs fell over baltimore. And curfew went in effect. From 10 00 p. M. To 5 00 a. M. Nobody allowed out on the street. Still some demonstrators stayed on the streets. Not listening to the orders to clear out. Today was a striking contrast toless night violence and chaos. The last night this cvs pharmacy was lateed and burned. If at the same corner rioting replace the by peaceful protest. No clashes. But the anger was simmering. Across west baltimore they picked up the pieces. Yesterday broke my heart. Today activity proud. Reporter residents coming together to clean up the broken glass and debris. It breaks my heart because those of us who are from baltimore know how hard we fought for those resources and those the stores. Reporter overnight there were 144 vehicle fires. 15 structure fires and 250 arrest. Tonight a heavy Polic
Project. Thank you very much. Thank you all. Next item, miss boomer. Mr. Chairman, i dont see any member of the public. I dont either. Item 15, presentation and discussion regarding sfmtas fiscal year 20122013 yearend financial audit. Directors no members of the public have expressed an interest in addressing you on this matter. We also have a member who has to leave at 5 00. It will only take a minute. Sorry, directors. Cfo, were required to come before you every year to present the audit. This is the third year were coming in front of you. I also want to present the partner from kpmg, who is going to present after me, nancy rose. Just quickly we were able to complete the audit by the 1st, the earliest we have ever done it. We have no findings for the third year and so that is a good process. In terms of our revenues, we were 103 million over 1112, the majority in the operating side, as well as significant contributions from our capital projects, mostly the central subway. Our expense