I was surprised by my colleague Neil Paine’s analysis of Miguel Cabrera’s record-breaking new contract extension. I thought the Detroit Tigers would come out looking much worse.According to Neil’s estimate, which used projections from Baseball Prospectus’ PECOTA system, Cabrera’s market value for the next 10 years is roughly $275 million. That’s not as much as the $292 million that the Tigers will be paying him, but the difference is modest.Neil’s valuation assumed that teams are willing to pay about $6.5 million per additional win in the free-agent market, based on research from Dave Cameron and Lewie Pollis. These estimates come from comparing the salaries given to free agents against their expected on-field production. (Neil further assumed that the market price of a win will increase by 5 percent per year.)In other words, Cabrera isn’t that vastly overpaid as compared to recent free agents. If Mike Napoli is making $16 million per year, then Cabrera’s $29 million per year doesn’t look so bad.But Cabrera’s market value is not the same as Cabrera’s economic value to the Tigers. It could be that free agents as a group are vastly overpaid, relative to the revenue they bring to their teams.In the 2006 book “Baseball Between the Numbers,” I estimated the marginal value of a win to a baseball team, based on how responsive different categories of revenue (such as ticket sales and TV deals) are to a team’s quality. I estimated that an additional game won added only about $1.2 million to a team’s bottom line, after subtracting revenue-sharing payments. (This assumes that the value of a win is constant from team to team, which it isn’t, but we’ll leave that aside for now.)That estimate is now eight years old. Total gross revenue accruing to the 30 Major League Baseball clubs has increased since then; it was $7.1 billion in 2013, according to Forbes, as compared to $4.7 billion in 2005.If the marginal economic value of a win has increased proportionately, a win would now be worth about $1.8 million. That’s still far less than the $6.5 million that teams are willing to pay for a win. Are baseball owners being irrational?Perhaps, but their motivation to own a baseball team may not be based solely in profits and losses. They may just be having fun. (I can think of a lot of worse ways to splurge.)And they may know that if they choose to sell their teams, they can do so — probably at a significant profit. The market value of an MLB franchise has increased by more than 600 percent since 1990, according to valuations from Financial World and Forbes magazine (see Rodney Fort’s website for the data). By comparison, the Standard & Poor’s 500 index rose by about 450 percent between March 27, 1990, and March 27, 2014. (Framed in terms of compound annual growth rates, baseball teams have increased in value by 8.5 percent per year since 1990, as compared with 7.3 percent for the stock market.)Not only have baseball franchises outperformed the stock market, but the patterns in their growth rates have been quite different. The stock market rose dramatically in the 1990s, but has teetered back and forth since then. By contrast, the rise in MLB franchise values has been much steadier.What accounts for this?Here’s a theory. The average baseball franchise is now worth $817 million, according to Forbes. Loosely speaking, you need to be a billionaire to afford one. And there are a lot more billionaires than there used to be.Forbes estimates that there are 492 billionaires in the United States, as compared to 99 in 1990. The increase in the number of billionaires, like the increase in baseball franchise values, has been relatively steady. (The number of American billionaires fell after the financial crisis of 2007-09 but has risen to a new high since then.)In a sense, the Tigers may be betting less on Cabrera’s performance and more on economic and regulatory conditions. If the number of billionaires continues to rise, Tigers owner Mike Ilitch (worth $3.6 billion) should find plenty of buyers should he sell the team down the line. Cabrera’s presence might make the Tigers a more attractive purchase — or if not, the liability might be modest as compared with the Tigers’ resale price. But if the rise of the billionaire reverses, Cabrera’s contract might come to look like the peak of a bubble.
Chelsea manager Mauricio Sarri became the first boss at Stamford Bridge to go through his first 11 league matches unbeaten and he has hailed his talented players for the role they played.Chelsea defeated Crystal Palace 3-1 at Stamford Bridge on Sunday to go second place and just two points behind Champions Manchester City at the top of the Premier League table.The victory means Sarri is now unbeaten in his first eleven Premier League games, which is the joint-longest unbeaten record by a Premier League manager, equalling the record set by Frank Clark in 1994.“I’m really very proud but I’m proud to be coach of this team. The record is not the record of the coach but the team.” Sarri told Chelsea FC website.“I was lucky because I have very good players and in the last two months they were able to win without a great level of organization from the tactical point of view.”Chelsea hat-trick hero Tammy Abraham hopes for more Andrew Smyth – September 14, 2019 Tammy Abraham hopes this season will be his big breakthrough at Chelsea after firing his first hat-trick for the club in Saturday’s 5-2 win at Wolves.Sarri also downplayed Chelsea’s title chances saying: “I don’t know. At the beginning, we knew there was a gap of 30 points from last season.“At the moment we need only to think about trying to recover a large part of the gap. I hope to recover almost all of it but I don’t know. It’s difficult to recover 30 points but we are trying.”
A $52 million project to rebuild the two main runways at Naval Air Station Jacksonville, widen taxiways and improve the airfield is halfway completed and remains on target to be completed in June.The last major overhaul of the runways at the installation, Florida’s oldest naval air station, occurred in 1967, reported the Florida Times-Union. The base opened in 1940.The work also includes demolition of three obsolete hangars from World War II, which will free up space to park the base’s new Boeing P-8A Poseidon aircraft as well as those arriving from other Navy bases for training at NAS Jacksonville. The P-8A reconnaissance aircraft are replacing the Navy’s aging Lockheed P-3 Orions.During the year-long project, the base’s 38 fixed-wing aircraft and 2,000 crews and civilian employees are operating out of Cecil airport, a general aviation airport run by the Jacksonville Aviation Authority.In 2010, officials envisioned a much smaller project to repair the runways. “But when the new engineers came out and looked at it again with more tests, we found it was not suitable for the new aircraft that were coming and we knew we had to make modifications,” airfield manager Doug Chaney told the Times-Union. Dan Cohen AUTHOR
WILMINGTON, MA — Below are FIVE things that happened at the April 9th Wilmington Board of Selectmen’s Meeting:#1) SAVE THE DATE. Selectmen unanimously approved the request of Wilmington Police Chief Michael Begonis to use Rotary Park on Tuesday, August 7, 2018 for a National Night Out celebration.#2) SPECIAL TOWN MEETING SET. With little discussion, Selectmen unanimously closed and signed the Special Town Meeting warrant. The warrant consists of two articles, petitioned by Selectman McCoy and others, and can be read HERE. The Special Town Meeting will take place inside the Annual Town Meeting on May 5, 2018 at approximately 10:45am inside the WHS Auditorium.#3) SUPPORT YOUR LOCAL NON-PROFITS. Selectmen unanimously approved the request of Wilmington Fourth of July Committee Chairman Scott Garrant to restrict hawkers/pedlers and transient vendors from conducting business within one-half mile of the Town Common during the Fun on the Fourth celebration. This annual vote is taken to encourage attendees to purchase snacks at the carnival and from the non-profit organization booths in the Food Court.#4) NEW TOWN ELECTION WORKERS. Selectmen unanimously approved the request of Town Clerk Sharon George to appoint five new election workers — Phyllis Gorman, David & Susan Reese, Janet Marchiello, and Ruth-Ann Soderholm. These workers will replace election workers that recently stepped down.#5) SELECTMEN ANNUAL REPORT. Chairman Mike Champoux read the Board of Selectmen’s Annual Report, which will be published in the Town’s Annual Report booklet, into the record. Watch the reading HERE at the 7:22-mark. Champoux discusses several big issues, including New England Transrail, Butters Row Bridge, Yentile Farm, Fun on the Fourth, the town’s new Substance Abuse Prevention Coordinator, affordalbe housing, and more.Aside from the Sciarappa Farm discussion, Wilmington Apple has already covered the other news made at the meeting, including:Selectmen To Create A Town Economic Development CommitteeFree Little Library & Kindness Rock Garden Coming To Rotary ParkPLOT TWIST: Massachusetts Attorney General DELAYS Ruling On Town Meeting Article Relative To Detox Facility ZoningResidents Invited To Informational Forum On Proposed Tax Increment Financing (TIF) Agreement With Analog Devices On April 26The Moving Wall Is Coming To Wilmington This SummerFind Out if YOUR Street Is Scheduled To Get Paved Over The Next 7 MonthsLike Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email firstname.lastname@example.org.Share this:TwitterFacebookLike this:Like Loading… RelatedSELECTMEN NOTEBOOK: 6 MORE Things That Happened At This Month’s Selectmen’s MeetingIn “Government”SELECTMEN NOTEBOOK: 10 Things That Happened At Last Week’s MeetingIn “Government”SELECTMEN NOTEBOOK: 5 Things That Happened At Last Week’s Selectmen’s MeetingIn “Government”
WILMINGTON, MA — The Kiwanis Club of Wilmington is joining with other Kiwanis Clubs from around Massachusetts to collect needed school supplies for children attending Massachusetts schools.The Kiwanis Club’s School Supply Drive will take place on Saturday, August 11 at 9am to 1pm at West Real Estate (386 Main Street).Items needed include: backpacks, pens, pencils, notebooks, folders, glue sticks, kid’s scissors, rulers, calculators, highlighters, boxes of tissues and reems of paper.For further information, contact Stu Neilson at 978-430-1652. No time to shop? Cash/check donations will be used to purchase needed supplies.Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email email@example.com.Share this:TwitterFacebookLike this:Like Loading… RelatedVIDEO: Learn About The Wilmington Kiwanis Club’s Upcoming Fundraisers & ActivitiesIn “Videos”Wilmington Kiwanis Club To Collect Relief Supplies For Puerto Rico On November 11In “Community”The Wilmington Insider For August 11, 2018In “5 Things To Do Today”
Shares in HCL Technologies fell more than 8 percent on Friday, even though it posted a 32 percent rise in quarterly net profit.Meanwhile, Tata Consultancy Services (TCS) is set to see its biggest single day fall since May 2009 after its earnings disappointed and estimates fell as much as 8.5 percent, while its sequential U.S. dollar revenue growth also lagged. Analysts said TCS’ 6.4 percent revenue growth from the previous quarter missed estimates for nearly 8 percent growth. Earnings also came slightly below market expectations.In case of HCL, technology outsourcing company’s revenue growth of 12.8 percent in dollar terms was below street expectations, stock market dealers said.For most IT services companies, analysts and investors track the dollar sales numbers as clients oversees get billed in that currency.HCL earned 18.73 billion rupees ($303.44 million) in profit in the September quarter, compared to 14.16 billion rupees last year. Analysts, on average, were expecting the profit to be at 17.29 billion rupees, as per Thomson Reuters data.TCS made a net profit of 52.88 billion rupees ($854.46 million) during its fiscal second quarter ended Sept. 30, up 13.6 percent from a year earlier but below the average analyst forecast of 53.84 billion rupees according to Thomson Reuters. TCS, part of the salt-to-steel Tata conglomerate, fell short of market expectations in part due to an unexpected growth slowdown in Latin America, which had previously been a growth driver among emerging markets.
A sales person shows a gold ring to customers at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Ahmedabad, India, October 28, 2016.Reuters fileTitan Company was the biggest gainer on the Bombay Stock Exchange (BSE) on Monday morning, up 15 percent at Rs. 545 after hitting a fresh 52-week high of Rs. 548. Other gold stocks such as PC Jeweller, Gitanjali Gems and Tribhovandas Bhimji Zaveri (TBZ) were also up sharply in response to the Goods and Services Tax (GST) Council finalising 3 percent tax rate on gold and other jewellery.PC Jeweller was up 9.5 percent at Rs. 551, TBZ was trading 5 percent higher at Rs. 97 while Gitanjali Gems was up 4.85 percent at Rs. 70.30 on the BSE at around 11.50 am.The current rate of tax comes to about 2.5 percent (1 percent excise duty, around 1 percent value added tax and 0.5 percent cess) and therefore is being seen as a significant relief. The import duty of 10 percent remains unchanged by GST provisions.The Council also fixed 0.25 percent “notional” tax on raw diamonds, evoking disappointment from traders, though there is a provision for claiming a refund.”Taxing diamonds is a retrograde step and not in sync with equivalence policy. Diamonds are the key raw materials for gem and jewellery exports business. Rough diamonds have been kept out of the purview of taxes in various Asian countries which are globally competitive,” Praveenshankar Pandya, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), said in a statement on Saturday.”It is difficult for gems & jewellery exporters to pay 0.25% and then initiate process for refunds, etc,” he added.The BSE Sensex was up 75 points at 31,348 while the NSE Nifty was up 25 points at 9,678. Top gainers were Bajaj Auto and ONGC.
KA SengottaiyanTwitterAs Tamil Nadu is facing severe criticism for imposing colour coded wristbands for school students based on their caste, the state education minister KA Sengottaiyan said that there won’t be any ban on such practises.The students in Tamil Nadu has been facing caste discrimination and were being asked to wear wrist bands and ’tilaks’ on their forehead to mark their caste. To stop this heinous crime, the state education department had issued a circular to all Chief Educational Officers (CEO) and District Education Officers (DEO) on June 31 warning of strict actions against school authorities for holding such practices. Circular issued by Tamil Nadu education department Director S KannappanTwitterThe circular was issued by the Director of School Education S Kannappan, who said that wristbands of different colours and tilak were used as caste markers. He said that such practices were supposedly being used for sports team selection, reassembling during class and lunch intervals. “Allegedly, these practices are enforced by students themselves and supported by influential caste persons and teachers,” read the circular.The circular was issued based on a representation given by IAS officer trainees of 2018 batch to the government over the caste discrimination that was prevalent in many schools in different parts of Tamil Nadu.However, the education minister and AIADMK leader seem to be advocating for these discriminatory practises as he said that there will be no ban on the use of these wristbands at schools and has denied of such existing practises in the state.He said that the circular was issued without his knowledge and schools will continue to function as they did before the circular was issued. His controversial statement makes sure that caste discrimination is likely to continue in the state without any disruption.BJP national secretary H Raja had opposed against the circular issued by the education department, calling it as anti-Hindu. He also asked for action against the officer who issued the circular banning caste-discrimination practices without the knowledge of education minister.”The circular even bans a tilaka on the forehead. How can a government ban Hindu symbols? When you allow crosses to be worn and you don’t ban pardha, how can the government do this?” He also welcomed the AIADMK government’s opposition over the circular..
X 00:00 /01:25 NOAANational Weather Service radar as Hurricane Ike made landfall in Texas To embed this piece of audio in your site, please use this code: Share Some people in the insurance industry say ever since Hurricane Ike in 2008, they’ve become victims of abusive lawsuits.“The lawsuits that we receive — I’ve been served over 400 times since Hurricane Ike — they’re boilerplate. They’re all the same, the allegations are the same,” said Tim Maloney, an insurance adjuster from North Texas testifying to a Texas Senate committee looking into how the industry handles claims for storm damage.Insurance companies said lawyers learned from Ike how to swoop into neighborhoods following a bad storm and convince homeowners they’d been under-paid for wind or hail damage.“The only reason I can see for that is because the law is so favorable here, that almost every (lawsuit) claim is profitable,” testified Greg Farnik, a lawyer with an insurance company in Dallas. “This is a statewide problem,” Paul Solomon told senators.Solomon is a lawyer for State Farm, a company that last year agreed to refund millions of dollars in premium over-charges to Texas homeowners. Sen. Kirk Watson, a Democrat from Austin, referred to the settlement in questioning Solomon and said the insurance industry should be careful about complaining that it’s a victim of Texas laws.“So before you declare the entire name of the game, let’s be clear that the way you make money is by collecting premiums and not paying. The perfect deal would be to collect premiums and never pay a claim, right? (Solomon) I disagree, because if we did that we wouldn’t be in business. People wouldn’t want to use us. (Watson) Well, pay as few and as little as you can is the name of the game at State Farm, (Solomon) I would disagree with that also, I think that’s a mischaracterization of what we do.“Under questioning by senators, Solomon said many of the storm damage lawsuits seek about $65,000 and eventually settle for $15,000 to $20,000. He said in the rare cases when the lawsuits actually went to trial, the insurance company was found to owe nothing in about half the cases.The senators on the Committee on Business & Commerce will consider recommending curbs on so-called frivolous litigation when the full legislature meets this January. Listen