| A | SECTORS Glossary based on * Global Industry Classification Standard GICS Terms and Definitions Accident Insurance ...see Life & Health Insurance additives ...see Specialty Chemicals Advertising SECTOR Industry Group Industry Sub-Industry CONSUMER DISCRETIONARY Media Media Advertising Companies providing advertising, marketing or public relations services. aerospace (Civil or military) ...see Aerospace & Defense Aerospace & Defense SECTOR Industry Group Industry Sub-Industry INDUSTRIALS Capital Goods Aerospace & Defense Aerospace & Defense Manufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space equipment. Agricultural Chemicals ...see Fertilizers & Agricultural Chemicals Agricultural Products SECTOR Industry Group Industry Sub-Industry CONSUMER STAPLES Food, Beverage & Tobacco Food Products Agricultural Products Producers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process foods but do not package and market them. Excludes companies classified in the Forest Products sub-industry and those that package and market the food products classified in the Packaged Foods sub-industry. Air Delivery & Freight Services ...see Air Freight & Logistics Air Freight & Logistics SECTOR Industry Group Industry Sub-Industry INDUSTRIALS Transportation Air Freight & Logistics Air Freight & Logistics Companies providing air freight transportation, courier and logistics services, including package and mail delivery and customs agents. Excludes those companies classified in the Airlines, Marine or Trucking sub-industries. Air Services ...see Airport Services Airlines SECTOR Industry Group Industry Sub-Industry INDUSTRIALS Transportation Airlines Airlines Companies providing primarily passenger air transportation. Airport Services SECTOR Industry Group Industry Sub-Industry INDUSTRIALS Transportation Transportation Infrastructure Airport Services Operators of airports and companies providing related services. Alternative Carriers SECTOR Industry Group Industry Sub-Industry TELE- COMMUNICAT. SERVICES Telecomm. Services Diversified Telecomm. Services Alternative Carriers Providers of communications and high-density data transmission services primarily through a high bandwidth/fiber-optic cable network. Aluminum SECTOR Industry Group Industry Sub-Industry MATERIALS Materials Metals & Mining Aluminum Producers of aluminum and related products, including companies that mine or process bauxite and companies that recycle aluminum to produce finished or semi-finished products. Excludes companies that primarily produce aluminum building materials classified in the Building Products sub-industry. amusement parks ...see Leisure Facilities Apparel, Accessories & Luxury Goods SECTOR Industry Group Industry Sub-Industry CONSUMER DISCRETIONARY Consumer Durables & Apparel Textiles, Apparel & Luxury Goods Apparel, Accessories & Luxury Goods Manufacturers of apparel, accessories & luxury goods. Includes companies primarily producing designer handbags, wallets, luggage, jewelry and watches. Excludes shoes classified in the Footwear sub-industry. Apparel Footwear & Accessories ...see Footwear Apparel & Luxury Goods ...see Textiles Apparel Retail (Apparel Stores) SECTOR Industry Group Industry Sub-Industry CONSUMER DISCRETIONARY Retailing Specialty Retail Apparel Retail Retailers specialized mainly in apparel and accessories. Appliances ...see Household Appliances Application Software SECTOR Industry Group Industry Sub-Industry INFORMATION TECHNOLOGY Software & Services Software Application Software Companies engaged in developing and producing software designed for specialized applications for the business or consumer market. Includes enterprise and technical software. Excludes companies classified in the Home Entertainment Software Sub-Industry. Also excludes companies producing systems or database management software classified in the Systems Software sub-industry. Asset Management & Custody Banks SECTOR Industry Group Industry Sub-Industry FINANCIALS Diversified FINANCIALS Capital Markets Asset Management & Custody Banks Financial institutions primarily engaged in investment management and/or related custody and securities fee-based services. Includes companies operating mutual funds, closed-end funds and unit investment trusts. Excludes banks and other financial institutions primarily involved in commercial lending, investment banking, brokerage and other specialized financial activities. Auto Components SECTOR : CONSUMER DISCRETIONARY Industry: Auto Components ...see the following sub-industries: Auto Parts & Equipment Tires & Rubber auto dealers ...see Automotive Retail Auto Dealerships ...see Automotive Retail Auto Parts & Equipment SECTOR Industry Group Industry Sub-Industry CONSUMER DISCRETIONARY Automobiles & Components Auto Components Auto Parts & Equipment Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber sub-industry. Automobile Manufacturers SECTOR Industry Group Industry Sub-Industry CONSUMER DISCRETIONARY Automobiles & Compon. Automobiles Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles and three-wheelers classified in the Motorcycle Manufacturers sub-industry and heavy duty trucks classified in the Construction & Farm Machinery & Heavy Trucks sub-industry. Automobiles SECTOR : CONSUMER DISCRETIONARY Industry: Automobiles ...see the following sub-industries: Automobile Manufacturers Motorcycle Manufacturers Automobiles & Components SECTOR : CONSUMER DISCRETIONARY Industry Group: Automobiles & Components ...see the following sub-industries: Auto Parts & Equipment Automobile Manufacturers Motorcycle Manufacturers Tires & Rubber Automotive Retail SECTOR Industry Group Industry Sub-Industry CONSUMER DISCRETIONARY Retailing Specialty Retail Automotive Retail Owners and operators of stores specializing in automotive retail. Includes auto dealers, gas stations, and retailers of auto accessories, motorcycles & parts, automotive glass, and automotive equipment & parts. * The GICS (Global Industry Classification Standard) was developed by Morgan Stanley Capital International (MSCI) and Standard & Poor's more , using 10 Sectors, 24 Industry Groups, 68 Industries and 154 Sub-industries. GICS Table The ICB (Industry Classification Benchmark) is a company classification system developed by Dow Jones and FTSE more , using 10 Industries, 18 Supersectors, 39 Sectors, 104 Subsectors.ICB Table The SIC (Standard Industrial Classification) is a United States government system for classifying industries by a four-digit code. more It is being supplanted by the six-digit North American Industry Classification System (NAIC). However certain U.S. government departments and agencies, such as the U.S. Securities and Exchange Commission (SEC), still use the SIC codes. SIC Code List 1MTX MARKETS | SECTORS USA | Latest Quotes, Charts, News 1MTX 2009 - Sources: ICBenchmark.com; MSCIBarra.com; SEC.gov; Wikipedia.org; Sitemap 1MTX - FIRST MARKETS TRADES EXPERTS 1mtx.com ? top
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Financial Sector and Stocks Analysis from Seeking Alpha   RSS

Saturday, 30 August 2014, 12:08 GMT
Everything You Ever Wanted To Know About Shadow Banking
By Financial Sense:
By FS Staff
Shadow banking is back in the news. First there are ongoing problems in China where bad loans outside of the traditional banking system are causing increasing financial strain. Then, here in the U.S., regulators are also becoming more concerned about the rising use of leveraged loans by non-bank intermediaries or things like peer-to-peer lending, where the largest such company in this space, Lending Club, just filed for an IPO.
In order to gain a better understanding of these potential risks and how they come to pose a threat, shadow banking expert Laura Kodres from the IMF tells Financial Sense Newshour that forms of shadow banking are "definitely picking up." Although we're not yet back to the same levels reached in the last financial crisis, she warned "it's certainly in that upward direction."
Since shadow banking activities are also closely tied to low rates and the search
Complete Story »


Saturday, 30 August 2014, 9:55 GMT
What's Next For Bank Of America
By Regarded Solutions:
While Brain Moynihan has done a good job of projecting Bank of America (NYSE:BAC) as a small, hometown, people friendly bank, as opposed to the "too big to fail" ominous mortgage lending fiasco it had been, the best move he has made was to settle the issue with the Department of Justice.
The article noted made these two distinct achievements to support its opinion:

  • Moynihan set those goals, and first unveiled his highly original philosophy of banking, at an investor conference in March 2011. During that event at the baroque ballroom of the Plaza Hotel in Manhattan, Moynihan extolled a model that's a throwback to the conservative practices of the 1950s. He stated that the problem with banks is that they make tons of money in good years, and give it all back in credit losses when times get tough. The problem, he said, is that in a heady market,

Complete Story »


Saturday, 30 August 2014, 3:05 GMT
Fifth Street Senior Floating Rate: Okay For Short And Long Term
By Prescient Investment Analysis:
The intermediate term is what concerns me about Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR). The corporation is externally managed by Fifth Street Finance (NASDAQ:FSC) and has been in existence since May 2013. It invests in privately-held companies that tend to have no credit rating, and otherwise would be junk-rated. Most of the loans are senior, however -- in bankruptcy there can be an 80% haircut on subordinated debt, 60% on mezzanine, and 50% to others. Further, it has just issued a shocking secondary offering and it is not known for certain how the new capital is to be deployed.
The overall environment is one in which there has been ongoing suspicion that interest rates have nowhere to go but up after years of aggressive, or accommodative, central bank policies. If rates move higher, there should be increased demand for sources of capital that businesses need. However, the situation has
Complete Story »


Saturday, 30 August 2014, 2:48 GMT
30-Year Fixed Rate Mortgage Servicing Rights Values Close Up 0.49% For The Week On Rise In Current 15-Year Mortgage Yields
By Donald van Deventer:
Kamakura Corporation projections for U.S. Treasuries and fixed rate mortgages this week show that the implied forward yields for 15-year fixed rate mortgages rise from a current effective yield of 3.337% (up 0.02% from last week) to 5.383% in 10 years, down 0.035% from last week. The all-in yield on 30-year fixed rate mortgages was unchanged at 4.142%, despite the drop in long-term Treasury yields of 0.07% to 0.11% at maturities from 10 to 30 years. The value of net servicing for 30-year fixed rate mortgages rose 0.49% this week. Here are the highlights of this week's implied forecast:
  1. The current all-in yield on a 30-year fixed rate mortgage is 4.142%, unchanged versus last week.
  2. The current all-in yield on a 15-year fixed rate mortgage is 3.337%, a change of 0.020% versus last week.
  3. The forward 15-year fixed rate mortgage rate is projected to reach 3.772% in 1 year and

Complete Story »


Saturday, 30 August 2014, 2:12 GMT
ARMOUR: Time To Get Going
By Equity Watch:
Treasury yields in the U.S. in 1H2014 have remained relatively stable, which has positively affected book values and valuations of mortgage REITs (mREITs). I believe a systematic end to the Fed's asset purchase program will also portend well for mREITs in the future. Furthermore, mREITs are effectively repositioning their investment portfolios to protect book values in case of an increase in interest rates and a volatile rate environment. I believe that in the current industry environment, ARMOUR Residential REIT (NYSE:ARR) remains a good investment choice for dividend investors, as the company offers a high dividend yield of 14.4%. Also, the company has taken the right steps to protect its book value by shortening asset duration and increasing hedge positions. In the future, rate sensitivity will reduce due to tightening of the duration gap. Therefore, I believe ARR is among the well-positioned mREITs in the industry.
Portfolio Repositioning
Interest rates are
Complete Story »


Saturday, 30 August 2014, 1:10 GMT
This Fund May Be Your Best Call For Preferred Shares
By Left Banker:
I've been working on an exercise to construct a double-digit income portfolio. The goal is to generate income in excess of 10% with a reasonable degree of confidence for modest capital growth at the portfolio level. In doing so, I started with three names from a recent series on double-digit yield positions (here, here and here) and added some of my favorite closed-end funds that yield in the high single-digit range. Then I started looking for candidates to fill out the portfolio. One of the things I wanted to add was a good fund for preferred stocks. I'm hoping to have the portfolio article ready to submit over the weekend, but in the meantime I thought it was worth a quick note on the preferred stock fund that rose to the top of my queries as it may just be a bit of a bargain at the
Complete Story »


Friday, 29 August 2014, 23:19 GMT
Does American Capital Agency's Business Model Support A Dividend Increase?
By Ron Hiram:
The bulk of the assets owned by American Capital Agency Corp. (NASDAQ:AGNC) consist of mortgage-backed securities ("MBS") and debentures issued by Fannie Mae, Freddie Mac, Ginnie Mae and the Federal Home Loan Bank (together, "Agency Securities"). These securities account for 80% of AGNC's asset portfolio as of 6/30/14 (86% as of 12/31/13). AGNC relies primarily on short-term borrowings to acquire Agency Securities with long-term maturities. The shape of the yield curve, the spread between returns on assets owned and the interest paid on amounts borrowed to purchase these assets, and the amount of leverage (the bulk of which is generated via the repurchase markets) are the key drivers of profitability.
AGNC's Agency Securities are typically classified for accounting purposes as "available-for-sale." They appear on the balance sheet at fair value, but unrealized gains and losses on these securities do not appear on the income statement. Instead, such gains and losses,
Complete Story »


Friday, 29 August 2014, 22:40 GMT
Here's An Ideal Way To Earn High Yields And Prepare Your Portfolio For Rising Rates
By Hawkinvest:
The stock market is trading near all-time highs and the real estate market is looking speculative in many regions once again. The Federal Reserve has certainly accomplished the goal of re-inflating asset values and that means it is time for the Fed to start pulling back, hopefully before things get too frothy. There are a number of ways in which the Fed can "pull back" and one way would be to raise interest rates. According to a recent Wall Street Journal article, the Fed could be poised to raise interest rates around mid-2015. This especially seems likely if the job market were to improve in the next couple of quarters.
After several years of a near-zero interest rate policy or "ZIRP", it appears that it is just a matter of time before rates rise, and this could cause bonds and even stocks to decline. When investors and savers are
Complete Story »


Friday, 29 August 2014, 19:27 GMT
Mercury General Offers 4.8% Dividend Yield And Improved Financial Performance
By Saibus Research:
We are neutral on Mercury General (MCY), a mid-cap property/casualty insurance institution located in California. MCY's dividend yield of 4.8% is well ahead of other insurance institutions and we have a keen interest in income-oriented investments. However, despite the high-dividend yield on the company, we are neutral on the company due to its recent record of mediocre financial performance. Although the company's dividend yield of 4.8% is enticing, we are neutral on the company for the following reasons:
  1. MCY's share price is at a 38% premium to its book value
  2. MCY's P/B of 1.38X is higher than the 1.2X of its peer group.
  3. MCY had stagnant revenues and volatile profits since 2004 and analysts are projecting future growth for MCY in the low single-digits
  4. We noted that MCY enjoyed improved operating and financial results in H1 2014, we are cautiously optimistic if it continues after FY 2014.
  5. MCY's

Complete Story »


Friday, 29 August 2014, 18:21 GMT
Loving The Leverage: Boston Private Financial Holdings
By Wall Street Hippie:
BPFH Warrant Features
In February 2011, the Treasury auctioned off 2,887,500 warrants to buy common stock in Boston Private Financial Holdings Inc. (NASDAQ:BPFH) at an initial strike price of $8.00 per share that can be exercised on or before November 21, 2018. The warrants represent approximately 3.6% of the company's shares outstanding.
Like other TARP warrants, Boston Private warrants offer features that adjust the strike price downward and the number of shares purchasable per warrant upward in certain events.
In the case of dividend payments, any quarterly dividend in excess of $0.01 per share (this is the "dividend threshold amount") will trigger an adjustment to the strike price downward through the formula described below:

"The exercise price in effect prior to such record date will be reduced immediately thereafter to the price determined by multiplying the exercise price in effect immediately prior to the reduction by the quotient of

Complete Story »


Friday, 29 August 2014, 18:11 GMT
China Housing And Land Development: Low-Risk Going-Private Deal
By Squeeky Wheel:
China Housing & Land Development (NASDAQ:CHLN) announced a few days ago that the board had approved a 1 for 50,000 reverse stock split with the intention of going private. Fractional holders will be paid $1.75 per pre-reverse split share. Based on closing price on August 26 of $1.67 that offers 4% on up to 49,999 shares. I expect the deal to close within 3 months, possibly sooner (more on that later).
Whenever I see these going private deals - which have been very popular for Chinese companies recently - I look at five factors: 1) What is the spread? 2) Is the financing certain? 3) How likely are shareholders to agree? 4) How quickly will the deal get done? and 5) What is the downside? Are there other concerns, hurdles, or impediments to the deal?
The Company
China Housing & Land Development is a residential developer focusing on fast growing
Complete Story »


Friday, 29 August 2014, 16:01 GMT
Morgan Stanley Valuation Analysis
By Stock Traders Daily:
In this article we take a look at Morgan Stanley (NYSE:MS) to determine whether or not there is value in the stock at this time. When looking at general earnings and revenue trends nothing seems impressive about the results as they were reported by the company. However, our observations are a little different starting with the exclusion of onetime events. Our effort is to focus on the earnings from operations because earnings from operations are what help us define value.
Furthermore, the raw data is interesting to observe, but it is the comparison of that data to previous periods that makes the most difference to us. Specifically, we combine 12 months of data for every data point to determine trailing 12 month earnings for every quarter. Using that data we compare this quarter (trailing 12) to the same quarter of last year to get yearly growth rates, and we compare
Complete Story »


Friday, 29 August 2014, 15:36 GMT
Number Of Banks Continues To Shrink: Banks With At Least $1.0 Billion In Assets Control 92 Percent Of Assets In Commercial Banking System
By John M. Mason:
The number of commercial banks in the US banking system continues to decline.
The new FDIC report indicated that in the second quarter of 2014, the banking system lost 52 banks. Only 7 banks failed in this quarter, so that the major part of the decline occurred through mergers.
There are now only 5,757 banks in the commercial banking system.
Over the past twelve months the number of commercial banks in the banking system fell by 223 banks. In the past two years or so, the commercial banks system has lost approximately 200 banks every twelve-month period.
At the start of the Great Recession in December 2007, there were 7,284 commercial banks in the banking system, so that we have lost 1, 527 banks between December 31, 2007 and June 30, 2014. That is, the number of banks in the banking system has fallen by one-fifth?or 21 percent!
And, how
Complete Story »


Friday, 29 August 2014, 14:00 GMT
Supertel Hospitality: Why I Hold Supertel Hospitality Preferred Series 'A' And 'B'
By The Owl:
Full Disclosure: I have a significant position in both the Supertel Hospitality "A" and "B" Shares.
Background:
Several articles have been written about Supertel Hospitality (NASDAQ:SPPR), Supertel Preferred A (SPPRP) and B (SPPRO) shares over the previous few years as Supertel Hospitality has gone through wrenching changes. After having built up a large portfolio of hotels in the run-up to the financial crisis, company leadership changed strategy, moving the company in a new direction. This new direction has resulted in a significant net reduction in hotel and room count, in order to focus on the very best of assets and to "move up" from a focus on economy and mid-level hotels into a greater emphasis on moderate upscale and upscale hotels. An example of this strategy change is the purchase of an upscale hotel (Solomons Maryland Hilton Garden Inn on May 25, 2012). In addition, since 2008, the company has
Complete Story »


Friday, 29 August 2014, 13:21 GMT
A Conversation With Prospect's Grier Eliasek
By Dividend Sleuth:
Background
On Thursday, August 28, I had a one-hour telephone conversation with Grier Eliasek, President and Chief Operating Officer of Prospect Capital Corporation (NASDAQ:PSEC). The invitation to interview Eliasek for a Seeking Alpha article was extended on behalf of PSEC by Pam O'Brien, senior vice president of Pristine Advisers as part of PSEC's ongoing initiative to reach out to the investing community to make their story better known. Eliasek is a good listener. He is engaging, winsome and effective at communicating Prospect's message.
I am a former shareholder of PSEC. My wife holds shares of PSEC in her account. In a March 16, 2014 Seeking Alpha article, "The BDC Portion of My Portfolio", I responded to several articles about PSEC: Adam Aloisi's March 3 article, the Oxen Group's February 28 article, and Lawrence Zack Galler's article.
The "bottom line" of that article was that I
Complete Story »


Friday, 29 August 2014, 12:45 GMT
The Pathway To Creating Wealth With REIT Diversification
By Brad Thomas:
One of the most frequent questions that I hear today from retail investors is "why are REITs critical to your investment portfolio?" That's a logical question to ask, especially for investors who owned REITs during the Great Recession.
The purpose of this article will be to answer that question but also to provide meaningful insight into the potential impact of REITs and rising interest rates. More importantly, I will direct you down the pathway to creating wealth with REITs.
(click to enlarge)
Why Own REITs?
First off, remember that REITs aren't new. US listed equity REITs have been a part of investment portfolios for more than 50 years. According to NAREIT REITs have provided total returns averaging 12.12% per year for 42.5 years since data collection started at the beginning of 1972. By comparison, the S&P 500 returned 10.52% during the same period. In terms of income, REITs provided average
Complete Story »


Friday, 29 August 2014, 7:30 GMT
Diversify Your Portfolio With U.K. Global Insurers: Picking The Winner
By Far Horizon:
Why property / casualty insurance ?
Property/casualty insurance is a segment which has several attractive features in today's market.
Low beta - generally the key risks run by P&C (re)insurers are related to natural catastrophes, or other insurance events, and thus there is a low correlation with other equity classes.
Low valuations - many companies in the segment are trading at low valuations in comparison to other stocks, with typical price earnings ratios below 10%, and are currently trading at around book value.
Growth opportunities - overall, there is a strong demand for property and casualty insurance, as the cost of natural disasters continues to rise. The following chart shows the increase in insured losses over recent years.
Interest rate rise hedge - insurance is one of the few sectors that stands to benefit from increases in interest rates. This is because they have large long duration liabilities and need
Complete Story »


Friday, 29 August 2014, 5:51 GMT
Amid A Dearth Of In-Depth Analysis, Synchrony Financial Has Been Mispriced
By ColoradoWealthManagementFund:
Synchrony Financial (NYSE:SYF) is looking very good to me. I did some digging using the statements SYF prepared in their prospectus. The performance actually looks very solid. Of course, each analyst's price target will depend on what method they use and what comparable securities they feel are most appropriate. This report will be based on relative valuation, which means it will compare ratios between companies rather than discount cash flows to a specific rate.
The first step in the process was getting the prospectus for SYF and using their numbers to establish the performance of SF. Since we are dealing with the prospectus and don't have years of 10-Q statements, modifications can take a little longer. Not too bad though. You'll want pages 88 and 94 if you feel like running your own numbers. Remember that GE still holds a huge position in SYF. I believe part of their reasoning
Complete Story »


Friday, 29 August 2014, 5:17 GMT
Input Capital Corp: The First Streaming Agriculture Business
By Adem Tumerkan:
Introduction - A New Breed To Play Resources
As commodity investors and gold enthusiasts know, there has been a very curious bear market, especially in times where the metal should have flourished, for the gold and silver market.
Unfortunately, this is not a discussion as to how we got here, regardless through the much warranted speculation of gold market manipulation, or through bizarre claims about the underlying fundamentals of a healing economy.
The investor should contemplate this: all the fundamentals that cause gold to rise are still present, and in fact, much stronger than ever before.
Investors that care to check the corpses of the gold equities (as this writer does) may find some with life and trading at significant discounted value.
But there has become a new form of company in the mining market that has grown substantially and brought profits to many, even in the
Complete Story »


Friday, 29 August 2014, 2:13 GMT
Toronto-Dominion Bank's (TD) CEO Ed Clark on Q3 2014 Results - Earnings Call Transcript
By SA Transcripts:
The Toronto-Dominion Bank (NYSE:TD)
Q3 2014 Earnings Conference Call
August 28, 2014 3:00 pm ET
Executives
Rudy Sankovic - SVP, Investor Relations
Ed Clark - Group President and CEO
Bharat Masrani - COO
Colleen Johnston - Group Head - Finance, Sourcing and Corporate Communications; and CFO
Mark Chauvin - Group Head and Chief Risk Officer - Risk Management, Corporate Office
Tim Hockey - Group Head - Canadian Banking, Auto Finance, and Wealth Management, TD Bank Group; and President and CEO, TD Canada Trust
Mike Pedersen - Group Head - U.S. Banking, TD Bank Group; and President and CEO, TD Bank
Bob Dorrance - Group Head - Wholesale Banking, TD Bank Group; and Chairman, CEO and President, TD Securities
Riaz Ahmed - Group Head - Insurance, Credit Cards, and Enterprise Strategy, TD Bank Group
Analysts


John Aiken - Barclays Capital
Darko Mihelic - RBC Capital Markets
Gabriel Dechaine - Canaccord Genuity
Complete Story »


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