Five key facts about Lloyds’ 2019 performance

first_imgLloyds has been the hardest hit lender in terms of compensation paid out following the PPI scandal. Overall, the saga is set to cost the financial sector over £50bn. While the rise in bad loans reported by the bank hinted at potential trouble ahead for the economy, Horta-Osorio remained upbeat despite the profit drop and said the economy remained “resilient”.  Horta-Osorio said Lloyds’ performance had been impacted by a “substantial payment protection insurance (PPI) charge related to the deadline for claims submission”. Lloyds today announced a dividend of 3.37p per share. This amounts to a total payout of £2.4bn — well short of the £4bn total paid out the previous year.  whatsapp PPI, profit drop, and a mixed 2020: Five takeaways from Lloyds’ results “The conversation could soon turn to interest rate hikes which would be good for the banking sector’s earnings.” Thursday 20 February 2020 11:43 am The headline figure from today’s results is, of course, the substantial fall in profit. Pre-tax profit slumped 26 per cent to £4.39bn, 11 per cent below analysts’ expectations and down from £5.95bn in 2018.  With its large exposure to British mortgages and businesses, Lloyds is often viewed as a bellwether for the wider UK economy.  Goodbody’s John Cronin said “the fact that the capital ratio target range has not been upped suggests management is doing its best to keep investors warm”. Lloyds is still counting the cost of the PPI mis-selling scandal (AFP via Getty Images) Also Read: PPI, profit drop, and a mixed 2020: Five takeaways from Lloyds’ results Horta-Osorio and chief operating officer Juan Colombas asked to be excluded from the 2019 bonus scheme in recognition of the poor performance and misconduct, but the pair were still paid £4.7m and £2.6m respectively.  Lloyds said it would build capital at a rate of around 1.7 to two percentage points, a more positive forecast than expected.  Despite the deadline for claims having been last August, payouts remained one of the biggest drags on full-year profit, with Lloyds hit by a one-off charge of £2.45bn  Lloyds is still counting the cost of the PPI mis-selling scandal (AFP via Getty Images) Also Read: PPI, profit drop, and a mixed 2020: Five takeaways from Lloyds’ results Tags: Lloyds Banking Group In September, Lloyds suspended a planned £650m share buyback once the full costs of the PPI scandal became apparent.  PPI costs continue to drag The bank said it had reached a final settlement with the Official Receiver, part of the Civil Service, over the mis-selling of the insurance. The financial details of the settlement were not disclosed, the sum is included within the total for the one-off charge.  The bank reported a common equity tier 1 (CET1) ratio was 13.8 per cent last year, and said it would target an ongoing CET1 ratio of around 12.5 per cent.  Profit margins across the retail banking sector have come under sustained pressure for several years due to record low interest rates. Lloyds warned this morning that its net interest margin — the difference between what it pays for funds earns from lending — would drop from 2.88 per cent in 2019 to between 2.75 and 2.8 per cent this year. Lloyds’ bonuses and dividends take a hit The belt-tightening was not limited to investor returns, however, with staff also paying the price for Lloyds’ past misconduct. The lender slashed its bonus pool for 2019 by a third to £310m in the wake of the PPI scandal and its treatment of customers impacted by fraud at its HBOS Reading branch.  Some concerns about the balance sheet calmed — for now “Household spending power is rising two per cent a year reflecting stronger pay growth and low unemployment,” he continued. “We now see public confidence showing evidence of a greater recovery as Brexit uncertainty has reduced.”center_img Chief executive Antonio Horta-Osorio has asked to be excluded from Lloyds’ 2019 bonus pool (image: Getty) Analyst concern about Lloyds’ balance sheet had been growing in the run up to its annual results, but today’s figures coupled with the bank’s reasonably optimistic guidance have helped allay some of those fears.  Lloyds said it expects a ROTE of between 12 and 13 per cent in 2020, compared to a previous target of between 14 and 15 per cent.  Chief executive Antonio Horta-Osorio said the results demonstrated a “solid financial performance in a challenging external market”, but analysts have described them as “slightly disappointing”.  Lloyds reported a 26 per cent drop in annual profit on Thursday, with Britain’s largest domestic lender hit by a rise in bad debts and billions of pounds of customer compensation payout.  Lloyds is still counting the cost of the PPI mis-selling scandal (AFP via Getty Images) Also Read: PPI, profit drop, and a mixed 2020: Five takeaways from Lloyds’ results Lloyds is still counting the cost of the PPI mis-selling scandal (AFP via Getty Images) Also Read: PPI, profit drop, and a mixed 2020: Five takeaways from Lloyds’ results whatsapp “Given the suspension in the buyback, and the resulting reduction in returns for shareholders, Lloyds appears to have acknowledged the need to share the pain around,” said Russ Mould, AJ Bell’s investment director.  Lloyds shares rose as much as 3.28 per cent following the results. Lloyds’ 2020 outlook for UK economy While the hit from PPI knocked Lloyds’ return on tangible equity — a key measure of profitability (ROTE) — to 7.89 per cent compared to 11.7 per cent in 2018, the figure was 14.8 per cent on an underlying basis.  Lloyds made no extra provisions for PPI compensation in the fourth quarter in 2019, news that is likely to come as a relief to investors. “Given its sensitivity to interest rates, management may be praying yesterday’s unexpectedly strong inflation number gives the Bank of England pause for thought over a potential rate cut,” said Mould.  Some investors had been hoping for an announcement on further buybacks today, but this failed to materialise. Lloyds is still counting the cost of the PPI mis-selling scandal (AFP via Getty Images) More From Our Partners Man on bail for murder arrested after pet tiger escapes Houston homethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little While there remains uncertainty over Britain’s trading relationships, he continued, the country now has a “clear sense of direction”.  Profit hit by compensation and spike in bad loans  The banking giant was also hit by a spike in impairments on bad loads, which rose to £1.3bn, up from £937m the previous year, as weakening second-hand car prices hit Lloyds car financing division, and the failure of two large companies damaged its commercial arms. Share Show Comments ▼ City A.M. delves into the results to break down the key aspects here.  Anna Menin “While fourth quarter earnings were soft, Lloyds is guiding for a resilient 2020 earnings and a slightly better than expected capital outlook,” said Barclays analysts. last_img read more

Juneau-Douglas students win over 15 awards in academic decathlon

first_imgEducation | Juneau | Juneau SchoolsJuneau-Douglas students win over 15 awards in academic decathlonFebruary 26, 2017 by Quinton Chandler, KTOO Share:The 13 Juneau-Douglas High School students who competed in the 2017 Alaska Academic Decathlon in Anchorage on Friday including Tasha Elizarde, bottom right. (Photo courtesy Karina Reyes)Juneau-Douglas High School walked away from the Alaska Academic Decathlon in Anchorage with multiple awards Saturday including two team awards – one for highest improved aggregate score for the Large Schools Division and a bronze medal in the Team Super Quiz Competition.Juneau-Douglas Librarian and Academic Decathlon Adviser Karina Reyes said the four-day decathlon is a statewide competition that turns students into “Renaissance people.”“They learn how to do interviews, speeches, write essays, they study history, literature, art, music, economics, science and social studies,” Reyes said. “And all of those are under a banner of a larger theme for the year and this year’s theme was World War II.”Reyes added that the focus wasn’t just on how the war was fought. The students also studied the art and music produced during that period, they learned about the era’s important literary figures and they studied the economic issues of the day.This year’s competition was Tasha Elizarde’s third time competing in the academic decathlon. She’s a senior at Juneau-Douglas and said the competition is so intense the decathletes started studying right after the competition’s theme was announced last April, almost a year before the decathlon.“We study every Saturday for about three to four hours and then outside of that, we study on our own,” Elizarde said. “Like I said earlier, we have this 4-inch binder of study materials, and we just read them through day, night, like whenever we can find time to do that.”Elizarde said a lot of people are intimidated by the decathlon, but she thinks it’s actually really fun. She said the decathlon gave her a community where she felt safe to learn, fail and discover her own interests. She highly recommends it.The JDHS academic decathlon teams pose with their medals on Saturday. (Photo courtesy Karina Reyes)Thirteen students made two teams to represent Juneau-Douglas at the decathlon. They won 15 individual medals and several other honors. They competed against more than 130 students from 11 other high schools.Tasha Elizarde is one of the students who placed. She won a gold medal in literature and a bronze medal in art.Share this story:last_img read more

Gulf of Alaska cod loses sustainability label because of scarcity caused by climate change

first_imgAlaska’s Energy Desk | Climate Change | Fisheries | Oceans | SouthcentralGulf of Alaska cod loses sustainability label because of scarcity caused by climate changeMarch 9, 2020 by Kavitha George, Alaska’s Energy Desk – Kodiak Share:A package of frozen fish fillets sold at a Whole Foods Market carries the Marine Stewardship Council blue label. (Photo courtesy Marine Stewardship Council)After 10 years of certification, Gulf of Alaska cod will have its blue-sticker sustainability label suspended starting April 5, 2020.After a climate change-caused crash pushed Gulf cod to near-overfished status last year, the suspension of the Marine Stewardship Council (MSC) blue label did not come as a surprise to the industry.The MSC is a leading standard-bearer for sustainable fisheries around the world. And right now, impacts of losing MSC certification are still unclear. With no federal cod fishery this season and only a small state fishery, there isn’t a lot of Gulf cod to sell this year, anyway.An independent audit of the fishery this winter essentially found that not enough young cod were entering the fishery — that’s what triggered the suspension.The auditor was clear, however, that the suspension is not a result of poor management. Rather, it blames the 2013-2016 marine heatwave that decimated cod stocks in the Gulf.“GOA Pacific cod stock and fishery continue to be extremely well managed and monitored,” the report read.Right now, the MSC does not distinguish between climate-caused suspensions and management-caused suspensions, something industry players criticized when it became clear Gulf cod was close to suspension.“We believe that responsible management should be rewarded and hope this unfortunate situation will be a catalyst for the MSC program to make changes to address future scenarios such as this,” Alaska Fisheries Development Foundation executive director Julie Decker said in a statement on Friday.In January, an MSC spokesperson told Alaska’s Energy Desk that distinguishing climate change-caused fishery suspensions is worth taking another look at, though no actions have been taken yet.Gulf cod makes up less than ten percent of Alaska’s cod market following the crash, according to the Alaska Fisheries Development Foundation. The majority of the state’s cod comes out of the Bering Sea and Aleutian Islands fisheries, both of which remain MSC-certified.Share this story:last_img read more

News / Intra-Asia air cargo trades set for bumper peak season, says forwarder

first_img By Sam Whelan, Asia correspondent 18/09/2017 Dimerco saw an 8.4% increase in air cargo last year and handled 219,000 tonnes. This year is following a similar trajectory, with January-August sales revenue up 10% to US$376m. China and Europe were the best performing regions for the forwarder, with respective increases in sales of 19.9% and 32%.Ms Wen added: “Surging exports and robust investment plans are supporting the upgrade in Malaysia’s outlook, while Singapore is expected to benefit from an expansionary fiscal stance.“The Asia-Pacific region remains the engine of global growth and currently the economic conditions of major countries are stable. However, the future of US trade policies and agreements with its critical trading partners, such as China and India, will be key.”Dimerco has also experienced increased demand for its Asia-Europe rail services, which connect China with Europe, Central Asia and Russia, claiming a “safe and stable alternative to the traditional air and ocean transportation method”.“Most recently, we delivered substantial cost savings and halved transit times for a leading construction company in China,” added Ms Wen.“From Germany to Zhengzhou, the containers were only 14 days in transit, compared with the 30 days it takes to be shipped by ocean from Hamburg to Tianjin, while costs were reduced by an impressive 70% compared with air freight.”However, she warned the route’s popularity may see it becoming a victim of its own success.“Dimerco has also seen a disproportionate ratio between local customs resources, the increase in shipment volume and the decrease of government subsidies, which may cause the switch of freight from rail back to ocean.” © Alexey Novikov center_img Asia’s air cargo trades will enjoy a strong peak season, but there was a warning this week that booming Asia-Europe rail freight services may soon run into operational limitations.Taiwan-based 3PL Dimerco Express told The Loadstar strong economic growth across ASEAN countries would propel growth in intra-Asian air cargo volumes.Vicky Wen, corporate marketing director, said: “GDP growth is forecast at 6.4% in 2017, according to the OECD. And Vietnam, the Philippines, Indonesia and India are all destinations which could be popular, since more and more electronics and smart phone factories moved over.“Facing the boom in cross-border e-commerce and the positive response of multinational companies to the US policy on investment, the export of material and components of semiconductors and consumer electronics to China keeps increasing, with some switches to the US.”last_img read more

Good news for Laois commuters regarding Dublin-Limerick bus service

first_imgLaois TD Sean Fleming has said that a replacement bus service will operate between the towns and villages of Borris-in-Ossory, Pike of Rushall, Castletown and Mountrath.“I have personally been in touch with the Chief Executive of the National Transport Authority, who is over all bus routes in the country.“She has assured me that funding is available for a new local service to cover all these areas. So we’ve a full service from Portlaoise to Roscrea and back, and covering all the towns and villages on the route.“This will go to tender shortly, and we will have a replacement bus service here, funded by the taxpayer, I’m delighted I’ve achieved that.”The Fianna Fáil TD also stated that JJ Kavanagh’s will stay on the route until this service is set up.SEE ALSO – Laois footballers and management donate money towards Westmeath man’s cancer treatment fund GAA Previous articleDáithí Ó Sé invites Laois to tea to mark the 25th anniversary of Alzheimer’s tea day campaignNext articleLaois manager Sugrue blames ‘poor execution’ for Division 3 final loss Siun Lennonún Lennon joined LaoisToday in a full-time capacity after studying Journalism and New Media in the University of Limerick. She hails from Rosenallis and her interests vary from news, sports and politics. Facebook RELATED ARTICLESMORE FROM AUTHOR GAA Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory Good news for Laois commuters regarding Dublin-Limerick bus service On Friday the news broke that the JJ Kavanagh’s bus route from Dublin to Limerick serving Borris-in-Ossory, Mountrath and Castletown would no longer stop and collect from these locations.It was revealed that they would stop servicing Borris-in-Ossory, Castletown and Mountrath on Tuesday, April 16.However good news has come since this announcement. TAGSJJ KavanaghsSean Fleming Here are all of Wednesday’s Laois GAA results Pinterestcenter_img Pinterest WhatsApp Twitter WhatsApp By Siun Lennon – 7th April 2019 Home News Community Good news for Laois commuters regarding Dublin-Limerick bus service NewsCommunity GAA Twitter Facebook 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshinlast_img read more

Paris Agreement has credit implications for many sectors: Moody’s

first_img Related news Keywords Climate change Climate tide turns against oil companies: Moody’s Share this article and your comments with peers on social media Global insurers’ focus on ESG will impact energy sector: report James Langton “The Paris Agreement will likely lead to an increased uptake of carbon reduction policies worldwide and, as such, the credit implications for a number of sectors will grow absent substantial counter-balancing initiatives by entities within these sectors,” says Brian Cahill, managing director at Moody’s. However, there is uncertainty in the deal which makes a detailed assessment of the credit impact difficult, “although the trend is clear and broadly negative for those sectors with the highest exposure to carbon emissions regulation that we have identified,” says Cahill. “Specifically, we believe that greater clarity on country-specific measures and improved disclosure around the implications of such measures by individual entities will allow market participants to more effectively assess the credit implications for a sector and differentiate between entities in those sectors,” says Henry Shilling, senior vice president at Moody’s. “Ideally, an entity’s specific disclosure would be done in a globally consistent manner and in a way that is independently verified,” adds Shilling. The Paris Agreement to reduce greenhouse gas emissions has potentially significant implications for certain sectors, but a good deal of uncertainty remains, according to report published on Monday by Moody’s Investors Service. The Moody’s report follows the conclusion of the latest global talks on climate change, the UN Framework Convention on Climate Change 2015 Conference of the Parties (COP21) in Paris, which aims to limit global warming to “well below [two degrees Celsius (2C)] above pre-industrial levels” and “pursue efforts” to limit the temperature increase to 1.5C by reducing greenhouse gas emissions. Governments will revisit their emissions reduction targets every five years, the Moody’s report notes. U.S. action on climate benefits banks, asset managers: Moody’s Facebook LinkedIn Twitterlast_img read more

CPPIB reports $2.4-billion decline in portfolio for quarter

first_img Keywords CPPCompanies CPP Investment Board Related news That was relatively weak compared with the CPP Fund’s performance a year earlier, when gross investment return was 4.6% and 4.5% net of costs from October through December 2015. CPPIB president Mark Machin said the bond portion of the portfolio was hurt by expectations the U.S. economy is headed for a period of “high growth and high inflation” — conditions that are better for equities than for fixed-income investments. Since Donald Trump won the U.S. presidential election in November, the major U.S. and Canadian stock indexes have soared and North American bond markets have experienced the biggest quarterly decline since the CPPIB was formed. “I think it’s directly tied to an expectation of the new administration’s policies, versus what was expected before,” Machin said in a phone interview Friday. As far as Trump’s plan to renegotiate or scrap the North American Free Trade Agreement, signed by the United States, Canada and Mexico, Machin said it’s too soon to tell the impact. “Nothing has changed yet and things that will change will take some time, if they do change.” As for planned changes in the Canada Pension Plan that will be phased in from 2019 through 2025 under a federal-provincial plan, Machin said CPPIB has been preparing for years and he’s confident it will be ready. Machin said CPPIB has diversified its portfolio by country, asset class and investment strategy. “That’s what protects us from any particular change to an agreement somewhere or a country somewhere.” One reason for the decline in the fund’s value in CPPIB’s fiscal third quarter, ended Dec. 31, was a $4.1-billion cash outflow to pay for benefits covered by the Canada Pension Plan. Those payments exceeded the $1.7 billion of investment income during CPPIB’s fiscal third quarter. The Canada Pension Plan usually collects more in contributions from employees and employers than required to pay current benefits. The surplus is invested by CPPIB for future use, but the trend sometimes reverses late in the calendar year. While the quarter’s rate of return was below the long-term level required to sustain the Canada Pension Plan over the coming decades, CPPIB says its nine-month rates of return to the end of December were comfortably above the required levels. In September, the Chief Actuary of Canada projected that the pension system will remain sustainable at current contribution rates if inflation-adjusted rates of return average 3.9% over 75 years. In the first nine months of CPPIB’s 2016-17 financial year, the gross rate of return was 7.1% and the net rate of return was 6.9%. The value of the fund was up 19.2 billion from $278.9 billion on March 31, when the previous financial year ended. Equity markets lift CPP in Q3 Advisors face conflict in helping clients with CPP timing: report David Paddon center_img Share this article and your comments with peers on social media CFIB calls for freeze on Canada Pension Plan premiums Canada Pension Plan Investment Board’s (CPPIB) main fund fell by $2.4 billion to $298.1 billion during the last three months of 2016, due to a combination of factors including turbulence on the bond markets. Toronto-based CPPIB delivered a 0.64% gross investment return, or 0.56% after all costs during the quarter. Facebook LinkedIn Twitterlast_img read more

IIROC to begin publishing Bankers’ Acceptance rates

first_img Fund managers invited into BoC backstop Keywords Bond,  IncomeCompanies Investment Industry Regulatory Organization of Canada, Bank of Canada Shining a brighter light on bond markets The rates will be based on trading data reported through IIROC’s Market Trade Reporting System (MTRS 2.0).The calculation methodology will be released in early December, IIROC says in a news release.The BA rates published by IIROC will replace the rates currently published by the Bank of Canada. Back in May, the SRO also took over publication of debt statistics from the central bank.The publication of BA rates “is another step” in its efforts to further enhance the transparency of the Canadian debt market, IIROC says.“This most recent change is part of IIROC’s and the Bank’s objective of improving the quality and reliability of published debt market securities data,” says Victoria Pinnington, senior vice-president, market regulation, at IIROC. “We are pleased to continue collaborating with the Bank of Canada, leveraging the data already being collected by IIROC for regulatory purposes and strengthening our mandate to increase market transparency and integrity.” Share this article and your comments with peers on social media James Langton As part of an ongoing effort to improve transparency in the Canadian debt markets, the Investment Industry Regulatory Organization of Canada (IIROC) will begin publishing transaction-based Bankers’ Acceptance (BA) rates in January 2019, the self-regulatory organization (SRO) announced Tuesday.IIROC will publish one- and three-month BA rates on its website on a delayed basis. Bond prices table, fountain pen alexskopje/123RF Fed to weigh further options for aiding U.S. economy in peril Related news Facebook LinkedIn Twitterlast_img read more

Rockhampton Zoo visitors donate over $30k to wildlife recovery

first_imgRockhampton Zoo visitors donate over $30k to wildlife recovery A yearlong fundraiser through Rockhampton Zoo has seen a staggering $30,000 donated by zoo-goers to help support wildlife affected by Australia’s 2020 bushfire crisis.Council today thanked the incredible generosity of those who had made a donation during their visit to the zoo, with the final sum totalling $30,756.10.Councillor for Parks, Sport and Public Spaces, Cherie Rutherford, said Council was blown away by the fundraiser’s uptake, and said the funds will now support recovery projects of the Zoo and Aquarium Association (ZAA) Conservation Fund.“Following the devastating effects of the bushfires in New South Wales and the news of the impact to more than one billion animals, we decided that all donations made at the Zoo for a year would contribute to the ZAA’s Wildlife Conservation Fund,” Cr Rutherford said.“Donations made previously would go directly to the operation of the Zoo, so this was Council’s and the staff’s way of supporting our native wildlife – contributing 100% of all zoo donations to the ZAA bushfire recovery projects.“As Rockhampton Zoo is a free zoo, Council redirecting all donations for a 12 month period was a very generous gesture, but we believe saving our Australian wildlife is worth it.“The support it received by the visitors was absolutely phenomenal- almost double what our usual annual donations are. We know that our zoo-goers have huge hearts and this is just another example of this.”ZAA Director for Conservation and Population Management, James Biggs, said the team were extremely grateful for the support.“ZAA is very grateful to Rockhampton Zoo for reaching out and helping us to support the long-term work needed to help our native wildlife recover from the devastating bushfires and drought,” Mr Biggs said.“The support we receive from donors like Rockhampton Zoo means a lot for the wildlife affected by the 2020 bushfires and drought. The funds went into the ZAA Wildlife Conservation Fund where conservation grants were awarded across multiple drought and bushfire response projects.“This includes work like wildlife rescue in the Barrington Tops, essential species assessment work in alignment with the Australian Government and IUCN Redlist, breeding programs for affected species like Kyloring (Western ground parrot) and Pookila (New Holland Mouse), and scientific strategies like genetic biobanking for the Booroolong Frog, Northern Corroboree Frog, Southern Corroboree Frog and Spotted Tree Frog.”Moving forward, Council is continuing their generosity and commitment to conservation by donating 15% of all donations to wildlife conservation projects. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Australia, Australian, Australian Government, bushfires, conservation, director, donation, drought, Government, local council, New South Wales, operation, Rockhampton, Rockhampton Regional Council, southern, species, wildlife, wildlife rescuelast_img read more

The 2020 Porsche 911 Carrera will have a seven-speed manual transmission

first_img See More Videos Created with Raphaël 2.1.2Created with Raphaël 2.1.2 2020 Porsche 911  Derek McNaughton / Driving Buy It! Princess Diana’s humble little 1981 Ford Escort is up for auction An engagement gift from Prince Charles, the car is being sold by a Princess Di “superfan” advertisement Three-pedal 2020 Porsche 911s are now available to order, and arrive in dealerships starting spring of 2020. Pricing starts at US$113,300 for the Carrera S and goes up to US$133,400 for the Carrera 4S Cabriolet. Electric car sales have now surpassed stickshift sales in the U.S. We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. Canadians opt for manual transmissions more often than AmericansThe Sport Chrono Package adds a mechanical limited-slip differential with torque vectoring, dynamic drivetrain mounts, Porsche Suspension Management Sport Mode, active rev-matching and a steering wheel-mounted mode selector.Of course, the manual option is slower than the PDK automatic option — about half-a-second slower to 100 km/h from zero. But who cares? The point of a manual transmission is the engagement with the vehicle, not the actual speed — you’re not supposed to be street racing anyway!Besides being more fun, the manual option also adds lightness. Some 84 pounds were left in Stuttgart as a result of the tranny swap, dropping the weight down to 3,298 pounds, lighter than the base Carrera. PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | virtual panelPlayThese spy shots get us an early glimpse of some future models | Trending in Canada RELATED TAGS911PorscheCoupeLuxuryLuxury VehiclesNew Vehicles COMMENTSSHARE YOUR THOUGHTS Porsche is catering to the #savethemanual crowd, and we’re totally here for it. The 992 generation of 911 wasn’t previously offered with a manual, but it is now — three-pedal mafia, rejoice!To get the manual, you’ll have to step up to the Carrera S, Carrera S Cabriolet, Carrera 4S or the Carrera 4S Cabriolet. Base 911s without the ‘S’ suffix will not feature this 7-speed manual yet.Interestingly, the manual option costs as much as the most expensive PDK automatic transmission option — you’d assume the manual should be cheaper, right? Well, Porsche knows that, too, and instead of charging more money for the less-sought-after transmission, it’s decided to pair it with the Sport Chrono Package. Trending Videos The Rolls-Royce Boat Tail may be the most expensive new car ever RELATED ‹ Previous Next ›last_img read more