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3 US banks post higher profits with huge assist from tax law

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first_imgNEW YORK, N.Y. – Three of America’s biggest banks reported higher profits Friday, with a huge assist from the tax law passed late last year.JPMorgan reported a record quarterly profit, while Citigroup and Wells Fargo topped analyst expectations.Banks are expected to be major beneficiaries of the tax overhaul, which sharply lowered corporate tax rates. Comparing each of the effective tax rates from last year to this year, the three Wall Street banks that reported earnings Friday appeared to have saved roughly $1.6 billion altogether.The first-quarter earnings season will give investors and the public their first good look into how President Trump’s tax law is impacting Corporate America. Publicly traded banks are the first major industry to report their results each quarter.Net income at JPMorgan Chase, the nation’s largest bank by assets and deposits, rose 35 per cent to $8.71 billion. The result was primarily driven by two factors: higher interest rates, which have allowed banks such as JPMorgan to charge more for customers to borrow, and the lower corporate tax rate.However, JPMorgan had to set aside more money to cover bad loans in its consumer bank, where delinquencies have been steadily edging higher. JPMorgan shares fell 2.7 per cent, while shares of Wells Fargo slipped 3.4 per cent and Citigroup shares dropped 1.6 per cent.While JPMorgan’s pretax income rose by $2 billion in the quarter, the company said it effectively paid $240 million less in taxes compared to a year earlier. The bank paid an effective tax rate of 18.3 per cent in the quarter, compared with a rate of 22.7 per cent a year earlier. Before the changes to tax law, JPMorgan’s effective tax rate averaged in the high 20-per cent range.JPMorgan Chief Executive Officer Jamie Dimon has been a big promoter of the tax overhaul, saying it would be good for businesses as well as average Americans. Soon after President Donald Trump signed the law into place, the bank announced higher salaries for most of its retail bank employees, and said it would open branches in a handful of new markets. It also announced an expansion of small business lending.“The global economy continues to do well, and we remain optimistic about the positive impact of tax reform in the U.S. as business sentiment remains upbeat, and consumers benefit from job and wage growth,” Dimon in a statement.Other bank executives were just as optimistic when speaking about the tax law’s impact. Citigroup Chief Financial Officer John Gerspach told reporters Friday that businesses had only begun taking advantage of the changes.“I think the best is yet to come,” he said.Rising interest rates helped JPMorgan Chase and Citigroup, but not Wells Fargo, which continues to struggle under the weight of several scandals and investigations. Wells disclosed as part of its earnings that they may have to pay as much as $1 billion to federal regulators to settle investigations being conducted by financial regulatory agencies.The Federal Reserve has been steadily raising interest rates for more than two years. Net interest income at JPMorgan was $13.3 billion, up 10 per cent from a year earlier. At Citigroup, net interest revenues were $16.33 billion, up 12 per cent from a year earlier. Wells Fargo reported a slight decline in interest income.JPMorgan’s investment bank also had a solid quarter, helped by much more volatile and active markets last quarter. Net income in the investment bank was $3.97 billion, up from $3.24 billion a year earlier.There were some concerns about JPMorgan’s credit quality, however. The bank had to set aside more money to cover potentially bad loans, and the bank’s total charge-off rate — the percentage of loans it expects are not likely to be repaid — climbed to 1.20 per cent of all loans. That compares to 1.07 per cent of loans in the second quarter of 2017.Citi also had to add to its loan-loss reserves, and reported an 8 per cent increase in its total credit losses in the quarter.JPMorgan’s quarterly revenue was $28.52 billion, up from $25.85 billion. On a per-share basis, JPMorgan earned $2.37 a share, up from $1.65 per share, beating analysts’ forecasts.Citigroup reported a profit of $4.62 billion, or $1.68 a share, compared with a profit of $4.09 billion, or $1.35 per share, in the same period a year earlier. The results beat analysts’ forecasts for earnings of $1.61 a share, according to FactSet. It was the largest quarterly profit that Citi has reported since 2015.Wells reported first-quarter earnings of $5.9 billion, or $1.12 per share, topping Wall Street’s per-share expectations by 6 cents, according to a FactSet survey, That profit exceeds last year’s $5.46 billion, or $1.03 per share, in profit.Wells paid $1.37 billion in taxes in the first quarter, about 36 per cent less than the $2.13 billion it paid last year.___Ken Sweet covers banks and the Consumer Financial Protection Bureau for The Associated Press. Follow him on Twitter at @kensweet.last_img read more

Travel advisory issued for Highway 97 from Taylor to Chetwynd

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first_img#BCHwy97 Travel advisory in effect due to limited visibility with blowing snow from #TaylorBC to North of the Junction with #BCHwy29 in #ChetwyndBC.https://t.co/tOSNtObrti— DriveBC NE (@DriveBC_NE) March 2, 2018In the North Peace, Yellowhead Road and Bridge’s Greg McNeil says, the snowfall with persistent blowing snow has caused large amounts of drifting in the area. Six to ten centimetres of snow and winds of 30 km/m with gusts to 50 km/h are expected between now and Friday night.The arctic front that brought the winter storm warning will stick around until Friday with some areas receiving up to 25 cm of snow. FORT ST. JOHN, B.C. – A travel advisory has been issued for Highway 97 from Taylor to Dawson Creek and from Dawson Creek to Chetwynd.A winter storm warning remains in place for the B.C. Peace.  The heavy snow and strong winds have caused dangerous road conditions.Caribou Road Services says the storm has now extended throughout the whole South Peace area. The highways have limited visibility from blowing snow so please use caution in your travels this evening and into tomorrow. CRS crews and hired equipment are going to continue working hard to clear the snow.last_img read more

More rallies held to support pipelines speaker says convoy coming to Ottawa

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first_imgNumerous rallies and truck convoys have been held across Alberta and Saskatchewan in recent weeks to protest against federal actions that critics say will make building pipelines more difficult. Those include Bill C-69 to revamp the National Energy Board and Bill C-48, which would ban oil tanker traffic on British Columbia’s northern coast.A convoy in Medicine Hat, Alta., last weekend attracted 650 vehicles, according to police, and groups are planning one in February that will travel from Western Canada to Ottawa.“Today, I say to Ottawa, can you hear us yet?” Miller asked the crowd during Saturday’s rally.“Don’t worry, you’ll see us in February when we convoy to Ottawa!”A truck convoy was also held Saturday in Lloydminster, which straddles the Alberta-Saskatchewan boundary.Earlier this month the federal government announced it would spend $1.6 billion to help energy companies struggling due to plunging oil prices. The page stresses that the event is not connected to the so-called yellow vest campaign, which also advocates for pipelines but is associated with opposition to Canada signing the United Nations migration pact.“To be clear, we take issue with bad policies put forward by Justin Trudeau’s government, but we do not favour any political party. This movement is about supporting our families,” the Facebook post states. But Jason Nixon, who represents Rocky Mountain House in the provincial legislature, said what Alberta really wants is pipelines.“Trudeau, we don’t want your money. We want you to get out of the way,” Nixon said to the crowd in Rocky Mountain House.The groups Rally 4 Resources and Canada Action say in a Facebook event post that the convoy to Ottawa is intended to end Feb. 20 on Parliament Hill. The post says letters voicing support for the industry, as well as individual and family photos, will be delivered to the Senate.center_img ROCKY MOUNTAIN HOUSE, A.B. – Speakers at another pro-pipeline rally in Alberta continued their attacks on Prime Minister Justin Trudeau on Saturday, saying if leaders in Ottawa don’t hear their message now, they will when a planned convoy arrives there in 2019.Chad Miller with the group Oilfield Dads told the crowd gathered in Rocky Mountain House that the province is suffering its “worst recession turned depression” in a generation due to weakened oil prices, exacerbated by a lack of pipeline capacity.“Even those that put away for the rainy days and then some have had to use their savings, and more, to try to weather this never-ending hard times scenario,” Miller said.last_img read more

Say no to cheese omelettes for healthier heart

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first_imgDo you savour cheese omelettes? If so, think again as consuming more eggs and dietary cholesterol may up the risk of cardiovascular disease (CVD) and death from any cause, researchers have warned. The study suggests that egg yolks are one of the richest sources of dietary cholesterol among all commonly consumed foods. One large egg has 186 milligrams of dietary cholesterol in the yolk. “The take-home message is really about cholesterol, which happens to be high in eggs and specifically yolks,” said co-author Norrina Allen, Associate Professor at the Northwestern University. Also Read – An income drop can harm brain”As part of a healthy diet, people need to consume lower amounts of cholesterol. People who consume less cholesterol have a lower risk of heart disease,” Allen added. For the study, which will be published in the journal JAMA, the team involved 29,615 adults from six prospective cohort studies for up to 31 years of follow up. They found eating 300 mg of dietary cholesterol per day was associated with 17 per cent higher risk of incident cardiovascular disease and 18 per cent higher risk of all-cause deaths. Also Read – Shallu Jindal honoured with Mahatma AwardThe cholesterol was the driving factor independent of saturated fat consumption and other dietary fat, the team said. Eating three to four eggs per week was associated with 6 per cent higher risk of CVD and 8 per cent higher risk of any cause of death, they added. The researchers say that eating less than 300 milligrams of dietary cholesterol per day was the guideline recommendation before 2015. However, the most recent dietary guidelines omitted a daily limit for dietary cholesterol. The guidelines also include weekly egg consumption as part of a healthy diet. An adult in the US gets an average of 300 milligrams per day of cholesterol and eats about three or four eggs per week. Other animal products such as red meat, processed meat and high-fat dairy products (butter or whipped cream) also have high cholesterol content, said lead author Wenze Zhong from the varsity.last_img read more

Delhi BJP shortlists 21 names for 7 seats

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first_imgNew Delhi: Delhi BJP’s election committee on Friday shortlisted three names each for the seven Lok Sabha seats in the national capital, amid protests by party members over celebrities joining the organisation for tickets ahead of polls, party leaders said. The list, which was finalised at a meeting of the state unit’s election committee, does not include the name of former cricketer Gautam Gambhir, whose name was making rounds as a possible candidate from the New Delhi seat after he joined the BJP, said a leader who attended the meeting. Also Read – After eight years, businessman arrested for kidnap & murder”All the seven sitting party MPs’ names have been included in the list which will be sent to the Central Election Committee for final selection of candidates,” he said. Some other Delhi BJP leaders who attended the meeting claimed “objections were raised over celebrities joining the BJP for Lok Sabha tickets and demanded priority for dedicated leaders and workers during ticket distribution”. The meeting chaired by Delhi BJP chief Manoj Tiwari was also attended by Union minister and Lok Sabha incharge of the unit Nirmala Sitharaman and co-incharge Jaibhan Singh Pawaiya. Also Read – Two brothers held for snatchingsFrom the New Delhi seat, besides sitting MP Meenakshi Lekhi, Delhi BJP incharge and national vice president Shyam Jaju, and Delhi BJP general secretary Rajesh Bhatia have been shortlisted, they said. For the Chandni Chowk seat, names of sitting MP and Union minister Harsh Vardhan, Leader of Opposition in Delhi Assembly Vijender Gupta and Sudhanshu Mittal have been selected. MP Mahesih Girri, Aman Sinha and Delhi BJP MLA OP Sharma have been shortlisted from East Delhi, they said. The name of Tiwari, who is a sitting MP, is in the list of probables from North East Delhi seat. From West Delhi, sitting MP Parvesh Verma, Kamaljeet Sehrawat and Pawan Sharma’s names have been shortlisted. For South Delhi, names of sitting MP Ramesh Bidhuri, Ram Veer Bidhuri and Brham Singh Tanwar have been selected, while Udit Raj (MP), Ashok Pradhan and Anita Arya have been shortlisted from the North West reserved seat, they said.last_img read more

Reviving folk music and culture in Bengal

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first_imgRamakrishna Mission Institute of Culture is going to present a unique programme on Loksangeete Mahajani Pad at the Vivekananda Hall of the Institute on March 30. The programme will be presented by Tapan Roy, an outstanding scholar of Lok sangeet or folk sangeet besides well-known theatre personality Bibhas Chakraborty.Folk music and culture have played an important role in Bengal’s varied and diverse cultural world. In undivided India, East Bengal was very rich in folk culture and music and there were great lyricists who had composed the songs in the local language. The folk songs spoke about communal harmony. Also Read – An income drop can harm brainIt was Lalan Fakir who became the leader of folk music and culture owing to his great work. Along with him, there were a host of great lyricists and composers like Gagan Harkara, Fikir Chand, Radharaman, Hasan Rajashah, Panju Shah, Durbin Shah, and Bijoy Sarkar among others. Over the past three decades, Tapan Roy has been carrying out intense research on folk music and culture and has held workshops and took part in programmes to make people aware of Bengal’s rich culture and heritage. Also Read – Shallu Jindal honoured with Mahatma AwardRoy has directed music in dramas like ‘Lala Fakir’ by Iswar Chakraborty, ‘In the land of Chinopatra’ by Saibal Mitra and some teleserials. He has also composed music for group theatres like ‘Bahoorupi’, ‘Theatre Workshop’, ‘Samakalin Sanskriti’ among others. It may be mentioned that Chief Minister Mamata Banerjee has taken an initiative to bring back folk culture and music in Bengal. Over 2 lakh folk artists are getting month stipend and are taking part in regular programmes organised by various departments of state government. Folk artists are regularly visiting foreign countries where Bengal folk music is becoming increasingly popular.last_img read more

Egypt takes aim at Brotherhoods foreign backers

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first_imgCAIRO- Locked in a crackdown on the Muslim Brotherhood since president Mohamed Morsi’s ouster, Egypt has launched a diplomatic offensive against the movement’s foreign backers armed with funds from its old foes.In their first salvo soon after Morsi was toppled, the military-installed rulers took aim at Qatar — the only Gulf monarchy that openly supported the Brotherhood — by closing the Egyptian channel of Al-Jazeera television.The authorities also detained some journalists working in Cairo for the Doha-based network. In addition, officials said Cairo was willing to return to Qatar funds given to Egypt during the Morsi presidency.But the main confrontation for the new authorities is a diplomatic one that has developed with Turkey.On Sunday, Cairo expelled Ankara’s ambassador after Turkish Prime Minister Recep Tayyip Erdogan condemned the repression of Morsi’s supporters.The tussle began soon after Egyptian security forces broke up two camps of Morsi supporters on August 14 in Cairo, in what was the bloodiest episode in Egypt’s modern history.A day later both Cairo and Ankara recalled their respective ambassadors, but while Ankara later sent its envoy back to Egypt, Cairo’s ambassador to Turkey stayed at home.On Sunday, the two countries went a step further by reducing their diplomatic ties to the level of charges d’affaires.Karim Bitar, a Paris-based analyst, said the row stems from “increasing Egyptian nationalism and bitter regional setbacks for Turkey, including in Syria, which has seen it lose influence” in the region.‘Coup accepted in name of realism’For Shadi Hamid, research director at the Brookings Doha Center, “Egypt’s ruling military leaders are clearly not tolerating any backing to the Muslim Brotherhood, either inside the country or outside.”“Gulf countries like Saudi Arabia, Kuwait and the UAE have provided billions in aid to Egypt which is giving it the degree of latitude” in its diplomatic tactics which has even seen Cairo returning part of Qatari funds, he said.Saudi Arabia and Kuwait announced they would give $9 billion to Egypt just days after Morsi’s ouster on July 3.They even promised to make up for any shortage of military assistance Cairo normally gets from the United States.In October, Washington suspended its annual $1.3 billion military aid to Cairo amid repeated criticisms of Egypt’s deadly crackdown on Islamists.US officials, however, have refused to term Morsi’s ouster as a “coup.”The United Arab Emirates, which strongly backs Egypt’s new rulers, also announced it would provide Cairo with $4.9 billion.Hamid, the Brookings analyst, said Cairo’s public position on the United States or Europe was purely “rhetoric”, with both Washington and Brussels “unwilling to push for any confrontation with Egypt.”“They don’t have that political will,” he said.Bitar said many countries had already accepted what has happened in Egypt.“Most other countries, apart from traditional supporters of the Muslim Brotherhood like Turkey and Qatar, have taken note of the new Egyptian situation and acknowledged the coup in the name of realism and due to their basic hostility towards political Islam,” he said.Washington too is slowly stepping back from its earlier stance, with US Secretary of State John Kerry recently accusing the Brotherhood of “stealing the revolution” of 2011 that ousted long-time ruler Hosni Mubarak.For Bitar the real challenge to Egypt is not any diplomatic isolation but the gradual loss of funds from abroad as “some Gulf countries have warned that the economic aid given to Egypt was emergency assistance and not intended to be a steady financial backing.”“Going forward, the challenges for Egypt will probably be more economic rather than making the legitimacy of the new authorities acceptable internationally.”Cairo University professor Mustafa Kamel al-Sayyed said it was this that made him feel diplomatic tensions with Ankara were only “temporary.”Sayyed said Cairo was unlikely to aggravate ties with Qatar “where hundreds of thousands of Egyptians are working as expatriates because ultimately it could be those employees who pay the price.”last_img read more

Buckeyes would be better off losing before big dance

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There’s a problem with the expectations that come with a perfect record: Anything less than perfection is a total failure. That’s what Thad Matta’s Buckeyes (24-0, 11-0 Big Ten) are faced with. With their great season, these Buckeyes have set National Championship expectations just like the 2006–07 squad did. After what this team has shown so far, anything less would lead to scarlet-and-gray heartbreak. There’s no more esteemed company than John Wooden’s undefeated UCLA championship teams of the 1960s and early ’70s, or Bobby Knight’s Indiana team of ’76 that went unbeaten en route to a title, so it’s unrealistic to put the 2011 Ohio State men’s basketball team into the same category. Now, the talent pool is as wide and deep as it’s ever been. The clich&e exists for a reason: Any team can be beaten on any given night. If you don’t believe that, look at some of OSU’s stressful wins against lesser Big Ten teams and say you weren’t the least bit worried. You can’t. This team is far from perfect. It ranks 162nd in the country in rebounds and relies heavily on just seven players. Matta would tell you it still has plenty of room to improve, despite its flawless record. There would be little harm in the team familiarizing itself with the crushing feeling of defeat sooner, rather than later. A loss during the regular season or Big Ten Tournament wouldn’t change OSU’s chances at a No. 1 seed for the NCAA Tournament. Getting that sentiment out of the way would alleviate the added pressure of going into the NCAA Tournament undefeated and dealing with all the nonmaterial questions about Wooden, Knight and the historical implications. Not to say the Buckeyes should lose on purpose, but knowing what a loss feels like could be beneficial — just ask the football team. OSU would have to get 16 more wins in the regular season and postseason to get to a perfect 40-0, the pinnacle of the sport. It undoubtedly would be one of the most incredible achievements in sports history, given the era and climate of college hoops. Is this team capable? Perhaps. Is it likely to happen? No. Only seven teams have won national titles while going undefeated, none more recent than Knight’s ’76 Hoosiers. Eleven teams have finished the regular season undefeated in the tournament era and come up short of the title. The most recent team to do so was Jameer Nelson and Delonte West’s 2004 Saint Joseph’s Hawks — a team that’s hardly memorable. These Buckeyes don’t want to be in that category. That’s why a national title would mean far more than an undefeated regular season. If they were to flame out in the tournament, the only thing that would be remembered about the 2011 Buckeyes would be their failure to live up to expectations. read more

Opinion 5 questions ahead of Ohio States matchup in Minneapolis

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Redshirt-freshman quarterback J.T. Barrett carries the ball during a game against Michigan State on Nov. 8 in East Lansing, Mich. OSU won, 49-37.Credit: Mark Batke / Photo editorFollowing arguably the biggest win at Ohio State during the Urban Meyer era, the Buckeyes are preparing for their second-consecutive ranked opponent.Entering the third week of the College Football Playoff rankings, the Buckeyes jumped up six spots to No. 8 and the Minnesota Golden Gophers appeared for the first time on the list at No. 25.As the Buckeyes get set to travel to blustery Minneapolis, The Lantern sports editors have come up with a list of five things to look for when OSU takes on the Golden Gophers.1. Can OSU keep its eye on the prize?Let’s be honest, last week’s win over Michigan State was probably the biggest win for the Buckeyes since the 2010 Rose Bowl against Oregon.But was it too much for the Buckeyes to handle?The mantra around OSU since Meyer arrived in Columbus has been giving players and coaches 24 hours to enjoy a win, but redshirt-sophomore wide receiver Michael Thomas said Monday that the Buckeyes were still enjoying the victory.With that said, will the Buckeyes overlook a Minnesota team that is coming off of a 51-14 drubbing of Iowa?Only time will tell.2. Will the weather affect the Buckeye offense?While the entire Buckeye starting offensive line is from Ohio, their starting quarterback is from Texas, and probably hasn’t played in a game as cold as he will Saturday.While the kickoff temperature was 39 degrees last week in East Lansing, Mich., the estimated high temperature in Minneapolis for Saturday, as of Wednesday night, was just 28 degrees with a low of nine.Barrett, who has ignited the Buckeye offense, averaging 304.22 yards per game by himself has been on the sidelines for games like this (see 2013 games against Indiana and Michigan) but has never had to play in such bitter temps.Just one current Buckeye offensive player was on the roster the last time OSU played in Minnesota, and that is redshirt-senior Darryl Baldwin, who was still a defensive lineman at the time.The Buckeyes won 52-10 in the last matchup in 2010, a win that was later vacated because of NCAA violations committed by former coach Jim Tressel, then-quarterback Terrelle Pryor and other players.3. Can J.T. Barrett make a Heisman push?If Barrett can have an encore performance from his 386 total yard, five touchdown game against the Spartans, there is a good chance Barrett could enter serious Heisman discussions.The redshirt-freshman made his first appearance on ESPN’s Heisman Watch this week, and currently ranks second in the FBS in touchdowns responsible for with 34 (26 passing, eight rushing).In addition, Barrett is just five touchdown passes away from breaking the school record for touchdown passes in a season, set by the 2006 Heisman Trophy winner, Troy Smith.For Barrett to enter serious consideration, there is no doubt the Buckeyes will have to win their remaining games, plus a Big Ten title.But if Barrett can look as good as he did against Michigan State the rest of the season, don’t be surprised if you see the Texas native in New York for the Heisman ceremonies.4. Can Minnesota senior running back David Cobb emulate Michigan State’s Jeremy Langford?Minnesota senior running back David Cobb (27) runs the ball during a game against Purdue on Oct. 18 in Minneapolis. Minnesota won, 39-38.Credit: Courtesy of TNSSure, OSU ended up beating the Spartans, but the redshirt-senior running back Langford gouged the Buckeyes’ defense for 137 yards and three touchdowns on just 18 carries.Now that same defense has to find a way to slow down Cobb, who has already racked up 1,205 yards and eight touchdowns on the ground this season. He’s the workhorse of the Minnesota offense — he has 227 carries while the team as a whole has only attempted 165 passes.Apart from an Oct. 25 misstep against Illinois, the Golden Gophers’ only loss this season accompanied Cobb’s worst game of the year. Minnesota lost to Texas Christian University, 30-7, in September, and Cobb had just 41 yards on 15 carries. Outside of that game, he’s had at least 71 rushing yards per game — including a pair of 200-plus yard outings. If the Buckeyes can slow Cobb down, it could be a long day for redshirt-sophomore quarterback Mitch Leidner. But if he gets rolling early, OSU might face a difficult task to keep its seven-game winning streak alive.5. What role will the OSU H-backs play?With sophomore H-back Dontre Wilson — the Buckeyes’ typical starter — out with a broken foot, it’ll be up to a few different players to pick up the slack.The first option is likely to be redshirt-freshman H-back Jalin Marshall, who has already shined multiple times for OSU this season. The former high school quarterback can line up in a variety of positions for the Buckeyes, including at quarterback in the wildcat package.Leading up to the showdown in Minneapolis, Meyer even hinted that the Buckeyes “have a couple passes” in place for Marshall going forward. He failed to connect on his only passing attempt so far this season, but Meyer and the coaching staff clearly have some faith in his arm.But even if Marshall doesn’t let it fly, the H-back spot could have a notable impact for the Buckeyes. Meyer mentioned that freshman Noah Brown will be in the mix, and at 240 pounds, he adds a new dimension to the OSU attack.No matter if Brown is causing mismatch problems with his size or if Marshall is showing off his arm, the Buckeyes will likely try to put as much firepower on the field as they can.OSU is scheduled to take on the Golden Gophers on Saturday at noon in Minneapolis. read more

Gerrards Rangers need to push Celtic says Former Rangers McCulloch

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first_imgEx-Ranger’s captain Lee McCulloch has said that fighting for the title and winning silverware has to be the major aim for Steven Gerrard, new Ibrox manager who resumed duty today.He also said that managing the expectation levels of the fans will be a big challenge since the Ibrox side intends to cut the gap on Celtic.“A good season would be challenging Celtic all the way,” McCulloch, 40, told BBC.Steven Gerrard, Michael OwenOwen reveals why Liverpool didn’t offer Gerrard a new contract Manuel R. Medina – September 6, 2019 According to Owen, the Reds wanted to sell Gerrard two years before he left the club and that’s why they didn’t offer him a contract renewal.“Obviously winning would be brilliant, but if you don’t it’s got to be at least second best, and to bring some sort of silverware back to Ibrox.“The expectation level of the fans, because they had the glory years for so many years apart from the last four and five, has been ‘we’ve got to win’.”Gerrard had won nine trophies as a player with Liverpool, including the year 2005 Champions League, and was capped 114 times by England. He went into coaching with Liverpool’s academy before agreeing to move to Glasgow. He takes over from Graeme Murty, who left the manager’s job three games before the end of last season.last_img read more