By Mike Wackett 30/05/2014 In the first three months of the year, Chilean ocean carrier CSAV reduced its net loss by 31%, compared with the same period of 2013, recording a deficit of $66m.However, the result last year included a $40m provision in anticipation of an anti-trust settlement in its car-carrier business.CSAV’s container business, which, subject to regulatory approval, will be merged with that of German carrier Hapag-Lloyd in return for an initial 30% stake in the new entity, suffered a shocking quarter-on-quarter 10.6% decline in its average freight rate, as volatility impacted its core north- south tradelanes.Volumes in the period increased by 1.8% to 445,000teu, suggesting it had fought hard to maintain market share. CSAV blamed the result on the “complex scenario which the shipping industry still faces, continuing with considerable overcapacity and very volatile freight rates”.Chief executive Oscar Hasbun said the results were “in line with the company’s projections”.He added: “Our company continues to show a significant improvement in its cost structure, which allows us to absorb part of the freight reduction.”The sheer size of CSAV’s average rate decline will be a blow to the task force preparing to merge the business into the ‘new’ Hapag-Lloyd; not least because the Hamburg-headquartered carrier is itself suffering after declaring a loss of $163m in the first quarter.Indeed, in its interim report, Hapag-Lloyd considered the increased risk to its business from a drop in its average rate “to be greater now than was the case when the 2013 annual report was prepared”.Moreover, it is estimated that it will cost more than $60m to put the new entity in place, and it will be 2017 before the predicted annual $300m cost-saving synergy will reach fruition.Therefore the aspirations of some Hapag-Lloyd shareholders to promptly follow the merger with an acquisition, and the ambitions of the new stakeholders to compete in terms of economy of scale with the P3 market leaders by ordering more ultra-large containerships, may have to be tempered until at least the breakeven point has been reached.CSAV’s controlling shareholder has committed to inject a further $259m into the new entity to take its stake to 34%, but unless freight rates on Hapag-Lloyd and CSAV’s core trades recover quickly – and the signs are not very optimistic – the first job for the restructured executive board on closure of the deal in Q4 will be to radically cut costs.Unfortunately, as always, in the front line of any enforced streamlining will be the jobs of the 7,100 employees of Hapag-Lloyd and the 4,200 staff coming in from CSAV.
North Korea tries to accelerate building of walls and fences along border with China News RELATED ARTICLESMORE FROM AUTHOR A source from North Korea reported on the 23rd that the election of the 12nd representatives of the Supreme People’s Assembly will be carried out at the beginning of August.The North Korean Supreme People’s Assembly officially announced on the 19th that it plans to execute the elections of provincial representatives of the city, village, and district People’s Assemblies on July 29th. In North Korea, elections for city, village, and district People’s Assembly representatives are carried out every four years and in August 2003, 26,650 provincial representatives were selected. On one hand, the election for the Supreme People’s Assembly representatives, according to North Korean constitutional law, has been carried out every five years. Accordingly, the normal timetable should be August 2008 for the upcoming election. However, due to the Kim Il Sung’s death in ’94, the ’98 10th representative elections occurred in eight years and three months. The current 11th representative elections were held at the same time as provincial representative elections in August 2003. The source said, “The government, starting beginning of June, gathered civilians’ residential cards and entered into composing a roster for the Supreme People’s Assembly’s representative elections. The People’s Safety Agency is currently in the middle of a secret investigation into the deceased, missing people, and those who have not reported because they have moved.” The making of the election roster is also carried out for provincial representative elections. Detailed evidence for whether the Supreme People’s Assembly elections and the provincial representative elections will be carried out at the same time has not been discovered yet. The North Korean government, through the Chosun (North Korea) Central News Agency, formally announced, “The city, village, and district representative elections will be carried out on July 29th, but a reference has not been made regarding the Supreme People’s Assembly elections yet.” However, it is difficult to completely exclude the possibility of the simultaneous execution of elections as long as one can expect change in North Korea’s foreign relations and the economic sacrifice problem. If North Korea simultaneously carries out the provincial representative elections and the Supreme People’s Assembly representative elections at the same time, the possibility is high that it will terminate the process of searching for missing citizens’ whereabouts which has continued these last 10 years as well as the defector issue and will spur building the solidarity of the domestic system. Kim Sung Hoon (pseudonym, Chongjin, North Hamkyung), who defected in December 2006, explained, “In North Korea, failure to participate in elections is considered as a ‘political reactionary activity’ and if one does not participate in elections without ‘report his or her death,’ the official documents of history are submitted to the National Security Agency and that person becomes, in essence, a ‘public criminal.’” SHARE News Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak By Kwon Jeong Hyun – 2007.06.26 10:43am Kwon Jeong Hyun News News Elections for Supreme People’s Assembly Representatives Will Be Carried out in August There are signs that North Korea is running into serious difficulties with its corn harvest Facebook Twitter
michelloiselle/123RF Mark Burgess Economy lost 68,000 jobs in May The Liberal government’s personal income tax cut will provide a modest boost for consumers that won’t change the broader economic outlook, according to analysis from big banks.Finance Minister Bill Morneau tabled a motion in Parliament on Monday to raise the basic personal amount that’s exempt from taxes. The amount will increase to $13,229 in 2020 (from $12,298) and to $15,000 by 2023, resulting in annual tax savings of about $300 per person at that time. The increased basic personal amount will apply to the roughly 20 million Canadians who earn less than $150,473. Those earning between $150,473 and $214,368 will receive a reduced benefit, and those in the top tax bracket won’t be eligible.In a report released Monday, Scotiabank economist Rebekah Young said the measure “will provide a small and transitory boost to growth at best.”The Liberals’ post-election stimulus in 2015, which included an enhanced Canada child benefit, led to a consumption boost for the six ensuing quarters, the report said. The impact from the higher basic personal amount will be less significant because it is broad-based rather than targeting families with children, which are “notorious for a high propensity to spend.”“Targeting middle income households will provide a welcomed backstop to consumption, but it will not likely shift the growth outlook, inflation expectations, or the policy rate path. Ultimately a resumptionof business investment and activity will be required to durably shift expectations,” Young wrote.A research note from National Bank Financial said the move could provide relief for overstretched consumers.Canadians owed roughly $1.77 in credit market debt for every dollar of household disposable income in the second quarter of this year, and consumer insolvencies are up 9.2% year over year.“This relief arguably comes at an opportune time for a household sector that’s reeling from a high debt burden,” the National Bank note said.The increased basic personal amount was part of the Liberal platform and therefore included in the bank’s growth forecasts of 1.8% for 2020 and 2% for 2021. National Bank noted, however, that the Bank of Canada would likely have to raise its growth forecasts in its next Monetary Policy Report based on the tax cut and U.S. approval of the new North American trade deal.“That could get markets to drop any remaining expectations of interest rate cuts for next year,” the research note said.The Scotiabank report also noted Morneau’s pledge to introduce a fiscal update before the end of the year. Based on the Liberal platform and last week’s throne speech, Young said the bank expects the minority government to continue to run modest deficits with the debt-to-GDP ratio declining.The update “can be expected to take on a cautious tone with an abundance of prudence built in at this stage given it will provide the fiscal baseline against which the entire mandate will be assessed,” the report said. Share this article and your comments with peers on social media OECD raises outlook for Canadian economic growth this year Stagflation is U.S. economists’ biggest fear, SIFMA says Keywords Taxes, Economic forecasts Related news Facebook LinkedIn Twitter
James Langton Related news NASAA argued that the SEC’s proposal to amend its “accredited investor” definition to enable broader participation in private offerings may be acceptable for certain organizations, but that it falls short when it comes to retail investors.“The proposal is a deregulatory effort that is singularly focused on expanding the private markets while showing little regard for its potential adverse effects on retail investors and the public markets,” said Christopher Gerold, president of NASAA and chief of the New Jersey Bureau of Securities, in the submission.NASAA recommended that the SEC raise the income and net worth thresholds for individual investors to be considered “accredited investors,” noting that these thresholds haven’t been revised for 40 years.When they were initially adopted, approximately 1.6% of households qualified, but that’s up to 13% now.“It is implausible that 16 million American households currently have both the financial sophistication and the capacity to bear the kinds of investment losses that courts and prior commissions have considered essential prerequisites for participation in private offerings,” Gerold said.In particular, NASAA is concerned that senior investors may meet the income and net worth thresholds through their retirement saving efforts, but that these assets should not be exposed to risky private offerings.“The proposal does nothing to protect these investors,” Gerold noted.NASAA said the thresholds should be raised significantly, modified to exclude agricultural and retirement assets, and indexed to inflation.It also recommended that the SEC study private offerings to individual investors “to better understand the types of companies and investors that reasonably should be dealing with one another.” The North American Securities Administrators Association (NASAA) is calling on the U.S. Securities and Exchange Commission (SEC) to back away from plans to expand retail investor access to exempt markets.In a filing with the SEC, NASAA, a group of state and provincial securities regulators, said that the commission shouldn’t pursue its proposal to expand retail investor access to private securities offerings without introducing added investor protections and oversight. Share this article and your comments with peers on social media New exemption aimed at savvy investors in Alberta, Saskatchewan BFI investors plead for firm’s sale Keywords Private placements, Exempt marketCompanies Securities and Exchange Commission, North American Securities Administrators Association filmfoto/123RF PwC alleges deleted emails, unusual transactions in Bridging Finance case Facebook LinkedIn Twitter
Related news Empire Life launches three new seg funds The seg fund contracts, issued by Empire Life, invest in underlying funds managed by CI GAM and offer a variety of management styles and geographic diversification, ranging from 100% fixed income to 100% equity.The new funds offer maturity and death benefit guarantees. The maturity benefit is equal to 75% of deposits (reduced proportionately by any withdrawals) on Dec. 31 of the year the annuitant turns 100. Death benefits come in two options: either 75% or 100% of deposits (reduced proportionately by any withdrawals) paid to a beneficiary upon the annuitant’s death.“In the current environment of low interest rates and market uncertainty, investors need investment and estate planning strategies that allow them to achieve reasonable returns while managing risk,” Roy Ratnavel, executive vice-president and head of distribution for CI GAM, said in a statement. Canada Life to launch new shelf of mutual funds Viktor Thaut/123RF CI Global Asset Management (CI GAM) and Empire Life Insurance Co. have launched a new suite of segregated funds.CI Empire Life Concentric GIFs come in 22 different options, offering investors access to the diversification, risk management and growth potential of actively managed mutual funds with the security of insurance benefit guarantees, according to a release. Keywords Segregated funds Share this article and your comments with peers on social media Canada Life launches nine seg funds IE Staff Facebook LinkedIn Twitter
RelatedPolice Sign New Wage Agreement RelatedPolice Sign New Wage Agreement RelatedPolice Sign New Wage Agreement Police Sign New Wage Agreement UncategorizedOctober 9, 2006 FacebookTwitterWhatsAppEmail There is a new wage agreement in place between the Government and the Police Federation, which represents members of the Jamaica Constabulary Force (JCF) from the rank of Constable to Inspector. This two-year contract was signed on Friday, October 6 at the offices of the Ministry of Finance and Planning in Kingston.The new wage agreement will result in the members receiving a 19 per cent wage increase in year one and a 6.5 per cent increase in year two. The salary increase is scheduled for implementation in November, while retroactive salary increase would be paid in December.“I am very relieved that we have reached this point with signatures on the agreement. It was an extended negotiation period but I had every confidence that regardless of how difficult a problem is, when parties from both sides are willing to come to a commonsense compromise, a resolution is always in sight,” said Dr. Omar Davies, Minister of Finance and Planning.In addition to the wage increases, the police members will benefit from an increase in their housing provision, increase in the special duty allowance, detective allowance, instructor allowance, driving allowance, as well as financing for persons pursuing tertiary studies.Chairman of the Police Federation, Corporal Raymond Wilson, said he was satisfied that an agreement was brokered between the police and the government, adding that he would be continuing negotiations with the government on several other issues.“There are quite a number of items, especially those dealing with conditions of the service, conditions of work, the physical aspect of our work environment that we definitely will be continuing with the government in talks,” said Corporal Wilson. Advertisements
Categories:Science & TechnologySpaceNews Headlines Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Light pollution now blots out the Milky Way for eight in 10 Americans. Bright areas in this map show where the sky glow from artificial lighting blots out the stars and constellations. Image: Falchi et al, Science Advances; Jakob Grothe/National Park Service, Matthew Price/CIRES/CU-Boulder. The Milky Way, the brilliant river of stars that has dominated the night sky and human imaginations since time immemorial, is but a faded memory to one third of humanity and 80 percent of Americans, according to a new global atlas of light pollution produced by Italian and American scientists.Light pollution is one of the most pervasive forms of environmental alteration. In most developed countries, the ubiquitous presence of artificial lights creates a luminous fog that swamps the stars and constellations of the night sky. “We’ve got whole generations of people in the United States who have never seen the Milky Way,” said Chris Elvidge, a scientist with NOAA’s National Centers for Environmental Information. “It’s a big part of our connection to the cosmos — and it’s been lost.” Elvidge, along with Kimberly Baugh of the Cooperative Institute for Research in Environmental Sciences at CU-Boulder, is part of a team that just updated a global atlas of light pollution published today in the journal Science Advances. Using high-resolution satellite data and precision sky brightness measurements, their study produced the most accurate assessment yet of the global impact of light pollution. “I hope that this atlas will finally open the eyes of people to light pollution,” said lead author Fabio Falchi from the Light Pollution Science and Technology Institute in Italy.The atlas takes advantage of low-light imaging now available from the NOAA/NASA Suomi National Polar-orbiting Partnership satellite, calibrated by thousands of ground observations. Light pollution is most extensive in countries like Singapore, Italy and South Korea, while Canada and Australia retain the most dark sky. In western Europe, only small areas of night sky remain relatively undiminished, mainly in Scotland, Sweden and Norway. Despite the vast open spaces of the American west, almost half of the U.S. experiences light-polluted nights.”In the U.S., some of our national parks are just about the last refuge of darkness – places like Yellowstone and the desert southwest,” said co-author Dan Duriscoe of the National Park Service. “We’re lucky to have a lot of public land that provides a buffer from large cities.” Light pollution does more than rob humans of the opportunity to ponder the night sky. Unnatural light can confuse or expose wildlife like insects, birds and sea turtles, with often fatal consequences.Fortunately, light pollution can be controlled by shielding lights to limit shine to the immediate area, reducing lighting to the minimum amount needed — or by simply turning them off. For an interactive map with data download instructions, visit the CIRES website. Published: June 10, 2016
NORTON, Mass. – That sound Tom Watson heard on Friday while he was smoothing 1-irons – or whatever icons do with their free time – was Keegan Bradley kicking down the door to the U.S. Ryder Cup team’s locker room. Although Bradley had been among the consensus favorites to land one of Captain Tom’s picks on Tuesday evening, the twitchy and tenacious American put a bow on his chances on Day 1 at the Deutsche Bank Championship with a flawless 65. Impressive, considering the degree of difficultly – the field average hovered closer to par than normal thanks unseasonably hard and fast conditions. For Bradley, his 6-under card came despite the weight of his competitive world perched squarely on his narrow shoulders. Or maybe it was as a result of all that PSI. “This probably has more pressure then ever,” said Bradley’s caddie, Steve “Pepsi” Hale. “Between being a home game and the Ryder Cup thing I don’t know that there’s ever been more pressure on him.” Bradley is a New Englander to his core. A card-carrying member of Red Sox nation. The second playoff stop has always come with a healthy amount of expectation to impress the home crowd. And, of course, there is that Ryder Cup thing. The 28-year-old has played for the United States just twice, at the 2013 Presidents Cup and 2012 Ryder Cup, but has proven himself uniquely suited for all the intensity the international matches produce. Two years ago at the Ryder Cup he went undefeated in team play paired with Phil Mickelson, and he was 2-2-1 at last year’s Presidents Cup. As heartbreaking as the loss was in 2012 at Medinah, the thought of not playing this year’s matches in Scotland is unthinkable, which is why the three-time PGA Tour winner set out this week with a singular purpose. There has been no sugarcoating it. No sports psychology tricks. No clichés. “I’m not going to sit up here and say any clichés that I’m not thinking about the Ryder Cup or any of that,” Bradley said following his round at TPC Boston. “I am very aware every second of the day that I’m being watched by the captain. I’m just trying to embrace that and be aware of it and enjoy it, if I can.” Unapologetically confident, Bradley has told anyone who will listen what it means to him to wear the red, white and blue in September, including Watson. Deutsche Bank Championship: Articles, videos and photos Bradley was the only player to take Watson up on his offer to visit Gleneagles, the site of this year’s matches, prior to the Open Championship and the two last spoke during a lunch at the PGA Championship. Much like Bradley, Watson has not been ambiguous when it comes to his potential picks. “He hasn’t said anything to me about what I need to do, but I know what I have to do is play well,” Bradley said. In practical terms on Friday, “playing well” added up to hitting 13 of 14 fairways, 13 of 18 greens in regulation and needing just 25 putts, his lowest putting total since Round 1 at the WGC-Bridgestone Invitational. It’s been the putter, be it his signature belly version or the standard-length model he experimented with at the Memorial, which has been the issue in 2014. He ranks 53rd on Tour in strokes gained-putting, his highest ranking in three years, and it is the primary reason he is two years removed from his last Tour victory. This week, however, Bradley decided it was time to try something else. “He’s made it a little less of a mental grind when it comes to putts this week,” Hale said. As a result of his new laissez-faire approach Bradley rolled in birdie putts of 20 (No. 1), 9 (No. 3), 11 (No. 6), 15 (No. 17) and 10 (No. 18) feet on a perfect day. To put that in context, he ranks 72nd and 53rd on putts from 10 to 15 feet and 15 to 20 feet, respectively, this season. In fact, the closest he came to making a bogey on Day 1 at TPC Boston was when his group was put on the clock for being out of position on the 13th hole, but compared to the sum total of all the pressure Bradley is dealing with this week, an official with an itchy finger on his stopwatch is hardly a reason to worry. For Bradley, he’s been in this position before. Back in 2011, U.S. Presidents Cup captain Fred Couples selected Bill Haas over Bradley, who had won that season’s PGA Championship and had the unabashed support of Phil Mickelson. Losing – like the U.S. Ryder Cup team did in 2012 – Bradley can live with, given enough time and the solace that he held nothing back. But watching the matches from his couch in south Florida is unacceptable. “When I’m sleeping, I’m dreaming about it. When I wake up, I’m thinking about it. When I’m on the course, I’m thinking about it,” he said.
Detectives in Derry have launched an appeal for information following the report of a creeper style burglary and other incidents in the Bann Drive area of the city on Tuesday.It is believed that entry was gained to a house in the area sometime between midnight and 7.30am on Tuesday morning, with keys taken from the house, used to steal a red coloured Ford Fiesta from the property which was recovered at Pine Street later that afternoon.Further reports of incidents in the area were also received including criminal damage to the gate of a house and theft from a parked car.Anyone who noticed anything any suspicious activity in the areas or anyone with any information is asked to come forward. Twitter WhatsApp DL Debate – 24/05/21 Previous articleDerry v Donegal USFC Preview – Derry Manager Damian McErlainNext article30 jobs promised as Chef Brian Mc Dermott reopens Foyle hotel in Moville News Highland Harps come back to win in Waterford Detectives investigating creeper style burglary in Derry Journey home will be easier – Paul Hegarty Twitter Facebook Facebook Pinterest Google+ Arranmore progress and potential flagged as population grows By News Highland – May 23, 2018 News, Sport and Obituaries on Monday May 24th Pinterest Homepage BannerNews WhatsApp RELATED ARTICLESMORE FROM AUTHOR Important message for people attending LUH’s INR clinic Google+
For Whom The Bell Rings Taxi and ride-hailing companies may face a new $.50 tax per trip, under a regional transit bill in the Georgia legislature. And some in the industry are supportive.The bill in the Georgia House from Rep. Kevin Tanner would create the new fee to help fund a regional transit system.Taxi and limousine welcome the fee because it would replace a sales tax that they say is unfair. While many of their companies pay the 9 percent sales tax, their competitors — Uber and Lyft — don’t.Jeff Greene of Greene Worldwide Transportation, a limo service, said the $.50 charge outlined in the transit bill applies to everyone.“This way, with the fee, at least it will kind of level the playing field,” Greene said.In separate statements, Uber and Lyft didn’t take a stance on the proposed fee. Instead, the two companies talked about how ride-hailing services complement transit.Both said they looked forward to continue working with state lawmakers on the legislation.The Georgia Department of Revenue maintains that all transportation services are subject to sales tax, including ride-hailing services.But the Georgia Legislature has signaled otherwise. A bill from last year aimed to levy a sales tax on Uber Lyft while recognizing that they were currently exempt. That legislation failed.This session’s regional transit bill from Tanner also would impose a new sales tax at the airport. That’s raised questions from state lawmakers in Atlanta about the impact on Hartsfield-Jackson.Tanner’s bill is one of two in the general assembly. Another from Sen. Brandon Beach is pending in the Georgia Senate. Share 0:59 | Play story Add to My ListIn My List ‘It’s Fractured’: Georgia Lt. Gov. Geoff Duncan On Healing Republican Party Legal Advocate Discusses Medical Abuse At Shut Down Georgia ICE Facility Related Stories