Blast off for Property Fund Management shares

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Virus-hit Singapore’s Q2 recession deeper than estimated

first_imgSingapore’s virus-hammered economy shrank almost 43 percent in the second quarter, in a sign that the country’s first recession in more than a decade was deeper than initially estimated, official data showed Tuesday.Tough curbs within the city state to contain the coronavirus pandemic took a heavy toll on the economy, which is largely dependent on global trade and tourism.Gross domestic product fell 42.9 percent in the three months to June from the previous quarter, worse than the government’s advance estimate of a 41.2-percent contraction released last month based on two months of data, the trade ministry said. Topics : On-year, the economy shrank 13.2 percent in April-June, more than the initial estimate of 12.6 percent.It marked the second consecutive quarter of contraction, meaning the city state has entered a recession for the first time since 2009, when it was battered by the global financial crisis.Trade-dependent Singapore is one of the first countries to report growth data for the period when many nations entered lockdowns, and offers an ominous warning of the devastation being wrought on the global economy.The worse-than-estimated figures will also ring alarm bells for other Asian economies reliant on trade — typically, Singapore is hit first before ripples spread across the region.center_img For the full year, the government said it expects the economy to contract between 5.0 and 7.0 percent, compared with an earlier forecast of between 4.0 and 7.0 percent, but added the road to recovery remains rough.”Many of Singapore’s key final demand markets saw worse-than- projected economic disruptions in the second quarter,” the trade ministry said in a statement.These markets “are also expected to experience a more gradual pace of recovery in the second half of 2020 due to the threat of localized outbreaks and the continued need for restriction measures to contain such outbreaks as they occur,” it added.Prime Minister Lee Hsien Loong in a National Day message on Sunday warned that “the crisis is far from over” as many countries have seen a resurgence of cases after initially managing to control the situation.Singapore initially kept the virus in check through a strict regime of testing and contact-tracing, only for serious outbreaks to later sweep through crowded dormitories housing low-paid migrant workers.It has reported more than 55,000 infections so far and 27 deaths.last_img read more

Shares and EM bonds drive AP2’s return to 10.5% in 2016

first_imgSweden’s AP2 saw its investment returns more than double to 10.5% last year from the 4.1% it produced in 2015.Releasing its 2016 annual report and financial figures, the fund – the second of four giant ‘buffer’ funds – said its assets under management grew to SEK324.5bn (€34.2bn) over the course of the year, a record high. This is despite AP2 being called on to make its biggest ever payment into the nation’s pension system, of SEK6.6bn.At the end of 2015, AP2’s assets stood at SEK300.6bn, after an SEK4.9bn disbursement to the state pension system.Eva Halvarsson, chief executive of the Gothenburg-based pension fund, said: “Profit for the year shows that our globally-diversified portfolio has generated solid results.” All asset classes made positive returns in 2016, not least shares and bonds in emerging markets, she said.The net result for 2016 was SEK30bn in absolute terms, almost three times the previous year’s SEK11.7bn.Halvarsson predicted the fund’s diversified portfolio would continue generating “a good return” for the country’s pensioners, but suggested the high level of bond holdings it is required by law to have could limit potential investment profits.“We realise that the return levels we have historically had [will] become increasingly difficult to achieve, with such large part in fixed income securities,” she said.She said the process of internalisation of assets that AP2 has been engaged in over the past few years had achieved its predicted level of cost efficiency gains.“The fund’s total costs in relation to assets under management are now at the lowest level, except for 2007, and this is despite the fact that the portfolio has become increasingly complex with different asset classes in more and more markets,” Halvarsson said.Operating expenses amounted to 0.07% of asset management costs in 2016, unchanged from the previous year, the fund reported.ESG factors had been implemented last year into the quantitative management of AP2’s global shares asset class — which makes up around SEK90bn of the fund’s total capital, Halvarsson said.Green bonds had also been included as part of the strategic portfolio, as an extra step in the pension fund’s move to make sustainability matters part of its portfolio management, she said.last_img read more

Noble Corp nabs work for one drillship and four jack-up rigs

first_imgExtensions in the North Sea and the Middle East Offshore drilling company Noble Corporation in November painted optimistic outlook about the offshore rig demand, and a month later it said it had secured work for five rigs.For illustration: One of Noble’s jack-up rigs. Source: Flickr; Author: kees torn – under the CC BY-SA 2.0 licenseThe driller on Thursday released its fleet reports showing it has secured contracts and extensions for Noble Sam Croft, Noble Tom Prosser, Noble Hans Deul, Noble Joe Beall, and Noble Gene House rigs.The Noble Sam Croft drillship, which per the fleet report has been warm-stacked since 2016, has now won not one but two contracts. First, the rig is scheduled to start drilling for W&T Offshore in the U.S. Gulf of Mexico, in the 1Q2019 to 2Q 2019 period.After that, the Noble Sam Croft will move to South America where it will drill one well for an undisclosed operator. Bassoe Analytics shows the rig is expected to remain 61 days on the contract in South America.Noble did not disclose dayrates for the two contracts.Hattrick in Australia Next, the Noble Tom Prosser, which had by the end of November worked for ConocoPhillips in Timor-Leste, will stick around in the region, as Noble has managed to secure three contracts for the rig in Australia.First, the 2014-built jack-up will, starting in March or April 2019, begin work for Australian operator Santos. The rig will stay with Santos until October 2019.Following on from the Santos gig, the rig will, the report shows, go on a month-long work on the CarbonNet project in Australia, starting November, ending in December.The CarbonNet project is investigating the potential for establishing a commercial scale carbon capture and storage (CCS) network in Gippsland.The network would bring together multiple carbon dioxide (CO2) capture projects in Victoria’s Latrobe Valley, transporting CO2 via a shared pipeline and injecting it into the deep underground, offshore storage sites in the Gippsland region of Victoria.According to the project document, it is envisaged that the project will capture and store between 1 and 5 million tonnes of CO2 per year and have the potential to expand to 20 million tonnes per year or more.Back to the rig, once done with the CarbonNet work, the Noble Tom Prosser will be passed on to its third client, ExxonMobil’s Australian subsidiary, Esso Australia.According to Bassoe Analytics, the rig will begin its 4-month stint with Exxon on January 1, 2020. Exxon will have six one-well options to extend the rig’s stay in Australia.Noble did not disclose dayrate details for any of the three contracts.center_img Apart from these new contracts, for the Noble Sam Croft and Noble Tom Prosser Noble Corporation has secured extensions for three other rigs.The 2009-built Noble Hans Deul jack-up unit has won a contract extension with Spirit Energy. The rig will stay busy with Spirit until late July 2019. The rig is currently located in the UK North Sea. Spirit will have 2×1 well options to extend the contract further.In Saudi Arabia, Saudi Aramco has extended the contracts for the Noble Joe Beall and the Noble Gene House jack-up rigs. Both extensions began mid-November, however, the Gene House has a contract till the end of December 2018, while the Joe Beall will remain with Saudi Aramco till late April 2019. Each rig is on a $65.000 dayrate.last_img read more

Christchurch gambling culture revealed 24 August 2013Flashing lights, loud noises and an instant hit.It’s no wonder gaming machines have been labelled the “crack cocaine” of gambling.Non-casino pokie machines are causing serious damage to communities, prompting the Government to announce a $55.3 million strategy to help combat problem gambling.Christchurch, with the most number of venues and pokie machines of any major centre in New Zealand, remains right at the heart of the raging issue.Department of Internal Affairs (DIA) figures show Christchurch is still down 400 non-casino pokie machines since before the earthquakes, but gambling on the machines hasn’t taken the same hit.Salvation Army Oasis Centre for problem gambling co-ordinator Tony Foster said it had seen a “huge influx” in clients over the past 18 months.“We’ve had a lot of people coming in at absolute crisis point,” he said.“Canterbury has a lot of pokie machines and a lot of people who are suffering from issues.” in New Zealand is propped up by around $180 million in gambling revenue each year, creating a cycle of dependency health experts have likened to big tobacco sponsorship.While proceeds from Lotto and a levy on TAB sports betting boost the bank balances of most national sports bodies and help fund high performance athletes, pokie gaming trusts are by far the biggest contributor. Mt Wellington Warriors league club made a stand against pokie money.It ripped the machines out of its Thompson Park clubrooms and turned its back on trust grants.“A lot of the parents can’t buy boots for their kids. They are saying they haven’t got the money, and that they can’t get them to the games because they can’t get money for petrol,” club chairman Dean Kini said. controversial pokie trust paid out nearly $100,000 to a racing group to buy a small piece of racetrack from one of its own club members.The grant made to Gallop South – thoroughbred racing’s umbrella body for Southland and Otago – was then paid to the Oamaru Jockey Club to buy a section of the Oamaru racecourse.The move has been slammed by industry sources as “pure naked greed” and a “desperate way” to grab pokie funds. read more

Contact Tracing Committee says Testing is a Privilege, Cooperate

first_img Share CoronavirusHealthLifestyleLocalNews Contact Tracing Committee says Testing is a Privilege, Cooperate by: – April 7, 2020 Sharing is caring! 327 Views   no discussions Sharecenter_img Dr Laura EspritThe Ministry of Health is proud of its aggressive contact tracing approach to containing and managing cases of COVID19 on the island.Dr Laura Esprit, Director of Primary Health Care and Chair of the Contact Tracing and Sampling Committee, says as of Friday, four index cases have resulted in scores of contacts and secondary contacts.The process of identifying and tracking down those individuals has been tedious she says, noting however that the work can be easier if those interviewed would be more cooperative, can readily provide a list of contacts for a specified period and would adhere to quarantine instructions.Dr Esprit listed as challenges, “When the client is not cooperative or is not found, verbal abuse from clients, if the client refuses to remain in quarantine…”She adds that families in denial often advise against professional medical advice, quarantine and contact tracing.“We have also had instances where the client is cooperative but is negatively influenced by family and community members.”Dr Esprit therefore appeals for support from the community to hasten the process and ultimately eliminate the virus in Dominica.“Please do not ignore your telephone if there is a strange number calling,” she says, “do not be verbally abusive when contacted and do not discriminate against community members who may be suspected of having the virus.”The committee chair also wants individuals to stop taking and circulating video of clients being carried away by ambulance.“Let’s each respect each other’s privacy.”Dr Esprit also highlighted, “Treat every other person as a potential COVID19 suspect.”She adds that test kits are precious and so being tested for the virus should be considered a privilege. Tweet Sharelast_img read more

Shania Edwards tops the DBS Reading Competition

first_img Tweet Share Share Sharing is caring! Winner Shaniah Edwards and her motherNine year old Shania Edwards of the Massacre Primary School has topped the finals of the DBS, Ministry of Education, Courts, OECS Reading Competition, and has won herself $2000.00 and a laptop.Hali Prince of the St. Luke’s Primary School who placed second has won $1000.00, Leston Laurent of the Sineku Primary third won $750.00, while Grace Ettienne of the Delices Primary came in fourth and won $500.00.The other participants Neoma Durand, Kayjah Charles, Shannique Henderson, Adelle Durand, Nicole Vigilant, Kiethan Vidal were also awarded $500.00 for their participation in the competition.The second and third placed winners were also awarded desktop computers compliments CIS EnterprisesMs Edwards thanked her parents, teachers and friends for their support and urged other students to read and put themselves in the story.The competition was judged by Ms. Ferdinia Frampton, Dr. Francis Severin, Mrs. Dorothy Levy, Mr. Robert Guiste and Mr. John Bleau.Ms. Edwards is scheduled to attend the regional competition which will be held in St. Kitts later this year.[album id= 43 template =extend]Dominica Vibes Newscenter_img LocalNews Shania Edwards tops the DBS Reading Competition by: – July 1, 2011 137 Views   one comment Sharelast_img read more

Emirates Stadium to host Joshua vs Pulev fight in May

first_img Loading… Anthony Joshua happy to reclaim his belts may fight Pulev in May Gunners officials are starting to put in place plans for the event should they get the deal over the line in the coming weeks. Hearn still needs to convince Pulev to travel to the UK as the Bulgarian is aware more money is on the table to stage the fight in Saudi Arabia or the Far East. They must come to a financial deal before Friday to avoid it going to purse bids which would allow any promoter to put in an offer to stage the bout. But an agreement on the venue could wait with Hearn aware how much the bout will generate in the UK so it won’t differ what outdoor stadium they book. Should the bout hold in Uk, strong indications that many Nigerian boxing fans will grace the occasion. Read Also Anthony Joshua presents heavyweight title belts to PMB in London The Nigerian born Pugilist had shortly after re-claiming his titles hinted that he could be in Nigeria to celebrate the feat, a promise which some fans say they are looking forward to. Only recently Joshua presented his belts to President Muhammadu Buhari during his visit to the Queen’s own country. FacebookTwitterWhatsAppEmail分享 Proposed Anthony Joshua clash with Bulgarian Kubrat Pulev could be the first fight to be staged at Arsenal’s Emirates Stadium. The said fight is however not yet signed sealed and delivered but could be if promoter Eddie Hearn can convince the Bulgarian to travel to the UK. Pulev is the mandatory challenger for Joshua’s IBF belt and the Nigeria born British heavyweight star wants the fight in the UK. Promoter Eddie Hearn said last week a number of venues are in the running including Tottenham Hotspur Stadium, Principality Stadium, Twickenham and the Emirates. Spurs’ new ground was the front runner immediately after Joshua regained the WBA, IBF and WBO titles against Andy Ruiz Jnr in December. But it is now understood Arsenal’s home is the new favourite to host the clash which will be staged in late May or early June if all parties agree. Tottenham also want the fight but Hearn said last week that the dates were “difficult” at the stunning new stadium. Hearn has held talks with Arsenal about the availability of the Emirates and it is understood now to be the preferred choice although they have yet to book the venue. Promoted Content10 Legendary Historical Movies You Should SeeTV Characters Who Hated Each Other But Later Became Friends9 Facts You Should Know Before Getting A Tattoo7 Universities In The World With The Highest Market Value10 Of The Dirtiest Seas In The World11 Most Immersive Game To Play On Your Table Top10 Risky Jobs Some Women Do6 Interesting Ways To Make Money With A DroneBirds Enjoy Living In A Gallery Space Created For Them7 Ways To Understand Your Girlfriend BetterWhat Happens To Your Brain When You Play Too Much Video Games?Did You Notice How Natural Simba’s Movements Looked In The Movie?last_img read more

Identity Theft Program At Sherman House Oct. 21

first_imgBATESVILLE, Ind. – The Indiana Attorney General’s office will present a program about emerging scams.The community meeting is scheduled for 6:45 p.m. Tuesday, Oct. 21 at the Sherman House.The program is hosted by the Ripley County Extension Homemakers Club. Interested attendees can reserve a seat by calling the Extension office at (812) 689-5111.The presentation will feature information on identity theft, fraud and new scams.last_img

Michigan’s Silver Bullet sanctions Modifieds with IMCA

first_imgOWENDALE, Mich. – The longest continuously operating dirt race track in Michigan is the latest to sanction its Modified division with IMCA.Silver Bullet Speedway at Owendale has scheduled 18 dates, 16 of them on Saturday nights, for the open-wheeled class.“I have always had it in the back of my mind that I would like to go with IMCA. Even though we’d been UMP, we’ve always had a good relationship with IMCA and the IMCA tracks in Michigan,” said promoter Matt Hoonhout, who along with his brother Nick purchased the former Owendale Speedway in 2013. “I really like what IMCA has to offer us, everything from apparel to rules to regional and national point funds.”Located in the thumb of the state some 20 minutes south of Caseville, a popular summertime tourist destination, the quarter-mile clay oval at Owendale opened in 1955 and saw the likes of A.J. Foyt and Parnelli Jones compete.Hoonhout raced in both the late model and modified divisions at Owendale. He piloted an IMCA ride in 2011 at Tri-City Motor Speedway after Steve Puvalowski re-opened that track.“We have always worked real well with Tri-City and with Crystal Motor Speedway. We came up with the same rules for our pro stock and street stock divisions,” he said. “Steve and Erika have helped us out here and we’ve gone over there on nights they’ve needed extra help.”Since taking over at Silver Bullet – the name can be traced to a race car owned by a former promoter at Owendale – the Hoonhouts have added to clay to the racing surface, remodeled both concession stands, upgraded electrical and lighting, installed new fencing and poured 30 concrete pit slabs.Also new is a mud bog track, another way to make the facility appeal to more fans while adding to the bottom line.“We appreciate what Jim Stannard and everyone at IMCA has done to make this transition smooth for us and our drivers. Eighty to 85 percent of them have been supportive of making the switch,” Hoonhout said. “We’ve always tried to be consistent and fair. We’ve brought more cars back, we’ve put on good racing and I’ve enjoyed the feedback from the fans.”“I can’t say enough about what the new sanction at Owendale means for our Modified drivers in Michigan and in our Dirt Works Eastern Region,” said Stannard, IMCA’s vice president of operations. “We look forward to a very long partnership with Silver Bullet.”The IMCA Speedway Motors Weekly Racing National point season at Silver Bullet runs from May 5 to Sept. 1.last_img read more