News / Carriers hit by Asia-Europe cargo slump as hopes of a ‘bumper year’ sink

first_img North European trade growth for the year has been revised from 3.4% to 2.2%, according to August’s Global Port Tracker, supporting moves by carriers to suspend services.The monthly analysis collates data from six major North European hub ports.“The industry has finally awakened to the fact that things are not as rosy as it expected,” said its author, Ben Hackett, of Hackett Associates.“What a change eight months make,” he added, noting that at the start of the year “carriers and big consulting houses projected a bumper year”.The Loadstar reported yesterday that 2M partners Maersk Line and MSC would temporarily suspend their AE2/Swan loop due to “seasonal demand reductions”, taking 11 ultra-large container vessels (ULCVs), a total of some 210,000 teu of capacity, out of the tradelane.Given that there is no obvious employment for them MSC’s eight ULCVs and Maersk’s three on the service will presumably be laid-up.Moreover, the 2M also advised that its AE5/Albatross string would be blanked in the first week of October, around the Chinese Golden Week holiday.Ocean Alliance members CMA CGM, Cosco, OOCL and Evergreen and THE Alliance member Ocean Network Express (ONE) are also to blank voyages around the holiday week. Clearly the carriers see very weak forward booking.However, so far the 2M is the only alliance to take the radical step of actually suspending a service – albeit that Maersk and MSC prefer to describe it as a “temporary seasonal adjustment”.The Global Port Tracker records historical data as well as forecasting cargo levels for the months where data is incomplete, along with estimated throughput for future months. According to the data, imports for North Europe hit the buffers in June, decreasing 2.6% year on year.And the forecast for next year is not good news either for a loss-making liner industry striving to return to profitability.“We continue to expect a mild downturn in the growth rates and possibly a mild recession,” warned Mr Hackett.As an example, he cites recent forecasts on the German economy – the so-called ‘engine room’ of European trade – which refer to “storm clouds on the horizon” and economic growth having “fizzled out”.Nevertheless, Mr Hackett does at least have some potential good news for carriers plying the Asia-North Europe tradelane.“One bright spot might be that the reduction in China-US trade may result in an increase in shipments to Europe from China, as it looks for alternative markets without additional tariffs of 25%,” he said. VanderWolf Images By Mike Wackett 06/09/2018last_img read more

Read More →

Pace of housing sector increases

first_img Global housing prices rise amid pandemic: BIS The pace of new home starts picked up in May as the housing sector showed surprising strength Monday, giving economists hope for the second quarter after a slow start to the year. Canada Mortgage and Housing Corp. said housing starts hit a seasonally adjusted rate of 201,705 units in May, up from 183,329 in April. The increase was driven by multiple-unit projects in Ontario, the Atlantic region and Quebec. Royal Bank economist Laura Cooper said the improvement in new home construction along with a stronger pace of sales in the resale market will contribute to an economic recovery in the second quarter. The economy took a hit in the first quarter as it shrunk at an annual rate of 0.6%, due in part to the drop in oil prices. However, economists are looking for it to bounce back in the second quarter. Weak trade numbers for April combined with a strong jobs report for May last week have provided a mixed picture so far. Breaking down the housing starts report, multi-unit starts in urban areas accounted for 122,367 of the total for May, up 16.9% from April, while construction of single-detached houses in urban areas was steady at a seasonally adjusted rate of 58,868 units. There were an estimated 16,470 housing starts in rural areas. The CMHC report came as Statistics Canada reported that contractors took out $7.8 billion worth of building permits in April, up 11.6% from March. The increase was fuelled in large part by a 30.2% increase in the non-residential sector to $3.3 billion in April, following a 24.8% gain in March. Plans for residential buildings increased 1.2% to $4.5 billion. CIBC economist Nick Exarhos said the report was positive for the economic outlook. “Today’s release gives some hope that after investment provided a major drag in the first quarter, there may be reason to believe that things may turn slightly higher in the quarters ahead,” he wrote in a note. The growth in residential permits was the third consecutive monthly advance with gains in Ontario, Quebec, Nova Scotia and Newfoundland and Labrador. British Columbia posted the largest decrease. Statistics Canada said the value of single-family home permits rose 6.6% to $2.5 billion in April, the first increase in three months, while plans for multi-family homes fell 4.5% to $2.1 billion. Tougher stress tests won’t chill housing market: Scotia Keywords HousingCompanies Canada Mortgage & Housing Corp. Craig Wong center_img Share this article and your comments with peers on social media GTA home sales down 13% between April and May: TRREB Related news Facebook LinkedIn Twitterlast_img read more

Read More →

Ex-KPMG exec gets jail for scheme to game regulators

first_img Facebook LinkedIn Twitter PwC alleges deleted emails, unusual transactions in Bridging Finance case James Langton BFI investors plead for firm’s sale Related news Mouth mechanic turned market manipulator Keywords Enforcement,  AuditorsCompanies KPMG LLP Share this article and your comments with peers on social media Middendorf was convicted for his part in a scheme to boost KPMG’s performance in reviews by audit regulator the U.S. Public Company Accounting Oversight Board (PCAOB), by obtaining confidential information from current and former employees at the regulator about the KPMG audits that the PCAOB was planning to review.“As the head of the KPMG department responsible for the quality of its audits, David Middendorf was at the top of a chain of corruption that threatened to corrupt KPMG and the PCAOB’s inspections process. Today’s sentence recognizes the harm this fraudulent scheme caused to the PCAOB and the auditing profession more generally,” said Manhattan U.S. attorney Geoffrey Berman. A former KPMG executive has been sentenced to a year in prison for his role in a scheme to get advance warning about which audit files U.S. audit regulators were planning to review.The U.S. Attorney’s Office for the Southern District of New York announced that the former head of KPMG’s national office, David Middendorf, who was convicted of wire fraud charges back in March, has been ordered to serve a year and a day in prison by a U.S. district court judge. He was also sentenced to three years of supervised release. Gavel and legal books olegdudko/123RFlast_img read more

Read More →

FP Canada names new president

first_imgblue curtain of a classical theater Viktor Thaut/123RF IE Staff PenderFund names new SVP for investments Share this article and your comments with peers on social media TD getting new head of private wealth, financial planning Prior to joining CPA Canada, Batstone served for five years as CEO of the Institute of Chartered Accountants of Newfoundland and Labrador.She also has extensive experience in board governance and serves on a number of not-for-profit boards, the release said.Batstone replaces Cary List, who will retire on June 30.Batstone’s “tremendous leadership skills, her passion for professionalization of financial planning, and her belief in our public interest mandate will serve FP Canada extremely well going forward,” List said in the release.The change in leadership comes as Ontario consults on a proposal for the regulation of the “financial planner” and “financial advisor” titles. Keywords Financial planning,  AppointmentsCompanies FP Canada Related news FP Canada has named Tashia Batstone its new president and CEO effective May 3, 2021, the certification body said in a release on Monday.Batstone has served in leadership roles with the Chartered Professional Accountants of Canada (CPA Canada), including leading the development of the CPA certification program, the release said. CETFA elects new board leader Facebook LinkedIn Twitterlast_img read more

Read More →

Jamaica Undertaking Aggressive Marketing Campaign

first_imgRelatedJamaica Undertaking Aggressive Marketing Campaign FacebookTwitterWhatsAppEmail Minister of Tourism, Edmund Bartlett, has said that an aggressive marketing campaign is being undertaken to lure tourists to the island, noting that advertisements are already being circulated to major media outlets such as CNN.Mr. Bartlett, who was speaking at yesterday’s (Nov. 26) post-Cabinet press briefing at Jamaica House, said that despite the meltdown of the global economy, there is “still some juice in the market for us to get, and this is why we have developed this very extensive marketing programme.”The campaign will primarily target the United States (US), which is Jamaica’s largest tourist market and some 1,200 radio stations will be brought into the island “to beam from Jamaica into the US”.“We are going to be hitting the main cities with blitzes,” he informed further, noting that “the different hotel groups in Jamaica will be partnering with us. We will be looking at trade magazines and newspapers”.The marketing effort, the Tourism Minister said, will target the Jamaican Diaspora in the US. “The Diaspora is about nine per cent of our stopover arrivals – that’s huge. So it’s going to be heavy marketing, marketing, marketing,” he emphasised.He also mentioned that new airlift arrangements and product enhancement activities and strategies have also been employed in the industry.Turning to growth figures, the Minister said that the industry is expected to end the year with growth of between four to five per cent. “At the end of September this year, there has been 5.5 per cent growth, which is significant in this region. We recognise that the year will end with growth; the challenges begin in the new year. In so far as coming out of a tough year is concerned, I think that the industry can feel justifiably proud that it worked hard, it fought against great odds, and is coming out of a tough year with growth,” Mr. Bartlett stated.In the meantime, the Minister said that the first ever beach sprint, which will be staged in Negril, Westmoreland in November next year, is part of strategies to promote sports tourism in Jamaica.“Coming out of Beijing and of course the genius of the Jamaican sports fraternity, (this) has given us more than ample leverage to make Jamaica a sporting mecca as a destination…a number of projects will ensue from that,” he stated.He informed that the Ministry will be working with Mondo, a company that designs and installs tracks, as well as a number of other sporting agencies, including Vero, out of the United Kingdom.“Vero is responsible for negotiating all the major contracts for world sporting activities such the Olympics in London for 2012, the Olympics for Brazil in 2016 and also the World Cup staging in Johannesburg for 2010. They will be coming to Jamaica in another few weeks to work with us in terms of structuring the whole programme for the first ever beach sprint,” the Tourism Minister noted.In other matters coming out of Cabinet, approval was given for the award of a $260,433,801.47 contract to HDB Construction Limited, for the construction of a 630-pupil replacement school for the Red Hills All-age School, St. Andrew, under the Primary Education Support Project.In addition, a contract valued at US$401,676 was awarded to DiaMed-Caribbean Inc. for the procurement of reagents for the National Laboratory Services, for a period of one year. RelatedJamaica Undertaking Aggressive Marketing Campaign Advertisementscenter_img RelatedJamaica Undertaking Aggressive Marketing Campaign Jamaica Undertaking Aggressive Marketing Campaign UncategorizedNovember 28, 2008last_img read more

Read More →

World Bank Boosts Supports for Human Capital Development Program in Rwanda

first_imgWorld Bank Boosts Supports for Human Capital Development Program in Rwanda The World Bank’s Board of Directors today approved $150 million in IDA financing for a program of policy and institutional reforms intended to accelerate human capital development for inclusive economic growth in Rwanda. Of this financing, US$ 75 million is a grant while US$ 75 million is a credit.Aligned with the objectives of the country’s National Strategy for Transformation (2017-24), the First Programmatic Human Capital for Inclusive Growth Development Policy Financing marks the start of a series of three operations to be delivered between 2020 and 2022. It will support the Government-led multisectoral reform program that includes mutually supportive policy and institutional reform actions for effectively delivering social sector services to families across the lifecycle.This operation will help the government of Rwanda in strengthening the resilience of families, supporting a promising start for young children, enabling a better learning environment for students in school, promoting equitable access to health services, and enhancing the delivery of human capital focused social protection benefits and services to the poor and vulnerable.“I am thrilled about this operation, which supports Rwanda’s strong commitment to investing in people and accelerating progress on human capital development. It supports policy reforms that promote close collaboration among various ministries and agencies across different sectors to better serve families, women, and children in order to unleash the full potential of all Rwandan citizens,” said Rolande Pryce, World Bank Country Manager for Rwanda. “This is one of the first such efforts in Africa sharply focusing on human capital and acknowledging its important role in the inclusive economic growth agenda.”The program promotes Rwanda’s long-term fiscal sustainability and enhances local capacity and accountability for social services delivery. It recognizes women’s empowerment as a fundamental condition to boost the human capital of future generations and to leveraging untapped potential for increased productivity.“This program represents an important step forward as Rwanda strives to ensure a level playing field for all citizens and strengthens the quality and availability of social services. It advances the Government’s commitment to unlock policy and institutional bottlenecks in maximizing the returns on investments in education, health, and social protection,” said Iftikhar Malik, World Bank Senior Human Development Specialist and the Task Team Leader for this operation. “The program design ensures that poor and vulnerable families are not left behind and receive due support for their welfare as well as enhanced nutrition and learning to ensure a better future for their children.”At the end of this three-year reform program, it is expected that emergency cash transfers will be delivered to 100,000 households to help them cope with the impact of COVID-19-related shocks and that the coverage and share of low-income beneficiaries receiving support from human capital-focused social protection programs and from the community-based health insurance scheme will increase. It is also expected that there will be a greater share of qualified teachers in primary and secondary schools, and the presence of doctors and nurses in the public sector health facilities will be improved.Rwanda is an early adopter of the World Bank’s Human Capital Project, a growing global network of 78 countries of all income levels that focuses on more and better investments in people for greater equity and growth. Finance ministers from these countries meet regularly to report progress and discuss human capital related issues. Government officials also work together across the country network to exchange ideas and knowledge.* The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 76 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the 1.6 billion people who live in IDA countries. Since 1960, IDA has supported development work in 113 countries. Annual commitments have averaged about $21 billion over the last three years, with about 61 percent going to Africa. /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:education, Emergency, empowerment, environment, future generation, Government, health services, insurance, insurance scheme, operation, resilience, resources, secondary school, social services, sustainability, World Banklast_img read more

Read More →

Oil and gas ban clearly short-sighted

first_imgOil and gas ban clearly short-sighted The New Zealand National PartyBeach Energy’s decision to abandon existing exploration permits off the South Island as a result of the Government’s oil and gas ban comes as no surprise, National’s Energy and Resources spokesperson Barbara Kuriger says. /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:ban, energy, Energy and Resources, exploration, gas, Government, New Zealand, New Zealand National Party, nzpol, oil, resourceslast_img read more

Read More →

Protected Public Lands' Role In Economic Health Of Nearby Communities Focus Of CU Lecture

first_imgShare Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Published: Jan. 5, 2005 A study investigating whether protected public lands play a positive or negative role in the economic health of nearby communities will be presented at a free lecture Jan. 12 at 7 p.m. on the University of Colorado at Boulder campus. Ray Rasker, the author of the study, will talk about “Prosperity in the 21st Century: the Role of Protected Lands” in Eaton Humanities Building room IB050. Rasker is director of the SocioEconomics Program of the Sonoran Institute, a nonprofit organization that promotes community-based strategies for conservation and development. The lecture is open to the public. The event is co-sponsored by the CU-Boulder School of Law’s Natural Resources Law Center and the Center of the American West. Patricia Limerick, CU-Boulder history and environmental studies professor and faculty director of the Center of the American West, will deliver a response to Rasker’s lecture. The findings of the study, which looked at wilderness, national parks, national monuments and other protected public lands, will shed new light on the economic role of public lands in the West. “I heard Ray present a short version of his findings earlier in the fall and found it eye-opening,” said Sarah Krakoff, associate professor of law and director of the Natural Resources Law Center. “Everyone who thinks and cares about land use in the West should know about this study.” Rasker has written numerous articles on public land management, wildlife economics and the changing economy of the West. He also conducts workshops to help communities produce their own socioeconomic profiles, understand economic realities and identify opportunities for environmentally compatible forms of economic development. A reception will follow the lecture. For more information contact Krakoff at (303) 492-1287 or Dirk Martin at (303) 492-3140.last_img read more

Read More →

CU-Boulder-led team to study effects of natural gas development

first_imgPhoto Credit: Alfred Eustes, Colorado School of Mines The National Science Foundation has awarded a $12 million grant to a CU-Boulder-led team to explore ways to maximize the benefits of natural gas development while minimizing negative impacts on ecosystems and communities. Led by Professor Joseph Ryan of CU-Boulder’s civil, environmental and architectural engineering department, the team will examine social, ecological and economic aspects of the development of natural gas resources and the protection of air and water resources. A part of NSF’s Sustainability Research Network initiative, or SRN, the project will focus on the Rocky Mountain region, where natural gas development, as well as objections to it, are increasing. “We all create demand for natural gas so we have to accept some of the outcomes of its extraction,” said Ryan.  “Our goal is to provide a framework for society to evaluate the trade-offs associated with the benefits and costs of natural gas development.” The SRN team assembled by Ryan includes air and water quality experts, social scientists, human health experts, information technology experts and a substantial outreach and education effort.  The SRN team will be advised by an external committee that includes representatives of the oil and gas industry, regulatory agencies, environmental organizations, local governments, academia and Native American tribes.  Preparation of the SRN proposal to the NSF was fostered by CU-Boulder’s Office for University Outreach, which supported the creation of the Colorado Water and Energy Research Center, said Ryan. As part of the effort, Ryan said team members will review industry practices for hydraulic fracturing, which involves pumping pressurized water, sand and chemicals deep down well bores to crack rocks and free petroleum and natural gas for easier extraction. The team will evaluate the current state of drilling technology, the integrity of well bore casings and natural gas collection mechanisms and processes. Hydraulic fracturing requires large volumes of chemically treated water — most wells require between 3 million and 5 million gallons of water each, say experts.  The fracturing fluid left in the ground, as well as the fluid that returns to the surface, known as “flowback,” present potential ecological and health risks if not handled properly, Ryan said. While oil and gas extractions from hydraulic fracturing also result in atmospheric emissions of some greenhouse gases and volatile organic compounds, natural gas is nevertheless seen by many as a “bridge fuel” that leads away from dirty coal combustion toward cleaner sustainability methods, said Patrick Bourgeron, associate director of the SRN and a fellow at CU-Boulder’s Institute for Arctic and Alpine Research. As part of the project, a team led by CU-Boulder Professor Harihar Rajaram will be investigating the hydrologic processes tied to potential risks of natural gas and oil extraction, including groundwater and aquifer systems.  The team also plans to assess the risk of natural gas and oil extraction to water quality and mitigation strategies that involve improvements in current water treatment technology. Professor Jana Milford of CU-Boulder’s mechanical engineering department will lead a team monitoring and modeling the potential risks of natural gas and oil development to air quality. Professor John Adgate of the Colorado School of Public Health in Denver will spearhead a team assessing the potential risks of natural gas development to public health. Other partners on the CU-led NSF project include the Colorado School of Mines, Colorado State University, the University Corporation for Atmospheric Research in Boulder, the National Renewable Energy Laboratory in Golden, Colo., the National Oceanic and Atmospheric Administration, the University of Michigan and California State Polytechnic University Pomona. Attitudes toward natural gas extraction using hydraulic fracturing vary widely around the West, said CU-Boulder Professor Mark Williams, a co-investigator on the project. One classic Colorado example is Boulder County and adjoining Weld County to the northeast. “The geology doesn’t change, the price of gas doesn’t change and the extraction methods are the same,” he said. “But for the most part, Boulder County opposes hydraulic fracturing while Weld County generally embraces it.” Ryan said the network’s research findings eventually will be shared with the public through an extensive outreach and education effort led by SRN co-investigator and CU-Boulder Professor Patricia Limerick of the Center of the American West. The effort includes a “citizen science” component in which the public is encouraged to make science measurements, including air quality readings made with portable instruments compatible with smart phones, and share the results with the SRN research team. “The citizen science aspect of this effort will result in a stronger connection between the public and the science used to make regulatory decisions,” said Professor Michael Hannigan of CU-Boulder’s mechanical engineering department and one of the co-investigators on the SRN project. Natural gas production, especially the use of hydraulic fracturing, has become the subject of intense controversy, said Limerick. “Some people living in proximity to well sites are understandably worried and anxious, often feeling powerless as they confront a possible threat to their health and to the quality of their lives. “Environmental advocates find themselves pulled between the climate benefits of natural gas, which releases significantly less carbon in combustion than coal, and the disturbances associated with natural gas extraction,” she said. Outreach events will include periodic town hall meetings around the West. There also will be SRN meetings involving engineers, natural scientists and social scientists to stay abreast of the latest technologies and evolving socioeconomic factors regarding natural gas production, Limerick said. “Unraveling complex processes involving Earth systems, especially the coupling of human activities and climate, depends increasingly on partnerships among natural science, philosophy and ethics, economics, social science, mathematics and engineering,” says Marge Cavanaugh, NSF acting assistant director for geosciences. The CU-led research team and a second team from Penn State were chosen from more than 200 SRN proposals by the NSF as part of its Science, Engineering and Education for Sustainability program. The $12 million award to CU-Boulder is for five years. Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Published: Oct. 2, 2012 Categories:AcademicsScience & TechnologyGetting InvolvedCampus CommunityNews Headlineslast_img read more

Read More →

Building your professional image online

first_img Published: May 2, 2013 Your online persona is fair game if graduate programs and prospective employers want to find out what you’d be like as a member of their team. Check out our tips for cleaning up your profile and promoting yourself online in May’s issue of Student Health 101. Share Share via TwitterShare via FacebookShare via LinkedInShare via E-maillast_img

Read More →