PLN slashes capital expenditure by half this year

first_imgSlashing expenditure this year was important to maintain the company’s finances amid decreasing electricity consumption during the COVID-19 pandemic, he added.“We also need to maintain our financial condition, assessing the investment cost in relation to changing electricity demand due to COVID-19. This assessment is done carefully, because there is a high degree of uncertainty due to the pandemic; we can’t do business as usual,” Zulkifli said.The large-scale social restrictions (PSBB) regime to contain the virus has forced many businesses to shut temporarily or permanently, which has also led to lower electricity consumption among PLN’s corporate clients.PLN, which has the monopoly in domestic electricity distribution, had planned to build new electricity infrastructure this year, including 4,459 kilometers of power lines and 14,247 megavolt-ampere worth of substations. In January, the company raised Rp 4.9 trillion from the issuance of conventional bonds and sukuk (sharia-compliant bonds) to finance its expansion.The company also has also faced delays with the completion of 11 large coal-fired power plants as supply chains broke down in this year’s first quarter, following global lockdowns.The company booked a net loss of Rp 38.9 trillion in the January to March period, down from a net profit of Rp 4.12 trillion in the same period last year, its financial report showed.Meanwhile, the cut in the PLN’s expenditure is in line with an order by State-Owned Enterprises (SOE) Minister Erick Thohir to cut the company’s capex by up to 40 percent to push for efficiency.“Sometimes capex can be turned into ‘projects’, especially when the supply chain and demand aren’t obvious,” he told reporters at an online press conference on June 12.The order is also seen as part of major restructuring among state-owned enterprises.“Hopefully, there isn’t any playing with projects.”Topics : State-owned electricity company PLN has slashed its capital expenditure (capex) for this year by almost half to Rp 53.6 trillion (US$3.7 billion) from an initially earmarked Rp 100 trillion.PLN president director Zulkifli Zaini said on Thursday that the company would prioritize funding for projects slated for completion this year, including power plant, power lines and substations.“We will adjust the funding for projects that can be postponed, while mitigating risks, so that it does not significantly affect our electricity system,” Zulkifli told lawmakers at the House of Representatives (DPR) in Jakarta, without specifying the projects.last_img read more

Up to 70 whales stranded in southern Australia

first_img“Additional crews with whale rescue gear will arrive later today,” the department said in a statement.The creatures are believed to be pilot whales but the species has not yet been confirmed.Mass whale strandings occur relatively often in Tasmania, but the large numbers involved present a daunting rescue prospect.The latest stranding comes as a humpback whale that was stuck in a tropical river in Australia’s north finally returned to the ocean after more than two weeks.Public broadcaster ABC reported the creature, which spent 17 days in the crocodile-infested waters of Kakadu National Park, has been spotted in open seas off Darwin.Scientists had been weighing options for guiding the humpback to safety after it became the first known whale to travel up the muddy river, but were relieved when it returned to sea of its own accord.Topics : Around 70 whales are stranded in a bay on the Australian island of Tasmania, officials said Monday, with marine experts now mobilizing to see if a rescue is possible.The whales are in Macquarie Harbour, on the island’s rugged and sparsely populated west coast, where they are believed to be stuck on a sandbar.Police are on site and marine experts are being deployed to assess the situation, Tasmania’s environment department said.last_img read more

Bridgeman Downs home spacious and stylish

first_imgThe floorplan of 75 Voyager Circuit, Bridgeman Downs. The ensuite has a double vanity and soaker tub.The living room opens to an alfresco dining area and in-ground pool, a space where the Stanbrooks have held many parties.“You can hook your iPhone up to the internal speakers and play soundtracks while sitting out by the pool,” Mrs Stanbrook said.“We had numerous parties with pool floating equipment (and) we’d start at one end of the pool and race each other all day.” One of the living spaces.The kitchen is galley-style, with Miele appliances and a Liebherr integrated fridge, and even has a butler’s pantry.There is also a powder room and laundry. The facade of 75 Voyager Circuit, Bridgeman Downs.Upstairs are three more bedrooms, two of which share a bathroom, and the third with its own ensuite and walk-in robe.On this floor there is also a second study nook, a walk-in linen cupboard and a media room.The home has a double lockup garage, ducted airconditioning and vacuum, and back to base security monitoring.center_img Imagine spending your weekends hanging out by this poolWHEN Maria and Troy Stanbrook inspected this Bridgeman Downs home two years ago it was the kitchen that sold it to them. The kitchen is what sold the home to the Stanbrooks.Mrs Stanbrook said she spent a lot of time cooking for the family, so a big kitchen was a must.“I almost did a Sound of Music Maria when I saw it, spinning around and going ‘look at all this space’,” Mrs Stanbrook said.After moving into the 75 Voyager Court home, Mrs Stanbrook started her own business making candles in the very same kitchen.“In that kitchen I developed my own business … it produced the first products so it will always be a fond memory,” she said.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 3:17Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -3:17 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p480p480p256p256p228p228pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenMichelle Hele’s May market wrap03:17On the first level of the home is the master suite, with a walk-in robe and ensuite with a double vanity and soaker tub.Also on this floor is a study nook, which leads out to an open plan kitchen, living and dining area.More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019last_img read more

Bankpension’s Preuthun takes helm after sudden departure of CEO

first_img“And so I think it is quite natural that Niels-Ole now wishes to look for new challenges,” Jakobsen said.As one of the smaller Danish labour-market pension funds, observers have speculated in the past that it could end up merging with other pension funds, in line with the general trend in the sector.In August, however, Jakobsen told Danish newspaper Jyllands Posten that Bankpension had no plans to merge.Niels-Ole Ravn commented on his departure, saying: “For a long time, I have discussed with my family whether I should try doing something else apart from Bankpension, before I reach retirement.“Bankpension is doing well – and I am at an age where it is possible to be able to get to grips with different challenges.”The pension fund said Ravn would be available for the supervisory board and the management board for a short period. Niels-Ole Ravn, chief executive at Danish banking sector pension fund Bankpension, is leaving his job with immediate effect and will be replaced by the current head of investments Soli Preuthun.In a statement issued today, the pension fund said Ravn and the pension fund’s supervisory board had agreed unanimously that he should leave his role as chief executive after 24 years at the pension fund, with effect from yesterday.Niels Erik Jakobsen, chairman of the supervisory board and director at Danish Bank Jyske Bank, said: “Niels-Ole Ravn has created a solid and competitive alternative to the commercial companies over his many years at the pension fund.”He said Bankpension was in a solid position regarding the future, adding that this was a future “in which the challenges will have a different character”.last_img read more

Sponsors never going to pay cost of Irish pensions levy – Ombudsman

first_imgIrish employers were never going to foot the cost of the country’s 0.6% pensions levy, despite the government’s “hope and expectation” this would occur, according to the Pensions Ombudsman.Paul Kenny said the imposition of the stamp duty, which was eventually extended beyond its initial four-year run, would be likely to lead to a permanent reduction in the pensions of “a great many” savers.In a letter to the joint parliamentary committee on finance, public expenditure and reform seen by IPE, the ombudsman said many trustees felt they had no other option but to reduce payments after the government imposed the 0.6% charge in 2011 but praised them for doing the best possible to deal with the situation.“At the time of the imposition of the levy, government spokesmen expressed the hope, or even expectation, that employers could be requested or required by trustees to make good the levy,” he said. “That was never going to happen.”Kenny noted that a large majority – around 80% – of defined benefit (DB) funds were unable to meet the minimum funding standard after its reinstatement, and that the majority of employers were also suffering financial difficulties, “even disregarding the deficits already accumulated in the occupational pension schemes”.The government has since repeatedly argued that the pensions industry would be able to absorb the cost of the levy by lowering management fees, despite the Department of Social Protection’s 2012 report on fees highlighting the “worst charges possible”, according to the Irish Association of Pension Funds.Kenny also noted the unequal distribution of cuts – as many defined contribution (DC) funds affected were unable to spread the cost across the entire member base, as pensioners who had annuitised could not see payments cut.The ombudsman said it was “at least conceivable” that some funded DB schemes would survive into the future, offering a lower level of benefits than initially promised.“In principle, it is possible some schemes will become fully solvent and regain the ability to pay their benefits,” he said.However, he added that trustees were likely to be required, in the interest of equality, to reduce the benefits of those members who had been part of the scheme during the imposition of the levy.“They would have to do this, even if the schemes could afford to pay the full benefits, simply because they would be treating current pensioners unfairly vis-à-vis the rest of the members if they did not in the future impose the effects of this levy on future pensioners,” he said.For more on the Irish pensions market, see the February issue of IPElast_img read more

StealthGas Offloads Two Oldies

first_imgAs part of its fleet renewal strategy, LPG shipping company StealthGas has sold two of its oldest vessels, the 1992-built Gas Moxie and the 1996-built Gas Nirvana.Both ships were sold for further trading and at a very good premium above their scrap values, 78% and 220% respectively, Board Chairman Michael Jolliffe, commented.Harry Vafias, StealthGas CEO, said that these ships were destined to go for scrap if the market hadn’t recovered, but instead, they fetched really good prices.“So that means that there’s a shortage of good ships, and that people that have the cargoes need to get ships of any age to move their cargoes,” Vafias said.The sales come on the back of the disposal of two other older vessels, which were sold in the second quarter of the year, the Gas Emperor and the Gas Icon, both built in 1994. According to Jolliffe, they were both sold at about 150% premium above scrap value.“These sales took place in order to further boost our liquidity and ease our operating cost base. We still maintain strong earnings visibility and have a strong fleet coverage of 63% for 2018.As our market fundamentals are improving and look promising for the future, we hope to further improve upon our performance – increase our revenues, strengthen our profitability and continue to contain our costs,” Joliffe added.In the third quarter of the year, StealthGas saw a 12 percent increase in revenue when compared with the last year’s Q3, reaching USD 38.5 million. The company’s adjusted EBITDA amounted to USD 15.3 million for the quarter.This increase was attributed to the high utilization of the fleet, with the company’s operational utilization coming close to 96% compared to 88% for the same period of last year.The company managed to secure 16 new charters and charter extensions, the majority of which were booked at rates about 15% higher than where the market was six months ago, Joliffe said.“Currently, the average duration of our charters is around nine months, as we strategically do not want to commit our vessels for long periods now that the market fundamentals and day rates are finally improving. We have strong period coverage, which currently stands at about 90% for the remainder of 2017 and 63% so far for 2018,” he added.The market fundamentals look good when considering demand-supply balance.In terms of scrapping activity, since the beginning of 2017, 10 LPG vessels were scrapped, including some small semi-ref vessels.“Taking into account the 22% of the small LPG fleet is above 20 years of age, it’s anticipated that scrapping will accelerate further in the years to come. As per published orders, there are six vessels on order that is only 1.7% of the total fleet to be delivered in the period 2018-2019. The limited order book of our segment is another positive factor for rates and existing tonnage demand,” Vafias noted.Revenues for the nine months ended September 30, 2017, amounted to USD 115.9 million, an increase of 8.6%, compared to revenues of $106.7 million for the same period a year earlier.Adjusted nine-month net income was USD 4.7 million, compared to the adjusted net loss of USD 3.8 million for the same period of last year.last_img read more

Second male teacher attacked at DGS

first_img Tweet 162 Views   15 comments Share Share Sharecenter_img LocalNews Second male teacher attacked at DGS by: – February 27, 2012 Sharing is caring! Michael Augustine. Photo credit: FacebookAnother male teacher has been attacked at the Dominica Grammar School while performing his duties at that institution.Dominica Vibes News has been reliably informed that Michael Augustine who has been employed at that institution for almost 6 years was attacked while supervising a class on Monday.According to the report he was supervising the class when he was attacked by a male student.His prescription glasses were broken during the course of this attack.Dominica Vibes News will provide further details from the Police Public Relations Officer when it becomes available.Two weeks ago Fari Winston was attacked by a male student and had to seek medical attention at the Princess Margaret Hospital. That incident led to teachers staging a “sit in” in solidarity with their colleague and students protesting in the streets of Roseau and the Parliament building because they were sent home.Domincia Vibes Newslast_img read more

Ex-Barca president scared Messi may go

first_img Loading… Former Barcelona president, Joan Laporta, has admitted he’s “scared” Lionel Messi might not extend his stay with the club due to their current board situation. Messi is contracted at Camp Nou until 2021 and his relationship with Barca’s current boss Josep Maria Bartomeu is reportedly far from perfect making an extension complicated. While Bartomeu recently stressed his confidence that the Argentine will re-sign and likely see out his career at Barcelona, Laporta isn’t so certain. Though hopeful Messi will remain at the club, Laporta noted Barca’s current board members could force their star into a corner. “I want him to stay in 2021 but I am scared that a bad decision of this board could result in an irreversible decision,” Laporta said of Messi at an event at Sant Joan de Deu hospital on Wednesday. “It’s not BarcaGate, it’s BartoGate, I am worried about how the status of the club is being put at risk.” Laporta, who is considering running for Barcelona president again, has also warned Xavi against returning to manage the club in its current state. Bartomeu has declared Xavi will coach the Catalans “sooner or later” but the man himself has resisted initial calls to return until he’s given more power to influence matters at the club.Advertisement Promoted Content8 Addictive And Fun Coffee Facts9 Facts You Should Know Before Getting A TattooThese Films Were Sued For The Weirdest Reasons7 Universities In The World With The Highest Market ValueBirds Enjoy Living In A Gallery Space Created For Them10 Risky Jobs Some Women DoA Hurricane Can Be As Powerful As 10 Atomic BombsYou’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeWhy Do So Many Digital Assistants Have Feminine Names & Voices?Best & Worst Celebrity Endorsed Games Ever Made11 Most Immersive Game To Play On Your Table TopWhich Country Is The Most Romantic In The World?center_img “If I was Xavi, I would never be back with this board,” Laporta said. “Every day I have more desire to take part in the election. Some concrete conditions are needed for me to feel comfortable to run right now rather than resist for a few more years.” Speaking in May, Laporta expressed a clear desire to get Barcelona back on track, noting he’d love for Pep Guardiola to return and manage the club. “I’m working to introduce myself as a presidential candidate,” Laporta told TV3. “I’ve been president before and I’m excited to be back. The situation in 2021 will be dramatic and we’ll have to reverse it. I’m working with people I trust “I would very much like Guardiola to come back, but now he is at City and it is a decision that Pep should take. He is a benchmark for Barcelona and many Catalans would like him to train Barca again “At the right time, I will speak to the person we think should be Barca coach from 2021.” read also:Oshoala joins Messi in modelling Barca new home kit for 2020-21 season Barcelona are currently second in La Liga with Real Madrid poised to seal the title on Thursday should they beat Villarreal. FacebookTwitterWhatsAppEmail分享 last_img read more

Cricket News IND V AUS: Australia scripts their own fate as they clinch T20 series 2-0

first_imgAustralia wins the T20 series 2-0. The five-match ODI series will start on March 2. Glenn Maxwell was awarded as the man-of-the-match and series. highlights New Delhi: Before the start of this two-match T20 series, almost every cricket pundit thought that India will emerge as victorious. However, what followed was nothing short of phenomenal. The Australian team came with set plans and knew what they were doing. And it wouldn’t be wrong to say that they have scripted their own fate.The second T20 International between India and Australia turned out to be a closely-fought affair. In the end, the visitors, led by Aaron Finch, won the match at the M Chinnaswamy Stadium in Bangalore by seven wickets courtesy of a sensational batting display from Glenn Maxwell. With the stupendous triumph, the Aussies clinched their maiden T20I series in India to create history. On the other hand, Virat Kohli also lost his maiden series on home soil.The toss favoured the Australian skipper for the second time in this series, and he asked the opposition to have a bat first. The pitch had a slight green tinge to it, which resulted in skiddy pace. KL Rahul and Shikhar Dhawan took India off to a blistering start courtesy of a 61-run stand off 43 balls. However, Dhawan couldn’t time the ball properly and crawled to 14 from 24 balls before falling prey to left-arm pacer Jason Behrendroff. At the other end, Rahul was in a different zone altogether and he racked up 47 runs from 26 balls with three fours and four sixes. Unfortunately, he perished to Nathan Coulter Nile in the eighth over.Rishabh Pant flattered to deceive yet another time and became D’Arcy Short’s victim. Then Virat Kohli and MS Dhoni took the onus upon themselves and accumulated 100 runs for the fourth wicket. The Indian captain got to his fifty in 29 balls and remained not out on 72 from 38 balls with a couple of fours and six mighty sixes. Dhoni notched 40 from 23 and India raced to 190 for four in their 20 overs.The visiting team didn’t make the greatest of starts as skipper Aaron Finch and Marcus Stoinis departed cheaply. Runs were hard to come by initially, but Australia didn’t panic. Short put on a handy 40 runs from 28 balls to inject momentum into the innings. At the other end, Glenn Maxwell went berserk and took the attack to the opposition. Most importantly, the right-hander blended caution with aggression.He got to his half-century in 28 balls and then went on to storm to his third T20I century in a mere 50 balls. Maxwell didn’t spare anyone and kept surging ahead. He was severe on Siddarth Kaul as the Indians looked in utter bewilderment. With nine runs needed in the last over, he smacked a four and a six off Kaul to take the Aussies over the line with two balls to spare. Maxwell finished with 113 runs of 55 balls. His innings was laced with seven boundaries and nine aerial shots.The two teams will now play a five-match ODI series, which is scheduled to start on March 2 at Rajiv Gandhi International Stadium, Hyderabad. This remains to be seen if the result would be any different to T20 series.  Brief ScoresIND: 190/4 in 20 overs (V Kohli 72*; J Behrendorff 1/17)AUS: 194/3 in 19.4 overs (G Maxwell 113*; V Shankar 2/38) For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more

Good Neighbors to aim for $1.4 million

first_imgUniversity leadership said it wants to expand the scope of USC’s biggest charity fundraising campaign, “The Good Neighbors Campaign,” after the last academic year was successful, despite the economic downturn.Donation · The Good Neighbors Campaign supports many community services, including the Neighborhood Academic Initiative. – Kastalia Medrano | Daily TrojanLeadership announced the upcoming year’s goal Wednesday afternoon at Alumni Park. It aims to raise $1.4 million this year, after generating $1.2 million from donations last year from USC faculty and staff.Senior Vice President of University Relations Tom Sayles said he is glad the program has been successful even in tough economic times.“The Trojan family has been so generous, even during recessions we’re able to increase our donations from the previous years,” Sayles said.Since 1994, more than $12.5 million has been raised for the campaign. President C. L. Max Nikias said the university wants more faculty and staff to be involved with the campaign this year.“Last year, 35 percent of the faculty and staff contributed to the campaign so just imagine what we could do if 60 percent or 75 percent contribute this year,” Nikias said.Kim Alexander, senior executive director of development for University Relations, said the university has worked to streamline the process for faculty and staff to donate money online.“Online donations are going to be much easier this year,” Alexander said. “We’re also increasing our communiqué to faculty and staff to encourage them to donate more.”The event also showcased the achievements of some of the organizations such as the Neighborhood Academic Initiative that benefit most from the campaign.The NAI, which provides support to local students through their secondary school education, was also featured at the event. The NAI prepares its students for college with tutoring sessions every Saturday and guarantees a full financial aid package to those who complete the program and are admitted into USC.NAI Program Director Kim Thomas-Barrios said the money raised last year would allow the group to expand the scope of its program.“Ninety-nine percent of the kids enrolled in our program go to college and of those, 35 percent get into USC,” Barrios said. “Because of the Good Neighbors Campaign, we are going to be able to add students from the sixth grade onwards, as opposed to from the seventh grade, as in previous years.”Guadalupe Cardona, a program graduate and a freshman majoring in psychology, said she was grateful for NAI.“The program was six years of hard work,” Cardona said. “The community really needs help and I’m very proud to be a USC student because of such initiatives.”Mentors for the program are USC students, many of whom are graduates of the program. Cardona said she plans to be involved now that she is a USC student.Skull and Mortar conducts an annual health fair — supported by the campaign — where it provides free screenings for a variety of medical conditions and flu shots.Angela Lee, the program’s student coordinator and a third year pharmacy student, said nearly 1,000 community members attended the event last year and they plan on getting more to attend this year.“This drive is very useful for the community, as well as for the students [who run it], as it provides free health services to people while giving the students a chance to get some practical experience,” Lee said.Lee said the campaign provides a majority of the medical supplies and additional necessities needed to hold the fair.The campaign has given 459 grants that total $11 million to community organizations affiliated with the university and located near either University Park Campus or Health Sciences Campus. A 20-member committee of faculty and staff is responsible for examining grant requests.last_img read more