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Press release: Lord Mayor of the City of London Charles Bowman to visit Indonesia

first_imgThe Lord Mayor of the City of London, Charles Bowman will visit Jakarta on 9 May 2018 in his capacity as a global ambassador for the UK’s financial and professional sector. The Lord Mayor will discuss areas of collaboration with Indonesia on infrastructure finance, green finance and financial technology (fintech). The Lord Mayor is scheduled to meet Finance Minister Sri Mulyani, Minister for State Owned Enterprise Rini Soemarno and Head of Jakarta Stock Exchange Tito Sulistio. He will also open the Indonesian Stock Exchange, where he will take part in a Green Finance Summit and meet interlocutors from infrastructure projects and financial institutions.The Rt Hon The Lord Mayor of the City of London, Charles Bowman said: Lord Bowman was elected as the 690th Lord Mayor of the City of London in Sept 2017 find out about roles and responsibilities of Lord Mayor of the City of London for further information please contact Embassy’s Spokesperson Ms Faye Belnis I am hugely excited about my visit to Jakarta, one of the most vibrant and exciting cities in South East Asia. London’s strengths as a leading international financial centre and foreign exchange hub perfectly complement Indonesia’s drive to grow its economy and expand further on the world stage. I look forward to discussing how we can further support Indonesia’s ambitious infrastructure plans, and share our expertise in infrastructure finance, green finance and fintech.center_img Further informationlast_img read more

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Chittenden Reports Earnings; Announces Quarterly Dividend

first_imgChittenden Corporation (NYSE: CHZ) Chairman, President and Chief Executive Officer, Paul A. Perrault,announced third quarter 2003 net income of $0.54 per diluted share,compared to the $0.48 per diluted share earned in the third quarter of 2002.For the first nine months of 2003, earnings were $1.54 per diluted share,compared to $1.41 a year ago. Chittenden also announced its quarterly dividendof $0.20 per share. The dividend will be paid on November 14, 2003, toshareholders of record on October 31, 2003.In making the announcement, Perrault said, “I am extremely pleased withour progress in organizing ourselves to be most responsive to our customers,shareholders, and employees, and with the financial results that we haveachieved at the same time. With our early-summer decision to migrate to a newinformation technology platform, work has begun in earnest to convert all ofour banks by the second quarter of next year. I am pleased to report that weare on schedule to meet that objective. The end result will be greatereffectiveness in serving our customers, enhanced efficiencies in our processesand lower costs associated with providing that service.”On February 28, 2003, Chittenden completed its acquisition of GraniteBank, a $1.1 billion commercial bank headquartered in Keene, NH for $123million in cash and approximately 4.4 million shares of Chittenden stockvalued at $116 million. This transaction was accounted for as a purchase and,accordingly, Granite Bank’s operations are reflected in Chittenden’sconsolidated financial statements from the date of acquisition.Total loans increased $85 million from June 30, 2003, due to increases inmunicipal, commercial real estate and construction loans. The increase inmunicipal loans reflects a seasonal trend, as the second quarter ishistorically the low point for municipal borrowings, coinciding with theborrowers’ fiscal year-ends. Commercial real estate loans increased $50million from June 30th with growth throughout Chittenden’s markets. TheCompany’s residential real estate portfolio declined $43 million due tocontinued heavy prepayments emanating from the decline in long term interestrates which hit their recent lows in the second quarter of 2003. This declinewas substantially offset by growth in construction loans due to the financingof several projects within Chittenden’s commercial customer base, continuing atrend that has been seen for the last several quarters.Total deposits increased $151 million from June 30th to $5.0 billion atSeptember 30, 2003. The increase was driven primarily by higher activity indemand, savings and money market/cash management accounts associated withmunicipal and commercial customers. The Company’s deposit base primarilyconsists of demand, savings and NOW accounts, which comprise 46% of totaldeposits and have an average weighted cost of 0.20%, and money market/cashmanagement accounts which comprise 32% of total deposits and have an averageweighted cost of 0.73%. Borrowings declined $159 million to $240 million atSeptember 30, 2003, primarily as a result of the early redemption of FHLBborrowings and customer repurchase agreements.The operating net interest margin for the third quarter of 2003 was 4.11%compared to 4.14% for the second quarter of 2003. In addition to scheduledamortization of Granite’s purchase accounting adjustments to loans, deposits,and borrowings which reduced net interest income by $900,000, the Companyrecognized accelerated amortization of $1.7 million in the third quarterprimarily due to heavy prepayments on Granite’s residential mortgages. Thenet interest margin for the third quarter, including the accelerated purchaseaccounting amortization, was 3.98%. Net interest income was $54.7 million forthe third quarter of 2003 and $49.7 million for the same period a year ago.The increase was driven by a larger balance sheet, as average-earning assetsincreased $1.1 billion to $5.5 billion in 2003 due primarily to the Graniteacquisition.Net charge-offs as a percentage of average loans were 1 basis point in thethird quarter and 8 basis points in the first nine months of 2003 compared to10 basis points and 20 basis points for the respective periods in 2002. Netcharge-off activity on a year-to-date basis totaled $3.1 million compared with$6.1 million in 2002. Nonperforming assets were $18.0 million at September30, 2003 unchanged from June 30, 2003 and as a percentage of total loansdecreased to 48 basis points compared to 49 basis points a quarter ago and 54basis points for the third quarter of 2002. As a percentage of loans, theallowance for loan losses was 1.57%, which was consistent with the lastseveral quarters.Noninterest income was $25.0 million for the third quarter of 2003 downfrom $29.8 million for the second quarter and up from $13.8 million for thesame period a year ago. The change from the second quarter was primarily dueto fluctuations in securities gains, impairments on mortgage servicing rights,and losses on prepayments of borrowings. Excluding these items, noninterestincome grew approximately $1.6 million on a linked-quarter basis. Gains onsales of loans increased $860,000 from the second quarter of 2003 due to aslightly higher margin on mortgage loans sold and insurance commissions wereup $610,000 primarily due to higher levels of performance based commissions.Compared with the third quarter of a year ago, increases were also seen inservice charges on deposit accounts due to the Granite Bank acquisition, aswell as investment management income, and retail investment services. TheCompany realized $3.3 million of gains on sales of securities compared to $9.7million during the second quarter of 2003 and $6 thousand in the comparablequarter of 2002. Partially offsetting the securities gains recognized in thecurrent quarter were losses of $2.1 million associated with the prepayment ofborrowings. In addition, mortgage servicing income was $2.1 million higher ona linked-quarter basis and $2.2 million higher from the same quarter of 2002due to recoveries recognized in the current quarter associated with the fairvalue of the Company’s serviced loan portfolio, net of continued heavyamortization of those assets. During the third quarter the Company recognizedapproximately $3.3 million in impairment recoveries versus $3.5 million inamortization expense on its mortgage servicing rights.Noninterest expenses decreased $7.4 million from the second quarter of2003 and increased $9.9 million from the third quarter of 2002. The increasein noninterest expenses from the same period a year ago were primarily aresult of the Granite Bank acquisition which contributed approximately $4.0million in salary and benefits expenses, $1.2 million of net occupancy expenseand $1.5 million of other noninterest expenses. The decrease from the secondquarter of 2003 was largely due to $6.8 million in non-recurring chargesaccrued in the second quarter related to the Company’s decision to convert itscore data processing system and lower compensation expense due to reductionsin staffing.Effective income tax rates for 2003 were 35.4% for the third quarter and36.2% year to date compared to 34.7% for both respective periods in 2002. Thehigher effective rates in 2003 are due primarily to a larger proportion of theCompany’s taxable income being generated in New Hampshire. The lowereffective tax rate in the third quarter of 2003 versus year-to-date was due tothe recognition of the settlement of tax assessments by the MassachusettsDepartment of Revenue relating to the taxation of Real Estate InvestmentTrusts. This settlement benefited the current quarter’s provision byapproximately $250,000.The return on average equity was 14.19% for the third quarter of 2003,compared with 13.34% for the second quarter and 15.36% in the same quarter of2002. This decline from a year ago is primarily due to the issuance ofadditional equity in the Granite acquisition. The return on average assetsfor the third quarter of 2003 was 1.32%, flat with the third quarter of 2002and up from 1.26% for the second quarter of 2003.last_img read more

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Trump calls on Senate to question Obama in conspiracy theory

first_imgAnd Graham poured cold water on Trump’s idea, telling Politico: “I don’t think now’s the time for me to do that. I don’t know if that’s even possible.”However Trump is set to keep pushing his “Obamagate” agenda as he works overtime to stir enthusiasm in his right-wing base ahead of the November 3 presidential election.Among the figures he is now targeting is Obama’s vice president Joe Biden, the presumptive Democratic challenger this November.The conspiracy theory seeks to turn on its head a two-year investigation led by special counsel Robert Mueller into Trump’s Russia contacts.Mueller determined that Trump and his election campaign had extensive, sometimes murky contacts with Russians, and that Moscow directly interfered in the tense 2016 election.But he said there was no hard evidence of collusion between the two sides.Trump has called for punishing the probe’s backers, calling the entire affair a “hoax.” Despite saying that he was “greatly concerned by the precedent that would be set by calling a former president” to testify, Graham promised to hold hearings in June on the Russia-Trump investigation in general. Topics : The claim is that Obama’s administration and a “deep state” tried to scuttle Trump’s presidency using probes into his contacts with Russian entities.”Just do it,” Trump tweeted, addressing Senator Lindsey Graham, one of his most loyal Republican allies, who chairs the powerful Senate judiciary committee.”The first person I would call to testify about the biggest political crime and scandal in the history of the USA, by FAR, is former President Obama,” Trump said in the tweet.Shortly after, Obama appeared to respond on Twitter, writing simply: “vote.”center_img President Donald Trump broke with tradition Thursday by calling for investigation of his White House predecessor Barack Obama in the latest attempt to push a conspiracy theory about his Democratic opponents.Washington operates under unwritten rules that presidents and ex-presidents avoid public clashes.However Trump, less than six months from a volatile reelection showdown, called for Obama to testify in the Senate over a conspiracy theory he has dubbed “Obamagate.”last_img read more

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Ministry to restructure Jiwasraya policies, establish new life insurance firm

first_imgThe State-Owned Enterprises (SOEs) Ministry is planning to restructure state-owned insurance company PT Asuransi Jiwasraya’s policies before carrying them over to a new company and dissolving the ailing insurer.Deputy Minister Kartika “Tiko” Wirjoatmodjo said the ministry made a proposal to the House of Representatives to restructure all of Jiwasraya’s life insurance policies.Should the House agree to the scheme, the ministry will instruct state-owned insurance holding firm PT Bahana Pembangunan Usaha Indonesia (BPUI) to start negotiations with policyholders in August. The negotiations are expected to conclude in December 2021. In the meantime, BPUI will establish a new life insurance company, PT Nusantara Life, which will then hold all of Jiwasraya’s restructured policies. Following the transfer, the ministry will then completely dissolve the ailing insurer.Prior to holding the restructured policies, the new company would need a state capital injection to balance out its liabilities and assets as it can no longer rely on Jiwasraya due to its negative equity, which reached Rp 35.9 trillion (US$2.5 billion) as of May 31.“With a negative figure that big, it’s impossible for the ministry to create a new company without a state capital injection,” Tiko said as quoted by Kontan.The amount of state capital will depend on the result of negotiations between policyholders and the House Commission VI on SOEs, trade and industry and Commission XI on financial affairs. Jiwasraya is embroiled in a corruption and money laundering case following its failure to pay out Rp 18 trillion in matured policies due in May to its policyholders. The insurer is accused of investment mismanagement when it invested its premium revenue from the JS Saving Plan, one of the company’s insurance products, in pumped-and-dumped stocks.The JS Saving Plan product offered a return of between 9 and 13 percent, almost twice the amount of return offered by the time deposit of 5 percent to 7 percent.Tiko said the ministry would ensure the health of the new company by reducing the amount of policy returns offered to its customers.“Several policies can enjoy high returns of up to 13 percent. We have to lower this to around 6 percent to 7 percent,” he said.Insurance expert Irvan Rahardjo said on Thursday that establishing a new company might be the most feasible scheme to solve Jiwasaraya’s problems.“Relying on capital injection from the government will be the most sensible thing to do to establish Nusantara Life because the proceeds of the sales of the insurer’s subsidiary, Jiwasraya Putra, will not be enough to pay for the overdue claims,” he said.Life insurer PT Taspen Life would reportedly buy 70 percent of Jiwasraya Putra’s shares for Rp 2.6 trillion, while state-owned Bank Tabungan Negara (BTN) would buy the remaining 30 percent, said Jiwasraya president director Hexana Tri Sasongko as reported by Kontan.Irvan said that Jiwasraya’s assets, which were confiscated and then recovered, would not be sufficient to cover for the Rp 18 trillion in claims as the value of many of the shares and mutual funds had depleted significantly. The government would also need time to sell other illiquid assets, such as properties confiscated from the suspects.“Now the question is: How much will the capital injection be and how soon can [the government and the House] agree to provide it during this pandemic?” he told The Jakarta Post, adding that he projected the government would need around Rp 10 trillion.Other than recording negative equity, Jiwasraya also recorded high liabilities and depleted assets.As of May, the insurer recorded total liabilities of Rp 52.9 trillion, which consisted of Rp 36.4 trillion in conventional policy liabilities and Rp 16.5 trillion in JS Saving Plan liabilities. Its assets depleted to Rp 17 trillion from Rp 23 trillion in 2018.Tiko said the greatest liquidity pressure came from its JS Saving Plan, which caused the company’s unpaid claims to reach Rp 18 trillion as of May despite the fact that it had paid Rp 470 billion in March.At the same time, the insurer’s risk-based capital ratio slumped to minus 1,907 percent, well below the minimum ratio of 120 percent required by the Financial Services Authority (OJK).center_img Topics :last_img read more

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Fruta conquers GDF to win GFF ‘Big Four’ tournament

first_img… Buxton needle Victoria Kings for third placeFRUTA Conquerors toppled National Club Champions, Guyana Defence Force (GDF), 1-0 on Sunday at the Leonora Track and Field Facility, to win the Guyana Football Federation’s (GFF) ‘Big Four’ tournament, which featured the top four clubs from the STAG Elite League.Thanks to Eon Alleyne’s goal in the 13th minute, Fruta Conquerors walked away with $1.5M while the GDF, winners of the STAG Elite League, will head back to barracks with $700 000.Commenting on his team’s victory, Dellon Williams, captain of the Fruta Conquerors FC, dedicated the win to the hard-working members of the club, stating that preparations were hampered by the inclement weather, leaving a very soggy Tucville Community Ground, the club’s home ground.Nonetheless, Williams said the team showed great strength to battle a hard-nosed GDF side, after facing them, following a 5-1 semi-final win over Victoria Kings at the same venue last Friday.“We executed our game-plan; that’s how we came out victorious. The finishing wasn’t the best but our team plan was to absorb the pressure because we know the Defence Force and how they play, especially in the first 20 minutes of the game,” said Williams.Keevin Sullivan, GDF captain, said that while the club is obviously disappointed by not coming out victorious, they are, however, looking forward to the new season of the STAG Elite League, where they promise to exact revenge.Meanwhile, in the third place game, Keveron Durant scored in the 33rd minute to lift Buxton United over Victoria Kings 1-0 to win $500 000. The Victoria-based team received $300 000.GDF’s Enoch Carmichael was named the Most Valuable Player (MVP) and rode away with a new Honda XR150L motorcycle.last_img read more

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Ole Gunnar Solskjaer — Super sub to Man United hotseat

first_imgLondon, United Kingdom | AFP | Ole Gunnar Solskjaer etched himself into Manchester United folklore in the manic closing seconds of their Champions League win against Bayern Munich in 1999.Alex Ferguson’s team had wrapped up the Premier League title and won the FA Cup but their dreams of a unique treble appeared to be over as they trailed 1-0 at the Camp Nou going into added time.What happened next defied belief. First, fellow substitute Teddy Sheringham grabbed an equaliser and then Solskjaer poked home the winner following a flick-on from Sheringham, sparking scenes of pandemonium.The striker joined United from Norwegian club Molde in 1996 for a bargain £1.5 million ($1.9 million) and played a key role in one of the most successful spells in the club’s history, scoring 126 goals in 366 games.On the pitch, the Norwegian, nicknamed the “Baby-faced Assassin”, became an embodiment of United’s never-say-die spirit, often scoring late goals when points or trophies looked to have been lost.Now the new interim United manager has been handed the chance to add another chapter to his Old Trafford story, given the task of turning around the club’s season after a disastrous spell under departed boss Jose Mourinho.“Manchester United is in my heart and it’s brilliant to be coming back in this role,” said the 45-year-old, who has a daunting task ahead of him.– Super sub –Many of Solskjaer’s goals came from the substitutes’ bench, including four in 12 astonishing minutes against Nottingham Forest in an 8-1 win in February 1999. “Even though I’m a humble lad, I don’t think there is any better finisher than me, still,” he previously told MUTV. “The better players I had with me, the better I was.“I was a poacher, sniffing goals out, and the better I got to know Giggsy (Ryan Giggs), Becks (David Beckham) and Eric Cantona, plus all the other great players I played with, they created chances for me.”Ferguson described Solskjaer, who won six Premier League titles at Old Trafford, as one of the best finishers he had worked with and praised his patience in sharing striking duties at United with a string of other top forwards.“Ole was absolutely ridiculous from the bench,” said former United teammate Andy Cole.“He was a connoisseur of the game and he used to watch from the bench to see how he could hurt people. He picked out weaknesses to exploit.”Solskjaer lost his battle with persistent knee problems in 2007 before becoming the club’s reserve-team manager.He moved back to his native Norway to become manager of Molde for the 2011 season, winning the league for the first time in the club’s history the same year and repeating the feat in 2012, also lifting the Norwegian Football Cup in 2013.He was announced as manager of Cardiff City in January 2014 but failed to save the club from relegation from the Premier League, leaving in September of that year.He returned to Molde in October 2015 and his team finished as runners-up in the league in 2017 and 2018.Share on: WhatsApplast_img read more

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Judgement day for Real Madrid as Zidane’s second coming begins

first_imgEden Hazard joined Real Madrid from Chelsea in JulyMadrid, Spain | AFP |  Zinedine Zidane returned to save Real Madrid and the time has come for results.In a packed-out press conference under the Santiago Bernabeu in March, the club’s president Florentino Perez delivered the grandest of re-introductions.“We need to start working on a glorious new era,” said Perez. “That is why we welcome back Zinedine Zidane.”Some might have expected a bounce but nobody blamed the coach when performances continued to drag and the gap behind Barcelona, rather than narrowing, widened.Zidane took over a team with nothing to play for and a squad he knew was in need of reform. He knew because he had left it nine months earlier, just before it was broken.There was no quick fix. In his 11 games at the end of last season, Madrid won five, the only promise of progress the words Zidane kept repeating. “Things will change, for sure,” he said.Zidane denied it but they were seen as trials, every line-up scanned for clues as to who would survive the summer.Yet in some ways, none of it mattered and the results, not to mention attendances at the Santiago Bernabeu, said as much. “The best thing for us is that it’s over,” said Zidane, after the season ended in defeat.And now it begins again, the season, and Zidane’s second era as coach.Many wondered why he came back, risking everything after the perfection of three Champions League titles out of three.The assumption was he returned to a stronger hand, able to make demands the club were ready to meet and with the backing to rebuild in the way he had always wanted.He might have been encouraged too, when Eder Militao, Ferland Mendy, Luka Jovic, Rodrygo and Eden Hazard all signed for a total close to 300 million euros.Hazard was the headline act, a throw-back to a previous era that Zidane knew well, when the world’s most glamorous players seemed to walk through the doors every year.“I’m not a galactico, not yet, but I hope I will be one day,” said Hazard when he joined.– Bale stalemate –  But Madrid’s pockets are not as deep as they once were and sales were also needed, by the club and their coach.Zidane showed no inclination to make soothe and use Gareth Bale, instead urging the Welshman to make a move to China.“It is very close,” Zidane said. “We hope he leaves soon, it would be best for everyone.”Bale’s agent told AFP Zidane was a “disgrace” and if the Frenchman had hoped to push the deal over the line, he would be disappointed as Madrid changed their mind over the fee.James Rodriguez is also yet to leave and there were others that proved more difficult to bring in such as Paul Pogba and even Neymar.In other areas, Zidane has resisted change, backing experience over youth even if many believed experience last season had turned into apathy.Marcelo, Casemiro and Keylor Navas have stayed while Marcos Llorente was allowed to join Atletico Madrid and Sergio Reguilon and Dani Ceballos were both sent out on loan.For all the talk of upheaval, Madrid’s line-up against Celta Vigo on Saturday is likely to have a distinctly familiar feel.Yet there could be a new formation, with a 3-5-2 tried after some underwhelming showings in pre-season, allowing Marcelo and Dani Carvajal greater freedom as wing-backs and Hazard to play centrally behind Karim Benzema.And a shift in focus. Madrid have won La Liga only once in the last seven years, their failures in Spain excused only by unprecedented success in Europe.“For us next year, the league must be our number one priority,” Zidane said in April.In that sense, Madrid might profit if Barcelona aim their focus at the Champions League. But the Catalans and Atletico Madrid have both strengthened and look ready to challenge again.“La Liga is the longest competition, it’s the one that cannot be missed,” Zidane said. “I’m going to drill that in the heads of my players.” His players. Now they have to deliver.Share on: WhatsApplast_img read more