World Bank warns pandemic could push 60 million into extreme poverty

first_imgMalpass said the bank anticipates a five percent contraction in the world economy this year, with severe effects on the poorest countries.”Our estimate is that up to 60 million people will be pushed into extreme poverty, erasing all the progress made in poverty alleviation in the past three years, and our forecasts indicate a deep recession,” Malpass said.Nearly five million people have been infected by the virus around the world, and more than 300,000 have died since it first appeared in China in late 2019.So far, the World Bank has spent $5.5 billion to shore up beleaguered health systems, economies and social services in poor countries. The head of the World Bank warned Tuesday that the coronavirus crisis threatens to push some 60 million people into extreme poverty, wiping out the gains made over the past three years.The global lending institution is already financing aid programs in 100 countries, under its commitment to spend $160 billion over the next 15 months, bank president David Malpass said.”That’s home to 70 percent of the world’s population. This represents a significant milestone,” Malpass told a conference call. Topics :center_img But Malpass stressed that the World Bank’s efforts alone were insufficient, and urged donor nations to step up bilateral aid to poorer countries to ensure a durable recovery.He said restoring the flow of remittance payments and tourism — key sources of income for developing countries — would be “critical steps in the reopening.”A year-long moratorium on debt payments by less developed countries — called for by the G-20 in mid-April — has gained growing acceptance, he noted.According to Malpass, 14 countries have agreed to such a suspension of debt payments, another 23 are expected to request it, and 17 were giving it serious consideration.”That’s a very welcome and very fast response and positive response to the G-20 countries’ commitment,” he said.last_img read more

SKK Migas offers relief for struggling oil, gas companies

first_imgThe Upstream Oil and Gas Special Regulatory Task Force (SKK Migas) said on Wednesday that it would allow upstream companies to postpone paying annual Abandonment and Site Restoration (ASR) fees in a bid to keep Indonesia’s production levels on track as the COVID-19 crisis continues.The fees, which are used to address environmental issues associated with inactive oil and gas wells, will be collected next year instead. Companies are required to apply to SKK Migas for the relief.“This is our way to ensure that targets for this year and the following years are met,” said SKK Migas head Dwi Soetjipto in a statement. He said with the ASR relaxation, companies would have more liquidity to service and maintain their existing oil and gas wells. “Without that incentive, in the short term – two or three years ahead – the production decline might be sharper than in previous years,” he wrote in a text message.Oil and gas producers in Indonesia have welcomed SKK Migas’ ASR relaxation as it gives them more room to adjust their cash flow, said Indonesian Petroleum Association (IPA) executive director Marjolijn Wajong.IPA members comprise many of Indonesia’s top oil and gas producers, such as California-based Chevron, Texas-based ExxonMobil and London-based BP.“But at the end of the day, the incentive will help some companies while, for others, it may [not],” she told the Post on Thursday, explaining that IPA members’ financial circumstances differed.Many multinational oil companies have winded down investment in Southeast Asia because of economic pressures, said Angus Rodger, upstream research director at energy consultancy Wood Mackenzie Asia Pacific, in a press note on July 15.“If governments genuinely want more spending on big development throughout the region, they are going to have to fight for it,” he said.Topics : Postponing ASR payments is one of several relaxations SKK Migas has promised to oil and gas companies to keep their output in line with annual targets, despite this year’s crude oil price crash and the collapse in fuel demand.The price of Brent, an international oil trading benchmark, hit a low of US$19.33 per barrel on April 21. On Friday, it was $43 per barrel. Experts say that despite signs of recovery, crude oil prices will likely remain low – below $50 a barrel – until next year, when the health crisis is expected to abate.The task force has already revised down its 2020 oil production target by 4 percent to 725,000 barrels per day. It also revised down its gas production target by 14.2 percent to 5,727 million metric standard cubic feet per day (mmscfd), as a result of economic pressures.“The contribution of annual ASR fees to expenses is, as far I know, a fixed amount, and it’s quite significant under such price conditions,” oil and gas observer Tumbur Parlindungan told The Jakarta Post on Wednesday.last_img read more

Would you like the beach as your backyard?

first_img21 Beech Lane, Casuarina.The Fordhams said one of their favourite features is the property’s proximity to the new town village — a supermarket, shopping and quality restaurants are just a short stroll or drive away. “We are selling the property to move to Surfers Paradise for work,” Mr Fordham said.The property, which was listed at the end of last year, was one of nine properties to hit the market on Beech Lane in 2017 — half have sold for over $1 million. The area itself is trending upwards — since mid last year, Casuarina has recorded steady median house price growth to its current price of $925,000, and recorded an increase of 33.7 per cent over a five-year period. Market data has indicated established couples and families are the most common buyers seeking Casuarina’s relaxed coastal lifestyle. The residence is just metres from the beach.“The best part about the home is the beauty of living inside, and feeling like you’re living outside,” said vendor Warwick Fordham.Mr Fordham and his wife have owned the property for a decade, and meticulously maintained its appearance.“We had it architecturally designed, we recently repainted it,” said Mr Fordham. The master suite has a spa ensuite.The house showcases high ceilings, and features include a roomy galley kitchen, separate media lounge room and spacious living and dining area which flow through to the deck. There is plenty of room for the new occupiers.The main residence offers three bedrooms, including the master suite which opens to its own balcony, and has a spa ensuite. There’s also a self-contained studio unit, suitable for separate guest accommodation or dual living. The deck overlooks coastal bush and features a pond and water fountain.Other work in progress includes ducting for airconditioning in place — it only requires motors — and there is room for a pool with a quote available.More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach Northless than 1 hour ago02:37International architect Desmond Brooks selling luxury beach villa20 hours ago“If the new owners want to put a pool in, we recently looked at that,” said Mr Fordham.“I also installed a sprinkler system so the gardens are low-maintenance.”Outside, an expansive under-roof deck overlooks the coastal bush and shrubbery leading straight through to the beach, and a pond and water fountain add to the serenity of the ocean’s waves in the background. 21 Beech Lane, Casuarina is on the market for $1.65 — $1.7 millionNAUTICAL accents, open plan living, bamboo flooring and beech wood cabinetry feature throughout the interior of this beachfront abode.The design of the two-storey house reflect its surrounds, positioned just steps from tranquil Casuarina Beach. Large windows allow plenty of natural light to filter through. Open plan living.last_img read more

Austrian investors welcome EU’s sustainable investment proposals

first_imgSeveral delegates agreed this was a problem, as the definition of sustainable investment varied widely between EU member states.In Austria, for example, nuclear energy is an absolute no-go for ESG investors, while French investors consider it one of the most environmentally-friendly ways of producing power.Robert Haßler, co-founder of the Oekom Research rating agency, highlighted that “in the high-level preliminary group preparing the proposals, no Austrians or Germans were represented”. He argued that this advisory group “in a way mirrored the correlation of power of European institutional investors in the ESG market”, with France, UK, the Netherlands and Nordic countries at the forefront.Valida’s Sardelic welcomed proposals for more transparency for ESG investments, and the possible introduction of benchmarks. However, he warned the finance industry should observe carefully what would be required.“For me it is surprising that the financial industry is singled out in the paper and is asked to bear a lot of responsibility,” Sardelic said, adding that there were “contributions the financial industry can make” but it should not be asked to do so on its own.Taxes on aviation fuel and long-distance transport should also be discussed EU-wide in a sustainability context, he said.Franz Partsch, director of the treasury department at the Austrian national bank ÖNB, said it was important to get all stakeholders in the financial industry on board, including rating agencies, index providers, investors and managers.However, he also warned of too much new regulation, saying: “It would be sensible to create a wide European framework for reporting on ESG activities within which several market practices can evolve.”He also said it would make sense not to apply “a too euro-centric approach”, as ESG was a global issue.Sardelic argued that the EU’s proposals strongly focused on climate change and environmental protection, but sustainability “is about a lot more than the environment”.ESG investors moving away from exclusion approachesMeanwhile, the German sustainable investment association Forum Nachhaltige Geldanlagen (FNG) has issued its annual ESG report covering Germany, Switzerland and Austria.For this year’s survey of 49 investors in the region, the definition of ESG investments was narrowed down leading to a slight drop in the number of assets invested under these criteria. The reported ESG assets fell from €242bn to just under €200bn.However, the researchers confirmed a general growth in ESG investments among institutional and retail clients.In all three countries the exclusion approach was losing its leading position among the ESG strategies used by investors, the report found. Investors have welcomed the European Commission’s proposals for a unified framework for ESG investments, but have warned of challenges to achieving a consensus.At an annual gathering in Vienna of institutional investors from Germany, Austria and Switzerland, delegates discussed the commission’s sustainable finance proposals, published last month.Martin Sardelic, chairman of the board at Austria’s Valida Holding, said he was “surprised at the speed” with which the commission had finalised the proposals.“The paper contains a lot of sensible ideas, especially the common definition of standards, but the interesting question will be to see whether nuclear energy will be excluded or not as France is playing a major part,” he added.last_img read more

Queensland’s biggest growth suburbs revealed

first_img Crowe’s former bingo island up for grabs MORE REAL ESTATE NEWS: The top suburbs for five-year price growth in Queensland Holiday crowds at Noosa as schools took their mid-year break in Queensland. Picture: Lachie MillardNoosa Heads and Sunshine Beach, both on the Sunshine Coast, saw median house values skyrocket by 76.8 and 64.6 per cent respectively over the past five years, according to realestate.com.au data.Yaroomba and Sunrise Beach both recorded improvements of above 60 per cent to round out the top-four. Queensland millionaire Therese Rein and husband former PM Kevin Rudd are among families that have chosen to make Sunshine Beach their new home, after buying this stunner that was built for tennis star Pat Rafter.Gold Coast suburbs Mermaid Beach, Burleigh Heads and Surfers Paradise all recorded house price gains of above 46 per cent to also feature in the top-10.Realestate.com.au chief economist Nerida Conisbee said the two coastal markets were attractive for lifestyle buyers.“If you want beautiful beachfront locations, what you’re getting on the Sunshine Coast is worlds apart in terms of value,” Ms Conisbee said. Yaroomba on the Sunshine Coast is among places that have seen a massive surge in prices in the past five years. MORE REAL ESTATE NEWS: RBA holds but mortgage ‘rates keep tumbling’ “And Gold Coast in particular generates its own economy – people living on the Gold Coast don’t necessarily need to go to Brisbane.”More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours agoMs Conisbee identified the southern Gold Coast region as an area “that has been popping up a lot for future growth,” with lack of supply likely to put upwards pressure on prices.“Burleigh Heads – that’s an area that seems to have been doing extremely well for a long time,” she said. The beachfront family home of BreakFree accommodation group founder and ex-AFL footballer Tony Smith and wife Simone at Mermaid Beach has sold for a record $25 million. The suburb was among Queensland’s top 10 best performers in the past five years.“The Gold Coast is locked by hinterlands and mountainous areas – there’s only so much they can expand in terms of land.”Ms Conisbee added that demand was also coming from south of the border.“For a million bucks on the Gold Coast you can get an acreage on the hinterlands, whereas on the northern beaches of Sydney it gets you an apartment.” FOLLOW US ON FACEBOOKcenter_img Tourist hotspot hits market just as borders set to open Rudd quits CBD penthouse Noosa had ridden the biggest wave of price growth in the past five years. Picture: Lachie MillardThese Queensland suburbs have seen such supercharged demand in the past five years that home prices have surged in double digits.The top 10 price movers in the past five years have all come from coastal suburbs on the east coast, with the Sunshine Coast making up six including taking out the entire top five. How to live like TV star Sophie Monklast_img read more

Sydney school Elanora Heights bans clapping

first_imgNZ Herald 21 July 2016Family First Comment: This isn’t PC – this is STUPIDITY! “The latest example of a political correctness outbreak in Australian schools, which have banned hugging, singing Christmas carols, celebrating Australia Day, singing the word “black” in the nursery rhyme “baa baa black sheep”, and an exclusive girls school banning teachers from calling “ladies” or “women” in favour of “gender-neutral” terms.”Clapping has been banned at a Sydney primary school which has introduced “silent cheering”, “pulling excited faces” and “punching the air” to respect students who are “sensitive to noise”.The school now only allows its pupils “to conduct a silent cheer” when prompted by teachers and says the practice “reduces fidgeting”.Elanora Heights Public School, which is on Sydney’s northern beaches, announced its new “silent cheer” policy in its latest school newsletter.The latest example of a political correctness outbreak in Australian schools, which have banned hugging, singing Christmas carols, celebrating Australia Day and singing the word “black” in the nursery rhyme “baa baa black sheep”.The ban on clapping at Elanora Heights Primary School emerged on the same day that an exclusive girls school banned teachers from calling “ladies” or “women” in favour of “gender-neutral” terms.In its July 18 newsletter, the Elanora school has published an item under the headline “Did you know” that “our school has adopted silent cheers at assembly’s” (sic).The ban follows a direction at exclusive Cheltenham Girls High School in northwest Sydney for teachers to avoid discrimination and support LGBTI students by avoiding the words “girls”, “ladies” or “women”.The measure followed the introduction of the Safe Schools anti-bullying program and teachers were told at a meeting if they did not comply they could be deemed homophobic and breaking the law.READ MORE: http://www.nzherald.co.nz/lifestyle/news/article.cfm?c_id=6&objectid=11678467last_img read more

Alan Toussaint and Harian Henry are the winners of LIME’s Old Phone Contest

first_img Tweet Sharing is caring! Share Share LocalNews Alan Toussaint and Harian Henry are the winners of LIME’s Old Phone Contest by: – June 24, 2011center_img Share 83 Views   no discussions Old phones on display during media presentation in LIME Mobile shop this afternoon.On May 17th, 2011 LIME Dominica launched an Old Phone Contest in observance of World Telecoms day.This afternoon at a media  presentation held at Lime’s Mobile Shop in Roseau the Corporate Communications Manager Ms. Ferdinia Frampton announced the winners of this contest.Initially LIME anticipated that there would be one winner for this contest however to their astonishment there were two individuals who possessed an antique which were both manufactured in the same year and therefore the company selected them both to be winners.Mr. Alan Toussaint receiving his prize from LIME’s Head of Marketing Ms. Lorraine MitchellMr. Alan Toussaint and Mr. Harian Henry were proud reciepients of a blackberry handset each which includes a sim card.Allan Toussaint explained that he obtained the antique telephone some years ago during the clearing out of a station and so he is thrilled to have won this competition as a result.Meantime, Harian Henry who is an antiques collector was unaware of the competition only found out when a guest to his house saw the telephone and told him about it. He entered the competition and is also excited to have won the competition as well.The phones were manufactured in the year 1950.Dominica Vibes Newslast_img read more

Indiana picked as site for global security conference

first_imgTel Aviv, Israel – Governor Eric J. Holcomb joined leadership of Cybertech, one of the world’s largest cybersecurity conferences, in Tel Aviv, Israel, as they announced plans to host the inaugural Cybertech Midwest event in Indiana this fall.“We’re thrilled to host the first-ever Cybertech Midwest conference in our capital city,” Gov. Holcomb said. “Our trip to Israel demonstrated collaborative potential Indiana has with Israel on cybersecurity issues, and no one hosts major events better than Indianapolis. We look forward to showcasing Hoosier Hospitality to cybertech leaders from around the world.”Israel is a global leader in cybersecurity, accounting for approximately 10 percent of the world’s GDP related to cyber technology. Cybertech was started in Tel Aviv and it remains its largest summit, attracting more than 15,000 attendees in 2018. The conference has expanded globally, hosting events in Tokyo, Singapore, Panama and Rome, and will now hold its first summit in the Midwest, attracting international industry experts in cybersecurity to Indiana, sharing best practices in cyber technologies and innovations.In 2017, Gov. Holcomb signed an executive order establishing the Indiana Executive Council on Cybersecurity (IECC). Council and advisory members are focused on evaluating Indiana’s cyber risk profile, establishing a strategic framework of cybersecurity initiatives and leveraging the state’s assets to remain on the forefront of cybersecurity. One of the council’s priorities was to attract Cybertech and its global network of businesses, investors and experts to Indiana.“We are absolutely thrilled to bring the Cybertech to Indiana for our flagship U.S. event,” said Amir Rapaport, founder of Cybertech (pictured). “We see Indiana as the ideal location for our Cybertech event due to its vibrant cyber eco-system, with incredible involvement and passion from the state, industry, academia and local government when it comes to cybersecurity, protection and innovation.”Cybertech Midwest will kick off in 2018 with a one-day conference on Oct. 23 in Indianapolis, which is expected to attract more than 700 attendees with speakers and panels focused on global cyber strategies in sectors like logistics and transportation, utilities, defense, healthcare, financial services, business and local government. Cybertech Midwest will also follow up with a multi-day conference and exhibition in June 2019. More information about the conference is available online.As critical infrastructure and systems become digitally interconnected across the state, Indiana recognizes the need to advance strategic cybersecurity initiatives leveraging assets like its universities, research centers and business community. More than 30 Indiana universities and colleges offer cybersecurity courses, creating a talented employee pipeline. In addition, companies like Rolls-Royce, Raytheon, Cummins, Pondurance and Defcon Cyber have formed business units focused solely on cybersecurity.“Securing Indiana’s information technology infrastructure and industrial control systems is beyond the reach of any single entity,” said Bryan Langley, chair of the IECC and executive director of the Indiana Department of Homeland Security. “That is why the efforts of the council and partnerships is so imperative to address cybersecurity comprehensively and effectively in Indiana.”Today’s announcement comes on the heels of Gov. Holcomb’s economic development mission to Israel with the goal of strengthening global business ties and sharing best practices in emerging technologies and innovation. During the trip, the governor and delegation attended the Agritech Israel summit, met with a number of businesses, signed an MOU with the Israel Innovation Authority to advance 21st-century solutions, and met with Israeli government officials to discuss Indiana-Israel economic ties and share best practices.More information on the state’s relationship with Israel is available here.last_img read more

Lane lands career first IMCA Modified win at DCRP

first_imgBy Lonnie Wheatley DODGE CITY, Kan. (May 3) – Joel Lane scored his first career IMCA Xtreme Motor Sports Modified feature win Saturday at Dodge City Raceway Park.Lane took advantage of his pole starting position, outdueling Kevin Gray for the point in the early rounds and then holding off a late charge from Mike Petersilie over the closing rounds to secure the victory.Petersilie had battled through a pack of contenders before taking over second on the 14th round. He closed in on Lane and was nearly within striking distance as the white flag flew but Lane held strong on the final round for the victory.In IMCA SportMod action, Michael Shenberger made it two wins in as many DCRP visits this season by racing into the lead on the 10th round en route to victory lane in the 20-lapper. Shenberger reeled in Austin Walker and pounced on a lead he would never relinquish, ultimately taking the checkered flag ahead of defending track champion Jeff Kaup, who raced from 11th.Clay Money transferred from “B” action for the 27-car main event and then charged from 14th to finish third. Winner of the MARS vs. NCRA Late Model Border War was Ryan Gustin. Dan Rogers ruled the Thunder Car feature.last_img read more

Forrester looking to learn the ropes

first_img Press Association The St Patrick’s Athletic midfielder is the only home-based player in Noel King’s squad, and having made his debut in last month’s 3-0 friendly victory over Holland, is hungry for more. “It was a fantastic feeling to make my debut against Holland last month, especially as it was in front of my family and friends,” Forrester said. Chris Forrester will head into the Ireland Under-21s’ friendly clash with Portugal relishing the chance to continue his international education.center_img “The second thing is that it will obviously be good for my career to play at this level. “I want to play at the highest level I can and proving myself with the Under-21s team can only be good for that. “I don’t believe there is much difference between the Premier Division of the Airtricity League and Under-21 level. “There are good players in both, but it is a different style of play and I have to prove myself at that level.” Ireland will head into the game with the confidence gained from victories over Italy in their final in their final European Championships qualifier in September and the Dutch last time out. They will embark upon the new qualifying campaign in August against the Faroe Islands with Germany, Romania and Montenegro also waiting in the wings. Monday’s game is being played on an artificial pitch at Dundalk’s Oriel Park home after wintry weather in Dublin left the surface at the original venue, Tallaght Stadium, unplayable. last_img read more