Awilco Drilling terminates contract with Keppel FELS for construction of Nordic Winter rig

first_img Awilco Drilling terminates contract with Keppel FELS for construction of Nordic Winter rig. (Credit: aymane jdidi from Pixabay) Awilco Rig 1 Pte. Ltd. (“AR1”), a wholly owned subsidiary of Awilco Drilling PLC (“Awilco Drilling”), has notified Keppel FELS Limited (“KFELS”) that it has exercised its contractual termination right under a newbuilding contract between KFELS and AR1 for the construction of a semi-submersible drilling rig, Nordic Winter, as a result of breaches under the Vessel Construction Contract.The vessel construction contract provides that on termination AR1 will be entitled to a refund of the instalments paid to KFELS of USD 54,720,985 plus accrued interest.Nordic Winter is one of the two semi-submersible drilling rigs of Moss Maritime CS60 Eco MW design ordered by Awilco Drilling subsidiaries from KFELS. In addition, separate Awilco Drilling subsidiaries have rig independent options for two additional rigs of the same design. Source: Company Press Release Nordic Winter is one of the two semi-submersible drilling rigs of Moss Maritime CS60 Eco MW design ordered by Awilco Drilling subsidiaries from KFELSlast_img read more

The Magpie Salute Announces Debut Album Of Original Tunes, Shares First Single [Listen]

first_imgBack in late 2016, Rich Robinson of the The Black Crowes announced a brand-new project called The Magpie Salute. To join him for the new band, Robinson recruited former Black Crowes members including guitarist/vocalist Marc Ford and bassist Sven Pipien in addition to Rich Robinson Band member Joe Magistro and lead vocalist, John Hogg.Today, The Magpie Salute has announced their debut studio album, High Water I, due out Friday, August 10th via Eagle Rock Entertainment (U.S.), Mascot Label Group (Europe/Australia/New Zealand) and Sony (Japan), in addition to confirming an additional swath of summer tour dates. The band has shared the lyric music video for the album’s first single from the album, “Send Me An Omen,” which you can enjoy below:The Magpie Salute – “Send Me An Omen“[Video: The Magpie Salute]“‘Send Me An Omen,’ to me, wraps up all of the elements of this band,” explains Robinson in a press release. “There’s pure rock ‘n roll juxtaposed with these pop melodies sung with a melancholy that creates this beautiful balance of surreal dark and light.” The track will be available on all major streaming and download sites beginning this Friday, June 8th.Produced by Rich Robinson and recorded at Dark Horse Studios in Nashville, TN, the 12-song High Water I album represents a musical union of swaggering rock ‘n’ roll, psychedelic blues, and campfire-worthy storytelling. See below for the official tracklisting.HIGH WATER I track listing:“Mary The Gypsy”“High Water”“Send Me An Omen”“For The Wind”“Sister Moon”“Color Blind”“Take It All”“Walk On Water”“Hand In Hand”“You Found Me”“Can You See”“Open Up”View All Tour DatesTo celebrate the new music, The Magpie Salute will hit the road this summer with a number of headlining shows and festival appearances alongside shows with Gov’t Mule, The Avett Brothers, and Blackberry Smoke. See below for the band’s full confirmed itinerary through September, with more dates to be announced.You can check out The Magpie Salute’s upcoming tour dates below, and head over to their website for more information.The Magpie Salute Upcoming DatesSun, July 1 Copper Mountain, CO The Village at Copper MountainSun, July 8 Thunder Bay, ON, CAN Thunder Bay Blues FestivalTue, July 10 Buffalo, NY Tralf Music Hall*Thu, July 12 Wantagh, NY Northwell Health at Jones Beach Theater*Fri, July 13 Holmdel, NJ PNC Bank Arts Center*Sat, July 14 Mansfield, MA Xfinity CenterMon, July 16 Peekskill, NY Paramount Hudson ValleyWed, July 18 Reading, PA Downtown Alive Outdoor Concert SeriesThu, July 19 Waterloo, NY Del Lago Resort & Casino – The VineFri, July 20 East Greenwich, RI Greenwich OdeumSat, July 21 Fairfield, CT The Warehouse**Sun, July 22 Silver Spring, MD Fillmore Silver Spring**Tue, July 24 Columbus, OH Express Live!^Fri, August 17 Charlotte, NC Charlotte Metro Credit Union Amphitheatre^Sat, August 18 Charleston, SC Volvo Cars Stadium^Sun, August 19 Nashville, TN The Woods Amphitheatre at Fontanel^Tue, August 21 Huber Heights, OH Rose Music Center at The Heights*Thu, August 23 Noblesville, IN Ruoff Home Mortgage Music Center*Fri, August 24 Tinley Park, IL Hollywood Casino Amphitheatre*Sat, August 25 Clarkston, MI DTE Energy Music Theatre^Sun, August 26 Des Moines, IA Brenton Skating Plaza^Tue, August 28 Mankato, MN Vetter Stone Amphitheater^Wed, August 29 Papillion, NE Sumtur AmphitheaterThu, August 30 Boulder, CO Boulder TheaterFri, August 31 Park City, UT Snow Park Outdoor Amphitheater^Sat, September 1 Missoula, MO Big Sky BreweryWed, September 5 Grand Rapids, MI 20 Monroe LiveThu, September 6 Kent, OH Kent StageWed, September 12 Fredericton, NB Harvest Jazz & Blues FestivalThu, September 13 Portland, ME AURAFri, September 14 Beverly, MA Cabot TheatreSat, September 15 Hampton Beach, NH Hampton Beach Casino BallroomSun, September 16 Burlington, VT Grand Point North FestivalTue, September 18 Washington, D.C The HamiltonFri, September 21 Atlanta, GA Buckhead TheatreSat, September 22 Columbia, SC Glass Half FullSun, September 23 Louisville, KY Bourbon & Beyond* = w/Govt. Mule and The Avett Brothers^ = w/Govt. Mule** = w/Blackberry SmokeView All Tour Dateslast_img read more

5G and Me: And Industrial IoT

first_img5G is emerging. Industrial IoT is growing. Everyone has heard the phrase, it’s the next ‘big thing’. It’s faster internet, but what does it really mean for you? Our recent Not Just Another G blog series will help you understand exactly what 5G means.This blog will focus on a popular 5G application and use case: Industrial IoT (“Internet Of Things”). Consumers use of IoT has exploded in recent years – much to the extent that now, most folks using IoT don’t even realize they are utilizing it. It’s their smartwatch. Their smart meter. Their smart thermostat. All these ‘smart things’ that are saving our planet for future generations are actually part of IoT.Industrial IoT is much less talked about, because it’s much less seen by the public at large. Yet, it is everywhere around us. It is in roadside monitoring equipment. It is in our power distribution networks. It is in the drilling equipment that produces energy wealth booms for nations. It is in nuclear and hydel-power generation stations. It is in the planes that zip us around the world. It is submarines that let our armies protect us, unbeknownst to the enemy. Industrial IoT devices are everywhere, and they are constantly working to meet the lifestyle demands of the human race.What is it about 5G and industrial IoT?The scale and the complexity of existing and future industrial IoT applications is expected to rise significantly. Current connectivity methods are going to be inadequate for future IoT applications. The promise of 5G, with its mMTC (massive machine-type communication), and URLLC (ultra-reliable low-latency communication) network “slices” is seen to hold enormous promise. The network slice architecture will support the scaling of IoT in the future, and deliver IoT services in a reliable and timely manner. It will guarantee the delivery of that power plant status indicator to the central control system. It will guarantee the scale of millions of pollution monitors spread in sensitive natural ecosystems to work with known turnaround times, so that corrective actions can be initiated instantly and automatically.How will this play out?The 5G standards are being published as we speak, although equipment vendors have begun creating product implementations, and field-trials (and even a few commercial deployments) are skyrocketing. New IoT devices which can speak 5G are being created. Limitations of the compute (often less than desired), storage (often tiny), and methods for command/control of the devices are being studied & addressed. Software (middleware) layers such as the VMware Pulse platform which are designed to manage the plethora of devices, are being adopted. Companies like Intel are solving important fundamental problems such as how to securely deploy and provision the devices with platforms such as Intel SDO.When can we expect results from 5G and IoT?Expect that the IoT capabilities of 5G network equipment, software, and IoT device ecosystems will fully evolve and converge in the next 12-18 months. Initial deployments will be in non-critical applications, soon to be followed by adoption in national critical infrastructure. IoT over 5G is truly a journey and will not happen overnight.Where will it all be deployed?Everywhere. Expect it to be mostly invisible. You will see that your local utility company will begin to reap the rewards of the resulting automation and management efficiencies, and pass along those savings to you, the consumer. In the end, we call it the Internet of Things, but it’s really made of things that serve people. And it will be global. The scale of industrial IoT revolution will reduce the cost and time difficult problems for all of mankind, not just the advanced economies of the world.At Dell Technologies, we are diligently working to make this revolution a reality. Our servers are optimized, long-lasting, and proven to operate in industrial spaces. Our client tech has been and continues to be at the heart of many IoT devices. Our networking and storage boxes may be invisible to you, the consumer, but rest assured that they already play a market share-leading role in most of these applications. Lastly, the software platforms, like the Pulse platform from VMware, will continue to solve scale, efficiency, and security problems posed by this revolution. To boot, we bring along strong ecosystem partnerships with industry leaders such as Intel to this space.Dell Technologies is making a mark on human progress enabled by the emerging 5G and Industrial IoT applications with our robust portfolio of telecommunication solutions to bring 5G to life.last_img read more

‘I don’t think it was ever a job’: Outgoing director of admissions reflects on tenure after 9 years leading admissions

first_imgOutgoing director of admissions Bob Mundy marked his last day on the job Friday after nine years on the job. After taking on a role with the University admissions office in 1983, the 1976 Notre Dame alumnus is retiring after 36 years of service.Though he spent the majority of his working life at Notre Dame, Mundy said he never saw his profession as a standard, conventional job.“For me, I don’t think it was ever a job,” he said. “Notre Dame has always been in my core … [it’s been] much more of a calling, or a vocation, if you will. I’m just happy to contribute to this place — and that’s been a gift.”In his three and a half decades in the Notre Dame admissions office, Mundy has witnessed significant changes in the admissions process. For example, over his time at Notre Dame, the number of applications received yearly by the University has nearly tripled.“When I started here, we had fewer than 10,000 applications — I want to say we had around 8,000 applications — and now we’re around 22,000,” he said.Despite the sizable increase in applications, Mundy said the University has not simply recruited applicants just for the sake of recruiting applicants. Rather, the focus has been on building a pool of applicants that hold an interest in Notre Dame, he said.“We’ve been very intentional as we develop plans and strategies to recruit students who might have an interest in Notre Dame,” he said. “I think we’ve been pretty careful about trying to send the right message. And if it doesn’t resonate with you we understand that. I think we’ve been good about growing the applicant pool in a meaningful way, of students who — for the most part — will understand the core values of the place. We haven’t just been out there looking for applications. We see that in the students who apply and in the talent level of those students. … Not only have the sheer numbers increased, but the talent level within the applicant pool has increased.”In assessing why applications have increased so much, Mundy said students are generally applying to more schools and focusing on rankings, such as the U.S. News and World Report ranking of top colleges.“In some respects you have students applying to more institutions,” he said. “That certainly is a factor. And then there is this disproportionate focus on the U.S. News Top 25 or Top 50.”While acknowledging that the application process has become more intense, the former high school teacher said he always encourages students to take a deep breath as they undergo the process.“It’s certainly become so much more … I guess energized is the word,” he said. “When I look at it from a student side it’s become more stressful. That’s something I wish hadn’t happened to the extent that it has. Students and families start fretting about this as early as ninth grade, sometimes before. Having taught high school, I’m always trying to be protective, if you will, of students. I’ve always been very insistent on this when I meet with a student: Make sure you enjoy your junior year, it’s going to be a great lead-up to your senior year, which you should enjoy even more. Don’t let the intense nature of the college process overcome those good times. Obviously you can’t ignore it, but try to find that right balance.”Mundy said the University itself has changed as well. For example, he said, the school’s intellectual rigor has improved in some ways.“Certainly the academic talent among the students, the academic expectations among the students and the faculty has grown,” he said. “One obviously leads to the other. And that’s an amazing opportunity — great students coming in and faculty saying, ‘I want to challenge these students.’ As you know, there’s a very strong undergraduate focus here,” he said. “I’m always really happy to say to parents and to students, ‘Our faculty are teaching. They love being in those classrooms with the undergrads.’ That energizes them. … That wasn’t different when I was here, but I think it’s more consistent now across all areas.”Regarding specific achievements, Mundy pointed to the University’s increased emphasis on diversity that has taken place on his watch.“I think it’s been the commitment of the University and this office to [become] a more diverse institution,” Mundy said. “You often hear ‘diversity’ in the broadest sense of the word — whether it’s socioeconomic background, whether it’s racial background, whether it’s citizenship, whether it’s academic interests — and I think Notre Dame realizes the great value in providing that experience here and in supporting it. I’m a first-generation college student, so I’ve got a soft spot for first-generation college students. Notre Dame has been terrific in not just saying to me personally, ’You go do that,’ but ‘There’s great educational value in this for everyone. Let’s be intentional in recruiting students and hopefully attracting those students to Notre Dame.’’Admissions work is inherently a double-edged sword, Mundy said. While it can be difficult to turn down such a large number of applications, he said it is gratifying to interact with talented members of the incoming class.“Like any job, it has its moments,” Mundy said. “You end up disappointing 85% of the people who engage with us in a really serious way by application. That’s not, naturally, a good feeling. But then when I get a chance to meet students, I just randomly remember students from the admissions process. Sometimes I remember because they write a great essay and tell a great story and I email in the fall and say, ‘Hey, you wrote a great essay. Let’s have coffee.’ And I spend 30 minutes with a student and I just come back so fully energized. I realize we have to disappoint some really neat young men and women, but these 30 minutes that I just have is awfully reassuring.”Mundy commended the admissions staff, many of whom are Notre Dame graduates, for their hard work and dedication in building the freshman class.”We tend to hire a fair number of Notre Dame graduates here — often, right out,” he said. “That’s very reassuring too. Both literally with the staff that’s here right now and then more metaphorically with all the staff I’ve worked with over my years it’s mind-boggling how hard they work, how relentlessly committed they are to this place and the values of this place. They do incredibly hard work all for the name of helping this place become better by building a better or mission focused, academically excellent class.”Ultimately, Mundy said, for him, what sets Notre Dame apart is its emphasis on teaching students how to use their talents and gifts to serve the wider world.“Something I will always tell admitted students, ‘You’re obviously here because you’ve got some amazing gifts,’” Mundy said. “… I’ve never said Notre Dame is better than any place. I’ve always said we’re different from every other place. And that’s how. ‘Bring these gifts here. We’re going to nurture those gifts, we’re going to challenge you to grow academically, spiritually, personally, having international opportunities, having research opportunities, having opportunities to serve others, all in the name of taking these great gifts and sharing them.’ That’s what I think helps make Notre Dame such a different place on the higher education landscape.”Tags: Admissions, Bob Mundy, Diversity, Notre Dame admissionslast_img read more

Young Jean Lee’s Straight White Men Starts Performances Off-Broadway

first_img Related Shows Straight White Men is Lee’s traditionally structured take on the classic American father-son drama. When Ed and his three adult sons come together to celebrate Christmas, they enjoy cheerful trash-talking, pranks, and takeout Chinese. Then they confront a problem that even being a happy family can’t solve: when identity matters, and privilege is problematic, what is the value of being a straight white man? Show Closed This production ended its run on Dec. 14, 2014 View Comments Young Jean Lee’s Straight White Men begins previews off-Broadway on November 7. The New York premiere, directed by the author, will play at the Public’s Martinson Theater through December 7 and officially opens on November 17. The cast includes Austin Pendelton, Pete Simpson, James Stanley and Gary Wilmes. Straight White Menlast_img read more

Solar Works, Inc. and SolarWrights, Inc. Join Forces to Create Largest Solar Integration Company in Northeast

first_imgSolar Works, Inc. and SolarWrights, Inc. Join Forces to Create Largest Solar Integration Company in NortheastRiverside Partners invests in the merger of the region’s two leading residential and commercial solar integratorsBoston, MA – October 14, 2008 – Riverside Partners, a Boston-based private equity firm, announced today the acquisition and merger of Solar Works, Inc (with an office in Montpelier) and SolarWrights, Inc. into the largest solar energy integrator in the Northeast.”We are delighted to be bringing together these two leading renewable energy companies, both of which have a track record of outstanding growth and high levels of customer satisfaction,” said David Belluck, general partner at Riverside Partners, which focuses on technology and healthcare investments. “This merger and investment by Riverside brings together the people, expertise and financial resources to create a premiere company capable of achieving broad expansion and growth while continuing to provide exceptional customer service.”The new company brings together the region’s leading designer and installer of commercial solar systems with the region’s largest residential solar energy provider. Driven by greater scale, superior customer service and extensive sales and marketing capabilities, the new company is well positioned to play a meaningful role in the growing renewable energy industry. In addition to solar electric and solar thermal expertise, the company will provide its customers with wind energy solutions through the integration of WindWrights, the wind division of SolarWrights.Combined, Solar Works and SolarWrights will leverage more than 30 years of renewable energy expertise and a seasoned staff of 110 employees to provide a full spectrum of sales, service and support to residential and commercial customers in the Northeast. With over 2,000 combined installations, the new entity has the experience and logistical capabilities to deliver quality solar electric, solar thermal and wind installations from large commercial projects to smaller residential customers.”We are pleased to be moving into this new level of growth and expansion with such a well respected industry leader as Solar Works,” said Bob Chew, founder and president of SolarWrights. “We see excellent opportunities to grow our customer base and solidify our position as the leading solar integrator in the Northeast.””SolarWrights and Solar Works share a common business philosophy and passion for renewable energy and quality customer service,” said Ron French, president of Solar Works. “We are excited to be joining forces. Together, we will provide a full spectrum of capabilities, enabling us to better support the needs of our existing and future customers as they take action to address energy independence and climate change.”Both Solar Works and SolarWrights doubled their sales in 2007. The merger, which combines the existing offices located throughout New England, sets the stage for the addition of green collar jobs throughout the region as the new company positions itself for future growth.# # #About Riverside PartnersFounded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund III, L.P. The fund focuses on growth-oriented companies in the technology and healthcare industries. Riverside is particularly experienced at partnering with founders, owners, and management teams. Riverside brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside have managed more than $500 million in investments in over 50 companies. Riverside Partners is currently focused on companies with revenues of $20 – $200 million. For more information, please visit is external)About Solar Works, Inc.Founded in 1980, Solar Works is a full service renewable energy systems integrator and project developer providing solar electric (photovoltaic) and solar thermal solutions for commercial, education and institutional clients. Solar Works has industry leading expertise in engineering, design, project management, performance analysis, project financing and renewable energy credit programs. Solar Works breadth of experience means cost-effective clean energy projects delivered on-time and on-budget for their clients. Solar Works is a SunPower Premier Dealer with direct buying relationships with Schott Solar, Schuco and Suntech. For more information, please visit is external)About SolarWrights, Inc.SolarWrights is the leading residential solar energy company in the Northeast with over 85 employees and over one thousand solar installations. SolarWrights is pleased to have recently been named the Rhode Island Audubon’s “2008 Business of the Year” as well as “One of the Best Places to Work” by Providence Business News for the last two years and has remained in the top three “Fastest Growing Private Businesses in Rhode Island” for the last three years. In 2008, SolarWrights successfully completed the acquisitions of Kosmo Solar, a Springfield, MA solar energy company and SunSearch, a Guilford, CT solar energy company. Robert Chew, a 31 year industry veteran, was named the 2007 “Entrepreneur of the Year” in the Providence Business News Annual Business Excellence Contest. For more information, please visit is external)last_img read more

The Thanksgiving Myth Gets a Deeper Look This Year

first_img– Advertisement – She said there’s a term used in academic circles to describe what happens when students like hers bring new knowledge home for the holiday: the Thanksgiving massacre.“You come home armed with this information about how the world works,” Dr. Julier said, “and then you come back to your professors and say, ‘Well, that didn’t go well.’”Indigenous studies is growing increasingly popular in academia, particularly among scholars whose work sits, as Dr. Julier’s does, at the intersection of food, race, class and gender.- Advertisement – Mr. Taylor-Johnson said his family’s Thanksgiving traditionally features dishes like turkey, wild rice, fry bread and green bean casserole, his personal favorite. In recent years, he has encouraged family members to use the holiday to acknowledge the plight of their ancestors.“Last year, we called it Takesgiving,” he said.Cross-generational education also occurs in non-Native American households. Alice Julier, director of the Center for Regional Agriculture, Food and Transformation at Chatham University, in Pittsburgh, has incorporated Native American history in her teaching for nearly 30 years.- Advertisement – Hiʻilei Julia Hobart, an assistant professor of anthropology at the University of Texas at Austin, said current events allow students to see more clearly the shared legacies of African-Americans, many of whose enslaved ancestors were forced to work land stolen from Native Americans, whose agricultural know-how was also co-opted. Christian Taylor-Johnson, 28, is a descendant of the Leech Lake Band of Ojibwe in northern Minnesota, and attended Leech Lake Tribal College. He said the education he received wasn’t available to older relatives, who were forced to assimilate and prohibited from speaking their native language.“I actually speak more Ojibwe than either of my parents,” Mr. Taylor-Johnson said.- Advertisement –last_img read more

Trump changes could derail census

first_imgLawmakers have underfunded the Census Bureau, the White House has mismanaged the agency, and now the Justice Department is pushing for a change that could skew the count in Republicans’ favor. Investigative reporting organization ProPublica disclosed last week that a Justice Department official formally asked the Census Bureau to add a question to the 2020 Census.Adding any question at this stage would be dicey, given that the bureau often runs extensive field tests before fiddling with its forms, ensuring that last-minute changes do not throw off its counting efforts.Worse, the Justice Department requested that the bureau inquire about people’s citizenship status.This threatens to sabotage the 2020 count. Asking about citizenship status would drive down response rates.Since its inception, the census has not only counted voters; it has taken a precise snapshot of everyone in the country. This helps government agencies to direct scarce dollars, and businesses to guide investment decisions.It is also crucial for doling out congressional representation.As the Supreme Court recently underscored, the Constitution requires that congressional seats be apportioned to states according to their total populations, not only their voting populations.Asking about citizenship status would deter undocumented people — or even legal immigrants who fear how far the Trump administration’s crackdown on foreigners will extend — from returning census forms. Many states — particularly blue states — could end up shortchanged.The bureau’s charge to count everyone does not change when fewer people fill out their census forms.In that circumstance, the federal government would have to send out census takers to knock on doors and talk to neighbors.Costs would rise substantially, even for a potentially less accurate count. Congress’ shortsighted underfunding of the bureau has, perversely, already resulted in cost overruns, as investments in new techniques and technology were not made. Categories: Editorial, OpinionThe following editorial appeared in The Washington Post:Perhaps no institution is more important to the functioning of American democracy than the census, the once-a-decade count of the U.S. population that determines congressional representation — and where billions in federal dollars will be spent.Yet both the GOP-led Congress and the Trump administration have hobbled the 2020 Census effort, which is entering its crucial final stages.center_img Adding another challenge for the bureau to overcome could require lawmakers to pony up even more last-minute cash to save the count. The Justice Department argues that it would be helpful in voting-rights cases to have reliable and accurate information on the voting-eligible population that extends far down into states and localities, collected simultaneously with other census statistics.Yet the department has relied on other, separately gathered census information about the voting-eligible population over the past decade.More exact data collected along with the rest of the decennial census would no doubt be helpful to Justice Department lawyers, but that interest is not as substantial as the threat that asking about citizenship status poses to the integrity of the count. Commerce Secretary Wilbur Ross should refuse to add a citizenship status question to the 2020 Census.If he does not, Congress should reject the change. More from The Daily Gazette:EDITORIAL: Urgent: Today is the last day to complete the censusFoss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Beware of voter intimidationEDITORIAL: Find a way to get family members into nursing homeslast_img read more

Australian economy to contract 10%, biggest drop since 1931

first_imgAustralia’s economy is poised for its deepest recession in 90 years as restrictions designed to mitigate the spread of coronavirus push firms and households to the brink, according to Bloomberg Economics.Gross domestic product will decline by about 10 percent in the first three quarters of 2020 before a gradual recovery in the final three months, James McIntyre, Australia economist at Bloomberg Economics, wrote in a research report Monday. He doesn’t expect Australia to return to its pre-coronavirus level of activity for three years.“The grim economic reality is that not all businesses and jobs will be able to be saved despite the best efforts of fiscal policy makers,” McIntyre wrote. “Fiscal measures are still essential, and worth it – it is less expensive to assist firms and households through to an eventual recovery than to rebuild the economy after the fact.” Prime Minister Scott Morrison pledged Monday to spend A$130 billion ($80 billion) over six months to try to safeguard jobs, in a third tranche of fiscal stimulus. The Reserve Bank of Australia has cut its cash rate to near-zero and is buying government bonds to lower yields and reduce interest rates across the economy.McIntyre argues that stimulus measures, no matter how big, won’t prevent upheaval in the economy, but they’re key to helping firms through the crisis and rebuilding afterward. Tens of thousands of Australian workers have already been sent home as retailers and airlines all-but close and queues outside job centers lengthen.The government has so far passed more than A$80 billion worth of fiscal support and Morrison’s announcement today brings total fiscal and monetary stimulus to A$320 billion, or 16.4 percent of GDP.“The labor market dislocation will be substantial, and is likely to linger for an extended period, even though economic growth may ‘bounce back,’ McIntyre wrote. “Economies will have to ‘run hot,’ or above potential for an extended period to not only re-engage unemployed workers, but to absorb underlying growth in labor supply.”For the full year of 2020, McIntyre expects the economy will contract by 6 percent. He sees labor market slack lingering, which will depress wage growth and inflation.“Monetary policy is expected to remain on hold, with ongoing quantitative easing to contain yields amid rising issuance as fiscal packages and automatic stabilizers kick in,” he wrote.Topics :last_img read more

European pension funds back BNPP private debt fund

first_imgThe European Investment Fund (EIF), part of the European Investment Bank Group, which helps European SMEs to access financing, is also involved.The fund is managed by BNP Paribas IP’s alternative debt team.It is incorporated in France as a closed-end Fonds Professionnel Spécialisé (FPS), structured as a SICAV, and has Fonds de Prêt à l’Economie (FPE) and European Long-Term Investment Fund (ELTIF) status.The fund is intended to be complementary to traditional bank loans.David Bouchoucha, head of institutional, and Laurent Gueunier, head of alternative debt management at BNP Paribas Investment Partners, said: “We are very pleased to have completed a successful fundraising, reaching our target level of €500m at first close. “This confirms the strong interest from investors in an asset class that offers a compelling investment opportunity.” French civil service additional pension scheme ERAFP and the Belgian pension fund for the construction sector are among institutional investors that have signed up to a European SME debt fund recently launched by BNP Paribas Investment Partners.The asset manager reached its target of €500m for the private debt fund at first close, which took place last Friday (30 September).The fund finances small and medium-sized enterprises (SMEs) in Europe by way of bank lending and fund financing, with the fund focusing on investing mainly in senior secured debt.A number of leading European institutional investors are involved, including major French social protection group AG2R La Mondiale, civil service pension fund ERAFP, Belgium’s Pensio B, the construction sector pension fund and the BNP Paribas Group.last_img read more