Pennsylvania Closes Bond Sale

first_img August 09, 2016 By: Jeff Sheridan, Press Secretary Pennsylvania Closes Bond Sale Government That Works,  The Blog The Commonwealth of Pennsylvania closed a $1.2 billion bond sale today. The funding will be used to support capital projects, including infrastructure projects, across the commonwealth.The sale received strong interest from 6 banks. The winning bidder, Bank of America Merrill Lynch had a 2.75 percent True Interest Cost. Over the long term, this will save hardworking taxpayers money.The market clearly recognized that the commonwealth has turned the corner and begun to place itself on stronger financial footing.The 2016-17 budget was an important step forward, and Moody’s and S&P’s positive actions regarding Pennsylvania’s outlook, combined with today’s bond sale results, reflects that fact. When the Governor Wolf came into office, following years of unbalanced budgets, the commonwealth faced a structural deficit of more than $2 billion. As a result of the governor’s push for sustainable, recurring revenue, we have made significant progress in reducing the deficit. We still have more to do and the governor looks forward to continuing to work with the legislature to finally fix the deficit and move the commonwealth forward.Following the completion of the budget, S&P removed the commonwealth from CreditWatch, and recently Moody’s revised Pennsylvania’s overall outlook to stable from negative.This all follows the final enactment of the commonwealth’s 2016-17 budget that is balanced and includes sustainable, recurring revenue to reduce our structural budget deficit. SHARE Email Facebook Twitter   SHARE  TWEET Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolflast_img read more

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AP3 vice-president leaves amid doubts over fund future

first_imgGustaf Hagerud, the third AP fund’s vice-president and head of asset management, has left and relocated to London after six years with the state buffer fund.Hagerud is set to manage a global equity and bond fund in the UK, as well as become partner in his new firm.AP3 confirmed his departure in a statement posted on the fund’s website.He leaves AP3 amid doubts over the future of the fund as the Swedish government accepted recommendations to reduce the number of funds from five to three. The five funds, AP 1 through 4 and AP6, have been under review since 2011, with the final findings recommending the closure of two funds to increase cost efficiencies.AP3, alongside fellow funds 1, 2 and 4, all invest in a range of real assets and listed equities and bonds, whereas AP6 focuses entirely on private equity.In the final report, it was suggested the three remaining funds closely coordinate their investments in the unlisted space, either through collaboration or by investment in unlisted ventures to be “concentrated” into one fund.It is also expected one of the Gothenburg-based funds, AP2 or AP6, will survive given the report’s stance on retaining one fund in Sweden’s second city.AP6 won praise in the report for its innovative investment approach and its speciality in private equity investing.Given this, it is likely one of the Stockholm-based funds – AP1, AP3 or AP4 – will close, with the assets of the two closed funds distributed among the remaining three.AP4 had performed the best on a 10-year average return basis.In August, Hagerud’s former chief executive, Kerstin Hessius, strongly criticised the report’s recommendations, suggesting the closure of two of the funds could have a negative impact on both current and future pensions in Sweden.Between the buffer funds, they have contributed SEK90bn (€9.8bn) to Sweden’s mandatory pay-as-you-go pension system, Hessius said.The review to decide which two funds are closed is ongoing, although a response will depend on the outcome of Sunday’s general election, with polls showing the opposition Social Democrats Party in the lead.last_img read more

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​‘Fundamental’ reorganisation sees Deutsche Asset Management spun out

first_imgDeutsche Bank has split its asset and private wealth businesses fewer than three years after unveiling its new “super-brand” after abortive talks to sell part of the business.In a statement, the bank said a number of its divisions would be reorganised in line with its new Strategy 2020.Deutsche Asset & Wealth Management (Deutsche AWM), formed after Guggenheim Partners backed out of buying real estate business RREEF in 2012, will be split into the private wealth management business, part of the private and business clients division.The re-branded Deutsche Asset Management is set to become a standalone business division, with an exclusive focus on institutional clients. Paul Achleitner, chairman of the company’s supervisory board, said the changes were some of the most fundamental in the company’s history.“This also requires tough decisions,” he added. “I would like to stress all parties involved have tried to achieve the best possible outcomes for Deutsche Bank, having set aside personal interests.“For this, and for their contributions in the past years, we would like to thank those executives leaving the company.”The reorganisation will see the four new divisions each represented at board level, with Quintin Price, formerly head of alpha strategies at BlackRock, joining to take on board responsibility for the new asset management division.Michele Faissola, who has headed DAWM since its creation, will leave the company “after a transition period”, according to a statement.last_img read more

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Redcliffe property market expected to strengthen in 2020

first_img Cameron Reid says buyers are attracted to the peninsula by the lifestyle, value for money and location. Picture: Richard Walker“Owner occupiers and investors alike have compared the price/value of Margate against Woody Point and Scarborough and have found great buying in Margate,” he said. Clinton Viertel of Belle Property Redcliffe said Margate also offered great buying opportunities for high end buyers. “The prices are on the up in Margate,” he said.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours ago“Margate has been identified as a great investment hotspot and as such there are many cottages coming onto the market.”Mr Viertel said the high end of the peninsula property market performed well across 2019 but buyer interest was strongest in the last quarter of 2019. Clinton Viertel, of Belle Property Redcliffe, expects strong interest in the high of the peninsula property market in 2020. Picture: supplied.“The high end market on the peninsula is shaping up for a huge year in 2020,” he said. “With interest rates at record lows and more confidence returning to the market, we are expecting higher listing volumes and sales. “Scarborough has been a standout performer and looks like continuing this trend.”According to Core Logic data, the top growth suburb for 2019 was Rothwell where the median house price increased 13.6 per cent to sit at $375,000. Margate was in second place with a median house price growth of 4.9 per cent to $427,500 and Woody Point was third with an increase of 2.5 per cent to $410,000. Local real estate experts are predicting a good year for the Redcliffe peninsula property market. Picture: Richard Walker.LOCAL real estate experts are predicting a cracker 2020 for the Redcliffe peninsula property market after a sluggish start but strong finish to 2019. Cameron Reid of Crown Properties said results in the low to mid range of the market were solid in 2019. “The market bottomed out around Easter when the number of listings peaked as did the average days on market,” he said. “An unexpected federal election result, combined with three additional RBA rate cuts and banks relaxing their lending criteria saw somewhat of a recovery over the last four to six months of the year. “There has been significant increase in buyer interest over the last few months. This has been driven by buyers having increased access to lending and the return of interstate investors – who once again found themselves with increased equity in their southern state homes and viewed the Redcliffe market as being well priced with solid rental returns. “These buyers find the low-mid range Redcliffe property market particularly attractive.” Crown Properties agent Cameron Reid says owner-occupiers and interstate investors will be competing for property on the peninsula in 2020. Picture: supplied.Mr Reid predicted the strong finish to 2019 would continue into 2020.“The transport infrastructure giving easy access to Brisbane and the airport will continue to be a catalyst for young families and first home buyers making the decision to move to the peninsula. “The lifestyle benefits, the quality schools and the community atmosphere is unique and desirable and not available to young families, for the same money, anywhere else. “Investors will continue to see value on the peninsula in this price range and will need to compete with owner occupiers for quality properties.”Mr Reid said buyers looking for home in the low to mid price point should check out Margate. last_img read more

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Hydrotube Energie gets free power from tidal turbine

first_imgFrench hydrokinetic developer Hydrotube Energie has installed and connected its H3.V2 tidal turbine in Bordeaux, France.Following the installation of the turbine in the Garonne river, the company informed its offices in Bordeaux are running on free power provided by the tidal turbine since November 2017.The turbine houses three-bladed propellers designed by Hydrotube Energie, and can generate more than 50kW of power depending on tidal resources.Hydrotube Energie’s turbine converts the kinetic energy of river currents into mechanical energy, which is then transformed into electricity by an alternator.The company is targeting isolated, off-grid markets in developing countries for the application of its system. H3.V2 turbine (Photo: Hydrotube Energie)last_img read more

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Cannabis crash victim’s mum lives with horror five years on

first_imgNZ Herald 19 June 2019Family First Comment: Lawyers prosecuting Lewis in 2016 said his decision to take marijuana before getting behind the wheel had “the direct consequence” of taking another life, local media reported. His defence lawyer also admitted Lewis’ driving ability had been impaired by the amount of marijuana in his blood and that he had battled drug addiction since being exposed to cannabis as a child. Semb feared legalising cannabis would lead to more people using the drug and driving while high. She doubted the law would be enough to deter them from driving while impaired.A Kiwi mum who continually relives the moment her son was killed in a crash by a drug-affected driver says she cannot support legalising cannabis.“Ask any parent who has lost a child to a cannabis-impaired driver if they would agree to it being legalised,” Barbara Semb said in a recent letter to the editor published in the Herald.Her son, Chris Semb, died aged 51 in Queensland, Australia, in 2014 when an oncoming van crossed the centreline near Bundaberg and hit his motorbike.He was thrown up to 60m down the road by the force of the collision.READ MORE: https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12241051 (behind paywall)Keep up with family issues in NZ. Receive our weekly emails direct to your Inbox.last_img read more

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Cuban farmers allowed to sell produce directly to tourism sector

first_img Share Tweet Sharing is caring! Share Image via: havanajournal.comHAVANA, Cuba (ACN) — As of December 1, Cuban farmers will be able to sell their produce directly to tourist facilities, without having to use a governmental enterprise as an intermediary.Managers at the different hotels, restaurants and other service facilities will contract directly fresh produce, such as vegetables, rice, and also vegetable charcoal from the cooperatives, and the currency to be used is Cuban pesos.The new regulations, published in the Gaceta Official (Official Gazette), aim at changing the existing stockpiling and commercialization system to reduce losses incurred in the past where the producer and the end-client were separated by a tangle of red-tape.At the same time, the measure will boost the developing of mechanisms of supplies within the tourist industry, allowing it to give a better use to the local productive networks.This new sale-purchase mechanism will not replace the existing one, but it will be an alternative to speed up the process, improve the quality of the products the customers receive, while adding variety. Also it will help to reduce transportation costs and losses.Both the hotel and restaurant managers with have the authority to discuss prices with farmers directly and set the timeline for deliveries that won’t affect the proper functioning of the facilities.Caribbean News Nowcenter_img NewsRegional Cuban farmers allowed to sell produce directly to tourism sector by: – November 24, 2011 Share 23 Views   no discussionslast_img read more

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F1 teams threaten legal action over Ferrari, FIA engine deal

first_img Promoted ContentA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This DayInsane 3D Spraying Skills Turn In Incredible Street ArtThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreThis Is Probably The Happiest Dog On InstagramWho’s The Best Car Manufacturer Of All Time?Ever Thought Of Sleeping Next To Celebs? This Guy Will Show YouIs This The Most Delicious Food In The World?8 Weird Facts About Coffee That Will Surprise YouWhat Happens To Your Brain When You Play Too Much Video Games?7 Reasons Why You Might Want To Become A Vegetarian6 Reasons Sharks Are Afraid Of DolphinsWhich Country Is The Most Romantic In The World? Loading… “After months of investigations that were undertaken by the FIA only following queries raised by other teams, we strongly object to the FIA reaching a confidential settlement agreement with Ferrari to conclude this matter. Lewis Hamilton and Mercedes were crowned World champions 2019 “Therefore, we hereby state publicly our shared commitment to pursue full and proper disclosure in this matter, to ensure that our sport treats all competitors fairly and equally. We do so on behalf of the fans, the participants and the stakeholders of Formula 1.”  They added that they would seek legal redress before the competent courts. Read AlsoFormula 1: Red Bull’s Verstappen says he can dethrone Hamilton The 2020 season starts on March 13-15 with the Australian GP. Lewis Hamilton and Mercedes were crowned World champions 2019 FacebookTwitterWhatsAppEmail分享 center_img Seven F1 teams have released a critical joint statement saying they “strongly object” to the FIA reaching a private settlement with Ferrari regarding their 2019 engine. The FIA announced last week that they had made a settlement with the famous Italian team after long-running technical investigations into their power unit, which was the subject of much speculation last season due to Ferrari’s straight-line speed. Details of the agreement were kept private but the governing FIA said both parties had agreed to “a number of technical commitments”. The other F1 teams not powered by Ferrari engines – Mercedes, Red Bull, McLaren, Renault, Alpha Tauri, Racing Point and Williams – have now joined forces to say they were “shocked” by that report and want “full and proper disclosure” from the FIA. “We, the undersigned teams, were surprised and shocked by the FIA’s statement of Friday 28 February regarding the conclusion of its investigation into the Scuderia Ferrari Formula 1 Power Unit,” a statement reaAdvertisementlast_img read more

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Don’t litter, MassKara revelers told

first_imgThe final two days will feature themuch-anticipated MassKara Street and Arena Dance competitions./PN “This security measures will beimplemented in the entire city, not just in the festival sites,” saidLieutenant Colonel Ariel Pico, BCPO spokesperson. MassKara Festival 2019 opened on Oct.7 and will run until Oct. 27.  BACOLOD City – City officials herereminded residents and visitors to dispose garbage properly and avoidlittering in the run-up to the 40th MassKara Festival.  Leornardia noted that beverage andfood kiosk owners immediately clean up their waste once the festival period isover.  Proper garbage disposal is not onlythe responsibility of the government but of everyone, she stressed. Citing past editions of MassKara,Mayor Evelio Leonardia said the volume of garbage increases during festivities.center_img The mayor enjoined concernedgovernment offices to speed up their cleaning efforts once the MassKara ends. This year, the main festival sitesstill include the Bacolod Public Plaza, Bacolod Government Center, and theTourism Strip on Lacson Street. Meanwhile, on Tuesday the Bacolod CityPolice Office (BCPO) suspended permits to carry firearms outside of residence. The festival highlights will start onOct. 24 and 25, showcasing the Electric MassKara parade. For her part, Councilor Cindy Rojassaid the policy “Clean as You Go” or CLAYGO should be followed. last_img read more

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Ruth Barricklow, 82, Dabney

first_imgRuth Barricklow, 82, of Dabney passed away at 9:10am, Tuesday, August 7, 2018 at the Margaret Mary Community Hospital in Batesville. She was born at Haldeman in Rowan County, Kentucky on January 2, 1936 the daughter of Harvey and Della Puckett Fultz. She was married to Thomas D. Barricklow on December 2, 1973 and he survives. Other survivors include two daughters Pamela (Tom) Ashton of Linton, and Marilyn Martin of Noblesville; one son James “Jim” (Carolyn) Johnson of Plano, Texas; 6 grandchildren and 8 great-grandchildren. She was preceded in death by her parents, her grandson Michael Martin, one great-grandson, her sister Pauline Threet, and her brothers Clyde Fultz and Marvin Horton. Mrs. Barricklow was a former employee of Brockway Glass in Lapel and RCA in Indianapolis. She and Tom were former residents of Grapevine, Texas where she was employed with Mary Kay and also with Wal-Mart. Ruth was a member of the DAR and in her spare time she enjoyed relaxing at her window and bird watching. Funeral services for Ruth will be held on Saturday, August 11th at 12pm at the Stratton-Karsteter Funeral Home in Versailles. Burial will be in the Dabney Cemetery. Visitation will be on Saturday from 11am until time of services. Memorials may be given to the American Heart Association or Rescue 69 in care of the funeral home.last_img read more

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