PREMIUM‘Crisis like no other’ will shrink Indonesia’s economy, IMF forecasts

first_imgLog in with your social account Forgot Password ? Indonesia’s economy is on track for a significant contraction this year as the coronavirus crisis has hit the global economy more severely than previously expected, the International Monetary Fund (IMF) has forecast.The United States-based institution projects that Southeast Asia’s biggest economy will contract by 0.3 percent this year, according to the June update of the World Economic Outlook titled A Crisis Like No Other, An Uncertain Recovery, which was published on Wednesday. The global economy, meanwhile, is expected to shrink by 4.9 percent.“The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast,” the IMF said, highlighting a reversal of progress on poverty reduction and job creation.“In countries with high shares… Topics : Linkedin Facebook LOG INDon’t have an account? Register here Google IMF International-Monetary-Fund World-Economic-Outlook Indonesia economic-growth GDP-growth COVID-19last_img read more

Subsea 7 Stays in Red

first_imgEngineering and construction specialist Subsea 7 has seen recognised loss in the quarter ended March 31, 2019 on activity drop in renewables and heavy lift business units, forex expenses and tax charge against prior-year comparable period.The Oslo-listed firm posted quarterly loss of $19 million, or $6 cents per diluted share, on revenue of $860 million, versus loss of $18 million, or $3 cent per diluted share on revenue of approximately 810 million same time last year.The company reported adjusted EBITDA and adjusted EBITDA margin for the quarter of $111 million and 13 percent respectively, against $103 million and 13 percent in Q1 2018.Total vessel utilisation was 68 percent, up 16 percentage points from the prior-year period.SURF and Conventional revenue for Q1 2019 was $747 million, up $162 million compared to Q1 2018.Revenue for the Renewables and Heavy Lifting division ($173 million) was cut by 70 percent when compared to Q1 2018.Order backlog was $5.2 billion, with order intake totaling $1.1 billion.The company’s guidance for 2019 has been updated, with revenue expected to be in line with 2018 and adjusted EBITDA expected to be slightly lower with net operating income to be positive.“We are now guiding for 2019 Group revenue to be broadly in line with 2018 as we continue to experience a gradual volume-ledrecovery in integrated and stand-alone SURF projects. Our guidance on Adjusted EBITDA being lower in 2019 compared to theprior year remains unchanged. We have started to see increased pricing on tenders for major new projects, but this will take time to materialise in our financial results due to an anticipated two to three year time lag, on average, between tender, award and execution,” said Jean Cahuzac, CEO.Subsea World News Stafflast_img read more

Augustine Beach Boat Ramp Remains Closed for Dredging

first_imgThe Delaware Department of Natural Resources and Environmental Control (DNREC) has just announced the extension of Augustine Beach Boat Ramp intermittent closure for maintenance dredging through August 1.According to DNREC, the closure of the Augustine Beach Boat Ramp near Port Penn and adjacent intertidal beach located on the south side of the existing rock groin has been extended to complete maintenance dredging of the boat ramp access channel that has been delayed due to equipment issues.During this time period, the boat ramp will be closed from 8 a.m. each Monday until 5 p.m. each Thursday, reopening from 5 p.m. each Thursday until 8 a.m. each Monday, DNREC said in the release.The site parking lot will remain open for the duration of the dredging project.Weather permitting, the project is expected to be complete, with full access restored, by Friday, Aug. 2.last_img read more

Zimbabwe: Crocodile Exports Nets $500 000 in Profits in 2014

first_imgIn Zimbabwe crocodile farming might be a niche business at the moment – with skin exports worth close to  $30 million – this is sector that’s sure to grow.But setting up a breeding farm could take as long as five years – as the reptiles require a special dietlast_img

Buhari Congratulates D’Tigress over AfroBasket Victory in Mali

first_img*Zenith Bank hails league ambassadors in the victorious squadOmololu Ogunmade in AbujaPresident Muhammadu Buhari on Monday congratulated the national female basketball team, D’Tigress, on its victory at the 2017 FIBA Women’s AfroBasket Tournament in Mali and consequently qualifying Nigeria for the 2018 FIBA Women’s Basketball World Cup in Spain. A statement by his chief spokesman, Mr. Femi Adesina, said Buhari joined other sports-loving Nigerians in saluting the heroic performance of the victorious D’Tigress over their Senegalese counterpart in the final of the 2017 FIBA Women’s AfroBasket Tournament on Sunday.“The President commends the players for displaying uncommon strength, confidence, skill and dexterity in their victory over the defending champions.“President Buhari urges members of the team and their handlers to remain focused and dedicated even as they prepare for greater glory to Nigeria at the forthcoming FIBA World Cup.“The President assures the team, its managers and the Nigeria Basketball Federation (NBBF) of his support and that of the Federal Government to ensure that they excel against other top competitors in Spain,” the statement said.Meanwhile, Zenith Bank Plc, sponsors of the annual National Women League, yesterday joined other Nigerians in congratulating the D’Tigress over the AfroBasket victory.The Group Managing Director of Zenith Bank, Peter Amangbo, on Monday showered praises on the players for going all the way to make Nigerians proud.He said: “It was a sweet victory for the Nigeria. As sponsors of the national women league, Zenith Bank is a major stakeholder in the sport and we are happy with the feat achieved by D’Tigress“We salute the hard work and determination of the players and officials of the team especially because they won all their matches in the competition.”The Zenith Bank boss however paid special tribute to the three home-based players who made the trip to Mali for the competition. They are Nikechi Akashili, Chioma Udeaja and Upe Atosu.“Let me also congratulate the three worthy ambassadors of the Zenith Women Basketball League- Akashili, Udeaja and Atosu- who joined national camp just after the final of the Final 8 in Lagos.“We are particularly proud that of the home-based players invited out of which three eventually made the team. This is good for our investment in basketball over the years and we are encouraged to do more.”D’Tigress started the competition by beating Mozambique 80-69 in their first game, whipped Democratic Republic of Congo 84-47 in the second and defeated Egypt 106-72 to emerge the first team to book a place in the quarterfinal of the competition.Nigeria also defeated Senegal 58-54 in the last group match, blew out Cote d’Ivoire 98-43 in the quarterfinals and pipped Mali 48-47 in the semis before beating Senegal 65-48 in the final.The victorious team arrived Lagos last night from Bamako.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Badgers skate for national pride

first_imgANDREW SCHORR/Herald photoWhile the majority of the University of Wisconsin women’s hockey team works on their games in the midst of a bye week, four Badgers traveled to Lake Placid, N.Y. to compete for the U.S. Women’s Select Team in the annual Four Nations’ Cup.After beginning their UW season at 10-0-2, senior center Erika Lawler, senior goaltender Jessie Vetter, junior forward Meghan Duggan and sophomore Hilary Knight will get a chance to help the U.S. win the gold in the event for the first time since 2003 and third time overall. From 1996 to 1999, the Cup involved only three teams, with Finland joining the two North American participants. Sweden signed on in 2000 to form the current field.Canada has won the tournament each year the U.S. hasn’t, and Duggan said she looks forward to the challenge.“Anytime you play Canada it’s always a battle,” Duggan said. “They’re great, great games to play in … just hard fought battles, and both teams are great. It’s good hockey, and that’s why we play.”The Canadian team features former Wisconsin standouts Meaghan Mikkelson and Bobbi-Jo Slusar. According to Duggan, the international rivalry can make for some intense on-ice competition and awkward off-the-ice confrontations.“Those are buddies of mine,” Duggan said. “It’s always fun to play against people you know. You go into corners a little bit harder; you start slamming around with them.”“[But] it’s a little awkward,” continued the Danvers, Mass. native. “We’re supposed to be rivals and hating each other, but we’re really best friends off the ice. So, when they’re with their teammates and we’re with ours, it’s a little uncomfortable.” ?Uncomfortable maybe, but none of the four Badgers participating are unfamiliar with this stage. Both Lawler and Knight will be making their third straight appearance competing for the cup, while Duggan is making her second. Although this is Vetter’s first trip to this particular tournament, the senior has represented the U.S., alongside the other three, at the last two IIHF World Women’s Hockey Championships. The team took home the gold last season.Vetter, last week’s WCHA Defensive Player of the Week, said the midseason international tournament is a challenge that will benefit her for the rest of the college season.“It definitely gets me to test my conditioning,” she said. “[It allows me to] see if I’m ready for that type of pace versus those type of players. And obviously it gets me ready and focused for the rest of the Badger season.”Thus far in the college season, all four UW skaters have lived up to the expectations that come along with being selected to play for the national team. Knight leads the nation in goals (13) and game-winning goals (3), despite missing two games with an injury. Lawler leads the team with 11 assists and has moved into sixth place on the all-time Wisconsin women’s hockey points list. Duggan has chipped in four goals and eight assists for the unbeaten Badgers, and Vetter is second in the country in goals against average and save percentage.But for one week, these four must temporarily forget about the cardinal and white while donned in red, white and blue.“It’s awesome,” Duggan said. “I’m really looking forward to the trip It’s obviously amazing to play for the national team and see some of our national team teammates we haven’t seen in a while, so I think it’ll be fun, and it’s great competition out there.”last_img read more

Munster secure home Pro 12 semi-final

first_imgMunster sealed top spot on the Pro 12 table last evening, with a convincing win over Connacht at Thomond Park.Keith Earls’ early try opened the scoring for Munster, and in the second half Conor Murray gave Thomond Park another lift with his return to action.They have now secured a home semi-final showdown with fourth place Ospreys at Thomond Park later this month.last_img

Antigua and Barbuda’s Trade Minister resigns

first_imgAntigua and Barbuda’s Trade and Investment Minister Asot Michael has tendered his resignation from the newly formed Antigua and Barbuda government, amid speculation that he was among Caribbean politicians who had received bribes from a British investor.Resignation acceptedPrime Minister Gaston Browne indicated he has accepted the resignation and asked Governor General Sir Rodney Williams to revoke the appointment.Michael’s departure from the Cabinet is the second occasion within a seven-month period that he has had to forgo his ministerial position. Last October, he was arrested in London while on his way to a conference in France.Previously removed from CabinetBrowne subsequently removed him as the minister of tourism, economic development, investment and energy, but the 49-year-old rebounded to successfully contest the March 21 general election on behalf of the ruling Antigua and Barbuda Labor Party (ABLP).This time round, Michael, who was born in the French Caribbean island of Guadeloupe, has denied the accusation that unfolded in a British High Court last Friday in a matter involving British financier Peter Virdee, whose telephone conversations with his business partner, Dieter Trutschler, in 2016, had been recorded by German authorities.According to the transcript of the document revealed in the High Court, Virdee alleges that Michael had asked him for two million dollars to buy a car for his mother.But, in his resignation letter to Prime Minister Browne, the Parliamentary Representative of St Peter’s, said he had become “aware that recent media reports, emerging from Court proceedings in the United Kingdom, to which I am not a party, have caused anxiety in some quarters of our society and are being used by opposition political elements to seek to discredit me and the Government.” He was therefore submitting his resignation so as to allow “the Government to fulfill its obligations to the people, without any distraction.”last_img read more

NBA Draft: Henry Ellenson considers himself the “top pick”

first_imgCHICAGO >> The 6-foot, 11-inch frame has made Marquette center Henry Ellenson feel tall. Apparently his confidence is growing, too. After completing 13 interviews on Friday at the NBA pre-draft combine, including one with the Lakers, Ellenson proclaimed something that usually has described Ben Simmons or Brandon Ingram. “I’m a top pick. They all think that, too,” Ellenson said, grinning. “It’s a good position to be in.”The Lakers hardly think that, no matter if Ellenson’s stock has risen. Should the Lakers land a No. 1 or No. 2 pick, they will surely select Simmons or Ingram. Concerns also persist on Ellenson’s defense, an area the Lakers ranked nearly last in every statistical category. In case the Lakers land at No. 3, though, they consider Ellenson a worthy fit. After averaging 17 points on 44.6 percent and 9.7 rebounds in his freshman season, Ellenson reported the Lakers envisioned him as a so-called stretch four that could both hit outside shots and help with ball-handling duties. “I’m a mismatch problem. Whatever that night gives me, I feel comfortable playing all over,” Ellenson said. “I’ll fit any team’s system too. Some nights will be more on the perimeter. Some nights I’ll go inside.”To master those skills, Ellenson has tried to model his post-up game to New York’s Carmelo Anthony and his outside shooting to Cleveland’s Kevin Love. Ellenson also reported becoming stronger in his 245-pound frame so he can absorb the physical poundings he could endure as a rookie. The Lakers beat up Ellenson during his interview in a different way. As Ellenson talked himself up, the Lakers dressed him down. They jokingly teased Ellenson for growing up in Rice Lake, Wisconsin. “They had some funny questions on how big the town size is. They asked, ‘Is there only one stoplight?’” Ellenson said. “I was like, ‘Come on guys. It’s not that small. There’s more than one.”The Lakers and Ellenson discussed more substantive issues that allowed him to get “a feel for the organization.” They discussed the Lakers recently hiring Golden State assistant Luke Walton as their head coach, and how he will try to incorporate the Warriors’ fast-paced system. The Lakers also analyzed their young core in D’Angelo Russell, Julius Randle, Jordan Clarkson and Larry Nance Jr., all of whom Ellenson called “very talented players.”Then the Lakers delved into Ellenson’s family history that partly shaped his basketball journey. He grew up with two older brothers that also played collegiately. Wally Ellenson starred at the University of Minnesota before transferring to Marquette. Ellwood Ellenson competed at Valley City State in North Dakota. Wayne Ellenson’s parents also competed on the hardwood. John Ellenson played for both Marquette and the University of Wisconsin, while Holly Ellenson sited up for Wisconsin-Eau Claire. “My parents have a passion for the game,” said Henry Ellenson, who added they have both coached the game. “Having my older brothers play, and my sister play, it’s something we all share together.”They shared that time nearly at all hours. Holly Ellenson, a physical education teacher, had keys to the Rice Lake High School gym, which soon became the venue for family three-on-three games.“I wasn’t always taller than them. I had to figure out a way to score somehow,” Henry Ellenson said. “Growing up with my brothers, that’s how I learned to play skilled, on the perimeter. I do have those outside skills. I can knock down shots. I can put the ball on the floor. But I can go into the post, too. That helps me a lot.’’So does his confidence, including how things would fare should the Lakers both land a coveted pick and use it on a rising stock. “I’m ready for any situation,” Henry Ellenson said. “If I go to a team with a young core, I feel like I can grow with them and be a big part of their progress.” center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

Panama downs Cuba for first Caribbean Series title since 1950

first_img Caribbean Series moved to Panama from Venezuela amid political unrest Related News Panama was given a berth in the 2019 event, as host nation, only after the series was moved from Venezuala at the last minute because of security concerns over political unrest there.The Toros de Herrera scored all the runs they would need in the bottom of the first on run-scoring singles by Allen Cordona and Elmer Reyes off Cuba starter Freddy Asiel Alvarez. Panama, which went 4-1 in the series, added an insurance run in the seventh.Panama shortstop Javy Guerra, a Padres minor-leaguer, was named the tournament MVP. Panama won only its second Caribbean Series title, its first since 1950, in the same year that native son Mariano Rivera, the longtime Yankees closer, will be inducted into the Baseball Hall of Fame as the first player to be elected unanimously.Panama won its second Caribbean Series title and first since 1950. Panama made its first Caribbean Series appearance since 1960. pic.twitter.com/FATQiYAycN— ESPN Stats & Info (@ESPNStatsInfo) February 11, 2019″There are no secrets, I had 29 warriors with a lot of talent and every day they gave me their best,” Panama manager Manuel Rodriguez said (via The Associated Press). “When you play baseball in this way, you are going to get the titles and this win will help the baseball in Panama.” It’s shaping up to be big year for baseball in Panama.In the tournament for the first time since 1960 and only because the event was moved from Venezuela, Panama won the 2019 Caribbean Series on Sunday in Panama City with a 3-1 victory over Cuba.last_img read more