Debenhams’ debutants

first_imgWould you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.last_img

Read More →

IPE Views: What governments should do with financial markets

first_imgThe creation of the US EXIM bank is a clear case in point. As Shah argues, financing and risk-taking in connection with international trade or cross-border investment is the ordinary stuff the financial industry does. The self interest of financial firms will produce these services. There is no case for the government to subsidise exporters – but, even if that were desired, there are more efficient ways to do this rather than subsidised credit, a view that I would also certainly agree with.Shah characterises the Indian Financial Code as having nine components, and it is interesting to see how these look in a European context. The first is consumer protection. Financial firms, left to themselves, will mistreat consumers. This is the heart of how regulators should think about financial economic policy. Europe seems to have taken this on board with gusto since the problem that many perceive is too much EU legislation along these lines.Second is micro-prudential regulation. Left to themselves, financial firms will take on too much risk and fail too often, which will hurt unsophisticated consumers and impose externalities upon bystanders. The imposition of Solvency II, Basel II and MIFID, etc, certainly ensures Europe cannot be accused of a failure to try. But the consequences may not have been fully thought through.Third is what Shah calls resolution. The ordinary bankruptcy process does not work for financial firms, where failure can be disruptive. The government is required in the field of resolution to identify financial firms that are not viable before they are insolvent and gracefully handle the situation in ways that don’t hurt innocent bystanders and protect unsophisticated consumers. Europe is still struggling to find an effective way to put this in place. But the problem is that it will take another crisis to test whether it works.Fourth is systemic risk regulation. As Shah points out, this is about seeing the woods and not the trees. Financial regulation inevitably induces pro-cyclicality, and we need ways to combat this. We need ways to reduce the probability of systemic crises, and better ways to deal with them when they do come about. The reaction to the global financial crisis by European regulators is a case in point. Imposing draconian capital rules on holding risky assets forces investors into holding excess sovereign debt at a time when QE is forcing bond yields down, giving rise to unprecedented negative yields. Meanwhile, markets such as the European ABS market, which could provide a stimulus to European recovery, are unduly penalised. Europe clearly has not found a holistic approach to this that works.Fifth, Shah sees India as requiring a public debt management agency that will do investment banking for the government and figure out the right ways to organise the market for government bonds. In the European context, the arguments over the extent of mutual support for government debt lie at the heart of the euro-zone crisis.Sixth, India has capital controls, and Shah sees the need for the rule of law, and equal treatment of non-residents, in the working of capital controls. In the European context, so far, that is not relevant, but if Greece defaults whilst remaining within the euro-zone, such issues may come to the fore.Seventh, Shah argues that monetary policy is also a key activity of the state, with an accountable central bank that will safely produce fiat money, through a sound monetary policy process. Whether in the European context, the ECB is doing that through its QE programme is up for debate.The eighth activity for Shah is the use of finance as a tool for development and redistribution, whilst Shah’s ninth activity is in the legal framework that underlies financial markets, covering contracts, trading and market abuse. These again are well covered in Europe by the plethora of regulations.With the UK looking to renegotiate its relationship with the EU, whilst Greece at the other end is desperately struggling to stay in, debating what governments should and should not be doing in finance may be essential to finding a workable compromise.Joseph Mariathasan is a contributing editor at IPE The debate over what governments should and should not be doing in finance is more important than ever, says Joseph MariathasanWhat should be the role of governments in financial markets? There is no right answer, and attitudes can vary with the circumstances and with your politics. The US Export-Import Bank, for example, is likely to lose its charter on 30 June, having served the interests of US industry since president Franklin D Roosevelt established the agency in 1934. Whether you regard the EXIM Bank as an extension of crony capitalism that provides corporate welfare for big business, or a worthwhile entity that helped boost US exports by nearly $28bn (€25bn) and supported more than 160,000 domestic jobs last year alone, depends on your ideological stance.Ajay Shah, an Indian economist and a keen advocate of the benefits of free markets, makes some points in the Indian context that should also resonate in Europe, both at the national and EU level. Shah believes the job of government is to address market failures in areas such as public goods, asymmetric information, market power and externalities.It is difficult to argue with this, but where there is debate is how much of a focus there should be on welfare programmes, which is the inevitable consequence of universal suffrage. But that leaves a class of issues where the government is doing something that is not grounded in market failure and does not have political importance.last_img read more

Read More →

DONG Energy to Take Care of Borssele 1&2 from Vlissingen

first_imgDONG Energy has decided to set up an operation and maintenance base for its 752MW Borssele 1&2 project at the Vlissingen harbour. The developer has signed a Letter of Intent with Zeeland Seaports, with both parties agreeing on further development of a specific location in Vlissingen Buitenhaven in the coming months. The final contract will be signed as soon as both parties reach an agreement on the terms and conditions, DONG stated.Claus Bøjle Møller, Programme Director for Borssele 1&2 at DONG Energy: “Vlissingen offers an excellent location for our O&M base in terms of onshore and offshore logistics as well as maritime services for the construction and operation of our new wind farm.”Jasper Vis, Country Manager for DONG Energy Netherlands, said: “We look forward to settling in the province of Zeeland and contributing to further regional economic development and long-term employment.We will obviously enter into a dialogue with companies in the region and our future neighbors to explore the options for cooperation.”DONG Energy won the concession rights to build Borssele 1&2 in July 2016, with an average bid strike price (excluding transmission costs) of EUR 72.70 per MWh during the first 15 years of the contract. After that, the wind farms will receive the market price.In early July of this year, DONG Energy and Siemens Gamesa signed an agreement for the supply and maintenance of 94 8MW turbines for the project, followed by signing of a grid connection agreement with TenneT.Borssele 1&2 will be located 22km from the coast of the Dutch province of Zeeland in water depths between 14 and 38 metres and will cover an area of 128.3km2. The power supplied by the 752MW offshore wind farm will be sufficient to cover the annual electricity consumption of close to one million households.The project is scheduled for commissioning by the end of 2020.last_img read more

Read More →

Eni, INA in talks over trans-Adriatic gas interconnector

first_imgItaly’s Eni and Croatia’s INA oil company are in talks to realize a gas interconnector between Italy and Croatia.“The initiative aims to leverage existing infrastructure, used until now for offshore gas production activities in the upper Adriatic Sea, to additionally perform gas transport between the two countries,” Eni said in a statement on Tuesday.According to Eni, the interconnection will increase the degree of integration, security of supply, competitiveness, and sustainability of the Croatian market, as well as of the Italian market, as the infrastructure will be able to operate reverse flows.Furthermore, the development of this initiative will contribute to consolidating Italy’s position as a gas hub in Europe, Eni added.To remind, INA last week agreed to buy Eni Croatia BV, a wholly-owned member of Eni Group, through which Eni participated in the joint project of gas production in Croatia’s offshore areas Northern Adriatic and Marica.INA will become the 100% owner and the sole operator of the Northern Adriatic and Marica fields after all conditions are fulfilled, including receiving clearance from the antitrust authorities, which is expected in the coming months.The transaction covers 4.3 million barrels of oil equivalent (boe) proven and probable reserves and would increase hydrocarbon production by around 2,500 boe per day (or nearly 380,000 m³ per day), a step towards meeting the group’s reserves replacement targets. INA will also become, for the first time in its history, the sole operator of offshore fields. This will also allow INA to carry out further investment in the Northern Adriatic and Marica areas.Following the transaction, all gas produced in the Northern Adriatic concession area will be directed towards the Croatian supply system. The gas produced in the Marica area will continue to be transported to Italy, under a gas sales contract signed by INA and Eni.Offshore Energy Today Stafflast_img read more

Read More →

Kyrgios sets up Nadal showdown after five-set thriller

first_img Loading… Promoted ContentBest & Worst Celebrity Endorsed Games Ever Made6 Ridiculous Health Myths That Are Actually True9 Facts You Should Know Before Getting A Tattoo7 Ways To Understand Your Girlfriend Better11 Most Immersive Game To Play On Your Table TopYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime12 Countries Whose Technological Progress AmazesSuper Recognizable Outfits That Actors Wore In The Famous MoviesThe Very Last Bitcoin Will Be Mined Around 2140. Read More8 Weird Facts About Coffee That Will Surprise You8 Superfoods For Growing Hair Back And Stimulating Its Growth7 Universities Where Getting An Education Costs A Hefty Penny “Mate, it was crazy, I don’t even know what to say right now, it was insane, I have no words for how I’m feeling right now,” said Kyrgios.“This is epic, man, I don’t even know what’s going on,” he added. “He’s (Khachanov) an absolute warrior.”It sets up a mouthwatering clash with the world number one Nadal, who romped past fellow Spaniard Pablo Carreno Busta 6-1, 6-2, 6-4.Kyrgios, who was handed a 16-week suspended ban in September after a string of indiscretions, disparagingly labelled Nadal “super salty” last year, and mimicked his serving routine during the second round at Melbourne Park.But Kyrgios tried to play down the feud with Nadal on Saturday, saying: “He has a winning record against me. Whatever happens between us, he’s an amazing player, he’s arguably the greatest of all time.”Asked about 23rd seed Kyrgios after his match, Nadal was also diplomatic.“When he plays good tennis and he shows passion for this game, he is a positive player for our tour.“When he’s doing the other stuff, of course I don’t like.”Kyrgios admitted he was on the verge of going “to a very dark place” in his second-round clash against Gilles Simon before refocusing.And he mostly held it together against Khachanov, before a blow up at the umpire in set four over a time violation.He had a match-point chance in each of the third and fourth sets but the Russian held firm to ensure Kyrgios played the longest match of his career.The Kyrgios serve was on fire early on, sending down four aces in the first two sets.He made the break in game six, with Khachanov firing wide after a deft drop shot from the Australian. But Kyrgios was grimacing and at 5-2 took a medical timeout for an upper left leg niggle.He returned to break again and empathically take the set.The second set went with serve up to a tiebreaker, with some electrifying tennis from both men. Kyrgios won it and Khachanov slammed his racquet in frustration.The Australian worked three break points in game five of the third set and while Khachanov managed to save two, he sent down a double fault to hand Kyrgios a crucial 3-2 advantage.But he lost focus and was quickly broken and it went to another tiebreaker.Kyrgios saved two break points at 3-3 in the fourth set then lost control after being given a time violation, hurling his racquet and confronting the umpire, calling him “stupid”.Australia’s Nick Kyrgios played the longest match of his career against Karen KhachanovRead Also: Aussie Open: Ruthless Nadal crushes Busta to reach last 16His rant continued as he received attention for a nasty cut on his knuckle at the changeover after a spectacular airborne half-volley.That set also went to a tiebreak where Khachanov prevailed, sending it to a fifth set.There was nothing between them as they slammed balls at each other until the Australian finally won in the super tiebreaker, falling to the ground exhausted.FacebookTwitterWhatsAppEmail分享 The Australian showman came through a tense battle with the Russian 16th seed after 4hrs 26 mins in front of passionate home support on Melbourne Arena to win 6-2, 7-6 (7⁄5), 6-7 (6⁄8), 6-7 (7⁄9), 7-6 (10⁄8). Firebrand Nick Kyrgios scraped past Karen Khachanov Saturday in five thrilling sets to set up a grudge match against top seed Rafael Nadal in the Australian Open fourth round.Advertisementlast_img read more

Read More →

St. Louis School Sixth Grade Girls Basketball Results

first_imgThe St. Louis School sixth grade girls basketball team finished their season on Monday. The team played well but lost an away game to St. Nicholas. The final score was 16 to 8.The team was led in scoring by Pamela Meneses and Isabel Rennekamp also scored. Abby Smith and Gretchen Oppelt led the team in rebounds, while Katie Karbowski and Olive Cerniglia led the team in turnovers created.The team improved throughout the year and is already looking forward to the start of next season.Courtesy of Cardinals Coach Tom Karbowski.last_img

Read More →

Zidane: Ramos a unique, unrepeatable player; our leader

first_imgReal Madrid coach, Zinedine Zidane, paid tribute to skipper Sergio Ramos after victory over Getafe. “He is an unrepeatable player, unique, we know what he transmits to others. I am happy for his goal, he is very confident in taking penalties and I also keep (Dani) Carvajal’s effort in the 80s. “With patience and a bit of freshness in the end we achieved a very important result.” read also:Zidane wants Ramos to retire at Real Madrid He added: “We have not won anything yet, we are just doing things well and it is not easy playing a game every three days. For us there is a lot left and we must continue with what we are doing. There are five finals left to play and if we continue with this solidity it is good.” FacebookTwitterWhatsAppEmail分享 Loading…center_img Real won 1-0 to go clear at the top of the LaLiga table by four points. Dani Carvajal won the matchwinning spotkick converted by Sergio Ramos. Zidane said, “Our captain is our leader on and off the field.Advertisementlast_img read more

Read More →

Broward Man Accused of FB Posts Threatening DeSantis, Other Officials

first_imgIn this Friday, July 21, 2017 photo, a woman is handcuffed after being searched by police for suspected drug paraphernalia at a city park in Delray Beach, Fla. As drug addiction destroys families across America, “there’s a need for a positive, vibrant recovery network to help people get off of opioids,” said State Attorney Dave Aronberg, chief prosecutor in Palm Beach County. “You can’t just arrest your way out of this problem.” But lately, South Florida has become the focal point of rampant insurance fraud that relies on a lethal cycle of failure, authorities say. (AP Photo/Lynne Sladky)According to the Broward Sheriff’s Office, a Fort Lauderdale man is in trouble for allegedly making death threats on Facebook about prominent federal, state and local officials.Investigators say 30-year-old Patrick Joseph Taylor used the alias “Rick Johnson” on the social media website.The threats, which were posted on June 2, named FBI Director Christopher Wray, Florida Governor Ron DeSantis, Broward Sheriff Gregory Tony, and Hallandale Beach Police Chief Sonia Quinones.Deputies arrested Taylor last Monday. He is facing four counts of the felony charge of intimidation, writing or sending threats to kill.During a bond court hearing on Tuesday, he said, “It’s not me. I’m not a criminal. I’ve never been convicted of a crime.”According to the deputies’ report, the posts said: “Dog whistle, the head of the FBI is about to be murdered,” “Dog whistle and they’re going to kill the head of Hallandale Police Department very soon”, “Dog whistle and the new head of BSO will be murdered” and “The governor of Florida will be executed,” the report said.The FBI is directing questions about the case to the sheriff’s office, and representatives for DeSantis and Quinones are not commenting.Broward Sheriff Lieutenant Greg Molamphy says his team became aware of Taylor when one of the man’s Facebook friends reported the posts.During the hearing held on Tuesday, Assistant State Attorney Eric Linder told Broward County Judge Ellen Feld, “I have great concern for not only the listed victims in the case, [but also for] the safety of the community in general.”Linder explained that Taylor has another open court case which includes charges of trespassing and resisting arrest without violence.Feld set bonds of $401,000 in this case. He has also ordered Taylor to not have any contact with the officials named in the threats or to possess guns or ammunition; to not use the Internet; and, if he is freed on bond, to be supervised before his trial with a GPS monitor.last_img read more

Read More →

Guyana men, women remain unbeaten at CAC Hockey qualifier in Jamaica

first_imgGUYANA’s men and women Hockey teams remain unbeaten in their quest to feature at next year’s Central American and Caribbean (CAC) Games, following their opening games of the qualifiers at the Jamaica hockey pitch at the University of the West Indies (UWI) Mona campus.The men’s side opened their campaign with a 4 – 1 win over Puerto Rico, while the women are undefeated in their two matches played so far. On Sunday, the Guyanese women trashed Panama 6 – 0 and played to a scoreless draw against Puerto Rico yesterday.Tomorrow, both teams will be in action to keep their unbeaten record intact, with the men coming up against an undefeated Guatemala side, and the women facing the home-side (Jamaica).The 2018 CAC Games (Hockey) will take place in Barranquilla, Colombia from July 20 – August 3.last_img read more

Read More →

Hurricanes snap up Barbadian Archer for Big Bash campaign

first_imgMELBOURNE, Australia (CMC) – Barbadian fast bowling all-rounder Jofra Archer has been snapped up by Hobart Hurricanes for the seventh edition of Australia’s Big Bash League which bowls off next month.The 22-year-old has been called up to replace England’s Tom Curran who was drafted into the Ashes squad following injury to fellow speedster Steven Finn.Archer, a former Barbados Under-19, made his name for English County Sussex in the recent first class season, claiming 61 wickets at 25 runs apiece and scoring 638 runs at an average of 45.“It was a big honour to be asked, firstly. Some of the best players in the world play in the tournament and it’s a great opportunity for myself to keep learning about the game and to get better,” Archer saidI’ve watched the Big Bash every year so far and had a couple of team mates and friends play in the competition – every year it continues to get better.”Archer’s rise to prominence has been a fairy-tale one. Brought in at the latter stages of the 2016 season for his first class debut, he snatched 23 wickets in six matches to secure a contract extension for the following season.The right-armer then led the Sussex attack brilliantly, taking 84 wickets and scoring 764 runs across all three competitions, to emerge as the club’s Player-of-the-Year.Cricket Tasmania chief executive, Nick Cummins, said there was already excitement at the Hurricanes surrounding Archer’s arrival.“We’re excited to see what Jofra can bring to our side and we think our bowling stocks are looking really healthy with Jofra and Tymal Mills playing for us this season,” Cummins noted.Archer, currently representing Khulna Titans in the Bangladesh Premier League, will join the likes of West Indies stars Kieron Pollard, Carlos Brathwaite, Andre Russell and Sunil Narine who are all down to contest the December 19 to February 4, 2018 tournament.last_img read more

Read More →