News / $586m loss hits ONE’s parent carriers, only MOL manages to stay in the black

first_img Japanese merged carrier Ocean Network Express (ONE) recorded a net loss of $586m in its first year of operation, however it said it expected to move into the black in its second year. ONE, formed from the container businesses of K Line, MOL and NYK, was supposed to produce synergistic returns for its parents. Instead it has dragged down the P&L accounts of the trio, which announced annual results today. NYK, which holds a 38% equity stake in ONE, posted a massive group loss of ¥44.5bn ($400m) for the year, prompting the replacement of Tadaaki Naito as president.The company said it resolved a change of its chairman, president and representative directors. The new president will be Hitoshi Nagasawa, currently executive vice president corporate officer.And, like its compatriots, NYK also underestimated the cost of ending its legacy liner business. It said it suffered “higher than expected one-time costs required to terminate the container shipping business”, which included severance payments to agents and penalties incurred on returning surplus containerships to owners earlier than the charter party expiry dates. K Line recorded a loss of ¥11bn ($99m) for the year, citing red ink incurred from its 31% stake in ONE as the primary reason. Only MOL, which also has a 31% holding in ONE, managed to stay in the black for the year, achieving a positive result of ¥27bn ($240m), mainly attributable to good performances from its dry bulk and energy transport businesses. But the carrier noted the business performance from ONE had resulted “in a significant deficit” from the sector. The botched launch of ONE on 1 April last year resulted in a significant loss of business and an estimated $400m impact on the bottom line. Chief executive Jeremy Nixon explained to investors in November that management had “underestimated the initial launch resource requirement”, causing chaos on operations desks throughout the new organisation and obliging loyal Japanese trading house customers to book their containers with other carriers. On the key Asia-Europe and transpacific tradelanes, it took ONE several months to regain customer confidence and thus restore load factors to acceptable levels. For the full-year utilisation levels recovered to 87% and 88%, respectively for the Asia-US and Asia-Europe headhaul routes, having plunged below 70% in the first quarter. Turnover in the first 12 months was $10.9bn, but ONE is seeking to improve its revenue in year two by 17% to $12.7bn and is targeting a profit of $85m. ONE is more optimistic about growth than some of its peers and is projecting a 4% increase in demand. “Profit is expected to gradually recover throughout H1, with improved lifting,” said ONE, adding it expected that liftings would be restored to the pre-integration levels of the three carriers during the period. It said however that in the first three months of the calendar year, and the carrier’s Q4, trade had been “relatively weak” eastbound between Asia and the US “due in part to a backlash downturn from the earlier rush demand ahead of additional US tariffs on China”. In regard to the Asia to Europe tradelane it said that although long-term contracts had improved, soft demand following the Chinese new year had resulted in a decline in spot rates. ONE said that its action plan for profit improvement was to “establish an organisation that can tolerate market volatility” advancing the carrier from a period of “stabilisation” to a secondary stage of “reformation”. The four parts of its 2019 action plan are: cargo portfolio optimisation; product rationalisation; an organisation restructure and an increase in the targeted $1bn cost saving synergies from the merger to 96% this year, from the 82% achieved in the first year. By Mike Wackett 26/04/2019last_img read more

Senator Newby attending Special Meeting of Ministers of Youth in Barbados

first_imgSenator Newby attending Special Meeting of Ministers of Youth in Barbados EducationMarch 19, 2010 RelatedSenator Newby attending Special Meeting of Ministers of Youth in Barbados RelatedSenator Newby attending Special Meeting of Ministers of Youth in Barbados RelatedSenator Newby attending Special Meeting of Ministers of Youth in Barbadoscenter_img Advertisements FacebookTwitterWhatsAppEmail The Parliamentary Secretary in the Ministry of Youth, Sports and Culture, Senator Warren Newby will attend the Special Meeting of Commonwealth Caribbean Regional Youth Ministers to be held in Bridgetown, Barbados from March 21-23.The meeting will revise the Commonwealth Youth Programme Strategic Plan 2008-2012; analyse policy and capacity gaps towards an effective youth development agenda; examine youth governance and participation for effective youth services delivery; and will serve as a preparatory meeting for the Commonwealth Ministerial mid-term review to be held in Sri Lanka later this year.The Commonwealth Youth Programme (CYP) is an international development agency working with young people between the ages of 15 and 29. It forms part of the Commonwealth Secretariat, and is active in the Commonwealth’s 52 member countries.Senator Newby travels at no expense to the Government of Jamaica.last_img read more

Who’s the Father of Intelligent Design? Find Out on Friday

first_imgIntelligent Design Who’s the Father of Intelligent Design? Find Out on FridayEvolution News @DiscoveryCSCJanuary 4, 2021, 6:38 AM Photo: Statue of Alfred Russel Wallace, by George Beccaloni / CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0).One of the greatest naturalists of the 19th century, Alfred Russel Wallace (1823-1913) co-discovered evolution by natural selection with Charles Darwin. But unlike Darwin, Wallace became convinced that life and the universe displayed clear evidence of purposeful design. Wallace’s birthday is January 8. That’s this Friday! Join us for an online birthday party, from 6 to 7 pm Pacific time, as we celebrate the life and legacy of Wallace with historian Michael Flannery, editor of the new book Intelligent Evolution: How Alfred Russel Wallace’s World of Life Challenged Darwinism (2020). Find more information and a link to register by going here. Evolution NewsEvolution News & Science Today (EN) provides original reporting and analysis about evolution, neuroscience, bioethics, intelligent design and other science-related issues, including breaking news about scientific research. It also covers the impact of science on culture and conflicts over free speech and academic freedom in science. Finally, it fact-checks and critiques media coverage of scientific issues. Share Learn why Flannery thinks Wallace could be regarded as one of the founding fathers of the modern intelligent design movement. Flannery will be interviewed by Discovery Institute Vice President John West, followed by a Q&A with the audience. Email Print Google+ Linkedin Twitter Share Email Print Google+ Linkedin Twitter Share Be sure to get your copy of Intelligent Evolution: How Alfred Russel Wallace’s World of Life Challenged Darwinism. For more information about Alfred Russel Wallace, check out https://alfredwallace.org/ or watch the documentary Darwin’s Heretic. Congratulations to Science Magazine for an Honest Portrayal of Darwin’s Descent of Man Origin of Life: Brian Miller Distills a Debate Between Dave Farina and James Tour TagsAlfred Russel Wallacebirthdaybirthday partyCharles DarwinDarwin’s HereticDarwinismDiscovery Instituteevolutionintelligent evolutionJohn WestMichael Flannerynatural selectionnaturalists,Trending Jane Goodall Meets the God Hypothesis “A Summary of the Evidence for Intelligent Design”: The Study Guide Our Debt to the Scientific Atheists Recommended A Physician Describes How Behe Changed His MindLife’s Origin — A “Mystery” Made AccessibleCodes Are Not Products of PhysicsIxnay on the Ambriancay PlosionexhayDesign Triangulation: My Thanksgiving Gift to Alllast_img read more

Phish ‘Dinner And A Movie’ Stream Companion: 8/19/12 At Bill Graham Civic Auditorium [Photos/Videos]

first_imgThis week’s 21st episode of Dinner and a Movie takes us back 8 years (nearly to the day) to the band’s two-leg 2012 summer tour. 2012 marked the last year that Phish split their U.S. summeer tour into two separate sections, a trend that had begun in 2004 ahead of the band’s breakup and persisted once Phish reunited in 2009. 2012 was also back in the days of tour “announcement videos” posted by the band. Each of the two 2012 summer tour legs got its own announcement video, and each of them is as strange and amusing as you’d expect from this band. Watch Jon Fishman get his Rocky on, pig out on junk food, and take in some ads for the high-class “Gordeaux” (starring Mike Gordon) in preparation for the two-part 2012 summer Phish tour below:Phish 2012 Summer Tour Leg 1 Announcement VideoPhish 2012 Summer Tour Leg 2 Announcement Video<span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span>Tonight’s Dinner And A Movie will feature a full replay of the third and final night of Phish’s first-ever run at San Francisco’s Bill Graham Civic Auditorium, a venue that would become a regular tour stop for the band in the ensuing years. The intimate, 8,500-cap room offered one of the summer’s only indoor shows as well as one of its smallest venues. Since the 2012 summer campaign was somewhat inconsistent and notably short on long jams, the 8/19/12 performance instantly rocketed to the top of many fans’ “Best of 2012” lists due to its improvisational depth.Related: Mike Gordon & Leo Kottke Announce First Album In 15 Years, Share Two Tracks [Listen]The first set on 8/19/12 was relatively standard 2012 fare, featuring a number of heavy-rotation tunes like “Crowd Control”, “Party Time”, “Axilla”, “Reba”, “Free”, “Mound”, “Walk Away” and “NICU”. Things began to get a little more interesting with a lightly-improvised “Back On The Train”, “Gotta Jibboo” > a soaring “Roggae”, and a thrilling though somewhat compositionally fumbled set-closing “David Bowie”.The main event here, however, is set two. The band returned to the stage for the second frame and launched into Talking Heads‘ “Crosseyed and Painless”. Behind deft playing by Trey Anastasio and Mike Gordon, this “Crosseyed” rose to unusual heights throughout its nearly 17-minute runtime—which unseated the version from 6/21/09 at Alpine as the longest jam on the song since before the breakup.The band was far from finished with their improvisational ambitions, as “Crosseyed” moved into a fantastic rendition of “Light”, which truly began to come into its own as a jam vehicle in the summer of 2012. Just before the 15-minute mark (and after an amusing tease of Beyonce‘s “Single Ladies”), the band executed a smooth segue into “Sneakin’ Sally Through The Alley”. With Gordon and Fishman laying the foundation, “Sally” picked up right where the ripping “Light” jam left off, accounting for another 10+ minutes of electrifying playing. Both “Light” and “Sally” were infused with teases of “Crosseyed”, and the building went berserk as the band moved back into “Crosseyed and Painless” in earnest for a brief reprise. Those first 45(ish) minutes of set two are prime live Phish, no matter what era they might have come from.“Theme From The Bottom”, “Rocky Top”, “Boogie On Reggae Woman”, “Meatstick”, and “Bug” all felt like a victory lap after the “Crosseyed” sandwich that started the frame, but the “You Enjoy Myself” that closed it out was the true exclamation mark on a stellar set. Finally, the band returned to the stage for a “Ride Captain Ride” encore (with extra cheers for the appropriate “San Francisco Bay” lyrics) followed by the “Tweezer Reprise” still owed after the “Tweezer” on the run’s first night.This is a fun one, folks. Enjoy! As always, the party begins at 8:30 E.T. You can check out some photos from the show captured by photographer Dave Vann  below: Tonight (Tuesday, August 18th), Phish will air their August 19th, 2012 show at the Bill Graham Civic Auditorium as the 21st episode of their ongoing archival webcast/cooking series, Dinner and a Movie. Tune in below at 8:30 p.m. ET and scroll down to follow along with our 8/19/12 Stream Companion.Phish Dinner and a Movie Episode 21: 8/19/12, Bill Graham Civic AuditoriumPrevious Dinner and a Movie Stream Companions have included a little paragraph here about the past episodes, but it’s stopped being so little after 21 weeks. Now, it’s a list instead, so you can check out the past episodes and revisit their respective Stream Companions:Phish Dinner and a Movie – Past EpisodesEpisode 1: 8/31/12, Dick’s Sporting Goods Park (“F– Your Face” Show)Episode 2: 7/21/14, Merriweather Post Pavilion (Tweezerfest)Episode 3: 7/25/17, Madison Square Garden (Baker’s Dozen “Jam-Filled” Night)Episode 4: 8/22/15, Magnaball (Saturday Night, Three Sets)Episode 5: 7/9/19, Mohegan SunEpisode 6: 10/28/16, MGM Grand Garden ArenaEpisode 7: 1/15/17, MexicoEpisode 8: 8/3/18, AlpharettaEpisode 9: 7/21/97, Virginia Beach (U.S. Tour Opener ft. DMB’s LeRoi Moore)Episode 10: 12/29/18, Madison Square GardenEpisode 11: 7/26/13, The Gorge (The Birth of the Phish/Seahawks Connection)Episode 12: 6/19/95, Deer Creek Music CenterEpisode 13: 8/12/15, The MannEpisode 14: 8/7/10, The Greek TheatreEpisode 15: 5/1/89, Northampton, MA (“Avant-Garde” Video of Set Two at small MA club)Episode 16: 7/14/19, Alpine Valley (Bust-Outs, Ruby Waves, Icculus, & More)Episode 17: 10/20/13, Hampton ColiseumEpisode 18: 7/28/17, Madison Square Garden (Baker’s Dozen “Jam-Filled” Night)Episode 19: 7/8/94, Great Woods (Gamehendge)Episode 20: 10/26/18, Allstate Arena RosemontEpisode 21: 8/19/12, Bill Graham Civic AuditoriumView Past Episodes and Stream CompanionsAhead of tonight’s stream, fans can tune in to SiriusXM Phish Radio for a conversation between Ari Fink and actor/Phish fan Joseph Gordon-Levitt before Gordon-Levitt hosts this week’s edition of fan-curated program, “Crowd Control.” Check out a clip from the new “Crowd Control” below and tune in starting at 6 p.m. here. Setlist: Phish | Bill Graham Civic Auditorium | San Francisco, CA | 8/19/12Set One: Crowd Control, Party Time, Axilla, Reba, Free > Mound > Walk Away, NICU > Back on the Train, Gotta Jibboo > Roggae, David BowieSet Two: Crosseyed and Painless > Light -> Sneakin’ Sally Through the Alley -> Crosseyed and Painless > Theme From the Bottom > Rocky Top, Boogie On Reggae Woman > Meatstick, Bug, You Enjoy MyselfEncore: Ride Captain Ride > Tweezer RepriseTrey teased Nellie Kane in Crowd Control. Reba included a DEG tease. Bowie contained a Reba tease from Trey. Eleanor Rigby was teased prior to the start of the second set. Crosseyed contained a tease of The Cave. Light and Sneakin’ Sally both included Crosseyed teases. Light also included a Single Ladies (Put a Ring on It) tease. Mike teased China Cat Sunflower before Bug.last_img read more

CIBF First Caribbean answer questions of mortgage customers

first_img Sharing is caring! 122 Views   no discussions BusinessLocalNews CIBF First Caribbean answer questions of mortgage customers by: – March 6, 2018 Share Sharecenter_img Share Tweet Press ReleaseRoseau, Dominica, 2nd March 2018 – Clients of CIBC FirstCaribbean got all their questions about home and land ownership answered when the bank held a financing seminar as part of the bank’s Mortgage Month activities. The seminar, held on March 1, served to engage clients on the branch’s procedures pertaining to financing for mortgages to purchase land or build a home. CIBC FirstCaribbean representatives Paul Inniss and Allan Mercer took the participants through the suite of mortgage products and other banking services offered by the regional bank. . Clients also took the opportunity to ask questions about the services which the bank offers as well as those of the other real estate industry representatives.Other guest speakers included Glen Ducreay of Glen Ducreay Chambers and Chegan James of Blue Ribbon Property Management. Mr. Ducreay educated customers on the legal aspects of the required for becoming a home owner and the processes involved. Mr. James focused on the real estate market post Hurricane Maria and the do’s and don’ts customers should consider when considering a mortgage. The local branch has designated March as their mortgage month following a number of branches across the bank’s regional foot print which celebrated February as mortgage month.last_img read more

Freemium Beats Premium in Revenue Earned, Says Flurry

first_imgTags:#Android#apps#iPhone#mobile#Trends The Rise and Rise of Mobile Payment Technology Role of Mobile App Analytics In-App Engagement Why IoT Apps are Eating Device Interfaces Related Posts What it Takes to Build a Highly Secure FinTech … Mobile analytics firm Flurry is out with a new report that examines the revenue generation capabilities of free-to-play (aka “freemium”) games versus paid ones. The conclusion was somewhat surprising: freemium games actually make more money. As of June, freemium games accounted for 65% of the revenue generated while premium games accounted for just 35%.But this hasn’t always been the case.To arrive at its conclusions, Flurry compared the revenue generated by pricing model among the top 100 grossing games out of the 90,000 + apps the company tracks on its service, during both January and June 2011.“Premium” simply means the game download costs money, explains Flurry, while “freemium” games are free-to-play, but the user can purchase items in the games, like virtual currency and virtual goods. What’s most surprising is that the shift to freemium as the biggest revenue generator has happened so fast. In fact, the two models have practically flip-flopped positions during the first six months of 2011. In January, for example, freemium games only accounted for 39% of the total revenue earned and premium games were at 61%. Now it’s 65% freemium versus 35% premium.Flurry says this should remind developers that the distribution models for video games have shifted – success is no longer measured by units sold, it’s about engagement, and then how many “compelling spending opportunities” you can provide players.The company also noted that the number of people who spend money in a free game ranges from 0.5% to 6%, depending on the game’s quality and its core mechanics. This shows that a small minority of a game’s most engaged players are worth more than a larger group of people who are willing to pay 99 cents for the download. sarah perezlast_img read more