• Bank Muamalat seeks to fix itself with Rp 3.2t investment

    first_imgThe pioneer of sharia banking in Indonesia, Bank Muamalat, is gearing up to fix its business performance with Rp 3.2 trillion (US$223 million) invested by a consortium initiated by Ilham Akbar Habibie, son of the late former president B. J. Habibie.The bank’s president director, Achmad K. Permana, said on Wednesday that under the consortium led by Al Falah, Bank Muamalat would get around Rp 3.2 trillion in fresh capital from a rights issue. Al Falah is a Singapore-based sharia investment company led by Ilham Habibie in partnership with CP5 Hold Co 2 Limited, fully managed by SSG Capital Management Limited.“The investment amount is greater than the initial estimate of Rp 2 trillion,” he said on the sidelines of a press briefing. The company was also open to other investors, and the amount of capital could be higher, Achmad added. “I will assess the problem and find solutions, either with warnings, negotiations or legal means,” Yusril told the press, while also expressing hope that all problems regarding clients’ NPF could be resolved in the next two years.OJK chairman Wimboh Santoso said on Tuesday that the authority had approved the consortium’s acquisition of the bank after completing some administrative work. When asked about the approval, Ilham told the press that he could not provide any details, adding that the process could take two months or more.According to OJK data, Bank Muamalat’s net profit fell to Rp 6.57 billion in the period of January to August 2019, down 94 percent from the same period of 2018.Bank Muamalat is one of five financial service providers under scrutiny by the House of Representatives’ Commission XI, which oversees financial affairs. The Commission in January formed a working committee to monitor Bank Muamalat as well as state insurers Asuransi Jiwasraya, Asabri and Asuransi Jiwa Bersama (AJB) Bumiputera. It will also look into financial problems at state-owned pension insurance firm Taspen.Topics : Pending approval from the Financial Services Authority (OJK), the investment would see the Al Falah-led consortium control 77 percent of Bank Muamalat. The stakes of existing shareholders, which include the Islamic Development Bank, Bank Boubyan and Atwill Holdings Limited, will be diluted.Muamalat is weighed down with bad assets as nonperforming financing (NPF) soared to 4.64 percent in last year’s third quarter, nearing the unhealthy level of 5 percent. Bad loans surged over the course of a year, as the NPF stood at 2.5 percent in the third quarter of 2018.“We will change our business model to focus more on retail,” Ahmad said, adding that Bank Muamlat’s business so far had been mostly in the corporate segment, which accounted for 65 percent of the lender’s financing.Numerous mergers and acquisitions marked Indonesia’s banking industry in 2019, despite loan growth declining to levels unseen in more than three years amid global economic uncertainty. Investors see potential in the market size and high profit margins in Southeast Asia’s largest economy.Legal expert Yusril Ihza Mahendra, who headed the legal team of the Joko “Jokowi” Widodo-Ma’ruf Amin election campaign, has been onboarded to help the bank manage its NPF.last_img read more

  • Boeing extends factory shutdown in Washington state

    first_imgBoeing has said it will indefinitely extend a shutdown at its factories in Washington state because of the coronavirus pandemic.The aerospace giant had already halted production at its Puget Sound facility near Seattle, where the company builds the long-range 777 jet and other models, after announcing a two-week stoppage last month. It had also shut its other major state factory at Moses Lake because of the 737 MAX grounding. Boeing announced Sunday that the shutdown would continue indefinitely in an effort to protect staff from COVID-19, which has already claimed the life of one employee at the company’s Everett facility.”The health and safety of our employees, their families and our communities is our shared priority,” Boeing’s commercial airplanes division president Stan Deal said in a statement.Boeing was already facing significant headwinds prior to the coronavirus pandemic because of the crisis surrounding the 737 MAX, which has been grounded for more than a year following two fatal crashes.But the pandemic has further hit the company’s outlook with most commercial airline travel suspended and major carriers thrust into a life-or-death fight.The company is seeking more than $60 billion in federal support for the US aerospace industry in the wake of the two crises.It announced a voluntary worker layoff plan on Thursday and said it expected “several thousand employees” to take a severance package or retire.Boeing currently employs around 70,000 people in Washington state.Topics :last_img read more

  • Asset managers’ sustainable investments triple since 2010 – survey

    first_imgGlobal assets under management linked with companies that are signatories to the PRI (Principles for Responsible Investment) have almost tripled to $62trn (€55.3trn) in April 2016 from $21trn in 2010, according to Moody’s Investors Service (MIS).Demand for sustainable investing has been driven by investor expectations and regulations, and the use of these strategies will continue to grow, MIS said in its in-depth analysis of the sector.For instance, in France – where companies offering employee savings plans must include a responsible investment option – these products now represent 30% of company-sponsored savings plans, up from 4% in 2006.MIS added that, while large institutional investors such as pension funds, endowments and foundations are driving rising demand, high net worth and retail investors are nonetheless playing an increasing role. Retail SRI funds in Europe have nearly doubled over the past five years, from €75bn to €136bn.Marina Cremonese, a vice-president at Moody’s, said: “Integrating ESG criteria into investment decisions should limit risks within portfolios and contribute to lower volatility and better performance in the long run.“The effectiveness of these strategies, however, will have to manifest themselves through the cycle, as well as across teams and strategies.” But generating long-term value for investors means asset managers could preserve higher active management fees by integrating ESG criteria into their product suites, MIS said, adding: “There is investor demand for more transparent strategies and products, as well as tailored products that meet specific client needs.”Several asset managers – including BlackRock, Amundi and Standard Life Investments – have proved that being early movers provides an edge, according to the analysis.And it observed that, as the shift away from active management and towards lower-cost, passive management continues, asset managers specialising in active strategies are trying to gain a competitive edge through the introduction of ESG criteria in mutual funds and investment solutions.But, besides the commercial advantages of providing ESG products, there are likely to be increasing regulatory pressures, the analysis warned.MIS’s research follows the approval of the EU’s ratification of the Paris Agreement last week (4 October), which now takes effect on 4 November.“It is a significant achievement,” MIS said, “and it is very likely new regulations and disclosure requirements will emerge for companies as a result.”It added that the Financial Stability Board task force on climate-related financial disclosures is also expected to develop voluntary, consistent, climate-related financial-risk disclosures to be used by companies in providing information to investors and other stakeholders.Meanwhile, asset managers have to overcome several hurdles to make sustainable investing strategies work.These include an insufficient supply of investible products – such as green bonds – uncertain performance expectations, evolving disclosure regimes, limited ESG data and education.“Finding consistent, high-quality ESG data is a challenge, given a lack of universally accepted ESG definitions and standard reporting guidelines,” said MIS.“Asset managers also have to integrate the information into their investment process, must ensure such strategies are generating competitive returns, and need to communicate the process and results to investors clearly.”last_img read more

  • Cannon Hill home the ultimate for lifestyle

    first_imgThe home at 20 Prince St, Cannon Hill, is for sale.WITH great northerly breezes and cafes just a walk away, this is the ultimate home for those looking to buy for a relaxed lifestyle.Vendors Will and Elise Mackay have lived in the 20 Prince St home at Cannon Hill since early 2016, and love the lifestyle advantages that come with it.“It’s close to a lot of our favourite cafes and also shopping centres,” Mr Mackay said.“You can just walk to nearby cafes, there’s one we like called The Blue Poppy and another one called Keyhole Espresso.” One of the home’s bathrooms is modern.The father-of-one believes the property would suit a variety of buyers, from first homeowners, like the Mackays were when they purchased the home, to small families and investors.“Anyone who wants to have a family and renovate that property would do really well,” Mr Mackay said.“It’s a big block and an investor could put a deck or some extensions on it.” The living room at 20 Prince St, Cannon Hill.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020Mr Mackay said the area was full of families taking advantage of the location, and the neighbours were friendly.“The neighbourhood is really good, there are a lot of young kids that live either side,” he said.“It is a family focused area.” The bedrooms are large.The residence is on a 610sq m block which has views out to Portside, according to Mr Mackay.Mr Mackay said they were upsizing to accommodate their plans for a bigger family.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 10:02Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -10:02 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p270p270p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenJune, 2018: Liz Tilley talks prestige property10:02center_img The master leads to a walk-in robe and ensuite.Ideally positioned for families, the home is a 550m walk to St. Oliver Plunkett Primary School and 700m to Cannon Hill State School. The kitchen has had a facelift not too long ago.The single-level 1960s weatherboard home has been updated in recent years, with licks of paint and a modern bathroom, but Mr Mackay said all they have had to do to it is brighten the rooms with new blinds.last_img read more

  • Lady Bulldogs Battle Lady Owls In Soccer

    first_imgThe JV Lady Bulldogs put up a great fight against the Seymour Owls on Thursday night. Batesville controlled the game in the first half and was able to put the ball in the back of the net to take the lead. Lauren Gutzwiller scored the solo goal for the Dogs with an assist from Callie Main. Unfortunately, in the second half the Seymour Owls countered and scored a goal of their own to tie the game at 1 to 1. The ladies created many scoring chances in the second half but were unable to take the lead. The defense was led by Kayla E. Meyer with many tackles and deflections to stop the Owls. The game ended in a draw.The Batesville Lady Bulldogs traveled to Seymour on Thursday night and defeated the Lady Owls 2-0 to finish the month of August undefeated with a record of 7-0 and ranked #2 in 2A class.Batesville controlled much of the possession in the first half with a 60/40 edge over the host Lady Owls. Georgia Gratz was able to get the Lady Bulldogs on the scoreboard midway through the first half off a nice assist from Liz Heidlage. Baylee Rohlfing did a nice job winning many 50/50 balls in the air and stepping up to shut down the Seymour forwards. Batesville took a 1-0 lead into halftime and a 12-2 difference in shots.In the second half, Seymour came out with a little more intensity but the Lady Bulldogs were able to notch their third shutout of the season. Allison Storms played the Lady Owls physical and outworked their offense to help preserve the win. Despite the game staying 1-0 for 70 minutes, the Lady Bulldogs didn’t settle and continued to press high to try to add another. Gratz was able to break through after Taylor Rowlett broke down several Seymour defenders and dribbled central. Once she drew another defender her way, she slipped a ball into space and Gratz finished her 2nd goal of the season.Bulldogs Coach Kyle Laker commented on the game saying,  “Molly Wintz and Olive Cerniglia did a great job in goal tonight! This was another great team win and we had 15 players contribute significant time and effort in the match.”last_img read more

  • Leising: Strengthening Indiana’s workforce

    first_imgIndianapolis, In. — Indiana’s workforce remains strong, with more than 3.39 million Indiana residents employed or pursuing employment in our state.Due to Indiana’s competitive job market, strengthening our workforce continues to be a top priority for the General Assembly. This session, the General Assembly is considering several measures to improve workforce development opportunities.House Bill 1002 would help increase high school career and technical education (CTE) opportunities by giving high schools more flexibility to improve CTE courses as well as hire instructors.This bill would also improve job-training programs by expanding the Workforce Ready Grant, which pays for adults to complete certificate programs, to all colleges approved by the Commission for Higher Education in addition to Ivy Tech Community College and Vincennes University.For more information on ways the General Assembly is working to strengthen our state’s workforce, click here.last_img read more

  • Fletcher injury lift for United

    first_img Fletcher came through the contest – which also featured Fabio and Wilfried Zaha – unscathed, although striker Will Keane lasted only a couple of minutes after suffering a nasty cut to his head. Fletcher is fighting his way back to fitness after being laid low by a chronic bowel complaint. Although the Scot is still believed to be some way short of a return to first team duty, manager David Moyes was on hand to watch the majority of a game that was switched to United’s AON training complex at short notice. Darren Fletcher completed the first full 90 minutes of his comeback in Manchester United’s 1-0 Under-21 defeat by Stoke on Friday afternoon.center_img Press Associationlast_img read more

  • Florida Man Arrested After Dragging, Fatally Running Over Girlfriend

    first_imgAuthorities say a woman was dragged for several hundred feet on I-75 near Gainesville on Saturday while holding onto the door of a truck before she lost her grip, was run over by the vehicle and died.The Florida Highway Patrol arrested the woman’s boyfriend, 44-year-old Ryan Le Boss, early Sunday at his Lake City home, on a charge of leaving the scene of a crash that resulted in death.Troopers say he was driving the Ford pickup truck involved in the incident, and several witnesses verified the initial report.Alachua Co. FHP is requesting any info about this F -250 or F-350 pu or the white male driver- last scene sb on I-75 & exit on 39th Ave near 5 pm. The female passenger was dragged several hundred ft then run over by the rear tire and died @ Shands, call FHP or Crime Stoppers pic.twitter.com/pAZzajdXLm— FHP Gainesville (@FHPGainesville) February 23, 2020 Officials identified the girlfriend was 48-year-old Eileen Bocca, and say she died at a nearby hospital.Bocca was taken to a nearby hospital, where she died.It is not clear whether Le Boss will face other charges.last_img read more

  • DEFY swim team sets marks at state championship meet

    first_imgORONO — Members of the Down East Family YMCA swim team broke four team records and won seven titles over the weekend in the state championship meet at the University of Maine.On the boys’ side, Sean Hill set a record in the 500-yard freestyle with a time of 4 minutes, 50.71 seconds. DEFY also got new team records from Kristy Barry (100-yard backstroke; 59.64 seconds), Ella Montgomery (50-yard backstroke; 28.87 seconds) and the girls’ 200-yard freestyle relay team (1:43.66) in their respective divisions.Hill, Barry and Montgomery also claimed state titles with their record-setting swims. Montgomery added another state championship in the 50-yard backstroke for DEFY, which also got two first-place finishes from Nick Partridge (200-yard individual medley and 100-yard breaststroke) and a first-place boys’ 200 free relay finish.Koldin Beers, Lucas Fendl, Owen Frank, Lilja Hanson, Abby Hardison and Sofia Herrington were new winter championship qualifiers for DEFY. Hill qualified for the national championships in the 100-yard butterfly.This is placeholder textThis is placeholder textIn all, 16 swimmers competed from DEFY. The meet drew a total of 1,250 swimmers from 16 YMCA chapters throughout the state for events held Friday, Saturday and Sunday.last_img read more

  • Cricket News England vs India 2nd Test Day 3: Scorecard at stumps as brilliant Woakes-Bairstow pile misery on Kohli and co

    first_imgNew Delhi: In what was a torrid day for the Indian cricket team on the Day 3 at the Lord’s, English all-rounder Chris Woakes piled misery on Virat Kohli and co after scoring his maiden Test century alongside a brilliant Jonny Bairstow who got out on 93 runs. After dismissing the Indian side for just 107 runs, the batting performance by the English handed them a massive advantage in the ongoing second Test match.ALSO READ: Andre Russell takes hat-trick, scores fastest ton in CPLWoakes, making a comeback to Test cricket, looked at home as he struck a polished ton as England reached 357 for six when the poor light stopped the proceedings for the day at the Lord’s.The hard-hitting southpaw walked off unbeaten on 120 with Sam Curran batting on 22 not out.Bairstow and Woakes made a brilliant 189-run partnership and piled misery on the Indian cricket team.ALSO READ: Scorecard at stumps as Indian batsmen get humiliated by seam and swingEngland lead the five-match Test series by 1-0.Complete scorecard of England vs India 2nd Test match at the Lord’s:India 1st innings: 107 all outEngland 1st Innings: Cook c Karthik b Ishant 21Jennings lbw b Shami 11Root lbw b Shami 19Pope lbw b Pandya 28Bairstow c Karthik b Pandya 93Buttler lbw b Shami 24Woakes batting 120Curran batting 22Extras: (b-7, lb-10, w-1, nb-1)Total: 357/6 in 81 overs Fall of wickets: 28-1, 32-2, 77-3, 89-4, 131-5, 320-6Bowling: Ishant 19-3-88-1, Shami 19-4-74-3, Kuldeep 9-1-44-0, Pandya 17-0-66-2, Ashwin 17-1-68-0. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more