Brought to book

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Event organizers plead for help amid massive cancelations due to Covid-19

first_imgThe association also appealed to the government to provide fiscal incentives such as tax relief and delays in the payment of premiums to the Health Care and Social Security Agency (BPJS Kesehatan).The association also asked for understanding from business partners such as hotels, revenue providers and transportation companies, including airlines, regarding their financial difficulties. The association asked them to find a win-win solution to enable its members to settle their financial obligations.“We also ask the government to encourage state-owned enterprises (SOEs) and other government agencies which have used the services of the organizers to accelerate the payment of their dues to enable us to survive,” Mulkan in the statement.Read also: Battered by virus: Businesses across Indonesia feel the pinch Event organizers have asked for relief from clients, business partners and the government to help them survive the current difficult situation in which many of events have been postponed or canceled due to growing fears over the spread of COVID-19.The Indonesia Event Industry Council (Ivendo) said that without understanding from their clients and business partners, as well as the government most of the event organizers could shut their businesses as they would be unable to cope with the situation, which got worse from day to day.In a statement issued on March 16, the association’s chairman Mulkan Kamaluddin appealed to their clients to pay their financial obligations for events that have been suspended or those that might be unilaterally postponed or canceled because of the coronavirus pandemic. Jakarta and other provincial administrations in the country have called for the suspension of large gatherings such as exhibitions, conferences and other business events to prevent the spread of the coronavirus.In addition to the provincial governments, the Transportation and Creative Economy ministries have also urged the postponement of business events in the country following President Joko “Jokowi” Widodo’s call for all citizens to practice social distancing.“We also urge tourism and creative economy players not to organize events and exhibitions until the COVID-19 pandemic can be contained,” Tourism and Creative Economy Minister Wishnutama Kusubandio said recently.The secretary general of Ivendo, Harry D Nugraha, who is also the founder of event management company Ego Global Network told The Jakarta Post on Thursday that more than 90 percent of events scheduled for March were postponed or canceled.”If there is no event, there is no income,” Harry told the Post.On its official statement, Ivendo indicated that event organizers would follow and obey the government’s instructions. It also expressed understanding regarding the circumstances.Ivendo conducted a survey recently involving 112 respondents comprising event organizers, planners, promoters and tour operators. The survey aimed to find out the number of events being postponed or canceled due to COVID-19.Read also: COVID-19: Government calls for limits to all tourist activitiesSome 34.82 percent of respondents said they had postponed between four and six events until the end of 2020. Meanwhile, 9.82 percent of respondents said they had postponed 13 to 15 events until the end of the year.The same survey also indicates that 6.25 percent of respondents have canceled between 13 and 15 events until the end of 2020.Ivendo projects that total potential losses suffered by event organizers in Indonesia as a result of the postponements and cancelations could amount to between Rp 898.2 billion and Rp 2.65 trillion with the assumption that there are 1,218 companies engaged in the event-organizing business.Topics :last_img read more

EU considering sustainable investing as fiduciary duty for investors

first_imgAs paraphrased by the Commission, the HLEG recommended it “clarify that the fiduciary duties (duties of loyalty and prudence) of institutional investors and asset managers explicitly integrate material environmental, social and governance (ESG) factors and long term sustainability”.The duties of care, loyalty and prudence were embedded in the EU financial legal framework, said the Commission, but it “appears unclear” that they required institutional investors to assess the materiality of sustainability risks.“Market practices indicate that institutional investors and asset managers generally understand these duties as requiring a focus on maximising short-term financial returns and disregarding long-term effects on performance due to sustainability factors and risks,” it added.“This can lead to misallocation of capital and might give rise to concerns about financial stability since markets can be vulnerable to abrupt corrections, such as those associated with the delayed transition to low-carbon economies.”The Commission positioned the consultation in the context of its efforts to mobilise private capital towards the transition to a low-carbon economy. It said the consultation showed the EU’s strong commitment to mitigate risks posed by climate change and environmental challenges.Investor members of the HLEG welcomed the Commission’s consultation.Magnus Billing, CEO of Alecta, Sweden’s largest pension fund, said: “Clarification and enhancement of fiduciary/investor duties integrated in market participants’ investment processes has the potential of transforming in a meaningful manner the European financial markets to sustainable European financial markets.” The European Commission is considering whether to clarify that institutional investors’ duties include taking into account sustainability risks.The European Union’s executive has decided to start work on an impact assessment to assess whether and how such a clarification could contribute to a more efficient allocation of capital, and to sustainable and inclusive growth.The Commission launched a public consultation today to help it “gather and analyse the necessary evidence to determine possible action to improve the assessment and integration of sustainability factors in the relevant investment entities’ decision-making process”.The move follows up on one of the eight recommendations made by the High Level Expert Group (HLEG) on Sustainable Finance, an advisory body to the Commission, in its interim report in July. Claudia Kruse, APGClaudia Kruse, managing director for global responsible investment and governance at €456bn asset manager APG, said: “We invest on behalf of Dutch pension funds who consider it part of their fiduciary duty to take sustainability and governance factors into account, and reflect this in their investment beliefs and strategy. This contributes to risk adjusted returns and aligns with beneficiaries’ preferences.”Fiduciary duties have long been a battleground in the fight to get investors to take into account ESG factors.Some investors believe doing so would be incompatible with their fiduciary duties, while a more vocal – and increasingly large – constituency of investors and interest groups has argued that fiduciary duties are not a barrier to considering ESG issues as part of the investment decision-making process.In a 2005 report for the UN Environment Programme Finance Initiative, law firm Freshfields Bruckhaus Deringer said the 1984 Cowan v Scargill court case had coloured the position in the UK on the integration of ESG issues from the perspective of fiduciary duties, but had been misunderstood. The conclusion of the law firm’s report was that integrating ESG considerations into investment analyses was permissible but in certain circumstances mandatory.In 2014 the UK’s Law Commission drafted guidance for trustees on whether they could consider factors beyond short-term investment returns. It was seen by many as arguing there were no legal barriers to considering ESG issues.The Principles for Responsible Investment, meanwhile, is working with Generation Management on a programme to get consideration of ESG factors embedded in investors’ fiduciary duties. Generation Management chairman and former US vice president Al Gore will be speaking at IPE’s annual conference in Prague later this month.last_img read more

Proserv wins North Sea decommissioning deals

first_imgEnergy services company Proserv has been awarded three contracts worth a combined value of more than $2.5 million for decommissioning work in the Norwegian sector of the North Sea.Proserv said on Thursday that its Stavanger facility would provide cutting services as part of a full severance package covering subsea and topside work.As part of the decommissioning workscope, Proserv will provide abrasive cutting, diamond wire cutting, grout removal and dredging services.These latest contract awards come after $8 million worth of decom deals which the company won in Asia Pacific, the UK, and the Gulf of Mexico.The company claims that its cutting technology solutions can save hours in well severance and plugging, which can lead to significant savings in day rates over a campaign.Henrik Johnson, Proserv region president for Norway, said: “To date, we have cut over 300 wells globally in a variety of challenging conditions and environments. One of the contracts requires specialist engineered solutions to deal with non-standard sizes used in the structure. The complex installation requires a custom technology solution rather than an ‘off-the-shelf’ package, and this is at the core of Proserv’s expertise.”last_img read more

Texarkana 67 to reschedule, rename Winter Frenzy

first_imgTEXARKANA Ark. – The special for IMCA Modifieds and Smiley’s Racing Products Southern SportMods originally scheduled for this weekend at Texarkana 67 Speedway will have a new date and a new name. Modifieds will race for $1,000 to win, Southern SportMods for $750 to win on a date now to be determined. Rain has resulted in postponement of Friday’s Winter Frenzy. last_img

Mikel offers to assist Lampard

first_imgRelatedPosts Lampard: I still have confidence in Tomori Lampard: Tomori won’t leave Chelsea Anjorin: I’ll fight for shirt in Chelsea except there’s a tempting loan offer Former Chelsea player John Obi Mikel has expressed his thoughts about former teammate Frank Lampard and his new role at Stamford Bridge.In the summer, Lampard was appointed as Chelsea manager following the departure of Maurizio Sarri, and Mikel said he’s very happy for him.The Nigerian international said his former Chelsea teammates were expecting John Terry to reach the highest level first as a manager but Lampard has managed to edge ahead him, as quoted via 61 Saat: “I am very happy for Frank. When we were playing at Chelsea, we are expecting that John Terry and he would be very good managers, but we were expecting Terry to reach that level first. But Lampard made a big step.“His arrival at Chelsea means the club are caring for their legends. I joked with him after the Chelsea move, I want to be his assistant when I retire. I hope he will be successful at Chelsea for many more years. I also want to see John Terry in similar jobs in the future because he was our leader on the pitch.”After impressing for Derby County last season, Lampard was given the Chelsea job after just 12 months as a manager. Without being able to bring in new players due to the London club’s transfer ban, the former England international has done a decent job since his return.Mikel made 372 appearances for Chelsea in 11 years and won the Champions League with the Blues in 2012.Tags: Frank Lampardlast_img read more

Benteke signing should buy Lambert time

first_img Villa owner Randy Lerner may have been criticised for his lack of recent investment in the Midlands giants, but he has kept faith with Lambert. Gregory, Villa manager for four years between 1998 and 2002, feels Lambert has earned that trust purely by recruiting Benteke for a miserly £7million from Genk last summer. “Purely signing Benteke is enough to keep Paul Lambert in work for another two years,” said Gregory. “It was a stroke of genius. Whether or not Villa are able to hang onto him in the summer remains to be seen but this guy is a real find. It amazes me the likes of Arsenal have missed someone of that calibre. He scored the winning goal against QPR and seems a complete snip at £7million.” Nevertheless, it has taken commendable nerve from Lambert, who has been given a little breathing space with successive wins over Reading and QPR even if he knows Villa will be back in the bottom three on Saturday evening should Wigan beat Norwich. “Only time will tell whether the decision not to buy in January was brave or foolhardy,” said Gregory. “But standing by Paul was the right thing to do to because the signs are there. “It was a big shock that Reading parted with their manager at such a strange time. Had it been January you could understand it because the new guy would have a chance to bring in one or two signings. Now Reading can only play the same players until the end of the season.” Keeping out of that dreaded bottom three is the only task remaining for Villa now. With a team built around younger players, little can be taken for granted, and a last-day trip to Wigan has an ominous look about it. But Gregory feels that if the survival battle can be won, the future at Villa Park may be quite bright. “Paul Lambert was given a very limited budget,” he said. “The club weren’t prepared to spend money willy-nilly because it didn’t seem to be working. Instead, Paul has invested in youth. He lost one or two of his more experienced players through injury or bad form and has had to put out inexperienced teams week after week. “They have not been particularly good defensively but I always felt they could nick something because they have good strikers with a lot of pace. If Paul can manage to negotiate this season and keep the club in the Premier League, you will see a much improved Aston Villa squad next year.” Former Aston Villa boss John Gregory believes the discovery of Christian Benteke alone should guarantee Paul Lambert another two seasons at the club.center_img Press Associationlast_img read more

Other Sports Tokyo 2020 Olympics: First tickets for event released via lottery

first_img Tokyo: The first tickets for the Tokyo 2020 Olympics went on sale on Thursday, with Japanese residents able to enter a lottery to watch the sport of their choice. Tickets for the 33 sports range from the cheapest general tickets at 2,500 yen (USD 23) to an eye-watering 300,000 yen (USD 2,730) for the best seats at the opening ceremony. Those lucky enough to score the best seats for the showcase men’s 100m final will pay 130,000 yen (USD 1,200). But half of all tickets will be priced at 8,000 yen (USD 73) or less and special tickets priced at 2,020 yen (USD 18) are available for families resident in Japan with children, senior citizens, and people with impairments. Prices for domestic residents are “about the same as London 2012 but a little higher than the 2016 Rio Games,” Yuko Hayakawa, senior 2020 marketing official, told AFP.     The lottery — only for residents of Japan during an initial period — runs until May 28, with successful applicants notified on June 20 and payment due a fortnight later. The website saw high demand upon opening with a queue system in place even though tickets are not sold on a first-come-first-served basis and everyone entering the lottery by May 28 having an equal chance of scooping tickets. Overseas applicants will be able to snap up tickets from June 15 via special “Authorised Ticket Resellers” in each country. Organisers have not offered a precise number of tickets available at various stadium configurations are still being finalised with just less than 450 days to go until the opening ceremony. But they said it would be roughly the same as the 7.8 million tickets they estimated when bidding for the right to host the Games.RELATED     Of these tickets, an estimated 70-80 per cent would be allotted to Japanese residents with the rest going to overseas fans. The Tokyo 2020 Olympics will run from July 24 to August 9. Tickets for the Paralympics will become available this summer. Fans wishing to start planning their applications can access the website at Boxing tickets are not available as the IOC has frozen preparations for the competition amid a spat with the governing body AIBA. For all the Latest Sports News News, Other Sports News, Download News Nation Android and iOS Mobile Apps. No tickets will be available for Boxing as IOC has frozen preparations due to a spat with AIBA.Tokyo last hosted the Olympics in 1964.The 2020 Tokyo Olympics will be held from July 24 to August 9.center_img highlightslast_img read more

New captain but same result as Bermuda lose again

first_imgDUBAI, United Arab Emirates (CMC) – Bermuda changed captains but produced another woeful batting display as they slumped to a six-wicket defeat to resurgent Namibia to extend their miserable run in the ICC T20 World Cup Qualifier here yesterday.Bermuda’s fourth successive defeat came as they limped to 106 for nine after they were sent in at the ICC Academy Ground No 2. Namibia raced to victory with 41 balls to spare to get back into playoff contention with two wins, despite seamer Kamau Leverock’s three-wicket haul.The result left Bermuda as the only side in Group A without a point and in need of a miraculous run of results elsewhere, combined with wins over Scotland and the Netherlands in their remaining two matches, in order to remain in the hunt for one of six places up for grabs for qualifiers at next year’s T20 World Cup in Australia.Bermuda, who face Scotland today and group leaders the Netherlands on Saturday, would also require an enormous swing in their net run rate if they are to force their way into the fourth-place spot.After dispiriting batting performances against Papua New Guinea and Kenya, Bermuda made a change in captaincy, replacing Dion Stovell with 32-year-old off-spinner Rodney Trott.Stovell dropped himself after scoring nought, one and four in the three previous games.Trott took over the captaincy despite Terryn Fray having been previously named as vice-captain, while Derrick Brangman, Malachi Jones and Sinclair Smith – batting at No 11 as a specialist wicketkeeper, a novelty in T20 cricket – were brought in for George O’Brien, Allan Douglas and Stovell.But it made little difference as an all-too-familiar batting collapse resulted in Bermuda slumping to 42 for six at the halfway stage, Sussex all-rounder Delray Rawlins making only six.Okera Bascome, who made six, four and nought opening the batting in the first three games, dropped to number eight and made a fine 37 from 31 balls, while Brangman made an unbeaten 23, as the pair gave the total an air of respectability.But Namibia raced to 35 without loss from the opening two overs, seamer Jones going for 11 runs and left-arm spinner Brangman, 24, and despite Leverock snapping up three for 19, his best T20 international figures for a second game in a row, the southern African side powered home.Canada top Group B after winning their third game in a row, upsetting Ireland by 10 runs.last_img read more

North Dakota too much for Wisconsin in sweep

first_imgFreshman forward Mark Zengerle and the rest of the Badger rookies recieved a reality check after being swept by North Dakota.[/media-credit]There wasn’t much more Scott Gudmandson could do.The Wisconsin senior goaltender made 63 total saves on the weekend, but No. 10 North Dakota skated away with 4-2 and 1-0 wins over the No. 13 Badgers.The Fighting Sioux were the next big test for a young Badger squad and UW found out how it measured up against a preseason Frozen Four favorite.The verdict? Maybe next year, kids.Last season, the Kohl Center was home to an experienced, deep team with a standout defensive corps. This weekend, the team was in the building – it was just wearing black and green.Gudmandson kept Wisconsin (6-4-2) in the game all of Saturday, giving up a goal to Matt Frattin at 8:44 in the second with North Dakota (7-4-1) on the power play. The shot from behind the right circle got past Gudmandson to give UND a 1-0 lead.Entering the third period, UW still trailed just 1-0 and an Evan Trupp charging penalty gave the Badgers their own power play. A frustrating night on offense got a slight reprieve when Derek Lee found defenseman John Ramage at the right point, slapping a shot past UND goaltender Aaron Dell to tie the game 1-1.The tie didn’t last long though, as less than two minutes later, Corban Knight got a stick on a puck to deflect it in past Gudmandson for a 2-1 UND lead. Knight struck again just 2:21 later, to put the Sioux up 3-1.Frattin would add his second and Justin Schultz’s goal to make it 4-2 was all the offense the Badgers would get for the rest of the game.It was exactly the kind of game head coach Mike Eaves thought he would have seen already.“I think some eyebrows have been raised and were raised by our pretty good start. This is more of what I thought we would see early: our goaltending having to play well, letting us hang around and try to find a way to win the game,” he said. “We’re going through some growing pains right now.”Even many of the veterans on the team are just sophomores. Assistant captain Craig Smith took a delay of game penalty giving UND the power play it needed to go up 3-1.North Dakota on the other hand, is full of experience, a big reason the Sioux were expected to win the WCHA. Eaves characterized them as more assertive than the Badgers.“The way they got to time and space better than we did,” he said. “That’s one of the thing we were coaching on this bench: we spent too much time gliding, rather than striding and getting there.”“I think we were playing on our heels both nights,” Schultz added. “They were playing on their toes and we were just standing back, waiting for something to happen; we didn’t really take it to them at all.”The four goals on the scoreboard hide the outstanding effort the Badgers got from Gudmandson. Time and time again he came up with pad and glove saves, including a highlight-reel point-blank glove save as he tumbled to his side.Friday night’s game was more indicative of his play, in the 1-0 loss.Usually, when a team takes two five minute majors in a game, it doesn’t deserve to win. And when a team doesn’t score a goal on two five-minute power plays, it doesn’t deserve to win either.So it looked like the Badgers were headed for a scoreless tie with the Sioux. Instead, a defensive miscue in transition allowed UND’s Jason Gregoire to skate in the zone undisturbed and he sent a wrist shot over Gudmandon’s right shoulder to give North Dakota a 1-0 lead that would hold up as the final.“I thought I played well. But obviously I’d like that last goal back,” Gudmandson said. “Guy made a pretty nice shot, but other than that I thought I played pretty well.”UW was outshot 25-16 Friday and 43-16 Saturday, forcing Gudmandson to stay busy. More tellingly though, Wisconsin was simply outplayed most of the series, as the Sioux controlled the flow of the game.UW’s power play, which came into the series at 30.6 percent, went 0-6 Friday, managing just five shots in the 18 total minutes with the man advantage. The way North Dakota stifled the Wisconsin attack was reminiscent of Boston College’s shutout of the Badgers in the national title game back in April.“They had two or three levels, it reminded me of the championship game against BC, where they did the same type of things,” Eaves said. “And our ability to slide a guy off and get somebody open was something I don’t think we did very well.”In UND, the Badgers saw the team they were last season and the team they still could be – eventually. But no series exposed Wisconsin’s youth like this one did, giving Eaves plenty of teaching points.While the lessons to be learned are aplenty, there’s no worry on the coach’s part.“With a young group, I’m not that concerned,” Eaves said. “I think they can bounce back because they’re almost na?ve. OK, we’ll go back to work and coaches are going to give us direction. Sometimes with young teams, that [na?veness] is a good thing.”last_img read more