Promissory note repayment will cost jobs

first_imgNewsLocal NewsPromissory note repayment will cost jobsBy admin – April 17, 2012 566 LIMERICK-born economist, Tom McDonnell, believes that recent moves to negotiate a deal on the Anglo Irish and Irish Nationwide promissory notes, is a positive move.Mr McDonnell was speaking at Mary Immaculate College. He did, however, warn that the structure of the deal and in particular the interest rate, would be crucial to Ireland’s debt sustainability“As it stands, the promissory notes will cost €47 billion over the next 20 years. Sign up for the weekly Limerick Post newsletter Sign Up “It is welcome that the Government is now prioritising this issue and realises that the current structure of Ireland’s debt burden and the promissory note payments has to be renegotiated with a view to easing the burden on the Irish state and ensuring Ireland’s debt sustainability into the medium term. “However, the structure of any deal is crucial.  We don’t yet know exactly what will come about and in particular there is no information regarding what the interest rate on payments might be.”Mr McDonnell was speaking before addressing a public meeting on promissory note that was hosted by the Limerick One World Society.“The promissory notes constitute our remaining €30.6 billion bill for the private debts of Anglo and the INBS – a bill due to be paid by the Irish people through higher taxes and lower public spending: he pointed out.  “While most of the Anglo/INBS bondholders have now been repaid, we will be footing the bill for that repayment for years in terms of lower public spending and higher taxes – taxes which will be used to pay for bank debt rather than for improved public services or infrastructure. He said that over 2% of GDP will be sucked out of the economy each year up to 2023 to meet the promissory note repayments, which will mean more job losses and more pressure on a battered economy and society.“TASC (an independent, progressive think-tank dedicated to promoting equality, democracy and sustainability in Ireland through evidence-based policy recommendations), has suggested that the Government seek to convert the promissory notes into a low-interest long-term government bond – sometimes called a ‘bullet bond,” which is repayable over a longer period, such as 50 or even 100 years and has long argued that at least some of the former Anglo’s private banking debt that was socialised should be written-down.”He concluded that the outcome of the negotiations being conducted by the Department of Finance and the ECB will have a long-term impact on Ireland’s debt sustainability and economic recovery. Advertisement Facebook Twitter Emailcenter_img Print WhatsApp Linkedin Previous articleCharged with breaching court order at Newcastle WestNext articleIGB identify owners of dead greyhounds adminlast_img read more

Greggs names new chief exec

first_imgGreggs has appointed Ken McMeikan – currently retail director at Sainsbury’s – to be chief executive of the group. He will join the board of the bakery giant on June 1.Sir Michael Darrington will retire at the end of July after 24 years as managing director of Greggs but will remain on the board as a non-executive director. Announcing McMeikan’s appointment, Greggs chairman Derek Netherton said: “When we began the process to find a successor to Mike Darrington we recognised that he would be an extremely hard act to follow. We are therefore delighted to have found in Ken McMeikan a person with the right mix of abilities and personal qualities to lead the business in the next stage of its development.”Netherton added that McMeikan’s “considerable retailing experience” would “greatly complement the skills and expertise that already exist within the Greggs senior team”.McMeikan, 42, joined Sainsbury’s in 2005 after a short period as chief executive of Tesco Japan. Previously he had spent 14 years in operational roles with Tesco, becoming chief executive of the Europa Foods convenience store business following its acquisition in 2002, with responsibility for integrating it into the Tesco Express format.Netherton also paid tribute to Sir Michael for “his outstanding contribution to the considerable growth and development of the business over the last 25 years, and particularly for his strong and unflagging leadership”.Sir Michael welcomed McMeikan’s appointment and said his experience would “prove particularly relevant and helpful in progressing the development of Greggs as a much more unified and customer-focused national brand”.last_img read more

French sports minister blasts racist Russian chants

first_img“Racism has no place on the football pitch,” said Flessel, a former two-time Olympic champion in fencing.“We have to take action together on a European and international level to bring an end to this inadmissible behaviour.”During the second half of France’s 3-1 victory over Russia on Tuesday, an AFP photographer heard monkey chants aimed at Barcelona winger Dembele, while internet users claimed to have heard Manchester United midfielder Pogba targeted.A spokesperson for FIFA said t was gathering “the possible evidence relating to the discriminatory incidents reported by the media” from the match.However, FIFA said it did not want “to comment before evaluating the available information”.FIFA is waiting for a report from the Football Against Racism in Europe (FARE) anti-discriminatory body, which was present at the stadium.Neither the players nor the French team management, approached by AFP, commented on the allegations, while Russian authorities said on Wednesday they hadn’t heard anything but were prepared to look into it.“If this information is confirmed, then of course we will study both the video replay and everything else that happened around the match,” the Russian Football Union’s security committee head Vladimir Markin was quoted as saying by Russian newspaper Sport Express.“And after that, we will give our assessment.”But his RFU security council colleague Alexei Tolkachyov stressed they had heard nothing.“If necessary, we are ready to study this episode. But I will repeat -– we did not record anything of the kind,” Tolkachyov was quoted as saying.Russia hosts the World Cup from June 14 to July 15.The country has also come under scrutiny after the International Olympic Committee banned Russia from last month’s Winter Games in South Korea over a state-sponsored doping programme that reached its zenith at the Sochi Olympics four years ago.Seven World Cup matches will be held in Saint Petersburg’s 68,000-capacity stadium, including a semi-final.Russian football has long been blighted by the scourge of racist chanting from the terraces and FIFA says it is closely monitoring the situation in the country.FARE reported 89 racist and far-right incidents at Russian games in the 2016/17 season.Most recently, Spartak Moscow were hit with a suspended stadium ban by the Russian Football Union over almost a minute of racist chanting directed at Lokomotiv Moscow’s Brazilian goalkeeper Guilherme Marinato earlier this month.0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Paul Pogba and Ousmane Dembele were allegedly targeted by racist chants © AFP / FRANCK FIFEParis, France, Mar 28 – France’s sports minister has condemned the “inadmissible” monkey chants aimed at French players Paul Pogba and Ousmane Dembele during an international friendly against World Cup hosts Russia in Saint Petersburg.Laura Flessel hit out at the chants on her Twitter account on Wednesday, while world football governing body FIFA said it would investigate the incident which has raised new fears of racism in Russia less than three months before the World Cup kicks off.last_img read more

Home prices hit record in valley

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREBasketball roundup: Sierra Canyon, Birmingham set to face off in tournament quarterfinalsFor condominiums, the median price for the 129 homes sold was $387,000, about 17.3 percent higher from a year ago, but down half a percent, or $2,000, from March. That price also peaked in January, when the median was $397,000. Jim Link, the association’s executive vice president, said he believes median prices will hold despite slowing sales and rising inventory. Though expect annual price gains of only 5 percent to 8 percent, he warned, compared to the 17-26 percent range seen in the last four years. “The market in the median prices is definitely going to stay healthy,” he said. “What we’re seeing is a cooling off in a market that is the hottest, tightest market we have in history.” Delores Conway, director of the Casden Real Estate Economics Forecast at University of Southern California’s Lusk Center for Real Estate, sees two forces working to stabilize prices for a so-called “soft landing.” Rising interest rates and high prices may mean fewer buyers in the market, but housing demand in Southern California remains strong. Conway added that she does not expect a run on the market despite more inventory, with sellers holding back because they can’t afford to upgrade to larger homes. “We’re seeing continued price increase year over year,” she said. “But we’re seeing huge volume declines – that in part is kind of holding up the market. A lot of people who want to put their home on the market saw the market and held off.” Link agreed. “Santa Clarita is such a desirable community to life in that we fully expect strong demand to keep prices rising even as inventory grows,” Link said. “However, it’s likely that the double-digit price increases so common during the sellers’ market will give way to a single-digit pace.” Residential real estate experts believe a five- to six-month supply represents a market where neither buyer nor seller has an advantage in negotiations. The 1,929 listings from April is equal to a 5.3-month supply at the current pace of sale – a significant increase from a year ago when there were only 555 listings, or less than a one-month supply. The number of pending escrows – a measure of future sales – was 347 at the end of April. It’s down 61.9 percent from a year ago. Conway said it now takes about three months to sell a home – a less intense market than a year ago, though not exactly the bottom falling out as it did in the recession of the early 1990s. “I remember when the market was 24 months,” she said. “As long as the economy remains healthy and the Southern California economy has been healthy. It’s when people are losing their jobs that you see a lot of homes on the market. “The slower times are healthier times. There’s less speculation and more stability. As long as we don’t see a lot of foreclosure from the flexible financing, it would be a soft landing.” [email protected] (661)257-5253160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! SANTA CLARITA – The median price of a single-family home in the Santa Clarita Valley rallied in April to a record $643,000 after dipping earlier in the year, a monthly real estate survey said Wednesday. Still, sales activity continued to slow, with the number of closed escrows down nearly 37 percent and more than 1,900 active listings at the end of the month – nearly quadruple from a year ago, according to the Southland Regional Association of Realtors. “We’ve seen an increase in listings as sales are taking longer to complete,” Peggy Muller, the group’s Santa Clarita division president, said in a statement. “It may seem dramatic because listings are rising from years of record-low levels.” The 237 single-family homes sold in April pushed median price up 16.5 percent from a year ago, and 7.2 percent higher – $43,000 – compared to March. It surpassed the previous record of $620,000 set in January. last_img read more

Funding granted for Termon bike hire and Buncrana Music Festival

first_imgDonegal Minister Joe McHugh has announced community grants worth more than €40,000 through the Leader programme for a music festival and bike hire business.“I am delighted that the Leader programme is once again recognising the value of community work in Donegal,” Minister McHugh said.“In total more than €40,000 is being invested in a bike hire scheme in Termon and a family friendly music festival in Buncrana thanks to the programme. “What’s best about Leader is that it sees the potential in ideas and puts in the money to bring them to life. It puts community support right at the heart.”Minister McHugh announced a Leader grant of €25,230 for Notorious Events to run a music festival in Buncrana later this year and €15,231 for Comhlacht Forbartha an Tearmainn for their Grassroutes – Rothar ar Chíos scheme.Dúirt Aire McHugh: “Beidh an maoiniú seo atá fógraithe ina cuidiú mór do na grúpaí seo agus iad ag cur a seirbhísí chun cinn ina gceantracha, a bheas mar bhuntaiste mhór do na phobail áitiúla agus do thurasóirí do na ceantracha.”Fine Gael local election candidate for South Inishowen Michelle McKenna said: “Both these ideas are building on tourism and giving people a reason to visit the area. I am looking forward to supporting the festival and all other tourism and community projects around Inishowen.” And Noel McBride, party candidate in the Milford area said: “It is really brilliant to see Comhlacht Forbartha an Tearmainn get backing for this bike business and ensuring they’ve got kids bikes, hybrids and electric so all ages and levels of fitness can make the most of our countryside.”Funding granted for Termon bike hire and Buncrana Music Festival was last modified: March 18th, 2019 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Thermal Drift of Polyiso and XPS

first_img Start Free Trial Already a member? Log in This article is only available to GBA Prime Members Most insulation materials have an R-value lower than R-5.6 per inch. As David Yarbrough, a nationally known insulation expert, explains, “At 75°F, the theoretical maximum R-value of a product is 5.6 per inch. That represents the maximum R-value if there is no convection and no radiation — it represents the pure conductivity of air. That’s as high as you can go unless you are talking about a product that incorporates encapsulated gas, or a vacuum, or nano-scale powders.”Since this is a theoretical maximum, it isn’t surprising to learn that cellulose, mineral wool, fiberglass, and EPS generally have somewhat lower R-values (in the range of R-3.5 to R-4.2 per inch).Why have many manufacturers of polyisocyanurate, at least until recently, been touting R-values that are higher than this theoretical maximum? Because polyiso (like extruded polystyrene) includes encapsulated gas; as Yarbrough noted, insulation products with encapsulated gas can exceed the theoretical maximum R-value of R-5.6 per inch.If the bubbles of air found in foam insulation are replaced with bubbles of a different gas — a gas with lower vapor conductivity than air — it’s possible to achieve a higher R-value. The blowing agents used to produce polyiso and extruded polystyrene (XPS) fall into this category.Although the blowing agents used to produce polyiso and XPS successfully increase the R-value of newly manufactured rigid foam, they have an Achilles’ heel: over time, these blowing agents dissipate. The gases gradually diffuse through the rigid foam, and as they dissipate, they are replaced by air. (Covering the rigid foam with a vapor-impermeable facing like aluminum foil slows, but does not prevent, this process.) Because this process results in a gradual reduction in the foam’s R-value, it’s often referred to as “thermal drift.”The blowing agents used to make expanded polystyrene (EPS) are… center_img Sign up for a free trial and get instant access to this article as well as GBA’s complete library of premium articles and construction details.last_img read more

Akiva wraps up hurricane relief campaign donates cases of longlasting mosquito repellent

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Related Items: Facebook Twitter Google+LinkedInPinterestWhatsApp#Bahamas, October 31, 2017 – Nassau –  ‘‘No matter the size, every company can do its part’’  – LivFul, the Atlanta-based developers and manufacturers of Akiva Mosquito Repellent, donated cases of repellent wipes to NEMA today as it wrapped up its recent Hurricane Irma Relief promotion.  For three weeks in October every 3 bottles or packages of wipes purchased at Lightbourn Trading were matched with LivFul’s donation of nature-based, non-toxic wipes with the power to last 16 hours.“A hurricane can be devastating.   If we all use our gifts and talents to help, our collective efforts make a huge difference,” said LivFul CEO Hogan Bassey.   “Homes are damaged, infrastructure needs to be restored, deadly mosquito populations have increased.   Akiva is the most effective mosquito repellent on the market. We knew that by sharing Akiva we could help.  No matter the size, every company can do its part.”Akiva representatives from Diane Phillips & Associates made the presentation at NEMA headquarters.“We are very grateful to LivFul which is demonstrating what it means to be a social entrepreneurship enterprise,” said Chrystal Glinton, Deputy Permanent Secretary of NEMA.   “There are many needs on our islands and this donation has been eagerly anticipated and is truly appreciated.   For other companies and individuals wanting to help, we are in need of building supplies as there are homes still in need of repair.   Persons can contact NEMA for more information on how they can assist.”Press Release: DPA NewsPhoto caption:  Akiva Mosquito Repellent representative Sandra Kemp (left) shows Chrystal Glinton, Deputy Permanent Secretary, NEMA, how gentle the repellent wipes feel when applied to the skin.  Akiva recently wrapped up its hurricane relief campaign when purchases were matched in kind with donations of the long-lasting, DEET-free wipes for distribution in the southern islands.(Photo: Kristaan Ingraham, BIS)last_img read more

Steven Gerrard hails Defoes loan deal

first_imgRangers manager Steven Gerrard says signing Jermain Defoe on an 18-month loan deal is a win-win for the club.Rangers sealed the signing of Bournemouth striker Jerman Defoe on loan on Sunday. The 36-year-old will stay with the Scottish club till the summer of 2020.Defoe joined the Rangers squad at their training camp in Tenerife on Monday, and Gerrard was relieved to see the deal completed.“To be honest Bournemouth are the key to getting Jermain here, they’ve been super helpful,” Gerrard told Sky Sports.“I must say a huge thank you to Eddie Howe who’s been very understanding. I think he’s been very respectful to Jermain and his career and I think it’s a win-win situation for everyone.“Jermain gets the move he wants, he gets to play. He wants to score goals, we can provide that stage for him.Steven Gerrard, Michael OwenOwen reveals why Liverpool didn’t offer Gerrard a new contract Manuel R. Medina – September 6, 2019 According to Owen, the Reds wanted to sell Gerrard two years before he left the club and that’s why they didn’t offer him a contract renewal.“The fans are super excited and so are the staff to work with him. I know more than most what he’s about, what he’s capable of.“People talk about his age which is fine but I know the player, I know the professional.“I know he’s in a very young body, he doesn’t drink, he works exceptionally hard.“I met him recently and he’s in fantastic shape so a lot of work’s gone into it from myself and Mark (Allen, director of football).“We’ve been monitoring the situation for a long time but it wasn’t until of late that we approached Bournemouth and they’ve been super helpful.last_img read more