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

Built to Evolve: The Kinetic Enterprise

first_imgThis blog was co-authored by Pavan Srivastava, Principal & US SAP Cloud Leader, Deloitte Consulting.Our clients are recognizing the need to evolve to stay competitive in the market. To achieve the evolving business needs, our clients will have to continue to transform & make their enterprise intelligent. Organizations are turning to SAP S/4HANA, AI, IoT, and Cloud technologies to make their enterprise intelligent & evolving – like a kinetic enterprise – one that embraces change and even prepares for it.These enterprises are responsive, intelligent, clean, and inclusive. For them, waiting is not an option.How do we see IT responding? Organizations are turning to emerging technologies like AI and IoT – automation that’s fueling data-driven intelligent enterprise applications with SAP S/4HANA, SAP Leonardo, and even non-SAP applications.While organizations aspire to become a kinetic enterprise and reap the rewards, getting there takes time, investment, and risk, all of which may impact business.First – IT needs to identify if their current data centers can support transformative use cases and workloads powered with SAP S/4HANA including workflows and data integrations with non-SAP applications.That’s where hybrid cloud becomes critical; it is responsive to business needs as they evolve. To enable a kinetic enterprise, IT needs a scalable on-demand platform that brings together networking, storage, and compute, so organizations can dynamically manage their IT resources. Modularity includes providing a single interface – one that simplifies and streamlines deployment and management of disruptive technologies in multi-cloud operating models.According to IDC, more than 70% of companies are using multiple cloud environments, and the most significant data center challenge many companies face is developing a successful multi-cloud strategy.[1]Our customers agree: Cloud is not a destination, it’s an operating model.Second – next generation applications and data management platforms powered with SAP HANA need to be deployed & managed with minimal business impact. Moving from legacy SAP ERP applications can be complex and often involves migrations and upgrades, defining and implementing new use cases, and integrating applications from edge to core to cloud.To address these challenges, Dell Technologies, Intel & Deloitte are collaborating to address deployment, migration & operations of enterprise applications in the right cloud environment, bringing experienced resources across IT domains.  This may be a private cloud that is fully under the company’s control, a hybrid cloud that provides the appropriate resources across on-premises and public cloud, or extension to the edge.Imagine if you could …Use Dell Technologies solutions for a unified operational experience across public cloud providers, on-premises, and the edge, enabling true hybrid cloud allowing you to deploy applications and data in the right cloud – a private cloud fully under your control, or a hybrid cloud that provides the resources across multiple locations.Benefit from Deloitte Cloud Managed Services to deploy multi-cloud by giving you single point of contact, and a single engagement model, as well as transformation services for SAP S/4HANA.Deliver processes and data workflow integration with non-SAP applications using the Dell Boomi platform.The Deloitte and Dell Technologies collaboration strives to enable a kinetic enterprise running SAP. Intel endorses this as an example of their strategic intent – evidenced by the recent announcement with SAP to supercharge SAP applications.Empowering the kinetic enterprise helps ease the transition to SAP S/4HANA. Deloitte’s experience in SAP S/4HANA industry-specific solutions combined with Dell Technologies’ digital transformation knowledge and technology can help create a flexible and scalable data management platform. Furthermore, Dell Boomi enables businesses to integrate workflows and transfer data between SAP and non-SAP applications.Additionally, CIOs and their management teams can take advantage of a simple consumption model that offers a single point of contact and a single engagement model to accelerate their path to SAP S/4HANA on a hybrid multi-cloud. This can help reduce risk in migrations, applications can be made transient, and customization requirements are reduced for an agile, kinetic IT environment.Deloitte and Dell Technologies are working together to help clients transform, migrate, and operate their businesses by deploying SAP S/4HANA on a dynamic multi-cloud operating model, that allows organizations to enhance, integrate & operate applications and business process. Dell Technologies and Deloitte are proud to help our customers evolve to the Kinetic Enterprise running SAP – only then will they be able to truly Reimagine Everything… Anywhere.Stay tuned! More details will be available in the coming weeks.[1] IDC Cloud Repatriation Accelerates in a Multicloud World, Doc #US44185818, August 2018______________________________________________________________________________________________________________________________________________About the co-authorPavan SrivastavaPrincipal & US SAP Cloud Leader, Deloitte ConsultingSAP Experience: 20+ yearsS/4HANA Experience: 3+ yearsCloud Experience: 5+ yearsExternal Accolades: Frequent speaker at SAP insider, SAP Sapphire, Google Next, AWS Re-invent and published articles in Wall Street journallast_img read more

Etera says Brexit had no real impact on its investments

first_imgFinland’s Etera reported a 1.3% investment return for the first half of this year, down from 3.7% in the same period in 2015, and said Britian’s vote to leave the Europen Union had had no real impact on its investments over the period.In its interim report, the mutual pensions insurance company said the market value of investments dipped to €5.90bn at the end of June 2016, down from €5.94bn at the end of June 2015.Stefan Björkman, Etera’s chief executive, said: “Brexit did not rattle Etera’s investment portfolio or solvency.”He said the firm’s investment strategy had proved successful. “The market movement caused by Brexit has not had any greater impact on our investment portfolio than normal day-to-day fluctuations,” he said.Investment returns continued to develop positively in July, after the reporting period ended, he said, with Etera’s January-to-July return on investments at 2.4%.Fixed-income investments returned 2.0% in the first half, down from 2.4%, while equities produced a slim return of 0.2%, down from 7.8% in the same period last year.Real estate investments produced 2.8%, up from 2.0%, and other investments — a category which includes hedge funds and commodities — made a 0.2% loss, down from a 1.3% profit.Etera said it was continuing to actively seek investments within Finland, and that domestic investments made up 37% of its total investments at the end of June.In Etera’s full-year 2015 data, the share of domestic investments was 38%.It said Finnish investments made in the first quarter of this year included the acquisition of a share of forest owner Finsilva, based in central Finland, and a share of the cleantech company BMH Technologies, in which it had jointly invested alongside Finnish Industry Investment, government-owned investment company.Etera’s solvency capital decreased to €715m at the end of June from €751m at the end of December, falling to 13.5% of technical provisions from 14.2%.However, compared to March 2016, the solvency ratio had risen slightly.last_img read more

Heisler: Next on the Lakers’ wish list – Anthony Davis

first_img How athletes protesting the national anthem has evolved over 17 years Lakers, Clippers schedules set for first round of NBA playoffs So, if the Celtics want to know what’s at stake this season, there’s that.Leonard is 27 and no one knows what goes on in his head. His departure from Toronto is so widely expected, the Raptors made a commercial about it (“Stop fretting about will he stay or will he go. Enjoy this for what it is,”) although the ad hardly amounts to a statement of confidence.As great a talent as Leonard is, he’s not a hand-in-glove fit with James, as Davis is. Nor is the withdrawn Kawhi as much a magnet for other players and a bridge to the future.Prevailing speculation has Kawhi lined up for the Clippers, who expect to have two max-contract slots saved for him and another premier free agent.One way or another, it’s going to be another big summer around here. Now, just 616 shopping days before he becomes a free agent … the Anthony Davis watch!We’re definitely getting ahead of ourselves with Davis under contract in New Orleans until July 1, 2020, but so are people around the NBA.With a huge free agent summer coming in 2019 – last summer’s was quiet in comparison with only a few major stars available – insiders think Davis will force a trade, making him the prize of a mega-star list that potentially includes Kevin Durant, Kawhi Leonard, Kyrie Irving, Klay Thompson and Jimmy Butler.The leading contenders for A.D. are thought to be the arch-rival Lakers and Celtics, both loading up in case the day comes when the Pelicans say they’ll listen to offers. In words that Stern would never have uttered in office, he embraced the speculation, calling Demps “a lousy general manager,” who now “may lose Anthony Davis.”As they say in New Orleans, Et tu, Ex-Commish?For the record, nothing is happening now.Davis is handling this professionally, saying the right things but stopping short of committing himself to his current team, unlike Leonard, who let the Spurs twist in the wind all last season before forcing them to trade him, or Butler, who’s trying to force his way out of Minnesota.Asked about switching agents, Davis denied it meant he was Lakers-bound, or anywhere-bound.“You can’t listen to what somebody else is saying, all the white noise, ‘A.D.’s going here, A.D.’s going here,’” he said.“A.D.’s playing for the Pelicans this year. The rest will take care of itself.”Nevertheless, Davis also set goals – that included “being the most dominant player in the league” – which will be hard to do in the rough, tough Western Conference with a team that has made the playoffs five times in 14 years.“Winning definitely helps everything, helps with your legacy, helps be on the top of the list,” Davis said. “But going to the playoffs every three years doesn’t help my case.”Davis supposedly changed agents for marketing reasons, but no one is buying that.Paul George, who forced Indiana to trade him a year before his contract expired, is the most recent example of stars maneuvering early to preserve their status as “Lary Bird players,” remaining eligible for maximum dollars.Insiders think that’s what Davis is doing, with the move to Klutch Sports all about the possibility of going to the Lakers.“Why else did he do it?” an East GM asked.“Things are going great for him. The team is going good. He got the Derrick Rose extension (a five-year $150 million deal that each team is allowed to offer one player on his rookie contract).“It’s not because of race. Thad Foucher is an Afro-American. It’s not because of agency. Thad Foucher is from the Wasserman Group and has Russell Westbrook. So why did he do it?”We’ll see when the time comes, whether that’s next summer – meaning this is on – or 2020.The LeBron Era started with the Lakers falling on their faces in that 0-3 start amid the usual hysteria including screaming headlines over a garden variety scrum (which Rajon Rondo named “Spitgate.”)Nevertheless, all of this is part of the LeBron Effect with his presence … or LeBron, himself … at the center of every intrigue.The Lakers are now the beneficiaries of James’ deft maneuvering, making them once more what they had been but lost … the destination of choice for NBA superstars.For the Lakers, Davis is, indeed, the most desirable player who could be available next summer.A.D. is not only a big man who would fit with a perimeter player like James, but a modern one with shooting range (34 percent from 3-point range last season) to go along with dominating shot-blocking (No. 1 three of the last five seasons).Davis is also 25, entering his prime as James, who’ll be 34 in December, leaves his … which could make A.D. a bridge to a Lakers future beyond their hopes for the time LeBron has left.Durant is 30. Insiders think he has had it with being part of the Warriors’ ensemble and will leave next summer, presumably after winning his third title there.Insiders earlier had KD and Irving teaming up in New York, which might be why Kyrie resisted committing to Boston for so long.Irving finally announced he intends to re-sign with the Celtics, although NBA people don’t consider that a done deal quite yet.Related Articles AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersThe Celtics can offer the better package with bright prospects and a slew of first-round draft picks, almost certain to include Sacramento’s in 2019.Nevertheless, the Lakers are considered the early favorite with Davis seeming to lean toward teaming up with LeBron James.A.D. just fired his old agent, Thad Foucher, to go with Klutch Sports’ Rich Paul, a James insider known as one of the “Four Horsemen” – they now prefer the corporate name of LRMR – with Maverick Carter, Randy Mims and LeBron, himself.The buzz isn’t limited to the usual GMs, scouts, agents and press people. A rare suggestion that this is real came last week from former NBA commissioner David Stern, himself.In a Sports Illustrated interview, Stern absolved himself for spiking the 2011 Chris Paul-Lakers trade, blaming Pelicans GM Dell Demps for going ahead without authorization with the NBA then running the team, between owners.center_img Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers Lakers practice early hoping to answer all questions Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more