Category : gxujfzxetfmc

Report Finds Emptier Roads Aren’t Safer

first_imgWNY News Now File Image.JAMESTOWN – Less roadway traffic isn’t necessarily safer for Americans.The National Safety Council has found that less miles were driven in April compared to April 2019.Because of that, the death rates per miles driven increased 36 percent, that’s despite the fact that there were less total deaths.The council says quarantines and shelter in places contributed to less people driving, but reports of increased speeding may have accounted for the rising mileage death rate. The conclusion is that even without traffic, the roads weren’t safer. Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)last_img read more

Jump Into Bed with the Super Sexy Cast of The Money Shot

first_img Show Closed This production ended its run on Oct. 19, 2014 Elizabeth Reaser Related Shows Something tells us there’s going to be no shortage of scantily clad stars in Neil LaBute’s The Money Shot. Directed by Terry Kinney, the new play tells the story of Karen (Elizabeth Reaser) and Steve (Frederick Weller), two glamorous movie stars with one thing in common: Desperation. The new MCC production begins performances September 4—but until then, we’ve got a sneak peek of Weller and Reaser in bed with their co-stars Gia Crovatin and Callie Thorne. Check out this Hot Shot of the stars hitting the sack, then see them in the flesh at the Lucille Lortel Theatre. The Money Shotcenter_img View Comments Star Files Frederick Wellerlast_img read more

Blue Ridge Outdoors President Blake DeMaso Delivers Commencement Address at Lees-McRae College

first_imgWith adventure comes failure. It’s natural that if you are taking a risk, you aren’t always going to succeed. The key to failure is to not let it beat you, and most importantly, don’t panic. Take the time to understand what you need to do differently, why that failure occurred, and then get up and try again. DeMaso’s speech focused on finding adventure, which was especially appropriate for Lees-McRae graduates. Life is like that sometimes. Your adventures aren’t always going to be successful. Sometimes, just when you think that everything is going great, you say something dumb and end up with three broken ribs. You have to respect the adventure, have fun, enjoy it, don’t get too cocky, and don’t get too comfortable. Life will throw you a curveball or a pointy rock right when you least expect it, and you are going to have no choice but to not let it defeat you, brush yourself off, and continue on. The diverse curriculum embodies the way that you as graduates and the school have embraced adventure. Classes that cover topics like outdoor recreation management, nursing, and pre-veterinarian are not for the faint of heart. Saving a wild animal’s life, much less a human’s, requires guts. Adventure runs deep at this school and translates into your athletics programs. Both traditional and non-traditional sports are enjoyed at this school. Congratulations to all of you who have participated in any of the sporting programs, and a special congratulations to the softball team for winning the Conference Carolina Championships! “The key to failure is to not let it beat you, “ DeMaso said. “Life will throw you a curveball or a pointy rock right when you least expect it. Take the time to understand what you need to do differently, why that failure occurred, and then get up and try again.” “Adventure isn’t just about doing things like rock climbing, skiing, or hiking,” DeMaso told the graduates. “Life is one big adventure. Adventure is getting that first apartment, first job, or first love.” Honestly, I have not been on a downhill mountain bike again since then, and I can say with confidence that I have no plans for that activity in the future. But what I did learn is to be careful of overconfidence. Life, similar to When I visited Lees-McRae back in early April, I was blown away by the students, staff, and administration. When I first saw the school motto pulling into campus— Well, no I didn’t. “Being bold and putting yourself in uncomfortable and sometimes risky situations is the formula for success. Those calculated risks are what separates the people who are just going through the paces of life from the people who pioneer new businesses, help causes, and change their communities. They influence people and ultimately change the world.” I am sure many of you are ready, excited, and yes, nervous about moving on to your next adventure. You might be ready to put Lees-McRae and Banner Elk in your rearview mirror and move on. I would be willing to bet that almost all of you will later look back on your time here as special and long to be back in the safety of these mountains. Just remember that your adventures began here, and you are well equipped to take what you have learned here and go out into the world and make yourself, your families, and this school, proud. Entering into this relationship is a leap of faith for all parties involved. Figuring out how to navigate life’s adventures together is the key to success. I caution you to never stop taking calculated risks and caring for one another, just as this school has taught you to do with your friends, classmates, and professors. Foster these relationships, but do not get complacent. Keep embarking on those bold and sometimes risky undertakings, but love and So I decided to focus on what I know the best: the outdoors. “Daaaad, don’t you know that the show The Bachelor ruined the word ‘Journey?’” Being bold and putting yourself in uncomfortable and sometimes risky situations is the formula for success. In his speech, DeMaso recounted a downhill mountain bike ride that went horribly wrong; he ended up landing on a ”perfectly placed pointy rock” and breaking three ribs. “The opening of my speech!” In the Mountains, Of the Mountains, For the Mountains—I felt right at home. What other school has a beautiful mountain stream running right through the middle of campus? Those calculated risks are what separates the people who are just going through the paces of life from the people who pioneer new businesses, help causes and change their communities. They influence people and ultimately change the world. adventure, can take a turn at any moment, and you have to be prepared. Careful preparation, concentration, and attention to detail are critical parts of any adventure as well as your lifelong pursuits. There will likely be a point in your life that you choose to change paths and enter into an adventure with a partner. These partners could be mentors, co-workers, business partners, loved ones, or family of your own. Those adventures alongside those partners will change the entire dynamic. You can no longer make decisions independent of anyone else. You are now forced to make decisions that are in the best interest for the group. This is where things get tough. Now, my wife and kids couldn’t be prouder of their dad and the opportunity to give a commencement address to this incredible group of graduates. They jumped at the chance to hear what I had come up with. Two years ago, Lees-McRae won the top adventure school award given to them as voted on by the readers of Blue Ridge Outdoors Magazine. With over a half million votes, you guys beat out state universities like West Virginia University, Virginia Tech, and University of Tennessee. You guys were the first small school to ever take the title of Top Adventure School in its 8 year history. The mountains have embraced this community and this school. It’s a safe haven for outdoor adventure, learning, and friendships. These mountains are your protector. They provide an amazing place for learning and growing into adulthood. Most of you will probably leave this safe haven and embark on one of the most important adventures of your life. Take what you have learned here, go out on your own, create the life that you have worked hard for, and know “you got this.” I am not sure about you…but I call that life. As I went around the first turn, the front tire got caught up on a rock, and I went straight over the handlebars, flying down the side of the mountain through the air. In the air, I reflected on how dumb it was to exclaim something like that to my co-workers and how I probably deserved my fate. I landed on my side in the only place there was no body armor on this splendidly chiseled pointy rock that was placed perfectly in my landing zone. It knocked the wind out of me, and as I laid there in the middle of I launched into the opening of the speech, proclaiming with pride, that the title was “The Journey.” I got two sentences in and looked up to expect tears in their eyes, so blown away about the words that I had pieced together. As I looked over them, I was taken back. My wife was slightly shaking her head, and my 17-year-old daughter was rolling her eyes. I said, “What? What is the matter?” Adventure isn’t just about doing things like rock climbing, skiing, or hiking. Life is one big adventure. Adventure is getting that first apartment, first job, or first love. Adventure is leaving friends and family and starting in a new town where you don’t know anyone. And the adventures never stop. They continue through life creating relationships and family. Thank you. I went back to my bathroom defeated, with my tail between my legs. For days it was reported that I was walking around looking down and shaking my head, mumbling about how some dumb reality TV show just ruined my speech. I looked up the definition of adventure, and I have to say, I had a really good laugh. The definition of adventure is an exciting experience that is typically a bold, sometimes risky, undertaking. What I witnessed while visiting, and coming back here this weekend, is amazing: a dog-friendly, environmentally conscious school, with a wide curriculum, that attracts students from all over the country, not to mention your wildlife rehabilitation center on campus, as well as a diverse mix of on-campus activities and athletic programs. Lees-McRae is truly a special place embraced in these beautiful mountains. Adventure is at the core of this school, and it is now part of you. Embrace those risky undertakings and bold experiences. And yes, they are exciting but also scary. The title of the speech was “The Journey.” Oh, I was going to blow all of you away with this speech. Beaming with pride, I entered the kitchen where my wife and two teenage daughters were, and I proclaimed, “I’ve got it.” It requires compromise and patience. For the adventurous souls that are used to taking risks, this can be tricky. The full text of his speech appears below, along with photos from the commencement address and graduation. Congratulations to this year’s Lees-McRae graduates and all of the 2019 graduates across the region. Never stop taking chances. This was not smart. I worked tirelessly on what I was going to say and then one day it came to me while I was outside knee-deep in my favorite trout stream. I made a beeline back home and locked myself in my bathroom—my only getaway spot in our busy house—and wrote the opening paragraph. I looked back over it, and it was the most profound thing that I have ever written. nowhere, with no medical attention around, with three broken ribs, I reflected on this failed adventure. I had no choice but to get up, dust myself off, and finish the painful ride down the mountain. As graduates here today, you are already in a great position for whatever your future holds, because as a school, you have embraced adventure. There is nothing that is safe in life. Going out on your own requires you to be bold and take risks every day. Yes, it can be scary, but the rewards are big. He encouraged graduates to take risks every day. Find Your Adventure Congratulations, graduates. There was this one time, as a fairly new business owner, that some of my co-workers at the magazine and I were invited to go on this epic downhill mountain biking course. Now downhill bikes are completely different than your average mountain bike. It is basically a motorcycle with no engine where you hurl yourself straight down a mountain, through the woods, narrowly missing trees, while going over jumps and around berms. This is not your everyday bike ride. DeMaso first began pondering lofty speech themes while knee-deep in his favorite trout stream. But when he ran his ideas by his teenage daughters, they weren’t impressed. So he decided to stick with what he knew best: the outdoors. “What, dad?” care for the people in your life. They come first now, and you will have to navigate these adventures together. Yes, some of these relationships will fail, and again, you will have to learn from your mistakes, pick yourself up, and try again. Lees-McRae College won last year’s Top Adventure Schools Contest, and it has a well-earned reputation for being a leader in outdoor learning and adventure. This year, they asked Blue Ridge Outdoors Magazine president Blake DeMaso to deliver the keynote address. DeMaso spoke last Saturday in Banner Elk, N.c., to the Lees McRae College’s class of 2019 graduates. What? Accept failure, embrace learning, and go on to that next adventure. As we were gearing up with full helmets and body armor, I reminded the guide that while, yes, we are outdoorsy people from an outdoorsy magazine, none of us have ever done this before. See, when we go out on these trips, the guides always want to take us on the biggest adventure, wanting to give us the “real experience.” So we take off, and I was gripping the handle bars for dear life. As time went on, I embraced it, and I was feeling good about my abilities on the course while my co-workers about 10 years younger than me were struggling. We came to a stop so everyone could catch up, and when we pushed off again, I rode second behind the guide, looking back to my friends and exclaiming, “Hate that an old man like me has to show you guys up!” I know you are all wondering: Blake, have you since mastered downhill mountain biking? Did you not let that failed adventure get the best of you? Did you brush yourself off and get back on that bike after you healed? I am very honored to be here. I have been extremely excited for this day and I started preparations for this speech from the moment I received the invitation to speak. last_img read more

The CUInsight Experience podcast: Julie Ferguson – Be memorable (#47)

first_imgPicture this, warm sunshine, sand running through your toes, and the breeze from the Indian Ocean gently ruffling your hair. Randy Smith, co-founder of, is on location with his guest Julie Ferguson at the 20th SACCA Congress in beautiful Mombasa, Kenya. Listen in as they have a friendly conversation about their experiences in credit unions and beyond.Julie is a small business owner, and a consultant in the credit union movement, with a focus on business development. Her goal is to work herself out of a job by teaching credit unions the tools needed to evolve and grow their businesses.Do you have a travel bug? Listen as Julie and Randy discuss their love of travel, the things they have learned, and the camaraderie they have with all the attendees at the conference. The talk about what it means to be location independent and the joys and struggles that come with it.Julie shares three tips to increase member engagement; ask smart questions, listen, and stay in the driver’s seat of the dialogue. For credit unions to remain relevant in today’s market, Julie believes the key is engagement. The more engaged your employees are, the more engaged your members will be. Leading with the heart is critical.This is a fun episode with many leadership tips and hacks that you can apply to any area of your life and career. You can tell from the joy in her voice that Julie loves her life and how she gets to live it. She will brighten your day, so plugin, and enjoy!Subscribe on: Apple Podcasts, Spotify, Google Play, StitcherHow to find Julie:Julie Ferguson, owner of JRF Consulting Serviceswww.julierferguson.comjulie@jrfconsultingservices.comTwitter | LinkedIn | InstagramShow notes from this episode:Julie has a great new website. Check it out here and all the good she does for credit unions.Shout-out: to George Ombado and our friends at ACCOSCAIt took only minutes to mentions DE. Are you a CUDE? Just do it. Sign up.You can find more about the 20th SACCA Congress and the Don Bosco Special School project mentioned here: Asante Africa: My heart is full from your cooperative spiritShout-out: Lois KitschShout-out: Bert J. Hash, Jr.Shout-out: Michael RayShout-out: Brent RempeShout-out: Bill and Crissy CheneyCredit union shout-out: First Tech FCU who let Julie take a month off to travel.Shout-out: Rick StevesShout-out: Jill NowackiCredit union shout-out: Wauna Credit Union (Julie’s first client)Shout-out: Denise WymoreShout-out: Lauren Culp (Thank you, Julie!)Shout-out: Neen JamesShout-out: Gretchen WakemPandora Station: Hot Child in the CityBook mentioned: The Little Red Book of Selling by Jeffrey GitomerBook mentioned: Vagabonding: An Uncommon Guide to the Art of Long-Term World Travel by Rolf Potts (a personal favorite of mine too)Shout-out: Kelley Parks and the crew at gira{ph}.Previous guests mentioned in this episode: Lois Kitsch, Bill Cheney, Jill Nowacki (4, 18 & 37), Lauren Culp, Neen JamesYou can find all past episodes of The CUInsight Experience here. In This Episode:[01:41] – Welcome to the show, Julie![02:09] – Julie have you had a good time this week?.[03:55] – She speaks about marrying her love of travel and her work with credit unions.[05:48] – Julie discusses the challenges around work and travel. She calls it being location independent.[08:18] – Getting new members and maximizing the existing relationships is the focus of her company.[10:32] – Julie says she wants to work herself out of a job, by giving the tools to the team so they can evolve and grow.[11:29] – Three tips for member engagement are; ask smart questions, listen, and stay in the driver’s seat of the dialogue.[13:38] – She believes that the more engaged your employees are, the more engaged the members are.[14:39] – Why did you leave First Tech Credit Union to start your own business?[17:41] – Her inspiration over the last ten years has changed from helping herself to helping others.[18:36] – Collaboration, being genuine, leading with heart are some things she admires in the leaders she has met.[19:26] – How has leadership styles changed over the last ten years?[20:15] – Be memorable are two words that Julie says all the time[21:17] – Being afraid of taking risks is a mistake she sees young leaders making today.[22:47] – You have two choices, you either figure out a way to make it work or you make a change.[24:35] – Running and sitting at a coffee shop eating pastries afterward is what Julie does to reset.[25:32] – What was the first time you got into memorable trouble?[26:21] – Coffee and running are two things that she needs to do to make her day feel right.[26:40] – She doesn’t have a favorite album. She listens to a Pandora station called “Hot Child in the City.”[27:21] – What is your favorite book?[28:36] – Stuff has become less important to Julie, and time has become more important.[29:16] – When you hear the word success which person that comes to mind.[30:02] – Final thoughts or asks for the listeners? 47SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Randall Smith Randall Smith is the co-founder of, the host of The CUInsight Experience podcast, and a bit of a wanderlust.As one of the co-founders of he … Web: Detailslast_img read more

Long Island Municipalities That Get It Right: What Do They Know That Others Don’t?

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York [dropcap]A[/dropcap]cross the Island some municipalities are clearly ahead of the pack. These communities possess the good fortune to have visionary leaders, courageous council members and the right combination of assets, infrastructure and drive to make a difference in people’s lives. When you look for local role models, a few stellar examples quickly come to mind: Jack Schnirman, Long Beach city manager; Paul Pontieri, mayor of Patchogue; Francis X. Murray, mayor of Rockville Centre; and state Sen. Jack Martins, the former mayor of Mineola. They didn’t all face the same problems, but these guys knew how to get it right. For Long Beach, Jack Schnirman faced a daunting challenge. As city manager, he wasn’t an elected leader but he was responsible for getting all the parties on board so he could right the city’s precarious finances. He inherited a $14.7 million deficit and he turned it around so now the city has a $7 million fund balance. Long Beach just got its eighth consecutive positive credit action from Moody’s. Not only did they upgrade the city’s bond rating, they gave the city a positive outlook going forward.By comparison, Nassau County is under the control of the Nassau Interim Finance Authority (NIFA) because of its chronic failure to balance the books. The Town of Hempstead’s credit rating has been downgraded many times, and Moody’s just withdrew its rating for the Town of Oyster Bay due to irregular filings—town officials say a computer broke down—and Standard & Poor’s is contemplating doing the same. In the town’s defense, a withdrawal is not the same as a downgrade, but it’s not an encouraging sign. Both ratings agencies have given the Town of Oyster Bay until the end of March to get its financial filings in order before they issue their ratings.“We are proud to be one of the municipalities moving in the right direction,” said Schnirman.On his watch, Long Beach declared a fiscal crisis, working with the city’s employees to achieve some contract concessions and downsize the workforce. Then came Superstorm Sandy. Still, by all accounts, Long Beach has managed to rebound—and been rewarded by consecutive good bond ratings. Schnirman praises the city council for “fiercely advocating for the resources to rebuild our city the right way with stronger infrastructure to protect ourselves from future storms.”To Schnirman’s credit, he navigated the city through the aftermath while staying within Gov. Andrew Cuomo’s tax cap of either a 2-percent limit or the rate of inflation, whichever is lower. In Long Beach, the allowable tax increase is .47 percent because inflation is so low.“The challenge is that it caps revenue but it doesn’t cap expenses,” he explained. “Many of the fixed costs go up every year far greater than the size of the cap, so it necessitates constantly making cuts and difficult choices and being creative in order to live within it.”But Schnirman has been able to make it work.Handout: Long Beach City Manager Jack Schnirman“Jack has brought exceptional professionalism to the management of the city’s finances, and the repair and development of its infrastructure,” said Lawrence C. Levy, executive dean at Hofstra University’s National Center for Suburban Studies. “He was one of the heroes of Sandy.”Looking around the Island, Levy singles out Rockville Centre Mayor Francis X. Murray for what he’s done for his community. “Fran Murray is one of those mayors who has come to realize that the future of the village lies in making even better use of a strong downtown,” explained Levy. “He has understood that a lot of people want to move to Rockville Centre, but not everybody wants to live in a traditional, single-family house. They want rental apartments. They want to be able to walk to restaurants, to the movie theater.”Murray’s solution was to go vertical to solve the parking problem as well as add more apartments. Critics said Murray’s plan calling for more density was untenable, making the dire prediction that “Queensification” was about to transform their village, but it did not come to pass, as Levy observed.“Rockville Centre could be a model for downtown development rocketing a whole village!” said Levy. And he should know, because he now calls the village home. State Sen. Jack Martins (R-Mineola) first made waves in municipal circles when he helped transform Mineola as mayor by focusing on its downtown.“He used to have political leaders and other supporters whispering in his ear that if he goes ahead with his proposed high rises [downtown], his promising career would come to an end,” Levy said. “He just didn’t listen. He decided this was best for the village. People would see it and the payoff would be huge.” They did and it was. Martins won his mayoral re-election by “an enormous margin,” Levy observed, then he won his state Senate race by defeating an incumbent Democrat and now he’s running for Congress to fill the empty seat vacated by Rep. Steve Israel (D-Dix Hills). In some sense, things started looking up for Martins when he embraced high rises.Patchogue Mayor Paul Pontieri faced a different problem.“I think Paul Pontieri had the hardest row to hoe,” said Levy. “He started with a village that was deeply down on its heels and almost hopeless.” Among his initiatives in Patchogue, Pontieri brought in a cultural arts center, encouraged developers to offer relatively affordable residential options, and created a vibrant, younger feel to the downtown. Handout: Patchogue Village Mayor Paul Pontieri“But he had to go to war with the political and business and civic establishment,” Levy said. “He was willing to put his career and his mayoralty on the line, and he has been validated and vindicated over and over again. People often refer to him as the poster child for the new suburbia of Long Island.”Pontieri himself puts it more humbly.“I lived in Patchogue my whole life so I knew we had the bones and the strength to get something done,” he said. “What I saw were blighted properties that could be turned into opportunities.”He got upgrades for the village’s sewage treatment plant to accommodate higher density. Or, as Levy put it, “He not only saw above ground—he saw below ground!”Pontieri knew he had to revitalize the village’s downtown. “Nothing comes into a town that is empty. You need to put feet on the street,” he said. And there was another stark reality, which may sound ironic today. “We had a parking problem—there were empty spaces.” In fact, about 2,000 of them, he said.But a decade ago in came Copper Beech Village, developed by Pulti Homes of New York, on a 5-acre site with 80 units of affordable housing—16 per acre. Suffolk County chipped in $3.3 million to help Patchogue acquire the land from the previous homeowners. Then other high-density developments started sprouting up. “Once Pulti invested the first $5 million, it said that we’re worth investing in,” said Pontieri. “We cleaned up five acres of blighted property and put in 80 families with an average age of 38 years old.” Young families are vital to the future, Pontieri says. “The communities that fight this, they’re going to be the ones without the Little Leagues, because young families won’t have a place to start or invest in,” the mayor said, pointing out that his vision comes with some self-interest as well. “Someday I’m going to want to sell my house, and I’m hoping that one of these kids who’s invested in this village will look at my home and want to buy it!”Villagers started to get with the program he laid out once they could see the caliber of the development, the attention to design and details. “Let the developers make the money they need to make and they’ll stay with the project and give you quality,” Pontieri said. “Squeeze them too much and you end up with what you deserve.”Can other villages do what Pontieri did with Patchogue? “They can duplicate it,” the mayor insisted. “Don’t just listen to the gray-haired guys in the audience saying, ‘No!’ Understand that there’s a majority of the population out there that’s looking for change.”What these leaders have in common, Levy said, is “They’ve dared to be different.”last_img read more

FIERY SCENE: Early morning barn fire under investigation in Colesville

first_imgCOLESVILLE (WBNG)- Wednesday morning flames ripped through a barn in Colesville causing damage. Officials say they don’t know if anyone was home or if people live there. The fire is still under investigation. Stay with 12 News for further updates. A 12 News crew at the scene said they still can see smoke coming out of the structure as of 7:45 a.m. The fire happened on 644 North Rd. in Colesville. On the same property as the fire, fire crews say a house caught fire a few years ago. According to the fire department there were no injuries to firefighters or people.last_img read more

Thousands of S. Korea church members quarantined over virus

first_imgThousands of members of a Protestant church linked to a coronavirus cluster in Seoul have been asked to quarantine, South Korean authorities said Monday, as they accused the group’s firebrand conservative leader — who has reportedly tested positive — of obstruction.The country’s “trace, test and treat” approach has been held up as a global model in how to curb the virus, but it is now battling several clusters linked to religious groups.Over the weekend the capital and neighboring Gyeonggi province — between them home to nearly half the population — banned all religious gatherings and urged residents to avoid unnecessary travel after a burst of new cases sparked fears of a major second wave. South Korea reported 197 new infections on Monday, taking its total to 15,515, its fourth consecutive day of triple-digit increases after several weeks with numbers generally in the 30s and 40s.The largest current cluster is centered on the Sarang Jeil Church in Seoul, headed by Jun Kwang-hun, a controversial conservative pastor who is a leading figure in protests against President Moon Jae-in.A total of 315 cases linked to the church had been confirmed by the end of the weekend, officials said Monday, making it one of the biggest clusters so far, and around 3,400 members of the congregation had been asked to quarantine.Around one in six of the church members tested so far had been positive, “requiring rapid testing and isolation,” said vice health minister Kim Gang-lip. Turbulent priest Sarang Jeil’s leader Jun was among the speakers who addressed thousands of right-wing protestors who rallied against Moon’s centre-left government in the heart of Seoul at the weekend, despite the outbreak and calls to avoid large gatherings.Jun tested positive for the virus, Yonhap News Agency reported on Monday.The health and welfare ministry and the Seoul city authorities have filed two separate police complaints against Jun, accusing him of deliberately hindering efforts to contain the epidemic.He previously defied a Seoul rally ban to hold an anti-government protest in February, at a time the government was urging everyone to stay at home because of the virus, and was later detained on allegations of separately violating election laws.The initial coronavirus outbreak in the South was centered on the Shincheonji Church of Jesus, which is often condemned as a cult and was also accused of obstructing investigators.A lawyer for Sarang Jeil said the church had given authorities details of members going back 15 years, so many former congregants would have been included.”This nationwide fear is a gimmick to arrest Rev. Jun Kwang-hun,” Kang Yeon-jae told reporters at the church.The leader of Shincheonji — to which more than 5,000 cases were linked — Lee Man-hee was arrested earlier this month for allegedly giving inaccurate records of church gatherings and false lists of its members to health authorities. But a list of members provided by the church was “inaccurate”, he said, making the testing and isolation procedure “very difficult”.The situation amounted to an “early stage of a large-scale outbreak”, said Jung Eun-kyeong, director of the Korea Centers for Disease Control and Prevention.”If the outbreak is not controlled right now, the number of confirmed cases will increase exponentially, leading to collapse of the medical system and enormous economic damage,” she said. Topics :last_img read more

Alecta hires Skandia’s Sterte for investment chief role

first_img“His long experience as a leader in various types of organisations and his deep knowledge of asset management will be very valuable for Alecta and for the execution of Alecta’s mission.”Frennberg left in the wake of a disagreement with the chief executive about the company’s business response to increasing digitalisation.He had worked at Alecta since 1995, rising to the position of CIO and a becoming a member of the leadership group in 2009. Before his job at Skandia, Sterte worked at LänsföRSäkringar, an insurance group, and before that he held roles at Sweden’s Finance Ministry and the central bank, Riksbanken.Sterte said: “Alecta’s asset management model, with successful active management and direct ownership in more than 100 companies, had created great values for corporate and private customers.”After Sterte’s arrival next year, Persson will go back to his job as head of the company’s interest and strategy group, Billing said. Sweden’s biggest pension fund Alecta has hired Hans Sterte as its new permanent CIO, filling the top management gap left after the swift departure of Per Frennberg in May.Sterte, who is coming to the SEK800bn (€83.5bn) pension provider from a corresponding role in Skandia, will start his new job in the first quarter of 2018.He will take over from Tony Persson, who has been acting as interim CIO since Frennberg’s departure.Magnus Billing, Alecta’s chief executive, said: “I am very pleased to welcome Hans as new manager of Alecta Asset Management.last_img read more

Fitch warns on liquidity risk in European high-yield bond funds

first_imgNeil Woodford, founder and portfolio manager, Woodford Investment ManagementFitch said the Woodford fund had “material” holdings of unlisted equities and that its gating “highlights the dangers of offering high liquidity while investing in less liquid securities, including forced asset sales, material net asset value reductions, gating and potential knock-on effects to the broader financial system”.The UK financial markets regulator has said it would take into account the experience of the Woodford fund when finalising new rules for open-ended funds investing in illiquid assets.On Monday Woodford Investment Management announced the equity income fund would be suspended for a further 28 days. It is working on selling assets and repositioning the fund towards a portfolio comprising larger, more liquid stocks, the majority of them for FTSE 100 and FTSE 250 companies. Bank of England governor Mark Carney gives evidence to the Treasury Select Committee on 26 June 2019Last week Mark Carney, governor of the Bank of England, said funds offering daily liquidity that invest in illiquid assets were “built on a lie”.  The central bank’s deputy governor for financial stability, Sir Jon Cunliffe, referred to the high-yield bond market in his comments about mismatches between redemption periods and the liquidity of underlying assets.Fitch said tighter regulation or severe market stress might be needed to change asset managers’ approach to fund liquidity.  They had opted “en masse” for daily liquidity, presumably on the basis of investor demand, despite this not being required under regulation. UCITS rules allow funds to offer various levels of liquidity, such as dealing as little as twice a month.Fitch on Woodford The European high-yield bond fund sector “appears to be operating with significant liquidity risk”, Fitch Ratings has warned.The five largest such UCITS funds in Europe, which had €43bn of assets under management between them at the end of March, had limited holdings of highly liquid securities despite offering daily dealing, it said.Although there was substantial variation across the funds, on average only 4% of their investments were in cash and 14% in instruments rated single-A or higher; the allocation to triple-A financial instruments was the lowest.Fitch also noted the funds had an average duration of three to four years, depending on the extent to which they included floating-rate securities in their portfolios.center_img The warning follows a number of high-profile liquidity issues in regulated funds. H2O Asset Management – a subsidiary of Natixis – experienced a high level of redemptions after it emerged that some of its bond funds were invested in illiquid holdings.Swiss asset manager GAM is still in the process of liquidating its absolute return bond portfolios after a fund manager’s suspension led to major withdrawals from the funds.Trading in shares of the LF Woodford Equity Income fund was suspended on 3 June after a surge in redemption requests from investors, including Kent County Council’s £6.4bn (€7bn) pension fund. While not a bond fund, the Woodford fund’s portfolio had a significant allocation to small cap, unlisted or illiquid companies.last_img read more

Luxury Gold Coast estate’s multimillion-dollar sale price just short of suburb record

first_imgThere is plenty of space to entertain.It was also $1.8 million more than the $2.45 million the vendors paid for the property in November 2016.Property records show they made no major upgrades to the house in the almost three years they owned it.More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoIt sold for $3.6 million earlier this month, meaning the vendors pocked $1.15 million. Harcourts Coastal agent Katrina Walsh, who handled the sale, declined to comment on the deal until it settled on August 7. The property, which was designed by Adam Beck and built by Roth Developments, is on a 7402sq m lakefront block. An eight-seat cinema, mosaic-tiled heated pool, a gym, sauna, and grand covered outdoor entertainment area are among the house’s highlights.Inside offers raw stone features, timber accents, natural hues and soaring ceilings while expanses of glass capture the tranquil bush landscape that surrounds the home. MORE NEWS: Palatial home fit for royalty – literally What a view!Vendor Deanne Said, who lived at the five-bedroom, six-bathroom house with her husband and three children, said it offered tranquillity and convenience.“There are so many things I love about the home,” she told the Bulletin when the property hit the market.“One would be the floorplan, it’s very good for entertaining and large families.“Plus the location — it’s so convenient with some of the best schools next door, across the road from a great shopping centre and close to the M1. And there’s tranquillity that comes along with those great benefits.”Its position in Jabiru Estate was another highlight, according to Ms Said.“The security is the next great thing here, it’s very secure in the gated community and surrounded by multimillion-dollar mansions,” she said. “It’s in great company.” MORE NEWS: OTT mansion sells before auction Wide windows capture the picturesque bushland surrounding the home. The perfect spot to relax by the pool. It hit the market in March with a price tag that was tipped to set a record. The Mudgeeraba residence at 19 Boolama Place sold for $3.6 million.A LUXURIOUS Mudgeeraba estate that was poised to break a suburb record has changed hands in a multimillion-dollar deal without setting a new benchmark. The opulent acreage home in Jabiru Estate hit the market in March with a whopping $4.25 million price guide before moving to an auction campaign, CoreLogic records show.A price tag of $3.79 million was later attached to the property in April.The initial price hopes would have knocked Mudgeeraba’s $4.19 million residential record from top spot. A home cinema is among the home’s highlights. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:50Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:50 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, 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 Rate1xFullscreenTop tips for sellers in Spring00:50last_img read more