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Zagreb richer for a new tourist attraction – Backo Train Museum

first_imgHowever, in addition to views of the city, in the Train Museum visitors can see some symbols of the city of Zagreb, such as a model of the Sljeme trail that stretches over three square meters with snow, skiers, support services working on the trail, but also what Sljeme already long missing – by cable car. The model also depicts the spirit of Advent in Zagreb, so there is a permanent exhibition of the Museum and a mini skating rink with about 20 skaters who are always on the move. Photo: Backo Train Museum The model is the fruit of entrepreneur and innovator Antun Urbić Back, who iscreated with his team a real educational – traffic rarity of this partThe Old Continent, and a project that is almost 85 percent a Croatian productand the fruit of domestic wisdom and innovation. The Vlakić Backo Museum is located in the center of Zagreb, more precisely in Gundulićeva Street no. 4, and with its opening it has certainly enriched the tourist offer of our capital. More than impressive, especially for children, ie as a great content for families. Five years of painstaking and diligent modeling work resulted in the Backo Mini Express – the largest model railway in Southeast Europe (the fifth largest in Europe), becoming the Zagreb Train Museum. “Every year, our Museum is visited by more than 20 visitors, and we are especially looking forward to the children who grow up with us just as our exhibition content grows. Visitors love trains, they stay with us on average from an hour to an hour and a half, in order to learn a lot of useful things about modeling, traffic, but also other facilities offered by our unique museum. We also have our educated modeling team that provides expert guidance on tours and visits to museums, introducing all visitors to technical, software, modeling and railway – traffic information, according to which our project is special in this part of the world.explained Antun Urbić Backo, owner and founder of the Zagreb Train Museum. More information about the Backo Train Museum can be found HERE The museum brings a reduced reality in a ratio of 1:87, and a model every daythere are more than 140 trains on as many as 1.500 meters of tracks, of which it is a partburied and ten inches into the floor, and some are even at a height of threemeter. As Urbić Backo points out, in addition to domestic guests, the Museum has the most visitors from neighboring countries (Serbia, Slovenia and Bosnia and Herzegovina), guests from the EU come from Germany, Austria, Italy, Spain, Denmark and Sweden, and most overseas countries. fans of mini – trains arrive from the United States, Chile, Japan, Korea, China, Australia and New Zealand. We are constantly talking about quality content in the destination, and the city of Zagreb is richer for just such content. It is the Backo Train Museum, which is located on an impressive 350 square meters of indoor space and consists of over 1.500 m of rails. The Train Museum is spread over two floors and more than 350 square meters of indoor space, and what is extremely important, with a great wealth of details of real life in the city of Zagreb, through the story of the railway. So, an authentic story and depiction of the city of Zagreb. 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