Rodrigo Y Gabriela Share New Single “Terracentric” Off Forthcoming Album [Watch]

first_imgNuevo Flamenco guitar duo Rodrigo Y Gabriela continue to share new music ahead of their forthcoming studio album release, Mettavolution, due out on April 26th via ATO Records.On Friday, Rodrigo Sanchez and Gabriela Quintero released “Terracentric”, a twangy, slide-heavy rocker, which was also accompanied with a live performance video.“Sometimes we need to be self centered in order to be the best version of ourselves for us and for others,” Sanchez and Quintero told Billboard. “Meditation is a good example of an individual practice that in fact is the most compassionate action we can do for everyone. Clearing the mind is not only for your own benefit but for the benefit of all living beings. “Terracentric” is an invitation to look inward, to be a little bit ‘selfish’ for a minute and do what you can for your own sake. If we all did the same this world would be a very different one. “Terracentric” is the connection with this earth. Reconnecting with the so called reality of our human existence.”Friday’s “Terracentric” release is preceded by an incredible, nearly-19-minute rendition of Pink Floyd‘s “Echoes”. As the duo explained of their Pink Floyd tribute, “We are big Pink Floyd fans. That track, especially the live in Pompeii version means a lot to us, we even made a huge visual reference in our video for ‘Hanuman’. Besides that, the lyrics are even more relevant now than they were 45 years ago, the search for knowledge about ourselves, it’s becoming a key element for survival these days, that’s what evolution is all about at the end of the day.” Rodrigo Y Gabriela have also shared the album’s title track, as well as performed it along with a group of six dancers on Jimmy Kimmel Live!Watch Rodrigo Y Gabriela’s new “Terracentric” video below:Rodrigo Y Gabriela – “Terracentric”[Video: Rodrigo y Gabriela]The two will hit the road for a run of global concert dates this spring beginning on April 13th in Munich. The North American leg of their 2019 tour is scheduled to start on May 4th in Austin, TX, and continues into the summer months before wrapping on July 9th with a performance in Bayfield, WI. Fans can head over to Rodrigo Y Gabriela’s website for more ticket info to all of their upcoming shows.Rodrigo Y Gabriela 2019 Tour Dates:APRIL13 – Munich, GERMANY – Technikum15 – Berlin, GERMANY – Columbia Theater17 – Bourges, FRANCE – Printemps de Bourges18 – Luxembourg City, LUXEMBOURG – den Atelier19 – Brussels, BELGIUM – Cirque Royal21 – Dublin, IRELAND – Olympia Theatre24 – London, ENGLAND – Roundhouse25 – Paris, FRANCE – L’Olympia27 – Chamonix, FRANCE – Musilac Mont Blanc *MAY4 – Austin, TX – ACL Live at the Moody Theater5 – Memphis, TN – Beale Street Music Festival *15 – Boston, MA – Orpheum Theatre17 – Philadelphia, PA – Franklin Music Hall18 – New York, NY – Beacon Theatre23 – Detroit, MI – The Fillmore Detroit24 – Chicago, IL – The Chicago TheatreJUNE1 – Atlanta, GA – Fox Theatre2 – Nashville, TN – Ryman Auditorium4 – Wilmington, NC – Greenfield Lake Amphitheatre5 – Charlottesville, VA – Sprint Pavilion7 – Vienna, VA – Wolf Trap Filene Center8 – Cleveland, OH – LaureLive *9 – Grand Rapids, MI – Frederik Meijer Gardens AmphitheaterJULY3 – Montreal Jazz Fest – Montreal, Canada *5 – Ottawa Bluesfest – Ottawa, ON *9 – Lake Superior Big Top Chautauqua – Bayfield, WI13 – Chateau Ste. Michelle Winery – Woodinville, WA14 – Vancouver, BC – Vogue Theater16 – Troutdale, OR – Edgefield Amphitheater18 – Jacksonville, OR – Britt Pavillion21 – Saratoga, CA – The Mountain Winery23 – Los Angeles, CA – The Greek Theater26 – Reno, NV – Harrah’s Reno, The Plaza28 – Denver, CO – Denver Botanic Gardens* FESTIVAL APPEARANCEView Tour Dateslast_img read more

Crimson fall hard

first_imgA loss is always harder when you know that the effort is there, but the results aren’t.Last year the Harvard women’s hockey team missed the postseason for just the second time in the nine-year history of the NCAA tournament. On Friday (March 12) the Crimson made their return, but it lasted just 60 minutes. With their season dangling in the balance, Harvard fought hard every minute.Giving up six goals through two periods, however, the fourth-seeded Crimson watched their season come to a disappointing end at the hands of the fifth-seeded Cornell Big Red, 6-2.“Obviously, we’re disappointed with the end result of tonight’s game, but certainly not disappointed with the effort of our players,” said Harvard head coach Katey Stone. “We got ourselves in a little bit of a hole and tried to dig ourselves out, and I think it was one of the hardest-fought, from start to finish, games that we played all season.”From the start, Cornell was on a mission. The Big Red jumped out to a 2-0 lead in the first seven minutes. By the middle of the second period, Harvard found themselves down 5-0, and the reality began to set in that this was the end of the road. Even so, the Crimson didn’t ease up.“Unfortunately, like coach said, we kind of dug ourselves into a hole, and I think our attitude throughout the game was to keep playing,” said Crimson co-captain Kathryn Farni ’10.Harvard’s first goal came in the 14th minute of the second period from senior forward Randi Griffin, assisted by Farni and Kate Buesser ’11. Unfortunately, the goal was quickly countered by Cornell two minutes later, putting the Big Red up 6-1.Leanna Coskren ’11 tacked on Harvard’s second and final goal in the third period, but that was too little, too late. It was just the Big Red’s big day. After their first-ever NCAA tournament appearance, Cornell now finds themselves in the Frozen Four, and one win away from the National Championship game.“They [Cornell] spent a lot of time recruiting, and they’re getting better. They have big strong kids, and they make plays, and we’ve had three very spirited matchups with them,” said Stone. “It was Dartmouth and Harvard for many, many years, and now it seems as though it may be Cornell and Harvard for a little while. They’ve done a good job of building their program, and they’re going to have a lot of success.…”Given the challenges the Crimson encountered this season, including losing senior goaltender Christina Kessler ’10, the NCAA all-time save percentage leader, to a season-ending knee injury, the season ends with more sweet memories than sour ones. This includes Harvard’s Beanpot Championship, Stone becoming the all-time wins leader in women’s college hockey, and the Crimson receiving their eight NCAA berth.Looking back, Farni noted that “… definitely there were points in the season where we struggled with the adversity we had, but we tried our best to regroup and make sure that we were focused on what happened on the ice and what was under our control.”And because of this, Harvard finished the regular season with a 20-8-6 record, ranked No. 4 in the country, which is something to be proud of.“Today’s game is somewhat similar to the entire season. We could have faded away, a lot of different things happened, but it’s a testament to the leadership of the seniors and all the kids stepping up and following them to get the job done,” said Stone. “Yes, we had a young team, but we didn’t play young. … And we were banged up at times, but we didn’t play banged up. And we were in holes before, but we didn’t play like we were in a hole. So again, tonight, the way our kids responded, regardless of what the score was, is exactly what we try to build this program on.”Harvard graduates six seniors, but will return five of their six starters.last_img read more

SIBC reopens membership to all majors

first_imgAfter beginning the year under the purview of the Mendoza College of Business, and therefore being open only to Mendoza students, the Student International Business Council (SIBC) recently moved under the advisorship of the Career Center and will reopen its membership to students of all majors, senior and SIBC co-president Alisha Anderson said.Emily Danaher | The Observer “The most immediate change is, once again, we will be open to students from all majors and all college affiliations, which we saw as the most important change so far,” Anderson said. “Beyond that, we’re still working through some of the other structural changes in terms of bylaws and organizational aspects.”Career Center director Hilary Flanagan said the new partnership with SIBC, the largest student organization on campus, came about after discussions between student members of SIBC and University administrators. Student organizations exist under the direction of a department or division of the University rather than the Club Coordination Council.“After considering some recent feedback from and discussion between students involved in SIBC, deans, and the Division of Student Affairs, the decision was made to transition SIBC from a student club to a student organization,” Flanagan said in an email. “Like other student organizations on campus, SIBC already functioned with a University employee appointed to advise the group.“Being recognized as a student organization and moving forward with that recognition seems like a very positive outcome that will address important student feedback and benefit all who participate in the organization.”Senior Alessandro DiSanto, also an SIBC co-president, said the move stemmed from a mutual desire from Mendoza and SIBC to find the best home for the council.“I think because of the immediacy of the decision that was made over the summer by the College of Business [to have control over SIBC], we were not able to fully discuss how the transition would work with Mendoza,” he said. “And once those discussions started taking place, there was a feeling of maybe this should go in a different direction.“Just given the circumstances that both [Mendoza and SIBC] are in, perhaps both organizations could meet their missions better if the SIBC was located in a different home that allowed for a more expansive impact on campus.”DiSanto said he was pleased to see the University respond to the council’s needs in an effective and productive way.“It was very heartening to see the Office of Student Affairs realize the level of independence the SIBC is capable of in order to function at a healthy state,” he said. “And we’re very excited to work with the Career Center, whose mission very much aligns with ours — providing a diverse set of educational experience while maintaining an impact in both the local and global communities.”Anderson said the administration listened to student concerns regarding SIBC membership and prioritized the best interest for the council in its response.“Everyone was very impassioned about, ‘How can we best find a home for the SIBC?’” she said. “I think everyone was trying to find the best interest for us, including Mendoza and Student Affairs.”Though SIBC has essentially completed its projects for the fall semester, DiSanto said the council looks forward to reopening its membership to all students in the spring semester.“Our projects are coming to the end for this semester, so it’s kind of the end of our cycle, but starting immediately, we are open to everyone from all educational backgrounds and are excited to welcome all of our new members and old members back at the start of this coming semester,” DiSanto said.He also said the move to the Career Center will provide new and exciting opportunities for SIBC and its members, though the details of these opportunities are still in the early stages.“We’re still in preliminary discussions with the Career Center, but you can certainly see how there may potentially be some synergies on some of our international internship programs, whether that be through parallel funding sources or amplified relationships with companies,” he said.Flanagan said she and her staff at the Career Center are likewise excited about the possibilities for the new relationship with SIBC.“Time will certainly tell, but I think there are some great opportunities for our staff to provide some coaching to students within SIBC to further their aim to promote peace through commerce,” she said. “We look forward to coaching the student leadership of SIBC, as well as the general membership as they strive to gain experience in various career fields through interaction with employers.“This is a brand new transition for all of us, and I think this new collaboration will be great for student members of SIBC. Being recognized as a student organization and moving forward with that recognition seems like a very positive outcome that will address important student feedback and benefit all who participate in the organization.”Tags: Career Center, Hilary Flanagan, mendoza college of business, SIBC, Student International Business Councillast_img read more

Senate GOP Blocks Democratic Push For Trump’s $2K Checks

first_imgShare: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) Cropped frankieleon / Flickr / CC BY 2.0 WASHINGTON (AP) — Senate Majority Leader Mitch McConnell on Tuesday blocked Democrats’ push to immediately bring President Donald Trump’s demand for bigger $2,000 COVID-19 relief checks up for a vote, saying the chamber would “begin a process” to address the issue.Pressure is mounting on the Republican-led Senate to follow the House, which voted overwhelmingly on Monday to meet the president’s demand to increase the checks from $600 as the virus crisis worsens. A growing number of Republicans, including two senators in runoff elections on Jan. 5 in Georgia, have said they will support the larger amount. But most GOP senators oppose more spending, even if they are also wary of bucking Trump.The outcome is highly uncertain heading into the rare holiday-week session.“We should not adjourn until the Senate holds a vote,” Senate Democratic leader Chuck Schumer said as he made a motion to push it toward a vote. McConnell, who has said little publicly on Trump’s request, objected but gave almost no indication of his plans ahead.“The Senate will begin a process,” the GOP leader said. He said he plans to bring the president’s demand for the $2,000 checks and other remaining issues “into focus.”The showdown has thrown Congress into a chaotic year-end session just days before new lawmakers are set to be sworn into office for the new year. It’s preventing action on another priority — overturning Trump’s veto on a sweeping defense bill that has been approved every year for 60 years.The president’s last-minute push for bigger checks deeply divides Republicans, who are split between those who align with Trump’s populist instincts and those who adhere to what had been more traditional conservative views against government spending. Congress had settled on smaller $600 payments in a compromise over the big year-end relief bill Trump reluctantly signed into law.Liberal senators led by Bernie Sanders of Vermont who support the relief aid are blocking action on the defense bill until a vote can be taken on Trump’s demand for $2,000 for most Americans.The two GOP senators from Georgia, David Perdue and Kelly Loeffler, announced Tuesday they support Trump’s plan for bigger checks as they face Democrats Jon Ossoff and Raphael Warnock in runoff elections that will determine which party controls the Senate.“I’m delighted to support the president,” said Perdue on Fox News. Loeffler said in an interview on Fox that she, too, backs the boosted relief checks.Trump tweeted his demands ahead of Tuesday’s Senate session: ”$2000 for our great people, not $600!”The House vote late Monday was a stunning turn of events. Just days ago, during a brief Christmas Eve session, Republicans blocked Trump’s sudden demand for bigger checks as he defiantly refused to sign the broader COVID-19 aid and year-end funding bill into law.As Trump spent days fuming from his private club in Florida, where he is spending the holidays, dozens of Republicans calculated it was better to link with Democrats to increase the pandemic payments rather than buck the outgoing president and constituents counting on the money. Democrats led passage, 275-134, but 44 Republicans joined almost all Democrats in approval.House Speaker Nancy Pelosi declared, “Republicans have a choice: Vote for this legislation or vote to deny the American people the bigger paychecks they need.”The showdown could end up as more symbol than substance if Trump’s effort fizzles out in the Senate and may do little to change the COVID-19 relief and federal spending package Trump signed into law Sunday.That package — $900 billion in COVID-19 aid and $1.4 trillion to fund government agencies — will deliver long-sought cash to businesses and individuals and averted a federal government shutdown that otherwise would have started Tuesday.Together with votes this week to override Trump’s veto of a sweeping defense bill, it’s potentially one last confrontation between the president and the Republican Party he leads as he imposes fresh demands and disputes the results of the presidential election. The new Congress is set to be sworn in Sunday.Rep. Kevin Brady of Texas, the ranking Republican on the Ways and Means Committee, acknowledged the division and said Congress had already approved ample funds during the COVID-19 crisis. “Nothing in this bill helps anybody get back to work,” he said.Aside from the direct $600 checks to most Americans, the COVID-19 portion of the bill revives a weekly pandemic jobless benefit boost — this time $300, through March 14 — as well as the popular Paycheck Protection Program of grants to businesses to keep workers on payrolls. It extends eviction protections, adding a new rental assistance fund.Americans earning up to $75,000 will qualify for the direct $600 payments, which are phased out at higher income levels, and there’s an additional $600 payment per dependent child.President-elect Joe Biden told reporters at an event in Wilmington, Delaware, that he supported the $2,000 checks.Trump’s sudden decision to sign the bill came as he faced escalating criticism from lawmakers on all sides over his eleventh-hour demands. The bipartisan bill negotiated by Treasury Secretary Steven Mnuchin had already passed the House and Senate by wide margins. Lawmakers had thought they had Trump’s blessing after months of negotiations with his administration.The president’s defiant refusal to act, publicized with a heated video he tweeted just before the Christmas holiday, sparked chaos, a lapse in unemployment benefits for millions and the threat of a government shutdown in the pandemic. It was another crisis of his own making, resolved when he ultimately signed the bill into law.In his statement about the signing, Trump repeated his frustrations with the COVID-19 relief bill for providing only $600 checks to most Americans and complained about what he considered unnecessary spending, particularly on foreign aid — much of it proposed by his own budget.While the president insisted he would send Congress “a redlined version” with spending items he wants removed, those are merely suggestions to Congress. Democrats said they would resist such cuts.For now, the administration can only begin work sending out the $600 payments.Most House Republicans simply shrugged off Trump’s push, 130 of them voting to reject the higher checks that would add $467 billion in additional costs. Another 20 House Republicans — including Minority Leader Kevin McCarthy of California, a Trump confidant — skipped the vote, despite pandemic procedures that allow lawmakers to vote by proxy to avoid travel to the Capitol. McCarthy was recovering at home from elbow surgery, his office said.Colvin reported from West Palm Beach, Florida. Associated Press writers Bill Barrow in Atlanta and Ashraf Khalil in Washington contributed to this report.last_img read more

Analysts see Europe passing U.S. in battery storage installation by 2023

first_img FacebookTwitterLinkedInEmailPrint分享Greentech Media:A slew of recent announcements has left Europe poised to overtake North America in terms of battery manufacturing capacity by 2023, analyst figures show.Bloomberg New Energy Finance (BNEF) expects European nameplate lithium-ion battery manufacturing capacity to top 198 gigawatt-hours a year by 2023, up from roughly 18 gigawatt-hours a year today. This more than tenfold growth over the next few years should allow Europe to overtake North America, which is set to have around 130 gigawatt-hours a year of manufacturing capacity by 2023, according to the analyst firm.“Europe is moving away from being a laggard to committing serious amounts of capital and state support,” said Logan Goldie-Scot, head of energy storage at BNEF.However, neither region will come anywhere close to matching the battery manufacturing capacity forecast for China. China is expected to boast around 800 gigawatt-hours of annual manufacturing capacity by 2023, or two-thirds of a global total of just over 1.2 terawatt-hours, BNEF figures show.Furthermore, much of the manufacturing capacity currently being built or planned in Europe belongs to Chinese and other Asian manufacturers.China-based Contemporary Amperex Technology, for example, is investing in a 14-gigawatt-hour-a-year battery factory in Germany after signing EV supply deals with German carmakers BMW and Volkswagen. Another Chinese battery manufacturer, Svolt Energy Technology, is planning a European base with 24 gigawatt-hours of production capacity a year by 2025. Elsewhere, South Korean manufacturers including LG Chem, Samsung SDI and SK Innovation are planning to expand their European operations.More: Europe set to race past U.S. in battery manufacturing Analysts see Europe passing U.S. in battery storage installation by 2023last_img read more

Sokratis Papastathopolous eyeing a move outside of Europe when he leaves Arsenal

first_imgAdvertisement Sokratis Papastathopolous eyeing a move outside of Europe when he leaves Arsenal Advertisement Comment Metro Sport ReporterTuesday 5 Mar 2019 12:51 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link48Shares Sokratis Papastathopolous is eyeing a move outside of Europe after he leaves Arsenal (Getty Images)Arsenal defender Sokratis Papastathopolous has only been at the Emirates since July but already the Greek defender is plotting the next move of an already well-travelled career.The 30-year-old, who has played for clubs in his homeland, Italy, Germany and now England, has set his sights on moving outside of Europe when his Arsenal contract expires in 2021, by admitting that a move to Asia or the United States would appeal to him.Sokratis has impressed during his debut campaign with the Gunners and delivered an excellent display in Saturday’s north London derby draw with Tottenham by effectively shackling Harry Kane throughout.AdvertisementAdvertisementConsidering he has been arguably the club’s best defender, Arsenal fans will not want to hear that Sokratis is already planning his future beyond the Emirates, although he insisted he wishes to honour the contract he signed in the summer which runs until 2021.ADVERTISEMENT The defender caught the eye during the north London derby (Getty Images)In an interview with Kicker, via Calciomercato, he said: ‘In the summer I will be 31, I have two years of contract with Arsenal, then I would like to play in the US or in Asia.’More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityMajor League Soccer in the United States has long been considered an excellent destination for European players reaching the twilight years of their careers, as emphasised by David Beckham, Steven Gerrard, Frank Lampard and most recently Wayne Rooney, all making the move stateside in their 30s.Although Rooney only joined DC United last year, though, there has been a gradual shift in transfer emphasis across the league with a number of clubs, most notably Atlanta United seeking to acquire younger players from South America, such as Miguel Almiron who recently joined Newcastle United.The Chinese Super League has also grown in reputation of late with a whole host of ex-Premier League players moving there in recent years. Belgian duo Mousa Dembele and Marouane Fellaini both joined clubs in China in January. Fernando Torres, Andres Iniesta and Lukas Podolski, meanwhile, have all moved to Japanese clubs over the past 18-months.Sokratis joined Arsenal in a deal worth a reported £18m from Borussia Dortmund last summer has made 19 Premier League appearances for Unai Emery’s side, playing a key role in their top-four push.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenallast_img read more

Cairns CBD penthouse fetches $1.22 million in another positive sign for unit market

first_img606/174 Grafton St sold for $1.22 million.A GRAND Cairns CBD penthouse neighbouring the refurbished Munro Martin Parklands has sold for $1.22 million.The three-bedroom, 717sq m unit at Park View Apartments on Grafton St settled this week after being bought by a couple that will move to the city. The deal, brokered by Virginia Byers of Quaid Real Estate, comes just weeks after a waterfront unit at Harbour Lights fetched $2.35 million.REIQ Cairns zone chairman Tom Quaid said this week’s penthouse sale was a good sign of confidence for “non-waterfront” units in the city.“The biggest thing for this one was the redevelopment of Munro Martin Parklands, which has definitely boosted the area and contributed to the sale,” he said.“It always helps if units have some kind of attraction, even if they’re not on the waterfront. Having that new-look park was a nice bonus.“There are only a handful of sales at that level each year, so to see this high-end activity early in 2017 is fantastic.” More from newsCairns home ticks popular internet search terms3 days agoTen auction results from ‘active’ weekend in Cairns3 days agoBuilt in 2009 as one of Cairns’ most recent unit developments, the penthouse features panoramic views from a mammoth outdoor area.Mr Quaid said the $1.22 million deal was a “positive result” for all parties.“Looking at non-waterfront apartment sales, it is one of the highest we have seen in Cairns for some time,” he said. The Weekend Post reported last week that home loan specialists Mark and Donna Turnbull were developing a $53 million unit project next to Munro Martin Parklands.The 12-storey Aria on the Park will feature 77 apartments at the corner of Sheridan and Minnie streets. “My feeling was it was always going to be a showpiece in the middle of town,” Mr Turnbull said. “We’ve been waiting for a proactive council to come along and make it the fantastic place it is now.”The $10 million upgrade of Munro Martin Parklands was completed in August last year, with the $65.5 million Cairns Performing Arts Centre expected to open early next year.last_img read more

Character Queenslander home repainted inside and out for sale

first_img7 Third St, Camp Hill.The three-bedroom, two-bathroom home has recently been repainted inside and outside and the downstairs area retiled.Mr Michael hopes someone with a passion for character homes and the area would buy his home.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020 The 3D Diakrit floor plan of 7 third St, Camp Hill.The internal stairs connect the top floor to the bottom and this area currently includes a large rumpus room, an office, a toilet and a double garage, although can be somewhat reconfigured to suit the new owner’s needs. There is an opportunity to further develop this level of the home. The 405sq m block is fully enclosed with private fencing. 7 Third St, Camp Hill.The property is set over two levels and its charming traditional exterior blends with the chic modern lines of the floorplan.The upper level offers a cosy living space with the centrally placed kitchen linking the living and dining areas.Bi-fold doors open to the rear deck with its elevated view over the back garden and in-ground swimming pool.There are three good-sized bedrooms on this level, all with built-in robes. The master bedroom has an ensuite and there is a family bathroom, too. 7 Third St, Camp Hill.The entire lower level of the home is above regulation height and the higher ceilings add to the sense of space. 7 Third St, Camp Hill.After 11 years, Mark Michael and his wife Liz are selling their Camp Hill home.Mr Michael said a growing family had prompted the move from 7 Third St.The Michaels are remaining in the Camp Hill area, which they said was close to the CBD. The property is also close to smaller shopping centres as well as the Carindale Shopping Centre.“This area is fantastic,” Mr Michael said.“There’s great neighbours and it’s central to everything.”last_img read more

Turkey develops electrified routes

first_imgINTRO: A five-year plan of electrification and resignalling will see over 2000route-km energised by 2001THOUGH economic difficulties have dogged new line construction in Turkey, upgrading existing routes and new rolling stock has received financial backing. Around US$120m a year will be invested, while a restructured management pursues greater productivity (panel).Electrification at 25 kV AC of the trunk line from Ankara to Haydarpas??a was completed in 1994, but since then work has focused on two links with both domestic and international importance: from Iskenderun tolast_img read more

​PFA, Danica reveal pandemic’s first quarter results damage

first_imgTwo of Denmark’s largest commercial pension funds, PFA and Danica Pension, have reported steep investment losses for this year’s first quarter of 10.5% and 15.4% respectively, blaming the COVID-19 outbreak in their interim results statements.For mutual provider PFA, the 10.5% figure is the total return related to its PFA Plus market-rate product,  while the number given by Danske Bank’s pensions subsidiary Danica Pension is the return on customer funds in its Danica Balance Mix product, for those with a medium risk profile and 20 years to retirement.At PFA, group CIO Kasper Ahrndt Lorenzen said: “From mid-February, things began to turn, as the consequences of the COVID-19 pandemic began to make their mark on the financial markets.“When the virus appeared outside China in earnest, and Denmark, along with many other countries, shut down our society, the big falls quickly followed,” he added. PFA said its riskier assets such as listed equities had been hit the hardest, with that asset class ending the quarter with a 17.7% loss, while unlisted investments had remained more stable including the property portfolio, which was down 1.6%. Overall, alternatives suffered a 10.8% loss.“At these times, the goal is to minimise losses, and that is where our many investments in the unlisted area, e.g. in properties and offshore wind farms, show their strength, as they are more robust, and largely guarantee a fixed, regular income, even though financial markets are declining,” said Ahrndt Lorenzen.PFA said the negative returns seen in this year’s first quarter translated to losses of between 4.1% and 15.1% for its customers holding market-rate pension products, depending on their selected risk profiles.In absolute figures reported by the pensions firms in their interim reports, PFA said its total return on investment between January and March was minus DKK33bn (€4.42bn), compared with the DKK57.6bn it garnered for the whole of 2019.Danica Pension’s before-tax first quarter profit was reported as having fallen to DKK22m from DKK381m in Q1 2019, and it said it had managed to retain a solvency ratio of 189%, which was on a par with the level at the end of December 2019.Ole Krogh Petersen, Danica Pension chief executive, said: “We have a solid and robust investment strategy, which we are sticking to and which we believe will see our customers’ savings safely through to the other side of the corona crisis.”On the business side, the pensions subsidiary said premiums had increased at both its Danish and Norwegian operations in this year’s first quarter from the same period last year by 9% and 15% respectively.This came after it had gained around 200,000 new customers from its takeover of SEB Pension initiated two years ago, Danica Pension said.last_img read more