Diary of… a property manager

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Indonesia looking at near-zero growth as govt struggles to spend budget, Sri Mulyani says

first_imgThe government is pinning its hopes on a growth rate of around zero percent this year as it struggles to spend a Rp 695.2 trillion (US$47 billion) stimulus budget to revive an economy reeling from the coronavirus pandemic.Finance Minister Sri Mulyani Indrawati said on Wednesday that economic growth could flatline at zero percent this year as economic activity might start to normalize by September, adding that the government was struggling to spend the stimulus budget needed to revive the economy.“An economic recovery doesn’t mean a jump from minus 5 percent to 5 percent growth, we may be close to zero [growth] because catching up with last year’s level is a struggle amid the COVID-19 pandemic,” she said during the webinar “Reimagining the future of Indonesia’s economy”, which is part of The Jakarta Post’s Jakpost Up Close webinar series. Sri Mulyani referred to the coronavirus outbreak that has caused the country’s economy to shrink 5.32 percent in the second quarter this year, as the components of economic activity fell significantly.“The President has asked whether the money should be poured out to the people or through the economy, and pouring it out isn’t just like flushing it down the toilet. You really have to spend and somebody is going to audit you,” she said.So far, the lack of stimulus budget disbursement has continued to hinder Indonesia’s economic recovery. The government has only spent around 21 percent, Rp 151 trillion, of the stimulus budget even after five months since the beginning of the outbreak.The finance minister said a lack of citizens’ data and red tape were among the main reasons that held up budget disbursement, adding that the government had to “redesign and reshape” the stimulus to be able to speed up spending. “Several ministers are also still new and have yet to understand the bureaucracy as the COVID-19 pandemic has hit their funding needs hard, which they must reprioritize and cut their budgets,” she went on to say.Sri Mulyani added that the trajectory of the economy would depend on whether a second wave of the virus hit the country later this year, adding that the government hoped for a “technical rebound” next year as economic activity normalized.The government expects the economy to grow by 4.5 to 5.5 percent next year, but several economists have said the uncertainty surrounding the coronavirus may again stymie the country’s economic growth.“Macroeconomic policy will be prudent and supportive next year and some reforms including the omnibus bills will provide confidence,” she said.The government will continue to accelerate infrastructure development, incentives for businesses and social protection programs, among other projects.“We are hopeful this can create confidence for the business community and consumers,” she added.Topics :last_img read more

Court of Audit blasts French scheme CIPAV, calls for board changes

first_imgThe French Court of Audit will today single out the multi-occupation public insurance pension fund for poor governance in its annual update to the country.The Court of Audit, a quasi-judicial body known locally as Cours des comptes is responsible for auditing central government, public and private institutions and other bodies.In a speech tonight, the Court will provide its annual update, singling out the near 500,000 member pension fund Caisse Interprofessionnelle de Prevoyance et d’Assurance Vieillesse (CIPAV) for poor governance.President of the Court, Didier Migaud, is set to provide a detailed list of failures at the fund that have affected governance, investments and member services. The pension fund manages the retirement savings for architects, professional consultants, engineers and the self-employed.Migaud is to recommend that a provisional administrator, who will oversee future transitions, replace the board of the pension fund.The Court’s report suggested assets held by the fund had been poorly managed – stemming from a lack of proper financial management – until 2010.It rebuked the fund for failing to use appropriate procurement procedures in line with requirements for public bodies, and for shirking legal duties.The report also suggested the fund had “significantly” failed its members, providing pensioners with poor service.On the fund’s assets, the Court pointed out that the annual return rate of 6% between 1989 and 2012 was significantly below benchmark bond rates over the same time period, highlighting poor investment management.The Court’s report said the cause of the poor performance was a lack of financial management, and the fact investments were managed by a committee that did not employ a code of ethics, even though this has been required by law since 2004.Prior to 2010, the scheme also placed 75% of its investments with a single investment manager. Even after CIPAV hired a CFO, the single investment manager still oversaw more than one-third of investments at the end of 2012.In line with its requirements for a provisional administrator replacing the board, the Court highlighted that 80% of procurement was acquired outside of the framework public bodies are required to follow.More than half of retirees within the scheme face severe delays in receiving their pension, the report added.CIPAV’s call centre can only process 25% of received phone calls, resulting in at least three months of delays for pensioners.last_img read more

Dutch asset manager PGGM buys into private equity investor Nordian

first_imgThe remaining equity in the company is equally shared by Rabobank (40%) and CommonWealth, the investment vehicle of the Dreesmann family (40%). Separately, Vink confirmed PGGM has also invested in a new €300m Nordian investment fund targeting management buyouts at small and medium-sized companies with an annual profit of approximately €3m.PGGM’s head of private equity said he expected the investment to return at least 11-12% over the next 10 years.The asset manager’s average private equity return over the previous decade is 13.25%.Vink said the investment in the Nordian fund would be a “proper contribution” to PFZW’s indexation target.Currently, PFZW’s private equity holdings amount to approximately €8bn, while the scheme’s strategic allocation is 5%.Vink said the transaction was entirely separate from PGGM’s investments through AlpInvest, the €61bn private equity investor jointly owned by PFZW and the €325bn civil service scheme until 2011, when they sold their stake to Carlyle and AlpInvest’s management.At the time of the divestment, PFZW and ABP jointly committed themselves to €10bn of new worldwide private equity investments through AlpInvest.Since the sale of AlpInvest, PGGM’s own private equity team has been focusing on local investments and managing PGGM’s relationship with AlpInvest, according to Vink.In an earlier transaction aimed at supporting the local economy, PFZW agreed to share the risks on Rabobank’s €3.2bn corporate loans portfolio. At the time, it said the deal allowed it access to a credit portfolio, diversifying the scheme’s investment mix for attractive and stable long-term returns. PGGM, the €167bn Dutch asset manager, has acquired a 20% stake in Nordian Capital Partners, Rabobank’s former private equity company, now owned by its management.PGGM bought the stake on behalf of its main client, the €152bn healthcare scheme PFZW, to increase its investments in the local economy, according to Eric-Jan Vink, head of PGGM’s private equity team.The portfolio of Nordian Capital Partners – formerly known as Rabo Capital – includes 15 medium-sized companies.Vink declined to provide details about its value, but industry sources have estimated it at €100m-200m.last_img read more

Strathclyde joined by UK green bank in community power investment

first_imgThe £10m commitment will be invested over three years, with return expectations between 11-13% based on a five-year exit, in addition to offering an on-going income stream.The investment, Strathclyde’s first in hydro-electricity, sits within the New Opportunities Portfolio (NOP) for real assets and real estate, which the pension fund has expanded with a raft of new commitments.In its June meeting, the fund sought approval of six new projects worth roughly £45m while approving £68m in December for an additional four commitments.Chair of the fund, Councillor Paul Rooney, said he was pleased Strathclyde could provide funding to innovative projects which would otherwise be unable to attract capital.“There are many great opportunities to generate sustainable, renewable energy at a community level, including here in Western Scotland – but it can be difficult for even the best-structured projects to access good long-term finance.“The investment made by our members in their own future will support the future of our communities, through improved infrastructure and jobs,” he added.Chair of ACP, Volker Beckers, said the combination of Strathclyde’s and GIB’s commitments gave credence to institutional demand in the sector.“Demand for community-scale renewable energy is growing, and having institutional investors will help ACP build many more renewable energy plants in 2015,” he added.Strathclyde is not the first UK LGPS fund to consider community power projects, with the £5.3bn Lancashire Pension Fund committing £12m in 2013 to a solar power plant in Oxfordshire.Then chair, David Westley, said the 23.5-year bond would interest members, as they knew pension investments fund worthwhile and sustainable schemes.For more on low-carbon investing, see the current issue of IPE The £14.4bn (€18.2bn) Strathclyde Pension Fund has committed £10m to community power projects backed by the UK’s Green Investment Back (GIB).GIB, a government-backed development bank, will provide a further £50m of in capital, marking the largest equity funding to date for community renewable energy projects.Albion Community Power (ACP) will manage the capital with first investments earmarked for a hydro-electric power station in Western Scotland.Strathclyde, the largest local government pension scheme (LGPS), managing benefits for over 200,000 public-sector workers in Western Scotland, first touted the investment to its board at a meeting in June 2014.last_img read more

Bluewattle  accolades

first_imgBluewattle (pictured) – developed by Defence Housing Australia – was named as one of three finalists from across the state in the Affordable Small Scale Development category during the awards ceremony last week.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Defence Housing Australia was also recognised as one of three finalists in the Community Engagement Excellence category for their Townsville project.State president Ian Murray said a UDIA award was a true sign of excellence, quality, and industry best practice.“Our record number of entrants this year shows the industry strongly values the opportunity to be judged alongside their Queensland peers,” Mr Murray said.The first land of the 1300-lot development at Bluewater, located off Riverway Drv, was released in 2014.More than 220 families call Bluewattle home and even though it’s being developed by Defence Housing Australia, it’s not exclusively for defence members. Bluewattle Estate at Rasmussen.BLUEWATTLE in Rasmussen has received two nods at the 2018 Urban Development Institute of Australia Queensland Mitchell Brandtman Awards for Excellence claiming finalist status in two categories. last_img read more

Cab Sec Speaks on Police Chief Appointment

first_imgLocalNews Cab Sec Speaks on Police Chief Appointment by: – March 16, 2011 28 Views   no discussions Share Cabinet Secretary Felix Gregoire on Wednesday sought to clear the air on suggestions of a lack of consultation before the appointment of Cyril Carrette as the new chief of the Dominica Police Force.Opposition Leader Hector John said he will not support the appointment since no room was made for his input. In accordance with Dominican law, the Opposition leader must be consulted on the appointment of the Police Chief and Deputy Police Chief.But Gregoire told local press, that Prime Minister Roosevelt Skerrit requested a meeting with John on the matter. According to Gregoire John indicated he would be able for consultation on 14, March, but Carrette’s appointment as acting Police Chief, ended 11 March.“In my estimation there was consultation with the leader of opposition and the consultation [was] between the prime minister and the leader of the opposition, not between the secretary to the cabinet and leader of the opposition,” Gregoire emphasized.Carrette was appointed police chief on 11 March 2011, after acting in the position for almost six months; Hobbs Jno Baptiste is Deputy Police Chief.Source: DBS NewsPhoto Credit: GIS News Sharecenter_img Share Tweet Sharing is caring!last_img read more

St. Elizabeth plans new Dearborn County health facility

first_img(Image: St. Elizabeth Healthcare)GREENDALE – Construction on a new medical center in Dearborn County could begin in early 2015.St. Elizabeth Healthcare and St. Elizabeth Physicians plan to open the 75,000-square foot facility the following year, the Cincinnati Business Courier reports.It will be built near the I-275 exit to U.S. 50 in Greendale.St. Elizabeth Physicians COO Jacob Bast told the Courier that the physician group is “excited about this opportunity to enhance the services provided to our patients living and working in Southeastern Indiana and Southwestern Ohio.”last_img read more

Conservation club golf outing helps send kids to camp

first_imgNew Alsace, In. — The New Alsace Conservation Club will hold their 11th Annual Golf Outing Saturday, September 23 at the North Branch Golf Course. All proceeds will be used to send 5th and 6th graders to the Karl E. Kelly Memorial Officer’s Conservation Youth Camp in Tippecanoe County.Over the past 10 years the group has raised enough money to send 66 kids to the yearly camp. It costs about $350 to send one child to camp.To register your 4-person team for $260 call 812-221-0030 or sign up at Klump’s Tavern.last_img read more

IMCA Speedway Motors Weekly Racing National Point Standings Through April 24

first_imgIMCA Xtreme Motor Sports Modifieds – 1. Ryan Roath, Phoenix, Ariz., 777; 2. Ricky Thornton Jr., Chandler, Ariz., 650; 3. Brian Schultz, Casa Grande, Ariz., 604; 4. Keith White, Little River Academy, Texas, 593; 5. Larry Hood, Bakersfield, Calif., 542; 6. Dean Abbey, Waco, Texas, 538; 7. Ronnie Welborn, Princeton, Texas, 531; 8. Tim Ward, Gilbert, Ariz., 524; 9. Glen Hibbard, Eu­less, Texas, 502; 10. Ben Ketteman, Pflugerville, Texas, 482; 11. Jeff Streeter, Madera, Calif., 475; 12. Alexander Wilson, Salinas, Calif., 473; 13. Kyle Wilson, Monterey, Calif., 468; 14. Joe Spillman, Marble Falls, Texas, 466; 15. William Gould, Calera, Okla., 449; 16. Steve Streeter, Madera, Calif., 445; 17. Zane DeVilbiss, Farmington, N.M., 433; 18. Chris Elliott, Abilene, Texas, 428; 19. Tommy Fain, Abilene, Texas, 418; 20. Brad Pounds, Bakersfield, Calif., 417. IMCA Eagle Motorsports RaceSaver Sprint Cars – 1. Jeb Sessums, Burleson, Texas, 353; 2. Chase Brewer, Springtown, Texas, 333; 3. Marcus Thomas, Corsicana, Texas, 309; 4. Kyle Jones, Kennedale, Texas, 293; 5. Justin Fifield, Mesquite, Texas, 257; 6. Logan Scherb, Para­dise, Texas, 235; 7. John Ricketts, Burleson, Texas, 229; 8. Tony Dowd, Mansfield, Texas, 227; 9. Dustin Woods, Forney, Texas, 214; 10. Herbert R. Wood, Kennedale, Texas, 205; 11. Ryan Hall, Midlothian, Texas, 175; 12. Chad Wilson, North Richland Hills, Texas, 173; 13. Colby Estes, Mansfield, Texas, 169; 14. Mark Klis, Waxahachie, Texas, 167; 15. George White, Fort Worth, Texas, 160; 16. Justin Melton, Flower Mound, Texas, 149; 17. Jeff Emerson, Millsap, Texas, and Shawn Mize, Crowley, Texas, both 138; 19. Michelle Melton, Flower Mound, Texas, 131; 20. D.J. Estes Jr., Mansfield, Texas, 126.IMCA Sunoco Stock Cars – 1. Matt Guillaume, Haslet, Texas, and Michael Sheen, Lamesa, Texas, both 537; 3. Kirk Martin, Weatherford, Texas, 517; 4. Dennis Bissonnette, Stephenville, Texas, 502; 5. Gabe Tucker, Carbon, Texas, 489; 6. Colby Deming, Hobbs, N.M., 464; 7. Tyler Muirhead, Mabank, Texas, 398; 8. Jason Batt, Harker Heights, Texas, and Jeff Bauser, Belton, Texas, both 395; 10. Cary White, Lamesa, Texas, 390; 11. Charles Cosper, Belton, Texas, 381; 12. Keith Cagle, Odonnell, Texas, 343; 13. Colin Deming, Hobbs, N.M., 332; 14. Adam Schwarz, Woodway, Texas, 324; 15. Mart Wampler, Snyder, Texas, 316; 16. Kyle Clough, Wallace, Neb., 311; 17. Michael Therwhanger, Seminole, Texas, 307; 18. Steven Orebaugh, Fort Worth, Texas, 303; 19. Dustin White, Lamesa, Texas, 298; 20. Hunter Russell, Midland, Texas, 292.IMCA Sunoco Hobby Stocks – 1. April Phillips, Abilene, Texas, 529; 2. Brock Beeter, Minot, N.D., 406; 3. Jeremy Oliver, Chilton, Texas, 387; 4. Jerrad Steele, Andrews, Texas, 377; 5. Eric Stanton, Carlisle, Iowa, 334; 6. Garett Rawls, China Spring, Texas, and Andrew Sebastian, Minot, N.D., both 324; 8. Justin Lathram, Hobbs, N.M., 320; 9. Westin Abbey, Comanche, Texas, 314; 10. Brent Wofford, Yuma, Ariz., 305; 11. Craig Ebers, Yuma, Ariz., 300; 12. Andy Roller, Waco, Texas, and Lee Riley, Lubbock, Texas, both 297; 14. Adam Armstrong, Beatrice, Neb., 289; 15. Jonathan Beard, Waco, Texas, 284; 16. Daniel Van Haitsma, Boyd, Texas, 283; 17. Brian John­son, Yuma, Ariz., 255; 18. Jamie Herring, Killeen, Texas, 254; 19. Jamie Songer, Ankeny, Iowa, 249; 20. Brandon Gaddis, Snyder, Texas, 238. Karl Chevrolet Northern SportMods – 1. Nick Spainhoward, Bakersfield, Calif., 615; 2. Rick Diaz, Los Banos, Calif., 593; 3. Ethan Dotson, Bakersfield, Calif., 459; 4. Wayne Dotson, Bakers­field, Calif., 412; 5. Ben Kates, Tonganoxie, Kan., 347; 6. Kyle Griffith, Taft, Calif., 342; 7. Chris Toth, Holtville, Calif., 333; 8. Josh Wood, Yuma, Ariz., 330; 9. Timmy Reese, Yuma, Ariz., 329; 10. Robert Gallaher, San Jose, Calif., 314; 11. James Dupre, Yuma, Ariz., 308; 12. Cody Daffern, Brawley, Calif., 307; 13. Al Sotomayor, Morgan Hill, Calif., 300; 14. Keith Smith, Imperial, Calif., 289; 15. Lee Jensen, Bakersfield, Calif., 269; 16. Schannon Mohamed, Brawley, Calif., 260; 17. Levi Kiefer, Bakers­field, Calif., 257; 18. Tina McGowan, Bakersfield, Calif., 255; 19. Sean Callens, Brawley, Calif., 253; 20. Daniel Gottschalk, Ellis, Kan., 238. Scoggin-Dickey Parts Center Southern SportMods – 1. Jake Upchurch, Grand Prairie, Texas, 573; 2. Justin Long, Haslet, Texas, 546; 3. Chad Hertel, Abilene, Texas, 527; 4. Cory Williams, Slaton, Texas, 512; 5. Allen Montgom­ery, Fort Worth, Texas, 503; 6. Gabe Tucker, Carbon, Texas, 493; 7. Brad Shirley, Springtown, Texas, 436; 8. Jon White Jr., Red Oak, Texas, 430; 9. Jarrett Roberts, Temple, Texas, 392; 10. Robert Scrivner, Woodway, Texas, 380; 11. Kevin Green, Robinson, Texas, 360; 12. Justin Shaw, Sweetwater, Texas, 358; 13. Jeffrey Abbey, Coman­che, Texas, 350; 14. Jeff Reynolds, Joshua, Texas, and John Freeman, Runaway Bay, Texas, both 340; 16. Cody Shoemaker, Paradise, Texas, 335; 17. Timothy Cum­mings, Joshua, Texas, 318; 18. Gene Burnett, Leander, Texas, 317; 19. James Holder, China Spring, Texas, 315; 20. Jay Coone, Burleson, Texas, 310. Mach-1 Sport Compacts – 1. Danny Jack Bag­gerly, Joshua, Texas, 249; 2. Willard Van Haitsma, Spring­town, Texas, 245; 3. Brant Bachman, Weatherford, Texas, 230; 4. James More­head, Joshua, Texas, 224; 5. Judy Baggerly, Joshua, Texas, 213; 6. Julia Childs, Weatherford, Texas, 208; 7. Aubra Parker, Paradise, Texas, 206; 8. Michael Burnside, Mineral Wells, Texas, 199; 9. Ryan Bryant, Mason City, Iowa, 198; 10. Ramsey Meyer, Pierce, Neb., 195; 11. Art Her­zog, Hays, Kan., 190; 12. Michael Smith, Stockton, Kan., 188; 13. James Lochabay, Azle, Texas, 184; 14. Megan Lappegard, Spencer, Iowa, 180; 15. Kirk Pfannenstiel, Hays, Kan., 177; 16. Rich­ard Tegethoff, Kirwin, Kan., 175; 17. Kiowa Higdon, Hays, Kan., 174; 18. Jacob Kofoot, Bode, Iowa, 171; 19. Madison Reed, Stockton, Kan., 169; 20. Stephen Covey, Midlothian, Texas, 164.West Coast Super Stocks – 1. Steve Nash, Pahrump, Nev., 133; 2. Clay Daly, Watsonville, Ca­lif., 115; 3. Lonnie Welch, Bakersfield, Calif., 110; 4. Brady Bell, Bakersfield, Calif., 108; 5. Tim Ran­dolph, Santa Maria, Calif., 107; 6. Billy Simkins, Bakers­field, Ca­lif., 101; 7. George Bradburry, Pahrump, Nev., 94; 8. Chad Weber, Santa Maria, Calif., 74; 9. Dustin Chastain, Tonopah, Nev., 68; 10. William A. Stevens, Bakersfield, Calif., 66; 11. Johnny Bedingfield, Bakers­field, Calif., 65; 12. Wayne Coffman, Bodfish, Calif., 62; 13. James C. Wulfenstein, Pahrump, Nev., 36; 14. Jim McCoy, Pahrump, Nev., and Dale Daffern, Las Vegas, Nev., both 33; 16. Jon Blackford, Nipomo, Calif., and Cory Little, Pahrump, Nev., both 32; 18. Justin Kramer, Pahrump, Nev., 31.last_img read more