For the purpose of further development of cyclotourism as an important selective form of tourism in the Šibenik-Knin County, the Operational Plan for the Development of Cyclotourism of the Šibenik-Knin County for the period until the end of 2020 has been prepared.The Operational Plan (OP) for the development of cycling tourism in Šibenik-Knin County is based on the Action Plan for the development of cycling tourism in the Republic of Croatia and the Master Plan of Šibenik-Knin County. The operational plan analyzes the current state of cycling tourism in our county, conducted research on all important characteristics of the external and internal environment in order to identify factors that may determine the further development of cycling, defined goals for cycling tourism and identified development projects, all in order to position Šibenik- Knin County as a desirable cycling tourist destination.In Šibenik-Knin County over 2400 km of groomed bike & hike trails Photo: Šibenik-Knin Tourist BoardWith ninety bike paths with a total of 2450 kilometers (90 bike paths and 15 routes), this region has become an attractive destination for cyclists in the last two years. A website has been launched for the needs of cycling tourism Bike & Hike which in a great way provides all the necessary information, from bike paths, destinations, accommodation in family accommodation, as well as additional services needed by cyclists. It is extremely important that all bike paths are made according to the standards of the profession and all are marked as well as connected with accommodation in family accommodation and additional tourist offer.The director of the Šibenik-Knin County Tourist Board, Željana Šikić, emphasized the importance of developing cyclotourism for extending the tourist season in our area. “We are currently in the second year of implementation of the cyclotourism development project in Šibenik-Knin County, and so far trails and routes have been traced and categorized in the entire county. They are prepared for the beginning as a base from which we will later develop other trails. We divided the bike paths in Šibenik-Knin County through 5 sub-regions, and all paths are circular. Each subregion has three trails by category, road, mountain and recreational, and of course everything starts from signalization ” pointed out recently for the portal Šikić and added that in the beginning they looked long-term and quality, and for that it was first necessary to make all the infrastructural prerequisites, as well as prepare a complete tourist product before any promotion of Šibenik-Knin County as a cycling destination.”Šibenik-Knin County is the first coastal county to adopt an operational plan for the development of cycling tourism”, Said Mirela Srkoč Šenkinc from CikloProm, who drafted the OP, emphasizing that cyclotourism is one of the segments in which to invest systematically.All signatories of the Agreement were involved in the development of the Operational Plan, namely the Public Institution Development Agency of Šibenik-Knin County, Public Institution Nature of Šibenik-Knin County, Tourist Board of Šibenik-Knin County, 5 cities and 15 municipalities of Šibenik-Knin County, Ministry of Interior of affairs – Šibenik-Knin Police Department, Hrvatske ceste – Šibenik Technical Office, Šibenik-Knin County Road Administration and cycling clubs: Adrion Oros, Fortica, Kamenar, Faust Vrančić, Primošten, Krka, Petar Svačić and Mountain Bike Club The Eagle Circle.
“They said it would be paid out this year,” the former banker told lawmakers during a House of Representatives (DPR) hearing in Jakarta on Wednesday.The government owes Indonesia’s sole electricity distribution company for electricity subsidies incurred over the past two years. PLN is due to receive Rp 23 trillion for subsidies in 2018 and Rp 15 trillion for 2019.Disbursing the compensation funds is particularly urgent for cash-strapped PLN as the company faces cash flow risks in the second quarter, due to a bill payment relaxation scheme introduced following a recent fiasco.Around 4.6 million residential customers of PLN reported a spike in their power bills in June amid the implementation of the government’s working-from-home policy introduced to contain the coronavirus spread. State-owned electricity company PLN says it has yet to receive compensation worth billions of dollars from the government for offering power to customers below market prices.PLN president director Zulkifli Zaini said on Wednesday that the utility company was still waiting for the government to disburse the funds, which amounted to Rp 45 trillion (US$3.17 billion).Read also: PLN books $2.8b loss in Q1 amid weakening rupiah PLN also faces cash flow problems due to low electricity price ceilings and high power plant investment. Furthermore, the company is giving discounts to 31 million of Indonesia’s poorest homes as part of its COVID-19 relief efforts.Read also: Consumers lament PLN electricity bill spikeThe State-Owned Enterprises (SOEs) Ministry previously announced billions of dollars in compensation for big SOEs, including Rp 48.46 trillion for PLN. Other state companies, such as national flag carrier Garuda Indonesia and steelmaker Krakatau Steel, will receive working capital guarantees.“The government has liabilities to SOEs that amount to Rp 108.48 trillion,” said ministry spokesman Arya Sinulingga on June 5.PLN booked a net loss Rp 38.9 trillion in this year’s first quarter, down from a net profit of Rp 4.12 trillion in the same period last year, after the rupiah exchange rate fell to a record low against the greenback in March.Topics :
The €293bn civil service scheme ABP has lowered its contribution by 3.8 percentage points to 21.6%, mainly following cost-cutting measures for its pension fund.It said the main reasons for its decision were the reduction of the yearly pension accrual from 2.05% to 1.95% for 2014 and the increase of the official retirement age from 65 to 67.Half a percentage point of the premium reduction came as the result of ending a temporary recovery levy, leaving the excess contribution for recovery at 3 percentage points for 2014.ABP said it based its decision on its funding of 106.2% on 1 November. However, it stressed that the financial position at year-end would be “crucial”.If its coverage ratio is less than the minimum required level of 104.2%, a second rights cut – effective as of 1 April 2014 – will be unavoidable, it warned.However, if the scheme’s funding is sufficiently solid at year-end, the board may decide to undo last April’s rights discount of 0.5%, ABP said.If the coverage ratio is unexpectedly high on 31 December, the board may even look into the possibility of removing the remaining recovery levy or indexation, it said.Opposition politicians have been suspicious of the motives behind the sudden and significant premium reduction at ABP.Barry Madlener of the Freedom Party (PVV) said he suspected the government might have played a role in the decision.“Other pension funds don’t seem to be keen to follow ABP’s example,” he said.Paul Ulenbelt, spokesman for the Socialist Party (SP), echoed the sentiment.“It is very odd that, soon after a 0.5% rights discount, the contribution is decreased by 3.8 percentage points,” he said.“It seems the Cabinet is granting the civil servants a salary rise, without paying them from the national budget.”On its website, the AbvaKabo, the largest public sector union, claimed it achieved a net salary increase of 2% for civil servants as compensation for the reduced pensions accrual.
The pension fund expects prospective managers to have a track record of at least five years, but states 10 years is more preferable. The mandate should cover all tranches of CLOs, including senior tranches as well as equity.“The risk of the mandate can be adjusted according to market return/risk opportunities,” the pension fund stated in its IPE Quest submission. The deadline for bids is 22 May 2018 at 5pm UK time.The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email email@example.com. A European pension fund is seeking a global manager for a $50m (€42m) collateralised loan obligation (CLO) mandate via IPE Quest.According to search QN-2435, the pension fund is looking for an active, opportunistic long-only manager, although it added “some opportunistic shorts could be allowed”.Providers pitching for the mandate must have at least $500m under management in CLOs, with the overall AUM for the company set at the same amount.The benchmark has yet to be decided, and there are no minimum or maximum levels for the tracking error that has been set for this mandate.
The £711m (€831.4m) Scottish Borders Council Pension Fund has allocated an undisclosed amount to a sustainability strategy run by Morgan Stanley Investment Management (MSIM).The strategy, launched last year, excludes tobacco, alcohol, and fossil fuel stocks and is “carbon light”, MSIM said.William Lock, head of the asset manager’s international equity team, indicated that the Global Sustain fund would also take into account the need for “active long-term engagement with companies”.Although MSIM declined to disclose the size of the mandate, it already ran an £86m global equities allocation for the Scottish Borders scheme at the end of March 2018, according to the pension scheme’s latest annual report. Councillor David Parker, chair of the pension fund committee for for the scheme, said: “The Scottish Borders Council Pension Fund believes that a positive approach to ESG issues can positively affect the financial performance of investments, whereas a failure to address these considerations can have a detrimental effect.”Auto-enrolment provider shifts to ESG default fundLegal & General’s (L&G) UK defined contribution (DC) master trust is to shift to a multi-asset fund focused on ESG themes as the default option for its 800,000 members.The DC master trust claimed it was the first auto-enrolment provider to have an ESG-themed default option, in a press release published earlier this week.The product – the L&G Future World Multi-Asset Fund – is run by Legal & General Investment Management (LGIM), the £1trn asset manager, and is made up of LGIM ESG-themed index funds.It also incorporate LGIM’s “climate impact pledge”, part of the asset manager’s engagement programme with companies “critical to the shift to a low-carbon economy”.The new default option is available to clients using the “sole select governance” option within the L&G Master Trust.While L&G claimed a first for auto-enrolment default funds, it is not the first DC fund to switch to an ESG-themed default option: HSBC’s UK pension fund selected L&G’s Future World fund for its DC offering in 2016.In addition, fellow master trust NEST has been incorporating climate-related risks into its “climate aware fund”, while auto-enrolment vehicles run by Willis Towers Watson and The People’s Pension have also allocated to ESG strategies in recent months.
Belgium-based offshore wind farm developer Parkwind has agreed an investment to become a strategic partner in the proposed 330MW Oriel offshore wind farm project in the North Irish Sea.Located 22km off the coast of Dundalk, the Oriel wind farm will consist of 55 6MW turbines and will supply energy to more than 250,000 homes, Oriel Windfarm Ltd., the developer of the project, said.The partners now plan to fast-track the project and finalize the construction of the wind farm by 2020, Oriel Project Director Peter Caluwaerts said.“To achieve such ambitious timeline, we will immediately invest in the development of the wind farm and set up a full-scale project team, consisting of our own experienced people from Parkwind on the one hand and dedicated Irish professionals on the other hand,” Caulwaerts said.After starting up the 165MW Nobelwind wind farm in May, Parkwind expressed its ambition to construct and operate wind farms outside its domestic market, and has made the first step with the acquisition of Oriel.Including the 330MW from Oriel wind farm, Parkwind plans to have more than 1GW of offshore wind production operating by 2020.
Namely, cashpayable at completion is reduced to $210 million while estimated revisedabandonment obligations are reduced to around $240 million pre-tax from around $600million. ARCM initially opposed the acquisition of both BP and Dana assets and even requested from the court to prevent the implementation of such a proposal via a scheme of arrangement. In January, Premier Oil made agreements to buy the Andrew Area and Shearwater assets from BP for $625 million. At the time,the company said that the proposed acquisitions would be funded via a $500million equity raise, which has been fully underwritten on a standby basis,existing cash resources and, if required, an acquisition bridge facility of$300 million. The companyalso announced it would be buying an additional 25 per cent interest in its TolmountArea from Dana for $191 million, plus contingent payments of up to $55 million. Tony Durrant, Premier CEO, said: “We are pleased to have agreed revised terms with BP for the proposed acquisition of the Andrew Area and Shearwater assets, which are materially value-accretive for the company. In its statement on Friday however, the company said that the amended terms for the Andrew Area and Shearwater acquisitions were agreed in principle. The companyalso said that it would be issuing 82.2 million new shares, representing 8.91per cent of the enlarged group, to ARCM for 26.69p per share, a 9.64 per centdiscount to the volume-weighted average price over the last five days. In Friday’sstatement, Premier said that ARCM opted to withdraw its appeal of the court’sjudgment approving the schemes. Principalterms are being discussed with a subset of Premier’s creditors to waive its financialcovenants through to 30 September and provide continued access to its revolvingcredit facilities. Once agreed and finalised, the terms will be put to thewider creditor group for approval. The court held a hearing in January in connection with the schemes required to implement the proposed UK North Sea acquisitions, related funding arrangements, and extension of its credit facilities, at which the court granted Premier’s request to start the scheme process. Privately-ownedasset management firm ARCM also supported the BP acquisitions and the agreementwith the creditors through a lender consent process. The proceedsfrom the issuing will be used to fund part of the proposed BP acquisitions. Oil and gas company Premier Oil has agreed revised terms for the acquisitions of the Andrew Area and Shearwater assets from British oil major BP. According toPremier’s January statement, the acquisitions have an effective date of 1 January2019, and completion of all three acquisitions is expected to occur by the endof 3Q 2020. “The stable platform agreement once agreed with and approved by lenders, will provide a basis for the company to continue discussions regarding proposed amendments to the group’s existing credit facilities“.
The cable laying ship EDT Hercules carried out the sealing operations. Red Electrica also mobilised all the necessary technical and human resources, taking into account the depth where the damage was. The leak incident took place in Moroccan waters 21.6 kilometres off Spain at a depth of 208 metres. Nevertheless, the security of the electricity supply through the interconnection was not compromised at any time thanks to its double circuit and the fact that the cable affected was not in service. There are also talks for a third link between the countries. The seven cables, which cross the Strait of Gibraltar, run from Tarifa, Spain, to Fardioua, Morocco. Spanish grid operator Red Electrica and its Moroccan counterpart ONEE have completed the works to seal the leak in the reserve cable of the link between Spain and Morocco. The electricity interconnection between Spain and Morocco consists of two 400 kV lines. One came into service in 1997 and the other in 2006. The companies advised the Spanish maritime authorities and all the authorities and groups concerned on 31 July. After a brief interruption of just a few hours in the use of the link during the works to seal the leak, which was necessary for safety reasons, the two circuits that make up the interconnection between the two countries were brought back into service following the completion of the repair works. Specifically, the interconnection comprises a total of seven cables: three per circuit, plus one reserve cable.
ILOILOCity – An Ilonggo ranked No. 9 in the recent licensure examination forphysicians administered by the Professional Regulation Commission (PRC). From left: Enrique Te, director, Iloilo Scholastic Academy – Board of Directors (ISA-BOD); Venido Peña, president, ISA-BOD; Peter Chan, ISA executive director; Mayor Jerry Treñas; Dr. Karl Francis Chan; Debbie Chan, ISA Preschool Department Head; and Eduardo Ong, director, ISA-BOD. Peter and Debbie Chan are the parents of Dr. Karl Francis Y. Chan. Dr.Karl Francis Yap Chan paid a courtesy visit to Mayor Jerry Treñas yesterdaymorning together with his parents Peter and Debbie. Chanposted a rating of 89.08 percent. He graduated from Ateneo de Manila University– School of Medicine and Public Health-Pasig. Duringthe courtesy visit, the Chan family was joined by the president of ISA, VenidoPeña, and ISA Board of Directors Enrique Te and Eduardo Ong. Chan,a product of the Iloilo Scholastic Academy (ISA, Batch 2010), is from Molodistrict. His father is ISA’s executive director while his mother is the ISAPreschool Department Head. The PRC released theresults of the licensure examination for physicians on Sept. 19; 4,006 examineesout of 4,716 passed. The exam was administeredin thecities of Manila, Baguio, Cebu and Davao./PN
“Maskisin-o sa ila welcome basta makapatindog lang sang maayo kag konkreto nga bridge thatwill serve the best interest sangIloilo kag Guimaras,” said Gumarin. Poestated that of the six provinces of Region 6, “Guimaras has the mostdisadvantages due to its small size as well as lack of reliable connectivity tothe main island of Panay.” The project involves the construction of a 32.47-km, four-lane, two sea-crossing bridges, including connecting roads and interchanges. The project will cost P189.53 billion, to be funded by China through Official Development Assistance. FILEPHOTO It had been previously reported that aChinese firm would be building the Panay-Guimaras bridge and that Filipinotycoon Ramon Ang was also interested. “These are the building blocks of ourpeople’s dreams and aspirations…to ease congestion and spread growth throughoutthe country,” said Socioeconomic Planning secretary Ernesto Pernia. Following the Iloilo Strait motorboattragedy in August last year, Sen. Grace Poe filed Senate Resolution No. 75 pressing forthe building of the Panay-Guimaras-Negrosbridge. The implementing agency is theDepartment of Public Works and Highways. ILOILO City – Expect safer, faster andmore convenient transportation linkage between Panay, Guimaras and Negrosislands through a connected land passageway – specifically three bridges. Calls for the building of a bridgelinking Panay/Iloilo City and Guimaras became louder in August last yearfollowing the capsizing of three motorboats at the Iloilo Strait where 31people died. The project involves the constructionof a 32.47-km, four-lane, two sea-crossing bridges, including connecting roadsand interchanges. He did not say, however, when the constructionwould commence. Once realized, the proposed bridgeconnecting Panay and Guimaras would be another travel option when crossing theIloilo Strait to go to any point in the nearby island province from IloiloCity. It could curb if not totally eliminate fatal sea mishaps. Bridgesconnecting Panay, Guimaras and Negros were conceptualized during theadministration of then President Corazon Aquino but none of the administrationsthat succeeded hers managed to concretize the plan for lack of funds. He expressed concern that the seriesof recent strong earthquakes in Mindanao that destroyed public infrastructurescould change the President’s mind about building bridges. Traveling to Guimaras would be muchsafer via bridges, said Guimarin. At present, the island province is accessibleonly via motorboats. Thislack of connectivity, she stressed, not only hinders the economy of Guimarasbut also endangers the lives of people “since boat trips are at the mercy ofthe weather.” CCC Highway Consultants Co., Ltd. ofthe People’s Republic of China was the company that conducted the feasibilitystudy for the proposed bridges last year. Yesterday NEDA announced that itsInvestment Coordination Committee approved the proposed bridges connecting thethree islands. Theseare seen to improve the highway trunk networks thus allowing the efficient flowof people, goods and services between the three islands, according to the National Economic and Development Authority (NEDA). Early this year, Gov. Samuel Gumarinsaid he would be writing President Rodrigo Duterte to seek assurance that thebridge project would push through. The project will cost P189.53 billion,to be funded by China through Official Development Assistance. Based on the project profile, theIloilo/Panay-Guimaras Bridge will start in Leganes, Iloilo and end inBuenavista, Guimaras. It would be between four to seven kilometers long. On the other hand, the Guimaras-NegrosBridge will start in San Lorenzo, Guimaras and end in Pulupandan, NegrosOccidental. It would be between five to 12 kilometers long./PN