UK music industry value set to halve as pandemic derails growth

first_imgThe report showed the UK’s live music sector was the hardest hit by the pandemic, as the vast majority of concerts, gigs and festivals were forced to close. UK music industry revenues had grown last year thanks to the success of British artists such as Dua Lipa James Warrington “It boosts Britain’s standing in the world, bringing a soft power that few other industries can boast.” UK music industry value set to halve as pandemic derails growth But the report issued a stark warning about the “hammer blow” of Covid-19, which has brought the live music sector to a halt and crippled revenues for performers, venues and promoters, as well as writers and publishers. “That is why the government stepped in with an unprecedented £1.57bn Culture Recovery Fund to help the sector weather the impact of coronavirus and protect music venues, festivals, and our vital cultural assets.” Overall, the crisis is expected to wipe roughly £3bn off the music industry’s gross value added — the measure of how much it contributes to the economy. Share UK music industry revenues had grown last year thanks to the success of British artists such as Dua Lipa Also Read: UK music industry value set to halve as pandemic derails growth UK Music said it expected up to 85 per cent of live music revenue to be lost this year, with the sector’s income close to zero since March. The report also predicted that 65 per cent of creators’ income will be lost, rising to 80 per cent for those most dependent on live performance and recording studio work. UK music industry revenues had grown last year thanks to the success of British artists such as Dua Lipa Also Read: UK music industry value set to halve as pandemic derails growth Jamie Njoku-Goodwin, chief executive of UK Music, said the music industry was a “key national asset”.  Figures published today by industry body UK Music showed the sector contributed a bumper £5.8bn to the economy in 2019 — up 11 per cent on the previous year. He added that the industry now faced a “marathon effort to get back on its feet” and called for additional support from the government. While the sector employed almost 200,000 people in 2019 — an all-time high — the pandemic is expected to spark thousands of job losses. The closure of shops, bars and nightclubs also deprived creators and record labels of vital live performance income. whatsapp Wednesday 18 November 2020 9:07 am UK Music said the sector’s contribution to the economy would be saved from total collapse thanks to the continued growth in streaming, as Brits spent more time on platforms such as Spotify and Apple Music.  The value of the UK music industry is set to almost halve in size this year due to the “catastrophic blow” of the coronavirus pandemic. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comWhy people are finding dryer sheets in their mailboxesnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at “We know what an immensely tough year 2020 has been for the music industry as a result of Covid-19 which has presented significant challenges for the sector,” said Caroline Dinenage, minister for digital and culture. Employment in the industry and total export revenue also grew to new highs due to a booming live sector and success for British recording artists such as Storzmy, Dua Lipa and Lewis Capaldi. Show Comments ▼ whatsapplast_img read more

Saturday Sitdown: Uber’s UK boss on EVs, the recovery and workers’ rights

first_imgGoing green London’s electric charging infrastructure notably lags other European cities. London has 200 public charging points, with plans for 300 more – Amsterdam has 3,000.  whatsapp The new arrangements won praise from the GMB Union, of all places, who have said the firm is now treating its most important asset “fairly.” It’s a far cry from the constant war of just a few years ago over workers’ rights.  Saturday 1 May 2021 7:00 am Uber recently launched a new ‘green’ service in the capital, in which users can request they ride in an electric vehicle. Heywood says uptake is high – but there are challenges in turning the rest of the fleet fully green.  Lots of people, if given a choice between an EV and a non-EV at the same price, they’ll choose the EV Andy Silvester Uber responded by changing the terms and conditions for drivers – they are now paid minimum wage whilst they are on trips, receive holiday pay and are auto-enrolled into a pension scheme.  A high-profile Supreme Court ruling in favour of former Uber drivers – in which the Court judged they were Uber workers, rather than self-employed contractors – has caused headaches for firms across the gig economy.  Uber UK boss Jamie Heywood It’s not just the globe’s economies going into deep freeze that made last year particularly tough for Uber in the UK.  Uber UK boss Jamie Heywood Also Read: Saturday Sitdown: Uber UK boss Jamie Heywood on the recovery, workers’ rights and electric vehicles Read more: Uber Boat chosen by TfL to run Hammersmith Bridge ferry service But Heywood is keenly aware that the current situation – in which different operators, doing largely the same thing, have different regulatory and legal requirements.  “So that’s the equation to profitability. It’s not that complicated.”  Much of the framework of the gig economy is being created on a case-by-case, firm-by-firm basis. And whilst the Supreme Court ruling against Uber was largely backward-looking, the implications are now becoming clear – Addison Lee had a bid to appeal a similar ruling against them rejected after the Uber decision. Read more: City A.M. interviews Rishi Sunak on the future of the City of London “Many drivers in London will multi app,” he tells me, meaning they will be active not just on Uber’s app but on competitors like Ola and Bolt, too.  “Absurd” Since the reopening of London’s bars and restaurants, with tables next to heaters prized like rare artefacts, Uber has seen rides spike upwards as Londoners reacquaint themselves with their city.  Uber UK boss Jamie Heywood Also Read: Saturday Sitdown: Uber UK boss Jamie Heywood on the recovery, workers’ rights and electric vehicles “I can certainly see a benefit in the Government coming in and kind of legislating to clarify what they want the future of work to look like in this wider domain.” Show Comments ▼ Profitability “If you think about it from a kind of common sense point of view, what anyone could do is log on to five apps, reject every single trip or just not respond, and get minimum wage, holiday pay and auto-enrolled pensions for 24 hours a day from as many providers as you’re logged on to,” he says. It’s a compelling argument.  “That does seem to me to absurd.” “We want to try and expand it as quickly as we can and the key thing there is EV charging infrastructure near where drivers actually live,” he says.  The corollary to every Uber story is questions about when the firm will become genuinely profitable.  “Us announcing we want another 20,000 drivers before the end of the year is a really strong sign that recovery is coming back, and when people travel, drivers earn money, and when drivers earn money, we earn revenue.  One for the new (or most likely, re-elected) Mayor to ponder, perhaps. “For a transport company, Covid has been fairly… tough,” Heywood says, with notable understatement. “But the green shoots are coming through exceptionally strongly.” Heywood is clear it was the right thing to do, but also that calls for Uber to go further – paying drivers simply when they’re logged on to the app, rather than on trips – would both hit at the heart of the point of flexible working, as well as be open to abuse.  Jamie Heywood, Uber’s top man in the UK, Northern and Eastern Europe, has a spring in his step – at least, as much as you can see that on Zoom.  They are certainly leaning in to the hope that it will be: the firm is adding 20,000 UK drivers this year alone. Heywood is clearly hopeful that the post-lockdown surge will continue.  whatsapp “Many of these drivers will live in apartments where they don’t necessarily have off-street parking so we need to make sure that they can charge their vehicles,” says Heywood.  “The aim is to hit profitability this year at the global level,” he says, but to do so Uber will need the recovery to be “strong and robust.”  Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBrake For It40 New Features In The 2021 Ford BroncoBrake For ItUndoBleacherBreaker41 Old Toys That Are Worth More Than Your HouseBleacherBreakerUndoDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyUndoFactableAluminum Foil Uses You’ll Want to KnowFactableUndoAll Things Auto | Search AdsNew Cadillac’s Finally On SaleAll Things Auto | Search AdsUndoPast Factory”Waltons” Actress Says Magazine Ended Her CareerPast FactoryUndoMoneyWise.comMechanics Say You Should Avoid These Cars In 2021  MoneyWise.comUndoLivestlyPlugs Have These Two Holes At The End, Here’s WhyLivestlyUndoPost Fun25 Worst Movies Ever, According To Rotten TomatoesPost FunUndo Share Saturday Sitdown: Uber UK boss Jamie Heywood on the recovery, workers’ rights and electric vehicles “A driver now will get working benefits on a trip that they accept through the Uber app, but they will have a different legal status and have different legal benefits if they accept a trip through some of our competitors,” he says.  Heywood thinks there’s a case for Government to step in and make clear the rules of the game for all operators. Having been battered by the courts, you can understand Uber’s incentive to have their competitors on a level playing field – Ola and Bolt’s drivers, for instance, are not considered workers when they’re on a trip with those firms.  Tags: Uberlast_img read more

Boat recovered after sinking in Harris Harbor

first_imgCommunity | JuneauBoat recovered after sinking in Harris HarborOctober 30, 2018 by Adelyn Baxter, KTOO Share:A Bayliner Explorer seen submerged at Harris Harbor on Tuesday, Oct. 30, 2018. (Photo courtesy of Harbormaster Dave Borg)A boat sunk in Harris Harbor sometime on Monday. Juneau Harbormaster Dave Borg discovered the vessel capsized during his morning rounds Monday morning. It became completely submerged within about two hours. He said the owner of the Bayliner Explorer was notified and showed up soon after to take charge of the recovery. Some of the boat’s fuel leaked. “The U.S. Coast Guard and state (Department of Environmental Conservation) both responded, and there was a little bit of a sheen but it wasn’t recoverable,” Borg said. “There wasn’t much we could really do about what had been leaked out already.”Borg said the boat was pulled out around 1 p.m. Tuesday. He wasn’t sure what caused it to sink, but he thinks something probably went wrong with the boat’s bilge pump. “We had some real heavy rains. We did put some PSAs out for people to check their boats,” Borg said. “Sometimes when we have rain like that, bilge pumps either can’t keep up or the batteries die.”Borg said he expects the vessel is a complete loss since it was completely submerged in salt water for more than a day. Share this story:last_img read more

A New Star Wars VR Experience Lets You Go Undercover as…

first_imgDisneylandA New Star Wars VR Experience Lets You Go Undercover as a Stormtrooper”Hyper reality” meets hyperspace at Downtown DisneyBy Lisa Beebe – January 5, 20181420ShareEmailFacebookTwitterPinterestReddItIn the Star Wars movies, people travel the galaxy, fighting evil and having all sorts of adventures. In the real world, most of us never leave Earth’s atmosphere—but why should we let reality hold us back? Now aspiring intergalactic travelers can try the Star Wars world on for size at Downtown Disney’s new “hyper-reality” attraction, The Void.The Void offers fully immersive virtual reality experiences, and it partnered with Lucasfilm and immersive entertainment firm ILMxLAB on their latest one, Star Wars: Secrets of the Empire.“Something as pioneering as this cannot be done alone. It takes people with shared vision, but it takes people with lots of different expertise,” says Vicki Dobbs Beck, executive in charge at ILMxLAB. After launching in London and Orlando in mid-December, Star Wars: Secrets of the Empire opened today at Downtown Disney in Anaheim.The story is set between Star Wars episodes III and IV. On a viewscreen, Cassian Andor (Diego Luna) calls on his fellow rebels—a.k.a. Secrets of the Empire ticket holders like me—for help, urging us to take on a mission involving a mysterious package. Despite my lack of galactic battle skills, I couldn’t say no to Diego Luna, so I immediately suited up in a VR helmet and vest to do his bidding.Courtesy The VoidJust like that, Earth was gone, replaced by a world I’ve only seen in movies. Disguised as Stormtroopers, my teammates and I headed into enemy territory. When I stepped onto Mustafar and felt the heat from the lava, my mind was officially blown. The air even smelled different than it did inside the ship. I didn’t expect to be very good with a blaster and, truth be told, I wasn’t, which gave the bad guys plenty of time to fire at me. They hit me multiple times, and I felt every blast, but my Stormtrooper suit seemed to protect me from feeling any actual pain. (The blasts are more like localized vibrations.)On The Void’s website, it’s described as “virtual reality you can feel,” and that’s exactly what makes it so good. Diana Williams, story group executive and content strategist at ILMxLAB, says, “The fact that you can smell and touch things and walk… We’re using the phrase ‘Step into the story’ a lot, but it’s true, because you can’t do that in any other medium the way that you can at The Void.”You can talk to your teammates during the adventure using your VR helmet, but you’ll also want to discuss it with other players afterward, because each team has a slightly different experience. “There’s lots of what we call ‘Easter eggs,’ so every time you go, you can discover something new,” says Cliff Plumer, CEO of The Void, adding, “We want people who are true Star Wars fans to say, ‘Hey, I wonder if that would work…’ and it does—or still enjoy solving the puzzle and discovering all of those sorts of things.”Tickets ($29.95) are available online, but several days in the immediate future are already sold out. Ages 10 and over are welcome, but guests under 16 need a parent or guardian to sign a liability waiver.Star Wars: Secrets of the Empire, The Void, 1580 S. Disneyland Drive, Anaheim. Here’s Everything We Know So Far About Disneyland’s New Star Wars Attraction Stay on top of the latest in L.A. food and culture. Sign up for our newsletters today. TAGSVRvirtual reatlityStar WarsDowntown DisneyDisneyPrevious articleYou Have One More Chance to Get Tattooed at the Natural History MuseumNext articleTake a Behind-the-Scenes Peek at the Golden GlobesLisa Beebe RELATED ARTICLESMORE FROM AUTHORHere’s the Lowdown on Rising Star Olivia RodrigoWhat Will Become of an Upcoming Disney Movie Starring Armie Hammer?Disney Is Reportedly Considering Sending Some of Its Biggest Upcoming Movies Straight to Streaminglast_img read more

Brookfield and Qatari sovereign wealth fund put in an offer for Canary Wharf owner Songbird Estates

first_img whatsapp Thursday 6 November 2014 12:04 pm Show Comments ▼ Qatar’s sovereign wealth fund has partnerred with developer Brookfield Property Partners to make an approach for Songbird Estates, the owner of Canary Wharf.In a statement to the stock exchange this afternoon, Aim-listed Songbird confirmed Brookfield and the Qatar Investment Authority had approached it with an offer, adding that the Qataris already owned a 28.6 per cent stake in Songbird. Meanwhile, Brookfield owns 22.08 per cent of Canary Wharf Group, of which Songbird owns 69.3 per cent. The statement came in response to a story in Real Estate Capital, which said the pair had approached Songbird yesterday afternoon.Songbird’s portfolio is valued at £6.28bn, and includes assets such as One Canada Square. It added that if an unconditional offer is made, “then a mandatory offer will be required to be made for Canary Wharf Group”. Brookfield and Qatari sovereign wealth fund put in an offer for Canary Wharf owner Songbird Estates Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Crazy Rich Asians’ Director Wishes He Made South Asian Roles ‘More Human’The Wrap Share whatsapp Emma Haslett Tags: NULLlast_img read more

Deaths in Laois – Thursday, September 12, 2019

first_imgHome Deaths Deaths in Laois – Thursday, September 12, 2019 Deaths Deaths in Laois – Thursday, September 12, 2019 Facebook Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory Below are the recent deaths in Laois.Ar Dheis De go raibh a anam.Mary Brennan (née Norris)Cooper Hill House, Ballickmoyler, Carlow/Ballickmoyler, LaoisMary Brennan died September 10th at her home. Beloved wife of the late Jack. Sadly missed by her loving daughter Miriam, son John, son-in-law Kevin, daughter-in-law Janine, grandchildren Keith, Emma, Sara, Jane, Kate, Jack, Mark and Richard, sisters Monica and Attracta, brother-in-law, sisters-in-law, nephews, nieces, relatives and friends.Reposing at her home (Eircode R93 R209) from 3pm on Thursday concluding with prayers at 8pm. Funeral Mass on Friday at 12 noon in St. Clare’s Church, Graiguecullen. Burial afterwards in St. Mary’s Cemetery.Philip DugganWoodlands, Roundwood, Mountrath, Laois/Rosslare Strand, WexfordPhilip Duggan, Woodlands Roundwood, Mountrath, Co. Laois. . Died 10th September 2019, at his home. Loved and adored husband of Margaret, loving father of Orlagh, Darragh, his partner Shaunagh, Bill and Ronan, grandfather of his darling Pippa, Sean, Emma, Elizabeth, Dia, and Chlöe, sadly missed by his sister Geraldine, extended family, and a large circle of friends in Laois and Wexford.Reposing at his home (eircode R32 P449) this Wednesday and Thursday evening from 5 o’clock to 9 o’clock, with Rosary each evening at 9 o’clock. Removal on Friday morning to St. Fergal’s Church, Camross, arriving for Requiem Mass at 11 o’clock, followed by burial in the adjoining cemetery.Family flowers only please, donations, if desired, to The Cuisle Centre, Portlaoise.Ann Doyle (née Cahill)Harrow, London and formerly of, Ballyouskill, Kilkenny / LaoisThe death has occurred of Ann Doyle (née Cahill) of Harrow, London and formerly of Ballyouskill, Co. Kilkenny on 25th July 2019.Sadly missed and lovingly remembered by her daughter Annette and son Andrew, son-in-law, daughter-in-law, grandchildren, sisters Maura, Cathy and Sheila, brother John, sister-in-law, brothers-in-law, nieces and nephews, neighbours and friends. May she rest in peace. Burial on Saturday, 14th September after Requiem Mass in The Church of the Assumption, Ballyouskill at 11amJimmy GilmartinQuigley Park, Rathdowney, Laois/Rathdowney, LaoisGilmartin, Quigley Park, Rathdowney, Co. Laois. September 9th 2019. Peacefully at his home. Jimmy sadly mourned by his wife Lil and his family Siobhán, James, John, Mairead, Eilish, Mary and Joe, sons-in-law, daughters-in-law, grandchildren Emmett, Shane, Tanya, James, Conor, Grainne, Bill, Sarah and Kate, brother Tommy, sisters Tessie, Peggy and Chrissie, sisters-in-law, brothers-in-law, nephews, nieces, relatives and friends.Reposing at his home on Tuesday evening from 3pm with rosary at 8pm. Funeral Mass on Wednesday at 12 noon in the Church of the Most Holy Trinity, Rathdowney followed by burial in Bealady Cemetery.Peggie Lennon (née Byrne)Tolerton, Ballickmoyler, Carlow / Ballickmoyler, LaoisPeggie (Byrne) Lennon of Tolerton, Ballickmoyler, Co. Carlow and formerly of Killabbin, Ballylinan, Co. Laois, passed away peacefully, at her home, on September 8th, 2019, surrounded by her loving family.Beloved wife of Paul, much loved mother of Niamh, adored daughter of Breda and the late Liam and cherished sister of Claire, Bridget, Ollie, Willie, Seamus and the late Pauline.She will be sadly missed by her loving husband, daughter, mother, brothers, sisters, mother-in-law, father-in-law, brothers-in-law, sisters-in-law, aunt, uncles, nieces, nephews, relatives and friends. May Peggie’s Gentle Soul Rest In PeaceFuneral Mass at 11a.m on Wednesday in St. Abban’s Church, Killeen, Co. Laois, followed by burial in the adjoining cemetery. Family flowers only please. Donations, if desired, to Laois Pallative Care Team and Éist, Carlow. House private please.SEE ALSO – Deaths in Laois – Wednesday, September 11, 2019 Pinterest Twitter GAA WhatsApp By LaoisToday Reporter – 12th September 2019 GAA center_img Here are all of Wednesday’s Laois GAA results Previous articleThe Harps edge out Castletown to reach Junior hurling deciderNext articleRange of swimming lessons now available in Portarlington Leisure Centre LaoisToday Reporter WhatsApp GAA Twitter 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshin Facebook Pinterest RELATED ARTICLESMORE FROM AUTHORlast_img read more

FSB updates list of banks “too big to fail”

first_img OSFI seeks to step up sector’s cyber resilience James Langton How should banks allocate capital for crypto? Facebook LinkedIn Twitter Related news The Basel-based Financial Stability Board (FSB) on Tuesday announced the latest list of global systemically important banks (G-SIBs), which includes 30 of the world’s biggest banks. These “too big to fail firms” will be subject to tougher capital rules and closer supervision in a bid to prevent harm to the global financial system if they fall into trouble. Translating climate risks into financial risks takes work Share this article and your comments with peers on social media The FSB added China Construction Bank to the G-SIB list this year, and deleted BBVA from the list. The FSB also moved Royal Bank of Scotland (RBS) down the list, meaning that it requires less additional capital, reflecting its diminishing systemic importance. None of the big Canadian banks are on the list, although the Basel Committee on Banking Supervision released the sample of banks that were examined for systemic importance, which did include Canada’s Big Five. The FSB’s next update to the list will be published in November 2016. The annual G-SIB assessment is part of a process adopted in the wake of the financial crisis to address the systemic and moral hazard risks that accompany financial institutions that are critical to the global financial system based on their size, interconnectedness, and other features. Banks that make the list will be subject to higher loss absorbency requirements, which will start to be phased in on Jan. 1, 2016, and will be fully implemented by Jan. 1 2019. G-SIBs will also be subject to a global standard for total loss-absorbing capacity (TLAC) to ensure that they can be resolved without taxpayer bailouts. The TLAC standard was released for consultation last November and the FSB says that the final standard is expected to be released on November 9. The FSB also published an updated list of global systemically important insurers (G-SIIs), based on the dedicated insurance methodology developed by the International Association of Insurance Supervisors (IAIS). The updated list continues to include nine firms, but none of the large Canadian insurers are on the list. One new firm, Aegon, was added to the list this year, while Generali was removed. According to the FSB, later this month the IAIS will publish a consultation to update the methodology for assessing systemic importance in the insurance industry, which will consider revisions “to ensure an appropriate treatment of all types of primary insurance, reinsurance and other financial activities of global insurers.” It also notes that the IAIS is continuing to develop policy measures to be applied to G-SIIs. FSB issues new guidance Separately, the FSB warned there is more work to be done to ensure that major, global banks could be wound up without taxpayer bailouts if they run into financial trouble. The FSB issued new guidance Tuesday, and launched new consultations, as part of its continuing effort to curb moral hazard in the global financial system. To that end, it released two news sets of final guidance, and three consultative documents, as part of its agenda to end “too-big-to-fail” policies, and to promote the resolvability of global financial institutions. “Cross-border resolution planning has come far from the state that existed in the wake of the global financial crisis,” says Elke König, chairwoman of the FSB Resolution Steering Group, and chairwoman of the European Union’s Single Resolution Board, in a statement. Yet, she also notes that the world’s big banks are still not in a position to be resolved without government assistance. “The results from the first round of the ‘resolvability assessment process’ that home and host authorities of globally systemic banks have completed this year have shown that we have more work to do before we can claim that such firms are truly resolvable,” she says. The final guidance includes a paper on cross-border resolution, which sets out statutory and contractual mechanisms that “jurisdictions should consider including in their legal frameworks”, the FSB says; and, a paper that aims to promote cooperation and information sharing between global authorities. The FSB also issued new consultations on: temporary funding arrangements for a systemically-important bank that is facing resolution; supporting continued operations during a resolution; and,resolution strategies and plans for systemically important insurers. Comments on each of the papers is due by Jan. 4, 2016. “The consultations and final guidance will provide practical orientation in some of the areas where we identified impediments to resolvability, and are part of our continuing work within the FSB to insure that our resolution plans can be implemented in a timely manner and with certainty,” König adds. Keywords Banking industryCompanies Financial Stability Board last_img read more

Review finds disclosure issues with funds-of-funds

first_img James Langton Staff from the investment funds and structured products branch of the Ontario Securities Commission (OSC) have uncovered disclosure issues at investment funds that repackage other funds, according to the September 2016 issue of The Investment Funds Practitioner (IFP). Keywords Funds of fundsCompanies Ontario Securities Commission Share this article and your comments with peers on social media Facebook LinkedIn Twitter The IFP highlights a recent review of fee structures and disclosure at funds-of-funds found “a number of” funds that invest in exchange-traded funds (ETFs) which did not include the expenses of the ETFs in their calculations of their management expense ratio (MER) and/or their trading expense ratio (TER). “Many of these top funds disclosed MERs and TERs that were materially understated,” the IFP says, noting that these funds had to refile their reports of fund performance to correct the MER and/or TER. The IFP stresses that fund managers must “look-through” the expenses in fund-of-funds when calculating the MER and the TER for the top funds. Additionally, the IFP indicates that regulators are concerned that the disclosure provided by funds-of-funds could be misleading when the top funds report charging a minimal management fee, but the underlying funds have higher fees, particularly “if there is no prospectus disclosure explaining that the underlying funds may have higher management fees.” The OSC expects these sorts of funds to “provide sufficient disclosure to clearly explain the impact of the expected management fees of the underlying funds on the top fund’s MER,” the IFP says. The review also found that fund managers “generally have policies” to prevent the duplication of fees in funds-of-funds. However, the IFP also notes that the OSC came across funds that invest in underlying funds with management fees and/or performance fees. The OSC’s review covered 29 investment funds managed by 16 fund managers, including conventional mutual funds, ETFs, and pooled funds. Photo copyright: nonwarit/123RF last_img read more

RIA seeks to bolster advocacy

first_img CPP Investments launches sustainable energy group Share this article and your comments with peers on social media The Responsible Investment Association (RIA) indicates in its latest annual report, published Friday, that it plans to increase its advocacy work in the coming year.Last year, the RIA participated in the Canadian Securities Administrators’ (CSA) consultation on proposed client-focused reforms. Those reforms would embed “best interest” principles in several existing CSA rules, such as “know your client” (KYC) and suitability requirements and conflict-of-interest rules. Humpback whale tail with iceberg University of Waterloo will teach sustainable financial management As part of that consultation, the RIA notes, it advocated for bolstering KYC requirements to include collecting information on clients’ environmental, social and governance (ESG) preferences.This year, the RIA says that it intends to follow up with securities regulators on its recommendations.To date, the CSA has not formally responded to the extensive feedback has it received on the proposed reforms from a wide range of industry and investor voices.Additionally, the RIA says that it will be forming a “policy advisory council” to help the group with other advocacy opportunities.The report says that, alongside the increased policy work, the RIA intends to “increase its outreach to asset owners and investment consultants to further drive the adoption of RI in Canada’s institutional market.”“It is important for us to engage with these key decision-makers driving the allocation of capital towards [responsible investment],” the report states.“I believe the investment industry is entering a new era. The rise of responsible investing is not a trend; it’s a paradigm shift,” the group’s CEO, Dustyn Lanz, indicates in the report. “But the journey is far from over, and I look forward to working with RIA members to further drive the adoption of responsible investing in Canada’s retail and institutional markets.” Environmentalists press Bank of Canada to be more active on climate change James Langton Related news Keywords Responsible investingCompanies Responsible Investment Association Facebook LinkedIn Twitterlast_img read more

Meghan Rech Joins Castle Rock Winery

first_imgShare ReddIt TAGSCastle Rock WineryMeghan Rechpeople Home Industry News Releases Meghan Rech Joins Castle Rock WineryIndustry News ReleasesWine BusinessMeghan Rech Joins Castle Rock WineryBy Press Release – June 1, 2020 502 0 Email Twitter Facebook Previous articlePetaluma Gap Winegrowers Donate a Remarkable Array of “Never Before, Never Again” Wines for the Sonoma County Barrel AuctionNext articleHighly Awarded Winemaker Steve Leveque Launches New Consulting Business Press Release AdvertisementCastle Rock Winery is pleased to announce the appointment of Meghan Rech as Director of Winemaking with immediate effect. In this role, she succeeds Eric Laumann, who has elected to retire. A graduate of U.C. Davis in Viticulture and Enology, Meghan has fourteen years of wine-making experience, most recently at Francis Ford Coppola Winery in Geyserville, where she had the position of Winemaker. Castle Rock has its bonded winery at the Francis Ford Coppola facility, and one of her key roles has been to oversee Castle Rock’s wines there from the crushing of grapes to final bottling.“We have been working closely with Meghan for several years now” says Castle Rock co-owner and CEO, Chris Noble. “She is very smart and creative, and has a relentless focus on the quality of the wines she makes. She is a rising star of the California wine industry, and we are delighted she’s joining our team.”Castle Rock is one of the top 40 wineries in the United States, producing around 400,000 cases of wine a year, and it has a long-standing reputation for making award-winning wines at affordable prices. The winery’s main focus is Pinot Noir, which it makes from several different appellations, and this fast-growing varietal represents approximately 70% of the company’s sales.For more information, contact the Castle Rock corporate office at (888)-327-3777 or visit online at Linkedin Pinterestlast_img read more