News / ‘If box carriers lose control of rate levels, then shipping losses could hit $23bn’

first_imgBy Gavin van Marle 26/05/2020 Shipper and forwarders planning their container shipment bookings for the third quarter can expect a new wave of blanking announcements over the next two-to-three weeks.While the second quarter of the year was characterised by a wave of cancelled sailings, there have, so far, been relatively few announced for the third quarter, according to eeSea data.During July, there are some 235 headhaul sailings scheduled for the Asia-North Europe and transpacific trades, with just five blanked so far. In comparison, May saw 245 sailings and 51 cancellations, and June saw 223 sailings and 28 blanks.However, SeaIntelligence Consulting founder Lars Jensen told a TOC Events webinar this morning that shippers could expect more blankings for July unveiled soon.“July is now just five weeks out and that’s typically when the first bookings for those sailings would be made, so I would expect carriers to announce blank sailings in the next two or three weeks – not necessarily for all of the third quarter, but certainly July.”Last week saw some sailings on the transpacific trade “unblanked” – for example, on Friday OOCL announced that the Ocean Alliance would reinsert two June sailings on the PCS1 and GCC2 Asia-North America services.However, Mr Jensen cautioned: “We are beginning to see unblanking, but I do not believe this is sign that demand is returning. What this is a sign of is that the enormous amount of capacity withdrawals was slightly overdone.“It is not a sign of strong demand, but rather shows that the carriers would rather blank too much than too little.”He explained that blank sailings had proved to be carriers’ only way of maintaining revenue and that, should the industry suffer a freight rate drop in line with the demand decline, the financial disaster would be magnified.“Carriers cannot do anything about demand, but they have learned that they can affect rates. If you take out fuel costs, spot rates today are 25% higher on the Asia-North Europe trade than they were a year ago, and 40% higher on the transpacific. So the strategy is clear – remove as much capacity as it takes to prevent rates from sliding.“How much will carriers lose? We think full-year demand will decline by about 10%. If carriers lose this volume but manage to maintain freight rates, the overall loss to the shipping industry will be about $800m.“If they lose the volume and the rate levels, the overall industry loss could amount to $23bn, and the sole difference between the two scenarios is how carriers pull capacity,” he said.last_img read more

News / Auto logistics braces for triple-whammy of Covid, Brexit and new electric era

first_img Logistics providers in the automotive sector have been warned to brace for one of the sharpest downturns in living memory.There are fears the multiple effects of the coronavirus pandemic and Brexit spell a double-digit decline in vehicle sales this year.According to new analysis from Transport Intelligence (Ti), the market is forecast to contract by 20.4% this year.Global car sales are set to decline from 88m last year to 73m, with vehicle production plans thrown into disarray by requirements to conform to social lockdowns.Yesterday’s Ti report says: “The pandemic decimates manufacturers’ ability to produce cars and squeezes consumer spending power, with the world entering its deepest recession in generations.“All sectors of the market – inbound/production logistics, finished vehicles and the aftermarket – will be profoundly affected, with contractions in each regional market.”There are regional variations: Asia-Pacific is predicted to see its automotive logistics market contract 16.6%; while the US market is expected to shrink by 19% and Europe by 22.8%.The European market is looking particularly weak, Ti notes – even before the pandemic began, January and February saw year-on-year market contractions of 7.5% and 7.4% respectively, and any hopes of a recovery next year are likely to be detonated by Brexit.“The upcoming Brexit process is creating significant uncertainty for the region’s automotive market,” says the report.“Pre-Covid vehicle production in the UK and EU totalled 18.5m. SMMT [Society of Motor Manufacturers and Traders] calculates the pandemic has already seen 3.6m fewer vehicles produced across the region, but, more significantly, that for cars and vans alone, the imposition of 10% tariffs under a WTO rules-based trading relationship in a no-deal scenario would sap demand for a further 3m vehicles.“This would, SMMT says, cost UK manufacturers €52.8bn and EU suppliers and manufacturers up to €57.7bn,” it said.And, it adds, there is the structural transformation of the manufacturing industry, with the era of the electric vehicle now under way and manufacturers struggling to adapt.“It should be underlined how different this technology is to that of internal combustion engine vehicles. It certainly is not simply a case of replacing the engine of an existing vehicle design with an electric engine. It is a fundamental change in technology.“This strongly suggests a near-complete change in the nature of the supply chain,” adds the report, noting that few manufacturers are in a stable financial position to cope with the new investment required.“Over the past 20 years, all vehicle manufacturers have invested very heavily in new internal combustion engine technologies. Diesel engines were an important part of this for German and French vehicle manufacturers and some major component suppliers, but gasoline engine technology was important too. Increasingly it looks like much of this will have to be written-off. Diesel sales have collapsed and even the time-horizon for gasoline looks limited.“The consequence of this will be an underlying adjustment in the asset value of almost all vehicle manufacturers,” it says. By Gavin van Marle 16/10/2020last_img read more

Novice Laois camogie side face defeat at hands of Derry

first_img By Siun Lennon – 24th February 2019 Community Home GAA Camogie Novice Laois camogie side face defeat at hands of Derry GAACamogieSport Laois secondary school announces scholarship winners for new academic year Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ TAGSLaois CamogieLittlewoods Ireland Camogie League Twitter Facebook John O’Dwyer’s side doubled their score by the end of half-time to leave the sides Derry 2-8 Laois 0-4 at the end of the half.Laois managed to get out of the starting blocks first in the second half, registering the first four scores, including a Kirsten Keenan goal, to narrow the deficit to 2-8 to 1-7.Teenager Keenan is certainly proving her skill in spades on the Laois team at the moment, registering 1-3 alone today.However Laois would only add on one more point as Derry pushed on with a goal and five points to clear well ahead.The final score finished Derry 3-13 Laois 1-8.Laois are now joint bottom with Dublin in division 2 group 3 while Kilkenny top the group with six points. Laois face off against the Dubs at home next weekend.SCORERS – Laois: Kirsten Keenan 1-3 (0-2 frees), Sarah-Anne Fitzgerald 0-3 (0-3 frees), Amy Loughman 0-2LAOIS: Laura Dunne (St Brigid’s); Amy Quinlan (St Brigid’s), Aisling Burke (Camross), Clare Fitzgerald (Camross); Amy Byrne (Portlaoise), Sarah-Anne Fitzgerald (Camross), Caoimhe Ryan (Camross); Sile Burke (Camross), Alison McEvoy (O’Moores); Sarah Creagh (St Brigid’s), Alice Walsh (The Harps), Aoife Burke (Camross); Rebecca Williams (O’Moores), Kirsten Keenan (Camross), Amy Loughman (O’Moores) Subs: Donnagh Mortimer for S Burke, Aoife Hyland for S Creagh, Aisling O’Dea for R Williams, Liadan C-Fennell for C RyanSEE ALSO – Nothing separates Laois and Carlow as they finish level in Netwatch Cullen Park Pinterest Twitter Previous articleRosenallis and Stradbally win to keep soccer title hopes aliveNext articleExplained: What the Laois hurlers must do to reach the league quarter-finals Siun Lennonún Lennon joined LaoisToday in a full-time capacity after studying Journalism and New Media in the University of Limerick. She hails from Rosenallis and her interests vary from news, sports and politics.center_img Novice Laois camogie side face defeat at hands of Derry Council RELATED ARTICLESMORE FROM AUTHOR WhatsApp Community Laois 1-8 Derry 3-13Littlewoods Ireland Camogie League Division 2 Group 3 Round 2 A physically dominant Derry side ruled this game from the off in Swatragh today.With Laois missing two stalwart players in Niamh Dollard and Olga Parkinson, it was a tough task for Donal Frank’s side as they travelled up to Derry for the round 2 clash.Derry managed to get 1-4 on the board in the first 10 minutes before Laois pulled back with a point. Pinterest New Arles road opens but disquiet over who was invited to official opening WhatsApp Facebooklast_img read more

Remember the Game: Stradbally dethrone champions Portlaoise in gripping 2005 Laois senior football final

first_imgHome We Are Laois Remember the Game Remember the Game: Stradbally dethrone champions Portlaoise in gripping 2005 Laois senior… We Are LaoisRemember the Game Remember the Game: Stradbally dethrone champions Portlaoise in gripping 2005 Laois senior football final GAA Previous articleFr Paddy: November – A Time to RememberNext articleManager O’Mahony confident ahead of Sarsfields bid for Leinster glory LaoisToday Reporter RELATED ARTICLESMORE FROM AUTHOR GAA WhatsApp Twitter By LaoisToday Reporter – 26th October 2019 Stradbally 1-10 Portlaoise 1-92005 Laois SFC FinalStradbally knocked Portlaoise off their thrown in the Laois Senior Football Championship in 2005, where Colm Kelly kicked the winning score.It looked like history repeated itself 11 years later as it was all too similar to Stradbally’s 2016 defeat over The Town by a single point after a last minute Jody Dillon goal.There were terrible conditions on the day which hindered the standard of football but that didn’t stop Stradbally in their tracks.It was a close game throughout with the sides level five times in the last fourty minutes of playing time.Kelly got the opening score of the game before Peter McNulty leveled proceedings seven minutes later.A Colm Kelly penalty sent Stradbally four points ahead but Kevin Fitzpatrick responded with a point to reduce their lead. Brian McCormack and Gary Kavanagh then traded points.McCormack popped up for Portlaoise in injury time of the first half to give Portlaoise the slimmest of margins heading into the dressing rooms at the break.The second half was played in what was described as ‘monsoon conditions’ but that didn’t stop Michael Fennelly and Colm Kelly splitting the posts for their sides.A young Colm Begley got his name on the scoreboard but Portlaoise duo Kevin Fitzpatrick and Peter McNulty claimed a score each.Portlaoise’s McCormack, McNulty and Martin Delaney all came up short in their efforts to put Portlaoise ahead by a point in the dying minutes but and it proved to be the difference.Stradbally’s hero Kelly popped over a late free which guided their way to lifting the Jack Delaney Cup for the first time since 1998.SCORERS – Stradbally: Colm Kelly; 1-5 (0-1 penalties, 0-2 frees), John Donoghue; 0-2, Gary Kavanagh, Jeremy Kavangh, Colm Begley; 0-1 each Portlaoise: Kevin Fitzpatrick; 1-2, Peter McNulty; 0-4, 0-3 frees, Brian McCormack; 0-1 Michael Fennelly, Martin Delaney; 0-1 each.STRADBALLY: Darren Maher, Dan Dunne, Paul Begley, Stephen Lawlor, Jeremy Kavanagh, Eamonn Delaney, Colm begley, Darragh McEvoy, Darragh Mulhall, Padraig Langton, Gary Kavanagh, John Donohue, Damien Murphy, Colm Kelly, Jamie Kavanagh. Subs: Damien DelaneyPORTLAOISE: Michael Nolan, Malachy McNulty, Cahir healy, Eoin Bland, Brian Mulligan, Tommy Fitzgerald, Michael Fennelly, Aidan Fennelly, Martin Delaney, Ian Fitzgerald, Sean Cotter, Kevin Fitzpatrick, Peter McNulty, Brian McCormack. Subs: Eoin Browne, Barry FitzgeraldReferee: Eddie Kinsella (Courtwood)Check out some great Alf Harvey pictures from the game below: Twitter Pinterestcenter_img SEE ALSO – Remember the Game: The Harps see off Borris-Kilcotton in 2013 minor hurling final Here are all of Wednesday’s Laois GAA results Pinterest Facebook TAGS2005Laois SFCPortlaoise GAAPortlaoise v StradballyStradbally 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshin Facebook Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory WhatsApp GAA last_img read more

Jobs in Laois: All of the recent job vacancies as advertised on LaoisToday

first_imgCJ Sheeran – Production Operatives CJ Sheeran is Ireland’s largest manufacturer and recycler of timber packaging and pallets, providing a premium quality, sustainable and accredited packaging solution to Ireland and the UK’s diverse network of pallet consumers.We are currently undergoing exceptional growth and now have a number of openings for Production Operatives to join our busy pallet productions plant in Mountrath, Co Laois.See full job description here GAA TAGSJobs in Laois GAA By LaoisToday Reporter – 17th November 2019 There are a number of jobs in Laois being advertised on LaoisToday at the moment.Below we have listed all of the roles advertised on LaoisToday in the last two weeks. In each instance you can click through to the full job description to read more. WhatsApp First Ireland Spirits – New Product Development Project AssistantBased at our facility in Abbeyleix the successful candidate will work with our NPD team assisting our Project Manager in the management of projects through the Stage Gate process.  This role requires the successful candidate to work across all departments and facilities within the QB group.See full job description here. Portlaoise Golf Club – Weekend StaffPortlaoise Golf Club require Weekend Staff. This position is for Saturdays, Sundays and Bank Holidays.See full job description here. SEE ALSO – Check out the dedicated jobs section on LaoisToday Previous articlePat Critchley: The importance of humour, enthusiasm and appreciating what you haveNext articleProperty Watch: Four Houses in Laois for around €300,000 LaoisToday Reporter Here are all of Wednesday’s Laois GAA results Twitter Home Jobs Jobs in Laois: All of the recent job vacancies as advertised on… JobsSponsored Pinterestcenter_img Twitter Pinterest WhatsApp Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory RELATED ARTICLESMORE FROM AUTHOR Martin Reddin Ltd – Quantity SurveyorDue to our continued expansion and upcoming new projects, Martin Reddin Ltd currently have the following fulltime positions available in our Portlaoise Office.Senior Quantity SurveyorJunior Quantity SurveyorSee full job description here Facebook GAA Facebook 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshin Jobs in Laois: All of the recent job vacancies as advertised on LaoisTodaylast_img read more

Laois Direct Provision resident raises €1,000 in aid of local Saint Vincent de Paul

first_imgHome News Community Laois Direct Provision resident raises €1,000 in aid of local Saint Vincent… NewsCommunity News “Fashion is about uniqueness of which I have been fond since I was a little girl. Challenges are gifts that force us to search for a new centre of gravity.“I was bullied in my previous job, but fashion is the reason I stand tall because I enjoy doing it every day, creating designs, matching colours etc.“Helping people makes me feel good and very happy. The community cares so much about the Commercial Inn residents, that making face masks and selling them was a little way of giving back to the community.”A spokesperson for the Rathdowney Integration Network explained how proud they are of Abíodun.They said: “We are extremely proud of Abíodun and Olga’s efforts to help others in need and we commend them for their kindness and desire to help those in need in our community.“On behalf of RIN we wish Abíodun and Olga every success for the future and thank them for their tremendous efforts.” A Laois Direct Provision Centre resident has raised €1,000 for her local Saint Vincent de Paul.Abíodun Oladele is a talented seamstress who used her skill to raise money for people in need during the Covid-19 lockdown.She initially made masks for the other residents in the Commercial Inn who, along with her, are living in emergency accommodation in Rathdowney, seeking asylum in Ireland.She then provided masks to the local ‘Meals on Wheels’ volunteers and their clients.She subsequently offered to make more masks to raise money for the local Saint Vincent de Paul Society in Rathdowney in association with ‘Rathdowney Integration Network’ (RIN).The project was funded by Laois County Council Covid-19 Emergency Fund 2020.Supported by her friend Olga, Abíodun produced over 200 masks which were sold on her behalf to raise money for the Rathdowney branch of SVP.When asked about her experience, Abíodun said: “I am a Nigerian, a computer science graduate (bachelor’s degree in computer science). Laois Direct Provision resident raises €1,000 in aid of local Saint Vincent de Paul Pinterest WhatsApp Facebook Bizarre situation as Ben Brennan breaks up Fianna Fáil-Fine Gael arrangement to take Graiguecullen-Portarlington vice-chair role TAGSdirect provisionmasksRathdowney Integration NetworkThe Commercial Inn By LaoisToday Reporter – 15th September 2020 Facebook WhatsApp Previous articleEXPLAINED: The full details of the Government’s Level 1 to 5 plan for Covid-19Next articleDail suspended and Cabinet to self isolate as Health Minister awaits tests LaoisToday Reporter RELATED ARTICLESMORE FROM AUTHOR Electric Picnic Pinterest SEE ALSO – From devastation to elation – how repeating the Leaving Cert changed a Laois teenager’s life Twitter Twitter Laois Councillor ‘amazed’ at Electric Picnic decision to apply for later date for 2021 festival Electric Picnic Electric Picnic organisers release statement following confirmation of new festival datelast_img read more

Fairfax strikes deal with Tower to sell American Safety subsidiary

Related news Facebook LinkedIn Twitter Share this article and your comments with peers on social media Manulife’s core earnings surge in Q1 As part of the deal, Catalina has also agreed to vote its shares in American Safety in favour of the proposed US$306 million acquisition of American Safety by Fairfax. Fairfax, a Toronto-based financial services holding company, has said the overall deal with provide it with US$480 million of additional investable assets. American Safety’s board of directors said in June it had approved the deal. Directors and executives with about 10 per cent of American Safety’s shares have agreed to vote in favour of the Fairfax deal. Fairfax, through its subsidiaries, is involved in property and casualty insurance and reinsurance and investment management in Canada and the U.S. American Safety is a Bermuda-based holding company that targets underserved specialty risks through U.S.-based American Safety Insurance Services Inc. and its U.S. insurance and Bermuda reinsurance companies. Canadian Press Canada Life launches fund management company Keywords Insurance companiesCompanies Fairfax Financial Holdings Ltd. Sun Life earns $937 million in first quarter of 2021 Fairfax Financial Holdings Ltd. (TSX:FFH) and Tower Group International Ltd. have struck a deal to sell a Bermuda subsidiary of American Safety Insurance Holdings Ltd. (NYSE:ASI) to a third party. Tower was set to acquire American Safety Reinsurance Ltd. as part of Fairfax’s acquisition of the parent company in June, but Fairfax will now pay $5 million for Tower to give up its right so the subsidiary can be sold to Catalina Holdings Ltd. read more

Foreign investors reduced holdings of Canadian securities by $12.8 billion in April

first_img Foreign investors returned in August: StatsCan With Canadian investors marginally reducing their holdings of foreign securities, international transactions in securities generated a net outflow of funds of $12.6 billion from the Canadian economy in April, StatsCan said.The outflow was largely the result of M&A activity in Canada, which changed the geographical composition of investors’ portfolios.When a Canadian firm is acquired by a foreign firm and the transaction involves the issuance of new shares, Canadian investors’ holdings of foreign shares increase as they receive new shares, and foreign investors’ holdings of Canadian shares decline as they render shares, StatsCan said in the release.Stock market sales also contributed to the decline in foreign investors’ holdings of Canadian securities. On a sector basis, the reduction was mainly in energy and mining shares, StatsCan said.Canadian investors reduced their holdings of foreign securities by $194 million in April, following a $1.3-billion investment the previous month, StatsCan said.Specifically, Canadian holdings of foreign debt securities were down by $337 million in the month, while Canadian investment in foreign equities was $143 million.While the activity in equities reflected significant issuances of new U.S. shares to Canadian investors following cross-border M&A in Canada, it was almost completely offset by sales of U.S. shares on the stock market, StatsCan said. The U.S. stock market increased by 3.9% in April.For full details, read the StatsCan release. Foreign direct investment crimped by Covid: StatsCan Provincial bonds get record attention from foreign investors: StatsCan Share this article and your comments with peers on social media Keywords Foreign investmentCompanies Statistics Canada Data reflecting Canada’s international transactions show that foreign investment in Canadian securities dropped in April, largely due to increased merger and acquisitions (M&A) activity.Foreign investors reduced their holdings of Canadian securities by $12.8 billion in April, $8.6 billion of which was in equities, StatsCan said in a release on Monday. The decline was the largest since December 2018. Related news 3679756 - orange stock market world economy abstract background 123RF IE Staff Facebook LinkedIn Twitterlast_img read more

Give mortgage borrowers a break, FCA says

first_img Keywords Coronavirus,  Pandemics,  Mortgages,  HousingCompanies Financial Conduct Authority James Langton Regulators aim to root out pandemic-driven liquidity issues Male hand with pen on the investment chart with calculator and canadian dollars nan728/123RF Singapore’s financial regulator invests in innovation The regulator also said that no one should have their home repossessed before Jan. 31, 2021.“Today we have confirmed further support for borrowers struggling financially as a result of coronavirus,” said Sheldon Mills, interim executive director of strategy and competition at the FCA.“The announcement we have made today, ensures that the support offered through payment deferrals is as flexible and accessible as possible,” he said.Borrowers will have until March 31, 2021 to apply for payment deferrals.The FCA stressed that consumers should only seek payment deferrals when absolutely necessary.Last month, the FCA demanded that insurance firms review their product lineups to ensure that their products continue to provide value to customers during the pandemic. Further, the regulator said firms should reduce or refund premiums on products that aren’t working well due to pandemic conditions.The FCA was particularly concerned about products such as liability insurance for businesses that can’t open due to public health restrictions. Related news The U.K.’s Financial Conduct Authority (FCA) is adopting new guidance that calls on firms to provide payment deferrals for mortgage borrowers who are suffering due to the Covid-19 fallout.The FCA’s guidance, which takes effect on Nov. 20, sets out the support that firms should be providing to borrowers facing payment problems due to the pandemic. It encourages firms to provide payment deferrals of up to six months. Fed keeps key rate near zero, sees inflation as ‘transitory’ Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img read more

Elimination of Health User Fees Sustainable Venture – Spencer

first_imgElimination of Health User Fees Sustainable Venture – Spencer UncategorizedApril 8, 2008 RelatedElimination of Health User Fees Sustainable Venture – Spencer Advertisements RelatedElimination of Health User Fees Sustainable Venture – Spencercenter_img RelatedElimination of Health User Fees Sustainable Venture – Spencer FacebookTwitterWhatsAppEmail Minister of Health and Environment, Rudyard Spencer, has said that the elimination of user fees at public health facilities was a sustainable venture, that would continue to improve.“This is sustainable (fee removal).there is a team in place that continues to monitor and will be monitoring and whenever there are any deficiencies or problems, we will address those. This is a work in progress and we will continue to improve until it is better,” Mr. Spencer said.He was speaking at a press conference held at the Ministry’s headquarters in Kingston on April 4, where an update was given on this initiative.This move has been successful to date, with only minor challenges that the Ministry would address, the Minister said.“Since Tuesday (April 1).we noticed in some areas, that there was a challenge with respect to dispensing of drugs, because of a critical shortage of pharmacists,” Mr. Spencer revealed, adding that corrective measures will be taken.“Another challenge is that we are seeing people come with prescriptions since October and November last year.they have said that they are unable to pay for the drugs and so in those instances we have asked the doctors to look at those prescriptions and re-examine those patients and if it becomes necessary, re-issue prescriptions that we will fill at no cost to them,” the Minister said.Director of Emergency, Disaster Management and Special Services in the Ministry, Dr. Marion Bullock-Ducasse, summed up the progress the initiative has made so far. “The command centre established at the Ministry since April 1, has been monitoring service delivery islandwide. The preparatory activities were carried out as planned.these include the upgrading of some waiting areas, provision of additional seating, sanitary equipment, supplies and pharmaceuticals. The hours of work were extended in 15 health centres islandwide and one community hospital, the Alexandria Community Hospital,” Dr. Bullock-Ducasse informed.She explained that the workload data was collected on a daily basis, and that “we use the baseline year for 2007 for hospital registrations and this was at 2,151 patients being seen daily. We are seeing similar numbers since the abolition of user fees in total.(in) some facilities such as the Kingston Public Hospital, there were 291 patients registered on the 1st of April and this represented (an) over 90 per cent increase in patients from their baseline of 150 and a similar number was seen on the next day.”She informed that 2,182 patients were seen in all Types Three to Five health centres, which are the ones monitored on a daily basis, and that on the 2nd of April, it was 2,183 with just a difference of one.Dr. Bullock-Ducasse said further analysis would continue and that a full statement would be given this week.All user fees were removed from public health facilities across the island, except the University Hospital of the West Indies, on Tuesday, April 1.The following services are now free at public health facilities: registration; doctor’s examination; surgeries; medications; diagnostic services; haematology; services for mothers and children, including family planning and pregnancy tests; ambulance service; physiotherapy; blood products, such as blood transfusions and; laboratory tests.last_img read more