Trade Liabilities – Goodwill Savannah GA http://goodwillsavannahga.org/ Wed, 29 Jun 2022 04:53:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://goodwillsavannahga.org/wp-content/uploads/2021/04/cropped-goodwill-32x32.png Trade Liabilities – Goodwill Savannah GA http://goodwillsavannahga.org/ 32 32 EXCLUSIVE: Experience One Not ASIC Registered Despite Winnings Appliances Link – channelnews https://goodwillsavannahga.org/exclusive-experience-one-not-asic-registered-despite-winnings-appliances-link-channelnews/ Wed, 29 Jun 2022 04:30:48 +0000 https://goodwillsavannahga.org/exclusive-experience-one-not-asic-registered-despite-winnings-appliances-link-channelnews/

Experience ONE is a trading name that doesn’t exist according to ASIC records, but it hasn’t stopped a Brisbane-based custom installation company that markets using the name and whose executives have questionable experience running audiovisual companies, to enter into an agreement with Winnings Appliances to sell bespoke security, home automation and installation services.

The company that operates under that name includes two former directors of BMR Group, a custom AV installation company that went into liquidation last month with debts of $1.6 million.

A search of ASIC’s website reveals Experience One Pty Ltd, an NSW-based company that has been delisted and has no connection to a Queensland-based company.

See the original ChannelNews story here.

EXCLUSIVE: Winnings devices linked to dodgy director as they try to break into custom install market

The two directors of Groupe BMR were Mathew Manalis and Brendon Cousemacker. Both now work for Experience ONE, Manalis as Managing Director and Brendan Cousemacker as Project Manager.

Several suppliers ChannelNews spoke to were unaware that BMR Group had gone into liquidation.

Regan Webb also works as a business development manager at Experience One, which is a director and company secretary of a Queensland-based company, Captivating Pty Ltd.

This business owns the name Experience One Smart Home, which is not used by the business online, to market the business or promote its relationship with Winnings.

However, the name was given to some vendors as a business activity for Experience One.

The other shareholders of Captivant Pty Ltd are Manalis and Cousemacker.

Captivant’s fourth shareholders are a company called Jazone Pty Ltd whose sole shareholder is Jason James Gejas, an Albury-based construction industry executive.

Captivant was recorded on March 9, 2022, a few weeks after the liquidation of Groupe BMR.

According to Travis Pullen, the liquidator of BMR Group B&T Advisory in Brisbane, he is currently working on a liquidator’s report and is keen to obtain previous liquidator’s reports relating to matters in which executives working at Experience One have been involved.

Three of the executives working at Experience ONE, who are also listed as shareholders of Captivant Pty Ltd, worked with Manalis and Cousemacker at BMR Group and were executives of Digital Residence Pty Ltd, a custom AV installation company that went into liquidation in February. 2018.

Digital Residence operates as Digital Residence, BMR Group, Brisbane Fireplaces, Livigi and Portl. The company went into liquidation, with debts of over $800,000.

On Regan Webb’s LinkedIn page, he says he’s currently a business development manager at Experience ONE and has also served as a business development manager at Digital Residence and Livigy.

He also claims that he was Digital Residence’s financial controller and was responsible for marketing and project management.

Digital Residence’s liquidator indicated in his report that the Digital Residence business was sold to Groupe BMR in 2017, prior to the Company’s liquidation, for $103,286.
The directors of Groupe BMR claimed at the time that they had assumed “certain liabilities of the Company in return for the purchase of the business”.

Liquidator James Marc Imray questioned the transaction at the time on whether the inter-company agreement was a “non-commercial transaction”.

The details Manalis provided to the liquidator were described in the liquidator’s report as “insufficient” at the time.

Current Project Manager at Experience ONE, Brendon Cousemacker, still has the BMR logo plastered to the top of his LinkedIn page.

He says his previous roles include director at BMR Group, project director at Livigy, director of operations at Portl, as well as director, director of operations at
Digital Residence.

These are all companies that have been put into liquidation.

What was not explained by the executives is why they use the name Experience One instead of Experience One Smart Homes on their website. A visit to their terms and conditions on their website is blank. The website also says “Copyright eXperienceONE 2022” at the bottom.

The ASIC website claims that it is an offense to conduct business under an unregistered business name, unless you are trading under your own name, such as Mary Jones.

If you want your business to operate under a different name than your legal name, you will need to register it as a business name.

We have tried to contact several company executives who, at this stage, are not returning calls.

About the author of the article

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‘Sinked into the pockets of corrupt officials’: JLT Specialty fined over Colombian commissions – International – Insurance News https://goodwillsavannahga.org/sinked-into-the-pockets-of-corrupt-officials-jlt-specialty-fined-over-colombian-commissions-international-insurance-news/ Mon, 27 Jun 2022 04:28:50 +0000 https://goodwillsavannahga.org/sinked-into-the-pockets-of-corrupt-officials-jlt-specialty-fined-over-colombian-commissions-international-insurance-news/

UK regulator the Financial Conduct Authority (FCA) has fined JLT Specialty £7.88 million ($14 million) for “lax controls” that led to commissions being paid as part of a trade deal in Colombia that ended up in ‘the pockets of corrupt officials’.

The FCA says JLT Specialty – a provider of insurance brokerage, risk management and insurance claims services that was part of the JLT Group – failed to manage its business and risks responsibly and effective, thus allowing kickbacks of more than $3 million ($4.35 million) to take place in one case.

The Colombian deal, in which JLT Specialty placed business in the London reinsurance market for JLT Re Colombia – another JLT Group company – had been introduced by a Panama-based third party.

JLT Specialty paid approximately $12.3 million ($17.84 million) in commission between November 2013 and June 2017 to JLT Colombia Wholesale, the parent company of JLT Re Colombia, which in turn paid $10.8 million dollars ($15.67 million) at the third party.

The third party then paid more than $3 million to government officials from a public insurer to help them retain and secure their business for JLT Specialty and JLT Re Colombia, the FCA said in a statement.

“JLT Specialty’s lax controls meant, in the end, that money was flowing into the pockets of corrupt officials,” said Mark Steward, FCA’s executive director of enforcement and market surveillance.

“It is because of risks such as this that we continue to focus on the financial crime systems of financial firms, taking action where these firms fail.”

The FCA said it considers JLT Specialty’s self-declaration in June 2017 and assistance during its investigation, including providing investigators with access to JLT Group’s internal investigation documents , were mitigating factors when determining the appropriate level of financial sanction.

The £7.88million fine follows JLT Specialty’s agreement to settle at an early stage of the investigation. As a result, he qualified for a 30% reduction on the original £11.26 million ($20 million) penalty.

JLT Group was acquired in April 2019 by Marsh & McLennan Companies and JLT Specialty has been non-trading since selling its business, assets and liabilities in 2020.

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[Monday Motivation] Married at 12, this widow overcame abuse and started her own business https://goodwillsavannahga.org/monday-motivation-married-at-12-this-widow-overcame-abuse-and-started-her-own-business/ Mon, 20 Jun 2022 07:23:21 +0000 https://goodwillsavannahga.org/monday-motivation-married-at-12-this-widow-overcame-abuse-and-started-her-own-business/

Whenever adversity strikes, it is always accompanied by fear, uncertainty and grief. But it is the reaction to difficulties that determines the course of the life to come.

For Joytan ByaOriginally from the village of Chunakhali in West Bengal, misfortune has always cast a shadow over his life.

At 12, she was forcibly married off to a man three times her age. Rather than playing with children her own age, she had to focus on household chores. Within a few years, she became a mother of two children.

Joytan Bya has faced hardships almost her entire life, which has led her to survive the most adverse situations.

She also had an acrimonious relationship with her in-laws, who viewed her and her children as liabilities. Her husband also beat her mercilessly, abused her often, and drove her out of the house. He never accepted children and was not interested in raising them.

“After eight years of marriage, I lost my husband. I had to take responsibility for my family and became the only member earning a living,” says Joytan. SocialStory.

Make ends meet

Left alone to care for her children, Joytan felt her life was shrouded in dark threatening clouds. She received no support from her in-laws, who did not want her to live with them after their son’s death. So, with her children, she moved into a small rented house – essentially a shelter made of stakes and tarps.

Soon she started working as a domestic helper in a wealthy house in her neighborhood. Leaving the children behind while she went to work was very difficult, so she took them everywhere she went.

With her meager income, Joytan says she tried to give her two children a secure childhood.

“Despite so many problems, I always wanted my two children to go to school, so I enrolled them in public schools nearby. Even though my income was low, I still tried to give them emotional and material support,” she says.

When her husband passed away, Joytan’s children were studying in grades 10 and 12. After a few days, her son, who had just finished his upper secondary exams, started working as a farm laborer. With their meager income, the family did their best to make ends meet.

Surviving COVID-19

The strict lockdown imposed due to the COVID-19 pandemic has caused many villagers to lose their jobs, including Joytan’s son. With no other source of income, the family was on the verge of starvation.

When her daughter was in class 8, she was introduced to an initiative of Nishtha Trustwhich promotes education with the help of women’s groups, youth groups and local school children.

Nishtha Trust works in rural health, education and the environment. The non-profit organization uses its own curriculum and methodology to teach young girls in the villages. It sets up libraries, computer centres, anganwadis, cultural training programs and self-defense programs for young girls and women, as well as special initiatives to help the socio-economic advancement of single women.

Joytan was always aware of Nishtha and his activities since many of his neighbors were associated with Nishtha’s groups.

Community support

Today, Joytan is also part of a Self Help Group (SHG) called Unnati Udaan through which she was trained in entrepreneurship development and micro-enterprise skills training – a course run by the EdelGive Foundation.

Joytan urged her women’s group to support her with work rather than financially. However, there was little work available due to the lockdown. When the group suggested that she start a small business, Joytan chose to sell fish since her husband was involved in the trade and she was helping him. However, she also knew that the business needed significant capital to get started.

Joytan selling fish

“The group came up with a plan: they collected Rs 10-20 from the members to help me start the business. However, once I started the business, I had to face another obstacle: the “Vyapari Sangathan” or “the market association” did not allow me to continue my activity because I did not I wasn’t a member of the association,” explains Joytan.

When Joytan’s group learned of this, they contacted a local youth club near the market for help. While the club replied that it could not go against the association of the market, its members agreed to try to find a solution.

That same week, Joytan was accompanied by her group leader and some group members to a meeting at the youth club office with the secretary of the market association and the youth club members. The market association agreed to allow Joytan to continue in business, on the condition that she pay the monthly rent for space in the market. They also asked him to become a member of the association as soon as his business made good profits.

At present, Joytan is successfully running her business and can support her family with the help of her son. Both are working hard to improve their business and settle their debts. Joytan says that without the support of her group members, she and her children would not have been able to survive.

She is now planning to get involved in a new venture with the help of the EdelGive Foundation, which has supported her during difficult times.

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Small Business Debt Limit Raised, Crypto Exec Can’t Drop Case https://goodwillsavannahga.org/small-business-debt-limit-raised-crypto-exec-cant-drop-case/ Tue, 14 Jun 2022 22:17:00 +0000 https://goodwillsavannahga.org/small-business-debt-limit-raised-crypto-exec-cant-drop-case/
By Vince Sullivan (June 14, 2022, 6:17 p.m. EDT) – Congress has moved to permanently raise the debt ceiling for small business Chapter 11 cases, a former investment firm executive in cryptocurrency cannot drop its own bankruptcy case and a bankrupt hotel company has asked to deny a $6 million fee request from its own lawyers. It’s bankruptcy week.

Raise the roof

Bill expanding COVID-19 measures to make more small businesses eligible to file Sub-Chapter V bankruptcies as well as increasing eligibility for individual Chapter 13 bankruptcies heads to President Joe Biden’s desk

The law on the adjustment of the bankruptcy threshold and technical corrections, which increases the debt threshold of…

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Consumer inflation data, Amazon stock split, Yellen testimony tops week ahead https://goodwillsavannahga.org/consumer-inflation-data-amazon-stock-split-yellen-testimony-tops-week-ahead/ Mon, 06 Jun 2022 00:14:06 +0000 https://goodwillsavannahga.org/consumer-inflation-data-amazon-stock-split-yellen-testimony-tops-week-ahead/

Consumer inflation will be a major economic concern this coming week, along with another round of corporate earnings and what could be more volatility for US equities.

The Nasdaq Composite on Friday fell 2.4%, the S&P 500 lost 1.6% and the Dow Jones Industrial Average fell more than 1% or 349 points. The 10-year Treasury yield hit 2.955% as investors anticipate further rate hikes by the Federal Reserve.

Teleprinter Security Last To change To change %
Me: DJI DOW JONES AVERAGES 32899.7 -348.58 -1.05%
SP500 S&P500 4108.54 -68.28 -1.63%
I: COMP NASDAQ COMPOSITE INDEX 12012.733912 -304.16 -2.47%

FOX Business takes a look at the next events likely to move Financial markets in the coming days.

Monday 6/6

Apple will also host its annual Worldwide Developers Conference, which will showcase the latest innovations from iOS, iPadOS, macOS, watchOS and tvOS. The event will continue until Friday.

Teleprinter Security Last To change To change %
AAPL APPLE INC. 145.38 -5.83 -3.86%

Amazon’s split shares will also begin trading after a 20-to-1 adjustment. Investors of record as of May 27, 2022 will receive an additional 19 shares for each share held.

Teleprinter Security Last To change To change %
AMZN AMAZON.COM INC. 2,447.00 -63.22 -2.52%

tuesday 6/7

Profits will rise on Tuesday with Chico’s FAS, Cracker Barrel, JM Smucker, REV Group and United Natural Foods before the market opens. Meanwhile, Casey’s General Stores will be in the spotlight after the bell.

Teleprinter Security Last To change To change %
CHS CHICO’S FAS INC. 4.83 -0.04 -0.82%
CBRL CRACKER BARREL OLD COUNTRY INC. STORE 99.65 -2.47 -2.42%
SJM THE JM SMUCKER CO. 122.77 -0.27 -0.22%
REVG REV GROUP INC 12.02 -0.23 -1.84%
UNFI UNITED NATURAL FOODS INC. 44.42 +0.56 +1.28%
CASY CASEY’S GENERAL STORES INC. 211.68 +0.73 +0.35%

On the economic data front, investors will digest the international trade deficit and consumer credit. On Capitol Hill, the Senate will hold a hearing on the growing threat of ransomware attacks and ransom payments enabled by cryptocurrency.

Wednesday 6/8

Earnings on Wednesday’s schedule will include Brown-Forman, Campbell Soup, J. Jill, Ollie’s Bargain Outlet and Vera Bradley before market open and Five Below after the bell.

Teleprinter Security Last To change To change %
BF.B BROWN FORMAN CORP. 66.17 0.00 0.00%
pcb CAMPBELL SOUP CO. 45.70 -0.13 -0.28%
Jill J. JILL INC. 18.05 -0.32 -1.74%
OLI OLLIE’S BARGAIN OUTLET HOLDINGS INC. 47.39 +0.37 +0.79%
TRUE VERA BRADLEY INC. 6.74 -0.11 -1.61%
FIVE FIVE BELOW INC. 130.85 -0.55 -0.42%

Wednesday’s economic data will include inventories and wholesales, weekly mortgage applications and weekly crude inventories from the Energy Information Administration. Oil hovered around $120 a barrel as gasoline prices continue to approach $5.00 a gallon nationwide.

Treasury Secretary Janet Yellen speaks during a Senate Banking Committee hearing on Capitol Hill in Washington, Tuesday, Nov. 30, 2021. (AP Photo/Andrew Harnik) (AP Photo/Andrew Harnik/AP Newsroom)

Treasury Secretary Janet Yellen will also testify before the House Ways and Means Committee to discuss President Joe Biden’s fiscal year 2023 budget.

Thursday 6/9

Hooker Furniture, NIO and Signet Jewelers before market open and Rent the Runway, Stich Fix and Vail Resorts after the bell will close out the week for gains.

Teleprinter Security Last To change To change %
HOFT HOOKER FURNITURE 16.53 -0.56 -3.28%
NIO NIO INC. 18.11 -0.72 -3.82%
GIS SIGNET JEWELERS LTD. 62.58 -0.27 -0.43%

Meta Platforms, formerly Facebook, will also begin trading under a new ticker symbol, “META”, before the market opens.

Teleprinter Security Last To change To change %
Facebook META PLATFORMS INC. 190.78 -8.08 -4.06%

As for economic data, investors will be watching the latest initial and continuing unemployment insurance claims.

Friday 6/10

The end of the week for economic data will be the consumer price index which is expected to hold steady at 8.3%, a 40 year high.

Additionally, the University of Michigan Consumer Sentiment Index will be released.

Teleprinter Security Last To change To change %
TO REGISTER SPIRIT AIRLINES INC. 20.74 -0.37 -1.75%
ULCC FRONTIER GROUP HOLDINGS 9.81 -0.43 -4.20%
JBLU JETBLUE AIRWAYS CORP. 10:47 -0.06 -0.57%

Spirit Airlines shareholders will also vote on a merger deal with Frontier Airlines. The transaction values ​​Spirit at a fully diluted equity value of $2.9 billion and a transaction value of $6.6 billion after taking into account the assumption of net debt and operating lease liabilities . JetBlue is also trying to win over the carrier.

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A 10% duty imposed on Chinese oil https://goodwillsavannahga.org/a-10-duty-imposed-on-chinese-oil/ Fri, 03 Jun 2022 23:14:20 +0000 https://goodwillsavannahga.org/a-10-duty-imposed-on-chinese-oil/

ISLAMABAD: Pakistan on Friday imposed a 10% regulatory duty on the import of petroleum products from China after a massive 673% increase in duty-free imports to 250 billion rupees this year with a loss of revenue of 25 billion rupees under the guise of the China-Pakistan Free Trade Agreement (CPFTA).

A decision to this effect was taken at a meeting of the Cabinet’s Economic Coordination Committee (ECC) which also approved nearly Rs 147 billion in additional grants, including Rs 81 billion in additional funds to defense services for expenses before June 30.

The meeting, chaired by Finance Minister Miftah Ismail, also approved a summary for awarding an unspecified amount of fees to officers and staff of the Ministry of Finance and Revenue Council. The decisions came a day after the government raised oil prices to ease the fiscal burden.

Under the country’s import policy, petroleum products are subject to a 10% customs duty on imports, while a deemed equivalent duty of 10% is applicable to the local production of these products by national refineries. However, the CPFTA signed in 2019 provides duty-free treatment for thousands of items in bilateral trade, including petroleum products.

ECC approves Rs147 billion in additional grants

It is not yet known how and why oil imports were included in the revised CPFTA in 2019 when China is a net importer of oil and these products were not even included in the original FTA signed in 2006 and then revised. in 2016. It is also strange that such a facility is not part of the FTA with Malaysia, which is a major oil producer and exporter.

JIs increase imports from China

Informed sources said that the ECC had been informed that due to the exemption of customs duties under the CPFTA, some of the Petroleum Marketing Companies (OMC), in particular a multinational, had increased their gasoline imports from China by taking advantage of the CPFTA. The government could do nothing against JIs since such sourcing from China was legal under the CPFTA, even though importers benefiting from the FTA exemption pay no customs duty while others pay customs duties at the rate of 10%.

This translates into a price saving of around 10% on gasoline imports from China and the differential is retained by the WTO as windfall profit instead of its benefit reaching the national treasury or consumers. According to the international petrol price published in Platt’s Oilgram, the gap is currently rising to Rs20 per litre.

At the time of preparation of the summary, it was reported that such imports increased from Rs 30 billion in FY21 to Rs 232 billion, with a negative impact of Rs 23 billion on Federal Board revenue of Revenue (FBR) in FY22.

It was therefore decided by the ECC to impose a statutory duty of 10% on the importation of gasoline where the customs duty was zero. However, the importation of gasoline for which a customs duty of 10% is paid will be exempt from the levy of the regulatory duty. The Tariff Advisory Board had already approved the proposal on February 28, 2022.

Interestingly, the main objective of the free trade agreement between the two friendly countries signed on April 28, 2019 was the promotion of fair trade competition. China itself is a net importer of petroleum products whose gasoline and transportation cost to Pakistan is relatively higher than that of the Middle East. Yet it provides a substantial cushion to the CMOs. The current position under the CPFTA is valid for four years – from January 1, 2020 to December 31, 2024.

Collection of electricity bills

The ECC also approved a summary from the Ministry of Communication for the clearance of the remaining funds of Rs37.33 billion out of a total of Rs62.33 billion seized by the Ministry of Finance through procedural gadgets collected in the form of invoices utilities by Pakistan Post on behalf of power distribution companies. .

The ECC has been informed that the clearance of these liabilities from utility companies, especially electricity distribution companies and partner agencies of the Pakistan Post Department (PPOD), is urgently required as these funds did not belong to the federation but the invoices collected from consumers on behalf of Discotheques.

It was reported that the collection of utility bills is one of the agency functions performed by Pakistan Post and the amount thus collected is deposited in the Central Account 1 of SBP. Liabilities of Rs 62.33 billion have been accrued till March 31 this year due to the amended mechanism under the Public Financial Management Act 2019. Rs 25 billion had already been approved on April 15 for payment to utility companies.

The ECC ordered the payment of Rs 37.33 billion for clearing the remaining unpaid debts of utility companies or partner agencies of Pakistan Post after verification of the amount claimed by SBP.

The ECC also approved the release of Rs 621 million for payment of gas bills to SSGCL for supplying gas to Pakistani steel mills for eight months (July-February) at the rate of about Rs 80 per month. PSM is supplied with low flame gas of 2MMCFD by SSGC due to shutdown of production activity primarily to preserve coke oven batteries and refractory furnaces.

The ECC has also approved around 17 other additional grants worth Rs 146 billion, including 10 with an additional financial burden of around Rs 122 billion. This included about Rs 81 billion to Defense Services to bridge the critical shortfall in the current financial year and Rs 40.5 billion to exporters under the previous government’s Duty Drawback Schemes (DLTL and LTLD, etc.) cleared by the State Bank of Pakistan.

On the recommendation of the Ministry of National Food Security and Research, the ECC has also approved an increase of up to 2.67% in tobacco tax for the 2022-23 crop. Under the ruling, the tax on Virginia air-cured tobacco was Rs 6 per kg, showing an increase of 2.45 pc and 2.13 pc on the plain and sub-mountainous zone.

Posted in Dawn, June 4, 2022

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The UAE MoEI in collaboration with Fichte & Co. organizes the first ever P&I Roundtable https://goodwillsavannahga.org/the-uae-moei-in-collaboration-with-fichte-co-organizes-the-first-ever-pi-roundtable/ Thu, 02 Jun 2022 07:24:08 +0000 https://goodwillsavannahga.org/the-uae-moei-in-collaboration-with-fichte-co-organizes-the-first-ever-pi-roundtable/
  • Al Malek: Over the years, P&I Clubs in the UAE have played a major role in the well-being of our industry and the continuity of business operations by reducing liabilities and providing increased financial security
  • Form : Our findings show that insurance premiums represent more than 30% of a shipowner’s expenses, showing the importance of P&I clubs in their operations.

Dubai, UAE: The UAE Ministry of Energy and Infrastructure (MoEI), together with leading UAE law firm, Fichte & Co., organized the first-ever P&I Roundtable titled “Towards the strengthening a competitive P&I for the UAE maritime sector”. Hosted at IMO headquarters in London, the roundtable was attended by over 20 representatives from P&I clubs, law firms and the ministry. Industry experts discussed various aspects related to the UAE maritime industry, the need for P&I Clubs to establish their offices in the Emirates and how this will elevate the nation’s position in the global seascape.

Speaking at the round table, HE Eng. Hessa Al Malek, Advisor to the Minister of Maritime Transport, MOEI said, “Over the years, the UAE P&I Clubs have played a major role in the well-being of our industry and the continuity of business operations by reducing liabilities and providing increased financial security. Our shipping companies and our seafarers are at the heart of our sector and are generally the ones who take the maximum risk to ensure the fluidity of trade. For us, the safety of our seafarers and the financial security of companies operating in the sector are top priorities. This is why P&I clubs are so essential, as they provide compensation in the form of insurance covers to seafarers and support shipping companies in the event of loss of property or financial penalties.

“The UAE is one of the most important maritime hubs in the world, accounting for over AED 90 billion of the national GDP. Given this and the emirate’s strategic location at the center of world trade, we believe this is the ideal location for P&I clubs to set up their offices to be more accessible to some of the major shipping companies. worldwide. This will not only strengthen the UAE’s position in the global maritime landscape, but also enable P&I Clubs to effectively expand their services to both sides of the globe. » HE Eng. Al Malek added.

Guaranteeing the interests of shipowners and seafarers

Jasmin Fichte, Managing Partner, Fichte & Co. said, “As a law firm working for the betterment of the masses, especially the marine industry, we understand the critical role insurers play in reaching a fair and amicable settlement in disputes. Our findings show that insurance premiums represent more than 30% of a shipowner’s expenses, showing the importance of P&I clubs in their operations. P&I Clubs also provide defense underwriting, making them not only the driving force behind any major incident, but also a key player in most maritime legal proceedings.

“We are very proud of the kind of progress the UAE maritime industry has made over the years. Along with being ranked 5th in the world as a key competitive maritime hub, the nation is home to 20 leading ports and over 27,000 shipping companies. While these numbers are simply commendable, we aim to become a global shipping hub. This is where we believe the P&I Clubs will play a huge role as they will strengthen the country’s maritime infrastructure by securing the interests of shipping companies operating in the country and protecting the 1,083 seafarers serving the UAE’s maritime sector,” Form added.

-Ends-

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Canadian Pacific Announces Multi-Year Agreement with CMA CGM https://goodwillsavannahga.org/canadian-pacific-announces-multi-year-agreement-with-cma-cgm/ Tue, 31 May 2022 15:30:00 +0000 https://goodwillsavannahga.org/canadian-pacific-announces-multi-year-agreement-with-cma-cgm/

CALGARY, Alta., May 31, 2022 /PRNewswire/ – Canadian Pacific (TSX: CP) (NYSE: CP) today announced a new multi-year agreement with the CMA CGM Group, a world leader in shipping and logistics. CP will become CMA CGM’s primary rail supplier by Canadaserving the ports of Vancouver, Montreal and Saint John, NB

“CP is proud to provide CMA CGM with a safe and reliable service that includes the shortest route miles to key markets,” said John Brooks, executive vice president and chief marketing officer of CP. “CP’s commitment to best-in-class service is enabling the supply chain recovery that will drive future growth opportunities for the North American economy.

CP’s strategic alignment with CMA CGM creates natural synergies supporting sustainability and innovation, which will add density to core lanes and enhance operational efficiency.

CP’s world-class port access to Vancouver and port of Montrealcombined with CP’s strategic connection to Port Saint John via New Brunswick Southern Railway, will enable CP to move the majority of CMA CGM’s freight from Canadian ports to major inland markets in Canada and the US Midwest.

This agreement also recognizes future growth opportunities related to CP’s proposed combination with Kansas City Southern, which remains subject to Surface Transportation Board approval, expanding market reach and creating new savings.

Note on forward-looking information

This press release contains certain forward-looking information and forward-looking statements (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, statements regarding expectations, beliefs, plans, goals, objectives, assumptions, and statements regarding possible future events, conditions, and results of operations or performance. . Forward-looking information may contain statements with words or titles such as “financial expectations”, “key assumptions”, “will”, “anticipate”, “believe”, “expect”, “plan”, “should ‘, ‘commit’ or similar words suggesting future results.

This press release contains forward-looking information regarding, but not limited to, the delivery of CMA CGM goods by CP, future business growth with CMA CGM and related matters associated with the multi-year agreement between CP and CMA-CGM.

The forward-looking information contained in this press release is based on current expectations, estimates, projections and assumptions, given CP’s experience and its perception of historical trends, and includes, but is not limited to, expectations , estimates, projections and assumptions regarding: energy efficiency of CP’s railways and operations; the impacts of existing and planned capital investments; North American and global economic growth; growth in demand for raw materials; agricultural production; commodity prices and interest rates; the performance of our assets and equipment; applicable laws, regulations and government policies; the availability and cost of labor on schedule and with the required capacities, as well as the availability and cost of services and infrastructure; the fulfillment by third parties of their obligations to CP; the anticipated impacts of the new strain of coronavirus (and the disease known as COVID-19) and its variants; and capital investments by third parties. Although CP believes that the expectations, estimates, projections and assumptions reflected in the forward-looking information presented herein are reasonable as of the date hereof, there can be no assurance that they will prove to be correct. Current economic and other conditions render assumptions, while reasonable when made, subject to greater uncertainty.

Undue reliance should not be placed on forward-looking information, as actual results may differ materially from those expressed or implied by the forward-looking information. By its nature, CP’s forward-looking information involves inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking information, including, but not limited to, the following factors: changes in strategies commercial; general economic, credit and business conditions in North America and around the world; risks associated with agricultural production, such as weather conditions and insect populations; the availability and price of energy products; the effects of competition and pricing pressures, including competition from other rail carriers; industry capacity; changes in market demand; changes in commodity prices; uncertainty surrounding the timing and volumes of products shipped; inflation; geopolitical stability; changes in laws, regulations and governmental policies, including rate regulation; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; interruption of fuel supply; uncertainties of investigations, proceedings or other types of claims and litigation; labor disputes; changes in labor costs and labor difficulties; risks and liabilities arising from derailments; transport of dangerous goods; schedule for completion of capital and maintenance projects; currency and interest rate fluctuations; exchange rate; the effects of changes in market conditions and discount rates on the financial condition of pension plans and investments; trade restrictions or other changes in international trade agreements; the effects of current and future multinational trade agreements on the level of trade between Canada and the United States; climate change and market and regulatory responses to climate change; planned commissioning dates; the success of hedging activities; operational performance and reliability; regulatory and legislative decisions and actions; public opinion; various events that could disrupt operations, including severe weather events, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and government response to those these, and technological changes; acts of terrorism, war or other acts of violence or crime or risk of such activities; the limits of insurance cover; material adverse changes in economic and industry conditions, including the availability of short- and long-term financing; the pandemic created by the outbreak of COVID-19 and its variants and the resulting effects on economic conditions, the demand environment for logistics needs and energy prices, restrictions imposed by the authorities of public health or governments, fiscal and monetary policy responses of governments and financial institutions, and disruptions to global supply chains. The foregoing list of factors is not exhaustive. These and other factors are detailed from time to time in reports filed by CP with the securities regulators of Canada and United States. See “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements” in CP’s annual and interim reports on Forms 10-K and 10-Q.

The forward-looking information contained in this press release is made as of the date hereof. Except as required by law, CP undertakes no obligation to publicly update or otherwise revise any forward-looking information, or the foregoing assumptions and risks affecting such forward-looking information, whether as a result of new information, future events or otherwise.

About Canadian Pacific

Canadian Pacific is a transcontinental railway in Canada and United States with direct connections to major ports on the west and east coasts. CP offers its North American customers competitive rail service with access to key markets around the world. CP grows with its customers, offering a range of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see CP rail benefits. CP-IR

SOURCE Canadian Pacific

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Laos seeks to unlock potential for regional connectivity https://goodwillsavannahga.org/laos-seeks-to-unlock-potential-for-regional-connectivity/ Sun, 29 May 2022 08:58:00 +0000 https://goodwillsavannahga.org/laos-seeks-to-unlock-potential-for-regional-connectivity/

VIENTIANE, May 29 (Vientiane Times/ANN): Laos hopes to unlock the potential of regional connectivity by not only focusing on infrastructure development, but also boosting economic activity along key economic corridors.

The government is developing key road and rail networks to connect Laos with its neighbors, especially China, Vietnam and Thailand, transforming itself from a landlocked country into a land-connected country.

In its latest economic update for Laos, the World Bank has highlighted some of the major challenges and key reforms needed for Laos to fully benefit from improved connectivity and transit services.

“Major investments include the Laos-China railway, the East-West economic corridor and major road networks,” the World Bank said.

“The challenge is to ensure that Laos can fully benefit from this improved connectivity, not only as a transit country, but also through increased economic activity and export volumes, value-added services and creation of new and better jobs”.

Most recently, the World Bank’s Board of Directors approved the $132 million Regional Economic Corridor and Connectivity Project in Southeast Asia, aimed at improving transport connectivity and regional trade along an east-west corridor.

Under this project, National Highway 2 in northern Laos, which stretches nearly 300 kilometers from the Thai border to the Vietnamese border, will be upgraded and widened to meet Asian road standards.

However, Lao infrastructure investments face some challenges due to high construction costs.

“The cost of these investments is high and Laos will only benefit from improved connectivity if it can successfully undertake complementary policy reforms and improve connecting road infrastructure,” the Bank said.

“Reforms of the business and investment environment must be accelerated to take full advantage of them. In addition, the railway poses macro-fiscal risks associated with contingent liabilities and will also present social and environmental risks if management is not sound.

The World Bank has recommended following critical reforms that could reduce the risks and maximize the benefits of improved connectivity:

– Fill the gaps in transport connectivity to ensure open access to rail and logistics infrastructure and efficient road connections to production and consumption centres;

– Promote more efficient cross-border transit, improved logistics and value chains, simplify market entry and remove operational barriers in the logistics sector;

– Deepen and accelerate trade facilitation reforms by establishing an effective transit management regime;

– Improve the business environment to attract investment and generate jobs;

– Improve accessibility and modernize business services;

– Promote more productive and job-creating sectors where Laos has a comparative advantage, for example, in high value-added agricultural products and nature tourism;

– Rationalize tax incentives based on an economic logic, by reducing State debts and ensuring compliance with the law on public debt management;

– Improve compliance with social and environmental regulations through rigorous assessment and enforcement. -Vientiane Times/ANN

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Comment: The death of globalization has been greatly exaggerated https://goodwillsavannahga.org/comment-the-death-of-globalization-has-been-greatly-exaggerated/ Fri, 27 May 2022 22:00:16 +0000 https://goodwillsavannahga.org/comment-the-death-of-globalization-has-been-greatly-exaggerated/

If instead you seek resilience through self-sufficiency, you may end up with neither. The scandal of infant formula shortages in the United States has just given a perfect example.

THE GLOBAL ECONOMY IS REORGANIZING INTO REGIONAL BLOCKS

There is fragmentation and fragmentation. Globalization means two things. Conceptually, it means the economic integration of national economies deepening cross-border flows of goods, services, capital and people especially between countries at different levels of economic development.

But sometimes it is taken more literally to mean this process involving the whole world. Keep this in mind and you will see that it is possible to “deglobalize” (in the second sense) without “deglobalizing” (in the first sense). Yellen’s friend-shoring is an illustration of this.

There is a lot of pressure for ami-shore. Look no further than the EU’s plan to reconfigure its energy system. It aims to end energy imports from Russia, but it does this in part by increasing other regional and global energy exchanges, in particular by finding new suppliers for natural gas imports today and hydrogen in the future.

Also look at efforts by democracies to agree on the rules of conduct for the digital economy and the handling of sensitive data, which could reduce digital transfers between democracies and non-democracies while deepening the connectivity of data within these blocks.

It therefore seems very plausible that the global economy could be reorganized around large regional blocs, defined not only by geography but also by common values ​​and governance. This would be “de-globalization” in the literal sense.

But that would imply more globalization in an economically meaningful sense that of deepening cross-border economic integration. “Regionalized globalization” would be a better term.

The question then would be whether further globalization within these politically bounded regional blocs could be as effective and productive as a literally global integrated economy. My hunch is that for advanced economies focused on the transatlantic West, the answer is yes. and that there is much more doubt for less advanced economies.

But this is, of course, an uncertain bet. If regionalized globalization is the way we are headed, we will see if China needs the West more than the West needs China.

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