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Japan slides into recession, with forecasts of worse to come

first_img“We expect the worst is yet to come, with the state of emergency in Japan and the severity of the pandemic among Western nations continuing to derail the Japanese economy,” said Naoya Oshikubo, senior economist at SuMi TRUST.Nevertheless, the first-quarter result was slightly better than economists had forecast, with expectations for a 1.1-percent decline.Japan has been hit less hard than most advanced economies by the coronavirus, with just over 16,000 cases in the whole country and around 750 deaths.However, authorities were concerned there could be an explosive spike — especially in the densely populated capital Tokyo — and urged people to stay indoors and businesses to shut down. Topics : Prime Minister Shinzo Abe declared a state of emergency that was lifted last week for most of the country but kept in place for economic powerhouse regions Tokyo and Osaka.”Personal consumption has been the main casualty of the COVID-19 pandemic as consumer spending has been greatly affected by this due to people staying at home,” Oshikubo said. “But uncertainty stemming from the spread of the virus has also hit private capital investment as companies curtail their expenditure programs,” added the expert. ‘Significantly worse’In an attempt to mitigate the worst effects of the crisis, Abe has pledged to give every citizen a cash handout of 100,000 yen ($930).The handout was part of a package of stimulus measures worth around $1 trillion to protect jobs, bolster the medical sector and ease the pain for working families.Tourism has dropped by as much as 90 percent, industry and trade have ground to a halt and the virus also forced the postponement of the Tokyo 2020 Olympics that was seen as providing a boost to the economy.According to the details of the GDP report, private consumption dropped 0.7 percent quarter-on-quarter, with both household consumption and corporate investment slipping 0.8 percent and 0.5 percent respectively.But as the coronavirus pandemic battered the global economy, Japanese exports were the hardest hit, falling by six percent compared to the previous quarter.The full impact of the coronavirus on Japan’s economy has still to be felt and economists are bracing for a catastrophic second quarter.Oshikubo said his organization was forecasting an eyewatering 10.2-percent plunge in the second quarter, which would be the worst since the 2008 financial crisis.Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute, told AFP the second quarter would be “significantly worse”, forecasting a decline of around six to seven percent.”As to the question of when the economy will pick up, it all depends on the number of infected and when the virus fades out.” Japan dived into its first recession since 2015, according to official data Monday, with the world’s third-largest economy shrinking by 0.9 percent in the first quarter as it wrestles with the fallout from the coronavirus.The drop in gross domestic product followed a 1.9-percent decline in the fourth quarter of 2019 as a tax hike and typhoons hit Japan hard — even before the pandemic shut down much of the economy.A recession is defined as two consecutive quarters of negative GDP growth and some analysts predicted the Japanese economy would suffer worse as the effects of the coronavirus become clear.last_img read more

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ESG roundup: Japan’s giant pension selects S&P for ESG indices

first_imgThe world’s biggest pension fund, Japan’s JPY158.6trn (€1.2trn) Government Pension Investment Fund (GPIF), has chosen Standard & Poor’s (S&P) to provide ESG indices for its growing equity portfolio.For Japanese equities, the fund will use the S&P/JPX Carbon Efficient index, and for non-Japanese equities the fund will use the S&P Global Ex-Japan LargeMid Carbon Efficient index. JPY1.2trn of the fund’s portfolio will track the indices, GPIF said.“GPIF hopes that the selected global environmental stock indices will provide an opportunity for companies to work on carbon efficiency and disclosure,” Norihiro Takahashi, president of the pension fund, said in a press release.According to S&P, the indices “are designed to reduce exposure to high-carbon companies in a systematic way, while maintaining a risk/return profile similar to that of their benchmarks”. Takahashi said GPIF had selected the S&P indices because they were not based on divestment and included smaller companies not covered by other ESG indices.The S&P indices are part of the GPIF’s “themed indices” strategy, which also includes the MSCI Japan Empowering Women index. For the rest of its domestic equity exposure it uses “integrated ESG indices”, including the MSCI Japan ESG Select Leaders index and the FTSE Blossom Japan index.The S&P Global Ex-Japan LargeMid Carbon Efficient index is the first to be applied to non-domestic equities.In October last year the pension fund amended its investment principles adding that “ESG factors should be taken into consideration in stewardship activities”. According to its annual report, the fund has also joined “a research program to incorporate ESG factors in fixed income investment”.iShares launches inclusion and diversity ETF BlackRock’s London officeBlackRock and Thomson Reuters have joined forces to offer an exchange-traded fund (ETF) focusing on inclusion and diversity.The iShares Thomson Reuters Inclusion & Diversity UCITS ETF is based on an index assessing more than 2,000 publicly-traded companies worldwide.From those, the top 100 are selected according to 24 metrics assessing companies’ diversity, inclusion and development qualities. The assessment also takes into account news and controversies.“The increasing availability of corporate sustainability data, as well as advancement in technology, has made it possible to better measure and understand metrics, such as inclusion and diversity, from an investment perspective,” said Brian Deese, head of sustainable investing at BlackRock.Investment professionals introduce ESG guideIn Germany, the association of investment professionals DVFA has issued a glossary on terms and strategies around ESG investing.The definitions and explanations should be seen “as contribution to the discussion surrounding the work of the EU Commission’s technical expert group on sustainable finance”, the DVFA said.The association said it wanted to make it easier for German investors to identify suitable ESG investment products and “help avoid greenwashing”.However, it did not want to judge the quality of funds or their suitability for certain investors.“The quality of sustainability factors cannot suitably be standardised given the very different needs of investors,” the DVFA said.The glossary and guidelines explain many aspects of ESG, from exclusion to divestment, best-in-class and critical viewpoints.They also list possible ESG-related investments for each asset class, accompanied with critical notes.The guidelines (available here in German) were compiled by Dirk Söhnholz, managing director of strategic advisory firm Diversifikator, and Ralf Frank, managing director of the DVFA.last_img read more

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World leaders arrive in Jakarta for the Africa-Asia summit

first_imgWorld Leaders expected to attend the Asia Africa Conference 60th Anniversary Commemoration (AACC) events have begun arriving in Jakarta where the summit will be held.The summit to be held under the theme: ”Strengthening South to South Cooperation to promote World Peace and Prosperity” is aimed at bridging Asia and African countries into stronger partnerships and to share experiences in enhancing both regions’ economic development.Leaders of Angola and Russia, arrived  on Sunday. The president of Angola was accompanied by a delegation of Angolan officials who will also be part of the summit.Uganda’s vice president  Edward Ssekandi  left on Monday for the summit expected to be joined by other  African leaders at the summit taking place in the South Eastern capital of Jakarta.South African president Jacob Zuma who was expected to attend the summit which officially begins on 21 Tuesday will miss the event following events back home where Xenophobic attacks have rocked the country. However the The South African delegation arrived on Sunday. The five-day summit is aimed at re-energising economic activities between the two continents and further consolidate the spirit of the cold war era gathering that gave birth to the Non- Aligned Movement.The state guests are scheduled to attend the AACC opening ceremony, which will take place at the Jakarta Convention Center in Senayan, Central Jakarta, on Monday.Heads of state and representatives34 heads of state and heads of government, as well as representatives from 77 countries have confirmed their attendance at the conference, set to be held in Jakarta and Bandung.Among the heads of state and government who are confirmed include those of Brunei Darussalam, China, Iran, Jordan, Madagascar, Malawi and Swaziland, according to the Foreign Ministry.Other leaders confirming their presence are from Bangladesh, Cambodia, Egypt, Gabon, Malaysia, Myanmar, Namibia, Nepal, Pakistan, Palestine, Singapore, South Africa, Sudan, Thailand, Timor Leste, Vietnam and Zimbabwe.Six countries confirming the presence of deputy heads of state or government are Algeria, Angola, Liberia, Seychelles the Philippines and Zambia.Representatives of six international organizations, namely the African Union, the Arab League, ASEAN, the Asian Development Bank, the United Nations and the South Center, will also be present. The theme of the summit is : ”Strengthening South to South Cooperation to promote World Peace and Prosperity”last_img read more

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Michael “Mike” James Struckman

first_imgMichael “Mike” James Struckman, 49, of Milan passed away Monday, January 28, 2019 at his residence.  Mike was born Sunday, January 4, 1970 in Batesville, the son of Cletus and Rena Mae (Johnson) Struckman.  He worked for Sydney Printing in Cincinnati, OH as a printing press operator.  He served his country in the Air-Force and enjoyed fishing, talking with family, shooting guns, liked feeding chickens and playing on the computer.Mike is survived by his step-mother Marilyn Struckman of Milan; brothers Richard (Michelle) Struckman of Westport, Johnny (Becky) Struckman of Osgood and David Struckman of Milan; sister Lisa Nethery of Wisconsin; many nieces, nephews and cousins.  He was preceded in death by his parents and great nephew Jayce Struckman.A service celebrating his life will be held Saturday 11 AM February 2, 2019 at Laws-Carr-Moore Funeral Home in Milan with Pastor Harris Long officiating. Military Rites will follow after the service at the funeral home.  Family and friends may gather to honor and remember him Saturday 9 – 11 AM also at the funeral home.  Memorials may be given in honor of Mike to the family. Laws-Carr-Moore Funeral Home entrusted with arrangements, 707 S. Main Street, Box 243, Milan, IN 47031, (812) 654-2141.  You may go to www.lawscarrmoore.com to leave an online condolence message for the family.last_img read more

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Southeastern Showdown Scores At Lucas Oil Stadium

first_imgSoutheastern Showdown Scores At Lucas Oil StadiumSaturday  (9-7)Greensburg  42     Connersville  0Franklin County  53     Rushville  20South Dearborn  35     Batesville  7Lawrenceburg  42     Milan  14last_img

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PBSO Investigates Murder of Jenna Jacobsen after Bones are Identified

first_imgAccording to the medical examiner the manner of Jenna’s death is undetermined, but her death is considered a homicide. PBSO deputies say the bones found in Lantana have been identified as missing 20-year-old Jenna Jacobsen who was last seen in April in Lake Worth Beach. Deputies found the bones last week on Lantana Road near I-95.Tragic Update: Bones discovered last week in Lantana positively id’d as those of 20 yo Jenna Jacobsen – reported missing by father back in late April. Cause of death – “undetermined.” NOW @PBCountySheriff needs your help #RETWEET – homicide investigation https://t.co/sC5gf6Mhv4 pic.twitter.com/khJxzH7s70— PaulCBS12 (@PaulCBS12) June 2, 2019last_img read more

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Takeaways from Syracuse’s first win of season over Colgate

first_img Published on November 13, 2019 at 9:07 pm Contact Josh: jlschafe@syr.edu | @Schafer_44 Facebook Twitter Google+ Syracuse (1-1, 0-1 Atlantic Coast) defeated Colgate (1-2) 70-54 in the Carrier Dome on Wednesday night. Buddy Boeheim led the Orange in scoring with 17 points while Bourama Sidibe added 12 points and 14 rebounds.  Below are three takeaways from the Orange’s first win of the season. Offense! After stumbling through its worst offensive performance since Word War II, Syracuse’s offense had life against the Raiders. The production came from everywhere, including near the hoop and beyond and the arc. Syracuse often set picks on the ball dribbler’s defender and off-ball screens opened up other opportunities. With a few set plays to help the offense move, Syraucse looked more like the offense it talked about after the Virginia game than it played like during it. Three Orange players scored double-digits while Hughes dished eight assists. AdvertisementThis is placeholder textIn its simplest form, the Orange just shot better than it did against the Cavaliers. SU shot 50.9% from the field including 7-of-17 from beyond the arc. It helped that looks were often more open. Quick passing moved the Raiders’ defenders out of position. Unlike against Virginia, which limited Syraucse’s ability to drive through packing its defense in near the paint, Syracuse guards attacked the basket. In some instances they sank contested layups but also used the drives as a way to create open space for shooters.Another big night for Sidibe against ColgateSidibe registered his lone double-double of last season against Colgate. On Wednesday, he registered his first of the 2019-20 season. Syracuse’s center owned the boards along with Marek Dolezaj (six rebounds). With the Raiders tallest player who saw consistent minutes matching Sidibe’s height of 6-foot-10 inches, the Mali native had a clear wingspan advantage. Sidibe’s boards often came off tipped balls to himself where he’d reach above another player and tap the ball to space so he could fully grasp it. On offense, Colgate left Sidibe open. As Orange players drove to the hoop, the player covering Sidibe often slid to the ball carrier quick, leaving time for a dump off to Sidibe standing beside the hoop. He sank several layups from that spot and also finished put back opportunities following missed Syracuse shots. Carey out, Girard in? Through two games Syracuse has had the same starting point guard, Jalen Carey, but that hasn’t meant much after tip. Boeheim yanked Carey early in the first half and he’d finish with five minutes of playing time. Joe Girard III subbed in for Carey. On Giarard’s first possession he and Hughes fumbled a transaction as Hughes threw the ball to a spot he hoped Girard would be cutting but instead the ball went out of bounds. The freshman settled in, though, including a string of plays in the second half. On the first, he sank a catch-and-shoot 3-pointer. On the next possession he caught the ball on the fast break and dished an alley-oop to Sidibe. Girard flexed and screamed as the crowd cheered the Orange prior to a Colgate timeout. Girard and Hughes, who also handles the ball up top at times, seemed to create more off their dribble than Carey had early in the game. After one play when Hughes drove, drew multiple defenders and sent the ball out for a Buddy 3-pointer, Boeheim marched straight to Carey and pointed to the court. Fellow freshman Brycen Goodine spelled Girard late in both halves and finished with 16 minutes played.  Commentslast_img read more

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Tropical Storm Erin Gives Bermuda Wide Berth

first_imgHAMILTON, Bermuda, CMC — Tropical Depression Six has grown into Tropical Storm Erin, but is expected to pass well to Bermuda’s west, forecasters said on Wednesday.The system, which has been lingering in the open sea for several days, is the fifth named storm of the Atlantic hurricane season after being upgraded on Tuesday night as it became better organized.Forecasters expect Erin to weaken and transition to an extratropical cyclone as it heads towards Nova Scotia, Canada.At 6 am (local time), Erin was packing 40 miles per hour winds with higher gusts and was around 265 miles southeast of Cape Hatterras, North Carolina, and 435 miles west of Bermuda.It was moving north-northwest at 6 mph but was expected to turn northwards later on Wednesday, then north-northeastwards early on Thursday with an increase in forwarding speed, forecasters said.The Bermuda Weather Service said “Bermuda lies within a rather listless zone of transition between high-pressure ridging to the east and Tropical Storm Erin to our distant west.“While a random brief shower can’t be entirely ruled out, we can generally expect more sun than cloud with a light to at times moderate warm breeze through Saturday,” it added.Several islands in the Greater Antilles are still under a storm watch for Tropical Storm Dorian which should pass in Puerto Rico’s path later today.last_img read more

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Leader of the Year kicks off Sport in Focus at Betting on Sports

first_img Share The 2018 Sports Betting Leader of the Year Sergey Portnov will be kicking off the Sport in Focus track at this year’s Betting on Sports conference.Sport in Focus is one of four tracks held on the first full day (18 September) of SBC’s flagship conference, which takes place at Olympia London from 17-20 September.Portnov, who took home the prize at last December’s SBC Awards, will be discussing the huge potential for mixed martial arts (MMA), now that the ‘fledgling’ sport – if only in a betting sense – has built up such a big global following.His company Parimatch has significantly expanded its brand profile through the Ultimate Fighting Championship (UFC), the largest MMA promotion company in the world, having signed both Conor McGregor and Alexey Oleynik as brand ambassadors in 2019.Following Portnov will be Pinnacle Trading Director Marco Blume, rated as one of last year’s best speakers, as he joins a panel about esports – ‘the major sport you are not carrying’ – alongside the likes of Brett Abarbanel, Director of Research at UNLV International Gaming Institute, and Serge Vardanyan, Founder & CEO at WIN.The third of seven Sport in Focus sessions will debate how operators can plan for the biggest European football championships in 2020. OPAP Sports Betting & Trading Director Thanos Rigas and Kindred Group Head of Sportsbook Erik Backlund are already confirmed, alongside Jens Nielsen, Sports Betting Director at Danske Spil.“Congratulations on a very good conference,” said Nielsen after last year’s #boscon – also held at Olympia London. “I find it a very useful event to attend, both in respect of supplier stands for meetings and interesting panels and speeches.”Cricket will take centre stage first up after lunch, as the likes of Black-op Gaming Head of Sportsbook Chris Duncan, Paddy Power Betfair Sports Trading Team Lead Simon Cox and Grant Fraser, CEO & Co-founder at Digitonic, discuss which operators made best use of the sport’s shop window summer, in which both the World Cup and Ashes come to England.Horse racing is next on the agenda as industry experts – including Sky Betting & Gaming Trading Director Andrew Wright, CMS Partner David Zeffman, Corbett Sports Director Wayne Stevenson and Peter Moult, Managing Director of Bookmakers Technology Consortium (BTC) – assess the robustness of the starting price (SP).The penultimate session will analyse the impact of the data blackout at the lowest level of professional tennis. It will feature David Lampitt, Managing Director of Sports Partnerships at Sportradar, who argued that the Independent Review Panel (IRP) proposal to discontinue the sale of live data at the sport’s $15k developmental tier didn’t stand up to scrutiny. Lampitt will be joined by experts such as e|motion sports Managing Director Simon Schleich and Rob Blakeley, Head of Tennis at Sky Betting & Gaming.The final furlong of the track will turn back to the racing family, but this time with a nod to greyhounds. WatchandWager.com CEO Ed Comins and Adrian Molloy, General Manager – Wagering at Greyhound Racing NSW, will test the hypothesis that too many different formats are harming the prospects of the sport that is ostensibly built for betting. Related Articles Danish FA backs Danske Spil’s Safe Play campaign August 24, 2020 StumbleUpon Björn Nilsson: How Triggy is delivering digestible data through pre-set triggers August 28, 2020 Share Submit Danske Spil calls for esports makeover with Pinnacle Solution August 25, 2020last_img read more

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Kenpong Travels rolls out attractive AFCON Package

first_imgTrusted travel and tour company, Kenpong Travel and Tours has rolled out an attractive package for soccer fans and corporate entities intending to travel for  this year’s African Cup of Nations( AFCON) in Egypt.The package included; flight ticket, accommodation, internal transport, match tickets and a visits to tourists sites for the Group matches, and as far as the Black Stars stay in the competition.A release issued by Kenpong Communications, a subsidiary of the Kenpong Group stated that the package  has been designed for corporate entities  and supporters. The release added “With a track record as one of the trusted travel and tour companies in Ghana, we have put together this attractive package to ensure majority of soccer fans travel to Egypt to rally support for the Black Stars.”It added “ Already, the offices of Egypt Air has agreed for a charter flight after meeting with them on Friday; making it more, taking into consideration that it is a direct flight. Prospective fans should contact our Roman Ridge offices, near Saudi Arabia Embassy for details.”The Black Stars are housed in Group F with Cameron, Benin and Guinea Bissau. They would be based in Ismailia.The biennial soccer competition is set to kick off from June 21 to July 19.last_img read more

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