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Currency Mess Leading to Greater Repression

first_img News Changchun, China — The North Korean authorities continue to crack down on the private economy following the currency redenomination, as exchange rate instability and rising prices continue. Predictably, this has led to extremely high rates of inflation and forced the authorities to ramp up their reign of terror. A Daily NK reporter met with two North Korean refugees in China on the 15th who described the social atmosphere, “Although the authorities are executing and arresting rule breakers, foreign currency dealing keeps happening. The stronger the regulation the authorities adopt, the more skillfully people avoid it.”According to a source from Pyongyang, the authorities recently publicly executed two women from the Pyongcheon district of Pyongyang on suspicion of circulating foreign currency. The source said they were killed as an example to others during the crackdown on foreign currency usage. On January 5th, in Soeho-ri, part of the Heungnam district of Hamheung, three women were also executed publicly on charges of receiving and circulating Yuan and dollars from fishermen and the crews of other ships returning from international voyages. A source from South Hamkyung Province explained, “When fishermen land their catch, they sell it directly to Chinese fishermen for Yuan. This is because if they submit the catch to the North Korean Fisheries Department, they won’t see any benefit.”The executed women were foreign currency dealers. They exchanged the Yuan and dollars which the fishermen got from the Chinese for won. “Following this incident, inspections of all fishing boats belonging to the Seoho Fisheries Department were initiated and their captains placed under investigation,” the source claimed.Despite official regulation, demand for foreign currencies is increasing everywhere, according to sources, and the country is suffering from serious inflation.One from Yangkang Province said on the 14th, “The foreign exchange rate is skyrocketing. A few days ago, one Yuan was around 20 won, but now it is over 30 won and rice is more than 200 won per kilo now.”In the case of Yangkang Province, on the 9th, one Yuan was worth 20 won and price of one kilogram of rice was 100 won, but by the 15th one Yuan had become more than 30 won and one kilogram of rice more than 200 won. By Lee Sung Jin – 2010.01.19 5:54pm AvatarLee Sung Jin Currency Mess Leading to Greater Repression RELATED ARTICLESMORE FROM AUTHOR News SHAREcenter_img News US dollar and Chinese reminbi plummet against North Korean won once again NewsEconomy Facebook Twitter There are signs that North Korea is running into serious difficulties with its corn harvest North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) last_img read more

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North Korean merchants get creative to keep money flowing in winter

first_imgVarious North Korean packaged beverages. According to an inside source, beverages produced by state factories are sold throughout the year. Image: Daily NK North Korean merchants get creative to keep money flowing in winter Unification Media Group (UMG): It’s time for another edition of Market Trends, where we analyze the week’s latest economic updates. We’re here today with reporter Kang Mi JinKang Mi Jin (Kang): Last week, the people of North Korea were required to begin fulfilling compulsory orders to contribute manure to the state, a mobilization that typically runs through April. In order to procure humus soil – a replacement for manure – residents had no choice but to dig in hilly areas, causing damage to the environment. This has historically caused difficulties in progress towards the country’s reforestation goals.    UMG: Interesting. What else has come to light recently?Kang: I also have some sad news. As some of you may remember, there were devastating floods in North Korea’s North Hamgyong Province in 2016. One resident whose home received extensive damage has become homeless and wanders around the marketplace. This individual lost four members of his family to the flood, including his wife, and wasn’t even able to recover their bodies. Fortunately, he escaped the sudden floods because he had left the house at the time to guard the family garden. The man says he is unable to live in the same house where tragedy befell his family. So he wanders around the markets aimlessly.   News UMG: That’s very sad news indeed. Kang: But, switching tracks, according to recent communication with an inside source, packaged beverage products are selling well in North Korea. There are all manner of products available, including sweet drinks made with fruit or wild berries and other flavoring agents. In addition, packaged water has emerged as a top seller in both summer and winter.  The availability of a wide array of beverages during different times of the year marks a departure from the past, where specific flavors were restricted to certain seasons. Marketization – the increased participation by private actors in the economy  – has brought a change here, and North Koreans now say that “the seasons are irrelevant” when it comes to selling things in the markets.UMG: Can you explain what this means on a practical level for North Korean merchants? Kang: It means that the merchants no longer have to specialize in just one product depending on the season. For instance, an inside source with experience in the beverage industry said that merchants who sell North Korean-style ice cream and water in the summer are changing tack to match the season and selling boiling hot water in the winter. The hot water is used in a variety of ways by consumers. Merchants themselves will often buy the hot water, and put it in a water bag that rests against their body and warm themselves up by drinking it over the course of a few hours. In the afternoon, there are merchants who grind boiled soybeans to make heated soy milk. Others bring a lunch box from home and use the boiling water to pour over soy or dried radish greens for a quick bowl of soup in the morning. And there are merchants that sell seafood who need the hot water to thaw their fish.  Unification Media Group (UMG): Are beverage sales in the summer more profitable? Kang: Yes the profits are not as great for boiled water, but this is also true for other sectors. Business is tough in the winter. But North Koreans are very determined to work to earn their living. They will use any method to produce a revenue stream. Some merchants engage in additional business practices during lean times to stay afloat.  Daily NK’s sources have reported that, facing a lack of customers in the market, some merchants are going directly to their customers in train stations and servicha [delivery vehicle] stops to sell hot water and soup. During lunch time, the merchants make good money by selling hot water because the demand is high. News News RELATED ARTICLESMORE FROM AUTHOR North Korea hikes “party contributions” Russia-based workers must pay by 30-55% North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) Facebook Twitter SHARE By Daily NK – 2018.02.14 3:29pm All prices shown in KPW and current as of February 6, 2018. Data: Daily NK AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] Hamhung man arrested for corruption while working at a state-run department store Newslast_img read more

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Poll reveals barrier to reaching retirement goals

first_img Nearly 80% of Canadians believe they require annual returns of 4% or higher from their portfolios to reach their retirement savings goals, according to a poll conducted for the asset management subsidiary of Toronto-based CIBC (TSX: CM). However, 67% choose not to invest in products with potentially higher returns, such as stocks, for fear of losing money. Related news Keywords Retirement Share this article and your comments with peers on social media “The disconnect between investors’ return expectations and portfolio allocations could be a barrier to reaching retirement savings goals, especially as we see continued downward pressure on interest rates,” says Steve Fiorelli, managing director of CIBC Asset Management. While 42% of Canadians state they will likely invest in stocks and mutual funds holding stocks, the same number of investors will likely stick with guaranteed investment certificates (GIC), savings accounts and other guaranteed investments. Bonds and mutual funds holding bonds are the likely investment choice for 12% of investors while 5% see themselves investing in exchange-traded funds. The poll also showed a distinct difference between how men and women plan to invest their money. Recent market volatility is motivating 65% of women and 47% of men to take a more conservative approach to investing. Only 35% of women are planning to invest primarily in stocks, compared to 52% of men who say the same thing. It’s not surprising to see fear creep into investing decisions given the sharp increase in market volatility since the collapse of oil prices but investors need to remain focused on their overall long-term investment goals. They should also consider that Canada’s major stock market returned 10.6%, including dividends, in 2014 in spite of the plunge in oil prices and that the S&P/TSX composite total return index has posted an annualized return of 7.6% over the past decade, according to Fiorelli. “For investors very close to retirement or those with low risk tolerances, a guaranteed product is an option, but if you are looking over the mid-to-long term, history shows the markets do outperform,” he says. The poll’s results were gathered from a representative sample 1,505 adult Canadians holding investment portfolios for retirement, using an online survey conducted by Leger between Nov. 21-25, 2014. The margin of error is plus or minus 2.53%, 19 times out of 20. Survey finds Canadians aren’t sure how much they’ll need for retirementcenter_img Tessie Sanci Snowbirds win legal battle to reinstate out-of-province medical coverage Earnings surge for Great-West Lifeco in Q4 Facebook LinkedIn Twitterlast_img read more

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TSX falls amid weak results by Valeant

first_img S&P/TSX composite hits highest close since March on strength of financials sector Mixed earnings results from some of Canada’s biggest companies dominated a quiet trading day Tuesday, as the Toronto Stock Exchange pulled back for a fifth straight session in a row. The S&P/TSX composite index fell a moderate 64.27 points at 15,399.24, as health-care stocks led decliners amid a weak earnings release by drugmaker Valeant Pharmaceuticals. Linda Nguyen Keywords Marketwatch Toronto stock market dips on weakness in the energy and financials sectors Related newscenter_img TSX gets lift from financials, U.S. markets rise to highest since March The Quebec-based company warned that revenues and profits will drop more than analysts had anticipated for this year. Shares in Valeant lost 85% of its value last year after it came under scrutiny for a strategy of acquiring drug companies and imposing dramatic price increases. It also faces a series of shareholder lawsuits and criminal fraud investigations by U.S. authorities. Valeant shares plunged 13.9%, or $3.05, to $18.89 on Tuesday. In other corporate news, two of Canada’s largest financial institutions reported better than expected results. The Bank of Montreal reported net income of $1.49 billion, up 39% from a year ago. Its shares rose 2.24%, or $2.21, to $100.79. Bank of Nova Scotia had $2.01 billion of net income during the first quarter, up 10% compared to the same period last year. Its shares declined 2.79%, or $2.21, to $77.04. Read: BMO, Scotiabank beat expectations Four out of the five major Canadian banks have reported strong results so far this quarter. Toronto-Dominion Bank is the last of the group and is scheduled to release earnings on Thursday. On Wall Street, major New York indices were barely changed ahead of a highly-anticipated speech Tuesday night in front of Congress by U.S. President Donald Trump. Colum McKinley, a vice-president of Canadian equities at CIBC Asset Management, said investors are hoping to “get another look” at what might be coming down the road from the new commander-in-chief. “Potentially, we’ll hear more about taxation plans, the fiscal stimulus program, whether or not there will be a repatriation of capital, cash sitting offshore and whether that is used to finance bigger infrastructure spending,” he said. “And potentially we’ll have more information about how the U.S. budget will unfold. For Canada, one area that we’re watching for is more news on the border taxation issue and what that could mean for Canadian companies.” McKinley said stock markets will react according to how much is touched on in the speech, and whether there will be any concrete details announced. “There is the chance that we receive no greater clarity than we have today,” he said. If markets react to the downside, McKinley said it could be a positive buying opportunity because economic indicators show growing strength, particularly in the U.S. The Dow Jones industrial average lost 25.20 points at 20,812.24, the S&P 500 was down 6.11 points at 2,363.64, and the Nasdaq composite dropped 36.46 points at 5,825.44. The Canadian dollar declined 0.67 of a U.S. cent to 75.30¢, the currency’s lowest close since Feb. 7. Commodities were mixed as the April crude contract retracted US4¢ at US$54.01 per barrel and April natural gas added US8¢ at US$2.77 per mmBTU. April gold gave up $4.90 at US$1,253.90 an ounce and May copper was up US2¢ at US$2.71 a pound. Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img read more

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TMX revising Alpha’s fees

first_img Sterling Mutuals adds ETFs to product shelf stock exchange graph coodesign/123RF Related news TMX is also proposing to extend the Alpha Liquidity Provision (ALP) program that was launched in November 2018 to include ETFs.In a notice setting out the planned changes, the exchange said they are intended to “enhance available liquidity while also delivering additional savings for cost-sensitive active retail order flow.”The changes, which are subject to regulatory approval, would take effect on May 1. The TMX Group Inc. is planning a series of changes to the fee structure for its TSX Alpha Exchange.The changes include increasing active rebates for retail orders for equities, eliminating active rebates and lowering posting fees for ETFs, and reducing passive posting fees and active rebates for stocks priced under $1. Keywords Trading fees,  ETFCompanies TMX Group Inc. Deadline extended again for ETF tax proposal New Desjardins ETF focuses on carbon reduction James Langton Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img read more

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Ministries of National Security and Education Working on MOU to Address School Violence

first_imgAdvertisements RelatedMinistries of National Security and Education Working on MOU to Address School Violence RelatedMinistries of National Security and Education Working on MOU to Address School Violence Ministries of National Security and Education Working on MOU to Address School Violence EducationJune 20, 2009center_img FacebookTwitterWhatsAppEmail The Ministries of National Security and Education, are working to develop a Memorandum of Understanding (MoU) to address the problem of violence in schools.The agreement, which was announced by National Security Minister, Senator the Hon. Dwight Nelson, on Thursday June 18 at the Kiwanis Club of North St. Andrew meeting, held at the Police Officers Club, will go beyond the provisions under the Safe Schools Programme.“We used to talk about safety in schools. We have to talk about violence in schools now, simply because the schools, to a large extent, are mirrors of the society, the communities from which the students come,” Minister Nelson said.Noting the extent of the problem, he asked: “Who would have thought that a principal in a school would line up six boys and say to them, ‘I am going to search you for weapons and turn his back to pick up something and one of them takes out a knife and stab him. Who would have thought that such atrocity could occur in a school?”Minister of National Security, Senator the Hon. Dwight Nelson (left), having a light discussion with Jasper Burnett (right) and Ian Forte, members of the Kiwanis Club of North St. Andrew, at the club’s meeting, held at the Police Officers Club, Hope Road, on June 19.“We have incidents where weapons have been found in the bags of five-year olds in pre-school, where the weapon is placed there for the person, the father or somebody, to come at an opportune time to retrieve it,” he cited.As it relates to addressing crime on a national scale, Minister Nelson said that there are plans to look at strengthening border patrol off the country’s coastline.“We are going to look at our borders. A lot (of the guns) are coming in from the United States and from Haiti. We have a system in place now to deal with that Haiti situation. It is effective in stemming the flow of guns from there to Jamaica,” he noted.Other measures include accelerating the mandatory registration of subscriber information for cellular phone users in Jamaica and the implementation of a vehicle tracking system for all police cars. “I want to know where every police car is day and night. The Commissioner of Police and I have agreed to reinstitute bike patrols and bicycle patrol in appropriate areas,” Senator Nelson said.Minister of National Security, Senator the Hon. Dwight Nelson (right), is greeted by Second Vice President of the Kiwanis Club of North St. Andrew, Rohan Dawkins, at the club’s meeting, held at the Police Officers Club, Hope Road, on June 19.In addition, focus will be placed on ensuring a competent and resourceful police force, with adequate training facilities provided; implementing the National Identification System; and revamping of the emergency number 119.For the period January to June this year, 4,778 major crimes were reported, which represent a 19 per cent increase over the comparative period last year. However, murders declined by 11 per cent, with 650 murders committed for the six-month period. RelatedMinistries of National Security and Education Working on MOU to Address School Violencelast_img read more

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City of Washougal announces next chief of police

first_imgName*Email*Website 0 Comments Inline FeedbacksView all comments guestLabel Subscribe Connect with LoginI allow to create an accountWhen you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you’ll be logged-in to this account.DisagreeAgreeNotify of new follow-up comments new replies to my comments I allow to use my email address and send notification about new comments and replies (you can unsubscribe at any time). I allow to create an accountWhen you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you’ll be logged-in to this account.DisagreeAgreecenter_img guestLabel Name*Email*Website City of Washougal announces next chief of policePosted by ClarkCountyToday.comDate: Wednesday, November 6, 2019in: Newsshare 0 City hires Wendi Steinbronn, a 25-year veteran of the Portland Police Bureau WASHOUGAL — Wendi Steinbronn, a 25-year veteran of the city of Portland Police Bureau, has been appointed the City of Washougal’s new police chief by City Manager David Scott. Chief Wendi Steinbronn, Washougal Police DepartmentChief Wendi Steinbronn, Washougal Police DepartmentSteinbronn will replace Chief Ron Mitchell, who is retiring at the end of November, after serving the Washougal Community for 23 years. In Washougal, she will oversee a department of 25 employees, including 21 commissioned officers and a $4.2 million budget. Steinbronn will assume the Washougal Police chief duties at the end of November.“Wendi has strong law enforcement credentials. She impressed everyone involved in our selection process. As a Camas resident for some time, she is familiar with Washougal. I am confident Wendi has the right combination of experience and qualities that will make her a great fit for our community and a successful police chief,” stated Scott.Steinbronn comes to Washougal with over 25 years of experience with the Portland Police Bureau. She started in 1993 as an officer and rose through the ranks, including sergeant, lieutenant, captain and commander. She is currently the commander of the Bureau’s North Precinct, serving a population of approximately 190,000 with 135 personnel and a $9.3 million budget. Prior to her appointment as North Precinct commander, Steinbronn served in various roles, including: supervising property crimes detectives and a Neighborhood Response Team, commanding officer of the records division, executive officer to the assistant chiefs, government relations liaison, managing the day-to-day operations of the Family Services Division, serving as a member of the Bureau’s Strategic Planning Committee and engaging with citizens and businesses via a number of committees.“I’m honored and excited to be your next chief of Police,” said Steinbronn. “I look forward to getting to know my new co-workers, learning my job and meeting the community. I’m committed to maintaining the trust and confidence of the community as well as continuing to deliver the high level of service everyone expects.”The announcement follows a nationwide search and comprehensive selection process facilitated by the Washington Association of Sheriffs and Police Chiefs, and an extensive background review.“I want to thank the members of the Washougal community, the mayor and city council, and the men and women of the Washougal Police Department who provided input in the process,” said Scott, “as well as the members of the community leadership and City department heads who interviewed the four finalists. It was important that our process include broad input, and I am grateful for everyone’s participation.”Steinbronn holds a Bachelor’s Degree in Business Administration from Portland State University. She and her husband reside in Camas and have one son, a student at Camas High School.Information provided by city of Washougal.AdvertisementThis is placeholder textTags:Clark CountyLatestWashougalshare 0 Previous : City of Washougal announces new interactive website Next : City of Battle Ground seeks volunteers for committee to write statements for, against annexation to Fire District 3AdvertisementThis is placeholder textlast_img read more

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Glacier Park Welcomes 100 Millionth Visitor

first_imgWEST GLACIER – On Thursday morning, Becky Janssen loaded up her two kids in the family car in Whitefish and headed to Glacier National Park. Little did she know that her family was about to make history.Janssen, of Bakersfield, California – along with her children Pierce and Gretchen – became the 100 millionth visitor to Glacier in the park’s 105-year history. The family was honored with a small ceremony at the Apgar Transit Center before boarding a Red Bus for a free ride to Logan Pass on the opening day of the iconic Going-to-the-Sun Road.The Janssen family is spending the summer in Whitefish and on Thursday morning, with news that the west side of the Sun Road was open, decided to check out the park for the first time. The family first came to the Flathead Valley earlier this year.“Our first time in this area was over spring break and we just fell in love with it so we’re spending the summer here,” Janssen said. “(Today) we were just going to go for a drive and maybe hike around a little bit.”But the Janssens’ plan changed when Superintendent Jeff Mow walked up to their car shortly after 10 a.m. as they were in line at the west entrance station. Mow informed Janssen that she was the 100 millionth visitor to the park and asked if the family would like to partake in a short celebration. After the family entered the park, they headed to the Apgar Transit Center where they were presented with a gift bag from the park and its partners, including Xanterra Parks and Resorts, the Glacier Conservancy, the Glacier Institute and the Glacier National Park Volunteer Associates. During the ceremony, Mow noted the importance of sharing the park with young people like Pierce, 14, and Gretchen, 10.“We need to ensure the next generation are stewards and advocates of our National Parks,” Mow said. “The National Park Service is in the forever business and we have to make sure we’re here for future generations.”This year is already turning into a banner one for the park that annually attracts more than 2 million people. Visitation for 2015 is already up 29 percent over last year’s record, when 2.3 million people came through the gates.Park officials said it is hard to pinpoint which visitor is indeed the 100 millionth, but said Janssen is representative of that mark, which should come sometime this month.The 100 millionth visitor comes exactly 80 years after the park hit the 1 million mark when Dr. C. Simpkins, a professor of anatomy at the University of Tennessee, visited with his wife in September 1935. Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox. Emaillast_img read more

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Judge Tosses Lawsuit Against Goguen

first_img Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox. A California judge has dismissed a high-profile case alleging sexual abuse against Michael Goguen, a prominent venture capitalist and philanthropist whose local contributions include The Whitefish Trail and the Two Bear Air search and rescue program.In a lengthy Sept. 12 order terminating the case, retired Santa Clara County Superior Court Judge Read Ambler, who is serving as discovery referee in the case, wrote that the plaintiff, Amber Laurel Baptiste, failed to undergo medical examinations and produce other documents necessary in the discovery process, leading to the case’s termination.“While Baptiste is free to believe what she wants to believe, the orders are binding on Baptiste, and her failure to comply with the orders is unacceptable,” Ambler wrote. “The referee had given Baptiste numerous opportunities, despite her failures to comply with the orders, to rectify her failures to provide discovery or to establish her inability to proceed with the litigation. Unfortunately, Baptiste has done neither, and the record presented does not support a conclusion that Baptiste will do so in the future.”Attorneys representing Baptiste in March 2016 claimed Goguen abused Baptiste sexually, physically and emotionally after the pair developed a relationship in 2001, the complaint states.After Baptiste retained an attorney in 2013 and threatened a lawsuit, Goguen signed a contract to pay Baptiste $40 million “as compensation for the horrors she suffered at his hands,” the now-dismissed 2016 complaint states.According to the lawsuit, Goguen paid Baptiste $10 million on May 30, 2014, but later refused to pay the remaining $30 million. In December 2014, Goguen sent a letter to Baptiste rescinding the contract and claiming the agreement was null and void because it was procured under extortion, court records state.Following Baptiste’s lawsuit, Sequoia Capital, the venture capital firm in Menlo Park, California, where Goguen served as a managing partner since 1996, announced the part-time Whitefish resident was no longer with the firm.In response to Baptiste’s claim, Goguen filed a countersuit in California, claiming he was the victim of extortion and denying allegations of sexual and physical abuse.The 41-page cross-complaint, filed in San Mateo County Superior Court, states Goguen carried on a consensual sexual relationship with Baptiste for over a decade while he was married to other women.Attorneys for Goguen say Baptiste wanted him to make a greater commitment to her and became “consumed by anger, obsession and jealousy” after the relationship ended in 2013. Baptiste “concluded that if she could not have Mr. Goguen’s heart, at least she could have his money,” the attorneys state.Goguen’s attorney, Diane Doolittle, said he would continue to pursue the counterclaims against Baptiste.In 2018, Baptiste’s legal counsel with the Sherman Law Group filed a motion to be relieved from the case, citing “irreconcilable differences and a breakdown in communication.”According to a statement, Doolittle said Baptiste’s claims lacked merit from the beginning.“Amber Laurel Baptiste’s sensationalized lawsuit against Silicon Valley venture capitalist Michael Goguen collapsed under the weight of its own falsehood yesterday, when a judge dismissed the case because of Baptiste’s repeated, egregious and willful misconduct. Over the course of this case, Baptiste perjured herself, concealed, destroyed and falsified key evidence, and demonstrated her contempt for the legal system by systematically violating numerous court orders.”According to a statement from Goguen: “I wouldn’t wish what happened to my family and I on anyone. But, I’m a big believer that ‘everything happens for a reason’ and that extreme lows can be the pre-cursor to higher highs,” he wrote. “If that shocking blowup hadn’t happened to me in March of 2016 I’d still be in my long unwinding process from Sequoia after hitting the 20-year mark. Instead I’ve had the last three years to focus on connecting with the community I love, maximizing my philanthropic impact, strengthening the bonds with my family and friends, and of course, starting the next great venture capital firm, Two Bear Capital.”Goguen built a home along Whitefish Lake over a decade ago and has become a well-known philanthropist in the community. He donated a large land easement and spent over $10 million in personal funds on an expansive state trust land plan that transformed into the popular Whitefish Trail. He has invested untold millions more into an assortment of local causes and community investments, as well as business ventures, including Casey’s Bar and PROOF Research.His contributions include Two Bear Air, a search and rescue resource and aviation program that includes two helicopters that serve the Pacific Northwest. Goguen has invested over $11 million in the program and covers all of its operating costs.In 2014, Goguen donated $2 million over five years to the state’s Internet Crimes Against Children task force in an effort to protect kids from online predators. Emaillast_img read more

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Premium / Against the odds: Hapag-Lloyd turnaround a solid M&A proxy for CMA CGM?

first_img Password* << Go back Subscription required for Premium stories In order to view the entire article please login with a valid subscription below or register an account and subscribe to Premium LOGIN Forgotten your password? Please click here Reset Your Password Please either REGISTER or login below to continue By Alessandro Pasetti 27/02/2020 Premium subscriber LOGIN New Premium subscriber REGISTER “The stable rating outlook is anchored in our expectations of (1) continued pricing discipline, resulting in prioritisation of sustaining solid profitability; (2) flawless pass-through of the increased bunker costs stemming from IMO 2020; and (3) continued focus on sustaining a strong balance sheet. If our expectations materialise, our projections point to free cash flow (FCF)/debt of 9%-11% and debt/ebitda of 3.0x-3.5x over the next 12-18 months.”– Moody’s on Hapag-Lloyd, sourced from “Update to credit analysis” dated 26 February 2020.A note ... Email* Email* Please Login Resetlast_img read more

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