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Vermont Third Lowest Foreclosure Rate

first_imgForeclosure Activity Decreases 7 Percent in November According to RealtyTrac(R) U.S. Foreclosure Market ReportVermont Third Lowest Foreclosure RateForeclosure Activity Still Up 28 Percent From November 2007IRVINE, Calif., Dec. 11 /PRNewswire/ –RealtyTrac(R) (www.realtytrac.com(link is external)), the leading online marketplace for foreclosure properties, today released its November 2008 U.S. Foreclosure Market Report(TM), which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 259,085 U.S. properties during the month, a 7 percent decrease from the previous month but still up 28 percent from November 2007. The report also shows one in every 488 U.S. housing units received a foreclosure filing in November.RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.”Foreclosure activity in November hit the lowest level we’ve seen since June thanks in part to recently enacted laws that have extended the foreclosure process in some states, along with more aggressive loan modification programs and self-imposed holiday foreclosure moratoriums introduced by some lenders,” said James J. Saccacio, chief executive officer of RealtyTrac. “There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months.”Delinquencies on loans not yet in the foreclosure process jumped to nearly 7 percent in the third quarter, a record high, according to the Mortgage Bankers Association,” Saccacio continued. “And more than half of the homeowners who received loan modifications to reduce monthly mortgage payments in the first half of 2008 are already delinquent on their loans again, according to the U.S. Office of Thrift Supervision. Many of these delinquencies could turn into foreclosures next year.”Nevada, Florida, Arizona post top state foreclosure ratesNevada foreclosure activity in November decreased nearly 4 percent from the previous month, but the state maintained the nation’s No. 1 foreclosure rate, with one in every 76 housing units receiving a foreclosure filing during the month — more than six times the national average. Foreclosure filings were reported on 13,962 Nevada properties, up 109 percent from November 2007.Florida foreclosure activity in November was also down from the previous month, but the state’s foreclosure rate moved up to the No. 2 spot thanks to an even bigger monthly decrease in Arizona. One in every 173 Florida housing units received a foreclosure filing during the month, nearly three times the national average.With one in every 198 housing units receiving a foreclosure filing, Arizona posted the nation’s third highest foreclosure rate in November despite a nearly 25 percent decrease in foreclosure activity from the previous month. Foreclosure filings were reported on 13,136 Arizona properties during the month, up nearly 128 percent from November 2008.Other states with foreclosure rates ranking among the top 10 were California, Michigan, Georgia, Ohio, Colorado, Utah and Idaho.California, Florida, Michigan post highest foreclosure totalsForeclosure filings were reported on 60,491 California properties in November, the most of any state and a 6 percent increase from the previous month following two consecutive monthly decreases. The state’s foreclosure activity was up 51 percent from November 2007, and one in every 218 housing units received a foreclosure filing during the month — more than twice the national average.Despite a 9 percent decrease in foreclosure activity from the previous month, Florida continued to post the nation’s second highest number of properties with foreclosure filings — 49,190. The state’s foreclosure activity was still up 68 percent from November 2007.Michigan foreclosure activity in November increased 28 percent from the previous month, giving the state 14,594 properties with foreclosure filings during the month — the nation’s third highest state total. Michigan’s foreclosure activity was up 27 percent from November 2007, and the state’s foreclosure rate ranked fifth highest in the nation for the month.Nevada, Arizona, Ohio, Georgia, Illinois, Texas and Virginia also reported foreclosure totals that were among the nation’s 10 highest.California and Florida cities account for nine of Top 10 metro foreclosure ratesWith one in every 59 housing units receiving a foreclosure filing in November, Cape Coral-Fort Myers, Fla., posted the highest metropolitan foreclosure rate among the 230 metro areas tracked in the report. Two other Florida cities ranked among the top 10 in terms of foreclosure rate: Fort Lauderdale at No. 7, with one in every 117 housing units receiving a foreclosure filing; and Port Lucie-Fort Pierce at No. 8, with one in every 118 housing units receiving a foreclosure filing.Las Vegas was the only city not in Florida or California with a foreclosure rate that ranked among the top 10. One in every 61 Las Vegas housing units received a foreclosure filing in November, the second highest metro foreclosure rate.California accounted for the remainder of the top 10 metro foreclosure rates. Merced was at No. 3, with one in every 76 housing units receiving a foreclosure filing; Modesto was at No. 4, with one in every 93 housing units receiving a foreclosure filing; Stockton was at No. 5, with one in every 94 housing units receiving a foreclosure filing; Riverside-San Bernardino was at No. 6, with one in every 107 housing units receiving a foreclosure filing; Bakersfield was at No. 9, with one in every 129 housing units receiving a foreclosure filing; and Vallejo-Fairfield was at No. 10, with one in every 133 housing units receiving a foreclosure filing.U.S. Foreclosure Market Data by State – Nov 2008 Properties with Foreclosure Filings Rate State Rank Name NOD LIS NTS NFS REO — U.S. 39,416 53,827 64,136 23,527 78,179 40 Alabama 3 0 255 0 355 32 Alaska 4 0 72 0 103 3 Arizona 110 0 8,075 0 4,951 20 Arkansas 55 0 978 0 509 4 California 19,030 0 24,056 0 17,405 8 Colorado 48 0 3,144 0 2,135 16 Connecticut 0 1,286 0 455 454 34 Delaware 0 3 0 151 82 District of Columbia 109 0 142 0 93 2 Florida 0 29,653 0 11,353 8,184 6 Georgia 26 0 5,533 0 4,444 28 Hawaii 76 0 293 0 24 10 Idaho 611 0 612 0 61 17 Illinois 0 4,354 0 642 2,913 14 Indiana 0 1,322 0 1,637 1,524 38 Iowa 20 0 273 0 229 35 Kansas 0 134 0 256 318 43 Kentucky 0 115 0 106 206 41 Louisiana 0 12 0 409 83 36 Maine 76 0 200 0 24 18 Maryland 0 2,521 0 535 414 27 Massachusetts 0 1,316 0 414 541 5 Michigan 8,709 0 285 0 5,600 25 Minnesota 9 0 557 0 1,621 47 Mississippi 0 0 64 0 70 22 Missouri 367 0 1,415 0 1,103 45 Montana 0 0 6 0 52 49 Nebraska 0 0 0 12 24 1 Nevada 6,037 0 3,839 0 4,086 21 New Hampshire 1 0 449 0 221 15 New Jersey 0 3,914 0 836 832 42 New Mexico 0 50 0 53 117 39 New York 0 1,376 0 525 700 31 North Carolina 729 0 537 0 1,527 44 North Dakota 0 0 0 24 31 7 Ohio 0 4,828 0 3,370 4,685 33 Oklahoma 285 0 439 0 295 12 Oregon 912 0 1,448 0 605 30 Pennsylvania 0 1,517 0 1,429 1,028 11 Rhode Island 0 0 454 0 441 24 South Carolina 0 922 0 445 654 46 South Dakota 0 1 0 36 8 19 Tennessee 5 0 1,729 0 1,733 26 Texas 29 0 4,260 0 3,554 9 Utah 798 0 624 0 581 48 Vermont 1 0 1 0 20 13 Virginia 1,287 0 2,606 0 1,801 23 Washington 78 0 1,710 0 1,060 50 West Virginia 0 0 27 0 7 29 Wisconsin 0 503 0 839 625 37 Wyoming 1 0 53 0 46 Properties with Foreclosure Filings 1/every X Rate State HU %Chg. from %Chg. from Rank Name Total (rate) Oct 08 Nov 07 — U.S. 259,085 488 -7.32 28.29 40 Alabama 613 3,442 -26.67 -7.12 32 Alaska 179 1,545 -30.62 14.74 3 Arizona 13,136 198 -24.97 127.78 20 Arkansas 1,542 826 -18.63 35.26 4 California 60,491 218 6.21 51.26 8 Colorado 5,327 393 -0.87 -17.09 16 Connecticut 2,195 653 -29.47 71.22 34 Delaware 236 1,622 14.01 78.79 District of Columbia 344 822 51.54 319.51* 2 Florida 49,190 173 -9.45 68.24 6 Georgia 10,003 387 1.04 11.54 28 Hawaii 393 1,272 -0.51 247.79 10 Idaho 1,284 479 9.46 92.50 17 Illinois 7,909 657 -37.63 -3.99 14 Indiana 4,483 615 -17.04 -20.43 38 Iowa 522 2,529 4.40 -30.21 35 Kansas 708 1,706 7.93 101.14 43 Kentucky 427 4,422 -19.13 -43.67 41 Louisiana 504 3,631 -21.50 -22.58 36 Maine 300 2,304 -14.29 154.24* 18 Maryland 3,470 663 16.72 10.90 27 Massachusetts 2,271 1,193 -37.44 -32.35 5 Michigan 14,594 309 28.10 27.30 25 Minnesota 2,187 1,044 -17.78 80.74 47 Mississippi 134 9,265 -31.98 -30.21 22 Missouri 2,885 909 -21.43 -13.60 45 Montana 58 7,449 45.00 -50.85 49 Nebraska 36 21,523 -28.00 -92.56 1 Nevada 13,962 76 -3.60 108.57 21 New Hampshire 671 879 -2.89 59.76 15 New Jersey 5,582 622 -34.12 31.90 42 New Mexico 220 3,864 -16.67 -15.06 39 New York 2,601 3,040 -30.84 -55.11 31 North Carolina 2,793 1,443 -13.10 -29.67 44 North Dakota 55 5,596 30.95 71.88 7 Ohio 12,883 392 6.39 -21.00 33 Oklahoma 1,019 1,577 24.72 -14.23 12 Oregon 2,965 535 4.36 142.64 30 Pennsylvania 3,974 1,372 -0.77 54.21 11 Rhode Island 895 502 53.78* 202.36* 24 South Carolina 2,021 978 -0.49 284.22* 46 South Dakota 45 7,840 32.35 104.55 19 Tennessee 3,467 773 -14.14 -10.23 26 Texas 7,843 1,176 -20.78 -32.38 9 Utah 2,003 450 10.54 104.18 48 Vermont 22 14,071 69.23* 266.67* 13 Virginia 5,694 567 -13.14 120.87 23 Washington 2,848 948 -33.43 15.16 50 West Virginia 34 25,817 -61.80 -30.61 29 Wisconsin 1,967 1,288 4.13 -17.53 37 Wyoming 100 2,392 -1.96 61.29 *Actual increase may not be as high due to data collection changes or ImprovementsReport methodologyThe RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the state and national level. Data is also available at the individual county level. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month or quarter, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month or quarter. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.About RealtyTrac Inc.Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com(link is external)), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For current news and information regarding foreclosure-related issues and trends, visit our blog at www.ForeclosurePulse.com(link is external).SOURCE RealtyTrac Inc.last_img read more

Mountain Mama: Celebrating the Gauley

first_imgWith the cooler air, bluer skies, and shorter days my thoughts turn to fall and paddling the Gauley River.  September 11th I’ll be making the drive to my favorite kayaking festival in the Southeast where there won’t be any vendors or long drives to the river the next day or all-night partiers sleeping next to my tent. For the past few years, Tawney Farm hosts Not Swiss Fest at their Gauley River Wild & Woolly Primitive Campground. Located at the top of the hill from Mason’s Branch on the Middle Gauley (off of Panther Road), it’s convenient for paddlers.Screen Shot 2015-08-31 at 9.58.33 AMThis homegrown festival started when the park service prohibited boaters from camping at Swiss, the take-out for the Lower Gauley.  The group of friends who camped at Swiss every weekend for the first release searched for an alternative spot and found Tawney Farm.  A small-scale sheep farm, it offers a concert venue with fire pits and primitive camping. The group moved to the new location and coined the name “Not Swiss Fest.”“What began as a half dozen guys in a field and a pot of spaghetti has grown to eighty or ninety people,” says John Moran, a kayaker from Virginia. Over the years, he’s continued his tradition of making a spaghetti dinner for everyone Friday night. He expects to serve sixty people this year, all for free.  Inspired by his kindness, other kayakers have self-appointed themselves as bartenders and bring food to share.The Old Mill Stage, an extension of an old sawmill, provides a great music venue. Friday, September 11th The Echo Canyon Players and Pilgrim, both Ohio bands, will play. On Saturday, September 12th, The Allegheny Ramblers, a 4-piece string band from Glenville, WV, will also take the stage.Susan and James Tawney, both West Virginia natives, opened their hundred- acre farm to campers in an effort to cultivate appreciation for the area’s beauty. They cater to paddlers, keeping the registration booth open late and offering a hot outdoor shower. There two of the friendliest people I’ve ever met, and if the opportunity to share a campfire and pass around a bottle comes along, jump on it. James, a storyteller at heart, shares his perspective as a son of a coal miner or tales from his first time rafting the Upper Gauley.Best of all, camping at the farm provides paddlers with an easy opportunity to contribute to the local economy. Check out their website at http://www.tawneyfarm.com or call to make a reservation at 304-619-7332. Reservations are recommended, but not required, during Gauley season.last_img read more

Proven tie-breakers

first_imgChoosing a PIN debit settlement network need not be a guess-and-hope process, says Richard K. Crone, head of Crone Consulting LLC, San Carlos, Calif., but he notes that a lot of credit unions are not well versed in selection techniques. They should use three verifiable tie-breakers, he advises:1. Assess the network’s acceptance coverage. This is the number and distribution of merchants and ATMs where your debit card will be accepted. “The networks are not all alike,” he notes. “They have regional strengths and weaknesses. They have different growth strategies.” Reliable coverage numbers are available, he adds.2. Look for integration. Buying a bundled service is one way to get it.3. Check out pricing and service-level commitment. Be sure to ask for the earned discount schedule, Crone advises. It costs a lot to build a PIN debit settlement network, but it costs almost nothing to run a lot of traffic through it, he explains. Additional volume is gravy, and the networks crave it. The bigger your volumes, the greater your discounts, which is what the earned discount table will tell you. continue reading » 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Barr tells DOJ to probe election fraud claims if they exist

first_imgAttorney General William Barr has authorized federal prosecutors across the U.S. to pursue “substantial allegations” of voting irregularities, if they exist, before the 2020 presidential election is certified, despite little evidence of fraud.Barr’s action comes days after Democrat Joe Biden defeated President Donald Trump and raises the prospect that Trump will use the Justice Department to try to challenge the outcome. It gives prosecutors the ability to go around longstanding Justice Department policy that normally would prohibit such overt actions before the election is certified.Trump has not conceded the election and is instead claiming without evidence that there has been a widespread, multi-state conspiracy by Democrats to skew the vote tally in Biden’s favor.- Advertisement – – Advertisement – – Advertisement – Attorney General Bill Barr leaves the US Capitol after meeting with Senate Majority Leader Mitch McConnell in his office on November 9, 2020 in Washington, DC.Samuel Corum | Getty Imagescenter_img Biden holds a sizable lead in multiple battleground states and there has been no indication of enough improperly counted or illegally cast votes that would shift the outcome. In fact, election officials from both political parties have publicly stated the election went well, though there have been minor issues that are typical in elections, including voting machines breaking and ballots that were miscast and lost.In a memo to U.S. attorneys, obtained by The Associated Press, Barr wrote that investigations “may be conducted if there are clear and apparently-credible allegations of irregularities that, if true, could potentially impact the outcome of a federal election in an individual State.”He said any allegations that “clearly not impact the outcome of a federal election” should be delayed until after those elections are certified and prosecutors should likely open so-called preliminary inquiries, which would allow investigators and prosecutors to see if there is evidence that would allow them to take further investigative measures.- Advertisement – Barr does not identify any specific instances of purported fraud in the memo.“While it is imperative that credible allegations be addressed in a timely and effective manner, it is equally imperative that Department personnel exercise appropriate caution and maintain the Department’s absolute commitment to fairness, neutrality and non-partisanship,” Barr wrote.States have until Dec. 8 to resolve election disputes, including recounts and court contests over the results. Members of the Electoral College meet Dec. 14 to finalize the outcome.Barr, a loyal ally of President Donald Trump, helped broadcast Trump’s claims of voter fraud before the election, attacking mail-in voting as prone to undue influence and coercion, despite multiple studies debunking the notion of pervasive voter fraud in general and in the vote-by-mail process.Generally, Justice Department policy is “not to conduct overt investigations, including interviews with individual voters, until after the outcome of the election allegedly affected by the fraud is certified.”But Barr argues in the memo that concerns such acts could inadvertently impact an election are minimized once voting has concluded and that, in some cases, investigations could not be delayed until the election is certified.A Justice Department official said Barr had not been asked by Trump, anyone else at the White House or any lawmakers to issue the memo. The official could not discuss the matter publicly and spoke to the AP on condition of anonymity.Barr was in Senate Majority Leader Mitch McConnell’s office on Capitol Hill on Monday afternoon and refused to answer questions from reporters when he left. Earlier Monday, McConnell threw his support behind Trump after a period of post-election silence.last_img read more

China delays college entrance exam as fears grow over risk of coronavirus second wave

first_imgTopics : China will delay its national college entrance exam by a month as it grapples with a coronavirus pandemic as travellers returning from abroad are fuelling new cases and boosting concern over the threat of a second wave of infections.The two-day “gaokao” annual test will be pushed back to July 7 and 8, China Central Television said on Tuesday, with Hubei province, where the virus emerged late last year, and Beijing, the capital, being given more leeway in scheduling it.The delay to the test, seen as opening the way to a life of opportunity and taken by more than 10 million students last year, is the latest sign of China’s struggle to resume normal life after widespread lockdowns aimed at reining in the virus. New data from a survey of manufacturers showed that factory activity expanded in March from February’s collapse as businesses returned to work, but analysts warned that slumping external demand could prevent a durable recovery.”The situation could be very fluid as the virus outbreak remains unpredictable,” analysts at ANZ bank said in a note. “Chinese policymakers will likely step up and expand the stimulus program if needed.”Rise in cases On Tuesday, mainland China reported an increase in new infections, reversing four days of declines, as cases rose among arrivals from overseas.Monday’s 48 new cases were up from 31 the previous day, the National Health Commission said in a statement, with one death.All were imported, taking China’s tally of such cases to 771, with no new local infection reported.Locally transmitted infections have mostly declined, but authorities concerned about travellers who caught the virus abroad are stepping up screening and quarantine measures, while slashing international flights and barring most foreigners.Of Monday’s new imported cases, 10 were in the northern region of Inner Mongolia, involving travellers whose flights were diverted to the regional capital of Hohhot from Beijing, state media said.The commercial hub of Shanghai reported 11 new imported cases, comprising mainly returning Chinese nationals, while Beijing reported three.Wuhan, the capital of the central Hubei province, reported no new infections for a seventh straight day.By Monday, total infections stood at 81,518 in mainland China, with 3,305 deaths. center_img “China has slowed transmission of the virus and in so doing, has passed one peak in the outbreak,” said Tarik Jasarevic, a representative of the World Health Organization. “The challenge now is to prevent a resurgence of new cases.”The epidemic in the Asia-Pacific region was “far from over”, another WHO official added.Last week, a study in British medical journal the Lancet Public Health recommended that China extend school and workplace closures, since an earlier relaxation of curbs could bring a second peak in the outbreak by August.China’s tax authorities acknowledged the pandemic’s impact on exporters, saying they were studying policies to reduce pressure on businesses, from tax cuts to an extension of preferential policies for foreign firms.last_img read more

Official: Arsenal complete transfer of Gabriel Magalhaes

first_imgGabriel and Willian will both play for the Gunners next season (Picture: AFP via Getty)‘We need to understand that it’s every player’s dream to play in the Premier League and he’s been asking questions about the Premier League and clubs in the Premier League so I try to give the best and honest opinions.‘Hopefully he will make his decision and he will be very successful with it. I have no doubt about it.’Arsenal will face Liverpool on Saturday in the Community Shield before kicking off their Premier League campaign against Fulham next month.MORE: Arsenal transfer target Philippe Coutinho speaks out on his future after winning Champions LeagueMORE: Mikel Arteta closing in on Freddie Ljungberg replacement to solve Arsenal’s set-piece woesFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Arteta is in the process of revamping Arsenal’s defence (Picture: Getty)It’s the second time Arsenal have signed a player from Lille in the past 12 months, having bought Nicolas Pepe for £72m last summer. Gabriel had loan spells with Troyes and Dynamo Zagreb before establishing himself at Lille, where he forged a partnership with former Southampton centre-back Jose Fonte.Fonte revealed Gabriel had been quizzing him about life in the Premier League ahead of a move to the Emirates.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalHe told TalkSPORT: ‘I think it’s quite public, to be honest. The club have allowed him to speak with other clubs and he’s in the process of moving. ‘It’s just about him choosing which club, which is a great position to be in. He just needs to choose where he wants to go so that’s fantastic. ‘They are all good clubs so I’m very happy for him. He’s a great player. Advertisement Official: Arsenal complete transfer of Gabriel Magalhaes Commentcenter_img Advertisement Gabriel has joined Arsenal (Picture: Icon Sport via Getty)Arsenal have officially confirmed the transfer of Lille centre-back Gabriel Magalhaes. The Gunners struck a £27million deal with the Ligue 1 side and Gabriel, 22, has put pen to paper on a long-term deal at the Emirates. Mikel Arteta’s outfit beat off competition from Manchester United and Napoli to sign the Brazilian centre-half, who was a key member of a Lille side that finished fourth in France’s top flight last season. He started all six of their games in the Champions League, including two against Chelsea, but was in the stands for Lille’s 2020/21 season opener against Rennes on Saturday ahead of his move to the Premier League.AdvertisementAdvertisementADVERTISEMENTGabriel is Arsenal’s second signing of the summer after the Gunners landed his compatriot Willian on a free transfer from Chelsea. William Saliba, signed a year ago, has also linked up with the squad after completing a season on loan with former side St Etienne and the pair could form a new-look partnership at the heart of Arsenal’s defence. Metro Sport ReporterTuesday 1 Sep 2020 4:05 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link6.7kShareslast_img read more

PGGM works on improving impact investment metrics

first_imgHe added that PGGM already has monitored many areas, such as production of healthier food, but that companies sometimes were unable to produce the relevant data.PGGM wants to involve approximately 40 companies earmarked as providing solutions, because of their positive impact on environment, water, food or health, the focus points of PFZW’s policy for impact investing.At the moment, PGGM has combined impact investments in listed companies of €1bn for PFZW, whereas the asset manager’s total stake in investments in such solutions stands at €9bn.Impact investments and measuring their effect are to play an increasing role in PGGM’s investment policy, as noted by Piet Klop, the manager’s senior advisor, responsible investments. Speaking as the Global Impact Investing Network launched a report on the business value of impact measurement, Klop said that measuring impact had numerous benefits, including motivating PGGM’s staff, but also allowing its clients to demonstrate how pension savings were being used for societal good.”PGGM sees impact measurement – and its standardization – as an important step towards the impact we are really after: signaling to our peers, our investees and the market as a whole that institutional investors are interested in positive, tangible impacts and that those impacts can be brought about at market-rate returns,” he said.PGGM aims to have deployed €20bn into the area by in 2020. The €200bn Dutch asset manager PGGM is to work with a local provider of social impact management metrics to boost its understanding of the social impact of its portfolio.To date, the Amsterdam-based provider, Sinzer, has largely worked with Dutch charities and family offices, but its work with PGGM comes after the manager’s main client, the €179bn PFZW, pledged to quadruple its exposure to sustainable investments – including investments meant to improve food security and combat food scarcity. Cedric Scholl, corporate trainee at PGGM said: “The co-operation with Sinzer enables us to improve registration of impact data reported by companies.”According to Scholl, PGGM will work on new metrics for impact measurement, “including reduction of the carbon footprint or the amount of water saved by new technology”.last_img read more

​Crisis measures to cut Finnish pensions contribution income by €1bn

first_imgThe organisation – which is the central body of Finland’s statutory earnings-related pension scheme – said the employer contribution reduction would be fi­nanced by the system’s economic and monetary union (EMU) buf­fer, whose purpose is to maintain employers’ social security contributions during the crisis.But Kian­der warned contribution income was also set to decrease significantly this year due to job losses, with the Finnish Centre for Pensions expecting to see around 300,000 employees laid off for different durations during the first half of this year.He also said the ear­nings-re­la­ted pen­sion sys­tem has been wea­ke­ned by falling share prices amid turbulent market conditions, which had con­si­de­rably re­duced pen­sion pro­vi­ders’ sol­vency buf­fers.Population projections resulting from the pandemic were likely to leave their mark on the pension system as well, he said.“The emergence of a pandemic and the increase in mortality are factors that may affect estimates of an increase in life expectancy. On the other hand, it is not impossible for the coronavirus crisis to have a positive effect on birth rates,’ he said.To read the digital edition of IPE’s latest magazine click here. Moves by the Finnish government to help businesses cope with the immediate economic fallout of the coronavirus outbreak will wipe out €1bn of contributions to occupational pension providers this year, and the sector faces other potential hits too, according to the Finnish Centre for Pensions.The government has temporarily lowered earnings-related pension contribution requirements from employers by around 2%, and allowed businesses unable to operate during the crisis to postpone contributions completely for up to three months – a measure agreed with la­bour-mar­ket organisations, it said.Jaak­ko Kian­der, director of the Finnish Centre for Pensions in charge of research, statistics and planning, wrote in an analysis article: “The measures which have been decided upon will reduce the premium income of pension institutions by about €1bn for the current year.”This loss would be made up for by rai­sing emplo­yer cont­ri­bu­tions in 2022–2025, he said, in a new publication from the centre.last_img read more

Nigerian court decides in favor of NLNG in NIMASA dispute

first_imgThe Federal High Court sitting in Lagos delivered judgment in favor of Nigeria LNG in the case between the company and Nigerian Maritime Administration and Safety Agency (NIMASA) over the applicability of NIMASA levies.NIMASA had alleged that NLNG was liable to pay three percent gross freight on its international inbound and outbound cargo, Sea Protection Levy, two percent cabotage surcharge on all activities carried out for and on its behalf, as well as other sundry claims, all of which NLNG disputed.The court held that NLNG was not liable to make the said payments to NIMASA, and that all such payments already made by NLNG to NIMASA should be refunded to NLNG forthwith.  held that NIMASA was wrong in blockading the Bonny channel for the purpose of enforcing the payments against NLNG.In addition, the court held that NIMASA was wrong in blockading the Bonny channel for the purpose of enforcing the payments against NLNG.NLNG, in 2013, filed the case at the Federal High Court against NIMASA, seeking a judicial determination on, among other things, the legality or otherwise of the levies sought to be imposed on NLNG by NIMASA, and the consequent blockade of the Bonny channel by NIMASA and its agents as a result of the dispute.NLNG had also sought a Court Order restraining NIMASA from further blockade of the channel. An Interim Injunction granted in favor of NLNG by the Federal High Court was disobeyed by NIMASA, which again effected a blockade of the Bonny channel for over a three week period whilst the matter was pending, thereby preventing NLNG vessels and other vessels doing business with NLNG, from entry and exit through the channel.NIMASA had filed a counterclaim restating its supposed entitlement to receive payment of the levies from NLNG.However, the Federal High Court judgement reinforces NLNG’s position that by the provisions of the applicable laws, the company is not subject to payment to NIMASA of the three percent gross freight as well as the Sea Protection Levy, and that the two percent Cabotage Levy is inapplicable because NLNG’s LNG vessels are not involved in coastal trade or cabotage.last_img read more

Samsung Heavy to Ink USD 195 Mn Deal for LNG Carrier

first_imgSouth Korean shipbuilder Samsung Heavy Industries (SHI) is to sign a contract for the construction of a 180,000 cbm liquefied natural gas (LNG) carrier. The deal, worth KRW 210 billion (USD 195 million), is expected to be concluded by the end of this year, SHI said in a statement.Although the name of the company which ordered the ship was not disclosed, SHI said it is a “foreign company”.This year, SHI secured a total of 28 orders worth USD 6.9 billion, exceeding its annual order target of USD 6.5 billion.SHI said it will close the year with orders including eight oil tankers, seven shuttle tankers, six containerships, five LNG carriers, one floating production unit (FPU) and one LNG floating storage and regasification unit (FLNG).World Maritime News Stafflast_img read more