Rupert Hogg has been named the new chief executive of Hong Kong’s Cathay pacific as part of sweeping management changes at the airline in the wake of its first loss in eight years.He replaces Ivan Chu, who steps down from the CEO role after three years to become chairman of John Swire & Sons (China) from May 1. Chu will also step down as chairman of Hong Dragon Airlines but will remain on the Cathay and Swire Pacific boards as a non-executive director.Hogg moves into the role as Cathay is reeling from increased competition from low-cost and Chinese carriers as well as a bad call on fuel hedging.Cathay Pacific’s profit nosedived last year by almost 110 per cent to a net loss of $HK575m ($US74m) amid warnings from the Hong Kong group that it expected the environment this year to remain challenging.It blamed the worse than expected result on “intense and increased” competition combined with economic factors such as the strength of the Hong Kong Dollar and reduced economic growth in mainland China.He faces the task of completing a restructuring started by his predecessor aimed at making the carrier more responsive to an increasingly competitive environment.Cathay chairman John Slosar said Hogg, who also becomes the chairman of Cathay Dragon, brought an impressive level of aviation and business experience to the job. “He has played a major role as Chief Operating Officer over the last three years and brings commercial focus and a spirit of innovation to our efforts to overcome the well-documented structural challenges facing the airline,’’ he said. “He is the right man to lead our team.”Other changes will see Cathay’s director corporate development and IT, Paul Loo, take on the position of chief customer and commercial officer from June 1 and Greg Hughes, now an executive at Hong Kong Aircraft Engineering Company, become the airline’s chief operations and service delivery officer.Cathay Dragon chief executive Algernon Yau, will take on the role Cathay director of service delivery appointed will remaining at his current job.Slosar, who also chairs Swire Pacific, said he looked forward to working with Chu in his new role in the Swire group’s mainland China strategy and paid tribute to his efforts at Cathay.”Ivan played a key role in the airline’s management during some very good times and, more recently, some difficult and challenging times,’’ he said. “ In response, he led the team in devising the three-year transformation strategy which will provide the platform for Cathay’s medium-term recovery and continued development.’’
ANN ARBOR, MI – NOVEMBER 19: Jabrill Peppers #5 of the Michigan Wolverines leaves the field after a 20-10 win over the Indiana Hoosiers on November 19, 2016 at Michigan Stadium in Ann Arbor, Michigan. (Photo by Gregory Shamus/Getty Images)Jabrill Peppers arrived at Michigan last year as one of the most heralded recruits in the country. However, his freshman season was cut short due to injury, and he ended up taking a medical redshirt.Michigan began spring drills this week, and judging by this video Peppers posted on Twitter, he’s 100 percent healthy and very fired up to be on the field.TURNT‼️ pic.twitter.com/GrnGLVUX6N— Breez (@JabrillPeppers) February 25, 2015That backflip was in the middle of special teams drills. Imagine how excited Peppers will be when he gets to play in the secondary.It will be interesting to see how Peppers looks in 2015, assuming he stays healthy. He has the ability to be a breakout player for the Wolverines.
LEICESTER, England – The flight data recorder from the helicopter that crashed with the Leicester soccer team’s owner on board is being examined by investigators, authorities said, as his family and players paid tribute Monday at a makeshift shrine.Vichai Srivaddhanaprabha and four others were killed when the aircraft spiraled out of control, crashed and burst in flames outside the King Power Stadium following a Premier League game Saturday.Aiyawatt Srivaddhanaprabha, son of the Thai retail entrepreneur, brought a wreath to add to a collection of flowers, jerseys and club memorabilia that was growing after the disaster. Fans who gathered to pay respects broke into applause when Aiyawatt returned to the memorial with the players.Investigators are expected to remain at the site until the end of the week, when the wreckage is to be taken to special facilities for examination, the Air Accidents Investigation Branch said.“We recovered the digital flight data recorder (voice and data) on Sunday afternoon and one of our inspectors travelled back to Farnborough with the recorder the same evening,” the AAIB said in a statement. “Today, our inspectors in Farnborough will start working on the recorder, which was subject to intense heat as a result of the post-accident fire.”Police have not given an update on the investigation but wrote on Twitter its drone “was not in flight at the time the helicopter left the stadium.”Although only with Leicester for eight years, Vichai had a lasting impact on English soccer as the owner of the team that produced one of the greatest shocks in sports by winning the Premier League title at 5,000-1 odds in 2016.Through horse racing and polo, the owner of Thailand’s King Power duty-free chain became known to members of the British royal family, playing on occasion with Princes Charles and William. He spent millions establishing his polo team, the King Power Foxes, which began in 2014 and has enjoyed success at the top levels of competition in Britain.“I was lucky to have known Vichai for several years,” said Prince William, the second-in-line to the British throne. “He was a businessman of strong values who was dedicated to his family and who supported a number of important charitable causes. He made such a big contribution to football, not least through Leicester City’s magical 2016 season that captured the imagination of the world.”Vichai’s close bond with the community in Leicester was reflected in the tributes to the owner who bankrolled the team’s return to the Premier League in 2014 and the improbable title triumph.“The outpouring of grief is a testament to how many people’s lives were touched by those on board,” Prime Minister Theresa May said.Two members of Vichai’s staff, Nursara Suknamai and Kaveporn Punpare, also died along with pilot Eric Swaffer and co-pilot Izabela Roza Lechowicz. In a regular scene after matches that had become a symbol of Vichai’s ownership, the helicopter took off from the centre circle on the field after Saturday’s game against West Ham. It cleared the stadium roof before it plummeted into an adjacent parking lot in flames.Leicester’s next game, which had been scheduled for Tuesday against Southampton in the League Cup, has been postponed.___More AP soccer: https://apnews.com/tag/apf-Soccer and https://twitter.com/AP_Sports
WASHINGTON — The Federal Reserve is raising its key interest rate for the fourth time this year to reflect the U.S. economy’s continued strength but signalling that it expects to slow hikes next year.The quarter-point hike, to a range of 2.25 per cent to 2.5 per cent, lifts the Fed’s benchmark rate to its highest point since 2008. The increase will mean higher borrowing costs for many consumers and businesses.The Fed’s policy statement says “some” further gradual rate increases are likely. But its updated forecast projects just two rate hikes next year, down from three that the Fed had predicted in September. In another sign of fewer rate hikes ahead, the new forecast reduces the long-run level for the Fed’s benchmark rate to 2.8 per cent, down from 3 per cent.The Fed has raised rates with steady regularity as the U.S. economy has strengthened. Wednesday’s was the Fed’s ninth hike since it began gradually tightening credit three years ago. But a mix of factors — a global slowdown, a U.S.-China trade war, still-mild inflation, stomach-churning drops in stock prices — has led the Fed to consider slowing its rate hikes in 2019 to avoid weakening the economy too much. It’s now likely to suit its rate policy to the latest economic data — to become more flexible or, in Fed parlance, “data-dependent.”The Fed has so far managed to telegraph its actions weeks in advance to prepare the financial markets for any shift. But now, the risks of a surprise could rise. Next year, Chairman Jerome Powell will begin holding a news conference after each of the Fed’s eight meetings each year, rather than only quarterly. This will allow him to explain any abrupt policy shifts. But it also raises the risk that the Fed will jolt financial markets by catching them off guard.The reasoning for any shift in the Fed’s communications, some analysts say, is that it may want to pause in its credit-tightening to assess how the economy fares in the coming months in light of the headwinds it faces. Contributing to this view was a speech Powell gave last month in which he suggested that rates appear to be just below the level the Fed calls “neutral,” where they’re thought to neither stimulate growth nor impede it. Powell’s comment suggested that the Fed might be poised to slow or halt its rate hikes to avoid weakening the economy.For now, most U.S. economic barometers are still showing strength. The unemployment rate is 3.7 per cent, a 49-year low. The economy is thought to have grown close to 3 per cent this year, its best performance in more than a decade. Consumers, the main driver of the economy, are spending freely.In such an environment, the Fed would normally keep gradually raising rates to make sure the economy didn’t overheat and ignite inflation. But this time, the risks to the economy seem to be rising. From China to Europe, major economies are weakening. President Donald Trump’s trade conflict with Beijing could, over time, undermine the world’s two largest economies.There are also fears that the brisk pace of U.S. growth this year reflected something of a sugar high, with the economy artificially pumped up by tax cuts and a boost in government spending. The benefit of that stimulus will likely fade in 2019, slowing growth to a more modest pace. And as U.S. interest rates have risen, loan-sensitive sectors of the economy, from housing to autos, have begun to weaken.In addition, the Fed has been gradually shrinking the vast portfolio of Treasury and mortgage bonds it built up after the 2008 financial crisis. This process is thought to have had the effect of putting further upward pressure on borrowing rates for consumers and businesses.Economists appear unified in the view that whatever the Fed does, it won’t be influenced by the attacks Trump has made on the central bank and on Powell personally since the stock market began tumbling this fall. In a highly unusual move for a president, Trump has repeatedly and publicly denounced the Fed’s rate increases. At one point, the president called the Fed and its string of rate hikes this year “my biggest threat.”This week, Trump fired off two tweets objecting to a likely rate hike. In one of them, he called it “incredible” that the Fed would consider raising rates again when “the outside world is blowing up around us.”Powell, who was Trump’s hand-picked choice to be chairman, has stressed that the Fed will pursue its mandate of managing rates to maximize employment and stabilize prices, regardless of any outside criticism.Martin Crutsinger, The Associated Press
BEIJING — China’s legislature is considering a law to ban local governments from forcing foreign companies to hand over technology, an issue that helped to spark Washington’s tariff war with Beijing.Beijing has long denied companies are required to trade technology for market access. But officials including Premier Li Keqiang promised this year to crack down as tensions with Washington heated up.The official Xinhua News Agency said a proposed foreign investment law taken up Sunday by the national legislature would make clear officials cannot “force the transfer of technology” as a condition of business ventures.Washington and Beijing have raised tariffs on billions of dollars of each other’s goods in a dispute over American complaints China’s industry plans are based on theft of technology and violate its market-opening obligations.The Associated Press
By Mia RabsonTHE CANADIAN PRESS Last year, auditor general Michael Ferguson said he tried to test the progress being made on phasing out the subsidies but blasted the government for refusing to provide documents that would allow him to do so.Last month, a dozen of Canada’s most well known and influential environment groups flagged lack of action on fossil fuel subsidies in a report card on the government’s efforts to deliver on its environmental promises.Earlier this month, Canada fared poorly in a report ranking the progress of the G7 nations on phasing out fossil fuels. The report, completed by Oil Change International and the International Institute for Sustainable Development, concluded that the seven biggest developed economies in the world collectively contribute more than $100 billion a year to help the fossil fuel industry.While the U.S. spent the most overall, Canada spent the most per capita of any G7 country on oil and gas production, according to the report.Canada also received a poor grade for transparency of its subsidies.Catherine Abreu, executive director of the Climate Action Network-Canada, said agreeing to work with Argentina to peer review each other’s subsidies is a very good sign the government is finally moving on its commitment to phase them out. OTTAWA, O.N. – The federal government has taken a step towards fulfilling its promise to get rid of fossil fuel subsidies by agreeing to finally explain how much it actually spends on them.Natural Resources Minister Jim Carr was in Argentina on Thursday where he and his Argentinian counterpart announced that each country will conduct a study on how much the other country subsidizes its fossil fuel industries.As part of both the G7 and G20, Canada has committed every year since 2009 that it will work to phase out inefficient fossil fuel subsidies. The Liberals made it a campaign promise in 2015 and the following year said it would be done by 2025. Environment groups have used publicly available documents to try and figure out how much Canada subsidizes oil and gas companies but, without the government producing its own thorough review, Abreu said it’s very hard to know what’s missing.Existing reviews suggest Canada offers about $3 billion to companies to explore and produce oil and gas within Canada. Export Development Canada also finances oil production in other countries, spending almost $12 billion in 2016 and $10 billion in 2017 on foreign oil production.Abreu said the government has never really defined what it means by “inefficient” subsidies so this review may finally shed light on that aspect as well.A spokesman for Carr said the government will make the review report public once it is complete.
CALGARY, A.B. – Pembina Pipelines has confirmed they will spend $1.6 billion on capital projects in 2019 on previously announced projects.Of that, almost 53 percent or $900 million will be spent in the pipelines division. The 2019 capital budget for the Pipelines Division includes spending associated with the Phase VI and Phase VII expansions of the Peace Pipeline System, both of which are currently underway and anticipated to be in-service in the second half of 2019 and the first half of 2021, respectively.Funds will also be spent on the completion of NEBC Montney Infrastructure and the Wapiti Condensate Lateral both of which are expected to be in-service in the second half of 2019. Additional capital will be spent relating to previously known and anticipated final cleanup costs along the Peace Pipeline right-of-way, as well as communication and SCADA infrastructure upgrades.The company will also invest $210 on the development of Duvernay II & III which includes gas processing, condensate stabilization and related infrastructure under the previously announced 20-year infrastructure development and service agreement with Chevron Canada Limited. Duvernay II & III are expected to be in service in mid to late 2019 and mid to late 2020, respectively.Additional spending will be directed towards progressing the Prince Rupert LPG Export Terminal, the Empress Expansion and the recently announced Hythe Developments project.
Kolkata: CPI(M) general secretary Sitaram Yechury has urged Rahul Gandhi to explain whether he is keen on fighting the BJP or the Left as he feels that the Congress chief’s decision to contest from Left stronghold-Wayanad has sent out a different message. Hinting that Gandhi’s decision won’t prevent the two parties from coming together after election, he spoke about 2004 when the CPI(M)-led Left Front had extended outside support to the Congress-led UPA. He said out of the 61 Left MPs, 57 had won by defeating the Congress. Also Read – Uddhav bats for ‘Sena CM’ “In all the 20 seats of Kerala, the contest is between the Congress-led UDF and Left-led LDF, whether its Rahul Gandhi or XYZ candidate. We are saying today that defeating the BJP is necessary to save India today,” Yechury told PTI in an interview. “Now what does Rahul Gandhi want to do is up to him. What is the message he is giving by contesting against the Left in Kerala unlike his mother or grandmother who had contested against the BJP from Karnataka. He should tell the country whether he is keen on fighting BJP or the Left. He should clarify this,” he said. Also Read – Farooq demands unconditional release of all detainees in J&K Indira Gandhi had contested from Chikmagalur in October 1978 and Sonia Gandhi from Bellary in 1999 in Karnataka. Fighting against the BJP is one thing, fighting against the Left sends out a different message, he said. Yechury said if Gandhi was keen on sending a message of united India by contesting from a southern state he could have contested from Tamil Nadu or Karnataka. He was commenting on Gandhi’s recent speech where he had said that the reason behind contesting from Kerala was to give a message that “India is not just one idea but millions of different viewpoints”. Asked whether Gandhi contesting from Kerala would act as a roadblock for the CPI(M) in supporting the Congress in a post-poll scenario, Yechury said, “Roadblock for what? If Rahul Gandhi is not there then there will be some other Congress candidate.” “We are fighting Congress politically in Kerala and we will fight it,” he said, noting that in 2004 when Left supported UPA-1, out of the 61 seats, the Left had won 57 by defeating the Congress. Yechury exuded confidence that a secular democratic government would come to power post elections and said the these polls will be the most crucial since Independence as the outcome will determine whether the country will remain a secular, democratic republic, as enshrined in the Constitution. “The BJP, which is an arm of the RSS, has a game plan to convert India into Hindu Rashtra. They have undermined every democratic institutions of the country. We will never allow this to happen and that is why it is crucial to defeat this government,” he said. Asked whether the CPI(M) will be a part of the proposed secular government or will it limit its role up to providing outside support, Yechury said it will decided post polls. “According to our party programme, the question of participating or not participating in government will be decided on the basis of the concrete situation that emerges at such a time, by our central committee. This decision will be taken at that time,” he said. Criticising the BJP for its effort to polarise the elections on the basis of religion and nationalism, Yechury referred to Pakistan Prime Minister Imran Khan’s recent comment that he would like the BJP to win and said the statement had only made it clear “who is pro-Indian and pro-Pakistani”. “The BJP has been branding opposition and those who have questioned them as Pakistani. But after Imran Khan’s statement we know who Pakistan actually wants as PM. Pakistan wants Modi to win and India wants Modi to lose,” he said. In an interview to foreign journalists, Khan said he believed there was a better chance of peace talks with India and settling the Kashmir issue if the BJP wins the general elections. The 66-year-old communist leader slammed BJP president Amit Shah for terming infiltrators “termites” and said it is one of the “most obnoxious and offensive comments” and wondered why the Election commission is yet to take cognisance of it. He said it was clearly a case of hate speech and violation of the Model Code of Conduct. “I really cannot understand why the EC is yet to take notice of it,” Yechury said. On the issue of failure of the seat-sharing deal with the Congress in West Bengal, Yechury said the grand old party should answer why it decided to go alone. “The CPI(M) was sincere in its commitment to ensure maximum polarisation of anti-BJP and anti-TMC votes in Bengal. We unilaterally announced that there should be no mutual contest in six seats. But the Congress on the basis of its own wisdom announced candidates, so it is for them to answer,” he said. Yechury said that as far as the people of Bengal were concerned, the most sincere efforts for defeating the TMC and the BJP were being made by the CPI(M) and Left. With the BJP emerging as the main contender of the ruling Trinamool Congress, the CPI(M) in Bengal is fighting a tough battle to retain its political ground. In the 2014 parliamentary election, the Trinamool Congress won 34 seats in Bengal, the Congress four and the Left and the BJP two each.
The fastest man in the world, Usain Bolt, has been challenged to a race for charity by Great Britain’s distant runner Mo Farah, but the race may take the sprinter out of his comfort zone.“It’d be great to be able to do a distance where people vote in what distance will be suitable, and then get a judge and then come in the middle with that distance and train for it,” said Britain’s Farah, who won the 5,000 and 10,000 meters at last year’s London’s Olympics. “Bolt, are you up for that? Come on, you got to do it.”With no one else to beat on the track, Bolt – who won the 100 and 200 in world-record time at the 2008 Beijing Games, then defended those titles at last year’s Olympics – is considering Farah’s challenge.“That sounds fun. It’s going to be hard, but for me it’s charity, so it’s just all about fun and enjoyment,” Bolt said. “For me, I’m up for anything if it’s possible.”The issue with this challenge is deciding on a fair distance. What would you consider a fair? Give us your opinion.