The Week Ahead: Nearing the Forbearance Exit 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Tagged with: Jamie Dimon JPMorgan in Daily Dose, Featured, Investment, News Jamie Dimon JPMorgan 2019-04-18 Seth Welborn Previous: Taxing Issues in the World of Real Estate Investors Next: Deephaven Mortgage, LoanScorecard Expand Partnership Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe JPMorgan Reshapes Executive Team About Author: Seth Welborn Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Sign up for DS News Daily Home / Daily Dose / JPMorgan Reshapes Executive Team The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago JPMorgan has promoted two female executives within its executive team. The bank tapped Jennifer Piepszak, Head of the bank’s card services unit, as the new CFO, following the announcement that current CFO Marianne Lake will run the consumer lending business. Piepszak will assume her new role on May 1, at which time Lake will take over as CEO of the Consumer Lending Business.“I am bursting with pride over those two,” JPMorgan Chase CEO Jamie Dimon told FOX Business’ Maria Bartiromo Opens a New Window. on Thursday. “Marianne Lake is just an exceptional CFO.”In the internal announcement memo signed by Dimon, both women are described as “extraordinary executives and leaders who have been critical to our success.” CNBC reports that Lake has been considered as a top contender to take Dimon’s place following his retirement.In an interview last year, Dimon stated that he intends to stay at the company for five more years, and described Lake as an “extraordinarily talented executive.”“She has all of the qualities of a great leader,” said Dimon.“I want to be at this company 10 years from now and I will be quite open-minded about what the next step could look like,” Lake told Reuters last year. “I have told the board that I want to be here for the long-term.”“When you are a successful company,” she added, “you have to fight really hard to make sure you avoid complacency, arrogance, bureaucracy.”JPMorgan’s Q1 2019 financial results proved to be successful, exceeding expectations and reporting $9.2 billion in net income.“In the first quarter of 2019, we had record revenue and net income, strong performance across each of our major businesses and a more constructive environment,” said Dimon in a statement. “Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong.”JPMorgan Chase’s home lending net revenue was $1.3 billion, up from the previous quarter by down 11% year over year, driven by lower net servicing revenue.Who are the leading women who have left an indelible mark both on your career, and the mortgage and housing industry? honor their achievements, by nominating them for a 2019 Keystone Award—to be presented live on stage to the industry at the 2019 Five Star Conference and Expo this September.Nominate the deserving women you know here. April 18, 2019 1,754 Views
New analysis from Wednesday’s release also reveals a systematic weighting in favour of students from independent schools.Between 2015-17, 5,007 applications were made from students at state comprehensive schools, with an offer rate of 22% – four percentage points lower than the offer rate for applications made from independent schools (26%) in the same period. The University received 14,636 applications from students at independent schools. The findings come after Cherwell revealed on Wednesday that Oxford admitted more pupils from Westminster School than black students in 2017.Naomi Kellman, founder of Target Oxbridge, said that the findings were unsurprising: “Target Oxbridge has been working to improve the representation of black students at Oxford since 2012, and so the statistics did not surprise me, as it is an issue we work on every day.”“I am please to see some improvements in the number of black students admitted to Oxford each year however, and am keen to continue pushing for greater change.”Kellman said that Target Oxbridge, which aims to help black and mixed race African and Caribbean students increase their chances of Oxbridge admission, will expand to provide support for black pupils in Years 10 and 11, as well as their parents.“If we want to see significantly better statistics in future years, we must start working with students before they start their A-levels,” Kellman said.Of the 120 black students admitted to the University between 2015 and 2017, Corpus Christi College admitted just one despite attracting a dozen applications. Seven other colleges – Balliol, Exeter, Jesus, Magdalen, New College, University, and Worcester –admitted just two.At the same time, the overall number of BME students admitted to Oxford rose from 13.9% in 2013 to 17.9% in 2017, with the number of UK-domiciled BME applicants to the University also increasing by 38% during the same period. The disparity in ethnic inequality remains vast on the college level. While BME students made up 20.3% of the total UK students admitted to Keble College between 2015–17, this figure was just 10.8% at St Edmund Hall in the same period.Labour MP David Lammy, who has outspokenly criticised Oxford over the last 18 months for failing to improve equality in their admissions process, said on Wednesday that the latest data reveals little has changed.“The University is clearly happy to see Oxford remain an institution defined by entrenched privilege that is the preserve of wealthy white students from London and the south-east,” he said.In a tweet, Lammy said that there are “huge differences between the individual colleges on admissions of state school students, BME students, and students from disadvantaged backgrounds. Some colleges are working hard to address this issue, many simply seem to not care. They are just recruiting their in own image [sic].”Lammy also criticised what he called the University’s “institutional failings” for ethnic inequality in course and programme admission, citing the statistic that only a single black student received an offer for Computer Science between 2015-17 despite 30 applications.“For four of the biggest courses – Law, PPE, Medicine, Geography – you are twice as likely to get in if you are white compared to if you are BME. Oxford need to address these institutional failings instead of spinning the figures and blaming the schools or applicants,” he tweeted.Just 10 black British students were admitted to the University to study PPE between 2015-17, the data showed, while six black British students gained places to study English Language & Literature.Lammy said: “If Oxford is serious about access the University needs to put its money where its mouth is and introduce a University-wide foundation year, get a lot better at encouraging talented students from under-represented backgrounds to apply and use contextual data when making offers.” Lammy’s comments on Wednesday come after a new study revealed yesterday that disadvantaged students from the worst performing schools do just as well or better in Medicine as students from top schools, even when their A-level results are worse.The study, led by the University of York, found that these pupils outperformed their independently-educated peers with the same grades. The researchers suggest that competitive medical school entry requirements should be contextualised for schools with low average A-level results.Despite just 5% of students in the UK being schooled privately, currently half of Medicine entrants are independently educated.Earlier this month, Conor Ryan, director of the new Office for Students, called for a switch to a post-qualification admissions (PQA) system, claiming that disadvantaged teenagers lose out in an admissions system that requires school students to apply to university using predicted grades.A University spokesperson told Cherwell that Oxford is “very concerned about fairness and does not believe in a system that inadvertently excludes bright but disadvantaged candidates.”“The limitations of a pre-qualifications admissions system are well known, but it would be logistically very difficult to move to a post-qualification system and therefore would need to be considered carefully; a consultation several years ago across the higher education sector found universities raised a number of concerns about moving to PQA that still need to be addressed,” the spokesperson said. The full extent of Oxford’s access problem is still unravelling as new analysis by Cherwell has revealed the white privilege at the core of its admissions system.Following the release of the University’s first-ever undergraduate admissions report on Wednesday, new analysis of the data has shown that of every 100 white applicants who applied between 2015 and 2017, over a quarter – 27% – were given offers. White British applicants were twice as likely to gain admission as their black British peers.Just 16% of black or black British (African) and 20% of black or black British (Caribbean) students who applied at the same time were given offers. The total black minority ethnic (BME) offer rate for the 2015-17 period was 18%. The figures also showed that the top twelve independent schools sent more students to Oxford in 2017 (321) than all state comprehensive schools (308).17 of the top 20 schools for Oxford admissions in 2017 were fee-paying, while three prestigious grammar schools completed the top 20.Westminster School, which charges £12,580 per term for boarding, topped the list. Out of 98 applications, 54 pupils received offers and 49 were eventually admitted to the University.Eton College (45 students), St. Paul’s School (37), and King’s College School (31) were the other fee-paying schools to make up the top five.Peter Symonds College (31), which is a non-selective sixth form college in Winchester, was the only non-independent school in the top five.Hills Road Sixth Form College in Cambridge (26) and Pate’s Grammar School (17) were the other non-fee-paying schools to send more than 15 students to Oxford last year.Though Oxford admitted more UK-domiciled female undergraduates than male in 2017, the report revealed variation at college level. In the last three years, less than 40% of Balliol College’s undergraduate intake were women. New College followed closely behind with 41.6%.Overall, the University-wide gender split between women and men was 48.8% to 51.2%.On Tuesday, a ‘Solidarity Rally’ organised by Common Ground, the Oxford SU Class Act Campaign, Oxford First Generation Students, and the Oxford Students’ Disability Community will be held outside the Radcliffe Camera.According to its organisers, the event plans “to ensure that potential applicants to Oxford hear our voices and see that we are trying to change the institution from the inside”.
“This is going to result in charges being dismissed against drug dealers and other drug offenders.” Another problem he said the law is causing: “We also have the New York State Police Crime Lab has informed us that they can not keep up with the demand of the drugs that we send up to be tested.” “We had a trial in county court last week where a witness who was a victim of a crime was contacted by the family of the defendant asking him if he was going to testify,” said Korchak. The mayor’s office estimates the current requirements of the law could cost the city between $150,000-$200,000 each year for additional personnel costs. “This is a very real situation, very serious concern for public safety,” said Korchak. He said not only does the law cut down on time, but also, “My fear is that witnesses will no longer come forward knowing that violent felons will immediately get their grand jury testimony, and most times these felons will be out of out custody when they get it.” Broome County District Attorney Michael Korchak has major bones to pick with the law. He says, “The discovery law creates a danger.” (WBNG) — Officials in Broome County are concerned about the new Discovery Law that took effect this year and the issues it poses for the community. Describing it, he said, “We have 1,500 felonies and several thousand misdemeanors that come through our system every year, we have to comply within 15 days all police reports, all witness statements, witness contact information has to be turned over, grand jury testimony has to be turned over, again, it’s an unworkable situation.” His fears continue to include more witness tampering and intimidation, a scenario that’s already happened in Broome County. “We’re asking lawmakers to take a step back, get the input of judges and district attorneys and make real changes to this law,” said Korchak. The two leaders, among others, want change. An issue he predicts could have a domino effect. Change, they say, is needed sooner rather than later. Binghamton Mayor Rich David explained the law is also negatively impacting the city’s police department by having to add personnel to keep up with its demands.
Kenneth J. Smith, 75, of Bradenton, FL died peacefully, surrounded by his family on November 7, 2018.Shortly after being born in Sarasota, FL, he moved to Cincinnati, OH where he resided most of his life. After graduating from Norwood High School in 1961, Ken attended the University of Cincinnati where he received both his B.S. and M.Ed.Ken began his 29 year career in Cincinnati Public Schools at Roberts Junior High, where he was a teacher for 19 years. He was then an assistant principal of Western Hills High School and Porter Junior High, a principal of Roberts Junior High and retired as the principal of Dater Junior High. In 2003, he moved to Bradenton, FL as a “Snowbird” and became a full time resident several years later.He is survived by his wife of 52 years, Barbara (nee Frazier); two sons, Jason (Lori) and Christopher (Molly); four grandchildren, Brittany, Justin, Winston and Pippa and one great grandchild, Madelyn.Ken’s passion for cars, sports and boating was eclipsed only by his love of making others happy with his humor and generosity. Nothing ever changed his wonderful attitude, including long term medical issues; he always had a smile for everyone, all the way to the end.Visitation will be held at Jackman Hensley Funeral Home on Thursday, November 15th from 6:00 PM to 8:00PM. Funeral services will be held at Jackman Hensley Funeral Home on Friday at 11:00 AM and will be followed by interment at Arlington Memorial Gardens.
How the Broadway Diner goes beyond the PinkBy Tom PaolellaEditor’s Note: The Two River Times™ is a 2012 sponsor of “Paint The Town Pink,” an initiative presented by Riverview Medical Center to encourage annual mammography. Each week through May 12, the TRT™ will feature stories and blogs provided by Riverview Medical Center to encourage women 40 and older to have their annual mammograms.Owners and employees of Red Bank’s Broadway Diner, 45 Monmouth St., are committed to the Paint the Town Pink campaign.For more than 15 years, Rocco Coviello and Robert Russo, co-owners of the Broadway Diner in Red Bank have been committed to providing area residents with stellar food and great service to match. What many prospective patrons may not realize is that the Broadway Diner is also committed to encouraging the importance of annual mammography.When Ellen Gamble, general manager of the Broadway Diner, was approached five years ago to get involved with Paint the Town Pink, a light bulb went off. “I have always felt that women are always so busy taking care of other people in their lives they sometimes put their own health on the back burner,” says Ellen.Simply getting involved was not enough for Ellen and the Broadway Diner. Now in its sixth year, the support of the diner is inspiring to many other businesses throughout the surrounding communities. Over the course of the last five years, the Broadway Diner has received yearly recognition for “Most Pledges Collected” and “The Pinkest Window” contest, winning four out of the last five years.In addition, over the last five years the Broadway Diner has collected more than 1,000 pledges from women, vowing to get their annual mammogram and has collected more than $7,500 to support the Pink Fund, which provides uninsured or underinsured women in the community with free mammography.“I hate to even admit it but when we were first approached by Riverview and Paint the Town Pink to be involved in this amazing initiative, I felt like a complete hypocrite,” says Ellen. “Here we are telling women just how important annual mammography was and I hadn’t been for my own mammogram in more than 10 years…Seeing the thousands of community members rallying behind this initiative truly inspired me, and I have been going for my yearly mammogram at the Women’s Center at Riverview ever since.”The Broadway Diner not only leads the charge in pledge collections, but also goes above and beyond when it comes to Pink in-store activities. “Starting well before May, each February we reach out to local businesses to get gift donations to be used for numerous in-store contests and games during Pink week,” says Ellen. For 2012, the Broadway Diner will be raffling off 25 luxury gift baskets, holding a tricky tray outside the diner on May 5, featuring an ultimate raffle in which the diner staff actually buys bicycles, iPods and other prizes out of their own pockets, and will be holding a Pink Tag Sale in the driveway of the diner to raise monies for the Pink Fund.“All of our patrons get so excited each year when they see the pink flags going up,” says Ellen. “As a local business, it’s our way of showing women in the community just how much we care for them, and we plan on continuing this tradition as Paint the Town Pink gets even bigger and pinker in the years to come!”Paint the Town Pink 2012 runs from May 4-12. For more information about Paint the Town Pink visit the website at www.PainttheTownPink.com and be sure to follow Paint the Town Pink on Facebook to see highlights of this year’s campaign and for a complete list of events and activities.
It’s been 18 years since I’ve been a serious hockey fan. In 1993, the Montreal Canadiens went to the Stanley Cup – and won against Los Angeles. Back in those days, I was a big time Habs fan–something I got into when I was 14 and bored. And I was into it big time. I knew all the stats and I watched the Saturday night games in French because Radio Canada always had a Habs game on on Saturday, even when the CBC did not. It actually helped my French a lot, which I was a nice fringe benefit. By 1994, my life had changed. I actually got a life by going to university, and I became distracted by school life. I still followed hockey, but only peripherally. By the time I left school in 1998, I had transitioned from hockey fan to someone pretty indifferent about the sport. I guess it was just one of those teenage phase things. But it was about to bite me in the butt. I moved to Ottawa in 1998, and our nation’s capital has two things going on in it: politics and hockey. You cannot escape either of these things living in that city. Initially, I thought that perhaps living in a hockey town would reignite my passion for the sport. I did a bit of following (it was hard not to) but I found the game had changed, or–more realistically–my attitude towards it had changed. I got to attend one Senators game, against Buffalo, and found it to be a mildly interesting evening. Being there live in the crowd didn’t do much for me, and I found I missed the commentating because all I did was swivel my head from side to side during the game, and that was kind of boring. So, this experience confirmed for me that my teenaged passion for hockey was indeed a phase. Also, while I lived in Ottawa, I was an NFL widow, and if anything can turn one off of any professional sport at all, it’s watching a grown man have mock NFL drafts, accompanied by an online NFL draft clock, on the coffee table every evening, complete with potential draftees’ names on little bits of paper so that they could be easily moved around depending on where they might or might not be picked and by what team. It made me wish it was summer, so I could spitefully put the fan on and smugly watch the little bits of paper scatter all over the room. But I digress. I don’t live under a rock most of the time, so I am of course aware of the Canucks’ current pursuit of the coveted Stanley Cup. Because most of my favourite shows have gone on summer hiatus in the past few weeks (and some have been permanently cancelled, which is another rant for another time), I found my TV schedule needed some holes filled in. I found myself curious about the success of the Canucks, so I turned on game two of the Vancouver-San Jose series. Voluntarily! Now, I am a CBC Newsworld addict, but I am much chagrined lately over the recent spate of absurd Cialis ads that have pervaded their commercial breaks lately. Nothing ticks me off more than these ads featuring a happy-looking middle-aged dude getting patted on the back from other middle-aged dudes who can’t figure out why Mr. Happiness is looking so happy. Meanwhile, in the background, Mrs. Happiness (one hopes!) is looking all demure as she quietly makes a nice little floral arrangement while the kudos pour in. I guarantee you this: Mrs. Happiness isn’t that happy. She is probably suffering from hot flashes and would rather be featured in an HRT commercial advertising a drug that eases some of her hormonally-induced suffering. So, I turn on that game between San Jose and Vancouver, and within three seconds, what do I see? A huge Viagra ad on the boards of GM Place! I was immediately disgusted and disgruntled. I know advertising and hockey go hand in hand–I’ve lost track of the names of the facilities that Canadian NHL teams play in because they are constantly changing to pander to corporations!–and of course I am used to seeing ads along the boards at arenas. But when I spied that Viagra logo and the blue pill I nearly lost it. And the irony was too much: here we are at a huge sporting event watching men participate in a testosterone-driven sport, everyone’s going crazy, the Canucks are on the verge of making history, the blood is theoretically flowing though everyone’s veins like a tropical storm surge, and there, amongst all this masculine excitement, is a Viagra ad! I couldn’t believe it. I was so annoyed to be assaulted by yet another ED advertisement that I nearly turned off the TV. There’s only so much of this ridiculousness a woman can take. Snarkily, I almost wished they’d make a drug to get me interested in hockey again after this huge turn-off. I can see a female market for that for sure. But I didn’t change the channel. Instead, I kept it on and read a book so I could listen to the game but not have to be confronted by that Viagra ad. The next two games were in San Jose, and there were no Viagra ads there, thank God. Game five was in Vancouver, and I kept the sound off, which kind of sucked when that overtime goal was scored. I was on the throne and wondered what all the honking and cheering I could hear outside was all about, then I figured it out. Not surprisingly, the Golden City Cynic is not a bandwagon-type of person. While I do plan on watching the Stanley Cup finals, and while I will root for Vancouver, I’m not going to be waving any flags, wearing any T-shirts, or painting my face any funny colours. (By the way, when did the Canucks change their colours from the orange and black? Now I always feel like I’m watching the Hartford Whalers!) I have no desire to reignite the hockey passion I had in the days of yore. It’s undeniable that this in an exciting event with some historic significance to it, but I’m not going nuts. I suspect I’ll be watching with a sense of detachment more than anything. And I do hope GM Place gets some new advertising on the boards, ones that are a little more inclusive of women’s needs, like ads for chocolate, fleece jammies, and movies featuring Johnny Depp and cuddly kitties.
Desré Buirski’s iGoogle designs feature the richly coloured shape of Africa on a dark brown background. (Image: iGoogle) Former president Nelson Mandela, wearing one of his trademark shirts, holds aloft the Fifa World Cup at the announcement that the tournament would take place in South Africa in 2010. (Image: 2010 Fifa World Cup South Africa) Images of the artists’ designs were projected onto buildings in Manhattan’s Meatpacking District on the launch night. (Image: Obscura Digital)Janine ErasmusThe Madiba shirt, a loose-fitting casual garment named for its most famous model, has become something of a fashion icon in South Africa and abroad. Desré Buirski is one of the designers responsible for the trend, having designed unique hand-painted silk shirts for former president Nelson Mandela since 1995. Now she has transferred her talents to the internet as one of more than 60 artists from around the world who were invited to design a theme for iGoogle.iGoogle is the personalised home page for users with a Google account. Users can customise it as they wish, adding weather, news, sport, recipes, calendars, horoscopes, reminders and other useful (or possibly not) applications to the page.Now iGoogle pages can be further decorated by adding an artist theme – Buirski’s design features rich earthy colours and a stylised map of Africa on several mastheads. The outline of Africa is appropriately filled in with a silk-like fabric design, and the masthead changes throughout the day with different parts of Africa showing up on the iGoogle page.Buirski is in distinguished company, joining renowned Australian designer Akira Isogawa, cartoonist and entertainer Rolf Harris of “Tie Me Kangaroo Down, Sport” fame, Ronnie Wood of the Rolling Stones, cyclist Lance Armstrong, actor Jackie Chan, Australian photographer Anne Geddes, known for her enchanting baby photos, rock group Coldplay and fashion designer Oscar de la Renta, among many others.All have contributed unique and innovative themes to the project, allowing users to appreciate their artistry every time they go online. Marissa Mayer, a vice president at Google and the company’s first female engineer, said, “Google has become the doorway to the internet for a lot of people, so we want to make it feel more like an online living room.”A personalised Google experienceGoogle launched its offering of personalised themes on 1 May 2008 in one of New York’s most fashionable neighbourhoods, the Meatpacking District located in Manhattan. Over the next three days Google promoted its new artistic venture with a large-scale open-air art show that involved projecting animated images onto the facades of buildings, including hotels and restaurants, in the district. The internet search company also provided a lounge with computer stations where visitors could try out the themes for themselves.Buirski, as one of the featured artists, was present at the launch and saw her African-inspired design projected across the Manhattan skyline in view of thousands of people. She was overwhelmed by the experience, saying, “First creating a design and then seeing it projected across the skyline of a city like New York is quite mind-blowing.”Besides the customised artist themes, there are many other themes available ranging from interesting while not necessarily practical, such as the theme which tracks sunlight as it moves across the face of the earth, to frivolous. Users also have the option of designing their own themes but some programming knowledge is required.South African role in iGoogle art themesGoogle has a localised South African site that allows internet users to search the whole web or restrict their search to local websites. SA country manager and IT authority, Stafford Masie, commented on Google’s commitment to making South African users’ internet experience, in terms of content as well as customisability, as interesting as that of any other user worldwide. He added that the local Google team was proud to have played an active role in the launch.“iGoogle allows Google users to choose the content that they’re interested in seeing. It’s an easy way to make the world’s information useful and accessible, straight from a landing page,” said Masie. “And users in South Africa and across the world can now give their Google homepage a truly South African touch.”This is not the first time that Google and South African innovation have come together. South African organisation Translate.org.za, which translates and localises open source software into South Africa’s 11 official languages, has had two of its products – Translate Toolkit and Pootle – included in the 2008 Google Summer of Code project. This is a collaborative programme that brings together students and mentors from 90 countries around the world to work during the US summer holidays on free open source software products, enhancing and modifying them.A Rainbow Nation fashion iconNelson Mandela gave new meaning to the word “casual” when he adopted the loose-fitting silk shirt as his personal symbol of style and wore it to even the most formal of events, in the presence of the world’s leaders, and to official functions. The Madiba tag is Mandela’s Xhosa clan name and is an honorary title adopted by elders of his clan.Buirski, who lived in the US for many years, was in Cape Town in February 1990. This was when Mandela stepped out of the gates of Victor Verster Prison in Paarl, Western Cape, as a free man after serving a 27-year prison term. She was inspired to create the free-flowing garment by the future president’s fresh and open approach to dialogue as he embraced the concept of the Rainbow Nation. She also resolved to return home to South Africa.Buirski created her first shirt in 1994 and managed to present it to one of Mandela’s bodyguards, who passed it on to the president. He wore it to the dress rehearsal of the opening of South Africa’s first democratic Parliament, thus setting a colourful fashion trend that has become instantly recognisable.Over the years Buirski has made more than 120 shirts for Mandela. The former president is widely admired – and sometimes criticised – for setting his own fashion rules, wearing what he feels comfortable in, and finding the stylish middle ground between Western formal wear and traditional African clothing. The revered statesman turns 90 in June 2008.Related storiesGoogle chooses SA code gurusUseful linksiGoogleGoogle South AfricaDesré Buirski’s iGoogle designThe Madiba shirtNelson Mandela’s biography at the Nobel Prize site
Transnet Port Terminals is a division of Transnet Group, which provides cargo- handling services at terminals situated across seven South African ports – Durban, Richards Bay, Cape Town, Saldanha, Port Elizabeth, Ngqura and East London. SAinfo reporter 25 July 2012 The arrival of a massive, custom-built pneumatic ship unloader at South Africa’s largest exporting port in Richards Bay, KwaZulu-Natal on Monday marked the start of port operator Transnet Port Terminals’ seven-year equipment renewal project. “The unloader is only the seventh of its kind in the world, and its arrival signals the start of the Richards Bay Terminal’s ambitious R3-billion equipment replacement programme to improve capacity, equipment reliability and service delivery,” Transnet Port Terminals (TPT) said in a statement. The programme represents the biggest slice of the TPT’s R33-billion budget for the next seven years and the R3-billion earmarked for equipment replacement falls within R12.1-billion allocated for the plant over seven years. This forms part of state-owned Transnet Group’s R300-billion expenditure on port and rail capital projects until 2018/19 as part of the company’s market demand strategy.‘An important milestone to be proud of’ “This investment in Richards Bay shows TPT’s sound commitment to the terminal and will make a remarkable difference in enabling the plant to achieve improved operating efficiencies and deliver on customer expectations,” said Richards Bay Terminal Head Victor Mkhize. “A number of tasks will be executed when the new unloader arrives. This includes assembling, operator training, endurance testing, hot and cold commissioning and handover. This is an historic moment for TPT and an important milestone we can be proud of.” The custom-built unloader – produced by Swiss shipping manufacturer Rio Tinto Alcan Alesa Engineering Ltd – is now one of the terminal’s largest assets. It has the capacity to unload 1 000 tons per hour by design, making it a valuable acquisition in improving the terminal’s operational efficiency. “The offloader will significantly improve the efficiency of BHP Billiton’s operation and will undoubtedly make a positive impact in reducing spillages,” said Lucas Msimanga, Asset President of BHP Billiton Aluminium SA – a client of Transnet Port Terminals.Market Demand Strategy to support growth Transnet’s market demand strategy (MDS) will see the company invest R300-billion on capital projects aimed at building freight capacity to support South Africa’s economic growth. “The MDS has major implications for our division’s responsibility to facilitate unconstrained growth, unlock demand and create world-class port operations through improved efficiencies,” said TPT chief executive officer, Karl Socikwa. “Acquiring the unloader in Richards Bay is certainly a significant step towards us achieving our MDS objectives and huge thanks must go to the project team for many months of intensive work involved in getting us to this milestone.” Transnet Port Terminals has prioritised several major MDS projects to be carried out in Richards Bay over the next seven years which include:R3.7-billion on capital sustaining investments including mobile equipment, quayside equipment and weighbridges. Also included are safety critical projects as well as environmental and legal compliance projects.Approximately R1.2-billion to be spent on capacity creation, such as new or upgraded storage areas and re-engineering of the port to create additional capacity.
Man Utd boss Solskjaer determined to stick with youthby Paul Vegas20 days agoSend to a friendShare the loveManchester United boss Ole Gunnar Solskjaer will continue to put his faith in youth – despite their struggles.United’s 0-0 draw against AZ Alkmaar in the Europa League stretched their winless run away from home to 10 games in all competitions under Solskjaer, going back to March.“We’re not in the 90s now,” said Solskjaer. “It’s a different era, a different group that we’re building.“We know there are going to be ups and downs. I’m ready to see these boys blossom. There’s not many clubs with our stature that play the young players that we do.“They’ve got a chance to come through and we’re sure some of these will be part of a successful team. I don’t know what the opponents think of us. I just know sometimes when you walk off games, we’re not doing bad here.“Sometimes there’s a gap. I’ve felt that a couple of times, but not very often. I can’t think about what anyone else is thinking about us.“We will need to improve and that is what we have to do.” About the authorPaul VegasShare the loveHave your say