We had to raise Champs tickets prices – Montague

first_imgInflation and the rising operational costs of the annual ISSA/GraceKennedy Boys and Girls’ Athletic Championships have forced the school sports governing body to increase the cost of tickets for this year’s event.”The operational cost for Champs has increased many times. If you are to be practical it (ticket price) has to be increased,” Champs committee chairman Colleen Montague told The Gleaner at yesterday’s official opening of the McKenley/Wint track at Calabar High School in Kingston.Ticket prices for all categories of seating for the Champs, which will be held at the National Stadium from March 15-19, have gone up by $500.Season tickets for the grandstand moved to $8,500 and $9,000, while bleachers tickets for Saturday now cost $1,500 up from $1,000. Grandstand tickets for Tuesday through Thursday still cost $500.NOCHOICEMontague said that the rising costs of goods and services left the association with no choice.”The minimum wage has gone up and there is an increase for private security and inflation in every single area has been increased and, therefore, we can’t hold it for any longer. We have to push up the prices in all the categories if we are to host it at the same standards that we have in the past,” the Wolmer’s Girls’ School principal said.Montague also pointed out that ticket prices for the bleachers had not been increased in some time.”We have not increased the bleachers tickets for Saturday for the last seven years,” she said.While some have queried whether ticket prices would be prohibitive to students, Montague noted that the students were a primary consideration in arriving at ticket prices.”We have always been considering the students and their cost and making sure it’s affordable for students. There are systems that we put in place for the students. If they purchase through their schools, it’s $1,200 for students for Saturday bleachers,” Montague said.”The cost for bleachers on Saturday, there are special arrangements for our students and so it’s not priced for our students it’s priced for the adults who will be attending,” she added.Addressing the ever-controversial matter of availability of tickets, Montague said only 5,000 tickets were available for Saturday, which always proves to be the problematic day.”The demand has increased but the supply has remained the same because the Stadium is the same stadium last year and the year before. Those who are trying to get tickets have increased. The number of tickets remain the same. It’s only Saturday tickets that are an issue because the tickets are available every other day.last_img read more

Piecemeal Change to Illegitimate Constitution Is Wrong!

first_imgIn her January 26, 2015, State of the Nation Address, President Ellen Johnson Sirleaf called on the legislature to pass a “Dual Citizen” bill into law, which she intends to send to that body shortly. The bill if approved would effectively replace Article 28 of the Constitution. Its resolution, however, may not be a sole legislative prerogative since voters should have a say via referendum. The aim of the bill, according to the President, is to reintegrate Liberians who were compelled to seek refuge in other countries as a consequence of the mayhem the country endured, thus acquiring citizenships in other countries. I believe it is a far-sighted intention, and would be just as daring for a change to also apply to one of the most discriminatory provisions, specifically, Article 27 (b) which denied persons of non Negro descent of Liberian citizenship. Our brothers and sisters, who fall in the category of being non blacks, could very well have much more toward the growth and development of the nation if they are encouraged through laws to be permanent stakeholders. For a country which has been the recipient of near worldwide largess in numerous instances of its suicidal mission and history to condone such racist laws in 2015, does not only reveal timidity and insincerity, it does restrain development.    For disclosure purpose, this writer supports dual citizenship privilege yet is mindful of the concerns of some that are resisting the reintegration of their brothers and sisters. That said, it is past time that Liberians overcome their fears and resist the urge to discriminate against their fellow natives. Another puzzle is the apparent lip service to equally changing key anti-development and anti-accountability provisions like the unprecedented tenures of public officials- which were the handiwork of the military that had no intention of giving up power to legitimate civilian authorities.The well-known elephant in the room that the powers that be are either unwilling to face or wish no one talks about is the self-serving long tenure of elected officials. At the initiation of the constitutional process in the mid nineteen eighties, many of our former “progressives” and those in the opposition and intellectual communities complained of the insanity of imposing such monopolized tenures on the Liberian people. But at last check, the once admired shadow reformers are now rulers, and are more satisfied to keeping prolong tenures in place which the military and its loyalists invented against the interests of Liberians. Strange, isn’t it? I call it profile in self perpetuation which ought to have no space in public service.  The President’s enthusiasm to fight corruption must not be separated from empowering voters to hold senior policy makers accountable in order to weed out miserable performers in the shortest possible time. While I’m not qualified to speak for Liberians, it is safe to say they would overwhelmingly vote to reduce the nine and six-year tenures, if allowed to, of individuals whose public service records are nothing more than a joke, experts in corrupt bargains and looters of State coffers, thereby relegating those they have sworn to serve to a life span of poverty.So, why are those undemocratic provisions still embedded in the constitution? Why did the unbelievable and pretence referendum of 2011 not include answerability provisions in Articles 50 (tenure of President and Vice President), 46 (tenure of Senators) and 48 (tenure of Representatives)? The 2011 referendum, among other insignificant issues except one, laughably put forth an increase in the retirement ages of Supreme Court Justices and Judges of subordinate courts, which stands at seventy years. Voters were practical to send the aforementioned in the rubbish bin where it truly belonged.If Liberian leaders cannot muster the courage to spearhead a comprehensive change to a military imposed constitution, it is equally wrong to advance an incremental reform without stressing provisions that are unfavourable to the rulers’ interests. As our nation bleeds from all kinds of ills, its people are crying out for leaders that would at least put their personal interests in jeopardy to do what is right in support of the nation’s progress. And there are valid reasons to move quickly and produce these overdue constitutional amendments:First, even if elected officials were commendable, nine or six-year single tenure of office is unnecessarily long and counterproductive to the democratic tenets of accountability. It is somewhat upsetting if not offensive for public officials to hang on to power, using a flaw constitution as justification for such continuance.Second, producing an ideal leadership does not have to be a license for officials to continually exercise dominance over what is right. Instead, their experiences in public office could be an asset in other sectors as they exit government. The private sector can then be strengthened to impact the millions that were not helped while in offices.And third, voters don’t have to tolerate protracted tenures to vote officials out of offices if they are detrimental to the public interest. Any public service tenure above four or five years must be term limited to a single term to prevent enormous harm to the peoples’ interests. Democracy can live up to its true meaning when elected representatives are held to answer through the ballot box within a reasonable time period so that it is clear with whom the real power lies, which is the people. That is the essence of good governance. The argument that elections are costly and drain the limited financial resources of poor nations is self-serving. If we calculate the projected and real costs associated with untrustworthy, thoughtless and nepotistic governments, we might find frequent elections to be a good cause to advance growth, development, justice, peace and security. If experience is any guide from our democratic experiment, all-inclusive changes to our body politic have got to be treated as a national security issue. Regardless of the inspirational rhetoric, Liberia will continue to lag in every category of human development unless the structure of the State, premised on people first and not official first policies, is revisited.   Until such time, which I believe is now, when self-interest politicians are not legally empowered to protect and enrich themselves for a single do nothing six and nine year tenures, I submit accountability, human rights, national development, peace, justice and security would be elusive. Then the people, not the “vampires of development”, to use the President’s words, would continue to suffer.  Liberians must act, if the officials, who these bad laws support, cannot and would not act!    Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Silver Backs shift focus to World cup qualifiers

first_imgUganda has been in Turkey for over a weekAfter mixed results from the training camp in Turkey, the Men’s national Basketball team, the Silverback can now shift their attention to next week’s World Cup qualifiers in Nigeria.The team closed out the last of its five build up games in the Molten Istanbul Cup with a 56-80 loss to Cameroon on Wednesday evening.The loss meant that they had lost three of the five games, something that does not worry assistant coach Mandy Juruni.“We can here (Turkey) to prepare for the World cup qualifiers slated for later this month and i think we achieved our goal.“We may not have won all the games but i don’t think that matters because what we wanted was to play and try to compete.“The lads have done exactly that and in the process gained fitness and also gotten to know the new faces.In the last game, the Silverbacks fell short to an aggressive Cameroon side that looked fitter especially in the last quarter.The team lost to Cameroon in the last gameUganda trailed 19-13 after the opening quarter but came within 2 points (28-26) as the second quarter neared the end but that was the closest George Galanopoulos charges came until the final buzzer.Cameroon extended their lead to double-digit early in the third quarter and there was no route back for Uganda.Joseph Ikong was Uganda’s only player to score in double figure with 10 points with a perfect 4-for-4 shooting from the field.Jordin Mayes (9 points), Robinson Opong Odoch (8 points) were the other notable contributors for the Silverbacks. Emmanuel Mugenga and Stephen Omony scored 6 points apiece.The team is expected to fly to Nigeria early next week where they will play three games in the second phase of round one of qualification.Uganda finished second in group B after the first phase of game in Mali with four points from three games, having won one and lost two.They will take on Nigeria on the 29th of this month in the opener before a date with Mali the following day. Uganda lost to both Mali and Nigeria in phase one.Ugnada lost to both Nigeria and Mali in FebruaryThe Silverbacks last game will be against neighbors Rwanda on the 1st of July. The team’s only win in Bamako came against Rwanda.Uganda needs to finish among the top three in group B to qualify for the next round.Uganda’s FIBA World Cup qualifiers’ schedule:-Nigeria vs Uganda, 29-06-2018-Uganda vs Mali, 30-06-2018-Rwanda vs Uganda, 01-07-2018*all games will be played in LagosThe top three teams from each group will be placed in a group with three other top teams. All results from the first qualification round, except for results against teams that don’t advance, are carried over to the second round. Games will be played in September 2018, November 2018 and February 2019. The top two teams in each group along with the better placed third team will qualify for the FIBA Basketball World Cup proper.Uganda’s performance in the Molten Istanbul Cup:-Uganda 90-72 Iraq on Friday, 15-06-2018-Saudi Arabia 90-66 Uganda on Saturday, 16-06-2018-Jordan 91-75 Uganda on Monday, 18-06-2018-Uganda 85-65 Bahrain on Tuesday, 11-06-2018-Uganda 56-80 Cameroon on Wednesday, 20-06-2018The team currently in camp:Syrus KiviriJoseph IkongStephen OmonyRobinson OpongJimmy EnabuIvan LumanyikaJames OkelloSamuel KalwanyiJohn Geu DengeuJordin Dean MayesEmmanuel Mugenga TrinquierStanley Mugerwa.Coaches:Galanopoolos GeorgeMandy JuruniAbdulkadir Omar BarajabComments Tags: FIBA 2019 World cup qualifierssilverbackslast_img read more

Brazil give Bafana a football lesson

first_img5 March 2014A crowd of 51 083 turned out at Johannesburg’s FNB Stadium on Wednesday evening to witness upcoming World Cup hosts Brazil hand South Africa a 5-0 thrashing with a fluent and entertaining performance.In a low-key beginning to the match, Brazil started confidently, passing the ball about, moving it from left to right and using the depth of the field too, but it was South Africa who managed the first shot on goal, with Dean Furman’s long range, left-footed shot being comfortably handled by Julio Cesar in the Brazilian goal.Hulk came close to setting Fred up for a goal when he got onto the end of a free kick on the right and centred for the Fluminense striker, but Fred’s side-footed shot was skied high and wide of Ronwen Williams’ goal.Opening goalIn the 10th minute, though, the World Cup hosts hit the front. Hulk, wide on the sideline, picked out Oscar with a well weighted ball for the midfielder to run onto. The South African defence was too narrow and Bafana goalkeeper Williams was left in an uncomfortable one-on-one situation. He came out to close the angle, but Oscar kept his cool and chipped the ball past the goalie’s right shoulder and into an open net.South Africa, to their credit, immediately worked hard to put the South Americans under pressure, and while they managed to play some of their football in the Brazilian half, they couldn’t make an impression inside the visitors’ box.Neymar almost rounded Williams in the 20th minute when he ran onto another well judged through ball, but the goalie did well to force the Barcelona star wide and then knock the ball behind for a corner.Refreshingly openJudging from the number of players that lost their footing, the surface appeared somewhat slippery, but the football was refreshingly open. Brazil, especially, were doing well to stretch South Africa, not so much out wide, but with the depth of their play and their searching long balls down the flanks.Bafana, though, were able to string some pretty passing movements together, without really testing the five-time world champions.In the 29th minute Neymar came oh so close to scoring Brazil’s second when he ran onto a loose South African pass and bore down on the Bafana Bafana goal with the home team’s defenders trailing in his wake. He tried to chip Williams, but the goalie, who was making his debut, managed to get a hand on the ball and deflect it behind for a corner.Nthethe saved a very dangerous situation when Hulk again found space on the right, with four players in the middle in support, and tried to send in a low cross. The South African captain managed to cut out the ball at full stretch. Had he not done so, there were two Brazilians waiting to have a close range shot on goal.Neymar threatened on the counter-attack, with Brazil in a two-on-two, but Siyanda Xulu didn’t fall for any of the winger’s trickery and managed to dispossess him deep in the South African box to the applause of the crowd.Neymar’s firstThree minutes later, however, Neymar got his name onto the scoresheet when Paulinho found with him with a stabbed pass with the outside of his right foot from a goal kick. Neymar took it to his left and from the top of the box beat Williams to the goalkeeper’s left with a solidly struck left-footed shot to make it Brazil 2, South Africa nil.With half-time nearing, Oscar found Marcelo with a through ball on the left, but the South African defence just managed to scramble his low cross for Fred out over the touchline as Brazil went in search of a third goal.Just before the half-time whistle, Dean Furman robbed a Brazilian in the midfield and let rip with a left-footed thunderbolt that flew narrowly wide of Julio Cesar’s right- hand post, drawing oohs and aahs from the Bafana Bafana faithful. Shortly after that, the whistle sounded. The first half had belonged to Brazil.The World Cup hosts took to the field in the second half wearing their change strip with black armbands bearing the famous 46664 number that was former South African President Nelson Mandela’s prison number to match the 46664 on the home team’s new all white kit.Early second half strikeAfter only 24 seconds, Brazil had added a third goal to their tally. When South Africa were unable to control the ball in the midfield, Fred knocked a pass for Neymar to run onto. He was in acres of space, which forced Williams to come out of his goal to close down the Brazilian star. With so much space, though, Neymar simply lofted the ball high over the Bafana Bafana goalkeeper and into the back of the net.Luiz Gustavo, on as a substitute, was narrowly wide of William’s left-hand post with a curling shot from the left shortly after that.SubstitutesWith the result already decided, Dino Ndlovu replaced Daylon Claasen in the home team’s line-up, followed not five minutes later by Bongani Zungu.When South Africa managed a ball across the face of the Brazilian goal, David Luiz was on hand to cut it out and end the danger. Anele Ngconga then sent in a teasing cross to the far post, but Rafinha was on hand to head it behind for a corner.Barcelona’s Dani Alves, the scorer of Brazil’s winner in their 1-0 Confederations Cup victory over South Africa in 2009, replaced Real Madrid’s Marcelo just 13 minutes into the second stanza.Next up among the flood of substitutes was Jo replacing Fred for Brazil, while Ayanda Patosi took over from Bernard Parker for Bafana Bafana.Fine saveAlmost immediately Serero played Patosi in with a superb pass with the outside of his boot, but Julio Cesar pulled off a fine save with his left hand to deny the Belgium- based striker a stunning introduction.David Luiz next joined his team-mates on the sidelines, with Bayern Munich’s Dante replacing the Chelsea star in a team mostly loaded with one name, recognisable stars.Neymar then found space on the right and drifted easily past a defender before just missing Jo with a ball to the head of the striker at the far post.Bafana Bafana were caught square in the 74th minute once more, but Williams did extremely well to cut down the angle and save Dani Alves’ shot with his feet. Shortly after that, Alves just missed finding Neymar with a chipped pass as his Barcelona team-mate went in search of a hat-trick.A rocketIt became 4-0 in the 74th minute when Fernandinho beat Williams with a rocket from 27 metres out that found the top right hand corner of the Bafana Bafana net- minder’s goal, leaving the stunned debutant rooted to the spot. It was Fernandinho’s first goal for his country.Hat-trickFinally, Neymar completed the scoring and netted his hat-trick in the 90th minute when Alves found Jo with a ball from the left to the striker on the far post in the box. Jo, in turn, picked out Neymar with a well directed header, leaving the winger with a simple tap-in for his third.Three minutes later it was all over. Brazil 5, South Africa 0.last_img read more

Ohio Ag Weather and Forecast — August 2, 2018

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Sunshine and blue sky spread across Ohio today as high pressure is finally here. This should keep us mostly dry through the weekend. However, in far north and especially NW Ohio, we may need to keep an eye out for a few clouds and perhaps the odd shower or two, overnight tonight into tomorrow morning. The best chance of rains will be farther north in Michigan and SW Ontario, though. Temps climb over the next few days and will be nearly normal today and tomorrow before drifting a bit above normal for the weekend.  Our next system looks to arrive faster and depart sooner. Overall, we are leaving rain totals along with this event, but will see rain already Monday midday, especially in the NW and over the northern half of the state in general. Then we see that rain spread south and be statewide Monday evening through Tuesday. Rain totals stay at .25”-1” this morning, but we are upping coverage to nearly 80% of the state over the two-day period combined. Rain is done by midnight Tuesday night. Thunderstorms are still possible and will be needed to get into the upper end of the range. We may even be able to exceed 1 inch in a few spots, depending on how strong any storms build.  We are dry Wednesday, but a bit cooler behind the front. Then the pattern gets more interesting to finish the 10-day window. For Thursday, we still are looking for mostly dry weather, however we are seeing potential for moisture to reactivate along the old front to the south and pull another wave of precipitation northeast along the front. We think this action will want to stay mostly south of the Ohio river, but some models are starting to suggest a more northward track. We are leaving our dry forecast alone this morning but will keep a keen eye on this through the day today and tomorrow morning. There may be an update forthcoming. Then dry weather is in control for Friday, Saturday and Sunday.  For the extended period, we do not see any significant frontal action to start. There can be some scattered showers developing around the 14th, but coverage looks less impressive this morning, and totals may end up only around a quarter of an inch or less. Better showers develop around the 17th, with .2”-.5” rain totals and 60% coverage.  Models backed off the heat in the corn belt dramatically yesterday. We still look for a large part of next week to be above normal, as we have forecasted up to this point, but we continue to say it is not extreme heat that has been touted by other weather organizations. In fact, we had to chuckle a little bit when they had to eat crow or explain themselves yesterday. We think 88-92 is a good range for the hottest temps (early in the week)…warm, even feeling a bit hot after the cool pattern we have had recently…but not over the top. It is August, after all. Here is a look at potential temps for Monday of next week.last_img read more

Credit Crunch Derails Zero-Energy Home Project

first_imgBanks No Longer Willing to Provide Construction LoansISSAQUAH, WA — Construction of the Z-Home project, a ten-unit zero-energy housing development in Issaquah, Washington, has been halted by the credit crunch, according to the Issaquah Press. The project’s two main developers are the City of Issaquah and Howland Homes of Shoreline, Washington, with further help from Puget Sound Energy, King County Built Green, and the Washington State University Energy Program.Among the planned features of the Z-Home buildings are 11-inch-thick cellulose-filled double-stud walls, ground-source heat pumps, rooftop photovoltaic arrays, and real-time energy monitors with living-room displays. Construction of the Z-Home townhouse project, touted as “the first multi-unit zero-energy project in the country,” was announced last fall before all of the necessary financing had been secured.“The day the stock market dropped 800 points was the day of our groundbreaking,” said Brad Liljequist, the Zero Energy Project Manager for the city of Issaquah. “It was stunning. Within a two-week period, we went from a number of banks saying, ‘Yes, we’re on board and we’re interested,’ to banks saying, ‘No, we can’t do it.’ ” Liljequist says that the planned October 2009 completion date for the Z-Home townhouses now “looks doubtful.”The Issaquah Press story quoted David Fujimoto, Issaquah’s resource conservation office manager. “The Bank of America is not doing any lending for home construction on the West Coast,” Fujimoto said. “It’s a volatile time.” For more information on Issaquah’s zero-energy project, visit www.z-home.org.last_img read more

Heavyweights fare well in NE

first_imgKiren Rijiju.  In Meghalaya, Agatha Sangma, the daughter of former Lok Sabha Speaker Purno A. Sangma, retained the Tura seat for the family by defeating former Chief Minister Mukul M. Sangma. Her brother Conrad A. Sangma had resigned from Tura after becoming the Chief Minister of the State in 2017.All India United Democratic Front president and perfume baron Badruddin Ajmal defied anti-incumbency to retain the Dhubri seat in western Assam.He defeated his nearest rival and former MLA Abu Taher Bepari of the Congress by more than 2 lakh votes.Babus outFormer bureaucrats fielded by the Congress in Assam and Manipur had to bite the dust. In Assam, former Additional Chief Secretary M.G.V.K. Bhanu lost the Tezpur Lok Sabha seat to the BJP’s Pallab Lochan Das by more than 2 lakh votes.In Manipur, former Chief Secretary O. Nabakishore Singh lost narrowly to BJP’s Rajkumar Ranjan Singh in the Inner Manipur seat. Almost all heavyweight candidates, including the wards of prominent leaders, have fared well in the Northeast.In Arunachal Pradesh, Union Minister of State for Home Kiren Rijiju retained the Arunachal West seat by securing thrice the number of votes he had garnered in 2014. His nearest rival was former Chief Minister Nabam Tuki.Sushmita Dev, the daughter of former Union Minister Santosh Mohan Dev, failed to retain the Silchar Lok Sabha seat in southern Assam for the Congress. She lost to the BJP’s Rajdeep Roy, her family doctor.Gogoi retains KaliaborGaurav Gogoi, the son of former Assam Chief Minister Tarun Gogoi, retained the Kaliabor seat in central Assam for the Congress. His nearest rival was Manimadhab Mahanta of the Asom Gana Parishad.last_img read more

Spinners turn the game on for India; Australia 153/4 at tea,Spinners turn the game on for India; Australia 153/4 at tea

first_imgUmesh Yadav celebrates Australia ‘s David Warner wicket, during the 1st Test match between India and Australia at Maharashtra Cricket Association Stadium, in Pune. Photo: K Murali Kumar   –  The Hindu COMMENTS 1/2 × SHARE SHARE EMAIL Indian team celebrate the wicket of Australia’s captain Steve Smith.   –  Reuters RELATED COMMENT O’Keefe sends India tumbling, Australia take control of 1st Test 2/2 0 February 23, 2017 Umesh Yadav celebrates Australia ‘s David Warner wicket, during the 1st Test match between India and Australia at Maharashtra Cricket Association Stadium, in Pune. Photo: K Murali Kumar   –  The Hindu Indian spinners manged to break the resistance of Australian batsmen by hunting down three of them in the second session as the visitors struggled to 154 for four at tea on the opening day of the first Test, here today.Opener Matt Renshaw, who had retired due to upset stomach before lunch, was unbeaten on 38 at the break and giving him company was Mitchell Marsh (2).Australia, who lost opener and vice captain David Warner in the pre-lunch session for 38, lost the wickets of captain Steven Smith (27), Shaun Marsh (16) and Peter Handscomb (22).Spinners Ravichandran Ashwin (1/37) and Ravindra Jadeja (1/43) struck late blows to send back Smith and Handscomb respectively after Jayant Yadav outsmarted Shaun Marsh earlier in the second session.The visitors, apprehensive about the behaviour of the dry track, were more enterprising in the first session when openers Warner and Renshaw were at the crease as they put on 82 in 27.2 overs.But once they departed, the scoring rate dropped drastically. Skipper Smith cut out all frills and played a dour knock while Shaun was slightly more aggressive in making 16 before falling to Jayant.Handscomb was caught right in front of the wicket by Jadeja with a quicker, straight ball and five balls later Ashwin had Smith caught at mid-wicket coming down the track in a rush of blood.Handscomb batted for 45 balls while Smith faced 95 balls and struck just two fours.India almost had next man Mitchell Marsh sent back caught behind off Ashwin in the same over in which he dismissed Smith, but a review of the decision revealed he had not nicked the turning ball.Earlier, Warner was looking good before he was bowled for 38 by Umesh and then tall Renshaw retired to the pavilion with an upset stomach close to lunch, which resulted in the arrival of two new batsmen in captain Steven Smith and Shaun Marsh at the crease.For India, the bulk of the bowling was done by their spin trump card Ashwin, who opened the attack with Ishant Sharma. Ashwin bowled 16 overs for 23 runs without a wicket to his name.Umesh, brought into the attack after 27 overs, bowled two overs for one run and ended up with the wicket of Warner, who played away from his body and dragged the ball on to his stumps.Opting to take strike first in the first-ever Test held in this city, Australia initially did struggle a bit against the turning ball.They managed to score 40 runs in the first hour of play with Warner starting slowly and then attacking off-spinner Jayant Yadav.Warner was also lucky to be bowled off a no-ball by Jayant when on 16. Indian team celebrate the wicket of Australia’s captain Steve Smith.   –  Reuters Published on null cricket Indian team celebrate the wicket of Australia’s captain Steve Smith.   –  Reuters Umesh Yadav celebrates Australia ‘s David Warner wicket, during the 1st Test match between India and Australia at Maharashtra Cricket Association Stadium, in Pune. Photo: K Murali Kumar   –  The Hindu SHARElast_img read more

Teslas bad news accelerates as Wall Street loses faith

first_img Shares were trading above $370 each, sales of the Model 3 small electric car were strong and the company had appointed a new board chair to rein in the antics of sometimes impulsive CEO Elon Musk.But around the middle of December, investors started having doubts about the former Wall Street darling’s prospects for continued growth, and the stock started a gyrating fall that was among the worst in company history.For the year, the share price is down around 40%, largely on concerns Tesla is running out of buyers for its vehicles, which range in price from a base $35,400 Model 3 to a larger Model X SUV that can run well over $130,000.Morgan Stanley analyst Adam Jonas, on a private call with investors this week, raised the possibility that Tesla would have to be restructured due to rising debt and falling sales. A leaked memo to employees from Musk that said sales were up stanched the stock’s bleeding, and no one is really certain about what’s next.Here’s a look at what has happened and what might be in the future for the electric car and solar panel company:____WHEN DID TESLA’S STOCK START FALLING AND WHY?A downhill snowball of bad news eclipsed anything good Tesla did, and raised investor doubt about whether there are enough buyers left who want and can afford Tesla vehicles. Throw in a little bit of erratic behavior from Musk as well.Just before Tesla stock hit a late-year peak on Dec. 13, Musk did a weekend interview with CBS’ 60 Minutes that escalated a spat with securities regulators over his tweeting out company information. This time, he said it was unrealistic to think Tesla’s new chairwoman could control his behavior because he’s the largest shareholder. It came after Musk and Tesla each paid $20 million in fines in an October settlement with the U.S. Securities and Exchange Commission over ill-advised tweets.____WHAT ELSE HAPPENED?Just after the new year began, Tesla announced record fourth quarter sales that fell short of Wall Street expectations. The company also cut prices by $2,000 per vehicle to offset the phase-out of a $7,500 federal tax credit for Tesla. That increased doubts about future sales. Then Tesla eked out a small fourth-quarter profit that also disappointed investors. © 2019 The Associated Press. All rights reserved. Late last year, Tesla Inc. was fully charged and cruising down the highway on Autopilot. The snowball picked up momentum in February when Musk announced he would close most company stores and fill orders online. He also walked back his prediction of sustained quarterly profits, predicting a first quarter loss. When January-through-March sales figures came out, investors were disappointed again. The company had only 63,000 deliveries, down 31% from the fourth quarter.Musk later introduced the Model Y midsize SUV, but gave few details. Investors were nonplussed. Then came a conference call to announce fully self-driving cars by sometime next year, an announcement widely criticized by experts as unrealistic. The stock slump continued. With sales down, Tesla posted a larger-than-expected $702 million first-quarter loss in April, and Musk warned it wouldn’t be profitable in the second quarter either.In May, Tesla sold stock and notes that yielded $2.3 billion, increasing debt. Along the way, the SEC asked a judge to find Musk in contempt for tweets about vehicle production, a spat that was later settled. Also throw in reports of a leaked email last week from Musk to employees saying at the current cash burn rate, Tesla would go broke in 10 months.____WHAT HAPPENS NEXT?It all depends on whether Tesla can produce enough cars at its Fremont, California, factory and whether people keep buying them. Musk’s memo from Wednesday said the company has 50,000 net new orders this quarter and it could pass record deliveries of more than 90,000 in the fourth quarter of last year. That could generate enough cash to reverse the company’s fortunes. But many analysts are skeptical. Morgan Stanley’s Jonas didn’t think sales would be that strong.”We see shares continuing to trade lower on a lack of near-term catalysts and likely cut to vehicle sales guidance,” CFRA analyst Garrett Nelson wrote in a note to investors Thursday. He cut his one-year stock price target $50 to $150.Senior Analyst Jessica Caldwell of Edmunds, which provides content to The Associated Press, said Tesla has an uphill climb.”There doesn’t appear to be anything in the (product) pipeline that is going to save them,” she said. “Now Tesla seems to be losing the confidence of its biggest cheerleader, Wall Street.” This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. This July 8, 2018 photo shows Tesla 2018 Model 3 sedans sit on display outside a Tesla showroom in Littleton, Colo. Late last year, Tesla Inc. was fully charged and cruising down the highway on Autopilot. Shares were trading above $370 each, sales of the Model 3 small electric car were strong and the company had appointed a new board chair to rein in the antics of CEO Elon Musk. But around the middle of December 2018, investors started having doubts about the Wall Street darling’s prospects for continued growth. The stock started a gyrating fall that was among the worst in company history. (AP Photo/David Zalubowsi, File) Tesla shares recover after analyst’s prediction of trouble Citation: Tesla’s bad news accelerates as Wall Street loses faith (2019, May 24) retrieved 17 July 2019 from https://phys.org/news/2019-05-tesla-bad-news-wall-street.html Explore furtherlast_img read more

Noted economist VS Vyas passes away

first_imgCOMMENTS COMMENT Padma Bhushan awardee and noted agricultural economist Vijay Shankar Vyas passed away on Wednesday here after a brief illness, a family member said. He was 87. The last rites will be performed at the Lal Kothi crematorium, his elder son Vikram Vyas said. Shankar Vyas is survived by his wife and two sons. He had held several prestigious, professional and leadership positions in national and international organisations. The economist was the director of the Indian Institute of Management (IIM), Ahmedabad, and the Institute of Development Studies (IDS), Jaipur. He was also a senior advisor in the World Bank’s agriculture and rural development department. Rajasthan Chief Minister Vasundhara Raje and former chief minister Ashok Gehlot condoled Vyas’s demise. “Deeply saddened by the demise of noted agricultural economist and Padma Bhushan Vijay Shankar Vyas. His work was acclaimed world over. With his passing, Rajasthan and especially Bikaner has lost one of its leading sources of inspiration. My condolences to the family,” Raje said in a tweet. Gehlot said Vyas contribution in forming the state’s and country’s economic and public welfare policy was immense. “He was the vice president of the state planning board during my tenure as Rajasthan chief minister and will be remembered for his talent, soft-spoken and social personality,” Gehlot said in his condolence message. He prayed peace for the departed soul and courage for the family members to bear the loss. A file photo of noted economist VS Vyas   –  V V Krishnan SHARE SHARE EMAIL SHARE death September 12, 2018 Published onlast_img read more