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Solar-energy giant Lightsource BP expands US business

first_img Share Jedidajah Otte Solar-energy giant Lightsource BP expands US business whatsapp Wednesday 7 November 2018 6:08 pm It is working with California’s Sacramento Municipal Utility District (SMUD) and Continental Divide Electric Cooperative (CDEC), a member-owned distribution cooperative in New Mexico, on the projects.The power purchase agreements (PPAs) will deliver locally-generated solar photovoltaic power to the utilities’ customers over a minimum of 20 years.Both projects will be completed in 2019, Lightsource BP boss Nick Boyle said.Katherine Ryzhaya, Lightsource BP’s US chief commercial officer, said: “Our solar solutions will drive local economic development and job growth, increase utility customer satisfaction, and provide a cleaner, healthier environment for their communities.”David Windle, BP head of solar energy, said, “The United States is an important market for renewables and for Lightsource BP, and this announcement demonstrates the real momentum we are building across the country. These new collaborations build upon BP’s track record in operating wind farms across the US and is another example of how we are advancing the global energy transition.” Lightsource BP, Europe’s biggest solar energy developer, has signed deals for two new solar projects in the US, the company announced today. The UK-based company, which specialises in the development, acquisition and long-term management of large-scale solar projects and smart energy solutions, will build the 16 megawatt (MW) Wildflower Solar plant in California and a 9 MW solar project in New Mexico. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks whatsapp Tags: Trading Archivelast_img read more

Sweeping criminal justice overhaul under fire — and revision

first_imgAlcohol & Substance Abuse | Crime & Courts | Interior | Southcentral | State GovernmentSweeping criminal justice overhaul under fire — and revisionJanuary 31, 2017 by Andrew Kitchenman, KTOO and Alaska Public Media Share:Sen. John Coghill, R-North Pole, is working on revisions to the criminal justice overhaul he helped write. This photo is from January 2016. (Photo by Skip Gray/360 North)Legislators are considering changes to a seven-month-old law that overhauled the criminal justice system. The commission that helped shape the law has recommended 14 changes to it.Audio Player Up/Down Arrow keys to increase or decrease volume.The law allowed some low-risk offenders to avoid jail time. And it made other changes in sentencing, bail and probation that are aimed at reducing the number of repeat offenders.Critics say the law is allowing some people charged with serious crimes to be released the same day they’re arrested.The Alaska Criminal Justice Commission recommended a series of changes Monday. It suggested that some felony convictions currently receiving suspended sentences should instead lead to up to 90 days in jail.Sen. John Coghill helped write the law. The North Pole Republican said the Senate Judiciary Committee is trying to strike a balance in revising the law.“I think we’re going to drill down pretty well in our committee, find what is the real public safety problem,” Coghill said. “Can we give the police tools, can we give the law tools to actually hold people accountable — so that when, whatever society dishes up, we can hold people accountable?”Other recommendations in the report include correcting what the commission called an “apparent oversight” that eliminated a legal provision requiring sex offenders to serve probation. The commission recommended requiring mandatory probation for sex offenders.The commission reached a consensus on the recommendations that became the basis for the law last year. But that consensus has been tough to find this year, with some commission members calling for restoring tougher penalties than most commission members recommend. The only time they reached a consensus this year was a recommendation to make technical changes to the law.Anchorage Sen. Kevin Meyer, a Republican, said the recommendation on giving 90 days to Class C felons appears to be too soft.“I think we have to keep in mind the victim,” Meyer said. “I know if someone was threatening me with a gun, I wouldn’t want just a slap on the wrist.”Critics of the law have linked it to a rise in some crimes in parts of the state.But Coghill said the sweeping nature of the law has focused public attention on it.“So it’s not surprising that people would blame that when there was a failure in public safety or our ability to hold people accountable,” Coghill said. “But it just simply isn’t true that it’s the cause of all failures in our system.”Anchorage Sen. Bill Wielechowski, a Democrat, said he doesn’t want to amend the law based on what he says may be “knee-jerk” reactions. He said any changes should be based on evidence from Alaska and other states.“If just the penalties we have in the bill work and people are getting rehabilitated, then that’s certainly something I’d want to know,” Wielechowski said. “And by the same token, if it’s not working, if people are getting off and committing other crimes, then I certainly want to know that as well.Coghill said some of the pushback to law was political, while other concerns were due to unrelated factors that predated the law, such as the ongoing opioid addiction epidemic. He said tight budgets in the Department of Law and local police departments also have caused problems, as has a separate change in bail schedules made by the court system.“Yes, there’s been pushback,” Coghill said. “So what we tried to do is we tried to figure out what pushback is political, what is misinformation, what is a timeline problem, and what is a real public safety problem.”Coghill is a nonvoting member of the commission. He plans to use the commission’s recommendations to draft potential changes to the law, which the Senate Judiciary Committee will discuss in the coming weeks.Share this story:last_img read more

4-time Iditarod champion disqualified for positive meth test during race

first_imgAlcohol & Substance Abuse | Iditarod | Sports4-time Iditarod champion disqualified for positive meth test during raceMay 7, 2020 by Casey Grove, Alaska Public Media Share:Iditarod musher Lance Mackey at the 2020 Iditarod Trail Sled Dog Race ceremonial start in Anchorage on March 7. (Photo by Joey Mendolia/Alaska Public Media)A positive drug test for methamphetamine has disqualified veteran dog musher Lance Mackey from the 2020 Iditarod Trail Sled Dog Race, according to a message that race organizers sent to sponsors Thursday.Mackey’s 21st-place finish in this year’s race will be vacated after the positive test from a sample collected in White Mountain, the Iditarod statement says. Mackey finished the race, his 16th Iditarod, in Nome on March 19.Mackey is a four-time Iditarod champion, from 2007-2010, and a four-time Yukon Quest champion, from 2006-2009. He’s also the only musher to have won both of the 1,000-mile races the same year, in 2007 and 2008.In the Iditarod’s written statement, Mackey said he planned to go into treatment.“I’m tired of lying to myself, friends, family, and fans, who have all supported me, rooted for me, or been inspired by me. I apologize to all of you,” Mackey said. “The truth is that I need professional help with my latest life challenge. I am in the process of making arrangements to go to a treatment center where I can get the professional help and real change I need. I’m ready to confront this with all of my focus and determination.”Mackey did not immediately respond to a request for comment. He has spoken openly in the past about heavy drug and alcohol use earlier in his life, mostly cocaine and whisky.The Iditarod has tested sled dogs for drugs since 1994 and instituted drug testing for mushers during the race in 2010. The decision by the Iditarod Trail Committee to test mushers came after a complaint about musher drug use from the Iditarod Official Finishers’ Club.At the time, Mackey was the most vocal musher in pushing back against the testing, claiming he had been singled out because of his use of marijuana for pain management as a cancer survivor.The first Iditarod disqualification for drug use came in 2012, when 38th-place finisher Matt Giblin tested positive for marijuana.Share this story:last_img read more

Game Digital share price tumbles as profit falls and CFO steps down

first_img whatsapp Tuesday 24 March 2015 5:54 am Share Show Comments ▼ Game Digital share price tumbles as profit falls and CFO steps down Game Digital’s share price slumped more than seven per cent in early morning trading on Tuesday after announcing a hefty fall in profits in its maiden interim results.The company’s chief finance officer Benedict Smith, who helped oversee its listing on the London Stock Exchange last year, will step down later this year. The figuresAdjusted operating profit for the 26 weeks ended 24 January 2015 fell 18.5 per cent to £39.2m from £48.1m a year earlier. A similar drop was recorded in earnings before interest, taxes, depreciation and amortization came in at £43m – 16.2 per cent down from last year’s £51.3m. Overall revenue fell marginally to £582.1 as did gross profit which dropped 1.6 per cent to £135.2m. Despite all the bad news however, shareholders were treated to a special dividend of £25m – equivalent to 14.7 pence per share – which Game said was supported by strong cash generation. The group’s adjusted operational cash flow jumped 45.8 per cent to £66.9m. Investors were also told the full-year earnings and profit are still expected to fall within the range of current market expectations. Why it’s interestingMore bad news for Game Digital investors who saw the company drop out of the FTSE 250 last night and suffered a huge 50 per cent drop in its share price when a severe profit warning was announced in January. That warning was put down to disappointing holiday period sales, although overall sales for the half year were only slightly down. So Game is now restructuring as it attempts to get to the next level. After eSports company Multiplay was acquired earlier this month, the group will split into three separate divisions: GAME Retail, GAME eSports and Events, and GAME Digital Solutions. Game says it expects market activity to pick up over Easter thanks to some “key titles”, which include an exclusive release of Final Fantasy Type-O HD. Shareholders will be hoping the title is not fitting of the company’s prediction.What Game Digital saidThe video games market in the UK has started 2015 more slowly than we anticipated, however we continue to maintain our strong market shares and expect activity in the UK to pick up in the coming weeks, driven by promotional campaigns around Easter and the launch of a number of key titles.In shortGame Digital stock continues to take a battering as the company restructures and tackles a slow-moving market. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbeszenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesFinancial 10See The Wife Of The World’s Richest BillionairesFinancial 10ComedyAbandoned Submarines Floating Around the WorldComedyDefinitionThe Most Famous Movie Filmed In Every U.S. StateDefinition whatsapp Joe Hall Tags: NULLlast_img read more

News / Red flag for Yang Ming as container line is weighed down by billion-dollar losses

first_imgBy Mike Wackett 19/01/2017 Following the bankruptcy of Hanjin, Taiwan’s Yang Ming is now the container line in the greatest financial danger, according to a research paper published today.Drewry Financial Research Services (DFRS) says the line has the industry’s most leveraged balance sheet, with a net gearing of a massive 437% at the end of Q3.The figure soars above the industry average of 124% and is nearly five times that of its closest regional peer, Evergreen.The report says: “Yang Ming’s high debt is a great cause for concern for us, given the heightened financial risks. Even with recovery in the underlying freight market, the debt burden without a restructuring is a red flag and a clear sell signal for us.”DFRS noted that Yang Ming had accumulated NTD38.4bn ($1.2bn) in losses since 2009, with its net loss for 2016 at around $400,000 by the end of the third quarter.The analyst believes the carrier’s high cost structure, combined with its debt mountain, will “keep Yang Ming in the red in 2017”, despite an improved outlook for freight rates.In November, the Yang Ming board announced it would slash executives’ pay by 50% and the salaries of senior line managers by 30%, among a raft of desperate measures to stop the rush of red ink.The Taiwan government owns a 33% stake in Yang Ming and will need to support the debt-ridden carrier, suggests DFRS.It noted that talk of a merger between Yang Ming and compatriot carrier Evergreen was unlikely, given that the latter is privately owned.However, there had, it said, been talk in government circles of a merger with state-owned Taiwan International Port Corp (TIPC).According to Alphaliner data, Yang Ming is currently the ninth-largest ocean carrier, operating a fleet of 101 ships for 579,048 teu, giving it a 2.8% global market share.Fifty-five of its vessels are chartered, including eight 14,000 teu ultra-large vessels on fixed-rate long-term lease from Seaspan.It is possible that, to reduce its vessel operating costs, it may endeavour to renegotiate the terms and daily hire rates of its chartered-in tonnage, along similar lines to Hyundai Merchant Marine and Hanjin.Yang Ming, founded in 1972, is a member of the CKYE east-west vessel alliance, but in April it will join with Hapag-Lloyd and the soon-to-be-merged container businesses of K Line, MOL and NYK in THE Alliance. Its dire financial health will be of great concern to the other members.THE Alliance is the first vessel-sharing agreement to include safeguards for shippers in case of a failure by one of the partners.According to US federal maritime commissioner William P Doyle, THE Alliance’s filing with the FMC includes “framework language” to allow other members to take over the operation of the affected party to avoid a repetition of the supply chain chaos caused by the sudden collapse of Hanjin.Following the Hanjin crash, which left some $12bn of cargo stranded on 100 containerships around the world, shippers are understandably nervous about the financial health of ocean carriers.last_img read more

News / Road freight and multimodal services in SE Asia now the shippers’ choice

first_img Demand for multimodal services are on the rise in South-east Asia as shippers look to sidestep volatile air and ocean freight markets.According to DHL Global Forwardng, the Covid-crisis has seen a pick-up in cross-border road freight.“It quickly emerged as an alternative solution for businesses shipping goods in the region,” said Bruno Selmoni, DHL’s VP and head of road freight and multimodal for Asean and South Asia.“The pandemic has also seen road freight featuring more prominently as part of the multimodal chain,” he added, noting the market was on track for healthy 8% annual growth over the next five years.Indeed, he said, while road freight was previously used only for shorter routes, it’s now also used over much longer distances, such as when DHL trucked cargo from China to Sweden for a customer earlier this year.Another, a laboratory instrument manufacturer, was previously reliant on air and ocean, but escalating freight rates during the Covid-crisis led to a switch to multimodal, including trucking from Singapore to Thailand.DHL said, traditionally, retailers and manufacturers would need to contract for each mode, with the cargo passed from operator to operator until it reached the customer. But this could prove “troublesome”, as the seller is responsible for all the logistics and paperwork.A multimodal shipment “simplifies matters” by moving from origin to destination under a single contract or bill of lading.Mr Selmoni said there had been “positive developments” for multimodal movements even prior to the pandemic, since businesses were “looking for alternative solutions to improve transit time, cost efficiency and environmental footprint.” For example, last year DHL launched a multimodal service connecting Indonesia with its Asean road network, via barge or airfreight to Singapore.Meanwhile, another factor set to boost regional multimodal connectivity is the Asean Customs Transit System.“The Asean transport ministries have approved up to 500 trucks for cross-border permits,” explained Mr Selmoni. “The permit will allow goods to be transported across borders on the same truck from departure to destination point, thus eliminating the need to transfer goods to a local truck at a border.”Furthermore, he said, the ‘China plus one’ sourcing strategy – while not just the result of Covid – was likely to continue to facilitate increased road and multimodal volumes across South-east Asia.“All Asean countries are impacted positively by the strategy as companies diversify their production bases beyond China, thereby driving intra-regional trade.“This is especially nuanced in the key markets connected by an established road network – Singapore, Malaysia, Thailand, Vietnam, Cambodia and Myanmar –and increasingly extends further, to Indonesia and Laos, as well as to China.” By Sam Whelan 14/12/2020last_img read more

Man threatens Cape Coral neighbors with gun over dog dilemma

first_imgAdvertisementTags: Cape Coralconvicted felon WATCH: Porch pirate targets newly moved in Cape Coral residents June 16, 2021 Cape Coral canal levels remain low even after recent rains June 17, 2021 Cape Coral man tries to figure out meaning of his 25-year-old tattoos June 16, 2021 AdvertisementDuring the argument, Minor went back into his home and came back out with a firearm, allegedly pointing it at two adults and the juvenile, threatening violence.Minor, a convicted felon, was arrested and taken to the Lee County Jail. A firearm was found at the scene and taken into evidence, said Cape Coral police. Cape Coral break in foiled by barking dog June 17, 2021 CAPE CORAL, Fla. – A Cape Coral man was arrested for threatening his neighbors, two adults and a juvenile, with a gun during an argument after their dog ran into his yard.Jarvis Daniel Minor, 34, was arrested on Sunday and is facing charges of aggravated assault and possession of a weapon by a convicted felon.The incident happened in the 900 block of SE 31st Terrace after the dog’s owner and a juvenile tried to run after the dog to try and catch it.The dog ran onto Minor’s property, which started an argument between Minor and the neighbors, said Cape Coral police. RELATEDTOPICS AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 commentsDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 commentslast_img read more

Florida Capitol lighting will honor COVID-19 victims

first_imgTALLAHASSEE (AP) – The Florida Capitol will be illuminated amber on Tuesday as part of the Biden-Harris inauguration’s national moment of unity and remembrance for the more than 397,000 American lives lost to COVID-19.Florida’s Agriculture Commissioner Nikki Fried requested the capitol lighting. Across the nation, state capitols and town halls are set to illuminate on Tuesday alongside the first-ever lighting display around the Lincoln Memorial Reflecting Pool in Washington, reported AP.“It’s my honor to request that Florida’s Capitol be lit in their memory, with hope for brighter days ahead,” Fried said. RELATEDTOPICS Mobile pediatric clinic provides COVID vaccines for children 12+ June 15, 2021 COVID-19 restrictions likely kept kids out of swim class, putting them at risk June 9, 2021 Advertisement AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments Japan to ease COVID restrictions as country prepares for 2020 Olympics June 17, 2021 Health Matters: Managing the Stress of COVID-19 June 7, 2021 Advertisement AdvertisementTags: Covid-19Florida CapitolTallahassee AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 commentslast_img read more

Deaths in Laois – Friday, January 22, 2021

first_imgHome Deaths Deaths in Laois – Friday, January 22, 2021 Deaths Previous articleCoronavirus: 51 more deaths and 2,608 new cases – 45 of them in Laois as vaccine figures updatedNext articleLaois County Council to erect temporary salt/grit areas to help rural areas with slippery roads LaoisToday Reporter By LaoisToday Reporter – 22nd January 2021 WhatsApp Twitter Deaths in Laois – Friday, January 22, 2021 Electric Picnic apply to Laois County Council for new date for this year’s festival Laois Councillor ‘amazed’ at Electric Picnic decision to apply for later date for 2021 festival RELATED ARTICLESMORE FROM AUTHOR WhatsApp Pinterest Electric Picnic organisers release statement following confirmation of new festival date Twitter Electric Picnic Below are the recent deaths in Laois.May they rest in peace.Thomas (Tom) DunneTolerton, Ballickmoyler, Carlow / Ballickmoyler, LaoisThomas (Tom) Dunne, Tolerton, Ballickmoyler, Co. Carlow, passed away peacefully, on January 20th, 2021, at Droimnin Nursing Home, Stradbally, Co Laois.He will be sadly missed by his extended family, relatives and friends.May Tom’s Gentle Soul Rest in PeaceDue to continued restrictions on public gatherings, Tom’s Funeral Mass will be celebrated in the presence of his family on Saturday, at 11am, in The Church of the Blessed Virgin Mary, Mayo, Co Laois and will be followed by burial in the adjoining cemetery.If neighbours wish to show their support to the family, they could stand outside their houses as the funeral cortege passes his residence on the way to the Church at 10.30am approx.Christina (Kitty) GilesSentry Hill, Borris-in-Ossory, LaoisChristina (Kitty) Giles, Sentry Hill, Borris in Ossory, Co. Laois. January 21st. 2021. (unexpectedly) at her home. Predeceased by her sister Mary (Kelleher) and brother Michael. Deeply regretted by he loving brother Martin, nephew Leo Kelleher, sister in law Carol, nieces, nephews, extended family, relatives, neighbours, and friends.May Kitty Rest In Peace.In line with government & HSE advice and to insure the safety of all a Private family funeral will take place (limited to 10 people), you are asked not to congregate in the church yard or the cemetery to ensure the safety of all.Kitty’s family would like to thank you for your understanding and support at this sad and difficult time.Kitty’s Funeral Mass will be live streamed on Saturday (23rd. Jan.) at 11o’c on the borrisinossoryparishonline facebook page.Mary Jane Mahony (née Mallon)Boley, Abbeyleix, Laois / Walsh Island, OffalyPeacefully at home in the loving care of her family. Predeceased by her husband Joe, son Joe, grandson David and sister Liz. Deeply regretted by her daughter-in-law Mary, granddaughter Karen, grandson Gerard, sister Margaret Delaney, nieces , nephews , grandnieces, grandnephews, relatives, neighbours and friends.Rest In Peace.Due to Government advice Mary Jane’s Funeral will be private, strictly confined to immediate family only. The Funeral Mass will be streamed from The Church of The Most Holy Rosary, Abbeyleix at 12 noon on Friday, 22nd January, on: afterwards in Shanahoe Cemetery via Crookedwood Cross.Anna Marie NolanRathcrea, Vicarstown, LaoisPeacefully at the Midlands Regional Hospital, Tullamore. Sadly missed by her heartbroken parents Johnny and Josie, her beloved brothers John and Brian, her devoted sisters and best friends Yvonne (Lacumber) and Ailish (Lynch), adored nieces and nephews, Steve, Kerry Lee, Caragh, Eábha, Jack, Emma, James Ellen and Alice, brothers-in-law, sisters-in-law, relatives and friends.Rest In Peace.Due to the increased Risk with Covid 19 Anna Marie has requested A Private Funeral and Interment and asked that people not congregate in the Churchyard or in the Cemetery.House Strictly Private.We would ask over the coming days everyone who knew Anna Marie would take some time to light a candle or say a prayer in her memory.The family would like to thank you for your help and understanding at this sad and difficult time.Family flowers only please. Donations, if desired, To The Cuisle Centre, Portlaoise: Marie Requiem Mass will be streamed live from the Church of the Assumption, Vicarstown on Friday at 2pm: BrennanAughamacfir, Wolfhill, LaoisDaughter of the late Sarah and Laurence and sister of the late Patrick and Delia (Murphy). Deeply regretted by her loving brothers Michael and Laurence, sisters-in-law Lucy and Mary, brother-in-law Shay (Murphy), nieces, nephews, relatives and friends.Rest in PeaceDue to government restrictions a private family Requiem Mass will take place at 12 noon on Friday (22nd January) in St. Mary’s Church Wolfhill, limited to 10 people. The mass will be livestreamed on the Ballyadams Parish facebook page. Burial afterwards in the adjoining cemetery.Margaretha (Margaret) Lalor (née Beusse)12 Ash Trees, Stradbally, LaoisMargaretha (Margaret) (nee Beusse) Lalor. 12 Ash Trees, Stradbally and Formerly Holm-Seppensen, Nordheide, Germany. Peacefully, with her husband Jerry and her son Michael at the Midlands Regional Portlaoise, on the 20th of January 2021. Sadly missed by her dearly loved and devoted husband Jerry, her adored son Michael, grandchild Jessica, daughter-in-law Natascha, brothers-in-law, extended family, neighbours and her many friends.Margaret will repose at The Presentation Chapel, Stradbally on Thursday (21st). Funeral Mass on Friday at 11am in the Sacred Heart Church, Stradbally. For Family Members Only. Interment to follow in Oakvale Cemetery.Funeral will be live streamed on: to Government Restrictions and H.S.E Guidelines, Margaret’s funeral will be for family only. For those who wish to show their support along the route from the Church to the Cemetery, you are asked to do so in a Socially Distanced and Safe Manner.The Lalor Family would like to thank everyone for their support and understanding at this sad and difficult time.SEE ALSO – Deaths in Laois – Thursday, January 21, 2021 Electric Picnic Electric Picnic Pinterest TAGSDeaths in Laois Facebook Facebooklast_img read more

Client retention key to growing a book: report

first_img Keywords Client retention Reaching that high retention level, however, can prove a difficult for advisors particularly when working with new clients. For example, the report shows that in the first year of a client relationship the probability of retention is 95%. That number drops to 74% by the end of four years. “The advisor client relationship is not unlike any other human relationship,” says Patrick Kennedy, vice president, products and services at PriceMetrix and author of the report. As in a marriage, an advisor-client relationship is likely to have a seven-year itch, says Kennedy, although in this case it is more like a four-year itch. As such, advisors need to remember that even though a client signs on the dotted line they likely have not fully decided whether or not the business model is right for them. Says Kennedy: “You’re still in a sort of evaluation period.” During this probationary period, Kennedy says advisors shouldn’t try to add more services to woo clients but instead should be clear about the regular services offered. In terms of identifying loyal clientele, the report identifies older, high net worth clients with a hybrid fee model as the most steadfast individuals. According to PriceMetrix, the retention rate for clients with a hybrid account structure – consisting of transactional and fee-based accounts – is 95% whereas strictly fee-based models have a 91% rate and advisors running a transactional business have a retention rate of 89%. Hybrid accounts likely have a higher retention rates because as it requires opening multiple accounts with one advisor, says Kennedy, and therefore fosters a deeper client-advisor relationship. Furthermore, clients using these types of fee structures tend to be higher net worth individuals who generally remain with the same advisor. For example, the retention rate of households of $100,000 or less is 87%, according to the report, at $500,000 the retention level moves up to 94% and at $1 million retention sits at 95%. As well, advisors with a large number of small households will find it difficult to hold onto their higher net worth clients. According to report results, advisors have a retention rate of 97% of high net worth individuals if clients with less than $250,000 make up 20% of an advisors book of business. Conversely, when small households make up 80% of an advisors business the retention rate of high net worth clients is 94%. Next: Find success by focusing on a particular market segment @[email protected] Find success by focusing on a particular market segment These statistics emphasizes the importance of focusing on a niche, says Kennedy. “Like any other business,” he says, “we find that advisors are more successful when they demonstrate that they are focusing on a particular market segment.” Younger clients are also more likely to search for a new advisor or to try and do their own investing compared to older investors, according to PriceMetrix. Results show that there is an 82% probability of a 30-year-old client remaining with his or her current advisor. That chance jumps to 87% for 40 year olds and 90% for clients who are 50 years of age. “[Younger individuals are] willing to try the full advice model,” says Kennedy, “but in addition to discount brokerages, we’re seeing more Internet-based, robo-advice services and I would expect younger investors are a little bit more open to models like that.” The report was generated from PriceMetrix’s database consisting of 7 million retail investors, 500 million transactions and almost 40,000 financial advisors in brokerages. Client retention is lucrative for an advisor’s business but is easier said than done depending on the make-up of a book of business, according to a new report released by Toronto-based PriceMetrix Inc. on Monday. The report, Stay or Stray: Putting Some Numbers Behind Client Retention, found that advisors with a client retention rate of 95% increased their total assets under management (AUM) by 25% between 2010 and 2013, while businesses with an 80% retention rate saw only a 12% increase in AUM. IAFP Symposium: Prompt a discussion on life goals Clients expect more from wealth management firms: PwC Fiona Collie center_img Related news Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img read more

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