GOOGLE MOBILE TO BRING MOST REVENUE

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com GOOGLE MOBILE TO BRING MOST REVENUE whatsapp Show Comments ▼ Tuesday 28 September 2010 10:44 pm Sharecenter_img KCS-content whatsapp Tags: NULL More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com GOOGLE expects mobile searches to generate most of its revenue eventually, but it could take a long time despite growing at a rapid clip, said chief executive Eric Schmidt yesterday. Searches made on Android-based smartphones and other mobile devices are growing but will remain immaterial to its bottom line for some time, he said. last_img read more

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Bishop of Swaziland and global environmental advocate Ellinah Wamukoya dies…

first_img Family Ministry Coordinator Baton Rouge, LA Posted Jan 19, 2021 AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Curate (Associate & Priest-in-Charge) Traverse City, MI This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Bishop Diocesan Springfield, IL Rector Collierville, TN Rector Martinsville, VA Rector Bath, NC Priest-in-Charge Lebanon, OH Submit a Job Listing Anglican Communion, Africa, The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Featured Jobs & Calls An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET Tags In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Obituary, Cathedral Dean Boise, ID Assistant/Associate Priest Scottsdale, AZ Submit a Press Release Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York People, TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Rector Belleville, IL Youth Minister Lorton, VA Rector Tampa, FL Assistant/Associate Rector Washington, DC Press Release Service Associate Priest for Pastoral Care New York, NY Rector Shreveport, LA Rector Washington, DC Bishop of Swaziland and global environmental advocate Ellinah Wamukoya dies from COVID-19 Associate Rector Columbus, GA Curate Diocese of Nebraska Rector (FT or PT) Indian River, MI Director of Music Morristown, NJ Assistant/Associate Rector Morristown, NJ Rector/Priest in Charge (PT) Lisbon, ME Submit an Event Listing Missioner for Disaster Resilience Sacramento, CA Course Director Jerusalem, Israel Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest New Berrigan Book With Episcopal Roots Cascade Books Featured Events The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem Rector Hopkinsville, KY Women’s Ministry Rector Pittsburgh, PA Rector Knoxville, TN Rector Smithfield, NC Rector and Chaplain Eugene, OR Director of Administration & Finance Atlanta, GA [Anglican Communion News Service] Bishop of Swaziland Ellinah Wamukoya died Jan. 19 after contracting COVID-19. Her death was announced by Archbishop Thabo Makgoba of Cape Town, primate of the Anglican Church of Southern Africa. Wamukoya, known around the world for her advocacy on environmental issues, was admitted to a hospital late last week and put on oxygen therapy after contracting COVID-19. She was 69.“It is with profound sorrow that I have to announce the devastating news that the bishop of Swaziland in eSwatini, the Rt. Rev. Ellinah Wamukoya, died today,” Makgoba said. “We express our deepest condolences to her husband, Okwaro Henry Wamukoya, their children and grandchildren. May her soul rest in peace.”The Anglican Communion’s permanent representative to the United Nations, Jack Palmer-White, paid tribute, saying: “She was wonderfully dedicated to so many causes – particularly demonstrated through her leadership of the Anglican Communion Environmental Network for a number of years.”Read the entire article here. Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Associate Rector for Family Ministries Anchorage, AK Priest Associate or Director of Adult Ministries Greenville, SC Canon for Family Ministry Jackson, MS Rector Albany, NY Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 last_img read more

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Protesters demand stop to sheriff-ICE lovefest

first_imgAs part of an ongoing campaign against Alameda County Sheriff Gregory J. Ahern, and in support of the struggle against deportations, Workers World Party held a picket line in front of Glen Dyer Jail in downtown Oakland, Calif., on Monday, April 17, demanding Ahern stop cooperating with the federal Immigration and Customs Enforcement agency.Ahern not only continues to cooperate with ICE by notifying them about prisoner releases, but he is also the head of the California Sheriffs’ Association, which promotes the same practices. He even signed a letter as the head of its political action committee to support the nomination of arch-racist Jeff Sessions for U.S. attorney general.Organizers vow to keep the pressure on Ahern to stop cooperating with ICE. This demonstration was held on the same day that the Caravan Against Fear held a protest against Los Angeles County Sheriff Jim McDonnell.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

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Pro-opposition television channel taken off air

first_img September 7, 2020 Find out more Ukrainian media group harassed by broadcasting authority UkraineEurope – Central Asia March 26, 2021 Find out more February 26, 2021 Find out more to go further News RSF_en UkraineEurope – Central Asia Receive email alerts Newscenter_img Reporters Without Borders has protested after regional public television in Lugansk, eastern Ukraine, LOSTRC, halted programmes on pro-opposition station LOT on 14 May.”The government is trying to silence those who think differently”, the station’s chairman, Rodion Mirochnyk had said on 13 May, complaining of political harassment by the regional authorities. Valentine Dzon majority shareholder of LOT, founded in February 2004, is a pro-opposition figure.Mirochnyk had added that he would ask the national broadcast council to adjust the air time allowed to the station by LOSTRC, with which it however had a contract until the end of 2005.”President Viktor Yushchenko made respect for press freedom one of the priorities after his election,” Reporters Without Borders said. “Closing a TV station that is close to the opposition, for whatever reason, damages pluralism of news and information.””LOT is the second pro-opposition station to be threatened by the authorities. We hope they will in future guarantee greater transparency and fairness in the granting of licences and allocation of radio and television frequencies”.”We urge the national broadcast council to do its utmost to ensure that journalists do not become hostage to political quarrels,” the worldwide press freedom organisation said.Oleg Nedolsin, interim director of the regional public television, said that station’s programmes had been taken off air because of “irregularities in LOT payments, made with public funds”. The station apparently benefited from extremely favourable financial arrangements and the administrative authorities are now demanding repayment of more than 25,000 euros before 23 May to extend the agreement with the LOSTRC. The ban follows the controversial cancellation of the licence of pro-opposition national television NTN, which exposed political obstruction, on 31 March 2005. The supreme economic court on 28 April upheld the validity of the station’s licence.The government said on 17 May that it would examine the issue of regional public media. “Several disagreeable conflicts are linked to lack of understanding about the real role of regional public TV and radio,” deputy prime minister Mykola Tomenko, told Reporters Without Borders. “It is not right that 78% of regional public television and radio frequencies should be used by private companies. They are overstepping the rights that the state allowed them”, he added. Crimean journalist “confesses” to spying for Ukraine on Russian TV Organisation Follow the news on Ukraine Ukraine escalates “information war” by banning three pro-Kremlin media News News May 18, 2005 – Updated on January 20, 2016 Pro-opposition television channel taken off air Help by sharing this information last_img read more

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Teen sentenced for role in ‘tiger kidnap’

first_imgTwitter Facebook Advertisement WhatsApp Linkedin Previous articleFormer Garda to take on local Limerick politicsNext articleFather given suspended sentence for abusing daughter admincenter_img NewsBreaking newsTeen sentenced for role in ‘tiger kidnap’By admin – October 31, 2013 1023 Print by Andrew CareySign up for the weekly Limerick Post newsletter Sign Up andrewA TEENAGER who helped kidnap two men for a €500,000 ransom has been sentenced to five years detention and supervision.Jonathan Blackhall of Grattan Court, Limerick, will turn 17 at the end of this week in Oberstown Boys detention school where he begins a two and a half-year sentence.On the night of August 19/20, Blackhall was with two armed and masked men who bundled two teenagers into a pickup truck from a house in Castletroy.He stayed guard over the two victims in the truck as they were taken to a derelict house in Limerick.One of the men was released and given a demand for €500,000 to be paid over for the safe release of a the other victim.Judge Carroll Moran heard evidence that Blackhall held the victim at a field near Donoughmore in the early hours of the morning of August 20 before the abducted man escaped and raised the alarm.Blackhall fled the scene and walked towards Limerick before being arrested by gardaí who were suspicious of a young man dressed in black walking on an unlit country road.He subsequently pleaded guilty to two charges of false imprisonment and was of material assistance to the investigation.After a four week trial, his fellow defendant, 34-year-old Zachary Coughlan Ryan was found guilty by a jury in a unanimous verdict before Judge Carroll Moran.According to gardaí, the third man involved in the “tiger kidnap” has gone to ground.Defence counsel Andrew Sexton, SC, told the court that Blackhall was just 15 at the time of the incident and was heavily influenced by the two older and “more sinister” men he was with.The court heard of Blackhall’s “dysfunctional background” after his parents separated some years ago.Considering the plea that the period of detention and supervision be used for rehabilitation, Judge Moran said that a term of five years would be an appropriate sentence – half of which is to be served in Oberstown Boys School and the other half to be supervised by a probation and welfare officer. Emaillast_img read more

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Barnes Group Inc. Reports Fourth Quarter and Full Year 2020 Financial Results

first_img 24,519 244,108 16.7 ) Goodwill 53,550 ) % Change 16.0 ) (37,430 % ) ) ) 139,258 17,717 %Change 6,677 Local NewsBusiness (620 0.16 (21.9 ) 59,039 (1,210 (Unaudited) (1) The Company defines free cash flow as net cash provided by operating activities less capital expenditures. The Company believes that the free cash flow metric is useful to investors and management as a measure of cash generated by business operations that can be used to invest in future growth, pay dividends, repurchase stock and reduce debt. This metric can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. (24.6 ) 8,179 – Free cash flow to net income cash conversion ratio (as adjusted) (2) (16.7 (1,002 (52.5 % (6,059 (59.5 (30.2 Current liabilities 82,131 $ (9,158 Free cash flow: 310,516 $ 0.35 Operating Margin – Aerospace Segment (GAAP) 122,480 ) $ 938,507 11.0 $ ) – ) Previous articleEverbridge annuncia di essersi aggiudicata cinque contratti relativi alle soluzioni Public Warning con società di trasmissioni wireless, governi e Stati finalizzati alla protezione delle persone e delle aziende in Europa e in AsiaNext articleWilliams career-high 32 sparks WSU to romp over Cal 82-51 Digital AIM Web Support ) ) – (341,419 2,738,335 2020 22.2 11.3 45,148 Net cash provided by operating activities $ ) WhatsApp (Gain) loss on disposition of property, plant and equipment Liabilities held for sale % Change bps. 4,774 NON-GAAP FINANCIAL MEASURE RECONCILIATION ) 15,944 20,629 ) $ 1,124,391 BARNES GROUP INC. 2,932 % ) (48.2 Notes and overdrafts payable % Income before income taxes 0.80 101,495 (41.6 Operating Income as adjusted (Non-GAAP) (1) $ 236,448 Inventories – 0.64 5,490 % ) 215,462 – 12.1 48,494 Non-cash impairment charge related to divestiture 14.1 – (Unaudited) 7,730 Net cash provided by operating activities Liabilities and Stockholders’ Equity 2019 Total operating profit $ ) % 99,059 (60.0 ) – Other intangible assets, net 25,447 1.25 2,336 32,698 5,492 1,254,670 6,054 Operating Profit – Aerospace Segment (GAAP) $ ) (9.9 Total assets 16.5 10.2 (58.1 $ (Dollars in thousands, except per share data) Diluted Net Income per Share as adjusted (Non-GAAP) (1) Financing activities: (Dollars in thousands) 2020 61,256 12,577 11.0 (0.7 (17.0 (50,347 ) – – ) – 123,370 (38.5 bps. ) $ – BRISTOL, Conn.–(BUSINESS WIRE)–Feb 19, 2021– Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today reported financial results for the fourth quarter and full year 2020. “Barnes Group delivered sequentially improved financial results in the fourth quarter and exceeded the high-end of our adjusted EPS outlook. After the historic disruption of business brought on by the global COVID-19 pandemic, the Company’s cost management and cash generation focus of 2020 is shifting to restarting our growth engine, as Industrial end markets are improving and Aerospace end markets are beginning to stabilize,” said Patrick J. Dempsey, President and Chief Executive Officer of Barnes Group Inc. “While continuing impacts of the pandemic remain and will be managed, our 2021 focus has returned to growth, with an emphasis on driving innovation and digital initiatives across the organization,” added Dempsey. “We envision elevated investment in these initiatives as we position the Company to best leverage the future economic recovery.” Fourth Quarter 2020 Highlights Fourth quarter 2020 net sales of $289 million were down 22% from $370 million in the prior year period, with organic sales (1) declining 21% primarily driven by the ongoing impacts of the global pandemic on the Company’s end markets. Divested Seeger sales had a negative impact of 3%, while foreign exchange had a positive impact of 3%. Since the sales low point of the second quarter, the Company has now delivered two consecutive quarters of sequential revenue improvement, with fourth quarter net sales increasing 7% from the third quarter. Operating income was $32.7 million versus $61.3 million a year ago. Operating margin decreased 520 bps to 11.3%. Excluding an aggregate $0.2 million of restructuring charges and Seeger divestiture adjustments, adjusted operating income was $32.9 million and adjusted operating margin was 11.4%, down 580 bps from last year. Net income for the fourth quarter was $17.7 million, or $0.35 per diluted share, compared to $41.0 million, or $0.80 per diluted share, a year ago. On an adjusted basis, net income per share of $0.36 was down 58% from $0.86 a year ago. Adjusted net income per diluted share in the fourth quarter of 2020 excludes $0.01 of restructuring costs and Seeger divestiture adjustments. Fourth quarter 2019 adjusted net income per share excludes a $0.05 benefit related to the finalization of Gimatic short-term purchase accounting in our Industrial Segment and excludes an $0.11 non-cash impairment charge related to the disposition of the Seeger business. Full Year 2020 Highlights For the full year 2020, Barnes Group produced net sales of $1,124 million, down 25% from $1,491 million in the prior year. Full year organic sales were down 22%. Divested Seeger sales had a negative impact of 3%, while foreign exchange had a positive impact of 1%. Operating income was $123.4 million versus $236.4 million a year ago, while operating margin decreased 490 bps to 11.0%. On an adjusted basis, operating income was $144.0 million this year versus $244.1 million last year, a decrease of 41%. Adjusted operating margin was 12.8%, down 360 bps from 16.4% in the prior year. Interest expense for 2020 was $15.9 million, a decrease of $4.7 million from the prior year due to lower average borrowings and the benefit of a lower average interest rate. Other expense was $5.9 million compared to $9.0 million a year ago, primarily as a result of lower foreign exchange losses, offset in part by unfavorable pension expense. The Company’s effective tax rate in 2020 was 37.6% compared with 23.4% last year with the increase largely due to a decrease in earnings in jurisdictions with lower rates, the recognition of tax expense related to the completed sale of the Seeger business during the first quarter of 2020, the impact of the global intangible low-taxed income tax on foreign earnings in the U.S. and excess tax charges related to stock awards granted in prior years. Net income for the year was $63.4 million, or $1.24 per diluted share, compared to $158.4 million, or $3.07 per diluted share, a year ago. On an adjusted basis, 2020 net income per share was $1.64, down 49% from $3.21 in 2019. Adjusted net income per share for 2020 excludes $0.27 of restructuring costs and $0.13 of Seeger divestiture adjustments. For 2019, adjusted net income per share excludes $0.03 of Gimatic short-term purchase accounting adjustments and an $0.11 non-cash impairment charge related to the disposition of the Seeger business. 2020 full year cash provided by operating activities was $215.5 million versus $248.3 million in the prior year period. Free cash flow was $174.8 million compared to $195.0 million last year. Capital expenditures were $40.7 million, down $12.6 million from a year ago. Segment Performance and End Market Outlook Industrial Fourth quarter sales were $209.1 million, down 9% from $230.9 million in the prior year period. Organic sales decreased 8% primarily related to a significant volume decrease caused by the continuing impacts of the COVID-19 pandemic on automotive and industrial end markets. Divested Seeger revenues of $12.6 million had a negative impact of 5%, while favorable foreign exchange increased sales by $10.2 million, or 4%. On a sequential basis, total Industrial sales increased 6% from the third quarter of 2020. Operating profit in the fourth quarter was $24.5 million, down 19% from $30.2 million in the prior year period. The decrease was driven by lower sales volumes, partially offset by cost initiatives such as workforce reductions, temporary compensation cuts, and discretionary expense curtailments. Operating margin was 11.7%, down 140 bps from a year ago. Excluding an aggregate $0.2 million of restructuring charges and Seeger divestiture adjustments, adjusted operating profit of $24.7 million was down 24% from last year’s adjusted operating profit of $32.5 million. Adjusted operating margin of 11.8% was down 230 bps from a year ago. During the fourth quarter, manufacturing PMIs in our major geographic regions remained solid and our Industrial organic orders growth of 10% over the prior year period reflected such strength. Although the global pandemic will continue to impact our expectations for our Industrial businesses, we anticipate 2021 to show continued progress along a recovery path in both sales and operating margin. Industrial’s full year 2020 sales were $770.1 million, down 18% from $938.5 million a year ago. Organic sales were down 14%. The Seeger divestiture had an unfavorable sales impact of 5%, while favorable foreign exchange had a positive impact of 1%. Full year operating profit of $66.6 million was down 42% from $114.0 million in the prior year. On an adjusted basis, operating profit was $85.0 million for 2020 versus $121.6 million a year ago, a decrease of 30%. Adjusted operating margin was 11.0%, down 200 bps from 2019. Aerospace Fourth quarter sales were $80.0 million, down 43% from $139.3 million last year as the COVID-19 pandemic continues to impact global aerospace end markets. Aerospace original equipment manufacturing (“OEM”) sales decreased 39% while aftermarket sales decreased 49%. On a sequential basis, Aerospace sales increased 11% from the third quarter of 2020. Operating profit was $8.2 million, down 74% from $31.1 million in the prior year period, reflecting the impact of lower sales volumes. Operating margin was 10.2% versus 22.3% a year ago. For the fourth quarter, global aerospace end markets remained under considerable strain driven by the pandemic. We continue to anticipate that our OEM business will see muted demand for its manufactured components as aircraft production rates at Boeing and Airbus have been reduced. In the aerospace aftermarket, lingering declines in aircraft utilization and diminished airline profitability will negatively impact our business. Full year 2020 Aerospace sales were $354.3 million, down 36% from a record $552.6 million last year. Operating profit was $56.8 million, down 54% from last year’s record $122.5 million. Operating margin was 16.0% versus 22.2% last year. On an adjusted basis, which excludes $2.3 million in 2020 restructuring charges, adjusted operating profit was $59.0 million and adjusted operating margin was 16.7%. Aerospace OEM backlog ended the year at $572 million, up 7% from September 2020. The Company expects to ship approximately 45% of this backlog over the next 12 months. Balance Sheet and Liquidity Barnes Group’s balance sheet remains well-positioned with sufficient liquidity to fund operations. The Company has liquidity of $79 million in cash and $406 million available under the revolving credit facility, subject to covenants which would have allowed $162 million under our current credit agreements. With respect to the balance sheet, our “Debt to EBITDA” ratio, as defined in our credit agreements, was approximately 3.0 times at year end. The Company is in full compliance with all covenants under its amended credit agreements. 2021 Outlook Barnes Group expects 2021 organic sales to be up 6% to 8%. Foreign exchange is anticipated to have a minimal impact on 2021 sales. Adjusted operating margin is forecasted to be in the range of 12.0% to 14.0%. Adjusted earnings per share are expected to be in the range of $1.65 to $1.90, approximately flat to up 16% from 2020’s adjusted earnings per share of $1.64. Adjusted earnings per share for 2021 are anticipated to exclude $0.02 related to residual restructuring charges for previously announced actions. Further, the Company forecasts capital expenditures of approximately $55 million and cash conversion of greater than 100% of net income. The effective tax rate for 2021 is expected to be approximately 30%. “Although 2020 presented unprecedented business challenges, swift actions including cost management allowed Barnes Group to generate strong cash flow and remain in a solid financial position. We continue to invest in our businesses, positioning the Company for the anticipated recovery of our end markets. As 2021 unfolds, we anticipate organic revenue growth to return for our Industrial business, while Aerospace is expected to remain pressured. As sales volume returns, we expect margin leverage to follow,” said Marian Acker, Vice President, Controller and Interim Chief Financial Officer, Barnes Group Inc. Conference Call Information Barnes Group Inc. will conduct a conference call with investors to discuss fourth quarter and full year 2020 results at 8:30 a.m. ET today, February 19, 2021. The public may access the conference through a live audio webcast available on the Investor Relations section of Barnes Group’s website at www.BGInc.com. The conference is also available by direct dial at (844) 884-8225 in the U.S. or (647) 689-4194 outside of the U.S.; Conference ID 4892667. Supplemental materials will be posted to the Investor Relations section of the Company’s website prior to the conference call. In addition, the call will be recorded and available for playback from 12:00 p.m. (ET) on Friday, February 19, 2021 until 11:59 p.m. (ET) on Friday, February 26, 2021, by dialing (416) 621-4642; Conference ID 4892667. Note: (1) Organic sales decline represents the total reported sales decrease within the Company’s ongoing businesses less the impact of foreign currency translation and acquisition and divestitures completed in the preceding twelve months. About Barnes Group Barnes Group Inc. (NYSE: B) is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including aerospace, transportation, manufacturing, automation, healthcare, and packaging. The skilled and dedicated employees of Barnes Group around the globe are committed to the highest performance standards and achieving consistent, sustainable profitable growth. Barnes Group is committed to corporate accountability and furthering environmental, social and governance principles as evidenced by our listing as one of America’s Most Responsible Companies by Newsweek. For more information, visit www.BGInc.com. Forward-Looking Statements This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often address our expected future operating and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “expect,” “plan,” “estimate,” “project,” “continue,” “will,” “should,” and similar terms. These forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. These include, among others: difficulty maintaining relationships with employees, customers, distributors, suppliers, business partners or governmental entities; failure to successfully negotiate collective bargaining agreements or potential strikes, work stoppages or other similar events; difficulties leveraging market opportunities; changes in market demand for our products and services; rapid technological and market change; the ability to protect and avoid infringing upon intellectual property rights; introduction or development of new products or transfer of work; higher risks in global operations and markets; the impact of intense competition; acts of terrorism, cybersecurity attacks or intrusions that could adversely impact our businesses; the impacts of the COVID-19 pandemic on our business, including on demand, supply chains, operations and our ability to maintain sufficient liquidity throughout the unknown duration and severity of the pandemic; the failure to achieve anticipated cost savings and benefits associated with workforce reductions and restructuring actions, including actions previously announced by the Company; uncertainties relating to conditions in financial markets; currency fluctuations and foreign currency exposure; future financial performance of the industries or customers that we serve; our dependence upon revenues and earnings from a small number of significant customers; a major loss of customers; inability to realize expected sales or profits from existing backlog due to a range of factors, including changes in customer sourcing decisions, material changes, production schedules and volumes of specific programs; the impact of government budget and funding decisions; government tariffs, trade agreements and trade policies; the impact of new or revised tax laws and regulations; the adoption of laws, directives or regulations that impact the materials processed by our products or their end markets; changes in raw material or product prices and availability; the continuing impact of prior acquisitions and divestitures; integration of acquired businesses; and any other future strategic actions, including acquisitions, divestitures, restructurings, or strategic business realignments, and our ability to achieve the financial and operational targets set in connection with any such actions; the outcome of pending and future legal, governmental, or regulatory proceedings and contingencies; product liabilities and uninsured claims; future repurchases of common stock; future levels of indebtedness; and numerous other matters of a global, regional or national scale, including those of a political, social, economic, business, competitive, environmental, regulatory and public health nature (including the COVID-19 pandemic); and other risks and uncertainties described in this Annual Report. The Company assumes no obligation to update its forward-looking statements. 16.5 11.7 29,212 Basic Notes: 50,880,846 0.86 (59.6 370,171 Proceeds from the sale of businesses, net of cash sold (0.6 ) 8,187 2020 0.36 944,154 (Unaudited) (Unaudited) 2,060 7,724 ) 11.8 Other assets CONSOLIDATED STATEMENTS OF CASH FLOWS Seeger divestiture adjustments $ 5,600 $ 174,764 %Change 5,600 ) 3.21 TAGS  100,719 209,080 CONSOLIDATED BALANCE SHEETS – Long-term tax liability 61,256 279,783 Diluted (47.8 – (17.9 ) Depreciation and amortization (191,993 8.6 % (7,379 Total net sales $ 57 (35.9 Aerospace $ 21,235 $ ) ) Operating Margin – Industrial Segment as adjusted (Non-GAAP) (1) $ 289,125 Operating Profit – Industrial Segment (GAAP) $ – 67,403 32,544 – 13.1 770,127 1,491,118 Restructuring/reduction in force charges 56,788 53,924 (32,544 ) 31,079 ) 13.0 143,994 – 66,582 (41.6 ) $ 4,616 Cash, cash equivalents and restricted cash at beginning of year 149 ) 256,427 (15.8 $ Accounts receivable ) 236,448 (3,313 209,992 $ $ ) Total stockholders’ equity ) $ 122,480 (46.6 Notes: ) to (3,368 2019 Industrial (Dollars in thousands) ) (47.8 17.2 bps. 98,107 66,582 ) $ ) 49,400 (350 ) 1.64 Aerospace 98,171 ) 11,482 (0.05 8,100 – 1.63 16.0 – 2,738,335 % 11.3 (4,944 $ (4,187 % 10.2 % (Dollars in thousands) (350 1,270,528 764,390 – – $ (1,418 Twitter Adjustments to reconcile net income to net cash provided by operating activities: 0.11 65,130 Operating profit 12.1 (Unaudited) RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Common stock repurchases Current assets Net income % $ 158,350 (12,025 122,480 88,408 348,974 ) 5,600 84,955 Payments on long-term debt $ Gimatic short-term purchase accounting adjustments Other 251,460 (59.6 bps. 642,345 2019 BARNES GROUP INC. 0.80 8,975 Property, plant and equipment, net Long-term tax liability 356,603 Deferred income taxes 8,130 ) 87,656 564,132 Restructuring/reduction in force charges Total operating margin $ 158,350 158,350 – Prepaid expenses and other current assets 13.1 Per common share: 230,913 bps. Dividends paid Assets Accrued liabilities Capital expenditures ) $ 2019 Seeger divestiture charges Interest expense Accounts payable BARNES GROUP INC. – (16,233 – (140 5,931 2,034 $ 22.3 342,875 56,788 Operating margin (Dollars in thousands) ) ) Net change in other borrowings CONSOLIDATED RESULTS (520 118,509 1.24 (2) For the purpose of calculating the cash conversion ratio, the Company has excluded the Seeger divestiture charges from 2020 net income and the non-cash impairment charge related to the divestiture of the Seeger business from 2019 net income. Deferred income taxes – ) ) (56.3 Other liabilities (10,640 Inventories 248,301 (Dollars in thousands, except per share data) $ (219,666 22.3 – $ bps. ) $ Net sales (53,286) – – (Unaudited) Twitter (3,313 – – % 236,552 Change Cash and cash equivalents at end of year % 1,124,391 ) (23.9 121,628 31,079 Operating Profit – Industrial Segment as adjusted (Non-GAAP) (1) $ Net income $ 8 Stock compensation expense Total current assets ) Prepaid expenses and other current assets (22.7 % ) Dividends (15,550 6,989 $ 107,381 22,092 BARNES GROUP INC. 370,947 189,024 % 3.07 ) 581,116 ) % (5,721 Less: Restricted cash, included in Prepaid expenses and other current assets (42.5 Operating Margin as adjusted (Non-GAAP) (1) ) 36,062 $ 119% 93,805 Proceeds from disposition of property, plant and equipment (46.6 15,907 ) ) 51,025,733 bps. (9,968 – (620 (6,949 bps. Operating Margin – Industrial Segment (GAAP) Long-term retirement benefits Other 5,373 699,868 ) ) 0.02 2,466 (6,914 21,373 bps. View source version on businesswire.com:https://www.businesswire.com/news/home/20210219005024/en/ CONTACT: Barnes Group Inc. William Pitts Director, Investor Relations 860.583.7070 KEYWORD: CONNECTICUT UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENGINEERING CHEMICALS/PLASTICS AEROSPACE MANUFACTURING OTHER MANUFACTURING STEEL SOURCE: Barnes Group Inc. Copyright Business Wire 2021. PUB: 02/19/2021 06:30 AM/DISC: 02/19/2021 06:30 AM http://www.businesswire.com/news/home/20210219005024/en ) ) $ 215,462 93,358 (73.7 (5,867 Twelve months ended December 31, bps. (266,424 Net sales $ (6,061 28,045 $ Accrued liabilities Restructuring/reduction in force charges ) ) $ 226,784 SEGMENT RESULTS $ Operating activities: $ Accrued retirement benefits – 236,448 178,560 (50.9 Weighted average common shares outstanding: – 80,045 Proceeds from the issuance of long-term debt 721,238 $ Three months ended December 31,Twelve months ended December 31, 57 Other expense (income), net ) BARNES GROUP INC. – (550 % 66,012 (5,855 ) 123,370 Accounts payable % ) Assets held for sale 16.5 ) 2019 3,837 % ) – $ % Total liabilities and stockholders’ equity ) Effect of exchange rate changes on cash flows ) Facebook Selling and administrative expenses Net cash used by investing activities (0.4 Aerospace $ Other 1.65 ) Industrial $ Assets held for sale ) (200 15.9 15.9 BARNES GROUP INC. 206,844 825,017 79,145 Decrease in cash, cash equivalents and restricted cash 3.09 11.0 $ Seeger divestiture non-cash impairment charge $ 163,950 % % 249% $ Withholding taxes paid on stock issuances 51,021,633 (32,402 22.2 (520 % 63,375 – – (40,698) ) 3,230 1,491,118 % Free cash flow to net income cash conversion ratio (as adjusted): 933,022 $ 63,375 Free cash flow (1) $ (8 – Non-cash impairment charge related to divestiture $ 248,301 0.80 Net income (as adjusted) (2) $ 70,052 32,698 ) December 31,2020December 31,2019 2,676,226 11.7 bps. 31,079 51,379,008 (21.9 3.07 Twelve months ended December 31, 91,468 2,147 ) % Change (17.9 (230 30,177 (62,220 0.16 Cash and cash equivalents $ ) (18.7 73,732 ) ) $ % Total current liabilities 51,213,518 0.11 141 – 2020 51,097,586 ) Barnes Group Inc. Reports Fourth Quarter and Full Year 2020 Financial Results 24,717 $ – 2,060 1,001,021 Accounts receivable 32,464 295,379 Capital expenditures 13,306 (1,210 Seeger divestiture adjustments – ) 0.13 (94 ) % 5,600 2020 Net income: (2,887 ) Seeger divestiture non-cash impairment charge 0.35 (56.8 79,145 bps. $ 2020 % (6,949 Operating margin % ) % 32,698 112,428 15.9 93,805 ) $ (9.5 %Change $ % 93,805 ) 32,904 11.0 – ) Cost of sales ) ) ) 1.24 16.4 (53,286 (24.6 Less: Restricted cash, included in Other assets Basic $ ) – $ – (53.6 $ 5,600 2,276 $ 12.8 2019 2020 Diluted $ 32,402 (73.7 Common dividends $ 63,543 $ $ ) Long-term debt Cash, cash equivalents and restricted cash at end of year (1,210 Liabilities held for sale % 67,532 Operating income 91,668 $ 354,272 bps. ) 11.4 Diluted Net Income per Share (GAAP) ) 40,973 (21.4 123,370 By Digital AIM Web Support – February 19, 2021 % (140 ) Income taxes (46.6 % 2020 % 449 Deferred income taxes Seeger divestiture charges 2019 308,915 8,179 Operating Income (GAAP) $ 0.64 2,676,226 Pinterest (360 ) $ 22.3 (18.7 CONSOLIDATED STATEMENTS OF INCOME (47.8 Operating Margin – Aerospace Segment as adjusted (Non-GAAP) (1) Changes in assets and liabilities, net of the effects of divestitures: 10,300 $ 18,158 Net income ) 0.27 WhatsApp ) (51.8 (73.7 Seeger divestiture adjustments % Investing activities: 2,466 113,968 – Proceeds from the issuance of common stock ) 11.3 5,600 238,008 $ – 236 (2,337 30,177 (23.6 $ OPERATIONS BY REPORTABLE BUSINESS SEGMENT ) ) $ Operating Margin (GAAP) % bps. Long-term debt – current 1.90 % ) ) 4,021 63,375 (20.2 370,171 (490 (0.4 38,120 2,251 Gimatic short-term purchase accounting adjustments 1,989 bps. bps. to Intersegment sales (490 Diluted Net Income per Share as adjusted (Non-GAAP) (1) $ Three months ended December 31,Twelve months ended December 31, 2,115 $ 22.2 $ 232,706 Diluted Net Income per Share (GAAP) $ 552,611 Seeger divestiture non-cash impairment charge 8.6 (56.3 ) 1.88 $ % Three months ended December 31,Twelve months ended December 31, 1,382,677 50,865,216 6,677 0.01 ) % (1.0 ) 2019 (22,546 $ 195,015 0.35 0.03 $ (580 Gimatic short-term purchase accounting adjustments 61,256 Business acquisitions, net of cash acquired ) Restructuring/reduction in force charges Restructuring/reduction in force charges 10.2 $ (3,450 bps. ) ) 289,125 ) 1,011,580 113,968 ) %Change $ 577 Full-Year 2021 Outlook $ (1) The Company has excluded the following from its “as adjusted” financial measurements for 2020: 1) adjustments related to the divestiture of the Seeger business, including $2.5M reflected within the Industrial segment’s operating profit and $4.2M of tax expense and 2) charges taken in 2020 related to restructuring and workforce reduction actions to be implemented across its businesses, including $18.2M reflected within operating profit ($0.1M in the fourth quarter) and $1.0M reflected within other expense (income), net ($0.5M in the fourth quarter). The Company has excluded short-term purchase accounting adjustments related to its Gimatic acquisition and the non-cash impairment charge related to the divestiture of the Seeger business from its “as adjusted” financial measurements for 2019. The non-cash impairment charge was recorded pre-tax in 2019 as the tax charges resulting from the divestiture were recorded in the first quarter of 2020 following the completion of the sale. The tax effects of the restructuring actions in 2020 and the short-term purchase accounting adjustments in 2019 were calculated based on the respective tax jurisdictions and range from approximately 26% to 28%. Management believes that these adjustments provide the Company and its investors with an indication of our baseline performance excluding items that are not considered to be reflective of our ongoing results. Management does not intend results excluding the adjustments to represent results as defined by GAAP, and the reader should not consider it as an alternative measurement calculated in accordance with GAAP, or as an indicator of the Company’s performance. Accordingly, the measurements have limitations depending on their use. (53.6 bps. 93,805 Net cash used by financing activities 59,063 ) (56.3 (33.9 (41.0 24,519 ) Industrial $ Operating Profit – Aerospace Segment as adjusted (Non-GAAP) (1) $ (40,698 51,633,169 (0.3 ) 10.2 Pinterest (48.9 Facebooklast_img read more

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Smaller Loans Could Address Housing Shortages

first_img April 28, 2018 2,000 Views Smaller Loans Could Address Housing Shortages in Daily Dose, Featured, Market Studies, News Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Affordability Borrowers FHA Homes HOUSING Lenders loans Low-cost Homes mortgage Originations Single-Family Homes Urban Institute VA  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Affordability Borrowers FHA Homes HOUSING Lenders loans Low-cost Homes mortgage Originations Single-Family Homes Urban Institute VA 2018-04-28 Krista Franks Brock The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Low housing inventory and climbing home prices have been the source of numerous studies and headlines, and they are prominent issues impacting housing markets across the nation. However, while many homes in competitive markets are priced out of reach for most Americans, in other areas there quietly sit affordable homes that, despite their low prices, remain out of reach for low- and middle-income Americans. Despite finding “a substantial number of low-cost property sales taking place across many diverse housing markets,” researchers at the Urban Institute’s Housing Finance Policy Center say, “low-cost properties remain largely inaccessible to LMI [low- and middle-income] households because traditional mortgage financing is too difficult to obtain on these properties.” “Low-cost properties could be a larger source of affordable housing if credit access for purchasing and rehabilitating these properties were expanded and improved,” state researchers from the Urban Institute in their report, “Small-Dollar Mortgages for Single-Family Residential Properties.”Low-cost homes, priced at or under $70,000, are present in urban, suburban, and rural markets and “in many counties, small-dollar sales make up most home sales,” according to the Urban Institute. However, only about one in four homes sold for $70,000 or less were financed with a traditional mortgage as of 2015, and that number fluctuated between 25 and 29 percent between 2010 and 2015. On the other hand, close to 80 percent of homes sold for between $70,000 and $150,000 were financed with a traditional mortgage in 2015. The research also found the share of first-lien, single-family, owner-occupied home loan originations for low-priced homes between $10,000 and $70,000 was on the decline, falling from 8 percent of all home loan originations in 2009 to 5 percent of all originations in 2016. Over the same time period, the share of originations for homes sold for between $70,000 and $150,000 declined less than 1 percent, and loans for homes sold at higher prices increased in market share. Observing the channels that contribute to the small-dollar loan sector, the research found gaps between small-dollar market share and overall loan origination market share at the GSEs, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA). The GSEs contribute to 53 percent of all home loan originations but just 45 percent of small-dollar mortgage loans. The FHA takes 24 percent market share overall but contributes just to 19 percent of small-dollar mortgages, and the VA holds a 10 percent market share overall but just a 3 percent share of the small-dollar market. Twenty-eight percent of small-dollar loans are held in portfolios at small community banks, credit unions, and large lenders, despite the fact that just 9 percent of small-dollar loans are originated there. The researchers pointed out a few reasons for the lack of financing available for low-priced homes. First, potential homeowners hoping to purchase a low-cost home with financing were less attractive than investor buyers ready to purchase with cash. Second, the researchers point out that loan origination costs are largely fixed, making small-dollar loans less attractive to lenders, who can profit more from the larger spreads available in high-dollar loans. “The limited access to mortgage credit for low-cost properties has led to a growing imbalance in America’s housing that affects both demand and supply,” state the researchers at the Urban Institute. The impact is particularly acute among potential first-time buyers. The Urban Institute offers several recommendations to enhance the small-dollar loan market, including growing the role of the federal government, the secondary market, and community organizations in the small-dollar loan sector; creating “consumer-friendly, fairly priced small-dollar mortgage alternatives to traditional mortgages for home purchase, renovation, and refinance;” expanding “first look” programs that offer preference to first-time homeowners, low-income buyers, and minorities; and expanding finance options for manufactured housing. Previous: OpenClose Implements LOS Platform for Federal Credit Union Next: The Week Ahead: Forecasting Home Price Trends Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily About Author: Krista Franks Brock Home / Daily Dose / Smaller Loans Could Address Housing Shortageslast_img read more

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No tax abatement yet for Library Place

first_img Your Economy & Development news is made possible with support from: Kelsey O’Connor ITHACA, N.Y. — Library Place, or the Old Library project, came up before the Tompkins County Industrial Development Agency last week seeking a tax abatement. However, a public hearing will come first before an abatement is approved.Library Place, at the now-cleared 316 N. Cayuga St., will have 66 market-rate, age-restricted apartments for people 55 and older. It will also have 26 to 30 parking spaces, a community room operated by Lifelong, a public restaurant, spa and wellness center, and an office meant for a home health care agency that residents can elect to contract with for home health care services, according to their IDA application. The rents of the units are expected to range from $1,900 per month for a one bedroom up to $3,000 per month for a three-bedroom apartment.The total project is expected to cost about $31 million.Related: Old Library demolition to start Monday, despite continued asbestos concernsRelated: Time capsule from 1968 dug out from cornerstone of Old LibraryTravis Hyde Properties is seeking a 10-year Energy Incentive enhanced property tax abatement and sales and mortgage recording tax exemptions. The exemptions would save the project about $5.32 million in new taxes and generate about $1.7 million in new property tax revenue over 10 years on the previously tax-exempt property, according to the application. In its application, Travis Hyde Properties said it has taken three years for Library Place to get to this point and eight design iterations. Without the property tax incentives, the project will be “rendered financially infeasible,” the application states.“If the incentive application is not successful there will be no senior housing units built and the development site in the downtown core will sit vacant and underutilized. It will also cause a loss of projected tax revenue to the taxing jurisdictions in which the tax parcel is located,” the application states.Fencing around Old Library building, Nov 30 2018 (Devon Magliozzi/The Ithaca Voice) The project has been opposed at many turns — most recently for the demolition process, which was changed from a “contained” to a “controlled” demolition due to the building’s roof being declared structurally unstable. In the fall, at least 750 people signed a letter circulated by Walter Hang, president of Toxics Targeting, calling on Mayor Svante Myrick to stop the controlled demolition. The public outcry did slow down the process, as the city contracted a third-party structural engineer to assess what demolition process was needed. Ultimately, the third-party engineer came to the same conclusion that a controlled abatement was necessary.There was an expectedly robust comment period during Wednesday’s IDA meeting. Ithaca resident Robert Lynch addressed members, summing up what many came to say, “Reject the abatement.” Attached to Wednesday’s agenda were several letters urging that officials not grant a tax abatement to Travis Hyde for the Library Place project. In some of the letters, local residents were unhappy with the high cost of the units at a time when the city needs affordable housing. At the meeting Wednesday, several people also called on the IDA to require local labor when granting tax abatements.But not all comments were negative. One person who spoke said this property has not been on the tax rolls for the last 50 years, so the space will now bring some tax support for the community.Related: Mayor to leverage tax abatement to get further asbestos investigation at Old LibraryIn response to some of the people who were unhappy about the addition of expensive housing to Downtown Ithaca, Legislator and IDA member Martha Robertson, pointed to the county’s Housing Strategy which calls for market-rate senior housing with services. However, the call for market-rate senior housing in the strategy does come with an “although” which says affordable options and a Medicaid Assisted Living Program for seniors are the greatest need.Other projects came up during Wednesday’s IDA meeting, including the Arthaus project and Hilton Canopy. Similar to Library Place, Arthaus will go to public hearing before a vote on an abatement.The board unanimously approved a public hearing. No date has been set yet, but TCIDA Chair Rich John said it will likely be scheduled in the next two to three weeks. After the public hearing, the TCIDA will vote on the abatement at the meeting following the public hearing.center_img Kelsey O’Connor is the managing editor for the Ithaca Voice. Questions? Story tips? Contact her at [email protected] and follow her on Twitter @bykelseyoconnor. More by Kelsey O’Connor Tagged: ithaca, library place, old library, travis hyde properties last_img read more

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PSNI investigate vehicles burned out in Dunluce Court area of Derry

first_img WhatsApp Google+ WhatsApp News, Sport and Obituaries on Monday May 24th Pinterest DL Debate – 24/05/21 Facebook Arranmore progress and potential flagged as population grows Loganair’s new Derry – Liverpool air service takes off from CODA Facebook Twitter Pinterestcenter_img Important message for people attending LUH’s INR clinic By News Highland – April 18, 2020 Google+ PSNI investigate vehicles burned out in Dunluce Court area of Derry RELATED ARTICLESMORE FROM AUTHOR Nine til Noon Show – Listen back to Monday’s Programme Previous articleReview ordered on travel following arrival of almost 200 workersNext articleNI Fire service battles gorse fire close to border News Highland Police are appealing for information following the report of vehicles on fire in the Dunluce Court area of Derry in the early hours of Friday morning, 17 April.It was reported at around 3.45am that two vehicles – a Renault Kangoo van and a Vauxhall Astra – were on fire.Northern Ireland Fire & Rescue Service extinguished the blaze. Both the car and van were completely burned out.The fire is being treated as deliberate and police are appealing to anyone with information, or who may have noticed any suspicious activity in the area, to contact them on 101 quoting reference number 336 of 17/04/20.Information can also be provided to the independent charity Crimestoppers on 0800 555 111, which is 100% anonymous and gives people the power to speak up and stop crime. Twitter Homepage BannerNewslast_img read more

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Tomlinson proposals could ease skills gap

first_img Comments are closed. Related posts:No related photos. Previous Article Next Article Few in HR will have missed the publication of the Tomlinson report thisweek. It promises the biggest shake up in secondary education for some 50years. The issue is far too important for knee-jerk reactions, and companieswill need to see the entire package of the proposals, as well as the finalreport due in the autumn, before giving any firmer endorsement to the proposedchanges. Take a walk round some companies and you will find that for the vastmajority, the subjects of basic skills, recruitment and retention of the mosttalented staff are right at the top of the agenda. Evidence abounds that thelack of basic skills is damaging to UK productivity and is a major reasonbehind the gap with our major competitors. “Give us the tools and we will do the job,” Winston Churchill onceremarked. But how many of the right tools will the proposed changes toeducation outlined in the Tomlinson report give to employers? The emphasis on placing vocational education on a par with the traditionalacademic route is of great significance for manufacturing employers, especiallywith the commitment to integrate modern apprenticeships and other vocationalqualifications into the proposed diploma framework. This should help to ensurevocational qualifications are seen to be of equal value to academic ones, and encouragemany more people to consider courses such as engineering GCSEs and advancedmodern apprenticeships. Industry will also strongly endorse the working group’s concerns about thequality of informed and impartial guidance being given to 14 to 19-year-oldsduring their education and training. A recent survey of first year apprenticesconfirmed that most are being offered little or no information on post-16options other than full-time education. Failure to provide more resources forsuch guidance will result in the greater emphasis on vocational education andqualifications being left dead in the water. The EEF will be urging theChancellor to devote greater resources to this in the forthcoming spendingreview. However, while the report hits many of the right notes, manufacturingcompanies will reserve judgement on the ‘specialist diplomas’ until they seeexactly how they will be designed. The working group’s efforts to tackle thearbitrary distinction between academic, vocational and occupational courses iswelcome, it is vital that the new qualifications maintain the standard set bythe current system of GCSEs and A-levels if they are to gain the confidence ofemployers. People know what they are buying with the current system of qualifications.Whichever way the new ones are designed, it is vital that they do not lose theclear credibility that currently exists and which young people and employersclearly understand. By Ian Peters, Director of external affairs, Engineering Employers Federation(EEF) Tomlinson proposals could ease skills gapOn 24 Feb 2004 in Personnel Todaylast_img read more

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