If coffee lovers want to get that morning caffeine jolt at thecoffee pot, they first have to survive the sticker shock at thegrocery store.Drought and poor flowering in Brazilian coffee trees has pricessoaring. In Atlanta, the price of a 26-ounce bag is approaching$6. There’s no relief in sight, says a University of Georgiaeconomist.”Brazil is the largest coffee producer in the world,” said BillThomas, an agricultural economist with the UGA College ofAgricultural and Environmental Sciences. “Its production will bedown an estimated one-third from last year.”Short Supply, High DemandWhile 1999 was a record production year for Brazil, Thomas saysmarkets were unable to maintain the low prices.”Once you have a record year, usually the next year will go down,and that’s what happened,” Thomas said. “We expect production todrop from 36 million bags last year to 24 million bags thisyear.”Coffee drinkers can expect to continue to pay more for some time.The crop is harvested annually. “If we miss one harvest, we haveto wait a full year for another harvest and for supply to catchup with demand,” Thomas said.”Brazil is just recovering from the damage their trees sufferedin 1994,” he said. “Most of the damage seems to be to fruit,rather than the trees, so production could come back as early asnext year.”Until production comes back to build up the supply — or peoplestop drinking coffee, to lower the demand — expect prices toremain high.”There aren’t a lot of alternatives for the coffee market,”Thomas said. “Brazil produces such a high percentage of thehigh-quality beans. Colombia and other South American countriesdo produce coffee, but Brazil is a major exporter. When Brazilhas a problem, everybody in the world knows about it.”
People’s United Bank,People’s United Financial, Inc. (NASDAQ: PBCT) today announced the merger consideration to be received by Danvers shareholders in People’s United’s acquisition of Danvers Bancorp, Inc.People’s United and Danvers Bancorp also today announced that their proposed merger was approved by the Office of the Massachusetts Commissioner of Banks and the MassachusettsBoard of Bank Incorporation on June 27, 2011. The transaction was previously approved by Danvers Bancorp shareholders on May 13 and by the Office of Thrift Supervision on May 16. The closing of the merger is expected to occur on June 30, 2011. Based on final election results and applying the proration provisions set forth in the merger agreement, Danvers shareholders will receive the following merger consideration:Danvers shareholders will receive 1.624 shares of People’s United common stock for each Danvers share for which they made a valid stock election;Danvers shareholders who expressed no preference or who did not make a valid election will receive 1.624 shares of People’s United common stock for each Danvers share held by them; andFor Danvers shareholders who made a valid cash election, approximately 55.3% of the Danvers shares held by such persons will be exchanged for cash and the balance of the Danvers shares held by such persons will be exchanged for People’s United common stock, at the rate of $23 for each Danvers share exchanged for cash, and 1.624 shares of People’s United common stock for each Danvers share exchanged for stock.Under the merger agreement, fractional shares of People’s United common stock will not be issued. Instead, Danvers shareholders will receive cash based on the closing price of People’s United common stock on June 29, 2011 which will be the last trading day prior to the closing of the merger.Of the 20,686,592 shares of Danvers common stock outstanding immediately prior to the closing of the merger:2,036,686 shares, or 9.8%, elected to receive People’s United common stock;16,863,737 shares, or 81.5%, elected to receive cash; and1,786,169 shares, or 8.6%, did not make a valid election or did not express a preference.The total consideration paid by People’s United will be comprised of approximately 18.5 million shares of common stock and $214.5 million in cash.People’s United Financial, a diversified financial services company with $25 billion in assets, provides commercial banking, retail and business banking, and wealth management services through a network of 341 branches in Connecticut, Vermont, New York, New Hampshire, Maine and Massachusetts. Through its subsidiaries, People’s United Financial provides equipment financing, asset management, brokerage and financial advisory services, and insurance services. SOURCE People’s United Financial, Inc. BRIDGEPORT, Conn., June 28, 2011 /PRNewswire/ —
continue reading » While the lights have been out for less than 24 hours at many California counties where some credit unions have been forced to close branches or offer limited services, credit unions seem to be prepared for the power outages that may last for days.To protect public safety, the state’s largest utility Pacific Gas & Electric turned off the power at midnight Wednesday for 34 counties and more than two million customers because of gusty winds and dry conditions that could snap or break live power lines and spark wildfires.Last year, power lines brought down or damaged by high winds ignited 13 wildfires, according to national media reports.PG&E said the power outages could last for several days even after weather conditions improve. That’s because it will take some time for PG&E crews to painstakingly inspect all of power lines and equipment and make any necessary repairs before restoring power to consumers and businesses. Those inspections can only be conducted during daylight hours. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
Coronavirus numbers: For a map detailing where cases are located in the county, click here. (WBNG) — Broome County Executive Jason Garnar announced the county will hold a public hearing to address its COVID-19 post-disaster recovery plan. The hearing will be held at 5 p.m. on June 10 via Zoom. Additionally, Garnar says the Broome County Public Library will begin allowing curbside pickup Mondday. There are 80 active cases of the coronavirus in Broome County. 45 people have died from the virus and 462 people recovered. In total, 587 cases of the virus have been reported. Broome County June 5 coronavirus update Garnar also says the county is on track to move onto phase three. County updates
Advertisement Advertisement Leno was stretchered off (Picture: Getty)‘But this is a contact sport. You need to try and jostle get an advantage here of there try and ease him out the box. ‘Yes he got injured but he didn’t go in there with the intentions I don’t believe, if I’m a player and I’m playing for Brighton I want my striker doing that.’MORE: Bernd Leno suffers horrific injury during Brighton vs ArsenalMORE: Rio Ferdinand defends Neal Maupay as injured Bernd Leno blasts Brighton strikerFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram. For more stories like this, check our sport page. Stay strong ðð¼ðªð¼ https://t.co/aq4PvhoNYx— David de Gea (@D_DeGea) June 20, 2020 Leno immediately screamed out in pain (Picture: Getty)David de Gea has sent a message to Bernd Leno after the Arsenal goalkeeper suffered a horrific injury playing for Arsenal against Brighton.Leno landed awkwardly on the turf after collecting the ball under a challenge from Brighton forward Neal Maupay.The German stopper immediately screamed out in pain holding his right leg and continued to yell out as distressed Arsenal players gathered around him.Leno was stretchered off and the assumption is the 28-year-old has suffered a serious injury.ADVERTISEMENTManchester United’s De Gea tweeted a message for Leno, saying: ‘Stay strong’. Coral BarrySaturday 20 Jun 2020 5:02 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link6.4kShares Comment Leno was clearly unhappy with Maupay’s role in his injury, furiously confronting the Brighton player as he was stretchered off the pitch. AdvertisementAdvertisementMaupay protested his innocence and Rio Ferdinand insisted the attacker could not be blamed for what happened to Leno.‘You can’t blame Maupay for that, he would have felt worse in training or even in the warm-up,’ Ferdinand told BT Sport.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘It’s a contact sport. Its a foul but it’s not malicious and it’s not with excessive force, come on. ‘It’s a very unfortunate very nasty injury and obviously Leno will be distraught he’s been ever-present for Arsenal. ‘It’s difficult… I think Maupay will be sitting there and thinking, “wow, maybe I didn’t need to go in for that”. Man Utd star David de Gea sends class message to Arsenal’s Bernd Leno after horror injury
This year, Dutch schemes with funding levels between the minimum required coverage and the prescribed financial reserves have the one-off option to change their risk profile, as part of the transition to the new financial assessment framework (nFTK).According to Boertje, one-third of the pension funds are, in principle, entitled to file a request for such an adjustment.Another one-third of the schemes do not qualify because their funding is too low, which would increase the risk of a rights discount, Boertje said.The remaining pension funds with “surplus” coverage do not need to ask for permission, as they already have more leeway to invest, he added.Boertje said both small and large pension funds – as well as schemes with predominantly older and predominantly younger participants – had filed requests to increase of their risk profiles.He pointed out that most pension funds, wishing to avoid cuts to pension arrangements, were looking for solutions to low interest rates within the “triangle” of the pension target, internal finances and risk profile.“Because the steering mechanism of the pension contribution no longer works, adjusting the risk profile is the only remaining option,” he said.“However, it also increases the chances of setbacks.”Boertje stressed that the regulator had no desire to assume the responsibilities of pension funds’ boards, but he made clear that they must be able to illustrate how they had taken the interests of all participants into account.He added that the regulator also wanted to know how far, in the schemes’ opinion, interest rates had to increase in order to make a reduction of their interest hedge meaningful.Boertje said those pension funds that wished to reduce their interest hedge while raising their equity allocation would be asked which scenarios they had in mind.“They expect both interest rates to rise and equity markets to improve, while a rate increase often negatively affects stock markets,” he said. Boertje said DNB also wanted to know whether a board had made the request as a tactical or as a strategic policy measure. The Dutch pensions regulator, De Nederlandsche Bank (DNB), has confirmed that more than 30 pension funds have made formal requests to raise the risk profiles of their investment portfolios.Speaking at a conference organised by IPE sister publication Pensioen Pro, Bert Boertje, supervisory director for pension funds at DNB, said the schemes requested permission to decrease the interest hedge on their liabilities, increase their equity exposure or apply a combination of the two. “We are still busy assessing the requests,” Boertje said.“If schemes don’t have a plausible explanation, we will get back to them with additional questions.”
John Lewis, the UK high street retailer, is to close the defined benefit (DB) section of its £5.6bn (€6.4bn) pension scheme from April 2020.The decision was made after a year-long review and consultation with staff, according to a statement issued yesterday by the company. It said the changes stood to save the employee-owned group £80m a year.Under the plan, from next April the DB section of the hybrid scheme will close to future accruals with all members switching to an “improved” defined contribution (DC) section.The company – which also owns the Waitrose supermarket chain – said staff in the DC scheme would receive an employer contribution of 8% of salary, with an additional 4% added after three years of service – regardless of the employee’s level of contribution. It also said the arrangements would result in a “more equal distribution of profits” among staff. John Lewis operates as a partnership, and is the largest employee-owned business in the UK. Further readingUK retailers: tough timesHigh rents, online competition and lower consumer spending are all squeezing retailers, with implications for pension funds Credit: Smithr32 A John Lewis store on Oxford Street, London“The new pension scheme structure is designed to be more affordable, supporting the partnership’s strategy of improving its long-term financial sustainability, saving approximately £80m in annual pension costs,” John Lewis said in the statement.In the company’s latest annual report, it highlighted that pension costs were more than £200m in the 12 months to 26 January 2019, compared to the total employee bonus for the year of £44.7m.The John Lewis Partnership Trust for Pensions reported a total DB obligation of just over £6bn, resulting in a shortfall of £468m on an IAS 19 accounting basis. The company said: “With profits falling in recent years, we no longer consider the current pension to be affordable and the balance between bonus and pension costs is too uneven.”UK high street companies have been struggling in recent years amid pressure from online retailers. Rising rents and large DB pension bills have affected several chains, with BHS, Dixons Carphone, Mothercare, House of Fraser and Debenhams all having faced severe financial hardship – and even bankruptcy – in the past two years.
A number of unauthorized persons boarded the German-flagged containership Rotterdam Express last week in an effort to smuggle 185 kilograms of cocaine aboard.The vessel’s crew reported the presence of unknown persons on board shortly after leaving the port of Cartagena, Colombia. At the time, the ship was some 12 nautical miles off the coast of Cartagena.Colombian naval and coast guard units were immediately sent to assist the crew. Once on board the 66,975 dwt vessel, the officials conducted an inspection, locating ten illegal passengers. The officials also inspected the containers and found the cocaine.Rotterdam Express, which is operated by German shipping major Hapag-Lloyd, continued its voyage following the incident.AIS data provided by MarineTraffic shows that the ship departed the Colombian port on January 25 and was bound for the port of Caucedo, Dominican Republic.Relevant authorities launched an investigation to find out how the illegal passengers and the drugs arrived on board the ship.World Maritime News Staff
The Batesville High School wrestling team traveled to Greensburg to face off against the Pirates for their 22nd dual meet of the year. The Bulldogs struggled on the night falling 62-15 to the pirates. This loss moved Batesville’s record to 12-10 for the season.The team will travel to Franklin County this weekend to wrestle in a 4-way dual meet.Wrestlers winning for the Bulldogs were: Michael Deal, Ben Westerfeld, and Jarret Hooten.Submitted by Batesville Coach Chris Deal with Wendy Deal.