Reporting in

first_imgGundula Azeez, policy manager, The Soil AssociationGundula Azeez, policy manager, The Soil AssociationThe food chain contributes 18% of the UK’s greenhouse gas emissions and agriculture makes up around half of this. Wheat production has a lower carbon footprint than the livestock sector, but milling, bread-making, packaging and retailing all produce further emissions.Nitrogen fertiliser is a cause of many of the agricultural emissions. About three million tonnes of fertiliser are used each year in the UK, about half of which is imported. The raw material for fertiliser is petrochemicals (usually natural gas) and the energy-intensive manufacturing process causes significant emissions of both carbon dioxide and nitrous oxide, another greenhouse gas 300 times as powerful as carbon dioxide.How does organic wheat production compare? Better, it seems, as it is both more energy-efficient and conserves the soil’s organic matter. Detailed studies carried out for Defra have calculated that organic wheat production uses about 16% less energy per tonne, mainly because it does not use nitrogen fertiliser.Instead, organic farming uses a natural process of fixing atmospheric nitrogen with legumes such as clover. This means the ultimate energy source for organic crops is renewable solar energy, not fossil fuels.last_img read more

Press release: July 2018 Price Paid Data

first_imgThis month’s Price Paid Data includes details of more than 95,500 sales of land and property in England and Wales that HM Land Registry received for registration in July 2018. Property type July 2018 June 2018 May 2018 The amount of time between the sale of a property and the registration of this information with HM Land Registry varies. It typically ranges between two weeks and two months. Data for the two most recent months is therefore incomplete and does not give an indication of final monthly volumes. Occasionally the interval between sale and registration is longer than two months. The small number of sales affected cannot be updated for publication until the sales are lodged for registration. 72,275 were freehold, a 3.7% increase on July 2017 Price Paid Data can be downloaded in text, CSV format and in a machine readable format as linked data and is released under Open Government Licence (OGL). Under the OGL, HM Land Registry permits the use of Price Paid Data for commercial or non-commercial purposes. However, the OGL does not cover the use of third party rights, which HM Land Registry is not authorised to license. 300 were of residential properties in Greater London for £1 million and over 526 were of residential properties in England and Wales for £1 million and over Other 6,267 5,803 6,263 For further information about HM Land Registry visit Price Paid Data is property price data for all residential and commercial property sales in England and Wales that are lodged with HM Land Registry for registration in that month, subject to exclusions. There is a time difference between the sale of a property and its registration at HM Land Registry.Of the 95,721 sales received for registration, 24,719 took place in July 2018 of which: 4 were of residential properties in West Midlands for more than £1 million Follow us on Twitter @HMLandRegistry ourblog and LinkedIn and Facebook. 11,819 were newly built, a 43% fall on July 2017 Press Office Of the 95,721 sales received for registration in July 2018: 2 were of residential properties in Greater Manchester for more than £1 million In the dataset you can find the date of sale for each property, its full address and sale price, its category (residential or commercial) and type (detached, semi-detached, terraced, flat or maisonette and other), whether it is new build or not and whether it is freehold or leasehold.The number of sales received for registration by property type and month Phone (Monday to Friday 8:30am to 5:30pm) 0300 006 3365center_img HM Land Registry has been collecting information on Category A sales from January 1995 and on Category B sales from October 2013. Flat/maisonette 17,368 15,678 15,846 Price Paid Data categories are either Category A (Standard entries), which includes single residential properties sold for full market value, or Category B (Additional entries), such as sales to a company, buy-to-lets where they can be identified by a mortgage and repossessions. Terraced 25,554 23,243 22,363 Total 95,721 85,493 83,429 Email [email protected] HM Land Registry’s mission is to guarantee and protect property rights in England and Wales. HM Land Registry is a government department created in 1862. It operates as an executive agency and a trading fund and its running costs are covered by the fees paid by the users of its services. Its ambition is to become the world’s leading land registry for speed, simplicity and an open approach to data. HM Land Registry safeguards land and property ownership worth in excess of £4 trillion, including around £1 trillion of mortgages. The Land Register contains more than 25 million titles showing evidence of ownership for some 85% of the land mass of England and Wales. Contact Price Paid Data is published at 11am on the 20th working day of each month. The next dataset will be published on Friday 28 September 2018. The Price Paid Data report builder allows users to build bespoke reports using the data. Reports can be based on location, estate type, price paid or property type over a defined period of time. Semi-detached 24,964 22,251 20,897 Trafalgar House1 Bedford ParkCroydonCR0 2AQ Mobile (5:30pm to 8:30am weekdays, all weekend and public holidays) 07864 689 344 The most expensive residential sale taking place in July 2018 was of a terraced property in the Royal Borough of Kensington and Chelsea, London for £18,500,000. The cheapest residential sale in July 2018 was a terraced property in Henllys, Cwmbran for £6,120.The most expensive commercial sale taking place in July 2018 was in the City of Westminster for £117,450,000. The cheapest commercial sales in July 2018 were in Haringey, Greater London and Stanford-Le-Hope, Thurrock for £100.Access the full datasetNotes to editors Detached 21,568 18,518 18,060last_img read more

Watch These Two Reporters Trade Low-Key Phish References On MSNBC

first_img[h/t – JamBase] When you’re a fan of Phish–or, really, any band–half the fun is nerd-ing out about your musical obsession with fellow enthusiasts. To show that “we are everywhere,” for example, fan art and lot t-shirts are omnipresent both at shows and in the real world, inscrutable to the uninitiated but amusing to those in the know. These references extend beyond beer cozies and into the mainstream with some regularity. Last week, the brand new episode of Criminal Minds featured a barrage of character names referenced Phish and the Grateful Dead thanks to episode writer/Phish fan Dania Bennett.Today, MSNBC anchor Katy Tur and Politico senior writer Jake Sherman, both of whom are self-proclaimed fans of the Phish from Vermont, slipped a couple seemingly ad-hoc references into a serious discussion on new Intelligence from the White House. When turning the conversation over to Sherman, Tur engaged him with a deadpanned “My friend, my friend” Sherman was visibly amused and taken aback by the reference, smiling as he talked about House Intelligence Committee Chairman Rep. Devin Nunes. But he managed to collect himself and return Tur’s undercover homage before the end of his segment, saying that he was “‘bouncing around the room’ a little bit” in response to the maddening news at hand. You can watch the clip below via Tur’s Twitter page:last_img read more

Phish Unleashes 24-Minute “Set Your Soul Free”, Debuts New Tune At Bill Graham Finale

first_imgPhish continued their summer tour last night with their second and final night at San Francisco’s Bill Graham Civic Center. The band delivered a rocking, song-centric first set followed by a more improv-oriented second set, completing an impressive two-show stint at the west coast venue at which Phish has played the most shows since reuniting in 2009.Set one started off the with one of the band’s most consistent songs from the past few years,”Roggae”. Having last appeared as a show opener at Deer Creek on 8/2/1998—nearly two decades ago—”Roggae” fit perfectly in the leadoff position, jump-starting the crowd with bass bombs from Mike Gordon, soaring guitar playing from Trey Anastasio, and a general cohesive feel from the band as a whole. Acknowledging that cohesive attitude, Phish followed “Roggae” with several versions of old-school favorites “Tube”, “NICU”, and “Runaway Jim” before moving into the classic pairing of “The Horse” and “Silent in the Morning”.Following that strong opening, the band debuted an uptempo new song dubbed “Keepin’ It Real” (according to the LivePhish recording of the show), sung by Gordon and featuring a confident backbeat from drummer Jon Fishman. When @Phish_FTR tweeted the name of the tune as it was being played, they listed it as “Keepin’ It Reel“, immediately evoking thoughts of the interactive “Reel” that Mike has brought along on his last few solo tours. Only time—and some official lyrics—will tell if it actually ends up being “real” or “reel” (or, like some of Phish’s multi-layered lyrics, both—lookin’ at you, “Sing Monica”). All we really know at this point is that the song is good fun.The rare ballad “Driver” (the first since 7/16/16) allowed the band to slow things down for a moment before picking them back up with a high-octane version of “Saw It Again”, which saw keyboardist Page McConnell continue to include samples from the Chilling, Thrilling Sounds of the Haunted House Halloween show in the song’s sinister breakdown.Shifting gears, “Ocelot” came next, giving way to the first impactful improvisation of the evening. The bouncy, patient jam was the perfect platform for Anastasio, who ferociously latched onto the band’s deep-pocket groove for an impressive solo and an early-show highlight. Gordon’s “Waking Up Dead” featured excellent playing by McConnell, who added inspired flourishes on his clavinet throughout the song. It’s hard to overlook the off-key vocals that often plague “Waking Up Dead”, but the band makes up for it with an intricate jam section that, while it has shown a lot of promise, hasn’t yet reached its full potential. It is, however, showing more and more signs of evolution with each version that Phish plays.“Backwards Down The Numberline” may be polarizing for many Phish fans, but when it’s played well it is one of the band’s best songs, and they showed that off on Wednesday night, delivering a spot-on version with a blissful peak that drew huge cheers from the sold-out San Francisco crowd. Phish then brought the somewhat uneven first set to a close with another sentimental rocker, the Big Boat standout “More”.To start set two, Phish offered up their second-ever rendition of “Set Your Soul Free”, originally debuted by Trey Anastasio Band last October in Las Vegas. Introduced by Phish this past weekend on their first of three nights at The Gorge, the band made quick work of the new song’s structure and moved into a groovy and ethereal jam that found Anastasio toying with his delay loop pedal while McConnell laid down layers of synth pads, Fishman and Gordon meditatively keeping time behind them. Finally, Anastasio emerged with a melodic lead that McConnell started doubling, eventually allowing for Anastasio to move on to some psychedelic guitar stabs. The band shifted significantly when Fishman kicked the drums into double time, moving the jam into full-fledged Type II territory. The driven, funky improvisation continued for several minutes as “Set Your Soul Free” pushed toward the 24-minute mark before dissolving into “Twist”.“Twist” featured some strong full-band improvisation, with Gordon leading the charge as Anastasio and McConnell followed his every move. The short-but-sweet jam made way for a rare “Makisupia Policeman”, which featured round-robin solos from McConnell, Gordon, and Fishman. Continuing with the rarities, “Makisupa Policeman” was followed by an intense “Scents and Subtle Sounds”, which saw Anastasio throwback to “Machine Gun Trey” for a raucous and exciting reading of the Undermind gem. Out of nowhere, Phish moved into an extra-delicate version of “What’s The Use?”, the ambient fan-favorite from The Siket Disc.From there, the band made quick work of “The Wedge” before going into overdrive with “Possum”, which featured a particularly atonal guitar solo from Anastasio, building the tension wildly before he finally released, whipping the crowd into a frenzy one last time to wrap up the second set. For the encore, Phish capped their San Francisco stint with one of their most beloved songs, “The Lizards”. The Gamehendge-era cut elicited a huge roar from the crowd, and the band delivered a faithful version that put a fitting cap on a memorable two-night run at the Bill Graham Civic Center.Phish returns this weekend with a two-night run at The Forum in Inglewood, CA. For a full list Phish’s upcoming summer tour dates, head to the band’s website.Setlist: Phish | Bill Graham Civic Center | San Francisco, CA | 7/25/2018Set I: Roggae, Tube > NICU > Runaway Jim, The Horse > Silent in the Morning, Keepin’ It Reel, Driver, Saw It Again, Ocelot, Waking Up Dead, Backwards Down The Numberline > MoreSet II: Set Your Soul Free > Twist > Makisupa Policeman > Scents and Subtle Sounds > What’s The Use? > The Wedge > PossumEncore: The Lizardslast_img read more


first_imgLiterary LuminariesJames R. RussellMashtots Professor of Armenian Studies, Faculty of Arts and SciencesWatch video … Leading Business EducationNitin NohriaDean, Harvard Business SchoolRichard P. Chapman Professor of Business AdministrationWatch video … The Invention of GISCharles WaldheimChair, Department of Landscape ArchitectureJohn E. Irving Professor of Landscape Architecture, Graduate School of DesignWatch video … Multiple IntelligencesTina GrotzerAssociate Professor of Education, Harvard Graduate School of EducationWatch video … Designated DriversBarry R. BloomHarvard University Distinguished Service ProfessorJoan L. and Julius H. Jacobson Professor of Public Health, Harvard School of Public HealthWatch video … In science and medicine and across the humanities, Harvard has a legacy of transformative intellectual breakthroughs. As the University officially kicks off its 375th anniversary celebration, contemporary faculty members explain moments in Harvard’s history that revolutionized their areas of expertise, and in the process changed the world. Rethinking the ClassicsDavid F. ElmerAssistant Professor of the Classics, Faculty of Arts and SciencesWatch video … Organ TransplantNicholas L. TilneyFrancis D. Moore Distinguished Professor of Surgery, Harvard Medical SchoolWatch video … Reshaping the Humanities Stephen GreenblattCogan University ProfessorWatch video … First Programmable ComputerMichael D. SmithDean, Faculty of Arts and SciencesJohn H. Finley Jr. Professor of Engineering and Applied Sciences, SEASWatch video … Sports Helmets, Catcher’s Mask Thomas J. Gill IVAssociate Professor of Orthopedic Surgery, Harvard Medical SchoolChief, MGH Sports Medicine ServiceWatch video … Revolutionizing EgyptologyPeter Der ManuelianPhilip J. King Professor of Egyptology, Faculty of Arts and SciencesWatch video … Case Method Todd RakoffByrne Professor of Administrative Law, Harvard Law SchoolWatch video … The Power of Theater Diane PaulusArtistic Director, American Repertory TheaterProfessor of the Practice of Theater, Faculty of Arts and SciencesWatch video … Reinforcement TheoryMahzarin R. BanajiRichard Clarke Cabot Professor of Social Ethics, Faculty of Arts and SciencesWatch video … The Cognitive RevolutionSteven PinkerJohnstone Family Professor of PsychologyHarvard College ProfessorWatch video … Surgical AnesthesiaAllan M. BrandtDean, Graduate School of Arts and SciencesAmalie Moses Kass Professor of the History of Medicine, HarvardMedical SchoolProfessor of the History of Science, Faculty of Arts and SciencesWatch video …last_img read more

Saint Mary’s campus ministry discusses sexual abuse scandal

first_imgMembers of the Saint Mary’s community had the opportunity to gather for a discussion of the sexual abuse scandal in the Catholic Church on Tuesday in the student center.Jess Kimmet, campus minister for music, said the scandal offered an opportunity for individuals to reflect on their relationship with the Church.“I think the whole crisis is a great opportunity to remind ourselves as laypeople that we are also the Church and have responsibility for that,” she said. “What that means for each of us is going to look different based on our different calls in life.”Campus Ministry’s priestFr. Steve Newton said he thinks many students might wonder why such abuse has been occurring in the Church.“I would have to say — and this is opinion, this is not scientific by any stretch — that it has to do with two things: the retention of power by the clerical state and the admission into the clerical state people with very poor psychosexual development,” he said.Additionally, Newton said the structure of the Church played a role in abuse.“When you read some of the statements that the victims heard from their abusers about how it was ok because they were a priest … It’s just sickening to see how they abused the power,” he said. “My tendency is to say that [the victims of abuse] didn’t believe it [was OK], but it certainly confused the victims. I can’t say for certain they didn’t believe it.”Newton said there are various theories as to why priests behave in an abusive manner.“Some people say it’s because of celibacy,” he said. “Others because of the conviction of being in a special state, but it has to be combined with poor sexual development, which is not surprising given the structure of the seminaries.”Kimmet said another factor to consider when trying to understand the complexity of the sexual abuse scandal are the coverups that have come to light.“There’s a second layer of the coverups, which has I think more to do with an unwillingness on the part of the Church to talk about sexual matters,” she said. “And it’s not just the Church. I think this was a societal issue. These issues would have been dealt with privately if it were happening in places other than the Church. But the Church’s structures and some of the privilege … fed into the ability to keep covering up and allow the abuse to go on a lot longer than it should have.”When Bishops sought to handle cases quietly, Newton said, they did not always seek to do so with harmful intentions.“I think that sometimes there was a misplaced but good intention to not want to cause more harm,” he said. “I think that sometimes these things were kept secret and priests were quietly moved because bishops were afraid that letting it become public would cause more harm to the parish or to the family … but I think that with what we know now about trauma and abuse and the way it has lasting effects, we can look back and see that this was very poor management of these kinds of issues. I think they’ve all been educated enough to realize that reassigning and keeping it secret has caused more harm than, in some cases, the abuse itself, in terms of number impacted.”Despite the magnitude of the scandal, Newton said positive changes within the Church are becoming more visible.“The role of women and how they can be more brought into equal status in all aspects of Church life is being discussed,” he said. “I don’t know how much of that will happen, certainly in my lifetime, but I think it portends a trend that will have to be dealt with. Signs of hope are important at [this] time of scandal and darkness, and there are some — small, beginning but potentially significant.”There have been recent movements toward more open discussion of sexual abuse that might have contributed to the illuminating of some of these coverups, Kimmet said.“I sort of suspect the #MeToo movement has something to do with it because we listen to stories of sexual abuse and violence in a different way in this moment in history,” she said.The scandal has hit close to the campus community, as names of priests with credible accusations of sexual abuse of minors were released by the Diocese of Fort Wayne-South Bend in September, including one who spent time assigned at Saint Mary’s Convent.“His incident had nothing to do with Saint Mary’s Convent,” Newton said. “That’s where he was when the accusation [occurred], but it was unrelated to his job at Saint Mary’s.”The Diocese of Fort Wayne-South Bend is set to release the names of two more priests who have been credibly accused of sexual abuse on Tuesday afternoon.Tags: Catholic Church Sex Abuse Scandal, saint mary’s, sexual abuse, The Diocese of Fort Wayne-South Bendlast_img read more

U.S. Slaps Sanctions on Venezuelan Counter-intelligence Agency

first_imgThe United States imposed sanctions July 11 on Venezuela’s military counter-intelligence agency, accusing it of torturing and murdering detainees.The new sanctions, announced by the U.S. Treasury Department, freeze any U.S.-based assets of the country’s General Directorate of Military Counterintelligence.They come less than a week after the U.S. imposed sanctions on Nicolás Maduro’s son, as part of Washington’s bid to force the Venezuelan leader from power.U.S. Treasury Secretary Steven Mnuchin said in a statement the move was triggered by the death in custody of a navy captain who was allegedly tortured.“The politically motivated arrest and tragic death of Captain Rafael Acosta was unwarranted and unacceptable,” Mnuchin said.The captain was arrested in June on charges of plotting to assassinate Maduro. He died in custody eight days later, and Venezuela’s attorney general said that two officials from the counter-intelligence agency were charged with homicide.The Treasury said that when Acosta appeared in court after his arrest, “he showed signs of physical abuse, including being in a wheelchair, and he was unable to speak.”It said that despite the arrest of two of the agency’s officials in connection with his death, “this is only the most recent display of brutality undertaken by an agency notorious for its violent methods.”UN rights chief Michelle Bachelet said she was “shocked by the alleged torture of Captain Acosta Arevalo and that his treatment in custody may have been the cause of his death.”The latest U.S. action comes as Maduro moves to consolidate his hold on power after what Caracas called a failed coup attempt by opposition leader Juan Guaidó, who was recognized by Washington and some 50 other countries as Venezuela’s legitimate leader. By AFP July 31, 2019last_img read more

Lawyers needed to serve children

first_img December 15, 2003 Jan Pudlow Associate Editor Regular News Lawyers needed to serve children Associate Editor “A tired but persistent child advocate attorney” is how Andrea L. Moore signed her letter to the president of The Florida Bar.Her message was a plea to Florida’s lawyers to consider yet another way to pitch in and help President Miles McGrane’s children’s initiative: become a surrogate parent for a foster child.No, not a foster parent. This is not about food, clothing, and shelter. It’s about making sure children’s educational needs are being met. A surrogate parent is trained and appointed by each school board to represent children who may have emotional problems or physical or learning disabilities. The surrogate parent protects the child’s due process rights in the special education decision-making process, under the federal Individuals with Disabilities Education Act (IDEA).“I know all school districts in Florida are having trouble finding enough surrogates, leaving them vulnerable to legal action and/or to complaints to the Office of Civil Rights. I also know that many attorneys are active in the schools and with their own children,” Moore wrote to McGrane.“This would not be much of a stretch for those lawyer parents. And it would be a great service to the children.”Moore knows this firsthand, as both a parent, a family law lawyer, and a volunteer advocate for children, as well as serving as secretary to Florida’s Children First!In an interview, Moore said: “I’ve done a lot of pro bono work in this area. What I’ve learned is that too many kids in foster care had no one watching over their educational needs.”When she first started working in this area, Moore found that a significant number of foster children were not enrolled in school the first day, though Broward County has tackled that problem with great success. National data showed that foster children, on average, are two to three years behind in school.“How are these kids going to survive foster care if they’re not in school?” Moore asks.Add in the problem of foster children moving around and changing schools.“When children transfer schools, they lose four to six months of educational progress,” Moore said, adding that often records are not transferred in a timely manner.Statistics found on the ABA’s Center of Children and the Law Web site — — reveal that students with learning disabilities drop out of high school at twice the rate of nondisabled peers. Among children in the delinquency system tested for learning disabilities, 50 percent were found to have undetected disabilities. Within three to five years out of high school, 30 percent of adolescents with learning disabilities will be arrested.Even if foster children stay out of trouble with the law, if they don’t graduate from high school, Moore said, the chances are greater they will end up homeless and jobless.“With a surrogate parent and a good educational plan, foster children can survive not just foster care but go out and have a future,” Moore said. “If they are successful in school, they can be successful in other areas. There are a lot of ways for lawyers to help these kids. Not every lawyer is going to be comfortable taking a dependency case. But this is another option, another avenue where a lot of parents will feel comfortable.”Gerry Glynn, executive director of Florida’s Children First!, thinks Moore has a great idea inviting lawyers to volunteer their time in this way to help children.“One of the fears lawyers have about special education is that it is a very technical area of the law,” Glynn said. “While I agree with that, however, IDEA was written to empower parents to be able to participate in assuring every child gets an opportunity to an education. This law was written for parents with no legal training. I think lawyers are more than capable.”Glynn added that foster parents may be prohibited from acting as a surrogate parent under IDEA, and “can only fill that role after a substantial relationship with a child.”As Moore said, “One of the issues is that both state and federal laws require surrogate parents not to have a conflict, so they can’t be employed by the state.“Children respond when they know an adult is interested in their education. All this requires is a little bit of time, a little bit of common sense,” Moore said. “Frankly it helped me that I had raised a child and she has gone through the education system. Probably my best training was being a parent.”The school boards are also supposed to provide training, though some do better than others.“Really, what a surrogate parent does is access existing services,” Moore said. Typically, that involves meetings similar to informal mediation, she said, where an individual education plan is developed.“In the lawyer’s world, it’s like a contract. The child is supposed to make progress based on that plan,” Moore said.If there is a disagreement about the plan, there are due process procedures spelled out, including mediation. If that fails, there is the right to an administrative hearing.If a lawyer is interested in volunteering as a surrogate parent, the first step, Moore and Glynn agree, is to contact your local school board and ask for the surrogate parent program or whomever is in charge of exceptional children education.Glynn said Florida’s Children First! is a resource of information for lawyers who may be interested in this volunteer work. For more information, call him at (407) 275-3805 or visit the Web site at www.floridaschildrenfirst.orgThe ABA Web site listed above is another resource. Lawyers needed to serve childrenlast_img read more

Regulators update CECL FAQs documents

first_img 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » The Federal Reserve, FDIC, NCUA and Office of the Comptroller of the Currency updated their frequently asked questions (FAQs) document on the Financial Accounting Standards Board’s (FASB) current-expected-credit-losses (CECL) standard, focusing on regulatory and supervisory expectations, among other things.The CECL accounting standard is currently scheduled to begin taking effect for credit unions in fiscal years beginning after Dec. 15, 2020.This new FAQs document combines new questions and answers with those issued in December 2016. It focuses on the application of the CECL methodology and related supervisory expectations and regulatory reporting guidance. More specifically, the document addresses such topics as qualitative factors, data needed to implement the standard, the purchase of credit-deteriorated assets and how to adopt the new standard for call report purposes.last_img read more

Garuda turns in first-half losses as pandemic hits aviation

first_imgNational flag carrier Garuda Indonesia turned in a loss of US$712.73 million in the first half of this year after booking a net profit of $24.11 million in the same period last year as the COVID-19 pandemic continues to batter the airline industry.Garuda president director Irfan Setiaputra said the COVID-19 pandemic forced the company to cut its flight frequency and such a measure had severely affected the company’s revenues and profits.“The COVID-19 pandemic has had a severe impact on the company’s performance as our daily flight frequency has been reduced from around 400 to 100 flights. In addition, the number of passengers has also plummeted by around 90 percent,” he said in a statement on Saturday. The aviation industry is among the sectors hit the hardest during the pandemic as people are required to stay at home to help limit the coronavirus spread.The Indonesian tourist sector has lost Rp 85 trillion (US$5.87 billion) in revenue so far this year as the pandemic unfolds. The hotel and restaurant industry has lost nearly Rp 70 trillion in revenue while aviation and tour operators have lost Rp 15 trillion in revenue as leisure travel has come to a virtual halt.The government opened resort island Bali over the weekend as part of its efforts to prevent the economy and tourism from completely paralyzing. An estimated 4,000 passengers reportedly arrived at I Gusti Ngurah Rai International Airport on the first day of Bali’s reopening to domestic tourists on Friday.Jasa Utama Capital analyst Chris Apriliony projected on Monday that Garuda would post a better result in the third quarter compared with the second quarter as the number of flights would slightly increase despite remaining lower than normal.“As the COVID-19 vaccine is still under clinical trials, the public remains reluctant to take unnecessary trips using airplanes,” he said.To keep the carrier afloat, the House of Representatives in mid-July gave the green light for the government to provide Garuda with Rp 8.5 trillion through a mandatory convertible bond (MCB) scheme.The MCB will require conversion of the said bonds into stock in the company in accordance with the contractual conversion date.The MCB for the airline is expected to have a tenure of three years, with state-owned infrastructure financing company PT Sarana Multi Infrastruktur (SMI) acting as the bond buyer and eventually becoming a shareholder in the company.The MCB scheme is part of the government’s national economic recovery (PEN) program to support the recovery of the virus-wracked economy. Under Government Regulation No. 23/3030 on the program, the government has allocated more than Rp 152 trillion to bail out state-owned enterprises (SOEs), including Garuda, through capital injections, among other mechanisms.However, seeing the massive amount of losses booked during the first half, Chris expected that the MCB would not have a significant impact on the carrier.“The government’s injection will not provide a significant impact if the company’s revenue continues decreasing in the future,” he said.Garuda also recorded a significant amount of provision for bad debt expenses amounting to $63.96 million during the first half, which affected the company’s overall performance, Chris said.“While the provision for bad debt expense isn’t really large compared with the overall costs, it has become an additional burden for the company,” he added.Shares in Garuda, traded on the IDX with the code GIAA, plunged 4.92 percent on Monday as the main gauge, the Jakarta Composite Index (JCI), fell 2.78 percent. The stock has lost 53.41 percent of its value so far this year.Read also: House approves Rp 8.5t in convertible bond for ailing GarudaTopics : Garuda’s total revenue in this year’s first six months nosedived by 58.2 percent year on year (yoy) to $917.28 million, according to the company’s financial report submitted with the Indonesian Stock Exchange (IDX).Scheduled flights remain the airline’s largest revenue source despite plunging by almost 60 percent annually to $750.26 million. Meanwhile, revenue from unscheduled or chartered flights soared by almost 400 percent yoy to $21.55 million in the first half.Its operating expenses, at the same time, were down by 22 percent yoy to $1.6 billion in the same period.“The company has taken strategic financial steps by renegotiating airplane leasing costs, loan restructuring and increasing cost efficiency to align between the supply and demand trends during the pandemic,” Irfan said.last_img read more