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Archive of posts published in the category: vcdpevmq

Ween Announces First San Francisco Shows Since 2009

first_imgBeloved rockers Ween continue to roll out tour dates as part of their reunion, as the band has performed in Colorado, New York and more for their first shows since breaking up in 2012. With dates on the docket for Bonnaroo, MusicFestNW’s Project Pabst Festival, Lockn’ and more, the band has added two more performances to their schedule.On October 14-15, Ween will hit the Bill Graham Civic Auditorium for two nights in San Francisco, CA. The shows mark Ween’s first appearance in the Northern California city since 2009, and tickets can be requested here between now and Wednesday, May 18th at 5 PM Eastern. The general ticket on-sale will begin on Friday, May 20th, at 10 AM Eastern. More info here.In celebration, take a look at our recap from the final NYC performance at Terminal 5, here.last_img read more

Spafford Sells Out The Milkboy For Philadelphia Debut

first_imgLoad remaining images Spafford continued their meteoric rise through the ranks of the jam scene last night as they played a huge show to a packed audience at Philadelphia’s Milkboy. The capacity crowd was rabid, going wild for each and every song and loudly singing along all night long. For an up-and-coming band to play a city for the first time and be met with such a reaction must be a dream come true, and that excited energy was certainly palpable throughout the evening.The band started things off with “Virtual Bean Dip”. The reggae-tinged “Leave The Light On” came next, which was followed by a raging run from “All My friends” into “Bee Jam”. The heartfelt shuffle of “Hollywood” provided a great breather before the anthemic speed-funk of “Ain’t That Wrong” picked things up tremendously. Soaring versions of “The Postman” and “Palisades” brought the set to a close. For the encore, the band showcased their diversity, with the straight-ahead rock of “Galisteo’s Way” and the super-funk of “Funkadelic”Check out a full setlist from the evening’s show, as well as a full gallery from Alex Buschiazzo at 215 Music, below.Spafford’s next show is at Wonder Bar in Asbury Park, NJ. After that, they link back up with Umphrey’s McGee to continue their tour together, reuniting just in time for Joshua Redman to hop on the tour. With every show a milestone for this young band, this is sure to be a huge weekend for Spafford.Spafford shows are now available to stream on LiveDownloads.com and Nugs.net.Setlist: Spafford | Milkboy | Philadelphia, PA | 1/24/2017Set One: Virtual Bean Dip > Leave The Light On, All My Friends > Bee Jam > Hollywood, Ain’t That Wrong, The Postman > Palisades > Galisteo’s WayEncore: Funkadelic > Peoplelast_img read more

The String Cheese Incident Honors Butch Trucks With “Jessica” Cover In Mexico

first_imgThe String Cheese Incident got to dig their toes in the sand on day two of Los Muertos con Queso, as the Colorado-based jam group performed their first two sets of the weekend throughout the day yesterday. The band got to work early with a daytime set, opening up with the theme-appropriate “Lester Has A Coconut” before covering Bob Dylan’s “Just Like Tom Thumb’s Blues.”Where the day time set was filled with lighthearted Cheese, the band dug deep into the pocket for a jam friendly second half. The show notably featured a cover of Allman Brothers’ “Jessica,” a staple of SCI’s repertoire, played in honor of the late Butch Trucks. The set also featured a big “Way Back Home -> Believe” and ended up with “Rollover.”Check out some video clips from the performances! SCI members Kyle Hollingsworth, Michael Travis and Jason Hann also joined the Los Muertos portion of the evening during the Grateful Dead sets – you can read more about that here. Check out String Cheese’s full setlist from last night, below.Setlist: The String Cheese Incident | Los Muertos con Queso | Riviera Maya, Mexico | 1/26/17Daytime Set: Lester Has a Coconut, Just Like Tom Thumb’s Blues, Born On The Wrong Planet, Don’t It Make You Wanna Dance, Falling Through The Cracks, Little Hands, Restless WindSunset Set: Believe, Way Back Home -> Miss Brown’s Teahouse, Valley of the Jig, Looking Glass -> Jessica, Rollover[Photo and setlist via SCI Twitter]last_img read more

US Troops To Stay In Haiti For Time Being

first_imgBy Dialogo March 01, 2010 American troops will remain in Haiti for the foreseeable future to help the quake-ravaged country get back on its feet, the US ambassador to the Caribbean nation told AFP Thursday. “There are about 6,500 soldiers in Haiti at the moment. There were some 20,000 for the emergency effort launched in the wake of January 12,” ambassador Kenneth Merten said. “What is planned for the moment is more and more staff from USAID on the ground and fewer and fewer troops. Gradually, they’ll leave. In my opinion, we will need some American troops to stay here for the foreseeable future.” But he dismissed any notion that Haiti would be put under some kind of foreign governorship, an idea mooted by French lawmaker Jacques Myard in the days after the January 12, 7.0-magnitude quake hit. “I don’t see any reason for the country to be put under governorship. We have been working for a long time, since the departure of Jean-Claude Duvalier, for a democratic nation in Haiti.” He also dismissed talk of tensions between the United States and former colonial ruler France over the massive aid operation which has been put into place in a bid to help more than one million people left homeless by the quake. Merten said he was “very, very satisfied with the cooperation that exists between all the nations. “I think everyone knows that the needs are very serious. This is not the time to start talking about problems which are not really important.”last_img read more

Young people in finding a new tourist niche – DogMa hotel

first_imgThe turbulent, uncertain and difficult to predict environment “forces” individuals and companies to improvise and “deviate” from already existing ways of operating and doing business. The only real way to find market opportunities is to observe and forecast trends and analyze recent events. The tourist-hotel-catering world is facing many globalization challenges, and everyone already knows that we have to adapt to tourists as quickly, better and cheaper as possible, depending on their profiles, motives and lifestyles.The trend of overtime work, tension and stress as a part of their everyday life dominates among people, which consequently reflects on their interpersonal relationships; which are disturbed, not nurtured, and not developed. As much as we are in number in this human form, so is the number of our perspectives, attitudes, preferences and opinions, regardless of whether they have a positive or negative sign. And without going into the depths of understanding these nuances and needs, we cannot help noticing the growing trend of pets, especially in the dog category, in this element of living and interpersonal relationships. What led to this trend is a question posed by the researcher in me. I don’t have scientifically confirmed answers either, but I question whether it has anything to do with mutual understanding and the quality of communication? Maybe a man gets along better with a dog than with his breed? Imagine a smiley face in this place.And when we put the joke aside, it’s worth asking what does this trend have to do with tourism? Because we can’t help but notice that in addition to affecting our private lives, coexistence with animals also creates new trends in the tourism market, which is confirmed by the fact that 37-47% of Americans own dogs, and 30-37% of them own cats [1]. A TripAdvisor survey of a sample of 1000 respondents confirms this trend and indicates that 33% have more than one pet, with 60% having dogs, 57% cats, and 16% other species. It is important to know that 41% of pet owners have stated that they will only stay in pet-friendly facilities and 48% of them care more about the comfort of their pet than about their own comfort. Those who traveled with dogs highlighted brands such as La Quinta, Hilton, Marriott and Southwest as desirable five-friendly brands [2], however, there is still no brand that has been developed and absolutely adapted to this segment of travelers providing absolute comfort throughout the journey to both owner and pet. It is interesting to know that 35% of pet owners shorten their vacation because of pets [3], and it would be even more important to ask how we can “use” this information to our advantage. Especially in Lijepa Naša, so that we transform a somewhat discriminatory attitude into a business venture and contribute to the development of a new market niche for our tourism. Yes, right in Lijepa Naša oriented towards mass family tourism.DogMa hotel projectWhile on the one hand we emphasize in marketing and marketing that we respect animals and the people associated with them, as an eternal advocate of young people I use this text to reiterate that we respect both the ideas and the way of thinking of young people. Simply put, they are a window into the future. We can learn from them and we can grow faster with them. And wise is he who understands this in the business, educational, but also in the family aspect.Students are considered to be the strongest drivers of innovations, projects and products of the new generation, and with this value the international Adria Student Innovation Contest (ASIC) 2018 was created, organized by the Adria Hotel Forum (AHF). The purpose of the competition is to present the best ideas and teams to experts in the field of hospitality and tourism, and the theme of this year’s competition was “New hotel brand”. I would say this is a great opportunity to combine creativity, knowledge, innovative thinking, teamwork and demonstrating presentation skills. It was also a great opportunity to listen to the level of proactivity among the students.And those students who were high on the scale of engagement, motivation, required skills and knowledge reluctantly embraced this opportunity and started creating something together. At the Faculty of Interdisciplinary, Italian and Cultural Studies in Pula, five proactive students “listened” to the market and these trends and created an interesting project called DogMa. It was also recognized by the jury in the mentioned competition (ASIC) 2018, taking an excellent third place. These wonderful young women; Silvija Kukuljević, Ella Antić and Katarina Jug, Sandra Lorencin and Valentina Vajda created and presented a project that tries to offer a solution for exactly that segment, ie the profile of tourists in the market that we recognize as neglected; for tourists who travel with dogs and are not willing to leave them alone during vacations. It is a brand of a hotel specializing in dogs and their owners, which will provide services to dogs that their owners are used to only at home (dog salon, walking service, training parks, wellness…), so that owners can freely enjoy rest without worrying about where and how their pets feel. The hotel will be decorated according to criteria that allow dogs to feel at home. The first sample of hotels was designed in Pula, Croatia, while the long-term plan includes the construction of a hotel chain at the level of European Union countries. Croatia is a very attractive tourist destination (based on an increase in the number of tourist arrivals and overnight stays) with Istria as the leader among all counties. Since it is almost impossible to find accommodation in a hotel that fully meets the needs of dogs and their owners, DogMa Hotel would be the first hotel of its kind to operate in this region.What’s in the background?In addition to the fact that the competition was a stimulus for reflection on the hotel market and the product, it is important to point out those hidden values ​​in this story. And it is very important that they do not remain hidden! First of all, it was once again confirmed that we as humans, regardless of age, conditions and circumstances, have different motivational pedals. That is, some will be motivated by recruits and social status, others will be motivated by teamwork and recognition, the third by security and structure, the fourth by something else, so there is no standardized motivational pedal. And despite the fact that all these students had equal opportunities, and that they were promised a prize, only a few of them found motivation in that competition and project. And this is an important knowledge that should serve as a starting point in communication, the reward system and the creation of an organizational climate and in the education system, in all our organizations but also in life relationships in general. Just ask yourself what motivates you, and what motivates your sister / brother or colleague? And when you notice different needs, the question is how much does it make sense to force a “one size fits all” approach?This group of students and their mentors (Sanja Dolenec, M.Sc., Assoc. Prof. Tea Golja, Ph.D., Iva Slivar, Ph.D. and Tamara Floričić, Ph.D.) once again confirmed that the functioning on the pillars of teamwork such as: openness, trust, interdependence and realization create effective teams and are a guarantee of success. Although these principles of teamwork took place spontaneously, today this team serves as a confirmation that the “synergistic effect” can be extremely powerful and motivating. In creating the project, they combined all their talents but also resources such as knowledge, skills, time, resources, recommendations into one combination that led them to the results. And I can really serve as an example.And lastly what should have great value in our private and professional functioning is the beauty of mentoring. When you have next to and behind you a person / s from whom you can learn, who is willing to transfer knowledge to you, who believes in you and from that faith “pushes” you into challenges, you really have the blessing of OPPORTUNITY, so just turn ON mode and use it on mutual pleasure.That happened here. And that is the growth of the profession. And the result is multiplicative.Author: Dr.sc. Marinela Dropulic Ruzic, Meraklislast_img read more

US pandemic aid program saved 51.1 million jobs, but wealthy and connected also benefited

first_imgA high-profile pandemic aid program protected about 51.1 million American jobs, the Trump administration said on Monday, as it revealed how US$521.4 billion in taxpayer cash was injected into small businesses but also into the pockets of the rich and famous. The data on the small business Paycheck Protection Program (PPP) seemed to confirm worries among Democrats and watchdog groups that in addition to mom-and-pop shops, the funds went to well-heeled and politically-connected companies, some of which were approved for between $5 million and $10 million.Those include several firms that lobby on public policy, such as Wiley Rein LLP and APCO Worldwide, as well as prominent law firms like Kasowitz Benson Torres LLP, which has represented President Donald Trump, and Boies Schiller Flexner LLP. Aside from Kasowitz Benson Torres and Newsmax, the other companies and schools did not immediately respond to a request for comment.“The initial data is revealing many recipients that are appropriately raising eyebrows, which was one of the many reasons we wanted it public,” said Danielle Brian, executive director of the Project on Government Oversight.Detailed pictureThe colossal data set released by the United States Treasury Department and Small Business Administration (SBA), after initial resistance, gives Americans their first full look at who got cash from the first-come-first-served PPP that has been dogged by technology, paperwork and fairness issues.To date, the SBA has released geographical distribution figures but the new data paints a much more detailed picture of which communities and sub-sectors received support. Senior administration officials hailed the program as a “wild success,” with the data showing it supported about 84 percent of all small business employees.The data includes information on 660,000 loans of $150,000 or more, including recipient name, address, lender, business type, jobs retained, and some demographic information. That accounts for roughly 73 percent of the dollars granted, but only 14 percent of the 4.9 million loans, according to a summary of data the agencies released on Monday.While the data does not say exactly how much money each borrower received, they are placed in one of five bands: $150,000-350,000; $350,000-1 million; $1-2 million; $2-5 million; and $5-10 million. More than 4,800 loans were issued in the top band, while the overall average loan size was $107,000, the data shows.Among those in the mix: the Americans for Tax Reform Foundation, whose stated mission is to curb government spending. It was approved for a loan of between $150,000 and $350,000.Despite some eyebrow-raising recipients, the funds reached a wide swath of businesses – more than $67 billion for the healthcare and social assistance sector, $64 billion-plus for construction businesses, $54 billion for manufacturing and, at the smaller end, more than $7 billion for religious organizations, the data showed.Lingering questionsTreasury Secretary Steven Mnuchin had initially refused to name any recipients, saying it could expose borrowers’ proprietary business information. But under pressure from lawmakers, he agreed to shine a light on large borrowers.Launched in April, the unprecedented program – which has been extended until Aug. 8 – allows small businesses hurt by the pandemic to apply for a forgivable government-backed loan from a lender.More than 5,000 US lenders participated in the program, with JPMorgan accounting for $29 billion in loans. JPMorgan, Bank of America, Truist Bank, PNC Bank and Wells Fargo originated 17 percent of total PPP loans, according to the data.In the scramble to distribute funds, the program was beset by technology glitches, documentation snags and revelations that some lenders prioritized their most profitable clients.Some investment firms, for example, were also on the list.That included Advent Capital Management LLC, a New York-based debt investor with $9 billion in assets; Metacapital Management LP, a New York-based fixed income investor with more than $1 billion in assets; and Semper Capital Management LP, which invests nearly $4 billion in mortgage-backed securities.Deepak Narula, the head of Metacapital, said his company decided it did not want the money and returned it “pretty quickly.” A spokesperson for Advent said the company explored but never completed an application and did not receive any funds. Semper did not respond to a request for comment.Monday’s data is likely to raise further questions over whether the most needy benefited from the program and whether more companies should have returned the cash.Roughly $30 billion in loans have already been returned or canceled, a senior administration official said. Those include loans taken by large or publicly listed companies which attracted fierce criticism for breaching the spirit of the rules, as well as loans issued to companies that decided they did not want or need the money after all.The data shows loans that have been approved, but it does not say how much was disbursed, nor which loans have been forgiven so far. The loans were largely dished out on a good-faith basis, with borrowers certifying to their eligibility and the accuracy of the data they provided, meaning the figures on how many jobs were retained have not been thoroughly vetted.Loans that appear to breach the letter or spirit of the rules may not be forgiven, and the Treasury plans to conduct a full review of loans of more than $2 million.The Department of Justice has already brought charges against several PPP borrowers for fraudulently seeking loans, while several federal and state regulators are also probing misuse of the funds.Topics : Kasowitz Benson Torres said the funding helped the law firm preserve hundreds of jobs at full salary at a time when federal courts and its offices were shut down.The gallery of well-connected names extended deeply into the world of America’s privileged and super famous.Sidwell Friends School, an exclusive private school which educated former President Barack Obama’s daughters, was approved for between $5 million and $10 million, as was Saint Ann’s School in Brooklyn, which – with tuition exceeding $50,000 per year – is attended by the children of hedge fund managers and celebrities.Newsmax Media Inc, the media company run by Trump donor Christopher Ruddy, got the nod for between $2 million and $5 million. So did billionaire rapper Kanye West’s Yeezy LLC clothing company. Newsmax said in a statement it was eligible for the program and did receive a loan, but declined to elaborate.last_img read more

China steps up testing after virus cluster in major port city

first_imgThe port city of Dalian in Liaoning province has reported three cases in recent days after going nearly four months without any.The fresh outbreak has been linked to a seafood processing company that deals with imported products.On Friday, the Dalian health commission said the city had to “quickly enter wartime mode, go all-out, mobilize all people and resolutely curb the spread of the epidemic”.It announced strict new measures, including on-the-spot nucleic acid tests for everyone taking the subway line that passes the affected seafood company. Kindergartens and nurseries have been closed, and some communities have been placed under lockdown, according to state-run newspaper Global Times.City authorities said they would test more than 190,000 people, including employees at shopping malls, wholesale markets and warehouses.The outbreak comes as hundreds of football players from the Chinese Super League — which will kick off its much delayed season Saturday — are in a sealed-off hotel in the city.The league’s 16 teams have been split into two groups for the first games of the drastically rejigged season, with the others to be played in Suzhou, near Shanghai.The latest cluster has turned the spotlight on the country’s food supply chain, and China has banned imports from a number of overseas food producers involved in virus outbreaks.One Chinese importer told AFP that exporters had earlier been asked to guarantee their shipments were not contaminated.A document published Thursday by China’s State Council also warned that the country’s public health system should prepare for a possible second wave of the virus in the winter.At a press conference earlier this month, officials said samples taken from Whiteleg shrimp packaging in Dalian had tested positive for the virus.There were 21 coronavirus cases reported in China on Friday, including two of the three recent Dalian cases and 13 in the western region of Xinjiang.The other six were imported. Topics :center_img A Chinese city of nearly six million people will introduce a wave of coronavirus testing to stamp out a small cluster of cases, authorities said Friday, with state media reporting communities will be locked down.Since the virus first surfaced in the central city of Wuhan late last year, the country’s official number of infections has been restricted to a trickle, mainly among arrivals from abroad. All mass lockdowns have been lifted.But recent domestic outbreaks have proved the difficulty of stamping out the contagion entirely.last_img read more

Following Winter Storm, Wolf Administration Makes Emergency Declarations for Northeast PA Schools

first_imgFollowing Winter Storm, Wolf Administration Makes Emergency Declarations for Northeast PA Schools March 22, 2017 Education,  Press Release,  Weather Safety Harrisburg, PA – In response to several Pennsylvania counties grappling with the effects of winter storm Stella, Governor Tom Wolf announced his administration will make emergency declarations to provide schools in Northeast Pennsylvania that were forced to close last week with options to otherwise satisfy the 180-day requirement.“I understand the importance of keeping Pennsylvanians safe in times of emergency or in the case of a natural disaster, and this measure further extends those protections,” said Governor Wolf. “While recognizing the responsibility school administrators have to plan their calendars accordingly, this provides more flexibility in the face of unpredictable and unforeseen emergencies.”Last week, schools in a number of counties, including Berks, Bradford, Carbon, Columbia, Lackawanna, Lehigh, Luzerne, Monroe, Northampton, Pike, Schuylkill, Sullivan, Susquehanna, Wayne, and Wyoming, expressed concerns they may not meet the number of required instructional days after being hit by winter storm Stella. Governor Wolf asked Secretary Rivera to make the emergency declarations for schools in those counties in accordance with Act 4 of 2016, which serves as a last resort for schools that are having difficulty meeting attendance requirements due to unpredictable emergencies. School administrators still must include a sufficient number of “make up” or “snow” days into their school calendars.“School attendance impacts student achievement, and emergencies that require a school closing take away important instructional time,” said Secretary of Education Pedro A. Rivera. “While the top priority must be student safety, the Department’s goal is to ensure that schools are meeting the academic needs of students while also recognizing that extenuating circumstances do sometimes occur.”Under Act 4, the Secretary of Education may issue a weather, safety, or health related emergency declaration at the request of a school or a charter school or on a county or statewide basis. The emergency declaration permits affected schools to institute options to otherwise satisfy the School Code’s 180 instructional day requirement.When the Secretary of Education issues an emergency declaration following approval of a request, a school can satisfy the School Code’s instructional day requirement by:1.    Meeting a minimum of 900 hours of instruction at the elementary level and 990 hours of instruction at the secondary level in lieu of 180 days.2.    Scheduling of additional instructional days on one Saturday per month to complete 180 instructional days, or 900 hours at the elementary level and 990 hours at the secondary level. Student excusals for certain reasons are included in this option.Both options must be approved by a majority vote of the school board or other governing body.The Department of Education also reminds schools in counties outside those included in the emergency declaration, that they can still request an emergency declaration through PDE’s Office of School Services. PDE will then evaluate a school’s request on a series of factors.For more information about Pennsylvania’s education policies and programs, visit the Department of Education’s website at www.education.pa.gov or follow PDE on Facebook, Twitter, or Pinterest.center_img SHARE Email Facebook Twitterlast_img read more

Norwegian oil fund gives grants for portfolio, engaged ownership research

first_imgExamples include “portfolio choice in the presence of a time-varying investment opportunity set” and “the measurement of liquidity and optimal portfolio selection in the presence of differentially liquid assets”.The project will be led by Monika Piazzesi of NBER Research Associates; Joan Kenney, professor of economics at Stanford University; and Luis Viceira, George E Bates professor at Harvard Business School.Several aspects of the Government Pension Fund Global’s (GPFG) asset allocation are under review at the moment, but IPE understands that there is no direct link between this and the NBER project.The Norwegian government recently commissioned a review of the GPFG’s equity exposure, and it has before been urged to expand the fund’s remit to include infrastructure and a potential higher exposure to real estate.Effectiveness of engaged ownership A second funded project, to be carried out by London Business School (LBS), will investigate the effectiveness of engaged ownership.This will be done by analysing “the extent, impact and value of engaged ownership” by Standard Life Investments (SLI).Professors Marco Becht of the Université libre de Bruxelles, Julian Franks of LBS and Hannes Wagner of Bocconi University, Milan, will run the research, which will study the private and public actions of SLI based on data from 2004-14.SLI is understood to have been chosen because it is a leader in corporate governance and stewardship matters and has a wealth of data to which the researchers were given access.Norway’s oil fund is an active owner, and the LBS project is understood to tie in with its interest in moving to more data-focused research into engaged ownership and environmental, social and governance (ESG) investment considerations.NBIM said the NFI research programme reflected Norges Bank’s “long-term commitment to strengthen the scientific foundation of the management of the fund”.Under the programme, Norges Bank is currently inviting submissions of research proposals on the financial economics of climate change. The deadline is 31 March. Norway’s sovereign wealth fund has awarded two research grants, one for a project on portfolio choice for long-term investors and another for an investigation of the effectiveness of engaged ownership.The grants are for three years and were awarded as part of the Norwegian Finance Initiative’s (NFI) research programme.US-based National Bureau of Economic Research (NBER) has been granted funding to carry out a series of research conferences on topics within long-term asset management. Norges Bank Investment Management, which manages the Norwegian oil fund, said the NBER’s project would “support and disseminate research on central challenges facing long-term investors”.last_img read more

Pension funds to soak up £120m fine for Thames Water [updated]

first_imgA spokesman for PGGM, PFZW’s asset manager, said it had been engaged with Thames Water regarding its 2% stake in the utility group, focusing on “network management and reduction of leakages”.“Company management is working with shareholders to execute an improvement programme to diminish the amount of leakages, which means considerable investments are needed,” the spokesman added. “As a shareholder PGGM accepts the agreed compensation for the clients of Thames Water.”Last year, USS bought an 11% holding of Kemble Water Holdings, the parent company of Thames Water Utilities, which is the UK’s biggest water company.At the time, Michael Powell, head of private markets group at USS Investment Management, said he looked forward to “developing a long-term relationship with the management team [of Thames Water] and continuing to strengthen our relationship with Ofwat and other stakeholders”.The BT Pension Scheme took a 13% stake in Thames Water in 2012, which had subsequently been reduced to 8.7% by May this year, according to information published by Ofwat. Hermes Investment Management, the BT scheme’s in-house asset manager, is also a shareholder.Other major Kemble Water shareholders that also face paying a proportion of the bill include Infinity Investments, a wholly owned subsidiary of the $828bn (€600bn) Abu Dhabi Investment Authority, and Canadian pension fund investors British Columbia Investment Management Corporation and the Ontario Municipal Employees’ Retirement System.In total, Thames Water is owned by 11 shareholders, a large majority of which are pension funds with long-term investment horizons, a spokesperson for Thames Water said. The shareholders would “help pay and share the cost, rather than be it borne by customers”, the company added. Ofwat moved to impose the fine following Thames Water’s failure “in tackling leakage”.“The measures we’ve announced today illustrate the scale of the company’s shortcomings and how seriously we take them,” said Rachel Fletcher, CEO of Ofwat.“High leakage creates unnecessary strain on the environment, excess costs for customers and increased risk of water shortages. A well-run water company will have a good understanding of the condition of its pipes and will be able to reduce leakage over time.”In a statement yesterday Steve Robertson, Thames Water CEO, admitted that the group’s recent performance “has not been good enough”.“We have taken more control of how we manage the network and are investing significantly more in people and resources to tackle leakage, get back on track and then go beyond,” he said. “Thanks to these changes already in place, our current leakage repair performance is our best ever at around 1,000 a week. Our focus is to restore customers’ trust and confidence in Thames Water.”USS declined to comment. APG, which manages the assets of ABP, did not respond to a request for comment.This story was updated to include a statement from PGGM. Four of Europe’s biggest pension funds will foot the bill after a UK water company was hit with a £120m (€136m) fine.UK water regulator Ofwat this week fined Thames Water for failing to reduce the level of leaks in its pipe system.The decision has landed its shareholders – which include Dutch civil service scheme ABP, healthcare sector fund PFZW, the BT Pension Scheme and the UK’s University Superannuation Scheme (USS) – with a portion of the bill.Under the terms of the penalty imposed by the regulator, Thames Water will pay back £65m to customers in addition to an automatic £55m levy for “missing the commitment it made to customers to cut leaks”, Ofwat said. In total the fines reach £120m, all of which will be “borne by shareholders”, according to the regulator.last_img read more