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first_imgWaskita finance director Taufik Hendra Kusuma said the company had received Rp 12.5 trillion in infrastructure payments in the first half of 2020, mostly from turnkey projects.“We’ve received Rp 7.1 trillion from turnkey project payments, with the biggest portion coming from the Jakarta-Cikampek II elevated [toll road] project,” he said in a press release on Thursday.Construction on the Jakarta-Cikampek elevated toll road began in July 2017 and was inaugurated by President Joko “Jokowi” Widodo in December 2019. The elevated road spans around 36 kilometers and costs around Rp 16.2 trillion.Furthermore, Taufik said the company was also expecting a Rp 4 trillion land acquisition repayment from the State Asset Management Agency (LMAN) by the end of the year, as well as Rp 3.3 trillion from varying projects in the near future. State-owned construction company Waskita Karya’s (Waskita) maturing Rp 1.15 trillion (US$78 million) bonds have secured a BBB+ investment grade from Indonesian rating agency Pemeringkat Efek Indonesia (Pefindo).The builder is expected to collect Rp 35 trillion in project payments this year.Pefindo expects Waskita to repay its 2015 series B bond, which will be due on Oct. 16, using its internal cash obtained from construction projects, according to a Pefindo publication released on Wednesday. “We will use the funds to repay our maturing debt. Our BBB+ rating shows that Waskita can minimize any financial risks amid pressures from the COVID-19 pandemic,” he added.As of March 31, Waskita has a cash balance of Rp 6.1 trillion, compared to Rp 4.1 trillion in maturing debts and Rp 7.9 trillion in unused credit facilities, according to Pefindo.The World Bank, through its public expenditure report, had urged the government to reduce its dependence on state-owned construction companies for toll and national road development projects, as the companies are already overleveraged.According to the report, Waskita, toll road operator Jasa Marga and state builder Hutama Karya’s average liability-to-equity (LE) ratio stood at 3.8 in 2017, more than twice the average LE ratio for comparable private firms in emerging markets.Topics :last_img read more

first_imgDiscount rates in Switzerland for the purposes of international accounting standard IAS 19 were negative for the first time in the third quarter of this year, the consultancy said. Though they rose again slightly in September, the firm said discount rates are still negative for shorter durations and only slightly positive for longer durations.Adam Casey, head of corporate retirement consulting at Willis Towers Watson in Zurich, said: “It is impossible to foresee the development of discount rates in the fourth quarter. However, we are preparing companies for the unusual but real possibility of negative discount rates for the 2019 valuations under IAS 19.”Willis Towers Watson said it was now the right time to ensure assumptions used for accounting purposes corresponded to the current best estimate of the development of the pension plan.“Adjustments to certain assumptions that have not been reviewed in recent years could lead to a much-needed reduction in pension fund obligations,” it said.The consultancy also suggested companies might also set out to optimise their risks by reviewing the structure of their pension plans.The pension fund index is published quarterly by Willis Towers Watson and is based on International Accounting Standard 19 (IAS 19).At the beginning of September the consultancy warned long-term pension liabilities for company pension funds in Switzerland could rise 15% as a result of the county’s discount rate turning negative. Plummeting discount rates for liabilities caused the pension balance sheets of Swiss companies to weaken in the third quarter of this year to the point where the schemes were collectively in deficit, according to Willis Towers Watson’s latest pension index for the sector.Overall, the coverage ratio — the ratio of pension assets to liabilities — fell by around four percentage points between July and September, declining to 99.6% by the end of September from 103.5% at the close of June, the consultancy reported.Willis Towers Watson said this was the first time since the second quarter of 2017 that its pension index for Switzerland was in deficit.Swiss company pension funds achieved a return on capital in the third quarter which largely matched the previous quarter’s return, the firm said, adding that this could not offset the significant decline in discount rates.last_img read more

first_imgBryce Harper’s deal with the Phillies will be for 13 years and $330M, league sources tell ESPN. It will not include any opt-outs.— Jeff Passan (@JeffPassan) February 28, 2019Bryce Harper’s deal with the Philadelphia Phillies will be for $330 million, a new record for overall dollars, topping the $325 million of Giancarlo Stanton, league sources tell ESPN.— Jeff Passan (@JeffPassan) February 28, 2019The Phillies announced the deal on Friday.We got him. pic.twitter.com/VdoH54Hg5F— Philadelphia Phillies (@Phillies) March 2, 2019The agreement ends months of speculation about Harper’s future. According to Yahoo Sports, at least a dozen teams had met or planned to meet with the slugging outfielder. The 26-year-old Harper reportedly met wtih the Phillies, Giants, White Sox, Yankees, Dodgers and Padres.The Nationals were also interested in retaining their longtime star, although Harper had reportedly rejected a 10-year, $300 million offer from Washington at the end of the 2018 season. The Nats reportedly offered “much more” than that more recently, according to The Athletic.The Harper news comes nearly two weeks after the Padres and infielder Manny Machado agreed to a 10-year, $300 million deal, the largest contract in the history of American sports in terms of average annual value.  Bryce Harper has signed with the Phillies, ending a long-running drama over which MLB team would land the young superstar. Multiple outlets reported the deal is worth $330 million over 13 years and does not include any opt-outs — at Harper’s request. He also gets a no-trade clause.  According to multiple reports, Harper and his agent, Scott Boras, were believed to be seeking a deal in the $400 million range, although as the 2019 season approached observers believed he would not get anywhere near that amount.”Because the player is entering the prime of his career you’re really talking about a unique and rare opportunity,” Boras told reporters in November. “Anyone who’s done what Bryce Harper has done at 25, if you’ve done that, you’re almost a lock to be a Hall of Fame player.”The 2015 National League MVP, who turned 26 in October, hit 34 home runs, with a .889 OPS and career-high 100 RBIs in his seventh season with the Nationals.last_img read more

first_img“Cincinnati is home for me,” Green told reporters. “This is home as much as South Carolina. All I know is Cincinnati.”I can’t see myself playing anywhere else or playing in a different city. Hopefully, I can be here for a couple more years. We’ll see on that part.” Related News “Almost back to normal so I’ll be ready for training camp.”Green, who turns 31 next month, has spent OTAs working on the sideline but has been cleared to resume football activities.He will report for the team’s three-day mandatory minicamp Tuesday. A.J. Green (speaking at his football camp in Cincinnati) is entering the final year of his contract with the #Bengals: “I can’t see myself playing anywhere else or playing in a different city.” pic.twitter.com/H9nrDFfJvT— Joe Danneman (@FOX19Joe) June 7, 2019Green is entering the final season of his four-year contract extension signed in 2015 and is set to earn around $12.2 million. While the team said earlier this year there was no need to wait until he plays out the final year of his current deal to receive another extension, one has yet to be drawn up.In the meantime, the seven-time Pro Bowl and two-time All-Pro selection will continue rehabbing his toe. He missed the final five weeks of last season after undergoing surgery to repair torn ligaments in his toe but appears to be finding his footing again.”It’s doing great,” Green told Omnisport as part of a Rockin’ Protein campaign in May. “I’m back running routes, these past two weeks I’ve been running routes every day, so it feels good. Texans WR DeAndre Hopkins played through brutal injuries in 2018 T.J. Watt: Steelers rookie Devin Bush ‘quicker than snot’ Which Super Bowl ring is Tom Brady’s favorite? ‘The next one’ A.J. Green wants to finish his career where it began.While speaking Friday at his youth football camp, the Bengals wide receiver expressed his desire to stay in Cincinnati beyond 2019.last_img read more