Federal Judge Bars Appointment of Chief Transformation Officer for Beleaguered Puerto Rico Utility

first_imgFederal Judge Bars Appointment of Chief Transformation Officer for Beleaguered Puerto Rico Utility FacebookTwitterLinkedInEmailPrint分享Reuters: NEW YORK (Reuters) – A U.S. federal judge on Monday rejected a request to install a former military officer to oversee Puerto Rico’s beleaguered electric utility, PREPA, a victory for Governor Ricardo Rossello, whose government opposed the appointment.U.S. District Judge Laura Taylor Swain, ruling from the bench in New York, denied a motion filed Oct. 26 by the federally appointed Financial Oversight and Management Board for Puerto Rico, according to a court official. The board wanted to install retired U.S. Air Force Colonel Noel Zamot as PREPA’s chief transformation officer.The oversight board was created under the 2016 Puerto Rico rescue law known as PROMESA, which is charged with helping the island recover from a financial disaster that left it with $120 billion in unpayable debt and pension liabilities.Zamot’s name was put forward as an emergency manager after PREPA was criticized for signing a $300 million, no-bid contract with tiny Whitefish Energy Holdings to lead power restoration efforts. The deal sparked an uproar over its provisions and the Montana company’s lack of experience with projects that big.PREPA on Oct. 29 agreed to cancel the contract after Rossello urged that it be scrapped.In its motion, the board sought the court’s approval “confirming Noel Zamot as PREPA’s Chief Transformation Officer (the ”CTO“) with all the powers of a chief executive officer reporting to the Oversight Board.”However, Puerto Rico’s government believed the move was an overreach of the oversight board’s authority and forcefully opposed the move in a public meeting on Oct. 31.The government’s liaison to the board, Christian Sobrino, said the appointment would essentially mean the board could replace any Puerto Rican government official, “maybe even the governor.”Late on Monday and well after the judge’s ruling, Chairman of the House Committee on Natural Resources, Rob Bishop, a Republican from Utah lashed out at PREPA ahead of a hearing on Tuesday where Rossello will offer testimony.“A legacy of dysfunction (at PREPA) has created a competence deficit that threatens the island’s ability to improve conditions for its citizens. Confidence in the utility’s ability to manage contracts and time sensitive disaster related infrastructure work is long gone,” Bishop said. His committee drafted the rescue law known as PROMESA.More: “U.S. judge denies request for outsider to oversee Puerto Rico’s PREPA”last_img read more

Credit union takes strategic steps to optimize auto loan performance

first_img 17SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr While 2016 auto sales through May were up and down, the National Automobile Association continues to believe that sales this year are on pace to reach its 2016 forecast of 17.7 million vehicles.Whether auto sales reaching experts’ projections become reality or fall short, it’s important for credit unions to maximize any and all opportunities. Especially if sales are soft.We recently talked to a lending expert with ties to CO-OP Member Center about his credit union’s lending program. David Kelsay, SVP of Lending at Sierra Central Credit Union in Yuba City, California, with assets of $827 million, says Sierra Central CU has implemented a very successful auto lending strategy by seeking new lending opportunities and not taking anything for granted.Even if auto sales nationally do not reach this year’s projections, he feels confident that with its active marketing and cross-selling programs, coupled with a leading position in the Northern California auto lending market, Sierra Central will achieve its goals.One of the credit union’s key initiatives is to reach out further to Millennials. Sierra Central CU has a first-time auto buyer program coupled with a promotional campaign to attract more Millennial borrowers, said Kelsay. continue reading »last_img read more

Untangling service provider breaches

first_imgOctober is National Cybersecurity Awareness Month, so today I’m writing about service provider data breaches and member notification rules. I’ll also share some insights from a cybersecurity-related event I attended last week at the U.S. Chamber of Commerce.To start with the basics, Part 748 of NCUA’s regulations implements the Gramm-Leach Bliley Act of 1999 (GLBA) and describes a credit union’s obligation to adopt various technical and administrative safeguards to protect member information. Appendix B to Part 748 advises credit unions that they should develop a “risk-based response program” to address “incidents of unauthorized access to member information in member information systems.” Appendix B also describes the standard for providing notice to members when there is an incident of unauthorized access to “sensitive member information.” (Emphasis added.)Let’s unpack some of this language. As an initial matter, Part 748 describes not only what a credit union should do, but also what it must do to safeguard member information. In general, NCUA’s IT examination process is risk-based, so it’s incumbent upon the credit union to design security controls that are appropriately tailored. However, NCUA advises that a credit union should, at a minimum, consider the specific security measures enumerated in Appendix A to Part 748, which include a response program. In addition, 12 CFR 748.0(b)(3) requires that the credit union’s security program be designed to “respond to incidents of unauthorized access to or use of member information that could result in substantial harm or serious inconvenience to a member.” continue reading » 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Grocery packaging in a sustainable future

first_imgWhere packaging is concerned, plastic is public enemy number one. Or is it? In fact, when asked to rank what they consider to be the most sustainable packaging material more people chose plastic than tin cans, laminated cardboard or flowrap packaging commonly used for confectionery items. That’s just one of a host of striking insights to emerge from The Grocer Vision and PwC whitepaper, Beyond Plastics: Grocery Packaging in a Sustainable Future.Featuring exclusive insights from a survey of over 1,000 consumers and from key supply chain players like PepsiCo, Iceland, Co-op and TerraCycle this whitepaper moves the debate beyond plastics and sketches out what a sustainable packaging future could like for the grocery sector.Over 30 pages of expert, data-led analysis, you will find:Exclusive insights into the businesses consumers consider to be leading the transition to more sustainable packaging and the trade-offs they are prepared to make to support the switch.Analysis of the responses to-date by businesses and government and whether they have been effectively targeted to tackle the environmental impact of packaging across its entire lifecycle.Advice for businesses on how to navigate the complexity of the packaging agenda and support the shift to a circular economy. The Grocer may use your contact data to keep you informed of its products and services by email or by phone. You can withdraw your marketing consent at any time by clicking the unsubscribe link in such email or by sending an email to dataprivacy@wrbm.com. More information on our processing can be found in our Privacy Notice. By submitting this form, you acknowledge that you have read and understand our Privacy Notice.last_img read more

Hoosiers 30th anniversary tour coming to North Vernon

first_imgNORTH VERNON, Ind. — The Hoosiers 30th Anniversary Tour will visit North Vernon next weekend.On Sunday March12, the tour, including members of the 1954 Milan High School Basketball team along with members of the “Hickory Huskers” from the movie Hoosiers, will be in attendance at the historic Park Theater in downtown North Vernon.Activities will being at 1:00 PM with a VIP event where attendees will have exclusive access to members of both teams for photographs, autographs, conversation, and refreshments.At 2:00 PM the movie Hoosiers will play in the theater. Following the movie there will be a meet and greet on the stage.The first 250 people attending the movie wearing the Letterman’s jacket or sweater will receive a special commemorative gift.Admission is $10 for adults and $5 for children.last_img read more

KMJ Performance signs on as sponsor for special events in six IMCA divisions

first_imgHe started Assault Race Cars with Randy Havlik in 2017 and bought both Victory Chassis and Zero 1 Shocks last year. “This program is a good way for us to get our feet wet with IMCA and get national exposure,” KMJ owner and long-time Modified driver Tony Hofbauer said. “This will be a good thing for us and for the drivers.” Those certificates will be given at designated specials for IMCA Modifieds, IMCA Late Models, IMCA Sunoco Stock Cars, IMCA Sunoco Hobby Stocks, Karl Kustoms Northern SportMods and Smiley’s Racing Products Southern SportMods.  Drivers in the same four divisions competing in Assault and Victory cars receive free pit passes when they race this season at Marshalltown. They’ll also receive a 2020 chassis for winning the 2019 track title there.  STORY CITY, Iowa – New sponsor KMJ Performance makes a top five finish pay off even more at 80 IMCA special events in 2019.  KMJ’s initial sponsorship program extends to the biggest event in all of dirt track racing, as a 2020 chassis will be awarded to any Modified, Stock Car, Hobby Stock or Northern SportMod winning the Saturday night main event at the IMCA Speedway Motors Super Nationals fueled by Casey’s in an Assault or Victory ride. KMJ now has 32 employees working in Story City. A 45,000 square foot building is home to corpo­rate offices, storefront and aluminum fabricating, with a 40,000 square foot building home to warehousing and a welding shop. Havlik was the 2009 Super Nationals Modified champion; Hofbauer was runner-up in the 2003 event. The Story City, Iowa, chassis and high performance parts manufacturer and distributor gives $200 gift certificates good toward the purchase of any four shock package, or $250 certificates, applicable in the purchase of any Victory or Assault chassis.  “The flexibility of this program will work very well when targeting special events across the country,” noted IMCA Marketing Director Kevin Yoder. “We are able to give drivers a second option when it comes to the award package and that will really be beneficial at certain events. We are really looking forward to working with Tony and his team at KMJ this season.” Information about both brands of chassis and all KMJ products is available at the www.kmjperformance.com website and on Facebook.  Hofbauer started KMJ – the initials of his kids’ first names – at his farm south of Ames in 2005, after selling his interest in Midwest Motorsports. “Randy and I have known each other for a long time but this is something neither one of us ever envisioned,” Hofbauer said of KMJ’s rapid growth. “We ship 4,000-5,000 orders a week and manufac­ture a private line of Assault Racing Products.”last_img read more

Palace rescue point from Magpies

first_imgNeither Alan Pardew nor the travelling Newcastle support could boast victory in their reunion battle as Crystal Palace came from behind to seal a 1-1 draw at Selhurst Park. The Palace boss brought to an end an often-turbulent five-year spell at St James’ Park to take over in south London at the turn of the year and their first meeting since then ended in stalemate. Pardew’s Eagles have made a habit out of falling behind but again showed their resilient nature as Fraizer Campbell came off the bench to earn a well-deserved share of the spoils for Palace. The former Sunderland forward had the ball in the net after glancing Jason Puncheon’s cross past Krul, but he was rightly adjudged offside. Newcastle had soaked up most of Palace’s pressure until that point and showed their own attacking prowess three minutes before the break as Daryl Janmaat broke down the right and dug out a perfect cross to find the unmarked Cisse – who made no mistake in heading past Julian Speroni to open the scoring. The Newcastle fans marked the goal with further taunting of Pardew, while their captain Fabricio Coloccini appeared to be struck by an object thrown from the home support as he joined in celebrating with Cisse. Pardew looked to his bench for inspiration as the second half followed much the same pattern as the first, with top goalscorer Dwight Gayle and the returning Bolasie both introduced just after the hour. And it was Bolasie, home from African Nations Cup duty, who turned provider just minutes later as he swept in a cross for fellow substitute Campbell to sweep home. The DR Congo winger was at it again moments later as he flashed in another ball that landed at the feet of Wilfried Zaha – who could only find the legs of a recovering Newcastle defender as he fired a shot off. Hangeland saw a deflected header land on the roof of the net as Pardew’s side went in search of a winner and the Norway defender came even closer as he drew a smart stop out of Krul. That was the last good chance as Pardew ended the game by clapping all corners of Selhurst Park and enjoying cordial handshakes with former colleagues on the Newcastle bench and some of his ex-players as they departed down the tunnel. It could have been an even sweeter reunion for Pardew had Brede Hangeland’s late header not been tipped behind by Tim Krul, with Newcastle offering very little in the way of their own attempts to win the game. Papiss Cisse’s first goal of 2015 had put John Carver’s side in front but the man who worked as Pardew’s assistant did not see his team work Julian Speroni on any other occasion and the Magpies still only have one win since Pardew jumped ship. The 53-year-old waxed lyrical about his Newcastle tenure in his programme notes and urged the travelling fans to remember the “good times” they enjoyed before the relationship soured. But the away contingent only had unsavoury songs in store for their previous manager – whose misery was compounded when Cisse rose to head his former employers in front before half-time. The visitors were largely on the back foot and, although Palace often lacked a killer final ball, the introduction of the returning Yannick Bolasie sparked them into life as he provided the cross for Campbell to turn home and level with less than 20 minutes remaining. Pardew had won here 3-0 with Newcastle last season but his current side could not find enough quality to seal a comeback victory on this occasion, despite having most of the ball in the closing stages. The game started without the sort of frenetic pace many would anticipate for such an occasion, with Palace quicker out of the blocks – although the recalled pairing of Yaya Sanogo and Marouane Chamakh failed to test Krul in the visitors’ goal. Arsenal loanee Sanogo did not last long before injury forced him off, with Campbell on in his place and instantly posing more of a threat. Press Associationlast_img read more

Cricket News Asia Cup 2018: Manish Pandey to get final nod as BCCI prepares to announce squad

first_imgNew Delhi: The selectors for the Indian cricket team is set to have a meeting shortly as the Board of Control for Cricket in India (BCCI) is scheduled to announce the squad for the upcoming Asia Cup 2018 on Saturday (today). The selectors will have tough time in selecting the final squad for the Asia Cup as most players who had played on the England tour in the limited overs format impressed many including fans and pundits, while, the India A and India B players have also excited the audience with their performances and Manish Pandey is one of the big names to make a case for himself after the Quadrangular A team series.ALSO READ: Asian Games 2018 LIVE Day 14: India look to outclass 1951 Asiad recordPandey have struggled to make a permanent spot for himself in the playing XI since making his debut three years ago. He was denied a spot in the XI for the T20Is against England due to his unimpressive 21 runs in two T20s against Ireland.The Karnataka batsman was left out from the India A squad in the Quadrangular team series but was asked to lead the India B team against Australia A, South Africa A and other home teams and he did the talking with the bat as he scored an unbeaten 95 against the Aussies and was pillar behind India B’s final chase against Australia A with a knock of 73 not out.He remained unbeaten in his last four matches and notched up 306 runs.ALSO READ: NN Cricket Trivia: When Gary Sobers became first player to hit 6 sixesOther possible changes might be the exclusion of Dinesh Karthik in place of the flamboyant Rishabh Pant. However, Karthik has not put a foot wrong in the limited-overs format. But he has just played one ODI in England and his poor form with the bat could be the reason behind his exclusion.Mayank Agarwal is another name that could make the cut in the final squad after his impressive performances for the India B team.The Men in Blue will play the first match in the 2018 Asia Cup on September 18 and will lock horns with arch-rivals Pakistan on September 19. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more

Still plenty at stake in Big Ten as UW heads to MSU

first_imgYANA PASKOVA/Herald photoThe 2005-06 Wisconsin basketball team has been quite the enigma this season. Night in and night out fans wonder which team will show up to play. Will it be the team that began the Big Ten season with a four game win streak, or will it be the team that proceeded to lose five of its next six games including a loss to unranked North Dakota State?Only time will tell, but with just two remaining games on the Big Ten schedule, it’s gut-check time for Bucky and the Badgers.Before they head to Iowa City for the season finale against the Hawkeyes, UW will take on rival Michigan State Thursday night.This will mark the second meeting of the season as the two teams hooked up in the Kohl Center in early January. On that day, the Badgers protected their home court and blew the Spartans right out of the gym by shooting 51 percent from the field, including75 percent in the second half.While such a shooting performance is not expected to be duplicated, UW guard Michael Flowers believes a similar effort will go a long way.”Most importantly, we got an early lead and just ran with it, and we need to do that on Thursday to give ourselves a good shot at getting the victory,” Flowers said. “We hit a lot of shots, and that’s made things easy, but we were moving the ball well and getting open looks, and those are the kinds of things we need to do again.”Currently, UW is third in the Big Ten with a conference record of 9-5, while Michigan State holds a 7-7 record, despite big wins against Ohio State and Iowa. Similar to the rest of the Big Ten, both Michigan State and Wisconsin have struggled to get victories on the road.”We haven’t done a good job of playing on the road, but I know we can go on the road and get some victories if we just play Wisconsin basketball,” UW guard Kammron Taylor said. “We need to stay focused for the whole 40 minutes, and that has been one our downfalls on the road. We stay focused on our game and block out the crowd.”The Badgers should have their hands full on the defensive end Thursday, as Michigan State brings strength and athleticism to the forefront.The Spartan offense is keyed by the high-flying guard play of Shannon Brown and Maurice Ager, who both average over 18 points per contest while dishing out just over four assists per game.”Those guys are fast and strong,” Flowers said. “It’s not easy to keep players like that in check, but if we stay committed on defense and contest their shots, we should be able to contain them.”The biggest matchup problem for the Badgers will be defending Paul Davis. The preseason All-American is in the top five in the Big Ten in points and rebounds and should present problems for the Badger forwards, who have struggled to defend the post this year.If the Badgers are to steal one on the road, they will have to receive contributions from some of the younger players who have made their presence felt on a depleted UW squad.Together, Alando Tucker and Taylor combine for 34 points, but in order to be successful in Michigan State, a third scorer will likely have to emerge. The Badgers received a needed spark Sunday against Minnesota, as Kevin Gullikson and Joe Krabbenhoft combined for 22 points in the game.”It’s real nice to see the young guys step up at a time like this, with the season winding down and the postseason coming up,” Taylor said. “We need them at this point because it relieves some pressure from the older guys like myself.”And it is no secret that UW head coach Bo Ryan isn’t afraid to use his youngsters.”I’m not afraid to have anybody out there,” Ryan said. “It’s no hocus pocus because if you do the right things, then you’ll play. Guys like Kevin [Gullikson] and Joe [Krabbenhoft] do things that make me think they’re right players for the time.”Regardless of the outcome, the Badgers will truly show what they are made of in these last two road games. Despite the rivalry and the troubles the Badgers have demonstrated on the road, Ryan believes Thursday night’s contest is just another game.”We’ve just got to play like we play at home and stay in sync,” Ryan said. “It seems that there are a lot more grinders on the road, but we’re just going to play ball because you can’t read too much into it. We can’t say do this or do that because of their crowd. We’re just going to play our game and not going to change anything.”last_img read more

Volleyball: Sheffield previews week ahead at news conference Monday

first_imgThe Wisconsin women’s volleyball team continues their two week long Big Ten match slate this Wednesday against Illinois.Head coach Kelly Sheffield and the Badgers are looking to change the way their season has gone so far.The Badgers are coming off of a particularly hard, five-set loss to Ohio State this weekend and a loss to top-ranked Penn State last Wednesday.Wisconsin is looking for its first conference win this week. UW is 0-2 in conference play for the first time since 2010.The team now goes on to face the No. 7 Illinois Wednesday, and Sheffield said he is not counting out the Fighting Illini (11-2, 2-0 Big Ten).“They’re going to be one of those teams that are in it until the very end,” he said.Looking back at Ohio State, Sheffield did not place all of the blame on the players, and admits that some of the chaos from the game falls on the coaching staff.“We’ve got to compete, but there’s also got to be this balance,” he said. “[Ohio State] scored a couple of points and we’re just running all over the place creating mayhem. We were able to calm down a little bit and get back in the fight and it was a really good match from there on out.”While Sheffield did not claim the Ohio State game was perfect, he did admit that some good things did come out of the game, namely the team’s communication.Part of Sheffield’s plan for the next few weeks is getting the ball to his middle blockers more frequently.“Our middles are really starting to play well,” Sheffield said. “We’ve lost three matches, but our middles have been great for those matches.”Sheffield also addressed the hitting errors and ball control issues the team has had, but believes they are making progress and getting better each week.Even though the team did lose Sunday, Sheffield believes this is the kind of thing needed for the team’s plan to start coming together.“That’s kind of my feeling, is that we’re getting closer,” Sheffield said. “And I see that, even though we’ve lost a few.”The match against the Fighting Illini begins Wednesday night at the UW Field House at 7 p.m. and will be televised on BTN. Wednesday night is also the annual Steve Lowe night, which will feature a pre-match recognition of the former Badgers head coach.The Badgers will then play Northwestern Sunday at the Field House at 1 p.m., also on BTN.last_img read more