“It is clear that this hiatus has played an important role in maintaining macroeconomic stability during the shockwave that has struck the domestic economy in recent months,” Jónsson said.Guðrún Hafsteinsdóttir, chair of the Icelandic Pension Fund Association (Landssamtök lífeyrissjóða, LL), also wrote a letter today to the lobby group’s members encouraging them to keep on with the currency buying suspension, following her meeting with Jónsson.In the statement from the central bank, Jónsson said that in the past few years, Iceland had been transformed from a capital-importing country with a sustained current account deficit to a capital exporter with a large current account surplus – a shift he said was in large part down to the growth in pension assets, which had laid entirely new foundations for the maintenance of macroeconomic stability in recent years.“This has certainly been of benefit to Iceland in the past few months,” Jónsson said.Pension funds’ foreign investments in particular were very important in the long run, both for fund members and the nation as a whole, he said.Icelandic pension funds have been focusing on re-building their exposure to foreign investment markets over the last four years after capital controls were finally lifted following their imposition in the island country’s 2008 financial collapse.The governor of the Central Bank of Iceland said today foreign assets were important in order to diversify their risk and prevent pension benefit payments from having an adverse impact on the economy in the future.“Furthermore, the pension funds’ foreign investments are necessary in order to maintain balance of payments equilibrium alongside a current account surplus, export-driven output growth, and job creation,” he said.The bank said it appreciated the social responsibility the pension funds were demonstrating during the ongoing crisis, and that its cooperative relationship with the sector had attracted attention abroad and been mentioned explicitly in statements from international credit rating agencies.“This cooperative relationship is dynamic in nature, in that it will be possible to respond quickly if conditions in the foreign exchange market change in a way that enables the pension funds to resume foreign investment and the associated foreign currency purchases,” said Jónsson.To read the digital edition of IPE’s latest magazine click here. Iceland’s pension funds are to refrain from buying foreign currency for another three months, according to a decision by the country’s central bank today, extending the arrangement which started on 17 March.Ásgeir Jónsson, governor of the Central Bank of Iceland, said: “It has now been decided to extend the hiatus by another three months, or until 17 September 2020.“With this, the pension funds have once again demonstrated their commitment to supporting stability in the foreign exchange market,” he said.The foreign exchange suspension for pension funds was originally agreed three months ago at the beginning of the COVID-19 crisis, in order to avoid adding to the downward pressure on the krona from the big fall in export revenues.
Houston-based oil and gas company Noble Energy has signed agreements to sell significant quantities of natural gas from the Leviathan and Tamar fields off Israel to Dolphinus Holdings to supply gas in Egypt for a value of up to $14 billion.These agreements, one for natural gas from Leviathan and one for Tamar, each provide for total contract quantities of 1.15 trillion cubic feet of natural gas, Noble said on Monday.The natural gas is anticipated to supply industrial and petrochemical customers as well as future power generation in Egypt.Sales volumes under the agreement associated with the Leviathan field are anticipated to begin at a firm rate of approximately 350 million cubic feet of natural gas per day (MMcf/d) at the startup of the Leviathan project at the end of 2019.To remind, the final investment decision (FID) for the Leviathan development was made in February 2017. The first phase of development of the Leviathan is expected to cost around $3.75 billion. The Leviathan will be developed using a subsea system that connects production wells to a fixed platform located offshore with tie-in onshore in the northern part of Israel.For the Tamar agreement, sales volumes are anticipated to begin at an interruptible rate of up to 350 MMcf/d, dependent upon gas availability beyond existing customer obligations in Israel and Jordan. Noble Energy will have an option to convert the Tamar interruptible quantity to a firm-basis with a significant take or pay commitment. Both contracts are for a ten-year term.Gary W. Willingham, Noble Energy’s Executive Vice President, Operations, commented, “At Leviathan, we have executed agreements totaling nearly 900 MMcf/d and are closing in on our targeted sales volume amount of 1 Bcf/d. For Tamar, we now have a contract to sell any excess gas beyond current customer needs in Israel and Jordan to Egypt.“The continued progress in regional gas marketing, along with our previously announced divestiture at Tamar, are major deliverables for 2018 and we are accomplishing them very early in the year. This provides even further clarity and confidence in our expected cash flow profile for 2018 and beyond.”The gas price formula is the same under both agreements with linkage to Brent oil prices, similar to our other regional agreements. The Leviathan contract represents expected total gross revenue approaching $7 billion at recent Brent prices, with Tamar potential revenues up to a similar amount, dependent on actual volumes sold. Both agreements are subject to closing obligations including regulatory approvals and licenses, and finalizing gas transportation agreements.Noble Energy operates the Leviathan and Tamar gas fields with a 39.66 percent working interest and 32.5 percent working interest, respectively.Earlier in 2018, the company announced a 7.5 percent working interest divestment in the Tamar field which is anticipated to close in the first quarter of 2018, at which time the company’s interest in Tamar will reduce to 25 percent.
Former Windies cricket captain Dwayne Bravo has announced his retirement from all forms of international cricket.While insisting that he has lost none of the passion for playing the game at the international level, the 35-year-old, who is still considered one of the world’s top T20 all-rounders, claims he will now focus his attention on prolonging his career in T20 club cricket.“After 14 years when I made my debut for the WI, I still remember that moment I received the Maroon cap before walking onto the Lord’s cricket ground against England in July 2004. The enthusiasm and passion I felt then, I have kept with me throughout my career,” Bravo said via a press release.“However, I must accept that for me to preserve my longevity as a professional cricket. I must do as others before have done, leave the international arena for the next generation of players,” he added.In 40 Test matches, Bravo has scored 2200 runs and claimed 86 wickets. In the 50 over format, he scored 2968 runs and 199 wickets, while in T20 internationals he has scored 1142 runs and 52 wickets. The player last represented the team against Pakistan in Abu Dhabi in 2016.
NFL free agency rumors: Lions ‘closing in’ on CB Justin Coleman NFL free agency news: Lions sign Trey Flowers to $90M deal The Lions have parted ways with linebacker Trevor Bates.The team announced Monday it was releasing Bates after just one season in Detroit. The #Lions have released LB Trevor Bates.— Detroit Lions (@Lions) March 11, 2019The news comes after Bates was indicted on a felony charge of punching a police officer last month. The altercation took place in January in New York and it left Bates seeking help for mental health issues.Bates’ agent, Jeff Jankovich, released a statement following the incident saying his client’s actions leading to his arrest are out of the ordinary. Related News Bates was selected by the Colts in the seventh round of the 2016 draft. He was later released in October of that year. He jumped around to the Patriots and Giants before landing in Detroit. Bates, 25, appeared in nine games with the Lions and tallied three total tackles. “Following his incident in New York on Saturday, our client Trevor Bates was taken to an area hospital where he remains as he undergoes testing and a mental health evaluation,” the statement read.
Chip and the Monks, who were supposed to perform at 4p.m. on Sunday at the First United Methodist Church, 13222 E. Bailey St., canceled their show due to illness. A new date has yet to be decided. For additional information, call (562) 698-0022. Warner on the state of the city WHITTIER – Councilwoman and former mayor Cathy Warner will speak on the “State of the City” at 7:30 p.m. on Wednesday, Nov. 14, at the Whittier Senior Center, 13225 Walnut St. Warner’s talk will include highlights and details about Whittier’s economic development plans and accomplishments. The free presentation is sponsored by the Central East Whittier Property Owners Association during its annual membership meeting. Information: (562) 484-3370. Dinner, dance honors Marines PICO RIVERA – Celebrate the Marines, eat some steak and dance the night away. American Legion Post 341 is honoring the Marine Corps’ 232nd birthday with a rib eye steak dinner from 5-7 p.m. followed by dancing until 11 p.m. on Saturday at the post, 4909 Durfee Ave. A donation of $12 will be accepted but Marines get in free. Information: (562) 695-1558. Illness delays pair’s murder trial LOS ANGELES – The penalty phase of the trial of two men found guilty of killing an elderly La Habra Heights couple was continued to today. A jury will decide this week if Theodore Churchill Shove, 55, and Lewis Hardin, 35, will get the death penalty. The penalty phase was supposed to start Monday at Los Angeles Superior Court but was continued because Shove and one juror fell sick. Shove collapsed in the morning apparently from low blood pressure and was taken to Los Angeles County USC Medical Center, according to deputies. Deputy District Attorney David Walgren said the doctor thinks Shove overmedicated himself. Shove and Hardin were convicted last week of two counts of first-degree murder for the 2001 killings of 81-year-old Hubert “Bert” Souther and his 79-year-old wife, Elizabeth Ann. The jury also found Shove guilty of second-degree burglary, receiving stolen property and three counts of sending a threatening letter for the purpose of extortion. The prosecution said Shove hired Hardin to kill the Southers because he wanted their business, Cal Aero Supply, a surplus hardware and tool business in Paramount. The Southers were found beaten to death in their home in the 2100 block of Ardsheal Drive on Sept. 17, 2001. Calling all crooners for karaoke fun NORWALK – Do you like to sing along to your favorite song? Show off your talent at a Karaoke Cabaret. The free event runs from 2-4:30 p.m. Tuesday, Nov. 20 at the Norwalk Senior Center, 14040 San Antonio Drive. The songbook is available at the front desk of the senior center. The event is open to anyone 50 or older. Information: (562) 929-5580. Metro Gold Line meetings this week WHITTIER – Residents are invited to attend a series of meetings starting this week about the Eastside Transit Corridor Phase II Project. Officials said the proposed project’s goal is to improve mobility in the corridor by connecting with the Metro Gold Line eastside extension to cities farther east of Los Angeles. The meetings are to solicit public feedback on the project’s purpose, need and potential alternatives as part of an Alternatives Analysis. The meetings will be held: 6:30-8:30 p.m. Thursday at Palm Park, 5703 Palm Ave. in Whittier. 9 a.m. to noon Saturday at the senior center at City Park, 115 S. Taylor Ave. in Montebello. 6:30-8:30 p.m. Wednesday, Nov. 14 at Potrero Heights Elementary School, 8026 East Hill Drive in Rosemead. 6:30-8:30 p.m. Thursday, Nov. 15 at the cafeteria of North Park Middle School, 4450 Durfee Ave. in Pico Rivera. Information: (213) 922-7456. – From staff reports 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!