German economy to shrink by nearly 10% in Q2: experts

first_imgTopics : The second-quarter plunge is twice as big as any seen during the 2008-2009 financial crisis and marks the steepest fall since the institutes’ records began in 1970, the report noted.Over the full year, Germany’s economy is predicted to contract by 4.2 percent.Their forecast is in line with German Economy Minister Peter Altmaier’s recent assessment that the economy would contract by around five percent in 2020.Germany’s “Wise Men” council of economic experts last week issued a similar forecast, predicting a drop in GDP of between 2.8 and 5.4 percent this year. Like countries around the world, the German government has taken drastic steps to stem the spread of the virus, keeping millions of people at home, closing schools and shops and shutting down factories.Berlin has also unveiled an eye-watering 1.1 trillion euro rescue package to cushion the blow for companies and employees, even suspending a constitutional balanced-budget rule to ramp up its response.The package includes state guarantees for loans to businesses, easier access to benefits for workers placed on reduced hours, and direct support for the hardest-hit firms.But even with the unprecedented measures, the six institutes warned that the recession “would leave its mark” on the job market.Germany has long enjoyed record-low unemployment of around five percent, and German workers with their relatively high wages have for years been a key driver of the country’s growth via domestic consumption.Unemployment could climb to 5.9 percent report this year, the institutes said.The number of workers on shorter hours meanwhile is expected to hit 2.4 million, as giants like Lufthansa, Volkswagen, BMW and Puma join a slew of companies taking up a government scheme that tops up the pay of affected employees.Looking ahead, the institutes said Germany with its bulging state coffers was “well positioned” to cope with the economic slump and should bounce back in “the medium term”.For 2021, the institutes expert Germany to notch up growth of 5.8 percent.center_img The German economy, Europe’s biggest, is expected to shrink by nearly 10 percent in the second quarter as the coronavirus paralyzes the country, six leading research institutes warned Wednesday.”The corona pandemic will trigger a serious recession in Germany,” the think tanks including Ifo, DIW and RWI said in their annual spring report.Gross domestic product likely contracted by 1.9 percent in the first three months of 2020, and is set to shrink by a whopping 9.8 percent in the second quarter as companies feel the pain from widespread shutdowns.last_img read more

Arsenal defender Rob Holding not keen on West Ham loan switch

first_imgRob Holding is not keen on a West Ham switch (Picture: Arsenal FC via Getty Images)Arsenal defender Rob Holding is not interested in a loan move to West Ham, despite the Hammers coming in with a £5m offer to take him on a season-long deal.Holding had been thought to be surplus to requirements at the Emirates and available for transfer this summer, with the likes of Newcastle also interested in his services.However, the centre-back started the Community Shield as Arsenal beat Liverpool and played 90 minutes of the opening game of the season as the Gunners kept a clean sheet in a 3-0 win over Fulham.There is plenty of competition in the middle of defence at Arsenal, especially since the signings of Gabriel Magalhaes and William Saliba, but Holding appears to be confident in the fight for his place.AdvertisementAdvertisementADVERTISEMENTThe Sun reports that the 24-year-old is ready to turn down a short-term move to West Ham, even if Arsenal were prepared to accept the substantial loan fee on offer.Holding’s chance to prove himself to manager Mikel Arteta is set to continue with Shokdran Mustai, Pablo Mari, Sokratis Papastathopoulous, David Luiz and Calum Chambers all out injured.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CitySokratis and Mustafi are available for transfer with Napoli keen on the former, while interest in the latter appears limited.Holding appears to have climbed up the pecking order, though, and is likely to start on Saturday against West Ham, who will have to contend with what they have missed out on.David Moyes’ side got off to a really poor start to the season last weekend, losing 2-0 at home to Newcastle and the Scot is desperate to add to his central defensive options, having tried and failed to sign Burnley’s James Tarkowski earlier in the summer.MORE: Santi Cazorla congratulates Pierre-Emerick Aubameyang over new Arsenal contractMORE: Emiliano Martinez reveals how Mikel Arteta reacted when he asked to leave ArsenalFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Advertisement Advertisement Arsenal defender Rob Holding not keen on West Ham loan switchcenter_img Metro Sport ReporterWednesday 16 Sep 2020 7:33 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link2.9kShares Commentlast_img read more

Balder X subsea contract goes to Baker Hughes and Ocean Installer

first_imgNorwegian oil and gas company Vår Energi has awarded a contract covering engineering, procurement, construction and installment (EPCI) of subsea systems (SPS/SURF) for the Balder X project to a consortium of Baker Hughes, a GE company (BHGE), and Ocean Installer.The ongoing Balder X Project includes the redevelopment of the Balder and Ringhorne field area in the North Sea offshore Norway.The Balder X Project will extend the life of the Jotun A FPSO towards 2045 through refurbishing it and relocating it to the Balder license PL 001, the first production license on the Norwegian continental shelf.If production proceeds according to the current estimates, the Balder X Project will give PL 001 a total lifespan of over 80 years, Vår Energi said in a statement on Friday.Kristin Kragseth, CEO of Vår Energi, said: “We are pleased to award this important contract to the BHGE and Ocean Installer consortium. It will provide new activity to the world-class oil service industry we have in the Stavanger region. Both consortium companies a have strong local presence, and large portions of the construction and engineering work will come from local suppliers, securing employment in the region.”Under the contract the consortium companies will engineer, procure, construct and install new subsea production systems (SPS), umbilicals, risers and flowlines to the Jotun A FPSO. BHGE and Ocean Installer will also carry out decommissioning and cleaning up the seabed by removing redundant subsea systems and equipment from the Jotun field.Kevin Murphy, CEO, Ocean Installer said: “The Balder X project is the largest award in Ocean Installer’s history, it doubles our order backlog and allows us to be part of Vår Energi’s first major development in this region.”The redevelopment of the Vår Energi-operated Balder and Ringhorne fields entails major future project activities. This includes extending the lifetime of the Jotun A FPSO towards 2045, extending the life of the Balder FPSO towards 2030, drilling of 15 new production wells in the Balder field area and 11 new production wells in the Ringhorne field area.Vår Energi is also planning to execute several exploration drilling campaigns, in addition to the extensive production drilling program.Tom Huuse, Director, Norway and Denmark, BHGE said: “Through our Subsea Connect approach, leveraging early engagement with our customer, we were able to optimize the development cost of this significant award.”Vår Energi has reserves and resources of more than 1,250 million barrels of oil equivalent (Mboe), and is expected to reach a daily production of 250,000 barrels of oil equivalent by 2023. This will require developing more than 500 million barrels of oil equivalent in over ten existing projects in Vår Energi’s development portfolio on the Norwegian continental shelf.Vår Energi is on track to become Norway’s second-largest E&P company following an agreement with ExxonMobil to buy its offshore oil field interests in Norway for $4.5 billion.last_img read more

New Peer-Reviewed Study Affirms the Reality of Porn Addiction

first_imgEndSexualExploitation.org 21 July 2015Contrary to recent claims, pornography addiction is no illusion. A recent peer-reviewed study that appeared in the journal “Sexual Addiction & Compulsivity” affirms the reality of porn addiction, and supports the addiction model. The National Center on Sexual Exploitation contends that this information is of vital importance for both medical professionals and those affected by porn addiction in order to facilitate accurate treatment and healing.Years ago, those who struggled with alcohol and drug addictions were belittled as having a weak character instead of a disease that necessitated treatment and rehabilitation. Now those who face addictions to sex and pornography are being similarly maligned by recent studies that allege that their enslavement to sexual stimuli is not true addiction. The study “Sex Addiction as a Disease: Evidence for Assessment, Diagnosis, and Response to Critics” exposes the truth that sex addiction follows the same patterns as drug and alcohol addiction.This study states that, “the realities of addiction in our country and in the world must be faced. One of these realities includes accepting natural or process aspects of addiction, such as sex, food, and gambling as integral to the disease processes just as chemicals, such as alcohol, tobacco and other drugs.”Instead of isolating those who struggle with porn or sex addiction, it is time to begin focusing on offering them the resources they need. To learn more about the research related to the harms of pornography, visit PornHarmsResearch.com.http://endsexualexploitation.org/articles/new-peer-reviewed-study-affirms-the-reality-of-porn-addiction/last_img read more

Sentencing law overhaul needed – Labour leader Andrew Little says

first_imgSentencing law overhaul needed so offenders don’t get off ‘scot-free’, Labour leader Andrew Little saysStuff co.nz 5 October 2016Family First Comment: Well said.New Zealand’s sentencing laws need an overhaul to stop offenders “getting off scot-free” without a conviction, Labour leader Andrew Little says.Little says some judges are getting it wrong when granting discharges without conviction, saying Parliament has to send a message that it is not acceptable.Wellington rugby player Losi Filipo’s discharge without conviction for a 2015 attack on four people is being appealed by police, while an Auckland man who beat his wife with a hammer was initially granted a discharge without conviction before the High Court overturned the decision.Little told The Paul Henry Show discharges without conviction in a number of recent cases had “left everybody scratching their heads”.“When there’s violence involved, when there’s a weapon involved, when you’re attacking a police officer or other frontline person like that, it doesn’t make sense that you kind of get off scot-free.”While judges had to take certain “aggravating factors” into account when determining a sentence, some did not seem to be giving them enough weight when granting a discharge without conviction.The courts had a duty to reflect the community’s expectations and concerns about crime.READ MORE: http://www.stuff.co.nz/national/politics/84975525/Sentencing-law-overhaul-needed-so-offenders-don-t-get-off-scot-free-Labour-leader-Andrew-Little-sayslast_img read more

Priest with southeastern Indiana ties implicated in abuse allegation

first_imgIndianapolis, In. — A priest with ties to southeastern Indiana has suspended following an allegation of child abuse. Father John Maung, 79, from the Indianapolis Diocese, has been suspended by officials while the investigation is pending.Father Maung has denied the claim.Maung served at the St. Gabriel Catholic Church in Connersville and St. Joseph’s Catholic Church in Shelbyville. He retired in 2009 but served some sacraments at parishes in the diocese.Officials from the Indiana Archdiocese are cooperating with authorities.The Indianapolis Archdiocese released the following statement:“Fr. John Maung, a priest for the Archdiocese of Indianapolis, has been suspended after an individual made a report to the Archdiocese that they were abused as a child several decades ago by Fr. Maung. The Archdiocese immediately made a report to civil authorities and the Archdiocesan Review Board.Fr. Maung has denied the claim.Fr. Maung served in the following parishes: St. Lawrence, Indianapolis; St. Gabriel, Connersville and St. Joseph, Shelbyville. He also resided at Holy Spirit Parish in Indianapolis. Following his retirement in 2009, Fr. Maung continued to help with sacramental needs at parishes in the Archdiocese.Fr. Maung is prohibited from all public ministry while an investigation is pending.If you are a victim of sexual misconduct by a person ministering on behalf of the Church, or if you know of anyone who has been a victim of such misconduct, please contact civil authorities and the Archdiocesan Victim Assistance Coordinator Carla Hill at chill@archindy.org.” Carla Hill has served as the Archdiocese of Indianapolis’ victim assistance coordinator since 2010.last_img read more

Schneider Foundation awards $1,250 to Hoosiers Feeding the Hungry

first_imgIndianapolis, In. — The Schneider Foundation recently awarded Hoosiers Feeding the Hungry a grant for $1,250. These funds will help Hoosiers Feeding the Hungry pay processing fees for large game and livestock donations within Marion County for its “Meat” the Need program. The processed meat is then given to area hunger-relief agencies within Indiana.Founded in 2011, Hoosiers Feeding the Hungry is asking area hunters and farmers to take their large game or livestock to a participating meat processor. The donation will be processed, packaged and frozen at no cost (plus, farmers may write off the fair market value on their taxes). Local hunger-relief agencies will pick up and distribute this nutritious protein in the community. “We are excited about our Meat the Need program,” said Debra Treesh, Executive Director of Hoosiers Feeding the Hungry, “and we’re pleased Schneider is willing to make an investment in the communities where their associates live, work and volunteer.” Schneider, a premier provider of transportation and logistics services, has one of its largest operating centers in Indianapolis.Lack of food does not only affect the homeless or unemployed. Many hardworking Hoosiers live paycheck to paycheck, regularly having to choose between paying bills, obtaining medicine or buying groceries. In these homes, an unexpected bill (like a major car repair or medical expense) can throw an already tight budget into a downward spiral. According to Feeding America’s Map the Meal Gap, 31 percent of working Indiana residents who are food insecure do not qualify for food-assistance programs. These residents turn to charitable food assistance networks, but the most difficult and expensive commodity for food banks to obtain is protein.“The grant provided by the Schneider Foundation will pay to process about 1,000 pounds of donated large game and livestock, which will then be distributed to area hunger-relief agencies – providing nearly 4,000 meals to residents in need within our communities,” said Treesh. In the last seven years, Hoosiers Feeding the Hungry has helped to distribute nearly 1.2 million pounds of meat to Indiana food banks, providing over 4.6 million meals to Hoosiers in need. “To date, we have 83 participating meat processors working within 85 counties in Indiana to help us in our mission and to ensure residents in need are served,” shared Amber Zecca, Fund Development Director of Hoosiers Feeding the Hungry. “In Marion County, we are partnering with Archers Meats, Gleaners Food Bank, and other local hunger-relief agencies to ensure residents have access to this nutritious protein.” Hoosiers Feeding the Hungry is accepting donations throughout Indiana to fund its Meat the Need program, and it is continuously looking for volunteers. Information about the organization, the Meat the Need program, participating meat processors, and how to get involved may be found online here.last_img read more

IHSAA Girls Volleyball Tournament Is Set

first_imgWith 398 teams entered, the matchups for the 48th Annual IHSAA Volleyball State Tournament were announced.Host sites will announce their respective playing schedules this week and the IHSAA will populate the MaxPreps.com tournament brackets that will be linked at IHSAA.org.Sectional play begins on Tuesday, Oct. 15, and continues through Saturday, Oct. 19, at 64 sites across the four enrollmentclassifications.Those sectional champions will advance to a four-team regional on Saturday, Oct. 26, to be followed by a single semi-state round on Saturday, Nov. 2.The four state championship matches at Ball State University’s Worthen Arena are scheduled for Saturday, Nov. 9.Local Sectional Pairings.Class 1A-Sectional 62 @ Trinity LutheranM1: Crothersville vs. Trinity Lutheran.M2: Rising Sun vs. Jac-Cen-Del.M3: West Washington vs. Oldenburg Academy.M4: Medora vs. M1 winner.M5: M2 winner vs. M3 winner.Championship: M4 winner vs. M5 winner.Class 2A-Sectional 45 @ South RipleyM1: North Decatur vs. Switzerland County.M2: South Decatur vs. South Ripley.M3: Southwestern (Hanover) vs. M1 winner.M4: Milan vs. M2 winner.Championship: M3 winner vs. M4 winner.Class 3A-Sectional 29 @ BatesvilleM1: Rushville Consolidated vs. Batesville.M2: Franklin County vs. Greensburg.M3: South Dearborn vs. Lawrenceburg.M4: Connersville vs. M1 winner.M5: M2 winner vs. M3 winner.Championship: M4 winner vs. M5 winner.Class 4A-Sectional 14 @ Bloomington NorthM1: Bloomington North vs. East Central.M2: Bloomington South vs. Columbus North.M3: Martinsville vs. Bedford North Lawrence.M4: Columbus East vs. M1 winner.M5: M2 winner vs. M3 winner.Championship: M4 winner vs. M5 winner.100619.VolleyballPairingslast_img read more

Toormore is a National treasure

first_imgToormore took his unblemished record to three with an emphatic all-the-way win in the Goffs Vincent O’Brien National Stakes at the Curragh. Richard Hughes bounced the Richard Hannon-trained colt out of the stalls and set the pace he wanted. The even-money favourite asserted a furlong to win from his main market rival Sudirman, with Giovanni Boldini third. Press Associationcenter_img Tim Palin, racing manager for Middleham Park, said “We weren’t sure whether to make the running or not beforehand but he ended up getting a fairly uncontested lead. He’s a great attitude and the further he goes the better he is. “He’s in the Racing Post Trophy (Doncaster, October 26) but will not run again this season. He’s a very clean-winded horse, and could go straight for the Guineas next year.” Hughes said: “The track is wide open and windy, and it’s difficult for two-year-olds. He’s not a precocious two-year-old by any means and is a big shell of a horse.” last_img read more

Colombian forward Trellez saves Sao Paulo’s blushes

first_imgSao Paulo: Second-half substitute Santiago Trellez struck late as 10-man Sao Paulo earned a 1-1 home draw with Fluminense to remain at the top of Brazil’s Serie A football championship.The hosts played for more than an hour with 10 men on Sunday after Diego Souza was shown a straight red card for striking Leo Morais with an elbow to the face in the 34th minute.Fluminense went ahead just after halftime through an Anderson Martins own goal before Colombian forward Trellez headed in a 72nd minute equaliser.The result at the Morumbi Stadium ensured that Sao Paulo remain top of the of the 20-team standings, three points clear of second-placed Internacional. Fluminense are 11th, 19 points off the pace after 22 matches.In Rio de Janeiro, Leandro Carvalho scored in second-half stoppage time as Flamengo missed a chance to apply pressure to Sao Paulo by falling 1-0 at home to Ceara.In other matches on Sunday, Atletico Paranaense won 2-0 at home to Bahia, Sport defeated Parana Clube 1-0, Palmeiras won 2-1 at Chapecoense and International held Cruzeiro to a goalless draw in Belo Horizonte. IANSlast_img read more