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Albums: 22-20’s, 05/03

first_imgThe 22-20s:05/03Out next week ‘05/03’ is a modern rarity: a live album that does full justice to a very good live act. From the first wails of feedback on the opening track, you know you’re in for a sizzling, full-fat rock feast. The vocals rasp and writhe, cutting deeper with each repetition; slide solos are executed with ear-splitting vigour, and the bass riffs are so slick that you half-expect to find Brylcreem oozing from the CD player. Take for instance ‘Such a Fool’, a 4-minute pounding of blues-rock gristle, which could easily be a passionate Starsailor. Except that it sounds good. Sure, there are a few quibbles. The endless riffs at times start to wear thin, while some of the lyrics seem painfully contrived. But these boys are young, and if this taster is anything to go by, it’s the White Stripes who should be getting worried and the general public who should be excited. 22-20s play The Zodiac, Oxford on 29 October.ARCHIVE: 1st Week MT2003last_img read more

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Christ Church JCR votes against Plush accessibility donation

first_img“The motion appeared to fail as a result of a general concern towards donating to a for profit organisation, not as a statement of objection towards the LGBTQ+ or disabled communities. While I believe that these concerns are misplaced, they are worth noting. The planned donation would have helped fund a lift which would make the club accessible for those with disabilities. The Christ Church JCR executive, the Plush For All Campain and the SU’s LGBTQ+ campaign have been contacted for comment. Christ Church JCR has voted against a motion to donate £1000 from its unplanned expenditure budget to help fund the “Plush For All” accessibility campaign. The motion failed by a margin of 45 votes to 30, with 2 abstentions. Other colleges, including Wadham, Pembroke, University, and Hertford already collectively donated over £1800 to the campaign. “However, members of the JCR, the wider Oxford LGBTQ+ community and prospective students should not lose sight of the fact that Christ Church is a warm and welcoming home for a diverse range of students, the vast majority of whom flourish and succeed here.” Christ Church’s unplanned expenditure budget, from which the money was to be taken, is given £3000 per year, of which £800 has been spent so far. Any money left in the fund returns to the college administration, and does not rollover into the next academic year.center_img Speaking to Cherwell, the Christ Church LGBTQ+ Representative said: “As LGBTQ+ officer I am disappointed that the JCR was not able to support this motion; one that would have greatly improved the experience of disabled LGBTQ+ Students, present and future. “However, it is vitally important to remember that Christ Church has a large and vibrant LGBTQ+ community, with a strong support base in college. Plush is Oxford’s only LGBT+ club, and since its move at the beginning of Hilary has not been accessible to wheelchair users. “There will undoubtedly be considerable controversy and a sense of disappointment moving forward. Other objections include the lack of accessibility within Christ Church, though no amendment or alternative motion was proposed on that topic, whilst others variously argued that it was inappropriate to donate to a non-charitable organisation, and that the donation would not benefit Christ Church students. Those present report that one of the main objections which was raised at the meeting included the inappropriateness of using this fund for non-emergencies. The majority of fund spent so far this year went towards building a new herb garden.last_img read more

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MEET THE DIRECTORS AND MANAGEMENT OF LAGUNA DEVELOPMENT CORPORATION NEW OWNERS OF ELLIS PARK

first_imgJorge Brasil, Chief of Food & Beverage Operations, LDCMr. Brasil has over twenty-five years of management experience. Prior to working at LDC, Mr. Brasil worked at Grand Casino Mille Lacs where he was Vice President of Food & Beverage Operations. Jorge’s passion for working in the hospitality industry began with the start of his own catering company Bon Vivant in 1986.Abel Cardenas, Chief of Risk Management, LDCMr. Cardenas graduated from Cooper High School and attended college at Texas Tech University. He worked twenty-three years at Furr’s Supermarkets starting at the line level and worked himself up to the Risk Manager position. During this time he gained extensive experience investigating, interviewing and interrogating employee theft and other risk management issues. Mr. Cardenas has been with LDC for over ten years as the Director of Risk Management.Steve  Chovanec, Chief of Human Resources, LDCMr. Chovanec received a Bachelor of Arts from Albion College, majoring in Economics/Accounting. He earned his J.D. from Wake Forest School of Law in 1987. He has worked in Senior Human Resources management for the better part of two decades, including the last four years in Indian Gaming. In addition, Steve has also held his S.P.H.R. designation since 1993.Edward Khader, Chief Information Officer, LDCMr. Khader has been an employee of Laguna Development Corporation since 2002 and is currently the Chief Information Officer. He has over 20 years of experience and has overseen the growth of the technology environment at LDC from just a single server to over 250 servers and 300 virtual desktops. Under Mr. Khader’s leadership, LDC has been among the first and largest deployments in New Mexico of VoIP, synchronous multi-site storage redundancy, network micro-segmentation, large-scale server, and desktop virtualization, IP-based hotel TV system, cross-site Bingo simulcast, and network security spanning layer 2 through layer 7. LDC’s regulatory agency recently engaged an expert security firm to perform an internal penetration test. Their conclusion remarked, “The network security at the Route 66 and Dancing Eagle Casinos is amongst the best of the 150+ casinos GLI has visited.”GT Mason, Chief of Facilities, LDCMr. Mason has over thirty-four years of diverse experience in the construction of new structures, remodels and maintenance of existing projects of all sizes. This includes the management of design, development, construction, and maintenance of buildings and grounds. Mr. Mason holds three Associates Degrees in Computer Science, Accounting, and Architectural Drafting. Board of DirectorsJohn Black, ChairmanLaguna Development Corporation Board Member John BlackMr. Black is a partner in West Wood Realty which is an independent commercial real estate brokerage and development company. Mr. Black has a Bachelors degree in Finance from the Anderson School of Business at UNM and a CSM degree from the International Council of Shopping Centers. During his career, he had developed over 750,000 square feet of commercial retail and office buildings and has master planned and zoned over 9,000 acres of mixed-use projects in Albuquerque and Rio Rancho.Mr. Black worked for the State of New Mexico, Don Chalmers, numerous partnerships, and his family real estate holdings. He planned, zoned, and sold the 95-acre tract of land for the Simon Group who built the existing 1.2 million square foot Cottonwood Regional Mall as one of his featured developments.Don Power, Vice-ChairmanDon Power served for 45 years, 1968 to 2013, with the Jaynes Corporation, a leading New Mexico construction and real estate company. During his tenure with Jaynes Corporation, Mr. Power was responsible for the daily operation of Jaynes Corporation and all its affiliates, and served as President and COO of Jaynes from 1988 to 2003, then as President and CEO of Jaynes from 2003 to 2013 when he retired. Mr. Power has also provided assistance to LDC on business projects, and served as contractor for the Route 66 Casino and Hotel. Mr. Power holds memberships on the boards of the Albuquerque Economic Development, the New Mexico Partnership, the Economic Forum, and the United Way, in addition to the boards of other organizations. He is also involved in several private real estate partnerships which own and manage New Mexico real estate properties. Mr. Power is also the sole owner of DP Construction and Consulting Services, LLC, which provides expert witness services in construction cases, as well as owner representation for construction projects. Mr. Power obtained a B.A. in history, with a minor in geology, from UNM in 1971, and completed an EMBA degree in 2003 from the UNM Anderson School of ManagementThomas Aro, Board MemberLDC Board Member Thomas AroTom Aro recently retired from an extensive career of more then forty years in the hospitality and gaming industry during which time he held executive positions in finance, development and operations. Positions included serving on the Finance Committee of the Del Webb Corporation, general management responsibilities for operations at several gaming and non-gaming properties, and senior operations director during the development of major gaming projects in Reno, Atlantic City, Mississippi and New York.Since his retirement, Mr. Aro has remained active in his community serving on several boards including the alumni board of the Mesabi Range CC, Care Partners, a local non-profit organization assisting cancer victims and their families, president of a condominium board in Sanibel, Florida, and holding the elected position of Township Supervisor for his home community.Mr. Aro holds a B.S. degree from the University of Arizona and is a Certified Public Accountant. Shyla Sheppard, Board MemberShyla Sheppard was raised on the Fort Berthold reservation in North Dakota and is an enrolled member of the Three Affiliated Tribes. She earned her economics degree from Stanford University and completed Oxford University’s Said School of Business Impact Investing Executive Program.  In 2005, she joined the founding team of New Mexico Community Capital (“NMCC”), an Albuquerque-based venture capital firm, where she was involved in all aspects of development and fund management, including fundraising, deal sourcing, due diligence, deal structuring, investing and post-investment oversight and governance. In that time, Shyla invested in early and expansion-stage companies across a variety of industries including energy, water, agriculture, safety/security, and aerospace.Shyla also led NMCC’s investment effort in Indian Country to promote business development and expansion by Tribes and Native American entrepreneurs. Her investment in a reservation-based, Native American, woman-owned oilfield services company was nominated for the Native American Finance Officers Association’s Deal of the Year in 2012. In 2011, she was recognized by the National Center for American Indian Enterprise Development as one of Indian Country’s 40 under Forty outstanding young leaders and in 2012 by the New Mexico Business Weekly as one of New Mexico’s 40 under Forty. Shyla’s community involvement includes serving on the boards of First Nations Development Institute, First Nations Oweesta Corporation and on the Three Affiliated Tribes Investment Committee.After nearly a decade of venture capital experience and a great deal of thought, Shyla elected to leave her position with the investment fund to pursue her own entrepreneurial endeavor currently under development.Ethel J. Abeita, Board MemberEthel Abeita’s professional legal experience spans more than thirty years and includes service as follows: Government Affairs Attorney Director and In-House Attorney for the Pueblo of Laguna; Office of the Special Trustee Director of the Office of Trust Records, Bureau of Indian Affairs (BIA), Deputy Regional Director (Southwest Regional Office); Office of the Solicitor – Assistant Regional Solicitor (Southwest Region) for the Department of the Interior; Assistant Regional Attorney, Office of the General Counsel, Albuquerque, for the U.S. Department of Agriculture; Deputy Director, Native American Rights Fund; Realty Specialist for the BIA Statute of Limitations Program; and Managing and Staff Attorney for Indian Pueblo Legal Services, Laguna, NM.Ethel’s professional experience has also included lobbying Congress on behalf of Indian tribes on a proposed settlement of water rights claims and working with congressional staff on legislation for Montana tribes and the Pueblo of Laguna.Ethel holds a Bachelor’s of Science degree in Business Education from San Jose State University in San Jose, California and a Juris Doctorate from the University of New Mexico School of Law.Stephen Szapor, Jr., Board MemberStephen Szapor has over thirty-eight years of operational, financial management and consulting and advisory experience in the gaming, leisure and hospitality industries.  He is currently Managing Partner of Prospect Growth Partners for which he provides advisory and consulting services to primarily Native American tribes in the areas of Economic Diversification Strategies, Executive Leadership Training and Project Development.Stephen’s professional experience includes his work as founder, President and Senior Partner of the Innovation Group, leading hospitality, tourism, racing and gaming industry consulting company.  His professional experience also includes sixteen years of work as President, Chief Executive Officer, Chief Operating Officer and Chief Financial Officer for several public companies engaged in leisure, hospitality and casino operations.  His professional affiliations include service on the Board of Directors of the Colorado Gaming & Entertainment Company, the Board of Directors of the Sahara Gaming Corporation, and the Hollywood Casino Corporation.Stephen holds a Bachelor of Science degree from Villanova University.  His certifications include a Certified Public Account licensure (now inactive), a Key Gaming License/Finding of Suitability from the States of New Jersey, Mississippi, Nevada and Colorado, and service as a former Chairman of the Colorado Tourism Office Board.ManagementKevin Greer, Interim President, and Chief Executive Office, LDCLaguna Development Corporation Officer Kevin GreerMr. Greer became Chief Financial Officer of the Business Operations in 2004. Mr. Greer has over 20 years of accounting and finance experience in the hospitality industry. Prior to his tenure at the Casino, Mr. Greer was Senior Director of Finance at the Belterra Casino Resort in Florence, Indiana. Mr. Greer also served as Chief Financial Officer for ten years at the Cypress Bayou Casino in Charenton, Louisiana, a tribal casino. Mr. Greer holds a B.A. in Business Administration from Youngstown State University in Youngstown, Ohio.Howard Funchess, Treasurer and Chief Financial Officer, LDCMr. Funchess has over eleven years of accounting and finance experience related to the gaming industry. Mr. Funchess worked for the national public accounting firm Grant Thornton LLP, where he specialized in gaming industry audits, prior to joining LDC. Mr. Funchess holds a Bachelor of Accountancy from New Mexico State University.Maxine Velasquez, Chief Counsel & Chief Government Relations Officer, LDCMs. Maxine Velasquez is a member of the Pueblo of Laguna. She possesses 20 years of general counsel experience representing tribal governments, tribal gaming businesses, and tribal gaming regulatory authorities.  She serves or has served as a Chair, Co-Chair, or Member on the Board of Directors for the following organizations: Laguna Gaming Control Board/Tribal Gaming Regulatory Authority, Laguna Construction Company, UNM Sandoval County Regional Medical Center, Albuquerque Indian School District Commission, and the All Pueblo Council of Governors-Legislative Committee. She holds a Bachelor of Arts in Criminal Justice, a Master’s in Public Administration and a Juris Doctorate, all from the University of New Mexico.Skip Sayre, Chief of Sales and Marketing, LDCMr. Sayre has over twenty-five years of senior executive level management experience in sales and marketing in casino, resort and entertainment industries. Mr. Sayre majored in journalism at California State University at Long Beach and completed the executive education program in marketing management at Stanford University. Directors and Management FacebookTwitterCopy LinkEmailSharelast_img read more

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Weekend Forecast: Heavy Rain, Frigid Temps

first_imgA significant storm system will move across the region late Saturday through Sunday, according to the National Weather Service forecast. While precipitation in the shore area looks to fall mainly as rain, there could be a brief period of snow at the onset Saturday evening.Heavy rain will then follow by overnight Saturday night into Sunday morning. The rain could be heavy enough to lead to flooding.Rain will come to an end by late day Sunday as a strong cold front moves through with strong northwest winds and rapidly falling temperatures as arctic air rapidly moves in. This will lead to quick refreezing of wet surfaces, causing very icy conditions.Dangerous wind chills are possible Sunday night through Tuesday.More information from the National Weather Service is available at https://www.weather.gov/media/phi/current_briefing.pdf. Whether it is a snowstorm like this Jan. 13, 2019 one, or another weather emergency, CodeRED keeps people who sign up for the service informed.last_img read more

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Press release: Up to £50 million to develop world leading AI talent in the UK

first_img In order to realise the significant opportunities for innovation and growth offered by the data and artificial intelligence revolution, it is essential that we nurture and grow the very best academic talent and expertise. We are delighted to be working with the Government Office for AI to deliver the Turing AI Fellowships, bringing the best global researchers to collaborate with us in the UK and driving forward impact in these technologies for the benefit of science, society and the economy. Through our modern Industrial Strategy we’re joining with industry to invest close to £1 billion in AI, to position the UK as one of the best places in the world to develop and use this exciting new technology. This investment will help us to recruit and retain the best talent in AI and ensure that we are we are leading the way on research and development in the sector. Adrian Smith, Director of The Alan Turing Institute commented: The Government has committed further investment to the UK’s booming Artificial Intelligence (AI) sector by announcing up to an additional £50 million to attract and retain the world’s top talent.The announcement within this week’s budget builds on the AI Sector Deal, worth up to almost £1 billion, launched earlier this year. As part of the government’s modern Industrial Strategy, the sector deal set out how the UK will be at the forefront of the AI and data revolution.Working with the Alan Turing Institute, up to £50 million will be invested in new Turing AI Fellowships to help bring the best global researchers in AI to the UK. The funding will allow the UK to attract, retain and develop world leading research talent.DCMS Secretary of State Jeremy Wright said: The huge potential of artificial intelligence to transform our economy and our lives for the better, from revolutionising cancer treatment to combating financial fraud, is at the heart of our modern Industrial Strategy. This investment is the next step in our commitment to make Britain the world’s most innovative economy, with highly-skilled jobs in every part of the UK. Business Secretary Greg Clark said: AI technologies offer the potential to drive productivity up by up to 25 per cent by 2035. The UK is already home to some of the biggest names in the business such as DeepMind and is well placed to seize the opportunities that AI brings.Investing in leading academic talent will secure the UK’s international competitiveness and help us to ensure we have the necessary skills and talent in the UK to help us reap the potential benefits that AI offers across all sectors.Also announced at budget was a new review between the Office for AI and Government Digital Service (GDS) on how government can use AI in new ways to drive improvements in public services and wider economic benefits.The Office for AI and others in HMG will work with the Alan Turing Institute to finalise the details of the programme over the next few months, with a view to the first fellows being in place by Autumn 2019.last_img read more

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MerleFest 2019 Announces Artist Additions: Del McCoury Band, Steep Canyon Rangers, More

first_imgThe 2019 installment of MerleFest will be returning to Wilkesboro, NC’s Wilkesboro Community College on April 25th-28th, boasting a diverse lineup with a plethora of folk, bluegrass, and Americana’s finest touring acts.On Monday, the festival added six acts to their already extensive 2019 bill, including The Del McCoury Band, Steep Canyon Rangers, Amos Lee, The Milk Carton Kids, The Casey Kristofferson Band, and David Holt.The newly added artists will join previously announced headlining performances from The Avett Brothers, Brandi Carlile, Amos Lee, Wynonna & the Big Noise, Dailey & Vincent, Tyler Childers, Keb’ Mo’, Sam Bush, The Earls of Leicester, and Peter Rowan and The Free Mexican Air Force.In addition to the headlining artists mentioned above, MerleFest 2019 will host performances from American Aquarium, Andy May, Ana Egge & The Sentimentals, Ashley Heath and Her Heathens, AZTEC SUN, Banknotes, Bob Hill, Cane Mill Road, Carol Rifkin, Carolina Blue, Catfish Keith, Charles Welch, David LaMotte, Dirk Powell Band, Donna the Buffalo, Driftwood, Elephant Sessions, Elizabeth Cook, Ellis Dyson & The Shambles, Gordie MacKeeman & His Rhythm Boys, Happy Traum, Irish Mythen, Jack Lawrence, Jeff Little Trio, Jess Morgan, Jim Avett, Jim Lauderdale, Joe Smothers, Jontavious Willis and Andrew Alli, Josh Goforth, Junior Brown, Junior Sisk, Larry Stephenson Band, Laura Boosinger, Lindi Ortega, Mark Bumgarner, Mark & Maggie O’Connor, Maybe April, Michaela Anne, Mile Twelve, Mitch Greenhill and String Madness, Molly Tuttle, Nixon, Blevins, & Gage, Pete & Joan Wernick and FLEXIGRASS, Presley Barker, Professor Whizzpop!, Radney Foster, Roy Book Binder, Salt & Light, Scythian, Sean McConnell, Shane Hennessy, Si Kahn & The Looping Brothers, Steve Poltz, T. Michael Coleman, The Black Lillies, The Brother Brothers, The Gibson Brothers, The Harris Brothers, The InterACTive Theatre of Jeff, The Kruger Brothers, The Local Boys, The Trailblazers, The Waybacks, Todd Albright, Tom Feldmann, Tony Williamson, Uncle Joe and The Shady Rest, Valerie Smith & Liberty Pike, Wayne Henderson, Webb Wilder, and Yarn.Tickets are on sale now here, with a wide variety of different packages available.For more information on MerleFest 2019, head to the festival’s website.last_img read more

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Lecture explores media, Black Power movement

first_imgDr. Jane Rhodes, Dean for the Study of Race and Ethnicity and Professor and Chair of American Studies at Macalester College, gave a lecture titled “Black Women, Black Power and the Media’s Glare” in Hesburgh Center Auditorium on Thursday evening.Dr. Rhodes, who specializes in the study of race, gender and mass media, said black power is influenced by and demonstrated through photographs and images, which change the way we understand the black body.Rosie Biehl | The Observer “There is a meaning in representation, and they shape what we remember,” Rhodes said. “[A famous photo of Stokley Carmichael] to me is a classic representation of media flare. … He has become increasingly radicalized … to stress black power.”Rhondes also said the black press is often very different from mainstream press.Black women were often pictured as “helpmates to male authority” and “associated with tragedy,” Rhodes said. For these images, Rhodes said she blames the photographers who took them.“The profound aesthetic transformation of black women’s hair also becomes political statement,” Rhodes said. “To have short natural hair, to use black women as models, and to promote black beauty, is a political notion.”She then talked about “core figures” of black women: Angela Davis, Kathleen Cleaver, Elaine Brown, Assata Shakur, Michelle Obama and Nicki Minaj.“When I did a search on New York Times, I found about 1600 articles about Angela Davis,” Rhodes said. “There are some key things to know about Angela Davis. She was a communist. She was connected to [the Black Panther Party] for a short period. She moved to UCLA and was hired as a philosophy professor.”In 1970, she was accused in a murder case, but was acquitted by all-white jury, Rhodes said.“We love the sensationalism of the story,” Rhodes said. “As someone who is from a middle class family … and has a graduate degree … how can [Davis] become so radical? A terrorist, that’s how she was labeled.”Rhodes also said Kathleen Cleaver brought a high level of media savvy to the “Black Power” movement.“Kathleen Cleaver was the Party’s communications secretary,” Dr. Rhodes said. “One of the things that is fascinating about Kathleen is that she is skilled in public relations. She staged photographs, but she didn’t provide the media with sensationalized story … and she was too deeply connected to the Black Panther Party.”Elaine Brown represents the next generation of Black Nationalists and the first bona-fide female leader of Black Panther Party, although she was never captured in the media gaze, and few people really know who she really is until her memoir was published, Rhodes said.Michelle Obama’s frame of being “dangerous and un-American” also reflects the fear of black women and black power, and Nicki Minaj is inheriting the legacy of women in the black power movement, Rhodes said.Tags: Angela Davis, Assata Shakur, Black Panthers, Black Power, Elaine Brown, Kathleen Cleaver, Media Glare, Michelle Obama, Nicki Minajlast_img read more

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Bill Introduced to Abolish the EPA

first_imgEarlier this month, Representative Matt Gaetz (R-FL) proposed a bill to terminate the Environmental Protection Agency (EPA).The bill is co-sponsored by Thomas Massie (R-KY), Steven Palazzo (R-MS), and Barry Loudermilk (R-GA).The EPA, a federal agency started under the Nixon administration, works to protect human health and the environment across state lines. In 2016, the agency had an $8 billion budget and employed over 15,000 people.The agency is primarily responsible for writing and enforcing regulations that enact environmental legislation. For example, though it is up to Congress to pass legislation on different types of pollution, it is the EPA who determines how to reach the goals laid out by such laws.Gaetz and the cosponsors believe that the EPA holds too much power; they hope to abolish the agency in full, leaving environmental issues to state and local governments.The EPA has “exceeded their original mission substantially under both Republican and Democratic presidents and violated the sovereignty of the states” Gaetz writes. “I think we need a fresh start.” Though details on the bill are not yet available, Gaetz says the agency’s termination would be effective December 31, 2018.Such a bill is a long shot for Gaetz as a freshman representative. Additionally, abolishing the agency would require repealing a web of interwoven laws. And though Trump hopes to dramatically downsize the EPA, it is doubtful the administration wants to abolish it altogether.The EPA has already undergone changes under the new administration: a freeze on new contracts and grants, a temporary gag order, and the confirmation of Scott Pruitt as head honcho. But termination of the agency? Doubtful.Like many of the political headlines since Trump’s inauguration, Gaetz’s bill more about making a statement than enacting a law—and once again environmental deregulation is the rallying point.last_img read more

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Why your staff is scared of you

first_img 14SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,John Pettit John Pettit is the Managing Editor for CUInsight.com. John manages the content on the site, including current news, editorial, press releases, jobs and events. He keeps the credit union … Web: www.cuinsight.com Details You always leave your door open and you’re approachable. But you’re still intimidating. Why? Because you’re in charge. You create fear in your employees without even knowing it. Here are some reasons your employees are scared of you…You’re a bit of a mystery: As the one who’s responsible for pretty much everything, you don’t have a ton of time to socialize. The problem here is that your employees won’t see you as “one of us.” They’re way more likely to see you as “the one who makes all the decisions.” Try and find ways to get to know your team if you really want to be accepted by them.You don’t have time to smile: Just like your employees, you’ve got to stay focused if you want to get things done. When you’re in your own little world, you can come across as a scary robot. Don’t feel bad for being busy, just know that it might take a little extra effort if you want to seem more personable.You’re more of an authority figure than a leader: How do you react when an employee asks for your help? Do you help them find a way to solve their problems or do you just tell them what to do? It might not be as easy, but when your employee is given the chance to solve their own problems, they’ll appreciate you more.last_img read more

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BRI braces for further COVID-19 impacts on financial performance

first_img“The growth in loan disbursement in the first quarter was mainly driven by the micro and medium retail segments,” Sunarso said during the same event.Loan disbursement for the micro segment grew 12.72 percent yoy during the period, while loan disbursement to the retail and medium segment increased 12.25 percent yoy.Meanwhile, Sunarso also expected the loan restructuring program that allows debtors, especially micro, small and medium business players impacted by the pandemic, to defer principal and interest payments to banks, would further affect BRI’s performance this year.“The restructuring [program] will impact our business on two fronts, namely liquidity and revenue,” he said. “Delaying loan principal payments will impact liquidity while delaying interest will impact our revenue.”The bank has restructured loans of 1.4 million micro, small and medium enterprises (MSMEs) totaling Rp 101 trillion as of April, according to Sunarso.Given the situation, the bank expressed hope that the government’s plan to place funds in banks could help relieve its liquidity problems this year.The government recently issued Government Regulation (PP) No. 23/2020 on the national economic recovery program, stipulating that it will carry out efforts to support the recovery of the virus-battered economy. The measures include the placement of funds in certain domestic banks to provide more liquidity.According to Finance Ministry presentation material obtained by The Jakarta Post, the government might allocate Rp 35 trillion for this purpose.For the time being, Sunarso said the bank still had ample liquidity despite the turbulent economic conditions.BRI’s capital adequacy ratio currently clocked in at 18.56 percent as of March, while its loan-to-deposit ratio stood at 90.45 percent, below the minimum requirement of 92 percent.Mirae Asset Sekuritas analyst Lee Young Jun also expects the restructuring efforts to affect the bank’s net interest margin (NIM).“We believe that additional restructured loans will likely drag NIM down going forward,” he said in a research note on Friday, adding that it expected BRI’s NIM to decline by 78 basis points this year from 2019’s 6.98 percent.BRI’s NIM stood at 6.66 percent in the first quarter of this year, slightly lower than 6.89 percent figure recorded in the same period last year.Topics : State-owned lender Bank Rakyat Indonesia (BRI) has lowered its expectations for its financial performance this year amid the unfavorable market conditions due to the COVID-19 pandemic and the government’s loan-restructuring program.The pandemic has impacted the bank’s quarterly figures, as its profit dropped slightly to Rp 8.17 trillion (US$550 million) in the first three months of this year, from Rp 8.2 trillion in the same period last year.BRI finance director Haru Koesmahargyo attributed the decline to unfavorable market conditions that had affected the performance of its subsidiaries, such as insurance firm BRI Life and agriculture-focused lender BRI Agro. “We are definitely revising our bank business plan this year [given the situation],” Haru said during a virtual press conference on Thursday.For example, the bank expects to slash its loan growth target to 5 percent this year from its  initial target of 11 percent, according to presentation material obtained by The Jakarta Post. The figure is far lower than last year’s loan growth of 8.4 percent.Despite the slight drop in profit, the bank still recorded 9.4 percent year-on-year (yoy) growth in loan disbursement during the first quarter to Rp 882.25 trillion.The figure is higher than the average industry growth of 7.95 percent during the same period, according to BRI president director Sunarso.last_img read more

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