Comment / Analysis: short-term pain for long-term gain at APM Terminals, while Damco shines

first_imgThe former is on the path to recovery and remains profitable after a turnaround that eventually paid dividends in 2015. But the performance of APMT was underwhelming, and was overstated by management, with chief executive Nils Andersen saying the group was only “a little bit disappointed” with APMT – still “a very profitable business”.Source: AP Moller MaerskAPM TerminalsMaersk says APMT “now expects an underlying result below 2015 ($626m), due to reduced demand expectations in oil producing emerging economies”.APMT sought strategic ties with Russia’s Global Ports in the past, bending certain unwritten rules for the unit – it prefers to take full control of the assets it targets rather than minority stakes. However, Russia is a long-term game, and so far consolidation in the country hasn’t played out as management expected.In addition, global demand remained weak, especially in Europe, while the slowing Chinese economy and low oil prices continued to weigh on profitability.“Being largely dependent on raw material exports, many economies in Latin America and West Africa, where APM Terminals has significant activities, continue to see declining growth and foreign trade,” Maersk noted.While the number of terminals has risen to 72, from 64 in Q1 15, containers handled – measured on ownership share – fell from 9.1m teu to 8.7m teu.Decreased volumes on the westbound Asia-Europe tradelane impacted terminals in both China and Europe in a global container market that grew by 1.4% in the first quarter, according to Drewry estimates, with some regions “showing modest growth of 3-4% (North America and Middle East/South Asia), while markets declined in Northern Europe and West Africa”.APM Terminals reported ebit of $123m, and currently represents a nice profit pool among its portfolio of assets – given that only Maersk Drilling, among other group assets, generates higher core operating earnings ($261m in the first quarter), and absorbs the same amount of invested capital ($7.7bn)[email protected] AP Moller MAerskHowever, while APMT’s operating income plunged 43% from $216m year-on-year, the most problematic aspect of the business is the amount of cash that it burned in the first quarter, as investment is seen as a key value-driver for its long-term prospects.Cost-saving initiatives contributed to earnings, but with quarterly capex at $960m and operating cash flow at $198m, APM Terminals reported $762m in negative free cash flow (FcF) in the first quarter alone, which was pretty close to the $926m negative FcF attributed to Maersk Oil. That compares with positive unit FcF of $49m one year earlier, when the amount of invested capital, though, was about $2bn lower, at $5.8bn.InvestmentDuring the quarter, APM Terminals wrapped up the acquisition of Spanish Grup Marítim TCB’s port and rail interests.“APM Terminals has yet to receive regulatory approval related to three of 11 terminals under Grup Marítim TCB,” it added, but has decided to press ahead with the deal given that the remaining terminals constitute less than 5% of the enterprise value of the acquisition package.The deal adds eight ports with a combined 2m teu equity-weighted volume to APMT, which also signed an agreement to develop “a new transhipment terminal at the Tangier Med 2 port complex, with an annual capacity of 5m teu”.When it launches in 2019, it will be the first automated terminal in Africa and the total investment is expected to be around $900m, with APMT’s share being 80%. It already operates the APMT Tangier facility at Tangier Med 1 port, which started operations in July 2007 and handled 1.7m teu in 2015.There could be short-term pain for long-term benefits, if its strategy is right – but the problem is that Maersk might have to accelerate cost savings elsewhere if APMT continues to burn cash, and options are thin on the ground.Damco Hanne B Sørensen has led Damco since January 2014, and under her stewardship the forwarder has started to shine again. Its turnaround is by no means over, but all the signs seem to point to a sustained recovery.Damco made a quarterly profit of $2m, versus a loss of $9m one year earlier, with its ROIC coming in at 3% against -11.2% in the previous year. The division was confirmed to be on the right track in early 2016, following a year during which it was mildly profitable after two years of losses.Its quarterly result was mainly driven by cost-cutting and growth in contract logistics, Maersk said, with a “focus on driving customer service improvements, delivering on cost optimisation plans and increasing productivity”.The division is shrinking in terms of revenues, down to $596m from $683m year-on-year, but was in the black and absorbs a very small amount of capital.Talking of which, we should also mention market reports that suggest Maersk’s cash pile gives it plenty of options with regard to capital deployment strategies and M&A.M&A and away There’s talk that Maersk will join the consolidation game in shipping, given that it has cash and equivalents and undrawn facilities of $11.8bn.A bolt-on deal could make sense, but Maersk has recently decided to err on the side of caution and it would seem wise to maintain a low profile in terms of capital deployment in this environment.My initial reaction to the surge in its valuation last week – its shares rose over 6% on Wednesday after the results were out – was to suggest internally that the price movement was likely going to be short-lived, just as happened in the third quarter of 2015. After all, here are some more interesting figures:net interest-bearing debt is up significantly, to about $10bn from $7bn year-on-year, which is still in the comfort zone given its lowly leverage, true – but operating cash flow (OCF) continues to fall;at $250m in the first quarter, OCF compares with $1.9bn in the same period in 2015 and $8bn in fiscal 2015. Unsurprisingly, its net debt is rising while net cash is falling to $3.6bn, down some $400m on 31 Dec 2015.On the bright side, it looks like return on invested capital is bottoming out at about 3%, and remains unchanged quarter-on-quarter, although it sits some 11 percentage points below the 13.8% level it recorded one year earlier. In terms of valuation, we are back to where we were at the beginning of the year, given that its stock price is up 4% since January.Finally, here are a couple of things to like outside the headline numbers:no additional impairments, which indicates that most write-downs (oil related) were accurately recorded in the fourth-quarter; andinvested capital is only mildly rising ($46.6bn vs $44.5bn in the first quarter of 2015 and $43.5bn at the end of fiscal 2015), and so is capex. By Alessandro Pasetti 10/05/2016 Let me make my position clear from the start: I believe that the way Maersk is underestimating certain risks, while overstating its achievement, is near-sensational. While its latest trading update could sound reassuring to the bulls, for me it didn’t change the complexity of a corporate situation that remains critical.Our team was on the call that followed its trading update last week, and was favourably impressed by the enhanced performance of the Danish group – it could have been much worse.My colleague, Mike Wackett, soon identified the key value drivers, pointing out that the numbers were significantly better than expected. Not only did Maersk Line manage to beat consensus estimates, but Maersk Oil is now positioned to break even, with oil prices hovering around $40-45 a barrel from $45-55 previously.The devil is in the detail, however: perhaps the most interesting feedback we got from management on peripheral assets spanned Damco and APM Terminals – both of which deserved a mention, but for very different reasons.last_img read more

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Will Teva’s newly approved migraine drug help the company overcome its headaches?

first_img Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED Pharmalot Log In | Learn More By Ed Silverman Sept. 17, 2018 Reprints What’s included? What is it? About the Author Reprints STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. GET STARTEDcenter_img [email protected] After a three-month delay, Teva Pharmaceutical (TEVA) finally won U.S. regulatory approval to sell its new preventive migraine treatment, which the company is counting on to help turn around its fortunes. The move cheered investors, since the Teva drug, which is called Ajovy, is a new type of medicine called a CGRP inhibitor that studies indicate can appreciably reduce the frequency at which migraines appear.Teva stock, in fact, was up around 5 percent in early trading on Monday, reflecting optimism that the migraine treatment can help the drug maker overcome three problems: generic competition to its Copaxone brand-name multiple sclerosis drug, which has been a big seller; pricing pressure on its all-important generic business; and a $28 billion debt load. Tags drug developmentpharmaceuticalsSTAT+ Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. Will Teva’s newly approved migraine drug help the company overcome its headaches? Tsafrir Abayov/AP @Pharmalot Ed Silvermanlast_img read more

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Pfizer’s big data exec on pharma’s ‘arms race’ to partner with companies like Fitbit, 23AndMe, and others

first_imgHealth Tech Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED By Megan Thielking Jan. 21, 2020 Reprints News Editor Pfizer’s big data exec on pharma’s ‘arms race’ to partner with companies like Fitbit, 23AndMe, and others Megan Thielking Pharmaceutical giants are hunting for ways to tap into the data from your smart watch, your sleep tracker, and your genetic tests.Drug makers see that information — part of what’s known as real-world evidence — as a powerful tool to help them hunt for new drug targets and design more efficient clinical trials. And they’re racing to outbid one another for the most desirable data. Fitbit has a partnership with Pfizer. Dave Kotinsky/Getty Images @meggophone GET STARTEDcenter_img What’s included? Log In | Learn More About the Author Reprints Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. What is it? [email protected] STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Tags Health ITmedical technologypharmaceuticalslast_img read more

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Pharmalittle: Early data suggests Gilead Covid-19 drug works; did FDA drop standards too far in hunt for chloroquine?

first_img Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. Tags pharmalittleSTAT+ By Ed Silverman April 17, 2020 Reprints Alex Hogan/STAT About the Author Reprints [email protected] Ed Silverman GET STARTED STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Pharmalot center_img What is it? What’s included? Log In | Learn More And so, another working week will soon draw to a close. Not a moment too soon, yes? After all, this has been another stressful and chaotic few days. Usually, we take this opportunity to daydream about weekend plans, but our agenda will be rather limited because we plan to work a wee bit more. That said, we do plan to promenade, when possible, with our new official mascot around the neighborhood. And what about you? This may be a good time to peek inside your pantry and take an inventory. You could tune out the world and read a book or binge-watch something on the telly. Or you could reach out to someone who is feeling especially isolated these days. Well, whatever you do, make the best of it. But be safe. See you soon.A Chicago hospital treating severe Covid-19 patients with remdesivir, the Gilead Sciences (GILD) antiviral, in a clinical trial is seeing rapid recoveries in fever and respiratory symptoms, with nearly all patients discharged in less than a week, STAT has learned. The trial recruited 125 people with Covid-19 into Gilead’s two Phase 3 clinical trials. Of those, 113 had severe disease. “The best news is that most of our patients have already been discharged, which is great. We’ve only had two patients perish,” said Kathleen Mullane of the University of Chicago. @Pharmalot Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED Pharmalittle: Early data suggests Gilead Covid-19 drug works; did FDA drop standards too far in hunt for chloroquine? last_img read more

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Marco Island prioritizes age, zip code with new COVID vaccine registration process

first_imgRELATEDTOPICS AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments Cape Coral doctor offers medical marijuana discount as COVID-19 vaccine incentive June 11, 2021 Lee County COVID-19 vaccine site moving to North Fort Myers this month June 13, 2021 Mobile pediatric vaccination clinic happening in Cape Coral Friday June 11, 2021 AdvertisementTags: covid-19 vaccine MARCO ISLAND, Fla. – The City of Marco Island will begin assigning COVID-19 vaccine appointments based on age and zip code, officials announced Tuesday. The city said the new registration page will remain open for full-time and seasonal residents who are ages 65 and older. Out of those eligible for the vaccine, older residents will receive priority. Zip code information will be used to prove residency. How City of Marco Island residents can register for a COVID-19 vaccine:Full time and seasonal residents of Marco Island who are 65 and older can register at any time here. This link will also be shared on the city website and city social media. The link will remain open as this is not a first-come, first-served system.Once the online form is completed, residents will receive an email confirming that they are registered for a COVID-19 vaccine on Marco Island and on the waiting list. This is not a guarantee of a vaccination appointment.Registrants will then be prioritized for vaccination appointments when allocations are received based on Marco Island zip code and age, and will receive an email with the appointment time, date, and location.Those who do not receive an appointment slot each week will remain on the registration list for future vaccine events with no further action required.Officials said the number of vaccine appointments will vary from week to week depending on the allocation the city receives from Collier County EMS. center_img Mobile pediatric clinic provides COVID vaccines for children 12+ June 15, 2021 AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 comments AdvertisementThe City of Marco Island typically only receives a few hundred vaccines each week, but they anticipate thousands of residents will register with the new system. With that in mind, the city is encouraging residents to continue seeking other vaccine appointment opportunities in addition to Marco Island registration. Advertisement Advertisementlast_img read more

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The story behind the move of North Korea’s Naval Command

first_imgThis article is part of a series written by Daily NK journalist Kim Jeong Hun entitled “North Korea’s Secret Stories.” In the early 2000s, members of the North Korean Naval Command’s 572nd Regiment and their families were suddenly forced to move to the former site of the Lee Jae Sun Military Academy outside of Pyongyang, which itself had been relocated to Chagang Province. The changes were reportedly enacted due to comments made by Kim Jong Il during his on-the-spot guidance of the Reconnaissance Bureau.The North Korean Naval Command encompasses the East and West Sea Fleets and plays a similar role to that of the navy’s general staff department. Therefore, its previous, prominent location in the Seopo-3 neighborhood of the Hyungjaesan District on the outskirts of Pyongyang allowed for convenient transportation downtown.According to a Daily NK source inside North Korea, the location was chosen by Kim Il Sung himself and became a point of pride as an “immutable site” within the North Korean navy.However, with Kim Jong Il’s new directive, such sentiment quickly evaporated. During on-the-spot guidance of the Reconnaissance Bureau, now known as the Reconnaissance General Bureau, Kim asked its director to choose a new location for the Bureau closer to the party’s headquarters and the United Front Department.The director suggested that the Naval Command site would be a good given its location, and Kim Jong Il readily agreed. Kim appeared to have a strong desire to have the Reconnaissance Bureau—in charge of espionage operations in South Korea—near him.Kim delivered direct orders for the Naval Command to be relocated to the site of the Lee Jae Sun Military Academy and for the Reconnaissance Bureau to be relocated, in turn, to the site of the Naval Command. The move of the two organizations took place over the period of a year from 2001 to 2002. With these orders, personnel of both organizations were forced to move with their families for a second time.The move began with the Naval Command relocating to the site of the Lee Jae Sun Military Academy. Naturally, the operation was conducted covertly at night rather than during the day in order to prevent residents from learning about the move and to avoid being observed by enemy satellites.North Korean military authorities reportedly mobilized a special police squad of the People’s Army to assist in the relocation of the Naval Command. Here, “special police squad” refers to a task force that utilizes military light utility vehicles, typically indicated by a red five-cornered star inside a red circle before the license plate number.In spite of this special treatment from Kim Jong Il, the overall demeanor of the Naval Command’s leaders and their families on the first day of the move was miserable. This was because they ostensibly felt “cast out to the outskirts of town.”The backlash from the wives was particularly pronounced. Since most of the women were members of the elite, they regarded the move as a blow to their pride.The wives said that they were very upset about having to move such a long way to Hyungjaesan District after living in downtown Pyongyang and questioned how they could be told to move even farther to Ryongsong District. After the women communicated their disapproval, their husbands were compelled to commute rather than moving their families outright. As a result, Hyungjaesan District’s Seopo commuter buses reportedly remain running to this day.However, there was still conflict between the members of the Naval Command who did not relocate and the Reconnaissance Bureau, which did.The Reconnaissance Bureau personnel primarily took issue with the lack of housing on base. They even engaged in personal attacks, claiming that there is “a problem with the Navy’s attitude regarding the enforcement of the General’s [Kim Jong Il] orders,” and furthermore, they labelled the Naval Command “incompetents lacking the ability to conduct real combat.”The naval personnel also took a tough stance. They reportedly visited the Reconnaissance Bureau, which had slandered them, and instigated a fistfight. In the end, the violence only abated after the political and security sections of the two units intervened. Afterwards, the Reconnaissance Bureau reportedly stated that they “sympathize with the Naval Command’s feelings regarding being forced out to a rural area” and proceeded to request an expansion of housing options.After the completion of the move and calming of tensions, Kim Jong Il reportedly visited members of the Naval Command on May 1, 2002 and provided “consolation” by taking a commemorative photo.*Translated by Serena GregoryPlease direct any comments or questions about this article to [email protected] in Korean North Korea hikes “party contributions” Russia-based workers must pay by 30-55% Hamhung man arrested for corruption while working at a state-run department store AvatarKim Jeong Hun RELATED ARTICLESMORE FROM AUTHOR TAGSmilitarysoldiersnavy SHARE News center_img News North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) News Facebook Twitterlast_img read more

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Alberta man agrees to trading ban in insider trading settlement

IE Staff ASIC ready to make deals with devils SEC alleges man sold insider trading tips on dark web Facebook LinkedIn Twitter Related news FINRA bans analyst for insider trading The Alberta Securities Commission (ASC) has concluded a settlement with DeWinton, Alta. resident Edward Twanow regarding allegations of illegal insider trading in Berens Energy Ltd. shares. Under the settlement agreement, Twanow has agreed to a permanent ban on trading in or purchasing of securities and exchange contracts, and to pay the ASC $20,500 plus $3,000 in costs. Share this article and your comments with peers on social media In the settlement agreement, Twanow acknowledged he purchased 20,000 shares of Berens Energy on Dec. 23, 2009, following a discussion he had with his son, James Twanow. In that discussion, James Twanow, an engineering consultant at PetroBakken Energy Ltd., informed his father that he had been put on a non-routine blackout list at PetroBakken in connection with a transaction with Berens Energy. On Jan. 5, 2010, the day after the PetroBakken/Berens Energy deal was announced to the public, Edward Twanow sold all 20,000 Berens Energy shares for a profit of $10,600. Keywords Insider tradingCompanies Alberta Securities Commission read more

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CIBC to acquire private wealth business of MFS McLean Budden

MFS McLean Budden’s Private Wealth business manages approximately $1.4 billion in assets for high-net-worth individuals and families, endowments and foundations. “This opportunity aligns with CIBC Wealth Management’s strategic priority to strengthen relationships with high-net-worth clients and enhance distribution capabilities while delivering attractive returns,” said Victor Dodig, senior executive vice president, CIBC, and group head, wealth management. The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter. Keywords High net-worth clientsCompanies CIBC, MFS Investment Management Canada Former RBC DS portfolio manager to helm new family office Facebook LinkedIn Twitter CIBC (TSX: CM) said Tuesday its wealth division will acquire Montreal-based MFS McLean Budden’s private wealth business. Terms of the deal were not disclosed. CIBC says the transaction further solidifies its position as one of Canada’s fastest-growing investment managers. BMO’s adviceDirect launches premium service CI launches new private markets product for HNW clients IE Staff Related news Share this article and your comments with peers on social media read more

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Fee disclosure not enough for less confident investors

first_img Share this article and your comments with peers on social media TD Waterhouse fined $4 million for ignoring CRM2 Related news First enforcement, now an exemption The study, Investor Readiness for Better Investing, which was published Monday, examines the initial impact of the cost and compensation reports that are now required under phase two of the Client Relationship Model (CRM2) reforms. Among other things, the study finds that “more confident investors” — who tend to be men over 55, with larger investment portfolios, larger incomes, who say they read their account statements — report following through on their intentions to communicate more with their advisor, change their fee arrangement, change the mix of products in their portfolios, or change their advisor or firm. Conversely, “less confident investors” who received the reports knew more about the fees they are paying but did not follow through with actions such as increasing communication, altering their investing arrangements, or changing advisors. Although investors increased their knowledge of investment fees in the wake of the new CRM2 reports, this increase “is not enough to close knowledge gaps between more confident and less confident investors,” the study adds. The survey also finds that trust in advisors “remained high overall,” with 83% of respondents describing their trust as “very or somewhat strong”. Investors also remained generally satisfied with their relationships with advisors, the study says, “although satisfaction with value for fees ranked behind relationship and investment performance.” Satisfaction with fees increased among less confident investors by five percentage points, according to the study, and decreased by nine points among more confident investors. However, the more confident investors remain more satisfied with the value they receive than less confident investors (77% to 60%). For investors who report not receiving their new CRM2 statements, trust in advisors dropped 10 percentage points, from 83% to 73%, according to the study. These investors also report a 15-point decline in satisfaction with the overall advisor relationship, and a 20-point decline in their satisfaction with advisor communication. “CRM2 provides a great opportunity to strengthen the client-advisor relationship,” says Peter Brady, executive director, BCSC, in a news release. “Advisors should take the opportunity to help their clients be more aware of the new reports and help them understand the impact of fees on investments. Having a greater understanding of fees and investment performance benefits both parties.” “This initial research on CRM2 shows that change in investor knowledge and behaviour has started, but we still have a long way to go. We want more investors to feel empowered and have important conversations with their advisors about their financial futures,” adds Brady. “We plan to continue our educational campaigns started last year that encourage investors to ‘Take a Look’ at their CRM2 reports.” The research was conducted for the BCSC by Innovative Research Group Inc. using an online survey from Nov. 2016 to June 2017. The survey did not use a random probability based sample, so a margin of error for its results cannot be calculated. The Canadian Securities Administrators is also conducting a longer-term study on the impact of the CRM2 reforms, the BCSC notes, which is to be completed by 2021. Photo copyright: sifotography/123RF IFIC campaign encourages investors to open their statements Facebook LinkedIn Twitter New disclosure on the costs of investing is helping prompt action from already-confident investors but less-confident investors are not following through with action, despite being better informed, according to a study commissioned by the British Columbia Securities Commission (BCSC). Keywords Client relationship modelCompanies British Columbia Securities Commission James Langton CRM2 fee disclosures fail to enlighten, empower investors: reportlast_img read more

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SMC response to government’s plan for 2021 exams and catch-up

first_imgSMC response to government’s plan for 2021 exams and catch-up Sammy Wright, Social Mobility Commissioner Lead for Schools and Higher Education, said:“This week the government is taking the first tentative steps towards addressing the educational impact of coronavirus on schools and colleges, but there is a lot more that needs to be done. COVID-19 has exacerbated the existing inequalities, and disadvantaged students will continue to fall behind without more sustained support.”Addressing unconscious bias when teachers grade exams“We welcome the fact that students will receive grades that have been awarded and determined by their teachers, with pupils only assessed on what they have been taught in 2021. Nonetheless the detail is important: we must address potential unconscious bias to fairly mediate the impact on disadvantaged students.“We hope that the range of evidence the Department for Education called upon, and the freedom given to teachers, indicates a willingness to think of grades as an indicator rather than a decider of ability and potential. This is vital in allowing fair progression to the next stage of education.“The absence of an algorithm to standardise grades is understandable after last year’s debacle. It was badly designed. But algorithm is an important way to ensure fairness. In having nothing this year, we have no check on the overall distribution of grades, which could hurt disadvantaged students the most. This makes it even more important to mitigate potential negative impacts on progression by providing extra support for pupils aged 16-19.”Summer schools are not the only solution to help catch-up“The catch-up programme is a good start for supporting students and bridging inequalities. Summer schools could be valuable too. We call on the government to ensure that the summer schools create active, enriching, social experiences to re-engage young people with education and help them aspire to a brighter future.“But we counsel against thinking that summer schools are the only solution and will continue to ask the government to:Initially prioritise those in 16-19 education, who are at critical transition moments in lifeIntroduce a 16-19 Student Premium, which allows schools to invest in both whole-school and targeted interventions for disadvantaged learnersProvide interventions for disadvantaged learnersIncrease funding for teaching time that can be delivered during the regular scheduleProvide additional maintenance grants to those entering HR or higher technical qualifications, who need more time to complete their degree.” /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Algorithm, Commissioner, coronavirus, covid-19, disadvantaged, education, exams, future, Government, Impact, mobility, students, UK, UK Governmentlast_img read more

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