Mount Snow Completes Sale of Haystack

first_imgMount Snow Completes Sale of HaystackMOUNT SNOW, VERMONT – June 30, 2005 – Mount Snow Ltd. has announced thatit has completed the sale of Haystack Ski Resort in Wilmington, Vermont toagroup of local businesspersons known collectively as Tyringham Ridge.This is great news for community residents and businesses, said StanHansen, President and Managing Director of Mount Snow Ltd. Were hopingthat this investment triggers further investment within our Valley.Entered into on March 30, the Purchase and Sale Agreement provided for a$5,000,000 purchase price and included a two year right of first refusaloncertain non-operational lands owned by Mount Snow.This transaction allows us to fully concentrate our efforts on MountSnow,while encouraging Haystack to realize its full potential, commentedHansen.The synergy were working towards achieving is exciting.Under the terms of the agreement, Mount Snow Ltd. will continue to drawwater from sources at Haystack.Proceeds to Mount Snow Ltd. and American Skiing Company from the sale ofHaystack are expected to be used for additional liquidity, to fundcapitalexpenditures and reduce senior debt, each as permitted under AmericanSkiingCompanys senior credit facilities.###last_img read more

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The FFIEC’s take on mobile financial services

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr I hope everyone had a wonderful Thanksgiving holiday! For me, the passing of Thanksgiving means its finally late enough in the year to start planning out the next year. Over the next few weeks, countless hours will be spent reading reviews for the best 2021 planners and diligently mapping out all the events, personal and professional goals and due dates already on my calendar for next year as well as completing my annual budgeting project. For all those out there who are not overly zealous planners, that’s okay, I accept you as you are. But, for those like me, you may also be gearing up for next year already.As we have all experienced the changes this year has brought, thinking about how to expand mobile and digital offerings at your credit union may be on the 2021 to-do list. So, today’s post covers the FFIEC’s guidance on mobile financial services. While there is nothing new to report, it can be a helpful refresher as you think about these services and how your credit union is implementing them.The FFIEC’s discussion on mobile financial services can be found in Appendix E of the Retail Payments Systems booklet. Mobile financial services (MFS) include any services offered through a mobile device and include four main types of services: text messages, mobile-enable web sites, apps and wireless payment technologies (such as tap to pay or person-to-person transfers). When considering MFS offerings, the guidance identifies four key risks along with ways credit unions may be able to mitigate these risks. This is placeholder text continue reading »center_img This post is currently collecting data…last_img read more

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Russia becomes first country to approve a COVID-19 vaccine, says Putin

first_imgPresident Vladimir Putin said on Tuesday that Russia had become the first country in the world to grant regulatory approval to a COVID-19 vaccine after less than two months of human testing, a move hailed by Moscow as evidence of its scientific prowess.The vaccine still has to complete final trials, raising concerns among some experts at the speed of its approval, but the Russian business conglomerate Sistema has said it expects to put it into mass production by the end of the year.Russian health workers treating COVID-19 patients will be offered the chance of volunteering to be vaccinated in the coming weeks, a source told Reuters last month. Speaking at a government meeting on state television, Putin dismissed those concerns, saying the vaccine, developed by Moscow’s Gamaleya Institute, was safe and that it had even been administered to one of his daughters.”I know that it works quite effectively, forms strong immunity, and I repeat, it has passed all the needed checks,” said Putin.He said he hoped mass production would start soon.Phase III trialThe vaccine’s approval by the health ministry comes before the start of a larger trial involving thousands of participants, commonly known as a Phase III trial.Such trials, which require a certain rate of participants catching the virus to observe the vaccine’s effect, are normally considered essential precursors for a vaccine to receive regulatory approval.The Moscow-based Association of Clinical Trials Organizations (ACTO), a trade body representing the world’s top drugmakers in Russia this week urged the health ministry to postpone approval until that final trial had been successfully completed.In a letter to the ministry, it said there were high risks associated with registering a drug before that happened.”It is during this phase that the main evidence of a vaccine’s efficacy is collected, as well as information on adverse reactions that could appear in certain groups of patients: people with weakened immunity, people with concomitant diseases and so forth,” it said.Some international experts have also questioned the speed at which Russia approved its vaccine.”Normally you need a large number of people to be tested before you approve a vaccine,” said Peter Kremsner from the University Hospital in Tuebingen, currently testing CureVac’s COVID-19 vaccine in clinical trials.”In that respect, I think it’s reckless to do that [approve it] if lots of people haven’t already been tested.”Duncan Matthews, a professor of intellectual property law at Queen Mary University of London, said news of a potential COVID-19 vaccine was to be welcomed, “but safety must be the priority”.”The US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have fast-track approval procedures for emergency humanitarian use and we need to see evidence that Russia is adopting an equally prudent approach,” Matthews said in an emailed comment.More than 100 possible vaccines are being developed around the world to try to stop the COVID-19 pandemic. At least four are in final Phase III human trials, according to WHO data. Topics :center_img Regulatory approval paves the way for the mass inoculation of the Russian population and authorities hope it will allow the economy, which has been battered by fallout from the virus, to return to full capacity.Kirill Dmitriev, head of Russia’s sovereign wealth fund, hailed the development as a historic “Sputnik moment”, comparable to the Soviet Union’s 1957 launch of Sputnik 1, the world’s first satellite.The vaccine will be marketed under the name ‘Sputnik V’ on foreign markets, he said. State media have trumpeted the news.But the speed at which Russia has moved, approving a vaccine before the final stages of clinical trials to test safety and efficacy are over, has worried some scientists, who fear Moscow may be putting national prestige before safety.last_img read more

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General Electric mulls launch of cross-border IORP

first_imgExxonMobil was also considering a move to Belgium.Den Bakker said the Dutch sponsor and employee representatives were now considering future options for the Dutch fund, which has €290m in assets.She added that the sponsor was awaiting a decision from employee representatives, and that, once their stance became clear, the fund’s future would be evaluated.The move comes after the Dutch fund suffered a decline in membership – nearly halving from 1,034 at the end of 2013 to around 650 – after GE sold off part of its Dutch business and moved production out of the country.Plans to transfer the pension benefits of employees at GE Artesia Bank, a provider of trade finance, to the main GE scheme were abandoned after they proved infeasible, Den Bakker said.GE Artesia Bank was recently revealed as one of the firms discussing the launch of a new ‘general pension fund’, or APF, covering companies within the financial sector.GE Pensioenfonds had close to 2,000 members at the end of 2014.As of late June, its policy coverage ratio stood at 105.6%.GE declined to comment when approached by IPE sister publication Pensioen Pro. General Electric is considering the launch of a cross-border pension fund based in Belgium.The plans, mentioned in the Dutch GE Pensioenfonds 2014 annual report, could see future accrual for several European countries shift to a Belgium-domiciled vehicle, according to pension fund chair Yvonne den Bakker.GE is the latest company to consider the launch of a cross-border fund for its Dutch scheme.Aon Netherlands recently angered employees after deciding to establish a vehicle in Brussels despite its workers’ council still debating the move.last_img read more

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Florida Unemployment Claims Begin to Increase After Weeks of Decline

first_imgFlorida saw a slight increase in first-time jobless claims last week, as the U.S. Department of Labor on Thursday reported 1.48 million initial unemployment claims were filed nationwide.Our state had an estimated 93,394 claims during the week that ended June 20. That was up from 88,148 the previous week, as the second phase of Gov. Ron DeSantis’ reopening effort slows down amid an increase in coronavirus cases.The state Department of Economic Opportunity announced last Friday that the state’s May unemployment rate was 14.5 percent, which represents 1.412 million Floridians out of work from a labor force of almost 9.71 million. A June rate will be announced July 17.Florida’s 93,394 claims are behind only the 287,354 posted in California and the 124,283 in Georgia.Meanwhile, New York had 90,186 claims, while Texas recorded 89,241. The numbers for Georgia, New York and Texas were all lower than in the previous week.The unemployment increase in Florida followed two weeks of declining first-time claims. Since March 15, when the coronavirus pandemic began affecting the state, more than 2.64 million jobless applications have been filed, according to the Department of Economic Opportunity.See today’s press release for the latest numbers on #ReemploymentAssistance & information regarding benefits available through the CARES Act: https://t.co/DgVrLuouBQ pic.twitter.com/THl6fTTftu— Florida DEO (@FLDEO) June 24, 2020 The Department of Economic Opportunity had paid out $7.29 billion in Florida and federal benefits, of which $1.8 billion was state money.DeSantis has indicated he plans to continue moving forward with reopening efforts. Rather than implementing a statewide mask requirement, he asked younger Floridians this week “to do your part” by following health recommendations regarding social distancing, hand cleaning and mask wearing.However, the governor added that he also understood the desire of younger Floridians to go out after being at home for weeks.“People naturally want to do things,” DeSantis said. “If I was 25, I’d be probably with them. I mean that’s just realistic. I can sit here and try to act like I wouldn’t, but I remember what it was like then.”He has also pushed for the resumption of professional sports in Florida.last_img read more

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