Shumlin ‘humbled and grateful’ wins governor’s race

first_imgRELATED:  Dubie concedes governor’s race to Shumlin Shumlin Interview http://vermontbiz.com/video/october-2010-interview-peter-shumlin-part-ihttp://vermontbiz.com/video/october-2010-interview-peter-shumlin-part-ii Senate President Peter Shumlin, a Democrat from Putney, was elected governor by a narrow margin after a long, expensive and occasionally contentious race against the Republican Lieutenant Governor Brian Dubie of Essex.‘I am extraordinarily humbled and grateful,’ Shumlin told supporters at a rally just after noon in Burlington. ‘We have hard work to do.’Dubie called Shumlin around 9:30 this morning to concede the race.‘I am so grateful to the thousands of Vermonters who supported this campaign,’ Dubie said in a statement this morning. ‘We had a tremendous outpouring of support in every corner of this state and hundreds of volunteers who worked tirelessly to share my vision of creating more opportunities for Vermonters. I want to encourage all of them to continue to be active participants in our democracy and work toward making this great state of ours an even better state. This was an extremely close race. Voters have made their choice, and it is now time for all of us to unite as Vermonters and work together to move forward.’Shumlin said, ‘I want to thank Brian Dubie for his graciousness, for his extraordinary service to this state as lieutenant governor, and for his commitment to Vermonters. I was his friend before this campaign, we’ll be friends going forward, and I thank Brian for his service to the state.’He also thanked his ‘home grown’ campaign manager Alexandra MacLean, who outside the candidate himself received the loudest cheers, and also thanked Vermont’s congressional delegation, Senators Patrick Leahy and Bernie Sanders, and Representative Peter Welch who campaigned with him in the final weeks of the race.‘But mostly I want to thank the people of this great state,’ Shumlin said, ‘who invited us into their living rooms, who talked to us on Main Street, who met us across this state and talked about their dreams and their vision for a better future. Those are the folks that I promise I will work for every single day. We do not care if you are a Democrat, a Republican, an Independent, a Progressive or any of the above. I have worked hard all my life to get tough things done. We have tough things to do and today we begin that for every single Vermonter, every single day to make your future better. That struggle starts today. ‘That challenge will begin almost immediately as Shumlin must present a balanced budget to the Legislature in January. Economists project that the state budget is facing a $100 million shortfall in revenues.In a campaign in which the term ‘ethically challenged’ became a catch phrase and $3.5 million was spent, Shumlin edged Dubie by less than 4,000 votes with nearly all the votes counted. Shumlin had survived a five-way primary last summer that was so close that runner-up state Senator Doug Racine called for a recount.WCAX-TV is reporting on its Web site (www.wcax.com(link is external)) that with 97.5 percent of the vote tallied, its unofficial total had Shumlin with 116,568 (49 percent) and Dubie at 112,787 (48 percent). The Secretary of State’s office must ratify the totals and will present the official results by next Tuesday. The five other minor party candidates in the race had a total of 6,333 votes.If no candidate gets 50 percent of the vote, the Vermont constitution essentially considers that no election has taken place and the race then goes to the Legislature with each member, House and Senate, casting his vote by secret ballot. Dubie said before the election that regardless of the outcome he would stand by the voter totals if they favored Shumlin and concede even if there were no majority. By tradition, that has been the case and it was the stance that then Lieutenant Governor Doug Racine took when he lost to Jim Douglas in 2002. In any case, the Legislature, based on the Tuesday results, will remain heavily Democratic in both chambers.Source: WCAX. Vermont Business Magazine. 11.3.2010PHOTOS: Top, Peter Shumlin campaigns in Williston Tuesday afternoon. Bottom, Lieutenant Governor Brian Dubie. Q&A: Peter Shumlin Peter Shumlin wins Democratic primary | Vermont Business Magazinelast_img read more

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Market

first_imgAlgeria: SNTF is negotiating to buy signalling equipment for 33 stations between El Affroun and Oued Tlelat from Siemens Austria for Sch1bn.Australia: Queensland Rail has awarded two contracts worth A$217 to Walkers-Adtranz Pty Ltd for 90 EMU cars for Brisbane. Westrail has ordered 10 EMU cars from Walkers-Adtranz for the Perth suburban network at a cost of A$32·8m. Victoria’s Ministry of Transport has let contracts worth A$10m for upgrading the Flemington Bridge – Upfield route. GEC Alsthom is to provide new signalling, with Adtranz upgrading overhead electrification and John Holland Construction doubling 2 km from Fawkner to Gowrie. Belgium: SNCB has ordered 55000 prestressed concrete sleepers from British supplier Tarmac Precast Concrete.Bolivia: Empresa Ferroviaria Oriental has called tenders for supply of 200 boxcars, 200 hoppers, 75 flat and 45 open wagons. Brazil: MRS Logística has selected Iochpe-Maxion to refurbish 800 wagons with options for another 1200 .Canada: CN and CP have jointly invited tenders for repair and overhaul of train control and communications equipment.CN has awarded a seven-year resleepering contract to Fairmont Tamper, covering the supply of materials and equipment and the management of CN work crews.France: SAB is to supply brakes, pneumatic controls, resilient wheels, doors and couplings for 20 Eurotrams being built for Strasbourg by Adtranz.Germany: DB has taken delivery of the first of 500 wagons from DWA’s Niesky works for transport of china clay to Italy.Great Britain: Tiphook Rail has ordered 35 pocket wagons from Transtech of Finland to carry 9ft 6in high containers. Railtrack is inviting tenders by August 26 for four-year track renewal contracts worth a total of up to £1bn.Railtrack has awarded a £40m contract to Tarmac for resignalling at Manchester Victoria. Solid-state interlockings will be supplied by GEC Alsthom Signalling.Hungary: MAV-Adtranz Dunakesi wagon works has started assembly of 15 type Z1 coaches as part of a MAV order for 50 from DWA funded by a German credit.Israel: IR has ordered five IC3 Flexliner DMUs from Adtranz for DKr160m; they will be assembled by Ramta at Beer Sheva.New Zealand: Tranz Rail has purchased 17 diesel locos from QR; eight will be used to haul milk trains for Kiwi Dairy.Russia: RZD has ordered track maintenance machines from MTH Praha of the Czech Republic for KC1·77bn, including 60 ballast cleaners and 50 brush cutters. Work will be shared with PRMZ Kaluga.Switzerland: Alusuisse has a contract to develop the bodyshell and interior design for Germany’s Transrapid 08 test vehicle.Turkey: TCDD has ordered 40000 tonnes of rail from Czech manufacturer Trinecké Zelezlast_img read more

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Icelandic pension funds shift sharply into direct mortgage investment

first_imgIceland’s pension funds have expanded their investment in domestic mortgage debt sharply since the beginning of this year, as the state mortgage provider retreats from the sector.Multi-employer pension fund Frjalsi, for example, has increased its mortgage debt investment to around 5% of its €1.4bn in total assets in September, from 2% in the first two months of this year.Pension funds have traditionally offered top-up mortgages to their members but say they are now increasing this business mainly as a result of demand for mortgages increasing in the country.The pension funds said the Housing Financing Fund (HFF), an independent government institution that has traditionally been the main provider of mortgage loans in Iceland, has been reducing its mortgage lending in recent years. Marinó Örn Tryggvason, CIO at Frjalsi Pension Fund, told IPE: “Pension funds have been gaining market share both at the cost of the banks and the government’s HFF.”Late last year and early this year, he said, some of the pension funds changed their mortgage pricing strategies because they wanted to try out this market.He said the HFF’s shrinking share of the mortgage market may be because it had priced itself out of the market.But some see this retreat as a political move to reduce government-backed financing in the Icelandic economy, which could fall foul of EU rules on state aid.Iceland belongs to the European Free Trade Association (EFTA), but its position regarding accession to the EU is contentious, with the country having applied for membership in 2009, and put negotiations on hold in 2013.A general election is expected to take place on 29 October following anti-government protests earlier this year after the then prime minister Sigmundur Davíð Gunnlaugsson was caught up in the Panama Papers scandal.Kristjana Sigurðardóttir, CIO at Almenni Pension Fund, told IPE: “Mortgages for pension members has been increasing in the past few years, and this year, it has more than doubled at Almenni.”Traditionally, individuals in Iceland have been granted the vast majority of their mortgage loans by the HFF and have only topped this up by a small proportion from their pension funds, if at all, she said.“But now the pension funds have been stepping deeper into that market,” she said.“The banks are unhappy pension funds have been making such big inroads into the mortgage market and have taken this issue up with the regulator.”She said the regulator would be unlikely to restrict pension funds in this market, as that would reduce consumer choice.The HFF’s mortgage lending activity has decreased in tandem with its bond issuance.Pension funds have been one of the main buyers of HFF bonds, so the disappearance of these instruments has been part of reason the savings institutions have been seeking other forms of fixed income investment.Tryggvason said HFF bonds had previously made up the lion’s share of pension funds’ fixed income investments.He predicted the general shift of mortgage lending to pension funds would probably continue.“For Frjalsi, our exposure is very likely to go up to more than 10% next year,” he said.As investments, direct mortgage lending generates higher returns than Icelandic government bonds, being priced at approximately 1 percentage point above yields on government notes.But it is also considered a safe investment, since the average loan-to-value allowed on the home loans is between 50% and 65%, Tryggvason says.last_img read more

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Trial in death of former ISU golfer moved to Winneshiek County

first_imgNEVADA — The trial of the man accused of stabbing a former Iowa State University golfer to death on a local course in Ames has been moved to northeast Iowa.The judge agreed publicity in Story County could impact the first-degree murder trial of 22-year-old Collin Richards in the death of Celia Barquin Arozamena — and agreed to move it to Winneshiek County. Richards is homeless and allegedly stabbed Arozemana several times September 17th on the golf course in Ames across from Jack Trice Stadium.The trial date has been set for September 10th. He remains in jail on a five million dollar bond.last_img

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