McConnell and Pelosi push for relief bill

first_imgSpeaker of the House Nancy Pelosi and Senate Majority Leader Mitch McConnell.Reuters The two most powerful people in Congress — at least for the next two months — renewed their calls for coronavirus stimulus on Friday.A relief deal could prove just as difficult to reach as it did before Election Day.Senate Majority Leader Mitch McConnell, R-Ky., again called for a targeted aid package. In Kentucky, he argued a better than expected October jobs report that saw the U.S. unemployment rate fall to 6.9% reduces the need for a sweeping stimulus bill.- Advertisement – Areas of disagreement between the parties included state and local government aid, enhanced unemployment insurance and liability protections for businesses.Democrats will keep control of the House next Congress, though they will likely lose seats, according to NBC News. Pelosi is expected to serve as speaker for at least one more term.McConnell said earlier this week that he hopes to pass more relief money before the end of the year. How the results of the presidential election will shape President Donald Trump‘s desire to approve a bill during the lame duck session remains to be seen.Though key unresolved states are too close to call in the presidential election, Democrat Joe Biden narrowly leads Trump in Pennsylvania, Georgia, Arizona and Nevada, according to NBC News. Rep. Frank Pallone, D-N.J., appeared with Pelosi on Friday and suggested a Biden presidency would give Democrats more leverage in aid talks.Economists and policymakers, including Federal Reserve Chair Jerome Powell, have warned the economic recovery could lose steam if Congress does not pass more fiscal stimulus. Policies buoying those still unemployed, including supplemental jobless benefits and a federal moratorium on evictions, expired earlier this year.Suspension of federal student loan interest will expire at the end of the year. “I think it reinforces the argument that I’ve been making for the last few months, that something smaller – rather than throwing another $3 trillion at this issue – is more appropriate,” he told reporters, according to Reuters. McConnell noted that he will not necessarily lead the Senate in January: NBC News projects both Republicans and Democrats will hold at least 48 seats, with four races unsettled.Meanwhile, House Speaker Nancy Pelosi called for Republicans to restart aid talks that fell apart before the 2020 election. She told reporters that the “imperative to act could not be greater” after the U.S. posted a record of more than 120,000 new Covid-19 infections on Thursday.Still, she said a narrow bill “doesn’t appeal to me at all.” The chambers of Congress failed to find common ground on relief before the election, as Senate Republicans tried to pass a $500 billion aid bill and House Democrats approved a $2.2 trillion package.- Advertisement –center_img – Advertisement – – Advertisement –last_img read more

Fare folly

first_img 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Raising fares undermines the very purpose of mass transit in L.A. – keeping commuters out of their cars. The MTA needs to find ways to make its operations more efficient, not to make its services more costly. And that undoubtedly means shelving outrageously costly pipe dreams like the subway to the sea while concentrating on cost-effective measures to make our lives better now. THE Metropolitan Transportation Authority is looking at a $104 million budget deficit next year, but that’s no reason to go ahead with plans to radically increase bus and subway fares. The sad truth about public transit in Los Angeles is that most of those who use it do so only because they have no other choice. Southern California is too spread out, and transit options are too limited, for trains or buses to be a very efficient means of transportation for many. The one thing the MTA has going for it is that it is, relatively speaking, cheap. But if the MTA goes ahead with plans to increase individual fares by 60 percent, or quintuple the price of a senior pass, it will only scare away many of its passengers. For some, transit will simply become unaffordable; for others, it will provide too little incentive not to drive one’s own car. When the Riverside Transit Agency, for example, raised its rates by 25 percent in 2005, the number of its passengers dropped 11 percent. A comparable drop in L.A. would wreak havoc on our already congested roads and freeways. last_img read more

THAI Holds Annual General Shareholders Meeting 2018

first_imgTHAI Holds Annual General Shareholders’ Meeting 2018THAI Holds Annual General Shareholders’ Meeting 2018Yesterday (26 April 2017, 13.30 hours), Air Force Convention Hall – Air Chief Marshal Treetod Sonjance, Acting Chairman of the Board of Directors, Thai Airways International Public Company Limited (THAI), presided over the Company’s Annual General Shareholders’ Meeting 2018, with the attendance of THAI’s Board of Directors, THAI Management and shareholders, covering the following agenda:1. Operating Results 2017At THAI’s Annual General Shareholders’ Meeting 2018, the operating results for 2017 (January-December 2017) were acknowledged. THAI and its subsidiaries announced their results for 2017 with an operating profit of THB 2,856 million (29.8% lower than the same period last year) due to 24.2% increase in jet fuel prices, while average passenger yield decreased by 7.7% due to the heavier competition and the reduction of fuel surcharge even through average cabin factor was higher than last year. After deduction of one-time expense which was mainly from the impairment of assets and aircraft and the loss on foreign currency exchange, THAI and its subsidiaries reported the net loss of THB 2,072 million.In 2017, THAI continued to implement the third phase of its transformation plan in 2017; “Sustainable Growth.” which consists of 6 strategies in operation: 1) Develop a competitive flight network, increase profitability and reduce complexity of the fleet, 2) Increase competitiveness and revenue, 3) Excellent service ring building strategy, 4) Competitive cost and efficient operation strategy, 5) Corporate culture building to sustainability and human resources development to excellence strategy, 6) Portfolio management and new business development for sustainability. To do so, THAI launched the direct flight to Vienna, Austria as well as increased the flight frequency in high potential destinations.THAI also increased the regional routes under the brand THAI Smile. In 2017, THAI took delivery of 7 aircraft while decommissioned 2 operating lease aircraft (Airbus A330-300) resulting in a total number of 100 active aircraft in THAI’s fleet as of December 31, 2017, which was 5 aircraft higher than on December 31, 2016. Aircraft utilization increased from 11.5 hours last year to 12.0 hours this year. Production traffic (ASK) increased by 6.4% while passenger traffic (RPK) increased by 14.7%. Average cabin factor was 79.2% higher than last year’s 73.4% which was the highest level in the last 10 years with 24.6 million passengers carried representing 10.3% increasing from last year.In 2017, THAI encountered challenges from higher fuel prices and fierce domestic and international competition from competitor airlines. Furthermore, the Rolls-Royce TRENT 1000 engines installed in the 6 Boeing 787-8 had issues with their turbine blades. This incident occurred not only with THAI but affected all airlines worldwide. Hence, THAI had to gradually ground each affected aircraftin order to send engines for overhaul. As a result, flight service was affected and flight schedule was impacted. This resulted in increased cost and revenue loss from plans. However, THAI is in the process of negotiating compensation for such effects.In 2017, THAI and its subsidiaries had the total revenue of THB 191,946 million, increased by THB 11,389 million (6.3%) resulting from the increase in passenger and excess baggage revenue, freight and mail revenue, and revenue from other activities. The total expense of THB 189,090 million showed an increase of THB 12,604 million (7.1%) resulting from the increase in fuel expense by THB 4,879 million (10.8%) affected by 24.2% rising jet fuel prices and increase of traffic production. However, the fuel risk management performed better than last year. Non-fuel operating expense increased by THB 8,313 million (6.6%) due to the increase of traffic production and passenger traffic. Maintenance and overhaul expenses also increased. Net financial cost decreased by THB 588 million (11.5%), resulting from cash management and financial restructure that began last year. Consequently, THAI and its subsidiaries had an operating profit of THB 2,856 million, THB 1,215 million lower than last year.This year, THAI and its subsidiaries had a one-time cost item that totaled THB 979 million, recognized the impairment loss of assets and aircraft of THB 3,191 million, and a foreign currency exchange loss of THB 1,581 million. Consequently, THAI and its subsidiaries reported a net loss of THB 2,072 million. Loss attributable to owners of the parent amounted to THB 2,107 million. Loss per share was THB 0.97 while last year’s profit per share of THB 0.01.As of December 31, 2017, total assets were THB 280,775 million, a decrease of THB 2,349 million (0.8%) when compared to December 31, 2016. Total liabilities as of December 31, 2017 totaled THB 248,762 million, a decrease of THB 774 million (0.3%) when compared to December 31, 2016. Total shareholders’ equity amounted to THB 32,013 million, a decrease of THB 1,575 million (4.7%) resulting from loss in operating results.2. Distribution of DividendAt the Annual General Shareholders’ Meeting, shareholders approved to suspend payment of dividend in reflection of the Company’s financial performance in 2017. The suspension of dividend payment is in accordance with the Company’s dividend policy providing that the Company shall distribute “not less than 25 percent of the consolidated net profit before gains or losses on foreign currency exchange and shall also be subject to the future investment plans, necessity and appropriateness.”3. Selection of Board of DirectorsAt the Annual General Shareholders’ Meeting 2017, the following Directors retired by rotation and resignation: 1. ACM Amnart Jeeramaneemai2. Mrs. Pratana Mongkolkul3. Mr. Pitipan Tepartimargorn4. Mr. Pinit Puapan5. Mr. Charamporn Jotikasthira (Resigned on 10 February 2017)At the Annual General Shareholders’ Meeting, the following three Directors were appointed for another term:1. ACM Amnart Jeeramaneemai2. Mrs. Pratana Mongkolkul3. Mr. Pitipan Tepartimargorn4. Mr. Pinit PuapanAt the Annual General Shareholders’ Meeting, the following Director was appointed to replace the Director who resigned:1. Miss Sirikul Laukaikul (Replaces Mr. Charamporn Jotikasthira)Attending THAI’s Annual General Shareholders Meeting were 1,111 shareholders, representing 1,639,767,531 shares.Source = THAIlast_img read more