Manchester United to meet financial goals after turbulent season

first_imgEnglish soccer club Manchester United said it would meet its financial forecasts for 2018-19 despite what it called a “turbulent season” that ended with only a sixth place finish in the Premier League.Earnings before interest, tax, depreciation and amortisation (EBITDA) for the three months to the end of March fell to 41.2 million pounds ($52.8 million), down from 45.7 million a year earlier, the club said on Thursday.That reflected in part the impact of wage costs of 84.8 million pounds, an increase of 9.7 million pounds from a year ago, mainly due to investment in a playing squad which includes French World Cup winner Paul Pogba and Chilean Alexis Sanchez.Calls to rebuild the squad have grown louder after the 20-time English champions missed out on a berth in next season’s lucrative UEFA Champions League competition.”Preparations for the new season are underway and the underlying strength of our business will allow us to support the manager and his team as we look to the future,” Executive Vice Chairman Ed Woodward said, after what he called a “turbulent season”.Despite a brief upturn in form after replacing manager Jose Mourinho with former striker Ole Gunnar Solskjaer, the team stuttered in the last few weeks and ultimately finished in sixth place in the domestic league, a whopping 32 points behind champions Manchester City.The club continues to expect revenue of 615-630 million pounds and adjusted EBITDA of 175-190 million pounds for the year to the end of June.Also Read | Manchester City referred to UEFA judicial chamber over alleged FFP breachesadvertisementlast_img read more

Minister says Govt. is Committed to the Elimination of all forms of Child Labour

first_imgBy Athaliah Reynolds-Baker, JIS Reporter Minister of Labour and Social Security, Hon. Derrick Kellier, says the Government is committed to the elimination of all forms of child labour in Jamaica.He informed that this objective is anchored on the recognition that the eradication of abuse against children is directly linked to the development of a safe society for all citizens.“Our determination in this goal is unshakable and we will remain engaged with the International Labour Organization (ILO), the European Union, and other international and local partners in this endeavour,” he assured.The Minister was presenting the keynote address at the World Day Against Child Labour 2013 forum, held at the Alhambra Inn in Kingston, on June 12. The day was observed under the theme: ‘No to Child Labour in Domestic Work’.Child labour, as defined by the ILO’s Minimum Age Convention of 1973, is a form of abuse, which refers to any work done by children which is mentally, physically, socially or morally dangerous and harmful to them and interferes with their education.Under the country’s Child Care and Protection Act, it is an offence to employ a child under 13 years old. The law, however, makes an exception for children 13 to 15 years old to be employed, but only under circumstances where they are allowed to do only light work.Minister Kellier further pledged that children in hazardous work – one of the worst forms of child labour – which either threatens to harm the health, safety, wellbeing or morals of the children involved, will not be condoned in Jamaica “in any shape, size or form”.He pointed out that in this vein, the Ministry has increased its capacity to introduce, implement and enforce new legislation for this purpose.“(Our country) programmes, among other things, seek to strengthen the capacity of national and local authorities, social partners and civil society in the formulation, implementation and enforcement of policies to fight the scourge of child labour,” he said.The Ministry, he informed, has also achieved the integration of child labour education in various relevant national plans.Mr. Kellier also pointed to the work of the Tackling child labour through education (TACKLE/ILO) project office, which he said, continues to work to increase the ability of a range of social partners to play an integral role in policy dialogue and practice in their own organisations.He said all Jamaicans also have a role to play in the fight against child labour, noting that many culturally accepted practices and perceptions must be overcome in order to eradicate the practice.Meanwhile, Chairman of the Advisory Board, TACKLE Project, Errol Miller, informed that approximately 16,000 children are involved in some form of economic activity in Jamaica.He noted that the figure is contained in a survey carried out by the Statistical Institute of Jamaica in 2002. The study revealed that the chief child labourers were street children, including market vendors, mainly in urban areas; commercial agricultural workers; urban formal sector workers, and domestic workers.“The message is apt for Jamaica – we are also guilty of child labour,” he said. Mr. Miller therefore called on all Jamaicans to say a resounding “No, to child labour!”For her part, Head of Delegation, European Union, Paola Amadei,  pointed out that the closest ally of child labour in the developing world is poverty.She noted that, as such, the EU is engaged in combating the root causes of the problem through a number of programmes, including the Poverty Reduction Programme (PRP).Ms. Amadei also informed that as a main supporter in the rural sector, the EU hopes that by improving the conditions and prospects for rural farmers, there will be a run-on effect on improving the conditions which allow child labour to fester.She noted that  the data on child labour in Jamaica is over a decade old,  and called on the Ministry of Labour to embark on research, which will provide new statistics in this area. This, she said, will assist in strengthening the government and other stakeholder efforts in fighting the problem. The ILO estimates that children make up nearly 30 per cent of the world’s estimated 50 to 100 million domestic workers.June 12 was designated World Day Against Child Labour in 2002 by the ILO, with the objective of focusing attention on the extent of child labour globally and the efforts being made to eliminate the problem.last_img read more

Senate Passes Bill to Modernise Agricultural Sector

first_imgStory Highlights The Bill also provides for the establishment of the Agricultural Appeal Tribunal and for the registration and regulation of the agricultural loan societies by the Registrar of Co-operative Societies, and the certification of approved organisations by the Minister. A Bill seeking to modernise the agricultural sector to meet the nation’s growing demands of food security and productivity was passed in the Senate on October 6. Closing the debate in the Senate on October 6, Government Senator, Hon. Pearnel Charles Jr., said hundreds of thousands of farmers and their families will be impacted through the provision of more effective regulation and monitoring of important institutions. A Bill seeking to modernise the agricultural sector to meet the nation’s growing demands of food security and productivity was passed in the Senate on October 6.The Agricultural Loan Societies and Approved Organisations Act also facilitates the dissolution of the Agricultural Credit Board (ACB) and transfers the Board’s monitoring and regulatory functions to the Registrar of Co-operative and Friendly Societies.Closing the debate in the Senate on October 6, Government Senator, Hon. Pearnel Charles Jr., said hundreds of thousands of farmers and their families will be impacted through the provision of more effective regulation and monitoring of important institutions.He said these institutions will provide resources to the farmers, so they will be able to feed their families, the country and the world.Government Senator, Dr. Saphire Longmore, said under the Act, farmers could benefit from numerous advantages, including self-ownership and democratic control, increased farming income, improved service, quality of supplies and products, assured sources of supplies, expanded markets, improved farm management, legislative support, local leadership development and increased farmer control of agricultureShe added that all these are important to the development of the country’s agricultural society.“We are all cognisant of how beneficial developing our agricultural sector is to our country. This Bill will make it more significantly possible for Jamaicans to realise this dream of food security and agricultural productivity,” she said.The Bill also provides for the establishment of the Agricultural Appeal Tribunal and for the registration and regulation of the agricultural loan societies by the Registrar of Co-operative Societies, and the certification of approved organisations by the Minister.last_img read more

Up to USD 613 Mn to Be Injected in Portugals Port of

first_imgPortugal has revealed a major investment in the expansion of the country’s Port of Sines as part of the agreement to extend its concession for another 20 years.Up to EUR 547 million (USD 613.5 million) would be injected in the port, located in the southwest of Portugal, during the extended concession agreement with PSA Singapore, that was signed for the period from 2029 to 2049.The deal, reached on July 17, includes the completion of the third phase of expansion of Terminal XXI.The planned investment would be undertaken over the term of the concession agreement, which includes not only the expansion of the mooring berth and its associated handling equipment, but also the maintenance, replacement and renovation of equipment already installed in the previous phases.With these investments, Terminal XXI will offer a dock front of 1,950 meters in order to allow the simultaneous mooring of four latest generation containerships.The port’s storage area would also be increased from the current 42 hectares to 60 hectares, upgrading installed capacity from the current 2.3 million to 4.1 million TEU, the port explained. The project would see the addition of nine super post-Panamax cranes at the facilities.World Maritime News Stafflast_img read more