Taylor Makes Duck While Thunder Lose

first_img BATTING FIRST HOBART, Australia, (CMC): West Indies Women’s captain, Stafanie Taylor, suffered the shame of a first-ball duck, as her Sydney Thunder crashed to a six-wicket defeat to Hayley Matthews’ Hobart Hurricanes, in the Women’s Big Bash yesterday. In a contest at Bellerive Oval, Thunder were held to 115 for nine off their 20 overs, and Hurricanes eased to their target in the penultimate over, despite a failure from Matthews. The defeat left the reigning champions third from bottom on 10 points, while Hurricanes jumped to third in the standings on 13, as they continued their push for a playoff spot. Opting to bat first, Thunder suffered a huge blow off the fifth delivery of the game’s first over, when Taylor was caught at the wicket off seamer Julie Hunter. However, captain Alex Blackwell struck 49 from 50 balls in a 53-run, second-wicket stand with opener Rachael Haynes, whose 36 came from 32 balls. They were the only two to pass 20, and two of three in double figures, as Thunder crumbled from 80 for two in the 14th over, losing seven wickets for 35 runs. Right-armer Amy Satterthwaite destroyed the innings with five for 17 from her four overs, and though off-spinner Matthews finished wicket-less, her four overs cost just 22 runs. In reply, the hosts got a top score of 38 from opener Erin Burns, and an unbeaten 34 from captain Heather Knight, as they comfortably overhauled their target with 10 balls remaining. The teenaged Matthews, batting at number five, made just two before she was bowled by Indian medium pacer Harmanpreet Kaur in the 15th over at 89 for four.last_img read more

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MVP: Three-nation hosting of Fiba World Cup ‘spreads basketball fever’

first_imgJo Koy: My brain always wants to think funny Indonesia has the Indonesian Basketball League that has 12 teams across the country boasting local fan bases. Japan also has its own professional basketball league.“I think it’s an event that makes all Filipino very happy and I’m sure all of the fans in Indonesia and Japan are equally happy,” said Pangilinan. “As you know we are just a basketball crazy country.”Sports Related Videospowered by AdSparcRead Next Yankees set to reel in MVP Stanton from Marlins OSG plea to revoke ABS-CBN franchise ‘a duplicitous move’ – Lacson Don’t miss out on the latest news and information. LATEST STORIES Margot Robbie talks about filming ‘Bombshell’s’ disturbing sexual harassment scene From left, Yuko Mitsuya chairman of the Japan Basketball Association, JBA, Philippine businessman and SBP Chairman Emeritus Manuel V. Pangilinan and Indonesian businessman and central board member and President of Indonesia’s NOC Erick Thohir pose with the Naismith Trophy, FIBA Basketball World Cup trophy, after the host announcement ceremony for the FIBA Basketball World Cup in 2023, at the FIBA’s headquarters in Mies, Switzerland, Saturday, Dec. 9, 2017. The three countries Philippines, Japan and Indonesia have been selected to host the FIBA Basketball World Cup in 2023. (Laurent Gillieron/Keystone via AP)It’s been an indisputable notion that the Filipinos’ fervor for the sport of basketball had reached religious levels.So when the Philippines was chosen as one of the hosts for the 2023 Fiba World Cup, Manny V. Pangilinan, the chairman emeritus of Samahang Basketbol ng Pilipinas, could not help but share the excitement with Indonesia and Japan.ADVERTISEMENT “Hosting the Fiba Basketball World Cup in the Philippines, Japan, and Indonesia is good because it does spread the basketball fever around in those countries instead of concentrating it in one place,” said Pangilinan as per Fiba’s official website.“The work with Japan and Indonesia starts today. I’m sure at the end of the day it will be an excellent tournament for all three countries, and for Fiba, and for world basketball.”FEATURED STORIESSPORTSRedemption is sweet for Ginebra, Scottie ThompsonSPORTSMayweather beats Pacquiao, Canelo for ‘Fighter of the Decade’SPORTSBrian Heruela arrival bolsters Phoenix backcourt, defense The Philippines, Japan, and Indonesia will all share the hosting rights for the 2023 Fiba World Cup after outbidding the joint presentation of Argentina and Uruguay.All three countries can claim that they have the sport of basketball as part of their popular culture with the Philippines regarding the sport as its most beloved one, be it in the professional or collegiate level.  MOST READcenter_img Kiss-and-tell matinee idol’s conquests: True stories or tall tales? Steam emission over Taal’s main crater ‘steady’ for past 24 hours View comments It’s too early to present Duterte’s ‘legacy’ – Lacson Jake says relationship with Shaina ‘goes beyond physical attraction’ At least 25 dead in Indonesia bus plunge PLAY LIST 00:56At least 25 dead in Indonesia bus plunge01:24Tsukii seizes kumite Gold, focuses on making Olympics next01:43Duterte OKs holiday truce with Reds02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Phivolcs records 2 ‘discrete weak ash explosions’ at Taal Volcano Coco’s house rules on ‘Probinsyano’ setlast_img read more

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Skid-busting win over FEU shows Lady Maroons’ ‘step by step’ improvement

first_imgTom Brady most dominant player in AFC championship history Work in progress: Lady Eagles still working on maturity, consistency “It’s a good thing that we’re able to achieve this first win after so many years.”For a bit of perspective, the Lady Maroons still had Kathy Bersola, Nicole Tiamzon, Pia Gaiser, and Angeli Araneta the last time they owned FEU.Bersola led the Lady Maroons in that victory with 20 points and Tiamzon, who was known as one of the better spikers in her last years with UP, dished out 32 excellent sets as the Lady Maroons’ setter.FEU had a rookie Bernadeth Pons score 22 points for the Lady Tamaraws who still had Marie Toni Basas, the older sister of Toni Rose, Gizelle Sy, and Geneveve Casugod.“This is something we’ll take home and celebrate over,” said Okumu. “I hope when we meet them again the results would be the same.”ADVERTISEMENT Ginebra beats Meralco again to capture PBA Governors’ Cup title UP hadn’t beaten Far Eastern U in their last eight meetings but that changed Wednesday in the UAAP Season 81 women’s volleyball tournament.The Lady Maroons were able to secure their first victory against the Lady Tamaraws in five years, 25-18, 20-25, 25-22, 25-20, in another milestone moment.FEATURED STORIESSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissSPORTSCoronation night?SPORTSThirdy Ravena gets‍‍‍ offers from Asia, Australian ball clubsUP head coach Godfrey Okumu said the Lady Maroons’ latest victory is a sign that the team is headed in the right direction.“Everything comes with change, our team is changing,” said Okumu. “It’s now how we used to play before, every day we keep on changing and we’re trying to improve step by step.” LATEST STORIES Don’t miss out on the latest news and information. In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ Philippine Army to acquire MANPADS, self-propelled howitzers MANILA, Philippines—University of the Philippines has slowly started to rise to prominence in the women’s volleyball landscape for the past three years, but there are still teams that the Lady Maroons have yet to beat well until now.ADVERTISEMENT Ginebra beats Meralco again to capture PBA Governors’ Cup title MOST READ Sports Related Videospowered by AdSparcRead Next Japeth Aguilar wins 1st PBA Finals MVP award for Ginebra View comments Will you be the first P16 Billion Powerball jackpot winner from the Philippines? Nadine Lustre’s phone stolen in Brazil Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college SEA GAMES 2019: PH’s Nesthy Petecio boxing featherweight final (HIGHLIGHTS) PLAY LIST 02:11SEA GAMES 2019: PH’s Nesthy Petecio boxing featherweight final (HIGHLIGHTS)00:50Trending Articles00:50Trending Articles02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player awardlast_img read more

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Dodgers notes: Beimel eager to work

first_imgIn fact, Beimel was so ready for spring training that he showed up early, along with several other pitchers. “The only time I have ever come to spring training feeling like I was guaranteed to make the club was in 2004 with Pittsburgh, and I ended up getting released at the end of camp,” Beimel said. “So I’m definitely not thinking that way this year, and I will never think that way again for the rest of my career. “I have to have a good spring, and I’m not taking anything for granted.” One of baseball’s little-known secrets is that one-year contracts, even those procured through the arbitration process, aren’t guaranteed. There are two deadline dates late in spring training by which a player can be released with the club owing a severance of just 30 days’ or 45 days’ salary. All that aside – and barring an injury – Beimel is a lock for the Opening Day roster whether he wants to believe it or not. And even though he lost his arbitration case, he still more than doubled his salary from $425,000 to $912,500. But that doesn’t mean he isn’t still running from his past. Beimel, one of the most important pieces in the club’s bullpen last season, missed the first-round playoff loss to the New York Mets after cutting his hand on a glass while drinking in a bar barely 36 hours before the series opener. And as painful as his absence was for the suddenly depleted Dodgers bullpen, it was doubly so for Beimel. VERO BEACH, Fla. – Joe Beimel sat alone at a table in the middle of an almost-empty clubhouse on Thursday and happily mixed himself a nutritional drink. Barely four months after his infamous absence from the playoffs and just six days after losing to the club in arbitration, the Dodgers left-hander showed no hint of bitterness or righteous indignation. center_img “It was bad,” he said. “I certainly knew the situations when I would have pitched, and I kind of cringed every time one of them came up and I knew that’s when I would have been brought in. I also cringed listening to the broadcasters, because I knew they were going to point it out, and they did.” No rest: Matt Kemp, the Dodgers’ top outfield prospect who had a serviceable major-league debut last summer, spent almost his entire offseason playing for Estrellas de Oriente and then Licey in the Dominican Winter League. He now admits he was mentally drained after more than 11months of nonstop baseball. Still, he showed up at camp almost a week before position players are required to. “By the end of the Dominican, I was kind of through,” Kemp said. “But I have had three weeks now to get my mind cleared. I got here early because I wanted to work … on my outfield defense, mostly with taking better routes to balls.” Kemp said he found the grass in major-league ballparks last season to be generally shorter than in the minors, which caused him to struggle with cutting off balls hit on the ground. Big change: Forgive newly signed right-hander Jason Schmidt if he already is looking toward the end of his three-year contract. In 2009, the final season of Schmidt’s deal, the Dodgers are expected to move their spring-training operations to Glendale, Ariz., near Schmidt’s Phoenix-area home. For the past five springs, Schmidt reported to camp with San Francisco in Scottsdale, a daily commute from his house. This year, he was forced to leave behind a wife who is seven months pregnant and twochildren ages 6 and 9 to travel cross-country for spring training. “It’s just tough,” Schmidt said. “I grew up in a divorced family. From the time I was 8years old, I would see my dad only on weekends. When I didn’t see him for a week, it would seem like a year. Now I have to be away from my kids all spring. They are all coming out here in about two weeks, but they’re only staying for a week or two.” tony.jackson@dailynews.com (818) 713-3675 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

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O.J. Simpson arrested in memorabilia case

first_img Simpson’s lawyer, Yale Galanter, did not immediately return calls for comment after the arrest. District Attorney David Roger said that when the case was filed he expected to charge Simpson with two counts of robbery with use of a deadly weapon, two counts of assault with a deadly weapon, conspiracy to commit robbery, burglary with use of a deadly weapon, coercion with a deadly weapon, and a misdemeanor count of conspiracy to commit a crime. The Heisman Trophy winner has told The Associated Press that there were no guns involved and that he went to the room at the Palace Station casino to retrieve stolen mementos that included his Hall of Fame certificate and a picture of the former running back with the late FBI chief J. Edgar Hoover. But police said they seized two firearms involved in the robbery along with sports memorabilia, mostly signed by Simpson, but also collectible baseballs and Joe Montana cleats, at private residences early Sunday on three search warrants. “It was evidence of a crime that was committed,” Nichols said. “And I believe we recovered some clothing that the individual was wearing in the commission of the robbery.” “Whether the property belonged to Mr. Simpson is a matter of debate,” Nichols said. The main prosecutor in Simpson’s criminal trial in 1995, Marcia Clark, said a key piece of evidence against Simpson may be the statement that he planned the hotel room raid. “O.J. admitted it was his idea to go in and get this property,” Clark said in a comment forwarded by “Entertainment Tonight,” for which she is a legal analyst. “There is part of the law called principal armed: If one person has a gun, you all have a gun.” “The fact that the police seized two firearms, it makes it more difficult to believe he didn’t know,” she said. Simpson said he never thought of calling police to reclaim what he says are stolen goods about to be fenced. “The police, since my trouble, have not worked out for me,” he said, noting that whenever he has called the police, “It just becomes a story about O.J.” The arrest was not the first time Simpson has had legal troubles since his acquittal in the “Trial of the Century.” He was cleared of charges in 2001 Florida road-rage incident, and in January 2003, his teenage daughter Sydney Simpson made an emotional 911 call to police after an argument with her father over family issues, but no charges were filed. A neighbor who went to Simpson’s suburban Miami home on July 4, 2005, also called police to report a fight, but again no charges were filed. Police said Sunday that Simpson asked to speak with his lawyer before proceeding with an interview, although he spoke several times with investigators before his arrest. “He came along peacefully,” Nichols said. “We haven’t had any issues with him whatsoever.” Walter Alexander, 46, of Mesa, Ariz., was arrested Saturday night on two counts of robbery with a deadly weapon, two counts of assault with a deadly weapon, conspiracy to commit robbery and burglary with a deadly weapon. He was described as one of Simpson’s golfing buddies who went with him to the scene of the robbery. “Walter was one of the two subjects who had a gun,” Capt. James Dillon said. Police are seeking four men, including three they identified by name but not by age or hometown: Clarence Stewart, Michael McClinton, Tom Scotty and another white male adult who was not identified. Alexander was released without bail Saturday night. Robert Dennis Rentzer, a Los Angeles lawyer representing Alexander, said he was able to arrange his client’s release from custody, but wasn’t familiar with the allegations. “I don’t even know what they filed against him,” said Rentzer, who said his client was arrested at the Las Vegas airport on the way to meet Rentzer. Simpson said auction house owner Tom Riccio called him several weeks ago to say some collectors were selling some of his items. Riccio set up a meeting with collectors under the guise that he had a private collector interested in buying Simpson’s items. Simpson said he was accompanied by several men he met at a wedding cocktail party, and they took the collectibles. Alfred Beardsley, one of the sports memorabilia collectors who was in the hotel room, has said he wants the case dropped and that he’s “on O.J.’s side.” The other alleged victim, sports collector Bruce Fromong, had not indicated that he wants to drop the complaint. Simpson’s new book, “If I Did It: Confessions of the Killer,” was the top seller on Amazon.com on Saturday. But the former actor and Hertz pitchman will not profit from the book’s sales. After a deal for Simpson to publish it fell through, a federal bankruptcy judge awarded the book’s rights to the Goldman family. Goldman said Sunday that the renewed publicity about Simpson would not erase the debt from his civil trial, for which Goldman is entitled to approximately $40 million, and which grows about $4 million a year in interest. “He’s not getting out of debt because of this book,” Goldman said. — Associated Press Writers Ken Ritter in Las Vegas, Jacques Billeaud in Phoenix and John Antczak, Thomas Watkins and Andrew Dalton in Los Angeles contributed to this report.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! LAS VEGAS – Twelve years after being acquitted of murdering his ex-wife and her friend, O.J. Simpson again faces the possibility of spending the rest of his life in prison after being arrested Sunday for allegedly robbing sports memorabilia collectors with the help of armed accomplices. The Hall of Fame running back was arrested at his Las Vegas hotel room by plainclothes officers a day after the arrest of a golfing buddy who police say accompanied him with a gun in the Thursday night holdup. Police said four more face arrest. Simpson was to be booked Sunday afternoon on two counts of robbery with a deadly weapon, two counts of assault with a deadly weapon, conspiracy to commit burglary and burglary with a firearm, police said. Simpson, in handcuffs and wearing a golf shirt and blue jeans, was placed in an SUV in a convoy of police vehicles that headed to the Clark County detention center for booking. The district attorney, meanwhile, said he expected Simpson to ultimately be charged with seven felonies and one gross misdemeanor based on police evidence. Police did not allege that Simpson personally carried a weapon in the incident. “We don’t have any information to lead us to believe he was armed even based on those charges,” said police Lt. Clint Nichols. If convicted of the booking charges, Simpson, 60, would face up to 30 years in state prison on each robbery count alone. The former football star was acquitted of the 1994 killings of ex-wife Nicole Brown Simpson and her friend Ron Goldman, but another jury later found him liable in wrongful death civil lawsuit. Goldman’s father, Ron Goldman, welcomed the prospect of Simpson going to prison after all. “He’s believed for years, decades, that he’s entitled to do anything he wants, and the legal system and society has basically agreed with him,” Goldman told The Associated Press. “This time, hopefully, he’ll get what he deserves. He’ll get jail time.”last_img read more

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6 cities team up in bid to control

first_imgFrustrated with slow response to dismal student performance in the vast Los Angeles Unified system, officials in six southeast cities have launched an effort to form a local agency that would let them have direct control over their schools. With about 65,000 students at Los Angeles Unified School District campuses in the cities of South Gate, Bell, Huntington Park, Cudahy, Maywood and Vernon, officials in those cities want to form a joint-powers authority to select their own superintendent, gain some control over funding and have a greater say over the curriculum. The local agency, however, would not have power to hire or fire teachers or to interfere with labor arrangements. Spokeswoman Binti Harvey said South Gate city officials are responding to a graduation rate of 42 percent, with only 11 percent of those moving on to higher education. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREBasketball roundup: Sierra Canyon, Birmingham set to face off in tournament quarterfinals“The goal is to improve the performance of the students here because everyone would agree it’s unacceptable, and the feeling is the district, as it’s currently operated, is too big to deal with these problems,” Harvey said. “The challenges faced by students in South Gate are different from those in West Hollywood, and … if elected officials could share responsibility for their performance, they’d be better equipped to respond to the needs of the students and parents.” Bell, Huntington Park and South Gate have already passed resolutions supporting forming a joint-powers agency. When all the cities sign on, it would require legislation to allow them to form an agency involved in education planning. Harvey said the goal is to propose the legislation by August. Los Angeles Mayor Antonio Villaraigosa – who garnered the support of the southeast cities as he sought a legislative audit of the LAUSD – supports the cities’ efforts to take back control of their schools from a central bureaucracy, a spokeswoman said. “Mayor Villaraigosa wants to remove the layers of bureaucracy that stifle innovation by decentralizing much of the decision-making (and) moving it closest to the classrooms. He supports the efforts of the southeast cities in taking a leadership role in reforming our schools,” spokeswoman Janelle Erickson said. “What works in Brentwood might not work in Bell. Communities, teachers and parents deserve the ability to create schools that serve the needs of their children.” But the school board president, Marlene Canter, said the cities are simply responding to Villaraigosa’s plan to take control of the nation’s second-largest school district. “I think it’s a total push-back to the mayor’s plan, and I think all these ideas are generating from opposition to total control,” Canter said. “It’s all about politics and power, not kids, because all of these southeast cities are benefitting from our construction program. Without these cities, the mayor would have 100 percent control, not 80/20.” The mayor’s proposal calls for creating a council consisting of the mayors of the 23 cities served by the LAUSD. The council would select the superintendent and adopt the district budget through a weighted voting system based on the population served by the LAUSD – giving Villaraigosa a supermajority vote. But leaders of the southeast cities maintain that forming a local agency is not a precursor to splintering the district. While the idea of seceding from the LAUSD has been explored over the past decade, it never gained steam because of political complications that would arise regarding unions and funding, Harvey said. naush.boghossian@dailynews.com (818) 713-3722160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

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TADGH STILL TOUCHING HEARTS AS FUNDRAISER NETS €4K

first_imgThe late Letterkenny Town Councillor Tadgh Culbert is still touching hearts.A charity cycle in the wel-known Fianna Fail politician’s memory raised more than €4,000 for the Donegal Hospice. Tadgh’s daughter, Cllr Lisa Culbert, An Post Donegal and local business sponsors presented Dr. Jimmy McDaid, Donegal Hospice with a cheque from the An Post Donegal Charity Cycle which was held last month.An Post Donegal were delighted to present €4135 to the Donegal Hospice from this year’s cycle.To date An Post Charity Cycle Race have raised over €38,000 for the Donegal Hospice.An Post Donegal’s charity cycle race committee would like to thank everyone who took part, supported the Hospice and sponsored and supported their 2013 charity cycle race in any way. Pictured from left to Right : Paul Herrity, Delivery Services Manager An Post, Carl Rainey, Rainey Gibson & Associates / Top Quote Direct, Dr. Jimmy McDaid, Donegal Hospice, Cllr Lisa Culbert, Grace Ann McGarvey, GA Consultancy, Jamsie Doherty, Doherty Buses, Eddie Tobin, Tobins Service Station, Jarleth, An Post Letterkenny, Hughie Elliot, McGinleys Bar. Missing from Photograph, Mark Hunter of LK Bikes, Paul Harkin of Harkins Topaz and Gala Ballybofey, Pat Brady of The Bagle Bar. TADGH STILL TOUCHING HEARTS AS FUNDRAISER NETS €4K was last modified: October 14th, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:An Postdonegal hospiceTadgh Culbertlast_img read more

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Half-time: Dynamo Kiev 0 Chelsea 0

first_imgEden Hazard hit the post and Cesc Fabregas had a strong penalty appeal turned down as Chelsea had the better of the first half of their Champions League game.The Blues looked bright from the outset, winning the midfield battle through Nemanja Matic and Ramires, and looking dangerous in attack through Willian and the recalled Hazard.Hazard hit the post with a fine curling strike, Willian’s teasing free-kick almost teed up a goal for Diego Costa and Matic sent an effort just wide after a brilliant run.And Fabregas looked like he should have won a penalty when he cut in from the left and seemed to be felled by two Dynamo Kiev defenders.Dynamo threatened at times, most notably when Vitaliy Buyalskiy had a shot deflected just wide by John Terry.But Chelsea remained in control at the end of an impressive first half.Chelsea: Begovic; Zouma, Cahill, Terry, Azpilicueta; Ramires, Matic; Willian, Fabregas, Hazard; Diego Costa.Subs: Blackman, Baba, Mikel, Oscar, Traore, Kenedy, Falcao.Follow West London Sport on TwitterFind us on Facebooklast_img read more

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No major policy changes: Zuma

first_imgSAinfo reporter and BuaNews “There is therefore no reason why the domestic or international business community – or any other sector – should be uneasy.” Meeting with various business groupings at home and abroad in the lead-up to the ANC’s national conference in Polokwane in December, Zuma made it clear that South Africa needed more foreign and domestic investment, and urging the domestic business community to invest in the economy in order to encourage its international counterparts to do the same. “While encouraging the creation of a conducive environment for investment, we remain cautious not to compromise the national democratic revolution, which is our guiding philosophy in policy formulation and implementation,” Zuma said. 22 September 2008 According to Fin24.com, Zuma said that South Africa’s Cabinet ministers had so far given the party assurances that they would not resign before the 2009 general elections. “Our alliance partners [the Congress of SA Trade Unions and the SA Communist Party] are key stakeholders in policy development and implementation. We will be able to continue to work together as a community, business and labour, to find workable solutions.” This is not the first time that Zuma has sought to allay investors’ fears over the coming change in South Africa’s government. Mbeki announced his decision on Sunday, after being asked to resign by national executive committee of the ruling ANC. He will remain in office until the National Assembly accepts his resignation and determines the date of his departure. ‘Unlikely to rattle local markets’ “The world itself is facing an uncertain future . so it’s going to be a ‘wait-and-see’ attitude amongst investors for the moment,” Weimar said. And in his first public address as ANC president at Polokwane, Zuma said that ANC policies, “including economic policies that have been adopted at this conference, do not indicate a fundamental shift from the policies that the ANC has adopted since it has come into power. Global markets have undergone a period of carnage in the last year, she said, and South Africa has not been spared from this either. The world economy was in the worst shape it had been in since the Wall Street crash of 1929, known as the Great Depression. “There has been no real reaction and very little response on the markets at the moment . I suppose it’s because the markets expected the change,” Weimar said. Leadership change expected Lamberti added that the peaceful manner in which Mbeki was recalled by the ANC also allayed investors’ fears, as the decision was done in a respectful manner within the institutional structures of the ANC. “The implications for South African markets of the rescue package in the US will be bigger than the impact of Mbeki’s departure,” Business Day reports Citigroup economist Jean Francois Mercier as saying.center_img “The next 12 months will be very interesting .foreign investors know what’s going on in South Africa and have a good understanding of the political situation,” Lamberti said. “Leadership change was expected in South Africa within the next seven or eight months anyway, so although the speed of change came as a surprise, investors expected the change,” he said. In addition, the paper says that what financial markets hate the most is uncertainty, and there was now no case for anxiety over a mismatch between the two “centres of power” held by Mbeki and Zuma. ‘South Africa needs more investment’ Nedbank economist Nicky Weimar told BuaNews calm seemed to be prevailing on the markets, as the news came in the wake of a fairly stormy week on global markets. Business Day, meanwhile, reports that Mbeki’s resignation is unlikely to rattle local markets for a number of reasons, including that Finance Minister Trevor Manuel has indicated that he will not resign, nor have there been calls for him to do so; and that local markets are still more worried about the global financial crisis. Econometrix Treasury Management economist Russell Lamberti told BuaNews that while there was a potential for political instability should a leadership vaccum develop, this was being countered by investors being distracted by the US government’s proposed US$700-billion (about R5.5-trillion) bail-out of American companies struggling with bad debt, and the fact that a change in leadership was already expected. Wait-and-see At a press conference in Cape Town on Monday, Zuma said there was no reason for South Africans or overseas investors to be apprehensive. “We will do all in our power to ensure stability is maintained in [the] government and in service delivery,” Fin24.com reports Zuma as saying. He further stressed that South Africa’s economic policies would remain “stable, progressive and unchanged”. Would you like to use this article in your publication or on your website? See: Using SAinfo material He also believed that Mbeki’s resignation would be good test of just how stable South Africa’s institutions were, and whether or not the government, in its entirety, was able to function without a designated leader. At the same time, Zuma told the conference delegates that the ANC remained fully committed to black economic empowerment as a means of increasing participation in the economy. “They may underperform a little bit, but I don’t think domestic political news will push markets down.” African National Congress (ANC) president Jacob Zuma has moved to reassure investors following Thabo Mbeki’s resignation as President of South Africa.last_img read more

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Transforming the Real Estate Market

first_imgWhat are the market barriers to scaling NZE homes?While the market potential and business case for investing in an NZE home is compelling for both the builder and the homeowner, the up-front incremental cost of developing a new NZE home has been the biggest deterrent for builders and developers looking to invest in NZE development to make it mainstream.According to Rocky Mountain Institute’s research, the average incremental up-front cost of constructing an NZE home is likely to be $24,811 more than an average code-compliant new home (excluding the federal investment tax credit and other state-specific incentives). This estimate was derived by analyzing average code-compliant single-family homes across California, Missouri, Florida, New York, Colorado, and Georgia, which collectively comprise almost one-third of the existing single-family housing market.Builders, who control almost three-fourths of this market, have been unwilling to invest their equity up front during the home construction process since they do not directly benefit from the operational cost savings and have no incentive to maximize them. The misaligned builder incentives and weak market signals coupled with the valuation uncertainty of how NZE home energy performance is presently valued by the market players are some of the main reasons for the latent consumer demand for NZE homes.We believe that enabling R-PACE for new construction is an effective way to overcome these market barriers and scale NZE new construction around the country. Radhika Lalit is a senior associate with the Buildings Practice at the Rocky Mountain Institute. © 2017 Rocky Mountain Institute. Published with permission. Originally posted on RMI Outlet. How can we enable Residential PACE?R-PACE has been extremely effective in tackling a significant market failure by increasing American households’ access to financial resources so that they can realize the benefits of a cost-saving, high-performance smart home. However, its use is ineligible for new construction and has been limited to home improvement retrofits in the existing state-enabled programs of California, Florida, and Missouri.We believe that with a few minor alterations to R-PACE’s existing policy and implementation framework, it could serve as a transformative tool to scale NZE home development. Our insight brief proposes specific “R-PACE for new construction” recommendations for states and local governments considering policy instruments to bolster new NZE residential development. These include:Amending legal state provisions and the underwriting process to allow R-PACE to be used for new construction.Defining limits to the total eligible amount based on construction costs rather than home valuation to catalyze investment in the sector.Requiring lender consent for employing R-PACE during construction to promote transparency and credibility and build trust with the mortgage lenders in the process.Defining an eligible list of energy and water conservation measures that could count as qualifying expenses under R-PACE for new construction while ensuring that any expenses that do not qualify under the list are not financed through the assessment.Mandating performance criteria to ensure that the net savings in energy costs are greater than the cost of the energy conservation measures, and that the project meets or exceeds state energy performance code requirements.Certifying post-implementation energy performance to document all the measures installed within the new home to help increase the home’s valuation at the time of sale.RMI is working toward a future where every homeowner in the U.S. has the opportunity to buy an NZE high-performance home for the same up-front cost as an average home while accruing net cost savings on the investment annually. This dream can be a reality if we use R-PACE to finance the incremental up-front costs to scale NZE homes in our states, cities, and communities.RMI appeals to states and local governments to work together to enable R-PACE for new construction in their jurisdictions to scale new NZE developments and make a concerted effort to facilitate enabling policy design and stakeholder engagement to support the mechanism. This effort would not only promote innovation and development in the real estate sector, but would also help leverage the abundant solar potential in states, encourage more local job creation, and increase employment overall.This is a win-win market-based solution with a business case for states, local governments, developers, and homebuyers across the country. We believe that R-PACE, when thoughtfully deployed for NZE home construction with robust state-level consumer protection measures, will scale NZE home development and set an example for other states to emulate. If you share this dream, we look forward to working with you. You can reach us at financethefuture@rmi.org to learn more about our work on R-PACE for new construction. The U.S. residential real estate market is booming, with new home sales steadily rising over the last few years. In March 2017, over 621,000 new single-family homes were sold (at a seasonally adjusted annual rate) at a median sales price of $345,800. Imagine if most of these new home developments were net-zero energy (NZE), which not only delivers the homeowner annual energy savings but also enhances the overall performance, comfort, and resilience of these homes.Now suppose residents could afford these high-performance NZE homes at no additional up-front cost using an innovative financing tool that would annually save them more money than they pay toward the financing.Rocky Mountain Institute’s (RMI’s) latest insight brief, R-PACE: A Game-Changer for NZE Homes, shows how this dream scenario can be made a reality through a special application of residential property assessed clean energy (R-PACE) financing — a game-changing financing mechanism that has already financed over 158,000 energy and water efficiency retrofits in homes in California, Florida, and Missouri since 2008. As policymakers decide on their strategy to build smarter cities and revitalize their aging infrastructure, they must consider the unprecedented opportunity to invest in high-performing NZE new homes, which are more comfortable, affordable, and resilient to power outages and weather extremes. Scaling NZE homes through concerted policy efforts will not only help states and local governments meet their carbon goals but also improve the housing stock and real estate values.Overall, NZE homes are the next big frontier for innovation and competition in the residential real estate market, and they promise a future that is propitious not only for homeowners and real estate developers but also for the U.S. economy and the planet. RELATED ARTICLES The role of Residential PACE in new constructionResidential PACE, also known as R-PACE, is an innovative financing mechanism used specifically to finance energy efficiency, renewable energy, resilience, and water-saving home improvements. This assessment is typically attached to a property’s tax bill, secured by the same type of lien against the property as tax bills, and repaid through property taxes.It is unique because unlike traditional mortgages, it is transferable upon sale of the property and is tied to the property rather than the property owner. This feature allows seamless transfer and resolves the builder-homeowner cost-benefit split incentive challenge by lowering the need for builders to invest their capital equity into the project.RMI’s research confirms that an R-PACE financed NZE home is also a great investment for homebuyers as it allows them to own a home at the same up-front cost while earning more annual cost savings than the amount they pay for the annual PACE assessments, yielding average net monetary benefits of $160 year-on-year. Thus, R-PACE can enable U.S. homes to be more resilient, affordable, innovative, efficient, and high performing while costing less than an average home. What are NZE homes?NZE homes are smart single-family homes that produce or procure enough zero-carbon renewable energy to offset their annual fossil-fuel energy consumption. These homes present the U.S. real estate sector with an incremental $33 billion market opportunity by 2037, which will not only bring additional investment to the sector and create local jobs but also transform the market trajectory overall. What the Wall Street Journal Got Wrong About PACESetting the PACE for Consumer ProtectionCongress Weighs Changes to Rules on PACE LoansZero-Energy Construction is ‘Set to Explode’ The Department of Energy Chooses a Definition for Net ZeroMy Net Zero Conundrumlast_img read more

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