Retailer Matahari temporarily closes all stores, cuts salaries amid COVID-19 pandemic

first_imgRead also: NWP retail buys Lippo shopping malls for $124mThe company said it was also reviewing all nonessential operating expenses to drastically reduce spending, including working with landlords for significant rental concessions, curtailing all marketing spending for the medium term and implementing a business travel ban.“We are also reducing labor expenses through a combination of reduced working hours, unpaid leave and management salary cuts, with senior leaders taking the deepest reductions,” the company said in the statement.The coronavirus disease has infected more than 1,600 people in the country with at least 150 fatalities as of Wednesday afternoon, disrupting business activities as citizens are told to stay at home to slow the spread of the illness. Publicly listed retailer PT Matahari Department Store has announced that it will close all of its stores for 14 days and reduce salaries to cope with the impacts of the COVID-19 pandemic.The Lippo Group subsidiary closed all of its stores in Indonesia starting March 30 until at least April 13, with the resumption of operations depending on the latest developments in the country, the company said in a statement posted on the Indonesia Stock Exchange (IDX) website on Tuesday.  The move was aimed at supporting the government’s call for physical distancing as well as to protect employees from contracting the virus. Matahari would also eliminate noncommitted capital expenditure and delay the opening of four new stores to later in the year.The retailer’s shareholders would not receive any dividends this year as the management was withdrawing its previous recommendation of a dividend payout and was proposing suspending any payment of dividends at the upcoming annual general shareholders meeting to anticipate prolonged pressure on consumer demand and traffic.The company pocketed Rp 1.37 trillion (US$81.8 million) in net profit last year, up 24.5 percent compared to its achievement in 2018. The significant increase in profit was primarily caused by efficiency measures, as the company managed to reduce its costs despite only booking a 0.31 percent increase in revenue to Rp 10.28 trillion in 2019.Read also: Indonesia accelerates tax reforms, cuts corporate income tax in COVID-19 playbookMatahari chief executive officer Terry O’Connor said in Tuesday’s statement that the retail environment had deteriorated sharply in March, a total opposite of the condition in January and February that met its expectations.“We are now operating in a very uncertain environment where the health of our staff and conservation of our cash resources are our paramount priority to emerge from this COVID-19 pandemic period in good corporate health,” he said. Matahari stocks, traded at the Indonesia Stock Exchange with the code LPPF, dropped 6.8 percent on Thursday morning. The stocks have lost more than 68 percent of their value in the last year versus a 29 percent loss recorded by the main gauge, the Jakarta Composite Index (JCI).Topics :last_img read more

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“Winter National Swimming Championship 2015“ Ended

first_imgBH swimming competition ‘Winter National Swimming Championship 2015’ ended this weekend at the Olympic Swimming Pool Otoka, Sarajevo.More than 230 competitors, members of 17 swimming/sport clubs from Bosnia and Herzegovina, participated at the championship, it was announced from Olympic Swimming Pool Otoka.Swimming Clubs Olimp and 22nd April from Banja Luka and City Water sports Club (GKVS) from Sarajevo were declared the best in the competition of younger categories (pioneers).In the category of younger cadets and cadets, the most successful were Sport Time from Sarajevo, 22nd April from Banja Luka, and GKVS from Sarajevo.The competition was organized by the Swimming Association of Bosnia and Herzegovina, with the cooperation of Public Company Olympic Swimming Pool Otoka d.o.o. Sarajevo.(Source: FENA)last_img read more

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Sunday blog: Let’s get to the main point. How much did the ERIP cost us?

first_img Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments (6) Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings Sort by: Date Rating Last Activity Loading comments… You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. +23 Vote up Vote down stop bullying · 334 weeks ago I don’t understand why our district seems so worried about giving these numbers. Several school districts have a similar plan. The problem became when teachers and smart ones figured out it was a way to double dip. They were actually getting paid what they deserved. But then the idea of replacing with younger new teachers went out the window. No fault of the district when You have a chance to hire experience. The third question should be is how Many double dippers has the district hired? Everyone has a job. The district, the board and Tracy with the cow. He keeps the public informed. This was a classic bullying job by Roth backed by central office. You have a responsibility to be transparent and keep the voters and members of the community informed. Kudos to Tracy for sticking up for what is right..changes need to be made downtown. They may want to fix that before asking the community to approve a mill levy. Report Reply 0 replies · active 334 weeks ago +10 Vote up Vote down Just Wondering… · 334 weeks ago The real question to be asked is how much adding administrators to the original ERIP has ended up costing the district? Teachers settled for no pay raise many times because they were told they would be getting it in the end, in the form of the ERIP. They got it in the end, alright! Meanwhile, administrators, who were not included in the original ERIP, still received raises AND the ERIP. Just how much did adding administrators to the ERIP cost this district? The difference between what administrators and teachers cost the district is the real story behind the ERIP. Report Reply 0 replies · active 334 weeks ago +10 Vote up Vote down Harold Gaines · 334 weeks ago Don’t let it get you Cueball; if nobody’s upset, you probably aren’t really “doing” journalism. However, the uproar does seem silly in this case. Report Reply 0 replies · active 334 weeks ago +2 Vote up Vote down JustMe · 334 weeks ago “could have put as much as $10 million “….COULD have cost. Careful Cue. Those kind of “could haves” will send people into a frenzy. We look to you for factual information. But throwing something like that into the pool full of piranha could easily backfire. Report Reply 0 replies · active 334 weeks ago +10 Vote up Vote down math major · 334 weeks ago Just me I think he qualified that estimate with a response but when the source doesn’t want to give the actual numbers aren’t we all left to guessing? ?? Report Reply 0 replies · active 334 weeks ago 0 Vote up Vote down Open Records · 334 weeks ago Cue – Please tell me you’ve submitted open record requests for this information… All of the questions you’ve posed can probably be answered with a little research. Report Reply 0 replies · active 334 weeks ago Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments Commentary by Tracy McCue, Sumner Newscow — Have you ever had someone try to pick a fight with you over a subject for which you are in complete agreement?A couple of school board members felt intent to inform the public (among other things) on Thursday about what a good job everyone did with the negotiated teachers contract agreement and the phasing out of the ERIP despite what that lousy no-good Sumner Newscow says.If a few of these board members could put aside their collective paranoia schizophrenia for one second, they will probably see they wouldn’t get an argument from me on that issue.The most recent negotiating teams have had the thankless job of slowly bringing this costly piece of policy to termination. They didn’t eliminate it abruptly, and tried to fulfill their obligation to the older teachers in the process. It was a no win situation, especially with so many unsustainable promises to teachers in yesteryear. They probably handled it as well as they could.What has been lost in the whole brouhaha, is how expensive the ERIP has been to the taxpayers of USD 353 District. Dale Dennis, Kansas State Department of Education Deputy Secretary, told Sumner County in 2011-12 USD 353 was paying $512,746 and in 12-13 it was paying $450,860 in early retirement funds (see story here).I took a calculator to this and if you added up the years since 1992 when the program was implemented, the USD 353 school district could have put as much as $10 million into the program. One could argue that more money has been paid in early retirement than the building of the new high school at this point in time. And that is without the help of state aid.Of course, there are a lot of variables to those figures, and we are looking at only one side of the accounting ledger.  I’m sure the school district wasn’t paying as much in the early going as it took the number of retirees to accumulate. Therefore the school district probably didn’t get up to the $450,000 figures until later in the 1990s.Also, the question of the amount of savings USD 353 made by replacing teachers on the top of the salary schedule with new teachers has never been answered.My intent with the ERIP story from the beginning was to ask these two simple questions:1) How much did the ERIP program cost the taxpayers of USD 353 during its duration?2) How many retirees participated in the program from its inception to now?If someone can help me answer those questions, I’d be greatly appreciated.last_img read more

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Bellator London results: Michael ‘Venom’ Page makes quick work of Giovanni Melillo with first-round KO

first_imgMichael “Venom” Page was guilty of window shopping and looking ahead to running it back against Douglas Lima — and it didn’t matter at all.MVP blasted Giovanni Melillo with a hard right hand to score another highlight-reel knockout in the main event of Bellator London at the SSE Arena on Saturday, before calling out the welterweight champion for a rematch. Lima handed Page his first pro loss last May when he slept MVP with a right uppercut. Lima was tuning in, but apparently he wants to see more from Page before granting him a crack at redemption.Solid performance Michael Page! But I need to see wins against ranked opponents then you know where I’ll be! ✊🏽 @BellatorMMA— Douglas Lima (@PhenomLima) November 23, 2019Just as Page made the mistake of gambling against Lima, Melillo errantly went for a right head kick. Page, almost simultaneously, detonated that right hand, knocking out the overmatched Melillo in devastating fashion. Page knew it was over, too, as he instantly struck his venomous snake pose in the center of the cage.RIGHT HAND. GOODNIGHT! @Michaelpage247 stops Gianni Melillo inside one round with a brutal right hand walk off KO.Talk about a perfect homecoming. #BellatorLondon pic.twitter.com/fYuxXN336m— Bellator Europe (@Bellator_Europe) November 23, 2019That’s two consecutive first-round victories for MVP since his knockout loss to Lima. He defeated Richard Kiely with a flying knee in September. Join DAZN and watch more than 100 fight nights a year”Who wants to see me fight Douglas Lima again?” Page asked in the cage following his victory. “He’s got the belt, I got a lot of respect for him, but I want to take something back that he stole from me.”last_img read more

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