Governor Wolf Joins Philadelphia Officials for Funding Announcement on I-95

first_img Infrastructure,  Press Release,  Results,  Transportation Philadelphia — Governor Tom Wolf today joined PennDOT Secretary Leslie S. Richards, Mayor Jim Kenney and Janet Haas of the William Penn Foundation for a funding announcement and update on the future reconstruction of Interstate 95 in the city.With the reconstruction of I-95, built in the 1970s, connections are being restored between the Delaware River waterfront and the rest of the city. Since 1997, PennDOT has been investing in rebuilding and improving the 51-mile I-95 corridor in southeastern Pennsylvania. Currently, $1.7 billion is programmed to complete the rebuilding of I-95 between Cottman Avenue and Interstate 676, the Vine Street Expressway. These improvements have included mitigation to improve the aesthetics for neighborhoods where the viaducts carrying I-95 are located and which were greatly impacted by the original construction 50 years ago.Over the next decade, an upcoming phase of the reconstruction project is a $3 billion to $4 billion investment to rebuild the five-mile stretch, a portion already below ground but mostly on viaduct, between I-676 and Broad Street in South Philadelphia, but all of which impacts the city’s connection to the Delaware River. On the north end of this section, at Penn’s Landing, a new and expanded cap over I-95 will reconnect Penn’s Landing to the city. On the south end of this section, the reconstruction project will improve access to the growing Philadelphia port complex.The state, city and foundation will partner on underwriting the $225 million cost of replacing and expanding the existing cap over I-95 and Christopher Columbus Boulevard.  The project would extend the cap beyond the current boundaries between Chestnut and Walnut streets and extend it over Columbus Boulevard.“We are showing how partnerships between the public and private sectors deliver important benefits that improve both our quality of life and economy,” Governor Wolf said. “In this case, as Interstate 95 will be rebuilt, we have partnered with the city and the William Penn Foundation to restore and enhance the river’s connection to Center City.”“By the private and public sectors partnering and sharing the cost for the cap now, we will save future state and federal highway dollars,” Richards said. “This partnership will allow us to meet our community responsibilities as we improve this critical artery, one of the busiest in the state.”I-95 carries roughly 120,000 vehicles a day in the section between I-676 and Broad Street.The landscaping on the cap, funded by the William Penn Foundation contribution, also addresses storm water mitigation by providing green infrastructure for water quality improvements, which ordinarily are very challenging to meet in urban settings.The state is committing $110 million, including $10 million for preliminary engineering and design, which is already underway. The city is committing $90 million and the foundation has committed $15 million with the commitment to raise the additional $10 million needed for the project.“This three-way partnership will deliver benefits for the city while improving mobility and allowing PennDOT to meet its goals of managing transportation in an efficient and effective way,” Richards said. June 09, 2017 SHARE Email Facebook Twittercenter_img Governor Wolf Joins Philadelphia Officials for Funding Announcement on I-95last_img read more

PenSam adopts MSCI Climate Index for €4.8bn equities portfolio

first_imgDanish labour market pension fund PenSam said it has switched weightings in its passively-managed listed global equities portfolio to take account of climate factors, by adopting the MSCI All Country World Index (ACWI) Climate index for the whole €4.8bn allocation.Torsten Fels, PenSam’s chief executive officer, said: “The MSCI Climate Change Indexes consider both the opportunities and risks associated with the transition to a low carbon economy, enabling PenSam to integrate climate risk considerations in the global equity portfolio.”Announcing the move, index provider MSCI said its climate change Indices re-weighted securities based on MSCI’s low carbon transition score, which kept track of a company’s exposure to low carbon transition risk, carbon emissions and fossil fuel reserves as well as its exposure to opportunities including alternative energy and clean technology.A spokeswoman for the €20bn Danish pension fund confirmed to IPE that it had adopted the index for both listed Danish and foreign equities, adding that the fund had only a minor exposure to Danish equities. PenSam previously used the MSCI ACWI, she said.Alvise Munari, global head of client coverage at MSCI, said: “It is critical that the investment industry leads the transition to a low carbon economy, before climate change becomes a major threat to financial stability.”MSCI was trying to aid this transition, he said, by developing tools that analysed “next-generation data” to support clients’ integration of sustainability into their investment processes.The ACWI Climate Change Index is based on the MSCI ACWI, including large and mid-cap securities across 23 developed and 26 emerging market countries, said MSCI.Last June, French utility company EDF announced that it was adopting the index for its €28.1bn nuclear plant decommissioning fund, and was planning to switch some of its passive investments into indexed funds using the new MSCI indices.last_img read more

DNO lifts takeover offer for Faroe Petroleum to 160p a share

first_imgNorway’s DNO has increased its takeover offer for Faroe Petroleum. The company which in November launched a hostile takeover bid of 152 pence a share, on Tuesday said the new and final offer was 160 pence in cash for each Faroe Share it didn’t already own.According to DNO, the final offer values Faroe’s existing issued and to be issued share capital at approximately £641.7 million.Since DNO owns some 30 percent in Faroe Petroleum, this means that DNO would pay around £454 million ($580 million).“The Final Offer price represents a premium of 52.4 percent to Faroe’s share price of 105 pence at the close of business on 3 April 2018, the last Business Day before DNO announced its first acquisition of shares in Faroe, and a premium of 27.2 percent to Faroe’s share price of 125.8 pence at the close of business on 23 November 2018, the last Business Day before the announcement of the Offer,” DNO said.The Norwegian oil company said the final offer for Faroe, a North Sea region-focused exploration and production company, would remain open for acceptance until 1.00 p.m. (London time) on January 23, 2019.Providing background and rationale behind the decision to increase the offer, DNO on Tuesday said:” The justification for acquiring Faroe remains unchanged and is as set out in paragraph 3 of the letter from DNO in Part I of the First Offer Document.Since its 26 November 2018 announcement, DNO has maintained that its original 152 pence per share Offer price was full and fair, even generous, especially in the light of weaknesses in the equity and commodity markets and recent newsflow from Faroe itself. DNO has studied the various defence documents published by the Faroe Board and found nothing to change this opinion.“Even Faroe’s hastily revised and released report “Independent Expert’s Report on the Oil and Gas Assets of Faroe Petroleum plc” left important questions unanswered, as DNO highlighted in its 2 January 2019 announcement, such as, still bullish oil price assumptions, exclusion of the much heralded Equinor swap, no accounting for corporate costs when converting the asset valuation to a company valuation, and optimistic interpretation of value from the highly uncertain categories of contingent resources and “near term prospects”, among others. Related: DNO slams Faroe’s ‘glossy’ report amid Oda field reserves downgrade Related: DNO extends 152p bid deadline for Faroe. We’re worth more, Faroe board says Offshore Energy Today Staff DNO added: “We remain concerned about Faroe’s ability to deliver its longed for “transformational growth” in light of continuing risks surrounding the Brasse development, recent exploration disappointments in the Brasse East and Rungne wells in the Brasse area and also the Cassidy prospect, and note with disappointment the disclosure by the Norwegian Petroleum Directorate (“NPD”) on 7 January 2019 of a substantial downgrade of the reserves in the Oda field.“Having thought long and hard about the situation, DNO has decided to increase its Offer price and close out the Offer, and focus now on putting Faroe on a firm operations and commercial footing. We are pleased that starting with our first acquisition of shares, shareholders holding 43.8 percent of Faroe’s shares have voted with their feet by selling shares to DNO or with their hands by accepting our Offer.”“Although DNO would prefer to achieve its 50 percent acceptance level and acquire additional shares, DNO is nonetheless comfortable with the possibility of its Offer lapsing, leaving DNO with less than a majority shareholding in Faroe. In the latter case, DNO has already stated that it will intensify its efforts to ensure that Faroe is managed for the benefit of all shareholders.” While Faroe Petroleum has yet to release a reaction on the latest offer, one can say almost certainly that the company’s board will not be pleased with 160 pence a share. Namely, the company has earlier this month cited a GCA report which concluded that “the value of Faroe’s oil and gas assets more reflective of current (late December 2018) market oil pricing is in the range of US$879 million – US$1,076 million.”“The Board believes that GCA’s independent valuation further reinforces its view that the Offer is opportunistic and substantially undervalues Faroe,” Faroe said at the time. What is more, John Bentley, Non-Executive Chairman of Faroe said that the GCA report implied a value per share for Faroe in the range of 186p to 225p per share representing a 22%-48% premium respectively to DNO’s Offer price of 152p. Related: Faroe tells shareholders to wait for better offerlast_img read more

Cody Bellinger’s first postseason hit comes at a critical time in Dodgers’ Game 2 win

first_img Newsroom GuidelinesNews TipsContact UsReport an Error MILWAUKEE — Cody Bellinger batted more times than any Dodger in 2018, yet he watched the first half of Game 2 of the National League Championship Series from the dugout.By now the Dodgers know not to rest their ambitions on performance in the distant past. Bellinger was 0 for 4 with two strikeouts in Game 1 Friday, and 0 for 15 this postseason prior to Saturday. A ground-ball single in July was Bellinger’s only career hit against the Milwaukee Brewers’ Game 2 starter, Wade Miley. That wasn’t enough to keep Dave Roberts from putting Chris Taylor, Matt Kemp and Yasiel Puig in his outfield.Besides that, Roberts said in the hours before Game 2, Bellinger’s frustration in the batter’s box was beginning to show.“There is a frustration where he wants to see results, and all players do,” Roberts said of Bellinger. “But I encourage him, even today, that where he’s at mechanically, I encourage him mentally to stay there in a positive way because he’s going to get some big hits for us.” The Dodgers continued to rally against right-hander Jeremy Jeffress, plating another run to pull within 3-2. The inning ended when Yasmani Grandal grounded into a double play, stranding Bellinger 90 feet from home plate.Bellinger was the latest Dodger to thwart a narrative that fomented in the days leading up to the NLCS: that the Brewers’ bullpen was the biggest obstacle standing in the Dodgers’ path to victory. So far, the Dodgers’ bench has had the upper hand in that matchup. Eight of the Dodgers’ nine runs in NLCS have scored in the seventh inning or later.Even though Miley was still on the mound when he replaced the right-handed hitting Kemp with the left-handed hitting Bellinger, Roberts liked the advantage that Bellinger presented.For one thing, he knew that left-handed reliever Josh Hader was unavailable to pitch in Game 2. Brewers manager Craig Counsell was likely to replace Miley with a right-handed reliever.For another, Bellinger is an above-average outfielder. Kemp is not. Getting the start in left field, Kemp misplayed a ground ball that caromed off a guard rail in foul territory in the third inning, allowing Miley to cruise into second base with a double.“After (Kemp’s) second at-bat, now you have two innings of defense in a tight ballgame,” Roberts said. “So to sandwich Cody, a left-handed hitter, around two right-handed hitters (Machado and Kiké Hernandez) – and you upgrade your defense – and again you don’t have to worry about Hader coming in.”Milwaukee led 3-2 with two outs in the seventh inning when Ryan Braun hit a fly ball to the right-center field gap. Bellinger went into a slide to haul in the catch 354 feet from home plate.That set the stage for Justin Turner’s go-ahead two-run home run in the eighth inning against Jeffress, which proved to be the game-winning hit in the Dodgers’ 4-3 victory.center_img That prediction came true in a hurry.Bellinger entered Game 2 as a defensive replacement in center field in the bottom of the fifth inning. After Max Muncy walked and Manny Machado singled to lead off the seventh inning, Bellinger drove in the Dodgers’ first run of the game with a single of his own. It was his first postseason hit since Game 5 of last year’s World Series.The hard-hit laser, through the Brewers’ shift into right field, proved to be the knockout blow for Brewers right-hander Corbin Burnes.“I think there’s always pressure in the playoffs to perform,” Bellinger said, “and obviously when you’re not performing it’s tough. But (Friday) I felt as good as I have in a long time. No results. I felt good in L.A. and Atlanta and no results.“It’s frustrating, but at the same time, I’ve got the support of the teammates that told me to keep going that have been there, that have struggled. And that kind of helps me understand that it’s a hard game. And I know that, but it’s hard to snap out of it sometimes. But I felt good yesterday and it was nice to get a hit today.”last_img read more