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$650K grant for construction of ferry terminal

first_img× BAYONNE – A proposed passenger ferry terminal in Bayonne took another step forward today when Mayor James Davis and U.S. Representative Albio Sires announced Bayonne as the recipient of a $650,000 U.S. Department of Transportation grant to help with the construction of a terminal on the former Military Ocean Terminal Base (MOTBY).The award comes after the city agreed in March to lease a piece of land from the Port Authority of New York and New Jersey for $2 million over 10 years. The site of the potential ferry would be about a half mile east of the 34th Street Light Rail station on the southern shore of the base.In April, the Bayonne City Council issued a request for proposals for a ferry operator. NY Waterways, the only private ferry operator in Hudson County, is the most likely company to respond.The grant comes from the USDOT Passenger Ferry Grant program (49 U.S.C. 5307(h)), which, according to the USDOT website, “provides competitive funding for projects that support passenger ferry systems in urbanized areas. These funds constitute a core investment in the enhancement and revitalization of public ferry systems in the nation’s urbanized areas.”Mayor James Davis said in a press release, “Commuter ferry service is a game changer for Bayonne and this federal grant is another step forward for our city toward a brighter future with millions in new tax revenue and an opportunity for our community to thrive.”last_img read more

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Envisioning the Future of IT

first_imgNo matter what business you are in or the size of your organization today, if you are an IT leader, you must be contemplating the future of IT in the context of the massive change in our industry. What will it look like? And how can I ensure I fully leverage it to the benefit of my customers and my own company?A new study of over 10,000 IT decision-makers has confirmed that a common vision of that future is emerging around the globe.  The results are a good representation of the IT practitioner in the data center today – how they’re feeling and how they’re thinking. This study was sponsored by EMC and was conducted by independent market research specialist Vanson Bourne. You can explore the results in-depth.There are three tenets of this shared vision.  First, is a belief that technology will create a competitive advantage as more and more business moves online.  While this has always been true in some industries, it is becoming common across industries.  Just look at the home today – a smart phone app is becoming critical buying criteria for everything from thermostats and home security systems to washing machines and garage doors.Second is a conviction that IT must become an in-house provider of on-demand services. The accessibility of applications and technology for consumers, combined with the ease-of-use in public cloud for organizations, has raised the bar.  Now IT organizations around the globe know that they too must provide services on-demand.Lastly, there is a belief that the best way to improve agility and security in IT service offerings is to combine public and private clouds in a hybrid cloud solution. In fact, 64% identified the need for joint public and private cloud services – hybrid cloud – in order to ensure their organization is agile and that critical information will be protected.The role of in-house IT is evolving in light of the impact technology megatrends are having on business and society.  IT departments continue being asked to deliver more value to the company with fewer resources.  Offering on-demand services, including hybrid cloud and automated infrastructure are key ways to win in this environment.All around the world, IT leaders are innovating ways to enable business growth as quickly and efficiently as possible – that’s the future of IT.last_img read more

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BI requires banks to buy govt bonds using $6.5b in excess liquidity

first_imgBank Indonesia (BI) is requiring banks to buy government bonds after cutting banks’ reserve ratio further, providing the financial system with Rp 102 trillion (US$6.54 billion) in liquidity in a move that is expected to help the state fund the coronavirus battle.BI Governor Perry Warjiyo said a recent central bank regulation to cut the rupiah reserve requirement ratio should be used by banks to buy new government bonds.“This policy will fulfill three purposes simultaneously, including BI’s need to inject liquidity, while at the same time obliging banks to improve liquidity management by buying government bonds,” Perry told reporters. “This will help the government to finance the budget deficit.” The government has nearly tripled its borrowing this year to Rp 1 quadrillion to finance the fight against COVID-19 through Presidential Regulation (Perpres) No. 54/2020 on the 2020 state budget revision, issued on April 3.The government plans to offer sovereign debt papers worth Rp 549.6 trillion, an increase from the initial Rp 389.3 trillion, while also planning to raise Rp 450 trillion in “pandemic bonds”, given that demand for government bonds has significantly declined.Under the new Perpres, the government allows the central bank to buy government debt papers directly during auction. The previous law only allowed BI to buy bonds in the secondary market.Perry said BI would be prepared to buy government bonds in the primary market in two weeks, adding that it would buy bonds only as a last resort if the market could not fully absorb the bonds issuance.“BI and the government are currently smoothing out the technicalities for the policy,” Perry said.Topics : The government projects Indonesia’s state budget deficit to reach 5.07 percent this year, with an additional budget of Rp 405.1 trillion to be allocated for medical spending, the social safety net and business rescue packages.BI decided on April 14 to lower the rupiah reserve requirement ratio by 200 basis points (bps) for conventional banks and 50 bps for sharia banks starting May 1. BI will also revoke the banks’ obligation to fulfill the intermediary macroprudential ratio (RIM). Both measures will boost bank liquidity by up to Rp 117.8 trillion.“BI’s quantitative easing measures will boost liquidity by nearly Rp 420 trillion,” Perry said, citing the Rp 300 trillion in funds the central bank is injecting into financial markets and banks to mitigate the effects of COVID-19, including foreign investors’ selloff of Indonesian assets.Perry said that, by requiring banks to buy new government debt papers, “this will reduce pressures to the bonds issuance”.last_img read more

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Henson: From Raji to Cutler: Best, worst from NFC Championship

first_imgAssociated PressLeading up to Sunday’s NFC Championship game, there was one buzzword surrounding the Packers-Bears rivalry.Toughness.We saw clip after clip of Vince Lombardi and George Halas. Highlights of Mike Singletary and Bart Starr. The vicious battles in the trenches. We were told this rivalry was war and that players on both sides would do anything they could to emerge victorious.With a trip to the Super Bowl on the line, anything and everything would be left on that sloppy field in Chicago.It didn’t look like that standard applied to Jay Cutler yesterday.The Packer defense did exactly what we thought they would do. They brought pressure. A ton of pressure. And Cutler was hit early and often.Then he injured his knee during a pass late in the first half. Cutler was labeled “questionable” and he did not return. Todd Collins lasted one series before Caleb Hanie came in and brought some life to the Bears, but the comeback fell short.What’s “questionable” here is Cutler’s role as quarterback and leader of his team.Cutler tested his knee but ultimately sat and watched his teammates finish one of the biggest games of their lives.After the game, Cutler said he tried to re-enter the game but that the Bears’ staff wouldn’t allow it. Take from that what you will.But a healthy Cutler didn’t look like he belonged on that field. Chicago was inept offensively in the first half, and there were no signs of life. The zero on the scoreboard said it all. Cutler was 6-for-14 with an interception. We saw the same old body language. The slumped shoulders, the slow trot to and from the sideline.But if he was going to have to miss the rest of this game, he was going to help the backups any way he could. He was going to offer advice after every series to try to get his teammates to North Texas.You see, that’s what any starting quarterback with some leadership ability would do. We didn’t see any of that from Cutler. He sat there. No attempt to even look like he cared.Now come Super Bowl Sunday, the Bears will all be doing the same. Just sitting there. Watching.But Cutler’s dismal outing is just one of many storylines from an unpredictable yet entertaining NFC Championship.Here’s a rundown of some other memorable aspects from yesterday’s 21-14 Packers victory.Best play: B.J. Raji’s pick-sixThe Bears finally got on the board in the fourth quarter with a one-yard touchdown run from Chester Taylor, and suddenly the game was very much within reach. Minutes later, the Bears got the ball back down 14-7 and the Soldier Field crowd was back.But on third-and-five at the Chicago 15-yard line, Hanie made the kind of mistake you expect to see from a third-string signal caller. Green Bay defensive tackle B.J. Raji dropped back into coverage, picked off Hanie’s pass and strolled into the endzone.It was a terrific defensive play-call to catch Hanie off-guard, and the Raji did the rest, scoring what proved to be the game-winning touchdown.Worst play: Earl Bennett’s third-down end-aroundThere are a number of candidates for this honor, including Hanie’s game-ending interception on the very next play, but the decision to call an end-around on third-and-three with under a minute remaining is just baffling. That’s not the time to get cute.Bennett takes the carry and immediately has nowhere to run. The Packers’ athletic front seven does what it does best and swarms to the football, stopping Bennett for a 2-yard loss. That leaves Hanie to convert a fourth-and-five in an obvious passing situation with everything on the line. As we saw, that gives the Packers a sizable advantage.Unsung Hero: Green Bay punter Tim MasthayIn addition to the Green Bay pass rush, Tim Masthay made life even more difficult for the wounded Bears’ offense. The Packer punter made Devin Hester a non-factor with his directional punting and showed off an incredible leg with a booming 65-yard punt in the third quarter.If Hanie was going to engineer a comeback, Masthay was going to make sure it took the full length of the field to do it.Stat of the game: Third-down conversionsThere were three third downs converted the entire game. The Packers had two of them.That’s astoundingly bad offensive execution.Overall, Green Bay was 2-for-11 on the money down, while Chicago was 1-for-13. But the Packers were so good during the opening drive of the game that a third-down play was never even presented. Aaron Rodgers scored on a naked boot, and the Packers made it look easy, reaching the end zone in seven plays. Obviously, that score turned out to be the difference and once the third downs came, the Packers struggled.The Bears’ defense gave them a chance by not allowing a single point in the second half, but Chicago was similarly abysmal on third downs and they spent much of the half punting it right back.But hey, at least Hanie can say he converted a third-down in the NFC Championship. You have to wonder if Cutler wishes he could say the same.Max is a senior majoring in journalism. Pumped the Packers are going to the Super Bowl? Despise Jay Cutler? Let him know at [email protected] Editor’s Note: It was reported after the game that Cutler did in fact test out his knee after suffering an injury. That has since been clarified in the column.last_img read more

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