Unpacking The Many Layers Of Signifiance In Talib Kweli’s Sit-In With Phil Lesh At The Apollo [Pro-Shot Video]

first_imgOn Friday night, September 7th, Harlem’s Apollo Theater played host to a historic performance billed as Don’t Tell Me This Country Ain’t Got No Heart: A Benefit for Voter Participation. The HeadCount benefit show was anchored by Grateful Dead bassist Phil Lesh and his Terrapin Family Band along with the guests that had joined them the previous two nights at Central Park and The Capitol Theatre, respectively, guitarist Eric Krasno and vocalist Nicki Bluhm.The Peter Shapiro-produced benefit came as HeadCount—and the American political system at large—is gearing up for the highly consequential 2018 midterm elections. The show came during a time when the country is arguably more divided than ever before, when hopeless political chaos has begun to feel like the norm, when efforts to unify and rally the masses to vote are of the utmost importance. The gravity of the evening’s message was conveyed by Shapiro in his show-opening speech, and later by HeadCount executive director Andy Bernstein as he introduced set two. “We make our own history,” Shapiro noted in his address, quoting the late Eleanor Roosevelt. “We ask one thing—vote. If every person votes, the right guys will win.”But the night’s significance did not begin and end with its message of political action. This unprecedented performance had historical implications that stretched into the realms of music, culture, and race.The Apollo Theater opened in Manhattan’s historically Black Harlem neighborhood more than a century ago. Ever since, the venue has been a pillar of black culture in the city, giving countless world-class performers a stage and serving as a point of pride for the oft-oppressed community it represents.Throughout the second half of the Apollo’s hundred-plus year lifespan, the Grateful Dead also established itself as an influential cultural institution—though in a largely separate social space. The Grateful Dead fanbase—and the extended jam band scene that eventually followed in its wake—has always been predominantly white. The “why” behind that notion is another complicated conversation for another day, but going into the benefit, the facts remained: No iteration of the Grateful Dead—nor any of its individual members—had ever played Harlem’s entertainment Mecca, and The Grateful Dead could not have been farther from the zeitgeist of contemporary urban culture.However, in the unifying spirit of this one-of-a-kind show, Shapiro, HeadCount, and the rest of the organizers used the benefit as an opportunity to bridge the gap between these independently revered institutions. They recruited “sacred steel” virtuoso Robert Randolph and the world-renowned Harlem Gospel Choir as special guests on the show, merging the cultures of the house band and the house itself. The show’s billing also featured one more special guest: critically acclaimed hip-hop artist Talib Kweli, with whom Eric Krasno has built a long and fruitful creative relationship. While it was relatively easy for fans to picture the incorporation of a choir (countless different people have sung this music over the years) and Randolph (a veteran live “Friend” of Phil’s) ahead of time, many were puzzled about where and how a rapper might fit into a Dead show. Those questions were answered in the midst of a second-set “Shakedown Street” when Krasno stepped to the mic to welcome Talib Kweli to the Apollo stage. Kweli, a Brooklyn native, proceeded to join the fray and spit a poignant verse over the ongoing “Shakedown” groove based around the lyrical refrain from Nas, Raekwon, and Mobb Deep‘s “Eye For An Eye”:As time goes by, an eye for an eye;We in this together, son, your beef is mine;As long as the sun shine to light up the sky;We in this together, son, your beef is mine.Talib Kweli’s “Shakedown” verse continued in that vein, embodying the ethos of the evening as a whole with conscious turns of phrase that highlighted our nation’s current mindset:Information make it harder for us to follow discussion;Educated guesses beat wild assumptions;Information leads to knowledge, knowledge leads to wisdom, wisdom leads to understanding;You have all that you start demanding justice;Justice is what love look like in public.As the Harlem Gospel Choir took the stage after “Shakedown Street”, keyboardist Jason Crosby began the familiar piano hook from Kweli’s survive-at-all-costs 2002 breakout hit, “Get By”. Talib dedicated the song to 26-year-old rapper Mac Miller, who had died suddenly earlier that day. That shoutout in itself echoed one of the positive evolutions American culture has undergone in recent years. When Kweli recorded the track in 2002, the hip-hop world was still wrapping its head around the concept of a white rapper by way of Eminem. When Miller tragically passed in 2018, the white, Jewish rapper was not just accepted, but also respected by his peers—and will be remembered for his work rather than for his race.While Talib Kweli’s inclusion in the show mystified fans’ predictions ahead of the benefit, his message in “Get By” proved a perfect fit for the voter participation benefit:Yo, I activism, attackin’ the system, the Blacks and Latins in prison;Numbers have risen, they’re victims lackin’ the vision;Shit, and all they got is rappin’ to listen to;I let them know we missin’ you, the love is unconditional;Even when the condition is critical, when the livin’ is miserable;Your position is pivotal…At first glance, the prevailing storyline of this historic evening was the intersection of the long-isolated worlds of hip-hop and The Grateful Dead, but the true message of the benefit went much deeper than that. Talib Kweli, the Harlem Gospel Choir, & more joined forces with Phil Lesh at the Apollo. Was it a perfect performance? No. Was it Phil’s best “Shakedown Street” ever? Negative. Was it Talib’s most precise rendition of “Get By”? Of course not. But it was undeniably significant for what it was, for what this musical and cultural summit represented: When you strip away preconceptions and status quo, we’re all people, it’s all music, and the intention is all love. Maybe we’re not so different after all.You can watch full pro-shot footage of Talib Kweli’s appearance with Phil Lesh & Very Special Friends during the HeadCount voter participation benefit at The Apollo below:Phil Lesh & Very Special Friends w/ Talib Kweli, The Harlem Gospel Choir – “Shakedown Street”, “Get By”[Video: Relix / Directed by Jonathan Healey w/ 7 Cinematics]Make sure you get out and VOTE in the upcoming elections on Tuesday, November 6th. For help finding your local polling place, or to find more information about how you can get involved, visit the HeadCount website.[H/T Relix]last_img read more

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Juan Marichal

first_imgJuan Marichal was born on February 2, 1922, in Santa Cruz de Tenerife in the Canary Islands. In 1935 his father was transferred to Madrid, where Juan’s uncle, Domingo Perez Trujillo, was serving as the Socialist representative for the municipality of Puerto de la Cruz. With the onset of the Spanish Civil War, Juan accompanied his uncle to Valencia (the war capital of the Second Spanish Republic) and then Barcelona, but they were forced into exile and went to France in 1939. Juan began his studies in Paris, but the beginning of the Second World War and the threat of the German invasion forced him once again into exile with his brother Carlos and he moved to Casablanca, where he studied at a French lycée. In 1941 he traveled to Mexico on a ship leased by an organization that provided aid to Spanish Civil War exiles. He spent the next four years at the Universidad Autonoma in Mexico City, where he obtained a Licenciatura from the Faculty of Philosophy and Letters in 1945. After a brief teaching stint at the Luis Vives Institute, also founded by Spanish emigrés, he moved to the United States to pursue a doctoral degree at Princeton University, which he completed in 1949. Americo Castro, a legendary Hispanist and fellow exile, directed Marichal’s dissertation on Benito Jeronimo Feijoo — the Benedictine friar, essayist, and polymath whose intellectual efforts to debunk false beliefs and popular superstitions paved the way for the eighteenth-century Spanish Enlightenment.Juan Marichal first joined Harvard University in 1949 as an assistant professor. In 1953 he left for Bryn Mawr, but came back to Harvard in 1958. In 1966 he was named Smith Professor of French and Spanish Languages and Literatures. He also served as Chair of the Romance Languages and Literatures Department from 1966 to 1970. He retired in 1988 after 34 years of service.During that time, he attained a sterling reputation in the classroom as an eloquent and elegant lecturer. His master classes on Hispanic literatures, covering the full span from El Cid to Garcia Marquez, introduced generations of Harvard students to the literary culture and intellectual life of the Hispanic world on both sides of the Atlantic. He was equally at home with Ph.D. candidates in graduate seminars as he was with undergraduates in his perennially popular Humanities 55 (The Literature of the Spanish-Speaking Peoples), later called Foreign Cultures 21, which he taught for almost thirty years until his retirement. Harvard graduates from every professional sphere and not only from the humanities — scientists, athletes, financial leaders — still remember with fondness their Hum 55 introduction to Hispanic cultures.Firmly committed to Harvard’s international outreach, Marichal also helped foster its intellectual ties with the Iberian and Latin-American worlds through his work with Harvard’s Committee on Latin American and Iberian Studies and as director of the Fellowships Committee for Latin America of the Guggenheim Foundation (1968–1980).Marichal published his first book La voluntad de estilo in 1957 (substantially revised and expanded in 1984 as Teoria e historia del ensayismo hispanico), a pioneering study on the origins, development, and literary history of the Spanish essay. He then devoted ten years to the first attempt ever at locating and editing the complete works of Manuel Azaña (Mexico 1966-1968), a landmark publication on the Spanish politician and writer of the Second Republic, widely disseminated and avidly read by the generation that had to face Spain’s transition into a democracy. Marichal’s painstaking efforts to establish Azaña’s corpus, not only scattered but suppressed during Franco’s dictatorship, made possible its scholarly recovery and Azaña’s subsequent appraisal as the sharpest political mind in twentieth-century Spain. Bringing his works to the public was such a politically sensitive endeavor that Franco’s government sounded out with the Mexican publishers whether it was possible to purchase the entire run of the edition, nothing but a ploy to have it destroyed. The edition was followed by an intellectual biography, La vocacion de Manuel Azaña (Madrid, 1968), officially proscribed by Spanish censorship until 1971.His concomitant engagement with Latin American intellectual life bore scholarly fruits as well, both in the 1978 Cuatro fases de la historia intelectual latinoamericana and in his earlier collaboration with the Mexican writer Octavio Paz during the latter’s stint at Harvard as Norton Lecturer, Las cosas en su sitio: sobre la literatura española del siglo XX (1971). He maintained, at the same time, a close friendship with Spanish philosopher and fellow exile Juan Ferrater Mora, his former colleague at Bryn Mawr. This synoptic overview of Marichal’s literary scholarship would be incomplete without due acknowledgement of his enduring accomplishment as editor and interpreter of the works of Pedro Salinas—a leading poet from the Generation of 1927 and father of Marichal’s beloved wife, Solita (who passed away in 2007).Juan Marichal remained at work long after his retirement. In 1990 he wrote El intellectual y la politica. In 1996 he was awarded the Premio Nacional de Historia de España for another collection of seminal essays entitled El secreto de España: ensayos de historia intelectual y politica (Madrid 1995). His last book, devoted to another of his central passions as an intellectual historian, was El designio de Unamuno (Madrid 2002).In 1965 Marichal became a Fellow at the American Academy of Arts and Sciences. After retiring, he moved back to Madrid, where he lived until 2003. An inspirational beacon in the intellectual renewal of Spanish life, he spearheaded the resurrection of the historic Institucion Libre de Enseñanza in Madrid as Director of its Bulletin. In August 2008 he was awarded the Encomienda de Isabel la Catolica by the Spanish government to honor his contributions to Hispanic culture. Marichal and his wife resettled in Cuernavaca, where he passed away on August 8, 2010. He is survived by his son, Carlos Marichal Salinas, a professor of history at El Colegio de Mexico, and his daughter-in-law, Soledad Gonzalez Montes, along with his grandchildren and great grandchildren, all of whom reside in Mexico.Respectfully submitted,Joaquim-Francisco CoelhoLuis Giron-NegronJohanna LianderFrancisco Marquez-Villanueva, Chairlast_img read more

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Broadway Grosses: Hedwig & Cabaret Bring In Crowds

first_img Here’s a look at who was on top—and who was not—for the week ending April 27: View Comments UNDERDOGS (By Gross) 5. Rock of Ages ($359,970)  4. The Bridges of Madison County ($351,946)  3. Casa Valentina ($210,585)* 2. Mothers and Sons ($192,942) 1. The Velocity of Autumn ($84,521) FRONTRUNNERS (By Gross) 1. The Lion King ($2,143,746) 2. Wicked ($2,074,749) 3. The Book of Mormon ($1,674,070) 4. Kinky Boots ($1,519,830) 5. Les Miserables ($1,258,537) A popular tune says “the neon lights are bright on Broadway,” but audiences also love gritty and seedy! Hedwig and the Angry Inch and Cabaret, which opened on April 22 and 24, respectively, both enjoyed packed houses this week. Rock goddess Neil Patrick Harris played to 102.14% capacity, and the Kit Kat Klub overflowed at 100.17%. Meanwhile, The Lion King took the lead as the highest grossing show, a spot frequently dominated by Wicked (which trailed closely behind). The recently opened Les Miserables and the usual suspects The Book of Mormon and Kinky Boots took the remaining spots in the top five. UNDERDOGS (By Capacity) 5. Rocky (72.60%) 4. The Velocity of Autumn (67.03%) 3. Act One (61.21%) 2. The Bridges of Madison County (60.38%) 1. Mothers and Sons (50.03%) *Number based on 1 preview performance and 7 regular performances **Number based on 1 preview performance and 6 regular performances ***Number based on 3 preview performances and 5 regular performances FRONTRUNNERS (By Capacity) 1. The Book of Mormon (102.63%) 2. Hedwig and the Angry Inch (102.14%)** 3. Matilda (100.53%) 4. Cabaret (100.17%)*** 5. Aladdin (100.04%)last_img read more

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Bolivia Unable to Have Recourse at The Hague for Maritime Dispute

first_img Piñera, who defends the validity of the treaty, stated that Bolivia is able to resort to the instruments stipulated by the treaty of 1904, allowing the “verification of compliance,” but “not to declare it invalid.” By Dialogo January 03, 2013 The Peace Treaty of 1904, which put an end to a war between Bolivia and Chile at the end of the XIX century, defined the cession of the only Bolivian territory with a sea outlet on the Pacific coast, which was finally annexed to the Chilean territory. Bolivia sent a commission to the ICJ to attend the hearings of the legal dispute between Chile and Peru that might conclude with the Court’s ruling by mid 2013. Since then, Bolivia has been claiming a sovereign sea outlet, which has been repeatedly rejected by Chile; therefore, Bolivian President Evo Morales, announced in 2011 that he would file an international lawsuit against the Chilean nation, possibly in the ICJ, without specifying an exact date. “This cannot be done retrospectively with a treaty that has been previously signed, as in the case of Bolivia, so this country cannot use the same method” as Peru, Piñera explained. The head of state also mentioned that Peru filed a lawsuit regarding maritime borders against Chile at The Hague in 2008, “based on the 1948 Treaty of Bogota, aimed at a peaceful resolution, but Bolivia would not be able to do the same due to the existence of the Treaty of 1904. “Bolivia is unable to have recourse at the International Court of Justice,” Piñera said on December 30, quoted by Chilean daily El Mercurio. “We have a lawfully signed agreement with Bolivia,” the Chilean head of state added. Bolivia is unable to go to the International Court of Justice in The Hague to resolve its claim against Chile for a sovereign sea outlet, since both countries signed a treaty in 1904 resolving the dispute, Chilean President Sebastián Piñera stated. On December 27, Bolivian Vice President Álvaro García, accused Chile of being the “neighborhood bully” for not resolving the maritime dispute with Bolivia, and confirmed that his country will go to an international court. The Chilean politicians, their Armed Forces and their Army know what this means, they are not as ignorant as the Colombians who in the last 100 years have lost almost half of the territory, counting what they just gave away to Nicaragua. Forget about that.last_img read more

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It’s time to push the ‘reset’ button on bank marketing

first_img 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Marketing as a discipline has totally reinvented itself over the past several years, from primarily a communications function to one that creates both value and revenue. Unfortunately, most bank and credit union marketing departments have not kept up with the same pace of change that we’ve seen in other industries, costing their institutions hundreds of thousands or millions of dollars in hard costs and lost revenue opportunity.The transformation of marketing has resulted from a confluence of three factors: consumer behavior, technology, and data analytics:The Consumer. Consumers have changed the way they learn about and buy financial products. Increasingly, they distrust advertising and prioritize web content and customer reviews they perceive as being more objective.Technology. Digital advertising allows sales tracking and the calculation of marketing ROI. Marketing automation allows more varied and rapidly deployed campaigns, enabling testing, learning, and optimization of spend. Both have conspired to transform marketing from an “expense” to be minimized to an investment which needs to be optimized. There is a reason GEICO spends much more in advertising than many of its competitors. (Warren Buffett, whose Berkshire Hathaway owns GEICO, is not known for wasting money.) continue reading »last_img read more

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Chuck Grassley quarantines for COVID-19 exposure

first_imgCommittee Chairman Us Senator Lindsey Graham stands with Senator Ted Cruz (R-Tex), (L) in front of Senator Chuck Grassley (R-Iowa), during a Senate Judiciary Committee confirmation hearing on the nomination of Amy Coney Barrett for Associate Justice of the Supreme Court, on Capitol Hill in Washington, DC, October 15, 2020. (Photo by KEVIN DIETSCH / POOL / AFP) (Photo by KEVIN DIETSCH/POOL/AFP via Getty Images)Maybe Chuck Grassley forgot that the mask he wears incorrectly while pretending he’s a respectable senator doesn’t actually protect him from COVID-19?The Associated Press is reporting that 87-year-old Republican Sen. Chuck Grassley of Iowa is in quarantine after being exposed to the COVID-19 virus. “I’m feeling well and not currently experiencing any symptoms, but it’s important we all follow public health guidelines to keep each other healthy,” he said. How Grassley was exposed remains a mystery, but considering that he and his fellow Republican political leaders have been promoting confusion and boosting bad public health policies, it isn’t surprising. Republican Sen. Rick Scott of Florida went into quarantine a couple of days ago after he says he came into contact with someone who tested positive for COVID-19. Are these two things connected? It’s hard to say, as the Republican Party seems to be the single largest superspreader of death and disease that the world has ever seen.This announcement comes just hours after Democratic Sen. Sherrod Brown of Ohio got into a confrontation with Republican Sen. Dan Sullivan of Alaska over Sullivan’s refusal to wear a mask while presiding over the Senate. The earth’s least popular human being, Sen. Ted Cruz, called Sen. Brown “a complete ass,” while other Republicans said Brown was just being performative. Weird: The entire White House and now Sen. Chuck Grassley all have or have been exposed to COVID-19. It’s almost like arrogant and idiotic anti-public health stances don’t work to protect one from public health issues like the coronavirus pandemic.- Advertisement – – Advertisement –last_img read more

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48 Indonesians test positive for COVID-19 overseas: Foreign Ministry

first_imgThe Foreign Ministry’s director for citizen protection, Judha Nugraha, said on Thursday that the government was coordinating with authorities in Malaysia to get more information about the infected citizens linked to the recent tabligh, an Islamic religious mass gathering, in Kuala Lumpur that had caused a significant surge for Malaysia’s confirmed cases, putting the country into partial lockdown since Wednesday.More than 16,000 participants attended the event on Feb. 27 to March 1, including 696 Indonesians, 215 Filipinos, 130 Vietnamese, 90 Singaporeans, 79 Cambodians and 74 Bruneians, The Straits Times reports.The North Sumatra administration ordered local administrations to trace 350 residents across the province who had returned from the gathering. They were placed in observation in an effort to prevent the coronavirus from spreading further.Judha said the Foreign Ministry had been coordinating with a mosque in Kebon Jeruk, West Jakarta — the headquarters of the tabligh congregation – to obtain comprehensive data for contact tracing. Forty-eight Indonesian citizens have tested positive for COVID-19 overseas, says the government, including those infected while on international cruises, proven to be a hot spot for the deadly virus spread.As of Thursday, the Foreign Ministry had recorded 14 confirmed cases in Singapore, 13 in Malaysia, nine in Japan, eight in India, one in Taiwan, one in Australia, one in Saudi Arabia and one in Macau.The nine infected in Japan, crew members of the Diamond Princess cruise ship, as well as one patient in Singapore, have recovered. “The Indonesian Embassy in Kuala Lumpur has sent a diplomatic notice to the Malaysian government to also get the data as soon as possible,” Judha told reporters in a teleconference on Thursday.However, the contact tracing, Judha said, might be difficult as those who had participated in the gathering had not been organized by the mosque.“We have called on the participants to reach out to us or to the Indonesian Embassy immediately,” he added.Read also: 68 percent of COVID-19 deaths recorded in Jakarta as nationwide fatalities rise to 25The government is monitoring closely the well-being of Indonesians who have tested positive in the country, as well as those who are in areas prone to the disease, including Indonesian crew members of international cruises.“This is a new phenomenon where such cruises are becoming a hot spot for COVID-19 infection. To protect our citizens, when the ships are cruising, the Indonesian government will cooperate with the cruise operators to ensure the crew members are healthy,” said Foreign Ministry spokesman Teuku Faizasyah during the live teleconference.Such measures are what the government took when 78 Indonesian crew members were stuck on the Diamond Princess cruise ship off the coast of Japan recently. Fifty-seven Indonesian crew members are still stranded aboard the Grand Princess cruise ship in California’s Port of Oakland.The government is closely monitoring the situation, as the plan for evacuation has been delayed due to health certification matters. Initially, the government planned to charter a flight from San Francisco to Belgrade and then New Delhi to Batam.However, the plan has been delayed as United States authorities have yet to issue health certificates that declare the crew negative of COVID-19.“Our missions in San Francisco, Los Angeles and Washington, DC have contacted the authorities and the cruise principal to ensure the well-being of our fellow Indonesians on board,” said Judha.The government has asked the cruise management to make sure the Indonesians are in good condition and off duty until the evacuation takes place.“The ship is being disinfected. After that, the crew will be under 14-day quarantine inside the ship,” he said, adding that the evacuation could be performed as soon as the quarantine ended.Topics :last_img read more

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‘Largest ever’ asset manager ESG evaluation launched

first_img“The aggregate data will be used to present those asset managers that demonstrate a commitment to ESG-focused competencies and capabilities to UK pension trustees and asset owners, highlighting expertise and innovation in the investment process,” it said.A report is also to be published to all key industry policymakers and stakeholders “as a mechanism to drive change and greater engagement across the industry”.UK pension schemes and their trustees are to be granted access to the asset manager responses at no cost.“This results of this work has the potential to create unprecedented transparency in the industry,” Joe Dabrowski, head of DB, LGPS and standards at the PLSAJoe Dabrowski, head of DB, LGPS and standards at the PLSA, said pension schemes were “keenly aware” of the impact of climate change on their investments and on saver outcomes but needed the services and support of asset managers to investor accordingly and adapt to a fast-changing regulatory environment.“This results of this work has the potential to create unprecedented transparency in the industry,” he said. “I know pension funds and key industry policymakers will be interested to see the report of findings.”Keith Phillips, CEO of TISAtech, said: “This evaluation, which we hope will become an annual exercise, will support the pensions and wider financial services industry to navigate new risks and will ensure transparency.“It will soon become very clear who is adapting and performing well and who is not.”TISAtech describes itself as “a digital marketplace that brings together financial institutions and fintechs for greater collaboration and innovation. Currently, ESG technologies are highly fragmented, so TISAtech provides a place for these technologies to convene.”To read the digital edition of IPE’s latest magazine click here. More than 1,700 asset managers globally have been sent a request for information about environmental, social and governance (ESG) issues facing investors and their ESG-centric investing strategies, according to the UK industry bodies behind the move.TISAtech, a new digital platform launched by The Investing and Saving Alliance (TISA), sent the request for information to the asset managers. The Pensions and Lifetime Savings Association (PLSA) is collaborating with TISAtech on the initiative as part of its ‘Investing for Good’ programme.The deadline for response is 22 October. IPE was told that 25 asset managers registered to respond within the first hour of the request for information being posted via investRFP.com.The latter said a primary objective of the request was to support UK pension schemes’ active management of their exposure to climate change (risk), in line with Taskforce on Climate-related Financial Disclosures recommendations.last_img read more

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Fluxys, Enagas close Swedegas sale

first_imgBelgian and Spanish natural gas infrastructure companies Fluxys and Enagás have closed the previously announced sale of Swedegas, owner and operator of the high-pressure gas grid in Sweden.The buyer of Swedegas, FS Gas Transport is an indirectly wholly owned subsidiary of First State Investments managed European Diversified Infrastructure Fund II.First State, that also owns the largest Swedish gas distribution network, previously approached Fluxys and Enagás with an offer to buy Swedegas.Both companies, each owning a 50% stake in Swedegas, agreed to this proposal in September and the transaction was closed Wednesday upon approval by the Swedish Competition Authority.Fluxys and Enagás closed the sale for an amount of 1,03 billion Swedish Krona each, or around 100 million euros at the current exchange rate.Over the past three years Swedegas has developed Sweden into a major growth market for small-scale liquefied natural gas (LNG) in both shipping and industry.The company also is a frontrunner in the transmission of low-carbon gas and has completed preparations for a joint balancing zone with Denmark.last_img read more

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Dominion in $9.7 bln asset sale to Warren Buffet’s Berkshire

first_imgDominion Energy will also retain a 50 per cent passive and unlevered interest in Cove Point LNG facility in Maryland. Assets covered by the sale agreement include the company’s ownership interests in Dominion Energy Transmission, Questar Pipeline (including Overthrust and White River Hub), Carolina Gas Transmission, Iroquois Gas Transmission System (50 percent interest), legacy gathering and processing operations, farmout acreage, as well as the mentioned 25 per cent operating interest in Cove Point. Dominion Energy expects that up to 90 percent of its future operating earnings will come from its portfolio of best-in-class electric and natural gas state-regulated utility companies centered around five key states: Virginia, the Carolinas, Ohio, and Utah. Commenting on the deal, Thomas Farrell, Dominion Energy chairman, president and CEO, noted the company is targeting carbon and methane zero emissions target for 2050. The transaction is expected to close during the fourth quarter. It requires Hart-Scott-Rodino clearance as well as approval from the U.S. Department of Energy. “This narrowing of focus will also allow us to increase our long-term earnings growth rate guidance by around 30 percent”, Farrell said.center_img Dominion Energy has agreed to sell all of its gas transmission & storage segment assets including a 25 per cent stake in the Cove Point LNG plant. Cove Point LNG (Courtesy of Dominion Energy) The buyer, a unit of the Warren Buffet-led Berkshire Hathaway is set to pay $9.7 billion for the assets. The consideration includes the assumption of $5.7 billion of existing indebtedness. “Over the next 15 years, we plan to invest up to $55 billion in emissions reduction technologies including zero-carbon generation and energy storage, gas distribution line replacement, and renewable natural gas. In addition, between 2018 and 2025 we expect to retire more than four gigawatts of coal- and oil-fired electric generation.”last_img read more

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