Disco Biscuits, Lotus, Vulfpeck, Thievery Corporation Members Expand “Dance Party Time Machine” Lineup

first_imgOn March 24th, 2018, the Dance Party Time Machine will return to Cervantes’ Masterpiece Ballroom in Denver, Colorado. 2018 will mark the sixth iteration of the highly anticipated event produced by J2G Live, which brings together some of the biggest names in jam music with local up-and-coming Colorado musicians. During the blow-out musical event, a stacked rotating lineup of musicians take fans on journey through time, performing dance-party hits from across the decades including “rock ‘n’ roll’s roots to classic soul and R&B, disco, funk, 80’s pop, 90’s hip-hop, and the club bangers of today.”Today, Dance Party Time Machine, which is presented BWGS and Key 2 Life, has added vocalist Antwaun Stanley of Vulfpeck fame to the lineup, which includes DPTM veterans Marc Brownstein, Aron Magner, Allen Aucoin of The Disco Biscuits and Mike Greenfield of Lotus. The event will also host frequent Vulfpeck collaborator Cory Wong and Thievery Corporation’s Jeff Franca in addition to members of Analog Son, YAMN, Fox Street, The Magic Beans, Tiger Party, SuCH, Other Worlds, Mlima, and more.As the press release points out, “Not only will fans get to hear their favorite musicians play on some of the most iconic songs of all time, with the insanely diverse lineup fans will be treated to some very rare and very unique collaborations. Where else can you see Cory Wong jam on Prince songs with Marc Brownstein and Aron Magner?  What about Mike Greenfield, Jeff Franca, and Allen Aucoin getting into a 3 -way, drummer battle royal or seeing some of CO’s finest go toe to toe with some of the biggest names in jamband scene?  The answer is simple, only on the Dance Party Time Machine!!!” Tickets for the event are available now and can be purchased here.“I Feel Love”, Donna Summer Cover, Dance Party Time Machine 2017 Dance Party Time Machine 2018 Promo Videolast_img read more

Jack White Taps Margo Price & Joshua Hedley For Upcoming Nashville Makeup Show

first_imgJack White has scheduled a concert for Tuesday, November 20th, in hopes to accommodate those who purchased tickets to see him at the cancelled Pilgrimage Music Festival. The makeup show at Nashville’s Bridgestone Arena will see two of Jack White’s Third Man Records artists handle the night’s opening duties, with Joshua Hedley kicking off the night, and Margo Price performing second prior to White’s headlining set.Earlier this month, Franklin, Tennessee’s Pilgrimage Music Festival was evacuated due to weather. Fans were told to seek shelter outside of the festival grounds at 5:52 p.m., and the festival officially cancelled its programming soon after.Fans were understandably upset by the decision, which left them waiting in mud-stuck cars for hours without any chance of seeing Jack White, Lionel Richie, Elle King, Hozier, and the many others that were scheduled to perform on Saturday. With a glimpse of hope, fans waited for the weather to pass and the music to go on as scheduled, which never ended up happening. Pilgrimage Music Festival organizers later posted that Sunday’s programming would also be canceled, “due to additional inclement weather on its way to Franklin”.Back in May, Margo Price played a three-night run at the legendary Ryman Auditorium in Nashville, Tennessee. During her stand, the Americana star welcomed an impressive roster of special guests. Price’s second show featured a very special guest performance from Jack White. The two Nashville-based artists collaborated on 2007’s “Honey We Can’t Afford to Look This Cheap” by the White Stripes.“Margo and I are gonna do a song I wrote on an airplane a few years ago,” White said explained to the audience. “It’s about songwriters living in Nashville. Maybe some of you could understand.”Watch video of Jack White joining Margo Price below:Margo Price w/ Jack White – “Honey We Can’t Afford to Look This Cheap” – 5/20/18[Video: Music City Maven]A limited amount of pre-sale tickets will be available to Third Man Vault members starting Wednesday, October 3rd at 10 a.m. (CST).  Tickets go on sale to the public at 10 a.m. (CST) on Friday, October 5th. Tickets will be available at livenation.com, the Bridgestone Arena Box Office or charge by phone at (800) 745-3000. For more information, head to Jack White’s website.Jack White 2018 Upcoming Tour DatesOctober 3: Palladium Riga – Riga, LatviaOctober 4: Siemens Arena – Vilnius, LithuaniaOctober 6: Gdynia Arena – Gdynia, PolandOctober 7: MTP2 – Poznan, PolandOctober 9: Torwar – Warsaw, PolandOctober 10: Tauron Arena Kraków – Kraków, PolandOctober 12: Verti Music Hall – Berlin, GermanyOctober 13: Zenith – Munich, GermanyOctober 14: Warsteiner Music Hall – Dortmund, GermanyOctober 16: Brighton Centre – Brighton, UKOctober 17: Birmingham Academy – Birmingham, UKOctober 18: Hull Venue – Hull, UKOctober 20: Liverpool Space By Echo Arena – Liverpool, UKOctober 21: Usher Hall – Edinburgh, UKNovember 2: Rogers Place – Edmonton, CanadaNovember 3: Stampede Corral Arena – Calgary, CanadaNovember 5: Brandt Centre – Regina, CanadaNovember 6: Bell MTS Place – Winnipeg, CanadaNovember 8: Budweiser Gardens – London, CanadaNovember 9: The Arena at TD Place – Ottawa, CanadaNovember 10: Place Bell – Laval, CanadaNovember 12: Videotron Centre – Quebec, CanadaNovember 13: Moncton Events Centre – Moncton, CanadaNovember 14: Bridgestone Arena – Nashville, TNView All Tour Dates[H/T RollingStone]last_img read more

Magic Beans & Kitchen Dwellers Announce Co-Headlining 2019 Winter Tour

first_imgColorado’s Magic Beans and Montana’s Kitchen Dwellers have announced a co-headlining 2019 winter tour. Each show during the upcoming monthlong tour—which spans from Saturday, January 12th, to Saturday, February 8th,—will feature full sets from both bands in addition to nightly sit-ins and collaborations.Magic Beans and Kitchen Dwellers will open their upcoming tour with a two-night Colorado run in mid-January, with their tour-opening performance at Telluride’s Sheridan Opera House on January 12th, followed by a show at Durango’s Animas Theatre on January 13th. The bands will then head south to Taos, NM’s Mesa Brewing Company on January 14th, before making stops in Austin, TX (1/17); Dallas, TX (1/18); Fayetteville, AR (1/20); Jackson, MS (1/22); Atlanta, Ga (1/24); and Charlotte, NC (1/25).Magic Beans and Kitchen Dwellers then head north with stops in Philadelphia (1/29); Harrisburg, PA (1/30); and Baltimore (1/31); before heading back west with performances in Columbus, OH (2/1); Covington, KY (2/2); Kansas City, MO (2/5); and Omaha, NE (2/6). The two bands will return to Colorado to wrap up their joint 2019 winter tour at Magic Beans’ 2nd-annual Snowstalk Festival, which will take place at Frisco, CO’s newly opened 10 Mile High Music Hall on February 8th and 9th. Magic Beans and Kitchen Dwellers have a longstanding history as friends and collaborators since their college days, which both bands have shared some thoughts on.As Magic Beans’ guitarist and lead vocalist, Scott Hachey, explained, “It’s been a long road since we first crossed paths with the Dwellers over five years ago. Back then, we had nothing to lose, and everything was brand new. These days, there’s a lot more at stake, and we’ve been down these highways many times. One thing that hasn’t changed is our passion for creating music that brings people together as a family—if only for one night, but hopefully for life—like the bond between the bands. Can’t wait to hit the road once again with these boys!”Added Kitchen Dwellers’ mandolinist, Shawn Swain, “I couldn’t be any more stoked to have Magic Beans joining us. We’ve been close friends with those boys since the very beginning, and this tour feels as though things have come full circle. Both bands have been working really hard these last few years, and we’re looking forward to sharing the stage again.”For more information and ticketing for Magic Beans and Kitchen Dwellers’ upcoming 2019 co-headlining winter tour, head to Magic Beans’ website here or Kitchen Dwellers’ website here.Magic Beans & Kitchen Dwellers 2019 Winter Tour Dates:Jan. 12 – Telluride, CO – Sheridan Opera HouseJan. 13 – Durango, CO – Animas TheatreJan. 14 – Taos, NM – Mesa Brewing CompanyJan. 17 – Austin, TX – The ParishJan. 18 – Dallas, TX – Sundown At GrenadaJan. 20 – Fayetteville, AR – George’s MajesticJan. 22 – Jackson, MS – Martin’sJan. 24 – Atlanta, GA – VinylJan. 25 – Charlotte, NC – The Rabbit HoleJan. 29 – Philadelphia, PA – World Cafe LiveJan. 30 – Harrisburg, PA – The Abbey BarJan. 31 – Baltimore, MD – The 8X10Feb. 1 – Columbus, OH – Woodlands TavernFeb. 2 – Covington, KY – The OctaveFeb. 5 – Kansas City, MO – Knuckleheads SaloonFeb. 6 – Omaha, NE – The SlowdownFeb. 8 – Frisco, CO – Snowstalk – 10 Mile High Music HallView All Tour Dateslast_img read more

Vermont statewide science assessment shows marginal improvement

first_imgSource: VT DOE. 9.22.2009 Statewide science assessment results for Spring 2009 were released by the Vermont Department of Education today. Fifty-two percent of Vermont fourth graders tested were proficient or higher in science, up four points from last year. In grade eight, 25 percent were proficient or higher, down one point. In grade 11, 27 percent were proficient or higher, up 2 points. The results are from the New England Common Assessment Program (NECAP) science exams, given to Vermont public school students for the second time in grades 4, 8 and 11 in May 2009.“There is an obvious need for improvement in how our students are learning science,” said Commissioner Armando Vilaseca. “The wide range of results by individual school, from zero percent to 96 percent proficient, shows me that students are capable of achieving the standard, but they are not all receiving the standards-based science curriculum that we expect due to the varied delivery of curriculum in our school districts.”As seen in previous years statewide and nationally, an achievement gap persists between students from low-income families and their peers. In grade four, only 33 percent of those students were proficient or higher, compared to 61 percent of their peers. In grade eight, only 10 percent of those students were proficient or higher, compared to 30 percent of their peers. In grade 11, only 13 percent of those students were proficient or higher, compared to 30 percent of their peers.“These results represent an early snapshot of science understanding by Vermont students, and indicate that alignment of instruction with science grade expectations in elementary classrooms is beginning to make a difference,” said Science Assessment Coordinator Gail Hall. “However, all school programs need to continue to give standards-based science content greater emphasis within classrooms, as well as problem solving, critical thinking, and reading and writing skills in science.”The NECAP exams were created in collaboration with Rhode Island and New Hampshire. These exams are designed to specifically assess how well Vermont students have learned the skills and content contained in the Vermont Framework of Standards and Learning Opportunities. This is the second year of results on the NECAP science exams.For school reports, visit http://www.education.vermont.gov/new/html/pgm_assessment/data.html#html(link is external).  For more information, contact Jill Remick at (802) 828-3154 or Michael Hock at (802) 828-3115.last_img read more

Republican James Kennedy Wins Nassau Legislative Seat

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Republican James D. Kennedy handily beat Democrat Joseph Stufano in a special election Tuesday to fill the vacant 12th Nassau County legislative district seat representing the county’s southeast corner, unofficial results show.Kennedy, the son-in-law of the late Presiding Officer Peter Schmitt (R-Massapequa), who represented the same district before he died in 2012, won 85 percent of the vote against Stufano’s nearly 15 percent, out of 2,281 votes cast, according to initial tallies from the Nassau County Board of Elections.Kennedy, 42, whose campaign manager was his mother-in-law—Schmitt’s widow—Lois, will replace one-term Nassau County Legis. Michael Venditto (R-Massapequa), who was elected in November to fill the 8th New York State Senate seat, which former Sen. Charles Fuschillo (R-Merrick) vacated a year prior.The result was expected in a district where registered Republican voters far outnumber Democrats.Kennedy, who also had the Conservative and Independence Party lines, is a Nassau elections board worker. His 53-year-old challenger is a biomedical engineer. Both are from Massapequa.The race was the first of three special elections to fill vacant county legislative seats on Long Island.In March 10, voters will decide who will fill the 19th Legislative District seat left vacant by former Legis. David Denenberg (D-Merrick), who resigned after pleading guilty to defrauding a client of his private law practice out of $2 million. At the time the case came to light, Denenberg was running against Venditto, son of Oyster Bay Town Supervisor John Venditto, for state Senate.The second Nassau special election pits Rita Kestenbaum, 56, who’s running on the Democratic and Working Families party lines, against Steven Rhoads, 46, who has the Republican, Conservative and Independence party lines and the Tax Revolt party designation.Kestenbaum is a former Hempstead Town Board member who became a gun control activist in 2007 after her 20-year-old daughter was shot to death on the night of her birthday outside her off-campus apartment in Tempe, Arizona, by a disturbed young man who then killed himself. Afterwards, Kestenbaum set up a foundation and has worked closely with the Long Island Crisis Center.Rhoads is a personal injury attorney who twice tried to unseat Denenberg. Both candidates are from Bellmore. Republicans also outnumber Democrats in that district.If the Republicans can win both Nassau special elections, then they would need to gain just another seat in the Nassau Legislature to control a super majority of 13 votes—they now have 10 of the 19 legislative seats—and that margin would enable the GOP to approve borrowing measures without needing Democratic support.The third special election, in Suffolk’s 12th Legislative District, will be held on March 31 to fill the seat held by former Legis. John M. Kennedy Jr. (R-Nesconset), who won his bid to become Suffolk County comptroller in November. Kennedy’s 58-year-old wife, Leslie, a longtime aide who ran her husband’s office, will be running for the seat herself.Kennedy’s Democratic challenger, Deborah Monaco, 55, is reportedly not going to run “an active campaign,” according to Suffolk County Democratic Chairman Rich Schaffer, due to time constraints and other factors. She has been the secretary of the Suffolk Democratic Committee and has a job at the Suffolk Board of Elections. Republicans outnumber Democrats in this district, too.—With Spencer Rumseylast_img read more

QAnon’s biggest prediction has failed, but don’t expect the conspiracy-fueled cult to go away

first_imgCertainly, in a cult revolving around an omnipotent, all-seeing hero who in their mythology is reliably ten steps ahead of the nefarious liberal criminals overseeing a global pedophilia ring about to be brought to ground, the notion of a legitimate defeat at the polls is inconceivable. And predictably, many Q believers are so far choosing to believe Trump’s claims that he’ll prove he won the election in the courts, and that the media are lying.The silence from the anonymous figure known as “Q,” who posts his cryptic messages at the anything-goes message board 8kun, for the entire week since the election has some followers shaken. His last post, early in the morning of Election Day, featured a massive American flag with a quote from Abraham Lincoln, and a vow: “together we win.”- Advertisement – Eric Carmen, the onetime rock star who now amplifies QAnon accounts, posted his own speculation:Thinking a few chess moves ahead, how angry will the Left be when it turns out Biden didn’t win? I think this is their way of “priming the pump” for rioting, looting and violence that will make the last few months look like a Sunday school picnic.For many major QAnon figures, Inauguration Day—January 20, 2021—looms as a bright red line for the movement. Many are predicting the event won’t even take place.“A lot of the influencers are really establishing that as the final deadline, this is something we haven’t really seen before,” Frederick Brennan, the founder of 8kun, told Vice. Much of the movement’s success at eluding accountability for its long record of failed predictions, he says, involved the main players in the movement hedging their bets with some kind of out if a prediction didn’t come about.“They were wrong a lot before but were always able to fall back on the complexity of the plan,” Brennan said. However, “they’re really marrying themselves to no inauguration. Certainly after Biden is inaugurated the Q landscape will change dramatically.”Some believers, however, are already fatalistic, saying the results are just more evidence that Q was right all along, and that the nefarious globalist Democrats and the “deep state” secretly control society at all levels. Not that this deters them or persuades them to rethink their life choices.Rather, as Gilbert reports, “there are dozens of reports from family members of QAnon supporters showcasing how the election result has not diminished their beliefs, but has in fact reinforced them.”“We knew the left was going to do everything they could to delay this,” wrote a major QAnon Instagram influencer, as The Atlantic’s Kaitlyn Tiffany reported. “Trump won & they’re trying to rely on fraudulent mail in ballots. it’s not going to work. Trump knew they were going to do this, too. he is prepared.”“This is the part of the movie where voter fraud and the media’s role in perpetuating that fraud, which has been going on for decades, now becomes crystal clear to everyone who is paying attention,” another QAnon supporter posted on Instagram.  “PATRIOTS ARE IN CONTROL,” reminded other major Instagram accounts, who also urged followers to “trust the plan [and enjoy] the show.”On Twitter, Tiffany noted, there was a similar shift in sentiment: “Trust Trump. He knew this was coming. He said so for months,” one supporter tweeted. “In the coming days the REAL Patriots will be identified,” wrote another. “Fight and win or die fighting.”Another sure sign that QAnon will continue to spread well after the election regardless of its outcome: A QAnon candidate is on the verge of winning an election to the New York Assembly from Brooklyn, of all places. Republican candidate Mark Szuszkiewicz, who unapologetically promotes QAnon ideas, leads the Democratic incumbent by 2,822 votes.Rita Katz, the executive director of SITE Intelligence Group, which monitors online extremism, told the Post that she expects the QAnon following will continue to grow and metastasize online.“It’s a dangerous network. It’s a dangerous movement that truly believes that Biden and other Democrats are killing kids,” Katz said. “And now, with Biden’s projected victory, the QAnon movement believes with the same zealous certainty that the whole thing is a sham. And that’s a major problem, because … these aren’t a bunch of harmless keyboard warriors—they’re adherents of a movement that has resulted in real-life violence.”A video posted by View on Twitter shows how resilient QAnoners can be, with one well-known influencer holding forth in a video:For those of you who are worried about Joe Biden being your president, do not fear, he is not and will not. Trump went golfing today. He went golfing yesterday. He’s not worried. Have you ever known Trump not to fight back? This will not stand. Trust the plan. Where we go one, we go all.“Most Q followers are still deep in denial,” observes View. “And they’re probably going to stay there until Trump concedes and/or on inauguration day. Maybe even beyond then honestly. Soon we’re going to discover the resilience of the QAnon milieu in the face of powerful disconfirmation.” “Some QAnon followers are bewildered, but most are still trusting the plan,” Travis View, a conspiracy theory researcher, told David Gilbert at Vice. “Honestly, QAnon is so Trump-centric that there’s little hope of followers accepting defeat until Trump does. And even then it’s not a guarantee.”The evidence-free theme around which QAnon platforms have coalesced is one that is built to survive well into a Biden administration and beyond: Namely, that Biden is attempting to illegally steal the election, and is doing to with the assistance of the “deep state” and the “liberal media.” It’s an idea that’s been promoted on Twitter by Trump himself, by leading Republican politicians, and multiple other prominent right-wing figures.After Trump had settled on this narrative, the QAnon world focused on building up an accompanying rationale. One of the biggest QAnon accounts, under the moniker JoeM (aka @StormIsUponUs), posted his own theory about the meaning of it all:Think again of the constants:1) Biden will never be president.2) The Left are celebrating his victory.3) We have a 2 month hard deadline.Now, extrapolate. This means turbulent and destabilizing times are imminent. It will require the kind of smoking gun that leaves no room for interpretation. It means habbenings like we haven’t yet experienced. There is no other way, shit’s about to get real.- Advertisement – – Advertisement – Even though Q’s silence is not atypical—he has gone silent for several weeks at a time previously—it nonetheless has some followers in a frantic state: “HOW CAN I SPEAK TO Q????” one wrote. “MY FAITH IS SHAKEN. I FOLLOWED THE PLAN. TRUMP LOST!!!!!!!!!!! WHAT NOW?????? WHERE IS THE PLAN???”“Have we all been conned?” another user asked Saturday on 8kun.Those concerns, however, are being assuaged by other leading influencers within the cult. The QAnon account Praying Medic, which has more than 400,000 Twitter followers, soothingly explained that Trump’s strategy was still in motion to the many supporters who “had to be talked off the ledge” in the past. Praying Medic tweeted: “He’s going to stick the knife in and twist it. He has no plans to leave office. Ever.”- Advertisement –last_img read more

In the first nine months, airports recorded a drop in passenger numbers of 80%

first_imgOsijek Airport in September it had 949 passengers, which is 79,77% less than in September last year (4.691). From January to the end of September this year, 5.749 passengers passed through Osijek Airport, while in the same period last year there were 42.271 passengers. Data from January to the end of September this year show that 1.945.895 passengers passed through the mentioned airports, while in the same period last year over 9,5 million passengers (9.765.797) were recorded. U Split Airport in September there were 75.881 passengers, which is 83.86% less than the same month last year (470.102). From January to the end of September, 631.774 passengers passed through this airport, while in the same period last year, 2.967.530 were recorded. “The impact of the global pandemic is obvious, all Croatian airports have a drastic drop in the number of passengers compared to previous years, which was expected, the same statistics are recorded by airports across Europe and the world. It is likely that no Croatian airport will record a jubilee, millionth passenger this year”Conclude the authors of the analysis. Photo: Pexels.com Through seven airports in September only 214.122 thousand passengers passed, while in the same month last year more than 1,5 million passengers were recorded, according to the analysis of the number of passengers from 7 airports in Croatia, made by the portal Croatian Avition. At the largest Croatian airport, Zagreb Airport, 65.963 passengers were recorded in September, which is 81.16% less than in the same month last year (350.138). Zadar Airport in September it had 14.433 passengers, which is 87.61% less than in September last year (116.494). In the period from January to the end of September, 114.856 passengers passed through Zadar Airport, while in the same period last year, 711.273 passengers were recorded. Pula, Rijeka, Zadar and Osijek Zagreb, Split and Dubrovnik U Pula Airport in September there were 11.339 passengers, which is 90.80% less than the same month last year (123.354). From January to the end of September, 77.196 passengers passed through this airport, while in the same period last year, 731.805 were recorded. In the first 9 months, Croatian airports recorded a drop in the number of passengers of 80,07% compared to the same period last year. Through Rijeka Airport 4.605 ​​passengers passed in September, which is 85.09% less than in the same month last year (30.879). From January to the end of September, 25.050 passengers passed through Rijeka Airport, while in the same period last year, 181.461 passengers were recorded. From January to the end of September, 785.321 passengers passed through this airport, while in the same period last year, 2.626.511 were recorded. U Dubrovnik Airport in September there were 40.952 passengers, which is 89.91% less than in September last year (405.924). From January to the end of September, 306.949 passengers passed through Dubrovnik Airport, while in the same period last year, 2.504.946 passengers were recorded.last_img read more

Right to buy on the cheap

first_imgWould you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.last_img

Oil claws back some losses after crashing on supply-demand shock

first_imgOil clawed back some losses after its biggest drop in three decades as investors grappled with simultaneous supply and demand shocks and the most volatile market on record.Futures in New York rose about 6 percent after losing a quarter of their value Monday in the biggest plunge since the 1991 Gulf War. A gauge of volatility in the contract jumped to the highest in data going back to 2007 after the collapse of the OPEC+ alliance set off what could be a long and bitter price war.Saudi Arabia slashed its official crude pricing over the weekend and is threatening to raise output to record levels, while Russia’s largest producer said it will ramp up production next month. The gush of new supply is happening as the coronavirus pummels global consumption, with the International Energy Agency warning crude demand will drop this year for the first time since the worldwide financial crisis. Topics : Russian Energy Minister Alexander Novak indicated Moscow was prepared for a war of attrition, saying his country’s oil industry had “enough financial resilience to remain competitive at any forecast price level, and to keep its market share.” IEA Executive Director Fatih Birol warned that “playing Russian roulette in oil markets may well have grave consequences.”The unprecedented supply-demand shock poses a serious threat to the US shale boom and oil-dependent economies in the Middle East, Africa and elsewhere. It sent shock waves across global markets, with US stocks plunging, Treasury yields dropping to records and credit markets buckling. Exxon Mobil Corp. dropped the most in 11 years, while Occidental Petroleum Corp. and Chevron Corp. suffering double-digit losses.West Texas Intermediate crude for April delivery rose 5.2 percent to US$32.75 a barrel on the New York Mercantile Exchange as of 10:05 a.m. in Singapore after climbing as much as 6.6 percent earlier. It crashed by more than $10 a barrel on Monday to end at $31.13, the lowest since early 2016.Brent for May settlement advanced 6.2 percent to $36.48 a barrel on the London-based ICE Futures Europe exchange after plummeting 24 percent on Monday. The global crude benchmark traded at a $3.32 a barrel premium to WTI for the same month.center_img The bounce in oil looks like “nothing more than a slight correction after the huge sell-off yesterday,” said Jeffrey Halley, senior market analyst at OANDA. “Nothing has changed with regards to the structural outlook for oil after the collapse of the OPEC+ grouping.”Big banks including Citigroup Inc., Societe Generale SA and Goldman Sachs Group Inc. are warning oil prices could fall further. The IEA said Monday that oil demand is now expected to contract this year by 90,000 barrels a day and, in a rare move, included a more pessimistic scenario in which the demand loss would be many times more severe. In the US, the Energy Information Administration said it would delay the release of its monthly Short-Term Energy Outlook to allow time to “incorporate recent global oil market events.”The shocks in supply and demand have also reverberated across time-spreads and options. Brent for prompt delivery collapsed against later shipments. The structure, known as contango, is a sign of bearishness and oversupply and makes it profitable for physical traders to buy crude and put it into storage, either in onshore tank farms or at sea on tankers.last_img read more

Brexit: Currency hedging and global equities to the forefront

first_imgHe said: “Sterling is almost at the end of a nine-year cycle. Normally we would expect it to bounce back, but given Brexit we don’t expect that bounce back because there are no triggers for it.”Sterling has fallen by roughly 10% against the euro since the EU membership referendum on 23 June last year. It has declined 15.5% against the US dollar.Bhaduri said JLT had decided to move to an underweight position in UK equities, preferring a more diversified global equity exposure. This thinking was driven more by the outlook for inflation than by specific concerns about Brexit, however.“The FTSE has been doing very well,” Bhaduri said. “We believe that, in the medium term, because of the pick up in inflation consumer demand is going to get affected. That’s overall going to be a drag on earnings and might be one headwind for the UK.”Hartman added: “This [Brexit] is a pretty big thing for the UK, but you need to put it in the context of pension fund portfolios being very global.”He said the end of the scheduled two-year negotiation period was not necessarily a cliff-edge for investors.“For the most part, in global equity or fixed income indexes the UK is a very small part, so investors can look through that,” Hartman said. “Private equity is the same. Real estate is more domestic, but we’ve had commitments from Asia to keep investing. Some Chinese investors are buying big offices in London.”Overall, however, the message was to keep Brexit on the agenda, but without making big asset allocation shifts.Hartman emphasised that “there are lots of questions and no answers”.“The only thing we know for certain is we have triggered Article 50,” he said. UK pension funds and asset managers are considering increasing their currency hedging as the country braces itself for EU exit talks to begin.While much of the investment-related commentary around the start of the talks has been about taking a ‘wait and see’ tone, consultants told IPE some clients and fund managers were beginning to prepare for a volatile period ahead.Lennox Hartman, global head of fixed income research at Aon Hewitt, said: “We’ve seen an uptick in interest in currency hedging. Some managers are offering – or thinking about offering – currency-hedged products, and we’ve been speaking to currency overlay managers about how they can fit into portfolios.”While UK-listed equities have been helped in recent months by the effect of sterling’s decline in value, Aniket Bhaduri, senior investment consultant at JLT, warned that the Brexit talks meant investors could not rely on traditional cyclical expectations.last_img read more