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How a troubled Anchorage strip club became a Baptist church

first_imgBusiness | Southcentral | SpiritHow a troubled Anchorage strip club became a Baptist churchMay 11, 2021 by Lex Treinen, Alaska Public Media Share:From left to right Pastor Kenny Menendez, Realtor Nate Baer, Property Developer Linda Dunegan, and Realtor Mike Gailey pictured on May 2, 2021 (Lex Treinen/Alaska Public Media)There’s a word that comes up often if you ask the real estate agents, the building owner and the pastor how they turned the Fantasies on 5th strip club near downtown Anchorage into a church: providential.Realtor Mike Gailey, who conceived of the idea, said that as the project blossomed from pipe dream to reality, things fell into place seamlessly like they were meant to be. As more people joined the project, each seemed to have their own story of redemption tied to the boxy building across from Merrill Field.“Everybody at some point or others sort of succumbed to this sense of providence and guidance that just was undeniable,” he said.It began a bit more than a year ago. Gailey was approached by the owner of Fantasies, which was forced to close after a lawsuit over unpaid wages and trouble with a liquor license. After seeing the club shuttered for two years, she wanted to sell.“My initial thought was, this ought to be a church,” he said.It was an unusual thought, but he said the building provided the necessary space and got a lot of traffic going by on the Glenn Highway that could make for easy advertising. More than that, Gailey saw a story that could resonate with city residents.“It was kind of a redemption story. And I knew churches, Christians, they love that story,” he said.Perhaps — but the owner said she’d had a similar thought of converting to a church, without any luck.“‘I even stopped by a couple of the bigger ones. But I don’t think I got past the receptionist,’ she said,” Gailey recalled.The COVID-19 pandemic, which hit right around then, didn’t help. Gailey found himself begging for an extension from the owner to find someone to fill the property. She gave him an extra week and suggested Gailey talk to a developer who’d previously expressed interest to help fill it. Gailey recalled the owner described the woman as “hard-ass,” with a military background.“She won’t pay you a commission. But that’s your problem, deal with it,’ ” he said the owner told him.Gailey did some research on the woman and discovered an improbable series of coincidences about their lives. They both were ex-military, each had spent time in Vietnam, and they even knew the same Vietnamese doctor there. Incredibly, Gailey realized that they had met 10 years ago at a random dinner party in Hanoi.“By that time, the coincidences were so statistically improbable, so outrageously providential, really,” he said.The woman was Linda Dunegan. After some cajoling, she agreed to meet Gailey at the building. It was dark except for the flashlights of their phones. The dusty floors were filled with stripper poles and catwalks still decorated for Halloween from the day it closed over two years ago. Dunegan turned to her realtor to reveal a secret connection she had to the place.The inside of Fantasies on 5th before it became a Baptist Church (Photo courtesy of Mike Gailey)“I said, ‘Do you know why I want to buy this place? It’s because my mother was a stripper,’” Dunegan told him.Dunegan’s mother, an immigrant from Vietnam, had danced at clubs around Anchorage. She’s not sure, but thinks her mother may have worked at Fantasies. Dunegan, who moved out of Vietnam as a child in the 70s, said she sometimes felt shame as a child about her mother’s work. She said the project to convert the club is a work of healing.“It was very hard for me to see those strip poles,” she said. “It was really hard for me, because I had condemnation in my heart from my mom. So I think the redemption story is not for the public. It was for me and for my mom.”She decided to purchase the building. But her realtor, Nate Baer, needed some convincing.“I was like, ‘Well, you have the traffic count. You have the stages, you have the poles, you have everything. But you know, for a church — it just wouldn’t work out,’” he said.But Dunegan was persistent.“Through my experience working with Linda, I always say ‘Gosh, I don’t think that can work out.’ She’s like, ‘Well, why not?’” he said. “And you know, she’ll push and push and push and a lot of times, things somehow just work out.”Open Door Baptist Church in May, 2021 (Lex Treinen/Alaska Public Media)But there was still the issue of finding a pastor and a congregation during the pandemic.Meanwhile, hundreds of miles away in Oregon, Kenny Menendez was living a normal, middle-class life, working his day job and serving as a deacon at his church on Sundays.“I lived a comfortable, successful life. I worked at an aerospace industry, doing purchasing there for the company. And, you know, I had everything going for me,” he said.But when the COVID-19 pandemic hit, he and his family had time to reflect.“We had to decide as a family what was important to us, and to us, what was important is church in general,” he said.A few weeks later, Menendez, his wife, and young kids were on a plane to Alaska with their whole life in tow. It felt right, Menendez said.“It is a fast change of life, but you know, the things that are impossible for man are possible with God. And the Bible also says that without faith, it’s impossible to please Him. So we took that leap of faith, so to speak,” he said.He arrived and had already started regular Bible studies when he got a call from Linda Dunegan. Her building was looking for a church to fill the space and Menendez agreed it was the right place.The main stage is now clean and bright with laminate floors and dark finished cross beams and a well-lit dais for the pastor.The inside of Open Door Baptist Church. (Linda Dunegan)For Menendez and his wife, who plays piano for the church, the move to Anchorage seems providential, just like the rest of the story.It’s a redemption story for all of Anchorage, he said, that he hopes will be realized as the church grows.Share this story:last_img read more

Golden Gate man arrested for child pornography at his workplace

first_imgCollier school resource officers teach kids how to fish on first day of “Summerfest” June 16, 2021 RELATEDTOPICS Advertisement COLLIER COUNTY, Fla. – Deputies tracked down a Golden Gate man to his place of work and arrested him for child pornography at 7:30 a.m. Friday, the Collier County Sheriff’s Office [CCSO] reported. Jean Dalberiste, 46, was allegedly in possession of multiple child pornography files. During an investigation, the video and image files showed children ranging from 3 to 14 years old being sexually assaulted by adults and other children. The investigation began when CCSO received two cyber tips from the National Center For Missing and Exploited Children [NCMEC] regarding the exploitation and transmission of child pornography. Investigators tracked the illegal activity to Dalberiste’s house located on 2648 47th St. S.W. AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 comments Woman shot outside Naples Waffle House June 16, 2021 AdvertisementOn Feb. 16, detectives executed a search warrant at his house. Detective found three separate cell phones during the search, and Dalberiste confessed to the crimes the cyber tips had alleged. A forensic analysis of the cell phones uncovered multiple the video and image files, according to CCSO. The investigation is ongoing. center_img AdvertisementTags: Child pornographyCollier County Sheriff’s Officecrime AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments Two men arrested for stealing construction equipment form site in Estero June 17, 2021 Missing Collier teen seen with man at Fort Myers Publix June 11, 2021 Advertisementlast_img read more

Well known Laois plumber stepping in for his brother on Winning Streak

first_img Community Community Well known Laois plumber stepping in for his brother on Winning Streak By LaoisToday Reporter – 21st November 2018 Twitter Twitter WhatsApp Home News Well known Laois plumber stepping in for his brother on Winning Streak News Jimmy is really excited to go on the show and will be supported in the audience by Michael, their four sisters (Elaine, Pat, Sadie and Marian) as well as his wife of 45 years – Kathleen.Jimmy and Kathleen have five adult children of their own – all of whom will be watching the show from home. They are James, Natasha, Nigel, Ramona and Grace. Jimmy is also a proud granddad to seven grandchildren.A retired plumber, Jimmy is well known across Mountmellick whenever someone springs a leak.He is a sports fanatic with golf and soccer his main interests. He is also into his music and played drums back in the 1970’s in a Country and Western band.As for plans for his winnings, Jimmy says Michael is going to take it all as it comes but says Michael is a low-key guy and also said that nobody deserves this Winning Streak appearance more than his brother.Best of Luck to the brothers!SEE ALSO – Well-known Laois man wins big on Winning Streak after Spinning the Wheel! Facebook Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ New Arles road opens but disquiet over who was invited to official opening center_img TAGSWinning Streak Laois secondary school announces scholarship winners for new academic year Previous articlePortlaoise U-15s and U-18s enjoying continued rugby successNext articleThe Heath duo excel at international golf tournament LaoisToday Reporter RELATED ARTICLESMORE FROM AUTHOR Winning Streak A retired Laois plumber is hoping to go on a Winning Streak for his brother this Saturday (24th November) when he will appear on the National Lottery TV gameshow on RTÉ One on his behalf.When Jimmy O’Neill, from Mountmellick in Co. Laois, found out his brother Michael’s name had come out of the Winning Streak drum last Saturday he was absolutely thrilled but he never expected his brother to ask him to go on in his place.Jimmy is more than happy to oblige his brother and says that Michael has been there for him in the past so it is his turn to do his brother this nice favour. Pinterest WhatsApp Pinterest Council Facebooklast_img read more

Deaths in Laois – Tuesday, December 31, 2019

first_img Deaths in Laois – Tuesday, December 31, 2019 GAA Facebook WhatsApp Facebook By LaoisToday Reporter – 31st December 2019 Pinterest Below are the recent deaths in Laois.Ar Dheis De go raibh a anam.Bernie Doyle (née Brennan)Kellyville, Ballintubbert, LaoisFuneral Arrangements LaterSean PeakeAshgrove, Mountmellick, Laois / Rosenallis, LaoisSean Peake Ashgrove, Mountmellick and Avolia,Mountmellick Co.Laois. (Suddenly) Sadly missed by his loving wife Peggy, sons Billy and John, grandson Joshua, daughters -in-law Geraldine (Dunne) and AnnMarie (Keane). Beloved brother of Billy, Rita, Celia, Dominic, Clare and Brendan. Predeceased by his brothers Tony, Joe and Pat. Sadly missed by his brothers-in-law, sisters-in-law, nieces, nephews and a wide circle of friends.Rest In Peace.Funeral arrangements will be announced on Tuesday afternoonAnn Tobin (née Maher)14 Tihilly & late of the Lantern, Kilbride Street, Tullamore, Offaly/Cullohill, LaoisPeacefully at the Regional Hospital, Tullamore, surrounded by her loving family. Predeceased by her husband Bill. Ann will be sadly missed by her loving family, sons Michael, Liam, Pat and Sean, daughters Mary, Bridget, Barbara and Elizabeth, sons in law, daughters in law, her 15 grandchildren and 14 great grandchildren, brothers John (London) and Michael (Cullohill), nieces, nephews, relatives and friends.Reposing at her home, 14 Tihilly, Tullamore (R35 F2Y6), on Monday from 2pm until Rosary at 6pm. Removal after Rosary to the Church of the Assumption, Tullamore, arriving at 6.30pm. Requiem Mass on Tuesday morning at 10am. Burial after Mass in St Colman’s New Cemetery, Mucklagh.Patrick (Paddy) HolohanRoss, Rathdowney, LaoisPatrick (Paddy) Holohan, Ross, Rathdowney, Co. Laois and The Sacred Heart Nursing Home, Crosspatrick, Co. Kilkenny. 29th December 2019. Peacefully at St. Luke’s Hospital, Kilkenny in his 86th year. Beloved brother to Breda (Tipperary Town), Frank (Wicklow) and Lill (Dublin). Deeply regretted by his brother and sisters, nieces, nephews, grand-nieces, grand-nephews, neighbours, relatives and his many friends.Reposing at O’Sullivan’s Funeral Home, Rathdowney, Co. Laois on Monday evening from 7 o’clock with rosary at 8 o’clock. Funeral prayers on Tuesday evening at 6 o’clock followed by removal at 6.30 to The Church of The Immaculate Conception, Galmoy. Funeral Mass on Wednesday at 11am followed by burial in the adjoining cemetery.Christy SmithBallymorris, Portarlington, LaoisSuddenly at his residence. Deeply regretted by his loving wife Chrissy, daughter Elizabeth, sons Dave, Tom, Chris and Brian, grandchildren, great-grandchildren, son-in-law, daughters-in-law, brother-in-law, sister-in-law, nieces, nephews, relatives and friends.Funeral Arrangements LaterEsther Dunne (née Brennan)59. St Michael’s Park Portarlington/PortlaoiseEsther Dunne (née Brennan) 59 St Michael’s Park, Portarlington, County Laois. Formerly 51 Dr Murphy’s Place, Portlaoise, County Laois. Died 26th December 2019. Peacefully surrounded by her loving family at the Regional Hospital, Tullamore. Deeply regretted by her loving husband Mairtin, son Patrick, brothers, sisters, extended family and friends.Reposing at Maher’s Chapel of Rest Portarlington on Friday from 8pm with Rosary at 9pm. Reposing on Saturday from 3:15pm with Removal at 4:50pm arriving St Michael’s Church, Portarlington at 5:30pm. Requiem Mass on Sunday at 12:15pm. Funeral afterwards to St Michael’s Cemetery, Portarlington.Brendan CareyLea, PortarlingtonBrendan Carey, Lea, Portarlington, County Laois. Died 25th December 2019, suddenly at St James Hospital Dublin. Loving son of Ned and Joan, dear brother of Pauline, Helen, Una and Edward. Sadly missed by his parents, brother, sisters, aunts, uncles, brothers-in-law, sister-in-law, nieces, nephews, cousins, dear friends and work colleagues in Irish Rail.Reposing at the family home (eircode R32 HF00) in Lea, Portarlington on Sunday from 2pm with Rosary at 7pm. Removal on Monday at 11 am arriving St Michael’s Church, Portarlington for Requiem Mass at 12 noon. Funeral afterwards to St Michael’s Cemetery, Portarlington.SEE ALSO – Deaths in Laois – Monday, December 30, 2019 Pinterest GAA TAGSDeaths in Laois Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory GAA Previous articleJOB VACANCY: Barry Fitzgerald Solicitors looking to hireNext article2019 Remembered: The Electric Picnic is great … but it needs to clean up its act LaoisToday Reporter Here are all of Wednesday’s Laois GAA results WhatsApp RELATED ARTICLESMORE FROM AUTHOR Twitter Home Deaths Deaths in Laois – Tuesday, December 31, 2019 Deaths Twitter 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshinlast_img read more

A thronged village, champaigne reception and a lovely moment among the standout memories from Clough-Ballacolla’s 2009 county final celebrations

first_img WhatsApp A thronged village, champaigne reception and a lovely moment among the standout memories from Clough-Ballacolla’s 2009 county final celebrations By Steven Miller – 19th June 2020 Facebook SEE ALSO – Down Memory Lane Podcast: The incredible Ballyroan Gaels success story of 2006 Twitter Pinterest Left – Michael McEvoy lifts the Bob O’Keeffe Cup after Clough-Ballacolla’s breakthrough Laois SHC win in 2009; right – retired Ballacolla NS principal Jim Kells (centre) with club members Liam Dunne and Declan Byrne at the celebrations after the game When a team wins a county final for the first time, it leads to memories that will last a lifetime.In Clough-Ballacolla’s case in 2009, it was the first Laois senior hurling success for the area since Ballygeehan over 90 years earlier and the breakthrough was special occasion for the hurling-mad parish.On the recent LaoisToday Down Memory Lane Podcast, three members of that team – captain Michael McEvoy, goalkeeper Danny Hanlon and full-back Darren Maher looked back on that joyous season.The buildup and celebrations following the final win over Portlaoise remain vivid in their minds.“It was a huge honour and still is,” said McEvoy, who was captain of that team. TAGS2009Clough-BallacollaDown Memory LaneJim Kells “I was interviewed after the game and I said it was the greatest day of my life and ok I’ve had a wedding and two babies since but from a sporting perspective it doesn’t get any bigger than that.“It was massive and I was so privileged and lucky. So many lads had gone before us and never had their day in the sun so it was huge.“I don’t know if we really understood how big a deal it was. We were young and we had nothing only hurling in our heads. It was massive for the community and for the people who came back from Waterford, Dublin – came back and stayed down Sunday night, in the pubs Monday.“It was unbelievable, it really was. Thank god we got over the line because talent doesn’t always get you there. It was a struggle to get there.”McEvoy recalled the moment they arrived back to the parish, remembering walking across the Gully Bridge, coming back into the village and a fitting moment where retired school principal Jim Kells saluted the team from outside the school where many of the players had started playing.“(There’s) a river called Gully River which is on boundary of parish. I didn’t know this until the way home.“Apparently if you win a cup you have to walk the cup across the Gully River. So we got back to there between Abbeyleix and Ballacolla. We just abandoned the cars. Literally left them there.“G Phelan waiting there with a tractor and trailer. All jumped up on it and headed back … the village was thronged with people.“Unbelievable the amount of people out cheering us on. We went right up through the village up towards our grounds.“And a lovely touch – Jim Kells, our former principal in Ballacolla school and he had retired at the time. He was actually standing outside the school.“It was a lovely touch and we all gave him a big wave and you could see the tears in his eyes because he started a lot of us out.“Went up to clubhouse – there was a champaigne reception, it was unbelievable for a hurling club.”Sheila Maher, mother of their team-mate Stephen (though he was too young to be involved in the 2009 success) is involved in the catering business and she put on a spread not just for the team, but for supporters, family members, the whole lot.“Everybody came back,” said McEvoy. “It wasn’t just a case of the team going into a hotel for a meal. The whole parish and community came back and all had food together and speeches.“Then it was down to the pubs and the rest is history,” he laughed.You can download and subscribe on the following Podcast platformsApple PodcastsSpotifyPodbean Electric Picnic WhatsApp Facebookcenter_img Bizarre situation as Ben Brennan breaks up Fianna Fáil-Fine Gael arrangement to take Graiguecullen-Portarlington vice-chair role Twitter Electric Picnic Home Sport GAA A thronged village, champaigne reception and a lovely moment among the standout… SportGAAHurling Pinterest The LaoisToday Podcast · Down Memory Lane with LaoisToday – Clough-Ballacolla claim breakthrough win in 2009 Laois Councillor ‘amazed’ at Electric Picnic decision to apply for later date for 2021 festival Previous articleProtest march organised over the closing of Portlaoise Leisure CentreNext articleWATCH: Young Laois camogie-mad girl and her mam all ready for GAA restart Steven Millerhttp://www.laoistoday.ieSteven Miller is owner and managing editor of From Laois, Steven studied Journalism in DCU and has 14 years experience in the media, almost 10 of those in an editorial role. Husband of Emily, father of William and Lillian, he’s happiest when he’s telling stories or kicking a point. News RELATED ARTICLESMORE FROM AUTHOR Electric Picnic organisers release statement following confirmation of new festival datelast_img read more

Regulators stress consumer protection at Advocis symposium

Share this article and your comments with peers on social media Related news Advisors urged to contribute to PRPP framework Following the footsteps of regulators worldwide, Canadian regulators in a variety of sectors are shifting their focus from monitoring the solvency of financial institutions to consumer protection, according to Mary Condon, vice chair of the Ontario Securities Commission. Speaking Wednesday on a regulatory panel at the Advocis symposium in Toronto, Condon said “Given the complexity and blurring of products in the securities, insurance and banking sectors…financial regulators are now required to evaluate perimeter of the market and change established approaches if they don’t protect investors.” Regulatory changes could have unintended consequences, Advocis warns Locally, the OSC will be keeping its eye on new products that have entered the market and whether or not the disclosure provided to investors is adequate. For example, exchange traded funds, which were introduced in the early millennium as pools of securities that passively followed indices, have since evolved into more complex products, which now have active managers. “We want to make sure we have the capacity to stay current with new market developments,” said Condon. Other areas of concerns for the OSC are emerging market issuers going public in Canada. The OSC is currently examining modifications to disclosure surrounding these listings to ensure investors are well informed. “Comprehensible disclosure isn’t always comprehensive disclosure,” she added. The OSC also has its watch on the proposal by Toronto-based Maple Group Acquisition Corp. to acquire Toronto-based TMX Group Inc., which owns and operates the Toronto Stock Exchange and TSX Venture Exhange. On the insurance front, the Insurance Council of British Columbia has added new supervision requirements for new agents, said Gerry Matier, executive director of the ICBC, who also spoke on the panel. For the first two years of their career, new life licensed insurance agents will need to work under the direct supervision of a more senior broker, with five or more years of experience. “New agents are to be guided and trained to be good agents to their clients by a more senior agent,” said Matier. “They will need to be shown proper documentation and file maintenance for their client cases.” The new supervision requirements are also flexible, where the more competent an agent becomes over the two years, the less supervision will be required. The ICBC is also calling for more regulation in the areas of managing general agencies, in addition to the Canadian Council of Insurance Regulators review of MGA entities. “We see this review as an opportunity from a regulatory perspective to have more oversight,” said Matier. Currently, MGAs are not formally required to screen their agents. The ICBC is calling for more responsibility in this respect, where MGAs must review the changing business practices of the agents they conduct business with on an ongoing basis. If questionable business practices come to light, the ICBC would like to see MGAs required to not only report these practices to the insurers they do business with, but also to regulators. “We want to make it easier for MGAs to report bad agents directly to the regulators,” he added. “This will add to client protection.” In light of the financial crisis of 2008, Phil Howell, CEO and Superintendent of Financial Services for the Financial Services Commission of Ontario, spoke about the importance of professionalism in the advisory field and making client interests the priority. “When client interests are put first, advisors enhance their image and credibility,” said Howell, “Financial advisors need to trail blazers in the area of the fairness and marketing products in a way that is informative and neutral for clients…after all, that is their value proposition to clients.” Olivia Glauberzon Keywords Investor protectionCompanies Advocis, Insurance Council of British Columbia, Ontario Securities Commission Facebook LinkedIn Twitter read more

Ottawa eyes impact of low oil prices

first_imgCanadian Press Keywords Economic forecasts The federal government says it’s carefully monitoring the impact of slipping oil prices on public finances as it prepares to release its fall economic update. Canada’s junior finance minister said Tuesday that even as tumbling energy prices eat away at tax revenues, the government still believes it can deliver a balanced budget next year. OECD raises outlook for Canadian economic growth this year Stagflation is U.S. economists’ biggest fear, SIFMA says Economy lost 68,000 jobs in Maycenter_img Related news Share this article and your comments with peers on social media “Any time there’s a dynamic like falling oil prices that we see happening right now globally, we monitor it very closely,” Kevin Sorenson said Tuesday in Ottawa. “The economic update will give us a little bit better indication as to where we are.” Sorenson said the government will also keep an eye on the oil and gas industry, as prices approach the threshold where it’s no longer worthwhile for companies to develop the resources. “We recognize that a lot of the (tax) revenues come from people working in the oil sector and it’s a major driver,” he said. “This is going to be a challenge … We’ll be responding in some measure to continue to have skill development like we have and to create jobs.” Crude prices dropped below the US$80 level Monday after a Goldman Sachs report predicted oil prices would fall further into the next year with expanding shale production and supply exceeding demand. Bank economists have warned lower crude prices are likely to hurt the overall economic health of a country as dependent on oil production as Canada. However, they say drivers will enjoy cheaper pump prices and believe the weaker Canadian dollar could offset some of the losses by helping to encourage exports. Finance Minister Joe Oliver has said Ottawa still plans to follow through on the Harper government’s pledge to cut taxes for Canadians despite the steep drop in oil prices. The government is expected to release its fall fiscal update soon, although no date has been announced. Facebook LinkedIn Twitterlast_img read more

BlackRock Canada to delist seven ETFs

first_imgHorizons ETFs to absorb AlphaPro Share this article and your comments with peers on social media Facebook LinkedIn Twitter If desired, investors may replace the closing ETF with a similar fund in the same category. In its note, NBF suggested similar ETFs that could be a replacement for seven ETFs that will soon be terminated by the Toronto-based iShares division of BlackRock Asset Management Canada Ltd. in three categories — alternative assets, multi-asset and emerging markets. BlackRock announced in June it would be terminating on or about Sept. 27 the iShares Alternatives Completion Portfolio Builder Fund, iShares Conservative Core Portfolio Builder Fund, iShares Growth Core Portfolio Builder Fund, iShares Global Completion Portfolio Builder Fund, iShares MSCI Brazil Index ETF and iShares BRIC Index ETF. “As the ETF market has been growing at a rapid clip, with nearly 600 ETFs listed in Canada from 24 providers and more on the way, it’s rare but not unusual to see an ETF delist and close, especially if it has low investor interest,” NBF said in its note. “While this may be inconvenient, an ETF’s delisting is like a forced disposition and presents no actual risk or loss to the end investor.” Delistings are typically processed by liquidating the ETF’s underlying assets, and the cash goes to unitholders on pro rata basis as a one-time special distribution, NBF said. Investors are free to wait until the actual fund closing date to receive the ETF’s sale proceeds, or they can execute the exit from their ETF by selling on the open market at any time. In either case, the investor may face a taxable event related to the sale of capital property, depending whether they face gains or losses. Photo copyright: timbrk/123RF Jade Hemeon Companies BlackRock Canada Investors who own exchange-traded funds (ETFs) planning to delist can choose to sell them in the open market at any time or wait to collect the liquidation proceeds, according to a note from Toronto-based National Bank Financial Inc. last_img read more

U.S. consumer spending surges 0.9% in March

first_img U.S. consumer spending surged 0.9% in March, the biggest gain in nearly a decade, as inflation pressures remain non-existent.The March gain was the biggest monthly increase since August 2009, the Commerce Department reported Monday. That’s a marked improvement after three months of lacklustre readings in this key segment of the economy. Consumer spending accounts for 70% of economic activity. Household debt-to-income ratio fell in first quarter: Statscan Leading indicators signal steady rebound: OECD Facebook LinkedIn Twitter Martin CrutsingerAssociated Press Incomes grew 0.1% in March while inflation rose just 0.2% and has risen only 1.5% over the past 12 months, far below the Federal Reserve’s 2% target for inflation.The big jump in consumer spending is encouraging because it suggests that the overall economy had solid momentum going into the April-June quarter.The government reported Friday that the economy, as measured by the gross domestic product, grew at a surprisingly strong 3.2%, helped by the March surge in consumer spending. However, economists noted that about half of the first quarter strength came from a big rise in inventory stocking by businesses and by a sharp narrowing in the trade deficit. Both of those gains were expected to be temporary and that could subtract from growth in the current quarter.The 0.9% March jump in spending followed a sharp 0.6% drop in December and tiny gains of 0.3% in January and 0.1% in February. The slight 0.1% rise in incomes in March followed a modest 0.2% rise in February and a 0.1% decline in January.With the big rise in spending and the small increase in incomes, the household saving rate fell to 6.5% of after-tax income in March, the lowest level since November when it was 6.2%.The 1.5% year-over-year increase in consumer prices was up from a 1.3% 12-month gain in February but still well below the Fed’s target.The absence of inflation pressures was a key reason that the central bank did an about-face this year and announced that after boosting its benchmark interest rate four times in 2018, it planned to be “patient” and expected that it would not raise rates at all in 2019.That change has helped spur a big rally in the stock market as investors stopped worrying that the Fed was in danger of over-doing its credit tightening campaign and might drive the economy into a recession. Keywords Consumer spending,  U.S.,  Economic indicators Share this article and your comments with peers on social media Another jump in prices tightens the squeeze on U.S. consumers Related news NFC - Near field communication mobile payment 123RFlast_img read more

Bridges Hill Park Playground is finished and it’s spectacular

first_imgBridges Hill Park Playground is finished and it’s spectacular There was a sense of festivity and a feeling of pride in the air at the Bridges Hill Park Playground today. Cessnock City Councillors, Council staff, federal and state government representatives along with community members celebrated the official opening.Cessnock City Mayor, Councillor Bob Pynsent called the park a spectacular community asset that has exceeded all expectations.“It’s no surprise that every time I drive past it’s full of residents and visitors with huge smiles on their faces. Whether they are enjoying time as a family, some outdoor exercise, shooting hoops, taking in the view of the Brokenback Ranges or cooking up a barbeque. Bridges Hill Park Playground is a special place everyone in our community can go and enjoy.”Some of the highlights include the viewing platform, new pathways improving connectivity to Cessnock CBD, the children’s bicycle track. Indigenous theming and of course the huge sky tower! The detail and care taken to design and build this high quality and unique space is evident. From the nature play area with balance beams and timber logs, to the nearby adventure playground catering to all ages and abilities.Federal Member for the Hunter, the Hon Joel Fitzgibbon MP said, “the park is now one of the City’s greatest assets and is a great credit to Council and its workforce.”The Hon Trevor Khan MLC, representing the NSW Government at the event said the project was a great success.“In replacing the old playground, the new playground here at Bridges Hill Park will improve liveability of the area, promote community engagement and encourage more visitors to the Cessnock CBD.”Council secured funding under various programs over the year, including the Federal Government’s National Stronger Regions Fund, the NSW Government’s Stronger Country Communities Fund, Social Housing Community Improvement Fund and Resources for Regions program.Council congratulated and thanked all staff who worked on the project since works commenced in 2019. For more information on the project visit Council’s website. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Cessnock, children, community, community engagement, exercise, Federal, federal government, Government, housing, Indigenous, liveability, local council, NSW, quality, resources, shooting, workforcelast_img read more