The commitment for the sport is up against pressures like family commitments to other activities time constraints that inhibit hours on the water Somehow the Shelter Island Yacht Club (SIYC) has managed to avoid this by offering something for everyone afloat The races are PHRF-handicapped and open to all sailors with a rated boat The Club hosted competitors from as far away as Newport and 34 vessels were on the starting line just off the Greenport breakwater There were five divisions ranging from the newish “sport boat” to the heavier non-spinnaker cruising boats that make up Division 5 low-on-the-water crafts that not only get you wet but require serious athletic ability to sail well Of note was the presence of 12 J-Boats on the roster There are different models but all are serious racing machines The day didn’t start with much wind promise it filled in from the southwest.  VHF’s crackled and horns there was plenty of wind for the lighter boats and just enough for the heavier ones with beats upwind to the South Ferry channel followed by a downwind spinnaker leg (for those divisions flying one) into Northeast Harbor and Gardiners Bay with a finish back at the entrance to Dering Harbor Division 2: Commodore John Sommi on Cloud 9 Sport Boat (Viper class): Jay and Rachel Rhame and Ryan Dempsey on Glory Days Jim Praley and Peter and Rachel Beardsley on Robot Flamingo The fastest time around was 3 hours 19 minutes the sailors acknowledged a very successful race day around our beautiful island Saturday was one of those lucky days when the wind spirits decide to grace their human dependents with their gifts From the early morning to the late afternoon there was a sweet warm breeze but enough for the SIYC Race Committee to successfully run three races around the buoys and marks in Gardiners Bay It was a full day of racing featuring four divisions and 26 boats ensuring that everyone stays on their toes as every minute counts when putting up and dousing spinnakers or rounding marks This competitive boat racing means little time between boats in their respective classes For the final results of Saturday’s races, go to Yachtscoring.com and search for Shelter Island Race Week 2024 there were smiles aplenty on the back porch of the SIYC due to unanimous agreement that another successful Race Week was sailed Committee volunteers and the Club staff are to be congratulated for making the Club and the Island shine It’s always best summed up by Jeff Bresnahan SIYC Director of Sailing: “What a great event Having a week of sailing events with all of our fleets racing for their fleet’s anniversary trophy Our sailors supported each other and volunteered to help others We are all so proud to be part of a yacht club where sailors run events for other sailors.” Why do my husband and I go to Florida during the winter Just a digital scorecard update every few holes the 8th annual “Island Roadside and Beach Cleanup” sponsored by the Lions Club,.. passed away from breast cancer surrounded by her family at her home in Los Angeles,.. Send your responses to [email protected] or phone 631-275-1859 Site made in collaboration with CMYK © 2025 Times Review Media Group. All Rights Reserved. CFO Jeffrey Pribor discusses ‘really nice relationship’ with tycoon John Fredriksen and International Seaways are playing together nicely. The two sides even got lunch ahead of Pareto Securities’ annual Energy Conference in Oslo this week. “That has been an interesting relationship,“ International Seaways finance chief Jeffrey Pribor said during the company’s presentation. “We have a really nice relationship with those guys.” Facebook Twitter LinkedIn YouTube Instagram Your data on TradeWinds TradeWinds is part of DN Media Group AS From November 1st DN Media Group is responsible for controlling your data on TradeWinds We use your data to ensure you have a secure and enjoyable user experience when visiting our site. You can read more about how we handle your information in our privacy policy DN Media Group is the leading news provider in the shipping, seafood, and energy industries, with a number of English- and Norwegian-language news publications across a variety of sectors. Read more about DN Media Group here TradeWinds is part of NHST Global Publications AS and we are responsible for the data that you register with us and the data we collect when you visit our websites We use cookies in a variety of ways to improve your experience such as keeping NHST websites reliable and secure personalising content and ads and to analyse how our sites are being used For more information and how to manage your privacy settings please refer to our privacy and cookie policies MONETARY POLICY REPORT | SUMMER 2024 (box 2)(authors: Eva Hromádková The Czech economy saw a rapid rise in the CNB’s key monetary policy interest rates in 2021–2022 This was followed by flat interest rates for roughly a year and a half and then a phase of rate cuts from the end of 2023 to the present The current and expected future repo rate affects market rates which in turn pass through to client lending and deposit rates This box describes the changes in the completeness and speed of a part of the monetary transmission mechanism specifically the pass-through of market rates to client rates on koruna-denominated loans The aggregate risk mark-up is time-variable Its fundamental value was approximated using the output gap for loans to non-financial corporations and the unemployment rate for housing loans Chart 1 – Client rates on koruna-denominated loans to non-financial corporations follow the 3M PRIBOR with no time lag; the spread between the rates is wider at times of negative economic shocks%; spread in pp A slightly different pattern can be observed for rates on housing loans (see Chart 2) The spread between the client rate and the reference rate in this market increased after the beginning of the GFC and remained elevated for years despite a sizeable decline in both the reference rate and the client rate A substantial increase in the IRS rate observed between 2016 and 2018 led to an increase in the client rate strong competition and lagged transmission of the IRS rate to client rates resulted in the client rate persisting at lower levels than implied by the increase in the IRS rate but also due to an abrupt and substantial decline in the reference rate The spread was negative for a time in 2022 as the IRS rate rose more quickly and more than the housing loan rate The spread is currently close to 1 pp Chart 2 – The housing loan rate responds to changes in the IRS rate with a visible lag%; spread in pp The coefficient of immediate pass-through of the 3M PRIBOR to client rates on koruna-denominated loans to non-financial corporations is statistically significant for almost the whole estimation period (see Chart 3) This means that changes in the reference rate are transmitted to the client rate in the same month the immediate pass-through of the 3M PRIBOR to the client rate hovered around one but this fast part of the transmission subsequently weakened somewhat and the estimates that take the latest developments into account imply approximately 60% pass-through of a change in the 3M PRIBOR to client rates within one month the long-run pass-through of the 3M PRIBOR to client interest rates (see Chart 4) was complete until 2017 after which the coefficient dropped slightly to around 0.8 In the estimates covering the last two years Chart 3 – Almost 60% of the pass-through of changes in the 3M PRIBOR to rates on new loans to non-financial corporations takes place within one monthcoefficient of short-term pass-through of 3M PRIBOR to client rate (within one month); confidence interval the transmission to client rates for non-financial corporations is completecoefficient of long-term pass-through of 3M PRIBOR to client rate; confidence interval Note to Charts 3 and 4: The red areas denote periods in which the cointegration between the variables is not statistically significant computed based on the F-statistics and t-statistics of the whole cointegration relationship If both statistics are significant at least at the 10% level of significance the long-term equilibrium is statistically significant The grey band denotes a confidence interval of two standard deviations on either side of the solid line The persistence of client rates on housing loans is substantial and determined mainly by standard commercial practices Our estimates indicate that the typical lag between a change in the reference rate and the maximum impact on the client rate is 4 months The estimated coefficient of immediate pass-through from the 5Y IRS rate to the housing loan rate is therefore around zero in the long run Only recently has it moved to a statistically significant positive – though still low – level (see Chart 5) The key (for transmission) long-run pass-through of a change in the 5Y IRS rate (see Chart 6) is in the range of 0.6–1 throughout the estimation period It was almost complete in the 8-year rolling windows ending in the period of 2015–2017 and also in 2023–2024 the transmission can thus be considered complete at present the response of client rates to a change in the 5Y IRS rate is spread over time; this is reflected in a statistically insignificant immediate (short-term) pass-through coefficientcoefficient of short-term pass-through of 5Y IRS rate to client rate (within one month); confidence interval Chart 6 – The transmission in the housing loans segment can also be considered complete from the long-term perspectivecoefficient of long-term pass-through of 5Y IRS rate to client rate; confidence interval Note to Charts 5 and 6: The red areas denote periods in which the cointegration between the variables is not statistically significant The above implies that the pass-through of changes in market rates to client rates is currently complete and taking into account the specifics of each segment we can thus say that the interest rate channel of transmission is working as normal and as expected [2] The average fixed interest rate period for mortgages (which make up the bulk of housing loans) increased until around 2020 partly because banks became concerned about offering long fixed-rate periods due to potential losses on early repayment CNB offices in the Czech Republic A dangerous new weapons technology partnership between Iran and Russia is emerging with deadly consequences for the United States exchanges finished military hardware and the technology to replicate and produce it With the advent of Russia’s invasion of Ukraine the transfer of weapons technology from Iran to Russia has developed on a large scale The Ukraine war has led Russia to seek goods from Iran including prominently a $1.75 billion purchase of Shahed 136 kamikaze drones and their production know-how Based on the extensive interactions in Iran and in Russia between Iranian experts and the drone manufacturer there are grounds to believe that Russian improvements in the drone’s design and production have filtered back to Iran Iran is interested more generally in Russian military technologies The document describes a 17-person Iranian delegation visit to Russia from March 5 to March 13 aimed at familiarizing themselves with the “scientific and technical potential and production capabilities of JSC Technodinamika.” This company includes more than 100 enterprises and is part of the larger group billed as the Russian state-owned defense conglomerate focused on the promotion of the development ISDM Zemledeliye mine-laying systems and ammunition for rockets employed in BM-27 Uragan launchers Vikhr guided aircraft missiles and Tornado-S rocket artillery systems that were used by the Russian Armed Forces during Russia’s war of aggression against Ukraine.” The document contains both a day-by-day program schedule and a table in Annex 1 titled “List of enterprises of the management circuit of Technodinamika S.A to be visited.” Table 1 is a translation of the table in Annex 1 of the original document listing the names of the companies the Iranian delegates visited the companies’ activities of main interest to Iran The Iranian delegation arrived in Moscow on March 5, 2023, and checked into their Ibis brand hotel, a subsidiary of Accor S.A., a French hospitality company.6 During its first full day the Iranian delegation heard initial multimedia presentations at Technodinamika’s headquarters in Moscow on its holdings’ competencies and then visited two enterprises in the Moscow region The delegation then split into two groups and visited the rest of the companies in Table 1 Group 2 remained in Moscow and visited NIIPH FNPC A trip report was not included in the hacked documents so it is unclear what was discussed in the visits or sold to Iran’s military or defense industries the document at hand is instructive to delve into individual Technodinamika companies and the activities of interest to Iran as listed in Table 1 Table 2 shows which of Technodinamika’s enterprises in Table 1 are sanctioned Five of these enterprises are sanctioned by the United States and the European Union The two companies which are not sanctioned deserve to be Iran expressed interest in fuel production and aircraft engine regulators the document does not state which Iranian aircraft would receive these parts Su-24 “Fencers,” and recently received the Yak-130 combat trainer It also has An-74 and Il-76 military transport aircraft It is also seeking the Su-35 fifth-generation aircraft Golembiovsky (branch in Noginsk) (АО «НПО «Прибор» им This company is a leading developer of sub-caliber ammunition in the Russian Federation The Bogorodsk branch of JSC NPO Pribor (Noginsk) is engaged in the design and manufacture of dies and molds and it produces machine tools and accessories and powder metallurgy products Its products include ammunition and explosives and technology to make molds and dies for ammunition and explosives Table 1 specifically mentions Iran’s interest in the production of the VOG-30D an enhanced lethality high explosive (HE) grenade Kamensk-Uralsky Foundry JSC (KULZ) (АО “КУЛЗ”) The company is one of the country’s largest manufacturers of aircraft wheels and control units It specializes in manufacturing aircraft brake wheels for civil and military aviation and brake control units The company manufactures wheels for fighter jets and trainers such as the fifth-generation T-50 aircraft this visit seems to complement reporting in early 2023 of Iranian interest in fifth generation fighter jets While reporting at the time focused specifically on the Su-35 Iran later received the Yak-130 trainer jet Table 1 shows Iran’s interest in the production of wheels The company is a Russian “pyrotechnics” developer According to the Russian language version of Wikipedia: “The range of special pyrotechnic products developed adopted for service and put into production since 1945 intended to equip all branches of the military including more than 200 pyrotechnic products (igniters and artillery systems.” Products include ammunition and explosives Iran expressed interest in the production of “non-lethal means,” which could refer to nonlethal antipersonnel devices These could be used by Iranian authorities to violently suppress protesters According to Ukraine’s sanctions designation for this company, it is involved in the development, production, and export of high-tech industrial products, and in the production of weapons and ammunition for the needs of the military-industrial complex of the Russian Federation.7 Table 1 lists Iran’s interest as the production of RPG-7 grenade launcher rounds This company is a developer of UAV systems for the Russian market and military it has invested in unmanned aircraft technologies in particular the creation of prototypes and the production of UAVs of various aerodynamic designs with many applications It also makes aviation simulators and dummy drones develops and produces aviation simulators and training systems for training aircraft and helicopter crews and produces engineering simulators in support of the research and design of advanced aircraft Table 1 lists Iran’s interests as “UAV manufacturing and TSO for aviation equipment.” TSO likely stands for Technical Standard Order a TSO is a minimum performance standard for specified materials and the standards are important in production and quality control processes Table 1 lists the activities of interest to Iran as “production of transportation and loading vehicles for air defense systems.” including MLRS in the interests of the Russian Ground Forces It claims it exports its products to more than 50 countries around the world but this claim is unlikely to be true today It also works on multifunctional frequency synthesizers for airborne radars Iran expressed interest in the production of RS and MLRS 1. On 4 February 2024, PRANA Network announced its successful hack of the email servers of an IRGC front company named Sahara Thunder which was facilitating Iran’s sale of Shahed 136 drone technology to Russia, https://irancybernews.org/irgc-front-company-sahara-thunder-hacked-by-prana-network/. </a ↩ 3. “Joint Stock Company Technodinamika: Switzerland Sanctions as Per Swiss SECO - State Secretariat for Economic Affairs,” Open Sanctions, April 20, 2023, https://www.opensanctions.org/entities/NK-fq4GNFzLgn5w3nfkvZy3xT/ ↩ 4. See, https://www.reflector.com/news/world/russia-military-putin/image_37e187d4-4f9e-53b4-b349-1f49dff9d81c.html. ↩ 5. On the bottom of page 3, there are also the signatures of A.A. Podolsky, Deputy Director General for Foreign Economic Activity, and A.A. Polyakov, Deputy Director of Economics and Finance. ↩ 6. Accor S.A., while it has suspended new investments, has not divested from the Russian market and continues to operate its Ibis brand hotels in the country. See: https://leave-russia.org/accor#:~:text=According%20to%20press%2C%20the%20company,to%20by%20more%20stringent%20sanctions. ↩ 7. https://sanctions.nazk.gov.ua/en/sanction-person/5594/. ↩ 8. https://ru.wikipedia.org/wiki/%D0%A1%D1%82%D0%B0%D1%80%D1%82_(%D0%9D%D0%9F%D0%9F). ↩ All Contents Copyright of Institute for Science and International Security 1993-2025 Home » Ukraine’s Neptune Anti-Ship Missile 360MTS Coastal Missile System Factory Trials The prime contractor for this project is the state-owned enterprise LUCH The cooperation includes the enterprises of the Ukroboronprom group of companies – Orizon-Navigation Arsenal Central Design Bureau (GKAU) and private companies Radioniks The President of Ukraine witnessed the testing of the newest Ukrainian development capable of destroying both coastal and at-sea targets All components and sub-components of the system are reportedly produced locally by Ukrainian defense companies The secretary of the National Security and Defense Council of Ukraine reported that during the test all systems of the missile and its flight characteristics were checked “The cruise missile performed a unique mission mission: flying more than 100 km in the direction of the sea and hit the target with accuracy on the way back,” said A adding that the flight and maneuvering of the rocket were recorded by surveillance equipment both on the coastline and on an Island “New mobile complexes of cruise missiles can quickly reach certain combat positions and be ready to launch a missile strike in a matter of minutes,” he said stressing that Ukrainian R-360 cruise missiles “can accurately hit surface and ground targets at a distance of more than 300 km all the components of the complex and the rocket itself “perfectly fulfilled the tasks and proved their compliance with the specified characteristics.” The secretary of the National Security and Defense Council of Ukraine said that an interesting feature of today’s tests was the involvement of cadets and officers of the Institute of Naval Forces of the National University of Odessa Maritime Academy in their participation “Today we are creating fundamentally new weapons that the Ukrainian army never had we are starting to prepare military specialists who must be prepared for the operation and combat use of modern and high-precision missile systems,” Turchinov said Naval News brings you news coverage of the latest naval defense shows & events We are also reporting on naval technology from all over the world methodical fleet build when six VLCCs dropped into management's laps Sometimes shipping executives grow and renew their fleet through a methodical pursuit of “onesies and twosies”, as senior vice president and chief financial officer Jeff Pribor likes to call the process undertaken by International Seaways for most of 2017. At other times the phone rings, they answer it, and someone at the other end offers six modern VLCCs — en bloc. DN Media Group is the leading news provider in the shipping, seafood, and energy industries, with a number of English- and Norwegian-language news publications across a variety of sectors. Read more about DN Media Group here. TradeWinds is part of NHST Global Publications AS and we are responsible for the data that you register with us, and the data we collect when you visit our websites. We use cookies in a variety of ways to improve your experience, such as keeping NHST websites reliable and secure, personalising content and ads and to analyse how our sites are being used. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. We're happy you are enjoying our content. You've read 4 of your 7 free articles this month. Please log in or create an account to continue reading. We're happy you are enjoying our content. Please subscribe to continue reading. .st3{enable-background:new}BuzzFeed Shopping logoSearchGift Guide but all were independently selected by our editors BuzzFeed and its publishing partners may collect a share of sales and/or other compensation from the links on this page HomeCaret RightBathroom·Updated on Apr 4 2022Subscribe to Shopping NewsletterCaret Down34 Of The Best Bathroom Accessories You Can Get On AmazonI will not NOT have a bidet with chrome-plated water pressure control knobs Read our full review of the shower curtain liner with pockets (#2) Read our deep dive on the Gorilla Grip spa bath pillow and hand towel; available in multiple colors) Check out our picks for the best toilet paper at three different price points on BuzzFeed Reviews It acts as a trash can receptacle and a toilet brush holder Be sure to check out some of our other favorite bath mats available on Amazon These light strips easily stick onto your mirror and come with a dimmer Or take a look at our picks for the best vanity mirrors This website is using a security service to protect itself from online attacks The action you just performed triggered the security solution There are several actions that could trigger this block including submitting a certain word or phrase You can email the site owner to let them know you were blocked Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page the fourth and final Shelter Island Yacht Club (SIYC) big boat race of the season This around-theIsland event is open to all sailors with a PHRF rating Because of the forecast and reality of winds under 10 knots the Professional Race Officer set out to send division 1 and 2 around the Island and division 3 and 4 into Peconic Bay The start was just off the outer edge of the Dering Harbor mooring field and the instructions were to sail counterclockwise find some buoys in Peconic Bay … and return There was simply not enough wind to round the Island What George Bernard Shaw said of second marriages could be said for light wind sailing: “The triumph of hope over experience.” It takes dedication to the sport to sail in light winds It also helps to have both a light race boat that’s able to move in gentle breezes and large spinnakers for the downwind legs So that even in a sunbaked cockpit moving through what seems like Vaseline and enduring the shake rattle and roll byproduct created by an armada of holidaying power boats a sailor still focuses on every slight zephyr teasing the sails and hope against hope that the wind fills in and the forecasters were wrong as skipper of a heavy cruising boat with low-tech sails and an aversion to baking in the sun this form of patience eluded my crew and me Persistence paid off for Doug Davis in Gypsy Moon who won non-spinnaker division 4; 2nd was Beth Van der Eems in Osprey; 3rd was Peter Swerdloff in Wyvern Division 3 winner was Peter Dinkel in the club’s Sonar Windy; 2nd was Mike Rouzee in Starlight; 3rd was Peter Larsen sailing Jane Division 2 winner was Richard Prieto in Zorro XF; 2nd was Kevin Horne in CALLI se; 3rd was Peter Beardsley in Glory Days Division 1 winner was Andrew and Sedgwick Ward on Bravo; 2nd was Jeffrey Pribor on Renegade; 3rd was Steven Guyer on Alliance No outdoor sport guarantees perfect conditions and the capriciousness of winds make sailing reliant on factors that are unpredictable the dedication of the volunteer SIYC race committee delivered the predictable professionalism that ensured a successful Poor Memorial Management explain how company got younger with three MRs International Seaways management confirmed an innovative tanker swap on Thursday that was reported in December, and later shared a little colour with TradeWinds on how they pulled it off. Seaways swapped two older VLCCs and some cash for three younger MR tankers. The New York company has not identified the counterparty, but the market knows it to be private South Korean shipowner Sinokor Merchant Marine. I am a Staff Writer for Newsweek's international desk the former Soviet Union and the former Eastern Bloc either observed and verified firsthand by the reporter or reported and verified from knowledgeable sources Translations may contain inaccuracies—please refer to the original content Russia is developing a shrapnel anti-drone weapon as the country's military continues efforts to build a defense against unmanned aircraft "In order to ensure greater effectiveness in anti-drone combat we need to develop [arms] and we are working on it," Oleg Chizhevsky, head designer at the NPO Pribor contractor, told state news agency Itar-Tass He added that the work is focusing on "shrapnel ammunition for striking small targets." He said the ammunition will likely be from the 30 millimeter or 57 millimeter caliber though he refused to say when the weapon would enter service with the military Russian military analyst at London's Royal United Services Institute Igor Sutyagin says the new weapon would present "qualitative change" to Russia's current anti-drone arms "Firing shrapnel is the most natural way to fight small drones," Sutyagin says "The new idea is the development of brilliant shrapnel or smart shrapnel as it is sometimes called in which you put interceptors close to the target and launch a cloud of millions of these particles It is tougher to hit a drone with a missile." notes that the development would be a "quick fix" for Russia whose military still lacks the ability to jam drones The size of caliber cited by Chizhevsky could also betray details about the ammunition's use "In the Russian military 30mm is a standard round for an armored personnel carrier and infantry fighting vehicle," Koffman says "57mm is the next round up and they will be upgrading those weapons soon So that immediately tells you that the Russians are looking at shrapnel rounds for combat modules that are mounted on infantry fighting vehicles on armored personnel carriers and air defense systems." In recent years Russia has observed the use of small drones at close range both in Syria in the fight against the militant group Islamic State (ISIS) "All forces are struggling with dealing with the drone problem," he adds "A lot of militaries do not have the contingency of tackling them with signals suppression so they use kinetic means like shrapnel." Ukraine has complained that its U.S.-supplied drones fall prey to Russian jamming capabilities provided to Russian-backed separatists in Ukraine's east the models in use there are analog and more susceptible to older jamming methods Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground Newsletters in your inbox See all Our #1 AI Stock Pick is on a steep discount - 29.99$ instead of 99.99$! Click here to access exclusive research you’ve seen the whole crude space pick up consistent with the last 18 months the middle part of the space that are kind of focused on delivering into Europe shorter-haul crudes and the whole crude space moved up after really the first cyclicality we saw this summer you highlighted the $3,000 per day per vessel decline in cash cost per vessel and how much of that is financial-related in terms of lower principal payments I think we gave guys that were working hard to keep expenses in a good place break-evens are primarily from reducing interest costs in debt and also reducing amortization on debt when you lower the principal and the new revolving credit facility shifting more to that from term it also does that as you can tell from the chart – we were talking about break-evens on spot vessels so it’s also benefited from the commercial department putting on incrementally more time charters As there are no additional questions waiting at this time I would like to turn the conference call back over to Lois Zabrocky for closing remarks I just want to thank everyone for joining International Seaways And we are broadcasting here from Bahri Dubai International Tanker Week And we really appreciate your interest in International Seaways and wish everyone to stay well this concludes today’s International Seaways’ third quarter 2023 results call Artificial intelligence is the greatest investment opportunity of our lifetime The time to invest in groundbreaking AI is now My #1 AI stock pick delivered solid gains since the beginning of 2025 while popular AI stocks like NVDA and AVGO lost around 25% The numbers speak for themselves: while giants of the AI world bleed showcasing the power of our research and the immense opportunity waiting to be seized Artificial intelligence isn’t science fiction anymore It’s the revolution reshaping every industry on the planet From driverless cars to medical breakthroughs and savvy investors stand to reap 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Chief executive Lois Zabrocky led the way with a total pay package valued at $5.4m, although some $3.5m of this came in grants of restricted stock that at least partly vest over three years. Diversified New York tanker owner turned in record year and cash pay ticked up International Seaways chief executive Lois Zabrocky took a cut in overall compensation for 2023 but did better in the cash portion of her pay. Zabrocky pulled in a headline pay figure of $4.28m, about a 21% drop from the $5.4m earned overall for 2022. But all of the reduction came in the estimated value of stock awards, which came to $2.03m Norway’s DnB Bank has tapped Niels Lyng-Olsen to take over as head of its fledgling US investment banking team, following the departure of veteran banker Jeff Pribor earlier this week. Former JP Morgan banker Lyng-Olsen joined DnB in April 2003, as part of the bank’s efforts to build up a New York-based investment banking operation. He now takes over as managing director after Pribor announced yesterday he was leaving to become US tanker owner General Maritime’s new chief financial officer, filling a post that has been empty for several months. the monetary policy rate cuts made during 2009 were most visible in falling rates on loans to non-financial corporations while rates on housing loans were flat and rates on consumer credit rose modestly (see Charts 1 and 2) Financial market reference rates diverged;1 money market rates declined while the ten-year government bond yield temporarily rose interest rates have been falling for all types of loans since the end of 2008 in line with the fall in the ECB’s key interest rate money market rates (partly due to unconventional monetary policy) and the ten-year government bond yield (see Charts 3 and 4) This Box looks at the divergent trends in certain client interest rates in the Czech Republic and the euro area and the factors underlying this divergence The analysis is based on decomposition of the average client interest rate on new loans in the Czech Republic and in the euro area into the contributions of the difference in monetary policy rates the difference in the range of market and monetary policy interest rates and the difference in the range of client rates and relevant financial market rates expressing the risk premium of the particular segment of the credit market in the particular phase of the business cycle The difference in the average client rate on new loans in the Czech Republic and the euro area has increased since the end of 2008 This reflects a slightly smaller decline in the domestic monetary policy rate and money market interest rates (the 3M PRIBOR versus the 3M EURIBOR) in the Czech Republic than in the euro area The difference in the credit market risk premia is relatively stable on average in the Czech Republic at around 1 percentage point and is at the pre-crisis level An increase in the difference in client interest rates between the Czech Republic and the euro area was recorded in all segments of the credit market As regards new loans to non-financial corporations the increase in the difference in rates was influenced by the aforementioned smaller decline in the monetary policy and short-term market interest rate in the Czech Republic than in the euro area while the difference in the risk premium for these loans narrowed The increase in the difference in interest rates on new loans to households was due to a rise in the ten-year yield on the Czech government bond as against a broadly flat yield in the euro area amid a smaller decline in the monetary policy rate in the Czech Republic than in the euro area The difference in the risk premium for housing loans also increased A larger increase in the risk premium for domestic loans was recorded for short-term rates on housing loans The risk premium for consumer credit is traditionally high in the Czech Republic compared to the euro area and this difference remained broadly unchanged in the period under review the most pronounced transmission to rates in the Czech Republic was recorded for corporate deposits interest rates on household deposits also decreased in 2009 rates on deposits declined more strongly in the euro area than in the Czech Republic this primarily reflected a larger decline in monetary policy and market rates are now more significantly below market rates in the Czech Republic than in the euro area All this shows that monetary transmission in the Czech economy experienced some disturbances during the global financial and economic crisis the monetary policy transmission mechanism remains functional The risk premia for rates on loans increased with the exception of shorter fixation periods for housing loans The smaller decline in client interest rates thus reflects a less significant reduction of monetary policy rates divergence in rates on the interbank market (mainly because of the ECB’s use of unconventional instruments) and an increase in tenyear government bond yields in the Czech Republic 1 For the transmission mechanism to work effectively it is vital that changes in key CNB interest rates According to the CNB’s analyses (Box 1 Transmission of financial market interest rates to client interest rates in the Czech Republic the 1M PRIBOR and FRA 3*6 rates are most important for short fixations of rates on loans to corporations while the 3M and 1Y PRIBOR are most important for long fixations of rates on corporate loans The 1M PRIBOR and the ten-year government bond yield are most important for rates on housing loans Sorry, this audio is not yet available or has expiredBrought to you by Freud is remembered as being one of the most influential and controversial minds of the 20th century. He rediscovered the way in which people analyse the human personality and psychoses, establishing new practices of psychoanalysis and psychopathology. In the following years, Freud began finalising his theory that every human has an unconscious where sexual and aggressive thoughts battle against our defence mechanisms. He then supported this theory with a thorough analysis of himself, all presented in a book The Interpretation of Dreams (1899). In this book, Freud discusses dreams as indicators of unconscious desires and experiences. By the late 1910s, Freud had quite a following, and he was appointed a professor of Neuropathology at the University of Vienna. During the 1930s, the Nazis had burnt a number of his books (due to his Jewish heritage) and then in 1938 after the annexation of Austria, Freud fled to London with his wife and one daughter. Freud’s lifetime and career coincides with a time in music when composers were bridging the gap between late-romantic and modern styles. The late 19th century saw numerous female composers rise to fame, as well as some of the most celebrated works in the classical music canon. Listen to the music that was composed when Freud was publishing some of his most important theories as well as while he was refining his psychoanalysis and psychopathology techniques. (The founder of psychoanalysis and famed theorist of human behaviour, Sigmund Freud was one of the first psychological therapists, treating many patients with therapy, including the composer Gustav Mahler. Circa. 1921 (Public Domain)) Tracklist05:00Played at 05:00Piano Quartet in E minor: I. Allegro [08'39]Composer Gregory Maytan (violin) + Ann-Sofi Klingberg (piano) + Bernt Lysell (viola) + Sara Wijk (cello) BBC Scottish Symphony Orchestra + Danny Driver (piano) The Romantic Piano Concerto - 70, CDA68130 Elfrida Andrée: Fritiof Suite & Symphony in A minor, CDS-1016-2 Tasmin Little (violin) + John Lenehan (piano) Tasmin Little plays Clara Schumann, Dame Ethel Smyth and Amy Beach, Chan 20030 The Raphael Ensemble: Korngold String Sextet and Schoenberg Transfigured Night Lilli Paasikivi (mezzo-soprano) + Tampere Philharmonic Orchestra Published: 30 Dec 2019Mon 30 Dec 2019 at 4:00am Published: 23 Dec 2019Mon 23 Dec 2019 at 4:00am Published: 16 Dec 2019Mon 16 Dec 2019 at 4:00am Download the ABC listen app for free music podcasts and playlists the Supreme Administrative Court (SAC) issued a judgment on the issue of the normal price in the case of cash pooling including the tax administrator’s obligation to document and prove the normal interest The judgment is worthy of close attention at the least because it deals with cash pooling which in the Czech transfer pricing environment is an area that has so far received little attention from our courts cash-pooling has been dealt with as a secondary area of a specific judgment that would primarily be dealing with a different issue Although this judgment also discusses in particular the tax administrator’s misconduct in failing to comply with his obligation to document and prove the normal amount of interest the tax administrator’s obligations and his failure to carry the burden of proof are discussed in relation to this specific type of intra-group financing The basic problem of the taxpayer was a significant (one-off) reduction of deposit rates in cash pooling from 1M PRIBOR + 3% p.a Although the SAC generally agreed that such a significant reduction in rates might normally appear suspicious (at the very least it gives some indication of an attempt to obtain a tax advantage for one party to the transaction) who must document and prove the normal interest rate if he disputes the rate applied by the taxpayer the tax administrator ignored the taxpayer’s repeated explanations about the change in the functioning of cash-pooling (in particular its full automation savings in administrative and labour costs) while repeatedly claiming only that the newly applied rate of 1M PRIBOR + 0.17% p.a is not a price that meets the requirements of the arm’s length principle The tax administrator himself did not set the normal price during the entire process and only repeatedly disputed the transfer price applied by the taxpayer The SAC thus agreed with the conclusions of the Regional Court as to the tax administrator’s failure to sustain the burden of proof The judgment is not a ground-breaking case law in terms of the appropriateness of the methodology used in cash pooling but it does suggest that an examination of the reality economic nature and reasonableness of relatively sophisticated transactions involving financing or handling of intangible assets can be commonly expected in tax audits This is confirmed by our experience in tax audits Have news sent to your email every 14 days Contact usOur expertsCareer Grant Thornton in Czech Republic Grant Thornton around the world News Legal instructionsPersonal data protection Imprint © 2025 Grant Thornton - All rights are reserved