logo
Return of Arran ferry delayed by up to four months

Return of Arran ferry delayed by up to four months

Yahoo23-07-2025
An ageing ferry which has not sailed since January last year could be out of service for another four months, operator CalMac has said.
The 32-year-old MV Caledonian Isles was forced out of action 18 months ago, leaving a hole in the timetable for the west coast ferries.
CalMac has now said the vessel will return to dry dock for further repairs - which will likely take between eight weeks and four months - prompting a re-think of the winter timetable.
The repair bill for the ferry, which has been side-lined from the Arran route since January 2024, has already risen to nearly £11m.
Calmac said MV Caledonian Isles will enter drydock in Leith in the coming days for works to repair an issue with "instability in pitch response".
The ferry will have its shaft lines removed for further investigation.
This will take a minimum of eight weeks including sea trials.
If this doesn't solve the problem - the retrofitting of a new system to improve the accuracy of the pitch input will be attempted. This would take four months.
Duncan Mackison, CalMac CEO, said: "Based on the current prognosis, we could be in a situation where MV Caledonian Isles returns in September in a best-case scenario or November in a worst-case scenario.
"However, we intend to publish winter timetables soon and aim to give communities and customers certainty about service levels and vessel deployment during that period.
"This is a complex process as we need to develop this plan whilst factoring in an annual overhaul schedule that will see a fleet, which is another year older, spend a record of number of days in planned maintenance."
The ferry operator's winter timetable runs from 20 October to 26 March 2026, and its entire fleet undergoes annual maintenance between September and May each year.
Return of Arran ferry delayed indefinitely
CalMac bid to reclaim costs for fault-prone Arran ferry
Last-minute hitch delays ferry's return after 18-month repairs
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Coinbase stock hit with analyst downgrade citing 'limited support' for current valuation
Coinbase stock hit with analyst downgrade citing 'limited support' for current valuation

Yahoo

time13 minutes ago

  • Yahoo

Coinbase stock hit with analyst downgrade citing 'limited support' for current valuation

Coinbase (COIN) got downgraded by analysts at Compass Point who questioned whether its valuation was sustainable. The analysts changed Coinbase's rating to Sell from Neutral and lowered its price target to $248 from $330 per share. The new price target represents a 21% decline from Friday's close. "While we remain constructive on the current crypto cycle, we expect a choppy 3Q alongside weak August/September seasonality and waning retail interest in crypto treasury stocks," Compass Point analyst Ed Engel wrote on Sunday night. "As such, we see limited support for COIN's valuation if crypto markets sell off further," he noted. The development comes after the crypto platform's stock plunged 14% on Friday, its biggest intraday drop since April, after the company's quarterly earnings report showed that revenue last quarter took a hit from lower trading volume. Compass Point pointed to Coinbase's Subscription & Services (S&S) revenue, which came in at $655.8 million versus Wall Street estimates for $715.2 million. S&S includes plans such as Coinbase One, a monthly subscription product that offers no trading fees and other perks "Investors place a higher premium on these recurring fees, thus disappointing S&S fees have a more pronounced impact on COIN's valuation," Engel wrote. The analyst also pointed out that increasing stablecoin competition will likely put downward pressure on the valuation for Coinbase and its partner, Circle (CRCL). Read more: Can you buy crypto with a credit card? See the pros and cons. The issuer of digital tokens backed by the US dollar shares part of its interest income revenue with Coinbase. Engel and his team also said they believe interest in crypto treasury stocks such as Strategy (MSTR), the largest public holder of bitcoin, is declining, limiting the ability for companies to raise money for more token purchases, essentially crypto's upside in the near term. The analyst noted Strategy has recently slowed purchases of bitcoin. "With Strategy buying $18bn BTC YTD, MSTR's pivot removes another layer of BTC buying pressure," Engel said. Not all analysts are so bearish. The stock has 19 analyst Buy recommendations, 16 Hold, and 5 Sell, according to Bloomberg data. Bernstein analysts recently dubbed Coinbase a "one-stop Amazon" of crypto services. In a note last week, the analysts reaffirmed an Outperform rating on the stock with a $510 price target. Instead, the analysts said investors should focus on crypto derivatives and the company's "everything exchange" vision for the platform. On the company's earnings call, CEO Brian Armstrong highlighted Coinbase's focus on tokenized equities, or digital tokens representing real-world stocks. "We believe tokenized equities are more efficient with global coverage, 24/7 trading, instant settlement, and the ability to offer perpetual futures," Armstrong told analysts. Year to date, Coinbase shares are up roughly 24%.Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices

The jobs data revisions that cost a US government statistician her job
The jobs data revisions that cost a US government statistician her job

Yahoo

time13 minutes ago

  • Yahoo

The jobs data revisions that cost a US government statistician her job

(Reuters) -The revisions to previous estimates of the size of U.S. payrolls gains for May and June that prompted President Donald Trump to fire Bureau of Labor Statistics Commissioner Erika McEntarfer on Friday were by any measure extraordinarily large. Indeed, the combined downward revision for the two months of 258,000 was the largest - outside of those during the early months of the COVID-19 pandemic - since at least 1979. Here's a quick graphical breakdown: FIRST REVISION The monthly nonfarm payrolls report, released typically on the first Friday of each month, includes an initial estimate of employment changes for the immediately preceding month and revisions to the earlier estimates for the prior two months. BLS makes the revisions because more survey responses come in over the ensuing weeks and because it updates the seasonal factors affecting each month's estimates. The BLS on Friday said 133,000 fewer jobs had been created in June than first estimated. Over the last several years, the first estimate of the net change in payrolls each month has been revised lower more often than not. It has been revised down in eight of the last 12 BLS reports over the last year. The downward revision on Friday was the largest since the first estimate of payrolls gains for March 2021, published in April 2021, was revised down by 146,000 a month later. Over the last three years through June, the median estimate revision was -10,000. That contrasts with a median increase of 8,000 during the decade before the pandemic and a median increase of 2,000 over the series history since 1979. SECOND REVISION The total for May's payroll gains was revised lower by 125,000 in Friday's report, when the third estimate for payrolls for that month was published. That figure was the largest downward reduction of payrolls gains for a second revision - outside of the pandemic era - since the estimate for March 1983 was revised down by 127,000 in the report published in June 1983. COMBINED REVISION The combined downward revision for the two previous months - May and June - was larger than anything reported outside of the pandemic era. Indeed, the estimates for the two prior months combined have more often than not been revised higher. Since 1979, the median two-month combined estimate change was an upward revision of 10,000. Measured in absolute terms - revisions in either direction - Friday's revision also stands out. There have only been four larger revisions: +709,000 for November and December 2021; -642,000 for March and April 2020; +285,000 for August and September 1983; and +414,000 for April and May 1981. Solve the daily Crossword

C-suite access is the new divide in the hedge fund world
C-suite access is the new divide in the hedge fund world

Yahoo

time13 minutes ago

  • Yahoo

C-suite access is the new divide in the hedge fund world

Corporate access has become the latest institutional shift for the largest hedge funds in the industry. The biggest firms have teams of people handling their relationships with companies and get the most access. Citadel, for example, does more than 30,000 meetings with executives a year. You can't buy time, but hedge funds are trying. Some of the most valuable time in the world is that of a CEO of a large public company like Jamie Dimon or Mark Zuckerberg, whose days are planned to the millisecond. They carve out time to speak to their companies' investors about strategy, expectations, and more, and it's those seconds that the biggest hedge funds in the world are increasingly monopolizing. Multistrategy giants like Izzy Englander's Millennium, Ken Griffin's Citadel, Steve Cohen's Point72, and Dmitry Balyasny's eponymous firm operate with dozens — sometimes hundreds — of investment teams under one roof, each running their own strategy. These firms' stock-picking teams compete with each other and rivals for face time with leaders at the world's biggest companies. In conversations with 15 portfolio managers, hedge fund executives, bankers, corporate access professionals, and investor relations heads, Business Insider found that access to C-suites — once a more level playing field — has become another area where the biggest firms dominate. The process is now a source of growing tension as smaller investment firms get edged out, companies are flooded with requests, and even top firms grapple with internal strains over who gets into the boardroom. A decade ago, the connection between these firms and corporations was run solely through brokers working at investment banks, also known as the sell-side. Now, while the sell-side has not been cut out of the equation, the biggest hedge funds employ large teams of corporate access pros themselves, with personnel based in the US, Europe, and Asia helping mega funds get their ever-growing investing team members face time with CEOs. Citadel boasts on its website that it does more than 30,000 meetings with corporate executives each year. Millennium's increasing allocation to externally run funds means more wallets to pay the sell-side, ensuring better access and preferential treatment from brokers. Balyasny has done educational events for corporate investor relations teams in Asia, India, and the US in the last 12 months to explain the firm's structure and introduce its broker relations leaders. Funds mentioned in this story declined to comment. "A big part of the job is keeping everyone happy," said one hedge fund executive who has managed stock-picking teams for more than a decade. 'Kids' table' Twenty-seven-year-olds in T-shirts. Cameras off during pandemic-era Zooms. Typing on laptops or phones while CEOs spoke. Twenty people on a call, all vying to ask a hyperspecific question, often related to next quarter's earnings. Companies, especially the largest ones with the busiest executives, were getting frustrated as the headcounts of the industry's elite swelled, according to two corporate investor relations executives. At bank-held conferences, alongside tenured portfolio managers from long-only funds and asset management giants like Fidelity and Wellington, "we were always the kids' table," one multistrategy executive admitted. It was "pretty common" between 2018 and 2021 for executives to say no to meeting with some of these firms, or sharply curtailing the number of seats allotted to these funds, said Christopher Melito, a former corporate access pro at Cowen, Citi, and Credit Suisse. Even with how much these firms paid the sell-side, "at the end of the day, a C-suite could say 'don't confirm that request, we aren't meeting with them,'" said Melito, who is now the head of investor access at consulting firm ICR. Though the industry started building corporate access teams as early as 2015, it took years for teams to get to their current efficiency. One early hire industry experts pointed to was when Citadel promoted Johnna Shields to the role of corporate relations manager within its Global Equities stockpicking unit. Now, these staffers play a critical role in smoothing the path for hedge funds, which aren't always trusted by CEOs who worry about potential short-sellers and capital that'll leave at the first sign of trouble. Similar to the growing importance of the business development role, those in corporate access have become a key cog within multistrategy firms, despite the fact that they don't manage capital themselves. Jain Global, for example, brought on Katie Vogt, a former Balyasny and Goldman Sachs staffer, to head its corporate access efforts, deeming the function important enough to hire someone pre-launch. There's now a much healthier two-way street between funds and corporates. For example, "a lot of top four funds stopped putting junior members in these meetings," Melito said, and started training younger investment team members on protocol. One former PM said that at Point72, blazers are required when meeting with an executive. At other large firms, Melito said, young analysts start by meeting with smaller-cap companies before shadowing more senior investors in meetings with large-cap corporations. Corporate access teams have shifted from booking agents to matchmakers, one person close to a big four fund said, pairing different teams and investors with the right executives. "The large four funds have been a lot more strategic about their asks," Melito said. Everything's political Although the relationships between funds and companies may be solid, there is still plenty of bickering internally at the asset managers. One portfolio manager at a large firm said the biggest fights he ever saw were between two teams wanting access to the same executive — and there would only be room for one. Firms often give more tenured teams the right of first refusal for a meeting, but sometimes big-name new hires will jump the line, causing a rift, another PM said. All jobs have an element of internal politics to them, but in the cutthroat hedge-fund world, where a right call could mean a life-changing annual bonus and a wrong call could mean a pink slip, the stakes are magnified. The growing staff at the biggest managers means that a potential meeting with a Fortune 500 CEO will have plenty of interested parties. At Citadel alone, there are roughly 300 stockpickers, Griffin said at a talk at his former high school in Florida earlier this year. While the biggest funds can offer eye-popping sign-on bonuses and larger books of capital to manage, smaller funds that haven't been able to keep up with the big boys on corporate access resources are leveraging the internal tiffs to help their recruiting. "We can say 'You're our tech guy,' and while we can't compete on upfront guarantees, we can give them better long-term incentives," said one individual who runs a smaller multistrategy firm. These incentives include automatic IPO distributions, he said, which can be hard to come by if you're lower down the totem pole in one of the bigger firms. In the ongoing war for talent that has top moneymakers getting offers of tens of millions of dollars in total potential compensation, an important question for candidates is how many other teams trade their specialty or sector, one recruiter said. "It's a make-or-break kind of question," he said. No one wants to be one of 20 investing in technology companies "unless the money's just stupid," he added. Is it 'something AI could do' or a differentiator? The reason these firms have been able to build up these teams and pay out such large commissions to the Street is because of the pass-through fee agreements that put their backers on the hook for business costs. The question limited partners need to ask: Is it worth it? Several PMs at firms with large corporate access teams told Business Insider they could do without. One European equity investor said CEOs have become more scripted than ever, so meetings are basically a rerun of what they've previously said on earnings calls or at conferences. Another, based in the US, said the biggest value from these meetings used to be a sentiment check on how other teams were thinking about the stock — but now questions are often too specific and narrow to give any kind of indication into their thinking. For one founder of a smaller activism fund, the meetings are a prime example of something that firms could eventually save money on by automating away. "All these young analysts are asking questions off a sheet of paper their PM gave them and then typing into their models right there," the activist said. "It's something AI could do." It's hard to quantify how much a 30-minute conversation with a CFO is worth to a fund's bottom line. One industry consultant believes the push for funds to adopt cash hurdles — which would require their net returns to be over that of a Treasury bond to earn performance fees — might lead to some firms cutting costs in different places, including payments to the sell-side. Still, longtime stockpickers appreciate time with executives, and the old guard believes there's value in it. Tiger Global's billionaire founder, Chase Coleman, sees merit in these meetings and still attends them, a person close to the firm said, and funds have brought in former CIA interrogators to help investors dissect body language and read between the lines of a prepared statement. Even beyond the informational advantages mega funds can glean from these meetings, corporate access is also a zero-sum game. The more meeting slots and conference registrations the industry's largest firms take up, the fewer everyone else can get. "It's a finite resource," said one sell-side broker. "They don't want to share." Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store