Latest news with #MichaelFerguson
Perth Now
2 days ago
- Business
- Perth Now
Bungled Bass Strait ferry arrives in Australian waters
A new 212m-long Bass Strait ferry involved in a port bungle dubbed the nation's biggest infrastructure stuff-up has arrived in Australian waters. Spirit of Tasmania IV, one of two replacement vessels, won't be operational until late 2026, years behind schedule, because the island state government hasn't yet built a berth. The ship left Scotland on June 30, after being kept there for months during an unsuccessful leasing bid. It arrived on Tuesday in Fremantle in Western Australia, as part of formal vessel importation procedures and for a change of crew and to pick up fresh supplies. A final fit-out, including the installation of mattresses, tabletops and artworks, will occur in Hobart following its expected docking on August 23. The Tasmanian government has stumped up more than $4.3 million to store the ship in Scotland. The state's Labor opposition previously labelled the failure of the ships' government-owned operator to build a berth in time as the "biggest infrastructure stuff-up in Australia's history". Costs for the berth at Devonport in Tasmania's northwest, expected to be completed by October 2026, have blown out from $90 million to $493 million. The saga resulted in Michael Ferguson resigning as deputy premier and infrastructure minister and moving to the backbench in October 2024. The second new Spirit of Tasmania ship was handed over from its Finnish builder to operator TT-Line in June. TT-Line CEO Chris Carbone said the arrival of Spirit of Tasmania IV in Fremantle was a significant milestone. "Spirit of Tasmania IV and V are generational investments that will ultimately benefit the broader Tasmanian economy and the visitor economy," he said. "We are obviously very excited about the new vessels - their increased size is important, which will allow for greater capacity for passengers, vehicles, caravans and freight."
Yahoo
26-07-2025
- Business
- Yahoo
The House is taking a summer break — and now the stock market can get to work
Last Tuesday, House Speaker Mike Johnson unexpectedly adjourned the U.S. House of Representatives until September. The next day, the S&P 500 SPX hit another all-time high. Coincidence? Several academic studies suggest not. That's because the stock market historically has performed better when Congress is out of session. America's 63 million family caregivers are mostly unpaid, stressed and begging for help 'His income is limited': Should I pay $800 a month towards my husband's $67,000 student debt? My ex-husband's benefit will be $2,600 at retirement age, and mine is $2,200. Can I claim on his record instead? One such study was conducted by Michael Ferguson, head of the department of finance at the University of Cincinnati's Carl Lindner College of Business, and Douglas Witte, a professor of finance, economics and risk management at Missouri State University's business school. In their study, titled 'Congress and the Stock Market,' they found that the Dow Jones Industrial Average DJIA from 1897 through 2004 produced the equivalent of a 13.8% annualized return when Congress was not in session, versus 2% when Congress was in session. They found a similar result for the period beginning in 1957, when the S&P 500 was created. Another study, which in effect constitutes an out-of-sample test of this result, focused on the Australian stock market from mid-1993 through late 2011. In a paper entitled 'The Effects of Political Uncertainty on Stock Prices,' the study's authors at the University of Melbourne (Yoni Cukierman, Asjeet Lamba and Carsten Murawski) found that 'returns in the Australian stock market are lower and more volatile whenever the Australian federal parliament is in session.' This year constitutes another out-of-sample test. Since the beginning of the year, as you can see from the chart above, the S&P 500 has produced far better average returns when Congress was not in session than when it was. Though these year-to-date results are not statistically significant in and of themselves, they corroborate the two studies referenced above. Though we can only speculate as to why the stock market performs better when Congress is in recess, most hypotheses trace to the economic and political uncertainty that exists when Congress is in session. As humorist Will Rogers famously wrote a century ago in a letter to the editor of the New York Times: 'This country has come to feel the same when Congress is in session as we do when a baby gets hold of a hammer. It's just a question of how much damage he can do with it before we take it away from him.' Mark Hulbert is a regular contributor to MarketWatch. His Hulbert Ratings tracks investment newsletters that pay a flat fee to be audited. He can be reached at More: How Trump's policies are boosting tech stocks — and helping to inflate a bubble As latest meme-stock drama unfolds, there's one thing that is different this time around 'If I was writing the checks at Coke, I wouldn't write the check for this,' one expert says about cane-sugar Coke Homeowners in these states are the winners if Trump ends capital-gains taxes for home sellers Newly built homes are cheaper than previously owned homes as builders ramp up price cuts Sign in to access your portfolio
Boston Globe
25-07-2025
- Boston Globe
‘Perfect storm': Amid Trump administration cuts, visitation to White Mountain National Forest is up
'This data directly informs all these Forest Service decisions, from staffing and signage to trail maintenance, infrastructure, and especially the federal budget and funding,' said Michael Ferguson, associate professor of recreation management and policy at UNH, who is overseeing O'Leary's research. Get N.H. Morning Report A weekday newsletter delivering the N.H. news you need to know right to your inbox. Enter Email Sign Up The National Visitor Use Monitoring Program is conducted every five years and was last Advertisement 'The data we collect is extremely important for the forest, and so that's one of the biggest things that I lead with is, 'You're giving back to the forest by participating in this,'' he said. Responses to interview questions are logged in a tablet, and then immediately uploaded to the Forest Service data set. The White Mountain National Forest receives about 6 million visitors a year — more than Yellowstone ( Advertisement The research helps ensure that resources are directed where they're most needed, according to Ferguson — which he said is especially important in light of Trump administration cuts to agency budgets. 'It is a perfect storm that's happening, where we have ramped up visitation to an extreme, and at the same time, we are simultaneously decreasing funding to these entities to the extreme,' he said. Outdoor recreation is an important economic engine for New Hampshire, contributing about $4 billion to the state's economy, according to a report from the US Department of Commerce. For the O'Learys, conducting the surveys is a way to give back to a place they love. 'I've been coming up here since I was 2 years old, for 50-something years,' said Jimmy O'Leary, 57, who is a retired captain from the Massachusetts State Police. He now lives in Madison, N.H. 'I loved it up here, and that's why I took my kids up here, too.' This story appeared in Globe NH | Morning Report, a free newsletter focused on New Hampshire, including great coverage from the Boston Globe and links to interesting articles elsewhere. To receive it via email Monday through Friday, Amanda Gokee can be reached at
Daily Record
19-06-2025
- Business
- Daily Record
Australian 'fiasco' ferry leaves Edinburgh after months docked in Forth
On Thursday morning, June 19, the Spirit of Tasmania IV ship was pictured leaving the city after arriving in Edinburgh at the end of last year. An Australian ferry that was docked for months in Edinburgh has finally set sail from the capital. On Thursday morning, June 19, the Spirit of Tasmania IV ship was spotted leaving Leith docks, reports Edinburgh Live. In December it was reported how the ship was set to be berthed in Edinburgh until next year, after it was discovered to be too big for its intended ports Down Under. Operator TT-Line confirmed it had been engaging with a broker to lease the ferry, although an agreement was not reached. The Tasmanian government then ordered the operator to relocate the 212-metre vessel. It was initially moved to Scotland after fears it could be damaged by pack ice. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. The situation sparked a political row in Australia after it was feared a new berth to accommodate the shop, and it's sister vessel Spirit of Tasmania V, may not be ready until late 2026 or 2027. The new Spirit of Tasmania ships have a gross tonnage of 48,000 and have the capacity to hold 1,800 passengers. The vessel is home to 301 new cabins, 118 standard recliners and 47 business recliners. Tasmania's infrastructure minister, Michael Ferguson, and the chairman of ferry operator TT-Line, which is state-owned, resigned due to the controversy in August. TT-Line was paying A$47,534 (£24,031) per week to berth the ship at Forth Ports, according to figures published by the Tasmanian government. In March it was reported there was a possibility of the ferry being used to house Ukrainian refugees in Scotland. However the Scottish government quickly dismissed this saying: "This is not true and we have no plans to lease this or any other vessel for this purpose." Tasmania's transport minister Eric Abetz said that the government had done all it could to secure a lease that would benefit Tasmanians. He said: "We had an opportunity to secure an agreement worth tens of millions of dollars for the Tasmanian taxpayer, and it would have been economically irresponsible not to explore this. "Previous similar leases provided more than €50m (£41.2m) to vessel owners, and it was prudent that we sought similar arrangements for Tasmanian taxpayers. "The relentless negativity is hurting the state's economic opportunities, and it's time to move forward together."
Edinburgh Live
19-06-2025
- Business
- Edinburgh Live
Australian 'fiasco' ferry leaves Edinburgh after months docked in the capital
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info A huge Australian ferry has finally left Edinburgh after months in the capital. On Thursday morning, June 19, the Spirit of Tasmania IV ship was pictured leaving Leith docks. In December we reported how the ship was set to be berthed in the capital until 2026 after it was found to be too big for its intended ports Down Under. Operator TT-Line said it had been engaging with a broker to lease the ferry, although an agreement could not be reached. The Tasmanian government then ordered the operator to relocate the 212-metre vessel. It was originally moved to Scotland due to fears it could be damaged by pack ice. The saga sparked a political row in Australia after a new berth to accommodate the shop, and its sister vessel Spirit of Tasmania V, may not be ready until late 2026 or 2027. The new Spirit of Tasmania ships have a gross tonnage of 48,000 and have a capacity of 1,800 passengers. The vessel features 301 new cabins, 118 standard recliners and 47 business recliners. Tasmania's infrastructure minister, Michael Ferguson, and the chairman of ferry operator TT-Line, which is state-owned, resigned due to the controversy in August. TT-Line was paying A$47,534 (£24,031) per week to berth the ship at Forth Ports, according to figures published by the Tasmanian government. Join Edinburgh Live's Whatsapp Community here and get the latest news sent straight to your messages. In March we reported there was a possibility of the ferry being used to house Ukrainian refugees in Scotland. However the Scottish government quickly dismissed this saying: "This is not true and we have no plans to lease this or any other vessel for this purpose." Tasmania's transport minister Eric Abetz said that the government had done all it could to secure a lease that would benefit Tasmanians. He said: "We had an opportunity to secure an agreement worth tens of millions of dollars for the Tasmanian taxpayer, and it would have been economically irresponsible not to explore this. "Previous similar leases provided more than €50m (£41.2m) to vessel owners, and it was prudent that we sought similar arrangements for Tasmanian taxpayers. "The relentless negativity is hurting the state's economic opportunities, and it's time to move forward together."
