Latest news with #VPS
The Guardian
3 days ago
- Business
- The Guardian
Victorian public servants hit back at Labor's planned job cuts with push to curb ‘executive bloat' instead
fb9a0a9052 A group of public servants vying for union leadership roles are pushing back against the Victorian government's mooted public sector job cuts with a cost-saving plan of their own, calling instead for reductions in 'executive bloat', halving consultant spending and reducing office space. The group, known as the Voice for Members (AVFM), will on Tuesday release an 89-page report, dubbed the Gold Review – a nod to the government's review into the Victorian public service (VPS) led by Helen Silver – outlining $13bn in cost-saving and revenue-generating measures. The report argues that large-scale job losses can be avoided in part by 'culling' 450 executive-level roles, which they estimate would save $123m in the 2025–26 financial year and $530.1m over the forward estimates to 2029–30. The report said the number of senior executives at the VPS had 'spiralled out of control', growing from 647 in 2014 to 1,887 in 2024. Over the same period, median executive salaries rose from $190,000 to $269,426 annually. It also recommends halving consultant use, which it says would save $134.9m in 2025–26 and $584.7m by 2029–30, and consolidating government office space, citing the move to hybrid work. The move would save $100m in 2025–26 and $430.9m over the forward estimates. In addition, it calls for an end to fossil fuel subsidies and switching all government banking to a public option, saving $282.1m over the forward estimates. Sign up for Guardian Australia's breaking news email To raise revenue, the group proposes introducing a new 0.05% levy on major banks operating in Victoria, which would generate $6.13bn over the forward estimates, and increasing the online betting tax from 15% to 20%, raising $800.6m by 2029–30. Resourcing the State Revenue Office more efficiently to collect existing taxes would also generate $415.6m in 2025–26 and $1.85bn over the forward estimates. The AVFM claims its plan would deliver up to five times the savings expected from the Silver review, which was announced by Jacyln Symes just months after she became treasurer. Symes has said the review aims to reduce duplication and return the VPS to its pre-pandemic size, with anticipated workforce cuts of between 5% and 6% – roughly 2,000 to 3,000 jobs. Frontline roles won't be impacted. In her budget last month, she announced $3.3bn in savings from cutting 1,200 jobs, with more expected following Silver's recommendations, due on 30 June. The Gold Review, however, said the VPS as a proportion of the pubic sector was 'now smaller than its pre-pandemic size'. While it made up 17% of public sector employment in 2021, it was now 14.98%, which is also lower than 15.72% in 2019. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion They also argue that every dollar cut from the public service may yield only 60 cents in 'real savings', once costs from redundancies, increased consultant use and impacts on frontline services are considered. AVFM candidates are running for leadership roles in the Community and Public Sector Union's Victorian branch. For the first time in many years, all positions are being contested, including state secretary, a role Karen Batt has held for more than 30 years. Mitch Vandewerdt-Holman, AVFM candidate for assistant secretary, said the report was complied by a group of public servants over six weeks using public data and 'in their own time'. 'On weekends, weeknights – some people took a little bit of annual leave,' he said. It would be a 'sample of the work' the group would do if elected to convince the government to take a different approach, Vandewerdt-Holman said. 'There are alternatives to public job cuts, and our plan actually achieves what the government's setting out to do in a much better way that doesn't cut jobs, that doesn't make people unemployed.' Ballots for the election will be sent out on 10 June and must be returned by 8 July.
The Star
3 days ago
- Business
- The Star
PETRONAS ramps up LNG projects to secure long-term supply for China
BEIJING: Petroliam Nasional Bhd (Petronas) is accelerating efforts to strengthen its position as a reliable long-term liquefied natural gas (LNG) partner to China by expanding domestic gas development and its global production portfolio, aimed at ensuring consistent and sustainable energy supply for one of the world's largest LNG importers. Petronas LNG Marketing & Trading, Gas & Maritime Business vice president Shamsairi Ibrahim said the company is building a global production network to provide alternative supply sources for China's growing LNG demand. "These projects include new domestic gas fields such as Timi, Kasawari and Jerun, while continuing development of Rosmari and Marjoram to ensure long-term supply from our LNG complex,' he told Bernama in conjunction with the World Gas Conference 2025 in Beijing. Surging LNG demand in China Shamsairi said this comes as China's LNG imports surged to around 77 million tonnes in 2024, up 8.1 per cent from the previous year, driven by economic recovery and infrastructure expansion. Looking ahead, China's imports are expected to exceed 83 million tonnes in 2025, surpassing the previous record of 79 million tonnes set in 2021. He said Petronas remains committed to reinforcing its presence in China and improving supply reliability in support of China's dual energy goals, security and decarbonisation. "Currently, Petronas accounts for around 10 per cent of China's LNG imports,' he said, noting that the company exported about eight million tonnes per annum (MTPA) to China in 2024. Leveraging LNG capabilities As part of its long-term strategy, Petronas is leveraging its liquefaction capabilities at the Petronas LNG Complex in Bintulu while expanding international projects to increase supply flexibility and resilience against market and geopolitical shifts. "Internationally, we are expanding supply nodes from North America, especially with our first cargo from LNG Canada expected in mid-June 2025,' said Shamsairi. The LNG Canada project will offer Petronas more flexibility in supplying the Asia-Pacific region, including China, while optimising Pacific routes and reducing reliance on any single source. Beyond upstream and liquefaction, Petronas is enhancing its LNG shipping and delivery infrastructure to meet evolving demands, including marine, inland and off-grid applications. "We've added three new vessels to support deliveries to Shenergy's Wuhaogou terminal in Shanghai. "We're also providing an LNG Virtual Pipeline System (VPS) for the Yangtze River and introducing LNG bunkering for marine transport,' he said. Petronas is expanding its fleet with energy-efficient LNG carriers, with four currently under construction at the Hudong-Zhonghua shipyard in China. The VPS system, which uses ISO tank containers, delivers LNG to off-grid customers across Peninsular Malaysia, enabling cleaner energy access for remote areas lacking natural gas infrastructure. "We have started large-scale LNG ISO tank deliveries from Bintulu to inland China via Tiger Clean Energy,' he said. At the Bintulu complex, Petronas is upgrading infrastructure by electrifying plants and phasing out older, less efficient gas turbines. "From mid-2026, the Petronas LNG Complex will gradually be powered by green electricity, allowing us to retire inefficient turbines,' he said. Offshore, Petronas' Floating LNG (FLNG) facilities-PFLNG Satu and PFLNG Dua-demonstrate sustainable production capabilities, enabling offshore LNG output without large-scale land development. A third FLNG unit is under construction in South Korea and is expected to be commissioned in 2027, with a design capacity of 2.1 million tonnes per year. Investment in dual-fuel vessels, shipping innovation Looking ahead, Petronas also plans to invest in dual-fuel vessels and explore innovations such as liquefied CO₂ and ammonia carriers in anticipation of future energy transport demands. "With our diverse global portfolio and tailored offerings, Petronas is well-positioned to meet varying market needs across short-, medium- and long-term demand,' said Shamsairi. He advocates a balanced market strategy, combining long-term contracts for stability with short-term agreements to handle demand fluctuations, noting a gradual shift in supply terms over the years. "Despite growing demand for renewables, hydrocarbons still play a key role in meeting global energy needs, accounting for 80 per cent today and projected to provide about 30 per cent of supply even by 2050,' he said. He added that demand is driven by rapidly growing Asia-Pacific markets, where rising energy needs mean renewables alone may not meet baseload demand in the near term. - Bernama
New Straits Times
3 days ago
- Business
- New Straits Times
Petronas ramps up LNG projects to secure long-term supply for China
BEIJING: Petroliam Nasional Bhd (Petronas) is accelerating efforts to strengthen its position as a reliable long-term liquefied natural gas (LNG) partner to China by expanding domestic gas development and its global production portfolio, aimed at ensuring consistent and sustainable energy supply for one of the world's largest LNG importers. Petronas LNG Marketing & Trading, Gas & Maritime Business vice president Shamsairi Ibrahim said the company is building a global production network to provide alternative supply sources for China's growing LNG demand. "These projects include new domestic gas fields such as Timi, Kasawari and Jerun, while continuing development of Rosmari and Marjoram to ensure long-term supply from our LNG complex," he told Bernama in conjunction with the World Gas Conference 2025 in Beijing. Surging LNG demand in China Shamsairi said this comes as China's LNG imports surged to around 77 million tonnes in 2024, up 8.1 per cent from the previous year, driven by economic recovery and infrastructure expansion. Looking ahead, China's imports are expected to exceed 83 million tonnes in 2025, surpassing the previous record of 79 million tonnes set in 2021. He said Petronas remains committed to reinforcing its presence in China and improving supply reliability in support of China's dual energy goals, security and decarbonisation. "Currently, Petronas accounts for around 10 per cent of China's LNG imports," he said, noting that the company exported about eight million tonnes per annum (MTPA) to China in 2024. Leveraging LNG capabilities As part of its long-term strategy, Petronas is leveraging its liquefaction capabilities at the Petronas LNG Complex in Bintulu while expanding international projects to increase supply flexibility and resilience against market and geopolitical shifts. "Internationally, we are expanding supply nodes from North America, especially with our first cargo from LNG Canada expected in mid-June 2025," said Shamsairi. The LNG Canada project will offer Petronas more flexibility in supplying the Asia-Pacific region, including China, while optimising Pacific routes and reducing reliance on any single source. Beyond upstream and liquefaction, Petronas is enhancing its LNG shipping and delivery infrastructure to meet evolving demands, including marine, inland and off-grid applications. "We've added three new vessels to support deliveries to Shenergy's Wuhaogou terminal in Shanghai. "We're also providing an LNG Virtual Pipeline System (VPS) for the Yangtze River and introducing LNG bunkering for marine transport," he said. Petronas is expanding its fleet with energy-efficient LNG carriers, with four currently under construction at the Hudong-Zhonghua shipyard in China. The VPS system, which uses ISO tank containers, delivers LNG to off-grid customers across Peninsular Malaysia, enabling cleaner energy access for remote areas lacking natural gas infrastructure. "We have started large-scale LNG ISO tank deliveries from Bintulu to inland China via Tiger Clean Energy," he said. At the Bintulu complex, Petronas is upgrading infrastructure by electrifying plants and phasing out older, less efficient gas turbines. "From mid-2026, the Petronas LNG Complex will gradually be powered by green electricity, allowing us to retire inefficient turbines," he said. Offshore, Petronas' Floating LNG (FLNG) facilities—PFLNG Satu and PFLNG Dua—demonstrate sustainable production capabilities, enabling offshore LNG output without large-scale land development. A third FLNG unit is under construction in South Korea and is expected to be commissioned in 2027, with a design capacity of 2.1 million tonnes per year. Investment in dual-fuel vessels, shipping innovation Looking ahead, Petronas also plans to invest in dual-fuel vessels and explore innovations such as liquefied CO₂ and ammonia carriers in anticipation of future energy transport demands. "With our diverse global portfolio and tailored offerings, Petronas is well-positioned to meet varying market needs across short-, medium- and long-term demand," said Shamsairi. He advocates a balanced market strategy, combining long-term contracts for stability with short-term agreements to handle demand fluctuations, noting a gradual shift in supply terms over the years. "Despite growing demand for renewables, hydrocarbons still play a key role in meeting global energy needs, accounting for 80 per cent today and projected to provide about 30 per cent of supply even by 2050," he said. He added that demand is driven by rapidly growing Asia-Pacific markets, where rising energy needs mean renewables alone may not meet baseload demand in the near term.
Associated Press
28-05-2025
- Business
- Associated Press
Hivelocity Launches VPS Pro to Deliver High-Performance Virtual Servers for Power Users and Growing Businesses
TAMPA, Fla.--(BUSINESS WIRE)--May 28, 2025-- Hivelocity, a leader in bare metal, enterprise cloud, virtual servers, and colocation, today announced the launch of its new VPS Pro plans, a next-generation virtual private server designed for developers, businesses, and performance-driven users. VPS Pro delivers the power, flexibility, and speed required for today's most demanding digital workloads. The new offering enhances Hivelocity's virtual server portfolio by delivering significant performance gains through premium NVMe SSD storage and generous RAM allocations. VPS Pro is purpose-built for high-traffic websites, complex application environments, and businesses looking to scale efficiently without sacrificing control or reliability. Key features of the VPS Pro include: 'We developed VPS Pro to meet the evolving needs of our customers who demand more from their virtual infrastructure,' said Jeremy Pease, CEO of Hivelocity. 'Whether you're a developer managing multiple projects or a business scaling your online presence, this solution offers the performance and control needed to grow without limits.' VPS Pro is part of Hivelocity's broader commitment to delivering advanced infrastructure solutions that are simple to deploy, flexible to manage, and powerful enough for any use case. With full root access, a user-friendly control panel, and 24/7 expert support, customers can customize and control their environments with ease. This new plan builds on Hivelocity's robust infrastructure, which spans more than 50 international locations across 6 continents, ensuring low-latency performance and geographic redundancy for customers around the globe. To learn more or get started with VPS Pro, visit About Hivelocity With over 21 years in business, Hivelocity is a privately held company that delivers bare metal, enterprise cloud, virtual servers, and colocation solutions. Hivelocity operates in over 50 international locations across 6 continents, providing a global reach for its customers. Since 2002, we have built our foundation around a world class network, 24/7 U.S.- based customer service, and enterprise-grade security. To learn more about Hivelocity, visit View source version on CONTACT: Hivelocity Media Contact: Ilissa Miller iMiller Public Relations for Hivelocity Tel: +1.914.315.6424 Email:[email protected] KEYWORD: UNITED STATES NORTH AMERICA FLORIDA INDUSTRY KEYWORD: DATA MANAGEMENT SECURITY TECHNOLOGY TELECOMMUNICATIONS MOBILE/WIRELESS NETWORKS HARDWARE SOURCE: Hivelocity Copyright Business Wire 2025. PUB: 05/28/2025 08:35 AM/DISC: 05/28/2025 08:34 AM
Yahoo
27-05-2025
- Business
- Yahoo
Key information relating to the cash dividend to be paid by Golar LNG Limited (Ticker: GLNG)
Reference is made to the first quarter 2025 report released on May 27, 2025. Golar LNG Limited ('Golar'), NASDAQ ticker: GLNG, has declared a total dividend of $0.25 per share to be paid on or around June 10, 2025. The record date will be June 3, 2025. Due to the implementation of the Central Securities Depository Regulation ('CSDR'), please note the information below on the payment date for the small number of Golar shares registered in Norway's central securities depository ('VPS'): Dividend amount: $0.25 per share Declared currency: USD. Dividends payable to shares registered in the VPS will be distributed in NOK Last day including right: May 30, 2025 Ex-date: June 2, 2025 Record date: June 3, 2025 Payment date: On or about June 10, 2025. Due to the implementation of CSDR in Norway, dividends payable to shares registered in the VPS will be distributed on or about June 12, 2025. Golar LNG LimitedHamilton, BermudaMay 27, 2025 This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActError 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
