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HMM Could Get First Foreign CEO

first_imgzoom South Korean shipping company Hyundai Merchant Marine (HMM) might get its first foreign Chief Executive Officer (CEO) once the company officially becomes a subsidiary of the state-run Korea Development Bank (KDB) at the beginning of August, The Korea Times reports.KDB and the remaining creditors plan to appoint the new leadership at HMM on August 5, once the Hyundai Group officially hands over the carrier to the new owners.The creditors have already appointed several executive search firms to find a new CEO for HMM, and they are not limiting the search to South Korea.KDB Chairman Lee Dong-geol said that the number one criterion for the appointment of the new CEO will be performance, adding that the new head could be a person which previously had no connections to HMM.The statement has led to speculations that HMM might get its new CEO from Maersk’s or Mediterannean Shipping Company’s executive ranks. HMM last week signed a Memorandum of Understanding to join Maersk and MSC in the 2M vessel-sharing alliance.The company signed the MOU following agreements with bond-holders to adjust debt and shipowners to adjust charter-hire.HMM thus completed all conditions set out in the voluntary agreement with creditors from March 2016. As part of the takeover, the creditors will convert their bonds into equity and thus keep the company afloat until a normalization plan for the company is made.World Maritime News Stafflast_img read more

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CDB signs grant agreement with the UG towards construction of library

(L-R) Dr. Wm. Warren Smith, President, CDB, Hon. Winston Jordan, Minister of Finance, Guyana; and Ivelaw Lloyd Griffith, Vice-Chancellor of the University of Guyana prepare to sign the grant agreement on May 29. Assisting is Diana Wilson Patrick (standing), General Counsel, CDB.The seven-month technical assistance project for which the agreement was signed will allow the University to undertake a comprehensive assessment of its current library infrastructure, and prepare designs and cost estimates for construction of a new library, a media release from the CDB stated.The designs will be supported by an Environmental and Social Management Framework to ensure a socially inclusive, environmentally sensitive and hazard- and climate-resilient new facility.President, CDB Dr. Wm. Warren Smith said: “We are optimistic that this process will place the University of Guyana further along the path to having new facilities that are environmentally resilient, socially inclusive and a place of study and lifelong learning for the men and women who attend this institution.”In brief remarks Minister of Finance, Winston Jordan said: “This project is small but very poignant and very important; is going towards the advancement of the library facilities and we hope that with this other donors and other development partners can come on board, just like CDB […] to help with the reshaping of the university.”“We know that the library of any university is the intellectual centerpiece of what it does by way of what it does in education and instruction, by way of what it does in research for public policy and social benefit, and we at the University of Guyana have been without that critical infrastructure value for a long time. And so as we move along the project of rebuilding our university this is a demonstration of ‘putting your money where your mouth is’, and we are delighted to be able to have that,” said Vice-Chancellor of UG, Ivelaw Lloyd Griffith. The Caribbean Development Bank (CDB), the Government of Guyana and the University of Guyana have signed a USD150,000 agreement to support the institution’s (UG) efforts towards the construction of a new library. The agreement was signed on May 29, on the margins of the 48th Annual Meeting of CDB’s Board of Governors, which took place in Grenada. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedITC, CDB to partner for trade-led development projects in the CaribbeanJuly 30, 2018In “Regional”FAO signs US$332,000 partnerships with UG, CIAT and Agri Ministry agenciesDecember 8, 2017In “latest news”UG partners with Jamaican publishing company to establish pressMarch 20, 2017In “Local News” read more

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