It’s business time: The new Flight of the Conchords special has arrived! The New Zealand-native musical comedy duo has officially released their new hour-long concert special via HBO. As reported earlier this year, the new special, Flight of the Conchords: Live at the London Apollo, features both new and familiar material from the pair comprised of Bret McKenzie and Jemaine Clement.In March, Clement and McKenzie embarked on their first U.K. tour in seven years, dubbed “Flight of the Conchords Sing Flight of the Conchords,” featuring stops in London, Birmingham, Manchester, Dublin, Glasgow, Leeds, Liverpool, and more. Live at the London Apollo is comprised of footage from their tour-opening run at London’s Eventim Apollo.Flight of the Conchords: Live at the London Apollo – Teaser[Video: HBO]The duo developed a worldwide cult following after their BBC radio series was turned into a TV show on HBO in 2007, showcasing their unassuming yet hilarious blend of music and comedy. The eponymous series ran for two seasons and was nominated for several Emmys in both songwriting and overall comedic categories. After a relatively quiet few years, the group returned in 2016, announcing an extensive summer tour that marked their first U.S. shows since 2013.Ahead of the release of the new hour, Jemaine and Bret went on The Late Show with Stephen Colbert to perform one of the new tunes featured in the special, “Father & Son”. Watch that performance below:Flight of the Conchords – “Father & Son”[Video: The Late Show with Stephen Colbert]You can watch Live At The London Apollo in its entirety on HBO or any of their streaming platforms now. You can also get a taste of the fun with a selection of clips from the special, including a new song that humorously flips gender dynamics (within the all-male duo, that is), a rendition of fan-favorite “I’ve Got Hurt Feelings”, and some amusing banter about complimentary muffins at hotels that shows off the pair’s ample comedic chemistry.Flight of the Conchords – “A Gender Reversal Reversal”[Video: HBO]Flight of the Conchords – “I’ve Got Hurt Feelings”[Video: HBO]Flight of the Conchords – “Complimentary Muffins”[Video: HBO][H/T Consequence of Sound]
A woman who was raped during the genocide became caregiver for her younger sisters. Another helped create an association to assist widows and orphans after her own husband, parents, and siblings were killed. A third became a grassroots activist who took part in efforts to persuade Rwandan fighters in Congo to return home. A fourth was a lawyer who helped rewrite the country’s constitution.These are some of the 90 profiles in “Rwandan Women Rising,” a new book by Swanee Hunt, a former U.S. ambassador to Austria and the Eleanor Roosevelt Lecturer in Public Policy at the Kennedy School of Government. Filled with testimonies gathered since 2000, the book highlights the key roles played by women, from activists to entrepreneurs to lawmakers, in rebuilding the country following the 1994 genocide.“In the many books I had read on Rwanda, women are mostly mentioned as victims,” said Hunt, just back from a trip to the country to discuss the book. “The women I interviewed debunk that.”The genocide in Rwanda was perpetrated by the Hutu majority government against nearly a million Tutsis. In a stunning reversal, the country has become one of Africa’s most stable, with a fast-growing economy, thousands lifted out of poverty, and advances in health care and education, notwithstanding accusations of despotism against President Paul Kagame, who has been in power since 1994.Rwanda is also leading the way in ethnic reconciliation and gender equality in politics. Women made up 70 percent of the post-genocide population, and they stepped into the ensuing chaos and power vacuum, starting groups to help widows and orphans meet basic needs such as shelter, food, and schooling. Soon came legislation supporting women’s and children’s rights, including a 2003 law mandating that 30 percent of parliamentary seats be reserved for women. Rwandan women currently hold 49 of 80 seats in parliament, a percentage unmatched internationally, according to a 2017 report by the Inter-Parliamentary Union.How Rwandan women rose from hardship and grief to lead their country’s rebirth is at the heart of Hunt’s book. The author mixes profiles with her own analysis to portray a model of peace, security, and leadership.“Most women hadn’t been killed, they had been raped,” said Hunt. “They had seen the devastation. They had seen their husbands hacked to death right in front of their eyes. And so afterwards, they had to bury the bodies.”Examples of strength and resilience among Rwandan women are plenty, but Hunt said she owes special debts of inspiration to Fatima, a woman who died of AIDS contracted from soldiers who raped her, and the late Aloisea Inyumba, who served as executive secretary of the National Unity and Reconciliation Commission.“Inyumba was my teacher and Fatima is my conscience,” Hunt said. “Inyumba taught me to listen. As the head of the reconciliation commission she traveled across the country to listen to women and put hundreds of Tutsi orphans in care of Hutu families.“Fatima told me before she died, ‘I’m dying soon, and I don’t want my story to die with me.’ And to me that became an imperative. I had a responsibility to tell their stories.”Hunt’s tenure as an ambassador in Austria during the Bosnian war helped foster her belief in the importance of women in securing peace in countries devastated by ethnic conflict. After departing Europe in 1997, she became the founding director of the Women and Public Policy Program at the Kennedy School, and two years later she launched Inclusive Security, an organization devoted to promoting the advancement of women in the world. She first traveled to Rwanda for a conference in 2000.“I saw the end of the Bosnian genocide and the peace negotiations, and there were no women involved in the negotiations,” said Hunt. “I came to believe firmly that you have a different peace agreement if you have women around the table. In Rwanda, women have gotten a place at the table, and the story is what has happened when they were at the table.”Ideas about Rwanda are changing. In class, Hunt notices that when she asks students what country has the highest percentage of women in parliament around the world, somebody comes up with the right answer after the fourth or fifth try.“Students always say Sweden, the United States, Norway,” said Hunt. “But the word is spreading.”Rwanda’s strides in women’s leadership represent a model for the rest of the world, said Hunt, and in particular for the United States, which ranks No. 101 on the list by the Inter-Parliamentary Union. Women hold 84 of 435 seats in the House of Representatives and 21 of 100 seats in the Senate.“The U.S. is probably the country in most need of lessons from Rwandan women,” said Hunt. “But we all can learn from them.”
Librarian of Congress Carla Hayden announced today that Danielle Allen, director of the Edmond J. Safra Center for Ethics and the James Bryant Conant University Professor at Harvard University, will receive the 2020 John W. Kluge Prize for Achievement in the Study of Humanity.Allen will collaborate with the Library on an initiative she has designed, titled “Our Common Purpose — A Campaign for Civic Strength at the Library of Congress.” It will include initiatives to engage schools, universities, political leaders, and the American public in efforts to promote civic engagement. As Allen has said, “Civic education is our common purpose.”“We are proud to honor Danielle Allen, a leading expert on justice, citizenship and democracy, with the Kluge Prize as she helps to lead a timely national conversation on how we find our common purpose,” Hayden said. “Now is an important moment to discuss ways we can all promote civic strength and engagement, which is at the core of our national culture.”Allen is the principal investigator of the Democratic Knowledge Project, a K-16 educational platform designed to identify and disseminate the knowledge and capacities required for democratic citizenship. She is also co-chair of a bipartisan commission, convened by the American Academy of Arts and Sciences, which on June 11 recommended 31 steps to strengthen American institutions and civic culture to help a nation in crisis emerge with a more resilient democracy.As a frequent public lecturer, contributing columnist for The Washington Post, and regular guest on public radio, she discusses issues of citizenship and policy. In her role as director of the E.J. Safra Center, Allen has spearheaded an initiative helping to guide the U.S. response to the COVID-19 pandemic.“I am deeply honored to be Dr. Hayden’s selection for the Kluge Prize and to be among the prestigious company of past winners,” Allen said. “I look forward to working with the Library of Congress in the coming months on Our Common — to promote civic education and engagement among Americans of all ages.”The Kluge Prize recognizes individuals whose outstanding scholarship in the humanities and social sciences has shaped public affairs and civil society. The international prize highlights the value of researchers who communicate beyond the scholarly community and have had a major impact on social and political issues. The prize comes with a $500,000 award. Additional funds from the Library’s Kluge endowment, which funds the award, are being invested in Kluge Center programming. Read Full Story
Chad Watson walked into the Oak Room above South Dining Hall last Friday evening as anyone else would. One foot after the other, each step as steady as the last. No one would guess that Watson lost his leg in Fallujah, Iraq, a few years ago when an explosive detonated under a Humvee he was driving. “I got involved with Wounded Warriors by originally being a wounded warrior myself,” said Watson, now the area outreach coordinator for the Midwest for the Wounded Warrior Project. “I was a marine, and in 2006, I came back to a hospital and recovered there for 17 months. While I was there, I met the Wounded Warrior Project and they helped me out a lot.” Now, Watson works with the Wounded Warrior Project to help other soldiers transition to civilian life when they return home. “Not all service members have a lot of support. A lot of people help them in the hospital, but they seem to forget what happens after,” he said. “The Wounded Warrior Project is here to honor and empower the veterans once they get back home.” The Wounded Warriors hold events where the veterans can simply enjoy themselves, as they have done by visiting Notre Dame. Patrick Concannon, president of the New York Fire Department Fire Family Transport Foundation and member of the Notre Dame class of 1977, said Wounded Warriors began visiting Notre Dame shortly after the terrorist attacks of Sept. 11, 2001. Since then, they have made this trip annually for six years. These trips allow the veterans a break from the everyday, which often involves a difficult transition back into society. Many times the most difficult injuries aren’t physically noticeable. “A lot of these guys deal with post-traumatic stress disorder or traumatic head injury. What’s happened is that they’re so close to these explosions that the brain hits the skull and bounces back,” Concannon said. “It’s a long fight up to where they were before they went overseas.” Four months of work on this specific event culminated this weekend. Concannon said this event is particularly special because it is a giant venture between the Los Angeles Fire Department, the New York City Fire Department, the Chicago Fire Department, the South Bend Fire Department, the Elkhart Fire Department and the Notre Dame Fire Department. Working together, they brought, fed and housed every Wounded Warrior visiting campus over the weekend. On Friday, the Warriors cheered at the pep rally amidst a sea of green and enjoyed a banquet in the Oak Room above South Dining Hall. On Saturday they were escorted with lights and sirens to their tailgate party and then to the stadium for the game. The weekend closed with a party at Concannon’s home in South Bend. Touring campus, the Wounded Warriors Project facilitators and veterans said they have come to appreciate the students of Notre Dame. One specific case showed itself when freshman Lauren Katen and the a cappella group Halftime offered to perform for the warriors at their banquet. “I mean, it’s just unbelievable how the younger generations are gathering to show their respect,” Cocannon said. “We didn’t even have to ask. [Katen] and the choir offered to do it, which was really great.” Concannon said he views actions like these gratefully, especially since he predicts that next year, there will be more Wounded Warriors from Afghanistan and Iraq coming home. He said with the way things are going, people will need to show respect to these soldiers more than ever. “Even when you display the American flag, they see that,” he said. “It’s little things like this that add up to a big impact.” To be even more proactive, he suggested checking out the Wounded Warrior website. Nick Hintz of the Elkhart Fire Department agreed with him, and encouraged everyone to come to events. “See if there’s something in the area. Just come out and thank them, support them and find out who they are,” Hintz said. “Ask if there’s anything you can do, which could be as simple as handing out water bottles or serving food.” The Wounded Warrior Project tries to not only help rehabilitate the men and women who return, but to also give them opportunities to enjoy a bit more of life, since they protect our freedom to do so. “The freedoms and things that we enjoy in this country have to be protected by somebody, and they really selflessly put themselves on the line for those freedoms,” said Steve Grabowski, lieutenant of the Chicago Fire Department. Watson said the time to show respect may occur at any time, even on campus. “They passed the post-9/11 GI Bill, so a lot of service members are coming back and going to universities. Make them fell welcome,” Watson said. “And every time you see a veteran, thank them, no matter what war. They’re the ones that allow us to do what we do — like go to college.” With the gift of freedom, which allows United States citizens to attend universities and enter careers of their choosing, Concannon suggested Notre Dame students follow their hearts. Doing so, they can change the world for the better. “As a Notre Dame grad, I think that the Notre Dame students that go out into the world can all make the differences, whether it’s me being in the fire department or working with the Haiti Relief Fund or anything,” he said. “Your degree, and eventually your life, can work toward that.” He said that every trip to Notre Dame includes a journey to the Grotto, where the veterans and firemen light candles and pray, having a chance to reflect. “One of the things about soldiers is that they ask for nothing but that they appreciate everything,” Grabowski said.
Student body vice president Patrick McGuire called the senate to order by banging his hydro-flask on his desk, while the group convened over a Zoom video conference call Tuesday evening. Isabella Volmert | The Observer The student body senates meets over a Zoom conference call, Tuesday, March 31. Vice President Patrick McGuire, second from right on the top row, got creative and used a picture of the normal meeting space of the senate as his background for the call. The Observer took this screenshot of the video recording of the meeting.The last time the senate met was Wednesday, March 4, one week before the decision to move the University to remote learning changed the Notre Dame experience for the foreseeable future. During that meeting, Associate Vice President of Residential Life Heather Rakoczy Russell spoke with the senate about the on-off campus differentiation policy.After calling the senate to order, the group comprised of current senators, student union officers and observing newly elected senators and newly appointed officers got to business. The senate first heard a nomination from 2019-2020 Student Union Board (SUB) Executive Director Eric Kim for the 2020-2021 SUB Executive Director. Kim nominated current junior Mairead Pfaff of Pasquerilla East Hall for the position.“She has been in the Student Union Board for two years and has grown SUB to indescribable length,” Kim said. Using the option “Yes” in Zoom’s “participants” function, the senate approved the nomination. Using the same method, the senate approved the nomination of Matthew Bisner for the position of 2020-2021 Judicial Council President. Bisner is a current sophomore living in Sorin Hall who was the Judicial Council Vice-President of Elections and Chair of the Elections Committee this past election cycle.Outgoing Judicial Council President Halena Hadi said, “He has been an incredible Vice-President of Elections, demonstrating tremendous strength and composure through a tumultuous election season.” After congratulating the newly appointed officers, mostly by using the clapping hands emoji chat function, the senate heard and voted on two resolutions. The first was a resolution suspending several items of the student body constitution in light of the delay of the semester due to the COVID-19 pandemic. The current student body senate’s term was slated to end today, Wednesday, April 1. The resolution, “A Resolution to Ensure a Proper Student Union Transition Amid COVID-19,” extended the 2019-2020 senate’s term to April 8.McGuire explained in an email the senate will meet for the final time Wednesday, April 8, during which it will complete its business and according to McGuire, have a tentative update on the on-off campus differentiation policy from Russell. The April 8 meeting will conclude the 2019-2020 senate’s term and the new senators will be sworn in. “At the end of this meeting, I will motion to close the 2019-2020 Senate’s term, and then we will immediately follow with a meeting of the new Senate led by Sarah Galbenski. In this meeting, oaths of office and confirmation of key positions will take place,” McGuire said. To conclude the meeting, the senate passed a resolution which altered the constitution to make the role of student nion Parliamentarian a position under the Judicial Council. Hadi explained in an email, “The Parliamentarian was moved under Judicial Council explicitly, as they were formerly listed as part of Executive Cabinet, despite being selected by the Judicial Council President. The new Parliamentarian will be selected by the incoming Judicial Council President, my successor, Matthew Bisner, whose nomination was approved today.”Hadi suspects the nomination of Parliamentarian will come in the next few weeks. Tags: 2019-2020 senate, 2020-2021 senate, coronavirus, zoom
At 3 p.m. the VCO and SGA will host a Veteran’s Day ceremony in Memorial Lounge in the Waterman Building. Speakers will include faculty, students and staff and members of the Burlington community. The ceremony will also feature a performance by the UVM a cappella group Zest and a video produced by UVMtv. The Veterans Collaborative Organization is an SGA-sponsored club that provides services and community for the 77 veterans and 75 dependents of veterans attending UVM.The Remembrance Day National Roll Call is sponsored nationally by the Veterans Knowledge Community of NASPA Student Affairs Administrators in Higher Education. NASPA is a 12,000-member association for the advancement, health, and sustainability of the student affairs professionals.Lt. Col. (Ret) Brett Morris, the National Roll Call coordinator, said, “We wanted to rally campus communities across the nation to send a powerful message to the troops currently serving that their peers have not forgotten their sacrifices, or those of the fallen.”### At 2 pm, members of the UVM and surrounding communities are invited to come to Bailey Howe to observe a nationwide synchronized moment of silence. The moment of silence is taking place at the eleventh hour (Pacific Time) of 11-11-11: the eleventh day of the eleventh month of 2011 ‘ a few weeks after the tenth anniversary of 9-11. “Many members of our community, no matter what their political views, are looking for ways to understand and honor the sacrifice that so many veterans have made, and to support the troops that are currently serving,” said Little, a junior in the School of Business Administration who served in Afghanistan. “My hope is that people will note and appreciate the readings during the day, and then come to Bailey Howe at 2 p.m. to observe the moment of silence.” He added that the flag display is meant to provide a dramatic visual for increasing awareness of the number of troops who have died in the wars. “We are proud to be co-sponsoring this event with the Veterans Collaborative Organization,” said Katie Rifken, a senior psychology major and chair of the SGA’s Legislative Action Committee. “To so many of us, these wars are distant events. This is a way for our community to understand the very real sacrifice so many made and to honor these brave men and women.” University of Vermont,On Veterans Day, Friday November 11, members of the University of Vermont community will commemorate the more than 6,200 veterans who sacrificed their lives in the Iraq and Afghanistan wars by participating in Remembrance Day National Roll Call, joining more than 170 campuses across the country.UVM’s Veterans Collaborative Organization and the Student Government Association are sponsoring the event. UVM is the only Vermont school participating. Beginning at 7 am, 25 UVM students, faculty and staff will read the names of all of the veterans in chronological order, beginning with the first fallen soldier. Each reader will speak for 15 minutes from a podium in front of the Bailey Howe library. The reading of the names will take about eight hours to complete. More that 6,000 American flags honoring the fallen veterans will be displayed on the green in front of Bailey Howe. The Kappa Sigma fraternity will also spread a large canvas near the podium outlining an American flag. Passersby will be invited to place a hand or thumb-print on the canvas using cans of blue and red paint. According to Ryan Little, president of the Veterans Collaborative Organization, the National Roll Call both honors those who gave their lives for their country and offers a way for the UVM community to come together over wars that, for many, are remote from their lives.
Credit unions typically incorporate minimal fees, deriving most of their non-interest income from interchange on credit and debit portfolios. As the income from interchange declines, some credit unions look to fees to replace that revenue. What fees can be charged is, in part, limited by “Reg Z”. Regulation Z is the part of the Truth in Lending Act of 1968 that sets forth rules that protect consumers against misleading practices by the lending industry, which includes credit cards. The regulation requires issuers to abstain from certain unfair practices. More specifically, it requires that penalty fees, such as late fees, be “reasonable and proportional” to the relevant violation of account terms. As a result, the Fed had proposed that credit unions may charge credit card penalty fee using arrangements that include the “cost method” requiring a financial institution to show that its penalty fee represents a reasonable proportion of the costs incurred by the card issuer for that type of violation. Any card issuer using the “cost” method will have to reevaluate its determination of what those costs are, and the reasonable fee, every 12 months. This obviously entails much bookkeeping, and as a result, most credit unions use the “safe harbor” method. If a credit card issuer charges anything up to the safe harbor amount for certain violations, it is considered to be in compliance with Regulation Z. Required annual threshold updates on Regulation Z were recently announced by the Consumer Financial Protection Bureau (CFPB). The thresholds remain unchanged from 2017 and will be effective January 1, 2018. A credit union is considered compliant as long as their penalty fees do not exceed the following amounts:$27 for a 1st violation, and $38 for any subsequent violationKeep in mind that even with the safe harbor, there are general penalty fee prohibitions that run concurrently. So, for example, penalty fees may not be more than the underlying transaction. So, if a member misses a minimum credit card payment of $15, that is the late fee limit for that transaction.As stated in the CFPB announcement, the fees remain unchanged from 2017, but this is a perfect time to review current set up and confirm you meet these guidelines. 35SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Dave Chojnacki Dave Chojnacki, Sr. Portfolio Consultant at CSCU, has more than 10 years of relationship management experience in financial services. Prior to CSCU, Dave served for six years as Director of … Web: www.cscu.net Details
11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Cindy J Draper Cindy J. Draper is a Retail DDA Strategist and Director of Training at Velocity Solutions. Cindy has over 20 years of experience in the banking industry. She has worked her … Web: myvelocity.com Details It’s a disconcerting, but true, fact: when members of your credit union use your debit card and their transactions fail, they blame you. Consider the negative buying experience below, which I suspect is an all-too-familiar occurrence that puts your member relationship at risk. The scenario: One of your members goes to the grocery store to buy a cart-full of items for her daughter’s 16th birthday party—you know, the good stuff, like pizzas, soft drinks, ice cream and chips. The guests will be arriving in an hour and time is of the essence to get the groceries home and get the party started. The total for all these delicacies is a bit more than she can afford at the moment (payday will be in two days). The member, who is enrolled in your credit union’s discretionary overdraft service, presents your debit card for payment, knowing the transaction will overdraw her account. However, she is willing to pay the $35 NSF fee she will incur in order to see the smile on her daughter’s face. The only problem: the debit card transaction is declined. “I know I have overdraft protection on my account; why does this keep happening?” your member mutters to herself. All of her groceries are bagged and in her cart. A line of people have formed behind her. She is unable to pay, bewildered, and not sure what to do next. As it turns out, the grocery store agrees to hold her items while she waits for her husband to bring a credit card to the store, which she will use to finalize the transaction. “This is so embarrassing,” she says to the store clerk. “So much for using this debit card again!”Do you know how many of your members have experienced a similar situation? Are you able to track this type of failed transaction? Could you prevent it from happening again? How would you save the relationship?Of course, there are many reasons why a debit card transaction could be denied (an incorrect PIN was used, there were problems connecting to the network, etc.). But approximately half of all declined debit card transactions are declined due to non-sufficient funds (NSF) at the time of the transaction. In the scenario above, your member clearly knew her available balance would not cover the transaction. What she did not know, however, was that your credit union had never obtained her “affirmative consent” as outlined in the 2010 Amendment to Regulation E, otherwise known as a “Reg. E opt-in” decision. Perhaps at account opening she had not clearly understood the benefits of opting in to the overdraft service on ATM and one-time debit card transactions, so she did not make a decision. Regardless, without this decision, your credit union declined the transaction. Surprisingly, most consumers have not opted in or even made a decision about Reg. E, and it’s a fair bet that nearly as many are not even aware this is an option. The reason is that most financial institutions conducted a one-time outreach campaign to obtain Reg. E decisions way back in 2010, but they haven’t revisited those decisions since. As a result, as many as 50% or more of your members who qualify for your discretionary overdraft program may not have made a Reg. E decision and may have endured negative purchasing experiences (and their accompanying frustrations). Ensuring that those members who want the overdraft service at this channel have access to it is critical. Not only do consumers today use debit cards more than checks or even credit cards, but when debit card transactions are declined, members become frustrated and use your institution’s debit card less frequently. The relationship sours and your credit union loses goodwill, not to mention interchange fee and overdraft fee income.The solution is to proactively communicate with members about their Reg. E decision:At account opening (using a Reg. E Model A-9 Consent Form or similar), andAfter they experience a debit card denial due to NSF, and they have not made a Reg. E decision yet (utilizing a Reg. E outreach program).Reg. E outreach, which includes identifying members who have experienced a denied debit card transaction and contacting them directly, provides a high level of service by educating the member about the reason a debit transaction was denied, as well as explaining your credit union’s overdraft options that could help them pay these types of transactions in the future. The discussion seeks to obtain a Reg. E decision (whether opt-in or opt-out) but should never steer or coerce a member into a particular decision. It should be well-timed and conducted by knowledgeable staff using professional scripts.If your credit union does not have the resources available to conduct a formal Reg. E outbound effort, seek the guidance of a reputable overdraft services provider that offers training, templates and expertise to help you manage this critical process in a compliant way. Obtaining a Reg. E decision is more valuable than you may know for the satisfaction of your members and the future of your credit union.
Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.
The Baa3 issuer rating of Japan’s shipping major Nippon Yusen Kabushiki Kaisha (NYK) has been placed on review for downgrade, according to Moody’s rating agency.“We expect NYK’s leverage will likely stay at its high level of above 7.0x for the next several years and surpass our downgrade trigger of 6.5x,” Motoki Yanase, a Vice President and Senior Credit Officer, said.Moody’s explained this debt/EBITDA leverage metric does not appear likely to improve materially without substantial efforts to reduce debt. Without debt reduction, the ratings agency forecasts NYK’s retained cash flow/net debt will stay around 10% compared to 11.9% during fiscal 2017 ended on March 31, 2018.Additionally, the merger of the containership businesses of NYK, Mitsui O.S.K. Lines, and Kawasaki Kisen Kaisha, which started operation in April 2018, is expected to realize some cost savings and margin improvements for the new entity, Ocean Network Express (ONE).“With the inception of ONE, NYK has deconsolidated its containership business. The deconsolidation of this long unprofitable business will temper NYK’s earnings volatility, though it will take time to bear out its effect on its credit metrics.”Moody’s expects that NYK, as the largest 38% shareholder of ONE, will remain exposed to the credit risks originating from the containership business. NYK expects that its revenue for the fiscal 2018, after the deconsolidation of the business, will decline by approximately 20%.The rating agency said that the review will focus on NYK’s plan to manage future debt, including how this could be managed with asset sales and vessel turnover in the next several years; the progress of the integration of the containership business under the new company and associated cost savings; and how the company’s other businesses – such as air cargo and bulk shipping, including energy and car carriers – will trend and help support NYK’s future profits.