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Dominic Raab has beencharged with leading the UKs response to the coronavirus crisis after Boris Johnson was admitted to intensive care.
Just hours after stating that the Prime Minister remained in charge of the Government, the Foreign Secretary was asked to take over where necessary in Mr Johnsons absence.
Speaking after the announcement on Monday, Mr Raab reassured the public that ministers and officials were continuing to carry out instructions issued by the Prime Minister.
The Government's business will continue andthe Prime Minister is in safe hands with that brilliant team at St Thomass hospital, and the focus of the Government will continue to be on making sure that the Prime Minister's direction, all the plans for making sure that we can defeat coronavirus and can pull the country through this challenge will be taken forward," he said.
There's an incredibly strong team spirit behind the Prime Minister, and we are making sure that we get all of the plans the Prime Ministers instructed us to deliver to get them implemented as soon as possible.
And that's the way it will bring the whole country through the coronavirus challenge that we face right now.
Mr Raab, who as First Secretary of State is the first in the line of succession, had already been entrusted with chairing the daily War Cabinet tasked with coordinating the UKs response to the pandemic.
In a statement released on Monday, Downing Street said that Mr Raab had been asked to deputise where necessary, suggesting that a full handover may not have taken place yet.
However, with Mr Johnson remaining conscious, it remains unclear as to whether his most significant powers, such as issues of national security, havebeen transferred to Mr Raab.
Leading the daily Downing Street press conference on Mondayafternoon, Mr Raab said that a team of ministers and Whitehall officials were working full throttle to carry out the instructions of Mr Johnson from his hospital bed at St Thomass, central London.
But when asked whether he had taken over Mr Johnsons security responsibilities, Mr Raab declined to comment.
We are getting on with all of the various strands of work to make sure at home and abroad we can defeat the virus and pull the country through coronavirus and the challenges that undoubtedly we're facing at the moment, headded.
The UKs chain of command stands in contrast to the United States, where it is set out in the constitution.
The powers and responsibilities of the US vice president are also clearly defined, whereas in the UK, the office of deputy prime minister has not been used since Nick Clegg entered into the coalition with David Cameron in 2010.
Even before the Prime Ministers admission to hospital, the confusion had already given rise to reports of infighting among Cabinet ministers, with allies of Michael Gove, the Chancellor of the Duchy of Lancaster, suggesting that he was next in line.
As the coronavirus outbreak escalated, Downing Street foresaw the potential constitutional dilemma and began drawing up a designated successor plan with Mr Raab nominated as first recipient.
But even on Monday night, the extent of his powers remained uncertain, with Dr Catherine Haddon, a senior fellow at the Institute for Government, indicating that some powers could be distributed to a number of Cabinet ministers.
The power would derive from the Prime Minister saying who he wants ministries to respond to, she told TheTelegraph.
These could include authority over the UKs national security apparatus, such as control over the UK's nuclear deterrent.
Certainly in the Cold War and the years after prime ministers would authorise nuclear deputies who were named cabinet ministers, who in the event of something happening would then be called upon if the Prime Minister was in that moment unavailable," Dr Haddon added.
Its not so much like America where they have to carry the nuclear codes around, its just making sure there is a chain of command if the Prime Minister were not available at that moment.
Dr Haddon also indicated that oversight of Britains intelligence agencies could become a shared ministerial responsibility.
MI5 reports to the Home Secretary, MI6 and GCHQ report to the Foreign Secretary, so there are still lines of communication, she said.
The Prime Minister deals with them all directly and gets daily intelligence briefings, but so do other Cabinet ministers, who also have some degree of oversight powers.
The Prime Minister is the ultimate authority, but that doesnt mean hes the only one whoengages with them.
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Who is Boris Johnsons deputy with the Prime Minister in intensive care? - Telegraph.co.uk
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As the Northwest Territories races to prepare for COVID-19, phones have been ringing off the hook for many legislators.
"I am busier than I've ever been in the four-and-a-half years I've been an MLA," said Yellowknife Centre's Julie Green. "The stakes are really high."
CBC News asked lawmakers across the territorywhat they're hearing from constituents.
Many regions share similar issues. In a press release on Thursday, the territory's committee of regular MLAs noted concerns about the pressures on businesses and essential services in the N.W.T. It also recommended that the government stop residential evictions in the territory for three months.
CBC contacted all 19 MLAs. Some of them respondedand here are their own words condensed and edited for CBC style.
In alphabetical order:
People are afraid and they want to know the person [who tested positive for COVID-19]. There are laws [about] privacy.
Knowing who it is, is not going to change the fact. They're going to do contact tracing, like they do with every case The people who were in contact will be notified that's standard through the Public Health Act.
A few days ago there was a post going around, saying "can you say all the people you've been around if you've tested positive?"And if you're self-isolating and social distancing you should be able to say that.
But if you're out and about and not really caring, are you going to remember who you've been around? People need to really take this serious. We have essential staff that need to go to their families at night too. Everybody needs to be limiting the time they're going out so we can stop this in its tracks.
A lot of parents were reaching out as far as making sure we're doing what we can to address some of the fears or concerns that kids have. I teamed up with Dr. [Sarah] Cook and Minister [Caroline] Wawzonek to make our own little video, and we just posted that on Facebook.
A lot of kids had questions. I thought it was pretty neat how diverse they were. "Why do I have to stay home? Why does my mom have to stay home from work?"
It was a lot of questions about how their world has changed, and ... why they are being asked to change their "normal."And I think those are really good questions because adults have the same ones.
I've been hearing a lot of concerns about community travel, in regards to people flying into the coastal communities Sachs [Harbour], Uluhaktok, Paulatuk[N.W.T.]. We're looking to make sure people travelling in do have a doctor's note that says "COVID-19 free...."I'm really getting a lot of messaging in regards to making sure community travel stops.
Our communities are more vulnerable.... I've been talking with my mayors every day in regards to the emergency plan. Going through the emergency plan, picking a place in the community where we can put people who get COVID-19 [give them] a safe place, feed them, but make sure they're cared for properly in their own setting.
Everybody's really on edge now, because we've been waiting for it to hit the [Beaufort] Delta and it's hit Inuvik now. For my home community of Tuktoyaktuk, we're 148 kilometres away ... it's a big scare for everybody.
We haven't seen anything like this in our lifetime. Right now the concerns come from everything from liquor issues to food, income assistance, housing: those are the main kinds of issues we're facing in my riding.
A lot of the liquor stores in the territory have reduced hours and we're talking about reducing more if we can. We're talking about also rationing [alcohol], just as a way of curbing bootlegging.
Our small airlines, Air Tindi, Northwestern Air, Aklak ... they're definitely essential services. We've got to keep our supply chain flowing. People in isolation, they still need to have groceries delivered ... there have been layoffs from each of our airlines because of reduced air traffic and people flying in and out of our fly-in communities ... we're always in discussions with each cabinet minister and our premier and we're all trying to get through this.
What we're trying to do right now, is minimize exposure to the elders. We're getting the message out to the elders: "It's going to be tough." This social distancing ... it goes against our grain a lot.
This is the springtime. This is when we have all our carnivals, all our jamborees ... we mingle with each other, we hug, we shake hands, we greet each other; that's how we are as Northerners. This pandemic is a real pest right now ... but patience and discipline is what will get us through this.
I spent the big chunk of time [on Wednesday] on a guy who was going to be evicted at noon. There was a valid eviction order that was put in place a month ago so, prior to the pandemic. And he has a number of issues to work through with his landlord. So I'm trying to assist him with that, and at the end of the day we had the eviction delayed. Which was a positive thing [for] this family of seven.
Putting a family on the street is really a disaster in every way, so anything I can do to try to prevent that I'm up for that. We're trying to find more housing at this point for people who are normally homeless so they can self-isolate, rather than making that population bigger.
I'd say there's more interest at the moment in economic issues than in health-related issues, and I think that reflects some confidence in the way the chief public health officer is handling the health end of things. We do have these two cases (since this interview, the number of confirmed cases in N.W.T.rose to four)but in both cases people followed the advice that was given to self isolate.
The constituents I'm hearing the most from are our small businesses. There's so many things rapidly changing for them, and in Yellowknife North, there's lots of tourism operators. Their season has rapidly disappeared and I think a lot of small businesses are just trying to find any possible way to not lay off their staff.
Given the very fragile nature of small businesses in the North, there's definitely more that needs to be done to make sure those businesses can keep people on payroll over the next few months, to weather the storm.
The big issues I've heard people raise are really around the issues of the border closure. "What kind of information is being collected from people coming in? Where does that information go?Is there follow up in terms of self isolation plans? What happens with complaints and investigations?"
People are also worried about why the mines continue to operate and what kind of measures are in place to make sure workers that come from the South don't contact Northern workers.
In Quebec, they've shut down all the mines and mineral exploration.... People are wondering, "why are the different jurisdictions taking different approaches?Why are we not as strict as some other jurisdictions?"And I think those are legitimate questions I have yet to get answers to.
Initially there was a lot of concerns around communications and information. I think those have been resolved for the most part. I do want to give credit to our Cabinet colleagues for improving communication with the general public.
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Here's what N.W.T. constituents want during the pandemic, in MLAs' own words - CBC.ca
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As the coronavirus pandemic continues Gateshead Council is encouraging everyone to use online reading resources to help support their health and wellbeing.
Libraries across Gateshead closed last month to help prevent the spread of coronavirus however members of the library service can still access thousands of free eBooks andeAudiobooksvia theBorrowboxapp. The digital collection gives24 houraccess to a wide range ofeAudiobooksand eBooks and with more choice than ever before there is something for everyone to enjoy. Members can borrow up to 10 eBooks and 6eAudiobooksat a time for up to 3 weeks.
Find out more about Borrowbox & join online
Councillor Douglas, Cabinet Member for Culture, Sport and Leisure, said "These are unprecedented times and despite the challenges we're facing it's important that we all take time to look after our general wellbeing. Reading is an activity that has many benefits, which are particularly relevant while we are being advised to stay at home isolated from friends and family. Whether you want to keep children entertained or try reading something newBorrowboxhas something for everyone to enjoy.I personally love using the service and it's fantastic to have so many books readily available.
"I'm incredibly proud of our library service and how they continue to support our communities despite our buildings being closed. It's great that people have continued to join our libraries over the last couple of weeks and I'd encourage everyone to check out the services available online."
Via social media Gateshead Council will also be offering other ideas to help people stay creative while in isolation. Library staff will, through the librariesFacebook, twitter andInstagrampages, share poetry, recommend books/authors and have lots of give craft ideas to keep all the family entertained.
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Take the time to read online - Gateshead Council
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The UK PM Boris Johnson is now in an intensive care unit after his condition with a bout of coronavirus symptoms worsened. A spokesman said he had been moved on the advice of his medical team and was receiving excellent care.
The 55 year old prime minister was first admitted to the St Thomas Hospital in London on Sunday night, UK time, for what was described as routine tests. The report said that Mr. Johnson was in good spirits at the time.
But theres been an apparent change in his health as politicians from all sides voicing their support for his health and recovery. US President Trump has also sent his good wishes.
Americans are all praying for his recovery.
President Trump described Mr Johnson as a very good friend of mine and a friend to our nation who is strong and doesnt give up.
A Downing Street spokesperson says the Mr.Johnson remains conscious and has been moved to the intensive care unit as a precaution, in case he requires ventilation.
Over the course of this afternoon (Monday), the condition of the Prime Minister has worsened and, on the advice of his medical team, he has been moved to the Intensive Care Unit at the hospital.
Queen Elizabeth is being kept informed about Mr Johnsons health, according to Buckingham Palace.
A day earlier the news was much less sombre.During his period of self-isolation, Downing Street had said that Johnsons symptoms were mild, and on Sunday said his hospitalisation was just a precautionary step.
Foreign Secretary Dominic Raab, who is the First Secretary of State and the most senior Cabinet minister, said Johnson had asked him to deputise for the leader where necessary.
Mr Raab said there was an incredibly strong team spirit behind the ailing PM. Hechaired yesterdays regular morning coronavirus briefing and made a televised statement saying that the government will continue in responding to the outbreak.
Mr. Johnson announced on March 27 that he had been infected and was, at the time, suffering mild symptoms including a cough and fever.
The news comes as the number of coronavirus hospital deaths in the UK reached 5,373 an increase of 439 in a day.The UK Department of Health and Social Care said there were now 51,608 confirmed coronavirus cases.
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Police warn of harsh punishments for curfew violators - The Thaiger
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ADVERTISEMENT
FOR BIDS
Sealed Bids for the Door, Window, and Fence Replacement project at Clinchview Apartments in St. Paul, Virginia, Litchfield Manor Apartments in Coeburn, Virginia, Monte Vista Apartments in Big Stone Gap, Virginia, and Ridgeview Apartments in Appalachia, Virginia for the Wise County Redevelopment and Housing Authority will be received by Mr. Monty Salyer, Executive Director, at the Housing Authority Office at 107 Litchfield Street SW, Coeburn, VA 24230 on Tuesday, May 05, 2020 until 2:00 PM, local prevailing time, and then publicly opened and read aloud. The procedure for withdrawal of bids shall be according to provision (i) contained in 11-54, Code of Virginia (1950) as amended.
The project is generally described as window replacements, door replacements, and fence replacements at four separate apartment locations. Incidental interior work is required.
The Contract will be awarded on a lump sum basis.
All Bidders shall comply with Section 1605 of the American Recovery and Reinvestment Act of 2009 (the Recovery Act) as relates to Buy American.
Bid security is required to be submitted with each Bid in the amount of five percent of the Bid. Bid security may be in the form of a certified check or a bid bond secured by a surety company.
A Performance Bond and a Payment Bond in the amount of one hundred percent of the Contract amount will be required on this Project. The Contractor shall also provide Liability Insurance coverage.
The Issuing Office for the Bidding Documents is: The Lane Group, Inc., 310 West Valley Street, Abingdon, Virginia 24210, Phone 276.206.8571, e-mail
wrobinson@
thelanegroupinc.com
Prospective Bidders may examine and obtain the Bidding Documents at the Issuing Office on Monday through Thursday between the hours of 7:30 am 5:30 pm and Friday between the hours of 8:00 am 12:00 pm. Prospective Bidders may also examine copies of the Bidding Documents provided by the Issuing Office at the locations identified below.
The Lane Group, Inc. Abingdon, Virginia
Wise County Redevelopment Housing Authority Coeburn, Virginia
AGC Blountville, Tennessee
Builders Exchange Association Knoxville, Tennessee
Printed copies of the Bidding Documents may be obtained from the Issuing Office, during the hours indicated above, upon payment of $200.00 non-refundable for each set. Digital Copies of the Contract Documents are also available on DVD for $50. Checks for Bidding Documents shall be payable to The Lane Group, Inc. Upon request and receipt of the document deposit indicated above plus a non-refundable shipping charge, the Issuing Office will transmit the Bidding Documents via delivery service. The shipping charge amount will depend on the shipping method selected by the prospective Bidder. The date that the Bidding Documents are transmitted by the Issuing Office will be considered the Bidders date of receipt of the Bidding Documents. Neither Owner nor Architect will be responsible for full or partial sets of Bidding Documents, including Addenda if any, obtained from sources other than the Issuing Office.
The Owner reserves the right to reject any or all bids or to waive any informality in the bidding.
No bid shall be withdrawn for a period of thirty (30) days subsequent to the opening of Bids without the consent of the Owner.
Due to the Governors directive relative to COVID 19, a pre-bid conference is not currently scheduled.
If a contract is for one hundred twenty thousand dollars ($120,000) or more, or if the total value of all construction, removal, repair, or improvements undertaken by the bidder within any twelve-month period is seven hundred fifty thousand dollars ($750,000) or more, the bidder is required under Title 54.1, Chapter 11, Code of Virginia (1950) as amended, to show evidence of being licensed as a Class A Contractor. If a contract is seven thousand five hundred dollars ($7,500) or more but less than one hundred twenty thousand dollars ($120,000), the bidder is required to show evidence of being licensed as a Class B Contractor. The bidder shall place on the outside of the envelope containing the bid and shall place in the bid over his signature whichever of the following notations is appropriate:
Licensed Class A Virginia Contractor No. _______
Licensed Class B Virginia Contractor No. _______
Wise County Redevelopment Housing Authority
Mr. Monty Salyer, Executive Director
(Owner)
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ADVERTISEMENT FOR BIDS - Door, Window, and Fence Replacement - Coalfield.com
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Apr 1, 2020
Sam Bruce
Brittany Mitchell
It looks increasingly unlikely that the July Test window will take place across the rugby world.
With the COVID-19 pandemic spreading by the day and countries around the globe increasing restrictions at - or closing - their borders, it's apparent that the northern hemisphere nations will probably not be heading south at the end at what would have been their domestic club seasons.
Australia were due to play Ireland, twice, first in Brisbane and then in Sydney, before a one-off Test against Fiji at the new Bank of Queensland Stadium in Townsville.
Rugby Australia chief executive Raelene Castle on Monday admitted that any Test rugby in July was now extremely unlikely. Castle also revealed there was a possibility that Super Rugby and The Rugby Championship could be played during the November Test window.
1 Related
But that is still some seven months away. The immediate priority should be securing some form of rugby content, both for Australia's sidelined Super Rugby players, the broadcasters and supporters -- fans will surely be tiring of re-runs by the time July rolls around.
An RA spokesperson told ESPN that there were "a number of possibilities being discussed" when it came to contingency planning for what is looking a sparse rugby calendar.
The spokesperson also confirmed that while no "serious consideration" had been given to a situation where Wallabies coach Dave Rennie was unable to enter Australia, assistants Matt Taylor and Scott Wisemantel would be equipped to handle such a turn of events.
That got us thinking here at ESPN.
Given the current predicament, we debated how RA could put on some meaningful matches that would not only engage broadcasters Fox Sports and Channel 10, but also put the Wallabies in good stead should the Rugby Championship proceed at some point later in the year.
With an NRL-style State of Origin concept not serving the wider Australian rugby community, and possible vs. probables not an option given this is the start of a new era under Rennie, we decided the best way to organize the nation's leading players would be through age.
Imagine a three-game series, in those locations originally set-down for July, or in more intimate suburban venues should restrictions on crowd gatherings still apply, that pitted Australia's stars of the here and now and future, against some of the older heads who may just be looking over their shoulder, or late-bloomers who might suddenly be back in contention under a new coach.
RA could call on some great Wallabies of the past to be team mentors while Wisemantel and Taylor could coach a side each.
Each coach could name an extended squad of 28 players or so and then make changes from week-to-week due to performances or injury.
It would certainly give us folk in the media something to break down.
So, to some potential starting XVs, then.
[NB: Age cut-off April 1. No player currently overseas was considered.]
Sam Bruce 26 and over Wallabies XV:
Dane Haylett-Petty [30], Henry Speight [32], Tevita Kuridrani [29], James O'Connor [30], Marika Koroibete [27], Matt To'omua [30], Ryan Louwrens [29], Pete Samu [28], Michael Hooper [28], Michael Wells [26], Matt Philip [26], Cadeyrn Neville [31], Alan Alaalatoa [26], Anaru Rangi [31], Scott Sio [28].
Additional players: Damian Fitzpatrick [30], Robbie Abel [30] James Slipper [30], JP Smith [30], Tetera Faulkner [31] Rob Simmons [30], Angus Cottrell [30], Jed Holloway [27], Jake Gordon [26], Billy Meakes [29], Kurtley Beale [31], Karmichael Hunt [33], Toni Pulu [31].
Let's start in the back three, which is loaded with experience. Dane Haylett-Petty has so often been shafted to the wing at Test level, but he is more comfortable at fullback and is in excellent form this season. Marika Koroibete had a breakout World Cup and proved himself among the best wingers in the world, while Henry Speight has relished an offseason move to the Reds.
I went for James O'Connor and Tevita Kuridrani in the midfield with both men enjoying solid Super Rugby seasons; I'd love to see them go head-to-head with say an Irae Simone-Jordan Petaia combination. I feel Karmichael Hunt still has something to offer in the shorter term, too, so he is among my additional players.
In the halves, it's the Rebels pairing of Ryan Louwrens and Matt To'omua. South African-born Louwrens has never really been on the Wallabies radar, but at 29 years of age he has more rugby experience than you might think, and would obviously have the familiarity of playing with To'omua from Melbourne.
Pete Samu and Michael Hooper were automatic selections in the back-row but finding a No. 6 in the 26+ age range wasn't easy. It's evident that our best big back-rowers are younger which is a great position to be in. Eventually, I settled on the Rebels' Michael Wells. I always thought he was a player worth persisting with at NSW and while he probably hasn't hit his straps quite yet in Melbourne, I'd like to see how he goes playing in nearly a full team of Test regulars.
Cadeyrn Neville and Matt Philip have been two of the form locks in Super Rugby this season; the Brumbies forward perhaps on the cusp of a Test debut at the ripe old age of 31 after previous stints at the Rebels and Reds.
Scott Sio and Alan Alaalatoa are automatic selections in the front-row, split by uncapped Rebels rake Anaru Rangi. The 31-year-old New Zealand-born hooker brings a real energy to the game and has been in excellent form this season; I think he's earned the right to test himself at a higher level.
Brittany Mitchell 25 and under Wallabies XV:
Tom Banks [25], Jack Maddocks [23], Hunter Paisami [21]/Jordan Petaia [20], Irae Simone [25], Mark Nawaqanitawase [19], Noah Lolesio [20], Tate McDermott [21], Harry Wilson [20], Liam Wright [22], Lukhan Salakaia-Loto [23], Harry Hockings [21], Izack Rodda [23], Taniela Tupou [23], Folau Fainga'a [24], Angus Bell [19].
Additional squad members: Alex Mafi [23] Jordan Uelese [23] Harry Johnson-Holmes [23], Tom Robertson [25], Angus Blyth [22], Jack Dempsey [25], Rob Valetini [21], Fraser McReight [20] Isi Naisarani [25], Joe Powell [25], Will Harrison [20], Reece Hodge [25] Jock Campbell [24].
Before COVID-19 resulted in the suspension of the Super Rugby season, we had seven rounds of action that gave us a good look at the young players who will be suiting up for the Wallabies, if not this year, in coming seasons. Luckily for Australia, even in a 25-and-under XV, there's still plenty of experience across the board with the forward pack boasting 51 caps.
Several players up front are clear walk-up starts. Folau Fainga'a and Taniela Tupou need no reasoning for their selection, they've easily been two of Australia's best this season. A player of real promise, Angus Bell rounds out the front-row after his impressive performances so far in 2020. Despite having just seven Super Rugby caps to his name, Bell personifies the new age prop; he is a strong scrummager with a lovely offload game and a nice turn of pace -- for a prop.
I've gone with an all-Reds back-row, with Lukhan Salakaia-Loto at blindside, Liam Wright openside and Harry Wilson at No.8. Salakaia-Loto brings 11 international caps of experience, his hard-running and heavy tackles beating out his competition, while Wright has proven himself as one of Australia's best scavengers at the breakdown. With just a few Super Rugby caps to his name, Harry Wilson earns his place in the No.8 jersey after several eye-catching performances. One of the clear standouts for the Reds so far this season, he's received praise from his own coach Brad Thorn and Crusaders guru Scott Robertson. Wilson could easily make his way into the Wallabies jersey this year.
The lock positions were perhaps the hardest to determine. Although he has only played a handful of games this season, Izack Rodda really started to come of age as a Test lock over the last 18 months. Unfortunately, Rodda's selection pushes Angus Blyth out of frame for the moment. Partnering Rodda is Reds teammate Harry Hockings. A giant of a man, Hockings has used his time on the field to make an impression on both his coach and selectors with impressive ball skills and strong lineout work.
Tom Banks faced little competition for his place, standing head and shoulders above his fellow Australian fullbacks. Noah Lolesio earns the No. 10 jersey as Australia's best up-and-coming playmaker with his impressive work with the Brumbies in his debut season, while Tate McDermott partners Lolesio in the halves in what could be a glimpse at a future Wallabies halves duo.
Jack Maddocks and Mark Nawaqanitawase sit on the wings. Both have great aerial skills and find plenty of the space when they get their hands on the ball, while Maddocks also has a sound kicking game. Young Reds duo Hunter Paisami and Jordan Petaia duke it out for the outside centre role. With Petaia potentially ruled out for the rest of the season, Paisami has provided the Reds a hard-hitting ball runner and more than made up for Petaia's absence. Partnering Paisami, Brumbies' Irae Simone earns his place with his consistent performances over his past two seasons in Canberra, especially following his impressive start to 2020.
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The Wallabies trial to replace the July Test window - ESPN
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In this article, I am going to discuss one of my favorite REITs. And when I say favorite, I don't just mean another REIT that pays a good yield but a company with tremendous long-term potential that finally can be bought at a discount. Equity LifeStyle Properties (NYSE:ELS) is one of the biggest residential REITs in the United States with a focus on manufactured housing and recreational vehicle communities. The company is operating in a stable and predictable environment and is massively outperforming its peers with regard to dividend hikes and stock price performance during bull and bear markets and is offering investors a strong business model with satisfying debt levels.
Source: Equity LifeStyle Properties
I have been a contributor to this website since 2015. And I have to say that the current crisis is by far the worst (unsurprisingly). Especially REITs are getting hit hard as companies are unable to pay rents while retail foot traffic is pretty much nonexistent. While I have been at home for more than four weeks, I have thought long and hard about the best places to invest in the long-term. Sure, real estate, in general, is always a good place to be. However, with some big guys like the Simon Property Group (NYSE:SPG) dropping to 2010 levels, I think it would be a waste of everyone's time and money to just start buying high-yielding REITs. That's why I am starting my 'own' bucket of REITs that I hope will easily outperform the iShares US Real Estate (NYSEARCA:IYR). Therefore, in this article, I am going to show you why I believe that ELS is a great addition to that bucket.
Before I start telling you anything about ELS, let me remind you that my other two high-conviction REITs are Extra Space Storage (NYSE:EXR) and Sun Communities (NYSE:SUI).
Just like Sun Communities, ELS is a residential REIT focused on manufactured housing (MH) and recreational vehicles (RV). The company has a market cap of currently $9.7 billion and is not a member of the S&P 500. This Chicago, IL-based REIT has been in business for more than 50 years and owns 413 properties across 33 states and British Columbia containing more than 150,000 sites. As you can see below, the company's assets are mainly located at the West and East Coast. To give you a number, more than 120 out of 413 properties are within 10 miles of coastal United States. More than 90 properties have lake, river, or ocean frontage.
Source: Equity LifeStyle Properties Investor Presentation (February 2020)
One reason why I like manufactured housing, in general, is because it is a good alternative for many people who are looking for affordable housing. Especially the increase in manufactured housing quality has allowed this segment to become a feared competitor for 'traditional' housing. On top of that, there is a second reason why I like this segment, and that's the threat of the coronavirus. Most major cities have 'stay at home' orders in place, and consumers are often reluctant to leave their homes. While this is bad news for the entire economy as it hits almost everyone, it hits retail REITs the hardest as stores are facing tenants who are either unwilling or unable to pay rents. While the same applies to some residential tenants as well, one has to acknowledge that refusing to pay rent is one of the last things someone does. Way after all discretionary expenses have been cut. In addition to that, the $1,200 coronavirus stimulus payments will be used to buy food and pay rents, making this segment even safer as massive domestic tenant eviction would be a worst-case scenario.
With that said, ELS has more benefits as it focuses on an older demographic. The average age of MH residents is 59. For RV communities, the average age is a bit lower at 55. Between 2020 and 2035, the population of people age 55 and older is expected to grow by 18% with 10,000 people turning 65 every day until 2030 according to ELS. So far, a favorable demographic and strategic site locations have benefited ELS's occupancy rate. As of 1/31/20, the company has a 95.1% occupancy rate among manufactured home communities.
As a result, the company is offering significantly higher same-store net operating income growth than its peers and the industry average, as you can see below. Even the prior two recessions were unable to hurt ELS's business.
Source: Equity LifeStyle Properties Investor Presentation (February 2020)
The graph below shows the long-term trend of total sales and operating income. Both have a compounded annual growth rate of 8.0% since 2004 without pullbacks during the Great Financial Crisis. On a side note, this does not mean that a company is immune to recessions. ELS's stock price is currently down more than 20% year-to-date as it is a risk asset and subject to selling in times when liquidity is needed. Investors also adjust their growth expectations - hence, a lower P/E ratio and stock price. The 'fact' that the company continues to grow in a recession makes it a tremendous buy during tough times as comebacks are often rapid and profitable for (new) investors.
Source: TIKR.com
As a result of the company's rapid expansion, the company has raised its dividend every single year - even during the recession of 2008. Mathematically speaking, dividend payments per share have risen by 35% per year since 2004. However, as dividend payments were almost zero in 2004, one needs to take this growth rate with a grain of salt. Since 2012, when the US housing market started to accelerate, the company has increased its dividend by 13.7% per year on average. It's much lower than 35%, but still a good growth rate.
Source: TIKR.com
Of course, this is only possible because of a healthy cash flow.
Just like its peer Sun Communities, ELS is rapidly expanding its business. In 2019, the total money spent on the acquisition of real estate assets was $443 million. This is up from $415 million in 2018 and one of the highest numbers in history as only 2011, with acquisition volumes of $713 million, is able to come in higher. In both 2019 and 2018, the company managed to fund 100% of acquisitions with cash from operations (100% coverage). Regardless, management has issued new stock worth more than $60 million every single year since 2016. This has allowed the company to remain financially flexible as total debt has failed to outperform total assets, while free cash flow has managed to stay fairly close to zero in every single year. Currently, total liabilities are valued at 69% of total assets. This is one of the lowest levels in company history.
Source: TIKR.com
Unfortunately, so far, the focus has not been on dividends. The current payout rate is 51.7%. The trend is increasing, but cash is currently used to fund the company's acquisitions. Note that the trend below is down instead of up. This is only because the total dividend paid is a negative value on the cash flow statement. Hence, a falling trend is an improvement in terms of cash spent on dividends.
Data by YCharts
Adding to that, the company's dividend yield is currently at 2.4%. This is 110 basis points below the iShares US Real Estate ETF yield of 3.5% and one of the highest levels in years.
Data by YCharts
From a personal point of view, it does not bother me that the company is issuing shares and is paying a below-average yield. Money is well spent on the company expansion, and even a slight reduction in investments will make room to rapidly increase dividend payments. Besides that, dividend growth of roughly 10% on a long-term basis with average free cash flow growth of 15% will still reward investors who are just now buying a below-average yield. Moreover, the current valuation of 21.8x cash from operations is not cheap. However, I believe this is justified as the company's business model is simply better than a lot of its REIT peers right now, and with bond yields near-record levels, it makes sense to pay a slight premium for 2.4% yield and long-term growth potential.
What I mean when I say paying for premium can be seen below. Portfolio 1, in this case, displays the performance of ELS. Both assets show the total return including dividends since 2001.
Source: Portfolio Visualizer
While the graph above leaves no room for doubt with regard to which stock is superior. However, the stats as seen below shows the true power of ELS.
The company has a historical CAGR roughly twice as high as IYR and a lower standard deviation. Adding to that, the worst year outperformed the ETF by more than 20 percentage points, while the best year was more than 10 full points stronger. Adding to that, the correlation to the US stock market is lower.
Source: Portfolio Visualizer
Of course, this is BACK testing. Unfortunately, forward testing does not exist yet. However, I still believe that the company's business model and the current economic situation warrants a long-term entry as I am convinced that ELS will outperform the US Real Estate ETF and deliver long-term capital gains on top of rapidly rising dividend payments.
With all of this being said, make sure to start buying a small position if you are not invested yet. Market volatility is high, and the market could technically drop another 10% to 15% if the virus accelerates further. Regardless, I believe current prices are a good entry point for investors with a long-term horizon who prefer dividend growth over a high dividend yield right now.
Be safe, and thank you for reading!
Thank you very much for reading my article. Feel free to click on the "Like" button and don't forget to share your opinion in the comment section down below! My long-term investments are stated in my Seeking Alpha biography.
Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in ELS over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: This article serves the sole purpose of adding value to the research process. Always take care of your own risk management and asset allocation.
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Here's Why Equity LifeStyle Properties Is A Long-Term Dividend Beauty - Seeking Alpha
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Manufactured Homes | Comments Off on Here’s Why Equity LifeStyle Properties Is A Long-Term Dividend Beauty – Seeking Alpha
CHATTANOOGA (WDEF) Starting today, Tennesseans who are non-essential workers are urged to remain at home.
Governor Bill Lee issued executive order 22, installing safer at home guidelines in every Tennessee County.
The order is not mandatory but recommended.
Local business Owner Daniel Clark tells us about a minor encounter he had with a Chattanooga police officer and why his plumbing trade is essential.
The gas station man had his paper and he was saying that at 11:59 today that all non-essential businesses are shut down. And that only essential travel for people and businesses should move around. You know you cant have the messes in the house. If they have to stop the commode what you going to do let it run in the street? I mean the police around here, they like us theyre just trying to get through.
Trades like plumbing and electricity are considered essential.
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A local plumber talks about whether he is essential - WDEF News 12
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Plumber | Comments Off on A local plumber talks about whether he is essential – WDEF News 12
Maine service contractors that do house calls are still available to respond to plumbing, electrical and other in-home emergencies, but residents are going to find that routine projects will have to wait until the coronavirus pandemic is under control.
Most heating, plumbing and electrical contractors are still in business despite the sharp cutback in work they can perform. But they are being forced to turn away nonessential work because of rules designed to limit contact among people and reduce the spread of the disease.
And they are taking other steps to keep their workers and customers healthy, from maintaining a distance from co-workers and homeowners to wearing latex gloves and face masks while on the job.
Thats the hard part of being a contractor right now, said Rusty Googins, who runs R.W. Googins Electric in North Yarmouth.
Googins said hes had to talk some customers out of work because of health concerns. Earlier this month, before the state banned nonessential work, Googins said, an elderly couple wanted a ceiling fan installed. He persuaded them to wait because it wasnt needed right away and he was worried his workers might unwittingly expose the couple to the virus, which seems to affect older people most.
He also encourages workers to wear rubber gloves, wash their hands frequently and use the hand sanitizer dispensers hes made sure are in the companys trucks.
Were all kind of working it out as best we can, he said. Its all new for everybody. Im 53 and Ive never experienced anything like this in my lifetime.
Googins and other service contractors are being forced to wrestle with existential questions in the midst of the pandemic.
Many cities and states have told all nonessential businesses to shut down and are asking people to quarantine themselves at home to slow down the spread of the coronavirus, which raises the question for many: Just what is essential?
The owners of Evergreen Home Performance, which upgrades insulation, installs new windows and makes other home renovations that make houses more energy-efficient, decided that, as important as their business is to them, it doesnt meet the definition of essential.
The company, with offices in Rockland and Portland, has laid off more than two dozen workers and is struggling with how to stay in business during what the owners estimate will be a one- to two-month shutdown.
Elise Brown, one of three co-owners and the companys executive vice president, said nearly one-third of customers canceled their projects in early March after they were laid off or lost income because of the pandemic. Evergreen then decided to shutter the business temporarily rather than potentially expose employees or customers to the virus.
Evergreen is applying for a U.S. Small Business Administration loan to keep the ship afloat during the shutdown, Brown said. The company is also sending out a weekly newsletter to the laid-off workers to keep them up to date on whats going on with the business.
The company was formed in 2006, so the pandemic is the second economic upheaval the owners have faced, she said.
We went through the recession and that was pretty painful, but we came through it, Brown said, adding that the experience gives her hope Evergreen will weather another economic crisis, although this one has entirely different roots.
Contractors said customers should still call on plumbers, electricians and other repair people for emergencies. But putting off nonessential work until the pandemic seems under control is essential for the health of customers and the workers, they said.
At Unitil, a natural gas supplier in Maine, New Hampshire and Massachusetts, it was a pretty clear call to keep workers on, said Alec OMeara, a spokesman for the company.
He said the company has canceled some projects to convert homes and businesses to natural gas, since those arent needed immediately, but otherwise it needs to have workers available to complete hookups and respond to emergencies.
Most of Unitils office workers are working from home, OMeara said, and the company has been monitoring the spread of the virus and developing contingency plans for two months. He said workers who do have to go on calls practice social distancing by trying to stay at least six feet away from co-workers or customers.
Richard P. Waltz, a Portland plumbing company thats been around since 1936, has always been oriented toward responding to emergencies, but now thats all the company does.
Dana Collins, the operations manager, said the companys concern for workers health and safety has been elevated by the pandemic.
Supplies are getting low for personal protective equipment such as latex gloves, respirators and face masks, he said.
The company is trying to avoid laying off workers and sometimes has plumbers sweeping the floors at its Portland headquarters to keep them busy and earning a paycheck, Collins said. One worker who felt ill was told to stay home, he said.
The restrictions on work come at a bad time, Collins said, noting that work during the winter was slow due to mild weather and the company was hoping for a rebound with the approach of spring.
Customers with nonessential work are understanding, he said, and the companys concern goes both ways in its relationship with clients.
Its a tough nut to crack when youre worried about peoples health and their families, Collins said.
Jessica Grondin, spokeswoman for the city of Portland, said officials are relying primarily on self-policing to enforce a ban on nonessential business adopted by the city manager last week. The ban is expected to be extended by the City Council on Monday.
Grondin said the city might get calls from residents if they think nonessential business is going on, such as a plumber working on a bathroom renovation rather than a burst water pipe, but thats not the focus of the ban.
I dont think we need to rat out our neighbors at this time, she said.
The goal isnt to collect fines from businesses, Grondin said, but rather to keep people away from one another to avoid spreading an illness that is killing hundreds of people around the world.
Brown said businesses with which her renovation company works are helping. A landlord waived two months rent, she said, and the dealer the company just bought a truck from is working with Brown to restructure payments. That cooperative spirit gives her hope, Brown said.
Were all in this together and thats a silver lining, she said.
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Need a plumber? Make sure it's an emergency - Press Herald
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Plumber | Comments Off on Need a plumber? Make sure it’s an emergency – Press Herald
WENATCHEE - A local plumbing company has changed its stripes for the good of the community during the coronavirus pandemic.
Wenatchee-based Plumb Perfect is offering free grocery pick-up and delivery to the elderly and those with weak immune systems. The plumbing business says it will cater to requests with a grocery list of 25 items or less.
Plumb Perfect Owner Matt Bruggman says the idea was inspired by personal experiencing involving he and his wifes parents who are elderly. Darcy and Matt Bruggman say their parents are hesitant to grocery shop for fear of exposure to coronavirus.
Bruggman says his company has conducted six deliveries since since offering the service ten days ago. Bruggman says his wife and a group of volunteers doing the grocery service.
(Those who want to use the service) can call Monday through Friday, 8-4 at 509-663-3602 and well take down your grocery list, said Bruggman. Or you can email anytime, plumbperfect98@gmail.com.
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Local plumber offers free grocery pick-up and delivery to elderly and those with compromised immune systems - iFIBER One News
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Plumber | Comments Off on Local plumber offers free grocery pick-up and delivery to elderly and those with compromised immune systems – iFIBER One News
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