We are prepared

first_imgMy entire college experience has been defined by my work at The Observer. One of my freshman year roommates was reminiscing the other day, and remembered how excited I was to have my first article on the front page, and how late I stayed in the office to earn a measly $10 paycheck. It wasn’t about the money, though. It was about being involved with something important, about being part of a group. I think in high school we all had several of those places, teams and clubs that gave us that feeling. And even though at Notre Dame we call each other part of the same family, it was so nice to have a smaller part of that family to grow close with.Working at The Observer has not been the easiest job. I couldn’t go five minutes without checking my e-mail, without making sure I knew everything that was going on, without having the feeling that I was in control of what was going on at the paper. What I’ve learned, however, is that no matter how hard you try, it’s impossible to be in control of everything. I couldn’t be in control of when the University announced President Obama would speak last year at Commencement; I couldn’t be in control of every word, cartoon and photograph that printed in the paper. I’ve realized these things now, but while I was in the moment I was stressed and sleep-deprived. Though I can’t turn back time to relive the excitement of the freshman with her first article on the front page and approach my career at The Observer differently, I can take the lessons I’ve learned here with me in my next steps in life. I think they are lessons that can help several of the members of the Class of 2010, especially those with uncertain futures. No matter what happened, we still got a paper out everyday. We couldn’t control everything, but in the end, it all worked out.  Other aspects of my Notre Dame education have contributed to this outlook: the sense of family here — no matter what happens you will have people you can turn to for help — and the strong faith shared by our classmates that guides our decisions. We can’t control the future, but after attending Notre Dame, we are prepared to face whatever happens next. I would like to thank The Observer and the wonderful staff I’ve worked with over the years for teaching me that. I would like to thank my parents for agreeing to send me to a school so far away and encouraging me to calm down when I am too stressed. I would especially like to thank the friends I’ve made here, that I’m able to reminisce with, for making the last four years truly unforgettable — no matter what the future holds. Jenn Metz is a senior from Westfield, N.J., graduating Magna Cum Laude with a double major in English and Romance Languages and Literature and a minor in Journalism, Ethics and Democracy. She served as Editor-in-Chief of The Observer from 2009-2010. She will be working at ABC News in Manhattan.last_img read more

​​​​​​​House approves Rp 8.5t in convertible bond for ailing Garuda

first_img“We proposed that Garuda receive MCB that could be converted for three years, as Garuda has been hit hard by the [COVID-19 pandemic] like other airlines around the world,” Erick said.The nation’s aviation industry has been severely impacted by the ongoing health crisis, with restrictions discouraging people from traveling. The International Air Transport Association (IATA) has stated that 2020 will be the worst year in history for airlines, with global airlines expected to face a combined US$84.3 billion in losses.The MCB scheme is part of the government’s national economic recovery (PEN) program, to support the recovery of the virus battered economy. The government expects the fiscal deficit to reach 6.34 percent this year as it allocates Rp 695.2 trillion in stimuli, partially to bolster the economy amid the pandemic.Under Government Regulation No. 23/3030 on the national economic recovery program, the government has allocated more than Rp 152 trillion to bail out SOEs through PMN, among other mechanisms, of which Garuda is set to receive Rp 8.5 trillion. The House of Representatives has given the green light for the government to provide Rp 8.5 trillion (US$583 million) for pandemic-hit national flag carrier Garuda Indonesia, in the form of a mandatory convertible bond (MCB).The MCB will require conversion of the said bond into stocks in accordance with the contractual conversion date. The MCB for the airline is expected to have a tenor of three years, with state-owned infrastructure financing company PT Sarana Multi Infrastruktur (SMI) projected to act as a buyer for the bond and eventually a shareholder of the company.The legislature made the decision after a working meeting with State-Owned Enterprises (SOEs) Minister Erick Thohir on Wednesday, citing the reason that Garuda could not receive state-capital injections (PMN) as it is a publicly listed company. Garuda Indonesia service and business development director Ade R. Susardi said on a separate occasion that the company was in dire need of government funding as it had been operating at a loss since the COVID-19 outbreak hit Indonesia.“Our flight occupancy rate currently stands at around 40 percent, which cannot even cover the operation cost. We hope that Garuda can receive funding in the form of MCB,” he said during an online webinar held by The Habibie Center on Wednesday.Garuda’s flight traffic has also fallen to around 40 daily flights as of July from the average rate of 330 daily flights before the crisis, Ade added.As the number of passengers fell, Garuda saw a 30 percent year-on-year slump in revenue to $768.12 million in the first quarter from $1.1 billion in the same period last year. The company also booked a $120 million loss in the first quarter this year, compared to $20.48 million profit in the January-March period of 2019.Read also: Garuda books $120m net loss in Q1 as travel industry hit hard by COVID-19Amid its financial woes, the company recently secured a three-year extension on $500 million worth of global sukuk (global Islamic bonds) that were due in June, as a result of liquidity problems caused by the pandemic.“We are now trying to increase the number of passengers in order to help Garuda by convincing passengers that it is safe to fly. With the rising number of passengers, we can boost our cash flow,” Ade said.Convincing the public about the safety of air travel has become a major challenge for the aviation industry, as in a recent survey conducted by state-owned airport operator Angkasa Pura I, 84 percent of respondents said they were still taking a “wait-and-see” approach toward using air transportation.Garuda was previously embroiled in an incident on June 27, when a passenger was allowed to board a Garuda Indonesia flight from Jakarta to Sorong, West Papua, despite having recently tested positive for COVID-19.Topics :last_img read more