New round of tighter credit hitting global economy, Carney warns

Share this article and your comments with peers on social media The global economy is being confronted with a new wave of credit tightening as a result of the European debt crisis that will subdue growth in many countries, Bank of Canada governor Mark Carney warns. In his first speech since being named by G20 leaders to the head of the international body in charge of banking reform, Carney used a keynote speech to a London business audience Tuesday to stress the need for quick action to increase global liquidity. Related news Facebook LinkedIn Twitter Canadian Press Rising interest rates could dampen stimulus impact: PBO Lessons from 2009 helped BoC avoid liquidity stress in 2020 But there was also a long game objective to Carney’s largely technical speech in one of the world’s leading financial hubs: connecting the dots on how he will use his three-year posting at the Financial Stability Board to try to end the boom and bust liquidity cycles that constantly plague the global economy. “Global liquidity has fluctuated wildly over the past five years and we are on the cusp of another retrenchment,” he said in notes of the address released in Ottawa. “Over the medium term, the continuation of such extreme liquidity cycles could ultimately threaten open capital markets and a free trading system if not better addressed.” With private liquidity drying up over concerns about sovereign debt in Europe, Carney said it is again up to the public sector, in particularly central banks, to ensure there is sufficient credit available at reasonable terms for businesses and households to continue to invest and spend. The recent retreat of available credit — much as happened when Lehman Brothers collapsed in 2008 — has already pushed Europe into what he said will be “at least a brief recession.” But the impact has spread beyond Europe, he noted. Global financial markets have tightened significantly and market-making activity has decreased. “The effect on the real economy will soon be felt,” he said. Forecasts from global organizations such as the International Monetary Fund, as well as central banks, and private sector economies have all recently pointed to slower global and domestic growth. In Canada, Carney last month projected the economy would slow to sub-one per cent growth in the last three months of this year, half of the expected rate of the third quarter. The long-term answer to these wild fluctuation in global liquidity is enactment of financial system reforms proposed by the G20, which the FSB will help monitor, Carney said. The reforms, if successful, will help moderate the cycles and help smooth out global liquidity flows by making financial institutions more sound, with greater capital reserves. “Measures that increase the resilience of financial institutions … will reduce the probability and frequency of a sudden liquidity shock,” he explained. “Measures that reduce the procyclicality of the financial system will help stabilize global liquidity flows.” Keywords Interest rates,  Consumer borrowing and saving,  Financial crisisCompanies Bank of Canada Income inequality narrowed amid fiscal supports in 2020: StatsCan read more

Indian Railways budget launches five-year plan

first_imgINDIA: The 2015-16 railways budget should be seen as the beginning of a Rs8 560bn five-year action plan to transform the network, Railways Minister Suresh Prabhu said when he presented the budget to parliament on February 26.This year’s budget forms part of a ‘trilogy’ of documents being produced by the government, along with a white paper and a ‘Vision 2030’ document which is to be released later this year.Prabhu set out four goals for IR: sustainable and measurable improvement in customer experience; improved safety; substantial expansion of passenger and freight capacity; and becoming financially self-sustainable.Work to increase capacity from 21 million to 30 million passengers/day and 1 billion to 1·5 billion tonnes/year will focus on gauge conversion, additional tracks and electrification on high-traffic routes.Passenger train speeds on nine corridors are to be raised from 110 and 130 km/h to 160 and 200 km/h, with the average speed of freight trains to be increased to 100 km/h (empty) and 75 km/h (loaded). Long-distance multiple-unit trainsets are to be introduced within two years. The feasibility study for the Mumbai – Ahmadabad high speed line is to be completed in the middle of this year.Efforts to improve the customer experience will include a focus on cleanliness including the installation of modern toilets, as well as improving ticketing technology, ensuring that unreserved tickets can be bought within 5 min. IR is to pilot the introduction of onboard CCTV and entertainment systems, lengthen the busiest trains from 24 to 26 coaches, and develop a new design of ladder to make access to upper berths easier. Dedicated coaches on selected trains serving major tourist destinations could be offered to travel companies on a revenue-sharing model.A Transport Logistics Corp of India is to be established to develop common-user freight facilities through PPPs. Policy on freight terminals will be revised to remove obstacles which have impeded private investment.Four railway research centres are to be established at universities, and a dedicated railway university is planned. A foreign technology co-operation scheme is to be launched. The scale of the investment will require multiple sources of funding, and Prabhu said multilateral development banks and pension funds had expressed interest in financing rail projects. Full analysis of the Indian Railways budget will appear in the April 2015 issue of Railway Gazette International. Proposed five-year investment plan 2015-19 Amount, Rs bn Network decongestion (including Dedicated Freight Corridors, electrification, double-tracking)1993 Network expansion (including electrification)1930 National projects (North Eastern and Kashmir connectivity projects)390 Safety (track renewals, bridge works, signalling and telecoms)1270 IT and research50 Locomotives and rolling stock1020 Passenger amenities125 High speed rail and elevated corridor650 Station redevelopment and logistic parks1000 Other132 Total8560last_img read more

DotA players carry ‘Pinoy skill, pride’

first_img[av_textblock size=” font_color=” color=”]MANILA – With their skill and talent, Philippine DotA (Defense of the Ancients) teams TNC Pro and Execration will do better in this year’s International DotA 2 Championships, Sen. Paolo Benigno Aquino IV said.The annual DotA 2 e-sports tournament will be held from Aug. 7 to 12 at the Seattle Center in Washington, USA.“These gentlemen play with a lot of skill and talent, and they also play with a lot of Pinoy pride,” said the senator.TNC Pro placed eighth in last year’s edition of the international championships. It comprised Theeban “1437” Siva, Carlo “Kuku” Palad, Sam “Samh” Hidalgo, Marco Polo Luis “Raven” Fausto, and Timothy John “Tims” Randrup.The two Filipino teams will compete against Europe’s Team Secret, HellRaisers and Team Empire; China’s iG Vitality, LGD.Forever Young and LGD Gaming; North America’s Cloud9 and Digital Chaos; South America’s Infamous; and direct invites OG, Virtus.Pro, Evil Geniuses, Team Liquid, Invictus Gaming, and Newbee.The total prize pool in the tournament is $22,810,242.A supporter of Filipino e-sports athletes and game development, Aquino believes the industry can bring honor, as well as jobs and livelihood opportunities in the country.Aquino was instrumental in the creation of the Philippine eSports Association, which aims to promote e-sports and strengthen its foundation, and look after the welfare of cyber-athletes and stakeholders./PN[/av_textblock][/av_one_full] [av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=”][av_heading heading=’DotA players carry ‘Pinoy skill, pride’ ‘ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=”]BY PRINCE GOLEZ[/av_heading][av_image src=’×679.jpg’ attachment=’112734′ attachment_size=’large’ align=’center’ styling=” hover=” link=” target=” caption=” font_size=” appearance=” overlay_opacity=’0.4′ overlay_color=’#000000′ overlay_text_color=’#ffffff’ animation=’no-animation’][/av_image][av_textblock size=” font_color=” color=”]Thursday, August 3, 2017[/av_textblock]last_img read more

Courts to protect SA’s water

first_imgThe Department of Water Affairs will belaunching courts that will address watercrimes that threaten the securityof supply to lawful water users.(Image: Graeme Williams, more free photos, visit the image library) South African Water Affairs Minister Buyelwa Sonjica announced on 11 August 2010 that environmental courts will be set up to address crimes that threaten the quality and supply of water.Sonjica, speaking at the Agri SA water conference in Johannesburg, said her department was concerned about the impact of deteriorating water quality in South Africa, as it’s among the most water-scarce countries in the world.She said the new courts would help deal with all water-related crimes, but that role-players in the agricultural industry should also come up with ways to protect the country’s water supplies. She named agricultural practices, mining and urban development as the main contributors to water pollution.“It’s a serious matter for us and you will soon be invited to the launch of the first courts because we want to strengthen our regulatory bodies in this regard. I understand that water pollution is one of the areas of great concern for the agricultural sector today,” she said at the conference.The Department of Water Affairs (DWA) will be working closely with the South African Police Service and the directorate of public prosecutions to address water crimes that threaten the security of supply to lawful water users, the minister said.She added that unauthorised or illegal water abstraction was also a problem, and the department was strengthening its enforcement capacity to deal with such offenders.She said 14 water-management inspectors had been recruited and trained, and that the capacity of the compliance, monitoring and enforcement directorate had grown significantly.“We will intensify this aspect of our work to ensure that we bring all offenders to book.”Incentive schemesTurning to the issue of municipal waste-water, Sonjica spoke about the Green Drop Certification Programme, which encourages municipalities to comply with drinking-water and waste-water legislation put forward by the DWA.Being awarded Green Drop status implies excellent waste-water management and a respect for the environment and the health of the community.“Currently we have more than 50 qualified assessors conducting consultative audits on the management of the waste-water treatment works to guide local authorities in the direction of excellence,” the minister said.According to the Green Drop Report (PDF, 1.22 MB), released in 2009, 203 of the 449 waste-water systems assessed scored better than 50% when measured against the set criteria for quality and management, while about 7.4% of all waste-water systems were classified as excellently managed.Sonjica said the department was well on its way in meeting the 2010 target of assessing all the municipal waste-water treatment works in the country.She added that the design competency of some of the waste-water systems was stretched to capacity due to population and economic growth, which compromised the quality and management of the waste-water systems.“Shortcomings in the local government funding model as well as the skills deficit in the labour market exacerbate the problem even further.”In closing, Sonjica urged the farmers attending the conference to work with the department to fight illegal water abstraction.“Without effective regulation, your water may dry up or the quality may deteriorate significantly,” she said.last_img read more

Trudeau asks transport minister to tackle Greyhounds western pullout

first_imgOTTAWA – Facing pressure from rural communities and opposition MPs, Prime Minister Justin Trudeau said he’s asked Transport Minister Marc Garneau to find solutions to Greyhound Canada’s decision to pull its buses from the Prairies, B.C. and northern Ontario.Greyhound’s news was “difficult” to hear for people who are already struggling economically but rely on the service to visit family, travel for work and get across the country, Trudeau said Tuesday during a visit to Nova Scotia.“I have asked our minister of transport to work with the provinces, to work with communities, to work with the company to try and see what paths forward there are.”Trudeau was responding to questions from reporters on a highway in Sutherlands River, N.S., about whether Ottawa is prepared to offer subsidies to keep the service running or provide an alternative.A spokeswoman for Garneau would not elaborate Tuesday on options under consideration.“As stated last week, we empathize with Canadians who could be impacted by Greyhound’s decision,” said Delphine Denis.“It is an unfortunate decision that will impact communities, but we are encouraged by the recent expression of interest by Canadian bus carriers using different business models and equipment to fill some of the potential service gaps caused by Greyhound’s decision.”While bus companies have said they will aim to fill certain transportation gaps, they have also indicated that some rural routes will be challenging and that’s likely where the government will have to help. It could mean subsidizing less sustainable routes or providing financial assistance to drivers in small communities.Greyhound Canada senior vice-president Stuart Kendrick has said that the company has long advocated a community funding model to allow any private carrier to bid on essential rural services. Kendrick said Greyhound has raised its concerns with provincial and federal officials over the years and will continue to push Ottawa to look at improving transport in northern communities.Denis echoed Trudeau’s message, reiterating that Garneau is “reaching out to the affected provinces to see what paths forward there are.”Greyhound Canada announced last week it is cutting passenger and delivery services in Manitoba, Saskatchewan, Alberta, northwestern Ontario and rural British Columbia.The decision triggered outrage and apprehension among rural and First Nations communities that rely heavily on the company’s service.Indigenous women’s advocates have said that Greyhound’s decision will put more people at risk.The issue of transportation along the notorious stretch of B.C.’s Highway 16, known as the Highway of Tears, was a major point of contention last fall during hearings at the national inquiry into missing and murdered Indigenous women and girls.“We of course are reflecting on that element of it and looking for how we can contribute to solutions,” Trudeau said.NDP transport critic Robert Aubin criticized Trudeau for taking several days to comment on Greyhound’s departure, noting Jagmeet Singh, his party’s leader, called for action last week. “The communities impacted by the imminent transportation crisis in western Canada and northern Ontario urgently need a concrete solution.”Singh asked Trudeau in a letter to develop a funding plan that would prevent Greyhound from shutting down service on crucial routes.“This federal funding plan must ensure there is no interruption or reduction in bus service, so no community is left stranded,” Singh wrote.last_img read more

Remote reserve death triggers inquest calls

first_imgAPTN National NewsThe death of a man in northern Manitoba has leaders calling for an inquest into how nursing stations treat patients.The concerns come after the death of a 27-year-old man on a remote reserve in northern Manitoba.APTN National News reporter Meagan Fiddler is in Manto Sipi Cree Nation and has this story.last_img


first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Local Atty says Govt going against public consultation; says NO to taller resort plan Tourism Strategy calls for greater information disclosure and analysis Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 24 Oct 2014 – Today the National Tourism Strategy consultants announced that the online questionnaire is ready and citizens and residents can participate by following the link… Tuesday, public consultation started in the islands with Grand Turk and South Caicos already covered… next week, Salt Cay, North and Middle Caicos get their turn to give views on a long term plan and development of Tourism in the country. Gary Brough, Managing Director of KPMG in TCI stated: “On Wednesday and Thursday of this week we had two excellent town hall meetings in Grand Turk and South Caicos, respectively, and we would like to express our gratitude once again to everyone who participated in these events.We are very much looking forward to our forthcoming meetings in North and Middle Caicos on Thursday, 30 October, Salt Cay on Friday, 31 October and Providenciales on November 3, 2014.”Guests to the country are apart of the survey too; for the past two weeks visitors have been filling in the questionnaire at the Provo International Airport. Brough added: “Tourism is everyone’s business, it affects all of us, and we strongly encourage as many people as possible to attend these events to share your personal views on TCI’s tourism industry. We also encourage you to complete our on-line questionnaire at and/or e-mail us at [email protected] Hard copies of the questionnaire will also be available at the town hall meetings. If you would like to supplement your completed questionnaire with additional submissions please feel free to do so by e-mailing KPMG at [email protected]”END TCI: Savory favors investor residency status, heralds KPMG economic report, says Caicos link is economic lifeline Recommended for you Related Items:Gary Brough, KPMG, questionnaire, websitelast_img read more

Premier visits Five Cays gets standing water pumped out

first_img Recommended for you Related Items:five cays, Mosquitoes, premier rufus ewing, Public Works Department, pump, stagnant water Beaches puts former Premier on blast about controversial pier Bishop says peace & prosperity is everybody’s responsibility at Law Enforcers Church Service Facebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 05 Nov 2015 – The Premier on Tuesday personally oversaw that standing water in Five Cays was pumped out with the help of the Public Works Department. It has been a cry for weeks that the water left behind by Hurricane Joaquin and compounded by a week of rainy weather was not receding, and the nation’s health minister went to assess the situation for himself. In a media release issued yesterday, the Premier said: “it was determined that the waters were not receding on its own and therefore posed possible threat to the public health environment of that community…” The Premier agreed that the standing water posed a myriad of challenges including inaccessibility, boom in the mosquito population and a threat to healthy water. In order to get that stagnant water pumped out in areas of Five Cays, TCIG had to adapt policy. Hon Dr. Rufus Ewing said: “it signaled to me that there was a need for immediate relief and for an executive decision to be made on an area of policy that currently restricts the personnel to focus on public access primarily.The Premier said the water was pumped out Tuesday. PDA takes rally to Five Cayslast_img read more

Minister exposes financial slackness at Straw Market Authority says site still at

first_img Related Items:#magneticmedianews, #Nassaustrawmarket Facebook Twitter Google+LinkedInPinterestWhatsApp#Bahamas, October 19, 2017 – Nassau – Financial skullduggery could be uncovered if the Public Works minister has his way, Minister Desmond Bannister is calling for an audit of the Straw Market Authority which spent thousands and thousands and thousands of tax payer dollars on themselves and with no oversight.    Minister Bannister was speaking in the House of Assembly when he dropped the bomb about alleged malfeasance or bad money management of the Straw Market Authority under the previous government and minister.The new Minister in his remarks exposed that for years and years the financials were unaudited; a direct violation of the SMA Act 2011.“The incomplete Audits for 2013, 2014 and 2015 makes it difficult to commence the process for an audit for 2016 and 2017,” he said.   The SMA kept no record of monies collected for the $25 per week government sponsored day care for the vendors, no copies or record of contracted service providers, the Straw Market accounts confirm that exorbitant cell phone bills were paid off to the tune of nearly $34,000,  the SMA credit cards were used to rack up big bills, there is no up to date information on the rent status of vendors and over $14,000 in Christmas bonuses were paid out to the SMA executives for 2015 and 2016, one year  the payment was not even made at Christmastime.Likely the worst of the news from the report given last Wednesday by Minister Bannister is that the Bay Street World Famous Straw Market is incredibly, still very susceptible to a destructive fire.   The Minister said a report was completed by the Ministry of Works and Urban Development since June and the Fire Prevention Section of the Police also handed in a report in July – both warning of the potential for fire and deficiencies in the alarm system.  Still none of the recommendations were carried out.A new chair has been appointed to the Straw Market Authority, described as a dynamo by the Minister and named as Kelli Ingraham.#MagneticMediaNews#Nassaustrawmarket Facebook Twitter Google+LinkedInPinterestWhatsApplast_img read more