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

Kelly (65) finishes regular season with win at SAS

first_imgCARY, N.C. – Jerry Kelly knew he needed to make as many birdies as he could Sunday in a sprint to the finish in the SAS Championship. He was so locked into the process that he didn’t realize how many he made until he marked them down on his card. Locked in a tight race, Kelly ran off five straight birdies to close out the front nine and then made an insurance birdie late that carried him to a 7-under 65 and a one-shot victory in the final regular-season event on the PGA Tour Champions. “When the guys are so close and you’re bunched up, it’s make the next birdie,” Kelly said. “And then somebody else makes a birdie and it’s like, ‘OK, I have to make another birdie. I have to make another birdie.’ It kind of shocked me to see I was three, four shots clear.” Kelly made his lone bogey on the final hole when it only affected the margin. He won by one shot over David McKenzie, who shot 63. Woody Austin and Doug Barron, who shared the lead going into the final round, each shot 71 and tied for third with David Toms (66). Barron fell back with a tee shot that went out-of-bounds on No. 6 and led to triple bogey. Austin played his final 13 holes in even par. Full-field scores from the SAS Championship Kelly, who finished at 16-under 200, won for the third time this year on the PGA Tour Champions and takes plenty of momentum into the postseason. He went over $2 million in earnings for the year and remains No. 2 in the Charles Schwab Cup standings, though he cut into Scott McCarron’s once big lead. Kelly now is $221,430 behind McCarron, and points are double in the three Schwab Cup playoff events that start in two weeks. “I’m very happy to be healthy, very happy to be playing well at this time,” Kelly said. Rod Pampling of Australia, who turned 50 last month and was playing his second event on the PGA Tour Champions, needed to finish in the top 10 to earn a ”wild card” into the postseason. He birdied three straight holes and needed one more on the 18th to finish the tournament in the top 10, but his 15-foot putt was inches short. The top 72 on the money list qualify for the postseason. Sandy Lyle was holding down the 72nd spot until closing with a 75. Mike Goodes, who started the SAS Championship with a 75, rallied with rounds of 68-70 and tied for 28th, making enough money to finish No. 72 on the money list by $323 over Lyle.last_img read more

Metros

first_imgAustralia: The first of 11 Bombardier Flexity trams entered service in Adelaide last month. Six will be running by April, and the rest of the A$58m fleet at the end of the year.Brazil: São Paulo has called international tenders for a 30-year PPP concession covering metro Line 4. The first phase is planned to run 12·8 km southwest of the city centre from Luz to Morumbi.Czech Republic: Praha Transport plans to invest KC3bn in trams, buses and metro vehicles during 2006, up KC800m on 2005.France: The greater Bordeaux authority has agreed to retain Alstom’s Innorail APS ground-level power supply on the city’s tram network (RG 2.04 p87). By way of compensation, it will receive a royalty on future installations in France and abroad.Germany: On January 11 München underground operator MVG formally put into service in its metro tunnels a 56m long, four-section suction cleaner supplied by Socofer and Neu at a cost of €5·5m. Around 1400 tonnes of rubbish is removed from the metro each year.Hungary: BKV has awarded the Bamco consortium of Vinci Construction, Strabag and Hídépíto a €207m contract to bore twin 7·3 km tunnels for Budapest metro Line 4.Pakistan: Chief Minister of Punjab Pervaiz Elahi said on January 14 that consultants from France and Hong Kong are to produce a report which will advise on the most appropriate mode of rail-based mass transit for development in Lahore. Previous schemes foundered in 1991, 1995 and 2000.Spain: Under the revised transport investment programme for the Barcelona region, €83m is to be spent on refurbishing 14 city metro stations in 2006.As the first phase of a €40m programme, contactless smartcard ticketing was introduced for annual season ticket holders in Zone A of the Madrid metro and Renfe suburban networks last month. Magnetic stripe ticketing is to be phased out during 2007-11.Switzerland: The first of 68 series-built low floor Cobra trams for Zürich was rolled out at Bombardier’s Villeneuve plant on December 22. It will enter service in March, follow-ed by two or three per month until 2009.Thailand: On November 29 Hopewell Holdings entered into an agreement to sell Hopewell (Thailand) Ltd to United Success Ltd for 500m baht, plus 20% of any sum over 2bn baht which may be recovered from the Thai government in legal disputes over the failed Bangkok Elevated Road & Train System. Hopewell will record a gain of HK$265m in the current financial year, from a write-back of provisions made for development expenditure.USA: Global Railway Industries subsidiary Bach-Simpson Corp has been awarded a $22m contract to provide event recorders for 340 PATH metro cars being built by Kawasaki for delivery in 2006-09. Wabtec subsidiaries Wabco Transit and Vapor Rail will supply brakes, couplers, door controls and current collectors worth $65m.Last month Lola and Vicki began boring the twin 2·73 km tunnels from Mariachi Plaza on the 9·7 km Los Angeles Gold Line Eastside extension project. The pair of 1000 tonne earth pressure balance TBMs were custom-built in Germany by Herrenknecht at a cost of $10m each.On December 16 New Orleans RTA was given the go-ahead to use up to $70m of federal funds to repair damage to the tram network caused by Hurricane Katrina. On January 9 work began on a planned $10·8m modernisation of the St Charles Avenue route.Vietnam: On January 3 Prime Minister Phan Van Khai approved proposals for a 13·7 km underground metro between Ben Thanh Market and the Thu Duc district in Ho Chi Minh City, with a 14·5 km bus rapid transit connection to Bien Hoa. The US$626m cost would be met from Japanese development loans; opening is anticipated for 2012.last_img read more

Splaine names Irish team for Barcelona Nations’ Cup Final on Thursday

first_img 18 September 2015, 18:05 Dutch chase a Furusiyya double at 2015 Final in Barcelona Splaine names Irish team for Barcelona Nations’ Cup Final on Thursday 23 September 2015, 20:24 Home  »  Disciplines News  »  Showjumping News  »  Splaine names Irish team for Barcelona Nations’ Cup Final on Thursday 24 September 2015, 19:03 Ireland is through to world’s Nations’ Cup Final on Saturday 10 September 2015, 14:04 Splaine reveals Irish squad for Nations’ Cup Finalcenter_img IRISH show jumping manager Robert Splaine has tonight (Wednesday) announced the team that will represent Ireland at the Nations’ Cup Final in Spain, beginning on Thursday at the Real Club de Polo de Barcelona.One of 19 teams to qualify for the final from the 45 nations that took part in the 2015 series, Ireland’s team, in jumping order, is:Bertram Allen with Molly Malone VGreg Broderick with MHS Going Global (ISH)Cian O’Connor with Good LuckDenis Lynch with All Star 5Ireland is drawn 18th to jump of 19 teams taking part in the first round of the final, which begins at 3:30pm Irish time.The final consists of three competitions. The top eight teams from the opening class will go forward to the third and final competition on Saturday. The remaining teams will compete in the Challenge Cup, which is the second competition.The Furusiyya FEI Nations’ Cup series is the oldest and most prestigious team jumping competition in the world. Teams competing in the final come from Europe, North America, South America, the Middle East, Asia/Australasia and Africa. They will be joined by Spain, who automatically is awarded a place as the host nation.The full timetable is available at http://www.csiobarcelona.com/2015/en/programa.aspLive video stream (by subscription) available from www.feitv.org from 24 Sep 2015 Start Time: 15:15Irish show jumping manager Robert Splaine Tags: Barcelona, Furusiyya FEI Nations Cup, Robert Splaine 26 September 2015, 22:54 Ireland finishes fifth in thrilling Nations’ Cup Final Related news storieslast_img read more

Zouks deal champions Tridents first defeat in DLS affair

first_imgTAROUBA, Trinidad, CMC – Lacklustre batting coupled with rain dealt reigning champions Barbados Tridents their first defeat of the Caribbean Premier League, as they went down to St Lucia Zouks by seven wickets under Duckworth-Lewis-Stern here Thursday. The rains arrived following the first ball of the penultimate over with Tridents struggling on 131 for seven after opting to bat first at the Brian Lara Stadium, and kept players off the field for the next two hours.When the skies finally cleared, Zouks were left with a revised target of 47 of five overs and they outplayed Tridents to get home with five balls remaining.The affair remained an open one with Zouks on 24 for two in the third over but Andre Fletcher (16 not out) and Mohammad Nabi (15) struck some lusty blows to erase any doubt over the result. For the Zouks, the victory was their first following Wednesday’s defeat to Jamaica Tallawahs, and it left Tridents once again pondering a shambolic batting approach that also nearly failed them in Tuesday’s opening day victory over St Kitts and Nevis Patriots. Choosing to bat first, Tridents got 35 off 19 deliveries from opener Johnson Charles and a cameo 12-ball 27 from captain Jason Holder but again lost wickets in clusters with happy-go-lucky batting. Charles blasted three fours and two sixes as he scored all 35 runs in an opening stand with Shai Hope whose 19 came from 16 deliveries and included three fours.After already having belted seamer Scott Kuggeleijn over long on for six off the first ball of the fourth over, Charles then failed to clear mid-off with the third ball and found captain Darren Sammy’s safe hands at head height.Tridents quickly slipped to 64 for three in the ninth over as New Zealander Corey Anderson (2) drove a high full toss from Kuggeleijn to Roston Chase at cover in the sixth over and Hope picked out deep square with Afghanistan off-spinner Mohammad Nabi. Holder then counter-attacked in a 34-run, fourth wicket stand with Kyle Mayers (16), striking two effortless fours and sixes, to push the scoring along.He had blasted seamer Kesrick Williams to the cover boundary off the previous delivery when he tried to clear the ropes at long on off the next ball – the last of the 12th over – but succeeded only in holing out to Sammy.Holder’s dismissal triggered the slide as four wickets perished for 11 runs in the space of 16 deliveries. Jonathan Carter holed out in the deep off Chase’s off-spin for five, Mayers found Kuggeleijn’s lap at square leg off the next ball before Raymon Reifer (1) feathered a slash at off-spinner Mark Deyal’s third ball of his only over.Needing to score at just over nine to win, Zouks got the start they needed when Rahkeem Cornwall (14) whacked three consecutive boundaries in the first over from pacer Holder.And even though he, along with Najibullah Zadran (5) fell in quick succession, Nabi and Fletcher easily put the finishing touches on the short run chase.last_img read more

Dani Carvajal denies biting Mario Mandzukic in fiery Madrid derby

first_imgMario Mandzukic was involved in incidents with various Real Madrid players on Tuesday night. First of all with Sergio Ramos, whose elbow drew blood from the Croatian’s face. Albert Roge The Spain international has since taken to Twitter since the game finished. Using his account, he denied any such incident took place: Tweet: “Watching images of the game and they accuse me of biting a rival player, I want to make it clear I did not bite anyone, nor did I try to.” CEST Marcelo and Mario Suarez did pick up bookings, though, and they will both miss the return leg at the Bernabeu next Wednesday. 15/04/2015 Carvajal did not see a card for either of his actions.  In the replays you can see that apart from the punch, Carvajal also seems to bite the Atletico forward.  After Ramos, it was Dani Carvajal. In the 61st minute, the Madrid right-back incomprehensibly throws his arm, in a punching motion, towards Mandzukic while the referee’s back is turned.  Upd. at 16:31 last_img read more

Cool-climate clues

first_imgTHE genes that enable some lucernes to adapt to freezing temperatures could also help them endure dry spells, according to…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.last_img

Cardinia crime spree

first_imgBy Jessica Anstice Residents are growing increasingly frustrated by the rising rate of break-ins, car thefts and vandalism. Brazen thieves have stolen or…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.last_img

Over The Line – August 12th

first_imgGerry Murphy and Barry Cullinane were joined by AIG Irish Close Champion Ronan Mullarney, members of the Connacht Women’s Rugby Squad along with William Davies, Sligo Footballing legend Eamon O’Hara looked back at the All-Ireland Senior Football Semi-Finals, Kevin Dwyer looked at Galway’s Historic All-Ireland Minor Football Semi-Final win/ We looked at the LGFA All-Ireland Quarter-Finals, George McDonagh joined the guys from Ballinrobes Monday Evening meeting and we hear from Maree’s representatives on the Irish U20 Womens Basketball team who won Bronze at the FIBA European Championship. print WhatsApp Facebook Twitter Emaillast_img

Run Galway Bay Partners With Tesco, Because Every Little Helps

first_imgThe 2019 event will see 4,000 participants take ontheir running distance of choice. Starting and finishing in The Claddagh, thelooped route takes in the Wild Atlantic Way along the Salthill Prom beforereturning to the electric atmosphere at the finish line in The Claddagh viaSouth Park. Run Galway Bay, the hugely popular multi-distancerunning event on the shores of Galway Bay taking place this year on October 5this one of the most iconic running races Ireland. Participants signing up to theevent can choose from a flat, fast and friendly; Marathon, Half Marathon or 10kon the edge of the City of the Tribes. This year Run Galway Bay are delighted to announce apartnership with the major retail brand Tesco. Packet pick up for this year’sevent will take place at Tesco, Galway Shopping Centre, Headford Road on Friday4th October and Saturday 5th October. Speaking about the partnership, Ray O’Connor, RaceDirector of Run Galway Bay said ‘We are thrilled to welcome Tesco as a partnerto Run Galway Bay this year.  Theircontinued promotion of an active lifestyle and healthy eating in addition totheir excellent fresh food offering, perfectly complements our event. Tesco, asa big brand partner, adds a new dimension to our event which will facilitatethe further expansion and promotion of this sell-out event. Run Galway Bay isnow regarded as a major big City event with an International flavour butbecause of the quaint Claddagh village location, the event also has a uniquelocal community feel.Speaking on the partnership, Ruairi Twomey,Marketing Director Tesco Ireland said: “We are delighted to be supporting RunGalway Bay this year. With five stores across Galway, we know how popular theevent has become to our colleagues and customers. We wish all our customers andcolleagues taking part the very best of luck.”With numerous athletics clubs and large groups fromcompanies across the country already booked to take part in the largestmulti-distance running event in the West of Ireland, interest in the event isso high that all three distances are now fully sold out six weeks in advancewith a limited number of charity places to be released by Cancer Care West inthe coming days.For more information on the event log ontowww.rungalwaybay.comprint WhatsApp Facebook Twitter Emaillast_img read more