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Exclusive launch interview: CEO Jason Oakley on Recognise, Britain’s newest bank

Exclusive launch interview: CEO Jason Oakley on Recognise, Britain’s newest bank

first_imgFollowing FCA approval of a banking license application in November, SME lender Recognise’s banking operations formally launch this morning with four branches in the City, Manchester, Leeds and the Midlands, as well as an app and online platform. You mentioned to me earlier that many SMEs in Britain are ‘underserved’. Why do you feel traditional, established banks have let them down? It’s just after nine o’clock, Recognise’s website has just gone live and your four branches opened their doors minutes ago, congratulations. We are in the midst of a recession and a pandemic, however, and Brexit is knocking on the door. Why launch a bank now, in what is already quite a crowded and fiercely competitive space? To mark the arrival of Britain’s newest bank, City A.M. sits down with CEO Jason Oakley, a former head of commercial banking at Metro Bank, to find out why he believes that now is the right time to launch a new bank. whatsapp My sense is there are bigger issues in the world than the provision of banking services to the SME community in the developed world. Almost 31 per cent of the world’s population is still unbanked, so I would say big tech will certainly participate in the overall ecosystem and make financial services more accessible where it is not. We are a long way from where complex products and services such as  specialised SME finance are provided to businesses widely by the companies you mentioned. The provision of these are driven by a deep understanding of the client, their business, the ecosystem and the community they operate in. A relationship-led proposition which will be delivered through our relationship managers in London, Midlands, Manchester, and Leeds. They will meet each client and each new prospect will be contacted by an RM, online or in person. Our RMs are members of the local community themselves, so they understand the concerns and pressures specific to the SMEs in their respective locations. Sure, but how do you plan to build a personal and profound relationship with your clients if you are largely an online bank? The logo of the new bank, which formally launched this morning with four branches in the City, Manchester, the Midlands and Leeds Wednesday 9 December 2020 9:04 am Our interaction is actually relationship-led, digitally enabled. Our model incorporates true relationship management enabled by technology, not through a call centre. The closure of bank branches has seen many areas lose experienced bankers who understand local businesses, the community, and the economy. Old-fashioned personal relationships, expertise and continuity of service have become victims of the shrinking branch network. A different type of bank is needed that understands what SMEs really want, focusses on helping them with their challenges and prioritises their requirements. “The challenge is significant in so many ways. Our journey to a licence spanned over three years, it involved working closely with the regulator to shape our plans.”Oakley on obtaining a banking license from the FCA So, just to specify, how do you plan to do that? Michiel Willems center_img Show Comments ▼ The economic crash of 2007 was devastating in many ways, but one negative side effect was the erosion of expertise within banks in the SME sector. Good, profitable businesses now find themselves forced to communicate with their banks through call centres, having no dedicated relationship manager. Traditional banking products are often ‘one size fits all’, inflexible and don’t reflect specific business’s needs. Further, businesses will need a decent supply of credit to get through the tough years ahead. We need bankers who are in the community to help their clients. It may sound evangelical, but I really believe this is Recognise’s cause, serving the business customer. “We are launching without the antiquated systems, legacy book, historic problems and fundamental baggage that many of the established banks have to wrestle with.“ Finally, looking ahead, do you think, in a few years’ time, companies like Google, Facebook and Amazon will take over many traditional banking services? Share Recognise bank CEO Jason Oakley, a former head of commercial banking at Metro Bank There was a funding gap before the pandemic started and that will not have reduced since. The difference now is that many of the established players are having to focus on their existing portfolios and have little appetite for new business. [But] the need among small businesses for a responsive, flexible, tailored banking service is so clearly there. If anything, Covid has reinforced the need for businesses to have a bank who understands them, their opportunities and constraints, and a bank that will provide an experienced relationship manager to help them along the way.  Exclusive launch interview: CEO Jason Oakley on Recognise, Britain’s newest bank whatsapp “Too often, SMEs are pushed through to online portals and call centres that automatically reject applications which don’t meet banks’ rigid criteria. This has especially been the case since 2008.“ Tags: Challenger bankslast_img read more

Endangered Cook Inlet beluga whales continue to decline, and scientists aren’t sure why

Endangered Cook Inlet beluga whales continue to decline, and scientists aren’t sure why

first_imgAlaska’s Energy Desk | Energy & Mining | Environment | Federal Government | Oceans | Science & Tech | Southcentral | WildlifeEndangered Cook Inlet beluga whales continue to decline, and scientists aren’t sure whyMarch 5, 2020 by Kavitha George, Alaska’s Energy Desk – Kodiak Share:Cook Inlet beluga whale. (Public domain photo by Paul Wade/NOAA Fisheries)Audio Playerhttps://media.ktoo.org/2020/03/28BELUGAS.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.The decline of the white whales in the inlet in view of Anchorage has been going on for decades.In the 1970s they numbered around 1,400. In 2008, Cook Inlet belugas were listed as endangered, and still the numbers continued to drop. With new analysis methods today, there are even fewer whales than previously thought — less than 300, and steadily declining from there.Still, the reasons why Cook Inlet belugas are disappearing are still largely a mystery to researchers.“It’s such a frustration to not be able to really understand why the population is not recovering,” said Paul Wade, a National Oceanic and Atmospheric Administration researcher who has done aerial surveys of Cook Inlet belugas since the 1990s. “So we are just stuck with hypotheses that we really cannot yet prove or disprove.”Wade and other researchers have a number of theories for why they’re disappearing, from direct human interaction to climate change disrupting their food source.“I think the reduction in prey is something that we have a little more concern and want more information about, given … declines in salmon in Alaska, including some of the salmon runs in Cook Inlet,” he said.Cook Inlet is also just really loud. Passenger and cargo jets roar into Anchorage multiple times a day. Container ships deliver food and consumer goods to the busy port. Cruise ships travel through in the summers, and a railroad follows the inlet down the coast.All of these can interfere with belugas’ echolocation — the clicking, chirping and whistling noises they make to “see” through the murky water.Wade said sound interference can make it harder for them to find prey and may prevent them from entering certain parts of their habitat. A loud environment can also make it more difficult for a calf to call for its mother, potentially separating a young whale from its mom, he said.A Cook Inlet beluga whale mother and neonatal calf swim together. (Public domain photo by Hollis Europe and Jacob Barbaro/NOAA Fisheries)Environmental advocates have blamed some of the sound disturbance on drilling activities in Cook Inlet.Last fall, the Center for Biological Diversity sued the National Marine Fisheries Service, also known as NOAA Fisheries, for authorizing Hilcorp’s oil and gas activities in the area. The conservation group says that’s in violation of the Endangered Species Act protecting the belugas.Center for Biological Diversity lawyer Julie Teel Simmonds said seismic surveys and pile driving can reach up to 250 decibels, threatening beluga health.“What you see is death by a thousand cuts for these kinds of species like belugas,” she said. “It is just a cumulative approval of these projects one by one, with the government and the industry unwilling to look at the picture as a whole and say, ‘This species is not going to make it, and together these activities are killing the Cook Inlet beluga.’”NOAA Fisheries told KTUU last month that the limitations in place are sufficient, even with the further decline in belugas.Hilcorp did not respond to a request for comment in time for broadcast.Part of the reason scientists haven’t been able to narrow down the reasons for the Cook Inlet beluga decline is that they’re very difficult to study. Cook Inlet has silty, opaque water that makes the whales difficult to photograph in the water — much of Cook Inlet beluga research has to be done from the air.Even studying washed up belugas is tricky. Kathy Burek, a veterinary pathologist based in Anchorage, remembers studying one beluga that died from choking on a flounder, but beyond that she said it’s hard to remember any with a distinct cause of death.“Whales get rotten really fast. And once they start getting rotten, you can’t do a lot of the testing that you do to see if they died of an infectious disease.” It’s frustrating, Burek said, but “The vast majority of time, I don’t know why they died.”Cook Inlet belugas are a genetically distinct population, separated from the nearest other cluster of Alaskan belugas — in Bristol Bay — by hundreds of miles. Wade said that if this population were to go extinct, it’s very unlikely that other white whales would swim over to take their place.NOAA has an ongoing acoustic monitoring effort to study beluga movements in Cook Inlet and try to explain the decline. The next aerial survey is scheduled for this summer. Dunleavy administration wants to join court case in defense of Hilcorp’s search for Cook Inlet oilShare this story:last_img read more

Fairbanks City Council members question mayor’s screening process for next police chief

Fairbanks City Council members question mayor’s screening process for next police chief

first_imgInterior | Public SafetyFairbanks City Council members question mayor’s screening process for next police chiefFebruary 10, 2021 by Dan Bross and Robyne, KUAC – Fairbanks Share:Fairbanks Mayor Jim Matherly speaks from the deck of the historic S.S. Nenana steamboat at Pioneer Park in Fairbanks on July 4, 2017. (Photo by Mary M. Rall/U.S. Army Alaska Public Affairs)There’s concern about the process that Fairbanks Mayor Jim Matherly used to review applicants vying to be the city’s next police chief. At a city council meeting this week, some public comments were critical of a process that screened out applicants prior to the interview stage.Mayor Matherly described one step in the process, where Juneau Police Chief Ed Mercer and consultant Greg Russell screened applications.“They reviewed the 18 applications we got,” Matherly said. “We got 18 of them, and they reviewed every resume for minimum and preferred experience and qualifications.”Matherly said Mercer and Russell selected 10 candidates to be interviewed by a local review committee. The panel ultimately selected 5 finalists for participation in a public forum scheduled for tonight.Although the council was sent a memo about the process on Jan. 25, council member Valerie Therrien took issue with the mayor’s lack of  transparency about the screening process.“You never advised us that there would be two people that would be deselecting individuals to be interviewed by the committee,” she said.Therrien said the situation is especially concerning because two local candidates were among those screened out prior to the interview stage. Fellow council member June Rogers said she’s received a lot of public feedback about the issue.“So many letters and calls from people who are concerned,” she said. “It doesn’t bode well for us.”Rogers joined Therrien in suggesting a pause in the hiring process. Council members Aaron Gibson and Jim Clark underscored that both the mayor and council have roles to play.“He has that right to choose who he wants for police chief,” Clark said. “And we have, as a council, the right to either agree with him or send him back to the drawing board.”The finalists for the police chief job include two internal applicants: acting City Police Chief Rick Sweet and Acting Deputy Chief Ron Dupee. The other three finalists are from Outside: Koula Black is a major with the Mocksville Police Department in North Carolina, Derek Bos is Brush, Colorado’s police chief and Todd Richardson is a sheriff’s deputy in Beaver County, Utah.The city’s diversity council is hosting tonight’s public forum for the five finalists. City spokeswoman Teal Soden says it will be similar to the last time the city hired a police chief.“This is the way for the applicants to introduce themselves to the community, and for the community to hear them answer a few questions provided by the Fairbanks Diversity Council,” Soden said.All five candidates will answer two questions sent to them yesterday, followed by additional questions not provided in advance. Soden says the questions were written by the diversity council.“Some of the questions are specifically about diversity, and so we thought that they would be the best ones to think about what they would like to see in a police chief,” Soden said. “And also the Fairbanks Diversity Council covers many sectors of our community, and we wanted them to participate as well.”Share this story:last_img read more

News / ‘Bitter taste’ in 2M as MSC poaches star exec and noses toward top liner ranking

News / ‘Bitter taste’ in 2M as MSC poaches star exec and noses toward top liner ranking

first_img Maersk’s cuts in capital expenditure, including its decision not to order new vessels in the next two years, will clear the way for MSC to take over as the top-ranked ocean carrier, according to Alphaliner,And The Loadstar’s sources suggested that this “profit over market share” strategy by the Danish transport group may have contributed to its chief operating officer, Soren Toft, being head-hunted by MSC as its new CEO.During Maersk’s Q3 earnings call last week, chief financial officer Carolina Dybeck Happe confirmed the company would maintain its “strong commitment to capital discipline”, setting a combined capex limit for 2020 and 2021 of $3-$4bn.Alphaliner noted that the expenditure limit was below the group’s annual depreciation of about $3bn per year, excluding leases, and thus would “result in a shrinking asset base for the company over the next two years”.Ms Dybeck Happe also confirmed: “There are no intentions now to invest in any large vessels,” and that the strategy of its ocean sector was to “grow in line with the market, or slightly below, in the next couple of years”.She added: “We will of course, at some point need to replenish our fleet to remain with a competitive network.”According to Alphaliner data, Maersk’s rivals have “continued to gain ground” in terms of vessel capacity, with MSC and Cosco expanding by 1.1% and 1% respectively in the past year. This compares with the Danish carrier’s 1.5% contraction.And, with its orderbook of 304,000 teu, MSC will be at least on par with its 2M partner in capacity terms by 2021, if Maersk sticks to its capacity limit of 4m teu.And there presently seems little appetite in Copenhagen for ordering new ULCVs. During the same earnings call, CEO Soren Skou was sceptical about the cost advantages of building 23,000 teu ships, currently in vogue with Maersk’s rivals.Referring to the potential cost advantages between 18,000, 19,000, 20,000 or 23,000 teu ships, he said: “All of these ships are basically 400m long and 59m wide. You can adjust a little bit, and maybe squeeze a few more containers on, but I think it’s very marginal. In any event, you have to fill these ships to get all the advantages.”Nevertheless, Mr Skou appeared to acknowledge that it was still important in the market to offer the biggest ships. He said: “We already, together with MSC in the 2M network, operate by far the largest ships.”Meanwhile, The Loadstar understands that lawyers in Copenhagen and Geneva are thrashing out the details of Mr Toft’s new contract with MSC and the terms of his exit from Maersk. It was announced by MSC yesterday that Mr Toft and his family would be relocating to Geneva and that his start date would be “communicated in due course”.Effectively, Mr Toft is on “gardening leave” from Maersk while the legal issues are agreed, but one source told The Loadstar yesterday Maersk “would not make it easy” and that the poaching of this star executive had left a “bitter taste” in the day-to-day 2M relationship. By Mike Wackett 20/11/2019last_img read more

FDA panel says risk of opioid use in kids’ cough medicines outweighs benefits

FDA panel says risk of opioid use in kids’ cough medicines outweighs benefits

first_img By Ike Swetlitz Sept. 11, 2017 Reprints Why is whooping cough on the rise? Scientists disagree Related: HealthFDA panel says risk of opioid use in kids’ cough medicines outweighs benefits Leave this field empty if you’re human: But the agency decided not to follow the committee’s advice, limiting its warning to cover only children under the age of 12. A couple of attendees at Monday’s meeting asked why.“It was a difficult decision,” said Dr. Sally Seymour, the deputy director for safety in the division of pulmonary, allergy, and rheumatology products at the Center for Drug Evaluation and Research at the FDA, who participated in the 2015 meeting. “In the end, we came to the decision primarily on the data and where the cases were for respiratory depression and death, and they were primarily in children less than 12 years of age.”Those data come from the FDA Adverse Event Reporting System. Between January 1969 and May 2015, there were 64 reported cases of respiratory depression, which is incredibly slow breathing that leads to a buildup of carbon dioxide in the lungs. Twenty-four of those cases resulted in death in individuals younger than 18, according to the agency.  Twenty-one of those children who died were younger than 12.Seymour also noted that the FDA wanted to make sure that cough medicines containing codeine were available for older children who needed them, while keeping them away from children who might be more at risk of being harmed.Some committee members also brought up over-the-counter medications that contain codeine, and wondered whether they would be dealt with in a similar way to prescription medications.“We do think that, ultimately, whatever decision you make today with respect to what you would recommend for the prescription products will be — we will try to apply those consistent determinations to what is done with the OTC products,” said John Alexander, the FDA’s deputy director for the division of pediatric and maternal health in the Office of Drug Evaluation in the Center for Drug Evaluation and Research. Please enter a valid email address. APStock “It’s not clear to me that changing the age will have the largest impact on this, because most of the misuse that we’re seeing in adolescents is actually due to diversion, and not necessarily that kids are misusing the medications that are prescribed to them,” said Dr. Sharon Levy, assistant professor of pediatrics at Harvard Medical School and the director of the adolescent substance abuse program at Boston Children’s Hospital.Doctors on the committee mainly expressed concern not that kids will get addicted to codeine or hydrocodone in cough medicine prescribed to them — rather, that there’s little evidence the drugs work to treat cough in children, and there’s lots of evidence that they can have serious side effects. The body turns codeine into morphine, but at unpredictable rates, so the safe dose for one child could be deadly for another.“I haven’t … ever been taught that morphine is an appropriate anti-cough medicine,” said Dr. Kelly Wade, a neonatologist at the Children’s Hospital of Philadelphia. She added, “This is really historic and antiquated cough medicine.”Indeed, one committee member compared the question of the day to “Mrs. Winslow’s Soothing Syrup,” a 19th-century cough medicine, ridiculed as a “baby killer” in a 1911 American Medical Association publication, “Nostrums and Quackery.” The active ingredient in the syrup was morphine.The FDA already warned in August that cough syrup containing codeine should not be given to children younger than 12. If the agency acts in line with this advisory committee, it might consider expanding the warning for children up to age 18.The August warning came after a different FDA advisory committee meeting in December 2015. After the committee discussed the safety of codeine in children, a majority voted to recommend that codeine not be used to treat cough in children under 18. Newsletters Sign up for Morning Rounds Your daily dose of news in health and medicine. Tags infectious diseasepediatrics Privacy Policy ROCKVILLE, Md. — A federal advisory committee sent a strong message to the Food and Drug Administration on Monday, declaring nearly unanimously that the risks of using certain opioids in children’s cough medications outweighs the benefits.“We have a disease with a very low risk profile, yet we’re looking at a drug that has a risk of death,” said Dr. Christy Turer, an assistant professor of pediatrics, clinical sciences, and medicine at the University of Texas Southwestern. “That, to me, seems very disproportionate.”The recommendation by the FDA advisory committee was part of the agency’s ongoing effort to consider whether and how opiates and opioids should be used in medicine for children, an issue that has been the subject of hearings and warnings for a decade. The panel on Monday was convened to consider whether the benefits of children using cough medications containing codeine or hydrocodone outweigh the risks, focusing specifically on children in two age groups: those 6 to 12, for whom the FDA already recommends against using codeine for cough, and those 12 to 18.advertisement With increased public attention on prescription opioid abuse, the meeting was also cast as an attempt to think about the question of cough medicine in a new way, taking into account the broad public health implications of a world with more opioids.But a Harvard professor who gave a presentation at the meeting questioned whether focusing on age limits was the most effective way to stop abuse.advertisementlast_img read more

Bill Gross to manage new National Bank fixed-income fund

Bill Gross to manage new National Bank fixed-income fund

first_img NEO, Invesco launch four index PTFs CI makes portfolio management changes nonwarit/123RF Tessie Sanci Montreal-based National Bank Investments Inc. (NBI) has announced that Bill Gross, the internationally known fixed-income investor, will manage the firm’s new NBI Unconstrained Fixed Income Fund. Gross is currently a portfolio manager with Denver-based Janus Capital Group Inc. and co-founder of Newport Beach, Calif.-based Pacific Investment Management Co. LLC (PIMCO). Gross served as managing director and chief investment officer at PIMCO prior to joining Janus in 2014. “We’re excited to give Canadian investors access to Bill’s renowned portfolio management expertise,” says Jonathan Durocher, president of NBI, in a statement. “His unconstrained, macro style of investing will offer investors an exceptional approach to navigating today’s markets.” NBI Unconstrained Fixed Income Fund seeks to achieve absolute risk-adjusted returns throughout various market environments. The fund is designed so that managers have “significant latitude” to select the most attractive opportunities across the global fixed income spectrum and they are not constrained by traditional benchmark-specific guidelines, according to NBI’s announcement. “National Bank Investments has expressed confidence in me at Janus and in our ability to deliver for Canadian investors,” says Gross through a statement. “I’m looking forward to our partnership and putting our best efforts to work for their investors.” Photo copyright: nonwarit/123RF Keywords Fund managersCompanies National Bank Investments Inc. Share this article and your comments with peers on social media Change to Counsel Global Small Cap Fund Related news Franklin Templeton renames funds with new managers Facebook LinkedIn Twitterlast_img read more

Group calls for end of dual-class share structures

Group calls for end of dual-class share structures

first_img A collection of global asset-management firms unveiled a set of principles for institutional investors and a set of corporate governance standards for public companies that are intended to help drive the creation of long-term value. New committee on corporate governance launches CSA looking to develop new system for analyzing market data Richardson Wealth, Bloom Burton form healthcare sector–focused alliance James Langton Keywords Corporate governance,  Institutional investors Pension managers call for strengthened ESG disclosure by companies Related news Share this article and your comments with peers on social media Specifically, the Investor Stewardship Group — which includes U.S.-based firms such as BlackRock Inc., the Vanguard Group, and T. Rowe Price Group Inc., along with MFS Investment Management and Royal Bank of Canada’s asset-management division, among others, and represents US$17 trillion in assets under management — is calling for an end to public companies using dual-class share structures by ensuring that shareholders are entitled to voting rights in proportion to their economic interest. The group also stresses that boards are accountable to shareholders and should be responsive to their demands; that boards should be independent; and that they should develop management incentive structures that are aligned with the long-term strategy of the company. The principles for institutional investors stress that they are accountable to those whose money they invest. The group is calling on firms to demonstrate how they evaluate corporate governance; that they should disclose how they manage potential conflicts of interest in their proxy voting; and that they should attempt to resolve differences with companies in a pragmatic way. The new corporate governance framework is slated to go into effect Jan. 1, 2018 to give U.S. companies time to adjust to its standards in advance of the 2018 proxy season. “In markets around the world, there are well-established governance and stewardship codes. The Investor Stewardship Group’s goal is to codify the fundamentals of good corporate governance and establish baseline expectations for U.S. corporations and their institutional shareholders,” says Anne Sheehan, director of corporate governance at the California State Teachers’ Retirement System, in a statement. “The group brings all types of investors together and enables us to speak with one voice on these fundamental issues.” “We believe that the principles detailed in the framework will further the productive dialogue and, most importantly, continue to drive positive change among institutional investors and the companies in which they invest,” adds Glenn Booraem, principal and fund treasurer with0 Vanguard. “By articulating this set of shared behavioural expectations, we seek to promote our common objectives to create sustainable, long-term value for all shareholders.” Photo copyright: photofriday/123RF Facebook LinkedIn Twitterlast_img read more

CFTC pays whistleblower $6 million

CFTC pays whistleblower $6 million

first_img Related news Prospect of whistleblower riches causes friction James Langton Businessman Blowing Whistle Isolated on White Background EHStock/iStock The U.S. Commodity Futures Trading Commission (CFTC) is paying a whistleblower more than US$6 million for tipping off the regulator to misconduct.The U.S. derivatives regulator said that this latest award will be paid to a tipster who “voluntarily provided original information” that resulted in a successful enforcement action. Share this article and your comments with peers on social media “The CFTC opened its investigation upon receiving the whistleblower’s information, which was specific, credible and timely,” the regulator said.The details of whistleblower cases are not revealed in order to protect the identity of tipsters.With this latest payout, the CFTC said that it has now paid over US$110 million in whistleblower awards in cases that have generated almost US$900 million in relief.“This award — together with the many that have preceded it — shows that in its short history, the commission’s whistleblower program has significantly strengthened our enforcement program,” said James McDonald, director of enforcement at the CFTC.“The contribution that whistleblowers have made cannot be overstated,” he said. “We are very grateful for the value that whistleblowers have added to our investigations and litigations.” Zoom seminar debacle attracts OSC warning Keywords WhistleblowersCompanies Commodity Futures Trading Commission SEC’s whistleblower payouts top US$900 million Facebook LinkedIn Twitterlast_img read more

Budget officer blasts lack of detail in Liberals’ $100B stimulus plan

Budget officer blasts lack of detail in Liberals’ $100B stimulus plan

first_img Covid vaccine-sharing discussions to dominate G7 summit talks Parliament’s budget watchdog is raising red flags over the lack of details in the Liberal government’s $100-billion stimulus plan, suggesting Finance Minister Chrystia Freeland’s phone is likely “ringing off the hook” from lobbyists wanting a piece of the action.Freeland presented last month what the Liberals have described as a plan to help recover from the Covid-19 pandemic by opening the spending taps over the next three years to build a greener and more inclusive economy. Parliamentary budget officer Yves Giroux says he is concerned by the lack of detail offered by the government on its plan, telling reporters during a briefing Thursday: “For an amount of that magnitude over three years, I’ve never seen that.“And I’m surprised the government went for that because that exposes the government and the minister of finance to significant lobbying,” Giroux added. “I can only imagine how (Freeland’s) phone must be ringing off the hook.”The government has said it cannot provide more details on its plans now because the money will start to roll out only after the pandemic is under control and the economy is ready for new investments to boost jobs and growth.“Given the uncertainty of the virus, and our eventual recovery, it is premature for anyone to project exactly how the recovery will play out, or when spending will need to be wound down,” Freeland’s spokeswoman Katherine Cuplinskas said in an email.Yet the parliamentary budget officer also suggested that if the Liberals’ spending plan is meant to help the economy return to pre-pandemic levels, it risks missing the mark.The government has said the tap will remain open until several “fiscal guardrails” tied to the labour market are met. Those include improvements in employment, unemployment and total hours worked, though the Liberals have not revealed specific targets for each.Giroux predicted each of those guardrails will return to pre-pandemic levels within the next 18 months, which “would suggest that the size and timing of the planned fiscal stimulus may be miscalibrated. In other words, it could be too much and too late.”However, he added, if the purpose of the spending “is to make structural changes to the economy, that’s a different story.”The Liberals have indicated that they plan to shakeup some parts of the economy, such as measures to help fight climate change, kick-start a bio-manufacturing industry to make vaccines and medication and build a national childcare system.The budget officer also raised questions about the Liberals’ long-term plans to deal with a freeze on employment-insurance premiums implemented during the pandemic, which Giroux said will leave the government with a $52-billion deficit in the EI operating account.He also flagged concerns around plans to expand how much the finance minister can borrow on behalf of the government by more than 50%, including for the $100 billion in unallocated stimulus funds.Freeland defended that plan during a parliamentary committee meeting earlier this week, describing it as a “prudent measure” to ensure the government has the flexibility needed to respond to the pandemic, but that it does not intend to borrow the money.Conservative finance critic Pierre Poilievre told Freeland that if the Liberals don’t need the money, there is no need to raise the limit. Related news Digital shift cushioned blow to post-pandemic growth outlook, BoC deputy says Share this article and your comments with peers on social media Lee BerthiaumeCanadian Press Economy grew at 5.6% annual rate in first quarter of year, Statistics Canada says 5994395 - front view of the canadian parliament building , with nobody showing 123RF Keywords Economy,  Coronavirus Facebook LinkedIn Twitterlast_img read more

Jamaicans Urged to Devise New Strategies to Deal with Issues

Jamaicans Urged to Devise New Strategies to Deal with Issues

first_imgJamaicans Urged to Devise New Strategies to Deal with Issues UncategorizedAugust 8, 2008 RelatedJamaicans Urged to Devise New Strategies to Deal with Issues RelatedJamaicans Urged to Devise New Strategies to Deal with Issues Advertisementscenter_img FacebookTwitterWhatsAppEmail Governor General, His Excellency the Most Hon. Professor Sir Kenneth Hall, has called on Jamaicans to recognize the seriousness of the challenges faced by the country, and the need to devise new ways of dealing with these issues.He said that while “we are proud of our political independence,” and have made significant progress over the past 46 years in creating a democracy in which all citizens are highly valued, and have forged honourable relationships with the nations of the global village, the issues that seek to erode attempts at advancement, need to be addressed urgently.Sir Kenneth’s Independence Day message was delivered by the Hon. R. James deRoux, Custos of Clarendon, at the flag-raising ceremony held in May Pen on Wednesday, (August 6).“We are a proud people who place great value on our political independence. In these 46 years, successive governments have made significant strides in the creation of a democratic society in which we value highly the worth of each citizen, while maintaining honourable relations with other nations in this region and around the world,” the Governor General said.“However, even as we celebrate these achievements and set an agenda for economic progress, let us not forget the new challenges that we face today, particularly in the areas of crime and violence. We must accept that the world has undergone dramatic changes, and in response to the challenges of the new millennium, we must adopt new methodologies and new approaches to address the issues we face today. Lawlessness, which continues to erode the social order and undermine the economic strides we are making, must be urgently addressed and eliminated,” Sir Kenneth emphasised.He implored Jamaicans to remember the positives, the achievements and the milestones, which provide the nation with hope. He said in spite of its small size, the island had done itself proud by achieving high international standards in many areas, including music, athletics and production. He expressed confidence that the athletes who would be performing in the Summer Olympics in Beijing, China, would perform at their usual best.The Governor General said that the young people, the future leaders of the nation, should be made to understand the critical role they have to play. He called on parents and teachers to focus on providing these young people with a greater understanding of the significance of Independence, and to “inspire them with a vision of the great possibilities that lie ahead.” RelatedJamaicans Urged to Devise New Strategies to Deal with Issueslast_img read more