Bank of England policymaker maintains interest rate cut view

first_img whatsapp Bank of England policymaker maintains interest rate cut view Show Comments ▼ “My own view is that, even if the economy improves slightly from the recent pace, risks for the next year or two are on the side of a more protracted period of sluggish growth than the MPR (Monetary Policy Report) forecast,” Saunders added. Share Bank of England (BoE) policymaker Michael Saunders has said he is sticking to his view that interest rates should be cut because of weaknesses in the UK’s labour market and wider economy. Since then, several other MPC members  — including outgoing BoE governor Mark Carney — have suggested a rate cut may be necessary. Read more: Bank of England’s Sam Woods warns of crackdown on the City “With limited monetary policy space, risk management considerations favour a relatively prompt and aggressive response to downside risks at present.” whatsapp “It probably will be appropriate to maintain an expansionary monetary policy stance and possibly to cut rates further, in order to reduce risks of a sustained undershoot of the two per cent inflation target,” Saunders said in a speech on Wednesday morning. Read more: Bank of England rate-setter hints at cut Saunders was one of two of the BoE’s monetary policy committee’s (MPC) nine members who voted to cut interest rates late last year.  Wednesday 15 January 2020 9:26 am Sterling was 0.2 per cent down against the dollar in morning trading on Wednesday. Anna Menin “But, taken as a whole … business surveys are generally soft and consistent with little or no growth in the economy,” he said. Saunders voted to cut interest rates late last year Saunders said that while some recent surveys had suggested Britain’s economy had improved, while others had worsened and remained sluggish.  Tags: Bank of Englandlast_img read more

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OECD: UK economy to take world’s biggest hit from Covid-19

first_img“By the end of 2021, the loss of income exceeds that of any previous recession over the last 100 years outside wartime, with dire and long-lasting consequences for people, firms and governments,” said OECD chief economist Laurence Boone. More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Responding to the OECD predictions, Chancellor Rishi Sunak said the UK was “seeing the significant impact of coronavirus on our country and our economy”, alongside “many other economies around the world”. Before the Open newsletter: Start your day with the City View podcast and key market data by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeGloriousaMan Claims To Be ‘Time Traveler’, Then Reveals Fascinating TruthGloriousaFactablePut Baking Soda Around The Base Of A Tomato Plant, Here’s WhyFactablezenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comGundry MDDoctor Reveals: How To Reduce Belly Fat Without Exercise?Gundry MDHero WarsThis game will keep you up all night!Hero Warsbonvoyaged.comYour IQ Is 142 If You Get 15/20 On This General Knowledge Quizbonvoyaged.comVikings: Free Online GameIf you’re over 50 – this game is a must!Vikings: Free Online GameMaternity WeekThis Was Found Hiding In An Oil Painting – Take A Closer LookMaternity WeekEliteSinglesThis Is Where the Majority of Divorced Over 40 Are Finding Love Again in ScottsdaleEliteSingles Tags: Coronavirus Spreadex’s Connor Campbell noted that while the OECD’s predictions for the UK “are, technically, better than the Bank of England’s internal forecasts, which have the economy contracting by 14 per cent.” Read more: Markets live: FTSE 100 rebounds as focus shifts to Fed rates decision Wednesday 10 June 2020 2:28 pm “However, that’s small comfort given that the OECD has stated the UK will likely suffer more than any other country in the ‘developed’ world,” he added. In the double hit scenario, the UK economy is expected to contract 14 per cent, just behind France at 14.1 per cent. Show Comments ▼ Air travel and motor vehicle production were the hardest hit parts of the UK economy during the pandemic (Credit: GraphicOne) Read more: Coronavirus: UK economy set for ‘most severe downturn in modern times’ Under the single hit scenario, the UK is predicted to be the hardest hit major economy with GDP shrinking 11.5 per cent. The UK will suffer the largest economic hit from the coronavirus pandemic among major nations this year, the Organisation for Economic Cooperation and Development (OECD) has warned.  “Ultra-accommodative monetary policies and higher public debt are necessary and will be accepted as long as economic activity and inflation are depressed, and unemployment is high,” Boone said. Predicting that the UK economy could contract between 11.5 and 14 per cent in 2020, the organisation said Covid-19 represents the biggest peacetime economic downturn in a century and the “worst health and economic crisis since WWII”. With crisis responses set to shape economic and social prospects for the coming decade, Boone urged governments not to shy away from debt-financed spending to support low-paid workers and investment.center_img OECD: UK economy to take world’s biggest hit from Covid-19 The OECD’s grim predictions wiped out the small gains that the FTSE 100 had made in early trading, sending London and its European peers sharply into the red.  Anna Menin As the threat of a second wave of contagion keeps uncertainty high, Boone urged governments to cooperate on a treatment and vaccine for the virus. However, it predicted that a second wave of infections this year could see the global economy contract 7.6 per cent in 2020 before growing only 2.8 per cent next year. “The unprecedented action we’ve taken to provide lifelines that help people and businesses through the economic disruption will ensure our economic recovery is as strong and as swift as possible.” whatsapp ‘Policymakers face tightrope walk’ The UK faces an 11.5 per cent contraction, compared to an average six per cent slump (Credit: GraphicOne) (AFP via Getty Images) Share whatsapp “As long as no vaccine or treatment is widely available, policymakers around the world will continue to walk on a tightrope,” she added.  “I’ve been clear that our top priority has always been to support people, jobs and businesses through this crisis- and this is what we’ve done,” he continued.  The OECD forecast the global economy would contract six per cent this year before bouncing back with 5.2 per cent growth in 2021, providing the outbreak is kept under control. The OECD set out two “equally possible” forecasts for all G20 economies: the so-called double hit in which there is a second major coronavirus outbreak later in 2020, and a single hit outcome in which the virus is kept under control. last_img read more

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Smacron! French president slapped in the face during walkabout

first_imgTuesday 8 June 2021 2:30 pm The En Marche leader’s popularity has slumped since riding a wave of centrist enthusiasm into the Elysee Palace in 2017. whatsapp City A.M. Reporter Smacron! French president slapped in the face during walkabout He’s not the first and won’t be the last, but Emmanuel Macron has become the latest politician to discover that interactions with the public don’t always go to plan. Unlike John Prescott, Macron elected not to respond with a right hook of his own. “We must put this incident in perspective, this is an isolated event,” he told local media. “We must not let ultra-violent people take over the public debate, they do not deserve it.” Whilst on a walkabout earlier today outside the small south-western city of Vallence, Macron was slapped in the face as he shook hands with a group of well-wishers. One of the protesters appears to have shouted “Bas a La Macronie” – down with Macron. Read more: Brexit: PM tells Macron EU and UK must make Northern Ireland protocol work He faces challenges on the left and right for re-election in next year’s elections. French President Emmanuel Macron (Getty Images) Show Comments ▼ However, his popularity may be boosted as French bars are finally able to open their doors to indoors customers this week. Macron later insisted the slapping incident was an “isolated event”. Share whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comWhy people are finding dryer sheets in their mailboxesnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com Two men have been arrested. last_img read more

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Photos: Juneau residents honor fallen service members in Memorial Day ceremony

first_img Jack Gould’s daughter-in-law sets aside her grave tending tools to watch the Memorial Day service at Evergreen Cemetery on May 27, 2019. The red and yellow flag signifies that the deceased was a veteran of the local fire department. (Photo by Matt Miller/KTOO) Sam Marnon, a sophomore at Juneau-Douglas High School: Yadaa.at Kalé, plays taps during the Memorial Day service at Evergreen Cemetery on May 27, 2019. (Photo by Matt Miller/KTOO) U.S. flags were placed at the gravestones of veterans for the Memorial Day service at Evergreen Cemetery on May 27, 2019. (Photo by Matt Miller/KTOO) U.S. Coast Guard color guard stands ready before the Memorial Day service at Evergreen Cemetery on May 27, 2019. (Photo by Matt Miller/KTOO)center_img Community | History | Juneau | Military | SoutheastPhotos: Juneau residents honor fallen service members in Memorial Day ceremonyMay 28, 2019 by Matt Miller, KTOO Share: Juneau residents remembered those who died while in the service of their country during a Memorial Day observance at Evergreen Cemetery on May 27, 2019.The gravestones of many Juneau veterans were marked with U.S. flags and flowers.Capt. Melissa Rivera, chief of staff for the 17th Coast Guard District, spoke at the brief ceremony organized by Veterans of Foreign Wars Taku Post 5559.Share this story:last_img read more

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CMC Markets to float next year after taking rivals’ customers

first_img whatsapp whatsapp Express KCS Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment GuruEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmLivestlyThe Best Redhead Actresses, RankedLivestlyNovelodgePierce Brosnan’s Wife Lost 120 Pounds – This Is Her NowNovelodgeTotal PastThis Was Found Hiding In An Oil Painting – Take A Closer LookTotal Past Thursday 28 May 2015 8:53 pm SPREADBETTING and trading firm CMC Markets is hiring investment bankers to plan a stock market flotation next year, chief executive Peter Cruddas announced yesterday.Much of the sector has been shaken this year by the shock of the Swiss National Bank scrapping its currency’s cap against the euro, which resulted in some firms closing down. But Cruddas said it benefitted CMC, which is an unusually large player in the industry.“We’ve seen something of a flight to safety – we have been around for 25 years, and at the end of the day clients want to go with a tried and trusted provider,” he told City A.M..Last year Cruddas said a flotation would wait until the firm had grown further. But yesterday he said the expansion of the past six months has taken even him by surprise, leading to the decision to go public.CMC yesterday announced its full year financial results, showing underlying profits of £51.9m, up 61 per cent on the year.Cruddas and his wife own 90 per cent of the firm, while Goldman Sachs owns the other 10 per cent – the investment bank acquired the stake in 2006, after stock market volatility led CMC to abandon its previous attempted float. center_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Drake & Josh’ Star Drake Bell Arrested in Ohio on Attempted ChildThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Kevin Can F**k Himself’ TV Review: Annie Murphy Blows Up the Idea of aThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap CMC Markets to float next year after taking rivals’ customers Share Tags: NULLlast_img read more

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Air cargo destinations ‘cherry pick’ as the peak season turns rotten for exporters

first_img By Ian Putzger 08/07/2016 Air cargo freighters have descended on Seattle-Tacoma airport to gorge on cherries out of the Pacific north-west, after the crop further south yielded poor loads.Exports of Californian cherries to Asia were “a trickle” this year, dashing airlines’ hopes for a strong spike in westbound traffic in late May and June.“The cherry season was the worst in 20 years,” reported Roger Samways, managing director of global accounts and sales strategy at American Airlines Cargo.According to Chris Connell, president of Los Angeles-based perishables specialist Commodity Forwarders, the crop out of California did not constitute the worst season on record, but exports were very low because most of the harvest ended up on US grocers’ shelves.A combination of wind, rain and heat, all hitting the crop at the wrong time, affected the quality of the cherries from California. Because of this the majority of growers decided not to take the risk of flying their cherries to overseas markets to face the risk of negative returns if the quality did not hold up at the other end, he said. Instead, they aimed their promotions at the US market, where shorter transit times and lower transport costs improved their chances of decent returns.“Japan and Korea are takers of high-quality cherries. They wanted the crop. No question, there was demand,” Mr Connell said.However, Japanese retailers decided, on the strength of the experience with the California crop, that they would not hold out for cherries from the north-west.“Because of the quality of the California cherries, they went for other commodities. When the Washington cherries came up, they did not show much enthusiasm. They had not delayed their promotions, they simply moved on to a different commodity set,” Mr Connell said.Importers in Korea, on the other hand, proved avid takers for the north-west crop, reinforcing their country’s image as “the new Japan”, in terms of US cherry imports. Hence, most of the all-cargo charters out of Seattle hauling cherries are headed for Seoul.Mr Connell sees a silver lining in the situation. Traditionally some of the crop from the north-west is shipped to Asia by boat, but given the convergence of a limited crop and lower fuel prices, this traffic is now going by air.He expects the activity in Seattle to continue for a little while, as the US market has had its share of cherries.“Post-fourth of July, promotions in the US market are over and there is more focus on exports. The domestic market is going to be flat,” he said.In the past, a sizeable portion of US cherries would go to Europe, especially the UK, but this traffic has diminished steadily over the past five years, as output in the UK has been rising, he noted. © Luckydoor |last_img read more

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News / Rise in US manufacturing suggests a road to recovery – but stay cautious

first_img The US economy appears to be on the road to recovery, judging by the improvement in manufacturing in July and rising export orders.However, pundits caution operators to adopt a flexible stance, as the trajectory of the pandemic could lead to decline in the short term.Data released by the Institute for Supply Management (ISM) show that the US Purchasing Managers Index (PMI) for July climbed for the second month in a row, after a three-month decline, to reach 54.2 (with a reading of 50 or higher indicating growth).It was up 1.6% over June and 5.6% higher than the 12-month average of 48.6.Only three of the 18 manufacturing sectors tracked by ISM suffered contraction in July – transport equipment, machinery and fabricated metal products. Two categories tracked sideways, while 13 showed growth.With five of the top manufacturing sectors expanding, production grew 4.8% from June to 62.1, reaching its highest level since August 2018. New orders indicate that growth will likely continue, as they advanced 5.1% to 61.5 – the highest reading since September 2018. Each of the top six manufacturing sectors recorded gains in new orders.International business also returned to expansion mode. New export orders were up, rising 2.7% to 50.4, while imports grew 4.3% to a reading of 53.1. Inventories contracted for a second month in a row, falling 3.5These numbers mark a considerable improvement over economic indicators of previous months. The US Bank Freight Payment Index, penned by American Trucking Association chief economist Bob Costello and published at the end of July, shows both shipments and transport spend in the US during the second quarter continued to contract from the first quarter. The index covers domestic truckload and LTL traffic and spend.The National Shipment Index sank another 7.6% from the first quarter to a value of 114.9, which is down 12.5% from a year ago. The spend index slumped 13.7% from the first quarter to 162.3, which is 19.4% lower year on year.According to the author, spending fell because of a combination of decreased traffic volume and lower prices (including lower fuel costs). Both contract and spot rates headed south in the quarter.The overall numbers conceal considerable regional variations. While shipment volume in the west slipped 1.8%, it dropped 14.1% in the south-east and 12.6% in the north-eastern US. By the same token, freight spend sank 7.5% in the west, compared to a 21.4% drop in the south-east.Despite the downward trajectory, which points to a broad recession for the first half of 2020, the report sees cause for cautious optimism. While e-commerce is expected to continue to grow, the retail and construction sectors as well as manufacturing supply chains could enjoy increased activity in the second half of the year, the author notes.However, he added a note of caution, warning that economic development would likely move in step with the rise or fall of the pandemic, with further spread of the virus set to affect freight volumes.Moreover, trade tensions are still looming large, with concerns over potential further escalation in US-China clashes and a possible conflict in US-Europe. Both the ISM and Mr Costello advise caution and a flexible, nimble stance going forward. By Ian Putzger 10/08/2020 © Robert Hyrons | Dreamstime.comlast_img read more

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The newest cancer therapies don’t work on everyone. Now, doctors have a clue why

first_img About the Author Reprints The reason that doesn’t happen in some 80 percent of cancer patients is that their tumors don’t have enough neoantigens to attract T cells. The total number of neoantigens roughly predicts whether cancer patients respond to immune-blockade drugs like Keytruda and Opdivo, a similar agent from Bristol-Myers Squibb, but the connection isn’t perfect.“You see cases with a lot of neoantigens who don’t respond, and some with few neoantigens who do respond,” said Dr. Eliezer Van Allen, a clinician-scientist at the Dana-Farber Cancer Institute in Boston and an author of the new study, which was published in Science.The number of neoantigens is only part of the story. This study goes beyond previous ones in showing that when neoantigens are found throughout a tumor rather than in some cells only, patients have the best shot at benefitting from immunotherapy. And that’s true even if there are relatively few neoantigens.For instance, 12 out of 13 study participants whose lung cancers responded to Keytruda not only had a lot of neoantigens (more than 70), most of those neoantigens were present throughout the tumor. They attracted tumor-attacking T cells, which Keytruda let in, destroying enough of the cancer to send the patients into remission.In contrast, 16 of 18 lung cancer patients who did not benefit from Keytruda either did not have many neoantigens or had neoantigens that were present in only some tumor cells. Even a patient with a huge number of neoantigens relapsed after only two months; more than 80 percent of his mutations were found in only some tumor cells.“The tumors that we think will respond the best [to Keytruda and similar drugs] have a certain neoantigen burden, but those neoantigens have to be in almost every tumor cell,” said Dr. Charles Swanton, a cancer geneticist at the Francis Crick Institute in London, who, with immunologist Sergio Quezada of University College London, led the study. Swanton, Quezada, and three other coauthors also filed several patents that cover methods for identifying neoantigens and predicting the prognosis of cancer patients accordingly. Sharon Begley The scientists got similar results in melanoma: The fewer total neoantigens, and the more scattered around a tumor they were, the less patients responded to Yervoy, an immunotherapy drug from Bristol-Myers Squibb.Notably, melanoma patients who had already received chemotherapy drugs or radiation had large numbers of neoantigens, apparently induced by those treatments, but each one was found in only a few tumor cells. Standard cancer therapies “may be causing changes in tumors that might not be helpful” in terms of making patients respond to subsequent immunotherapy, Swanton said.The evidence is too preliminary for doctors to act upon, but the findings suggest that some patients might be better off skipping slash-and-burn chemo and going right to immune-modulating agents. Plus, physicians may be able to tell, by analyzing neoantigens in cells taken via standard biopsy, whether a patient has a good chance of being helped by those drugs.The study results can also “be used to inform the development of personalized cancer vaccines,” said Van Allen. These experimental treatments, which are tailor-made to a patient’s neoantigen profile, are being tested in clinical trials now. They are designed to stimulate the immune system to attack neoantigens on tumors, but scientists hadn’t been sure which neoantigens would make the best vaccines.“This is a very important paper,” said Dr. Elizabeth Jaffee, of the Sidney Kimmel Comprehensive Cancer Center at Johns Hopkins, who was not involved in the study. “It addresses a critical question in this field: Are all [neoantigens] equally important to the immune system or is there a way to sort this out?”The suggestion that the best neoantigens are found throughout the tumor “makes the case that we need to sample more of the tumor before predicting which expressed mutations are most relevant for immune targeting,” Jaffee said. ‘I want what Jimmy Carter had’: Patients clamor for the president’s cancer drug When neoantigens are found throughout a tumor, patients have the best shot at benefitting from immunotherapy drugs like Keytruda and Yervoy. Cancer Research UK/Phospho Biomedical Animation Related: The key to both — identifying patients likely to respond to the new immunotherapy drugs and producing tumor-attacking, individualized vaccines — lies in deciphering the crazy quilt of mutations a particular patient has.Only about one-fifth of cancer patients respond to immunotherapies like Keytruda, which is credited with helping Carter survive an advanced form of skin cancer. What makes “responders” different, previous studies in melanoma and lung cancer have suggested, is that they have a huge number of mutated genes producing molecules that find their way to the surface of the tumor cell. There, the aberrant molecules, known as neoantigens, stick out like pushpins in a corkboard.advertisement By Sharon Begley March 3, 2016 Reprints Turning your cancer against itselfVolume 90%Press shift question mark to access a list of keyboard shortcutsKeyboard ShortcutsEnabledDisabledPlay/PauseSPACEIncrease Volume↑Decrease Volume↓Seek Forward→Seek Backward←Captions On/OffcFullscreen/Exit FullscreenfMute/UnmutemSeek %0-9 facebook twitter Email Linkhttps://www.statnews.com/2016/03/03/cancer-immunotherapy-neoantigens/?jwsource=clCopied EmbedCopiedLive00:0002:0202:02  Personalized cancer vaccines rally the immune system to identify and kill cancerous cells based on genetic information from the patient’s own tumors. Alex Hogan and Hyacinth Empinado/STAT Because those neoantigens are newcomers, the immune system should recognize them as foreign and attack, destroying the cancer cell — which is where drugs like Merck’s Keytruda come in. They lift molecular blockades that tumors use to keep the immune system’s T cells out. As a result, T cells charge in and destroy the tumor.center_img Senior Writer, Science and Discovery (1956-2021) Sharon covered science and discovery. [email protected] Related: Watch: Turning your cancer against itself For cancer patients, the promise of new immune-modulating drugs like the one that apparently helped former President Jimmy Carter comes with a sobering downside: very few get any benefit from them.But if a new study published on Thursday is right, physicians might be able to figure out which patients those are, sparing others an expensive but useless treatment.The research also offers clues for how to make a promising but unproven treatment, personalized cancer vaccines, more likely to succeed.advertisement In the LabThe newest cancer therapies don’t work on everyone. Now, doctors have a clue why @sxbegle Tags cancercancer vaccinesKeytrudalast_img read more

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Prime Portlaoise town centre site gets new zoning status

first_img WhatsApp Previous articleOur preview of this year’s Laois Senior ‘A’ hurling championshipNext articleLaois man to consider running for the Aras David PowerA journalist for over 20 years, David has worked for a number of regional titles both as journalist and editor. From Tullamore he also works as a content editor for Independent.ie. His heroes include Shane Lowry, Seamus Darby and Johnny Flaherty Prime Portlaoise town centre site gets new zoning status Facebook Community New Arles road opens but disquiet over who was invited to official opening The potential of the Maltings Site in Portlaoise was highlighted with its change of zoning in the draft Portlaoise Local Area Plan this week.The area had been zoned residential but councillors gave the go-ahead to change it to mixed-use zoning in the draft plan.The special meeting to discuss the draft plan heard on Tuesday that the mixed-use zoning would allow for residential devopment and also offices.The plan envisages premises with “secondary uses” which would see the premises used in the evening, also.Senior planner Angela McEvoy described it as a “viable site” in the town centre, close to the train station. Council Twitter By David Power – 18th July 2018 Community WhatsAppcenter_img Five Laois monuments to receive almost €200,000 in government funding Home News Council Prime Portlaoise town centre site gets new zoning status NewsCouncil Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ Pinterest The Maltings site was put on the market in 2008 with an asking price of €25 million.Joint agents Savills HOK and CB Richard Ellis advertised the sale of the 2.7 hectares (6.5 acres) site on the instructions of Dublin accountant Martin Ferris who was appointed receiver by Anglo Irish Bank.The Irish Times reported at the time that Maryborough Construction Holdings Ltd had already drawn down €23.5 million of a €84.5 million loan advanced by the bank to purchase and develop the site.The firm ran into trouble because of its over-reliance on loan capital for the project and the failure to find a suitable anchor tenant for the shopping centre to be known as The Maltings.SEE ALSO – Council agrees to zone extra Portlaoise land for houseing Pinterest Facebook Twitter TAGSLaois County CouncilPortlaoise town centreThe Maltings RELATED ARTICLESMORE FROM AUTHORlast_img read more

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Regulators increase monitoring of exempt market

Facebook LinkedIn Twitter “Issuers are increasingly looking towards the exempt market as an avenue to raise capital,” Di Paolo said. “And moreover, these exempt products are increasingly being sold through retail channels.” The growing volume of transactions is leading to more regulatory investigations involving the sale of exempt market products, and more civil claims by investors against their advisors and dealers involving the sale of these products. This has prompted regulators to take a closer look at the rules governing this segment of the securities business. “The exempt markets, and the rules surrounding the exempt markets, are increasingly being scrutinized by the Canadian Securities Administrators,” Di Paolo said. In particular, the securities commissions are evaluating the two exemptions most commonly relied upon by investors: the accredited investor exemption, which is available to investors who have a certain amount of net income, financial assets or net assets; and the minimum amount exemption, which is available to investors who are purchasing at least $150,000 in the security of a single issuer. Regulators are currently assessing these exemptions to determine whether stricter criteria may be necessary to ensure appropriate protection of exempt market investors. “It’s quite likely that the prospectus exemptions available will be narrowed,” Di Paolo said. In the meantime, regulators are also evaluating the extent to which dealers and advisors are complying with the existing exemptions. “Regulatory enforcement of existing qualifications is going to heat up,” Di Paolo said. In particular, he said the Ontario Securities Commission is closely monitoring the KYC process for accredited investors. It has found that some dealers aren’t collecting adequate KYC information to reasonably determine whether clients are, in fact, accredited. Even if clients say they qualify for the exemption, advisors and dealers must conduct due diligence to prove that clients do indeed qualify. “You have to be able to demonstrate that you’ve done adequate due diligence,” Di Paolo said. If regulators continue to find abuse of the exemptions – and the accredited investor exemption in particular – Di Paolo said they’ll likely implement a requirement for accredited investors to be certified by a third party before they’re eligible to purchase exempt market securities from a dealer. This could mean hefty costs for dealers. “It strikes me as being an extraordinary amount effort and an extraordinary impediment to selling exempt market products to clients,” Di Paolo said. Regulators are also taking steps to ensure advisors selling exempt market securities completely understand how the products work, so that they can properly determine whether they’re suitable for clients. “The regulators are coming down hard on advisors and dealers who don’t adequately understand their products,” Di Paolo said. Calgary-based Portfolio Strategies Corp. is one firm that’s taken steps to address this area of concern. It’s introduced a questionnaire that advisors must fill out when they’re seeking approval to distribute an exempt market product, according to Ken Parker, vice president of compliance and finance. The questionnaire asks about the advisor’s familiarity with the product and the company and individuals offering the product, among other things; forcing advisors to thoroughly familiarize themselves with product before selling it. “They have to do a bunch of work up front,” Parker said. New IAFP program lets CFAs fast-track to planner designation Share this article and your comments with peers on social media Two-year streak without compensation refusal ends for OBSI Related news As regulators contemplate changes to the rules governing the exempt market, registered representatives can expect to face greater regulatory scrutiny when distributing these products, particularly with respect to know your client (KYC) and suitability rules, industry experts said on Monday. At a conference in Toronto hosted by the Association of Canadian Compliance Professionals, David Di Paolo, partner at Borden Ladner Gervais LLP, said regulators are monitoring exempt market transactions much more closely as the scope of the market grows. He estimates that in 2010, $83.9 billion was raised in the exempt market. Borden Ladner Gervais acquires AUM Law Keywords Compliance,  Exempt market Megan Harman read more

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