It’s time to fix regulation and scrap socialism for the banks

first_imgFriday 3 May 2019 8:36 am It would also mean substantially lower barriers to entry for new banks, providing competitive pressure to improve lacklustre customer service.This regulatory off-ramp is modelled on the US Choice Act, passed in 2017. Banks would be able to choose to continue in the current high-regulation, lower-capital environment, or to free themselves of crippling red tape by issuing more capital.This is essential to address the underlying weakness in our banking sector. According to Dowd’s calculations, banks are more leveraged now than in the lead-up to the 2008 crisis. He says that the banks’ “great capital rebuild” in the wake of the crash is as real as the Wizard of Oz.The growth of banking regulation in recent years has done little to address this underlying issue – but it has increased compliance costs and created substantial barriers to entry for challenger banks. The lack of new entrants reduces customer service quality and innovation.All the regulations in the world are meaningless if the banks, in a time of crisis, cannot cover their liabilities. For too long, it has been possible for bankers to make massive profits while socialising losses through subsidies, deposit schemes, public ownership, and bailouts in times of crisis.This creates a moral hazard: bankers are encouraged by the regulatory regime to take on excessive risk, allowed to issue limited equity, and in case of a crisis, march up to the Treasury to demand a multi-billion-pound handout from taxpayers. Tags: Challenger banks Jeremy Corbyn People Opinion by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerbonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStory It’s time to fix regulation and scrap socialism for the banks City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. As academics Anat Admati and Martin Hellwig explain in The Bankers’ New Clothes:“A highly indebted bank is like an unstable, shoddily constructed building. When such a building is exposed to a strong storm or an earthquake, the walls may not be able to withstand the pressure, and their shaking may damage the plumbing.“This will cause a ‘liquidity problem’ at the water tap, but we should be most worried about the instability due to the building’s being badly built, so the lack of liquidity is often due to the bank’s being highly indebted.”Getting the banking system right isn’t just about preventing another financial crisis. More fundamentally for our political system, the loss of faith in banks is undermining support for free markets, and boosting Jeremy Corbyn’s extreme agenda.A YouGov poll a few years ago found that more people have a favourable view of socialism than they do of capitalism. This is no surprise considering that people have come to associate capitalism with cosy relationships between Big Business and Big Government. This isn’t the free market at work. It is cronyism at its worst. Adam Smith himself wrote in response to the 1772 Scottish financial crisis that bankers need to be “more circumspect in their conduct, and by not extending their currency beyond its due proportion to their cash, to guard themselves against the ruinous runs”.If the free market that Smith envisaged is to survive, it’s time to rethink the way we regulate banks. whatsapp Share Matthew LeshMatthew Lesh is head of research at the Adam Smith Institute whatsapp The latest Adam Smith Institute report, What a Capital Idea, by professors Kevin Dowd and John Cochrane, calls for a radical rethink of banking regulation to end this flawed system.The solution isn’t more red tape, regulators, or stress tests. It’s simple: banks need to issue more capital.When we ask for higher capital requirements, what we’re saying is that banks should be more dependent on equity from their shareholders or owners, and less on debt to cover their lending and investment assets.Less dependence on debt means that, at a time of crisis which devalues a bank’s assets, there is enough capital to cover the losses.If banks issued enough capital (say, above 20 per cent), they would be much safer, and other regulation would no longer be necessary – enabling them to be freed from prudential controls such as the mandatory deposit insurance scheme, regulation stemming from Basel III, and cumbersome supervision. 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Kodiak City Council approves new marijuana retail store application

first_imgBusiness | Community | Economy | MarijuanaKodiak City Council approves new marijuana retail store applicationMarch 30, 2019 by Kavitha George, KMXT Share:Marijuana. (Creative Commons photo by Katheirne Hitt)A Kodiak dispensary is one step closer to opening its doors after getting City Council approval on Thursday. For now, High Rise LLC won’t be authorized to sell edible marijuana products.The Kodiak City Council moved to approve an application for a new marijuana dispensary in downtown Kodiak at Thursday night’s meeting. The retail store application was brought forward by High Rise LLC. Its owner, local resident Jack Schactler, assured the council that the company would be locally owned and operated during the public hearing section of the meeting.“We will create multiple new jobs for the people of Kodiak, as well as tax income for the city,” Schactler said. “As marijuana advocates, we are excited to provide this new retail service to the people of Kodiak in the most professional way possible.”Half an hour later, Councilman Randall Bishop proposed the council move forward with a letter of non-objection with conditions. In this case, that the dispensary be prohibited from selling edible marijuana products.According to Forbes, other pot-friendly states like Colorado and Washington have seen edibles sales skyrocket in the last few years, especially as the smoking rate among adults declines. Bishop acknowledged that point in his closing statements, explaining the city council’s approach to the relatively new industry as cautious.“We are definitely not opponents of edibles,” he said. “Just to clarify, I believe we decided to, maybe in a year, take a look at it and just take that conservative approach for the community to feel safe towards our youth and whatnot as this is a new industry prospering in our community. With everything that is new comes a lot of unknown variables that will get figured out.”Schactler said Friday that he wasn’t surprised by the city’s choice to prohibit to edibles sales, adding that he hopes the regulation opens up in the future.“It’s more of a conservative approach, which is fine,” he said. “We just need to show everyone that marijuana is just a normal business. This is strictly business, this is not anything different than the liquor store down the street.”The motion to issue a letter of non-objection with conditions passed unanimously among the five City Council members present. Schactler says High Rise LLC will have another public hearing before the Borough Assembly on April 18, then a state board hearing, and finally a business inspection. He says he expects the company will open for business no earlier than June.Share this story:last_img read more

News / Early passenger-to-freight conversions cushion IAG Cargo Q1 results

first_imgBy Alex Lennane 07/05/2020 In what could be one of the first indications of how cargo carriers have fared financially during the Covid crisis, IAG Cargo said this morning revenues had fallen 11.6% in Q1.IAG Cargo reports few results, but it said between 1 January and 31 March, it saw commercial revenue of €246m ($265m), with yields up 4.8% compared with last year at constant currency. Capacity was down just 13.8%.Sold tonnage was down 14.9%, while cargo tonne km (CTKs) fell 15.7%.But the problems that beset March were offset by a “solid performance” in January and early February, it said. CEO Lynne Embleton said: “Europe and Latin America were stable; there was noted dynamism in North America, where our premium products were performing strongly; and the Asia Pacific region showed promise for the year ahead.“However, like many global businesses with an active Chinese market, IAG Cargo felt the impact of the Covid-19 pandemic early.“The expected dip in activity around Chinese New Year was followed by a prolonged drop in manufacturing which continued throughout February and March as the coronavirus outbreak took hold. This saw our Asia Pacific and Middle East business affected the most, with a 19.2% revenue decline versus the same period last year.”At the time, freight forwarders commended IAG on how quickly it set up a scheduled freighter service with passenger aircraft. This was at a time when few other airlines would commit to anything other than ad hoc charters – today’s results prove the wisdom of IAG’s decision.Ms Embleton explained: “The majority of air cargo arrives in Europe in the bellyhold of passenger aircraft. When large numbers of passenger flights were suspended, IAG Cargo took immediate steps to provide creative solutions for our customers. We adapted quickly and were one of the first airline groups to announce scheduled cargo-only flights using passenger aircraft. In doing so, we have kept routes around the world open to cargo.“Our commercial team was also quick to establish and communicate charter opportunities; offering our customers and governments a further solution for their capacity requirements.:She added: “The first quarter of 2020 has posed unprecedented challenges for the air cargo industry, for businesses and for society at large. It has called for adaptability, resilience and co-operation.”last_img read more

Pfizer pays $700,000 to settle charges over misleading copay coupons

first_img What is it? By Ed Silverman Oct. 11, 2018 Reprints Pfizer pays $700,000 to settle charges over misleading copay coupons In recent years, copay cards and coupons have become wildly popular with consumers who believe they can save significant sums at the pharmacy counter. But in a twist, Pfizer (PFE) has agreed to pay $700,000 to settle charges of misleading people who actually had to spend much more than expected.As part of its program, consumers were told they would “pay no more than” a small amount of money — from $15 to $25 — for certain medicines, but were actually required to pay more because of limits on total savings that were not prominently disclosed. In one instance, a woman had to pay $144.62, according to New York Attorney General Barbara Underwood. Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. Log In | Learn More Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED Ruby Wallau for STAT What’s included? STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond.center_img @Pharmalot GET STARTED Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Ed Silverman [email protected] Tags drug pricespharmaceuticalsSTAT+ About the Author Reprints Pharmalot last_img read more

New format to Laois senior and senior A hurling championships voted in

first_img Facebook New format to Laois senior and senior A hurling championships voted in Pinterest Facebook Twitter Home Sport GAA New format to Laois senior and senior A hurling championships voted in SportGAAHurling RELATED ARTICLESMORE FROM AUTHOR Community Permission granted for housing development in Abbeyleix while further homes planned in Portarlington There will be a new format to the top two tiers of the Laois hurling championships following a vote at tonight’s County Board meeting.The Fixtures Review Committee received submissions from Clough-Ballacolla and Rathdowney-Errill late last year seeking to change the way the senior competition is played out.This is the third year in a row that Clough-Ballacolla have put forward a motion for change.And following tonight’s meeting, that proposal has been carried and will now also include the senior A championship as well.The format proposed by both clubs involves two groups of four teams playing each other in a round robin and would guarantee one extra game for each of the participating eight clubs.The top team in each group would go straight through to the semi finals while the second and third placed teams would play in quarter finals.While the bottom two teams in the groups would face off in the relegation final.The CCC met last week and decided to put the following before the clubs at tonight’s meeting:“It was agreed to allow County Committee have final decision on proposals. It was noted that proposed new format required an extra round to complete, therefore final going back a fortnight.“Proposals as follows –SHC format remain the same as previous years orSHC (only for a 1 year pilot basis) revert to 2 Groups x 4 to be played on a Round Robin basis, with Group Winner advancing straight to the semi-finals, Second and Third teams in each Group playing Quarter Final (A2 v B3 & A3 v B2) and Bottom Team in each Group playing in Relegation Final. (Seeding to apply at Semi Final stage).”And following a discussion, it was clear that all clubs approved of this change.An furthermore, it was agreed to introduce the same format for the senior A grade as well.There was only one dissenting voice in the room and that came from Clonad delegate George Conroy.He felt that this change will only benefit the stronger teams because, he said, ‘you could catch them early on but it is very hard to catch them twice’.Nevertheless, the proposal was carried and it will be in place on a trial basis for 2018.SEE ALSO – Family offer reward for information after pet brutally killed Twitter Council Council Laois County Council team up with top chef for online demonstration on tips for reducing food waste By Alan Hartnett – 29th January 2018 Pinterest TAGSLaois SAHCLaois SHC WhatsApp Previous articleO’Loughlin ratified as new Laois U-20 football managerNext articleHere are all of this week’s CCFL soccer fixtures Alan HartnettStradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016. WhatsApp Laois County Council create ‘bigger and better’ disability parking spaces to replace ones occupied for outdoor dininglast_img read more

A dash to the Debs: From European Championships to Top Square

first_imgHome Lifestyle A dash to the Debs: From European Championships to Top Square LifestyleSport Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR Twitter Pinterest Community A dash to the Debs: From European Championships to Top Square Previous articleMindField announce their acts for Electric Picnic 2018Next articleLaois bucks national trend as over 900 students will receive Leaving Certificate results tomorrow Sarah Cullenhttp://www.laoistoday.ieSarah Cullen is a Journalism and New Media graduate from the University of Limerick. A Portlaoise native, she is happiest when tweeting and talking about dogs. WhatsApp Ten Laois based players named on Leinster rugby U-18 girls squad Five Laois monuments to receive almost €200,000 in government funding center_img Pinterest WhatsApp Community Many girls would argue the day of the debs is more stressful than the leaving cert results. Between fitting in make-up appointments, getting your hair done, and posing for photographs with every single one of you relatives, there’s a lot to do.But for one Scoil Chríost Rí student this year, this stress was multiplied.After spending eight days in Idine, Italy for the FIBA Women’s Under 18 European Championship, Maeve Phelan landed in Dublin airport at 2pm yesterday.Thanks to roadworks in Naas, she walked in her front door to prepare for the debs at 4pm.Fortunately enough Maeve had a glam squad consisting of her sister, mother and aunts to help her get ready, even with her Ireland gear still on.Thankfully she made it out in time for a wonderful night, and we must say, she looked fantastic.The team were playing division A for the first time, after coming second in the B division last year. Maeve’s sister Sarah described this change as ‘a baptism of fire’ as the team faced the likes of Russia and France.The team lost all matches except one against Sweden where they made history as it was the first ever win by an Irish team in division A.We wish Maeve the very best of luck with her Leaving Cert results tomorrow. Rugby By Sarah Cullen – 14th August 2018 TAGSMaeve PhelanPortlaoise PanthersScoil Chriost Ri Facebook SEE ALSO – In Pictures: Check out the Amazing Style at the Scoil Chríost Rí Debs Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’last_img read more

U.N. General Assembly passes North Korean human rights resolution

first_img [imText1]NEW YORK, Nov. 17 (Yonhap) — The U.N. General Assembly on Thursday adopted a European Union-sponsored resolution on North Korean human rights, expressing concern over the communist nation’s use of torture, prison camps and other types of inhumane treatment of its people.Eighty-four members voted for and 22 voted against the resolution at the assembly’s Third Committee, in which all 191 U.N. member states have a seat. Sixty-two abstained, including South Korea.This marks the first time that such a resolution has passed in the U.N. General Assembly, although similar resolutions have passed at the U.N. Commission on Human Rights every year since 2003.South Korean Ambassador to the U.N. Choi Young-jin, addressing the assembly after the resolution’s passage, said his government’s efforts to improve North Korea’s human rights conditions must be sought in harmony with other priorities.This is why Seoul abstained from the vote, he said.North Korean Ambassador Kim Chang-guk, speaking before the vote, accused the United States and the EU of exploiting the human rights issue for political purposes.The resolution is proof that the U.S. seeks to interfere in North Korea’s internal affairs and to overthrow the Pyongyang regime, he said.Venezuela, Cuba, Malaysia, Belarus and Sudan were among the nations that sided with the North to oppose the resolution’s passage.Kim left as soon as the resolution passed.North Korea’s dire human rights conditions have been widely documented by defectors. Amnesty International has reported that the country is holding as many as 200,000 political prisoners in isolated camps, called “dictatorial areas.” A U.S. congressional report also suggests that more than 2 million North Koreans may have died of hunger and hunger-related diseases between 1995 and 1998.The five-provision resolution, submitted by the EU on Nov. 2, registers the assembly’s serious concerns at reports of “widespread and grave violations of human rights” in the North, including torture, public execution and absence of due process and the rule of law.Reports indicate Pyongyang’s regime severely restricts freedoms of thought and conscience, traffics women for the purpose of prostitution, and has yet to answer to unresolved questions relating to the abduction of foreigners, the resolution says.The assembly lodged particular concerns with North Korea’s demand for the World Food Program to end its assistance by the end of this year and urged the nation to ensure that humanitarian organizations, in particular the WFP, “have full, free, safe and unimpeded access” to ensure continued humanitarian aid.The EU has submitted similar resolutions at the U.N. Human Rights Commission every year since 2003. South Korea abstained from the vote in 2004 and in 2005 and was absent from the vote in 2003.More than 6,500 North Koreans have defected to South Korea since the Korean War ended in 1953, including about 1,800 in 2004 alone. Most defected through China, which shares a long border with the North.The two Koreas were divided in 1945 and are still technically at war after the 1950-53 Korean War ended with a truce, not a peace treaty. Analysis & Opinion Analysis & Opinion RELATED ARTICLESMORE FROM AUTHOR By Daily NK – 2005.11.18 9:31am Facebook Twitter Analysis & Opinion SHAREcenter_img U.N. General Assembly passes North Korean human rights resolution Pence Cartoon: “KOR-US Karaoke” Tracking the “unidentified yellow substance” being dried out near the Yongbyon Nuclear Center Analysis & Opinion Is Nuclear Peace with North Korea Possible? AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] last_img read more

Canada’s retirement income system continues to rank high globally: Mercer

first_img Canadian plan sponsors post positive quarter despite bond slump Related news Share this article and your comments with peers on social media While Canada’s ranking fell from sixth to seventh after the addition of five new countries, Canada’s overall score in the index increased slightly from 67.9 to 69.1. “Canada’s retirement system continues to be one of the strongest retirement systems in the world by providing a combination of universal pensions, income-tested pensions employer pensions, individual RRSPs and individual TFSAs, although there is always room for continued improvement,” according to Scott Clausen, a partner in Mercer’s retirement business in Toronto. Denmark continued to hold onto the top position in 2014 with an overall score of 82.4. Denmark’s well-funded pension system with its good coverage, high level of assets and contributions, the provision of adequate benefits and a private pension system with developed regulations are the primary reasons for its top spot. How can Canada’s retirement savings system improve? According to the MMGPI, the overall score for the Canadian system could be increased by: increasing the coverage of employees in occupational pension schemes through the development of an attractive product for those without an employer-sponsored scheme; increasing the level of household savings for middle income earners; and increasing the labour force participation rate amongst older workers. According to Scott Clausen, “The retirement income of Canadians could also be improved by a reduction in the level of investment management fees charged under capital accumulation plans.” Certain provinces are in the process of taking action to implement some of these measures including Quebec with the introduction of Voluntary Retirement Savings Plans and Ontario with the announced introduction of an Ontario Retirement Pension Plan. In both provinces, these plans are aimed at increasing retirement savings for employees without an occupational pension scheme. Canada’s retirement income system maintained its “B” in the 2014 edition of the Melbourne Mercer Global Pension Index (MMGPI) released Tuesday, reinforcing its position as one of the leading retirement income systems in the world. Now in its sixth year, the MMGPI measured 25 retirement income systems against more than 50 indicators under the sub-indices of adequacy, sustainability and integrity. Federal budget fails to support needed pension reform, retiree group says IE Staff Keywords Pensions Budget 2021 revives tax issues from 2019 Facebook LinkedIn Twitterlast_img read more

Jamalco Hosts Camp for 280 Children

first_imgFacebookTwitterWhatsAppEmail More than 280 children in Clarendon and Manchester are participating in a Jamalco organized three-week Science and Environment Camp, which will end on July 31.They are in the age group 6-11, and are children of Jamalco workers and persons living in the company’s mining areas.Officers from the Office of Disaster Preparedness and Emergency Management (ODPEM) have given lessons to the children on the risks of improper disposal of garbage and the effects of blocked drains.Personnel from the Rural Agricultural Development Authority (RADA) have donated seeds and seedlings and are giving talks on the values of planting trees.The camps are being held at the Jamalco Employees Sports Club in Clarendon, and the Harmons All-age and Pratville Primary Schools in Manchester, with company officials engaging the students in discussions surrounding discipline, educational values and good work attitude.Public and Community Relations Administrator at Jamalco, Mrs. Pamela White told JIS News that some 23 tertiary students would also benefit from the camp. “They are serving as big brothers and sisters to the children, they are employed for four weeks, which include a one-week intensive planning exercise for the campers. Their involvement is part of Jamalco’s dual role of contributing to the educational development of students at the primary and tertiary levels,” Mrs. White informed.Members of the environmental group, Caribbean Coastal Area Management (CCAM), have visited the camps and discussed topics such as stabilizing the earth, pollution and erosion caused from unplanned development; and the importance of keeping the earth green. Jamalco Hosts Camp for 280 Children UncategorizedJuly 22, 2008 RelatedJamalco Hosts Camp for 280 Children Advertisementscenter_img RelatedJamalco Hosts Camp for 280 Children RelatedJamalco Hosts Camp for 280 Childrenlast_img read more

Housing Minister bereft of ideas

first_imgHousing Minister bereft of ideas Tasmanian LaborRoger Jaensch confirms Liberals’ indifference to struggling TasmaniansMinister’s comments show he has given upTasmanians in housing stress need urgent supportRoger Jaensch’s latest comments on public housing have confirmed he is completely bereft of ideas and has given up on his own portfolio.Shadow Housing Minister Alison Standen said the Minister’s indifference to struggling Tasmanians is a disgrace.“Roger Jaensch has presided over the worst rental and housing crisis in Tasmania’s history,” Ms Standen said.“As if that’s not bad enough, he is now quoted in The Mercury newspaper as saying “there could never be a guarantee that all demand for public housing could be met”.“Not only does this demonstrate a Minister bereft of ideas or vision, but it is also clear that he doesn’t care.“Mr Jaensch’s claim that the Liberals are building more homes than ever before for Tasmanians is clearly at odds with the facts – including his own recent admission that he’s delivered a net increase of only five new social housing properties over the past year.“The latest data released last month shows 3,600 families are on the public housing waiting list – an increase of 65 per cent since the Liberals took office – with a 63.4 week wait for priority applicants.“For the Minister to say the government is not in charge of all the circumstances that lead people to social housing is disingenuous at best and a clear abrogation of his responsibilities.“Struggling Tasmanians deserve a Housing Minister who cares about them and is prepared to prioritise housing and relief to help them keep a roof over their heads.“If Roger Jaensch can’t even summon the energy to try to deal with this crisis, perhaps it is time for him to hand over his portfolio responsibilities to someone who will.”Alison Standen MPShadow Housing Minister /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:building, crisis, deal, energy, Government, housing, mercury, Minister, stress, Tasmania, Tasmanian Labor, Tassielast_img read more