Canada adds sterling to foreign currency reserves

first_imgJames Langton Ontario court certifies FX benchmark class action Keywords Foreign exchange Related news OSC approves $24.5M in settlements with TD, RBC Share this article and your comments with peers on social mediacenter_img The move comes in response to an assessment by the Department of Finance and the Bank of Canada of the benefits of including additional currencies to its holdings, “to increase the liquidity of the portfolio and to be better positioned to respond in the unlikely event of a severe disturbance in exchange markets.” Finance also notes that the inclusion of the British pound in the EFA is in line with the objectives of the portfolio, which are to “aid in the control and protection of the external value of the Canadian dollar and provide the government with foreign currency liquidity.” TransferWise to launch borderless debit card in Canada in 2019 In a bid to improve its ability to deal with a major disruption in foreign exchange markets, the federal government is further diversifying its foreign exchange holdings, federal finance minister Jim Flaherty announced Monday. Flaherty said Canada will add pound sterling-denominated assets to the Exchange Fund Account (EFA), which currently holds U.S.-dollar, euro- and yen-denominated assets. Facebook LinkedIn Twitterlast_img read more

Budget’s housing affordability changes to focus on supply, demand, regulation

first_img Trudeau promises cities help to lower high cost of housing The Trudeau government will take steps in Tuesday’s federal budget to make home-buying more affordable with changes affecting supply, demand and regulation, The Canadian Press has learned.Finance Minister Bill Morneau has promised the budget will focus on ways to help improve housing affordability for Canadians, and particularly for millennials, who are now in their mid-20s to late-30s. Related news The changes, along with expected measures on adult skills training, pharmacare and supporting seniors, will be included in the Liberals’ fourth and final budget before the October federal election.The budget’s housing measures could grab a lot of attention. Polls have suggested affordable home ownership is a key concern for millennials and could be a vote winner with the increasingly critical demographic.Morneau has heard housing-policy recommendations from numerous sources, including academic, real estate and mortgage experts, on how best to help more people buy homes.The budget will respond to issues in the housing-related areas of supply, demand and regulation, says a government source, who was not authorized to speak publicly about the plan ahead of its release. They declined to provide specifics on the measures.The government, however, faces a delicate task of introducing changes that avoid destabilizing housing markets, driving up prices or enabling already overstretched households to pile on more debt.Internal briefing documents show Morneau was warned in November that Canadians’ heavy debt loads are a key risk that have made abrupt shocks to incomes, house prices or interest rates a “significant concern.” The memo was obtained by The Canadian Press through access-to-information law.Morneau has been feeling pressure to act on housing.On the demand side, the real estate, mortgage and home-building industries have urged Ottawa to ease or eliminate stress tests that have tightened mortgage qualification rules and, as a result, cooled once-scorching markets in cities like Toronto and Vancouver.The federal changes, combined with provincial and municipal guidelines, were brought in to improve the quality of mortgage debt and to lower risks to the broader economy.Morneau has insisted the stress tests were needed as a way to keep prices in some markets from rising at an unsustainable clip. He’s shown no signs that he’s prepared to dial them back.There have also been industry calls for the reintroduction of insurance on 30-year amortization mortgages as a targeted way to help people at the lower end.But Paul Kershaw, an associate professor at the University of British Columbia, said many experts, himself included, have discouraged the government from weakening the stress tests or extending amortization out of fear such moves would only encourage people to borrow more.Kershaw is the founder of Generation Squeeze, a group dedicated to informing policy decisions about the socioeconomic challenges of younger Canadians.He wants policies that keep home prices from growing faster than earnings.“We’ve tolerated — not only that, we’ve celebrated — home prices rising a lot over the last decade,” Kershaw said.“And we need a government that says, ‘Nope, henceforth we want housing to be for homes first, investments second.’ ”He recommends Ottawa change “outdated” tax policy that shelters principal residences from taxation, thus exacerbating demand, limiting supply and pushing up prices.On regulation and enforcement, Ottawa could take steps to crack down on people who falsely claim a home is their primary residence as a way to dodge capital gains taxes.Morneau recently vowed to do more to enforce laws in another area that’s been directly connected to housing: money laundering.Last year, reports from an international anti-money-laundering organization and the RCMP warned that organized crime groups had bought luxury home sales in the Vancouver area to launder and hide their money.On supply, Kershaw said the federal government could create incentives to encourage more cities to raise their housing density targets. Ottawa could offer a larger share of infrastructure transfers — like those for transit — to municipalities that agree to allow the construction of more homes to be built per plot of land.To increase demand, Kershaw said the government could bump up the maximum, one-time withdrawal limit of $25,000 under the home buyer’s plan, which enables Canadians to borrow once from their own registered retirement savings plan to buy a home.Ottawa could also increase the non-refundable, $5,000 first time home buyers tax credit, which offers up to $750 in tax relief, he said.The budget’s release date was at risk of being delayed after the Conservatives took steps to use their opposition day Monday for an extended House of Commons voting session, which would have spilled into Tuesday.The Tories were hoping to use the procedural move to draw attention to the House of Commons justice committee, which is also set to meet Tuesday to determine if it will recall former attorney general Jody Wilson-Raybould as a witness.But Mark Kennedy, a spokesman for House Leader Bardish Chagger, said Sunday that the Tories’ opposition day would be rescheduled to Wednesday. Therefore, it would not interrupt the budget’s release.Opposition MPs were furious last week after the Liberals used their majority at the committee to delay an attempt to call Wilson-Raybould to testify again on the SNC-Lavalin affair.The move prompted shouts from opposition MPs at committee of “shame,” “coverup” and “despicable!” Andy BlatchfordCanadian Press Share this article and your comments with peers on social media Time for policymakers to focus on housing shortage: RBC Keywords Budget 2019,  Housing New stress test may moderate housing market: BMO female homebuyer shakes hand with real estate agent in office seoterra/123RF Facebook LinkedIn Twitterlast_img read more

Back To School For More Than A Million Students

first_imgBack To School For More Than A Million Students VIC PremierMore than one million students – including 84,000 preps – will return to classrooms this week across Victoria as 14 new schools open their doors as part of the Andrews Labor Government’s school building boom.Premier Daniel Andrews and Minister for Education James Merlino today officially opened the new Docklands Primary School and welcomed its first students.The three-storey vertical school will cater for 525 students and includes a library, music and arts rooms, a competition-grade indoor court for basketball and netball, and outdoor learning terraces.Docklands Primary School has more than 200 students starting this year, including more than 110 prep students, and is one of 14 new schools opening in 2021.A co-located kindergarten has also been built on-site which will open in Term 1, 2021 with space for 66 kids. It will deliver both sessional and integrated kindergarten programs for three and four year-olds.Every new Victorian primary school opening from 2021 will have a kindergarten on-site or next door, reducing the burden on parents and ending the dreaded double drop off. This includes all 10 primary schools opening this year.Docklands Primary School is one of 14 new schools opening in 2021.In the past five years, the Labor Government has invested more than $9 billion in more than 1,600 school upgrades – creating more than 10,000 construction jobs.The Government is now ahead of schedule on its commitment to open 100 new schools by 2026, with 48 new schools opening between 2019 and 2022.For more information on the Labor Government’s school building boom, visit stated by Premier Daniel Andrews“The first day of school is a big day every year – but particularly after the year we had in 2020. I thank every teacher, student and parent for their efforts last year and wish them well for the year ahead.” “We’re building new schools across the state so every child has a great local school and a best start in life – wherever they live.”As stated by Minister for Education James Merlino“We’re in the middle of the biggest school building boom in our state’s history – that’s good for children and their education, and it’s good for jobs.” New schools opening in 2021:Aintree Primary SchoolCranbourne West Secondary CollegeDocklands Primary SchoolEdenbrook Secondary CollegeEdgars Creek Primary School Eynesbury Primary School Footscray High School – Pilgrim CampusGaayip-Yagila Primary SchoolGarrang Wilam Primary SchoolKeelonith Primary SchoolOberon High SchoolOrchard Park Primary SchoolRamlegh Park Primary School Riverbend Primary School /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:Andrews, AusPol, Australia, basketball, building, children, court, education, Government, Minister, Music, Oberon, parent, Premier, school, students, teacher, Victorialast_img read more

CU-Boulder Center Gets $210,000 Anti-Violence Award

first_imgThe Center for the Study and Prevention of Violence at the University of Colorado at Boulder has received a $210,000 grant from the Metropolitan Life Foundation in New York City for its work on reducing juvenile violence. The CU-Boulder center was named the co-winner of the 1997 Positive Choices Youth Anti-Violence Initiatives Program sponsored by the foundation. The other winner was the Institute for Urban and Minority Education at Columbia University’s Teachers College, which will receive $190,000. The Center for the Study and Prevention of Violence developed 10 hands-on guides — “Blueprints for Violence Prevention” — that provide all the information a community or agency needs to replicate a proven violence-reduction program. The center reviewed more than 400 violence-prevention programs before identifying 10 that met the highest scientific standards for preventing or reducing levels of violence. The grant will enable the center to expand the program by creating an interactive Web site where visitors can input specific community requirements and population details and receive recommendations on suitable Blueprints programs to implement. The site also will feature videos of model programs. “We’ve identified programs that meet the highest scientific standards for demonstrating that they can successfully prevent or reduce levels of violence, and we strongly recommend them as effective, blue-chip programs within a portfolio of anti-violence programs,” said Professor Delbert Elliott, director of the center. The Metropolitan Life Foundation was founded by the Metropolitan Life Insurance Co. and has given more than $146 million since its founding in 1976. Published: Feb. 12, 1998 Share Share via TwitterShare via FacebookShare via LinkedInShare via E-maillast_img read more

A constitutional call to arms and reflections on a judicial career

first_img Location CLE Credits When [email protected] Free Contact The 2018 John Paul Stevens Lecture: Judge Carlos F. Lucero Thursday, September 27, 2018 5:30 PM – 7:30 PM Moderated By Dean S. James Anaya, Professor Suzette Malveaux Cost This event has ended. More Information Speakers Judge Carlos F. Lucero Julie Ann Williams or Hannah Daniel The University of Colorado Law School and the Byron R. White Center for the Study of American Constitutional Law are honored to welcome the Honorable Carlos F. Lucero, Circuit Judge of the United States Court of Appeals for the Tenth Circuit, to present the 2018 John Paul Stevens Lecture A Constitutional Call to Arms and Reflections on a Judicial Career on Thursday, September 27 at 5:30 p.m. in the Wittemyer Courtroom. Registration for this event is now closed. Please contact [email protected] with questions.A warm thank you to the Colorado Hispanic Bar Association and the Colorado LGBT Bar Association for their sponsorship of this event. Sponsored By The Byron R. White Center for the Study of American Constitutional Law, the Colorado Hispanic Bar Assocation, and the Colorado LGBT Bar Assocation Public; Faculty; Staff; Students; Alumni; CLE Credit Ethics: 0 Wittemyer Courtroom, Wolf Law Building General: 1 Forlast_img read more

AT&T, Vodafone merger could reset smartphone power balance

first_img Operators back Qualcomm role in open RAN path AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 26 FEB 2014 A desire to “push back” against technology giants like Apple and Google could fuel the interest of AT&T in buying Vodafone, according to Tim Boddy, an analyst with Goldman Sachs.Speaking during a Tuesday-afternoon session at Congress, Boddy noted that smartphone purchasing by AT&T and Vodafone together equates to more than 20 per cent of the total revenue Apple generates from iPhone sales, which would give a combined entity “industry-leading scale benefits”.“Vodafone is in the spotlight as an asset many would consider to be in play,” said Boddy. “It doesn’t have a controlling shareholder and is based in a country where M&A is permitted.”AT&T ruled itself out of bidding for Vodafone in January, but some analysts believe it could mount a takeover attempt in the second half of the year as it looks to expand its international presence.Although such empire-building has previously had disastrous consequences for shareholder value creation, Boddy thinks there is a stronger rationale for what he calls “out-of-market” transactions this year.“The mobile industry faces an unprecedentedly concentrated ecosystem of suppliers, with Apple and Google obviously dominating in terms of operating systems and services,” he explained.Goldman Sachs also expects to see more in-market M&A over the next two years – although regulation could clearly pose a barrier to such consolidation – as operators look to reduce their running costs and eliminate aggressive rivals like France’s Iliad.“When you look at the disruption it has caused, taking enormous amounts of market share over the last two years, you can see why there might be interest in taking it out,” said Boddy.Even so, he is less optimistic about the prospect of consolidation within the US, indicating this may have to wait until the “next administration”. Indeed, any likelihood that Sprint will acquire T-Mobile US seems to have receded, with Department of Justice officials unlikely to support a tie-up between the country’s third- and fourth-biggest players, according to recent reports.Boddy also doubts operators will generate much value from M&A that takes them into adjacent industries. “It’s very hard to move the needle,” he said. “Telefonica and Vodafone have targets for new services that equate to low-single-digit percentages of total revenues and changing the dynamic is enormously challenging.” Vodafone, Safaricom beat MTN to Ethiopia licence AT&TFinancialmergerMWC 2014 NewsVodafone Mobile World Live Las operadoras respaldan el papel de Qualcomm en la RAN abierta Mobile World Live is the online service dedicated to providing the mobile industry with daily news coverage & analysis of the biggest global market developments. Read more Author Home AT&T, Vodafone merger could reset smartphone power balance Previous ArticleTelefonica, LG, Samsung, Sony ink wearables allianceNext ArticleAlcatel-Lucent CEO pleas for more investment in Europe Tags Relatedlast_img read more

Verizon tips tech to shake-up data use

first_img LIVE FROM MWC19 LOS ANGELES: Verizon argued a cluster of new technologies will enable companies to move away from traditional advertising schemes and offer consumers more value for the data they provide.Toby Redshaw, SVP of Enterprise Innovation and 5G solutions at the US operator, told Mobile World Live the combination of 5G, AI, big data, cloud computing and AR/VR will revolutionise a wide variety of verticals including manufacturing, healthcare, education, construction and retail.Specifically, he said the technologies will help companies improve efficiency, lower costs and boost customer engagement, making the consumer journey “instrumented and intelligent”, and moving the company “away from ads” toward proactive and predictive offers.Consumers “truly have commercial value”, which should enable them to receive offers and experiences they value at a personal level.However, Redshaw noted the potential of new technologies could only be realised with the relevant permissions and correct use of data.He said it was imperative companies gain users’ consent for data collection, and then use the information to serve customers only in the ways they had approved.“Our entire brand promise is trust and innovation. The moment we violate that we’re done.” Subscribe to our daily newsletter Back MWC19Verizon Tags Previous ArticleQualcomm establishes $200M 5G start-up fundNext ArticleOperators outline privacy wish list AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 24 OCT 2019 Author Verizon shuffles executives Home Verizon tips tech to shake-up data use Related Amazon reels in MGM Verizon sorts sensor supremo Diana is Mobile World Live’s US Editor, reporting on infrastructure and spectrum rollouts, regulatory issues, and other carrier news from the US market. Diana came to GSMA from her former role as Editor of Wireless Week and CED Magazine, digital-only… Read more Diana Goovaerts last_img read more

Vapor IO debuts interconnect at the edge

first_img Diana Goovaerts data centresMobile edge computing Data centre company Vapor IO launched a new software-defined interconnection system to enable the exchange of traffic between providers at the network edge, a move executives said will help operators further reduce latency and backhaul costs.CEO Cole Crawford told Mobile World Live the Kinetic Edge Exchange (KEX) will allow operators, application developers and content providers using its edge data centres to more easily establish peering relationships and trade data.“Now you can have a virtualised distributed evolved packet core sitting right next to a cloud or content in a much more localised version of the internet. There are some massive backhaul elimination capabilities by letting the carrier do their network handoff to a content provider.”Matthew Trifiro, CMO, said there had been “a tremendous amount of interest” in the scheme, with operators keen to cut backhaul costs to help fund other projects such as 5G deployments.RolloutFellow data centre provider Digital Realty is the first to sign up, deploying KEX in Atlanta and Chicago, with plans for further launches moving forward.Vapor IO edge data centres are live in Atlanta, Chicago and Pittsburgh, with a deployment in Dallas expected by the year-end. It aims to cover the top 30 US markets by end-2021.While companies like Netflix are likely to strike individual handoff deals with operators, Trifiro noted other exchange agreements with cloud providers such as Amazon Web Services or Cloudflare could cover thousands of services.Executives stressed Vapor IO will only offer technical connection capabilities through the exchange: it won’t have any hand in setting business terms between providers. Subscribe to our daily newsletter Back Home Vapor IO debuts interconnect at the edge Oi targets debt lifebelt with $65M data centre deal Vodafone eyes European edge with AWS launch AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 30 OCT 2019 Previous ArticleBlik goes cross-border with PPRO partnershipNext ArticleWirecard seeks edge with combined banking app Diana is Mobile World Live’s US Editor, reporting on infrastructure and spectrum rollouts, regulatory issues, and other carrier news from the US market. Diana came to GSMA from her former role as Editor of Wireless Week and CED Magazine, digital-only… Read more Verizon, Unity tackle 3D edge applications Author Tags Relatedlast_img read more

Obama to Pitch Trio of Economic Proposals in Ohio

first_img Email Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox. WASHINGTON – President Barack Obama is voicing unwavering opposition to extending Bush-era tax breaks for the nation’s wealthiest families even for a year or two, drawing a sharp contrast with Republicans eight weeks before the November elections.The president was to outline his stand Wednesday in a speech in Cleveland, where he also will propose a package of infrastructure investments and business tax incentives that the White House says will put the economy on a path toward long-term growth while allowing for some immediate job creation.The Bush tax cuts, the most sweeping in a generation, are due to expire in January, setting up a big fight in Congress over what to do about them. Republicans and some Democrats want them to remain in place for a year or two or to make them permanent. Obama wants to make the tax cuts permanent for middle- and low-income families while allowing them to expire for individuals making more than $200,000 and married couples making more than $250,000.The White House sees the issue as an opportunity to appeal to middle-class voters and independents who were crucial to Obama’s election. In his speech, Obama will argue that the tax cuts for the wealthy would add $700 billion to the deficit, a sum the country can’t afford as the economy struggles to recover.House Republican Leader John Boehner, R-Ohio, offered his own proposals Wednesday, saying in a nationally broadcast interview that Congress should freeze all tax rates for two years and should cut federal spending to the levels of 2008, before the deep recession took hold.“People are asking, ‘Where are the jobs?’” Boehner said, calling the White House “out of touch” with the American public.Obama is asking Congress to consider three proposals:— A $50 billion infrastructure investment to rebuild and repair the nation’s roads, railways and runways.— A permanent extension of research and development tax credits for businesses.— Tax breaks to let businesses quickly write off 100 percent of their spending on new plants and equipment through 2011.Senior administration officials said the three proposals would be the full extent of new economic policies the president would announce before the midterms, eliminating the possibility of a pre-election freeze on payroll taxes, an idea supported by many businesses.The officials, who spoke on the condition of anonymity to preview the president’s speech, said Obama would draw a contrast between his economic proposals and those of the GOP, going so far as to give his remarks in the same city where Boehner outlined Republican economic ideas last month. Boehner at the time called for the ouster of Treasury Secretary Timothy Geithner and key White House economics adviser Larry Summers.As he often does, Obama will paint Republican leaders as seeking a return to what he calls the failed economic policies of the past, singling out Boehner’s call to extend tax cuts for the wealthy that were enacted by former President George W. Bush.Senior White House adviser David Axelrod said Wednesday “the middle class has treaded water and lost ground” during the past decade. “What we can’t afford is another $700 billion in tax cuts for millionaires and billionaires. More than half of those tax cuts would go to people making over $8 million a year. Doesn’t make sense.”Some of the proposals Obama was to outline Wednesday have enjoyed broad bipartisan support in the past. That creates a dilemma for Republicans, who could be forced to choose between handing the president legislative victories ahead of the election or saying no to ideas they’ve previously supported.The White House made no apologies for unveiling its proposals during the contentious pre-election months.“We understand what season we’ve entered in Washington,” said press secretary Robert Gibbs. Even if Congress doesn’t take up Obama’s new proposals before the elections, Gibbs said, “the president and the economic team still believe that these represent some very important ideas.”Mindful of the public’s anger over the mounting federal deficit, the White House has carefully avoided calling the new economic proposals a stimulus plan, like the $814 billion economic package Congress passed last year.Even with fresh proposals in hand, officials said the president would continue to prod the Senate to pass a bill that calls for about $12 billion in tax breaks for small businesses and a $30 billion fund to help unfreeze small business lending. Republicans have likened the bill to the unpopular bailout of the financial industry.Boehner was interviewed on ABC’s “Good Morning America,” and Axelrod appeared on CBS’s “The Early Show,” and NBC’s “Today” show.last_img read more

Irish MEPs to question ECB President on banking crisis

first_img Twitter Twitter By admin – November 12, 2015 Previous articleLauren Murray leaves X Factor houseNext articleMore resources needed for gardai and Courts Service in Donegal – Shiels admin RELATED ARTICLESMORE FROM AUTHOR Today is the 30th anniversary of Eddie Fullerton’s murder WhatsApp Pinterest Gardai investigate Castlefinn burglary Donegal retains 14 Blue Flags, Lisfannon is not restored WhatsApp Google+center_img Pinterest Facebook Facebook Disruption to cancer service will increase mortality – Oncologist Homepage BannerNews Hospitalisations rise as Donnelly suggests masks will stay ’til autumn Irish MEPs will this morning be allowed 15 minutes to question the President of the ECB about the Irish banking crisis.Mario Draghi will be in the European Parliament in Brussels this morning, where 3 Irish MEPs will be given 5 minutes each to question him on the ECB’s actions surrounding Ireland’s bailout programme.Mr Draghi’s responses this morning will be reported back to the Banking Inquiry.The ECB president previously refused to appear before the Oireachtas Banking Inquiry, as the European financial institution was not answerable to a national parliament.One MEP who will be putting a question to Mr Draghi, Marian Harkin, says it took 12 months to organise this brief interaction with the ECB President…………Audio Player Up/Down Arrow keys to increase or decrease volume. Irish MEPs to question ECB President on banking crisis Google+ Donegal hoteliers enjoy morale boost as bookings increaselast_img read more