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first_imgMuch of Silver’s book is a description of the UK’s financial system covering equity and bond markets, the major institutional investor bases of pension funds and insurance companies, and the role of intermediaries in the form of banks and asset managers. He argues that, ultimately, savings are not being channelled by companies into productive investments, while banks are channelling their loans predominantly into property, giving rise to property bubbles in the UK.The price of all financial assets has been boosted by a steady decline in interest rates, while the price of individual companies’ shares has been boosted by share buy-backs, reduced investment and reduced staff costs.The financial framework is, as Silver describes, based around a few key theories, namely: the Capital Asset Pricing Model, which postulates relationships between risk and return; the Efficient Market Hypothesis, which argues that securities are usually fairly priced reflecting information available; and the Black-Scholes option pricing model, the most widely used general model for pricing options.But, says Silver, the financial system operates on a set of norms which equate all human values with financial value, and measures value as the market price. This is proving catastrophic for the economy, society and the planet.Financiers, says Silver, work in “Potemkin markets”, where every aspect is dominated by government. Financial markets are largely the creation of governments, they fulfil certain services for governments and they run in a way specified by governments.The problem is that, while governments encourage people to save for a pension to reduce the fiscal burden arising from an ageing population, it is not working because they have only managed to persuade the rich people to save – the very section of society who would not be a burden when they retire as they can afford to look after themselves.This, says Silver, is the result of the savings glut caused by governments encouraging people to save in combination with the actions of central banks in trying to repair the damage caused by the same savings being mismanaged. Interest rates have been driven to close to zero, making pensions unaffordable. Given the high charges of the finance industry, Silver argues that it is people who do not save for a pension who are the sensible ones.Silver’s key argument is that the current financial system is a by-product of financial intermediaries allocating capital to maximise their own revenues, with no guarantee that this will be in the best interests of society or the economy – in fact, it is likely that it will not be.Silver certainly raises many issues which should be debated more widely and are at the heart of many government policies. The problem with his book, however, is that the final chapters suggesting ways forward appear to be a random collection of ideas. They range through Scandinavian-style pension models, introducing a financial transaction tax or Tobin tax, finding alternatives to fractional reserve banking, better accounting of externalities, and ideas such as impact investing.I am reminded of Winston Churchill’s assertion that “democracy is the worst form of government, except all those others that have been tried”. Silver has certainly pointed out very many valid flaws in the Anglo-Saxon financial framework which need to be addressed. But he has not come out with a coherent description of anything better. Nick Silver, in his recently released book Finance, Society and Sustainability, argues that the financial framework behind the Anglo-Saxon economies of the US and the UK in particular is the construct of flawed economic theories which purport to efficiently allocate society’s capital.Instead, says Silver, the finance sector allocates savings and investments to maximise its own revenues, with a resulting collateral damage to the economy, society and the environment.John Kay led a review of the UK equity markets and long-term decision making, published in 2012. One conclusion was that UK equity markets were no longer a significant source of funding for new investment by UK companies.Silver argues that this means asset managers who dominate the market are not actually doing the job they are supposed to be doing – yet the people who work in this field are highly paid not to do their job. His book then attempts to explain how this has happened.last_img read more

first_imgAustralia’s BHP, formerly known as BHP Billiton, has entered into a new gas supply agreement with its compatriot AGL Energy for the supply of natural gas from BHP’s Gippsland Basin, off Victoria. AGL said on Thursday that the gas supply agreement with BHP Billiton Petroleum (Bass Strait) was for 78 petajoules (PJ) of natural gas from the Gippsland Basin, Victoria.The GSA is for a period of 3.25 years, starting in April 2020, and it will support AGL’s continued supply of its New South Wales and Victorian gas customers, the company said.BHP, along with its JV partner and operator ExxonMobil, has produced oil and gas from Bass Strait over the past 40 years. The Bass Strait operations are located between 25 and 80 kilometers off the southeastern coast of Australia.According to ExxonMobil, there are now 23 offshore platforms and installations in Bass Strait which feed a network of 600km of underwater pipelines.More recently, the Kipper gas field under the Kipper Unit Joint Venture (operated by Esso Australia) has brought online additional gas and liquids production that are processed via the existing Gippsland Basin Joint Venture facilities.The Kipper Tuna Turrum (KTT) project encompasses three fields in Bass Strait that hold an estimated 1.6 trillion cubic feet of gas, plus 110 million barrels of oil and gas liquids.Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.last_img read more

first_img Sharing is caring! 49 Views   one comment Share Tweet Tourism Minister Hon. Ian DouglasDominica’s Tourism Minister Ian Douglas has announced that there is need for a review of the island’s Tourism Policy and Master Plan.The Tourism Policy is a projection on how tourism can contribute to Dominica’s social, economic and cultural needs for a four year period while the Tourism Master Plan outlines an operational plan for the development of tourism for the period 2005 – 2015. Mr. Douglas told a press conference last week that the Tourism Master Plan was developed before 2005 and in light of “some major global cataclysmic issues “ which have occurred there is critical need for a review of the plan.According to Douglas, these cataclysmic issues have severally affected the “source markets” such as the United States and Europe.He further explained; “When we created the master plan back in 2004/2005 we never anticipated that the world would have had to deal with that financial crisis”.The effect of that crisis is that several of these countries are facing bankruptcy therefore their citizens who would ordinarily visit the Caribbean on vacation are not able to do so.“The world financial crisis have caused countries, major source markets like the US and Europe to be cash strapped and so we hear Greece and Spain and these countries literally facing bankruptcy so if these countries are in that situation then their citizens really have less money to spend on a holiday cruise. If persons in the US are losing their homes then the last thing that they will think about is to buy a cruise or to go on a holiday and so all those issues have affected the plan.”Another factor which has impacted on the Tourism Master Plan is the collapse of the Matthieu Dam into the Layou River in July of 2011 which caused severe flooding in that area. The implementation of some plans; a Biopark in Layou, has been affected by the environmental impact of the flooding.The Ministry therefore has to therefore rethink and re-strategizing the tourism policy and master plan.“We have to rethink the master plan we have to re-strategize, we have to go back to the drawing board and that’s what we’ve been doing; looking at the master plan, reviewing the tourism policy in light of the present global challenges.”This review will include a critical assessment with a view to identifying the project areas which have been completed and those that are still outstanding and a determination will be made as to the manner in which the outstanding projects are carried forward.Mr. Douglas also noted that the Ministry will receive assistance from the European Union which he says has been one of their major partners.The review is expected to commence in the 4th quarter of the financial year.Dominica Vibes Newscenter_img LocalNews Dominica to review its Tourism Policy and Master Plan by: – February 29, 2012 Share Sharelast_img read more

first_imgILOILO City –Western Visayas Medical Center (WVMC) in Mandurriao district has beenaccredited by the Department of Health (DOH) as testing center for possiblecoronavirus disease 2019 (COVID-19) cases in the region. She also thankedSen. Christopher “Bong” Go for the assistance and likewise commended andthanked the health frontliners for delivering selfless public service despitethe risks. Working from homeas she is on a self-imposed quarantine, Baronda coordinated for the transportof specimen samples by her Congressional Office staff from Villamor Airbase tothe Research Institute for Tropical Medicine on Wednesday. The samples wereflown by Philippine Air Force from Iloilo City as well as Tacloban and Cebucities. Cong. Julienne Baronda. HOUSE OF REPRESENTATIVES Baronda vowed to“not stop working with the DOH Central Office and the Center for Health Development-6to make sure that Ilonggos get the health service they need in these tryingtimes.” “I thank theDepartment of Health for positively responding. WVMC is now the COVID-19Testing Center in Region 6,” Baronda said in a press statement yesterday afterreceiving the DOH letter about the accreditation dated March 18 and signed byAssistant Health Secretary Kenneth Ronquillo. “Let us continueto unite in prayer as we battle this crisis. With our God behind us, we willtriumph,” she said. Baronda, whocontinues to be healthy and has not shown any COVID-19 symptom while enteringher second week of self-quarantine, asked “everyone to cooperate and heed themeasures that our national and local governments are doing for everyone’swelfare. I ask our dear Ilonggos to abide by the Enhanced Community Quarantinewhich Mayor Jerry Treñas is implementing.”  The HouseAssistant Majority Floor Leader requested for the accreditation because she didnot want delays in the testing of possible COVID-19 patients. Her staff alsoclaimed swab supplies and personal protective gears from the DOH Central Officeon Thursday and brought these to the Batangas Port and Manila ports,respectively, to be shipped to Iloilo City through 2Go and Philippine CoastGuard vessels.  “Under theDOH’s updated decision tool, only the elderly, those with underlying medicalconditions and those with ailments which have progressed to ‘severe tocritical’ would be tested for the COVID-19 virus,” Treñas said. Yesterday, Mayor Treñasannounced that a DOH-accredited medical technologist would test persons underinvestigation (PUIs) here today, March 21. During thecommittee hearing of the House of Representatives’ Committee on Health on March11, Baronda verbally manifested her request to Health Secretary Francisco DuqueIII for the accreditation of WVMC as testing center for suspected COVID-19cases. She also handed a written request to the DOH chief. DOH is alsoworking on several laboratories in Iloilo to “try to accredit medicaltechnologists and centers to read the tests,” he added./PN Baronda imploredeveryone to pray.  WVMC is now linedup “for capacitating through proficiency testing and training of laboratorypersonnel. DOH expects to activate key hospitals and medical centers, likeWVMC, after it is done activating ‘sub-national laboratories’ (SNLs) as itadopts the so-called ‘highest-value strategy’ in attending to the COVID-19threat,” Baronda shared the good news. Rep. Julienne“Jam-jam” Baronda of the Lone District of Iloilo expressed gratitude to the DOHfor granting her request for such accreditation. “Time is of theessence. We don’t want delays in getting the results from Manila, so that earlyon we already asked that WVMC be made to do the test. We don’t wantinterventions delayed because the diagnosis is hanging. The disease managementshould start the soonest so that those infected have better chances ofrecovery,” she told Panay News.  The citygovernment expects 100 test kits for coronavirus disease to arrive any timefrom Manila. Baronda vowed tocontinue communicating and coordinating with the DOH and other nationalgovernment agencies “so that WVMC personnel are trained at the ResearchInstitute for Tropical Medicine at the soonest opportunity possible.” He said hereceived a call from Health secretary Francisco Duque about this.last_img read more

first_img Fitzpatrick said: “I’m young but it doesn’t mean anything. Paddy and Michael have helped me big time and you will see the best from me on Saturday night.” Michaela Walsh moved through to face Olympic champion Nicola Adams in the women’s flyweight final. The Belfast 21-year-old came through against tough Indian Pinki Rani, edging the final two rounds with her cleaner, counter-punching style in order to make sure on the scorecards. Walsh said: “Months ago I said my dream was to fight Nicola Adams in the Commonwealth final and when I go to bed tonight I will dream of that gold medal hanging round my neck. “I know if I perform to the best of my ability I can beat her. She is the golden girl and I’m only a baby but in the ring it’s a different story.” Northern Ireland light-welterweight Sean Duffy was outpointed by Junias Jonas and light-heavyweight Sean McGlinchy also lost on points to David Nyika of New Zealand. Welterweight Steven Donnelly looked unlucky to drop a split decision to Mandeep Jangra of India, and middleweight Connor Coyle was beaten by India’s Vijender (crrct) at middleweight. Alannah Audley-Murphy was outpointed by Australia’s Shelley Watts in the women’s lightweight division, leaving Northern Ireland with four finalists and five definite bronze medals. Barnes breezed into his second consecutive light-flyweight final with a unanimous decision win over Uganda’s Fazil Kaggwa. But earlier in the day he watched his friend Michael Conlan scrape through against Welshman Sean McGoldrick on a technical decision after sustaining a bad cut over his right eye from an accidental headbutt. Belfast boxer Paddy Barnes believes the sport’s world governing body will vote to bring back headguards after a Commonwealth Games campaign marred by a series of high-profile cuts. And Northern Ireland lightweight Joe Fitzpatrick also required treatment to a gash beneath his left eye after a straightforward win over Michael Alexander of Trinidad. Conlan in particular now faces a race against time to be fit for Saturday’s bantamweight final against England’s Qais Ashfaq, and Barnes believes a U-turn on the decision is inevitable. Barnes said: “I think headguards will be back. It’s great to see them off because it’s better to watch, but it’s impossible to fight so many times in so few days without headguards on – it’s ridiculous.” Conlan, who also suffered a cut to the top of his head in his first round win over Matthew Martin, is convinced he will be able to compete in the final. “I felt the cut straight away but it was cleaned up well by the doctor and I will be in the ring tomorrow,” Conlan said. “I’ve never been cut on the face or the head in my life until this tournament so it’s a bit unfortunate, but I’ve had it glued and it will be okay. “I was happy with the way I boxed before it was stopped and I am just happy to be in the final. Tomorrow is going to be a golden day.” The 19-year-old Fitzpatrick produced another composed performance to see off Alexander and book a final against Scotland’s Charlie Flynn. Press Associationlast_img read more

first_imgGORHAM — Sophomore Tim Bryant (Peterborough, NH) scored three goals in the fourth quarter as the University of Southern Maine came back from a two-goal deficit to defeat Maine Maritime Academy, 12-10, in a non-conference men’s lacrosse game Thursday afternoon at Hodgdon Field.The win was the second straight for the Huskies and improves their overall record to 7-5. The Mariners dropped their second straight to slip to 6-3 overall.Christopher Keiley (Holliston, MA) shared the game-high scoring honors, matching Kayle Hamilton (Buxton) with four goals and one assist. Garrett Lake (Farmington) finished with three goals and one assist. Freshman Nick Lund (Alfred) chipped in a goal and one assist. Freshman goalie Daniel Redmond (Westbrook) had a spectacular game making 25 saves.Maine Maritime will play a North Atlantic Conference game at Emerson College on Saturday at 4:00 p.m.For complete story, pick up a copy of The Ellsworth American. Latest posts by admin (see all) Bio Hancock County Court News Nov. 3 thorugh Dec. 11 – January 22, 2015 State budget vs. job creation – January 22, 2015 House fire in Winter Harbor – October 27, 2014 admin Latest Posts This is placeholder textThis is placeholder textlast_img read more

first_img… 12 Georgetown teams to vie for top spot THE Petra organisation yesterday joined hands with Top Brandz Distributors under their Corona Beer brand for the inaugural Corona Invitational football tournament set to begin next Friday.The tournament will feature the 12 top teams in the Georgetown region, as they vie for $1M in cash and prizesCo-Director of the organising body Petra, Troy Mendonca, was enthused to have the support of the company for this tournament, saying, “Top Brandz with their Corona brand has come in an integral time to the sport.”He noted that the company is fulfilling its corporate social responsibility. He explained that the tournament will take a round-robin knock-out format where the top four teams in the two groups of six will advance.The tournament was initially set to kick-off on June 30 but, according to Mendonca, the inclement weather caused the delay. The tentative date is now July 7 with the conclusion being possibly September 9..Meanwhile, as part of their promotion, free admission has been added for the first game day and it will continue to be the same for women only, throughout the duration of the tournament.Top Brandz Sales and Marketing Manager Pratima Prashnajeet explained that the beer is promoting its new slogan, “This is living” with Brand Ambassador Jean-Paul Bonse saying that the company is there to promote the community teamsAlso present was Georgetown Football Association (GFA) First vice-president Aaron who had high praise for the Petra organization, adding that they will continue to develop the sport locally.Guyana Football Federation (GFF) president Wayne Forde stated that the body continues to laud associations like Petra, whose mandate falls in line with the federation’s development pathway.The tournament will feature Guyana Police Force FC, Camptown FC, Santos FC, Pele FC, Georgetown Football Club, Beacons FC, Northern Rangers, Western Tigers, Riddim Squad, Flamingo FC, Black Pearl and East Ville FC.Games have been set for Sunday and Friday at the Georgetown Football Club (GFC) ground Bourda and Tucville.last_img read more

first_imgPRESIDENT of the Guyana Badminton Association (GBA), Gokarn Ramdhani was elected vice-president of the Caribbean Regional Badminton Confederation (CAREBACO) when the regional body held its Annual General Meeting (AGM) last Saturday at the National Racquet Centre in Tacarigua, Trinidad and Tobago.After serving for the past four years as General Secretary, he was moved up to the vice-president post. He was unanimously voted in, and will now serve in the post for the next two years.Trinidad’s Rahul Rampersaud was elected to serve as president, while Ramdhani is replaced as secretary by Navin Gayapersad also from Trinidad and Tobago. Suriname’s ReDon Coulor will serve as treasurer, while the committee members are Barbadians Elius Fanus and Andrew Clarke and Aruba’s Terence Sybesma.Ramdhani, who served as manager and head coach of the 9-member team that won 8 medals (3 gold, 2 silver and 3 bronze) at the just concluded CAREBACO Junior Championships, is very happy that Guyana can once again be on the executive board of CAREBACO.last_img read more

first_img(BBC) – Red Bull have lodged an official protest against a controversial and revolutionary steering system on Mercedes’ 2020 Formula 1 car.Red Bull allege that the so-called dual-axis steering system (DAS) breaks the rules on two counts.These are that it constitutes a moveable aerodynamic device and that it is an adjustment to the suspension while the car is in motion.DAS alters the ‘toe’ of the front wheels by moving the steering wheel.The ‘toe’ is the angle of the front wheels in relation to the longitudinal axis of the car.F1 cars operate with a degree of ‘toe-out’ – which effectively means that the front parts of the tyres are turned outwards by a few millimetres.This is beneficial when the driver turns in to the corner as it gives them more grip and stability but causes a degree of ‘scrub’ on the straights, where the tyre is dragged across the track at an angle, which causes its temperature to rise.In the Mercedes system, the driver can pull on the steering wheel to straighten the front wheels as he comes on to a straight and then push back on it to revert to the ‘toe-out’ position as he enters a corner.The potential advantage is two-fold: it changes the amount of tyre ‘scrub’ on the straights, allowing the team to adjust the temperature of the tyres and it could reduce drag to increase straight-line speed.The system has been banned by a change of rules for 2021, but governing body the FIA has already said it considers DAS to be legal under the current rules.The success of the protest, lodged with the stewards at the delayed season-opening race in Austria this weekend, will be determined by whether officials agree with the FIA’s assessment of the system.It has been declared legal on the basis that it complies with a rule that states: “The front wheels are adjusted solely by the steering and under the full control of the driver.”But Red Bull have lodged their protest on different grounds, namely Articles 3.8 and 10.2.3 of the technical regulations.Article 3.8 says that any part of the car that influences its aerodynamic performance “must be rigidly secured to the entirely sprung part of the car” and “must remain immobile” in that relationship.Red Bull contend that the change in the angle of the front wheels gives Mercedes an aerodynamic advantage by reducing drag on the straights.And Article 10.2.3 says “no adjustment may be made to any suspension system while the car is in motion”.The success of that part of the protest will depend on whether stewards consider DAS to be part of the suspension system or, as Mercedes will contend, the steering.It has been claimed that Mercedes are using the system only on the drivers’ first laps out of the pits, which suggests that it is being used to generate tyre temperature for the start of qualifying laps.But Mercedes deny that out laps are the only time it is used.last_img read more