231 Front Street, Lahaina, HI 96761 info@givingpress.com 808.123.4567

Tag: 上海夜网SV

$2bn fund kicks off US bank’s Euro-plans

first_imgWould you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.last_img

Experts call for other solutions to UK’s woes as QE harms pensions

first_imgThe UK economy needs other solutions to its economic troubles beside the type of increased monetary stimulus announced by the Bank of England yesterday, which is deepening defined benefit (DB) pension fund deficits, experts say. The UK central bank said it would halve interest rates to 0.25%, expand its quantitative easing (QE) programme by £70bn (€81.9bn) – via £10bn in corporate bonds and £60bn in Gilts – and launch a “Term Funding Scheme” to ensure banks pass the interest-rate cut onto individual and corporate borrowers.Former pensions minister Ros Altmann said the Bank of England’s statement completely ignored the pension impact of its policies, and that the monetary easing would mean more pain for UK pensions as QE worsened deficits and increased annuity costs.“Both defined benefit and defined contribution pensions have become more expensive as rates keep falling,” she said, adding that consultancy Hymans Robertson estimated deficits of UK final salary-type schemes post-Brexit had grown to £935bn.   “A further fall in interest rates as a result of (yesterday’s) Bank of England announcement will see this figure increase further towards the £1trn mark,” she said.“This damaging side-effect of monetary policy means bigger burdens on UK employers. The consequences of rising deficits are that employers struggling to support these schemes face pressure to put in more money.” If the Bank of England ignored the effect of monetary policy on pension schemes, the government and the Pensions Regulator need to take the issue more seriously, Altmann said.  “So far, very little has been done to address the stress on employers,” she said.Amlan Roy, a senior research associate at the London School of Economics (LSE) and a guest finance professor at London Business School (LBS), said there were limits to monetary policy effectiveness, and that this was just one reason why fiscal policy measures, as well as structural reforms, were necessary to tackle economic weakness.Roy said all three “arrows” – fiscal stimulus, monetary easing and structural reforms – put in place by Japanese prime minister Shinzo Abe to revive the economy after December 2012 were needed all over the world.“Parallels to the Great Depression gloss over market linkages, sophistication and heterogeneity,” he told IPE.“Creating jobs and fiscal policy with structural reforms as complementary is a must, in my view.”Altmann said trustees of DB schemes were caught between a rock and a hard place, needing to take on more risk while being expected to take less.“Trustees of pension schemes, whose deficits keep rising, are facing almost impossible investment dilemmas,” she said.“If the scheme deficit has risen, trustees need to consider asking the employer to put more money in to fill the shortfall, but if the employer has already put huge sums in or cannot afford to do more at the moment, then trustees ideally need to find other ways to reduce the deficit.”Meanwhile, Nigel Green, chief executive of financial consultancy deVere, said the Bank of England’s package of measures designed to cushion the UK from recession were not the answer to the country’s economic troubles.“Monetary policy alone is not the magic wand to reduce the ills of the economy,” he said.Slashing the key interest rate to historic lows and extending the QE programme to £435bn in total was going to unleash more “catastrophic damage on pensions, pension funds and, potentially, the UK’s long-term sustainable economic growth,” he said.“A different solution – a more direct way of boosting growth – rather than forcing Gilt yields lower, has to be found by the Bank of England,” he added.last_img read more

Storms Prompt Flood Watches, Wind Advisory

first_imgImage: NOAAAfternoon rain showers and evening storms that could potentially become severe will move through the area Thursday. The storms could produce high winds and flooding along creeks, streams and other drainage areas.The National Weather Service has issued a Flash Flood Watch from 3:00 p.m. Thursday until 4:00 a.m. Friday for the majority of the listening area.For residents in Decatur, Rush and Jennings counties, a Wind Advisory is in effect from 7:00 p.m. Thursday to 7:00p.m. Friday. Forecasters said winds of up to 30mph are expected with gusts of up to 45mph.The high winds could impact the handling of high profile vehicles and cause objects like garbage cans to get blown around.Local highway departments have taken precautions by moving snow further off the road and removing water from some drainage areas. The mix of above average temperatures and precipitation could lead to water covered roads due to the melting snow.Commuters should be especially careful in the evening and early morning as it can be difficult to see water and it’s depth across the roadway. Driving through water could cause hydroplaning.Some other safety tips are listed here>>Stay tuned to Country 103.9 WRBI for the latest on severe weather and travel information.last_img read more

Robinson Cano injury update: Mets put second baseman on IL with torn hamstring

first_imgAn initial report from the team said Cano strained his left hamstring in Sunday’s game against the Pirates, however, MLB.com later reported Cano torn his hamstring.Bad news for the Mets. An MRI taken today revealed a torn, not strained, hamstring for Robinson Canó. He won’t need surgery, but obviously this will keep him out many weeks.— Anthony DiComo (@AnthonyDiComo) August 5, 2019Cano was set to undergo an MRI exam Monday.Cano limped off the diamond during the Mets’ 13-2 rout of the Pirates. He pulled up as he was halfway between first and second base in the fourth inning. Cano was unable to get back to first and was tagged out on what could have been his third double of the game. At that time, New York already had an 8-0 lead over Pittsburgh.”Once I feel something, I just stop,” Cano told reporters Sunday. “I don’t want to keep running and whatever it is, make it worse.” Just as the Mets are gaining ground in the National League wild-card race, they’ve lost Robinson Cano.The Mets on Monday put their second baseman on the 10-day injured list. Cano was 3 for 3 at the plate with an RBI and two runs scored.The Mets (55-56) entered Monday within one game of .500 for the first time since mid-June and three games out of the second wild-card position.last_img read more