There’s nothing to fear from the latest easing back of Dodd-Frank’s reach

first_imgWednesday 17 October 2018 8:08 pm whatsapp While the rhetoric was typically Trumpian, the reality has proven to be somewhat more modest. Nonetheless, a change in the White House’s direction of travel has been observed under the influence of former Goldman Sachs banker Steve Mnuchin and other lesser-known advisers such as Mike Pence’s chief economist Mark Calabria, an ardent free-marketeer and Dodd-Frank critic.Yesterday, in one such example, Washington scrapped its “systematically important” classification of Prudential Financial, meaning that no insurers are now considered too big to fail. Other insurers such as AIG and MetLife had previously fallen off the list.Given the character of the man in charge of the White House, it is easy to see these developments as an impulsive and irresponsible unravelling of reforms designed to prevent or mitigate future shocks to the financial system. Indeed, Trump’s primary reason for opposing Dodd-Frank – to put a rocket under lending and growth under his premiership – looks as short-termist and brash as his disgraceful attacks on the Federal Reserve.However, beyond Trump, there are reasons to be comfortable with the change in tack delivered by Treasury secretary Mnuchin. Firstly, the systemic risks from insurance companies are relatively minor, with lending still dominated by traditional banks. At times it has seemed as if the decision to include insurers was more due to a lingering memory of the US government’s bailout of AIG than any analysis of the fundamentals.But more importantly, too much of Dodd-Frank rests on the premise that future crises can be thwarted by adding layer upon layer of supervision on to financial companies (the Pru says it spent $135m in one year on reporting work related to its “systematically important” status). Meanwhile, the regulators’ efforts to privatise bailouts remain far from convincing, and market data shows that investors still believe a safety net exists. Dodd-Frank says it is opposed to bailouts, but provides a clear path for the state to step in and save troubled banks.Rather than worrying about ultra-tight supervision designed to protect big financial beasts, we should be asking if regulators are doing enough to facilitate a financial system in which all businesses can fail without the need to raid taxpayers’ pockets. Worryingly, the answer still seems to be “no”. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBetterBe20 Stunning Female AthletesBetterBeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutWTFactsHe Used To Be Handsome In 81s Now It’s Hard To Look At HimWTFactsInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment GuruHouse CoastPregnant Beggar Was Asking for Help, But Then One Woman Followed HerHouse Coastzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily Funny Shortly after his inauguration as President, Donald Trump pledged to do “a big number” on Dodd-Frank regulations, labelling the post-crisis measures “a disaster” and promising to “kill” parts of the legislation. Share There’s nothing to fear from the latest easing back of Dodd-Frank’s reach Tags: Company Donald Trump Federal Reserve Goldman Sachs Insurance People Prudential whatsapp Julian Harris last_img read more

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US services sector returns to growth with record surge

first_imgMonday 6 July 2020 3:23 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndoBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderUndobonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comUndoJustPerfact USAMan Decides to File for Divorce After Taking a Closer Look at This Photo!   JustPerfact USAUndoFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndoPost Fun25 Worst Movies Ever, According To Rotten TomatoesPost FunUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndo Nonetheless, respondents to the ISM survey reported business activity picking up markedly between May and June. Meanwhile, new orders also rose significantly. States such as Florida and Texas have rowed back on their moves to reopen. Economists fear new lockdowns could again damage the economy just as it was healing. Share Yet another company in the real estate, rental and leasing sub-sector told ISM: “Covid-19 and the riots have disrupted the normal flow of business. There is no new normal yet.” It is the latest sign that the world’s biggest economy was on its way back to normality in June from coronavirus lockdowns. However, a surge of new coronavirus cases across the country has thrown the recovery into doubt. But the number of coronavirus cases in the US continues to surge, defying the trends seen in western Europe. US services sector returns to growth with record surge One survey respondent in the agriculture, forestry, fishing  and hunting sub-sector said there had been a “surprising recovery to sales volume over the past four weeks”. whatsapp It was the biggest surge the survey began in 1997 and well above the 50.1 reading analysts had predicted. Restaurants reopened in New York City in June and July (Getty Images) Also Read: US services sector returns to growth with record surge center_img Harry Robertson The Institute for Supply Management’s (ISM) non-manufacturing purchasing managers’ index (PMI) jumped to 57.1 in June from 45.4 in May.  Various pieces of economic data have suggested the US economy is picking up steam. Notably, employment figures have far outstripped expectations. Restaurants reopened in New York City in June and July (Getty Images) Also Read: US services sector returns to growth with record surge The enormous US services sector returned to solid growth in June, according to a survey, with a closely watched gauge posting its biggest rise since records began. Restaurants reopened in New York City in June and July (Getty Images) Show Comments ▼ whatsapp ISM chair Anthony Nieves said firms are “cautiously optimistic about business conditions and the economy as businesses are beginning to reopen”. Yet he added: “Respondents remain concerned about the coronavirus and the more recent civil unrest,” referencing the Black Lives Matter protests.last_img read more

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Father of Anchorage 5-year-old who died of self-inflicted gunshot wound approved for house arrest

first_imgCrime & Courts | Family | Public Safety | SouthcentralFather of Anchorage 5-year-old who died of self-inflicted gunshot wound approved for house arrestDecember 7, 2017 by Lisa Demer, Anchorage Daily News Share:Police say a 5-year-old child died of a self-inflicted gunshot in a multi-unit residential complex on the 5700 block of Rocky Mountain Court in East Anchorage. (Photo by Marc Lester/Anchorage Dispatch News)The parents of a 5-year-old who accidentally killed himself Tuesday with a gunshot to the head were in federal court Wednesday, composed though signs of tension broke through.The father, Anthony L. Johnnson, has a record for drug trafficking and wasn’t supposed to have a gun, according to Assistant U.S. Attorney Kimberly Sayers-Fay.After his son’s death, he was arrested and charged with being a felon in possession of a firearm.The criminal complaint was filed Tuesday and made public Wednesday.The main issue before U.S. Magistrate Judge Kevin McCoy was whether to allow Johnnson out on house arrest for now. That would allow him to help with funeral preparations and attend the service, which is planned for Saturday, said defense attorney Gary Colbath.His fiancee, Jualisa House, took the witness stand for questioning on whether she could keep him under watch as his third-party custodian, and turn him in if he violated the terms.“We’re putting you in the middle of a very difficult situation,” McCoy told House.One side of the courtroom was packed with friends and family of the couple. House held someone’s young child for part of it.About 12:20 a.m. Tuesday, House was preparing food and Johnnson was elsewhere in the home when she heard a shot, according to Anchorage police.Their son, Christan Johnnson, found a loaded handgun in the master bedroom nightstand, then shot and killed himself with it, according to Anchorage police.The new charge describes the gun as a .40-caliber semiautomatic pistol.Police found Christan dead in the master bedroom from a gunshot to the head, the sworn statement filed in federal court says. A pistol was beside him.Police got a warrant and searched the house.They seized items that included the pistol, 22 .40-caliber rounds recovered from the kitchen counter, 17 .40-caliber rounds found in a bag in a kitchen cabinet, an automatic rifle-style magazine with more rounds in a cabinet, and 43 9mm rounds recovered from a night stand, according to the sworn statement by Jason Crump with the Bureau of Alcohol, Tobacco, Firearms and Explosives.The mother, father and child all lived in the East Anchorage apartment on Rocky Mountain Court, the federal court filing says.Sayers-Fay, the prosecutor, said she wasn’t against allowing Johnnson out on house arrest and tracked by an electronic ankle monitor until after the funeral even though normally the government would fight it.Yet there are concerns, she said.Johnnson, who appeared in court in a light orange jailhouse uniform, a month ago had tried to buy a gun in Mississippi, she said. There were other guns in the vehicle that he said he was holding for someone else — a person he could only vaguely identify, the prosecutor said. There’s concern for his mental state, though a jail watch on him has been removed, she said.As the hearing went on, Johnnson fidgeted, perhaps from cold. He wrapped his arms in the jail shirt.Mainly, Sayers-Fay didn’t want House — in the midst of a trauma and the longtime romantic partner of Johnnson — as the third-party.The two have been together 10 years, House said in court.Did House know that her fiance, as a convicted drug trafficker, wasn’t supposed to have a gun? Sayers-Fay asked.“We needed it because it was protecting me and my son,” House answered.She said she didn’t know Johnnson couldn’t legally buy a gun, but it was for her. Anyway, he was done with probation, she said.As the questioning went on, House said she was now well aware that he couldn’t buy a gun and she wouldn’t want one in the house anymore. After what happened, she said, she doesn’t want a gun for protection or anything else.Why should he, the judge, trust her? McCoy asked.She said she knew Johnnson very well and she hoped what happened is eye-opening for him.He didn’t always listen to her but that should change, she said.“After all this, he’s going to listen to everything,” House said.House works for a local bank. Her supervisor said she could take all the time she needs, she told the judge.McCoy ultimately agreed to allow Johnnson out on house arrest with a GPS-connected ankle monitor. He has to stay under House’s watch around the clock and can only leave the house for pre-approved reasons, the judge said.Another hearing was set for Monday to address whether Johnnson can remain out of jail.During Wednesday’s hearing, McCoy also went over the charge — a federal offense that occurs when a felon has a gun or ammunition “which has been shipped or transported in interstate or foreign commerce.”“What?” Johnnson asked.There are no gun manufacturers in Alaska, so they are all shipped here, McCoy explained.The drug case began in 2011 when House was pregnant, she said.A sworn statement filed in court said federal agents were targeting a man nicknamed Popeye in a Ford Explorer and Johnnson was in the front seat.After being ordered out, he tossed a baggie under the Ford, the statement said. It contained about a half-ounce of crack, an amount that indicated drug trafficking, the statement said.He was sentenced in 2012 to serve nine months, which could be in a halfway house, and three years of probation. Most of his time was in Mississippi, where House said she is from. She wants to bury their child there.A vigil was planned for Wednesday night outside the family’s apartment.Anchorage police also are investigating the child’s death.Share this story:last_img read more

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Dogs in hotel rooms and goats in the aviary: Haines’ pets get care during disaster

first_imgCommunity | Family | Southeast | WeatherDogs in hotel rooms and goats in the aviary: Haines’ pets get care during disasterDecember 9, 2020 by Claire Stremple, KHNS – Haines Share:Veterinarian Michelle Oakley hugs Nelson, a Jack Russell Terrier, on Tuesday, Dec. 8, 2020, in Haines, Alaska. Oakley and a local doctor performed emergency abdominal surgery on Nelson when swallowed a bone after his owners evacuated during flooding and landslides in early December. (Photo by Rashah McChesney/KTOO)Mandy Reigle and Cori Stennett’s house was okay after mudslides tore through their neighborhood. Neighboring homes were destroyed and the debris flows covered the road and cut them off from town for three whole days. That’s when they were finally able to evacuate with their terrier, Nelson.“And the truth is, is that Thursday night, we were busy getting packed up. And we just didn’t have a close of an eye on him. And he was very occupied. He was loving his bone,” Stennett said. “And that’s, that’s what happened.”The next morning, they moved into relative safety with some friends in the Haines townsite.But by evening, Nelson was writhing in pain. They didn’t know it at the time, but a sharp piece of his bone was working its way through his stomach and intestines. They called the working vet in town, Dr. Michelle Oakley, who is kind of a celebrity in town. She spends part of the year traveling to film her TV show “Yukon Vet.”Within hours Dr. Oakley gathered enough resources for emergency surgery.First, she took a fluid sample from Nelson’s stomach and it was full of blood.“And at that point, I think we all just kind of looked at each other and thought that he was already bleeding out from the inside,” Stennett said. “And that’s that moment where, you know, I mean, you don’t really care how dirty of that floor is — you want to lay on the floor by your dog and cuddle them while he’s still here.”Nelson wasn’t the only pet who needed attention. Dr. Oakley set up a makeshift clinic in the town’s rescue kennel. In the midst of the disaster, she was fielding about 20 calls or visits a day.There was a case of inappropriate urination — “So, it’s peeing all over the place,” she said.“We’ve got a bite wound, and that’s the third bite wound for today,” she said.There was a dog so anxious and shaking that it couldn’t eat without vomiting.“So, it’s kind of the whole gamut of, you know, anything from — it might just be anxiety, which is which is still something and nothing to ignore — to like the more serious of like, you know, big abscesses, bite wounds, things like that, that can really make an animal pretty sick.”Oakley explained this is normal under the circumstances. Pet owners are distracted, animals are in new environments and everyone is under stress.Cats went to friend’s homes. Dogs ended up in hotel rooms. Parrots ended up in hotel rooms. And a pair of pygmy goats found themselves in a vacant aviary.Payton and Palymer’s owners had to evacuate their home under Mount Ripinsky. The Haines Bald Eagle Foundation is housing them empty barn space intended for birds on a farm near the townsite. Sidney Campbell, the Foundation’s raptor manager, is in charge of their care.“I have like remarkably little information about these goats,” she said. “It was just like, in the frenzy of all of the…evacuations, people were looking for places to put them and we very suddenly had two goats to take care of.”She drives up to the farm twice a day to refresh their food and water.“Animal Care is doesn’t seem like it would be a super applicable skill in a setting like this, you know, everybody’s doing their best to help out and this is my skill. This is this is the thing I know. So this is what I can do to help I guess.”Two rescued goats play in pens that the American Bald Eagle Foundation and Live Raptor Center owns on Tuesday, Dec. 8, 2020 in Haines, Alaska. The raptor center volunteered space for animals that needed a place to go after widespread flooding, landslides and evacuations in town.At his follow-up appointment, Nelson the terrier is doing well. His weight is stable and Dr. Oakley says the bruising from surgery is already improving. Stennet says she’s grateful not to lose anything else.“I don’t think we even knew how much he meant until we were here on the floor with him on Friday night, thinking that we were saying bye, and crying and just the thought of losing him,” she said. I mean, that just plunged us into something that we weren’t expecting on top of what I already had happened that we weren’t expecting to the community. And we love him. I mean, we love him so much.”Nelson can walk to the truck, but he needs a lift to get inside. They’re headed back to their friends’ home–to pack. It’s in the part of town that’s been warned to prepare for evacuation, so they’re checking into a hotel just in case.In a previous version of this story, the last quote from Cori Stennet had a transcription error. It has been corrected.Share this story:last_img read more

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Guitar Center is filing for bankruptcy

first_imgAdvertisementTags: bankruptcyCovid-19GUITAR CENTER Advertisement (CNN) — Guitar Center is filing for Chapter 11 bankruptcy, the latest company to go bankrupt during the pandemic that has decimated America’s retail sector.The 61-year-old company — the biggest musical instrument retailer in the United States — had tried to stay afloat during the coronavirus pandemic by offering virtual music lessons. But Guitar Center was forced to close many of its stores in March during nationwide lockdowns, and it struggled to get customers to buy instruments as the economy headed south.Stores like Guitar Center depend on people making discretionary purchases have been among the worst-hit retailers this year. The company has nearly 300 locations in the United States, many of which are in strip malls that had been struggling long before COVID-19.The company said in its bankruptcy filing that it received up to $165 million in new equity investments and lenders agreed to reduce the company’s debt by nearly $800 million. Japan to ease COVID restrictions as country prepares for 2020 Olympics June 17, 2021 Owner of Edison Mall & Port Charlotte Town Center files for bankruptcy June 15, 2021 AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 commentscenter_img COVID-19 restrictions likely kept kids out of swim class, putting them at risk June 9, 2021 AdvertisementThe company’s primary owner, Ares Management Corporation, as well as new equity investor Brigade Capital Management and a fund managed by The Carlyle Group will help finance Guitar Center through bankruptcy.The company will continue to stay in business during the bankruptcy process. But it may not be able to capitalize on the holiday shopping boom. More than a quarter of Americans — 28% — say they will spend less on holiday gifts this year compared to last year, Gallup said in a new poll, marking the highest percentage Gallup has recorded in this category since 2012.The-CNN-Wire™ & © 2020 Cable News Network, Inc., a WarnerMedia Company. All rights reserved. Advertisement Mobile pediatric clinic provides COVID vaccines for children 12+ June 15, 2021 RELATEDTOPICSlast_img read more

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Caitlyn Jenner announces run for California governor

first_imgRELATEDTOPICS No Content Available AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments By World of Hyatt Sponsored Content Hyatt Night In: Staying in is the New Going Out LOS ANGELES, CA. – Caitlyn Jenner, reality TV star, transgender rights activist, and retired Olympic medalist, filed paperwork on Friday to run for the governor of California.“As Californians, we face a now-or-never opportunity to fundamentally fix our state before it’s too late,” Jenner announced in a release on Twitter. “Taking on entrenched Sacramento politicians and the special interests that fund them requires a fighter who isn’t afraid to do what is right. I am a proven winner and the only outsider who can put an end to Gavin Newsom’s disastrous time as governor.” AdvertisementShe did not go into further detail about her plan to run for governor but said a formal announcement will be released in the coming weeks.center_img The 71-year-old longtime Republican, who described herself as “economically conservative, socially progressive” in an interview with People magazine last year, said she will be meeting with California residents across the state to “hear their voices and finally get this state moving in the right direction.”Jenner criticized Newsom’s “over-restrictive lockdown,” and said taxes in the state are too high, “killing jobs, hurting families, and putting an especially heavy burden on our most vulnerable people.” AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 comments Take a break from the routine, keep it local, and enjoy a truly unique stay with Hyatt Night In. Staying in is the… AdvertisementTags: Caitlyn JennerCalifornia governor Advertisement Advertisementlast_img read more

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North American stock markets regain some lost ground

first_img Keywords Marketwatch Share this article and your comments with peers on social media S&P/TSX composite hits highest close since March on strength of financials sector Canadian Press Toronto stock market dips on weakness in the energy and financials sectors In New York, the Dow Jones industrial average was up 1,985.00 points at 23,185.62. The S&P 500 index was up 230.38 points at 2,711.02, while the Nasdaq composite was up 673.07 points at 7,874.88.The Canadian dollar traded for US71.94¢ compared with an average of US72.36¢ on Thursday.The April crude contract was up US23¢ at US$31.73 per barrel and the April natural gas contract was up US2.8¢ at US$1.869 per mmBTU.The April gold contract was down US$73.60 at US$1,516.70 an ounce and the May copper contract was down US0.85¢ at US$2.464 a pound. Canada’s main stock index closed Friday with a 9.55% advance to regain some of the ground it gave up Thursday in its biggest one-day drop on record.The S&P/TSX composite index was up 1,194.43 points or 9.6% at 13,702.88, a day after giving up more than 1,700 points. TSX gets lift from financials, U.S. markets rise to highest since March Downtown office buildings Toronto elovkoff/123RF Related news Facebook LinkedIn Twitterlast_img read more

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Sports Minister Congratulates Sensational Bolt

first_imgRelatedSports Minister Congratulates Sensational Bolt RelatedSports Minister Congratulates Sensational Bolt Sports Minister Congratulates Sensational Bolt UncategorizedAugust 18, 2008 FacebookTwitterWhatsAppEmail Minister of Information, Culture, Youth and Sports Hon. Olivia ‘Babsy’ Grange, described tonight’s 100 metres World Record performance by Usain Bolt at the Beijing Olympics, as phenomenal and declared that the sprinter had ignited the passions of the Jamaican people by delivering the elusive gong. Minister Grange was on hand at the Bird’s Nest to congratulate the sprinting hero, after he devastated a quality field to win hands down in a new World Record time of 9.69 seconds.Bolt, who looked the consummate picture of composure and confidence going into the finals, performing several popular Jamaican dance moves in the blocks, gave Jamaica its first 100 metres victory in its 60-year Olympic history.Minister Grange said Bolt’s performance was testimony to the results that can be achieved through dedication and hard work. She added: “I congratulate Usain and expect that he will continue to excel because he is committed to his sport and himself. We now look forward to his performances in the 200 metres as we believe that he will return another stellar performance.”She had words of encouragement for Jamaica’s former World Record holder, Asafa Powell, who finished down the track in fifth place in 9.95 seconds. She told him: “I know you are disappointed but you have done Jamaica proud over the years and we will always salute you. It is never easy when you don’t meet your own expectations but we are still solidly behind you because you have proven yourself time and again.”She congratulated Michael Frater who finished in sixth place with a personal best time of 9.97 seconds.The Minister met the athletes as they were leaving the track and also had kind words for Richard Thompson of Trinidad and Tobago, who finished second and American Walter Dix who placed third.Attention now turns to the women’s 100 metres semi-final and final tomorrow night when Jamaica is expected to deliver medal winning performances. Kerron Stewart, Shelly Ann Fraser and Sherone Simpson all advanced comfortably to the semis.Minister Grange said Jamaica was still on course to return its best Olympics performance, despite not winning a silver medal tonight. “I believe we are still going to do very well. These major championships always throw some surprises but I know that we have a quality team here in Beijing and I am confident they will deliver.”center_img Advertisements RelatedSports Minister Congratulates Sensational Boltlast_img read more

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PM to Address Nation Tonight on Olympic Performance

first_imgPM to Address Nation Tonight on Olympic Performance UncategorizedAugust 24, 2008 RelatedPM to Address Nation Tonight on Olympic Performance RelatedPM to Address Nation Tonight on Olympic Performance FacebookTwitterWhatsAppEmail Prime Minister Bruce Golding will address the nation tonight, on the performance of Jamaica’s Olympic team at the Beijing Olympics.The broadcast will be aired on all radio stations and Love TV at 8:00pm and on TVJ and CVM television at 9:00pm.Prime Minister Golding has set up a planning committee to work out details of a massive home-coming celebration for the Olympic Team which placed third on the athletics table with 6-gold, 3-silver and 2 bronze medals.The committee will be meeting tomorrow morning (Monday Aug 25) to fine-tune initial proposals put forward at its first meeting held on Thursday morning. The committee will be Chaired by Sports Minister, Olivia ‘Babsy Grange.center_img Advertisements RelatedPM to Address Nation Tonight on Olympic Performancelast_img read more

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Charles Encourages Jamaicans to Invest in the Country

first_imgRelatedCharles Encourages Jamaicans to Invest in the Country Charles Encourages Jamaicans to Invest in the Country CommerceMarch 15, 2009 RelatedCharles Encourages Jamaicans to Invest in the Country RelatedCharles Encourages Jamaicans to Invest in the Countrycenter_img FacebookTwitterWhatsAppEmail Minister of Labour and Social Security Pearnel Charles has encouraged Jamaicans to invest more in the country, to provide jobs for those who need it.“You cannot have jobs without expansion of investment or new investment, (and) you cannot invite people to come to your country to create jobs, to create investments, when they are scared of their capital and scared of their lives,” Mr Charles said.He suggested that persons who have been laid off should not to use the funds just to pay off bills, gamble, give away or “hide it”, as the government is encouraging entrepreneurship.“So if you get laid off from your job, I am inviting you to invest it. Look at what you have, and if you need assistance the Ministry of Labour is there to guide you,” he said.The Minister was speaking at RJR Communications Group’s ‘Yes you Can Survive 2009′ one day symposium, at the Police Officers’ Club, Kingston, on Saturday (March 14).Mr. Charles said that the funds generated from the issuing of work permits to overseas nationals were being used to train Jamaican workers, as part of the government’s initiative to develop the local workforce.“We are taking the education route: The Heart Trust/NTA and all the vocational institutions have been given the job to train for us, and the work permit money is assisting us. In other words, when I give a work permit to a man as a chef from China to come here, they must now advise me that they have employed (a Jamaican) as understudy, because in three years that work permit will not be renewed,” Mr Charles explained.He also pointed out that the Ministry has created a skill bank for all the workers who have been made redundant.“We are putting them on the website and people are going on that website, from all over the place, and drafting them. We are getting people calling from all over the world,” Mr Charles explained. Advertisementslast_img read more

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