10 months agoRB Leipzig willing to sell Everton target Augustin

first_imgTagsTransfersAbout the authorPaul VegasShare the loveHave your say RB Leipzig willing to sell Everton target Augustinby Paul Vegas10 months agoSend to a friendShare the loveRB Leipzig are inviting offers for Jean-Kévin Augustin.RMC says RBL are putting the striker up for sale ahead of the January market.Augustin is a top target for Everton boss Marco Silva, which are prepared to offer €40m for the youngster.Everton’s interest sparked angry denials from RBL, but they’re now willing to sell.Augustin, 21, is tied to RBL until 2022. last_img read more

Meet Us at SMM in Hamburg

first_imgzoomImage by WMN In just one week, the Who’s Who of the maritime industry will meet in Hamburg, Germany for the biennial SMM maritime trade fair, taking place on September 4 – 7, 2018.SMM will open its gates next week to welcome 2,289 exhibitors and around 50,000 visitors from more than 124 countries, displaying and discussing the latest developments in maritime technology. The four-day event is preceded by an inaugural international conference, the Maritime Future Summit (MFS), on September 3, 2018, one day before the exhibition opens.Under the motto of “Trends in SMMart Shipping”, the event will occupy 13 exhibition halls of Hamburg Messe und Congress (HMC) and focus on all the top items on the industry’s agenda.For the first time there will also be a special exhibition on 3D-printing for the maritime industry, as well as a new theme route for the Cruise & Ferry segment. A comprehensive conference programme will accompany the four-day fair, with Smart Shipping and Industry 4.0 taking center stage.As appropriate for the age of the digital revolution and the maritime energy turnaround, this year’s SMM will put its main emphasis on digitalisation and the environment.Novelties at the event will include 3D printing, Cruise & Ferry Route, future-looking topics, cybersecurity, job exchange, new countries and ship-owning companies with the TradeWinds Shipowners Forum taking place at SMM for the first time.World Maritime News team will also be attending this year’s SMM event. For more information please contact:Dzenita Cama, WMN Account Manager, dzc@navingo.com and Erna Penjic, WMN Editor, ep@navingo.com.last_img read more

Ohio State mens basketballs Aaron Craft named Academic AllAmerica player

Ohio State junior guard Aaron Craft was chosen as the Academic All-America Team Member of the Year for Division I men’s basketball by Capital One Thursday. Craft, a native of Findlay, Ohio, is a nutrition major who has plans to go on to medical school. He holds a 3.92 GPA. He was named to the Capital One Academic All-America for the second consecutive year, and also received the NCAA Elite 89 Award for highest GPA at the 2012 NCAA Tournament Final Four. The award is given to student-athletes who are either varsity starters or key reserves with at least a 3.30 cumulative GPA. The athletes must also be at least a sophomore in both athletic and academic standings and be nominated by their sports information director. The athlete is then selected by the College Sports Information Directors of America, a 2,800 member national organization made up of public and media relations and communications professionals in all levels of U.S. and Canadian college athletics. Craft leads the Buckeyes in steals with 51 this season. He also holds OSU records for steals in a season with 98 and for assists in a game with 15. This season, he averages 9.2 points, 4.6 assists and two steals per game. Craft has played an average of 33 minutes per game, second only to the Buckeyes’ lead scorer, junior forward Deshaun Thomas. Craft has also been named to the Big Ten’s All-Freshman Team (2011), a third-team All-Big Ten selection (2012), the Big Ten All-Defensive Team twice (2011, 2012) and was Big Ten Defensive Player of the Year for 2012. He also earned the Big Ten Sportsmanship Award for 2012. OSU currently holds a 19-7 record and is ranked No. 18 by the AP poll. The Buckeyes are set to play Michigan State Sunday at 4 p.m. at the Schottenstein Center. read more

New Plymouth Argyle fullback approves deal on Wedding day

first_imgThey say one who finds a wife, finds a good thing and full-back Joe Riley can attest to that as he can now honeymoon in peace, knowing fully well that his future has been secured with a deal with Plymouth Argyle.Even though Riley has been on the losing side with Shrewsbury in the League One play-off final, we can say his wedding brought him lucks as he began talks with the Pilgrims when he was about to get married to his fiancee Kayleigh.“I had a quick check of my phone and I had a text off my agent saying Plymouth are interested,” he told BBC.Matt bring PL experience to Home Park as he joins club on loan Henry Ikenna Ugwu – July 30, 2018 Matt Macey has become the second goalkeeper to sign for Argyle this summer from Premier League clubs as he joins them on loan from…“I said ‘go for it’.When the 26-year-old was asked what was better on his wedding day – his nuptials or the contract offer from Argyle – Riley quipped: “It was a tough call.”‘I’m just happy to be here and hopeful that it can be a successful time,” he said of his move to Home Park.last_img read more

One person hospitalized after fiery crash on SR163 in Miramar

first_img KUSI Newsroom SAN DIEGO (KUSI) – A fiery multi-vehicle crash on state Route 163 near Miramar sent one person to a hospital Tuesday morning.The crash was around 8:05 a.m. on southbound SR 163, just north of state Route 52, California Highway Patrol Officer Jim Bettencourt said.Firefighters dispatched to the scene found one of the vehicles ablaze, according to San Diego Fire Rescue spokeswoman Monica Munoz, who said everyone was out of the vehicles when crews arrived.One patient was transported to Scripps Memorial Hospital for treatment of major injuries, she said.CHP officers closed the two right lanes of southbound SR 163 for the crash investigation and clean-up, Bettencourt said. September 18, 2018 One person hospitalized after fiery crash on SR-163 in Miramar KUSI Newsroom, Posted: September 18, 2018 Categories: Local San Diego News, Traffic & Accidents FacebookTwitterlast_img read more

July Employment Sees 05 Percent Increase From Last Year

first_imgFacebook0TwitterEmailPrintFriendly分享Alaska is slowly emerging from it’s longest (but not deepest) recession. The state saw another increase in employment by an estimated 0.5 percent in July, or 1,800 jobs, from July 2018. The seasonally adjusted unemployment rate fell to 6.3 percent while the comparable national rate remained at 3.7 percent. Alaska had 400 more federal jobs and 300 more state government jobs than in July of last year, with much of the growth coming from the Alaska Department of Natural Resources, the federal Bureau of Land Management and other agencies responding to a busy fire season. Job growth was widespread in Alaska’s private sector. Construction added the largest number of jobs over the year by 600, followed by oil and gas by 500.center_img Local government employment was flat, according to a release from the Department of Labor and Workforce Development. Manufacturing, which is mostly seafood processing, also gained jobs of nearly 300.last_img read more

Ferrari teases hybrid supercar ahead of imminent debut

first_img More about 2018 Ferrari 812 Superfast 0 67 Photos Ferrari F8 Tributo is a 710-hp replacement for the 488 Exotic Cars Hybrids Ferrari said it would introduce the world to its new hybrid supercar at the end of May. Considering we’re just a couple days away from June, that means we should see it very soon. But first, Ferrari has a teaser.Ferrari on Tuesday posted a teaser for its upcoming hybrid supercar on its Facebook page. The teaser doesn’t give a whole lot away, showing a quick shot of the front clip early on, followed by a close-up on the headlight toward the end. That’s about it. Otherwise, we’ll have to wait another day or so for Ferrari to give us more information about its second debut of 2019.The Italian automaker has done a great job keeping information about its new car secret. All we know is that it’s a hybrid, and reports have said the electrified side of the powertrain will mate to a V8. Power output is still a mystery. This is just the beginning for Ferrari’s electrification efforts. CEO Louis Camilleri has said in the past that 60% of Ferrari’s lineup will offer a hybrid variant by 2022. There are still three debuts planned for the remainder of 2019. Two will likely happen in September, at or adjacent to the Frankfurt Motor Show, while the final vehicle will be closer to the end of the year. It’s unclear if any of them are hybrids, but given Ferrari’s goals, it would make sense for at least one of ’em to be. 2020 Audi R8 first drive: Improving an already fantastic supercar 3:19 Ferrari The Ferrari F8 Tributo is the last of the nonhybrid V8s 2020 Mercedes-Benz GLC-Class first drive: If it ain’t broke… More From Roadshow Preview • 2018 Ferrari 812 Superfast: Super in more ways than one Now playing: Watch this: Post a comment Tags Share your voice 2020 Porsche 718 Cayman GT4 first drive: A standout track star Ferrarilast_img read more

Nepal bus accident kills 19

first_imgMap of NepalAt least 19 people were killed when an overcrowded bus swerved off the road and plunged into a river in central Nepal on Saturday, police said.The bus skidded off the road in Dhading district, approximately 80 kilometres (50 miles) west of the capital Kathmandu, early morning and fell into the Trishuli River.“We have recovered the bodies of 19 people from the place of the accident and number of missing is still unknown as the bus had no record of the total number of passengers,” district police chief Dhruba Raj Raut told AFP.Local TV footage showed rescue workers pulling the dead and injured from the water, while soldiers in boats scoured the river for the missing.At least 16 injured passengers were recovered from the river and taken to local hospitals, police said.Authorities are yet to confirm the cause of the crash, but local media quoted passengers saying that the driver may have been drunk.Police Inspector Barun Bahadur Singh, at the scene of the accident, told AFP that the driver was injured in the accident and is thought to have fled after freeing himself from the wreckage of the bus.“The driver of the bus is suspected of running away right after the incident and we have expedited the search operation in the nearby areas,” he said.Deadly crashes are relatively common in the impoverished Himalayan nation because of poor roads, badly maintained vehicles and reckless driving.last_img read more

iPads Could Change How Harris County Deputies Assess Mental Health Crises

first_img– / 5Phase I revealed a savings of $26,244 over the span of 30 calls, according to an analysis by The University of Texas School of Public Health in Houston. It cited savings from either jail diversion, avoiding hospital transportation, or by not activating other crisis resources. .Final meeting of @HCSO_MHU, @TheHarrisCTR and @verizon before implementation of phase 2 of our telehealth pilot scheduled to start Wednesday, July 11th. Thank you @verizon, Apple, and @TheHarrisCTR for your collaboration. We are excited about this next step. fw pic.twitter.com/G6iCIOhKyU— Mental Health & Jail Diversion Bureau (@HCSO_MHU) June 26, 2018 Mental health and law enforcementHarris County Sheriff’s Deputy Jose Gomez is part of the Crisis Intervention Response Team (CIRT). It operates in collaboration with the Houston Police Department, and is also under The Mental Health & Jail Diversion Bureau: the newest bureau at the Harris County Sheriff’s Office.“Mental health calls are very, very dangerous for law enforcement,” said Gomez. “People in that type of situation are very, very unpredictable…. Unfortunately we meet them in their darkest moments, and we try to bring light into that situation.”Allison LeeDeputy Gomez responds to a call, as part of the Crisis Intervention Response Team, on July 13, 2018.The pilot program is wrapping up Phase II, which tests different software and utilizes counselors from The Harris Center for Mental Health and IDD, rather than only psychiatrists. The same local mental health authority is already involved with CIRT.Gomez said, so far, people have been receptive to the iPads.“Sometimes they won’t talk to police officer or be honest with us- but when you offer that option to talk to someone else- maybe via iPad- they’ll be more honest with the clinician or psychiatrist that they are, indeed, suicidal or they’re actually hearing voices, or they’re in a mental health crisis,” said Gomez. The nation’s fourth largest jail resides in Harris County, with a population of about 9,000 inmates. The Harris County Sheriff’s Office (HCSO) says a quarter of those inmates suffer from some form of mental illness.To help alleviate a slew of problems that come with over-jailing or over-hospitalizing people who have a mental illness, the sheriff’s department unveiled a Telepsychiatry pilot program. Since its launch in December, the program has garnered attention from California to Canada. Harris County officials believe it’s one of the first programs of its kind, if not the first program of its kind.The new initiative connects deputies in the field with counselors and psychiatrists on iPads. X 00:00 /04:03center_img To embed this piece of audio in your site, please use this code: Allison LeeHarris County Sheriff’s Deputy Jose Gomez, 31, brings out his iPad for the new Telepsychiatry pilot program. Listen How it worksGomez’ partner, Michael Hawkins, is a licensed counselor, who normally patrols with him and is on scene for calls. But during Phase II of this program, he is communicating with Gomez and citizens via the iPad.Harris County Sheriff’s OfficeDeputy Gomez gives an iPad to a woman for assessment on July 13, 2018.Hawkins has been responding to calls with the Crisis Intervention Response Team for over a decade, and is new to this process with the sheriff’s office.“We are able to be there at the person’s worst time in their life and intervene and help and give then comfort and aid at that time, that they’re having extreme distress,” said Hawkins. “And it’s a really privilege to be a part of this, whether it’s on iPad or in a patrol car.”Allison LeeDeputy Jose Gomez and clinician Michael Hawkins reconnect after an in-field assessment using the iPad on July 13, 2018.Since Harris County is so large, at over 1,700 square miles, there is potential for a lot of travel time when responding to calls. This program minimizes some of that, and allows clinicians to be immediately available to other deputies who may need assistance.Although, Hawkins said, it’s a little more challenging to establish rapport over an iPad. But he’s going to try to overcome that, he said.“As a clinician and a counselor, I prefer to be face-to-face. Because I can pick up on so many different things and establish rapport,” said Hawkins. “But I definitely can see benefits, absolutely, of time and manpower of this program.”  The pilot functions in accordance with HIPPA laws of privacy..@HCSO_MHU, @verizon, @TheHarrisCTR & Apple Computers met yesterday to discuss implementation of phase 2 of the #telehealth program in the @HCSOTexas. Patrol deputies will be able to consult w/ a psychiatrist at the NeuroPsychiatric Cntr as well as clinicians via an iPad. fw pic.twitter.com/JI8W7DSqf3— Mental Health & Jail Diversion Bureau (@HCSO_MHU) June 22, 2018Telepsychiatry has been used in various jails and prisons for a while, and this new pilot is based on the Houston Fire Department’s ETHAN project, which stands for Emergency Tele-health and Navigation. It connects EMS personnel with doctors, in order to better triage in the field.And Program Manager Frank Webb, of HCSO’s Bureau of Mental Health and Jail Diversion, said the same model can be effective to assess mental health situations.“Hospital emergency departments across the nation are being inundated with people mental health problems brought in by law enforcement,” said Webb. “Medical directors at a lot of these hospitals have told me a lot of these people don’t need to be there.”Harris County Sheriff’s OfficeA concerned mother talks with a psychiatrist via an iPad about her teenage daughter, during Phase I of the HCSO Telepsychiatry pilot program.Webb said the ability to bring mental health care straight to people who need it is key. He recounted a call during Phase I, with a teenage daughter who reportedly had suicidal thoughts. The mother was concerned, because she couldn’t get an appointment with a psychiatrist for another two weeks.“Her daughter got worse, so she called… and she was able to actually talk to the psychiatrist via the iPad in her bedroom- both the mother and the daughter,” said Webb. “So, it’s pretty amazing that you can bring psychiatry into someone’s house.”The first two phases only involved three deputies for a few dozen calls. If all goes as planned, the next phase is a 6 month initiative involving 25 deputies, said Webb. Sharelast_img read more

Students of Jhargrams Eklavya Model School pass HS with flying colours

first_imgKolkata: Twenty one out of 22 tribal students of Eklavya Model Residential School of Ramakrishna Mission Vidyamandira in Jhargram have passed Higher Secondary examinations this year with first division marks.Out of 21 first division students, eight have also got star marks.It may be mentioned that this comes at the time when Chief Minister Mamata Banerjee has taken necessary steps along with Ramakrishna Mission to ensure proper education to the children of tribal communities. Also Read – Heavy rain hits traffic, flightsFollowing the request of Chief Minister to the then general secretary of Ramakrishna Mission Swami Suhitanandaji to take steps for education of tribal girls and boys, Ramakrishna Mission Vidyamandira (Ekalavya Model Residential School) was setup in Jhargram and this year total 22 students have appeared for the Higher Secondary examinations.Out of the 22 students, nine were girls. Three boys from Mahali community while two from Lodha community had appeared for the examinations and one from the Mahali community has got start marks. Also Read – Speeding Jaguar crashes into Merc, 2 B’deshi bystanders killedSimilarly, two students from Lodha community have secured star marks and one even got letter marks in English. Bhudhar Mahali, who scored the highest marks among all the students from school, has bagged 85 marks in English, 84 in geography and 88 in Philosophy.The only student who passed with second division marks had appeared for the examination from hospital as he was ill.Moreover, all the nine girls from the school have got first division marks and three of them had got star marks. At the same time, the students from the science stream have also passed the examination with flying colours in first division.It may be recalled that in 2017, Chief Minister Mamata Banerjee had felicitated Uday Murmu, a student from the same school, as he had secured the highest marks in Santhali language in Higher Secondary examination.This year there were nine students including six girls had appeared for the examination with Santhali as their first language.last_img read more

Air Serbia taps into Thailand with Etihad codeshare

first_imgAir Serbia has expanded its reach in the Far East by adding the Thai capital of Bangkok and the country’s largest island, Phuket, to its codeshare agreement with Etihad Airways.The deal will see Air Serbia place its flight code on four daily Etihad Airways services between Bangkok and Abu Dhabi as well as on one daily flight between Phuket and Abu Dhabi, where travellers have convenient onward connections to Belgrade.In addition, Air Serbia’s “JU” flight code will appear on daily Etihad Airways flights between Abu Dhabi and Nairobi, the capital and commercial centre of Kenya.Dane Kondic, Chief Executive Officer of Air Serbia, said: “We are excited to offer our guests one-stop connections to two popular destinations in Thailand, a country renowned for its fascinating culture, scenic beaches and balmy climate.“With this expansion we are able to better capture the strong flow of travel from Serbia to Thailand by providing travellers with more choice, flexibility and convenience.“We thank the civil aviation authorities of the Republic of Serbia and the Kingdom of Thailand, whose signing of a bilateral air services agreement in November 2015 has made this development in air connectivity possible.“Last but definitely not least, this expansion has extended our network reach to Nairobi, our first codeshare point in East Africa and an economic powerhouse in the region that is renowned for its safaris and game reserves.”Codeshare flights to Bangkok and Phuket can now be booked for travel from 16 December while services to Nairobi can be booked for travel from 28 December. Fly Air SerbiaSource = Air Serbialast_img read more

Full Transcript Interviewed by Alex Daley Chief

first_imgFull Transcript:Interviewed by Alex Daley, Chief Technology Investment Strategist, Casey ResearchAlex Daley: Hello. I’m Alex Daley. Welcome to another edition of Conversations with Casey. Today our guest is former Reagan Budget Director and Congressman David Stockman. Welcome to the show, David.David Stockman: Glad to be here.Alex: So we’re here in Florida talking at the Recovery Reality Check Casey Summit. What do you think: is the United States economy on the road to recovery?David: I don’t think we are at the beginning of the recovery. I think we are at the end of a disastrous debt supercycle that has gone on for the last thirty or forty years, really. It started when Nixon defaulted on our obligations under Bretton Woods and closed the gold window. Incrementally, year after year since then, we have been going in a direction of extremely unsound money, of massive borrowing in both the private and the public sector. We now have an economy that is saturated with debt: $54 trillion or $53 trillion – 3.5 times the GDP – way off the charts from where it was for a hundred years prior to the beginning of this. The idea that somehow all of that debt is irrelevant, as the Keynesians would tell us, is fundamentally wrong – and the reason why the economy can’t get up off the mat.We’re doing all the wrong things. We’re adding to the problem, not subtracting. We are not allowing the debt to be worked down and liquidated. We’re not asking people to save more and consume less, which is what we really need to do. And so therefore I think policy is just making it worse, and any day now we will have another recurrence of the kind of economic crisis we had a few years ago.Alex: You paint a very stark picture, but if people just stop spending, start saving, won’t companies like Apple see their earnings hurt? Won’t the stock market then start to tumble, people’s net worth fall? Isn’t that a negative cycle that feeds on itself?David: Sure it does, but you can’t live beyond your means because it’s pleasant. It’s not sustainable. Clearly the level of debt that we have is not sustainable. We have a whole generation – the Baby Boom – that’s about ready to retire, and they have no retirement savings. We have a federal government that is bankrupt, literally. Its [debt is] $16 trillion and growing by a trillion a year. Something’s going to give. We can’t pay for all these entitlements. There won’t be the revenue generation in the economy to do it.So as a result of that, we are deluding ourselves if we think we can just continue to spend. Look at the GDP that came out in the first quarter of this year. It was only 2.2%. Most of it was personal consumption expenditure, and half of that was due to a drawdown of the savings rate, not because the economy was earning more income or generating more real output. It was because of a drawdown of savings. That is exactly the wrong way to go – an indication of how severe the crisis is going to be.I’m not saying the economy should stop spending entirely. I’m only saying you can’t save 3% of GDP and spend 97% if you are going to get out of this fix. As the savings rate goes up both in the public sector (which means reduction of spending and the deficit) and the household sector (to seriously reduce debt burden, which has not really happened) we are going to, on the margin, spend less, save more. It will slow down the economy. It will undermine profits, I agree. But profits today are way overstated. They’re based on a debt-bloated economy that isn’t sustainable.Alex: So we can only live beyond our means for so long, as any family knows.David: Yes.Alex: Now, the government can reduce its expenses at any time by simply reducing spending, and it can reduce debt if it brings in more tax revenue. That’s austerity – I think that’s how they refer to it. But won’t austerity cause massive joblessness? Won’t there be millions more people in this country not receiving a paycheck?David: Yes, but the critique, the clamoring and clattering that you hear from the Keynesians (or even mainstream media, which is pretty clueless economically) that austerity is bad forgets the fact that austerity isn’t an elective course. Austerity is something that happens to you when you’re broke. And yes, it is painful and spending will go down and unemployment will go up and incomes will be impaired, but that is a consequence of the excess debt creation that we’ve had for the last thirty years. So austerity is what happens when you break the rules.And somehow we have this debate going on. They’re making a mistake. They chose the wrong strategy. Do you think Greece chose the wrong strategy with austerity? No. No one would lend them money. That’s why they ended up in the place they were. Do you think that Spain today is teetering on the brink because they said, “Oh, wouldn’t it be a good idea to have austerity?” No, they had a gun to their head. They were forced to do this because the markets would not continue to lend, and even now their interest rate is again rising. The markets are losing confidence, and unless the ECB prints some more money and bails them out some more, they are going to have austerity. So the austerity upon us is the backside of the debt supercycle we had for the past thirty years. It’s not discretionary.Alex: Austerity hasn’t been forced upon us yet. The dollar is up, people are continuing to buy Treasuries – both nations and banks are buying Treasuries. To all extents and purposes, people are continuing to show massive confidence in the US government, lend it money at extremely cheap interest rates, and letting it build up its debt.So you are advocating that, unlike Greece or Spain taking it to the edge and having austerity forced on them, we should volunteer for austerity today? Instead of just kicking the can down the road and living high a little bit longer, until the bill collectors finally come knocking? Why go today, why start austerity now instead of doing what Greece did and going as long as you possibly can?David: Because Greece is a $300 billion economy. Tiny. A rounding error in the great scheme of things. It’s – last time I checked – about eight and a half months’ worth of Walmart sales. Okay? That’s a little different than when you have the $15 trillion heartland of the world economy, and the $11 trillion Treasury market which is at the center of the whole global financial system buckle and falter. That’s the risk you’re taking if you say, “Mañana. Kick the can; let’s just wait for something good to happen.”This market isn’t real. The two percent on the ten-year, the ninety basis points on the five-year, thirty basis points on a one-year – those are medicated, pegged rates created by the Fed and which fast-money traders trade against as long as they are confident the Fed can keep the whole market rigged. Nobody in their right mind wants to own the ten-year bond at a two percent interest rate. But they’re doing it because they can borrow overnight money for free, ten basis points, put it on repo, collect 190 basis points a spread, and laugh all the way to the bank. And they will keep laughing all the way to the bank on Wall Street until they lose confidence in the Fed’s ability to keep the yield curve pegged where it is today. If the bond ever starts falling in price, they unwind the carry trade. They unwind the repo, because then you can’t collect 190 basis points.Then you get a message, “Do not pass go.” Sell your bonds, unwind your overnight debt, your repo positions. And the system then begins to contract – exactly what happened in September and October of 2008. Only, that time it was an unwind to the repo on mortgage-backed securities and CDOs and so forth. That was a minor trial run for the great unwind that is going to happen when the Treasury market is finally shattered with a lack of confidence because, on the margin, no one owns a Treasury bond: they just rent it on borrowed money. If the price starts falling, they’ll get out of that trade as fast as they got out of toxic CDOs.Alex: So when people run away from the US, they will run away all at once.David: Well, if they run away from the Treasury, it sends compounding forces of contagion through the entire financial system. It hits next the MBS and the mortgage market. The mortgage market then scares the hell out of people about the housing recovery, which hasn’t happened anyway. And if there isn’t a housing recovery, middle-class Main-Street confidence isn’t going to recover, because it is the only asset they have, and for 25 million households it’s under water or close to under water.Alex: We saw something much like that in 2008. All the markets correlated. Stocks went down. Bonds went down. Gold went down with them. It sounds like what you’re saying is that the Fed is effectively paying bankers to stay confident in the Fed, and that the moment that stops – either because the Fed stops paying them or something else shakes their confidence – this all goes down in one big house of cards?David: Yes, I think that’s right. The Fed has destroyed the money market. It has destroyed the capital markets. They have something that you can see on the screen called an “interest rate.” That isn’t a market price of money or a market price of five-year debt capital. That is an administered price that the Fed has set and that every trader watches by the minute to make sure that he’s still in a positive spread. And you can’t have capitalism if the capital markets are dead, if the capital markets are simply a branch office – branch casino – of the central bank. That’s essentially what we have today.Alex: Last night you told our audience that if you were elected president, the first thing you would do is quit. Or at least demand a recount, I believe were your words, which I thought was telling. Are you saying there are no policy changes we could make today that would get us out of this? Or at least that wouldn’t get you assassinated?David: Yeah, there is a paper blueprint. People who believe in sound money and fiscal responsibility, that you create wealth the old-fashioned way through savings and work and effort and not simply by printing money and trading pieces of paper – there is a plan that they could put together. One would be to put the Fed out of business. You don’t have to “end the Fed,” although I like Ron Paul’s phrase. You have to get them out of discretionary, active, day-to-day meddling in the money markets. Abolish the Open Market Committee.The Fed has taken its balance sheet to $3 trillion. That’s enough for the next 50 years. They don’t have to do a damn thing except maybe have a discount window that floats above the market, and if things get tight, let the interest rate go up. People who have been speculating will be carried out on a stretcher. That’s how they used to do it. It worked prior to 1914. That’s the first step: abolish the Open Market Committee. Abolish discretionary monetary policy.Let the Fed, if you’re going to keep it – I don’t even know that you need to do that, but if you are going to keep it – be only a standby source. As Badgett said (Walter Badgett, the great 19th-century British financial thinker): provide liquidity at a penalty rate to sound collateral.Now, that’s what J.P. Morgan did in 1907, in the great crisis of 1907, from his library. He didn’t have a printing press. He didn’t bail out everybody. He didn’t do what Bernanke did and say: “Stop the presses, freeze everybody, and prop up Morgan Stanley and Goldman Sachs and all the rest of the speculators.” The interest rate, the call-money interest rate, which was the open-market interest rate at the time, some days went to 30, 40, 70% – and they were carrying out the speculators left and right, liquidating margin debt, taking out the real estate speculators. Eight or ten railroads went bankrupt within a couple of months. The copper magnates got carried out on their shields.This is the only way a capital market can work, but it needs an honest interest rate. And we have no interest rate, so therefore we solve nothing and we have the kind of impaired, incapacitated markets that we have today. They’re very dangerous, because they’re all dependent on twelve people. It is what I call “the monetary Politburo of the Western world,” and they are just as dangerous as the Politburo in Beijing or the Politburo of memory in Moscow.Alex: A twelve-person Open Market Committee determining the future of our economy by manipulating rates. Sounds like central planning to me.David: It is. They are monetary central planners who are attempting to use the crude instrument of interest-rate pegging and yield-curve manipulation and essentially buying debt that no one else would buy, in order to keep this whole system afloat. It’s Ponzi economics. Anybody who had financial training before 1970 would instantly recognize this as Ponzi economics. It is only because of the last twenty years we got so inured to prosperity out of the end of a printing press and massive incremental debt that people lost sight of the fundamental principles of sound money, which, there’s nothing arcane about it. It’s just common sense. It is not common sense to think that 50, 60, 70% of all the debt that’s being created by the federal government can be bought by the Federal Reserve, stuffed in a vault, and everybody can live happily ever after.Alex: So the government has certainly put us in a precarious position, but I don’t think they alone have put America in this position, have they? You mentioned consumer debt becoming a major burden on the economy. How do we shed ourselves of that? I mean, the federal government can repudiate its debts if we walk away from it. We might see a few wars or something from that. It could inflate its way out of it. It can tax its way out of it. But how do households get out from under the debt burden that they have today?David: Well, it’s very tough, and they were lured into it by bad monetary policy when Greenspan panicked in December 2000. The interest rate was 6.5%; we had an economy that was threatened by competitors around the world. We needed high interest rates, not low. He panicked after the dot-com crash, and as you remember in two years they took the interest rate all the way down to 1%, and they catalyzed an explosion of mortgage borrowing, which was crazy.When they cut the final rate down to 1% in May, June 2003, in that quarter – the second quarter of 2003 – the run rate of mortgage borrowing was $5 trillion at an annual rate. That was nuts! There had never been even a trillion-dollar annual rate of mortgage borrowing previously. In that quarter the run rate was $5 trillion, 40% of GDP. Why? Because the Fed took the rate down to 1%. Floating-rate product got invented everywhere. Anybody that had a pulse was being given mortgage loans by the brokers. The mortgage brokers didn’t have any capital or funding. They went to Wall Street. They got warehouse lines, and the whole thing got out of control. Millions of households were lured into taking on debt that was insane, and now we have a generation of debt slaves.There are 25 million households in America who couldn’t move if they wanted to, because their mortgages are under water. They cannot generate a down payment and the 5% or 6% broker fee that you need to move. So we’ve got 25 million households immobilized, paralyzed, and worried every day about when they are going to lose property, because of what the Fed did. It’s a terrible indictment.Alex: Mobility itself is the American dream, isn’t it? It’s the ability to pick up and find work and then move and do all that. So now we have people who are slaves to their debt. How do we get ourselves out of this? Is this just a matter of personal financial discipline? Is there a policy move that can happen?David: It’s policy. If we don’t do something about the Fed, if we don’t drive the Bernankes and the Dudleys and the Yellens and the rest of these lunatic money-printers out of the Federal Reserve and get it under the control of people who have at least a modicum of sanity, we are just going to bury everybody deeper.It’s unfortunate. The American people are as much a victim of the Fed’s massive errors as anything else. People were not prudent when they took on debt at 100% of the peak value of their property at some moment in 2004 and 2005. They were lured into it. But now we’re stuck with something that didn’t need to happen.Alex: The Federal Reserve was founded in 1914, and it saw America through World War I, World War II. It saw America through Vietnam, saw America through the biggest boom in the economic history of the world. Yet now, today, you are calling for the abolishment of the Fed. Wasn’t the Fed here the entire time that America was a prosperous, growing, wealthy, technology-driven nation? What’s changed?David: The greatest period of growth in American history was 1870-1914 – the Fed didn’t exist. Right after 1870, when we recovered from the Civil War we went back on the gold standard. It worked pretty well. World War I was a catastrophe for the financial system. The Fed financed it, but I don’t give them any credit for that, okay? We shouldn’t have been in that war. It was a stupid thing to get involved in. But once we got involved in it, the Fed printed money like crazy, it facilitated borrowing, set the groundwork for the boom of the 1920s and the collapse of the 1930s.Even then though, we had great minds who coped with reality in a pragmatic way in the Fed. Even Marriner Eccles wasn’t all that bad. He stood up to Truman in 1951, when Truman wanted to force the Fed to continue to peg interest rates at 2% or 2.5% when inflation was 5%. Then we had William McChesney Martin: brilliant, pragmatic. He wasn’t some kind of gold-standard guy in a pure sense, but a pragmatic guy who understood that prosperity had to come out of private productivity, out of investment, out of risk-taking, and the Fed had to be very careful not to allow speculation to start or inflation to get ignited. In 1958, he invented the phrase, “The job of the Fed is to take the punchbowl away.” And we had a small recession. Six months after the recession was over he was actually raising the margin rate on the stock-market loans in order to quell speculation, and raising interest rates so that the economy didn’t start to inflate again.Now that was the regime we had until, unfortunately, Lyndon Johnson came along with his “guns and butter,” took William McChesney Martin down to the ranch, and beat the hell out of him and forced him to capitulate. But here’s the point I would make: In 1960, at the peak of what I call the golden era – the twilight of fiscal and financial discipline – we had $30 billion on the balance sheet of the Fed. It had taken 45 years to build that up. Then, as they began to rapidly expand the balance sheet of the Fed during the inflation of the ’70s and the ’80s, even then it took us until September 2008 – the Lehman collapse – to get to $900 billion. Had the balance sheet only grown at 3%, which is what the capacity of the economy to grow, I think, really is, it would have been $300 billion, so they were overshooting.Alex: We’re three times where we should be.David: Where we should have been by the Lehman crisis event. In the next seven weeks, this crazy lunatic who’s running the Fed increased the balance sheet of the Fed by $900 billion, in seven weeks. In other words, they expanded the balance sheet of the Fed as rapidly in seven weeks as it had occurred during the first 93 years of its existence. And that’s not all, as they say on late night TV: in the next six weeks they added another $900 billion. So in thirteen weeks they tripled the balance sheet of the Fed.Alex: Wow, that’s an incredible…David: So no wonder we are in totally uncharted waters, and it’s being run by people who are clueless as to how to get out of the corner they’ve painted this country into. They really ought to be run out of town on a rail.Alex: I think you’d find that a lot of our viewers would agree with you on that one. You know, the average American is suffering. It looks like the average American is going to have to suffer more to get us out of this, but it seems like the only thing the Fed is interested in these days is propping up the stock market. Why is that? Where does that come from?David: The Fed has taken itself hostage with this whole misbegotten doctrine of wealth effects, which was created by Greenspan. In other words, if we get the stock market going up and we get the stock averages going up, people feel wealthier, they will spend more. If they spend more, there is more production and income and you get a virtuous circle. Well, that says you can create wealth through speculation. That can’t be true, because if it is true, we should have had a totally different kind of system than we’ve had historically.So they got into that game, and then the crisis came in September, 2008. They panicked and pulled out the stops everywhere. As I said, tripled the balance sheet in thirteen weeks, [compared to what] they had done in 93 years. They are now at a point where they don’t dare begin to reduce the balance sheet, begin to contract, or they’ll cause Wall Street to go into a hissy fit. They are afraid to death of Wall Street going into a hissy fit, so essentially, the robots and the boys and girls and the fast-money traders on Wall Street run the Fed indirectly.Alex: So, in the 1960s, the Fed is taking away the punchbowl. Sounds like in 2010 the Fed is the one adding the alcohol. They are afraid to stop, lest everybody riot.David: Yes, they got the party going, and they’re afraid to stop it. As a result of that you have a doomsday machine.Alex: At some point we are going to be forced to stop. Market forces will kick in and Europe and China and India will stop lending us money.David: Yes. As I say, when the crisis comes in the Treasury market, it will be the great margin call in the sky. They’ll start unwinding all of the carry trades, all of the repo. Asset prices generally will be affected, because this will ricochet and compound through the system.Alex: When does this happen?David: People looked at the housing market and the mortgage market way back in 2003 – there were some smart people looking at this. They looked at the run rate of gross mortgage issuance, the $5 trillion I was talking about, and said: “This is insane, this is off the charts, this is so far beyond anything that has ever happened before, something bad is going to come of this.” It’s obvious, if you pour debt into markets… I mean a lot of people leveraged 98%, or whatever they were doing at the time with so-called mortgage insurance, and just high loan to value ratios. They were driving up prices, and so there was a housing-price boom going on. It was sucking the whole middle class into speculation. So that’s the nature of the system, and now they don’t know how to unwind it.Alex: That’s a pretty stark picture. So as an individual investor, what are we to do? How do we protect ourselves in this type of situation? Should I be owning bonds and staying out of stocks? Should I be owning stocks?David: No, I would stay out of any security markets. These are unsafe markets at any speed. It’s all tied together. As I was saying when the great margin call comes and they start selling the Treasury bond, they’ll take everything else with it. Real estate is priced off Treasuries. Mortgaged-backed securities are priced off Treasuries. Corporates are priced off Treasuries. Junk bonds are priced off Treasuries. Everything. The stock market will go into a panic. We don’t know when the timing will come – we’ve never been in a world where there is $15 trillion worth of central-bank balance sheets, like we have today. The only thing I think you can conclude is preservation is the only thing you are about as an investor. Forget about yield. Forget about return. Just keep yourself liquid and preserve your capital, because you can’t predict the day when, as I say, the great margin call in the sky comes down.Alex: So if it’s not about coming out ahead, it’s about coming out not behind everybody else. It’s just losing a little less. What’s the most effective way to do that? Do you want to hold cash? Alternative options?David: Yes. I don’t even think there’s nothing wrong with owning Treasury bills. I mean, if you want to get, for a one-year Treasury, what is the thing now? Twenty basis points or something?Alex: So when the great Treasury crash comes, I should own Treasury bills?David: Well, it doesn’t mean the price of the Treasury is going to crash, no.Alex: Okay, so we are just going to see interest rates skyrocket on new issues. The US government is not going to be able to borrow.David: That’s why you’re short. If you’re in a thirty-day piece of paper, you’re not going to lose principal.Alex: What happens to the dollar in all of this? If I’m holding dollar denominated assets –?David: Well, the dollar, in theory, people would think is going to crash. I don’t think it is because all the rest of the currencies in the world are worse.Alex: So once again, America is not that bad off.David: Well, we’re bad off because when the financial markets reprice drastically, it’s going to have a shocking effect on economic activity. It’s going to paralyze things. It’s going to finally cause consumption to come down. It’s going to cause government spending to be retracted.You know, the Keynesians are right. Borrowing does add to GDP accounts. But it doesn’t add to wealth. It doesn’t add to real productivity, but it does add to GDP as it’s calculated and published – because GDP accounts were designed by Keynesians who don’t believe in a balance sheet. So they said, “If the public sector and the household sector are borrowing, let’s say, $10 trillion next year, run it though GDP, you’ll get a big bump to GDP.” But sooner or later your balance sheet will collapse. They forgot about that one. So my point is that we’ve gone through a thirty-year expansion of the balance sheet, an artificial growth in GDP; now we’re going to have to be retracting the collective balance sheets. That means that GDP will not grow. It may even contract, and no one’s prepared for that.Alex: So the economy will collapse. The dollar will be okay, because we still need a medium of exchange and the dollar is the least-bad currency in the world. How does gold fit into the picture? Do you think that gold is a good asset?David: Yes, I think that gold is a good asset. It’s the only currency that anybody is going to believe in after a while.Alex: Okay, so maybe hold that as an insurance policy. Do you own gold yourself?David: Yes, as an insurance policy.Alex: Where else do you invest in today?David: I’m preserving capital. I’m in cash. I don’t think the risk of the system is worth it.Alex: So you are practicing what you preach, 100%?David: Yes.Alex: That’s great. It’s good to hear. This is excellent advice for our subscribers as well, to consider that there’s a lot of potential energy built up in the system. You’ve articulated it well, a lot of painful policy moves ahead of us, and probably something that makes 2008 look like a preview, if you will.David: It was just a warm-up.Alex: Just a warm-up. Thank you very much.David: Thank you. When Casey Research Chief Technology Investment Analyst Alex Daley met former Reagan Budget Director David Stockman to talk about the economy and where he sees it leading taxpayers investors and savers in the near future, he got some very intriguing insights from a man who served right at the heart of the US federal government.True, some if it makes for uncomfortable watching, but the message is critical if you want to keep your assets safe in what David calls calls “the great unwind.”Watch the video and secure your money.Who is really pulling the strings in our politicized economy, and what should individual savers do immediately to make sure they have the best protection for their assets when the consequences unfold?Navigating the Politicized Economy – A Casey Research/Sprott Inc. SummitThe forthcoming Casey Research summit features former White House official David Walker, who is speaking out against irresponsible government spending. David was the United States Comptroller General from 1998 to 2008.Joining David Walker will be an impressive panel of financial experts, including top market strategist Donald Coxe, celebrated bond investor Lacy Hunt, and investing legends Doug Casey, Rick Rule, and Eric Sprott… and that’s just for openers.Together, they’ll help you understand where our politicized economy is today, where it’s going, and how to protect yourself and profit from the whole fiasco.Who should attend? Learn more about the Casey Research Summit.last_img read more

A note from the editor Please consider making a v

first_imgA note from the editor:Please consider making a voluntary financial contribution to support the work of DNS and allow it to continue producing independent, carefully-researched news stories that focus on the lives and rights of disabled people and their user-led organisations. Please do not contribute if you cannot afford to do so, and please note that DNS is not a charity. It is run and owned by disabled journalist John Pring and has been from its launch in April 2009. Thank you for anything you can do to support the work of DNS… More than a third of disability assessment reports completed by a government contractor have been found to be significantly flawed, according to secret government files.The proportion of substandard personal independence payment (PIP) reports completed by outsourcing giant Capita has risen to 37 per cent in the two years since 2016, when nearly 33 per cent of reports were found to be defective.The figures, secured from the Department for Work and Pensions (DWP) under the Freedom of Information Act by campaigner John Slater, are likely to add fuel to concerns about Capita’s performance in delivering the contract.And they are also likely to strengthen calls for DWP to be declared “not fit for purpose” and institutionally disablist, as demanded by the Justice for Jodey Whiting parliamentary petition*.The figures show the results of government audits of nearly 6,000 assessment reports carried out by Capita during 2018.They show that nearly four per cent of the reports (3.92 per cent) were of such poor quality that they were categorised as “unacceptable”.With another 17 per cent of assessments, DWP concluded the report was so flawed that there was “learning required” by the healthcare professional who wrote it, although the report was of an “acceptable” standard.And in a further 16 per cent of cases, the report needed to be amended because of even more serious flaws, although again the report was still said to be of an “acceptable” standard.In all, nearly 37 per cent of assessment reports audited during 2018 were found to be of an unacceptable standard, to need changes, or demonstrated that the assessor had failed to carry out their role properly.The newly-released data provides details of the “management information” (MI) that Capita and fellow outsourcing giant Atos are contractually obliged to provide every month to DWP, so it can check on their performance and take action when they need to improve.It was obtained as part of Slater’s continuing efforts to secure information from DWP that he believes will expose the widespread failings of Capita and Atos, and DWP’s failure to manage the contracts properly.He is still appealing against DWP’s failure to release data showing the results of audits of Atos assessment reports.The data that was released raises continuing and multiple concerns about the way the two private sector companies are carrying out their contractual duties.It also shows that the many reports of dishonest and distressing assessment experiences by individual disabled people are not isolated occurrences.One of the concerns highlighted by the data is the proportion of assessments cleared by Capita within 40 days, which nearly fell as low as 50 per cent at one stage during 2018.Another concern is over the number of Atos and Capita healthcare professionals who have been the subject of multiple complaints within a three-month period.Last year, DNS revealed that 161 assessors working for Atos and 19 Capita assessors had had at least four complaints made against them in a three-month period in 2016.But the figures for 2018 show that, although the number of Atos assessors who faced multiple complaints fell from 161 to 129, the number of Capita assessors who were subjected to at least four complaints in just three months leapt from 19 to 84 between 2016 and 2018.Capita carried out about 220,000 face-to-face assessments in 2018, compared with more than 730,000 by Atos.Another key concern is that Capita is still requesting vital further evidence from GPs and social workers in less than 30 per cent of assessments.This is an improvement on the figures from 2016, when at one stage, in June and July 2016, Capita was seeking further information from GPs, consultants or social workers in fewer than one in every 50 PIP claims (less than two per cent of cases).But DWP documents drawn up in May 2012, before the award of the contracts to deliver PIP assessments, show the department expected its contractors would need to request further evidence (also known as further medical evidence) in about half of all cases (50 per cent).A Capita spokesperson refused to say if the data obtained by Slater showed there were still serious concerns about its performance, and that this was deteriorating.She also refused to comment on the audit results, or explain why they had worsened in the last two years.And she refused to explain why so many assessors had been subjected to multiple complaints within a three-month period, and why that number had increased so sharply in the last two years.But she said in a statement: “Capita is the first PIP provider to consistently meet the ambitious quality targets set by the DWP and we are committed to continually delivering against this target. On average, cases are completed within 38 days.“We are focused on delivering the best service to individuals coming through the assessment process.“This is evidenced in our independent monthly satisfaction rating from customers, which in 2018 was more than 95 per cent.”An Atos** spokesperson refused to comment on the number of its assessors subject to multiple complaints.But he said in a statement: “As part of our commitment to provide a high quality service we have invested in our continuous professional development training for all health professionals.”A DWP spokesperson refused to say if the figures showed there were still serious concerns about its management of the PIP contracts and the performance of the two companies.She also refused to say if DWP was concerned by the Capita audit results and the number of Atos and Capita assessors subjected to multiple complaints within three-month periods.She refused to say why DWP had not released the Atos audit results to John Slater.And she refused to say if DWP had taken any action to address these concerns.But she said in a statement: “We are committed to ensuring that the PIP assessment providers give our claimants the highest quality service.“That’s why we set the providers challenging targets and monitor their performance closely, and the latest figures show that complaints make up just one per cent of all the assessments carried out.”Meanwhile, work and pensions secretary Amber Rudd today (Thursday) announced an in-depth review of how terminally-ill people and those with “severe conditions” are treated by the benefits system.The announcement came days after a report compiled by the charity Marie Curie and published by the all party parliamentary group for terminal illness saw people with terminal illness calling on ministers to end the “arbitrary and outdated” rules that force many of them through a “demeaning” and “insensitive” benefit assessment process.*Sign the Jodey Whiting petition here. If you sign the petition, please note you will need to confirm your signature by clicking on an email you will be sent automatically by the House of Commons petitions committee**Atos delivers its PIP assessment contracts through Independent Assessment Services, a trading name of Atos IT Services UK last_img read more

Financial Tech Startups Compete for US Immigrant Market

first_img Free Webinar | July 31: Secrets to Running a Successful Family Business Financial Tech Startups Compete for U.S. Immigrant Market May 24, 2016 This story originally appeared on Reuters For two decades, Noe Sanchez sent money from California to his father in Mexico City through storefront outlets of traditional remittance firms such as Western Union.Now he grabs his smartphone and uses Remitly, one of several new competing mobile apps promoting cheap and quick international transfers. Sanchez quickly got over his initial unease of sending money through an unfamiliar company.”If it goes badly, I’ll cancel it and try another,” said Sanchez, a 44-year-old Mexican technical support professional in Oakland.Founded in 2011 and backed by Amazon.com Inc. Chief Executive Jeff Bezos’s venture capital arm, Remitly is among a vanguard of financial technology, or fintech, companies targeting what they view as an underserved immigrant market — traditionally disregarded as high-risk and low-margin.The upstart firms — along with expanding digital and mobile options from Western Union Co. and MoneyGram International Inc. — are helping immigrants deepen their roots in the United States at a time when incendiary anti-immigration rhetoric dominates national politics.Presumptive Republican presidential nominee Donald Trump recently attacked remittances from illegal immigrants as a form of “welfare” for Mexicans. Trump threatened to impound such money transfers unless Mexico agreed to pay up to $10 billion for his proposed wall on the southern U.S. border.Many emerging companies in the fast-growing fintech sector, by contrast, view financial services for immigrants as an untapped source of revenue. They include remittance apps, such as Remitly, TransferWise and Xoom — an early player bought last year by PayPal Holdings Inc. for $890 million — along with companies such as Lendup and Oportun, which lend to high-risk borrowers.”We’re part of a community of companies that is helping [immigrant] customers understand the landscape of financial services” in the U.S., said Raul Vazquez, chief executive of Oportun.Global cash flowIt remains unclear whether Trump’s campaign attacks represent a real threat to the remittance industry. He proposes regulating remittance firms through U.S. anti-terrorism laws that now apply to banks and other financial institutions.The plan has been criticized in part because of the difficulty in differentiating between the transfers of legal and illegal immigrants.”Good luck with that,” U.S. President Barack Obama quipped, reacting to Trump’s proposal at a recent news conference.Trump’s campaign did not respond to request for comment from Reuters.Many financial technology companies expect a continuing boom in cross-border transfers and other financial services for U.S. immigrants. According to the World Bank, remittances to Mexico totaled nearly $25 billion in 2015, their highest level since 2008. Globally, nearly $600 billion is transferred each year. The World Bank reported that 700 million people opened bank accounts globally between 2011 and 2014 — making them more likely to use financial technology — and about 2 billion more people remained unbanked, representing huge growth potential.Immigrant communities increasingly access financial services through phones. Thirteen percent of Latinos in the U.S. are dependent on smartphones as their only source of Internet access, compared to just 4 percent of white people, according to a 2015 Pew study.Those trends play into the strategy of remittance apps like Remitly and Xoom. Many other financial tech firms are private and not required to share financial results, but some claim fast growth in customers or revenue when releasing selective data.Remitly said it transferred five times the amount of money in the first quarter of 2016 as it did in the same period a year earlier. The company said it recently surpassed $1 billion in annual transfers.Western Union, a $9.36-billion public company, acknowledged new threats in its 2015 annual report. “We are seeing increased competition from, and increased market acceptance of, electronic, mobile, and Internet-based money transfer services,” the company told investors. In a statement to Reuters, the company said the transfer industry is teeming with new players and that competition had contributed to falling prices. Western Union’s digital money transfer sales reached about $300 million in 2015, and the company expects online and mobile transfers to be a “major driver of overall remittance market growth,” it said.Arjan Schutte, the CEO of fintech investor Core Innovation Capital, said he’d seen more than 100 different business plans for companies wanting to disrupt Western Union or Moneygram, but that’s “not nearly enough relative to the market opportunity.” Economies of scaleSmaller financial technology companies can be flexible in crafting creative solutions to serve customers on the margins, said Lisa McFarland, an executive vice president at Ingo Money, which charges between 1 and 4 percent to deposit paychecks through a mobile app.McFarland previously worked at Visa Inc. setting up prepaid products for the immigrant market. She said more established financial companies have long struggled to serve lower-income markets because of high development costs and low profit margins.”The problems have to be solved, in many cases, in unique ways,” she said. “That’s what opens the door to technology players.”Oportun and Lendup, for instance, use their own underwriting formulas rather than traditional credit scores to underwrite risky borrowers, and they offer declining interest rates over time for those who pay reliably.The alternative online lending sector as a whole has faced new scrutiny in recent months in the wake of scandals at industry leader Lending Club. But Lendup says its customer base of half a million borrowers is growing at 15 percent per month. The company says it can charge less than traditional payday lenders because of its underwriting software and because it saves money by not opening physical branches.”If the work is lower margin, technology has a real opportunity to allow you to reach that profitability,” said Leslie Payne, who runs public affairs at Lendup. “Once you reach scale, the economics can work out.”(Reporting by Gabriel Stargardter; Editing by Jonathan Weber and Brian Thevenot) Immigrants 5 min read Add to Queuecenter_img Reuters Learn how to successfully navigate family business dynamics and build businesses that excel. Image credit: Shutterstock Next Article Register Now » –shareslast_img read more

Study shows effects of flipped classroom approach on medical certificate education

first_img Source:http://www.uef.fi/-/parempia-b-lausuntoja-kaanteisella-opetuksella Reviewed by James Ives, M.Psych. (Editor)Nov 8 2018The quality of medical certificates written by students of medicine was better when they were taught by using the flipped classroom approach instead of traditional lecturing. A randomly selected student from the flipped classroom group had an 85% probability to receive a better total score than a student from the traditional teaching group, according to a new study from the University of Eastern Finland.One of the goals of medial training is to provide students with good skills in writing medical certificates and medical statements. In Finland, permanent residents are covered by social security insurance administered by the Social Insurance Institution of Finland. In accordance with this social security scheme, patients with certain illnesses are entitled to special reimbursement of their medical costs. The procedure for obtaining this entitlement is initiated by a medical certificate written by the treating doctor. Hence, doctors must have good certificate writing skills and knowledge of the content and goals of the insurance scheme.Related StoriesB. Braun awarded prestigious quality mark by Royal College of Surgeons of EnglandSmarter, more educated people get a cognitive ‘head start’, but aren’t protected from Alzheimer’sBridging the Gaps to Advance Research in the Cannabis IndustryNowadays, medical education is increasingly geared towards methods that activate students, such as flipped learning in which students prepare for classes by, for example, viewing video materials in advance. The effects of flipped learning on medical certificate education hasn’t been studied much before.The study compared the writing skill scores of students attending traditional lectures and students participating in flipped classroom teaching in medical certificate education. In medical education offered in Finland, skills in medical certificate writing are taught to fourth-year students as part of a more extensive introductory course in general practice. In 2015, teaching was delivered through traditional lectures. In 2016, the flipped classroom approach was used, and students familiarized themselves with video materials independently before each class. In both years, students used the same background material to write a medical certificate on the entitlement of a fictional patient to special reimbursement of diabetes medication. A random sample of 40 students from each year was selected for analysis, and two experts assessed the students’ statements by giving scores to different sections.last_img read more

National Multiple Sclerosis Society awards grant for pilot study of social interaction

first_imgReviewed by James Ives, M.Psych. (Editor)Feb 26 2019MS researchers conduct first study of outcome processing during social interactions in individuals with multiple sclerosisEkaterina Dobryakova, PhD, and Pei-Pei Liu, PhD, were awarded a $50,000 grant from the National Multiple Sclerosis (MS) Society to conduct a novel study of outcome processing in individuals with MS. This pilot study will be conducted at Kessler Foundation, where Dr. Dobryakova is a research scientist in the Center for Traumatic Brain Injury Research. Dr. Liu, a former post-doctoral fellow at the Foundation, will consult on this project.Related StoriesRepurposing a heart drug could increase survival rate of children with ependymomaMercy Medical Center adds O-arm imaging system to improve spinal surgery resultsPosterior parietal cortex plays crucial role in making decisions, research showsIndividuals with MS often show impairments in learning and experience difficulties during social interactions. The ability to learn from the outcomes of one’s actions, referred to as outcome processing, plays a critical role in choosing the optimal action. Poor outcome processing can adversely impact an individual’s choices made in social environments and during social interactions, including rehabilitation settings. Despite the critical implications for individuals with these deficits, this is the first study to examine outcome processing during social interactions in individuals with MS.Understanding how MS affects outcome processing is an important step toward maximizing their competence in social interactions at home, at work or school, and in the community. “To examine outcome processing in this population, we will look at how individuals process the outcomes of their actions during cooperative interactions, in which they choose whether or not to cooperate with others,” explained Dr. Dobryakova. “In this study, reciprocation is considered a positive outcome during cooperative interactions. We will focus on how individuals react when reciprocation is immediate and when reciprocation is delayed. We anticipate that individuals with MS will understand delayed reciprocation better than immediate reciprocation.” Source:http://www.kesslerfoundation.org/last_img read more

Baylor outdoor adventure expert offers tips to make the most of your

first_imgKayaking and canoeing on rivers and lakes provides people an opportunity to get away from daily routines and explore surroundings not often seen up close.”You get a different perspective on the water, the nearby buildings or people walking and enjoying the river from that vantage point. You might see some boaters or a crew team out on the water. You’re used to seeing things from the road while driving, but on the water, it’s a lot slower paced, and you have time to think and relax and enjoy the beauty of God’s creation.”As some seek relaxation, others might want a physical challenge, but Schrank says even those on the water for a workout should remain receptive to additional outcomes.”If you go out there with a friend in a two-person kayak, you’re working on teamwork, whether you want to or not. Have a conversation, or not. Some paddle the whole time, or they’ll find a cove and sit and relax,” he said.2. Know before you go! Check the weather, water conditions and accessibility.Water enthusiasts, from beginners to experts, always should have a float plan, letting family and friends know where they are going and when then plan to return, Schrank said. Another must-do before getting on the water is checking weather and water conditions. Using weather apps that show lightning and rain are the most helpful.”If there’s lightning within 30 miles, we really don’t want people on the water, because it takes you longer to get off the water and increases the possibility of trouble,” Schrank said.Related StoriesExercise during pregnancy can promote bone health of both mother and childAMSBIO offers new, best-in-class CAR-T cell range for research and immunotherapyResearchers identify molecular pathway underpinning exercise and improved motor learningSchrank also suggests checking the U.S. Geological Survey (USGS) Water Watch website to check real-time streamflow conditions for U.S. lakes and rivers. For example, the Brazos River through Waco usually flows between 300 and 1,000 cubic feet per second, but when it rises to 5,000 to 10,000, then it’s actually moving like a river and might not make for a safe experience on the water.Water activities also are year round, even when it’s cold. Before heading out, water sports enthusiasts should check the combination of water temperature plus air temperature. If it is is less than 120 degrees, they should prepare with a plan and extra clothing, like a neoprene top or full wetsuit, Schrank said.Regardless of the weather, always wear appropriate clothing and sun protection and bring water for hydration, Schrank said.3. Match your ability and skill to your rowing/paddling destination. Start out on calm water.Schrank suggests that beginners start out on calm or flat water, paddling out and back with a friend.”When you rent a kayak or canoe, staff will show you how to hold your paddle and how to fit your life jacket. Also, a kayak will be much easier than a canoe,” he said. “If you fall out of a kayak, it’s possible to get back in. If you fall out of your canoe, it’s possible but it’s harder to be back in. Start in a kayak and with a friend who knows a little bit about it in a double kayak, that way you can be a co-pilot instead of having to be THE pilot.”Depending on fitness level, stand-up paddleboards also can be fun, Schrank said.”They are a little more challenging and slower, but they don’t fill up with water, so if you fall off, you just have to crawl back on,” he said.4. Always wear a life jacket. Choose a style and cut that you will actually wear on the water.The American Canoe Association recommends having a properly fitted life jacket on when you are out in the water, although Schrank sees a life jacket as a must do, eliminating a majority of risk if a safety issue arises.”Always wear a life jacket. There are so many to choose from now that don’t feel as restrictive and not as hot,” he said. “Life jackets have about a 15 to 22 pound minimum buoyancy rating, which means they’re really designed to keep your head out of the water. If it’s cold, a life jacket with a full front and full back will keep you warmer. But if it’s hot, you might choose something a little bit different, so you get more wind and water on your body to keep you cooler.” Be ready for whatever the experience throws at you, or doesn’t. You will likely gain more than you planned.”Cody Schrank Reviewed by James Ives, M.Psych. (Editor)May 31 2019When you decide to get on the river – in a kayak, canoe or paddle board, in summer or winter – you may have one goal, such as physical exercise or relaxation. But being open to various outcomes actually leads to a more fulfilling experience, says a Baylor University outdoor adventure expert.Cody Schrank, assistant director of outdoor adventure at Baylor, offers four tips to making the most of your time on the water.Schrank is an American Canoe Association kayak instructor and swift water rescue instructor. He also spends his days helping operate Baylor’s Pullin Family Marina, located on the banks of the Brazos River across from the main Baylor campus. The marina provides students, faculty, staff and their families with kayaks, canoes, stand-up paddleboards and sunfish sailboats that join other recreational craft on the city waterway throughout the year.1. Be open to outcomes.Many people head out on the water seeking specific outcomes, from physical fitness to relaxation to connections with companions or God and nature.center_img Source:Baylor Universitylast_img read more

A bridge so far Chinas controversial megaproject

A bridge to somewhere: The project linking Hong Kong, Macau and mainland china is 55 kilometres long and contains enough steel to build 60 Eiffel Towers Eyes right: Cars will have to change sides of the road when they get into Hong Kong, which drives on the left The crossing is not in use yet, but is expected to cut travel times by up to 60 percent Citation: A bridge so far: China’s controversial megaproject (2018, March 29) retrieved 18 July 2019 from https://phys.org/news/2018-03-bridge-china-controversial-megaproject.html Explore further For whom the toll booths? There will be a charge for driving from Zhuhai to Hong Kong The Hong Kong-Zhuhai-Macau Bridge was nine years in the making The world’s longest sea bridge will not be a place for pedestrians when it finally opens Touted as an engineering wonder, the world’s longest sea bridge, which connects Hong Kong, Macau and mainland China, includes a snaking road crossing and an underwater tunnel and reportedly uses enough steel to build 60 Eiffel Towers. China Building 30-Mile Bridge Connecting Hong Kong to Guangdong Province © 2018 AFP Eyes right: Cars will have to change sides of the road when they get into Hong Kong, which drives on the left The world’s longest sea bridge will not be a place for pedestrians when it finally opens The Hong Kong-Zhuhai-Macau bridge project. Nine years after construction began on the 55-kilometre (34-mile) crossing, a preview organised by the Chinese government this week offered a first peek into the megaproject.The bridge will link Hong Kong to the southern Chinese city of Zhuhai and the gambling enclave of Macau, cutting across the waters of the Pearl River Estuary.Although the opening date has not been confirmed, officials expect the bridge to be in use for 120 years and say it will boost business by cutting travel time by 60 percent. The 420,000 tonnes of steel used for the project represent 60 times the amount used in the Eiffel Tower, China’s official Xinhua news agency said.Gao Xinglin, the bridge’s project planning manager, said the construction of the 6.7-kilometre underwater tunnel gave him sleepless nights.”There were many nights where I couldn’t fall asleep, because there were too many difficulties during the construction,” Gao told reporters Wednesday.”Linking the 80,000-tonne pipes under the sea with watertight technology was the most challenging,” he added. The total price tag for the project, which includes artificial islands, linked roads and new border-crossing facilities, is unclear but some estimates run to over 100 billion yuan ($15.1 billion), leading critics to slam it as a costly white elephant.Opponents in Hong Kong say the project is part of Beijing’s drive to tighten its grip on the semi-autonomous city.Dogged by delays, budget overruns, accusations of corruption and the deaths of construction workers, the bridge failed to open by the end of 2017 as hoped.There have also been safety concerns after 19 lab workers were charged over faking concrete test reports, with one man jailed last December. This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. read more

PM to visit floodhit Kerala to take stock of situation

first_imgAn ariel view of overflowing Periyar river on Thursday. Photo: Thulasi Kakkat   –  The Hindu August 17, 2018 flood Prime Minister Narendra Modi will visit Kerala this evening to take stock of the flood situation there. He tweeted that he would be reaching the state later this evening “to take stock of the unfortunate situation due to floods there.”The prime minister spoke with Kerala Chief Minister Pinarayi Vijayan this morning. “We discussed the flood situation across the state and reviewed rescue operations,” Modi, who has been in touch with Vijayan for the last two days, said. Torrential rain and floods have played havoc in Kerala, claiming the lives of nearly 100 people. Published on Kerala COMMENT Kerala flood: Southern Railways, Kochi Metro suspend operations Rains lash Kerala again; water level at river Periyar may rise further 80 killed as Kerala reels under monsoon fury Floods hit Carborundum Universal’s hydel power plant in Kerala COMMENTS SHARE SHARE SHARE EMAIL RELATED last_img read more