Fed cuts half point in emergency move amid spreading virus

first_imgThe central bank also said it is “closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.”The Fed’s action could presage a wave of easing from other central banks around the world. It came hours after Chairman Jerome Powell and finance chiefs from the Group of Seven nations said they would “use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks.” That echoed a statement Powell made on Friday.The vote for the emergency cut to a range of 1 percent to 1.25 percent was unanimous. The Fed also said in the statement that the “fundamentals of the US economy remain strong.”Powell will hold a press conference Tuesday at 11 a.m. in Washington, the Fed said. The US Federal Reserve delivered an emergency half-percentage point interest rate cut Tuesday in a bid to protect the longest-ever economic expansion from the spreading coronavirus.“The coronavirus poses evolving risks to economic activity,” the Fed said in a statement to announce the move, its first such inter-meeting cut since October 2008 during the financial crisis.US stocks were higher after the news, while the 10-year Treasury yield touched 1.08 percent. Fed funds futures are pricing more than a percentage point of central bank rate reductions for 2020, including another quarter-point cut in the first half of the year. Topics :center_img The decision comes amid public pressure for a cut by President Donald Trump, whose stewardship of the economy is central to his reelection campaign this year. Following the news he called for more, demanding in a tweet that the Fed “must further ease and, most importantly, come into line with other countries/competitors. We are not playing on a level field. Not fair to USA.”US central bankers were scheduled to gather March 17-18 in Washington. Tuesday’s decision was the first time it had cut by more than 25 basis points since the financial crisis.The reduction marks a stark shift for Powell and his colleagues. They had previously projected no change in rates during 2020, remaining on the sidelines during a US election year, after lowering their benchmark three times in 2019 to a range of 1.5 percent to 1.75 percent.As recently as last week, some officials, including Vice Chairman Richard Clarida, had indicated they thought it was too soon to respond to the virus. They pledged to monitor the situation, but argued monetary policy was already easy and the fundamentals of the economy strong with unemployment near a 50-year low.But as the number of reported cases of the virus rose around the world in recent days and the US reported its first fatality, traders increasingly bet the Fed would step in to shore up confidence and keep credit flowing. Powell seemed to cement that view with his emergency statement on Friday, which lent some support to stocks.Powell has staked his chairmanship on sustaining the expansion, words he has used to describe the essential mission of the FOMC, the Fed’s rate-setting panel. Despite the limited ability of monetary policy to ease the impact of a public health emergency, the rate cut could support consumer and business sentiment. Lawmakers are working on a US$7.5 billion virus response bill, another reminder that critical fiscal policy can take weeks to move through Congress.Lower rates do little for factories lacking needed materials from abroad and are unlikely to spur consumers to shop if they’re scared of infection. But they do ease financial conditions by making debt payments easier to manage and by calming volatility.One lesson Fed officials will take away from this moment is how rapidly their policy space is used up in a crisis.Total cuts of one percentage point this year, which several Wall Street firms are forecasting, would bring the bottom range of the Fed policy rate down to 0.5 percent. If the virus impact is worse than expected, or if the economy is hit by a separate shock, the policy rate could strike zero. At that point, Fed officials are left with unconventional tools, such as purchases of longer-dated Treasuries – known as quantitative easing. The effectiveness of such tools when longer-term rates are already low remains to be seen.The Fed is in the midst of a review of its tool kit to achieve its goal of maximum employment and stable prices. They are considering policies such as outcome-based forward guidance, where a policy change would be linked to some tangible metric such as achieving an inflation rate, and yield curve caps.Wherever the discussion lands, the virus has highlighted the need for better fiscal and monetary policy coordination in a time of exceptionally low interest rates, says Julia Coronado, the president of The Fed is “carrying the domestic burden and the global burden” because they are one of the few central banks in developed economies that still has rates to some degree above zero, Coronado said.“The fiscal policy response has been lacking. There are people that are going to be struggling to pay their bills and certain workers are going to lose incomes. This is the shock that needs to be insured and we are really behind the curve.”last_img read more

Quarantined Indonesians take to social media, television airwaves to celebrate Kartini Day

first_imgWith Indonesians prevented from celebrating Kartini Day to the full extent with festive parades and group competitions due to COVID-19, many have taken the celebration to the virtual realm by sharing social media posts, while others marked the occasion by watching a special television program.Kartini Day is celebrated annually on April 21 to commemorate the birth of national heroine Raden Ajeng Kartini, who is hailed as a symbol of women’s empowerment in the country for promoting gender equity and women’s rights during the Dutch colonial era.Most offices across the country usually celebrate the special day with women employees wearing kebaya (traditional Indonesian blouse) throughout the day. This form of celebration is not only limited to office workers, as everyone from women traffic police officers to surfers have been known to don the look. The program focused on telling stories of two national heroines: Maria Walanda Maramis from North Sulawesi and Keumalahayati from Aceh. Maria was known for her role in fighting for women’s right to vote for legislative agency representatives during the Dutch colonial era, while Keumalahayati fought against Dutch imperialists who came to Aceh in 1599.The program was aired from 10 a.m. to 10:30 a.m. on Tuesday.Topics : Schools usually hold parades in which students wear kebaya or other costumes, in addition to staging student competitions.With the government’s stay-at-home policy in effect as part of an effort to flatten the curve of COVID-19, people took to social media platforms on Tuesday to celebrate Kartini Day. Twitter users, for example, shared the hashtag #kartiniday while reminiscing over past parades that honored Kartini’s birthday.The hashtag, along with the phrase Selamat Hari Kartini (Happy Kartini Day), became trending topics on Twitter in Indonesia by Tuesday at noon.Twitter user @ddayrinmop made a post recounting a past experience of a Kartini Day parade. “When I was a third-grader in elementary school, I went to a salon at 2 a.m. [to prepare for the parade],” the user wrote.Selamat Hari Kartini..Kalian kalo dandan, berangkat ke salon jam berapa? Aku pas kelas 3 sd pernah berangkat jam 2 pagi🙂#kartiniday— emo. (@ddayrinmop) April 20, 2020center_img Another user, @pembachot__, expressed regret over not being able to watch a live parade this year due to the COVID-19 outbreak.“April 21 is usually filled with dressing up and renting costumes for the parade and participating in various competitions,” the user tweeted. “It’s unfortunate that we couldn’t see such activities in schools this year.”tgl 21 april biasanya subuh2 udah di salon aja buat makeup sama minjem baju kebaya buat upacara hari kartini, terus lomba tumpeng, busana, kartini kartono :”) sayang banget tahun ini ngga ada yg kaya gitu lagi di sekolah2. #SelamatHariKartini— Chill (@pembachot__) April 20, 2020Public broadcaster TVRI celebrated the occasion by airing a special educational program targeted at senior high school students.last_img read more

Liverpool can still do ‘marvellous things’ after Watford defeat, says Arsenal Invincible Gilberto Silva

first_img Comment Metro Sport ReporterMonday 2 Mar 2020 9:11 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link1.2kShares Advertisement Liverpool can still do ‘marvellous things’ after Watford defeat, says Arsenal Invincible Gilberto Silva Arsenal hero Gilberto Silva has applauded Liverpool on their ‘very special’ season (Picture: Getty)Arsenal Invincible Gilberto Silva has backed Liverpool to go on and do ‘marvellous things’ under Jurgen Klopp after Watford ended their unbeaten record at the weekend.Watford produced a second-half masterclass at Vicarage Road as an inspired Ismaila Sarr completed a six-minute brace before Troy Deeney added a third with 20 minutes remaining of Saturday’s Premier League thriller.The shock result brought an end to Liverpool’s 44-match unbeaten streak in the English top flight meaning Arsene Wenger’s iconic Arsenal side of 2003/04 stand alone as the only team to go an entire season unbeaten for another year.Klopp played down his disappointment after the loss and speculated that the result could actually ease the pressure on his players, but Dejan Lovren admits the squad feel ‘ashamed’ about their performance.ADVERTISEMENT Watford 3-0 Liverpool: Jurgen Klopp press conferenceTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 9:23FullscreenWatford 3-0 Liverpool: Jurgen Klopp press conferencehttps://metro.co.uk/video/watford-3-0-liverpool-jurgen-klopp-press-conference-2121254/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.On his reaction to Liverpool’s unbeaten record coming to an end, Arsenal hero Gilberto told The Times: ‘Liverpool came very close to the unbeaten record we hold with Arsenal. I have always said that one day it may happen and the way they have been playing, I was expecting them to do it.AdvertisementAdvertisement‘For most people it was unexpected that they would lose at Watford but we are still there as No 1, and this is a very special achievement.‘I was only talking about Arsenal’s Invincibles season last week over lunch with Jens Lehmann, our goalkeeper, and David Dein, who was vice-chairman. It is impossible not to talk about it. Every conversation I have with team-mates from that time is special.‘Jens and I spoke about the training sessions, the approach of everyone, when someone was maybe not in the right mood for training we pushed each other. Jens talked to everyone.If someone was not 100 per cent, he would ask why not and ask for more. He was never afraid to say things but in a positive way.‘Compared to some games, our training sessions were even harder. Everyone trained to their limit, nobody at 80 or 90 per cent. Sometimes Arsène Wenger, our manager, had to calm us down. I had the feeling many times in the tunnel, the way some opponents looked at us, I knew straight away that we were going to win this game.’ Sarr completed a quickfire double after the break at Vicarage Road (Picture: Getty)Gilberto considers the league to be more competitive than when he lifted the trophy in 2004 and has applauded Liverpool on their ‘very special’ campaign.‘We won the league with four games to go. We thought, “OK, let’s keep winning.” Arsene said that we could become a special team, not only winners but a team everyone would know went unbeaten,’ the former Brazil midfielder added.‘I left the Premier League more than ten years ago. We won this in 2004. It’s such a long time and after the Liverpool game, “Arsenal the Invincibles” came into people’s minds. It gives us a good feeling that people will still talk about us for I don’t know how long.‘Even though they did not break our record, what Liverpool have done this season is very special. It is not so easy with the competitors nowadays. They face Manchester City, who have done so well, and the Premier League is a competition where anything can happen.‘Jurgen Klopp, his staff and the players have done a great job. They can still do marvellous things.’Follow Metro Sport across our social channels, on Facebook, Twitter and Instagram.AdvertisementAdvertisementFor more stories like this, check our sport page.MORE: Arsenal legend Ian Wright expects great things from Bruno Fernandes at Manchester United Advertisementlast_img read more

DSWMC targets paper under its Reduce, Reuse Recycle program

first_imgJeno Jacob: “Recycling is the way forward”The Dominica Solid Waste Management Corporation (DSWMC) has turned its attention to the recycling of paper and cardboard under its “Reduce Reuse Recycle” program. In 2011 the Corporation launched its “Reduce Reuse Recycle” program with a view “to keep the dazzling green showcased in our logo and to preserve our environmental integrity” Acting General Manager of the DSWMC Bristol Lawrence noted. Under that program, the Corporation took the leading role in the collection of the harmful waste to the environment and people including used lead acid batteries, used oil (cooking and engine oil) tires and metallic waste.The Corporation is now targeting businesses, offices and schools who generate high volumes of paper and cardboard waste to store these items properly so that they can be shipped off island for recycling.Public Relations Officer of the DSWMC Jeno Jacob told Dominica Vibes News that this new initiative will assist in ensuring that the Fond Cole Landfill lasts longer and protects the environment against littering.According to Jacob, “Paper and card board form about 11 to 12% of waste generated in our urban and rural areas” therefore the Corporation is soliciting the assistance of business establishments and schools to reduce these figures.“We’re launching the paper and cardboard recycling initiative and we’re inviting business places, schools and offices who generate waste especially cardboard and paper to come on board with us. We want them to store those cardboard and papers in dry places away from water, place them in clear paper bags or boxes and then call the Corporation for collection of those items. These items can be placed in clear plastic bags for better identification and we collect said waste.”These items will be collected twice weekly on Tuesdays and Thursdays at no cost to the businesses and schools.The DSWMC will also provide training sessions for business houses including a local cleaners association to inform them on the method in which the items for recycling should be separated and packed for collection.He explained that waste for recycling especially paper must be disposed of in separate bins than general garbage items including food and drinks.Jacob also noted that confidentiality is important to the Corporation and they will accept shredded papers as “we do not want people’s business out on the streets”.According to him; the Corporation is also seeking to purchase a specialized shredder, however for this venture to be successful, volume is a critical aspect.“We are looking for partners to ensure that we get the volume of paper because we are a small island state and the volume is crucial because when we receive the orders from overseas they are saying to us that they want so many metric tons of paper and to meet that volume we need cooperation from all and sundry to allow us to meet that said volume for containerizing paper and cardboard for shipment overseas.”The Corporation is also offering businesses jumbo garbage bags with 25 pieces at a reasonable price of $25.00 per package as well as garbage bins. Dominica Vibes News Share 37 Views   one comment LocalNews DSWMC targets paper under its Reduce, Reuse Recycle program by: – February 23, 2012 Sharecenter_img Share Sharing is caring! Tweetlast_img read more

Fitting In

first_imgOne of the things child psychologists spend a lot of time talking about is how hard it is for teenagers to find their “niche” in school.  In the old days, a lot of individuals did not come out for sports because they went to small rural elementaries and they believed they didn’t have a chance to make the team.  They did not know anybody from the “big” schools and were intimidated by this situation.Today, this problem occurs because of a much more mobile society.  Changing schools is a reality more than an oddity because their parents are more likely to change jobs than they were years ago.  Finding their niche is much easier if the student is willing to participate in sports or any school activity.  This is how you make new friends, and thus, you become accepted much faster.  You will be in a class with people you know because of your willingness to get involved.Fitting in wasn’t easy 60 years ago and it seems to be much harder today.last_img read more

Atletico’ stun ‘Real’ to win Stanbic IBTC-sponsored virtual football tourney

first_imgLead City Gladiators have emerged winner of the first ever Higher Institutions Football League e-football tournament.Lead City Gladiators clinched the top-prize after defeating the FUTA Tigers on a 5-4 aggregate score. The final match of the HIFL e-football tournament ended in a draw with each team scoring one goal each.This necessitated going into penalties to determine the winner.UI Pioneers won the bronze medal with a 2-0 win over DELSU Titans.The HIFL e-football tournament is an offshoot of the HIFL created by PACE Sports and Entertainment Marketing Limited.The creation of the virtual tournament was necessitated by COVID-19 pandemic and in line with social distancing laws that prevent the physical gathering of a large number of people. The theme of the tournament was: “Play Indoors for the World.”The matches were streamed live on HIFL’s digital platforms.The five-day contest involved gaming representatives from eight Nigerian higher institutions competing as top La Liga teams on the EA SPORTS FIFA 20.The participating higher institutions were Lead City University as Atletico Madrid; Federal University of Technology Akure as Real Madrid; Afe Babalola University, Ado Ekiti as Villareal; and University of Lagos as Valencia.Others were University of Ibada, University of Benin, Delta State University and Redeemers University Nigeria as Atletico Bilbao, Sevilla, FC Barcelona and Real Sociedad respectively. The knockout-style elimination tournament kicked off with FUTA Tigers and UI Pioneers winning the first of the Round of 8 proceedings against the ABUAD Stars and UNILAG Marines respectively.Lead City Gladiators also dominated the lock horns with UNIBEN Royals by 2-0, while DELSU Titans won 6-2 against RUN to book a spot in the Round of 4.The HIFL is sponsored by Stanbic IBTC.Speaking on the success of the e-invitational tournament, Bridget Oyefeso-Odusami, Head, Marketing and Communications, Stanbic IBTC Holdings PLC, commended the creation of the gaming tournament.RelatedPosts COVID-19: NCAA to revoke erring airlines licence over non-compliance FRSC to Schools: We’ll arrest, prosecute drivers who flout COVID-19 rules Sanwo-Olu: We’re committed to fulfilling promises to Lagosians Oyefeso-Odusami noted that Stanbic IBTC as an organisation remains committed to the development of the Nigerian youth and would continue to support youth-centric innovations, despite limitations posed by the advent of COVID-19 pandemic.Tags: COVID-19E-Football TournamentHigher Institutions Football Leaguelast_img read more

The Latest: Duke trying to limit virus during fall sports

first_img Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Duke is taking additional steps to prevent the spread of the coronavirus during fall sports. That includes daily testing of athletes, coaches and staff in football, soccer, volleyball and field hockey. University President Vincent E. Price announced those steps Friday, with the daily testing focusing on the sports considered to be of higher transmission risk for transmission by the Atlantic Coast Conference’s medical advisory group.The school will require athletes in those sports to sequester in designated residential areas after competitions until cleared to return to the campus community through testing and monitoring.Price says teams will all travel by charter bus or plane and will ideally leave and return to campus on the same day.The school had previously announced that it will begin the football and fall sports seasons with no fans at home competitions.___ Associated Press The Latest: Duke trying to limit virus during fall sportscenter_img September 11, 2020 More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sportslast_img read more

Jamaican Consulate in NY to Stage Reggae Music Exhibition

first_imgJamaica’s Consul General to New York, Mrs. Alsion Wilson NEW YORK – In celebration of Reggae Month, Jamaica’s Consulate General in New York in collaboration with VP Records, will host pop-up exhibition entitled “A Reggae Music Journey” at the consulate from the first of February to the 21st, during Reggae Month.The Exhibition, ‘A Reggae Music Journey’ is a historical display documenting the history of the Jamaican musical genre, and will feature artifacts including historic vinyl records from Van Pelt’s collection, and a platinum sales award for Sean Paul’s Dutty Rock LP presented to company President Randy Chin.A Reggae Music Journey was created to document the legacy of Reggae music and the role that the Chin family, through Randy’s Record Mart in Jamaica and later, VP Records have contributed to the development of the genre.An eight-panel display tells the label’s history dating to its origins as Vincent and Patricia Chin’s Randy’s Record Mart in Kingston in the late 1950s, extending to the present and featuring its 40-year run in Jamaica, Queens. The story of the company’s global impact and sustained relevance is woven into the story of Reggae itself.Some of the genre’s most admired artists, including Dennis Brown, Gregory Isaacs, Beres Hammond, Barrington Levy, Garnett Silk, Lady Saw, and Freddie McGregor – who either had key releases distributed by VP Records or were signed to VP Records – are featured in the exhibit as well. The exhibit includes the work of photographers David Corio, Anders Jones, Wonder Knack, Jonathan Mannion, Martei Korley and others.Jamaica’s Consul General to New York, Mrs. Alsion Wilson said the Consulate was very pleased to join with Jamaica and the rest of the world in celebration of Reggae Month. She said the staging of this exhibition will give Jamaicans and friends of Jamaica an opportunity to view this important exhibition.Mrs. Wilson pointed out that Reggae Month is of great significance as Jamaican music has been an important part of our culture, a source of Jamaican recognition on the world stage.She said on February 6, the birthday of Reggae icon, Bob Marley, the consulate will live stream the birthday celebrations from the Bob Marley museum on Hope Road.In 2018, the United Nations Educational, Scientific and Cultural Organization, UNESCO, added Reggae to  its list of  Intangible Cultural Heritage of Humanity, as a cultural institution worthy of protection and preservation.In a statement on its website, UNESCO said of Reggae: “Its contribution to international discourse on issues of injustice, resistance, love and humanity underscores the dynamics of the element as being at once cerebral, socio-political, sensual and spiritual. The basic social functions of the music – as a vehicle for social commentary, a cathartic practice, and a means of praising God – have not changed, and the music continues to act as a voice for all.”In 2008, the government of Jamaica declared February as Reggae Month, to highlight and celebrate the impact of the musical genre on the country’ socio-economic development.At the launch event on Friday 31st January, VP Records plans to live stream its weekly music “Happy Hour” from 5pm – 6pm and provide a DJ from 6pm – 8pm for the reception.The Reggae Music Journey exhibit will go from the consulate to the newly refurbished VP Records retail store in Jamaica Queens.last_img read more

Camelot to launch annuity game ‘Set For Life’ inbound for March 2019

first_img Share Share Submit UK National Lottery operator Camelot has announced the upcoming launch of its brand new game – ‘Set For Life’ which will feature a top prize of £10,000 a month for a period of 30-years.The annuity prized game forms part Camelot’s new look portfolio, which has been developed to celebrate 25-years of the National Lottery this 2019.Tickets for ‘Set For Life’ are set to go on sale from Friday 15 March, with its draws held every Monday and Thursday (first draw scheduled for 18 March).In its press update, Camelot states that Set For Life will deliver something completely new from traditional lottery formats.Players will pick five main numbers from 1 to 47, and one ‘Life Ball’ from 1 to 10, and have the chance to win fixed prizes ranging from the top prize of £10,000 a month for 30 years to £5 for matching just two main numbers.Preparing for its new game launch, Camelot has created a dedicated page on The National Lottery website at www.national-lottery.co.uk/set-for-life detailing full game information and updates, Camelot CEO Nigel Railton said:“We’re really pleased to be enhancing our range of National Lottery draw-based games with the introduction of Set For Life. Annuity games really appeal to a growing number of people who like the idea of winning a prize paid out in regular instalments over the long term and are very successful in other countries. ““Most importantly, it rounds off what is now a more appealing and balanced portfolio of games that offer something for everyone – one of the key aims following our wide-ranging strategic review. We’ve now got a mix of compelling draw-based games that suit all tastes, play styles and pockets. That’s vital for The National Lottery’s long-term health – and will help to ensure that, in the years to come, we continue to deliver even more for our players and the millions of people for whom National Lottery funding is so crucial.” National Lottery Community Fund issues £14m in Climate Action grants August 24, 2020 Related Articles Camelot aims for ‘Big September’ supporting a high street recovery August 26, 2020 UKGC launches fourth National Lottery licence competition August 28, 2020 StumbleUponlast_img read more