Cordray Skirts the Question

first_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago About Author: Joey Pizzolato September 5, 2017 1,370 Views Tagged with: CFPB Ohio Data Provider Black Knight to Acquire Top of Mind 2 days ago Cordray Skirts the Question The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Freddie Mac Speaks: G-Fees and CRT Next: How Could Tax Reform Hurt the Housing Market? Share Save Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] With the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray’s, term coming to an end next year, there has been a lot of discussion on whether or not the Ohio native will make a run for the governorship, despite remaining silent on the matter.This weekend the director attended the American Federation of Labor and Congress of Industrial Organizations, where he spoke about income inequalities that Americans face. He did not, however, speak about his potential gubernatorial bid, according to the Washington Post. Cordray has been under fire to go public with his intentions.The most recent prod came from Senator Jeb Hensariling (R-Texas), who wrote the director demanding, “Your categorical denial that political consideration have informed any aspect of your decisions, orders, and communications relating to the rule; Your assurance that all records relating to this rulemaking will be preserved; and Confirmation that you intend to serve your full statutory term as Bureau Director, or, if you do not intend to serve your full term, confirmation of the date on which you intend to resign from office. The letter was spurred when two separate publications reported on separate instances that Cordray was attempting to fast-track rules through the CFPB.The Republican Governor’s Association has also attempted to obtain information via the Freedom of Information as to whether or not Cordray had been in contact with the Chairman of the Hamilton County Democratic Party, as well as copies of correspondence he may have had from his email.When asked about his intention at the Labor Day festivities, Cordray brushed the question off, according to the Washington Post. “I don’t have anything to say about that,” he said. CFPB Ohio 2017-09-05 Joey Pizzolato The Best Markets For Residential Property Investors 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Cordray Skirts the Question Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Headlines, News Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Related Articleslast_img read more

Jenkins urges ND community to comply with safety directives, says violations could lead to expulsion or dismissal

first_imgUniversity President Fr. John Jenkins urged Notre Dame students, faculty and staff to follow new safety protocols to ensure the completion of the semester in an email Wednesday.All community members must wear a mask, practice physical distancing, wash their hands frequently and complete the daily health check in order to ensure safety for all community members upon return to campus.“The special character of the current challenge is that success does not depend on the actions of a single individual nor on each person’s commitment simply to take care of his or her own health,” Jenkins said.Three faculty members have been developing a model to determine the spread of  COVID-19 under different scenarios. According to the model, “the difference between only 60% of us wearing masks as required compared to 90% or more doing so could be the difference between our having to shut down campus again or having a successful, safe semester here,” Jenkins said.As the health of community members relies on compliance to the safety practices, student violation of the standards will be considered a disciplinary matter with the possibility of expulsion from campus. Faculty and staff who fail to comply may face serious sanctions including dismissal.“We have the chance to show the world how to continue the work of the University in the midst of the threat of this terrible virus,” Jenkins said. “Success depends on the choices we make individually and collectively.”Tags: COVID-19, John Jenkins, masks, safety protocolslast_img read more

Specialty Filaments, Pad Print, Olympic Precisioin get state money

first_imgCouncil Authorizes $1.5 Million Of Incentives Under New ProgramMONTPELIER, Vt. The Vermont Economic Progress Council has approved more than $1.5 million in job creation incentives under the states new economic development program, including assistance to the new owners of Specialty Filaments.At its meeting last week, the Council reviewed and authorized the first incentives under the new Vermont Employment Growth Incentive (VEGI) program, making three companies eligible to receive up to $1,329,404 in job creation incentives and $240,496 in property tax incentives.We are very pleased that one of our first authorizations under the new Vermont Employment Growth Incentive program was to assist the Monahan Company in preserving the jobs at the former Specialty Filaments facility, said Karen Marshall, Chair of the Vermont Economic Progress Council. Vermonts economic incentive program is going to work to keep Vermonters at work in Middlebury.Monahan SFI, LLC, a subsidiary of the Thomas Monahan Company of Arcola, Illinois was given preliminary authorization for $758,806 in economic incentives to add new jobs and invest in new machinery and equipment at Specialty Filaments, which closed and laid off 175 employees earlier in the month.The new subsidiary purchased the assets of Specialty Filaments, Inc. in a bankruptcy auction. Monahan SFI, LLC will re-open the plant and re-hire most of the employees laid off during the recent plant closing, and will submit a more detailed application for a full review at a later date.Pad Print Machinery of Vermont, Inc. was authorized for $331,399 in economic incentives to add new jobs and invest in a new facility and machinery and equipment. The East Dorset company plans to create a new subsidiary, Ink Jet Machinery of Vermont, to develop and manufacture digital inkjet print head engines.The company had been considering several options other than creating the new subsidiary, including outsourcing production to China or growing only a few jobs within Pad Print Machinery of Vermont, said Marshall.Olympic Precision, Inc. was authorized for $239,199 in economic incentives to create new jobs and invest in equipment by building the Center for Precision Manufacturing, a Department of Defense-funded research and development facility.The company and the Town of Windsor were authorized for property tax stabilization with an estimated value of $240,946, and will collaborate with the Windsor Improvement Corporation to redevelop a currently unusable lot and build a facility to house the Center, which will be operated by Olympic Precision, Inc.Under reforms passed by the General Assembly and signed into law by Governor Jim Douglas last year, the economic incentives were authorized based on job creation and capital investments that must occur before the company receives payment.The prior program had companies earning tax credits that were applied against future tax liability.The Council approved the applications after reviewing nine guidelines and applying a rigorous cost-benefit analysis that showed that because of the economic activity that will be generated by these projects, even after payment of the incentives the State will realize a net increase in revenues of $1,441,885.The Council also determined that these projects would not occur or would occur in a significantly different and less desirable manner if not for the incentives being authorized.The Vermont Economic Progress Council is an independent board consisting of nine Vermont citizens appointed by the governor that considers applications to the states economic incentive programs.The Council is attached to the Vermont Agency of Commerce and Community Development, whose mission is to help Vermonters improve their quality of life and build strong communities.For more information, visit: is external)-30-last_img read more

Dignified, personalized debt recovery process makes for happier members

first_imgKeeping credit card rates and fees low is a priority for most card-issuing credit unions. To do this, however, card teams have to have a rock-solid and highly effective collections and recovery process. While it’s true charge-off rates are the lowest we’ve seen since 1985, this may soon change. That’s because consumers continue to rack up credit card debt, to the tune of nearly $16 billion in the third quarter of 2014 alone, a 35-percent increase as compared to the same time period in 2013.Fortunately, the increased accessibility of data analytics is propelling more credit unions forward in the pursuit of sustainable collection strategies that produce real results. What follows are three areas of the collection and recovery process credit unions can improve through the use of analytics.Collections ProcessAnalytics can be used to help a credit union set triggers to aid in the collections process. By monitoring accounts in a specialized, scientific manner, card teams can more easily – and in some ways, automatically – identify early indicators of accounts likely to default. Usage and payment patterns, when analyzed properly, allow the credit union to execute hardship plans that are much more meaningful for the struggling member. After all, it’s much easier for people to take steps to improve their financial situations before they are in full crisis mode.Hardship Plans Hardship plans allow credit unions to reach out to account holders with action ideas. In many cases, the result is a win-win, as the credit union recovers the remaining balance on delinquent accounts and the cardholder avoids the often staggering fees and interest charges normally associated with an account going into collections. (Lest we forget, there is also a sizable cost to the credit union for using a collections agency.)Of course, hardship plans are most effective when tailored to the cardholder in question. For instance, whereas one cardholder may respond best to a traditional repayment plan, another may require the account to be closed to new purchases to avoid temptation and additional debt. Another may require the account closed only to certain purchases. Conversations are one way to determine this; data analytics and predictive modeling are another, arguably more effective, way to get to the same customized set of plans for a group of delinquent accounts.Contact StrategiesAnother way to further improve the collection and recovery process is to begin with an overhaul of the current methods that are used to contact delinquent account holders. Credit unions should first assess the contact rate of all strategies to create a “map” of the entire process. A successful assessment will include analysis of the total number of different ways contact is attempted, the rate of success for each of these methods and the total staff requirement necessary for each one. Optimum staff requirement for each contact strategy is a metric that will be based on the average amount of time team members need to, for example, initiate an email, make a follow up call, etc.Alternate MethodsThe largest benefit to data analytics is the ability to get to the “Now what?” Credit unions who apply analytics to their collections process should keep an open mind, as alternate strategies may provide cost-savings while delivering more results.Credit unions, with the help of an outside analytics expert if necessary, should first build analytical models to help prioritize accounts with the highest chances of curing. Metrics gathered over even a small window of time can be used to predict which accounts will self-cure. Right here you have potentially huge savings, as these accounts will no longer require staff attention. The second part of the process becomes studying accounts to identify the point at which certain collection strategies are no longer profitable. Strategies are then altered based on that information.For those accounts that need attention, analyzing the data to determine the right contact strategy is a critical step to overhauling any credit union’s collections and recovery plans. The idea, of course, is to determine when a more cost-effective contact method will yield the same (or even better) result as a more expensive channel. If an email will eventually serve the same purpose as a phone call, there is no need to initiate that pricey call strategy. The same methods can be applied to settlement offers and the specifics inside custom hardship plans, as well as to the timing of both. Why spend more if less is more effective, and when is the right time to contact the cardholder?Recovery and collections is painful for both parties. But with the right set of analytical and predictive modeling tools, your members can experience less embarrassment and a much faster turn-around. The skies are sunny now, but as Americans continue to add to their credit card balances, that rainy day is just around the corner. Nothing inspires loyalty quite like helping someone recover from a financial crisis. Establishing a dignified, personalized recovery and collections process is the first step toward helping more members manage their way out of trouble. 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Karan Bhalla Karan Bhalla is the CEO of CU Rise Analytics and who has almost two decades of financial services and data analytics experience. CU Rise Analytics is a global CUSO helping … Web: Detailslast_img read more

Why choose our credit union?

first_img continue reading » In his work with credit unions developing strategic plans and identifying growth strategies, Scott Butterfield of Your Credit Union Partner, Seattle, has come across plenty of mission and vision statements. He uses a single word to characterize many of them:Uninspiring.“We know what we do—we provide financial services. We know how we do it—we provide members-first service and multiple channels. But very few organizations know why we do it,” Butterfield says. “To differentiate ourselves, we need to do more than hang our hat on great service, tout our technology, and write big checks for community partners. Those are all very important, but what we really need to do is change the perception that we’re not all that different from banks.”Some argue for the movement’s not-for-profit, cooperative structure as a great differentiator, but that doesn’t seem to matter to most consumers, he notes. Some tout the commitment to member service, lower fees and favorable rates, but big banks have the scale to match credit unions on rates and invest in superior technology, and community banks have closed the gap on service surveys. Credit unions haven’t even been able to make a persuasive case that they are better for consumers than payday lenders and check-cashing services, notes Butterfield, referring to Lisa Servon’s book The Unbanking of America, which addresses why many people have embraced those alternative financial services. 23SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

New case raises Egypt’s H5N1 count to 45

first_imgMar 3, 2008 (CIDRAP News) – Health officials in Egypt announced on Mar 1 that a 25-year-old woman who is hospitalized with severe respiratory symptoms has an H5N1 avian influenza infection.Abdel Rahman Shaheen, spokesman for Egypt’s health ministry, said in a statement from MENA, the country’s state news agency, that tests on Mar 1 confirmed that the woman’s samples were positive for the virus, according to a report from Reuters. If the woman’s illness is confirmed by the World Health Organization (WHO), she will be listed as Egypt’s 45th H5N1 case-patient.Shaheen said the woman had been transferred from Fayoum governorate, about 53 miles south of Cairo, to a hospital in the country’s capital, where she is being treated with oseltamivir (Tamiflu), an antiviral medication, Reuters reported. He said she had a high fever and inflammation of both lungs.News reports on the woman’s illness gave no details on the source of her infection.The woman is the second Egyptian patient in a week to be reported as sick with an H5N1 infection. On  Feb 26 health officials announced that samples from a 4-year-old girl from Menia governorate in upper Egypt were positive for the H5N1 virus.In a Feb 28 statement, the WHO said the girl got sick on Feb 21 and was hospitalized 3 days later. The statement from MENA said the girl is still hospitalized in Cairo, where she is in stable condition, according to a report yesterday from Xinhua, China’s state news agency.An investigation into the source of the girl’s infection revealed that she had contact with sick poultry the week before she became ill, according to the WHO statement. She is listed as Egypt’s 44th case-patient. The disease has been fatal in 19 of those. See also:Feb 28 WHO statementlast_img read more

Granit Xhaka must apologise to fans immediately to save Arsenal career, says Alan Shearer

first_imgGranit Xhaka must apologise to fans immediately to save Arsenal career, says Alan Shearer Granit Xhaka swore at Arsenal fans as he was substituted during the side’s draw with Crystal Palace (Picture: Getty)England and Newcastle legend Alan Shearer believes there’s only one way back for Granit Xhaka – and that’s to issue a hasty apology to Arsenal supporters.Unai Emery decided to replace Xhaka with Bukayo Saka in the 61st minute of Sunday’s 2-2 draw with Crystal Palace after Arsenal managed to throw away a two-goal lead.Reacting furiously to boos from fans for a lack of urgency in leaving the field, Xhaka tossed the captain’s armband towards Pierre-Emerick Aubameyang, cupped his ear at the crowd and told the Emirates faithful to ‘f*** off’ before storming straight down the tunnel.AdvertisementAdvertisementJust nine minutes earlier, Jordan Ayew headed home an equaliser for Palace and it proved decisive as Roy Hodgson’s men held on to share the points with the Gunners.ADVERTISEMENT Emery: Granit Xhaka was wrong to swear at fansTo 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 12:45FullscreenEmery: Granit Xhaka was wrong to swear at fans 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.Unai Emery hinted that Xhaka could lose the captaincy as a result of his behaviour and the Spaniard has an extremely tough decision to make ahead of Arsenal’s Carabao Cup clash with Liverpool in midweek.In his column for The Sun, Shearer condemned Xhaka’s actions and urged the Swiss to say sorry before it’s too late.‘I do not know how Granit Xhaka comes back from this,’ the ex-England striker said.‘It will be toxic at Arsenal if Unai Emery picks him again and the player needs to come out and apologise sharpish to the fans.‘No one expects Xhaka to be pleased when your own fans are cheering when you’re being substituted.‘But, as captain, you just cannot react to your fans in the way he did. There is no way back for Xhaka unless he apologises.’ Comment Arsenal threw away a two-goal lead against Palace (Picture: Getty)Ian Wright agreed that Xhaka must apologise to Arsenal fans as he ‘owes them a lot more’ than to react as he did at the Emirates.‘Players getting booed is not the best, but this is the captain,’ the former Arsenal forward said on Match of the Day.‘They are frustrated that he hasn’t run off the pitch. I’ve seen him before bolt off when he’s substituted. He’s walked off and then he goads them.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘We’re talking about fans who have watched him play a handful of good games in three years. And he’s treating them like that.AdvertisementAdvertisement‘He should apologise. That’s the guy Arsenal have chosen as captain… that’s not captain behaviour.‘Arsenal fans have been patient with him. He owes them a lot more than that.’MORE: Lucas Torreira pictured in tears as Granit Xhaka tells Arsenal fans to ‘f**k off’ Metro Sport ReporterMonday 28 Oct 2019 8:09 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link4.2kSharescenter_img The midfielder stormed straight down the tunnel (Picture: Getty)He added: ‘The longer he leaves it, the bigger a mistake the incident will turn out to be.‘When supporters have a go at you like that, it is because they are not happy — but he is the team’s captain.‘So you cannot react like that, telling the fans what to do in that language.‘Whatever you think of the fans, they are the ones that pay their money.‘They are the ones who buy season tickets and come and support you week in, week out. Like it or not, supporters are entitled to an opinion.’ Advertisement Advertisementlast_img read more

How to get an online supermarket delivery slot if you are shielding

first_imgSo what should those who have received a letter do to secure a slot? “I’ve wasted hours, getting up in the middle of the night to try and find slots”Hazel Dakers received a text from the NHS on March 31, informing her that she had been identified as extremely vulnerable. A four-page letter followed days later, spelling out that coronavirus put her at “very high risk of severe illness”.Warned to stay at home “at all times” and avoid any face-to-face contact for a period of at least 12 weeks, Dakers went online in the hope she could get groceries delivered rather than put herself at risk by visiting a store in person.Like so many others who have received the NHS letter, securing a delivery slot has been close to impossible.“I have been battling to obtain a supermarket slot on a regular – even if not frequent – basis. I have been banging my head against a brick wall,” said the 70-year-old, who suffers from asthma and other chronic conditions. “I feel very distressed.””I have been banging my head against a brick wall”Dakers, who lives in Brentford in west London, had already bought an Ocado Smart Pass on the advice of her son in March, booked one delivery and received it. But she hasn’t been able to secure a slot since, because three deliveries with the pass are required before Ocado considers someone a priority customer. She has a Waitrose card and had set up an order three weeks in advance. As she was editing her order to include items for neighbours, the slot vanished.“I was dismayed, and angry,” Dakers said. “It’s not what I find entertaining.”Dakers called the Sainsbury’s customer careline and left her details. Weeks later came an automated call back: “The wording and tone came across as though they didn’t believe me.” The advice given if she thought they had made a mistake was to call another number, but she would need a Nectar card first, which she doesn’t have.By “sheer chance” – tipped off by her daughter, who had heard on a community website that Tesco were releasing new slots one evening – Dakers managed to secure a one-time slot with the supermarket.“I’ve wasted hours, getting up in the middle of the night to try and find slots. Many times at midnight trying to find one. And many hours trying to source things elsewhere from independent shops,” Dakers says. “I’m extremely vulnerable, and they can’t be bothered.” Last month, the NHS wrote to around 1.5 million people in England warning they were at “very high risk of severe illness from coronavirus”.Recipients have been told to stay at home “at all times” and avoid any face-to-face contact for a period of at least 12 weeks. That includes “going out for food”.To get supplies, those deemed “extremely vulnerable” are advised to “ask a friend, neighbour or family member” for help. The letter implies that it’s also risky for someone else in the household to do the shopping, even though those on the so-called ‘shield list’ are advised to minimise contact with them, too.As a result, many of those shielding are turning to online grocery as their last hope in staying fed. They are not alone. Supermarket delivery services have been swamped by demand in recent weeks as Brits look to avoid going to the shops. You have completed the additional support form AND are an existing online customer of a supermarket. Now what?In most cases the supermarket will be proactively trying to contact you. In other cases, next time you log in there will be slots available to you.Waitrose: “We’ll be in touch with our customers on the list – they will see priority access to delivery slots when they log in (on an ongoing basis). Please be reassured that we’re doing all we can as quickly as possible. To allow us to cope with demand, we are kindly asking customers to wait for communication from us rather than trying to get in touch at this time.”Ocado: “We have already identified our customers on this list and reached out to offer them delivery slots with We will continue to play our part as the government updates its shield list of people in need of support. In order for us to identify you on the government’s list, you must declare that you are in need of getting essential supplies delivered to you.”Asda: “We’ve contacted everyone who is on the list the government gave us and offered them free, recurring delivery slots.”Tesco: Existing customers should call 0800 917 7359.Sainsbury’s: “We continue to receive more data and have been able to match nearly 250,000 additional customers against our database so far, and are contacting them to arrange priority home delivery.”Morrisons: Has not revealed any use of the government database to give priority to those in it.Iceland: “We are regularly emailing customers that we have matched and are providing exclusive times for them to book a slot before other customers. The details on how to do this are contained within the email they receive, including a special link to use.” If you have received a letter and want to get a priority supermarket delivery slot, you must visit the website on the letter and fill out the online formThe government is sharing a database of people on the shield list with supermarkets to help them assign priority slots.However, the government is not sharing the entire shield list. To get on the database shared with supermarkets, letter recipients must register here.Although the website wording can seem like you are registering to get on the shield list, you are registering to “get support” as a shielding person, which includes priority deliveries.The online form will ask for your name and details, and your NHS number. This number is on the letter, but you can also proceed if you don’t have it to hand.The form asks: “Do you have a way of getting essential supplies delivered at the moment? For example, friends or family who can make sure you have enough food.”To get on the list shared with supermarkets, you must answer ‘No’.Next, the form asks if you have any dietary requirements and tells you that “deliveries will be left on the doorstep”. This is because everyone on the shield list also qualifies for a free food package from the government. Even if you don’t need a free food package from government, you must answer these questions and submit the online form in order to get on the database shared with supermarkets.Defra advises those shielding who only need access to online delivery slots to turn away the free food box at the doorstep when it arrives if they don’t want it, and it will be given to someone else. Once a delivery slot has been secured with a supermarket, you can go back and edit your needs.It is understood supermarkets are receiving updates to the database on a weekly basis. You have completed the additional support form BUT are NOT an existing online customer of a supermarket. Now what?“We are looking at how we can assist those who are clinically vulnerable, but who are not on any supermarkets’ existing online customer list, to gain access to an online delivery slot,” Defra says.In the meantime, if you are on the database shared with supermarkets but are not on the retailer’s own customer database, you will need to register as a new customer with one.Most supermarkets are still accepting new online customer registrations.Tesco: “New customers who have a letter from the NHS can either create an account online or call us on 0800 917 7359. We will then be able to verify whether they are on the government’s list.”Iceland: “We’re receiving regularly updated data from the government, so for new customers to be matched to this, they just need to create an Iceland account. Customers should make sure that the data they register with matches that which they have provided to the government to ensure we can match it.”Sainsbury’s: “We are working with government to understand how we can support customers who are not already signed up to a home delivery service.”Asda, Waitrose and Morrisons are also accepting new online customer registrations. Ocado is not. If you live in Scotland, Wales or Northern Ireland the whole process is similar. But supermarkets can’t help yetIn Scotland 136,000 people are in the shielded group and have been asked by text if they want their details forwarded to supermarkets for priority service. In Wales 88,000 are on the shield list, which has been passed to supermarkets.Housing minister Julie James last week acknowledged it was “very unlikely” all would get a priority slot and urged family and friends to help. In Northern Ireland there are 10,400 homes where someone is shielding.NI minister for communities Deirdre Hargey has said informing retailers is more complicated than in England because patient information is held on disparate databases.The supermarkets have stated they are ready to assist those on shield lists in each country but are waiting to receive government databases.last_img read more

Trade liberalization has boosted Latin American and Caribbean Economies

first_imgMIAMI, Florida – Latin America and the Caribbean region saw faster economic and wage growth thanks to a lowering of trade barriers, a new report by the Inter-American Development Bank (IDB) shows.The study also provides policy recommendations to ensure the region is better positioned to take advantage of trade liberalization and make its benefits more tangible to citizens.The average tariff cut of 56 percent that took place in the region between 1990 and 2010 accelerated the region’s average annual per capita GDP growth by 0.6 percent. While the results are positive, the region harbors skepticism on the benefits of more openness, in part because initial expectations were so high, according to Trading Promises for Results: What Global Integration Can do for Latin America and the Caribbean.“Trade liberalization did not turn out to be the silver bullet that put us in the same growth leagues as some top-performing Asian economies,” said IDB Chief Economist Eric Parrado. “However, trade has clearly been a positive contribution for the region’s wellbeing and development, and we should resist temptations to return to our closed economic policies of decades past.”The book was edited by IDB researchers Ernesto Stein and Mauricio Moreira. Trading Promises for Results is part of the annual Development in the Americas (DIA) flagship research publications series that provides analysis and advice to policymakers on key development topics.The report also looked at the level of support for free trade. Latin Americans back more trade by big margins though support drops sharply when presented with information emphasizing negative consequences such as job losses in vulnerable sectors. The IDB commissioned Latinobarometro to undertake a survey and carry out an experiment to better understand how framing affects perceptions about trade.Almost three out of every four of those surveyed said they favored increasing trade with other countries, with support running highest in Venezuela, Honduras and Uruguay. Almost six out of every ten Latin Americans equate trade with more jobs. However, providing information about potential job losses in vulnerable sectors reduced support for trade to 46 percent, from 73 percent.Making trade work betterWhile liberalization is positive for the economy, it does have winners and losers, with special interest groups linked to import-competing sectors often blocking trade reforms. The report provides an in-depth look at trade policymaking processes in the region, and the type of institutional architecture that is more likely to lead to good policy outcomes.To make the most of the opportunities afforded by globalization while mitigating risks, governments need to look beyond the traditional agenda of trade agreements, trade facilitation and foreign investment attraction. Policymakers should work on ensuring labor markets are not only more flexible but also provide help for those who lose out to trade to transition to competitive firms and sectors. Policies should be consistent with global integration rather than bolster uncompetitive sectors and firms, and governments should seek successful strategies in sectors such as modern agriculture and services-two sectors with considerable technological progress in which the region has comparative advantages – and not just in manufacturing.“We are moving into a world where competitiveness is determined not just by tariffs but by overcoming regulatory, logistics and information costs, as well as by incorporating new technologies,” said Fabrizio Opertti, manager of the Trade and Integration Sector in the IDB. “We are confident that governments can move into these new frontiers in order to facilitate access to more affordable goods and services, as well as to create new economic opportunities and wellbeing for more citizens.”last_img read more

LSU coach Will Wade won’t meet with LSU, NCAA over allegations

first_imgA letter given to LSU by Wade’s attorney, which was obtained by The Advocate, details how the coach is waiting for the federal investigation into NCAA basketball’s recruiting scandal to be over before he discusses the allegations.Since the trial where Wade is subpoenaed isn’t supposed to start until April 22, that means the coach will be barred from LSU’s SEC Tournament run and possible NCAA Tournament appearance. Related News Athletic director Joe Alleva and other LSU officials reportedly said Wade could return this season if he agreed to a meeting and explained his comments on the wire tap. With Wade refusing to do so, the earliest he can be reinstated is after the trial and if he is cleared of any wrongdoing. Will Wade likely will remain suspended for the rest of the season.The LSU coach won’t meet with the school nor NCAA officials over the FBI wiretaps that reportedly catch him talking about a “strong-a— offer” he gave to a recruit. Arizona’s Sean Miller, LSU’s Will Wade to be subpoenaed to testify in corruption trial, report says Freshman guard Javonte Smart, who appears to be the recruit Wade was talking about on the wiretaps, has also been benched pending the investigation. However, he could return as soon as Friday, depending on the results of an LSU investigation into his recruiting.LSU has already talked to Smart’s mother, Melinda, about the issue, but had to conduct its own investigation since the FBI refuses to share the recorded wiretaps.”We have discovered something that’s been alleged. It hasn’t been denied by coach Wade,” Thomas Skinner, LSU’s general counsel and vice president for legal affairs, said. “We have to assume the worst and investigate it to the fullest.”last_img read more