By Governor Jim Douglas July 6, 2011. As Governor of Vermont, one of my first priorities was to strengthen and grow our state’s centuries-long partnership with the Canadian Province of Quebec. I believed then as I do now that this relationship is critical to the success of our great state. Quebec is our largest trading partner and a significant source of clean, stable and, most importantly, renewable energy from Hydro-Quebec. Not only do we share an international border, but we share a deep cultural and historic connection; indeed many families have relatives on both sides.In December of 2003 I led the first of many delegations north to Montreal, Quebec City and Sherbrooke. Quebec Premier Jean Charest and I quickly established a professional rapport and close friendship because we both know the importance of the bond our people share. Our Lake Champlain Quadricentennial in 2009 was a great example of how we celebrate our shared history and Franco-American heritage. In recent years Vermont and Quebec worked together on a host of important initiatives. We committed ourselves to improve the quality of Lakes Champlain and Memphremagog; we agreed, with other states and provinces in our region, to reduce emissions into the atmosphere; we entered into an agreement on reciprocity of child support; we instituted enhanced driver’s licenses for easier transit across the border; we conducted joint training drills in emergency preparedness; and we worked on enhancing our cross-border transportation options. One of the most important relationships we have with Quebec is around energy. I am proud that our energy portfolio is the cleanest in the nation ‘ we emit less in greenhouse gases than any other state ‘and our retail electric rates are the lowest in New England. This due in large part to the very favorable contracts we have negotiated with our energy partners at Hydro-Quebec. As we look to a new phase in our energy future, the acquisition of our largest utility, Central Vermont Public Service (CVPS), likely by one of two Canadian companies, it is my hope that the focus will remain on what is best for families and employers who struggle everyday to make ends meet. Vermonters are right to measure the outcome of the CVPS acquisition based almost entirely on what it will mean for their electric rates. Two ways to achieve lower rates are to ensure the availability of power and streamlining its delivery to consumers. While Vermont should continue to explore alternative sources of power, it is essential that we maintain a cost-effective supply of baseload electricity. That means stable, affordable, renewable energy from a source of which we can be proud and a country we can trust. Our neighbors to the north are not an unstable regime far from home; they are a valued ally whose success is integrally tied to our own. A key cost of doing business ‘ especially in manufacturing and other energy-intensive sectors ‘ is electricity. If we’re going to create more good-paying jobs for the next generation of Vermonters, we need to moderate that cost. We can be proud that all of our utilities, including our two largest, CVPS and Green Mountain Power, have such a great record of service to our people. This is due to the dedication of the countless hard-working Vermonters who make these companies run. But as I have often said, in order for us to realize savings in our small state, whether in education spending, healthcare costs or electric rates, we must seek efficiencies through economies of scale wherever possible. For this reason, as Governor, I supported consolidation of our utilities. There are few, if any, more meaningful ways to reduce costs among regulated monopolies like utilities. Improving our relationship with Quebec is one of the great accomplishments of my tenure. It is encouraging to see the new administration carry on this important mission. There will be many energy challenges in the future as the demand for electricity grows and, in an increasingly unstable world, it is a great comfort to know that Vermont can look to Quebec as a valued partner and friend.
Arsenal teenager Bukayo Saka looks better than £72m signing Nicolas Pepe, reckons Martin Keown Comment Pierre-Emerick Aubameyang celebrates with Bukayo Saka in Frankfurt (Picture: Getty Images)Martin Keown believes that Arsenal teenager Bukayo Saka looks a better player than £72m summer signing Nicolas Pepe after his superb display in the Europa League against Frankfurt.The Gunners secured a remarkable 3-0 victory away in Frankfurt on Thursday night and the 18-year-old Saka caught the eye with a sparkling performance.It was the young forward’s first appearance of the season as he produced two assists and a tremendous goal of his own to guide his team to the commanding win.Keown compared Saka’s performance to those of Pepe who arrived from Lille this summer and has failed to make such an impact as yet.ADVERTISEMENTBukayo Saka strikes! 🔴He becomes the youngest Arsenal player to score in the Europa League with a great finish to cap a fantastic display! pic.twitter.com/FgUIUjYA1A— Football on BT Sport (@btsportfootball) September 19, 2019 Advertisement AdvertisementAdvertisementThe 24-year-old Ivory Coast international has appeared in all five of Arsenal’s Premier League games so far this campaign and came off the bench in Frankfurt but is yet to score and has provided just one assist.‘They toil away, trying to get young players in and they’ve found one in Saka,’ Keown told BT Sport. ‘You think of the way Pepe is playing at the minute, they paid £72m for him and this kid looked better than him tonight.‘By the way, [Joe] Willock as well, he’s got his reward, this has been a breakthrough moment for him. He got a little bit lucky, but that’s all 100% the academy, that first goal for Arsenal.‘When Saka gets the ball [for the second goal], it shows composure, he’s passing it into the goal, it’s a beautiful finish. To think he’s 18 years of age.’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 CityJoe Willock opened the scoring for Arsenal in Germany with a deflected finish 38 minutes into the game as his impressive progression continues.Keown said of the 20-year-old: ‘I think this is the exuberance of young players. I think this is a breakthrough moment for Willock.‘He’s been a bit rushed, lacks a little bit of composure, but I love his energy and he gets his reward tonight to put Arsenal in front.’MORE: Joe Willock and Bukayo Saka shine as Arsenal take control of Europa League group with 3-0 win against FrankfurtMORE: Arsenal are ‘going to turn into Everton’ unless Unai Emery fixes the defence, believes Darren Bent Phil HaighThursday 19 Sep 2019 8:17 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link2.2kShares Advertisement
“This is unlikely to be optimal,” the report adds, “as it is asymmetric across pension funds, and relaxation of regulation in periods of stress does not follow a build-up of resilience as asset values rise in more benign circumstances, nor can it be relied upon by pension funds when determining asset allocation.”The report also expresses concerns that the DB sector is prone to engaging in reputational herding – “that is, they are driven by fear of underperformance relative to their peer group to invest in the same assets at the same time as their peers”.It notes that if such behaviour occurs at the same time as wider market trends, it could result in further procyclicality “potentially amplifying asset price or economic cycles”.The bank was also critical about the number of underfunded DB schemes de-risking more slowly than their better funded counterparts.“While this may have been understandable from the perspective of individual funds,” the report says, “it may not be optimal from a systemic perspective, as it implies that stronger pension funds were not taking advantage of their ability to purchase risk.”It concludes that the absence of activity from the better funded schemes could have otherwise had a stabilising role, acting as a countercyclical buffer during times of stress.Andrew Haldane, executive director of financial stability at the BoE, previously opined that while the bank did not believe the ‘too big to fail’ rule applied to asset managers, it nonetheless thought there was genuine risk stemming from a large asset manager becoming distressed.,WebsitesWe are not responsible for the content of external sitesLink to report by Bank of England The UK’s central bank has warned that the herd behaviour of the UK defined benefit (DB) industry risks “amplifying” prevailing economic trends.A Bank of England (BoE) paper on procyclical and structural trends in the insurance and pension market said that while the medium-term asset allocation of DB funds seems largely “dictated by longer-term structural shifts”, as opposed to cyclical concerns, larger DB funds seem to have implemented longer-term, post-crisis asset allocation changes that are procyclical.“Although consistent with longer-term structural shifts in asset allocation, the continued selling of UK equities during the financial crisis by corporate DB pension funds may have further added to instability in the context of wider market moves at that time and, if taken in isolation, could be viewed as procyclical,” the report says.The bank also noted that a number of other countries had relaxed pension regulation during the crisis, which it accepted could have “muted” the sector’s procyclical behaviour.
LocalNews CARICOM supports Dominican for WHO director position by: – March 16, 2012 Dr. Carissa Ettiene. Photo credit: dominicacentral.comThe Dominica government has been lobbying member states of CARICOM to support Dominican Carissa Etienne who has been widely tipped to become the director of the Pan American Health Organization.According to the Dominican leader, member states have fully endorsed and will vote for Dr. Etienne.“We have been lobbying the other member states and we had an interface at the conference with the president of Chile in that regard. He reiterated Chile’s support for her and that was adopted in the communiqué out of Suriname,” he saidSkerrit said several other Latin American countries have reiterated their support for Dr. Etienne.“That speaks importantly to the progressive and engaging foreign policies that we have been adopting over the last few years in Dominica,” he added.Skerrit also indicated that “Brazil, Bolivia, Venezuela and Nicaragua” have all given their commitment to support the Dominican candidate.Presently, Dr. Margaret Chan who hails from the People’s Republic of China is the director-general of the World Health Organization and her term will run through to June 2012.In June, 2003, Dr. Etienne was named the World Health Organization’s (WHO) new assistant director at their headquarters in Washington, DC. Dr. Etienne is currently the Assistant Director General for WHO in Geneva, prior to that she was the Assistant Director of PAHO in Washington.Dominica Vibes News Share Share Tweet 19 Views one comment Sharing is caring! Share