Drive from Norwich

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White House to lure US firms to Latam from Asia in nearshoring drive, senior adviser says

first_imgHe said the outbreak had clearly demonstrated the advantages of having suppliers based closer to the United States than in Asia.The initiative would not focus on cheap labor costs, but would build on provisions aimed at protecting workers that were included in the US-Mexico-Canada trade agreement that entered into force in July, he added.Claver-Carone also said there needed to be an improvement in transparency over Chinese lending in Latin America.He said Ecuador in particular was “not being able to advance and move forward and kind of unshackle itself from that unfair, over-collateralized debt to China.”Ecuador’s President Lenin Moreno has sought to renegotiate the terms of its debt to China, which totaled $6.5 billion in 2018.China invests heavily in Latin America and has been responsible for more than $40 billion in lending to the region since 2015, according to Inter-American Dialogue data.The United States wants to “collaborate” with China to ensure its lending practices in the region are more transparent, said Claver-Carone, echoing a push by the World Bank.The Chinese embassy in Washington did not immediately reply to a request for comment.’Overwhelming support’If he wins a September election, Claver-Carone would be the first US candidate to head the Washington-based Inter-American Development Bank (IDB), Latin America’s principal development finance institution.His candidacy has prompted push-back from some Latin American countries and former leaders, including publicly-shared letters signed by former presidents and ministers stating their opposition.Claver-Carone, who as a top Latin American adviser for Trump has played a key role pushing for punitive measures against socialist-run Venezuela and Cuba, said he had “overwhelming support” from countries in Latin America and the Caribbean, including Brazil, Colombia and Ecuador.He said 15 countries in the region had publicly supported him for the IDB job and six others, which he declined to name, had privately expressed their backing.  The Trump administration is readying a new initiative that would use financial incentives to encourage US firms to move production facilities out of Asia and into the United States, Latin America and the Caribbean, a senior White House adviser said on Wednesday.The project could bring $30 billion to $50 billion in US investment back to the Americas, Mauricio Claver-Carone told Reuters in an interview, adding that infrastructure, energy and transportation could be the first potential areas of focus.”We’re essentially creating a ‘Back to the Americas’ initiative,” he said. That would include both returning some facilities outsourced to China back to the United States and basing others in Latin America and the Caribbean in a drive for more so-called nearshoring, Claver-Carone said. He gave no details about the scope of possible incentives, but pointed to the administration’s use of a $765 million loan to encourage Eastman Kodak Co to produce pharmaceutical ingredients in the United States to help fight the coronavirus pandemic.US President Donald Trump has made “Buy America” policies a centerpiece of his administration since taking office in 2017, with those efforts accelerating sharply since the turmoil created by the pandemic.The United States and China signed a trade deal in January, but tensions have mounted in recent months over Beijing’s handling of the outbreak, a national security law limiting the autonomy of Hong Kong, and other issues.Claver-Carone said the administration had already been working with countries in Latin America and the Caribbean to help them attract US investors, but the pandemic helped convince US companies it was time to get on board. He did not name any companies.center_img Topics :last_img read more

DB sponsors facing challenges in low-interest-rate environment – KPMG

first_imgA report published by KPMG shows that 2014 was a volatile year for pension schemes, with long-dated interest rates falling sharply and feeding through into an increase in the value of pension liabilities.The KPMG study looked at 270 companies reporting variously under International Financial Reporting Standards, UK GAAP and US GAAP.The report’s author, Katy Edwards, told IPE: “Persistent low interest rates have meant corporate bond yields were at historic lows at year-end.“This was generally bad news for pension schemes – despite equity market rallies and strong fixed income asset performance over the year.” Edwards added that this low real-yield environment served to pushed up year-end pension scheme liabilities by as much as a 10% in Q4 2014 alone.“Pension disclosures are likely to continue to attract scrutiny from shareholders and analysts as the pensions exposure increases relative to the overall balance sheet,” she warned.Naz Peralta, a director in KPMG’s London office, added: “Accounting deficits among FTSE 100 companies have generally deteriorated, but many schemes have hedging strategies in place on the asset side.”This means, allowing for deficit contributions, many corporates are showing only modestly worse positions, he said. Around the major pensions-accounting assumptions, the KPMG number-crunchers reported a continuation of a trend evident last year, with companies clustering ever more closely around the median in many cases.For example, some 76% of companies used an inflation assumption within 0.1% of the median, while 76% of companies were within 0.1% of the median discount rate assumption.In terms of the hard numbers, the median discount rate assumption has fallen from 4.5% last year to 3.6% this year.KPMG said the dramatic reduction in 
bond yields led many sponsors to review their discount rate assumption with a view to mitigating some of the impact of falling yields on the balance sheet.Changes to IAS 19 in place since 2013 mean companies should provide a narrative disclosure around key assumptions such as the discount rate.In line with global economic picture, median RPI assumptions have also fallen from 3.4% to 3.1%.Mortality assumptions have remained broadly unchanged over 2013, with a current pensioner aged 65 expected to survive a further 22.6 years on average.A future pensioner currently aged 45 is expected to live for a further 24.2 years from the age of 65.The current low-inflation environment has also put downward pressure on both pension and salary increases.The most common pension increase reported by the KPMG study is inflation capped at 5% per annum, while the median salary increase remains at 0.50% above RPI inflation.Looking ahead, Peralta said the challenging economic and investment landscape added up to tough negotiations with trustees for those schemes about to embark on a valuation review.“I would say the primary concern for public companies against this backdrop of low yields is not so much the accounting but rather the negotiation of triennial funding arrangements with trustees,” he said. “Although assets and liabilities might be tracking each other, the scheme may have grown relative to the size of the balance sheet, or the sponsor may be in a sector that is under pressure in the current economic environment.“This may put pressure on the sponsor covenant and cash contributions, though sponsors will increasingly look to non-cash solutions such as additional security to provide comfort to trustees.”Looking forward, the KPMG experts believe the IAS 19 guidance on the asset ceiling and surplus recognition, IFRIC 14, will continue to weigh on preparers working under international standards.Peralta said: “To the extent that corporates have IFRIC 14 restrictions, which may be 10-20% of reporters, tougher funding negotiations may lead to greater balance sheet restrictions.“If a sponsor commits more cash on a present-value basis to the trustees than they did during their last funding round, it might be that they have to provide for this on the balance sheet because of IFRIC 14.”He added that preparers should be mindful of possible changes to IFRIC 14, with the IASB poised to issue an exposure draft detailing changes to the guidance.Those changes address a defined benefit plan sponsor’s ability to access a refund of contributions where the plan structure features an independent trustee body.“If the IFRIC 14 changes come in, inevitably this issue will impact some companies adversely,” Peralta said.“Our recommendation is for scheme sponsors to think about the potential impact.”In addition, KPMG also note that DB sponsors in the UK could also be affected by the way so-called pensions freedoms could feed through into their liability assessment.Finally, sponsors in the EU could also be affected by the recent European court PPG decision dealing with an employer’s entitlement to deduct VAT in respect of pension fund management services.last_img read more

Panamanian airline begins direct service to Jamaica

first_imgTourism Minister Edmund Bartlett says COPA Airways has a level of connectivity throughout South America that is unparallel by any other airline of its size.KINGSTON, Jamaica — Panamanian airline COPA Airways has commenced twice weekly direct flights between Panama and Montego Bay.The inaugural service out of the Tocumen International Airport arrived at the Sangster International Airport here on Sunday with approximately 150 passengers.Tourism Minister Edmund Bartlett underscored the importance of partnerships with such airlines, noting that the emerging tourism markets of South America are being viewed by his ministry as a source of inbound air traffic to be tapped into, to cover eventualities within the traditional markets.“So, it is against that background that we looked hard and long, to see what was the best medium, what was the best carrier, what provided the best fit for Jamaica, at this time; what was most cost effective and what would give the efficiencies that we require to enable us to make that incursion and to do it quickly,” he stated.He added that several discussions were held with airlines across South America and, after lengthy deliberations, COPA Airlines was chosen for final negotiations.“Because COPA had a level of connectivity throughout South America unparallel by any other airline of its size,” he explained.COPA flights to Jamaica will mean 10,000 additional airline seats for the upcoming Winter Tourist Season.Jamaica has targeted US$850 million in earnings for the period with a 4.7 percent increase in visitor arrivals.With a fleet of 73 planes, COPA Airlines is projecting that nine new destinations would be added to its present route network by year end.This would provide a total of 293 daily flights to 49 cities in 28 countries across the American continent. Caribbean 360 News LifestyleTravel Panamanian airline begins direct service to Jamaica by: – December 15, 2011 32 Views   no discussions Share Sharecenter_img Share Sharing is caring! Tweetlast_img read more

‘Proper waste disposal abate city flooding

first_img It was noted by CDRRMO that most of the waste was plastic. The local government office again reminded the public to support the city’s flood control and mitigation program by seriously practicing proper solid waste segregation and disposal as mandated by RA 9003, or the Solid Waste Management Act of 2001. BACOLOD City – The local disaster office in this city urged the public to practice proper waste disposal to prevent trash from clogging the city’s drainage system and minimize flood risks. A total of eight manholes and drainage systems were checked. According to CDRRMO, they acted upon the request of concerned citizens. The Bacolod City Disaster Risk Reduction Management Office (CDRRMO) made this call after its flood control team collected at least 23 sacks of mixed garbage during a two-day declogging operation at the city’s Libertad Public Market. CDRRMO said it will continue conducting de-clogging operations around the city in order to reduce occurrences of flooding./PNlast_img read more

President Widodo asks Japanese PM to invest in Chinese disputed islands

first_img“I want to invite Japan to invest in Natuna,” he told Motegi, adding thatJapan was one of Indonesia’s major economic partners. Japanese Foreign Minister Toshimitsu Motegi shakes hands with Indonesia’s Foreign Minister Retno Marsudi during a meeting in Jakarta, Indonesia, January 10, 2020. REUTERS Widodo visited Natuna on Wednesday to assert Indonesia’s sovereignty overthe cluster of islands and the waters around them, after reports of Chinese coastguard and fishing vessels hadentered Indonesia’s exclusive economic zone several times since last month. JAKARTA ­–Indonesia President Joko Widodo asked Japan on Friday to step their fisheriesinvestment and energy in some of its parts in South China Sea following astand-off with the Chinese over claimed territories. Widodo made the request for Japan to consider economic opportunities in theNatuna islands during a visit to Jakarta by Japanese Foreign MinisterToshimitsu Motegi, the president’s office said in a statement. China has not claimed the Natuna islands for themselves but says it hasnearby fishing rights within a self-proclaimed Nine-Dash Line – a line onChinese maps that it says shows its territory and waters. The line loops far south from China and includes most of the South ChinaSea, but it is a claim that is not recognized internationally. Vietnam, thePhilippines, Brunei, Malaysia and Taiwan have rival claims in the South ChinaSea.(Reuters)last_img read more

Lady Bulldogs Fall To Lady Trojans In SEI Tourney Semi-Finals

first_imgThe 7th Grade Lady Bulldogs fought hard last night in the second round of the SEI tournament but came up short against the Sunman Dearborn Trojans 35-26.  It was a balanced scoring attack from the Bulldogs with Ashlee Cornn leading the way with 7 points, followed by Timbre Davies (6 points), Makayla Granger (5 points), Emma Weiler (4 points), Megan Meyer (2 points), and Ava Hanson (2 points).   The loss ends an impressive 2018 season for the Bulldogs who finished with a 13-4 record.  Both coaches and players would like to thank everyone who came out to support us this season.Courtesy of Bulldogs Coach Chris Weiler.The 8th Grade Lady Bulldogs were defeated in the second round of the Southeastern Indiana Tournament by Sunman Dearborn 37-23 last evening.  Even though the final deficit  was 14 points the game was much closer than that.  Made free throws late in the game by the Lady Trojans were the difference and stretched the final score to 14. The Lady Bulldogs were led by Carly Pride with 9 points.  Other scorers were  Ashley Nobbe and Brianna Wells each scoring 5, and Calley Kaiser added 4.  The Lady Bulldogs finished the season with a record of 12 wins and 5 loses.The Lady Trojans were led by Katie Johnson and Avery Daniels each with 10.  Other scorers for the Lady Trojans were Hailey May with 7, Hope Fox and Makenzie Vignale each scored 4, and Olivia Knuevan added 2.  The Lady Trojans advance to the championship game Thursday night at St. Louis.Courtesy of Bulldogs Coach Jack Smith.last_img read more

eLearning on the horizon at South Ripley Community Schools

first_imgVersailles, In. — The South Ripley Community School Corporation is exploring the viability of E-Learning. The program creates different options for staff development, class availability and maintaining academic progress during inclement weather.Superintendent Rob Moorhead says planning started six years ago and devices were provided for students two years later. Once approved by state officials, staff professional development can be scheduled while the daily lesson can be completed online from home.Moorhead is interested in completing the implementation in a deliberate, structured manner so the program can be adjusted as needed to fit the needs of all stakeholders.This summer there will be four professional development days designed to prepare teachers for the possibility of e-learning. Following the training, students will be directed to stay home for one day in September and one day in November to complete classes online while teachers conduct professional development at the school.The Indiana Department of Education is reviewing the request for approval from school officials.last_img read more

Syracuse women’s soccer falls in extra time, 3-2, to Wake Forest

first_img Published on October 20, 2016 at 10:35 pm Contact Byron: brtollef@syr.edu Syracuse (8-6-3, 1-5-2 Atlantic Coast) lost a heartbreaker to Wake Forest (10-6-0, 2-6-0) in extra time, 3-2, potentially ending the Orange’s chances at an NCAA tournament birth.The ACC opponents were tied in the 108th minute in extra time. It appeared as if Syracuse would escape with a tie, but midfielder Sarah Teegarden was fouled at the semi-circle, just outside the penalty box. She was awarded a free kick and drained it into the net, giving Wake Forest a late victory.The Orange got off to a hot start in the 27th minute. Maddie Iozzi laid a cross into the box and Stephanie Skilton sprinted forward to head it into the net.But Syracuse’s lead didn’t hold for long. One minute after the second half began, midfielder Peyton Perea fired a shot past Syracuse goalkeeper Courtney Brosnan for her sixth goal of the season.The Demon Deacons continued to apply pressure on the Orange defense. Over the next 36 minutes of play, Wake Forest outshot the Orange, 6-3.AdvertisementThis is placeholder textFinally, in the 83rd minute, forward Sarah Medina sent a cross to midfielder Bayley Feist to give Wake Forest a 2-1 lead. It was her fifth goal of the season.With the possibility of a tournament birth slipping away, the Orange subbed in Alex Lamontagne and Sydney Brackett to rejuvenate its attack.In the 89th minute, Jessica Vigna sent a pass to Lamontagne. Lamontagne sprinted down the field and passed it to Skilton, who knocked the ball in for her second goal of the day.Extra time was evenly matched until Teegarden’s late goal. Syracuse returns home this Sunday to take on North Carolina at SU Soccer Stadium, the last home game of the season. Comments Facebook Twitter Google+last_img read more

Women’s water polo turns its attention to Riverside

first_imgAfter dropping to No. 3 in the national polls, the Trojans will look to make an impact this weekend at the CBU Mini Invitational in Riverside. Senior utility Annika Jensen prepares to take a shot against the Chinese National Team. Emily Smith | Daily TrojanThe one-day tourney will give the team an opportunity to notch two more wins against Cal Baptist and Pomona-Pitzer.The Trojans’ afternoon will start out against the hosts, Cal Baptist, who have yet to win a game this season. The Lancers dropped three losses at their season opening UCSB Winter Invite, falling to Cal State Northridge, UC Santa Barbara and Arizona State. Despite the losses, the team has thrived on defense so far this season, with goalie Grace Ramirez averaging 10 saves and 8.5 goals-against in her first three games. Later in the afternoon, the Trojans will take on Pomona-Pitzer in their opponent’s first game of the season. Although Pomona-Pitzer went 16-18 last season, many key upperclassman starters, including top scorer Jocelyn Castro, who notched 44 goals last season, are returning this season.The Trojans have never lost a game to either team, going 12-0 against Cal Baptist and 8-0 against Pomona-Pitzer historically. The last time the teams met, USC left the pool with major victories, thundering to a 22-1 victory over Cal Baptist and a 25-2 win over Pomona-Pitzer. The weekend will offer an opportunity for the team to practice its offensive schemes, setting itself up for success later on in the season.The Trojans opened the season with a dominant 18-0 shutout of then-No. 22 LMU, and they look to continue that momentum through a series of unranked opponents early in the season.Before the invitational, the Trojans took to the pool for a friendly match against a rare opponent on Thursday night. The team hosted the Chinese National Team in a friendly exhibition game at Uytengsu Aquatics Center on Thursday night.The friendly match was familiar territory for several Trojans who spent the offseason playing for international teams.Junior goalie Amanda Longan and freshman Paige Hauschild helped the U.S. national team bring home gold at the FINA World Championships this summer, while sophomore Denise Mammolito played for the junior Olympic team at the FINA Junior World Championships. Freshman Nina Ceklic also suited up, playing for the Canada Junior National Team in the junior world championships.The exhibition was the team’s first action at home so far this season. After the CBU Mini Invitational, the team will take an extended break before playing in the Triton Invitational on Feb. 10-11. The tournament will be held in San Diego.last_img read more