Visible Economic Issues – Westie Lovers http://westielovers.com/ Sun, 18 Sep 2022 00:39:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://westielovers.com/wp-content/uploads/2021/03/cropped-icon-32x32.png Visible Economic Issues – Westie Lovers http://westielovers.com/ 32 32 Minnesota sees historic drop in child poverty https://westielovers.com/minnesota-sees-historic-drop-in-child-poverty/ Sat, 17 Sep 2022 22:06:04 +0000 https://westielovers.com/minnesota-sees-historic-drop-in-child-poverty/ Child poverty has fallen to historic proportions in Minnesota and across the country over the past 30 years, according to recently released U.S. Census figures. It’s a trend that some state social service officials attribute to the demands of social work and a strong social safety net of programs that they warn should be saved […]]]>

Child poverty has fallen to historic proportions in Minnesota and across the country over the past 30 years, according to recently released U.S. Census figures.

It’s a trend that some state social service officials attribute to the demands of social work and a strong social safety net of programs that they warn should be saved for the future.

In Minnesota, 4.6% of children lived in poverty in 2020, down from 20.9% in 1990. That’s down 78% over the past three decades, according to the Census Bureau’s Supplemental Poverty Measure. That’s a better performance than the nation as a whole, which saw a historic 61% decline. With an estimated 1.32 million Minnesota children under the age of 18, approximately 61,000 live in poverty.

The result of the long downward trend in poverty is that countless thousands of Minnesota children in recent decades have grown up in better conditions than previous generations. While the decline in poverty rates was similar across all racial groups, racial disparities were not eliminated, statistics show. Black, Hispanic and Indigenous children are even more likely to live in poverty than white children.

Yet such massive gains in the fight against poverty will yield benefits for years to come, say those who study the matter.

“You can look decades into a childhood where someone experienced poverty, and you can see and measure the impact,” said Minnesota state demographer Susan Brower. “Whether it’s income, career trajectory, health, disability, all kinds of outcomes are tied to it.”

Reducing poverty, she said, involves “not just impacting the individual, but multiplying it by hundreds of thousands. We have become a healthier, more productive and happier population than we would have otherwise.”

The decrease in child poverty is “fantastic news,” said Nikki Farago, deputy commissioner of the state Department of Human Services. “Fewer children in poverty is incredible, and it will have an incredible long-term impact for Minnesota.”

But Farago warned that the state has a lot of work to do to eliminate disparities born of historical and well-documented discrimination.

“We know communities of color start in a different place,” she said. “They start behind everyone else. It’s critical that as a state and a state agency, we make sure that we target programs to address these disparities and eliminate these disparities, so that all children in Minnesota can blossom. “

Labor, tax policy are the keys

Some social service officials trace the improvements to social policy changes decades ago.

Bill Clinton, elected president in 1992, campaigned to “end welfare as we know it”. He signed a welfare reform bill in 1996 that drew criticism from many of his fellow Democrats who thought his increased work demands were punitive.

But many who study family and child welfare now say that demanding work in exchange for public benefits has proven to be a good idea, noting that the increase in the number of parents on the labor market is part of the reason child poverty has dropped so dramatically. And that makes access to child care even more critical for low-income families, many noted.

Another Clinton-era reform that was perhaps even more significant is the Earned Income Tax Credit (EITC), enacted in 1993. It reduced taxes and increased tax refunds for parents. low-income – as long as they work.

“It was controversial at the time,” said Maureen Warren, senior vice president of services for Minnesota Lutheran Social Service. “A lot of his own supporters were disappointed with him. But some of the research credits that now, in retrospect.”

Like others in the world of social services, Warren warned that falling child poverty should not signal the end of help for struggling families.

“Now is not the time to declare victory,” she said. “Social investment is needed to ensure children can thrive – connecting them to healthy habits, education, a safe environment, social connections.

“While the income may have increased, that doesn’t mean the child’s health has improved,” she said, noting that safe and affordable housing remains a big issue in Minnesota.

And income alone doesn’t paint the full picture of poverty and economic equality, said Yasmin Grewal-Kök, who leads a team of policy analysts studying child welfare at Chapin Hall, a research arm from the University of Chicago.

“America has not solved poverty,” she said. “There are over 20 million Americans in poverty.”

In terms of net worth, she said, families of color are still far behind white families. And there are many struggling families just above the poverty line — defined in 2022 as a cash income of around $28,000 for a family of four.

Grewal-Kök said the many grants deployed during the COVID-19 pandemic have proven effective in keeping families out of poverty. She suggested they are worth keeping an eye on constantly.

“It had an incredible impact on poverty, food insecurity and other areas,” she said. “It kind of shows us what’s possible.”

COVID programs have helped

The end of COVID-related stimulus is of concern to Debra Fitzpatrick, director of policy and research at the Children’s Defense Fund-Minnesota.

“We know families with children are struggling, and part of that is likely due to the reduction in these really important supports during the pandemic, combined with inflation and other issues,” Fitzpatrick said.

Fitzpatrick pointed to a recent Census Bureau Household Pulse Survey, which tracks the economic and social impacts of the pandemic. It showed that 45% of Minnesota respondents with children in their household struggle to pay for usual household expenses.

Wages are rising but not as fast as inflation. Minnesota families are struggling to keep up with high gas prices due to inflation, she said.

The drop in child poverty was great to see, but it’s hard to attribute it to one policy alone, said Kalen Flynn, a professor at the University of Illinois at Chicago. She said there was a danger that the numbers would go back up once the COVID-era program structure wears off.

Many families were already struggling to afford housing, school meals and child care before the pandemic, said Colleen Moriarty, executive director of Hunger Solutions Minnesota. Hunger Solutions has seen more support for families during the pandemic, she said, and the report confirmed it.

“I know these services, if they haven’t already blinked, they’re about to,” Moriarty said.

School lunch was free for all families during the pandemic, for example, and the child tax credit and other pandemic-era benefits were increased. Now families may be left without the programs that kept them afloat. Moriarty said she fears the census report will be seen as another reason to return to “normal” or that child poverty has been resolved.

“If we just let people fall back into extreme poverty, that doesn’t solve the problem. It doesn’t empower people to help themselves,” she said.

“I think that’s the good side of what can happen when we all work with the government to provide support to families. The dark side is what people will go back to, unfortunately, if we don’t maintain that support. “

]]>
Projects supported by the EIB since 1979 represent nearly one billion euros – EIB Vice-President https://westielovers.com/projects-supported-by-the-eib-since-1979-represent-nearly-one-billion-euros-eib-vice-president/ Sun, 11 Sep 2022 07:30:00 +0000 https://westielovers.com/projects-supported-by-the-eib-since-1979-represent-nearly-one-billion-euros-eib-vice-president/ The European Investment Bank Group, which includes the European Investment Bank (EIB) and the European Investment Fund (EIF), has supporting the Maltese economy since 1979 and supporting projects in the country for almost €1 billion since then, said EIB Vice-President Gelsomina Vigliotti. In an interview with The Malta Independent on Sunday, Vigliotti spoke about the […]]]>


The European Investment Bank Group, which includes the European Investment Bank (EIB) and the European Investment Fund (EIF), has supporting the Maltese economy since 1979 and supporting projects in the country for almost €1 billion since then, said EIB Vice-President Gelsomina Vigliotti.

In an interview with The Malta Independent on Sunday, Vigliotti spoke about the help the EIB has provided to Malta, how it has helped Malta in the energy sector and how it helps countries facing the current challenges posed by the situation. in Europe.

Vigliotti was in Malta earlier this week to participate in a hybrid conference titled Funding the transition towards a carbon neutral economy”, organized in collaboration with the Central Bank of Malta. She also attended an event where it was announced that the EIB will finance a 20 million euro project from Epic to accelerate the company’s network program.

Could you start by giving a brief overview of what the InvestEU fund is and what it finances?

Sure. Let me start by saying that the EIB is the lending arm of the European Union, the bank of the European Union. We are the largest multilateral financial institution in the world, the biggest funder of climate action and, among other things, the main implementing partner of the InvestEU programme.

The InvestEU programme, which builds on the successful model of the Investment Plan for Europe, better known as the Juncker Plan, operates through four policy strands which reflect the main political priorities of the European Union, namely: sustainable infrastructure; research, innovation and digitization; SMEs and, last but not least, social investment and skills.

In addition to the financial products made available under InvestEU, the EIB, through the Advisory Hub, will provide advisory support across a wide range of sectors to bring more and more projects to the stage. financing and ensuring the achievement of InvestEU’s strategic objectives.

What are you trying to achieve from your investments under InvestEU?

With an EU budget guarantee of €26.2 billion, InvestEU aims to mobilize more than €372 billion in the real economy over the period 2022-2026. The program is an instrument at the service of all EU countries, regardless of the size of their economy, to support new green and digital sectors while strengthening the EU’s leadership in RDI and stimulating the dynamic start-up ecosystem, both in Malta and in Europe.

Another crucial element of this program is that it will focus on operations with a higher risk profile than the average of operations financed by the EIB Group, focusing on projects that would be difficult to realize without the InvestEU guarantee. .

What have been the most significant Maltese projects you have funded since operations began in 1979?

The EIB Group, which includes the European Investment Bank (EIB) and the European Investment Fund (EIF), has supported the Maltese economy since 1979, having supported projects in the country for almost 1 billion euros since.

If we talk about flagship and visible projects, we are probably the proudest of having financed with 40 million euros the construction in Valletta of a new city gate, a new parliament building and a open-air arena on the site of the former Royal Opera House destroyed in World War II. Improving and modernizing urban infrastructure is a key area for the EIB Group, as it contributes to city regeneration and long-term economic growth, especially in a country heavily dependent on tourism. More recently, the EIB provided nearly EUR 25 million for the construction and renovation of nearly 600 social housing units in Malta.

However, we must not forget to mention the support for small and medium-sized enterprises, the backbone of the Maltese economy. To give you an idea of ​​the impact figures, the EIB Group, mainly through the SME Initiative, has supported the business needs of over 2,000 SMEs in the country, supporting over 13,000 jobs.

In addition, over the past seven years we have strengthened our commitment to the Maltese telecommunications sector by supporting three projects with €68 million in EIB financing and mobilizing around €165 million in the economy. real. Just this week we are supporting EPIC with a €20 million loan, which will help the company roll out its 5G network to achieve nationwide coverage in the country by 2024. Broadband connections are essential to take full advantage of economic digitalisation. sectors such as agriculture, tourism and trade, helping the economy to thrive.

Could you provide a clearer overview of the process a business in turnaround should go through to apply for funding?

It is very simple. Project promoters and financial intermediaries can submit their financing requests to the EIB Group. They can contact us directly without going through a local or governmental authority. However, let me stress that projects must be economically and technically viable and correspond to the eligible policy areas mentioned above in order to receive funds via InvestEU.

Under this program, we can finance SMEs and RDI projects whose overall total cost is at least 15 million, whereas for infrastructure projects, we are considering larger projects in terms of volume.

The EIB has had the most activity in the energy sector, why is this the case?

Between 2008 and 2010, we financed two major energy projects in Malta to 250 million euros, representing approximately 25% of the EIB Group’s overall activity in the country. These two operations made it possible to upgrade and reinforce the Maltese electricity production capacity and supply network and to set up a cable link linking Malta and Sicily across the Mediterranean Sea. As the EU climate bank, we believe that energy investments are key to securing Europe’s future as a sustainable yet prosperous economy. We stand ready to help Malta undertake the investments and reforms needed to promote its green transition.

Since we are talking about investments in energy, I would also like to point out that the The EIB was the first international financial institution to end funding for fossil fuel projects.

How important is it to support SMEs, as opposed to large companies?

The EIB is a project-oriented bank and finances both large and small companies and public sector entities.

As far as SMEs are concerned, these companies are of paramount importance because they are an engine of global economic development. They create new jobs, products and services, contributing significantly to economic growth. Europe’s 23 million small businesses represent 99.8% of non-financial businesses and provide around two-thirds of all jobs in this segment.

In addition, SMEs are also key drivers of innovation. They are generally more flexible and can accept change more quickly than larger companies, as has been the case during the pandemic. Many small businesses offer new ideas and exciting new products or services while offering high growth potential.

However, unlike larger companies, SMEs often fail to find the financing they need to invest in their future. This is where the EIB Group comes in to fill this financial gap.

In 2021 alone, the EIB Group supported more than 430,000 SMEs and ETIs with 45 billion euros invested. The commitment to small and medium-sized enterprises continued to be the EIB Group’s top priority in terms of lending volume.

Given the current crisis in Europe, how important is EIB financing to help Member States such as Malta?

Small states tend to be more vulnerable to economic shocks and climate change, which threatens Maltese water supplies and coastlines due to sea level rise and extreme heat waves. EIB Group financing for small states like Malta is essential to cope with bbarriers to sustainable and sustainable growth while creating new jobs. We offer favorable financing terms in the form of lower interest rates and/or longer maturities.

Do you see a situation where, in the long term, SMEs will need more financial support?

Additional resources would be needed to help SMEs embark on the path of digital transformation in order to improve their competitiveness and performance, stimulate innovation and increase productivity. Moreover, in the current circumstances, SMEs are facing various challenges including rising inflation as well as rising fuel and energy prices. It is therefore crucial to rely on the support of SMEs to enable them to promote their green transition by investing in energy efficiency, which can meet the challenges of competitiveness and improve energy security by reducing dependence on energy imports. fossil fuels.

]]>
AAR report says rail shutdown would cost $2 billion a day https://westielovers.com/aar-report-says-rail-shutdown-would-cost-2-billion-a-day/ Fri, 09 Sep 2022 00:18:59 +0000 https://westielovers.com/aar-report-says-rail-shutdown-would-cost-2-billion-a-day/ BNSF trains meet in Brookfield, Illinois on February 23, 2021. A report from the Association of American Railroads says the cost of a nationwide rail closure could be as high as $2 billion per day. David Lassen WASHINGTON — A report released today (Thursday, Sept. 8) by the railroad trade group, the Association of American […]]]>
BNSF trains meet in Brookfield, Illinois on February 23, 2021. A report from the Association of American Railroads says the cost of a nationwide rail closure could be as high as $2 billion per day. David Lassen

WASHINGTON — A report released today (Thursday, Sept. 8) by the railroad trade group, the Association of American Railroads, says a nationwide disruption to rail service could cost more than $2 billion a day.

The AAR says the report is based on historical data from the Federal Railroad Administration — specifically updating a 1992 study to quantify the impact of a nationwide rail closure on jobs and economic output in US dollars. ‘today. It also outlines what it says the impact would be on manufacturers, distributors, retailers and consumers.

The AAR report comes as the railroads and unions continue to edge closer to a potential strike or lockout. A 30-day cooling-off period for negotiations — triggered by the release of recommendations from an emergency presidential council — ends at 12:01 a.m. EDT on September 16.

These recommendations included wage increases totaling 22% (24% compounded) over a five-year contract. Five of the 12 unions involved in negotiations over a new national contract have reached tentative agreements based on PEB recommendations – although none have yet been ratified. Negotiations took place on Thursday and are scheduled to be held again on Friday at the National Mediation Board in Washington.

But unions representing operating crews – the Brotherhood of Locomotive Engineers and Trainmen and the International Association of Sheet Metal, Air, Rail, and Transportation Workers-Transporation Division (SMART-TD) have indicated they are deeply concerned about work rules, working conditions as well as Pay. In a Labor Day statement, the leaders of these unions said that because of these rules, “members of BLET and SMART-TD are situated differently at this stage of negotiations than members of most other railway unions” [see “News report: Labor secretary joins rail negotiation session …,” Trains News Wire, Sept. 8, 2022].

A statement from AAR CEO Ian Jefferies accompanying Thursday’s report highlighted the wage increases offered to workers and called on Congress to enforce the PEB’s work stoppage recommendations, “rewarding employees and ending unnecessary economic damage and uncertainty for rail customers”.

The report says an additional 467,000 long-haul trucks would be needed each day to replace the more than 75,000 wagons and intermodal units – containers or trailers – that start a train journey on an average day. This overcapacity does not exist: the American Trucking Association claims that there is already a shortfall of around 80,000

The FRA’s 1992 report concluded that a two-week national rail work stoppage would result in 570,000 layoffs in rail-served industries and $1 billion a day in lost production. The AAR report estimates that the financial cost could now be doubled but does not give any figures on possible job losses. It also outlines potential impacts on products ranging from food to automobiles, as well as the potential loss of power generation capacity resulting from a lack of coal.

The report also states that “a freight rail closure would devastate Amtrak operations just as ridership begins to return” and would “disrupt commuter rail service across the country.”

In the last national rail shutdown – a 1992 strike against CSX by electricians that escalated into a nationwide lockout, ended by Congress after two days – Amtrak’s national operations were indeed halted. , although Amtrak Northeast Corridor operations continued. But many commuter rail operations were also able to continue, even those involving operations on freight railways, by prior arrangement [see “The (In)visible Trains,” Trains Magazine, September 1992, Page 6].

]]>
NRSA engages stakeholders on safety, visibility https://westielovers.com/nrsa-engages-stakeholders-on-safety-visibility/ Thu, 01 Sep 2022 15:29:33 +0000 https://westielovers.com/nrsa-engages-stakeholders-on-safety-visibility/ Kweku Ofori Asiamah – Minister of Transport The National Road Safety Authority (NRSA) has put in place “a regular engagement programme” with key stakeholders to make Ghana the safest hub for the transport industry. Engagement also involves bringing together views and ideas to feed into an overall policy framework to improve the industry. The program, […]]]>

Kweku Ofori Asiamah – Minister of Transport

The National Road Safety Authority (NRSA) has put in place “a regular engagement programme” with key stakeholders to make Ghana the safest hub for the transport industry.

Engagement also involves bringing together views and ideas to feed into an overall policy framework to improve the industry.

The program, themed: “Using creativity and innovation for transformational change in road safety management”, will also serve as a hub of ideas to design cost-effective and practical solutions to the problems facing various regions. .

“This year we have seen a reduction in accidents, injuries and fatalities for the seven months of 2022 and we must work together to keep the reduction on the upswing and reward hard work,” said the chairman of the board. administration of the NRSA, Jermaine Nkrumah. .

He said the authority has started involving stakeholders in a program that will reward and recognize safer regions each year.

The chairman of the board said his team is committed to working with management to improve the authority’s funding situation.

Deaths

Transport Minister Kweku Ofori Asiamah in a speech said experts estimate road deaths and injuries in low- and middle-income countries will lead to economic losses of up to 5% of gross domestic product (GDP). ) in these countries. .

He said provisional NRSA statistics from January to July 2022 on traffic accidents showed a total of 8,869 cases had been reported involving 15,239 vehicles and 1,443 victims.

Mr. Asiamah said that the importance of road safety in a country’s development agenda cannot be overemphasized, the ministry would redouble its efforts to educate the people to make the roads safe.

“We need strong institutions to exercise control over the security environment to build a firm security culture for sustainable development,” he said.

Mr. Asiamah assured that the authority would increase its capacity to increase its visibility beyond the regional capitals.

BRRI

Director of the CSIR-Building and Road Research Institute, Dr. Daniel Asenso-Gyambibi, said there are around 2,000 deaths each year in the country as a result of road accidents.

He said that since engineering was key to road safety, roads should be designed to be comfortable and driver-friendly.

Dr Asenso-Gyambibi recommended that the NRSA be empowered to play an active role in policy formulation on the road network.

]]>
A plus for employees, employers, the economy https://westielovers.com/a-plus-for-employees-employers-the-economy/ Tue, 30 Aug 2022 07:14:31 +0000 https://westielovers.com/a-plus-for-employees-employers-the-economy/ The back and forth on remote work vs. office work and vs. a hybrid system isn’t going anytime soon, but the noise of this ongoing debate is definitely getting louder. More and more companies are using more sophisticated technologies to assess whether their employees are productive or not. Meanwhile, companies that have gone 100% virtual […]]]>

The back and forth on remote work vs. office work and vs. a hybrid system isn’t going anytime soon, but the noise of this ongoing debate is definitely getting louder. More and more companies are using more sophisticated technologies to assess whether their employees are productive or not. Meanwhile, companies that have gone 100% virtual say they are doing very well; other companies draw a line in the sand, and that line doesn’t include the option of working from home. For many companies based or present in small and medium-sized American cities, the discussion is largely over.

Remote work vs office: which is better depends on who is asked

Part of the confusion lies in the ongoing research on working from home versus a full office return: data is everywhere. Long before the pandemic, the human resources group SHRM had reiterated what seems obvious to many. For starters, employees were less stressed about not having to travel, they were less distracted by interruptions and jokes in the office, and often worked longer hours, the latter data being a bonus for companies wishing to brag. of their productivity.

Among the arguments against remote working, one of them is that lone workers do not work and collaborate together, which can boost a company’s overall efficiency and of course innovation. But for all the employees who often face microaggressions at work, or just don’t “fit in”, the lingo about “collaboration” often doesn’t resonate with them – it’s hard to be a part of any time if his contributions are not valued or overlooked. Additionally, the effects of the pandemic linger, which means that for many employees, the best possible mental health program that allows them to both heal and focus on the job at hand is a relatively simple solution: keep going. to work from home.

Nonetheless, the tussle between remote and physical workspaces continues – and in the spirit of fairness, another pre-pandemic survey found quite different results related to remote work compared to SHRM’s study. . Researching the habits of European workers, this 2019 study found that the productivity gap of employees working remotely compared to those in the office was close to 80%.

The most visible brands generate the most headlines at home or in the office

The headlines about remote work continue, in part due to divisions within the workforces of the most notable American brands. Take the conflict brewing at Apple, where employees are reluctant to enter the tech giant’s headquarters in Cupertino, Calif. (pictured above) three times a week. But of course they have their objections: for starters, the definition of “Silicon Valley” has long stretched from the Santa Clara Valley to the Peninsula, San Francisco and the East Bay, without talk about distant suburbs such as Tracy and even Los Banos. The results are much longer commutes to the office, as the median home price in Cupertino is currently around $2.65 million, and that’s after a recent price drop.

If you’ve suffered in Bay Area traffic, you’ll get it. If Apple were hypothetically based in a smaller, much more navigable city of 100,000, perhaps the pushback wouldn’t be so noticeable. If you have worked in the office where many colleagues drive, or commute and travel long distances, this stress of the morning routine is not only cooler conversation, but can affect the mood for the rest of your life. the day and the week. Add pandemic-induced stresses such as kids in school, worries about aging parents, stubborn virus variants, and of course, today’s toxic politics here in the United States.

This is another angle of the remote work debate. The reality is that we see two types of workers emerging: those who thrive in the office and bantering and collaborating with colleagues, and those who thrive best in the office in the guest room. Of course, there is the benefit of an occasional visit to the office; at the same time, major construction on a highway bridge or overpass, or a spike in fuel prices, should give corporate management more than a boost to send the memo, “there’s nothing difficult to work from home for the next few days”.

There is much more to this debate than “efficiency” and “collaboration”

“Some employees I know prefer to go to the office every day. Others not at all. The choice is theirs, as long as they meet the company’s minimum requirements and their managers are satisfied,” Gene Marks recently wrote for Guardian. “Are we still going to be debating working from home a year from now? I don’t think so. Because unlike some of the other issues created by the pandemic, a hybrid work environment is already ending this one. I just hope that my older clients recognize this because if they continue to resist, they will lose great talent.

Earlier this summer, Stanford University professor Nicholas Bloom pointed out to Bloomberg additional complexities to the debate. For big cities under financial strain – including their public transport systems, which are suffering as many workers have fled to the suburbs or even further – a compromise on working hours is badly needed if our cities can still thrive or even survive in the long run.

Bloom added that companies looking for workers who need to work remotely, or at a minimum a hybrid schedule, can add to labor supply, which can in turn generate economic growth for workers. businesses and the economy at large. “There are a number of groups that are more able to work through working from home. Many people – think people with young children, people with disabilities, people close to retirement age, students – may be happy to work three days a week for six hours a day without commuting, but wouldn’t be prepared to do this five days a week, including commuting,” Bloom explained to Bloomberg’s Justin Fox. “I think it could increase labor supply by 2%, 3%, 4%, which would have a very big impact on growth.”

Ultimately, Bloom found a correlation between generous work-life balance programs at companies with strong management and overall positive business performance. Increase that, and the economic gains can be counted – and the human benefits too.

Image credit: Carles Rabada via Unsplash

]]>
Ministry invites online entries for National Sports Awards until September 20 https://westielovers.com/ministry-invites-online-entries-for-national-sports-awards-until-september-20/ Sat, 27 Aug 2022 18:53:00 +0000 https://westielovers.com/ministry-invites-online-entries-for-national-sports-awards-until-september-20/ The Department of Sports has set Saturday September 20 as the deadline for online submissions for the 2022 National Sports Awards. The notification inviting applications for the sports awards for the year 2022 has been uploaded on the website www.yas.nic.in. In a statement, the ministry said the Indian Olympic Association/Sports Authority […]]]>


The Department of Sports has set Saturday September 20 as the deadline for online submissions for the 2022 National Sports Awards.

The notification inviting applications for the sports awards for the year 2022 has been uploaded on the website www.yas.nic.in.

In a statement, the ministry said the Indian Olympic Association/Sports Authority of India/Recognized National Sports Federations/Sports Promotion Councils/State and UT Governments have been informed. Consequently.

Since this year, applications are invited only in online mode via a dedicated portal.

Eligible applicants as per the award guidelines are allowed to apply on their own, without the recommendation of authorities/persons, online only at the dbtyas-sports.gov.in portal.

“The application of eligible sportsmen for the award must be submitted on the dbtyas-sports.gov.in portal before 11:59 p.m. on September 20, 2022. Applications received after the last date will not be considered,” the ministry said in a statement. notification. .

The Sports Awards are presented annually to recognize and reward excellence in sports.

The Major Dhyan Chand Khel Ratna award is given for the most outstanding and spectacular performance in sports by a sportsman over a period of four years, while the Arjuna award is given for a consistent outstanding performance over four years.

The Dronacharya award is given to coaches for producing medalists at prestigious international sporting events, while the Dhyan Chand award recognizes lifetime contribution to the development of sport.

Rashtriya Khel Protsahan Puraskar is awarded to legal and natural persons who have played a visible role in the field of promotion and development of sport, while the Maulana Abdul Kalam Azad (MAKA) trophy is awarded to a university for its best overall performance in interuniversity. tournaments.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and up-to-date with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

]]>
China’s economy is doomed to collapse https://westielovers.com/chinas-economy-is-doomed-to-collapse/ Thu, 25 Aug 2022 17:58:33 +0000 https://westielovers.com/chinas-economy-is-doomed-to-collapse/ Comment I have detailed the problems of the global economy in several of my previous articles. Now is the time to explain where it all started and why the situation of the world economy is so precarious. It all starts with China. As I mentioned before, at the end of 2016, I was baffled. The […]]]>

Comment

I have detailed the problems of the global economy in several of my previous articles. Now is the time to explain where it all started and why the situation of the world economy is so precarious. It all starts with China.

As I mentioned before, at the end of 2016, I was baffled. The world had just recovered from a “mini-recession” for which there seemed to be no obvious reason. Suddenly, in 2015, the global economy began to collapse with no clear indication from the Eurozone and the United States that a recession was coming. Then, at the end of 2016, the global economy “miraculously” recovered at breakneck speed. I wondered, what was going on?

I started digging and came across the answer when I was analyzing the so-called leading indicators from the OECD (Organization for Economic Co-operation and Development).

A figure showing the time series of OECD leading indicators for China, the Eurozone, Germany and the United States, and China’s debt cycle from January 2007 to February 2020. (GnS Economics / OECD / People’s Bank of China)

I realized that China – and not, for example, the United States – had been the engine of the world economy since the global financial crisis of 2008-2009. This was visible on the leading indicators. I (we) estimated that after 2008, regardless of how the Chinese economy develops, whether in recovery or recession, the economies of the Eurozone and the United States would follow, respectively, with a lag of about two to three months and a lag of about three to four months.

I dug deeper and found that China’s economic cycle was totally driven by the leverage/deleveraging cycle. This meant that whenever Chinese leaders in Beijing pushed for more lending in the economy (leverage), economic growth accelerated, and when Beijing tried to reduce debt growth (deleveraging), the economic growth was slowing. Thus, the global economic cycle had become dependent on the opaque decisions of Chinese leaders!

So what happened in 2015/2016?

In 2015, Chinese leaders tried to stabilize the Chinese economy by tightening the availability of credit (deleveraging), especially for the manufacturing sector. This led to a slump in China’s real estate market, which had already weakened in 2014. As real estate has been the backbone of China’s economy for the past two decades, the overall economy has deteriorated rapidly. The Chinese stock market began to fall and the global economy followed suit.

The rapidly deteriorating Chinese economy spooked Beijing and decreed another round of massive debt stimulus measures. However, this time it did not come from traditional sources. The reason so few noticed in 2016 that Beijing was running another huge stimulus program was because it was orchestrated through the so-called shadow banking sector.

Epoch Times Photo
A figure showing commercial bank lending and balance sheet size of unregulated financial institutions (“shadow banks”) in China. (GnS Economics / People’s Bank of China / National Bureau of Standards)

Shadow bank is a term used to describe a part of the financial sector that operates outside the traditional system of depository institutions or is only loosely linked to it. It provides credit intermediation through different institutions, instruments and markets. In fact, it is a deposit-type banking system for businesses and institutional investors, but since it does not accept deposits in their traditional form from consumers and businesses, it mostly escapes the banking supervision, regulatory framework and loan statistics.

The collapse of the shadow banking sector was at the root of the financial crisis of 2007-09 (which we will come back to later) and the global recession that followed. However, while the estimated size of shadow banking was around 140% of gross domestic product (GDP) in the United States in 2006, it was over 330% of GDP in China in 2016!

Alas, China “rescued” the global economy from recession in 2016 by issuing an unprecedented wave of shadow banking credit.

It would be really interesting to know what the current size of shadow banking is in China, but I couldn’t find current estimates of it in the People’s Bank of China (PBC) reports. This may be because PBC no longer publishes its estimates or it only publishes them in Mandarin, or I simply missed them despite my extensive research.

Either way, that doesn’t change the general conclusion we reached five years ago: China is an economic giant with “indebted feet of clay.” Its economy has only been kept on its feet thanks to a relentless and totally unsustainable debt stimulus since 2007.

Epoch Times Photo
A figure showing the dollar amount of private and public debt and nominal GDP in dollars in China, from 1995 to 2017. (GnS Economics / Mbaye / Badia and Chae (2018) / NBS.)

Alas, the Chinese economy is heading for an almost inevitable collapse.

It is obvious that China’s economic collapse would cause serious social unrest and even lead to an outright uprising. I regard this as the main reason for the Chinese Communist Party’s hold on Chinese citizens. He wants to make sure that when the economy implodes, he has the wherewithal to assuage the massive discontent it will create.

For the global economy, this is not good news, as we have effectively turned ourselves into an economic hostage to two totalitarian regimes, Russia and China. It should be noted that this was our own doing. Our politicians have not listened to the voices warning us of growing economic dependence on China and Russia.

Now we are learning that lesson the hard way. Hopefully this time the warning reaches those who should be listening.

The opinions expressed in this article are the opinions of the author and do not necessarily reflect the opinions of The Epoch Times.

Tuomas Malinen

Follow

Tuomas Malinen is CEO of GnS Economics, a Helsinki-based macroeconomics consultancy, and associate professor of economics. He studied economic growth and economic crises for 10 years in academia. In his newsletter, Tuomas discusses forecasts and how to prepare for the recession and the coming crisis.

]]>
New Yorkers Anticipate What Primary Will Bring https://westielovers.com/new-yorkers-anticipate-what-primary-will-bring/ Mon, 22 Aug 2022 23:34:57 +0000 https://westielovers.com/new-yorkers-anticipate-what-primary-will-bring/ When New Yorkers go to the polls on August 23, their numbers could be surprisingly low. Analysts say the postponement of half of the state’s primaries from June to the end of August could catch much of the state in final week summer vacation mode, with many potential voters absent, for example, at the beach. […]]]>

When New Yorkers go to the polls on August 23, their numbers could be surprisingly low. Analysts say the postponement of half of the state’s primaries from June to the end of August could catch much of the state in final week summer vacation mode, with many potential voters absent, for example, at the beach.

Turnout estimates are very low for the Congressional and State Senate primaries. Politicians in various parts of the state estimated the turnout at 10% or even less. Keith Davies, Democratic campaign manager for Suffolk County on the eastern end of Long Island, said they expected just 5% of voters to vote. The number of early votes has been abysmal.

“Nobody votes,” he said. “It’s vacation time. It’s the last vacation of the summer. Or they take the kids back to college.

This means that every possible vote counts. Davies said he would consider driving 45 minutes each way to get to the election office if it meant helping a single Democratic voter vote. In an ordinary election, it wouldn’t be worth his time. In his race for the state Senate, he expects no more than 5,000 people to run.

And there are a lot of important races, the redistricting having blurred the electoral map of the state, the resignations having left seats vacant, special elections to fill the vacancies being held immediately at the same time as the primaries for the elections of november.

Two longtime Democratic incumbents, Carolyn Maloney and Jerrold Nadler, face off against attorney Suraj Patel in New York’s 12th District. Another incumbent, Mondaire Jones, retreated from his own neighborhood in the city’s northern suburbs to seek out Nadler’s former headquarters in lower Manhattan’s 10th District. In the upstate, there was just as much displacement.

A noticeable trend amid the confusion, said Lincoln Mitchell, a political analyst and Columbia-affiliate professor, is a steady leftward shift by New York’s congressional delegation.

Political analyst Lincoln Mitchell said one trend he can see is the steady leftward movement of New York’s congressional delegation. (Photo courtesy of Lincoln Mitchell.)

Mitchell thinks that’s great. The younger, more progressive candidates have grown in popularity and are more visible nationally than were their more moderate predecessors.

From 1990 to 2018, when Alexandria Ocasio-Cortez was elected, the New York Congressional delegation, “a sort of left-leaning mainstream of the party, hung way under its weight. It didn’t do much for the Congress. There were committee chairs, but no one was saying so-and-so from New York is a legislative star,” he said. Charlie Rangel, for his part, “has never been a real broker in power. With this seniority, he should have been. Rangel was in Congress for 46 years.

Mitchell said leftists rising up in other parts of the country, like Barbara Lee and the late Ron Dellums, both of California, had no counterparts in New York.

The election of Ocasio-Cortez in the Bronx and Queens, Jamaal Bowman, representing North Bronx and South Westchester counties – both members of the Democratic Socialists of America – and Ritchie Torres in the South Bronx, and Mondaire Jones in suburban Westchester and Rockland counties, both very progressive, changed that, Mitchell said.

Another trend he said he’s noticed is that Democrats aren’t very interested in donating to New York’s Democratic primaries. Instead, big donors are pouring their money into major Senate races in other states to stop Republicans. They donate to John Fetterman in Pennsylvania, Mandela Barnes in Wisconsin or Raphael Warnock in Georgia, rather than supporting New York incumbents like Maloney or Nadler.

Epoch Times Photo
Rep. Carolyn Maloney (DN.Y.) faces an uphill battle in her primary race against fellow incumbent Jerrold Nadler in New York’s 12th congressional district. (Photo September 23, 2020. Stefani Reynolds/Pool via Reuters)

Many states had messy redistricting processes, and New York’s was messier than most. Confusion among voters is another factor that undermines turnout. A map drawn by the Democratic-controlled legislature was rejected and a new one, drawn by a judge-appointed special master, was not finalized until late May. It has scrambled countless political plans. The Congressional and State Senate races have been postponed from the June 28 primary date to August 23.

The card caused upheaval. Maloney, chairman of the House Oversight Committee, and Nadler, chairman of the House Judiciary Committee, found themselves vying for votes on the Upper East Side and Upper West Side. Polls showed Nadler leading.

Nadler left District 10, leaving him an open seat which became a free one for all. Mondaire Jones, who previously represented District 17, said he did not want to run against either of the two allies from neighboring districts. He is running for the District 10 seat, a far cry from the region he currently represents.

In the upstate, the reshuffling had already begun when the governor at the time. Andrew Cuomo resigned, elevating Lt. Governor Kathy Hochul instead. She named a successor, Brian Benjamin, but when he resigned on federal bribery charges, she named District 19 Representative Antonio Delgado to the position.

Claudia Tenney was redesigned from her old District 22 headquarters, representing part of central New York, and the new one didn’t suit her. She runs in District 24, much safer for a Republican, taking up much of the Lake Ontario shoreline while avoiding major cities.

Two events blended together in the western New York area around Buffalo. In May, District 23 Representative Tom Reed resigned amid allegations of sexual misconduct. Now facing each other in the new District 23 are two local GOP heavyweights, former state chairman Nick Langworthy and controversial former gubernatorial candidate Carl Paladino.

And District 27 Representative Chris Jacobs has elected not to run. His coming out for gun control in the wake of the Buffalo’s Tops supermarket mass shooting caused fellow Republicans to break with him.

In Suffolk County, Davies said the two congressional races in Districts 1 and 2 represented a break for him. The Democratic candidates for each are unopposed, meaning Davies can direct his energies elsewhere. Republicans contested primaries in both cases. Efforts to reach Republican Suffolk County Chairman Jesse A. Garcia failed.

Davies said the main issues in both districts are abortion, stemming from the Supreme Court’s Dobbs decision overturning Roe v. Wade, and the “Common Sense Gun Safety Rules.” He acknowledged that Democrats view abortion as an important issue because it divides Republicans, many of whom, at least in New York, are pro-choice.

He saw the same thing with gun control. He said law-abiding gun owners he knows are supportive because they think those who violate gun laws give them a bad name.

Crime is a problem, although Davies maintained that it has been steadily declining in Suffolk County for five or more years. “But you can’t say that in a political ad, in terms of people’s perception. They don’t believe you.

And, of course, there’s the economy, he says.

Lee Zeldin, now a Republican gubernatorial candidate, has represented the 1st District since 2014. He was a Democrat before that. Democrats think they can backtrack, Davies said, because redistricting “made it bluer.”

Suffolk County residents want bipartisan candidates who can work together and address issues that aren’t party issues, like clean water or clean bays and waterways, Davies said, adding that said candidates leftists like Alexandria Ocasio-Cortez wouldn’t fly. the.

The Democratic candidate for District 1 in November is Bridget Fleming, a former prosecutor and proven voter in the area.

Dan M. Berger

Follow

]]>
5 investors explain why longevity tech is a long-term game – TechCrunch https://westielovers.com/5-investors-explain-why-longevity-tech-is-a-long-term-game-techcrunch/ Thu, 18 Aug 2022 19:01:03 +0000 https://westielovers.com/5-investors-explain-why-longevity-tech-is-a-long-term-game-techcrunch/ Of all the stories passed down through history, the tales of endless life have persisted in the human imagination without much change. The details differ, but almost every civilization since the time of the Egyptians has in one way or another sought to delay death. Although we are still a long way from achieving this […]]]>

Of all the stories passed down through history, the tales of endless life have persisted in the human imagination without much change. The details differ, but almost every civilization since the time of the Egyptians has in one way or another sought to delay death.

Although we are still a long way from achieving this lofty goal, science has come a long way and as life expectancy increases, longevity is now an area of ​​technology and medicine that aims to increase lifespan. in good health.

“There is a common misconception among the general public that longevity means being frail and looking old for longer (‘Curse of Tithonus’),” said Nathan Cheng and Sebastian Brunemeier of Healthspan Capital. “The goal is to slow the rate of aging, and even reverse the clock – this is already possible in animals. Longevity therapies mean we will live longer and healthier lives.


We are expanding our focus, seeking more and more diverse investors to include in TechCrunch surveys where we ask top professionals about challenges in their industry.

If you are an investor and would like to participate in future surveys, complete this form.


But the cost and time involved in developing longevity solutions present a major hurdle, which means founders must be prepared to take a long-term view. “It’s very difficult to convince people to do things that only leave a visible impact in the long term. Longevity is one of those things,” said Samuel Gil, partner at JME Ventures.

“The space is just beginning and will seep into every aspect of our lives over the next five to ten years.” Samuel Gil, Partner, JME Ventures

But Gil noted that the breadth of opportunity offered by space is almost unprecedented:

There are several angles for solving problems for very heterogeneous groups with different requirements. Lifespan versus lifespan, longevity of pets versus humans, biotechnology versus wellness, seniors versus young people, dependency versus autonomy, prevention versus treatment, analytics, education, infrastructure… Almost like fintech was not just about creating from credit card startups, we’re going to see longevity APIs, back-ends, and more.

It is becoming clear that longevity as a theme has resonated with investors, although it looks like it will be some time before more generalist investors pick up on it.

To keep you up to date on the situation and developments in the longevity market, we spoke with:


Samuel Gil, Partner, JME Ventures

What’s the most important thing longevity founders need to know for the first time?

Longevity is a loaded word. Although most people are interested in longer lifespan (the number of years you live without major age-related health problems), not everyone is interested (and some have prejudice against) extending lifespan (delaying human death).

There are several reasons for this. Some think life has meaning because it’s over (who wants to live forever?). Others are thinking about environmental or economic issues.

So my advice here is to use the term “longevity” with caution or use alternatives.

As we all know, it is very difficult to convince people to do things that only leave a visible impact in the long term. Longevity is one of those things. My advice here is that your product should solve a problem for the user at the moment – help them with back pain or knee pain, look better, etc. – to entice him to buy now. Then you can use the longevity program as a way to build long-term user loyalty.

There are several angles for solving problems for very heterogeneous groups with different requirements. Lifespan versus lifespan, longevity of pets versus humans, biotechnology versus wellness, seniors versus young people, dependency versus autonomy, prevention versus treatment, analytics, education, infrastructure… Almost like fintech was not just about creating from credit card startups, we’re going to see longevity APIs, back-ends, and more.

Analysts estimate that the human death delay market could be worth $610 billion by 2025. What would unlock more growth in this industry?

Let me take the opposite view: I think the main challenge in space is that the bolder approaches and products need to be clinically tested on large samples of the population for very long periods of time. However, there are plenty of other things you can already try with a big benefit and almost no downside.

As soon as a clinical trial shows positive results in humans, it will be a gold rush.

What excites you most about longevity?

We all know how powerful technology can be in shaping behavior. I believe there is huge potential in using technology to shape positive health behaviors (sleep, exercise, nutrition) in the population. The impacts on the healthcare system can be enormous.

I also really like quantized self-movement. I find it very disgusting that we know in real time what is going on in our cars, but we have no idea what is going on inside our bodies. Continuous monitoring will become a reality at some point.

]]>
What’s missing in RBI Deputy Governor’s solid vision on India’s future https://westielovers.com/whats-missing-in-rbi-deputy-governors-solid-vision-on-indias-future/ Sun, 14 Aug 2022 03:34:05 +0000 https://westielovers.com/whats-missing-in-rbi-deputy-governors-solid-vision-on-indias-future/ Delivering a speech in Bhubaneswar ahead of the 75th anniversary of independence, RBI Deputy Governor Michael Patra explored the pitfalls and hurdles on India’s path to rise to the status of more largest economy in the world. Fully aware that ambition must be made of quite severe things, Dr. Patra was careful to identify the […]]]>

Delivering a speech in Bhubaneswar ahead of the 75th anniversary of independence, RBI Deputy Governor Michael Patra explored the pitfalls and hurdles on India’s path to rise to the status of more largest economy in the world. Fully aware that ambition must be made of quite severe things, Dr. Patra was careful to identify the challenges that must be overcome to achieve this goal.

We share the conviction that becoming the largest economy in the world is an entirely achievable goal within a few decades. Therefore, we would like to complete Dr. Patra’s prescription on what needs to be done.

He identified four drivers of growth: demographics, manufacturing, exports and internationalization. He also listed four major challenges: repairing the pandemic-induced drop in output from the level the economy would have reached; closing the infrastructure gap; build the modern workforce that India would need in the emerging knowledge-intensive economy; and the production of sufficient quantities of climate-friendly energy.

The demographic composition will remain on India’s side until the middle of the century. The United Nations projects that India’s median age will be 38 in 2050, 10 years older than the current median age of 28. But that would still leave most of India’s population in the working age group, making India the largest labor force in the world. However, the demographic dividend depends on three factors. When the share of dependent people (old and very young people) in the population decreases, and the share of working people increases, the output of the economy would increase, even without an increase in productivity. The smaller share of the population that needs to be supported by the active and salaried segment would stimulate savings, allowing for larger investments. Women would enter the labor market, greatly increasing the number of workers, whose output would add to GDP.

The challenge here is to equip the large working-age population to participate in the knowledge-intensive economy. Manufacturing today requires a reasonable degree of training and the accompanying dollops of capital, embodied in machines that drive productivity. The ability of the manufacturing industry to absorb large amounts of labor directly from the primary sector is a thing of the past and no longer available to a country like India. Technological advances, such as electric cars, will also make some existing industries redundant: the automobile with an internal combustion engine is made up of some 2,000 parts, but the electric car, a motor and four wheels, is why Tesla can offer a lifetime warranty. . While much of India’s large automotive components industry would disappear with the electrification of transport, new jobs would emerge in battery manufacturing, writing lines of code that regulate the electric car, its charging stations and the global ecosystem. Increased demand for the minerals that go into the batteries would create new jobs in mining in Congo and Australia, and in mineral refining in China.

India’s aspirations to become a manufacturing power require deep upstream integration, in the components, assemblies and assorted sub-assemblies, in the machines that make these inputs and in the electronics, robotics and programming that will enter into their production. The Fourth Industrial Revolution blurs previous distinctions between manufacturing and services. And calls for a workforce that has learned, in school, to learn throughout its life. India needs to radically overhaul its education system for this purpose.

Dr. Patra is quite right to point out the role of exports in driving growth. What he failed to highlight was the role that liberal imports play in making local production globally competitive. In this respect, the current political regime can be described as infantilizing protection rather than a nascent industry. It needs to move to low and uniform levels of protection for all stages of value addition and chart a path to this competitive trade regime.

Building infrastructure is less complicated than it looks. The savings of the world’s aging population seek profitable deployment. He can be lured into Indian infrastructure by one, crafting solid and detailed projects that can seamlessly yield decent returns; second, the ability to execute large projects; third, financial reporting to global standards and; fourth, credible corporate governance. A thriving corporate debt market is of course a prerequisite for building large-scale infrastructure.

To make the rupee truly international, it must become fully convertible on the capital account. Even China, the world’s largest exporter and holder of the largest currency reserves, has not yet made its currency fully convertible. India can handle the transition better because it runs a market economy, unlike China. Again, a prerequisite is a fully functioning market for corporate debt, with derivatives to hedge against currency, interest and credit risks.

In terms of energy, two gaps need to be filled. One is to stamp out electricity theft and end unmetered and unfunded giveaways. The other continues with fast breeder nuclear technology developed in India, in which thorium derived from the monazite sands of southern India is the starting material. To underfund the nuclear power program in favor of solar and wind power is to follow Western fashion and undermine cost-effective clean-type energy independence.

The ambition to become the biggest economy in the world is solid, the path to get there is visible and we need a deeper debate to define the details of the journey.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.

]]>