In for a Penny: Direct Line promotes finance chief to top job

first_imgGeddes will step down as a board member following the company’s 9 May annual general meeting and will leave the group at the end of July 2019.Read more: Direct Line profits take £217m hit from discount rate cutGeddes said: “Penny’s expertise as our CFO and the breadth of experience she brings from previous roles will be invaluable as she leads the business. I’ve worked closely with Penny for over twelve months and have been impressed by her drive, energy and ambition for the group. I am pleased to be leaving the group in such experienced and capable hands.”Direct Line said it had started a search for a new chief finance officer.  Tuesday 26 February 2019 7:05 pm James Booth Previous roles include director of group finance at Prudential, group chief finance officer of Omega Holdings and chief financial officer for UK general insurance at Zurich Financial Services.Read more: Direct Line on track to hit targets despite fall in written premiumsJames said: “I feel excited about the long-term potential of the group and confident that we will continue to deliver for our customers, our shareholders and our people.”James will receive an annual salary of £800,000 and a pension allowance of nine per cent of salary. She will participate in the company’s annual incentive plan up to a maximum of 175 per cent of salary and its long-term incentive plan up to 200 per cent of salary.  whatsapp In for a Penny: Direct Line promotes finance chief to top job center_img whatsapp Share Insurer Direct Line said today it had appointed its chief financial officer Penny James to succeed Paul Geddes as chief executive with effect from 9 May.James was appointed to Direct Line’s board in November 2017 and became finance boss in March. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndoLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndoStar Law PostRemember Tiger Woods Ex-wife? Take A Deep Breath Before You See Her NowStar Law PostUndoExplored Planet40 Things People Should Reconsider Wearing On A PlaneExplored PlanetUndo Tags: Company Insurance Prudentiallast_img read more

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The state has revised its two-week quarantine requirement. Here’s what we know about the changes.

first_imgCoronavirus | Tourism | TransportationThe state has revised its two-week quarantine requirement. Here’s what we know about the changes.June 6, 2020 by Tegan Hanlon, Alaska Public Media Share:Signs at the Ted Stevens Anchorage International Airport direct travelers where to go depending whether they have their declaration form filled out and whether they have proof of a negative result from a test for COVID-19. (Tegan Hanlon/Alaska Public Media)Update — On July 28, 2020, Alaska Gov. Mike Dunleavy announced that starting August 11th, nonresident travelers to the state will be required to have a negative COVID-19 test.For more than two months, Gov. Mike Dunleavy’s administration has required people traveling to Alaska from out of state to quarantine for two weeks once they get here. But, that changed Saturday.The state is now allowing visitors to get tested for COVID-19, instead of quarantining, if they’re taking a flight to Alaska.It’s a complicated new policy, and many questions remain about how exactly it will work. Also, late Friday, the Municipality of Anchorage announced its own rules for travelers that are largely similar to the state’s, but with some extra restrictions, including where travelers can go until they get a follow-up test.Here is some of what we know so far about the new guidelines:What are the alternatives to quarantining? Let’s start with the options for testing ahead of time, according to the state:• You can get a PCR test — the swab that goes up your nose — within 72 hours of your flight, and bring proof of the negative result with you. (Yes, that 72-hour clock starts when you get tested, not when you get the result back, confirmed Heidi Hedberg, the state’s director of public health.) In a FAQ document, the state bills it as the “fastest and safest way to ensure your ability to explore Alaska right away.” The state says you need to “minimize your interactions” until you get a negative result from a second test to be taken 7 to 14 days after your arrival.• If you need just a little more time, the state is accepting results from PCR tests taken up to five days before departure. But, if it’s more than 72 hours, you’ll still have to take a second test when you get to the airport and minimize your interactions until that result comes back. Also, the state says, you should continue to minimize your interactions until 14 days have passed or until you get results from a third test taken at least 7 days after your arrival.The state says it’s giving out vouchers at airports for the follow-up tests.What if I don’t get my results back in time for my flight? The state says in its FAQ document: “You can quarantine at arrival until the results arrive. Once you provide the results to the state, your quarantine is over.”And, if I can’t get tested ahead of time? You can quarantine for two weeks in Alaska. Or, get tested at the airport when you arrive and quarantine until the result comes back. But the state cautions that test availability is not a guarantee.On Friday afternoon, Hedberg said she wasn’t concerned about having enough swabs for visitors — at least right now. At a recent news conference, however, Alaska’s chief medical officer said availability could change if coronavirus cases surge in the state.“We are going to do our absolute best to have testing available,” said Dr. Anne Zink. “But if we have a huge spike in cases and we have to do a bunch of case investigations, Alaskans come first.”Do people have to pay to get tested at the airport? No, Hedberg said.How long will it take to get results back if I opt to test when I get here? It could take anywhere from a few hours to a few days, the state says. Hedberg said Friday that tests sent to the state lab were taking 24 to 48 hours to return, but “those timelines are kind of constantly varying.”Will the state find me a place to quarantine? No, Hedberg said. That’s on you and at your own expense. It could be in a hotel room or a home, but it cannot be in a RV that is moving from place to place.Is anybody tracking where I quarantine? The state has rolled out a new declaration form. (Check it out here.) Hedberg said travelers should print it out and bring it with them. The state is also working with airlines to have it available on planes.If you are quarantining, you write down the address you’ll be staying at, Hedberg said.However, as the Anchorage Daily News reported, the quarantine requirement relies on voluntary cooperation and not enforcement.What does quarantining actually mean? Can I go to the grocery store? Hedberg said it means you don’t go out in the public unless it is for medical care.“Stay at your residence. Stay at that location until you can get your results. Do not go to the grocery store,” she said.What if my result comes back positive?If you test positive, you have to quarantine for 14 days or until a health official clears you after a subsequent, negative test result, says the state’s FAQ.“We strongly encourage travelers to obtain a test prior to travel to reduce the possibility of this occurring,” the document says.Does my whole family have to get tested? Everybody age two and older has to get tested to be released from the 14-day quarantine requirement, says the FAQ document.Richard Clarke, left, and Namfon Noisai answer screening questions after landing at Juneau International Airport on Saturday, March 21, 2020 in Juneau. The airport sees multiple daily flights to and from Seattle — one of the epicenters of coronavirus spread in the United States. (Photo by Rashah McChesney/KTOO)So, what will the airport look like now? There will be many more employees at airports in Alaska. The City and Borough of Juneau is hiring temporary workers to meet, greet and screen passengers. At the Ted Stevens Anchorage International Airport, the state has hired Capstone Family Medicine to provide screening.“We’re going to have 58 people working 12-hour shifts supporting this project,” said Dennis Spencer, Capstone chief executive.In Anchorage, greeters will direct travelers to areas in the terminal where they hand in their declaration forms, Spencer said. Staff will also review testing results and provide testing and vouchers if needed. Spencer didn’t have an estimate Friday for how long it will take someone to go through the process. It was too soon, he said.“This is new to all of us. I don’t want to give you bad information,” he said. “But we’re gonna make sure that we do this as quickly as we possibly can.”One of the new screening areas at the Ted Stevens Anchorage International Airport. Employees will take travelers’ new declaration forms and any proof of a negative test result. They will also provide testing here. (Tegan Hanlon/Alaska Public Media)Wait. What if I’m an Alaskan who’s leaving for a trip?The state says you should check the local rules for where you’re headed.If you’re an Alaska resident flying back from a trip out of state that was five days or less, you don’t have to get tested out of state. You can either quarantine for 14 days back in Alaska or get the PCR test in the terminal when you return, quarantining until you get the result, according to the state’s mandate. You will also get a voucher for a second test to be taken 7 to 14 days after you return, and you should minimize your interactions until you get that second result.If your trip is longer, you have the same array of options as visitors.So does this only apply to me if I’m taking a flight to Alaska?For now, the testing infrastructure is only at airports, Hedberg said on Friday. She said the state is still asking people driving to Alaska to fill out the declaration forms and to get tested ahead of time.But there isn’t any testing at border crossings, Hedberg said. At least, not yet. There aren’t that many people driving into Alaska, with Canadian borders closed to non-essential travel. “We’re taking this in sort of a staggered, tiered approach,” Hedberg said. “We’re really focusing on air and we’re making sure that we’re hitting the major airports in planning and setting up this infrastructure.”Next week, she said, the state will focus on smaller communities. Then it will look at border crossings and seaports.“We’ve got to take small bites,” she said.Can local governments set their own rules? Yes. The state is advising travelers to check with their final destinations to learn about any local restrictions.Anchorage issued its emergency order for international and interstate travel Friday night. Its rules are tighter than the state’s. Here are two of the main differences:• The city has defined what minimizing in-person interactions means. In Anchorage, it means you can’t dine-in at restaurants or visit indoor attractions like museums or theaters. You also need to wear face coverings when around non-household members. That applies to travelers who are waiting for their second or third test results.• The city says people getting to Anchorage within 14 days of arrival in Alaska must inform their hotel or rental lodging of their quarantine status and whether they’re required to minimize in-person interactions. The city says businesses may refuse to serve people who are in quarantine or “minimal-interaction status.”Do these travel requirements have an expiration date? Not right now. Gov. Mike Dunleavy said at a recent news conference that the state will re-evaluate the requirements every day and watch the number of coronavirus cases in Alaska, monitoring for a spike. Anchorage’s rules stay in effect until changed.Lisa Starr, a visitor from Kansas, talks to Jeremy Zidek, a spokesman for the state Department of Homeland Security and Emergency Management. Starr had questions about what to do with her declaration form and proof that she had tested negative for the coronavirus within the past three days. Starr is visiting her newborn grandson. She said it took her days to find a testing site with a quick-enough turnaround time. Photographed at the Ted Stevens Anchorage International Airport on Friday, June 5, 2020. (Tegan Hanlon/Alaska Public Media)What do I do if it’s too hard to get testing in my home state?Know that you are not alone.Hedberg, the director of public health, said the state has received an overwhelming number of calls from people with similar concerns.“That’s why we have testing available at the airports,” she said, “to make sure that they are tested.”What about these vouchers? Travelers will get them at the airport and use them for a second or third test to be taken 7 to 14 days after their arrival. The voucher will cover the cost of the test if insurance does not, according to the state’s FAQ.The FAQ says the follow-up test is strongly recommended, but not required. However, the city and state say that additional negative test is needed to lift restrictions on minimizing interactions.The state has a testing site locator on its website.And what about out-of-state workers coming to Alaska? Do these changes impact them?The state says workers considered essential or critical need to fill out the new declaration forms, but they will continue to follow their employers’ plans.Read the state’s FAQ here and the state’s mandate here. Also, here’s Anchorage’s emergency order.Thanks to the readers and listeners who sent in their questions to help inform this story. What did we miss? Email your questions to Tegan Hanlon at [email protected] Check back for updates as we learn more. Share this story:last_img read more

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Nearly half of low-income communities have no ICU beds in their area

first_img Coronavirus pandemic threatens to take crushing toll on rural areas, data show Leave this field empty if you’re human: “Not only will there be higher infection rates, and worse outcomes due to underlying conditions, but also — once you get to the hospital — worse availability of the kind of care that you need,” she added.advertisement Newsletters Sign up for Morning Rounds Your daily dose of news in health and medicine. Please enter a valid email address. Privacy Policy “What we find is that this low income population is going to be doubly or triply hit,” said Genevieve Kanter, an assistant professor at the University of Pennsylvania Perelman School of Medicine and the first author of the study. As Covid-19 continues to strain the country’s hospital system, new research exposes a striking gap in access to ICU care from one community to the next.The study, published Monday in Health Affairs, examined an area’s median household income compared to the number of ICU beds per 10,000 residents over 50 years old — the age cohort at greatest risk for Covid-19 hospitalization. Nearly half of the communities with a median income under $35,000 had no ICU beds at all in their ZIP code cluster, compared to only 3% of communities with a median income over $90,000.The authors warn that the staggering scarcity of critical care services in low-income populations can exacerbate existing disparities seen in deaths due to Covid-19. Many low-income individuals are already at increased risk of infection because they are less likely to be able to work from home and may face more challenges in quarantining.advertisement Related:center_img By Juliet Isselbacher Aug. 3, 2020 Reprints In the earliest days after Covid-19 arrived in the U.S., confirmed cases were in people who had traveled to other parts of the world. But Kanter and her colleagues knew that if the virus were to start spreading locally, it might take a disproportionate toll on certain communities.“What we saw coming down the pike was that eventually it was going to start hitting low-income populations,” she said.The researchers wanted to prepare for that inevitability by taking formal stock of resources in those low-income areas. Gathering that data, they hoped, would arm policymakers with the information needed to protect the most vulnerable.Health Affairs Health AffairsNow, with evidence of the disparities in ICU access, Kanter and her co-authors are urging state governments to step in and impose a patient transfer system to evenly distribute Covid-19 care among hospitals.Another proposal: expand critical care capacity in low-income areas by temporarily outfitting procedural areas and other inpatient units with ICU beds, procured with emergency funds. The authors also suggested reconsidering the standard practice of transporting all patients to their nearest hospital, instead distributing those who are relatively stable to further locations with greater capacity.“I do hope very much that people in state legislatures are paying attention to this,” said Nancy Beaulieu, a researcher in health care policy at Harvard Medical School who was not involved in the study. Damian Dovarganes/AP HealthNearly half of low-income communities have no ICU beds in their area The paper also found that this class-based disparity was far starker in rural areas than urban areas, a finding Beaulieu said was particularly notable.“That’s a really important distinction because the health care delivery systems are very different in these areas. And the policy options for addressing disparities in these two types of areas are also likely to be quite different,” she said.Beaulieu said researchers need to launch further studies into other disparities that affect low-income populations, such as a lack of access to specialists and fragmented coordination between speciality and primary care providers.“Now that we have the attention on this issue, I think it’s very important to keep working at it and really come up with some actionable steps that we can take to improve the delivery systems,” she said. Tags CoronavirusHealth Disparitieshospitalslast_img read more

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Deaths in Laois – Saturday, November 3, 2018

first_img Community Pinterest Facebook Facebook Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ Laois secondary school announces scholarship winners for new academic year WhatsApp Home Deaths Deaths in Laois – Saturday, November 3, 2018 Deaths WhatsApp Twitter Twitter Below are the recent deaths in Laois.Ar Dheis De go raibh a anam.Joe ConroyClonboyne, Portlaoise, LaoisJoe Conroy, formally of Clonboyne, Portlaoise, Co. Laois. Died 17th October 2018 in Canada (unexpectedly) sadly missed by his wife Ann, daughters Catherine and Aurea, son-in-law Frank, extended family, neighbours and friends.Funeral Mass on Monday 5th November 2018 in St. Fintan’s Church Raheen at 12 noon, followed by Burial in the adjoining Cemetery.Rita Breslin (née Allen)Trinity Street, Drogheda, Louth / Portlaoise, LaoisBreslin (nee Allen), late of Trinity Street, Drogheda and formerly of Kilminchy, Portlaoise. 1st November 2018. Peacefully in her 96th year at TLC Nursing Home, Maynooth. Rita, pre deceased by her husband Peter and daughter Ann-Marie. Sadly missed by her loving sons John and Pat, daughters-in-law Kirsty and Colette, grandchildren Aoife, Thomasina, Cathal, Jack, Aisling, Sorcha, Finlay and Ciara, sister Nancy, nephews, nieces, relatives, close friends.Reposing at Townley’s Funeral Home, Crosslanes, Drogheda from 4pm on Friday evening with removal at 6.30pm arriving to the Dominican Church at 7pm. Funeral Mass on Saturday at 12pm. Burial afterwards in St. Peter’s Cemetery.Thomas DonoherRath, Ballybrittas, LaoisPeacefully in the loving care of the staff of Oakdale Nursing Home, Portarlington. Deeply regretted by his loving sister Phyllis, brother-in-law Al, nieces, nephews, relatives, neighbours and friends.Reposing at Mahers Chapel of Rest, Portarlington on Thursday from 7pm with Rosary at 8pm. Reposing on Friday from 4pm with Removal at 5:15pm arriving The Sacred Heart Church, Rath at 6pm. Requiem Mass on Saturday at 1pm. Funeral afterwards to St John’s Cemetery, Killenard.Brigid (Beezie) Fitzpatrick (née Dempsey)Davitt Road, Mountmellick, LaoisBrigid (Beezie) Fitzpatrick née Dempsey, Davitt Road, Mountmellick, October 31st 2018. Peacefully surrounded by her loving family and in the wonderful care of the staff of Regional Hospital, Portlaoise. Beloved wife of Richard (Dick) and loving mother of Bernadette, James, Richard, Therese and Paul. Sadly missed by her family, daughters-in-law Majella, Susan and Alexandra, sons-in-law Alan and Ben, grandchildren Kevin, Helena, Gillian, Conor, Dearbhla, Gary, Darren, Sophie, Emilie, Roisin, Sarah, Shane, and Evin, Ellie, David and Jack, great grandchildren Lola and Hayley, brother Jim, sister-in-law Julie, nephews , neices, extended family, neighbours and a wide circle of friends.Ar dheis De go raibh a anam dilis.Reposing at Moloney’s Funeral Home, Mountmellick on Thursday from 6pm. Recital of The Holy Rosary at 9pm. Removal from her home on Friday morning at 10.45am to St. Joseph’s Church arriving for 11am Requiem Mass. Interment after in St. Joseph’s Cemetery.Angela Cleary (née Colbert)Lakeglen, Portlaoise, LaoisCleary (nee Colbert). Lakeglen, Portlaoise October 29th 2018 (Suddenly) Angela beloved wife of Tom and dearly loved mam to Stephanie, Tracey, and Paula. Cherished grandmother to Craig, Ben, Ryan, Roisin, and Willow. Deeply regretted by her heartbroken family, brothers, sisters, brothers-in-law, sisters-in-law, sons-in-law, nephews, nieces, relatives and friends. Rest in peaceReposing at her residence from 5 pm on Wednesday evening with rosary at 8 pm. Removal on Thursday morning to SS Peter and Paul’s Church to arrive for 10 am Mass. Interment afterwards in SS Peter and Paul’s Cemetery, Portlaoise. Family flowers only, donations, if desired, to charity.Brian LarkinBianconi Way, Portlaoise, LaoisLarkin. Bianconi Way, Portlaoise, Oct. 29th 2018. (Unexpectedly). Brian, beloved husband of Fiona and dearly loved father to Ethan, Damon and Oisin. Cherished grandfather to Odhran. Deeply regretted by his loving parents. Brian (Snr) and Catherine, brothers Michael and Alan and sister Denise, brothers-in-law, sisters-in-law, nephews, nieces, relatives and friends.Rest in PeaceReposing at his residence from 5 pm on Wednesday with rosary at 8 pm. Removal on Thursday morning to arrive at SS Peter and Paul’s Church for 12.30 pm Mass Interment will follow afterwards in SS Peter and Paul’s Cemetery.Kathleen Bolger (nee Cullinane)Cannonswood, Cullohill, LaoisPeacefully (in her 103rd year) in the loving care of the nurses and staff of Brookhaven Nursing Home, Ballyragget. Predeceased by her husband Michael John and son Eddie; deeply regretted by her loving children, Sheila, Kieran, Mary, Sr Brigid, Kathleen, Michael, Geraldine and Pat, sister Maureen, sister-in-law, sons in law, daughters in law, grandchildren, great-grandchildren, nieces, nephews, relatives, neighbours and friends. Reposing at Brookhaven Nursing Home from 3.00pm on Monday. Funeral Prayers at 6.15pm on Monday evening followed by removal to St. Tighearnach’s Church, Cullohill, arriving at 7.30pm approximately. Requiem Mass on Tuesday at 12.00 noon, followed by burial in Durrow Cemetery.Josephine Lawlor (nee Butler)Bawnaughra, Rathdowney, LaoisLawlor (nèe Butler), Bawnaughra, Rathdowney, Co. Laois. October 27th 2018. Josephine, deeply regretted by her husband Bobby and her family, Joseph, Martin, Bertie and Thomas, daughters-in-law Christine and Martina, grandchildren, her brother Fr. Kieran Butler and her sister Margaret (Duffy), nephews, nieces, relatives and friends. Funeral arrangements later.Adeline (Addie) Carolan (née Corcoran)Woodview, Stradbally, LaoisLate of Inch. Addie passed away peacefully in the care of the management and staff of Waterford Regional Hospital. Beloved wife of Tommy, sadly missed by her sons Richard and Thomas, daughters Kathleen and Adeline, brother Ben, daughters in law, sons in law, grandchildren and great grandchildren’s, sisters in law, brothers In law and extended family. Predeceased by her siblings Jim, Dick and Sadie. May Addie Rest In Peace. Reposing at her residence on Sunday from 2 o’clock. Rosary at 8 o’clock on Sunday evening. Removal on Monday morning to The Sacred Heart Church, Stradbally for Requiem Mass at 12 noon. Interment to follow in Oakvale Cemetery. House private on Monday morning please. Family flowers only please. Donations of desired to Cancer Research. Donation box in church .Shiela Dunne (née Egan)Glendowns, Portlaoise, LaoisShelia Dunne (nee Egan) of Glendowns, Portlaoise formerly of Corbally, Rosenallis, Skerry, Rosenallis and 30 years Birmingham, England. Predeceased by her husband Michael. Deeply regretted by her sons Martin, Pat, Ollie, Brendan and Joe, grandchildren Tony, Brendan, Rose, Sally, Sophie, Michelle, Paula, Emma and Christopher. great-grandchildren Kieran and Isabelle, daughters-in-law Una, Ann and Margaret, sister-in-law Sally, niece Marie, nephews Kevin, Brendan and Noel family, relatives and friends. Forever in our thoughts. Reposing at Matthew Keegan’s Funeral Home, Portlaoise, on Monday from 5pm. Recital of The Rosary at 8pm. Reposing in The Funeral Home from 10am on Tuesday morning. Removal at 10.45am to SS Peter and Paul’s Church, Portlaoise, arriving for 11am Requiem Mass. Burial afterwards in St Brigid’s Cemetery, Rosenallis, arriving 12.45 approx. By LaoisToday Reporter – 3rd November 2018 Council RELATED ARTICLESMORE FROM AUTHOR New Arles road opens but disquiet over who was invited to official opening Community Previous articleFr Paddy: Generosity is contagious and beneficialNext articlePreviewing Portlaoise’s Leinster hurling game and the Divisional Football finals LaoisToday Reporter Deaths in Laois – Saturday, November 3, 2018 Pinterest TAGSDeaths in Laois last_img read more

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North Korea authorities “Stop Operating Chinese Motorcycles for Commercial Use”

first_img North Korea authorities “Stop Operating Chinese Motorcycles for Commercial Use” US dollar and Chinese reminbi plummet against North Korean won once again NewsEconomy News SHARE News By Kwon Jeong Hyun – 2007.11.12 2:12pm AvatarKwon Jeong Hyun center_img News There are signs that North Korea is running into serious difficulties with its corn harvest Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR [imText1]North Korean authorities recently started regulating motorcycle operation in order to control private market. Motorcycle is most preferred means of transportation especially for North Korean salespersons. And in North Korea, everybody must get a license from the government to operate cars, motorcycles or even bicycles. North Korean authorities now give license to only Made in DPRK “Bugang Motorcycle,” which is considerably more expensive than those imported from China. Choi, a 33 years old resident of Sinuiju visiting his relative in Dandong, China, said on last Thursday “getting operator’s license for Made in China motorcycles has become ridiculously difficult.” According to Choi, only domestic motorcycle owners receive license and popular dissatisfaction increased. It seems that North Korean authorities want to stop growing of private market by making it impossible to operate motorcycle, a vital part of transportation of goods. Choi added “even before, someone had to bribe police officer to get a license, but now, bribery doesn’t work for Chinese-built motorcycles at all.”Why people prefer Made in China? “Korean motorcycles manufactured in Pyongyang cost 1,500 US dollars and often break down. However, Chinese ones cost only 600 dollars while perform far better.” Choi complained that “some people who operated Chinese motorcycle without license got their bikes confiscated.”The loots were sent to the Army troops on DMZ.Chinese motorcycle has become prevalent since 2002 when North Korean residents whose relatives lived in China received it as gift and operated for commercial purpose. According to Choi, “Motorcycle can carry a certain amount of goods to inlands and it is so convenient. Even if motorcycle is expensive, everybody wants to own one. People buy seafood on the coast and bring them to the cities or sell small commodities.”For alluvial gold, price differs among regions, so transporting it fast with motorcycle is lucrative business. Lee, defected Pyongyang last year, said “In the past, a few rich people bought used Japanese motorcycles like Honda or Yamaha, but now many people operate Chinese ones for commercial purpose.” North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) last_img read more

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Global regulators issue new standards for financial market infrastructures

U.S. securities watchdogs reviewing recent stock market turbulence OSC adds three to IAP Facebook LinkedIn Twitter Global financial regulators have published a new set of standards for payment, clearing and settlement systems that are designed to make the elements of financial market infrastructure more resilient in the face of market turmoil. The Committee on Payment and Settlement Systems and the International Organization of Securities Commissions published a set of 24 principles designed to strengthen the operations and oversight of organizations that make up the financial market infrastructure. Keywords Securities regulationsCompanies International Organization of Securities Commissions The CPSS and IOSCO say the principles, which replace three existing sets of international standards, impose new and more demanding international standards for payment, clearing and settlement systems, including central counterparties. The new standards will raise minimum requirements, provide more detailed guidance, and broaden the scope of the standards to cover new risk-management areas and new types of FMIs. “The new principles are designed to ensure that the infrastructure supporting global financial markets is robust and thus well placed to withstand financial shocks. They apply to all systemically important payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories,” they say. Compared with the old standards, the new principles introduce new or more demanding requirements in a number of areas including: the financial resources and risk management procedures an FMI uses to cope with the default of participants; the mitigation of operational risk; the links and other interdependencies between FMIs through which operational and financial risks can spread; achieving the segregation and portability of customer positions and collateral; tiered participation; and general business risk. The regulators indicate that financial market infrastructure firms are expected to observe the standards as soon as possible, and CPSS and IOSCO members are to strive to adopt the new standards by the end of 2012. “FMIs performed well during the financial crisis and we gained a deeper understanding of their true importance. Robust FMIs help markets to continue functioning even in conditions of great uncertainty, making them a fundamental element of financial stability,” said Masamichi Kono, vice commissioner for international affairs at Japan’s Financial Services and chairman of IOSCO’s technical committee. Paul Tucker, deputy governor, financial stability, at the Bank of England and CPSS chairman, added that, “With these new principles, authorities have a good basis on which to ensure a safe and stable financial infrastructure. It is essential that authorities adopt the principles, and FMIs observe them, as soon as possible.” Along with the new principles, the regulators also published consultation papers concerning an assessment methodology for these new standards, and a disclosure framework for the standards. Comments on those papers are due by June 15, and those areas are to be finalized later this year. Additionally, the CPSS, IOSCO, and the Financial Stability Board, are also working on guidance for designing resolution regimes for FMIs. This work will be published in the coming months. Share this article and your comments with peers on social media FCA seeks consumer duty standards Related news James Langton read more

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Boutique firms suffering from regulatory burden: IIAC

Related news Share this article and your comments with peers on social media Ontario task force looks to boost industry competition Facebook LinkedIn Twitter Keywords Regulatory burden,  Investment dealersCompanies Investment Industry Association of Canada Ontario consults on estate law reform James Langton A combination of weaker revenues and rising regulatory costs has the boutique side of the securities industry under tremendous pressure, reports the Investment Industry Association of Canada (IIAC). Without a convincing market revival, many of these firms may be in trouble. The IIAC Tuesday released both its year end industry statistics, and the latest letter from its president and CEO, Ian Russell, which examines the current state of the securities industry. The report indicates that overall industry net profits rose about 6% during the past year to finish at $2.1 billion for 2012. Moreover, it points out that industry revenues, at $15.3 billion in aggregate, are only down slightly from before the financial crisis took hold. However, the composition of industry revenues and profits has shifted notably over the past few years, with the large integrated dealer firms holding up much better than the industry’s smaller boutique operations. In his letter, Russell notes that the seemingly stable overall industry revenue picture, “masks the deep stress on the industry and individual firms, stemming from rising industry-wide cost pressures – especially due to the impact of increased regulation – and a dramatic fall-off in financial business at the boutique firms.” The IIAC reports that revenues for the large firms have actually risen over the past few years, as gains in debt and derivatives markets business has helped overcome a falloff in equity trading and underwriting. They’ve also seen their fee revenue rise over the past few years. The same cannot be said for the boutique dealers, who are more reliant on the equity business, and have been less able to offset weaknesses there with new revenues from other business lines. “The viability of the smaller boutique firms is threatened, unless a market turnaround occurs in the near term,” Russell says in his letter. Moreover, it notes that, while revenues are falling for these firms, operating costs are rising, which is squeezing margins even further. Russell puts much of the blame for rising costs squarely on the shoulders of regulators. “The rise in operating costs over the post-crisis period illustrates the impact of the regulatory burden on the bottom line,” he notes, pointing to “The steady increase in regulatory compliance costs, in terms of resources and technology spending, is the major factor responsible for this escalation of operating costs at the boutique firms.” And yet, Russell doesn’t see any end in sight to ongoing regulatory reforms. When combined with continued market weakness and new tax reporting obligations (both foreign and domestic), promises continued pressure on industry margins. The IIAC reports that about half of the institutional and retail boutiques have been losing money fairly steadily over the past two years, “leaving them in a precarious position.” This isn’t just bad for the dealers themselves, but also for investors and markets, Russell suggests. “The financial squeeze faced by small boutique firms does not just threaten them. Ultimately, it threatens investors, and small and mid-cap issuers, posing a hazard to competitive and liquid markets for efficient securities trading and financing,” he says. To avoid that, the IIAC argues that regulators must work harder to limit the regulatory burden and avoid negative unintended consequences. OSC plans final rule on DSC sales, preps for task force recommendations read more

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Raymond James Financial buys Canadian asset manager

first_img Cidel Asset Management to acquire fixed income manager Canadian asset manager, Cougar Global Investments Ltd., is being acquired by publicly-traded U.S. financial firm, Raymond James Financial Inc. (RJF). The price on the deal for Toronto-based Cougar Global was not disclosed. The transaction, which requires regulatory approval, would see Cougar Global become a wholly-owned subsidiary of RJF. Related news Share this article and your comments with peers on social media Desjardins buys Montreal boutique firm Hexavest James Langton center_img Since it was founded in 1993, Cougar Global has accumulated approximately US$1 billion in assets under management (AUM) for high net-worth individuals, families, foundations, trusts and institutions in Canada and the U.S. It builds globally diversified exchange-traded fund (ETF) portfolios for investors. “We are confident that we have found a partner that is equally committed to our clients and with whom we can work to reach other investors who can benefit from our proven wealth management solutions,” said James Breech, president, CEO and chief investment officer of Cougar Global. “This [deal] strengthens our platform and ability to deliver a greater variety of investment choices to our Canadian clients and other investors,” said Paul Allison, chairman and CEO of Raymond James Ltd., the Canadian arm of RJF. Additionally, RJF subsidiary Eagle Asset Management, Inc. of St. Petersburg, Fl. plans to offer Cougar Global’s asset allocation strategies to its clients worldwide. “The acquisition of Cougar enhances our presence within the asset management industry by providing us with the ability to provide an important suite of investment options that our clients are seeking,” added Richard Rossi, president and co-chief operating officer of Eagle. Eagle has more than US$30 billion in AUM, including the assets of wholly-owned Eagle Boston Investment Management, Inc., and Eagle affiliate, ClariVest Asset Management LLC. Through its subsidiaries, RJF has approximately 6,300 financial advisors in more than 2,600 locations throughout the U.S., Canada and overseas. Total client assets are approximately US$480 billion. CI acquires US$5.1B San Diego-based RIA Keywords Mergers and acquisitionsCompanies Raymond James Ltd. Facebook LinkedIn Twitterlast_img read more

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CSA urges Canadians to watch for signs of financial abuse of older Canadians

first_img“With a growing senior population in Canada, we need to work together as a community and be even more vigilant about protecting ourselves and the older adults in our lives,” said Louis Morisset, CSA chairman and president and CEO of the Autorité des marchés financiers, in a news release.  “That’s why the CSA provides resources to help adults in our communities to make informed investment decisions and know how to recognize and avoid investment fraud.”Canadians can take action and prevent financial abuse of seniors by:Talking about financial matters with their aging parents.Visiting the CSA website to learn recognize and avoid investment scams, and find information and resources about fraud prevention.Taking time to investigate every investment opportunity or sales pitch as well as the person promoting the investment before handing over money.Reporting investment fraud to their provincial or territorial securities regulator.“As we age, we may become more dependent on others, which can make us more vulnerable to financial abuse,” added Morisset. “However, if older Canadians lose all or part of their life savings, they have less time to recover financially. The effects of financial abuse frequently go well beyond the pocketbook too. Being a victim of financial abuse can lead to social isolation, depression, anxiety, and other negative health effects.” Keywords Financial abuse,  SeniorsCompanies Canadian Securities Administrators Fund rep fined, banned for misconduct Share this article and your comments with peers on social media How dealers can protect vulnerable clients IE Staff New protections for senior investors on the horizon loseup portrait senior man protecting a piggy bank sifotography/123RF Related news Securities regulators across the country urged Canadians to be aware of and report financial abuse of seniors as part of World Elder Abuse Awareness Day on June 15.The Canadian Securities Administrators (CSA) recognizes and supports the international effort against abuse of older adults in all of its forms. Facebook LinkedIn Twitterlast_img read more

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Banks report the most cybersecurity incidents: report

first_imgCanadian businesses reported spending $14 billion to prevent, detect and recover from cybersecurity incidents in 2017, which represented less than 1% of their total revenues,The report found that 21% of firms suffered an incident that impacted their operations last year. Large firms were more than twice as likely as small firms to face attacks (41% of large companies compared with 19% of small firms).The banking sector was the top target, with almost half (47%) of banking institutions reporting that they faced cyberattacks, followed closely by universities and the pipeline transportation sector.Of those businesses impacted by a cybersecurity incident, 38% identified the motive as an attempt to steal money or demand ransom, 26% of businesses experienced incidents where hackers tried to access unauthorized areas, and 23% faced an incident where there was an attempt  to steal personal or financial information.Canadian companies reported that they spent $14 billion in 2017 to prevent, detect and recover from cybersecurity incidents, according to the survey. More than half of this (approximately $8 billion) was spent on salaries for employees, consultants and contractors. Companies spent $4 billion on cybersecurity software and related hardware, with another $2 billion spent on other prevention and recovery measures.Additionally, the report found that 24% of large businesses have liability insurance to protect against cyber security risks and threats. Most of these policies (82%) cover direct losses from an attack or intrusion, 72% cover business interruption and 66% provide coverage for third-party liability and financial losses.Only about 10% of businesses that were impacted by a cybersecurity incident reported it to police in 2017, according to the report. Indeed, StatsCan says its data may involve some level of underreporting, because businesses are not always aware of cybersecurity incidents, or are unwilling to report them.Data for the survey was collected from January to April from businesses with Canadian operations that have at least 10 employees, across all sectors. The sample included 12,597 businesses, and the response rate was 86%, the report says. James Langton Share this article and your comments with peers on social media Desjardins Group says 2019 theft of 4.2 million members’ data cost $108 million Court approves data breach settlements with BMO, CIBC Related news IIROC urges vigilance amid heightened cybersecurity threats Technology security concept. Modern safety digital background. Protection system vska/123RF Banking institutions are the top targets of cybercrime, according to a report published Monday by Statistics Canada.The Canadian Survey of Cyber Security and Cybercrime was conducted for the first time to measure the impact of cybercrime on Canadian businesses. Facebook LinkedIn Twitter Keywords Cybersecurity last_img read more

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