Bank of England Brexit rate cut had little effect on UK’s surprise growth says former deputy governor

whatsapp He acknowledged that the higher prices “benefit the asset rich to the cost of those who don’t have assets but want to acquire them,” but said the net effect is “not clear” despite the likely intergenerational effects of the policy.“These intergenerational shifts are one of the big stories of the last 10, 20 years,” Bean said. More From Our Partners Why people are finding dryer sheets in their mailboxesnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Bean spent 14 years on the MPC, and was a member when Carney started in his role as governor.Bean, who also served as chief economist and latterly as deputy governor of the BoE from 2008 until 2014 as the financial crisis raged, added the MPC had resisted lowering the bank rate below 0.5 per cent because of the “potential adverse effects of squeezing bank profit margins even more.”Read more: Bank of England in dramatic upgrade of UK growth forecastsBean said: “There’s an argument for trying to reverse that when circumstances are appropriate.”However, Bean also defended quantitative easing asset purchases, which have been criticised in some quarters for boosting asset prices, increasing inequality as asset owners grow richer. Bank of England Brexit rate cut had little effect on UK’s surprise growth says former deputy governor The Bank of England’s (BoE) actions to cut interest rates after the referendum had little effect on the UK’s powerful economic growth, according to its former deputy governor.Sir Charlie Bean said: “It may have some small effect at the margin but I really don’t take the view that the policy package that was announced after the referendum is likely to have had that powerful an effect on the economy.” Jasper Jolly The BoE cut the bank rate in August from 0.5 per cent to 0.25 per cent and unleashed a massive round of quantitative easing after the 23 June Brexit vote in anticipation of a shock to UK growth.Read more: Carney claims Bank of England stimulus saved 250,000 jobs being lostIn testimony to the Treasury select committee Bean said the rate cut had likely not had an effect: “Rates are so low already that the degree of traction you get is probably pretty low.”BoE governor Mark Carney has repeatedly credited the move with at least part of the UK economy’s strength since the referendum.Carney claimed the August stimulus saved 250,000 jobs from being lost in the six months after the referendum. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTravel PatriotLittle House On The Prairie Star Karen Grassle Is 79 Now And Looks Like ThisTravel PatriotAuto carLook: Top 5 best small electric cars 2021 | AutocarAuto carPlays StarGoodbye ALDI – Every Single Store That Is Closing in 2021Plays StarStructural FoundationFoundation Repair? May Now Be Even More Affordable in Scottsdale. Check optionsStructural FoundationTettyBettyMan Buys Old Pictures, Then He Realizes Who’s PhotographedTettyBettyWorld LifestyleBorn Into Billions: Kevin Bacon’s Wife Is One Of The Richest Heiresses In AmericaWorld LifestyleRecetas Get5 Common Cancer Signs to Pay Attention ToRecetas GetWeniixLook: The Future of Cars! – WENIIXWeniixNinjaJournalistThe Biggest Weather Reporters on TelevisionNinjaJournalist Share whatsapp Wednesday 1 March 2017 5:49 pm read more

Bumper rocket launch day blown off track as Elon Musk’s Space X and Jeff Bezos’ Blue Origin launches postponed until tomorrow

first_imgTuesday 18 December 2018 2:35 pm Musk’s rocket was due to launch this afternoon at 2.11pm UK time. It was initially delayed because of “upper level winds”, according to the Space X Twitter account, before eventually being cancelled for the day because of an “out of family reading on first stage sensors”.Space X’s Falcon 9 rocket will now launch tomorrow from the same site, Cape Canaveral Air Force Station in Florida. Its payload, a US Air Force satellite, is said to remain in good condition.SpaceX team called a hold due to an out of family reading on first stage sensors. Vehicle and payload remain healthy; next launch attempt is tomorrow at 9:07 EST, 14:07 UTC.— SpaceX (@SpaceX) December 18, 2018Meanwhile Bezos’ mission was due to launch shortly after, at 2.30pm, but has also been scrapped until tomorrow because of a “ground infrastructure issue”. Alex Daniel whatsapp whatsapp Tags: Elon Musk People SpaceX More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFlorida woman allegedly crashes children’s birthday party, rapes‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comUK teen died on school trip after teachers allegedly refused her Share Tuesday was set to be a day which had rocket enthusiasts glued to their screens, with four commercial space missions planned for launches in the United States – but three have been postponed until tomorrow because of strong winds.The rockets include one made by Elon Musk’s Space X and another by Jeff Bezos’ Blue Origin, but both have now been put off until Wednesday. The final launch of the day is scheduled for a rocket made by United Launch Alliance (ULA), backed by Boeing and Lockheed Martin, pencilled in for 1.57am tomorrow morning UK time, 8.57pm Eastern Standard Time.City A.M. understands the ULA launch is still on track to go ahead.Separately, Musk’s rocket company SpaceX is on course to raise $500m at a $30.5bn valuation in a fundraising round, the Wall Street Journal reported on Tuesday. Bumper rocket launch day blown off track as Elon Musk’s Space X and Jeff Bezos’ Blue Origin launches postponed until tomorrow “The vehicle is in good standing. Stand by for updates as we see what weather looks like for tomorrow,” the company tweeted. due to launch later today was a rocket made by French company Arianespace, but this has also been delayed until tomorrow because of “unfavorable high-altitude wind conditions,” the company said this afternoon. Arianespace chief executive Stephane Israel also broke the news on Twitter.Due to high-altitude wind conditions above the launch base, Flight #VS20 has been postponed by 24 hours. The #Soyuz launcher and its CSO-1 spacecraft payload are in a stable and safe condition. New launch timing: Dec. 19 at 16:37:14, UTC.— Stéphane Israël (@arianespaceceo) December 18, 2018 last_img read more

London Underground has the city’s highest level of air pollution

first_imgDespite this, levels of air pollution are still dangerously high according to the findings of the investigation. PositionTube LineNumber of times above WHO’s safe limit1Central Line8 times2Northern Line6 times3Victoria Line6 times4Jubilee Line5 times5Bakerloo Line5 times6Piccadilly Line5 times7Circle Line2 times8District Line2 times9Hammersmith & City Line2 times10Metropolitan Line2 times Lilli Matson, TfL’s health and environment director, told the FT: “We believe [the air] is absolutely safe.” whatsapp Read more: Ulez drastically cuts London’s air pollution Even the lines that performed best in the tests – Hammersmith and City, Circle, Metropolitan and District lines – had air pollution levels higher than set by the WHO guidelines. “We must sort out this terrible level of bad air,” she said. These three lines all had air pollution levels that were more than five-times the level deemed safe by the World Health Organisation (WHO). The Financial Times investigation uncovered that levels of PM 2.5 were worst between Bond Street and Notting Hill Gate. The London Underground is the most polluted place in the city with air quality 10-times worse higher than recommended by health guidelines in some parts. Transport for London (TfL) employs teams of workers to clean individual tracks of dust, hair and soot every day to decrease the level of pollution. An investigation has revealed that levels of PM 2.5 – particulate matter that can penetrate deep into the lungs and cause heart and lung disease – has been recorded at dangerously high levels across the entire system. TfL has also said that the air in the London Underground meets the UK’s Health and Safety Executive limits. Tuesday 5 November 2019 12:27 pm whatsappcenter_img Which are London’s most polluted Tube lines? Friends of the Earth’s Jenny Bates said they were “shocking findings”. Main image credit: Getty Images Air pollution was found to be worst on the so-called “deep lines”, with the Central, Victoria and Northern lines being the worst affected. Air pollution levels in this stretch were eight-times higher than London’s roadside average for PM 2.5. Read more: London Underground network set for full 4G mobile network by mid-2020s Air pollution is the worst on the Central Line, according to the FT data (Credit: Getty Images) “It’s absolutely essential for the health of anybody using the Tube.” Share Stefan Boscia These limits measure the amount of dust in a working environment, instead of PM 2.5. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndoNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyUndobonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comUndoPost Fun25 Worst Movies Ever, According To Rotten TomatoesPost FunUndoPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryUndoDefinition24 Of The Most Hilarious Yard Signs Ever WrittenDefinitionUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndoYourDailyLamaHe Used To Be Handsome In 80s Now It’s Hard To Look At HimYourDailyLamaUndo London Underground has the city’s highest level of air pollution More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comlast_img read more

Gardentalk – Cabbage root maggot

first_imgGardentalk | OutdoorsGardentalk – Cabbage root maggotApril 21, 2016 by Matt Miller, KTOO Share:New growth appears on kale that survived a mild winter in KTOO’s Agricultural Test Station and Garden of Science. (Photo by Matt Miller/KTOO)Cabbage root maggots and slugs are just a few of the notorious pests that can inflict damage on garden vegetables this season.Master gardener Ed Buyarski suggested in this week’s edition of Gardentalk that gardeners use Reemay garden fabric to cover new plants in the cabbage family until mid June. The fabric will allow light, air and water to pass through to the seedlings while blocking flies that could target cabbage, cabbage broccoli, turnips, rutabaga and radishes.“We loosely put the fabric over the plants after we’ve planted them,” Buyarski said. “Hold it down with rocks or boards, or even bury it in the soil around the edges. I normally leave it on, except to check and pull a few weeds, essentially until the plants are so large they’re actually lifting this fabric up and off.”Slugs are already active. Buyarski suggested cleaning garden beds before planting and placing slug bait on the perimeter. Listen to the April 21 segment about how to prevent cabbage root maggots from eating your garden vegetables: Audio Player Up/Down Arrow keys to increase or decrease volume.Share this story:last_img read more

News / Ceva Logistics gains market share in third quarter, despite a bumpy road

first_img Ceva Logistics today reported third-quarter results that showed it winning market share in both freight forwarding and contract logistics.However, despite strong volume growth in both air and ocean forwarding, group revenues remained flat due to weak market pricing.The Nertherlands-headquartered company saw $1.68bn in revenue for the period, This compares with 1.7bn in the same period last year – although it claimed that on a constant currency basis its revenues were $1.72bn.Adjusted EBITDA was $75m, or $80m on a constant currency basis, compared with $80m in the third quarter of 2015. By Gavin van Marle 14/11/2016 And it finished the period with $524m of headroom – the liquidity available either as cash or undrawn under various debt facilities.Ceva said its air freight volumes had grown 10.6% year-on-year, due to a mixture of “new business and an increasing share of wallet with existing customers in numerous sectors and strong development in selected tradelanes”, with the transatlantic eastbound and transpacific westbound identified as areas of particular strength.Meanwhile, sea freight volumes were up 4.4%, year-on-year, with Asia-US trade the star performer, despite reports that the trade as a whole has had relatively lacklustre quarter.Although revenues have been under pressure for several years, due to the soft market as well as its reliance on air freight, Transport Intelligence’s Global Freight Forwarding 2016 report claims Ceva’s forwarding arm is mainly focused on air freight, “which is suffering a structural loss of customers – its margins have improved as a result of its productivity improvement plan”.Last year, the company reported a EBTIDA for freight management of $70m for the full year, a 212% increase on 2013, but was delivered on the back of declining revenuesThis year’s third quarter saw revenues decline 1.4%, Ceva said, while EBITDA of its freight management division was £27m for the period, a 22% increase on a constant currency basis on the $22m delivered in the third quarter of 2015.Meanwhile, its contract logistics business saw revenues rise 3% year-on-year, due in large part to new contract wins in consumer and retail, industrial and healthcare. Contract logistics posted an EBITDA of $38m.CEO Xavier Urbain said: “Ceva’s top line performance continued in the third quarter. We have experienced good growth in Contract Logistics revenue driven by market share gains.“We have had a number of customer wins in the third quarter and our new business pipeline is strong. This demonstrates that our strategy is working and delivering results.“Our ‘Operational Excellence Program’ is being implemented successfully and is anticipated to generate benefits that will accelerate in upcoming quarters. I am confident that the actions we continue to implement will drive robust performance in both our revenue and margins in 2017.”last_img read more

Village of Estero looking to add vibrant welcome signs to US 41

first_imgAdvertisementTags: EsteroVillage of EsteroWelcome sign Lee County School district closer to building new Estero elementary and middle school May 27, 2021 AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments Estero approves ordinance that would ban panhandlers from medians June 16, 2021 Advertisement Estero man sentenced to seven years for child porn June 2, 2021 AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 commentscenter_img Advertisement“There’s just a sign on 41 that just says Estero, the green sign, I think with a bridge sign, saying ‘hey you are in Estero,’ that would show the distinct line between Fort Myers and Estero,” Caylin Case, who lives in Estero, said.Right now, the only markers are green signs along US 41. The Village is planning on having four signs at the north and south entrances to US 41 and Three Oaks Parkway. “You don’t even know you are in Estero. You can kind of just pass over on your way to Bonita,” Case said.  Advertisement ESTERO, Fla. — It can sometimes be hard to know exactly where you are or what town you are in when driving down US 41. The Village of Estero is looking to change that. Their plan is to add brightly colored and detailed monument signs to roadways in the Village, welcoming people to Estero. “I don’t think they advertise what they have well enough. I was lucky to find it, but just traveling the area, you can easily pass Estero before you know it,” Doug Gillam, a visitor from Ohio, said.Last year, the Village hired a consultant to come up with a new logo for the Village. On Wednesday, the council agreed to start with a design for the monument sign.  RELATEDTOPICS Estero looks to crack down on panhandling with new pedestrian safety ordinance June 3, 2021last_img read more

BREAKING: 345 new cases of Coronavirus in Ireland and 36 more deaths

first_img By Alan Hartnett – 7th April 2020 Bizarre situation as Ben Brennan breaks up Fianna Fáil-Fine Gael arrangement to take Graiguecullen-Portarlington vice-chair role Previous articleCar sales plummet nationally in March as Laois figures down over 50% on 2019Next articleNumber of cases of Coronavirus in Laois rises by six Alan HartnettStradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016. Electric Picnic organisers release statement following confirmation of new festival date Coronavirus MythsAs yet, there is no cure currently for COVID-19.So people suggesting/selling special remedies like vitamin C, garlic, home cures, drinking bleach, or putting half an onion in rooms around the house are – well you know don’t you?The World Health Organisation has advice on some of these urban legends.Cuisle Centre The Coronavirus outbreak has led to the Cuisle Centre in Portlaoise closing.They said: “The Covid-19 restrictions mean that we have had to temporarily close our doors, but we are still here to support you and your family.“As we know this is a confusing time for our patients as chemotherapy and surgery are been rescheduled – we will be continuing to give you support and guidance over the phone.“Just call 0578681492 and leave your name, number and a brief message and we will get back to you. You can also contact us on email: [email protected] or messenger us through facebook.“Stay safe everyone, wash your hands and take a little exercise.”Important information Symptoms of Covid-19 include:CoughShortness of breathFeverBreathing difficulties.Further resources:The HSE: Official advice on the coronavirus in Ireland. This is being updated based on the number of confirmed cases and how the virus spreads in Ireland.The Department of Foreign Affairs: Official advice on where to avoid travelling to. Also a resource for those who are abroad.The World Health Organization (WHO): The UN agency on global public health publishes statements and daily situation reports based on the latest data.European Centre for Disease Prevention and Control (ECDC): The EU agency on the number of cases, deaths and how it’s spreading in Europe.The Johns Hopkins University map: A heat map of the confirmed cases across the world.A helpline for older people who are concerned about the coronavirus has been launched by Alone. The number is 0818 222 024, and it’s open Monday to Friday, 8am-8pm.SEE ALSO – For more Coronavirus stories click here WhatsApp WhatsApp News Pinterest A total of 345 new cases of Coronavirus have been diagnosed in Ireland today.This is an increase on the 5,364 cases from yesterday and takes the overall total to 5,709.While now 210 people have died from the disease – an increase of 36 from yesterday.27 of the deaths are located in the east, 6 in the north and 3 in the south of the country.The deaths are 17 females and 19 males. 24 people were reported as having underlying health conditions.People have been asking for the stats on recovered patients but as yet, the HSE have not released these.However, a website giving stats on worldwide figures of Coronavirus, says that 25 people have recovered in Ireland.Links to today’s other Coronavirus stories Laois company secures huge order of ICU hospital beds from China for HSECar sales plummet nationally in March as Laois figures down over 50% on 2019WATCH: Laois Camogie club get creative with brilliant ‘training’ videoStudying during Coronavirus: Clonaslee College student on prepping for state exams in a pandemicLaois parish set for second online lunchtime concertDrive-thru Coronavirus testing centre on Laois GAA grounds set to become operational this weekLaois ladies football captain Anna Healy on physiotherapy, Coronavirus and Pat CritchleyRathdowney-Errill predicted to win Laois senior hurling championship on Instagram pollsNorthern Ireland, the UK and globally There were 3 more deaths from Coronavirus in Northern Ireland today, bringing total to 73. There are 97 new cases of Covid-19, bringing total to 1,255.The UK has reported another 786 deaths from Covid-19 – a record number – bringing the total figure to 6,159.Spain records 743 more deaths from Coronavirus. The first rise in deaths in five days. The death toll in Spain now approaching 13,800.New York state’s death toll continues to rise with 731 deaths today. The Coronavirus death toll is moving towards 5,000 in the state, with around 131,000 cases.China has reported no new Coronavirus deaths for the first time since it started publishing figures in January, the National Health Commission said.There are now more than 1,380,000 cases globally with at least one in almost every country on the planet. Almost 79,000 people have died. While 294,000 have recovered.Ministers for Health agree Memorandum of Understanding between Irish Government and Northern Ireland ExecutiveA Memorandum of Understanding has been formally agreed between the Departments of Health for the Republic and Northern Ireland to underpin and strengthen North South co-operation on the public health response to the COVID-19 pandemic.The document focuses on facilitating greater co-operation on areas such as: public health messaging, research, programmes of behavioural change, ethics, evidence base/ modelling, and public health and non-pharmaceutical measures. Other areas will be considered, such as procurement, where this is of mutual benefit.It has been agreed by Minister for Health Simon Harris TD and Minister for Health Robin Swann MLA and the two Chief Medical Officers Dr Tony Holohan and Dr Michael McBride.The document has the support of the NI Executive and the Irish Government.Minister Harris said: “There has been significant engagement between the Ministers, the Chief Medical Officers, and the Departments throughout this pandemic. This MOU will ensure timely and responsive communications and decisions in a fast-moving environment; that both Administrations will seek to adopt similar approaches, where it is appropriate to do so on the advice of respective Chief Medical Officers.“I want to thank my colleagues in Northern Ireland for their co-operation to date. This is a global pandemic. It knows no borders and we are all in this together. It is essential we continue to do everything we can across the island to fight this pandemic.”ICU and Cluster figuresThe number of Covid-19 clusters in nursing homes continues to spike. Now stands at 67. It was 22 a week ago.Latest figures also show a child under the age of 5 has been admitted to Intensive Care. Facebook Electric Picnic center_img Twitter Twitter Electric Picnic RELATED ARTICLESMORE FROM AUTHOR Pinterest TAGSCoronavirusCovid-19 Home News BREAKING: 345 new cases of Coronavirus in Ireland and 36 more deaths News Laois Councillor ‘amazed’ at Electric Picnic decision to apply for later date for 2021 festival BREAKING: 345 new cases of Coronavirus in Ireland and 36 more deaths Facebooklast_img read more

Party song revival effort considered anachronistic

first_img RELATED ARTICLESMORE FROM AUTHOR Party song revival effort considered anachronistic US dollar and Chinese reminbi plummet against North Korean won once again North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) By Choi Song Min – 2016.05.11 1:46pm News AvatarChoi Song Min News center_img The North Korean regime has invested freshefforts into promoting a song written in the 1960s praising the Workers’ Partyand Kim Il Sung. As such, the song was recently awarded a “Kim Il Sung/Kim JongIl” award during the 7th Party Congress last week. The promotion of the songentitled “Nothing in this World to Envy” is a conspicuous attempt to furtherrally loyalty through nostalgia, but is eliciting scorn and ridicule from atleast some of the population, report Daily NK sources. “By dressing just like his grandfather KimIl Sung and elevating himself to president of the Party, Kim Jong Un is tryingto rekindle people’s nostalgia for the Party. The 60s song, despite the Party’spush to promote it once again, has already become a target of mockery,” asource from South Pyongan Province told Daily NK on May 10, adding that thesong has prompted people to look back on the 60s when the song was written. Sources in North Pyongan Provincecorroborated this news.This invariably brings realization that thecurrent situation is hardly comparable because back then people had less toworry about, with food and state distribution centers ensuring uninterruptedrations. Others have criticized the leadership for being “far behind thetimes,” as stiff competition in the jangmadang (market economy, official orotherwise) is now the primary focus of North Korean society. The key lyrics “Our father is Marshal KimIl Sung” have been mockingly reworded as “Our father is money,” and “Our homeis in the arms of the Party” has now become “Our home is the market,” thesource explained. Songs like this have long been used as keypropaganda tools by the state, but with the changing times, they havetransformed into targets for public satire, poking at the injustices in thesystem and poor governance. More recently, with the introduction of SouthKorean pop culture in the North, people are also rewording K-pop and children’ssongs from the South as another means to express their sentiments about theregime.  There are signs that North Korea is running into serious difficulties with its corn harvest NewsEconomy SHARE News Facebook Twitterlast_img read more

Bribery Begets Bribery

first_imgNewsEconomy North Korean traders in China returned toNorth Korea on April 15th, the “Day of the Sun” — Kim Il Sung’s birthday andthe biggest national holiday — carting various kickbacks that they purchasedin order to bribe Party, administrative, and military officials.“Dandong was abuzz with North Koreanmerchants purchasing goods to serve as bribes for ‘Day of the Sun,’ a source inDandong reported to Daily NK on April 17th. “Bribing officials is crucialfor them to secure a smooth year of trading.” Laying flowers at the twin Kim statues– ubiquitous around the country– is an invariable part of every major holiday inNorth Korea, with more wealthy residents vying to demonstrate the most“loyalty” by presenting the largest baskets or bouquets. Traders capitalize onthis, carting in huge, expensive arrangements of flowers to peddle off for people to place at the footof the “Statue of the Sun [Kim Il Sung].” Traders “loyalty,” on the other hand, is evaluated by the quality of products they bring in to serve as bribes. “Merchants most commonly purchase South Korean products as bribes, like undergarments, razors, refrigerators,washing machines, and air conditioners. They also purchase South Koreancosmetic products for the wives of officials,” she said, adding that various hard liquors–including Hennessy, known to be a favorite of Kim Jong Il’s– and fruit from the southern parts of China are also popular.Kickbacks of this nature are always preferred, so merchants purchase them despite their prohibitive cost.Officially, customs regulations prohibit individuals from bringing in more thanone bottle of liquor; however, according to the source, this is easily circumvented with more bribes.She went on to state that merchants declare–both verbally and on the written forms–only the flower bouquets to the North Korean officials stationed in China tocarry out “political inspections.” This is immediately followed by a bribe to the customsofficials to have their containers, packed with an array of items, sail through the inspection. On the “Day of the Sun,” North Koreanmerchants remaining in China are still required to bring flowers to designatedplaces under the orders from the North Korean consulate in Shenyang, followedby compulsory viewing of a video about Kim Il Sung’s revolutionary history.Merchants, however, have their “minds on bribing the consulate officials over thesepolitical events.”    North Korean merchants residing inChina are still obligated — just as residents in North Korea– to attendcriticism and self-criticism sessions, during which “disloyalties” arescrutinized. Unsurprisingly, a bribe to the head of meeting suffices to get oneout of a session and secure a glowing review of their exemplary “Party life.”*The content of this article was broadcast to the North Korean people via Unification Media Group. Bribery Begets Bribery By Daily NK – 2015.04.21 11:01am Facebook Twitter SHARE AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] RELATED ARTICLESMORE FROM AUTHORcenter_img News North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) Proposal to shift “general markets” to “specialized markets” finds little support among N. Korean leaders News US dollar and Chinese reminbi plummet against North Korean won once again News last_img read more

Pandemic slams U.S. household formation: Fed

first_img Ontario unlikely to balance budget by 2030: FAO three-generation asian family at home 123RF Share this article and your comments with peers on social media Household debt-to-income ratio fell in first quarter: Statscan James Langton The ratio of households to adults in the U.S. dropped by a full percentage point from February through June, it noted.“This decline is of essentially the same magnitude as that seen over the entire Great Recession, and it corresponds to a drop in the number of occupied housing units—or an increase in the number of vacant units—of roughly 2 million,” the Fed said.Household formation is a key driver of housing demand and construction.It also reflects conditions in the job market — in this case, the surge in adults moving back in with their families appears largely related to the jump in unemployment due to the pandemic.“Similar to many other consequences of the pandemic, these changes have been particularly stark among young adults, Black adults, and those without a college education,” it found.This trend may reverse once the pandemic subsides, but the paper said it’s also possible that the pandemic will have a “scarring effect” on household formation, “which could in turn depress new construction and have persistent impacts on wealth accumulation and inequality.” One of the under-reported consequences of the Covid-19 pandemic is its negative impact on household formation, according to new research from the U.S. Federal Reserve.In a research note, the Fed reported that the U.S. aggregate headship rate — the ratio of households to adults in the population — has “fallen dramatically” since the pandemic emerged, largely as adults have moved back in with older family members. Leading indicators signal steady rebound: OECD Related news Keywords Coronavirus,  Pandemics,  Economic indicatorsCompanies Federal Reserve Board Facebook LinkedIn Twitterlast_img read more