4 May 2009The United Nations Mission in Liberia (UNMIL) today applauded the launch of an agricultural pilot project in the country’s largest prison as an encouraging step toward developing effective rehabilitation programmes for inmates. The United Nations Mission in Liberia (UNMIL) today applauded the launch of an agricultural pilot project in the country’s largest prison as an encouraging step toward developing effective rehabilitation programmes for inmates. “The farming initiative is a first step on the long road towards achieving some measure of rehabilitation for those serving terms of imprisonment in correctional facilities,” said the Secretary-General’s Deputy Envoy, Henrietta Mensa-Bonsu. Under the pilot phase of the project, prison inmates will be taught farming skills on land inside the prison, and the food they will grow will supplement their rations.Liberia’s Minister of Justice, Philip Banks, said the idea for the agriculture training project at the National Palace of Corrections resulted from a visit to prisons in Ghana initiated by Ms. Mensa-Bonsu. He said he hoped the project would help inmates successfully reintegrate into society upon their release and that it signalled the beginning of more rehabilitation programmes in Liberia’s correctional facilities. The project was initiated by Liberia’s Ministry of Justice, with support from the Ministry of Agriculture, the UN High Commission for Refugees (UNHCR) and non-governmental organizations such as German Agro Action and Catholic faith-based Caritas.
(Updated) A deadly crash has closed two ramps on Hamilton’s Lincoln Alexander Parkway.Dozens of police officers and firefighters are there along with officials from the ministry of transportation.It looks as though fire crews have removed the man from inside the truck and the coroner is over talking with police and firefighters.Other officers with the reconstruction unit are taking photos and measurements around the accident.It happened at 6:30 this morning. Police say the truck was leaving the westbound lanes of the Linc on the Golf Links Rd exit when it went over the guardrail, crashing into the on ramp to the Lincoln Alexander west. A heavy tow is on the ramp and they are going over a plan to remove the tractor-trailer. Again the ramps will remain closed for most of the day.
DETROIT — Marcus Childers threw a touchdown pass — his fourth of the game — to D.J. Brown with 1:09 to go and Northern Illinois rallied from a 20-point, second-half deficit to take a 30-29 victory over Buffalo in the Mid-American Conference championship game on Friday night.The 35-yard TD pass came on the eighth play of a 70-yard drive that took a little more than two minutes following a punt forced by Sutton Smith’s sack of Bulls quarterback Tyree Jackson.NIU’s 2-point conversion failed and the Bulls (10-3) reached the Huskies’ 41-yard line before an incomplete pass on fourth down with 21 seconds left ended Buffalo’s hopes.The Huskies’ touchdown completed a comeback from a 29-10 deficit in the third quarter. Childers threw a 28-yard score to Brown near the end of the third quarter and a 32-yarder to Spencer Tears with under 13 minutes left in the fourth. Childers also had a 13-yard TD pass to Tears in the first half. Childers completed 21 of 33 passes for 300 yards with an interception and led the team with 58 yards rushing.Jackson was 18-of-35 passing for 252 yards and two touchdown passes to Anthony Johnson, who had 124 yards receiving on seven catches. Kevin Marks and Jaret Patterson ran for touchdowns. Buffalo missed a PAT after their second TD.The Bulls have never beaten NIU in a MAC game since joining the league in 1999, going 0-12. A lone win over the Huskies came in 1968. The Huskies (8-5) have won four title games, the Bulls one.The Associated Press
Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedHarmon apologises for “NO APOLOGIES” commentNovember 20, 2015In “Politics”Gov’t pulls plug on Specialty HospitalJune 17, 2015In “Health”Agri Ministry PS, Deputy sent on leaveMarch 6, 2017In “Local News” Minister of State Joseph HarmonShould an investigation into the swindling of public funds for personal use found to be true, the Permanent Secretary (PS) of the Ministry of Education Vibert Welch could find himself being disciplined.Welch has come under fire for allegedly using up public funds to build a guard hut at his private residence at a cost of more than half a million dollars.Responding to the issue on Friday, Minister of State Joseph Harmon said he was made aware of the matter and had sought an explanation for which he received. He said government had always spoken about cost cutting and the fact that each public official needed to ensure that the dollars allocated by the state “go as long as they can”.“All employees of the state, in the public sector, they are required to act in accordance with the law. And anybody, once they step outside of that, they are exposing themselves to be sanctioned or disciplined”, Harmon told reporters.He said once an investigation is done, and due process is followed, “then any person within the state sector that acts outside the law will be subject to discipline.The story of the Welch’s guard hut was carried earlier this week in the media, revealing that more than half-million was expended by the Ministry on a guard hut at his Bent Street, Georgetown residence.PS- Vibert WelchThe structure is reportedly five feet in width, five feet in length and about eight feet high.The contract was awarded to Linden Ogle, who was listed among the contractors that submitted proposals for the construction of the hut.Welch has since distanced himself from the project and cited that he is not responsible for awarding the contract, or the methodology that was used to determine the price.He reportedly said that all he did was sign off on the documents after the relevant technical persons, including the engineer and the Chief Works Officer, would have given their approval.The PS had explained in the media that his signature of approval was needed, since he is the accounting officer, and all disbursements of funds have to be approved by him.Reports are now circulating that while he was PS of the Indigenous People’s Affairs Ministry, Welch also created a similar guard hut to the one he now has on his premises, the difference being however, is that the first hut was allegedly constructed at a cost of $1M from public funds.After being reshuffled and transferred to the Ministry of Education, the $1M hut was reportedly taken to the Ministry of Indigenous Affairs on Thomas Street.
Alliance Aviation Services will continue to fly workers in and out of St Barbara’s Leonora gold operations in Western Australia after the two companies agreed to extend the air charter services contract for another three years.Alliance has been providing these fly in/fly out services to St Barbara since 2012 and will continue to arrange eight flights per week between Perth and Leonora.Lee Schofield, Chief Executive Officer for Alliance, said the flexibility of Alliance’s fleet, “together with industry leading on time performance, greatly assisted Alliance in retaining this contract”.This is the fifth contract Alliance has retained in a “selective tender process” over the past 12 months. Recently, Alliance received a potential five-year extension with Incitec Pivot for services to its Phosphate Hill operations in northwest Queensland.St Barbara’s Gwalia mine is just 3 km south of Leonora in Western Australia. It produced 268,000 ounces of gold at an all-in sustaining cost of A$891 per ounce in the 12 months to the end of June. The company is currently in the process of evaluating a deep underground extension to the mine, which could see operations continue until the end of St Barbara’s 2013 financial year.
When a new product comes out and someone–usually iFixit–tears it down, there is almost always something interesting revealed. Sure, the pictures are great and we appreciate someone being bold enough to rip apart a brand new gadget, but a thorough check under the hood of any new laptop, media player, or mobile phone will always teach us a thing or two that the manufacturer didn’t mention on the side of the box. Today we learned something interesting about Apple’s new (Summer 2011 or ThunderBolt) MacBook Air: the SSD is not soldered to the logic board.In the previous generation of 11.6- and 13-inch Airs the RAM was not user serviceable. Apple had, for some reason, soldered it in place, meaning that without an extensive operation it could not be upgraded. On the 2011 Air, which went on sale two days ago, the memory is still not removable but the SSD stick can be swapped out, just like on the older model.This finding runs counter to rumors from earlier this month that said the unit would be permanently affixed to the motherboard. This would be an extension of Apple’s practice of soldering in the RAM, but a change from what we saw on the 2010 MacBook Air there the SSD was upgradeable. When the rumor broke a number of people spoke out about it, noting that the practice was against the consumer’s best interests and how Apple’s offerings would, in all likelihood, not be able to match aftermarket ones which were not limited by pricing and unit availability.Mac components reseller OWC currently offers MacBook Air compatible Mercury Aura Pro SSDs up to 480GB ($1400), while Apple currently only offers up to 256GB.The SSD news was the most interesting reveal in the teardown. The 2011 MacBook Airs are largely similar to the 2010 models aside from the upgraded Intel processors and the addition of a ThunderBolt port.iFixit via tuaw
MIAMI BEACH, FLA. (WSVN) – Miami Beach’s iconic lifeguard stands are being put up for auction.Seven famous lifeguard stands are being auctioned online by the city to the highest bidder.Stands in the past have sold for as little as $100 to as high as over $3,000.Officials said they could make a great tree house, backyard Tiki bar or dog house.For more information on bidding, click here.Copyright 2019 Sunbeam Television Corp. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Vijayawada: Andhra Loyola College has introduced a special BBA (Logistics) course for the sake of city students. Addressing media here on Saturday, College Principal Rev Father Victor Emanuel said the course has huge demand after the implementation of the GST and added the National Skill Development Corporation along with the Central government designed a three-year BBA logistic course. Also Read – Telugu Day fete held at DPS Advertise With Us He said the Central government has given permission to 21 colleges across the country and Andhra Loyola College was one among them. College Zoology HoD and coordinator G Srirangam Mathews said that course was designed as 1, 3 and 5 semesters and will be held on the college premises and the other semesters 2, 4 and 6 will be held at various companies as apprentice, and the students would be given Rs 6,000 as stipend. Also Read – Second batch of banking course begins Advertise With Us He said after completion of the course, job facility will be provided to students. He added that as many as 126 companies came forward to provide employment to students who complete the course. He appealed to students to utilise the opportunity which would fetch them a job soon after the completion of the course. Vice-Principal Rev Dr Milkyer, SJ controller of examination Father Bujjibabu, course in-charge Dr Koppula Karunakar Babu and others were present.
Chinese B2B online retailing company Alibaba has plans to raise as much as $24 billion in an initial public offering with the Securities and Exchange Commission on Friday. At this size, Alibaba’s Initial Public Offering (IPO) would be the largest ever on US listed company to value about $163 billion.The company in its report said that it would sell 320.1 million American depositary shares in its IPO at a price for $60 to $66 per share. After the sales, Alibaba’s IPO would be more than any other American online retailers such as eBay , which has a market capitalization of $68 billion and Amazon, which is worth over $161 billion.The company could make over $840 million before tax cut through sales of 12.75 million shares at $66. The company’s Initial Public Offering is expected next month. Jack Ma, founder and Chairman of Alibaba would hold around 193 million shares worth $12.76 billion.While, Joseph Tsai, Alibaba’s vice chairman would make $280 million before taxes by selling 4.25 million shares. Tsai’s remaining 3.2% stake after the IPO will be worth around $5.2 billion at $66 per share, reported Forbes.The company’s sales in the second quarter of its latest earnings rose 46% to $2.54 billion and the net income tripled to $1.99 against previous year earnings report.Alibaba also said that Mobile shopping was one of the major source that boosted its revenue. E-commerce transactions through mobile constituted one-third its gross merchandise volume. Mobile revenue crossed $400 million in current quarter versus $190 million in the previous quarter.While Yahoo! has plans to sell of 121.7 million Alibaba shares worth $8 billion to Yahoo’s CEO Marissa Mayer. After IPO, Yahoo! would keep over 400 million shares worth $26.5 billion.Additionally, billionaire Masayoshi Son’s tech giant Softbank has planned to not sell all of its shares of Alibaba through IPO. Its 32.4% stake is worth $52 billion.The company would begin trading on the New York Exchange as early as 19 September under the ticker name BABA.
Twenty seven police check-posts will be set up in Chittagong division to prevent spread of Rohingyas across the country, UNB reports from Chittagong.Deputy inspector of generalof police (Chittagong range) SM Moniruzzaman said this on Saturday.”We’re taking necessary measures so that Rohingyas fleeing persecution in Myanmar cannot spread to other parts of the country,” he said during a meeting with Puja Udjapan Committee at his office.Twenty seven police check posts will be set up at different places, including Bandarban, Rangamati and Khagrachhari, to halt their spread, he said.They have rounded up more than 100 Rohingyas who fled to different areas in Hathazari, Banskhali and Sitakunda upazilas, he said.The detained Rohingyas will be sent to a temporary shelter at Balukhali in Ukhia upazila.Additional DIG (Chittagong) Kusum Dewan and leaders of Puja Udjapan Committee were also present at the meeting.
A recent leak said we should expect an iPhone 11 Pro as part of this year’s trio of iPhone 11 handsets. But now a case manufacturer’s website has revealed what could be the names of all three new models.The new iPhone’s names were spotted by iPhoneSoft (via 9to5Mac), a French website, which saw the titles iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max appear on the site of ESR, a phone case maker. You can see them in the image below, where they describe a host of compatible cases and screen protectors that ESR sells.(Image credit: ESR/iPhoneSoft)Based on the previous leak, we had assumed that the iPhone 11 Pro was going to be the top of the three models, a replacement for the ‘Max’ suffix. However, it now looks like the model name that could be disappearing is the entry-level iPhone 11R.According to the listed in the above image, the standard iPhone 11 will have a 6.1-inch display, the iPhone 11 Pro a 5.8-inch display and the iPhone 11 Pro Max a 6.5-inch display. This maps onto the iPhone XS and XR and XS Max’s display sizes, which makes it easier to identify their places in the range, but also reinforces the general pessimism about how the new iPhone isn’t going to be that big an update to the XS.RECOMMENDED VIDEOS FOR YOU…logoCreated with Sketch. TCL 8-Series Lighting TestMore VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpTech This Out: New Nintendo Switch Battery, Samsung Galaxy Note 10 Plus, iPhone 11 Launch03:16OffAutomated Captions – en-USAutomated Captions – en-USLive00:0001:1001:10 5 Features the iPhone 11 Pro Needs to WinBased on rumors and leaks, the regular iPhone 11 will feature an LCD screen and two rear cameras, while the iPhone 11 Pro and iPhone 11 Pro Max will sport OLED displays and three rear cameras. The two Pro models may also offer Apple Pencil support. All three new iPhones will reportedly have a fast new A13 Bionic processor.As the dummy handsets for the iPhone 11 series have been seen already, it’s likely that case manufacturers and other companies that rely on Apple’s products for their own have an accurate idea about what’s happening with the upcoming Apple smartphone. There’s a chance they’re still wrong though – after all, Apple’s surprise move to announce the iPhone 8 and iPhone X at the same time caused many case makers to misprint the first run of their labels and packaging, To make sure you’re up to date with everything iPhone 11, check our rumor round-up which we regularly update with news and leaks about the next Apple smartphone, whatever it may be called.iPhone 11 Leak Reveals New Taptic Engine and Camera UpgradesWhy You Should Skip the iPhone 11 for the iPhone 12Galaxy Note 10 vs iPhone 11: What to Expect
A local biker was tragically killed in a collision on the N11 this afternoon (Sunday).The deceased is 35-year-old Ramesh Ramdhani, known to many in town as “Shaun”, “Ramoo” or “Beans”.It is believed that the bike was hit by a car.A passenger on the motorcycle was rushed to hospital and is in a stable condition. One other person was injured and also taken to hospital.KZN EMS and other emergency personnel responded.According to KZN EMS, the biker was declared dead at the scene after failing to respond to resuscitation efforts.This story will be updated once we know more. WebsiteWebsiteWebsite WebsiteWebsiteWebsite WebsiteWebsiteWebsite DID YOU KNOW?Click on the words highlighted in red to read more on this and related topics.If you are reading this on your cellphone and there are telephone numbers provided in the text, you can call these simply by clicking on them.To receive news links via WhatsApp.For the latest news, visit our webpage or follow us on Facebook and Twitter. Join us there!
Review by @SimonCocking , available from Pearson here.The retail landscape is changing. Will your business adapt or die?Reinventing Retail sets out the new rules of the industry and will help you devise a strategy to survive and thrive.All around us traditional businesses are disappearing – undone by savvy and nimble new entrants and by failing to keep up with changing consumer demands. The world has changed beyond recognition in the last 20 years and it is not enough for retailers to launch a website and a Facebook page and proclaim themselves ready for the future.To reclaim and retain your customers, you need to reinvent yourself from the ground up. Reinventing Retail is your roadmap to understanding the new rules of the industry so you can develop your strategy to reclaim market leadership. Explore:· Rule 1: Someone is going to sell your product at cost or even less.· Rule 2: Everyone knows everything – nothing is a secret· Rule 3: Reputation matters and will make or break a business· Rule 4: Location matters, but for different reasons than it used to· Rule 5: Knowing your customer is key – flying blind won’t end well· Rule 6: If a product or process can be dis-intermediated or simplified, it will beReinventing Retail: The New Rules That Drive Sales and Grow Profits, reviewedThe rules of retail, if there ever were any, are changing fast. The six named above are good pointers to give you an idea of where things are going, and some guidelines to where you need to be planning to go, or be swallowed by your rivals.It can be hard to be all things to all people, but at the same time knowing your customer is vital now, and just because you didn’t before, this may mean that you were lucky rather than smart. The author has good experience and shares this well in an accessible and readable way. It’s a quick read, but it could also be a very useful one too for all businesses looking to plan for where they want to be in 2020 and beyond.Really looking forward to the #reinventingretailbook launch event this evening in partnership with @Barracudaexec. A terrific group of senior retailers coming together to grapple with the challenges of today’s high street. pic.twitter.com/06jcjyrYWD— Ian Shepherd (@IanAShepherd) June 26, 2019“endorsements include:d “a definitive set of practical actions and insight that can help retailers thrive and grow in these turbulent times” “a far-sighted analysis of the changing commercial landscape” “A must-have for anyone in retail” “People are going to build better retail businesses having read this book.””Big moment this weekend as the first real-life copy of my book, Reinventing Retail, arrived. I’ve been really touched by feedback from readers of preview copies. Pre-orders available from all retailers – here’s the Amazon link for the e-commerce inclined!https://t.co/GzTR1ZVsXO pic.twitter.com/ewnBBGAJcj— Ian Shepherd (@IanAShepherd) June 3, 2019More information about Irish Tech News and the Business ShowcaseFYI the ROI for you is => We now get over 1.5 million monthly views, and up to 900k monthly unique visitors, from over 160 countries. We have over 860,000 relevant followers on Twitter on our various accounts & were recently described as Ireland’s leading online tech news site and Ireland’s answer to TechCrunch, so we can offer you a good audience!Since introducing desktop notifications a short time ago, which notify readers directly in their browser of new articles being published, over 16000 people have now signed up to receive them ensuring they are instantly kept up to date on all our latest content. Desktop notifications offer a unique method of serving content directly to verified readers and bypass the issue of content getting lost in people’s crowded news feeds.Drop us a line if you want to be featured, guest post, suggest a possible interview, or just let us know what you would like to see more of in our future articles. We’re always open to new and interesting suggestions for informative and different articles. Contact us, by email, twitter or whatever social media works for you.Home If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at Simon@IrishTechNews.ie or on Twitter: @SimonCocking
WebsiteWebsiteWebsite WebsiteWebsiteWebsite WebsiteWebsiteWebsite We hope you’ve marked your calendar, as Mandela Day is tomorrow. The Ladysmith Gazette – together with Marks Tyres, Sharaj Ambulance Services and ABI – will be doing their bit on Mandela Day. The friendly team will be at San Marco Centre tomorrow. There will be lots of entertainment tomorrow (Saturday) with jumping castles, music, face painting and much more. There will also be hamburgers and pancakes on sale.The team will be collecting money for the ”Toys for Joy’ campaign as well as other local charities.We urge businesses to pledge money for this worthy cause.
Sponsored Stories Earthquakes Canada said the quake was lightly felt across the northern part of the island.Bonnie Overland, a resident of Port Alice on Vancouver Island, said she was awakened by the shaking but thought it was her dog scratching the bed.“It lasted a few seconds and we absolutely felt it,” she said.John Cassidy, a seismologist with Natural Resources Canada, said quakes are common in the region as it is at a fault area where the Juan de Fuca Plate meets the Explorer Plate.There was no tsunami alert.(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.) Four benefits of having a wireless security system Ex-FBI agent details raid on Phoenix body donation facility VANCOUVER, British Columbia (AP) – A moderate earthquake struck off Canada’s southern Pacific coast early Sunday, rattling parts of Vancouver Island.There were no reports of damage or injuries.Earthquakes Canada said the 5.7-magnitude quake hit about 6:20 a.m. local time. The U.S. Geological Survey reported the same magnitude and said it struck about 96 miles (108 kilometers) south of Port Hardy on Vancouver Island. Comments Share Check your body, save your life Milstead says best way to stop wrong-way incidents is driving sober Former Arizona Rep. Don Shooter shows health improvement New Valley school lets students pick career-path academies Top Stories Top ways to honor our heroes on Veterans Day
New Valley school lets students pick career-path academies In this June 19, 2015 photo, Mark Flannigan makes a batch of popcorn at the Popcorn Wagon in Pittsfield, Mass. The Popcorn Wagon, owned by Berkshire Bank and operated by Goodwill’s Business 101 program, is used to teach participants the ins-and-outs of business enterprises. Even with steady hiring and a falling unemployment rate, the U.S. job market is not what it used to be. (Ben Garver/The Berkshire Eagle via AP) An aging population is sending an outsize proportion of Americans into retirement. Many younger adults, bruised by the Great Recession, are postponing work to remain in school to try to become more marketable. Global competition and the increasing automation of many jobs are holding down pay.Many economists think these trends will persist for years despite steady job growth. It helps explain why the Federal Reserve is widely expected to start raising interest rates from record lows later this year even though many job measures remain far below their pre-recession peaks.“The Fed may recognize that this is a new labor-market normal, and it will begin to normalize monetary policy,” said Patrick O’Keefe, an economist at accounting and consulting firm CohnReznick.Thursday’s monthly jobs report from the government showed that employers added a solid 223,000 jobs in June and that the unemployment rate fell to 5.3 percent from 5.5 percent in May. Even so, the generally improving job market still bears traits that have long been regarded as weaknesses. Among them:— A shrunken labor force.The unemployment rate didn’t fall in June because more people were hired. The rate fell solely because the number of people who had become dispirited and stopped looking for work far exceeded the number who found jobs. Here’s how to repair and patch damaged drywall From that perspective, the nation as a whole is beginning to resemble retirement havens such as Florida. Just 59.3 percent of Floridians are in the workforce.— Younger workers are starting their careers later.Employers are demanding college degrees and even postgraduate degrees for a higher proportion of jobs. Mindful of this trend, teens and young people in their 20’s are still reading textbooks when previous generations were punching time clocks.The recession “basically told everybody that they need an education to get better jobs,” says John Silvia, chief economist at Wells Fargo. “So how would young people respond? They stayed in school.”Fewer than 39 percent of 18- and 19-year-olds are employed, down from 56 percent in 2000. For people ages 20 to 24, the proportion has fallen to 64 percent from 72 percent.— The number of part-timers who would prefer full-time work remains high.About 6.5 million workers are working part time but want full-time jobs, up from 4.6 million before the recession began. This is partly a reflection of tepid economic growth. But economists also point to long-term factors: Industries such as hotels and restaurants that hire many part-timers are driving an increasing share of job growth, researchers at the Federal Reserve Bank of San Francisco have found. Ex-FBI agent details raid on Phoenix body donation facility As more young adults put off working, some employers are turning to older workers to fill part-time jobs. Older workers are more likely to want full-time work, raising the level of so-called involuntary part-time employment.Many economists also point to the Obama administration’s health care reforms for increasing part-time employment. The law requires companies with more than 100 employees to provide health insurance to those who work more than 30 hours.Michael Feroli, an economist at JPMorgan Chase, says this could account for as much as one-third of the increase in part-time jobs.— Weak pay growth.The average hourly U.S. wage was flat in June at $24.95 and has risen just 2 percent over the past year. The stagnant June figure dispelled hopes that strong job growth in May heralded a trend of steadily rising incomes.In theory, steady hiring is supposed to reduce the number of qualified workers who are still seeking jobs. And a tight supply of workers tends to force wages up.Yet a host of factors have complicated that theory. U.S. workers are competing against lower-paid foreigners. And automation has threatened everyone from assembly line workers to executive secretaries. Top Stories Still, economists at Goldman Sachs forecast that average hourly pay will grow at an annual pace of about 3.5 percent by the end of 2016. That is a healthy pace. But it will have taken much longer to reach than in previous recoveries.Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Mesa family survives lightning strike to home 0 Comments Share WASHINGTON (AP) — Even after another month of strong hiring in June and a sinking unemployment rate, the U.S. job market just isn’t what it used to be.Pay is sluggish. Many part-timers can’t find full-time work. And a diminished share of Americans either have a job or are looking for one.Yet in the face of global and demographic shifts, this may be what a nearly healthy U.S. job market now looks like. The percentage of Americans in the workforce — defined as those who either have a job or are actively seeking one — dropped to 62.6 percent, a 38-year low, from 62.9 percent. (The figure was 66 percent when the recession began in 2007.) Fewer job holders typically mean weaker growth for the economy. The growth of the labor force slowed to just 0.3 percent in 2014, compared with 1.1 percent in 2007.“It is highly unlikely that we are going to see our (workforce) participation rate move anywhere near where it was in 2007,” O’Keefe says.This marks a striking reversal. The share of Americans in the workforce had been steadily climbing through early 2000, and a big reason was that more women began working. But that influx plateaued in the late 1990s and has drifted downward since.— The retirement of the vast baby boom generation.The aging population is restraining the growth of the workforce. The pace of retirements accelerated in 2008, when the oldest boomers turned 62, when workers can start claiming some Social Security benefits. Economists estimate that retirements account for about half the decline in the share of Americans in the workforce since 2000. Sponsored Stories Arizona families, Arizona farms: working to produce high-quality milk Quick workouts for men New Year’s resolution: don’t spend another year in a kitchen you don’t like
Moody’s rating agency warned on Monday that the slow pace of loan restructurings in the Cypriot banking system may create a need for additional provisions which would erode the banks’ capital.On the backdrop of a financial crisis, which prompted the government to require financial assistance from the EU and the IMF in 2013 and after an excessive reform of the banking sector, Cypriot banks are saddled with a huge stock of non-performing loans. The banks have used the tool of loan restructurings in a bid to reduce their high stock of NPLs that corresponds to 45% of total loans.In its “Credit Outlook” issued twice weekly, Moody’s noted that banks’ restructured loan balance declined to its lowest level since December 2014.The agency acknowledged that the lower balance reflects the larger amount of restructured loans that became performing and exited the restructured loan pool versus newly restructured loans entering the pool.But it underlined that “given that banks in Cyprus have large stocks of non-performing loans, the slow pace of loans being restructured is credit negative because it will prolong the time it takes for banks to rehabilitate their loan books, strengthen balance sheets, and may create a need for additional provision.”Restructured loans were 25.7% of total loans as of July 2017, the lowest proportion since December 2015 and materially below the 27.5% peak in July 2016, the agency said.According to Moody’s, the slow pace in the restructuring effort comes despite the Cypriot economy had seasonally adjusted year-over-year GDP growth of 3.5% in second-quarter 2017, a 10.3% unemployment rate as of September 2017, which was the lowest rate since February 2012, and a gradually recovering property market, all of which support banks’ recovery efforts.“Nevertheless, the banking system is falling behind the restructuring targets that banks set, increasing the risk that they will need to take significant additional provisions that dent their capital,” the agency added.Moody’s furthermore said, the banks’ restructured loan amounts, and consequently the pace in asset quality improvement, differ substantially, with the Cyprus Cooperative Bank (CCB) lagging behind its peers.The nationalised CCB reduced its non-performing loans by only 6% since they peaked in December 2015, versus 21% for Hellenic Bank Public Company Ltd, and 40% for Bank of Cyprus, the Agency added.“CCB’s restructuring process is more cumbersome than that of its peers because of its retail focus and a large number of (small) accounts,” Moody’s said, adding that the bank will continue to trail its peers until the joint venture with Spain’s Altamira becomes operational.The agency also highlighted the CCB’s “borrowers’ non-payment culture and the current political rhetoric against foreclosure of primary residences will make its loan rehabilitation task more challenging.”According to Moody’s Hellenic Bank likely will benefit sooner from its established joint venture with Czech Republic-based APS Holding.“Although these partnerships will hasten procedures with a more efficient organisational structure that will assist the bank’s restructuring efforts, Cypriot banks’ asset quality will remain weak for years given their large volumes of problem loans,” the agency concluded.CNAYou May LikePopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoLivestlyChip And Joanna’s $18M Mansion Is Perfect, But It’s The Backyard Everyone Is Talking AboutLivestlyUndoSmart Tips DailySeniors With No Life Insurance May Get A $250,000 Policy If They Do ThisSmart Tips DailyUndo Pensioner dies after crash on Paphos-Polis roadUndoCypriot tycoon launches ‘Bank of Cannabis’UndoThree arrested in connection with hotel theftsUndoby Taboolaby Taboola
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