Facing populism world finance chiefs defend globalization

first_imgWASHINGTON – Global finance officials on Friday defended their efforts to promote free trade and closer international links against a rising ride of populism around the world and criticism from a Trump administration intent on pursuing its “America First” agenda.Finance ministers from the world’s major economies wrapped up two days of talks with German Finance Minister Wolfang Schaeuble saying that the G-20’s efforts represented a solid response to unhappiness over globalization.Schaeuble said a year ago people were talking about the “swan song of multilateral co-operation,” but now with the global economy beginning to grow at a faster clip “we see that things are not as bad as predicted.”The G-20 did not issue a closing communique, but Schaebel, who served as the group’s leader because Germany holds the rotating chairmanship this year, said he and his colleagues were united in their commitment to promoting economic initiatives that will foster stronger growth. Other leaders said that higher growth was essential to combat a widening income gap in many countries.Schaeuble told a news conference it was wrong to interpret as a repudiation of globalization Britain’s vote to leave the European Union, the populist anger that led to Donald Trump’s election in the United States, and in Germany, parliamentary gains for a far right party when Chancellor Angela Merkel returned to power with a reduced majority last month.The finance minister also disputed reports of growing tensions inside the G-20 over new U.S. demands for a tougher stance on trade violators that Trump contends have cost millions of American jobs.Schaeuble said talks with the U.S. this week were “much more relaxed” than those earlier this year, soon after Trump took office. The United States was represented at the finance meetings by Treasury Secretary Steven Mnuchin and Federal Reserve Chair Janet Yellen.The G-20 discussions served as a prelude to the annual meetings of the 189-nation International Monetary Fund and its sister lending organization, the World Bank. Officials of those organizations told the finance officials that it was important that all countries strive to promote faster global growth.“It often feels like our increasingly interconnected world is in fact falling apart and countries and peoples are pulling away from each other,” World Bank President Jim Yong Kim said Friday.Kim said it should be understood that the IMF and the World Bank both represented a “part of the post-1945 world order that was predicated on the notion that what affects one city, one country, one region can have immediate and lasting impacts on us all.”IMF Managing Director Christine Lagarde told the finance officials that the global economy is expected to turn in the best growth in six years. She said this “offers us a major opportunity to secure the recovery and to expand it to those who are not yet benefiting, and to include those who are excluded or are at the risk of being excluded.”Behind the scenes, the United States did find itself at odds on some major issues confronting the two multilateral lending institutions.The Trump administration is balking at the current outlines of a World Bank request for more money to finance its lending programs.A senior U.S. Treasury Department official previewing the meetings earlier this week told reporters the bank needs to provide financing “to countries that need it” instead of continuing to lend heavily to China, the world’s second-biggest economy. On Friday, Kim warned that without more funding the bank may be forced to slash its main lending program by a third.In remarks prepared for the World Bank’s steering committee, Mnuchin said, “More capital is not the solution when existing capital is not allocated effectively.”The finance discussions were scheduled to wrap up on Saturday with meetings of the policy-setting councils of both the IMF and the World Bank.IMF forecasters expect the global economy to expand 3.6 per cent this year, the fastest pace since 2010.But Lagarde said many workers are still seeing wages stagnate and their jobs replaced or threatened by technology. And many countries are seeing a widening income gap between rich and poor. “The result is growing political tensions in many places and increased skepticism about the benefits of globalization,” Lagarde told reporters at an opening news conference on Thursday.last_img read more

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Tories attack Morneau with allegations over 2015 sale of Morneau Shepell shares

first_imgOTTAWA – The Conservatives have opened up yet another new line of attack against Bill Morneau, accusing the embattled finance minister of selling off stock the week before his own policy announcement drove the value of the shares down by half a million dollars.Inside the House of Commons on Monday, Tory MPs peppered Morneau with questions about the timing of the sale of $10 million worth of shares in his family-founded human resources firm, Morneau Shepell.Conservative finance critic Pierre Poilievre claimed a motion introduced by Morneau in December 2015 to raise income taxes on the highest earners caused the entire stock market to drop — including Morneau Shepell’s share price.Poilievre fired more than a dozen queries at Morneau on the subject during question period. He asked Morneau to confirm he was the ‘someone’ responsible for selling off about 680,000 shares in the company about a week before the tax-change announcement.“That ‘someone’ would have saved a half a million dollars by avoiding the drop in the stock market that followed his introduction of tax measures in this House of Commons,” Poilievre said.“Was it just a coincidence that those two transactions line up so carefully? Or in fact did the minister jump the gun and sell his shares before he introduced his tax measures?”Morneau largely avoided the queries, insisting simply that he had absolutely nothing to hide.“Members across the way will continue to focus on me because they do not want to talk about what is actually going on,” he said. “What is actually going on is the policies that we put in place are making a better situation for our economy and a better situation for Canadian families.”Daniel Lauzon, a spokesman for Morneau, later called Poilievre’s insinuations “utterly false” and “absurd” — and challenged the Tories to make the accusations outside the House of Commons, where members are not protected by parliamentary privilege.Following question period and outside the House, where he was asked directly about his line of questioning and whether he believed the law had been broken, Poilievre demurred.“We really have to know the details first — I don’t want to speculate,” he said.“We know that ministers have the ability to introduce tax changes on the floor of the House of Commons that could potentially affect stock prices and we think it is important that everybody have that information before that minister acts on it.”Morneau has been at the centre of an ethics controversy for weeks.The ethics commissioner has launched a formal examination to determine if he was in a conflict of interest related to his work to introduce pension-reform legislation, which critics have insisted would benefit Morneau Shepell — a company in which, until recently, Morneau owned about $21 million worth of shares.Morneau was executive chairman of Morneau Shepell, which he helped build with his father, until shortly after the 2015 election and before he was named finance minister a couple of weeks later.After the ethics controversy erupted, he sold off the remainder of his holdings in Morneau Shepell and vowed to place his other substantial assets in a blind trust.Morneau donated the difference between what the shares were worth at the time of the sale and their value in 2015 when he was first elected — an amount estimated at about $5 million.He has also faced intense criticism about his integrity after information surfaced showing that, based on the ethics commissioner’s advice, he did not divest shares or place his holdings in a blind trust after being was named to cabinet.New Democrat ethics critic Nathan Cullen said Morneau failed to clear the air Monday over the 2015 sale of his shares, even though he was given many opportunities to do so.“This is the problem that Mr. Morneau creates for himself continuously — by having made decision after decision that does not fall into even the ballpark of common sense and puts him in a constant threat of conflict of interest,” Cullen said.— Follow @AndyBlatchford on Twitterlast_img read more

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Japan court opts to detain Nissans Ghosn through Dec 20

first_imgTOKYO — A Tokyo court has decided Nissan Motor Co.’s former chairman Carlos Ghosn and another executive, both arrested Nov. 19, will remain in custody through Dec. 20.The Tokyo District Court decision on Tuesday comes a day after Ghosn, Greg Kelly and Nissan Motor were indicted for allegedly falsifying financial reports to underreport Ghosn’s pay by about 5 billion yen ($44 million) in 2011-2015.The extended detention is for additional allegations prosecutors issued Monday against Ghosn and Kelly, of underreporting another 4 billion yen ($36 million) in 2016-2018.The arrest of an industry icon admired both in Japan and around the world stunned many and has raised concerns over the Japanese automaker and the future of its alliance with Renault SA of France.The Associated Presslast_img read more

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NITI Aayog VCs remarks against Congs NYAY violated poll code EC

first_imgNew Delhi: The Election Commission Friday expressed “displeasure” over NITI Aayog vice chairman Rajiv Kumar’s remarks against the Congress’ proposed minimum income scheme ‘NYAY’ and said the comments violated the model code of conduct norms. In a communication sent to Kumar, the EC asked him to be cautious in future while making statements. The EC asserted that the public servants should not only be impartial in their conduct but also in their public utterances, “which was found wanting in the instant case”. Also Read – Uddhav bats for ‘Sena CM’ On March 27, the poll panel had sought Kumar’s response on his remarks in which he had attacked the Congress over its minimum income guarantee promise. The EC had felt that since Kumar is a bureaucrat, his remarks were prima facie violative of the model code. Kumar is learnt to have told the Election Commission that he spoke against Congress’s Nyuntam Aay Yojna (Nyay) scheme as an economist and not as part of the policy body. The commission, in its letter, said that it considered his reply and has not found it to be satisfactory. At a press conference here on March 25, Congress president Rahul Gandhi announced that 20 per cent families belonging to the poorest category will be given Rs 72,000 each annually as minimum income if his party comes to power.last_img read more

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Shooting at school shakes Colorado

first_imgHighlands Ranch (US): Two high school students shot and killed a classmate and injured eight others at a charter school in a Colorado community that marked the 20th anniversary of one of the nation’s worst school shootings just weeks ago. Douglas County sheriff’s officials said Devon Erickson, 18, and a younger student walked into the STEM School Highlands Ranch Tuesday afternoon and opened fire on students in two classrooms, prompting students to run shouting through the halls or to hide out of sight as gunfire echoed through school. “At the moment no one really knew what was going on so I didn’t know they were bullets,” said seventh-grader Sophia Marks. “I just kind of saw like flashes and we heard bangs.” Within minutes, deputies at a nearby sheriff’s department substation entered the school and arrested the two suspects after a struggle. Both were students at the school and they were not previously known to authorities, Sheriff Tony Spurlock said. Josh Dutton, 18, told The Associated Press that he was close friends with Devon Erickson in middle school but hadn’t seen him for four years as he went to a different high school. On Sunday, he spotted Erickson at a local light rail station and said he was shocked at how much his friend had changed. Erickson wore all black, a hat and sunglasses, was significantly skinnier and didn’t seem interested in talking. “He said he’d just turned 18 and he owned rifles,” Dutton said. A message left at a phone number listed for Erickson’s home was not immediately returned. The shooting took place exactly a week after a gunman killed two students and wounded four at the University of North Carolina-Charlotte. It also comes nearly three weeks after neighboring Littleton marked the grim 20th anniversary of the Columbine school massacre that killed 13 people. The two schools are separated by about 7 miles (11 kilometers) in adjacent communities south of Denver. “Tragically, this community and those surrounding it know all too well these hateful and horrible acts of violence,” White House spokesman Judd Deere said in a statement. President Donald Trump had been briefed on the shooting and was in touch with state and local officials, Deere said. “The heart of all Colorado is with the victims and their families,” Gov. Jared Polis said in a statement.last_img read more

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WBNS stops student radio

The estimated 200 listeners of The Underground’s webcast of Ohio State football games might have to turn to other means of media to cheer on the Buckeyes this season.Steve Snapp, the OSU sports information director, told Aaron Stollar, director of the sports department at the Underground, to cease broadcasts of the games immediately. Stollar was told that WBNS – The Fan 1460 AM and 97.1 FM – has an exclusive $1.5 million deal for the rights to broadcast football games.The Underground had been offering a completely free webcast of the games, while WBNS’s service charges a monthly fee through the athletic department’s Web site. Both Snapp and Director of Athletics Andy Geiger denied that there is a charge for the service, Stollar said.Stollar admitted The Underground is technically in violation of the contract signed by WBNS, but that everyone at its station thought the games could still be broadcasted without a problem.“I guess The Fan sees our 150-200 viewers a week as a threat,” Stollar said.Scott Barthelmas, who announces OSU games along with Stollar every Saturday, calls the ordeal an “odd situation.”“We’ve been doing this a long time, and the communication from the athletic department has not been clear,” he said.Ruth Gerstner from Student Affairs said she was surprised the Underground had been allowed to broadcast games. She said anything other than the WBNS broadcast would be violating the contract made by the athletic department and WBNS, which holds exclusive rights to the games.The athletic department gave The Underground $3,000 in August in order to ensure the broadcast capabilities of the station. The Underground broadcasts many Ohio State sports, including football.In an article which appeared in the Oct. 3 issue of The Lantern, Snapp said it was important for students to hear a wide variety of games from the perspective of other OSU students. He also said Geiger wanted to assist the troubled organization so it could continue broadcasting games.“Student affairs tells us to be more visible, and get our name out there and advertise, and then we get shut down,” Stollar said.Barthelmas and Stollar both said they might be able to solve the issue and keep broadcasting the games on Saturdays, but they might need some help from Geiger, whom Stollar said is on their side.Numerous phone calls to Snapp and Geiger were not returned.“Nothing is final as of yet,” Stollar said. “This could still be worked out.” read more

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Everton apologize for breaching PL rules

first_imgEverton Football Club have apologized for breaking Premier League rules regarding the signing of young players to club academies.The Toffees were fined £500,000 and banned from signing young registered academy players in England for the next two years after they were found guilty of inducements to players and their families.A club statement said, according to talkSPORT:Daniel Fark, Norwich City, Premier LeagueDaniel Farke, From mid-table in the Championship to the Premier League Manuel R. Medina – September 14, 2019 Norwich City manager, Daniel Farke, has taken his team from the middle of the table in the English Championship to play with the big boys in the Premier League.“Everton has worked alongside the Premier League over recent weeks to conduct a full and thorough investigation into allegations relating to our Academy’s operational methods in some areas of player recruitment.”“In short, we are extremely disappointed with some of the practices we have found which are not in line with our values and not acceptable to Everton Football Club. Accordingly, we have accepted the penalties imposed on us by the Premier League and have given them our strongest apologies.”“We have already commenced a full review of our Academy operations and are committed to ensuring that issues like this do not happen again at Everton.”last_img read more

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Genoa confirm no offers for Piatek

first_imgGenoa have confirmed they are yet to receive offers from reported Real Madrid and AC Milan target Krzysztof Piatek.The Polish striker has found the net a remarkable 19 times in 21 appearances for the Italian club this season, having joined from Cracovia Krakow last summer.The Serie A side paid only €4.5m for Piatek – who has also been linked to Barcelona – in that deal but his market value has multiplied with reports suggesting he would only be sold permanently in a move in excess of €60m.A report cited on Football Espana speaks of ‘concrete interest’ from the European giants while Atletico Madrid and AC Milan are equally monitoring the situation.Jose Mourinho, Lionel MessiMourinho: “Lionel Messi made me a better coach” Andrew Smyth – September 14, 2019 Jose Mourinho believes the experience of going up against Barcelona superstar Lionel Messi at Real Madrid made him a greater coach.“We are waiting for offers for Piatek, there is nothing official yet,” Genoa CEO Giorgio Perinetti told RMC Sport.“Milan know that we would like to keep the player until June, but we will evaluate any proposal that may come in.“It is not our intention to sell Piatek now and we cannot wait until the last day of the market.”last_img read more

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Soldotna Man Caught With Stolen Firearm During Traffic Stop

first_imgAccording to the online Trooper dispatch, subsequent to the investigation Jas was arrested, transported, and remanded to Wildwood Pretrial on the charges of Misconduct Involving Weapons in the Fifth Degree and Theft in the Second Degree. Facebook0TwitterEmailPrintFriendly分享A Soldotna man was found to be in possession of a stolen firearm during a traffic stop off Gas Well Road, on January 25. The Alaska State Troopers contacted Devin Jas, 21, of Soldotna. Jas was found to be concealing a firearm which was not declared to law enforcement, and the firearm was found to have been reported stolen.last_img read more

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