Third major ratings agency downgrades Alaska credit

first_imgEconomy | Energy & Mining | State GovernmentThird major ratings agency downgrades Alaska creditJune 14, 2016 by Rachel Waldholz, Alaska’s Energy Desk Share:Credit ratings agencies have cited Alaska’s $3.8 billion budget deficit and ongoing legislative gridlock in downgrading the state’s credit. (Photo by Rachel Waldholz/Alaska’s Energy Desk)The third major credit ratings agency has weighed in on Alaska’s fiscal health.New York-based Fitch Ratings announced Tuesday morning that it is lowering the state’s long term credit rating from AAA — its highest rating — to AA+, citing the state’s massive budget gap.It follows downgrades earlier this year from the other two major ratings agencies, Standard and Poor’s and Moody’s Investors Service.The credit downgrades will make it more expensive for the state to borrow money in the future.All three agencies have said they expect Alaska’s rating to slip lower if oil prices remain low and the state continues to rely solely on savings to cover the deficit.Share this story:last_img read more

People / Nusrat Ghani appointed new UK minister for ports

first_img The UK Department for Transport has confirmed that MP Nusrat Ghani will have responsibility for ports as parliamentary under secretary of state for transport.The appointment of the new minister for ports has been well received by the British Ports Association (BPA).Chief executive Richard Ballantyne said: “We hope she picks up where John Hayes left off, as an energetic champion of UK maritime as well as UK ports and the vital role they play in our economy.“As ports handle 95% of the UK’s trade, the new minister has her work cut out ensuring post-Brexit customs and port health regimes do not disrupt the flow of goods at ports.”Ms Ghani won the East Sussex seat of Wealdon in the 2015 general election, being appointed later that year as a member of the Home Affairs Select Committee. After increasing her majority in the 2017 election she was promoted to parliamentary private secretary at the home office and became the first Muslim woman minister to speak from the government dispatch box in the Commons.Mr Ballantyne added that ports were “keen” that environmental and planning regulations and port connectivity are addressed.“We will be pressing the minister at the earliest opportunity to make sure that these and the other priorities we have set out this month are top of her agenda,” he said. “And not just in her department, but across Whitehall.” By Alexander Whiteman 19/01/2018last_img read more

News / Canadian carriers are flying high with a cargo of cannabis

first_imgIn the run-up to legalising private use for leisure, Cargojet performed several charters in the summer, moving seedlings to a new production facility in British Columbia.Since October 17, the freighter airline has moved cannabis shipments around its network, notably from Montreal, Vancouver and Edmonton, Mr Porteous said. However, he has no clear picture how much cannabis is being shipped, as only a fraction of this traffic is declared as such.Some shippers use security firms like Brinks to transport their inspirational cargo, and those usually do not identify the nature of their shipments, he noted.There are no special handling and security protocols for moving cannabis shipments, although Cargojet, Air Canada and WestJet all implemented staff policies in the days before October 17, according to Mr Porteous.“We had internal discussions before this started. What do we do if a plane gets diverted to the US and it has cannabis on board? But we often don’t know that we have it,” he said.Other carriers have reportedly been more circumspect.“We had enquiries to carry plants to Scandinavia but we couldn’t find a carrier that was willing to take that,” reported Ron Buschman, managing director of Aerodyne Cargo Services.“Apparently some airlines are concerned that some spill of the oil or residue could leave the smell on the aircraft, which could cause problems if they go through the US and sniffer dogs go on the plane.”Although it is unclear how much of the newly liberated weed is on Cargojet freighters, Mr Porteous found volumes less than anticipated.“There was a lot of noise, with projections of significant volumes, but we’ve not seen volumes anywhere close to those forecasts,” he said.This should change if Aurora Sky has its way. The cannabis producer has set up an 800,000sq ft production facility right on Edmonton International Airport, and most of the output is expected to leave by air.The facility, which sports a sophisticated glass roof and an armada of growing lamps, is not yet running at full throttle. It is designed to produce over 100,000 kg of cannabis in a year. And this is just for starters.Management of parent Aurora Cannabis has talked of plans to build a 1.2 million sq ft facility capable of producing 150,000 kg a year. The company is currently running eight facilities in Canada and Europe and building two new ones in Denmark.Alex Lowe, manger of cargo business development at Edmonton International Airport, said that the company has committed to more land at the airport.“There are air cargo opportunities all over the place,” he said, citing reports that Aurora Cannabis signed an agreement with the largest distributor of medicinal plants in Europe earlier this year.Its output may not make carriers soar, but it will boost their payloads. © Razvan Nitoi Although eagerly anticipated in some quarters, the legalisation of cannabis for leisure purposes in Canada on October 17 turned out to be a less than soaring occasion, both in terms of consumption and aircraft payloads.However, some growers have ambitious plans in which air cargo figures prominently – some operators are poised to be flying high, in fact.Cargojet, Canada’s largest freighter operator, has been no stranger to flying cannabis across the country, as use of the plant for medical purposes was legalised in 2001.Performing the linehaul on domestic trunk routes for all major express parcel operators, the Hamilton-based airline ended up with cannabis on its freighters “willy-nilly”, said Jamie Porteous, executive vice-president and chief commercial officer.center_img By Ian Putzger in Toronto 06/11/2018last_img read more

Change to Exemplar Investment Grade Fund

first_img Share this article and your comments with peers on social media Horizons lowers risk ratings for 4 ETFs Toronto-based Arrow Capital Management Inc. Friday announced a change to its Exemplar Investment Grade Fund. The risk rating for the fund has changed to “low” from “low medium” effective immediately, to align better with the fund’s risk level. BMO announces changes to several ETFs New country risk ratings include ESG insights Related newscenter_img “The new risk rating is not as a result of any changes to the investment objectives, strategies or portfolio management of this mandate,” Arrow said in a release. Facebook LinkedIn Twitter IE Staff Keywords Risk ratingCompanies Arrow Capital Management Inc. last_img read more

Balancing risk in a time of flat yield curves

first_img Bond alternatives spark interest as yield curve flattens Businessman Walk Over Cliff Gap Risk Mountain Balancing Flat Illustration gmast3r/123RF Active bond ETFs outpace passive funds Facebook LinkedIn Twitter Related news What is safety worth to fixed-income investors? Keywords Fixed-income investments center_img Central banks’ interest rate increases carry great risk Also readTSX hits six-month lowThe elephant in the room is the massive and increasing U.S. government debt. That debt was US$14.7 trillion at the end of 2017, according to data from the U.S. Department of the Treasury, and is predicted to rise to US$28.7 trillion 10 years from now, according to Statista, a Germany-based global statistics firm. Someone is going to have to foot this bill. Chances are that the Treasury will choose to sell this debt in short-term bills, raising the chance of an inverted yield curve, which is often an omen of recession.“A day of reckoning is coming,” predicts Richmond Hill, Ont.-based Canso Investment Counsel Ltd ’s September Corporate Bond Newsletter. The reasoning for this is that massive U.S. government debt will inevitably force interest rates upward as U.S. government credit quality deteriorates. The timing, however, is uncertain.The overarching risk is that when credit markets retrench, investors would seek liquidity and cash in their investments, as they did in 2008. Long bonds would be sold off just to raise cash even though central bank stimulus moves — lowering interest rates — would tend to push bond prices up higher.The largest foreign holder of U.S. debt is China. For reasons both political, given the state of tariff wars, or just practical, seeking more yield than the flat U.S. yield curve offers, China could sell U.S. bonds. But that’s not likely to happen, says Chris Kresic, head of fixed-income and asset allocation at Jarislowsky Fraser Ltd. in Toronto: “I doubt that China would sell its U.S. treasuries. They would shoot themselves in the foot. In addition, they could cause weakness in the U.S. dollar, which would only help increase U.S. exports.”For now, major players are on the sidelines waiting for the yield curve to make a significant move. Says Andrew Grantham, senior economist with CIBC World Markets Inc. in Toronto: “What we have now is caution, not complete risk-off mentality. If you have a pessimistic outlook for the future, the risk is a recession. That situation justifies investing in bonds, but if the return you anticipate goes below 2%, you will not hold to maturity.”Staying fairly short allows a switch to longer maturities or back to stocks when stock multiples return to reason, Grantham notes. Charles Marleau, president of Palos Management Inc. in Montreal, agrees: “On the yield curve, I want to be short in a one- to five-year ladder. That gives me an average term of 2.5 years and very low duration. It’s a safe place to be.”The duration of the five-year bond ladder is 0.039. In other words, even if interest rates for one- to five-year bonds rise by an average of 100 bps, exposure to losses would be about 4% of the face value of the bond. On the other hand, the price of safety is low returns. Staying short would get a client through any liquidity crisis. The cost would be foregone yield.Renowned capital markets scholar Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School in Philadelphia, noted in the fifth edition his book, Stocks for the Long Run, that when holding bonds for a period of one year, they outperform stocks just 40% of the time. That time could be coming. The question remains where to find haven on the yield curve. With a flat yield curve, the opportunity cost of going long is low, but the risk of losses is high if inflation picks up and long-term interest rates rise.This is the fourth in a four-part series of fixed-income investing. Finding safe haven in bonds is becoming more difficult as the yield curve becomes a lot flatter. The critical spread between two- and 30-year U.S. treasuries now is 42 basis points (bps) compared with an average of 196 bps during the previous five years. Thus, the question for financial advisors and their clients now is where to invest in this very flat yield curve and get a decent return from bonds to take cover if and when stock prices tumble?Given that bond prices move up when stock prices go down, the choice is between sticking with global, but mainly U.S., stocks late in the current bull market or taking low returns in bonds as diversification. Yet, bonds have their own risks embedded in today’s very flat yield curves in both Canada and the U.S. Share this article and your comments with peers on social media Andrew Allentuck last_img read more

CU-Boulder Alumni Association Hosts Second Annual Camp Colorado

first_img Published: July 22, 2001 Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Approximately 350 incoming first year students at the University of Colorado at Boulder will participate in the second annual Camp Colorado on Aug. 20-22 to learn more about CU-Boulder traditions. According to camp organizer Matthew Hiser, CU alumni association director of student relations, students will travel to the Snow Mountain Ranch YMCA Camp outside of Winter Park for activities designed to introduce them to CU-Boulder traditions, the Rocky Mountains and fellow classmates. Annie Kaiser, class of 2004, participated in the camp last year. She said that “Camp Colorado was the best thing CU could have done for me and other incoming `fresh-people.’ ” Last year’s events included team building activities, a 100-year look at the history of CU, a professor panel, a freshman finance workshop presented by the MBNA Credit Card Group and a special workshop on CU’s alma mater and fight song presented by CU cheerleaders. Similar activities are being planned for this year’s camp. College of Arts and Sciences students who will have attended orientation before Aug. 20 were sent invitations to participate. Registration cost is $150, which includes lodging, transportation and meals. Students interested in attending this year’s Camp Colorado are encouraged to register early because space is limited. Camp Colorado is organized by the CU Alumni Association. For additional information contact Matthew Hiser at (303) 735-2677 or email [email protected]last_img

Get recommendations for your summer reading

first_img Wild Communications Specialist Claire Woodcock enjoyed the film Wild directed by Jean-Marc Vallée and based on writer Cheryl Strayed’s 2012 memoir Wild: From Lost to Found on the Pacific Crest Trail. A beginning hiker, the story follows her 1,100-mile solo trek from California to Oregon. “This movie is an extreme and beautiful account of one woman’s ability to find strength in overcoming personal trauma,” said Woodcock. “There’s no way this film or book won’t inspire you to go for a long hike, whether it be in Boulder, Rocky Mountain National Park or elsewhere!” My Hero Academia Norlin Branch and Virtual Services Manager Brittany Reed, recommends the TV show My Hero Academia, adapted from the manga series by Kōhei Horikoshi. “It’s a fun, silly and sentimental hero anime about persisting even when things seem impossible. The show manages to remain hopeful even when approaching serious topics.” Thumbnail photo by Ben White on Unsplash Published: May 5, 2021 It’s a hot book summer at the University Libraries. Whether you want to self-improve before returning to society, escape into gritty or fantastical stories or glean inspiration from the  writings of others, we’ve got you covered!In addition to these titles, you can check out books from the libraries’ Popular Reading collection and stream documentaries and films through Kanopy and Swank Digital Campus. Clothes, Clothes, Clothes. Music, Music, Music. Boys, Boys, Boys Megan Friedel, head of archives, suggests reading the memoir, Clothes, Clothes, Clothes. Music, Music, Music. Boys, Boys, Boys by Viv Albertine. “Written by the guitarist for the seminal British punk group the Slits, Albertine’s memoir is the kick in the pants we all need to remember how to grasp life by its rocking, joyful horns, no matter what trouble gets slung your way,” explains Friedel. “Viv Albertine is a living legend, and her hilarious, fascinating, heartbreaking book makes me want to change out of my pandemic sweatpants ASAP and go make some loud and raucous memories out in the world again.” The Body is Not an Apology Education and Ethnic Studies Librarian Linds Roberts recommends the book, The Body is Not an Apology by Sonya Renee Taylor. “This book is small and packed with powerful ideas that can help move us from shame through acceptance towards radical self-love,” said Roberts. “Taylor shows how these practices transform our relationship with ourselves and ripple out to connect with broader social change and a more just future. Readers will see Taylor’s roots as a spoken word poet–her sentences reverberate beyond the page.” Self-Improve Me and White Supremacy Outreach Coordinator Mark Locy recommends the book, Me and White Supremacy by Layla Saad. “This is really an anti-racism workbook. Each chapter goes into the basics of different aspects of white supremacy.” Locy explains. “Not only that, each chapter ends with journal prompts and asks you to write responses. This really helps make the work of anti-racism more present and tangible.”center_img Red Notice: A True Story of High Finance, Murder and One Man’s Fight for Justice Dean of University Libraries and Senior Vice Provost of Online Education Robert H. McDonald recommends Red Notice: A True Story of High Finance, Murder and One Man’s Fight for Justice by Bill Browder. McDonald states that “this memoir is very intriguing, spellbinding look at early investments in Eastern Europe after the fall of communism.” The House in the Cerulean Sea Libraries Assistant Budget Officer Nissa Zimmer enjoyed The House in the Cerulean Sea by T.J. Klune.  “If you want a chance to escape in a story for a few hours after 2020, read this book,” Zimmer says. “It has a bit of everything—magic, mystery and quirky detail. You will fall in love with the children, including the gnome who threatens death by shovel and the antichrist who actually loves to cook. This book is a gem.” Escape Beauty is Embarrassing: The Wayne White Story Kate Wright, outreach and student success coordinator, recommends the documentary Beauty is Embarrassing: The Wayne White Story directed by Neil Berkely. “Beauty is Embarrassing is an inspiring and funny documentary about the artist Wayne White best known for his work designing and voicing the puppets on Pee-wee’s Playhouse,” Wright explains. “PBS put it best: ‘The film, like White, embraces the ragged edges and messy contradictions of life, art, and family with rabid humor and honesty.’” Inspire Say Nothing: A True Story of Murder and Memory in Northern Ireland Nicole Trujillo, access and discovery librarian, suggests the nonfiction title, Say Nothing: A True Story of Murder and Memory in Northern Ireland by Patrick Radden Keefe. “The Irish Troubles, an archival project gone wrong, and a murder investigation. Follow up with any mystery by Tana French.”last_img read more

Piramal Swasthya gets ‘Inclusive Health Access Award’

first_img The missing informal workers in India’s vaccine story Piramal Swasthya gets ‘Inclusive Health Access Award’ Inclusive Health Access AwardLocally Leading the Way to Universal Health CarePiramal SwasthyaUnited Nations General AssemblyUniversal HealthUSAID Read Article Share Menopause to become the next game-changer in global femtech solutions industry by 2025 WHO tri-regional policy dialogue seeks solutions to challenges facing international mobility of health professionals News Phoenix Business Consulting invests in telehealth platform Healpha Comments (0) Recognition for innovations including community outreach programmes and telemedicine services Piramal Swasthya’s has been recognised with USAID’s ‘Inclusive Health Access Award’ at the ‘Locally Leading the Way to Universal Health Care’ event aligned to the United Nations General Assembly’s theme of Universal Health. The award has been bestowed on Piramal Swasthya Management and Research Institute for innovations including comprehensive primary healthcare through community outreach programmes and telemedicine services to the unserved and underserved sections of society in India. Vishal Phanse, CEO, Piramal Swasthya, accepted the award at the United Nations General Assembly in New York.Swati Piramal, Vice Chairperson, Piramal Group said, “We are delighted to be recognised by Inclusive Health Access Award for Piramal Swasthya’s high impact solutions towards democratising healthcare services across 20 states in India. Over the last decade, Piramal Swasthya has successfully implemented several primary healthcare services and initiatives for the marginalised sections of society, especially in remote and inaccessible geographies across the country. At Piramal Swasthya, we are committed to delivering sustainable, scalable, replicable and affordable primary healthcare solutions to unserved and underserved sections of society.”Five winners from 400 applications across 68 countries received a $30,000 grant from USAID’s Innovation Incentive Award Authority. These awards are issued as fund transfers and the award money may be used at the winning teams’ discretion.Commenting on the occasion, Vishal Phanse, CEO, Piramal Swasthya said, “USAID’s Inclusive Health Access Award is a testament to Piramal Swasthya’s role as a catalyst. I am humbled that our efforts in this area has been recognised globally. Piramal Swasthya is poised to transform India’s most pressing healthcare needs and help India achieve a maternal mortality rate of 70.”The Inclusive Health Access Prize is a global call for proven successes in expanding access to life-saving basic health care in low and middle-income countries. The prize recognises and incentivises evidence-based solutions that increase accessibility, affordability, accountability, and reliability of essential healthcare. USAID also facilitates access to financial and other support so that proven models can obtain maximum reach and impact. It recognises work that demonstrates how integration and partnership between public and private sector providers expands the access to affordable, accountable, and reliable health services for poor and vulnerable groups. The aim is to celebrate and spur a broad range of approaches that are sustainable, scalable and replicable. Successful models will engage local civil society, community, faith-based, for-profit commercial and/or other non-profit organisations that work as partners with communities in functioning health systems. By EH News Bureau on October 9, 2019 Heartfulness group of organisations launches ‘Healthcare by Heartfulness’ COVID care app Indraprastha Apollo Hospitals releases first “Comprehensive Textbook of COVID-19” Related Posts MaxiVision Eye Hospitals launches “Mucormycosis Early Detection Centre” Add Commentlast_img read more

Commissioner Promises to Restore Order, Despite Sudden end to Emergency

first_imgRelatedCommissioner Promises to Restore Order, Despite Sudden end to Emergency RelatedCommissioner Promises to Restore Order, Despite Sudden end to Emergency Commissioner Promises to Restore Order, Despite Sudden end to Emergency National SecurityJuly 26, 2010 RelatedCommissioner Promises to Restore Order, Despite Sudden end to Emergencycenter_img FacebookTwitterWhatsAppEmail The Jamaica Constabulary Force (JCF) is determined to carry on its operations to restore security, peace and order in Jamaica, despite the sudden ending of the State of Emergency in Kingston, St. Andrew and St. Catherine, says Police Commissioner, Owen Ellington.“The work which we started on May 23 is not over. It could not have been completed in the short space of time between then and now. We were anticipating an extension of those limited powers, so that we could complete the job. We no longer have those powers, but we are determined to carry on our operations. We are determined to restore security, peace and order in this country,” Commissioner Ellington said.He was speaking at the Private Sector Organisation of Jamaica’s (PSOJ) President’s Forum on Friday (July 23) at the Sunset Jamaica Grande Resort in Ocho Rios, St. Ann.Mr. Ellington said that the Security Forces would continue to work, collaboratively, to achieve the best results, despite the fact that they no longer had emergency powers.“Since we got news that the special powers were no longer available to us, we have had several meetings. We have crafted new strategies that we hope to roll out,” he said.The Commissioner admitted that there will be challenges and shortcomings, but he assured Jamaicans and, in particular, the business community, that the Security Forces have combined their efforts, “so as to enable us to continue the fight to regain control of our streets and communities and to secure this country”.Jamaica Defence Force (JDF) Colonel, Rocky Meade, confirmed the continued support of the Military for the JCF in the fight against crime.“The Jamaica Defence Force stands ready to continue to support the JCF in its efforts in dealing with the significant national security issues that we are faced with,” Colonel Meade said. He called on Jamaicans to support the Security Forces, as they carry out their duties in the effort to restore peace and order in the country.President of the PSOJ, Joseph Matalon, commended the members of the JCF and the JDF for the work that they have been doing across the island, and urged them to continue to do so to the best of their ability.The Forum was held in collaboration with FLOW Jamaica, under the theme, “Addressing National Security Issues”.The State of Emergency, declared on May 23 and limited to Kingston, St. Andrew and, eventually, St. Catherine, ended Thursday after the Government failed to get Opposition support in Parliament to extend it for another month, Advertisementslast_img read more

Rehabilitated Allman Town Basic School Handed Over

first_imgAdvertisements RelatedRehabilitated Allman Town Basic School Handed Over RelatedRehabilitated Allman Town Basic School Handed Over FacebookTwitterWhatsAppEmail RelatedRehabilitated Allman Town Basic School Handed Overcenter_img Story HighlightsStudents and staff of the Allman Town Basic School in Central Kingston, are benefitting from upgraded and better equipped facilities, following the official handing over of the rehabilitated institution, at a ceremony on Wednesday, January 30.The project was funded at a cost of $45.1 million by the European Union (EU), under its Poverty Reduction Programme II (PRP), which is being implemented by the Jamaica Social Investment Fund (JSIF).Work included the construction of two new classrooms, a sickbay, an administrative area, playground, and a link-way between the classroom block and bathrooms. Students and staff of the Allman Town Basic School in Central Kingston, are benefitting from upgraded and better equipped facilities, following the official handing over of the rehabilitated institution, at a ceremony on Wednesday, January 30.The project was funded at a cost of $45.1 million by the European Union (EU), under its Poverty Reduction Programme II (PRP), which is being implemented by the Jamaica Social Investment Fund (JSIF).Work included the construction of two new classrooms, a sickbay, an administrative area, playground, and a link-way between the classroom block and bathrooms.The existing bathroom and classroom block were also rehabilitated, in addition to a new driveway and parking area, while the sewer system was upgraded and a ramp constructed. The school also received much needed equipment.Education Minister, Rev. the Hon. Ronald Thwaites, who welcomed the improved facilities, challenged the staff, parents and the community to instill good values in the students and to provide encouragement and nurturing.He also urged the adjoining church, St. Matthew’s Anglican Church, as a vital part of the community, to take an interest in the school by encouraging its members to provide assistance to students in their academic and social endeavours.Meanwhile, JSIF’s Managing Director, Scarlette Gillings, noted that the project, which was completed in collaboration with the school Board and the Parent Teachers Association (PTA), aimed to provide well equipped areas intended to boost both academic and personal development for the students.“The safe environment that we have partnered to produce should go a long way in creating valued experience for the children and families using these facilities…Make the best use of these facilities,” she urged.For his part, Head of Operations of the EU in Jamaica, Jesus Orús Bàguena, said early childhood education and care is the basis for successful lifelong learning, social integration, personal development, and employability.“These are some of the reasons why the EU works in collaboration with the Government of Jamaica to provide support to projects such as these under our poverty reduction programme,” he said.Some $3.1 billion has been allocated by the EU for the PRP, with $2.1 billion of this already translated into programmes impacting communities across several parishes. Rehabilitated Allman Town Basic School Handed Over EducationJanuary 30, 2013Written by: Alphea Saunderslast_img read more