The Bloomsbury set

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India to provide $266 billion to boost pandemic-hit economy

first_imgPrime Minister Narendra Modi said on Tuesday that India would provide 20 trillion rupees ($266 billion) in fiscal and monetary measures to support an economy battered by a sweeping weeks-long lockdown to fight the novel coronavirus.India has more than 70,000 cases among its 1.3 billion population and is set to surpass China, the origin of the outbreak, within a week. Modi said strict stay-at-home orders would be extended beyond May 17 with a new set of rules.In an address to the nation, he said the package was equivalent to 10% of India’s gross domestic product, and was aimed at the multitudes out of work and the businesses reeling under the prolonged shutdown. Topics : “Headline announcement looks positive. Would include around 6.5 trillion rupees already done by RBI [Reserve Bank of India] and the first package. So – additional is 13.5 trillion rupees,” said Sandip Sabharwal, a Mumbai-based fund manager.”It doesn’t match the gross borrowing details of the government so we need to look at details. Headline number should, however, excite the markets near-term.”Last week, India increased its borrowing program for the year to 12 trillion rupees from 7.8 trillion to fund some of the expenses. Economy slowing, spending rising Even before the pandemic, India’s growth was slowing and public finances were strained because of poor tax collection and higher spending.Last month, the ratings agency Fitch said India’s sovereign rating could come under pressure if its fiscal outlook deteriorates further as the government tries to tackle the coronavirus crisis.Some commentators said it was too early to say how effective the package would prove to be. “Very often, when the government has made these huge, very big announcements … the figures have often been fudged,” Yogendra Yadav, founder of the opposition party Swaraj India, told a television channel.”What we have right now is a statement of intent. How can you quarrel with intent?”Modi said the reforms of the land and labor markets were intended to make India more competitive and a big player in global supply chains, some of which could shift away from China after the pandemic.Business leaders say potential investors often choose Vietnam, Thailand or Bangladesh ahead of India because of the time required to buy land for factories, restrictive labor laws and higher borrowing costs.”These reforms will promote business, attract investment, and further strengthen ‘Made in India’,” Modi said.Governments and central banks around the world have unleashed unprecedented amounts of fiscal and monetary support for economies that are reeling from the pandemic.”India’s response has so far been tepid compared to other key nations and thus the catch-up is welcome and is also the need of the hour,” said Madhavi Arora, lead economist at Edelweiss FX and Rates.”It needs to be seen how much will be in the form of direct budgetary support to gauge the immediate fiscal hit and the consequent funding sources.”  In March, the government said it was providing around 1.7 trillion rupees ($2.6 billion) in direct cash transfers and food security measures, mainly for the poor, but was widely accused of doing too little.Modi said details of the new package, as well as reforms of land and labor markets, would be released within days:”The package will also focus on land, labor, liquidity and laws. It will cater to various sections including cottage industry, medium and small enterprises, laborers, middle class, industries, among others.”Economists said the new package included the March allocation as well as liquidity measures announced by the central bank worth $6.5 trillion rupees.last_img read more

European pension fund seeks emerging markets managers via IPE Quest

first_imgA European pension fund is seeking managers for a €400m allocation to emerging markets, through two searches on IPE Quest.In search QN-2316, the investor has requested a core active manager to run a €200m emerging market equity allocation.In search QN-2317, the pension fund requested a quant manager to run a similar mandate.Both mandates are to be benchmarked against the MSCI Emerging Markets index. Managers bidding for the allocations should have at least €3bn already under management in the asset class, and at least €10bn under management overall. They must have at least a five-year track record.Performance should be stated gross of fees to 31 March 2017.The pension fund will accept a maximum tracking error of 6% for each allocation.The closing date for proposals is 31 May.The IPE news team is unable to answer any further questions about IPE Quest tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 7261 4630 or email jayna.vishram@ipe-quest.com.last_img read more

Swiss Federal Council in tight spot over pension reform after consultations

first_imgShe added that proposing alternatives to a certain model of the reform was also an option, but it would require a new round of consultations too.The review of the second pillar pension system is based on proposals made by the social partners Swiss Employers’ Association (SAV), Swiss Trade Union Federation (SGB) and Travail.Suisse, with the goal to reduce occupational pensions’ funding problem, secure a certain level of pensions payments and to improve social security for low-income workers.The coronavirus pandemic has forced an extension of the consultation until the end of May.Hanspeter Konrad, managing director of Swiss pension fund association ASIP, told IPE that it remains to be seen whether the Federal Council will stick to the social partner compromise.“The proposed pension supplement in particular has been massively criticized and largely rejected in the consultation process,” he said, adding that also in a following debate in Parliament the result will still be uncertain.“The proposed pension supplement in particular has been massively criticized and largely rejected in the consultation process”Hanspeter Konrad, managing director of Swiss pension fund association ASIP“However, we assume that in the political discussion our demand for an affordable reform without unnecessary correction to benefits will become more and more important due to the recession,” he added.Roland Müller, managing director of the employers association Schweizerische Arbeitgeberverband, agreed that it was not yet clear “what the message of the Federal Council will look like, and when it will pass it on to the Parliament,” he told IPE.But the Swiss Employers’ Association (SAV) is confident that the Federal Council will “considerably” rely on the proposal made by the social partners.The compromise can be accepted as a “comprehensive package,” he said.Müller underlined that the urgency of a complete reform is undisputed among the political parties, therefore the employers association believes that the Parliament will take on its responsibilities to modernize the second pillar and solve important structural problems.He added: “The introduction of a pension supplement reinforces and stabilizes the second pillar. Only for the first 15 years the transitional generation receives a lifelong fixed pension supplement financed by 0.5% of wages.“After that, from the 16th year since the reform came into force, the pension supplement is based on funds available, and it is important for us to emphasize that the funding is permanently limited for a specific purpose to 0.5%.”According to the social partners, beneficiaries will receive a lifelong monthly pension supplement that varies from CHF200 (€180) to CHF100, independent from the amount of the pension fund, and financed through a contribution of 0.5% on the annual income bound to the first pillar AHV up to CHF853,200 (as of 2019).For Konrad, the solution of a lifelong pension increase through a supplement is not “justifiable” in light of the economic impact caused by the COVID-19 pandemic.ASIP puts a rapid reduction of the conversion rate from 6.8% to 5.8% at the top of the reform list.Looking for IPE’s latest magazine? Read the digital edition here. The Swiss Federal Council faces a tough decision on whether to hand over its full proposal for the second pillar pension system reform after consultations given the political sensitivity of the matter.“The decision of the Federal Council is not easy because there isn’t a large and clear majority that supports the proposal for the reform, and the outcome is not certain at the moment,” Colette Nova, vice director of the Federal Social Insurance Office, the department responsible for occupational pensions, told IPE.The Federal Council is likely to take some time to examine the results of the consultation.She said the Council had different options: it could pass on the proposal for a reform as it is to the parliament, it could change it, and if the changes were considerable, the Council then would carry out another consultation.last_img read more

Man cave v Hamptons chic

first_imgThis is what we call a suburban poker face. From the street the property gives nothing away.“First of all we changed the layout internally, and then we renovated the bathrooms and kitchen and entry level, and then we put the shed on and turned it into a space where we could entertain without having people in the house.”Mr Cox is a landscape designer and is now looking for his next renovation project. MORE REAL ESTATE STORIES Tropical landscaping links the main residence to the custom-built entertainment zone. Margaret Vote of Raine and Horne Wynnum/Manly is taking the property to market with offers over $1.15m invited. >>>FOLLOW THE COURIER-MAIL REAL ESTATE TEAM ON FACEBOOK<<< If you want to take this property to the next level, you could raise it.“We wanted to make the house a home, so when you come in, you shut the door and you are away from it all,” Mr Cox said. Guests can walk down the driveway to the Rusty Nail, or be entertained in the converted cottage. SEE WHAT ELSE IS FOR SALE IN WYNNUM There are even rustic touches in the toilet.The converted shed he calls the Rusty Nail after his favourite cocktail and it has a ‘sophisticated old farts bar’ on the mezzanine level.The shed has a bar area, mezzanine level, separate toilet and shower, airconditioning, outside pergola, pizza oven and fire pit, and takes Mr Cox back to his childhood growing up on a farm in Warwick.“It’s just myself and my wife, she has to have a password to get in to the bar but she can always get out,” he joked.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020The three-bedroom renovated cottage has a Hamptons feel with open plan living, polished timber floors and plenty of light.Narelle Cox may need a password to the shed, but she’s had the keys to the house and the 1950 cottage is now a stylish Hamptons retreat, making the most of three metre high ceilings with skylights in the middle of the house and an internal sliding glass wall that disappears completely into another wall. This is where you’d go to find the best version of yourself. And after you’ve found it, you’ll want to celebrate with a drink, a pizza, a game of pool, a movie, and a bunch of friends.NEVILLE Cox had a vision to transform 30 Irene St, Wynnum, when he bought it in 2004.At different stages in the renovation, he tested the market, but then decided to do the whole thing and show the world.The result is a Hamptons style renovation of the 1950 cottage and the ultimate man cave.“I knew what I was talking about,” he said.last_img read more

Aussie parents open about smacking kids

first_imgA NEWS.COM.AU poll has found 85 per cent of people admit smacking their kids – and experts say they’re surprised the figure isn’t higher. More than 4000 people voted in the poll which asked parents whether they smacked their children. Of the 85 per cent who admitted smacking, only 8 per cent regretted it.Warren Cann, director of Australia’s comprehensive parenting website Raising Children Network said he was surprised the results of the news.com.au poll weren’t higher. He expected more parents to be smackers. “85 per cent is a little lower than what I would have expected, which may reflect this gradual change away from the use of corporal punishment,” Mr Cann said. “Smacking is almost universal in our society, but attitudes towards physical punishment are changing slowly.” Last week Former Senior Australian of the Year Prof Freda Briggs said because smacking was no longer deemed acceptable, parents had given up on discipline altogether.Thank goodness she’s “former”“We’ve been telling parents not to smack, but haven’t told them what to do instead and how to do it,” said the University of South Australia’s Prof Briggs, who has written a book Smart Parenting for Safer Kids, based on a lifetime of research in parenting. The article, didn’t provide any answers to that question either – presumably because Biggs wants you to buy her book. Or maybe because parents are quite happy smackers. Parents told news.com.au they smacked because “it works”. Many described smacking as an effective “circuit breaker”.Exactly. They’re a smart lot – those Aussies.And their politicians seem to be respecting them – at the moment.last_img read more

Haitian president mistaken, says Bahamas PM

first_img Sharing is caring! Prime Minister Hubert IngrahamNASSAU, Bahamas — Responding to controversial statements made by the Haitian president last week, Bahamas Prime Minister Hubert Ingraham said Michel Martelly was ‘mistaken’ when he said that people born in The Bahamas to Haitians are ‘stateless’.But Ingraham said Martelly was perfectly entitled to encourage former Haitian citizens to form a voting bloc.Martelly arrived in New Providence on Tuesday and left on Wednesday afternoon. Before leaving he met with more than 6,000 Haitians and Haitian-Bahamians.His comments sparked outrage among some Bahamians.During a press conference on Saturday night, Ingraham said, “One of the statements he made that I take issue with is when he said children of Haitian descent born in The Bahamas are entitled to citizenship and they are stateless because they cannot apply for citizenship until they reach the age of 18.“Such persons are not stateless; they have the nationality of their parents. Our constitution is different from the Haitians’ and different from the Americans’.“So I think that Mr Martelly was mistaken in thinking that our position is identical to Haiti or indeed the United States because persons born in the United States become citizens at birth.”On Wednesday, Martelly lamented the plight of people who have to wait until their 18th birthday to apply for Bahamian citizenship.“So until they’re 18 they don’t belong to anywhere, and yet they were born here, meaning do I have to tell anyone if you send them back to Haiti they probably don’t know anybody or won’t recognize the place where they land?” said Martelly at a press conference.“This could be considered as a crime, but that’s not the issue to talk about crime here; the issue is to stand by them and find the right solution. Be responsible, be humans and see how to better assist these Haitians.”He made similar statements during the gathering on Tuesday night.During that same meeting, Martelly urged his countrymen to align themselves with the political party that will best serve their interests.“I told them to organize themselves and identify in the upcoming elections who is on their side. That way they can become a force. By being [unified] in the elections they might have people taking care of them. . .this is the democratic way,” the Haitian president said.Responding to that statement, Ingraham said on Saturday that if he were in Martelly’s shoes he would do the same thing.“Quite frankly, I don’t see why it would be difficult for the [leaders of] The Bahamas to say to Bahamians living in America, Jamaica or Barbados if they are entitled to vote in those countries, that they ought to choose the party that best serves their interests,” Ingraham said.“So insofar as the persons who are citizens of The Bahamas who were formerly Haitian nationals, we certainly look forward to receiving the votes of the majority of the Bahamians, whether they were born in The Bahamas, naturalized in The Bahamas or otherwise.“And we certainly would enjoy receiving the majority of the votes of persons who were naturalized of Haitian parentage and or who have been living in The Bahamas for a long time.”Asked if Martelly sought permission to meet with the Haitians, Ingraham said the government’s permission was not required.“We’re a free country. This is a democracy,” he said. “And just as we are able to go to other people’s country and meet with our nationals why would they not have the same right?”He added that this is not the first time a Haitian president has met with Haitian nationals in The Bahamas.Ingraham said when he went to Canada he held a function for the Bahamians living there.Additionally, he said the Progressive Liberal Party recently met with Bahamians in Jamaica, Trinidad, Barbados and London in a bid to convince them to vote for the PLP in the upcoming election.During a press conference on Friday, Democratic National Alliance Leader Branville McCartney called on Ingraham to resign, alleging that the prime minister orchestrated the event.“That is not true,” Ingraham said.The prime minister added that he only learned of the visit on Saturday through the Ministry of Foreign Affairs.He said Martelly requested a meeting with the governor general, head of government and the official opposition – all of which were granted.Ingraham cautioned McCartney against “shooting his mouth off and making statements that are not true”.The prime minister, however, said he understands why some Bahamians were outraged over Martelly’s statements.On Friday night, PLP Leader Perry Christie suggested that Martelly was out of order when he encouraged people of Haitian descent in The Bahamas who are now Bahamian citizens to vote for the party that has their best interest at heart.“The only people who are entitled to have any say in who to vote for or why you should vote or what you should be thinking about when you vote in elections in The Bahamas are the Bahamian people themselves,” Christie said.“I wouldn’t go into someone else’s country and tell the people there how to vote and I don’t want anyone from any other country coming here and telling me or my people how to vote either. So let’s be clear about that.”By Krystel RolleNassau Guardian Staff Reporter 10 Views   no discussions Share NewsRegional Haitian president mistaken, says Bahamas PM by: – February 14, 2012center_img Share Tweet Sharelast_img read more

Castagne signs with Leicester

first_img Loading… read also:Leicester City linked with a move for Celtic £20m midfielder Atalanta signed Castagne for €6m from KRC Genk in 2017 and the full-back was reportedly wanted by Hertha Berlin too this summer. FacebookTwitterWhatsAppEmail分享 Leicester have officially announced Timothy Castagne’s move from Atalanta and the right-back has signed a five-year contract with the Foxes. Multiple reports claim the Premier League side sign the 24-year-old for £21.5m and the Belgian who scored two goals and provided three assists in 33 competitive games for La Dea, has officially moved on.Advertisementcenter_img Promoted Content7 Of The Wealthiest Universities In The World6 Ridiculous Health Myths That Are Actually TrueThe Funniest Prankster Grandma And Her GrandsonThe Models Of Paintings Whom The Artists Were Madly In Love With8 Weird Facts About Coffee That Will Surprise YouTarantino Wants To End His Career With This Movie?20 Completely Unexpected Facts About ‘The Big Bang Theory’The 9 Best Robots In Movie HistoryThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreTop 10 Tiniest Phones Ever MadeThe 18 Most Visited Cities In The World7 Reasons Why You Might Want To Become A Vegetarianlast_img read more

Novak Djokovic returns with fifth Rome title

first_img‘Finally it’s mine:’ Simona Halep won the Italian Open after twice finishing runner-up. Novak Djokovic picked up where he left off before his US Open default two weeks ago, winning a fifth Italian Open title on Monday, days before the start of Roland Garros. The world number one lifted a record 36th Masters crown, one more than great rival Rafael Nadal, after beating Diego Schwartzman 7-5, 6-3 in the final at the Foro Italico in Rome. “Turning to Paris, I couldn’t ask for a better tournament here in Rome. Another big title and I’m super pleased,” said Djokovic. “I don’t think I played my best tennis throughout the entire week, but I think I found my best tennis when I needed it in the decisive moments.” Djokovic extended his record to 31 wins from 32 matches this year, with his only loss the US Open disqualification for accidently hitting a line judge with a ball. Schwartzman had shocked nine-time tournament winner Rafael Nadal in the quarter-finals. But he ran out of steam in a final played under light drizzle, having also spent more than three hours on the court in Sunday’s semi-finals. Despite a great start, with two breaks to lead 3-0, Schwartzman could not keep the momentum going against the 17-time Grand Slam winner, who notched up his fifth win over the Argentinian.Advertisement For Djokovic it was a fifth victory in 10 finals in Rome, but the first since 2015, having finished runner-up three times since including last year to Nadal. “It’s been a good week, even if I haven’t played my best tennis. I’m satisfied,” said Djokovic. Top women’s seed Simona Halep lifted her first trophy in Rome, a confidence booster ahead of the French Open, after defending champion Karolina Pliskova retired injured while trailing 6-0, 2-1 in the final. World number two Halep was competing in her third Rome WTA final, having finished runner-up in 2017 and 2018. Halep said she was approaching Roland Garros “without pressure, smiling,” despite the 2018 winner now being among the favourites. “It’s just another tournament. I’m not going to put pressure on myself,” the Wimbledon champion insisted. “I played really well this year. I have three titles already. I played so much on clay. I feel confident. Loading… center_img Promoted ContentWhat Happens To Your Brain When You Play Too Much Video Games?Impressive Caricatures Of Marvel Characters By Xi DingWhat Is A Black Hole And Is It Dangerous For Us All?7 Black Hole Facts That Will Change Your View Of The UniverseThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreWho Is The Most Powerful Woman On Earth?2020 Tattoo Trends: Here’s What You’ll See This YearBest & Worst Celebrity Endorsed Games Ever MadePortuguese Street Artist Creates Hyper-Realistic 3D Graffiti6 Interesting Ways To Make Money With A Drone10 Risky Jobs Some Women Do7 Things That Actually Ruin Your Phone “I just try to be happy, to take the positives from this tournament, and to go there smiling.”Pliskova’s title defence was hampered due to pain in her left thigh.“It was growing worse and worse with every day,” she said.“This morning I even wondered if I was going to play, but you still want to try,” said the Czech, who “hopes” to recover in time for Roland Garros.Swept aside 6-0 in the first set, she seemed to recover in the second and had just won her first game when she headed for Halep to call time on her match.For Halep it was a third tournament win this year after Dubai in February and Prague last month, to extend her winning streak to 14 consecutive matches.The 28-year-old Romanian did not compete in the US Open because of coronavirus fears, but said she had felt safe in the Italian capital.Read Also: Messi, Suarez bid goodbye to Vidal ahead of Serie A switch“I want to thank everyone because the tournament went well, and in these conditions it’s not easy,” she said.“We felt really safe and really good on and off the courts, even though we stayed often in our hotel rooms. We accepted it, because we like to play tournaments.”FacebookTwitterWhatsAppEmail分享 last_img read more

Bolt For The Heart: Mission Accomplished

first_imgIndianapolis, In. — As of January 23, 2019, Indiana governor Eric Holcomb offered a personal “Thank You” to the President and Board Members of the Bolt For The Heart (BFTH) foundation were welcomed to Governor Holcomb’s office for a personal “Thank you” for donating an additional 134 AED units to the Indiana State Police.This brings the total number of AED units donated to the state police to 465 and marks the fulfillment of a 2014 pledge by BFTH to put an AED in state police road patrol vehicles.  The value of this donation exceeds $600,000.The governor visited with Pierre Twer, the President of the BFTH, a non-profit organization, along with BFTH Board Members, corporate friends of BFTH and state police officers that recently received an AED the result of the latest fund raising drive held on Thanksgiving Day last year.Related to the most recent donation of AED units, Pierre Twer commented, “While this past Thanksgiving Day run raised enough funds to purchase 114 AED units, we couldn’t have made the goal of 134 without a special donation from our good friends and partners at HeartSaver, a committee of volunteers representing Deaconess Foundation and The Heart Hospital at Deaconess Gateway in Evansville, Indiana.”  Twer continued, “HeartSaver donated 20 AED units in 2018 and 15 in 2017, all of which allowed for the placement of placed AEDs in state police vehicles from the Jasper, Evansville and Putnamville state police posts.”  Twer concluded, “Since October of 2014 HeartSaver has helped save countless lives through their donation of more than 300 AEDs in the tri state region of Southern Illinois, Southwestern Indiana and Western Kentucky.”Indiana State Police Superintendent Doug Carter, who was also present at today’s event commented, “I can’t put into words what the donations of AEDs has meant to the state police and to the people whose lives have already been saved because of organizations like HeartSaver and Bolt For The Heart.”  Carter concluded, “Pierre, all I can truly say is ‘Thank you’ for having a vision and putting that vision into action through Bolt For The Heart; no one will ever truly know how many lives your vision will save.”When asked about what the future holds for Bolt For The Heart Twer said, “Now we’re ready to turn our efforts toward the many other local and county police agencies in Indiana that could benefit by having an AED in an officer’s patrol vehicle, because our ultimate goal is to have an AED in every police vehicle in Indiana.”last_img read more