Lords look to defeat Brexit bill that breaks international law

first_imgBefore the open newsletter: Start your day with the City View podcast and key market data Labour shadow attorney general Lord Charlie Falconer told the Financial Times it was “not too late” for Johnson to “get back on the side of the law”. The EU has taken legal action over the bill, with Brussels also claiming it could put the Belfast Good Friday Agreement in danger. Monday 9 November 2020 3:12 pm Peers, who are expected to vote to remove the clauses, voted overwhelmingly against Johnson’s Internal Market Bill in a symbolic “regret” motion last month. The status of the Internal Market Bill could strain diplomatic relations between the incoming President and Johnson if no trade deal is reached and the UK-EU Brexit deal is breached. Also Read: Lords look to defeat Brexit bill that breaks international law Biden’s Irish ancestry is a point of pride for the former Vice President and his party also has a large contingent of Irish-Americans. The legislation will go back to the House of Commons next month if peers defeat the bill today, without the clauses pertaining to Northern Ireland. The UK and EU’s negotiating teams are meeting today in London to “redouble” efforts to close a deal before Britain leaves the single market and customs union on 31 December. However, it is considered likely the government will add the clauses back in if no Brexit trade deal has been struck. “We always said the UK would pay a terrible price of breaking with the rule of law, and now, almost immediately after we can see that price being paid with the government’s actions being called out by the United States government,” he said. Lords look to defeat Brexit bill that breaks international law whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Stefan Boscia whatsapp The House of Lords will today vote on whether to remove clauses from Boris Johnson’s controversial Brexit legislation that could breach international law. Show Comments ▼ The bill would see the UK unilaterally override parts of the Brexit Withdrawal Agreement pertaining to Northern Ireland if the UK leaves the post-Brexit transition period on 31 December with no trade deal. The legislation has been criticised by President-Elect Joe Biden who said there would be no US-UK trade deal if the Good Friday Agreement is breached by the Johnson government. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory”Waltons” Actress Says Magazine Ended Her CareerPast FactoryDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableybonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comJustPerfact USAMan Decides to File for Divorce After Taking a Closer Look at This Photo!   JustPerfact USAZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldDefinitionThe 20 Worst Draft Picks Ever – Ryan Leaf Doesn’t Even Crack The Top 5DefinitionBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatter Share Also Read: Lords look to defeat Brexit bill that breaks international law last_img read more

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Feds identify prescribers doling out too many opioids to Part D beneficiaries

first_img What’s included? Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Feds identify prescribers doling out too many opioids to Part D beneficiaries Pharmalot About the Author Reprints In the latest bid to stem the opioid epidemic, investigators at the Department of Health and Human Services have identified excessive prescribing patterns in Medicare Part D involving hundreds of doctors and plan to work with law enforcement authorities to curtail the practice.In a new report, the HHS Office of Inspector General found that 401 prescribers last year wrote more than 256,200 prescriptions for nearly 90,000 Part D beneficiaries who were deemed to be at serious risk because they received “extreme” amounts of opioids or appeared to be doctor shopping. Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. What is it?center_img By Ed Silverman July 13, 2017 Reprints Ed Silverman Log In | Learn More @Pharmalot APStock GET STARTED [email protected] Tags opioidspharmaceuticalsSTAT+last_img read more

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The FDA’s chaotic week, Trump’s effect on science, and Musk’s big reveal

first_imgWe’ll be back next Thursday evening — and every Thursday evening — so be sure to sign up on Apple Podcasts, Stitcher, Google Play, or wherever you get your podcasts.And if you have any feedback for us — topics to cover, guests to invite, vocal tics to cease — you can email [email protected] By Damian Garde and Adam Feuerstein Aug. 27, 2020 Reprints Can the Food and Drug Administration survive Trump? Are drug reviewers in the deep state? And what can Elon Musk teach us about the nature of reality?We discuss all that and more this week on “The Readout LOUD,” STAT’s biotech podcast. First, we recap a chaotic week for the FDA, between an accusatory tweet from President Trump and a controversial press conference. Then, STAT Washington correspondent Lev Facher joins us to discuss how Trump’s crusade against the agency could do lasting damage to its reputation. Finally, STAT’s Erin Brodwin calls in to talk about what’s going on inside Neuralink, Elon Musk’s secretive neuroscience company on the verge of a mysterious announcement.For more on what we cover, here’s the latest on the FDA; here’s the news on Neuralink; and here’s STAT’s complete coverage of the coronavirus pandemic.advertisement @damiangarde Interested in sponsoring a future episode of “The Readout LOUD”? Email us at [email protected] @adamfeuerstein [email protected] Damian Garde The Readout LOUDThe FDA’s chaotic week, Trump’s effect on science, and Musk’s big reveal Adam Feuerstein [email protected] National Biotech Reporter Damian covers biotech, is a co-writer of The Readout newsletter, and a co-host of “The Readout LOUD” podcast. Senior Writer, Biotech Adam is STAT’s national biotech columnist, reporting on the intersection of biotech and Wall Street. He’s also a co-host of “The Readout LOUD” podcast. Tags CoronavirusDonald Trumpgovernment agenciesmedical technologyneuroscience About the Authors Reprintslast_img read more

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Rory’s Stories on keeping it simple and the dream of teaming up with Roddy Doyle

first_img Mary Sweeney elected Cathaoirleach of Portlaoise Municipal District for next 12 months Home We Are Laois A Bit of Fun Rory’s Stories on keeping it simple and the dream of teaming up… We Are LaoisA Bit of Fun “If a video goes down bad, I have to take it on the chin and blame no one else. I’ve had a few digs but I like to be in control of my own way of doing things.“(My comedy) needs to be relatable. I base myself on relatable comedy. I know it’s not everyone’s cup of tea but the sheer numbers that are watching (mean) a hell of a lot of people do enjoy that simple comedy.“An Irish film is something I would have in my head in the future, to direct it or be a producer. We all love The Snapper and The Van and Roddy Doyle is a genius because Roddy Doyle understands the working class people of Ireland.“I’m 33 (and) I want to bring that to the table from my experience of the 2000s up. The dream come true would be to sit down with Roddy Doyle and say ‘Roddy you’re obviously a genius but you don’t have the experience I have from my generation. I’d love to tell you and I’d love you to put a spin on it’.“The ultimate would be Roddy Doyle and Rory O’Connor present maybe a stage show. I grew up in a housing estate – I love the whole Irish craic that goes on in a housing estate so I’m well aware of real life and that’s why the sketches appeal to people because it’s real life. Previous articleDown Memory Lane Podcast: Killeshin’s Celebrity Bainisteoir adventure in 2011Next articleCoronavirus: Three further deaths and 525 new cases as mandatory quarantine becomes law Steven Millerhttp://www.laoistoday.ieSteven Miller is owner and managing editor of LaoisToday.ie. From Laois, Steven studied Journalism in DCU and has 14 years experience in the media, almost 10 of those in an editorial role. Husband of Emily, father of William and Lillian, he’s happiest when he’s telling stories or kicking a point. Pinterest “I don’t claim to be this sophisticated one line genius,” he adds.“(But) without being cocky stats don’t lie. They can say all you want about ‘you’re not funny’ … I’ve a million followers across social media and I do daily videos that get 200-300,000 views. It’s not blowing smoke. I’m giving Irish people what they want. I understand what people want and I give it to them.”And he also adds that keeping his sketches as simple as possible is key to his success.“I’m still learning. When I try to put effort into videos and I sit down and think of jokes  and do different scenes and characters it always bombs on its hole.“If I think of the most simple thing ever, it goes viral. People don’t want to think when they’re watching a video. They want to read the caption and get a giggle for themselves and I’m not willing to change that.”And he said some advice from Danny O’Carroll – Brendan’s son – kept him focused on that approach.“He said ‘Rory keep doing the comedy you’re doing. If you try to be more sophisticated and more academic, people won’t enjoy it. Keep feeding the bull.’“I don’t bother putting the videos on Twitter any more you’re just teeing yourself up for abuse. It’s a platform that doesn’t suit my comedy and that’s fine. But Instagram and Facebook, YouTube – people love it on that.”The LaoisToday Podcast · Rory’s Stories Electric Picnic apply to Laois County Council for new date for this year’s festival Electric Picnic organisers release statement following confirmation of new festival date Twitter RELATED ARTICLESMORE FROM AUTHOR Twitter TAGSLaoisToday podcastRory’s Stories Electric Picnic center_img Electric Picnic Facebook Facebook Pinterest WhatsApp By Steven Miller – 7th March 2021 Rory O’Connor of Rory’s Stories says his dream project is to team up with Roddy Doyle to do a film or show on Irish life in a housing estate from the 2000s onwards.While he says that a programme on RTE doesn’t necessarily appeal to him due to the scale of the audience he has on his own social media channels and that he is completely in charge of what he does himself.“For me what I love about Rory’s Stories is that I’m the boss,” he said on this week’s LaoisToday Podcast. Council WhatsApp The LaoisToday Podcast is brought to you in association with iCashco, market leaders in automated cash handling.SEE ALSO – Check out all the previous LaoisToday Podcast episodes here Rory’s Stories on keeping it simple and the dream of teaming up with Roddy Doylelast_img read more

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“HEU” on the Table of 6 Party Talks?

first_img Analysis & Opinion Analysis & Opinion Analysis & Opinion SHARE RELATED ARTICLESMORE FROM AUTHOR Tracking the “unidentified yellow substance” being dried out near the Yongbyon Nuclear Center By Park Hyun Min – 2007.07.11 3:55pm Analysis & Opinion center_img As chairman of the six party talks, China proposed on the 10th to resume the next round of negotiations in Beijing on July 18th. It seems that the upcoming talks will focus on discussions related to specific measures in disabling North Korea’s nuclear armaments. Once the remainder six party member states agree to the date set by China, the negotiations will be fixed to start on the designated date. The talks resume 4 months after the first round of the 6th six party talks which recessed on March 22nd without much conclusion. Many agree that the first priority of the upcoming talks will be to evaluate implementation of the initial actions of the February 13 Agreement. Further, the first allotment (6,200tons) of 50,000tons of fuel which the South Korea will send on the 12th is scheduled to arrive at North Korea on the 14th. On the other hand, North Korea has revealed that it would cease operations at Yongbyun nuclear reactor in accordance to this date.In addition to this, on the 9th, North Korea consented to future visits by the International Atomic Energy Agency (IAEA) in order to conduct inspections and regulations on the disablement of Yongbyun nuclear reactor in North Korea. Following, an inspection team will visit North Korea around the 14th~17th to install video cameras and directly confirm the abolishment and disablement of Yongbyun nuclear reactor. Subject to disablement are items on the `94 Geneva Agreement including the 5MW Graphite-Moderated Reactor, radioactive chemical laboratory, nuclear fuel rods manufacturing factory, 50MW nuclear reactor at Yongbyun and 200MW nuclear reactor at Taechun. However, the disablement of the 50MW nuclear reactor and 200MW nuclear reactor are low as operations were suspended during time of construction. In order to begin the disablement, the IAEA plans to disable the 8,000 nuclear fuel rods in the reactor as they stand, though this conflict with the `94 Geneva Agreement. If regulations and an inspection team visits North Korea on the 14th, the disablement of the nuclear facilities should be made complete by the 28th. Though a greater number of experts are optimistic towards North Korea implementing the February 13 Agreement, denuclearization is a completely different agenda. The upcoming six party talks plan to evaluate North Korea’s disablement of nuclear facilities and then further discuss the next stage of denuclearization and a list of all its nuclear programs. The February 13 Agreement states that “The DPRK will discuss with other parties a list of all its nuclear programs as described in the joint statement, including plutonium extracted from used fuel rods, that would be abandoned pursuant to the Joint Statement.” It seems that the U.S. plans to proactively intervene in the negotiations regarding the complex HEU program according to the February 13 Agreement. It is possible that the U.S. will even engage in bilateral talks with North Korea in order to closely examine suspicions of North Korea possessing HEU programs. Meanwhile, U.S. Assistant Secretary and head delegate of the six party talks Christopher Hill will be making visits to Japan and Korea as of this weekend in order to suggest proposals of cooperation to implement the February 13 Agreement. Facebook Twitter Is Nuclear Peace with North Korea Possible? AvatarPark Hyun Min “HEU” on the Table of 6 Party Talks? Pence Cartoon: “KOR-US Karaoke”last_img
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Lowering the Costs of Borrowing Major Debt Management Strategy

first_imgRelatedLowering the Costs of Borrowing Major Debt Management Strategy Lowering the Costs of Borrowing Major Debt Management Strategy UncategorizedApril 29, 2006 FacebookTwitterWhatsAppEmail During the 2006/07 financial year, debt management will continue to be guided by the fundamental strategic objective of the government’s medium-term debt management strategy of lowering the costs of borrowing, subject to the containment of risks within acceptable levels.This is outlined in a Ministry Paper, which was tabled in the House of Representatives on April 27 by Minister of Finance and Planning, Dr. Omar Davies, when he opened the 2006/07 Budget Debate.According to the document, risk management will continue to be a critical tool in debt management strategy for the year and beyond.Within the context of the medium-term strategy, aimed at achieving a sustainable level of indebtedness, the strategy will seek to: maintain an appropriate mix of fixed-rate and floating-rate debt to further minimize interest rate risk; extend and smooth the maturity profile of the debt to better manage refinancing risk; minimize foreign currency exposure of the domestic debt portfolio; increase the use of the auction mechanism for issuance of domestic securities; and increase the transparency and predictability of debt issuance and operations, the Ministry Paper said.Increased emphasis will be placed on reducing the sensitivity of the domestic debt portfolio to unexpected interest rate shocks, especially given the increased level of variable-rate domestic debt. The Government will seek to increase the fixed-rate share of the domestic debt.The document said that significant progress has been made over the years in re-balancing the maturity structure of the public debt, particularly the domestic debt. The strategy will further seek to increase the number of offers of government securities with maturities in excess of 10 years.“This is consistent with the objective of reducing financing risk over the medium term. In addition, the availability of these securities will provide investment options and opportunities for long-term investors, such as individuals and institutions in the growing insurance and pension industries and other investment vehicles such as mutual funds and annuities,” the document outlined.The Government will continue to build on the progress made and take the necessary steps to further reduce the foreign currency exposure of the domestic debt portfolio. “Except under extraordinary circumstances, the government will continue to limit the use of US$-denominated and US$-indexed instruments in the domestic market in order to further reduce the foreign currency exposure of the domestic debt portfolio towards internationally acceptable levels over the medium-term,” the Ministry Paper pointed out.Subject to market conditions, during 2006/07 auctions will be conducted on a monthly basis, with issues across a wide range of maturities. The size of these auctions will be gradually increased and where possible, issues will be re-opened to create benchmarks.According to the document, experience has shown that transparency and predictability have helped to lower the government’s borrowing costs and strengthen credibility. Therefore, increased transparency and predictability will continue to be the guiding principle for the government’s issuance strategy.This transparency will continue to be enhanced by: monthly publications of comprehensive external and domestic debt data; advanced notices of upcoming debt issues; quarterly announcements of government’s borrowing and requirements; monthly schedules of market issues; timely publication of the results of market issues; and quarterly reports on debt-related developments.These, along with the debt management strategy and relevant investor information, will continue to be made available in the print media and/or electronically on the Ministry’s website. RelatedLowering the Costs of Borrowing Major Debt Management Strategycenter_img RelatedLowering the Costs of Borrowing Major Debt Management Strategy Advertisementslast_img read more

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From VC Fiez: RIO Faculty Fellows—an investment in research, creative works leadership

first_img Published: Dec. 7, 2017 Vice Chancellor for Research & Innovation Terri Fiez Categories:Leadership CornerCampus Community Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mailcenter_img In recent campus communications, you have likely noticed an increased focus on our strategic imperatives to shape tomorrow’s leaders, be the top university for innovation, and positively impact humanity­.The growing buzz around the revitalized Innovation & Entrepreneurship Initiative, the Academic Futures process and the CU Boulder Guarantee are a few examples of programs that are directly moving us toward those imperatives.I’m excited to share with you another program that can be added to the list above—RIO Faculty Fellows, which was launched this past fall when the Research & Innovation Office (RIO) solicited applications for its inaugural cohort. Most of all, I’m delighted to introduce you to our first cohort of fellows.RIO Faculty Fellows seeks to identify and develop tenured and tenure-track assistant or associate professors who are poised to lead significant collaborative projects, develop vision and deliver novel and impactful scholarly work. The program was founded and will continue to be led by Faculty Director Alan Townsend and Program Director Kirsten Rowell.Founded on lessons from the successful Aldo Leopold Leadership Program, our program engages fellows as individuals and as a cohort on research and creative work leadership; collaboration and systems thinking; along with team building and academic management; scholarly communication and values; equity; ethics; and personal and professional coaching.Perhaps its greatest promise is identifying a network of campus leaders, already experts in their respective fields, and equipping them to break down discipline-based silos on campus while strengthening the university’s reputation nationally and globally through deeper and wider collaborations beyond campus. Complementing programs such as the Excellence in Leadership program and the Faculty Leadership Institute, the RIO Faculty Fellows program is an investment in our faculty and in our university as a global leader in innovation and impact.In addition to the cohort’s first intensive three-day retreat in January, the program framework includes several more focused retreats and a variety of informal networking activities throughout the year. I hope you’ll keep this program in mind as you think about opportunities for your most outstanding colleagues in the coming year. Applications for the next cohort will be accepted in September 2018.Please join me in congratulating our first cohort of RIO Faculty Fellows. I know we’ll be hearing even more from them in the coming years!Terri Fiez,Vice Chancellor for Research & Innovation RIO Faculty FellowsJennifer Balch: Geography; CIRES, Earth LabRobin Bernstein: AnthropologyAlison Boardman: EducationSamuel Boyd: Religious Studies; Jewish StudiesZoe Donaldson: Psychology and Neuroscience; Molecular, Cellular and Developmental BiologyAlireza Doostan: Aerospace EngineeringGordana Dukovic: Chemistry and BiochemistryRebecca Flowers: Geological SciencesFredy Gonzalez: HistoryEve Hinckley: Environmental Studies; INSTAARMartina Miranda: Music EducationBeth Osnes: Theatre & DanceZhiyong “Jason” Ren: Civil, Environmental and Architectural EngineeringGreg Rieker: Mechanical EngineeringFernando Rosario-Ortiz: Civil, Environmental and Architectural EngineeringJennifer Shannon: Anthropology; CU Museum of Natural Historylast_img read more

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Experts available to talk about Masterpiece Cakeshop SCOTUS decision

first_img Published: June 4, 2018 With a 7-2 decision, the Supreme Court of the United States ruled in favor of a Colorado baker who refused to make a cake for a same-sex couple. CU Boulder experts are available to break down the decision and what it means for similar cases.Stock photo of the Supreme Court of the United States (Source: Wikimedia Commons).Craig Konnoth, Colorado Law associate professor, wrote an amicus brief for Masterpiece Cakeshop v. Colorado Civil Rights Commission. The American Civil Liberties Union and the state of Colorado cited the brief in their [email protected] Skinner-Thompson, also a Colorado Law associate professor, contributed to the amicus brief. As the Masterpiece ruling was narrowly tailored, Skinner-Thompson said, “The Masterpiece Cakeshop decision does not create a license to discriminate against LGBT people and, in fact, confirms that state anti-discrimination laws are generally consistent with the Constitution.” [email protected] assistance arranging interviews, contact:Andrew Sorensen, CU Boulder media [email protected] Share Share via TwitterShare via FacebookShare via LinkedInShare via E-maillast_img read more

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$862 Million to Improve Water Supply in West Central St. James

first_img$862 Million to Improve Water Supply in West Central St. James EnvironmentAugust 26, 2013Written by: Glenis A. Rose Advertisements RelatedK-Factor Unit of NWC to Spend $4 Billion on Water Projects FacebookTwitterWhatsAppEmail RelatedNWC Looking to Partner With Chinese Companies on Water Projectscenter_img Story HighlightsThe Government will be carrying out extensive improvement works on the West Central St. James Water Supply SystemThe upgrading project will be carried out over the next 18 monthsThe project is expected to alleviate severe water shortage for an estimated 25,000 persons Related7,000 More Rural Residents to Benefit from Better Water Supply Minister of State in the Ministry of Water, Land, Environment and Climate Change, Hon. Ian Hayles, has announced that the Government will be carrying out extensive improvement works on the West Central St. James Water Supply System, at a cost of approximately $862 million.The works will include: replacement and upgrading of transmission pipe lines, upgrading of pumping stations, rehabilitation of entombment works; and extension of water storage capacity.The upgrading project will be carried out over the next 18 months, and is expected to alleviate severe water shortage for an estimated 25,000 persons.Addressing participants on a tour of areas of the constituency on August 21, the State Minister said given the current water supply shortage in the West Central St. James communities, the Ministry has responded and citizens “would be experiencing significant improvement to their water supply in the short term”.“One of the main things that we are doing now, in terms of phase one, is to run a pipe from Martha Brae to St. James, Great River, which will give us an additional five million gallons of water.  That, undoubtedly, will help the people of St. James and its environs which will be in line with our 2020 goal of 85 per cent of our people having potable piped water,” Minister Hayles explained.He indicated that as part of the improvement agenda there will be an extensive repair/refurbishing programme for water storage tanks across the parish. This is to ensure a sustainable and reliable water supply system for the entire parish, focusing on the tourism areas.He indicated that priority works would include: Fairfield storage expansion; Granville (Hartwell) replacement and expansion; replacement and expansion of Pitfour storage capacity; replacement and relocation of Moy Hall storage and upgrading of pump stations; expansion of  Bogue Hill storage capacities; and rehabilitation of Fairfield pumping stations to maximize production capacity.Meanwhile, Mr. Hayles noted that the National Water Commission spends over $500 million monthly on electricity, and that this has to be drastically reduced.Therefore, he noted, an estimated $8.1 billion has been provided under the Pump and Tank Programme for the entire island, in an effort to stem that expenditure. “I am happy to say that this is one of the areas that will be retrofitted and rehabilitated for greater effectiveness,” he said.Under the Pump and Tank Programme, water is directly pumped to tanks and then gravity fed to customers.  This allows the NWC to pump during off peak hours when the electricity rates are significantly lower, then store and supply to customers.last_img read more

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What Rising Interest Rates Mean for Montanans

first_imgLast week, U.S. Federal Reserve Chair Janet Yellen told Congress that the Fed would likely begin increasing interest rates as the economy continues to grow.But what does that mean for people in Northwest Montana?The Beacon spoke with Patrick Barkey, the director of the University of Montana’s Bureau of Business and Economic Research, as well as Jim Kenyon, CEO of Whitefish Credit Union, and Ron Rosenberg, CEO of Valley Bank, to answer some questions about interest rates and how they apply to the lives of the people living here.What are Interest Rates?At their most basic, interest rates are what it costs a borrower to get a loan from a lender. So if the interest rate on a loan was 3 percent, that would mean the borrower pays $3 per every $100 borrowed.It’s essentially an agreement saying the borrower will pay back the loan, Barkey said.There are different types of interest rates. Nominal is the most basic, with a percentage added. Real interest rates are a tad more complex, because they take inflation into consideration, and inflation can affect a lender or borrower’s purchasing power. Effective interest rates take compounding values into account. Variable interest rates change with the market, thus so do the payments, as opposed to a fixed rate.When the Fed increases interest rates, banks follow suit because their cost of doing business goes up as well.“Basically, in a very simple sense, there’s a whole family of interest rates out there and the Federal Reserve controls one end of that and has huge influence,” Barkey said.Why Should I Care?Interest rates determine how much a loan could cost, but their movement also gives signals about the economy.“Rising rates is a good thing,” Kenyon of Whitefish Credit Union said. “I think people take that as counter intuitive. But the Fed’s not going to raise rates until they’re comfortable that the economy is humming along.”For the last seven years, the Fed has kept its target overnight lending rate near zero as a way to combat the effects of the Great Recession. The rate has only been raised twice, once in 2015 and again in 2016, leaving America with historic lows for interest rates.But it would take some time for changes to reach Montana, Rosenberg of Valley Bank, said.“You’ll find that both on the deposit side and on the loan side, until a trend has been firmly established, that there will be lag on any net effect on the consumer,” Rosenberg said.An increase in interest rates would be passed along to the consumer, Kenyon said, but if the economy is performing the way it should, the consumer should also see an increase in their paycheck. And while many indicators say the economy is recovering, wage growth isn’t yet among them. According to the U.S. Department of Labor, employers across the country added 227,000 workers in January, but the average hourly pay for those workers only rose 0.1 percent.Kenyon believes this is why the Fed won’t raise rates at its March meeting, but he does expect one or two rate hikes this year, albeit graduals ones.“If that is the case in essence it means the economy is doing well and it can support the higher rates,” he said.Why Should My Wallet Care?Another sign of a healthy economy is the willingness of consumers to borrow money again, for anything from buying a new motorcycle for fun or getting a mortgage on a first home.“When the Fed adjusts, it impacts market rates,” Barkey said. “That’s everything from car loans, auto loans, business loans, anyone who’s borrowing money.”News of the Fed potentially increasing the base rate has caused an increase in lending activity, Kenyon said, because people are trying to take advantage of the historically low rates before they go up.“December was our biggest month of the year from a loan-volume standpoint and the fourth quarter was the biggest quarter of the year,” Kenyon said. “We have people choosing variable rate products too. It’s not just everyone looking to lock in on that fixed rate.”Low interest rates also tend to punish savers and reward borrowers, Barkey said, which means every person with a savings account or retirement plan will be helped by the increase in interest rates because their money will start generating more money with higher rates.Should I Panic If I’m Not Ready to Borrow?No.“It’s kind of like the stock market. When do you buy on the stock market?” Kenyon said. “There are so many variables. I’m more of a proponent of when the time is right, try to make your best deal and don’t try to time the market.”While interest rates are historically low, there are tools to help borrowers get better rates down the road, Kenyon said.The fact that rates are historically low is also another reason not to panic if it’s not the perfect time to borrow right now, Barkey said, because increased rates will just bring them back closer to normal. “Yes, interest rates are going up and there’s going to be winners and losers involved in that,” Barkey said. “What are they going up to? They’re going to something that’s still pretty low, and in the grand scheme of things, something that’s a little closer to historical averages. Is that going to derail growth? Probably not.”Rosenberg said his bank does not anticipate dramatic changes in the calendar year based on the current predictions, and said that people shouldn’t panic about the increases.“So much of the consumer confidence is emotionally driven,” Rosenberg said. “Everything is somewhat relative. If rates are going up, normally you’re going to find that payrolls are going up. But emotionally, it does alarm people that rates are going to increase.”Kenyon noted that financial institutions have been operating on the smallest margin in history for the past 10 years, and if rates increase, borrowers will see that reflected in their payments. Mortgage rates will likely increase, because home prices aren’t likely to come down anytime soon, he said. Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox. Emaillast_img read more

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