US facing severe crisis, but not a depression: Fed’s Powell

first_imgGrowth resumes Q3″I think there’s a good chance that there’ll be positive growth in the third quarter,” he said.But he warned it may take time to return to normal and the US may not see a full recovery without a vaccine to treat COVID-19.”I think you’ll see the economy recover steadily through the second half of this year,” Powell said.But “it’s going to take a while for us to get back,” he said. “It could stretch through the end of next year. We really don’t know.”Asked about the need for a vaccine to treat the illness and put a stop to the coronavirus pandemic, Powell stressed the importance of consumers to the economy.”For the economy to fully recover, people will have to be fully confident, and that may have to await the arrival of a vaccine,” he said.The Fed rushed in even before the economic lockdowns were fully in place, slashing the benchmark lending rate and pumping trillions of dollars into the financial system and into lending programs to support corporations, small- and medium-sized businesses and state and local governments.The central bank chief said the Fed is prepared to do more to support the recovery.But he repeated his message that the economy likely will need more government spending to support workers and businesses to allow the economy to recover, beyond the nearly US$3 trillion already approved by Congress.”If we let people be out of work for long periods of time, if we let businesses fail unnecessarily, waves of them, there’ll be longer-term damage to the economy. The recovery will be slower,” he said. “The good news is we can avoid that by providing more support now.”The crisis “has come on so quickly, and with such force, that you really can’t put into words the pain people are feeling and the uncertainty they’re realizing,” he told CBS.Topics : The United States is facing a severe economic downturn amid the global pandemic, but will not suffer another Great Depression and will see a recovery begin later this year, Federal Reserve Chair Jerome Powell said Sunday.The world’s top economy was strong before the COVID-19 outbreak hit, like a natural disaster, causing nationwide business shutdowns, Powell said. And the banking system had been rebuilt stronger since the global financial crisis.Data show more than 30 million jobs were destroyed in the US, as businesses were shuttered nationwide amid the efforts to stop the spread of the virus. For the April-June period, the economic data “will be very, very bad. There’ll be a big decline in economic activity, big increase in unemployment,” Powell told the CBS program “60 Minutes.”But “there’re some very fundamental differences” between the current crisis and the Great Depression of the last century, he said.The US economy could “easily” collapse by 20 to 30 percent this quarter, and unemployment could peak at 20 to 25 percent, but, “it should be a much shorter downturn than you would associate with the 1930s.”The other key difference is, rather than raising interest rates, the Fed slashed lending rates to zero and is prepared to come up with new ways to support growth, Powell said.last_img read more

Coach Yaw Acheampong sacked by Ashanti gold

first_imgHead coach of Ashanti gold Yaw Acheampong has been sacked by the management of the miners for non performance after eleven matches in the Glo Premier League.More to follow…last_img

Draymond Green (finger) to return against Jazz

first_imgSAN FRANCISCO — Warriors forward Draymond Green will return Monday against the Utah Jazz after missing the last five games because of a torn ligament in his left index finger.“It’s improved. It’s not all the way 100%, but I’ll be waiting until March for a finger to become 100%,” Green said after shootaround Monday. “So you just get it to where you can tolerate it and move forward.”Green suffered the injury on Nov. 1 against the San Antonio Spurs. Although he played 34 minutes in the loss, his …last_img read more

Executives Invest. Purchasing Controls Pricing.

first_imgThere are a lot of questions about the trends analysis and implications framework in my third book, Eat Their Lunch: Winning Customers Away from Your Competition. One of the most frequently asked questions is, “What trends and implications do I share with people in a purchasing role to engage them in a more strategic conversation.”Win customers away from your competition. Check out Eat Their LunchThere are no rules in sales, and you have to know them all, which is to say context matters. Generally, executive leaders invest in strategic outcomes, and people in purchasing roles tend to control the prices the company accepts, outcomes that are often at odds and the main reason, so many companies incur higher costs as the result of underinvesting.ExceptionsThere are exceptions to every rule (including this one). There are people in purchasing roles who see their role as “reducing costs” and ensuring the effectiveness of their companies “supply chain.” These enlightened purchasing types often reject the lowest priced offerings because their experience suggests that the “vendor” will cause them to incur higher prices.The idea of a strategic partner is a concept that intimates a different relationship and greater accountability than a vendor or supplier, titles that suggest a low price and the equally low value one should expect. There are purchasing agents and supply chain managers who will accept a higher price when you can justify it for them.These are, however, exceptions. Most of the time, the greater investment conversation needs to be held at a different level, with the stakeholders who are accountable for the overall success of the organization.Executives InvestExecutive leaders invest in the products, services, and solutions that help them achieve their strategic goals, including their financial goals. Sometimes those goals include reducing the money they spend in certain categories. But more often than not, the decision-makers are willing and able to invest in the capabilities and outcomes they are responsible for delivering, even when it means investing more than they are now.Most executives know that their purchasing team is going to ask for a discount or concession around pricing, and many will defend the investment if the salesperson they’re working with can help them justify the delta between what they are investing now or competitive alternatives.If you want to have a productive conversation about trends, implications, and investment, you are more likely to find a receptive and engaged audience made up of decision-makers and management than purchasing agents, even though you will occasionally bump into a supply chain manager who is trying to spend more to ensure the outcomes their company needs to succeed.If you are going to err one way or the other, assume leadership wants to invest and purchasing wants you to lower your price, and act accordingly. Get the Free eBook! Learn how to sell without a sales manager. Download my free eBook! You need to make sales. You need help now. We’ve got you covered. This eBook will help you Seize Your Sales Destiny, with or without a manager. Download Nowlast_img read more

9 months agoFiorentina signing Luis Muriel: Why I rejected AC Milan

first_imgTagsTransfersAbout the authorCarlos VolcanoShare the loveHave your say Fiorentina signing Luis Muriel: Why I rejected AC Milanby Carlos Volcano9 months agoSend to a friendShare the loveFiorentina signing Luis Muriel has explained turning down AC Milan.Muriel has joined the Viola on-loan from Sevilla.“Yes, Milan had also been after me but I’d already given my word and I didn’t retrace my steps,” said the striker at his official unveiling on Friday.“I kept thinking Fiorentina were the right place for me. I worked hard to come here and I’m happy I did.“The best Muriel? I think you saw it in Udine and Samp, when I played with guys like Di Natale and Quagliarella. They helped me to make a lot.” last_img read more

Govt Moving Ahead With Gated Community Legislation

first_img Land has been earmarked for commercial and community recreational facilities. The Government is moving ahead with legislation to protect property values in gated communities. The Prime Minister noted that too many persons cause the value of communities to diminish by erecting structures and doing other things that are not in accordance with the purchase agreement. The Government is moving ahead with legislation to protect property values in gated communities.“We are now developing the gated community legislation,” said Prime Minister, the Most Hon. Andrew Holness, noting that it will be similar to the Act governing strata corporations.The law empowers the corporations to enforce the payment of maintenance fees. It also addresses disputes between parties and general communal living issues in order to maintain orderly community existence.The Prime Minister noted that too many persons cause the value of communities to diminish by erecting structures and doing other things that are not in accordance with the purchase agreement.Addressing the handing over of keys to beneficiaries of the National Housing Trust’s (NHT) Berkshire Court housing development in Spanish Town, St. Catherine on Friday (September 29), the Prime Minister urged the residents to ensure that the houses remain valuable “by the way they organise the community”.”Do everything in your power to protect the value of this property in which you have invested,” he said.Mr. Holness advised them to form a citizen’s association, noting  that “this Government is going to give such association the legitimate authority to act.”The $906 million Berkshire Court development comprises 44-two bedroom town houses.It includes basic services such as electricity, street lighting, potable water, and areas for the houses to expand.  There are green spaces and an entrance gate with facility for a security guard.Land has been earmarked for commercial and community recreational facilities.center_img With the NHT introducing new policy arrangements this year, including increasing the loan limit and reducing the interest rates on mortgages for lower-income groups, Prime Minister Holness said these measures are making it easier for more persons to own a home. Story Highlightslast_img read more

Las Vegas hotels bet on technology to attract dazzle guests

first_imgLAS VEGAS, Nev. – It takes just minutes for a room service attendant to respond to a text message asking for a soda, bringing the Diet Coke on a tray with a glass of ice and lime wedges, no need for the modern hassle of placing a phone call.Thousands of guests at some of Las Vegas’ casino-hotels also can get towels, food and toiletries delivered with just a few taps on their smartphone. It comes as the staples of hotel room technology — a phone on a nightstand and a flat-screen TV — aren’t cutting it anymore in the hypercompetitive world of Sin City tourism.Guests can use tablets to control room features like lights and temperature. Shower infusers and special lights promise travellers a chance to recharge. And a 4-foot-tall (1-meter-tall) robot can point visitors to the nearest ATM. In the battle for millions of Las Vegas’ tourists, voice-assisted speakers and purification systems also are part of the push to attract ever-more-demanding customers and keep them coming back.“The hotel brands or the casino brands are trying to make themselves evolve to become more relevant to a younger audience that is highly technologically enabled,” said Robert Rippee, director of the Hospitality Lab at the University of Nevada, Las Vegas.Las Vegas hotels are not the only ones using such technology. The Acme Hotel Co. in Chicago put an Amazon Echo in every room and the Waldorf Astoria in Beverly Hills, California, has equipped rooms with iPads. But what sets Sin City properties apart is the volume of guests they handle, which can test the technology that must be easy to understand.“Let’s say the tablet is a Microsoft Surface, but the tablet you use is an iPad, so you immediately have a gap,” Rippee said. “You, as the user, now have to learn to use a product an operating system you are unfamiliar with. If you are here for two nights, you are going to discard it.”Caesars Entertainment launched a texting service at its 3,976-room Caesars Palace casino-hotel on the Las Vegas Strip in August, months after rolling it out at two boutique hotels. Senior vice-president and chief experience officer Michael Marino said the service aims to improve guests’ stay after the company noticed a dip in phone calls.“It’s not like they have less needs, it’s just that something has happened over the last couple of years where people just don’t like to call people anymore,” Marino said.Four properties now have the service named Ivy, which the company credits for higher scores of two of its hotels on travel review website TripAdvisor.The service uses artificial intelligence to automatically answer common questions and requests, such as gym location and hours of operation. But trained staffers type back responses to more complex inquiries such as where Muslims should face to pray in the direction of the Kaaba in Mecca.“The window of your room faces to the East. If you pray facing the window, you will be oriented towards Mecca,” Ivy answered within two minutes.The Cosmopolitan casino-hotel also launched a chatbot a year ago, around the same time Wynn Resorts announced that an Amazon Echo would be installed in every room of the Wynn Las Vegas casino-hotel.At the Aria and Vdara hotels, each room is equipped with a tablet with applications that allow guests to schedule breakfast delivery, access thousands of publications and adjust temperature and lights. Travelers also can choose special rooms at the MGM Grand and The Mirage with several lighting options, including one that helps the body’s internal clock, and a device that infuses the shower’s water with vitamin C.Meanwhile, a shiny white, wide-eyed standing robot named Pepper in the lobby of the luxury Mandarin Oriental hotel can answer a set of preprogrammed questions, including checkout time, how to connect to the Wi-Fi network and the location of the spa.“I’ve seen robots on TV, but never in person. It’s so cute,” said Ana Rosa Santiago, a Miami resident who took a selfie with Pepper. “I already sent it to all my family.”___Follow Regina Garcia Cano on Twitter at https://twitter.com/reginagarciakNO .last_img read more

Metals miner Sherritt says it has developed oilsands partial upgrading technology

first_imgCALGARY – Toronto-based miner Sherritt International Corp. says it has developed a partial upgrading technology for the oilsands that could qualify for a $1-billion incentive program recently announced by the Alberta government.CEO David Pathe says the company has completed successful laboratory testing of the process at its facility in Fort Saskatchewan, Alta., and is now looking for an industry partner to help test it on a larger scale.The technology borrows from Sherritt’s research into the use of autoclaves, containers for chemical reactions using high pressure and temperatures, in metals processing.Pathe says the process involves stirring hydrogen into the bitumen under pressure at high temperature in the presence of a proprietary catalyst to create a lighter barrel of oil that will flow in a pipeline without being diluted.Diluent is expensive and takes away precious export pipeline space for Alberta’s growing production of bitumen.That’s why Alberta announced in February a $1-billion loan guarantee and grant program to begin next year through which it hopes to attract two to five partial bitumen upgrading facilities worth $5 billion in private investment.“One of the advantages of our (technology) is that it’s not like other partial upgrading where you leave behind large volumes of low-quality slag or coke,” said Pathe.“Instead of stripping out low-grade carbon, we’re adding hydrogen and actually maintaining the liquid volumes.”He says the resulting product will likely command a premium price because it will contain less sulphur and heavy metals.The company is active in several resource industries, primarily in Madagascar and in Cuba, where it has nickel and oil operations.Companies in this story: (TSX:S)last_img read more

Two held for shooting at auto driver during robbery bid

first_imgGreater Noida: Gautam Buddh Nagar police have arrested two persons who allegedly shot at an auto driver during a robbery bid in Kasna area of Greater Noida, on February 4. Police said that the accused persons shot the auto driver in his leg when he tried to resist the robbery attempt.According to police, the accused were identified as Sonu Sharma, a native of Cheersi village in Greater Noida and Sumit Chauhan, a native of Chhidawali village in Aligarh district. Cops said that Sonu worked as a bouncer at a housing society of Greater Noida while the 3rd accused identified as Vikas is still at large. Also Read – Bangla Sahib Gurudwara bans use of all types of plastic items”Acting on a tip-off received, the arrest was made on Monday morning from ATS roundabout in Greater Noida. Police intercepted the duo accused who were travelling in a wagon R car which they had also used in the robbery and arrested them,” said Vaibhav Krishna, Senior Superintendent of Police, Gautam Buddh Nagar. The officer further said that the robbery bid was planned by Sonu while he had also used his licensed pistol in the incident. “During sustained interrogations, it came to light that the gun belonged to Sonu. The accused persons confessed to have committed the crime and told police that Sonu had planned the robbery while Sumit boarded the auto rickshaw as passenger and later Sonu and Vikas intercepted the rickshaw with car and robbed the auto driver with his phone and case. During the robbery attempt, Vikas had shot the auto driver in his leg when he tried to resist the robbery,” added Krishna. Also Read – After eight years, businessman arrested for kidnap & murderCops said that both the arrested accused have been booked under sections 394 (causing voluntarily hurt), 411 (Dishonestly receiving stolen property) along with sections of the Arms Act under the Indian Penal Code. The robbery incident took place on February 4 when the accused allegedly shot a Kaushkendra, a 19-year-old auto rickshaw driver, in the leg after he tried to resist the robbery attempt in sector Chi 3 in Kasna area of Greater Noida.last_img read more