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European consumers keep on ignoring politics as confidence improves for fifth month in a row

whatsapp Jasper Jolly While the confidence measure is negative, it is still significantly above long-term averages.Read more: Brexit minister confirms bumpy EU departure will hurt EuropeConfidence fell sharply last year after the UK’s referendum on leaving the EU to hit August lows of a negative 8.5 score. Since then the measure has increased steadily to its highest point since early 2015. European consumers keep on ignoring politics as confidence improves for fifth month in a row More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.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.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Political events threaten to knock this steadily improving morale. Elections will take place in France, the Netherlands and Germany over the next eight months, with anti-euro candidates expected to mount major challenges in each. Consumers in the Eurozone continue to ignore the looming political risks in the bloc, with confidence improving for the fifth month in a row.The European Commission’s measure of consumer confidence rose to a negative score of 4.9. The broader EU measure was slightly higher, at minus 4.3 points. Share Any electoral result which endangers the euro would cause a big market shock throughout Europe and the world.Howard Archer, chief UK and Europe economist at IHS Markit, said: “It remains highly possible that consumer confidence in the Eurozone will be increasingly pressurized by increasing political uncertainty over the coming months.”Read more: The year of the vampire: 2017 is when political risk bites backEconomic growth has started to show signs of a sustainable recovery in growth, as well as strong increases in headline inflation figures.As in Britain, continued consumer spending has been a large part of the increased health in the economy.Economic policymakers will watch signs of a slowdown in consumer confidence, and any consequent effect on spending. The European Central Bank has said it remains committed to accommodative monetary policy. whatsapp Monday 23 January 2017 3:55 pm read more

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A look at a day in the life of the worker of 2040

first_imgIt’s 2040 now though, and the new 7G network has just launched. Fibre broadband is a thing of the past. A connected workforce is a productive one — and there’s plenty of connectivity to go around now. An interactive robot greets visitors at the “Futurium”, House of Futures in Berlin after the official opening ceremony on September 5, 2019. – Created as a venue where significant national and international developments in scientific, technical and social research can be presented and discussed, the Futurium seeks to be an independent space for dialogue between the government, the scientific community, industry and society. (Photo by John MACDOUGALL / AFP) (Photo credit should read JOHN MACDOUGALL/AFP/Getty Images) As one of the leaders of a global company, multinational calls are a standard practice. These have  traditionally been done in English, but it’s 2040, and things in have changed.  So, as we enter the next 20 years, CWJobs launched our Tech to the Future report to find out what people are expecting, and to consider what the office of 2040 could look like. Instead of kicking off your year driving through a frustrating traffic jam or squeezing onto a packed train, simply step into your driverless car and relax as it takes you where you need to go. Zero stress, as it avoids the major traffic jams through its machine learning capabilities — technology at its finest. In 2040, running out of printer paper and frustrating your employees is a thing of the past. Simply place the order and a delivery drone will bring it to you within 30 minutes. The time spent waiting for new supplies will  fly by. Show Comments ▼ Meet the new gang The global call The morning commute Not to worry. Advancements in quantum computing make number crunching a doddle now — it takes mere seconds to complete. The chief financial officer has run the numbers and the plan is on the chief executive’s desk an hour before they had asked for it. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePost FunRare Photos Show Us Who Meghan Markle Really IsPost FunBetterBe20 Stunning Female AthletesBetterBeRest Wow68 Hollywood Stars Who Look Unrecognizable NowRest WowFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorybonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver Health Tags: Netflix Office spaces Virtual reality More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.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.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com whatsapp Thursday 23 January 2020 4:41 am At home, you put on the latest virtual reality headset, and are immediately transported into a new world — a truly immersive experience enabling you to enjoy your favourite shows from closer than ever before. Main image credit: Getty Crunch those numbers 7G Heavencenter_img “Why is the internet so slow?” A phrase that we’ve all used at some point in our working lives.  Thanks to the invention of instant translation earbuds for the mass market, callers from each region speak their native language, speeding up meetings and avoiding anything becoming “lost in translation”. Share Office supplies. You don’t know you need them until they’re gone.  Opinion Looking back to 2000, it’s hard to imagine that anyone would have truly seen what was about to hit us, not just in our personal lives, but our professional ones too — from the invention of the smartphone and social media, to the humble USB stick.  You’re back into the swing of things. You jump into your car as it drives you home, and now it’s time to relax.  A day in the life of the worker of 2040 Of course, no prediction of the future can be 100 per cent accurate, but whatever it looks like will be exciting. Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime The new year is usually a hot time to start a new role, and you’ve been recruiting too. You’ll meet with engineers, analysts, and designers, who have become the new specialist troops in cyber security, artificial intelligence, and software. And don’t forget about the self-driving car mechanic you hired to maintain the company’s new fleet of autonomous vehicles. First day back though, and you realise that the financial plan is due much earlier than you thought. Time is ticking away.  City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. Let’s be honest, as it gets to the end of December, some things are pushed to the new year for our future selves to worry about when we return.  It is 6am, 2 January 2040, and as chief technology officer, it’s time for you to start the new year with a bang.  Dominic HarveyDominic Harvey is director at CWJobs. director , CWJobs Netflix 2.0  Dear Office Manager, we’re out of… oh never mind whatsapplast_img read more

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14 Ways to Have An Amazing Weekend, 9/23

first_imgArtBooksDrinkingCocktailsDanceFilmFood & DrinkL.A. HistoryMusicOutdoorsSports14 Ways to Have An Amazing Weekend, 9/23Drink in a dirndl at Angel City Brewery’s Oktoberfest, hang with dinos at the Natural History Museum, or catch Vin Scully’s last game at Dodger StadiumBy Aliza Abarbanel – September 22, 2016569ShareEmailFacebookTwitterPinterestReddItFEST: Dino FestThe Natural History Museum’s first ever dinosaur celebration is packed with everything from paleontology experts and rare fossils to the Velociraptor from Jurassic Park. In other words, there’s something amazing for dino geeks of all ages. More information (September 24–25, Natural History Museum).EXPLORE: Pokemon Go DTLADress up in your best Ash Ketchum gear  and traverse a Main St. stacked with Lure Modules at this massive community event. Don’t forget to read up on all our Pokemon Go hacks beforehand. More information (September 23, Pershing Square).NIGHTLIFE: Sleepless, The Music Center After HoursStargaze, play classic video games and watch large-scale video projections to a live music soundtrack that ranges from ‘80s electropop to classical fare. With cocktails and snacks on hand, you’ll be tempted to stay until the night ends at 3 a.m. More information (September 23, Dorothy Chandler Pavilion).DANCE: Soft LeatherThe international dance party touches down in L.A. for a night of “pansexual dress-to-sweat” dancing. Start prepping your outfit now.  More information (September 23, The LASH).DRINK: Los Angeles Moon Festival Cocktail FeastCelebrate China’s traditional Mid-Autumn Moon Festival with a night of Asian-inspired cocktails at DTLA’s gorgeous Alexandria Ballrooms. Bartenders from L.A. faves like Lock & Key and The Cannibal provide sips, and the snack menu is full of decadent ice cream donut sandwiches. More information  (September 23, Alexandria Ballrooms).MUSIC: The Broad Summer HappeningsThe Broad brings a night of high-octane electronica, as musicians Julianna Barwick and SOPHIE provide a soundtrack to multimedia art from Vessel and Charles Atlas. More information (September 24, The Broad).BOOKS: Little Tokyo Book FestivalCatch author panels and book signings at this inaugural celebration of Japanese literature. Pick up a few tomes and stock your bedside table with books from a variety of English and Japanese publishers. More information (September 24, Japanese American Cultural and Community Center).NIGHTLIFE: Old School Hip Hop NightGet down and get nostalgic with a night celebrating hip-hop’s golden era. Legendary San Francisco DJ Dave Paul will be on hand spinning all the best hits—up until ’99, that is. More information (September 24, The Resident).SHOP: September Series Curated Designer MarketplaceContemporary living pop-up Show + Tell hosts this one-day showcase of L.A.’s art and design community. One-of-a-kind ceramics and clothes make an ideal spot to shop for a gift, but it’s also worth visiting for the live music, art installation, and tarot card readings. More information (September 24, Show + Tell).FEST: 35th Annual Watts Towers Day of the Drum Festival and Jazz FestivalParticipate in a traditional Yoruba ground blessing then watch a performance from drum group Le Ballet Dembaya at this long-running community event. Sunday brings a quality lineup of genre-spanning jazz performances. More information (September 24–25, Watts Tower Arts Center).OPERA: MacbethShakespeare’s classic thriller gets a makeover in this adaptation from Tony award-winner director Darko Tresnjak. Plácido Domingo takes on the titular role, and Verdi’s classically dramatic score. More information (September 25, LA Opera).FEST: Angel City Brewery OktoberfestEase the official end of summer with a time honored tradition—day drinking! Snack on food from Seoul Sausage Company and Salt & Straw while drinking pints of Angel City Brewery’s Märzen style lager and competing in contests. We’ll see you at the yodeling and Stein hoisting competitions. More information (September 25, Angel City Brewery).WTF: The Jails of Old Los Angeles Walking TourExplore L.A.’s criminal past with this guided stroll down Broadway. History buffs will be happy to know this tour of criminal and civil history is lead by social historians from the Los Angeles Visionaries Association. More information (September 25, Grand Central Market).SPORTS: Dodger Fan Appreciation DayReady for some nostalgia? Fan appreciation day is also Vin Scully’s last day as a Dodgers announcer. Get ready to soak up that iconic voice while the Dodgers take on the Colorado Rockies. More information (September 25, Dodger Stadium). Previous articleThese Offbeat L.A. Classes Are Guaranteed To Make You a More Interesting PersonNext articleA New Nightmare Before Christmas Robot Joins Disneyland’s Haunted MansionAliza Abarbanellast_img read more

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Cancer researchers worry immunotherapy may hasten growth of tumors in some patients

first_img “There’s some phenomenon here that seems to be true, and I think we cannot just give this therapy randomly to the patient,” the author of the study, Dr. Shumei Kato, an oncologist at UC San Diego, said in an interview with STAT. “We need to select who’s going to be on it.”Kato’s article, on which the noted cancer researcher Dr. Razelle Kurzrock is named as a principal investigator, strains to make the point that the findings are more suggestive than conclusive, and that “further investigation is urgently needed.”But similar findings were published last year by cancer researchers at the Gustave Roussy Institute in France. These results were considered controversial by some, since they hadn’t been widely confirmed by other oncologists.Some remain unconvinced, including Dr. Vinay Prasad, assistant professor in the Division of Hematology Oncology at Oregon Health and Science University.“Tumor growth is not a precise measurement, and if you measure lots of people, some will have faster growth just because of the error in the test,” he said, adding that Kato’s research does not determine whether the growth happens “beyond the chance rate.”“At the end of the day, while I find this interesting, I think the main point is if you use drugs where” randomized control trials “show benefit, you will be good,” Prasad said. But immunotherapies are often approved based on early results, without randomized control trials. Given that, “don’t be surprised if you harm patients. True for all drugs. Even, almost surely, immunotherapy,” Prasad said.Dr. Antoni Ribas, who researches immunotherapies at the Ronald Reagan UCLA Medical Center, said these reports should not change patients’ and doctors’ approach to immunotherapy.“The potential benefit of immunotherapy far outweighs the worry by miles at this time, so nobody should give up that option because we now have anecdotal evidence that they may have an adverse effect on the tumors,” he said. “I can always be corrected by data, but this is something to be explored further.”The observations are rippling through an oncology community that is trying to better understand the limitations of immunotherapy, a much-vaunted therapy that seeks to unleash the immune system against cancer. In the latest Clinical Cancer Research findings, those who experienced the hyperprogression of tumors, as the phenomenon is known, shared specific genetic characteristics. In all six patients with so-called amplifications in the MDM2 gene family, and two of 10 patients with alterations in the EGFR gene, the anti-PD-1 or anti-PD-L1 immunotherapies quickly failed, and the patients’ cancers progressed rapidly.Aside from atezolizumab, immunotherapies in this class include avelumab (Bavencio); pembrolizumab (Keytruda); and nivolumab (Opdivo). The other major class of immunotherapies are known as anti-CTLA-4 treatments, such as ipilimumab (Yervoy), which target a different mechanism to unleash immune cells to fight tumors.Doctors who prescribe immunotherapies may be able to identify at-risk patients by submitting tumors for genetic testing, Kato and his coauthors suggested.The findings published last year by the Gustave Roussy team also appeared in Clinical Cancer Research. In that study, of 131 patients, 12 patients, or 9 percent, showed hyperprogressive growth after taking anti-PD-1 or anti-PD-L1 immunotherapies.The lead author of that study, Stephane Champiat, acknowledged that the research so far raises more questions than it answers. Prior to the latest publication from Kato, Champiat said he was unsure if the phenomenon is related to the immunotherapy drugs.The new study, he said, “makes me more confident.”A group of killer T cells (green and red) surrounds a cancer cell (blue, center). NIHChampiat suggested factors that could be associated with the effect. In his study’s patients, for instance, those who were older than 65 showed hyperprogressive growth at twice the rate of younger patients.“Is it specific to older patients? I don’t think so. Do they have higher risk? Maybe,” Champiat said. “And I think it’s probably different from one tumor type to another tumor type.”Oncologists studying this phenomenon said it could complicate treatment strategies, because some patients who receive immunotherapies can exhibit what’s known as “pseudo-progression,” in which tumor scans reveal apparent growth. In reality, however, the scans are instead showing areas where the cancer is being attacked by armies of immune cells.Roughly 10 percent of melanoma patients on immunotherapies, for instance, experience this phenomenon. Leave this field empty if you’re human: Champiat said that he and his colleagues had mistakenly believed that patients whose cancer had entered a hyper-growth mode were merely experiencing pseudo-progression, so they continued the immunotherapy treatment.“We were probably deleterious because we maintained that,” he said.That’s also what Kato and his colleagues were hoping, as their patients’ cancer appeared to grow in their first weeks on immunotherapy.The findings, if they continue to receive validation across the oncology community, could offer more reason for caution among cancer doctors who have witnessed exceptionally strong results from immunotherapies.Jimmy Carter is perhaps the best-known immunotherapy success story.But most patients do not respond to the immunotherapy treatments, for reasons that remain largely unknown.In a study by Prasad and Dr. Nathan Gay, also of Oregon Health and Science University, nearly 70 percent of Americans die from forms of cancer for which there is no immunotherapy option, and for the rest who do qualify for immunotherapy, only 26 percent actually see their tumors shrink. Kato said the patient whose bladder cancer grew out of control after receiving atezolizumab was “very intelligent, very knowledgeable.”The man’s wife accompanied him to appointments, and together they decided to move ahead with the treatment. Within weeks he grew more fatigued and his sodium levels plummeted. When they scanned his tumors, they had grown by 258 percent.“He was angry,” Kato said. “At me, at first, and to the team in general.”“It was very, very hard,” he said. “We get very encouraged by good outcomes, and we struggle to try to make the same result, but unfortunately it’s not always the case.” Related: Please enter a valid email address. “The potential benefit of immunotherapy far outweighs the worry by miles at this time, so nobody should give up that option.” For doctors at the University of California, San Diego, it was seemingly a no-lose proposition: A 73-year-old patient’s bladder cancer was slowly progressing but he was generally stable and strong.He seemed like the ideal candidate for an immunotherapy drug, atezolizumab, or Tecentriq, that had just been approved to treat bladder cancer patients.Doctors started the patient on the drug in June. It was a spectacular failure: Within six weeks, he was removed from the drug, and he died two months later.advertisement Privacy Policy Related: For cancer patients, newest treatments force the ultimate decision, with no room for error Few people actually benefit from ‘breakthrough’ cancer immunotherapy Newsletters Sign up for Cancer Briefing A weekly look at the latest in cancer research, treatment, and patient care. Tags cancerresearch Six saw their tumors enter a hyperactive phase, where the tumors grew by between 53 percent and 258 percent. Related: r. Antoni Ribas, Ronald Reagan UCLA Medical Center Dan Kitwood/Getty Images/Cancer Research UK And while immunotherapies typically include less intrusive side effects than chemotherapy, those side effects, when they happen, can be life-threatening.Researchers have reported cases in which immunotherapies attacked vital organs, including the colon, liver, lungs, kidney, and pancreas, with some patients experiencing acute, rapid-onset diabetes after receiving the treatments.But in those cases, the treatments were at least attacking the cancer. Such reports didn’t raise the specter of these treatments possibly working on the cancer’s behalf to shift it into overdrive.“I’m a little bit nervous, to be honest with you, reporting this,” Kato said.Dr. Jennifer S. Temel, clinical director of thoracic oncology at Massachusetts General Hospital, alluded to the emerging research on immunotherapy in a presentation to palliative care and hospice clinicians in February.“I’m treating 30 patients with immunotherapy, and when it works, it is so awesome,” she said. But the new data showing the drugs might accelerate cancer, she said, has introduced a new set of worries for patients and doctors.“How are we doing to deal with that?” she asked. “We just don’t know yet. But I am scared.”“The challenge for oncologists,” Temel added in an email Monday, “is to balance our excitement and enthusiasm with this reality and be sure to communicate honestly and effectively with our patients.” In a troubling phenomenon that researchers have observed in a number of cases recently, the treatment appeared not only to fail to thwart the man’s cancer, but to unleash its full fury. It seemed to make the tumor grow faster.The patient’s case was one of a handful described last week in the journal Clinical Cancer Research. Of the 155 cases studied, eight patients who had been fairly stable before immunotherapy treatment declined rapidly, failing the therapy within two months.advertisement In the LabCancer researchers worry immunotherapy may hasten growth of tumors in some patients Beware the hype: Top scientists cautious about fighting cancer with immunotherapy By Bob Tedeschi April 3, 2017 Reprintslast_img read more

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VIDEO: Two gators get into lakeside tussle as mating season begins

first_imgGator bites woman in Florida neighborhood June 10, 2021 Advertisement AdvertisementTags: Florida Fish and Wildlife Conservation Commissiongator Manatees dying at an alarming rate in Florida June 9, 2021 AdvertisementAs the weather continues to warm up and mating season gets into full swing — here are some safety tips from FWC to help people and pets live in harmony with alligators.Keep pets on a leash and a safe distance away from the water’s edge because pets can resemble alligator’s natural prey.Swim only in designated areas during daylight hours. Never let your pet swim in fresh or brackish water.If you think an alligator poses a threat to people, pets or property, call FWC’s toll-free Nuisance Alligator Hotline at 866-392-4286.Although serious injuries caused by alligators are rare in Florida, people should follow the above tips to continue safely co-existing with the reptiles. The American alligator, an important part of Florida’s wetland habitats, is a conservation success story. Florida has a healthy and stable alligator population, which is estimated at 1.3 million alligators of every size, FWC officials said. They are found in freshwater lakes, ponds, swamps, and slow-moving rivers in all 67 counties in Florida. 7-foot gator found roaming post office lobby in Florida June 11, 2021 GoPro recovered after Myakka River gator attack June 16, 2021center_img LAKEWOOD RANCH, Fla. — On this episode of ‘just another day in Florida,’ two alligators were seen thrashing around on the bank of a Sunshine State lake on Monday.Gordon Silver lives in Lakewood Ranch, a community located about 40 miles north of North Port. He said he saw two gators sizing each other up and fighting in his own backyard.Silver grabbed a camera and hit record — capturing an act that is common during the time when alligator mating season kicks off.Courtship begins in early April, and mating occurs in May or June, according to the Florida Fish and Wildlife Conservation Commission. RELATEDTOPICS AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 comments AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments Advertisementlast_img read more

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Man arrested for abandoning boat in rural Charlotte County

first_imgRELATEDTOPICS Advertisement AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 comments One arrested, two on the run in blundered Charlotte County burglary June 16, 2021 Advertisement FOOTAGE: Casual candle thieves nab $1,200 in merchandise June 14, 2021 AdvertisementCobb allegedly stripped off the engine, tied the boat to a tree, then took off with just the trailer, leaving the boat as a new home for wildlife.“If there’s still fuel in the tank, or spoiled fuel, that gets introduced into the soil,” Traniello said, “Into the drainage well. It can create a big problem. It can kill wildlife, aquatic life, trees, bushes, everything else. It’s definitely an environmental concern.”Throughout the investigation, Detective Traniello found the boat was still registered to Sowers. Traniello followed the trail from Sowers to his neighbor to Cobb. AdvertisementTags: boatCharlotte Countylittering AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments Security camera captures moment 2 Charlotte County burglars realized they were on tape June 16, 2021 CHARLOTTE COUNTY, Fla. – A boat was abandoned in the woods of rural Charlotte County. Back in early 2020, the hurricane decker belonged to Benjamin Sowers. He lives in Fort Myers seasonally and sold the boat to his neighbor, who then sold it to Joshline Cobb. In a popular off-roading spot, Detective Phil Traniello said someone spotted the dilapidated vessel and called it in.“This one was purchased for the trailer and the boat was supposed to be disposed of at the landfill but obviously it never made it there,” Detective Traniello said.  Mystery boat leaves Sanibel beachgoers puzzled June 17, 2021 He ultimately charged Cobb with felony littering for dumping the boat. Cobb bonded out of jail, but Sowers hopes he never crosses his path.“I don’t know if I wanna see the fella,” Sowers said “He might not wanna see me. I just don’t know why people do that.” Detective Traniello said Cobb is responsible for removing the boat from the woods.last_img read more

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Carney says he would intervene if housing debt got out of hand

Consumer debt driven by new mortgages, but credit card debt at six-year low Keywords Banking industry,  Consumer borrowing and saving,  MortgagesCompanies Bank of Canada Facebook LinkedIn Twitter Share this article and your comments with peers on social media Mark Carney has a dilemma: He views record high household debt the number one domestic risk to the economy, but believes he would hurt the recovery if he raised interest rates to slow borrowing. But the Bank of Canada governor said in an interview with The Canadian Press that he would be prepared to intervene if things got out of hand. Fed plays limited role in assessing climate risks for banks Related news “In exceptional circumstances, if there are issues that threaten financial stability, such as household debt … the bank could use monetary policy for that purpose,” he said. “That factors into our decision-making without question.” By Carney’s telling, the situation is not that far from reaching the point of exceptional circumstances. He is encouraged by the recent slowdown in the housing market. Household debt as a proportion of disposable income was close to 151% at the end of last year. The Bank of Canada’s own analysis expects the ratio to approach the 160-per-cent level reached in the United States just prior to the 2008 financial crisis. “We have never been as indebted as we are today as individuals,” he said. “We’ve done analysis which shows that about 10% of Canadians are vulnerable if interest rates returned to more normal levels, which will happen.” That’s in part because Canadians keep borrowing to buy homes, or take out loans on their homes, and because income growth has slowed to below the rate of inflation. Canadians don’t think they are overly indebted, in part because super-low interest rates have not moved appreciably in several years and private sector analysts keep telling them the central bank is unlike to hike for another year despite all of Carney’s huffing and puffing. As long as rates remain low, reports suggest Canadians can afford the homes they have bought. The latest RBC home affordability index, which measures the monthly cost of maintaining a home in comparison to pre-tax income, found affordability remains within historical norms and actually improved at the end of 2011, even in Vancouver. Such talk worries Carney. Record levels of debt may not seem like much of a concern as long as home prices keep rising and interest rates remain rock-bottom, he concedes. The big worry is if interest rates rise — as they must one day — with a concurrent drop in home prices, those circumstances will set off a cascading series of blows to Canadian consumers. Home owners will see the value of their assets fall at the same time the burden of servicing their debts rise and income growth remains modest. At this point some households will be over their heads in debt; many others will be forced to cut back on spending, slowing economic activity in Canada. Private sector economists are almost unanimous in the view that housing prices are too high in Canada in relation to fundamentals, such as incomes and the cost of renting. That suggests a correction is coming, in the neighbourhood of 10 to 25%, with some hot markets like Vancouver and Toronto possibly facing an even bigger reckoning. “If a point comes where house prices adjust downwards, the question is how is that going to impact consumption behaviour,” Carney asks. “There is history in other jurisdictions where this has a bigger impact on consumption on the way down than it does on the way up. And the consequence of that is consumption slows, growth slows, income slows, debt serviceability deteriorates, etc, etc.” In effect, the fall in home prices will do to the economy what the bank fears doing by raising interest rates. Carney reiterated that broad-brush Bank of Canada policy should be the last resort to correct what is essentially a specific problem. Other policy-makers in government have more finely-tuned instruments. Finance Minister Jim Flaherty has tried to deflate the housing bubble three times in the past six years by tightening mortgage lending rules. Canada Mortgage and Housing Corp. and the Office of the Superintendent of Financial Institutions have also tweaked the system and may be preparing to do more. On Thursday, OSFI weighed in again, telling bank executives that they have not always been following policies recently set down by their boards of directors on lending risks. “Going forward senior management will have to provide a declaration to the board that the financial institution is in compliance with the OSFI guideline (that they are following board policy),” OSFI head Julie Dickson said. More measures are in the offing. In last week’s budget, Flaherty said the government will introduce legislation to increase the governance and oversight of CMHC, which provides insurance on mortgages against default. Carney said he also has spoken to bankers directly about curbing their lending practices. He made clear hiking rates solely to restraint the housing market would only be considered if debt threatened the country’s financial stability and as a complement to other measures. But he said the new agreement with government penned last year gives him the power to act if necessary. Julian Beltrame TD getting new head of private wealth, financial planning read more

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Robo-advisors face obstacles to growth, study finds

first_img Wealthsimple sells U.S. biz to Betterment Wealthsimple raising $750 million in latest financing deal, valuation hits $5 billion The survey also found that the importance of these barriers rises with age as 59% of respondents aged 65-75 said they would not be comfortable investing without in-person meetings vs just 21% of those younger than 35. Similarly, 43% of older investors expressed a preference for dealing with established financial services institutions compared with just 20% of those who are under the age of 35. At the same time, Canadian investors are largely unaware about low-cost advisory services, such as robo-advisors, as 73% have never heard of robo-advisors. That may change in the future as the survey also found fee transparency to be the “most important criteria” for Canadian investors when selecting a financial services provider, although many don’t seem to have a clear idea why fees are important or understand the impact of fees on their portfolios. For example, the research found that 31% of Canadian investors say they have “never considered how the money they spend on fees might impact them”; and only 43% believe that fees “might have a significant impact on their ability to meet their financial goals.” Moreover, 46% admit that they are “unclear about how financial services fees are calculated.” The results are based on an online survey of 700 Canadians aged 18 and over from Aug. 20-25. The firms report that the results are accurate +/- 3.7%, with a 95% confidence level. Robo-advisors face significant challenges in gaining traction with Canadian investors, but that may change if investors gain greater awareness of the impact that fees have on their investments, suggests new research from Toronto-based robo-advisor firm Nest Wealth Asset Management Inc. and Harbinger Communications Inc., also of Toronto. The firms report that an online survey of Canadians carried out earlier this year found that the top three barriers to considering an automated advisory service are: a preference for in-person meetings; concerns about the security of assets; and a preference for dealing with large, well-established financial services institutions. BMO’s adviceDirect launches premium service Keywords Robo-advisors James Langton Share this article and your comments with peers on social media Related news Facebook LinkedIn Twitterlast_img read more

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World first Australian solution to protect sensitive data from Quantum threat

first_imgWorld first Australian solution to protect sensitive data from Quantum threat SenetasAustralian cybersecurity specialist, Senetas, has announced the first quantum resistant network encryption capability, protecting sensitive government and business network data against the emerging threat of quantum computing.Universally regarded as the most significant threat to cybersecurity in history, quantum computing in the hands of bad actors will render today’s encryption inadequate.Senetas’s Quantum evolution enables customers to combine both conventional and quantum safe encryption in a single platform and provides a secure transition starting ‘today’ to a future quantum-safe world. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Australia, Australian, business, Computing, cyber security, cybersecurity, evolution, future, Government, quantum, worldlast_img read more

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Attracting Global Talent and Business to Capitalise on Australia’s Economic Position

first_imgAttracting Global Talent and Business to Capitalise on Australia’s Economic Position Australian TreasuryThe 2021‑22 Budget will position Australia to capitalise on its economic success and provide a platform to attract global capital and talent.The Government will introduce a Global Talent Attraction package of targeted taxation measures, regulatory relief and economic reform to encourage and facilitate high‑yield international businesses and exceptional talent to relocate to Australia.The Government is investing more than $550m to achieve this with a suite of measures including:Encouraging the increased take up of employee share schemes by reducing regulatory requirements and modernising the tax treatment of these schemesProviding greater certainty to foreign investors by providing them with an ATO early engagement service that will fast track advice to foreign direct investors about the tax implications of their proposed transactions or relocation to AustraliaFinalising the implementation of the Corporate Collective Investment Vehicle (CCIV) regime to encourage foreign investment and enhance the competitiveness of Australia’s funds management sectorConsulting on options to restore previously well‑established relief limited to dealing with wholesale clients or professional investors for Foreign Financial Service Providers (FFSPs) who are licensed and regulated in jurisdictions with comparable financial services regimes and options to create a fast‑track licensing process for FFSPs who wish to establish more permanent operations in AustraliaClarifying and simplifying the tax residency rules for globally mobile individualsMaking technical amendments to the Taxation of Financial Arrangements (TOFA) legislation which will include facilitating access to hedging rules on a portfolio hedging basisUndertaking a review of venture capital tax concessions to ensure they are fit‑for‑purposeThe Government will also use the Global Talent Attraction package to consult on further improving the corporate residency rules including providing certainty to foreign residents on the Investor Manager Regime (IMR). The IMR was established in 2015 to attract foreign investment to Australia and promote the use of Australian fund managers by removing tax impediments to investing in Australia. These measures complement the Government’s Global Talent Visa Program for a streamlined visa pathway for highly skilled professionals to work and live permanently in Australia.In 2020, the Prime Minister established a new whole‑of‑government Global Business and Talent Attraction Taskforce led by Peter Verwer AO to attract international businesses and exceptional talent to Australia.The Morrison Government prioritised global business and talent attraction in 2020 as part of its COVID‑19 economic recovery plan, with a view to capitalising on Australia’s strategic advantages and successful management of the pandemic.Further detail on the above items are available in the 2021‑22 Budget. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:ATO, AusPol, Australia, Australian, Australian Treasury, corporate, financial services, foreign investment, Government, Investment, legislation, Minister, Morrison, Morrison Government, Prime Minister, residency, treatment, wholesalelast_img read more