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10 июня, 22:15

The Pension Bubble: How The Defaults Will Occur

Submitted by Peter Diekmeyer via SprottMoney.com, Experts worry about stock, bond and real estate market excesses. But a bubble is forming that dwarfs them all: in pension plans. Millions of Americans and Canadians who are counting on pension benefits to fund their retirements risk being severely disappointed. The hard money community has, of course, been aware of this for some time. However in recent years, even the elites have been taking notice. One such group, the International Forum of the Americas, will be holding its fourth annual pension conference in Montreal next Monday. There politicians, financiers and monetary policy officials will discuss the declining rates of return in public and private sector pension plans. The picture they will paint is increasingly grim. Pension funds, which have been issuing over-optimistic revenue forecasts for years, aren’t going to earn nearly enough money to pay the benefits recipients expect. Much of this relates to secular stagnation in the economy. Bonds, which form a major part of most plans’ holdings, earn next to nothing in interest. Stocks, which are trading at record levels, despite falling corporate earnings, look to have more downside risk than upside potential. Worse, if bond returns average 2%, balanced portfolios projecting 7% to 8% annual returns have to earn 12% to 14% on equities investments to make up the difference. That’s unlikely to happen. At least private sector plans have some money in them – public sector plans are in even in worse shape. Governments have almost nothing put aside to fund future retirees – and they don’t even fully list their debts. That process of “cooking the books” ramped up in a major way during Bill Clinton’s administration, whom Hillary Clinton, the current Democratic Presidential nominee, has promised to “put in charge of the economy.” The upshot is that most Americans and Canadians have no clue how far in debt their countries are. Researchers such as Laurence Kotlikoff , a professor at Boston University and a write-in candidate for President in 2016, suggest that unfunded pension and other liabilities run into the tens of trillions of dollars in the United States. The Fraser Institute has shown that Canada isn’t much better. Backing off commitments Ironically, the biggest challenge facing government bureaucrats and private fund administrators has nothing to do with paying back pensioners. They have known for some time that would not be possible. Their key challenge will be to ensure that shortfalls occur on someone else’s watch. As such, these defaults will occur at a gradual pace. The first stages, already well under way, include steps such as raising eligibility requirements, increasing the tax burden on “wealthier” recipients and so on. Congress, which teamed up to cut benefits during the Reagan administration, has been trying to find a way to do it a second time. Once the November elections are over, they will likely give it another shot. A likely model will be Canada, where, in 2012, the late Jim Flaherty, a political master, camouflaged the Harper Government’s raising the eligibility requirements for Old Age Security from 65 to 67 by delaying implementation for ten years. Flaherty further deflected media attention from the default by simultaneously banning the penny. Canadian journalists fell for the bait and spent the next week writing stories about the penny, never for a second realizing that Flaherty had slipped one by them. House prices up 12%, food prices 3.7%. Pensions up 1.3% Another tactic used by government officials and pension fund managers to avoid paying out pensioners is to inflate away the problem. As John Maynard Keynes, the great economist, noted: inflation is an excellent way to extract wealth, because not one man in a hundred will understand how it was done. Here is how it works: governments promise pensioners that their benefits will be indexed to protect beneficiaries against rising prices. But they then use selected or massaged statistics to back out. In Canada, federal (CPP) pension plan recipients will see their benefits rise by 1.3% during 2016. But food prices, according to Statistics Canada, rose by 3.7% last year. House prices rose by 12% up to December 2015 according to the Canadian Real Estate Association. The controversial John Williams of Shadow Statistics provides credible research about how the data massaging works in the United States. The effects of prices rising faster than benefits, over time, can be dramatic. If prices rise by 2% faster than pensions each year, then by the 20th year of retirement, beneficiaries will be losing 40% of their purchasing power (I am calculating using a straight line basis for simplicity). In short, most pensioners won’t have a clue what hit them. Outright defaults Seniors vote – and there are a lot of them. So outright defaults on pension obligations will be a last resort of politicians and private sector plan managers. However, it is starting to happen. The ongoing saga of the US Central States Pension Fund, whose 400,000 beneficiaries were recently offered cuts of up to 60% in the amounts they receive, provides an excellent warning. Amazingly the Central States Pension Fund, which manages funds for retirees from a number of companies in 37 states, actually has $18 billion in funds. Managers from those companies simply over-promised workers how much money they would get. Pensioners in a variety of public plans including Detroit’s - which went bankrupt – and Illinois – which is insolvent - haven’t been much luckier. Many more will suffer the same fate. Governments still have some time to manage the fallout. So do taxpayers who are counting on those plans to fund their retirements. For them, the time to plan is now.

10 июня, 17:05

The Pension Bubble: How The Defaults Will Occur

              The Pension Bubble: How The Defaults Will Occur Written by Peter Diekmeyer (CLICK FOR ORIGINAL)     Experts worry about stock, bond and real estate market excesses. But a bubble is forming that dwarfs them all: in pension plans. Millions of Americans and Canadians who are counting on pension benefits to fund their retirements risk being severely disappointed.   The hard money community has, of course, been aware of this for some time. However in recent years, even the elites have been taking notice.   One such group, the International Forum of the Americas, will be holding its fourth annual pension conference in Montreal next Monday.   There politicians, financiers and monetary policy officials will discuss the declining rates of return in public and private sector pension plans.   The picture they will paint is increasingly grim.   Pension funds, which have been issuing over-optimistic revenue forecasts for years, aren’t going to earn nearly enough money to pay the benefits recipients expect.   Much of this relates to secular stagnation in the economy.   Bonds, which form a major part of most plans’ holdings, earn next to nothing in interest.   Stocks, which are trading at record levels, despite falling corporate earnings, look to have more downside risk than upside potential.   Worse, if bond returns average 2%, balanced portfolios projecting 7% to 8% annual returns, have to earn 12% to 14% on equities investments to make up the difference. That’s unlikely to happen.   At least private sector plans have some money in them – public sector plans are in even in worse shape.   Governments have almost nothing put aside to fund future retirees – and they don’t even fully list their debts.   That process of “cooking the books” ramped up in a major way during Bill Clinton’s administration, whom Hillary Clinton, the current Democratic Presidential nominee, has promised to “put in charge of the economy.”   The upshot is that most Americans and Canadians have no clue how far in debt their countries are. Researchers such as Laurence Kotlikoff, a professor at Boston University and a write-in candidate for President in 2016, suggest that unfunded pension and other liabilities run into the tens of trillions of dollars in the United States. The Fraser Institute has shown that Canada isn’t much better.   Backing off commitments Ironically, the biggest challenge facing government bureaucrats and private fund administrators has nothing to do with paying back pensioners. They have known for some time that would not be possible.   Their key challenge will be to ensure that shortfalls occur on someone else’s watch.   As such, these defaults will occur at a gradual pace. The first stages, already well under way, include steps such as raising eligibility requirements, increasing the tax burden on “wealthier” recipients and so on.   Congress, which teamed up to cut benefits during the Reagan administration, has been trying to find a way to do it a second time. Once the November elections are over, they will likely give it another shot.   A likely model will be Canada, where in 2012, the late Jim Flaherty, a political master, camouflaged the Harper Government’s raising the eligibility requirements for Old Age Security from 65 to 67, by delaying implementation for ten years.   Flaherty further deflected media attention from the default by simultaneously banning the penny. Canadian journalists fell for the bait and spent the next week writing stories about the pennies, never for a second realizing that Flaherty had slipped one by them.   House prices up 12%, food prices 3.7%. Pensions up 1.3%. Another tactic used by government officials and pension fund managers to avoid paying out pensioners is to inflate away the problem. As John Maynard Keynes, the great economist, noted: inflation is an excellent way to extract wealth, because not one man in a hundred will understand how it was done.   Here is how it works: governments promise pensioners that their benefits will be indexed to protect beneficiaries against rising prices. But they then use selected or massaged statistics to back out.   In Canada, federal (CPP) pension plan recipients will see their benefits rise by 1.3% during 2016. But food prices, according to Statistics Canada, rose by 3.7% last year. House prices rose by 12% up to December 2015, according to the Canadian Real Estate Association.   The controversial John Williams of Shadow Statistics provides credible research about how the data massaging works in the United States.   The effects of prices rising faster than benefits, over time, can be dramatic. If prices rise by 2% faster than pensions each year, then by the 20th year of retirement, beneficiaries will be losing 40% of their purchasing power (I am calculating using a straight line basis for simplicity).   In short, most pensioners won’t have a clue what hit them.   Outright defaults Seniors vote – and there are a lot of them. So outright defaults on pension obligations will be a last resort of politicians and private sector plan managers.   However, it is starting to happen.   The ongoing saga of the US Central States Pension Fund, whose 400,000 beneficiaries were recently offered cuts of up to 60% in the amounts they receive, provides an excellent warning.   Amazingly, the Central States Pension Fund, which manages funds for retirees from a number of companies in 37 states, actually has $18 billion in funds. Managers from those companies simply over-promised workers how much money they would get.   Pensioners in a variety of public plans including Detroit’s - which went bankrupt – and Illinois – which is insolvent - haven’t been much luckier. Many more will suffer the same fate.   Governments still have some time to manage the fallout. So do taxpayers who are counting on those plans to fund their retirements.   For them, the time to plan is now.     Please email with any questions about this article or precious metals HERE         The Pension Bubble: How The Defaults Will Occur Written by Peter Diekmeyer (CLICK FOR ORIGINAL)

30 декабря 2014, 17:44

This City Eliminated Poverty, And Nearly Everyone Forgot About It

An aerial view of the city of Dauphin, Manitoba. Forty years ago, a groundbreaking experiment provided checks to Dauphin’s poorest to raise their incomes to a livable wage. (Photo: Dauphin Economic Development/Facebook)  On a December afternoon, Frances Amy Richardson took a break from her quilting class to reflect on a groundbreaking experiment she took part in 40 years earlier. “Well, that was quite a few years ago,” she said. “There was a lot of people that really benefitted from it.” Between 1974 and 1979, residents of a small Manitoba city were selected to be subjects in a project that ensured basic annual incomes for everyone. For five years, monthly checks were delivered to the poorest residents of Dauphin, Manitoba –- no strings attached. And for five years, poverty was completely eliminated. The program was dubbed “Mincome” -- a neologism of “minimum income” -- and it was the first of its kind in North America. It stood out from similar American projects at the time because it didn’t shut out seniors and the disabled from qualification. The project’s original intent was to evaluate if giving checks to the working poor, enough to top-up their incomes to a living wage, would kill people’s motivation to work. It didn’t. But the Conservative government that took power provincially in 1977 -- and federally in 1979 -- had no interest in implementing the project more widely. Researchers were told to pack up the project’s records into 1,800 boxes and place them in storage. A final report was never released. Richardson is now 87 and still lives in Dauphin. She says only three or four of the city’s original Mincome recipients remain among the prairie community’s 8,251 residents. During the program’s heyday in the mid-1970s, Richardson was a mother of six – three of her children lived at home. To earn money, she ran a small salon out of her home called Fifth Avenue Beauty Chalet. Whatever cash she could make styling hair contributed one stream of the family’s income; her husband Gordon provided the other with his job at the local telephone company. Her ailing mother also lived in the house at the time. She remembers Mincome researchers visiting the home regularly to calculate how much money the family was qualified for. “We kept track of everything and somebody would come once a month,” she explained. “I kept track of what I made and they would pay the difference to what they figured that cost many people to live.”  A postcard shows “Canada’s National Ukrainian Festival Choir” in Dauphin, Manitoba. During the 1970s, the prairie community was home to one of the country's largest Ukrainian populations. (Photo: The Printing House)  Mincome provided the Richardsons with financial predictability and a sense of stability. There was always food on the table. The bills were paid. The kids stayed in school. And when Gordon’s health took a turn for the worse mid-way through the pilot project, the family still made ends meet. “It was a lot of good, but see, the Manitoba government and the federal government both went out of power that year and they ran out of money – so it was just dropped,” Richardson said. “It was done.” In five years, Mincome helped one thousand Dauphin families who fell below the poverty line earn a livable income. When the project ended, locals didn’t make a fuss because they knew the checks were temporary anyway. “Some people thought it was like charity,” Richardson said about Mincome. “It wasn’t really charity, it was need.” So in 1979, it was business as usual again. After Mincome folded, people tapped into their prairie work ethic and looked to make do however they could. The Richardson family went back to scraping by, the same way they had before the project began. The kids found jobs: one sold gas at the local garage, another landed entry-level work in insurance. Richardson continued to bake bread and can her own preserves at home. It’s a cash-saving skill born out of hard times some food bank-dependent families have lost today, she suggested. “I think if we had a Mincome where they were helped a little,” she added. “That might be better.” Why Dauphin? How did a farming community play host to such a landmark social assistance program? Good political timing didn’t hurt. In 1969, the left-leaning provincial NDP led by Edward Schreyer swept into power for the first time. The transition injected new rural sensitivities and democratic socialist influences into politics. On the federal level, Pierre Elliott Trudeau was prime minister. The two men worked swiftly to set up conditions for a basic income experiment. In 1973, Manitoba and the federal government signed a cost-sharing agreement: 75 per cent of the $17-million budget would be paid for by the feds; the rest by the province. The project rolled out the next year. All Dauphinites were automatically considered for benefits. One-third of residents qualified for Mincome checks. How Mincome checks were calculated: 1. Everyone was given the same base amount: 60 per cent of Statistics Canada’s low-income cut-off. The cut-off varied, depending on family size and where they lived. But in 1975, a single Canadian who was considered low-income earned $3,386 on average.    1975 2014 dollars   Individual $3,386 $16,094   Family of two $4,907 $20,443   2. Base amount was modified: 50 cents was subtracted from every dollar earned from other income sources “It was sort of something new and utopian. It was completely different,” said Dauphin’s current mayor Eric Irwin. “It was an attempt to define social services in a different way.” Dr. Evelyn Forget is the researcher at University of Manitoba credited for tracking down those 1,800 dusty boxes of Mincome raw data that sat forgotten for 30 years. She first heard about the project in an undergraduate economics class at the University of Toronto in the ‘70s. Mincome checks were still being delivered when her professors praised the experiment as “really important,” saying it was going to “revolutionize” the delivery of social programs. It stuck with her. In 2005, she began looking for the Mincome data. After a strenuous search, she located the records at the provincial archives in Winnipeg. She was the first to look at them since they were packed up in 1979. “[Archivists] were in the process of wondering whether, in fact, they could throw them out because they took up a lot of space and nobody seemed interested in it,” said Forget. It didn’t take her long to realize the plethora of files could never be funneled into any sort of statistical analysis. There were questionnaires with circled answers. And data on one family could be scattered between countless boxes. It also didn’t help that there were no labels or index. Because of an ethics board policy, Forget couldn’t directly contact the people whose data she was now in possession of -- the participants had consented to speak to the original researchers only. Instead, she used a guest spot on a local radio station to invite Mincome recipients to call her.  Looking south on Main St. North in Dauphin, Manitoba around 1973. (Photo: Dennis Popeniuk/Facebook)  One woman called to say she remembered the Mincome project. In the early 1970s, she was a single mother raising two girls on welfare – then called Mothers’ Allowance. She said she had always been treated respectfully, but there was one thing case workers said that bothered her. “She said she wanted to get some job training. They told her to go home and take care of her kids and they would take care of her,” explained Forget. When the opportunity to transfer from Mothers’ Allowance to Mincome came along, the woman took it. With no restrictions on how she could spend the money she was given, she signed up for training and got a part-time job at the local library which eventually became a full-time career. “So when I talked to her, she was incredibly proud of having modelled a different kind of life for her daughters,” Forget said. The retired librarian invited Forget to visit her home. Inside, she was shown pictures from her two girls’ graduations, mother beaming with pride. In 2011, Forget released a paper distilling how Mincome affected people’s health using census data. She found overall hospitalization rates (for accidents, injuries, and mental health diagnoses) dropped in the group who received basic income supplements.  Film footage of a 1976 parade in Dauphin, Manitoba recorded on Super8 film. (Video: YouTube/Leo Bunyak)  By giving a community’s poorest residents enough to lift their incomes above the poverty line, there was a measurable impact on the health care system. It’s this kind of logic that Forget hopes will propel the idea of basic income forward, four decades later. “I’m enough of an optimist to believe that eventually we’re going to end up there. I think we already have part of the program in place,” said Forget, referring to existing supplements including the Guaranteed Income Supplement for seniors and the National Child Benefit. “The one gap in the system right now is the working poor: people working in insecure and precarious jobs.” Two years before the Harper government shut down its operations, the National Council of Welfare released a damning report criticizing how welfare rules are trapping people in poverty. “Canada’s welfare system is a box with a tight lid. Those in need must essentially first become destitute before they qualify for temporary assistance,” said TD Bank’s former chief economist Don Drummond after the social agency’s report was released in 2010. “But the record shows once you become destitute you tend to stay in that state. You have no means to absorb setbacks in income or unexpected costs. You can’t afford to move to where jobs might be or upgrade your skills.” Former Conservative senator Hugh Segal is a longtime proponent of a guaranteed annual income policy. He believes the program could save provinces millions in social assistance spending on programs like welfare. Instead of being forced through the welfare system, people’s eligibility would be assessed and reassessed with every income tax filing. Those who don’t make above the low-income cut-off in their area would be automatically topped up, similar to Mincome in Dauphin. How guaranteed annual income could work today: • Distributed as a federal Negative Income Tax • Top-ups are calculated automatically and delivered after income tax filings • Top-ups would render people ineligible for provincial welfare • Provincial welfare money gets reallocated to other priorities (i.e. elder care, expanded early childcare programs) But the idea never took off in Canada. The lessons of Mincome never spread. Simply put: The Mincome experiment discontinued because the governments changed. Segal says what happened in Dauphin was a “classic Ottawa initiative,” with a lot of money spent putting a program in place, but without adequate investment to evaluate if it was effective or not. Renewed energy in European campaigns for basic income have attracted more reporters and researchers to Dauphin. This summer, a Netherlands TV crew brought some excitement to town while on location to film a documentary about Mincome. “This started about a year ago with the press fooling around, starting to ask questions,” Irwin said.  Grain silos and trains in Dauphin, Manitoba. (Photo: Getty Images)  While the idea of basic income has gained traction in countries including Scotland, Switzerland, Namibia, Uganda, and India, others are skeptical. “I’m not convinced it’s a silver bullet,” explains Leilani Farha, executive director of Canada Without Poverty and acting United Nations special rapporteur on adequate housing. “It’s not just about money. It’s about so many other things.” “Poverty is also about stigmatization and discrimination. You know, basic income is not going to address that. No single policy is going to address that,” she said, criticizing the existing social assistance system as one that hands out “paltry, paltry amounts of money.” “The problem is that nothing is going on,” said Farha referring to government momentum. “There’s no leadership on these issues.” During his nine years in the Senate, Segal advocated strongly for basic income for Canadians. But in his time as a member of the Conservative caucus, he “didn’t see the tiniest indication of interest on the part of the government” in another test site or implementation. That’s because the current government shares the Mulroney administration view that “the best social policy is a job,” he said. The one exception was late finance minister Jim Flaherty who established the working income tax benefit to aid working Canadians living in poverty. He was the only one to engage constructively, Segal says. Segal said he doesn’t expect the concept to gain traction again among the Harper Conservatives. “I would think it’s fair to say ideologically, the present government would eye the notion that this is some ‘kooky left-wing scheme’ without addressing the fact that really strong social and economic conservatives like Milton Friedman argued in favour of a negative income tax,” he said. In Canada, the idea of an universal basic income was first presented at a Progressive Conservative policy convention in October of 1969. Then-leader Robert Stanfield argued the idea would consolidate overlapping security programs and reduce bureaucracy. But in the last two elections, Segal says poverty did not come up in television debates between party leaders once. It’s something he doesn’t want to see repeated. “I think it’s an abomination that we wouldn’t discuss it when we have close to 10 per cent of the population living beneath the poverty line.” Yet he remains more optimistic in this decade than the last because of signs of interest from the federal Liberal and Green parties. “One begins to sense, not that the ice is breaking, but the currents underneath the ice are beginning to move more quickly,” he said. .articleBody div.feature-section, .entry div.feature-section{width:55%;margin-left:auto;margin-right:auto;} .articleBody span.feature-dropcap, .entry span.feature-dropcap{float:left;font-size:72px;line-height:59px;padding-top:4px;padding-right:8px;padding-left:3px;} div.feature-caption{font-size:90%;margin-top:0px;}

30 декабря 2014, 17:44

This City Eliminated Poverty, And Nearly Everyone Forgot About It

An aerial view of the city of Dauphin, Manitoba. Forty years ago, a groundbreaking experiment provided checks to Dauphin’s poorest to raise their incomes to a livable wage. (Photo: Dauphin Economic Development/Facebook)  On a December afternoon, Frances Amy Richardson took a break from her quilting class to reflect on a groundbreaking experiment she took part in 40 years earlier. “Well, that was quite a few years ago,” she said. “There was a lot of people that really benefitted from it.” Between 1974 and 1979, residents of a small Manitoba city were selected to be subjects in a project that ensured basic annual incomes for everyone. For five years, monthly checks were delivered to the poorest residents of Dauphin, Manitoba –- no strings attached. And for five years, poverty was completely eliminated. The program was dubbed “Mincome” -- a neologism of “minimum income” -- and it was the first of its kind in North America. It stood out from similar American projects at the time because it didn’t shut out seniors and the disabled from qualification. The project’s original intent was to evaluate if giving checks to the working poor, enough to top-up their incomes to a living wage, would kill people’s motivation to work. It didn’t. But the Conservative government that took power provincially in 1977 -- and federally in 1979 -- had no interest in implementing the project more widely. Researchers were told to pack up the project’s records into 1,800 boxes and place them in storage. A final report was never released. Richardson is now 87 and still lives in Dauphin. She says only three or four of the city’s original Mincome recipients remain among the prairie community’s 8,251 residents. During the program’s heyday in the mid-1970s, Richardson was a mother of six – three of her children lived at home. To earn money, she ran a small salon out of her home called Fifth Avenue Beauty Chalet. Whatever cash she could make styling hair contributed one stream of the family’s income; her husband Gordon provided the other with his job at the local telephone company. Her ailing mother also lived in the house at the time. She remembers Mincome researchers visiting the home regularly to calculate how much money the family was qualified for. “We kept track of everything and somebody would come once a month,” she explained. “I kept track of what I made and they would pay the difference to what they figured that cost many people to live.”  A postcard shows “Canada’s National Ukrainian Festival Choir” in Dauphin, Manitoba. During the 1970s, the prairie community was home to one of the country's largest Ukrainian populations. (Photo: The Printing House)  Mincome provided the Richardsons with financial predictability and a sense of stability. There was always food on the table. The bills were paid. The kids stayed in school. And when Gordon’s health took a turn for the worse mid-way through the pilot project, the family still made ends meet. “It was a lot of good, but see, the Manitoba government and the federal government both went out of power that year and they ran out of money – so it was just dropped,” Richardson said. “It was done.” In five years, Mincome helped one thousand Dauphin families who fell below the poverty line earn a livable income. When the project ended, locals didn’t make a fuss because they knew the checks were temporary anyway. “Some people thought it was like charity,” Richardson said about Mincome. “It wasn’t really charity, it was need.” So in 1979, it was business as usual again. After Mincome folded, people tapped into their prairie work ethic and looked to make do however they could. The Richardson family went back to scraping by, the same way they had before the project began. The kids found jobs: one sold gas at the local garage, another landed entry-level work in insurance. Richardson continued to bake bread and can her own preserves at home. It’s a cash-saving skill born out of hard times some food bank-dependent families have lost today, she suggested. “I think if we had a Mincome where they were helped a little,” she added. “That might be better.” Why Dauphin? How did a farming community play host to such a landmark social assistance program? Good political timing didn’t hurt. In 1969, the left-leaning provincial NDP led by Edward Schreyer swept into power for the first time. The transition injected new rural sensitivities and democratic socialist influences into politics. On the federal level, Pierre Elliott Trudeau was prime minister. The two men worked swiftly to set up conditions for a basic income experiment. In 1973, Manitoba and the federal government signed a cost-sharing agreement: 75 per cent of the $17-million budget would be paid for by the feds; the rest by the province. The project rolled out the next year. All Dauphinites were automatically considered for benefits. One-third of residents qualified for Mincome checks. How Mincome checks were calculated: 1. Everyone was given the same base amount: 60 per cent of Statistics Canada’s low-income cut-off. The cut-off varied, depending on family size and where they lived. But in 1975, a single Canadian who was considered low-income earned $3,386 on average.    1975 2014 dollars   Individual $3,386 $16,094   Family of two $4,907 $20,443   2. Base amount was modified: 50 cents was subtracted from every dollar earned from other income sources “It was sort of something new and utopian. It was completely different,” said Dauphin’s current mayor Eric Irwin. “It was an attempt to define social services in a different way.” Dr. Evelyn Forget is the researcher at University of Manitoba credited for tracking down those 1,800 dusty boxes of Mincome raw data that sat forgotten for 30 years. She first heard about the project in an undergraduate economics class at the University of Toronto in the ‘70s. Mincome checks were still being delivered when her professors praised the experiment as “really important,” saying it was going to “revolutionize” the delivery of social programs. It stuck with her. In 2005, she began looking for the Mincome data. After a strenuous search, she located the records at the provincial archives in Winnipeg. She was the first to look at them since they were packed up in 1979. “[Archivists] were in the process of wondering whether, in fact, they could throw them out because they took up a lot of space and nobody seemed interested in it,” said Forget. It didn’t take her long to realize the plethora of files could never be funneled into any sort of statistical analysis. There were questionnaires with circled answers. And data on one family could be scattered between countless boxes. It also didn’t help that there were no labels or index. Because of an ethics board policy, Forget couldn’t directly contact the people whose data she was now in possession of -- the participants had consented to speak to the original researchers only. Instead, she used a guest spot on a local radio station to invite Mincome recipients to call her.  Looking south on Main St. North in Dauphin, Manitoba around 1973. (Photo: Dennis Popeniuk/Facebook)  One woman called to say she remembered the Mincome project. In the early 1970s, she was a single mother raising two girls on welfare – then called Mothers’ Allowance. She said she had always been treated respectfully, but there was one thing case workers said that bothered her. “She said she wanted to get some job training. They told her to go home and take care of her kids and they would take care of her,” explained Forget. When the opportunity to transfer from Mothers’ Allowance to Mincome came along, the woman took it. With no restrictions on how she could spend the money she was given, she signed up for training and got a part-time job at the local library which eventually became a full-time career. “So when I talked to her, she was incredibly proud of having modelled a different kind of life for her daughters,” Forget said. The retired librarian invited Forget to visit her home. Inside, she was shown pictures from her two girls’ graduations, mother beaming with pride. In 2011, Forget released a paper distilling how Mincome affected people’s health using census data. She found overall hospitalization rates (for accidents, injuries, and mental health diagnoses) dropped in the group who received basic income supplements.  Film footage of a 1976 parade in Dauphin, Manitoba recorded on Super8 film. (Video: YouTube/Leo Bunyak)  By giving a community’s poorest residents enough to lift their incomes above the poverty line, there was a measurable impact on the health care system. It’s this kind of logic that Forget hopes will propel the idea of basic income forward, four decades later. “I’m enough of an optimist to believe that eventually we’re going to end up there. I think we already have part of the program in place,” said Forget, referring to existing supplements including the Guaranteed Income Supplement for seniors and the National Child Benefit. “The one gap in the system right now is the working poor: people working in insecure and precarious jobs.” Two years before the Harper government shut down its operations, the National Council of Welfare released a damning report criticizing how welfare rules are trapping people in poverty. “Canada’s welfare system is a box with a tight lid. Those in need must essentially first become destitute before they qualify for temporary assistance,” said TD Bank’s former chief economist Don Drummond after the social agency’s report was released in 2010. “But the record shows once you become destitute you tend to stay in that state. You have no means to absorb setbacks in income or unexpected costs. You can’t afford to move to where jobs might be or upgrade your skills.” Former Conservative senator Hugh Segal is a longtime proponent of a guaranteed annual income policy. He believes the program could save provinces millions in social assistance spending on programs like welfare. Instead of being forced through the welfare system, people’s eligibility would be assessed and reassessed with every income tax filing. Those who don’t make above the low-income cut-off in their area would be automatically topped up, similar to Mincome in Dauphin. How guaranteed annual income could work today: • Distributed as a federal Negative Income Tax • Top-ups are calculated automatically and delivered after income tax filings • Top-ups would render people ineligible for provincial welfare • Provincial welfare money gets reallocated to other priorities (i.e. elder care, expanded early childcare programs) But the idea never took off in Canada. The lessons of Mincome never spread. Simply put: The Mincome experiment discontinued because the governments changed. Segal says what happened in Dauphin was a “classic Ottawa initiative,” with a lot of money spent putting a program in place, but without adequate investment to evaluate if it was effective or not. Renewed energy in European campaigns for basic income have attracted more reporters and researchers to Dauphin. This summer, a Netherlands TV crew brought some excitement to town while on location to film a documentary about Mincome. “This started about a year ago with the press fooling around, starting to ask questions,” Irwin said.  Grain silos and trains in Dauphin, Manitoba. (Photo: Getty Images)  While the idea of basic income has gained traction in countries including Scotland, Switzerland, Namibia, Uganda, and India, others are skeptical. “I’m not convinced it’s a silver bullet,” explains Leilani Farha, executive director of Canada Without Poverty and acting United Nations special rapporteur on adequate housing. “It’s not just about money. It’s about so many other things.” “Poverty is also about stigmatization and discrimination. You know, basic income is not going to address that. No single policy is going to address that,” she said, criticizing the existing social assistance system as one that hands out “paltry, paltry amounts of money.” “The problem is that nothing is going on,” said Farha referring to government momentum. “There’s no leadership on these issues.” During his nine years in the Senate, Segal advocated strongly for basic income for Canadians. But in his time as a member of the Conservative caucus, he “didn’t see the tiniest indication of interest on the part of the government” in another test site or implementation. That’s because the current government shares the Mulroney administration view that “the best social policy is a job,” he said. The one exception was late finance minister Jim Flaherty who established the working income tax benefit to aid working Canadians living in poverty. He was the only one to engage constructively, Segal says. Segal said he doesn’t expect the concept to gain traction again among the Harper Conservatives. “I would think it’s fair to say ideologically, the present government would eye the notion that this is some ‘kooky left-wing scheme’ without addressing the fact that really strong social and economic conservatives like Milton Friedman argued in favour of a negative income tax,” he said. In Canada, the idea of an universal basic income was first presented at a Progressive Conservative policy convention in October of 1969. Then-leader Robert Stanfield argued the idea would consolidate overlapping security programs and reduce bureaucracy. But in the last two elections, Segal says poverty did not come up in television debates between party leaders once. It’s something he doesn’t want to see repeated. “I think it’s an abomination that we wouldn’t discuss it when we have close to 10 per cent of the population living beneath the poverty line.” Yet he remains more optimistic in this decade than the last because of signs of interest from the federal Liberal and Green parties. “One begins to sense, not that the ice is breaking, but the currents underneath the ice are beginning to move more quickly,” he said. .articleBody div.feature-section, .entry div.feature-section{width:55%;margin-left:auto;margin-right:auto;} .articleBody span.feature-dropcap, .entry span.feature-dropcap{float:left;font-size:72px;line-height:59px;padding-top:4px;padding-right:8px;padding-left:3px;} div.feature-caption{font-size:90%;margin-top:0px;}

11 апреля 2014, 21:20

Canada mourns ex-finance minister

Tributes pour in for former Canadian Finance Minister Jim Flaherty, who passed away just three weeks after resigning from office.

11 апреля 2014, 15:32

Frontrunning: April 11

Sensitive Market Data Leaked After Government Phone Call (WSJ) This is a actual Bloomberg headline: China Fake Data to Skew More Export Numbers (BBG) This is another actual BBG headline: U.S. as Global Growth Engine Putt-Putts Instead of Purring (BBG) Ukraine wants to buy European gas to boost energy security (Reuters) JPMorgan Profit Falls 19% on Trading, Mortgage Declines (BBG) Record Europe Dividends Keep $2.8 Trillion From Factories (BBG) Why is Goldman shutting down Sigma X: SEC eyes test that may lead to shift away from 'dark pools' (Reuters) Ebola Outbreak Empties Hotels as West Africa Borders Closed (BBG) Australian PM says searchers confident of position of MH370's black boxes (Reuters) Gross Says El-Erian Should Explain Reason for Exit (BBG) PC recalls next: Sony Issues Warning Over Vaio Battery Fire Risk (WSJ) SAC Record $1.8 Billion Insider Plea Caps 7-Year Probe (BBG) Texan Discovers Key to Euro Going Against Consensus (BBG) GM Raises Recall Costs to $1.3 Billion (WSJ) London’s Wealthy Expanding Realms by Buying Out Neighbors (BBG) Coldwater Creek Files Bankruptcy After Apparel Sales Fall (BBG)   Overnight Media Digest WSJ * The fallout from General Motors Co's troubled recalls escalated on Thursday with the auto maker raising its estimated costs to $1.3 billion and suspending two engineers involved in fateful early decisions.(http://r.reuters.com/vyr48v) * PG&E Corp will offer a $250,000 reward for information resulting in the arrest and conviction of people who attacked its Metcalf transmission substation near San Jose, California, last year.(http://r.reuters.com/wyr48v) * China's tougher stance on imports of genetically modified corn is roiling U.S. agribusiness, largely halting trade in the biggest U.S. crop in its fastest growing market. By one industry estimate, exports are down by 85 percent compared with last year. (http://r.reuters.com/xyr48v) * After a decade-long probe into SAC Capital Advisors LP, federal prosecutors won approval of a $1.8 billion settlement with the hedge fund but appear to have all but given up efforts to charge its billionaire founder, Steven A. Cohen. (http://r.reuters.com/zyr48v) * The Justice Department is investigating whether a Citigroup Inc unit in California failed to alert the government to suspicious banking transactions along the U.S.-Mexico border that in some cases involved suspected drug-cartel members, said people familiar with the probe. (http://r.reuters.com/das48v) * Regulators have stepped up their scrutiny of the booming bond markets, launching an inquiry into Wall Street banks' trading profits and expanding a probe into how new offerings are doled out to investors, according to officials. (http://r.reuters.com/jur48v) * Market-sensitive information vitally important to health-insurance companies has once again reached Wall Street before the public, and this time it appears to have come from the government itself. (http://r.reuters.com/mas48v) * A group of investors with Hollywood ties is seeking to revive bankrupt bitcoin-trading exchange Mt. Gox, according to people familiar with the matter. The investor group, which includes Brock Pierce, a former child actor-turned technology entrepreneur, is offering a token payment of one bitcoin, or about $400, to buy the exchange outright, according to these people. (http://r.reuters.com/qas48v)   FT Russia's second-largest bank VTB said the Bank of England had made demands of its UK subsidiary regarding capital and liquidity that were "unjust" although it saw no immediate threat to its business there. Some UK news websites have begun the use of automatically embedded advertising service provided by the Finnish start-up company Kiosked, which charges a commission of sales via these advertisements, and calls the phenomena the next phase of ecommerce. BP Plc's heavy presence in Russia may prove to be a weakness rather than once considered strength for the oil major as tensions between the country and Ukraine continue after its annexation of Crimea. Gulf carrier Etihad Airways is seeking to become the largest shareholder in Alitalia, and wants to slice off 12,000 staff of the Italian national carrier's staff, people with direct knowledge said. Britain's Co-operative Bank is expected to cancel millions of pounds of bonuses to former employees including former Chief Executive Officer Neville Richardson in an attempt to steer out of controversy over past misconduct.   NYT * General Motors Co on Thursday suspended two engineers and added another repair to its recall of cars with a faulty ignition switch that has been linked to 13 deaths. G.M. said it would cost $1.3 billion in the first quarter to pay for all of its recalls - a significant increase over the $750 million it had previously estimated. (http://r.reuters.com/gyr48v) * The Chinese pork company that bought Smithfield Foods, America's biggest pork producer, formally began an attempt to raise as much as 41.2 billion Hong Kong dollars, or $5.3 billion, by listing the business in Hong Kong. The combined business has since been renamed WH Group, and its IPO would be the largest in the world since that of a Brazilian insurer, BB Seguridade Participacoes, in April 2013. (http://r.reuters.com/kyr48v) * The potential for harm by the "Heartbleed" bug could extend to the many devices that connect to the Internet, security experts say. Cisco Systems Inc and its rival Juniper Networks Inc, providers of equipment that move traffic through the Internet, said on Thursday that their main products such as routers and servers were unaffected. (http://r.reuters.com/fyr48v) * A federal judge on Thursday approved a plea deal by Steven Cohen's investment firm that resolved criminal insider trading charges and required a $1.2 billion penalty. Cohen is hoping for a less litigious transition for his firm, now re-christened Point72 Asset Management, that will manage about $9 billion of his own fortune. (http://r.reuters.com/hyr48v) * Investors dumped Internet, biotechnology and other fast-growing companies at a dizzying pace on Thursday, dragging down the rest of the stock market and stirring up painful memories of the dot-com bust in 2000. The anxiety threatens to put a chill over the market for IPOs. (http://r.reuters.com/pyr48v) * The Oversight and Government Reform Committee voted on Thursday to hold a former IRS official in contempt for refusing to answer its questions about her role in holding up applications for tax exemption. The official, Lois Lerner, faced the panel last year and made a statement denying any wrongdoing. Then she refused to answer questions, invoking her Fifth Amendment right to not incriminate herself. (http://r.reuters.com/qyr48v) * Activist-investor Carl Icahn agreed to settle differences with eBay Inc and dropped his demands for two board seats and a spin-off of the company's Paypal unit. He also agreed to sign a confidentiality agreement. In return, eBay will add a director, David Dorman, a former CEO of AT&T Inc, whom both sides have agreed on. (http://r.reuters.com/ryr48v) * The number of Americans filing new applications for unemployment benefits tumbled last week to the lowest level in nearly seven years, strengthening views of faster job growth. The report on jobless claims on Thursday was the latest sign of economic momentum after an unusually cold winter slowed activity. (http://r.reuters.com/syr48v) * The Treasury Department said on Thursday that the federal budget deficit for the first half of the 2014 fiscal year totaled $413 billion, down $187 billion from where it stood at this point last year, as tax revenue surged and spending sank. (http://r.reuters.com/tyr48v)   Canada THE GLOBE AND MAIL * All federal departments using software vulnerable to the so-called Heartbleed bug have been ordered to immediately disable public websites. The directive issued late Thursday calls this a precautionary measure until the "appropriate security patches are in place and tested". (http://r.reuters.com/wes48v) * Former Canadian Finance Minister Jim Flaherty, who stepped down from his position last month, died of a heart attack on Thursday. Flaherty changed fiscal conservatism in Canada by delivering one of the largest deficits in modern history. When he quit as finance minister after eight years, he left the country on the road to balance. (http://r.reuters.com/fus48v) Reports in the business section: * The Canadian Broadcasting Corporation will cut 657 positions and get out of the business of airing professional sports, a pillar of its programming for more than 60 years, as part of a plan to confront a C$130 million revenue shortfall projected for the 2014-15 broadcast year. (http://r.reuters.com/bus48v) NATIONAL POST * Upon hearing of the death of former Canadian Finance Minister Jim Flaherty, doctors expressed worry about the side-effects that treatments for his rare skin disorder do "to the body and mind." In January 2013, Flaherty told the public he suffered from bullous pemphigoid, an incurable autoimmune skin disorder that causes painful lesions. (http://r.reuters.com/kus48v) * A Quebec court has ruled that the province's language police went too far in trying to force such major retailers as Wal-Mart Stores Inc, Gap Inc and Best Buy to add French to their outdoor signs. (http://r.reuters.com/bys48v) FINANCIAL POST * Canadian Imperial Bank of Commerce's Deputy Chief Economist Benjamin Tal never imagined himself as the defender of the Canadian housing market, but he is doing exactly that as he squares off against a U.S. commentator calling out what he sees as a bloated real estate market. (http://r.reuters.com/jys48v) * Goldcorp Inc hiked its hostile bid for Montreal-based Osisko Mining Corp on Thursday to C$3.6 billion, or C$7.65 a share in cash and stock. The dollar value is roughly C$1 billion more than what Goldcorp offered in January, when its own share price was significantly lower. (http://r.reuters.com/rys48v)   China SECURITIES TIMES - China's decision to allow cross-border stock investment between Shanghai and Hong Kong will boost large-capitalised blue chips on the Shanghai Stock Exchange as well as the overall Chinese stock market, analysts said. - A study of the 2013 annual results of 22 major Chinese property firms shows their profit margins dropped sharply last year after a slew of government steps to cool housing prices. CHINA SECURITIES JOURNAL - Economists widely expect China's exports to recover in the second quarter of this year despite weak trade data for the first quarter posted by the government on Thursday. CHINA DAILY - China's state-owned enterprises are searching for changes amid the country's reform drive as they are losing competitiveness under many years of government protection. PEOPLE'S DAILY - The keynote speech made by Chinese Premier Li Keqiang at the Boao Forum for Asia in China's southern island province of Hainan on Thursday signalled China's intention to use reforms to boost its economy instead of investment stimulus, analysts said. CHINA BUSINESS NEWS - The Shanghai Stock Exchange has no plan to abolish its 10 percent daily limit system for individual stocks for now, Xiao Gang, chairman of the China Securities Regulatory Commission, told reporters on Thursday on the sidelines of the Boao Forum.   Britain The Telegraph BRITISH ECONOMY TOO RELIANT ON PEOPLE SPENDING MONEY, WARNS IMF (http://link.reuters.com/war48v) Britain is still too reliant on consumer spending to drive growth, and further action is needed to foster stronger exports and investment to ensure the economy is "three engines powered", according to the head of the International Monetary Fund. CO-OP BANK FACES FRESH QUESTIONS AHEAD OF RESULTS (http://link.reuters.com/xar48v) The Co-op Bank will on Friday face fresh questions over its future as it announces losses for last year of as much as 1.3 billion pounds. The Guardian TESCO ARE EYEING A SLICE OF THE LUCRATIVE TAKEAWAY TRADE IN LONDON (http://link.reuters.com/zar48v) Tesco is understood to be working on a high-street takeway-food chain that would compete with Pret à Manger, Eat and Greggs. Analysts said the supermarket is putting the finishing touches to a new format called "Tesco Express food to go" that would be focused on the large London market. WH SMITH TO MOVE INTO OPERATING FRANCHISE STORES FOR OTHER RETAILERS (http://link.reuters.com/ber48v) WH Smith is moving into operating franchise stores for other retailers, including Marks & Spencer, as the books-to-paper clips retailer develops a growing portfolio of brands. The Times BP GIVEN A BLOODY NOSE OVER ATTEMPT TO TREBLE CHIEF'S PAY (http://link.reuters.com/tar48v) Almost a third of BP's shareholders refused to back "complacent" management at a stormy annual meeting during which the leadership was accused of turning the oil giant into a "laughing stock" because of spiralling payouts over the Gulf of Mexico disaster. TESCO CHIEF NOT GOOD ENOUGH, SAY EX-DIRECTORS (http://link.reuters.com/var48v) Former Tesco Plc directors are "dismayed and angry" at the cull of senior talent at the retailer and fear that Philip Clarke, the chief executive, is driving the business "in the wrong direction". Sky News HOUSE PRICES TO SOAR AMID PROPERTY SHORTAGE (http://link.reuters.com/fer48v) Housing sales have reached their highest level in six years, fuelling fears that many buyers will be priced out of the market, according to the Royal Institution of Chartered Surveyors (Rics). FUND MANAGERS GAIN NEW VOICE WITH ABI MERGER (http://link.reuters.com/xaq48v) The investment affairs division of the Association of British Insurers is to merge with the Investment Management Association to create a focal point for asset managers.     Fly On The Wall 7:00 AM Market Snapshot ECONOMIC REPORTS Domestic economic reports scheduled today include: PPI final demand for March at 8:30--consensus up 0.1% from prior month U. of Michigan consumer sentiment index for April at 9:55--consensus 81.0 ANALYST RESEARCH Upgrades BofI Holding (BOFI) upgraded to Outperform from Market Perform at Keefe Bruyette Corporate Executive Board (CEB) upgraded to Buy from Hold at Deutsche Bank Demandware (DWRE) upgraded to Outperform from Market Perform at BMO Capital E-Trade (ETFC) upgraded to Overweight from Underweight at Barclays Ford (F) upgraded to Buy from Hold at Deutsche Bank Hub Group (HUBG) upgraded to Strong Buy from Outperform at Raymond James Imperva (IMPV) upgraded to Buy from Neutral at Sterne Agee JAKKS Pacific (JAKK) upgraded to Outperform from Market Perform at BMO Capital KB Home (KBH) upgraded to Market Perform from Underperform at Keefe Bruyette LinnCo (LNCO) upgraded to Buy from Neutral at UBS NewBridge Bancorp (NBBC) upgraded to Outperform from Market Perform at Keefe Bruyette Principal Financial (PFG) upgraded to Equal Weight from Underweight at Evercore SQM upgraded to Neutral from Underperform at BofA/Merrill Sensata (ST) upgraded to Buy from Neutral at Longbow Shutterfly (SFLY) upgraded to Buy from Neutral at Goldman SolarWinds (SWI) upgraded to Outperform from Market Perform at Cowen TD Ameritrade (AMTD) upgraded to Overweight from Equalweight at Barclays TE Connectivity (TEL) upgraded to Buy from Neutral at BofA/Merrill Toyota (TM) upgraded to Buy from Hold at Jefferies Varonis (VRNS) upgraded to Overweight from Equalweight at Barclays Zynga (ZNGA) upgraded to Equal Weight from Underweight at Morgan Stanley Downgrades Apogee Enterprises (APOG) downgraded to Buy from Conviction Buy at Goldman Bed Bath & Beyond (BBBY) downgraded to Neutral from Buy at Citigroup Corning (GLW) downgraded to Neutral from Buy at UBS Ellie Mae (ELLI) downgraded to Market Perform from Outperform at FBR Capital Equity Residential (EQR) downgraded to Underperform from Hold at Jefferies Gap (GPS) downgraded to Neutral from Buy at Janney Capital Seadrill (SDRL) downgraded to Neutral from Outperform at Credit Suisse Symantec (SYMC) downgraded to Equalweight from Overweight at Barclays Initiations ASML (ASML) initiated with a Cautious at ISI Group Analog Devices (ADI) initiated with a Buy at ISI Group Applied Materials (AMAT) initiated with a Strong Buy at ISI Group Ares Commercial (ACRE) initiated with a Market Perform at Keefe Bruyette Aruba Networks (ARUN) initiated with a Buy at SunTrust Broadcom (BRCM) initiated with a Neutral at ISI Group CSX (CSX) initiated with an Outperform at Macquarie Cisco (CSCO) initiated with a Buy at SunTrust F5 Networks (FFIV) initiated with a Neutral at SunTrust Freescale (FSL) initiated with a Cautious at ISI Group Genesee & Wyoming (GWR) initiated with a Neutral at Macquarie Intel (INTC) initiated with a Neutral at ISI Group Juniper (JNPR) initiated with a Buy at SunTrust KLA-Tencor (KLAC) initiated with a Neutral at ISI Group Kansas City Southern (KSU) initiated with an Underperform at Macquarie Lam Research (LRCX) initiated with a Strong Buy at ISI Group Linear Technology (LLTC) initiated with a Cautious at ISI Group Maxim Integrated (MXIM) initiated with a Neutral at ISI Group Micron (MU) initiated with a Strong Buy at ISI Group NVIDIA (NVDA) initiated with a Neutral at ISI Group NXP Semiconductors (NXPI) initiated with a Strong Buy at ISI Group Norfolk Southern (NSC) initiated with a Neutral at Macquarie PNM Resources (PNM) initiated with an Outperform at RBC Capital Polycom (PLCM) initiated with a Neutral at SunTrust Qualcomm (QCOM) initiated with a Strong Buy at ISI Group Riverbed (RVBD) initiated with a Neutral at SunTrust SanDisk (SNDK) initiated with a Neutral at ISI Group Tekmira (TKMR) initiated with an Outperform at RBC Capital Teradyne (TER) initiated with a Buy at ISI Group Texas Instruments (TXN) initiated with a Neutral at ISI Group Trulia (TRLA) initiated with a Fair Value at CRT Capital Trulia (TRLA) initiated with a Neutral at Susquehanna Union Pacific (UNP) initiated with a Neutral at Macquarie Zillow (Z) initiated with a Positive at Susquehanna COMPANY NEWS H&R Block (HRB) announced that it will divest its H&R Block Bank assets to BofI Federal Bank, the banking subsidiary of BofI Holding (BOFI) Facebook (FB), WhatsApp deal cleared by FTC with caveat Google (GOOG) said 'Jelly Bean' affected by Heartbleed Gap (GPS) reported March SSS fell 6% and said it expects Q1 gross margins to decline more when compared to the prior year period than they did in the preceding quarter NQ Mobile (NQ) said it identified an accounting overstatement related to share-based compensation for the three and nine months ended September 30 Zynga (ZNGA) appointed Best Buy's (BBY) David Lee as CFO, succeeding CFO and CAO Mark Vranesh EARNINGS Companies that beat consensus earnings expectations last night and today include: Ceres (CERE) Companies that missed consensus earnings expectations include: NQ Mobile (nq) NEWSPAPERS/WEBSITES Cisco (CSCO), Juniper (JNPR) say some products affected by Heartbleed bug, WSJ reports Sony (SNE) issues warning over Vaio battery fire risk, Reuters reports DreamWorks Animation (DWA) may look to take a piece of Vevo, Re/code reports Apple (AAPL): iOS, OSX not affected by Heartbleed flaw, Re/code reports JPMorgan (JPM) CEO Jamie Dimon hopes to minimize corporate cash, WSJ says Deutsche Bank (DB) wins dismissal of FHFA case, Reuters reports Apple (AAPL) may offer high-res iTunes tracks in 2 months, Apple Insider says GM (GM) beats Volkswagen (VLKAY) in Q1 China deliveries, Bloomberg reports SYNDICATE Arthur J. Gallagher (AJG) 19M share Secondary priced at $43.25 ChinaCache (CCIH) files to sell 3.37M American Depositary Shares for holders Enable Midstream (ENBL) 25M share IPO priced at $20.00 Farmland Partners (FPI) 3.8M share IPO priced at $14.00 GasLog (GLOG) files to sell 4.25M common shares NTN Buzztime (NTN) files to sell common stock Phibro Animal Health (PAHC) 11.765M share IPO priced at $15.00 Relypsa (RLYP) 3.59M share Secondary priced at $24.50 Voxeljet (VJET) 3M share Secondary priced at $15.00 Zoe's Kitchen (ZOES) 5.833M share IPO priced at $15.00 

11 апреля 2014, 04:40

U.S. Warns Russia Of Tougher Sanctions Over Ukraine

WASHINGTON (AP) — Treasury Secretary Jacob Lew told his Russian counterpart on Thursday that Russia could face tougher economic sanctions because of its actions in Ukraine. The U.S. Treasury said that Lew warned Russian Finance Minister Anton Siluanov that the United States is prepared to impose "additional significant sanctions" if Russia escalates the Ukraine situation. Treasury said in a statement that Lew described Russia's annexation of Crimea as "illegal and illegitimate." Lew's discussions with Siluanov came in advance of meetings Thursday of finance officials from the Group of Seven major industrial countries and the Group of 20 nations, which includes the G-7 countries and emerging economies such as China, Brazil and India. Russia is a member of the G-20 but not the G-7. The G-7 nations are the United States, Japan, Germany, Britain, France, Canada and Italy. Last month, President Barack Obama met with other G-7 leaders and the group confirmed that it was indefinitely suspending cooperation with Russia, which for more than a decade had joined with the G-7 countries to form the Group of Eight nations. That larger group was to hold a summit later this year in Sochi, Russia. But the G-7 nations have said they will boycott that meeting. It was unclear how much support the United States would receive from other countries to strengthen the sanctions imposed on Russia. After the G-7 talks, the group issued a joint statement that confirmed that the situation in Ukraine had been discussed, including the country's financing needs, but the statement did not indicate that the group had endorsed tougher sanctions. French Finance Minister Michel Sapin told reporters before the discussions that France preferred to focus on the economic support being provided to Ukraine. That effort is being led by the International Monetary Fund, which says it will provide up to $18 billion in loan guarantees to Kiev to help the country get its economy moving again. "The question is not to talk about sanctions. The question is to get started ... as quickly as possible" working to get the IMF's support program implemented. The U.S. delegation to the G-7 and G-20 talks was led by Lew and Federal Reserve Chair Janet Yellen. A G-20 dinner Thursday night included a tribute to former Canadian Finance Minister Jim Flaherty, who died earlier in the day. Flaherty, who took the Cabinet position in 2006, was the longest-serving G-7 finance minister before he announced three weeks ago that he was stepping down. A friend said he had died of a massive heart attack. Australian Treasury Minister Joe Hockey, the current chair of the G-20, told the group, "Canada is poorer for his passing and we are all poorer." In the G-7 statement, the group praised Flaherty as "a greatly valued and forthright colleague and friend." Lew cited Flaherty for his skill in helping Canada navigate the 2008 global financial crisis. The G-20 talks were scheduled to wrap up Friday with news conferences from many of the participating nations. Then on Saturday, the policy-setting councils of the 188-nation IMF and its sister lending organization, the World Bank, were to hold their spring meetings. On Thursday, IMF Managing Director Christine Lagarde said the global economy was finally turning the corner after a deep recession but the recovery remains too weak. Speaking at a news conference, Lagarde called on governments to aggressively pursue programs to spur economic growth to help the millions of people who remain unemployed. "Bold actions are need to generate stronger growth," Lagarde told reporters. The discussions on how to boost growth and fight poverty were likely to be overshadowed at the meetings by the rising tensions over Russia's actions in Ukraine. The United States and European nations have imposed various economic sanctions on Russia including travel bans and asset freezes in response to Russia's annexation of Crimea, with the possibility of tougher sanctions on the table. To provide support for Ukraine's cash-strapped government, the IMF is working up a loan package to provide between $14 billion to $18 billion in assistance. However, Russian President Vladimir Putin has threatened to demand advance payment from Ukraine for natural gas that Russia supplies to the country. Asked Thursday about the IMF support, Lagarde said the IMF hoped to have the program for Ukraine approved by its 24-member board by the end of this month or early May. Foreign ministers from the 28-nation European Union are scheduled to meet in Brussels on Monday and the issue of expanding the sanctions will be discussed. However, some countries have already expressed opposition to such a move. World Bank President Jim Young Kim told reporters at a separate news conference that the sanctions that have already been imposed were having a dampening effect on Russia's economy and if the crisis worsens, he said Russia could be pushed into a recession. Kim said that the World Bank was preparing its own support package for Ukraine amounting to around $3.5 billion. ___ Associated Press writer Harry Dunphy contributed to this report.

11 апреля 2014, 01:34

Экс-министр финансов Канады Джеймс Флаэрти скончался в Оттаве

Джим Флаэрти, бывший глава министерства финансов Канады, который покинул свой пост 18 марта, скончался в возрасте 64 лет. По данным местных СМИ, наряды полиции и кареты скорой помощи дежурят у дома экс-министра в Оттаве. Причина смерти политика пока не называется, однако, по информации канадских СМИ, Флаэрти страдал редким заболеванием кожи. Родственники Флаэрти подтвердили факт смерти политика. Пост министра финансов в кабинете премьера Стивена Харпера Флаэрти занимал с 6 февраля 2006 года

11 апреля 2014, 01:23

Jim Flaherty dies soon after quitting as Canada's finance minister

OTTAWA (Reuters) - Former Finance Minister Jim Flaherty, 64, who steered Canada through the global financial crisis and then nearly eliminated the huge budget deficits he had run up in the process, died on Thursday just weeks after resigning.

11 апреля 2014, 01:14

Jim Flaherty, former Canadian finance minister, dies at 64

 Former Canadian finance minister Jim Flaherty, a fixture on the world financial stage who stepped down last month, died April 10 in Ottawa. He was 64. Mr. Flaherty’s family announced the death but did not disclose the cause. Read full article >>    

11 апреля 2014, 00:02

Newly Retired Canadian Finance Minister Dies

Former Finance Minister Jim Flaherty, who resigned last month after eight years in the post, has died in Ottawa .

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10 апреля 2014, 22:30

Jim Flaherty, Canada's Former Finance Minister, Has Died

It was less than a month ago that we reported on the surprise resignation of Canada's finance minister which while officially attributed to a wish to begin "another chapter" in his life, we said "there is rife speculation that it was indeed his health that was the reason for this unexpected resignation." Sadly, today it was proven that it was indeed Flaherty's health that had forced this surprising decision, following news that the former finance minister has passed away. #Breaking news: Jim Flaherty, former Finance Minister, has died. Story to come pic.twitter.com/ukR1SmfAFN — The Globe and Mail (@globeandmail) April 10, 2014     

20 марта 2014, 02:18

New Canada resources minister inherits push to become energy superpower

Greg Rickford, appointed today as Canada's new Natural Resources Minister after Joe Oliver was moved from the post to become Finance Minister following Jim Flaherty's resignation, takes charge at a "critical time for Canada's natural resource sector.Rickford will have a lot on his plate: accelerated extraction of Alberta’s oil sands and liquefied natural gas exports on the west coast, contentious pipeline issues from Enbridge’s (ENB) Northern Gateway to TransCanada’s (TRP) Keystone XL, streamlining the mining permitting process, and pushing forward with development of the Ring of Fire in Ontario.His experience in aboriginal affairs could prove crucial as Canada's indigenous people demand greater say on how energy and mining projects proceed. Post your comment!

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19 марта 2014, 23:26

Canada gets new finance minister

Former natural resources minister and investment banker Joe Oliver has been sworn in as Canada's finance minister, a day after Jim Flaherty resigned.

19 марта 2014, 19:29

Canada PM Taps Resources Minister to Helm Canada's Finance Ministry

Canadian Prime Minister Stephen Harper tapped his lead hand on the Keystone XL pipeline file to take on Canada's key finance portfolio, filling the post vacated by finance minister Jim Flaherty

19 марта 2014, 15:35

Frontrunning: March 19

How Putin Parried Obama's Overtures on Crimea (WSJ) West Readies Tighter Sanctions After Russia Seals Crimea Claim (Bloomberg) Putin says U.S. guided by 'the rule of the gun' in foreign policy (Reuters) JPMorgan Said to Agree on Commodities Unit Sale to Mercuria (BBG) Short Sellers Target Chinese Developers as Rout Deepens (BBG) HFT finally under the spotlight: High-Speed Trading Firms Face New U.S. Scrutiny (WSJ) Chinese Dollar Bond Investors Demand Higher Yields After Default (BBG) According to Joe LaVorgna it's the snow's fault: Deutsche Bank Said to Plan Job Cuts at Investment Bank (BBG) Israeli airstrikes kill 1 Syrian soldier, wound 7 (AP) U.K. Unemployment Stays at 7.2% as BOE Sees Further Pound Risks (BBG) Brazilian Billionaire Creates Plan to Beat Death (BBG) China Slowdown Adds to Challenges for U.S. Companies (WSJ) Christie Counts on Revenue Surge Not Seen in Most States (BBG) Toyota Set to Pay $1 Billion in U.S. Probe (WSJ)   Overnight Media Digest WSJ * General Motors Co Chief Executive Mary Barra intensified her campaign to show the auto maker is serious about product safety, saying a newly appointed executive will brief her monthly to discuss vehicle problems. (http://link.reuters.com/ryc77v) * Google Inc looks set to beat Apple Inc to market in a new category of mobile devices - smartwatches. LG Electronics Inc and Google's Motorola unit on Tuesday said they would begin selling smartwatches that run on a new version of Google's Android operating system for wearable devices, Android Wear. (http://link.reuters.com/tyc77v) * The Justice Department is expected to announce a settlement with Toyota Motor Corp as early as Wednesday that could cost the auto maker more than $1 billion to end a criminal probe into its disclosure of safety issues, people familiar with the matter said. (http://link.reuters.com/vyc77v) * Viacom Inc resolved copyright litigation with Google Inc over the tech giant's YouTube video site, ending a seven-year legal fight that became a symbol of tensions between media companies that produce content and websites that let users share it. (http://link.reuters.com/mad77v) * Merger discussions between apparel chain J. Crew Group Inc and Japan's Fast Retailing Co have broken down, people familiar with the matter said, reducing the prospects for a deal that would create a global retailing behemoth. (http://link.reuters.com/xyc77v) * Mercury Systems Inc is on the auction block, according to people familiar with the matter. The sale process is still in the early stages, with initial bids due around now, the people said. The company, which supplies aerospace and defense companies with warfare and intelligence applications, as well as other software, could fetch around $500 million in a sale. (http://link.reuters.com/nad77v) * Oracle Corp, the corporate-software company best known for databases that are used by many big companies, posted quarterly earnings that fell short of investor expectations. (http://link.reuters.com/dad77v)   FT Mark Carney, governor of the Bank of England, unveiled a radical overhaul of the BoE, introducing sweeping changes to senior management and operations as he warned of risks in housing markets and the international financial system. Wall Street banks are preparing to split up one of the largest fees yet for handling a stock market listing, as they expect Chinese e-commerce giant Alibaba to pay them $400 million for its float. Hedge fund Och-Ziff Capital Management warned its results could take a hit from a U.S. Department of Justice investigation into alleged corruption in Libya before the fall of Muammar Gaddafi. New York's top securities regulator is investigating U.S. stock exchanges and other trading platforms, hoping to determine whether some of their services give high-speed traders an unfair advantage, sources said. Europe's biggest automaker Volkswagen has refused to increase its 6.7 billion euro ($9.32 billion) bid for the remainder of Swedish truckmaker Scania that it does not already own.   NYT * Mary Barra, barely two months into her job as General Motors' chief executive, pledged to fix faulty ignition switches linked to 12 deaths and sought to restore some measure of confidence in the company's new leadership. (http://link.reuters.com/wad77v) * The Consumer Financial Protection Bureau and other authorities are redoubling efforts to shield vulnerable Americans from a range of lenders that offer short-term loans with interest rates that can exceed 300 percent. (http://link.reuters.com/zad77v) * Mutual funds and other big money managers, which now control a record share of public company stock, are working with activist hedge funds behind the scenes, pressing for change at underperforming companies in their portfolios and lending their support to calls for management shake-ups. In some cases, the institutional investors are even stepping out from the shadows to pick their own fights. (http://link.reuters.com/bed77v) * As Janet Yellen takes over as Fed chairwoman, the immediate challenge confronting her is to overhaul the Fed's forward guidance for short-term interest rates. (http://link.reuters.com/ced77v) * Google on Tuesday unveiled Android Wear, a version of Google's Android operating system software that is tailored specifically for wearable computers, starting with so-called smartwatches. (http://link.reuters.com/ded77v)   Canada THE GLOBE AND MAIL * Canadian Finance Minister Jim Flaherty is resigning from the federal cabinet and will be returning to the private sector. Flaherty said in a statement released by his office on Tuesday that he made the decision with his family earlier this year. (link.reuters.com/def77v) * Three years after it ended combat operations in the Afghanistan war, Canada is finally marking the end of its soldiering in the conflict-ridden central Asian country, as the last batch of Canadian soldiers returned home from Kabul. (link.reuters.com/fef77v) Reports in the business section: * A prominent oil-by-rail proponent is urging Ottawa to back away from legislation that will give grain priority over crude oil on the nation's rails, saying such a move would hurt the energy sector just as it eases the costly problem of pipeline constraints. (link.reuters.com/hef77v) NATIONAL POST * Finance Minister Jim Flaherty has resigned from the Harper government and Natural Resources Minister Joe Oliver will be appointed the new finance minister, the CBC reported late on Tuesday and sources have confirmed. (link.reuters.com/jef77v) * As the last Canadian soldiers returned from Afghanistan on Tuesday, those who would follow them into uniform are being stymied by a woefully inept recruiting system where it takes an average of 166 days to be processed. (link.reuters.com/vef77v) FINANCIAL POST * U.S. retailers will not ease pressure on Canadian rivals in 2014, according to a new report predicting a meagre 1.5% to 2% retail sales rise in Canada amid relentless competition. (link.reuters.com/pef77v) * Bank of Canada Governor Stephen Poloz has warned Canada and the world that they should get used to slower growth. (link.reuters.com/sef77v)   China SHANGHAI SECURITIES NEWS - The Shanghai Stock Exchange reported 130 cases of potential illegal trading activity to China's securities regulator last year, according to a 2013 work report from the city's exchange. This was up 124 percent from the year before. CHINA DAILY - China's restive northwestern Xinjiang region plans to expand its textile industry five-fold by 2020 to create jobs and maintain stability in the area, local officials told the paper. The industry will aim to employ 1 million people by 2020, up from 200,000. CHINA SECURITIES JOURNAL - Aluminum Corp of China Ltd rebounded in the fourth quarter after three straight quarters of losses, notching a profit of 948 million yuan ($153.1 million) for the year. It cited reductions in sector overcapacity and cost control measures as factors that helped the turnaround. SHANGHAI DAILY - Shanghai's new births fell last year to 211,700, the city's Health and Family Planning Commission said on Tuesday, although it expects the number to rise by up to 30,000 in the next few years as families make use of recently relaxed family planning rules. Britain The Telegraph MARK CARNEY TO TRANSFORM BANK OF ENGLAND IN SHAKE-UP Mark Carney has unveiled a series of "transformative" changes at the Bank of England that he said would help Britain to avoid a repeat of the 2008 financial crisis. (http://link.reuters.com/qac77v) BARCLAYS AWARDS 12 EXECUTIVES 32 MLN STG IN SHARES Barclays has handed its top executives share bonuses worth more than 30 million pounds ($49.72 million) as it faces pressure from investors to explain the scale of awards handed to its staff despite a fall in profits. (http://link.reuters.com/sac77v) BUDGET 2014: GEORGE OSBORNE TO ANNOUNCE NEW 1 POUND COIN The 1-pound coin is to be replaced by a new model based on the old threepenny bit, Finance Minister George Osborne will announce in Wednesday's Budget. He will say that the current coin, which has been in circulation for 30 years, is no longer suitable for use because it has become vulnerable to sophisticated counterfeiters. (http://link.reuters.com/tac77v) The Guardian TALKTALK RAISES ITS BROADBAND AND TV PACKAGE PRICES TalkTalk customers will pay up to 42 pounds a year more for their broadband and TV packages from May, as the telecoms company announced its second price rise in six months. (http://link.reuters.com/xec77v) The Times GEM DIAMONDS SET TO BE INVESTORS' BEST FRIEND London-quoted miner Gem Diamonds benefited from rising diamond prices towards the end of 2013. Clifford Elphick, its chief executive, said the company intended to pay out to shareholders next year off the back of the improved performance. (http://link.reuters.com/vac77v) BOSSES CAN'T PUT A NUMBER ON ROYAL MINT The Royal Mint's top executives were lambasted by Members of Parliament on Tuesday for failing to plan for a privatisation of the coinage business despite indications that it could be put up for sale. (http://link.reuters.com/nec77v) TOP SCIENCE COMPANY EXOVA JOINS RUSH TO MARKET One of Britain's leading industrial science companies is gearing up for a 750 million pound flotation. Exova, the Edinburgh-based laboratory testing company that ensures components for Airbus jetliners and Rolls-Royce aeroengines are safe, is likely to announce plans for an initial public offering when it reports its annual results next week. (http://link.reuters.com/rec77v) The Independent SAINSBURY'S JUSTIN KING SEES NO NEED FOR PRICE WAR ON ALDI Sainsbury's posted its first fall in sales for nine years yesterday, as outgoing chief executive Justin King said the market was now growing at its slowest rate since 2005. (http://link.reuters.com/buc77v) NO BONUS FOR GLENCORE XSTRATA CHIEF IVAN GLASENBERG Ivan Glasenberg, the billionaire chief executive of Glencore Xstrata, took no bonus or pay rise last year, getting by instead on his $182 million share of the dividend payout. (http://link.reuters.com/duc77v)   Fly On The Wall 7:00 AM Market Snapshot ECONOMIC REPORTS Domestic economic reports scheduled for today include: Current account balance for Q4 at 8:30--consensus deficit $88.1B FOMC meeting announcement at 14:00 ANALYST RESEARCH Upgrades Enterprise Products (EPD) upgraded to Outperform from Neutral at Credit Suisse Gannett (GCI) upgraded to Equal Weight from Underweight at Barclays Juniper (JNPR) upgraded to Outperform from Market Perform at Wells Fargo LATAM Airlines (LFL) upgraded to Strong Buy from Outperform at Raymond James MakeMyTrip (MMYT) upgraded to Outperform from Perform at Oppenheimer Regal-Beloit (RBC) upgraded to Outperform from Neutral at RW Baird Teva (TEVA) upgraded to Neutral from Sell at Goldman Transocean (RIG) upgraded to Neutral from Sell at Citigroup Downgrades Aviva (AV) downgraded to Underperform from Neutral at Exane BNP Paribas HSBC (HSBC) downgraded to Underperform from Outperform at Credit Suisse ION Geophysical (IO) downgraded to Equal Weight from Overweight at Barclays Orbitz (OWW) downgraded to Sell from Neutral at Goldman Susser Holdings (SUSS) downgraded to Market Perform from Outperform at Raymond James Walker & Dunlop (WD) downgraded to Market Perform from Outperform at Keefe Bruyette Wisdom Tree downgraded to Sell from Neutral at Citigroup Yingli Green Energy (YGE) downgraded to Neutral from Buy at BofA/Merrill Initiations AMC Entertainment (AMC) initiated with an Equal Weight at Barclays Canadian Natural (CNQ) initiated with an Outperformer at CIBC Cell Therapeutics (CTIC) initiated with a Hold at WallachBeth Cenovus Energy (CVE) initiated with a Sector Performer at CIBC Compugen (CGEN) initiated with a Buy at Jefferies Encana (ECA) initiated with a Sector Performer at CIBC Epigenomics (EPGNY) initiated with a Buy at Maxim Hyperion Therapeutics (HPTX) initiated with a Buy at Cantor ITT Corp. (ITT) initiated with a Buy at SunTrust Imperial Oil (IMO) initiated with a Sector Performer at CIBC Mattress Firm (MFRM) initiated with a Buy at Jefferies Meru Networks (MERU) initiated with a Buy at Mizuho Ruckus Wireless (RKUS) initiated with a Buy at Mizuho Suncor (SU) initiated with an Outperformer at CIBC Susser Holdings (SUSS) initiated with a Hold at Jefferies Talisman Energy (TLM) initiated with an Underperformer at CIBC COMPANY NEWS Och-Ziff Capital (OZM) warned over probes by DOJ, SEC Peugeot (PEUGY) nominateed Louis Gallois to become chairman of supervisory board Shah Capital, which holds a 5.64% stake in Corinthian Colleges (COCO), sent a letter to the company’s board outlining strategic initiatives the company should undertake, including evaluating possible sale of non-core assets and a headcount reduction Activist funds Corvex and Related said 81% of CommonWealth REIT (CWH) holders approve of their proposal to remove the entire board of the company Nu Skin (NUS) disclosed in a filing with the SEC that it has received inquiries from regulators in China, which it said may result in sanctions against the company Exact Sciences (EXAS) said a clinical trial of its Cologuard test, which it co-developed with the Mayo Clinic, showed unprecedented rates of precancer and cancer detection by a noninvasive test Boeing (BA) said it sees new aircraft financing market remaining strong EARNINGS Companies that beat consensus earnings expectations last night and today include: Renren (RENN), SolarCity (SCTY), Pacific Sunwear (PSUN) Companies that missed consensus earnings expectations include: Oracle (ORCL), Elbit Systems (ESLT), Global Brass & Copper (BRSS), Aerie Pharmaceuticals (AERI), Veracyte (VCYT) NEWSPAPERS/WEBSITES Source: JPMorgan (JPM) to sell commodities business to Mercuria, WSJ reports Toyota (TM) to pay $1B to settle acceleration probe with DoJ, CNN says Sony's (SNE) virtual reality headset to be used with PS4, AP reports Barclays (BCS) reportedly planning sale of index unit valued at $400M, Bloomberg says GameStop (GME) can survive Wal-Mart (WMT) entry into used-game market, Barron's says Blackstone (BX) considering higher bid for Gates Global, Reuters reports Transcanada (TRP) under fire for Energy East pipeline, Globe and Mail says Monitor says four large banks (BAC, JPM, C, WFC) met their commitments under a 2012 nationwide mortgage settlement, NY Times says SYNDICATE American Eagle Energy (AMZG) 11M share Secondary priced at $6.60 Associated Banc-Corp (ASBC) files to sell $500M of common stock Kindred Biosciences (KIN) files to sell $86.25M of common stock Marchex (MCHX) files to sell 5.7M Class B shares Orchid Island Capital (ORC) files to sell 4M shares of common stock Paylocity (PCTY) 7.045M share IPO priced at $17.00 Relypsa (RLYP) files to sell $100M in common stock Rubicon (RBCN) files to sell common stock for holders TherapeuticsMD (TXMD) files to sell 9M shares of common stock for holders        

19 марта 2014, 14:30

Министр финансов Канады ушел в отставку

 Министр финансов Канады Джим Флаэрти ушел в отставку, заявив, что он возвращается в бизнес. Флаэрти, занимавший пост Минфина на протяжении 8 лет, заявил, что он вернется в частный сектор.  Он отметил, что уходит по состоянию здоровья, в течение последнего года Флаэрти проходил курс лечения от редкого кожного заболевания. Экс-министр поставил страну на прочную финансовую основу, что зачтется правительству Стивена Харпера в преддверии выборов, которые пройдут в следующем году. "Это решение было принято потому, что это правильный выбор для меня и моей семьи, прокомментировал Флаэрти, - Я горд работой, которую я проделал”. В свою очередь премьер-министр Харпер отметил, что Флаэрти с 2006 г. “жесткой рукой” вел экономику страны через самые трудный период со времен Великой депрессии, при нем Канада заслужила хорошую репутацию на международной экономической арене.

19 марта 2014, 14:30

Министр финансов Канады ушел в отставку

Министр финансов Канады Джим Флаэрти ушел в отставку, заявив, что он возвращается в бизнес. Флаэрти, занимавший пост Минфина на протяжении 8 лет, заявил, что он вернется в частный сектор.

19 марта 2014, 14:30

Министр финансов Канады ушел в отставку

Министр финансов Канады Джим Флаэрти ушел в отставку, заявив, что он возвращается в бизнес. Флаэрти, занимавший пост Минфина на протяжении 8 лет, заявил, что он вернется в частный сектор.

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19 марта 2014, 11:23

Министр финансов Канады подал в отставку

Канадский министр финансов Джим Флаэрти принял решение покинуть свою должность. Подробнее читайте на нашем сайте www.oilru.com