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Redenomination Damned by U.S. Economists

first_img There are signs that North Korea is running into serious difficulties with its corn harvest SHARE By Chris Green – 2010.01.08 11:24am Facebook Twitter News AvatarChris Green Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak Redenomination Damned by U.S. Economistscenter_img RELATED ARTICLESMORE FROM AUTHOR News North Korea tries to accelerate building of walls and fences along border with China News News The Peterson Institute for International Economics has released a new paper on the likely effects of the North Korean currency redenomination.Written by the Institute’s Marcus Noland in association with Professor Stephen Haggard of the University of California, the paper, “The Winter of their Discontent: Pyongyang Attacks the Market,” brings together all available information on the redenomination as of mid-December. Its conclusions are damning, “The North Korean currency reform is an economically misguided initiative that will reduce the welfare of North Korean residents,” it concludes, and one that in the long run “is unlikely to even contribute significantly to the stated goal of rebuilding socialism.”The report is clear; any claims that the redenomination was initiated to achieve exchange rate benefits or to put a curb on spiraling inflation (currently, the report concludes, running at more than 100%p.a.) are misguided. Instead, the authors conclude that the redenomination was little more than an attempt at “asset leveling,” that is to say it was “designed to target groups engaged in market activities that not only generate cash earnings but also require cash balances given the underdevelopment of the North Korean financial system, while at the same time providing compensatory allocations to favored groups closely connected to the state.”In addition, by drastically reducing the amount of money in circulation, the authors point out that the redenomination has increased the risks associated with market activity and added further encouragement to the trend towards holding cash in foreign currency rather than won (thus explaining the recent government attempt to ban exactly that). All of which, the report notes, is destined to circumscribe the state’s capacity to do what it is aiming to do, namely create a strong and, more pertinently, prosperous state, drive up inflation, and additionally force the state into ever-worsening repression of the people to maintain the socialist economic system. Meanwhile, these inflationary predictions are more than amply borne out by a report on The Daily NK yesterday which revealed, “The state-designated rice price, 44 won per kilo, has been superseded in (unofficial) markets by prices of 100 won in border areas and up to 300 won in interior provinces,” while noting also that the won has already depreciated heavily against the Yuan, reaching 1:20 in some places from a low of 1:5.According to the Peterson Institute, there is more, and worse, to come. last_img read more

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ECB stimulus reduces deflation risk: Fitch

first_img Facebook LinkedIn Twitter Related news ECB speeds up help for virus hit economy Keywords Europe Europe’s economy shrank 0.6% in Q1 Fitch says that the ECB’s plan to add sovereign bond purchases to its existing private sector asset purchase program is expected to generate combined monthly purchases of €60 billion, which are “intended” to be carried out until the end of September 2016, or the central bank sees a sustained improvement in the path of inflation. If it goes ahead with these planned purchases until September 2016, Fitch says that the ECB would expand its balance sheet by approximately €1.14 trillion to nearly €3.3 trillion, of 33% of GDP; which would make the ECB’s program larger than the ones carried out by either the U.S. Federal Reserve and the Bank of England, as a proportion of GDP. Although, it would still be significantly smaller than the Bank of Japan’s effort. Fitch says that the ECB’s asset purchase program should help underpin inflation expectations, boost asset prices, and lead to a weaker euro. All of this should help avoid prolonged deflation. However, it notes that as banks continue to delever and strengthen their balance sheets, their willingness to boost the supply of credit “may be less than anticipated”. Moreover, Fitch says that credit demand appears to be muted “due to high unemployment and economic uncertainty”.center_img ECB leaves interest rates and pandemic stimulus unchanged Share this article and your comments with peers on social media The European Central Bank’s (ECB) asset purchase plan curbs the threat of deflation, but its ability to kickstart growth remains uncertain, says Fitch Ratings. On Jan. 22, the ECB announced a large asset purchase program that Fitch says reduces the risk of prolonged deflation in the region, by weakening the euro and boosting confidence. “But its ultimate effectiveness in raising inflation and growth remains highly uncertain,” the rating agency cautions. James Langton last_img read more

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N.A. markets flat ahead of major central bankers conference

first_imgAleksandra Sagan Toronto stock market dips on weakness in the energy and financials sectors In New York, the Dow Jones industrial average rose 29.24 points to 21,703.75 while the S&P 500 index advanced 2.82 points to 2,428.37. The Nasdaq composite index shed 3.40 points to 6,213.13. Canadian markets strategist Craig Fehr says he expects markets to stay relatively flat ahead of a gathering Thursday in Jackson Hole, Wyo., where central bankers, economists and policy makers will meet. The annual conference, sponsored by the Federal Reserve Bank of Kansas City, ends on Sat., Aug. 26. “I think investors are taking a little bit of a pause ahead of that meeting,” said Fehr, who works at Edward Jones in St. Louis. “In the absence of a major headline or a major piece of data, it is likely to be a bit of a wait-and-see approach until we get more clarity out of Jackson Hole.” Investors will be looking for information on the plan and timeline for various central banks, especially the U.S. Federal Reserve and the European Central Bank, to withdraw some of their stimulus, Fehr said. Elsewhere in currency markets, the Canadian dollar continued its advance for a fourth consecutive day, trading at an average price of US79.52¢, up 0.07 of a U.S. cent. It has risen US1.12¢ since last Tuesday’s daily average price of US78.40¢. In commodities, the October crude contract lost US$1.13 to US$47.53 per barrel and the September natural gas contract gained US6.9¢ to US$2.96 per mmBTU. The December gold contract moved ahead US$5.10 to US$1,296.70 an ounce and the September copper contract advanced US4.1¢ to US$2.98 a pound. TSX gets lift from financials, U.S. markets rise to highest since March Keywords Marketwatch Related newscenter_img Share this article and your comments with peers on social media North American stock indices capped off Monday on a muted tone as investors await signals from an upcoming major central bankers conference scheduled to begin later this week. On Bay Street, the Toronto Stock Exchange’s S&P/TSX composite index inched down 0.45 of a point to 14,951.88. S&P/TSX composite hits highest close since March on strength of financials sector Facebook LinkedIn Twitterlast_img read more

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Toronto stocks resume slump

first_img Share this article and your comments with peers on social media Related news Canada’s main stock market resumed its downward trajectory Wednesday as energy stocks failed to get a lift even though crude oil prices hit nearly a nine-week high.There was a disconnect as the overall market didn’t benefit from higher commodity prices because of uncertainty over NAFTA negotiations, said Candice Bangsund, vice-president and portfolio manager for Fiera Capital. Toronto stock market dips on weakness in the energy and financials sectors Ross Marowits Facebook LinkedIn Twitter “We’re not there yet and I think the market is just expressing a little bit of caution there and just waiting for some sort of tangible news on the NAFTA front,” she said in an interview.“That NAFTA overhang has really weighed on the index fairly generally and the hope is that we do get some sort of positive news on that front and likely could see a relief rally on Canadian stocks.”The S&P/TSX composite index closed down 45.23 points to 16,049.02, after hitting a low of 15,993.58 on 266.3 million shares traded. The decrease came a day after the market hit its first daily gain in September.Market heavyweights industrials, financials and energy all closed down.Gold, materials and base metals led on the positive because of a lower U.S. dollar and hope that a solution could be found in the U.S. trade dispute with China after a report said that the Americans were seeking new trade talks before even imposing new tariffs.“We find this to be fairly encouraging and I think the market is tentatively, cautiously optimistic so that’s why you’re not seeing a strong relief rally,” Bangsund said.Offsetting the hope was a down day in the United States for the market-heavy U.S. technology sector.In New York, the Dow Jones industrial average gained 27.86 points to 25,998.92. The S&P 500 index was up 1.03 points to 2,888.92, while the Nasdaq composite was off 18.24 points to 7,954.23.The Canadian dollar was trading at an average of US76.84¢ compared with an average of US76.22¢ on Tuesday.The gain came as the October crude contract was up US$1.12 at US$70.37 per barrel, the highest level since July 13.The improvement was driven by the U.S. producer price index posting its first monthly decline in 18 months, a weaker U.S. greenback against several currencies and concern about the impact of Hurricane Florence that is set to hit the U.S. southeastern coast.“On the oil front we saw a larger than expected weekly draw down in crude stockpiles so this is contributing to an already fairly tight crude market,” she added.The October natural gas contract was up 0.1 of a cent at US$2.83 per mmBTU.The December gold contract was up US$8.70 to US$1,210.90 an ounce and the December copper contract was up US5.4¢ at US$2.68 a pound. S&P/TSX composite hits highest close since March on strength of financials sector Keywords Marketwatch TSX gets lift from financials, U.S. markets rise to highest since March Stock market background design feelart/123RFlast_img read more

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Refurbished Classrooms Re-Open at Mount Rosser Primary

first_imgRelatedRefurbished Classrooms Re-Open at Mount Rosser Primary Advertisements Refurbished Classrooms Re-Open at Mount Rosser Primary UncategorizedDecember 19, 2007 RelatedRefurbished Classrooms Re-Open at Mount Rosser Primarycenter_img FacebookTwitterWhatsAppEmail A refurbished block of classrooms and a computer laboratory were re-opened on(December 18), at the Mount Rosser Primary and Infant School in Saint Catherine.The school, which was established in 1963, currently has 146 primary students, 21 children in the infant department and five teachers.The work was facilitated by a gift of Can$2,000 from the late Mavis Wilson-Lumsden, who bequeathed the money to the school.Principal of the school, Webster G. Whittaker, said the money was used to enclose the open classrooms. “Rain, wind and vandals were always disturbing students, teachers and the teaching aids in those rooms,” he said.He said that the computer centre, which cost over $800,000, was also sponsored in part by Kenneth Smith, son of Ewarton resident, Grace Smith.The principal explained that a few years ago the school was asked to facilitate two children from the United States until their mother had completed her studies in that country. On her return, it was noticed that the academic standards of the children and their attitude to work had improved dramatically.He said because of that, Mr. Smith decided to help with the building and furnishing of the computer centre. “We have the computer room now with a ceiling fan, fluorescent lamps and the air-condition unit which cost nearly $300,000,” he said.“Each classroom will also have one or two computers, so the children will use them, with guidance from the teachers.Also bringing greetings was noted crime fighter, Superintendent Newton Amos, a past student of the school, who challenged parents to become active in the lives of their children and to participate in school activities.Educational Psychologist and Consultant, Dr. Glenda Simms also charged parents to help the children understand the many opportunities available through schooling. She also challenged parents to be good role models and encourage students to make the best of their school years. RelatedRefurbished Classrooms Re-Open at Mount Rosser Primarylast_img read more

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Labor show their cards on workplace protection laws

first_imgLabor show their cards on workplace protection laws Guy Barnett,Minister for ResourcesI am bitterly disappointed that Labor have indicated that they will turn their back on Tasmanian workers, their families and businesses and vote against our Government’s workplace protection laws.Labor are siding with the Bob Brown Foundation and the Greens in opposition to our Bill.This is a kick in the guts to the hard working Tasmanians who are being threatened and harassed by radical protestors for simply going to work.Tasmanians deserve the right to go to work and earn a living for their family without interference from radical protesters.This legislation will ensured that Tasmanians can operate a business and go to work without being impeded, threatened or interfered with by others and it beggars belief that Labor would not support it.The laws that are likely to be shut down tomorrow are supported by farmers, foresters, miners, fishers and the business community as well as Tasmanian workers and families.Tasmanians are saying ‘enough is enough’. They are fed up with the relentless interference by the Bob Brown Foundation, the radical extremist protest arm of the Greens.Our Government respects the right of every Tasmanian to protest peacefully and lawfully but we are also committed to protecting Tasmanians’ right to work.Labor is letting down Tasmanian workers and should be ashamed of themselves. /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:AusPol, Australia, business, community, extremist, Family, Government, legislation, Minister, protest, resources, TAS, Tasmania, Tassielast_img read more

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Statement by President Joe Biden on House Passage of Pregnant Workers Fairness Act

first_imgStatement by President Joe Biden on House Passage of Pregnant Workers Fairness Act The White HouseI applaud Chairman Nadler, Chairman Scott, and Ranking Member Kato for their leadership in passing the Pregnant Workers Fairness Act, a long overdue bipartisan effort to ensure equal protection in the workforce for women who are pregnant.Across our country, too many pregnant workers are forced to choose between their health and a paycheck. They can be fired for taking too many bathroom breaks, or forced to go on unpaid leave due solely to being pregnant. These practices are unfair and often dangerous. My Administration has made it a priority to support the health and economic security of pregnant workers – particularly women of color, who experience unconscionably high rates of maternal mortality. It is long past time that all workplaces treat pregnant employees with dignity, respect, and fairness.Today’s bipartisan passage of the Pregnant Workers Fairness Act in the House of Representatives marks a significant step forward on that front. I urge the Senate to act swiftly to pass this commonsense bill, and stand up for the health and economic security of pregnant workers and their families. /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:bathroom, Employees, Government, house, leadership, mortality, President, security, Senate, United States, White House, workforcelast_img read more

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Join Kelly Fox and Carla Ho-a for a Coffee and the Campus Budget session

first_imgCategories:Lectures & PresentationsEvents & Exhibits Published: March 19, 2019 If you goThursday, April 11 10–11 a.m.CASE E351Friday, April 19 9–10 a.m.ARCE 346Wednesday, April 24 2:30–3:30 p.m.Regent 302Register Now Each semester, Senior Vice Chancellor and Chief Financial Officer Kelly Fox and Associate Vice Chancellor for Finance and Business Strategy Carla Ho-a host an inside-the-campus view of how CU Boulder is financed, and the challenges and opportunities we face as an institution.This event is open to CU Boulder faculty, staff and students. You must register with your university email and bring your Buff OneCard upon check-in. Advance registration is required, as space is limited.There are three sessions available. You’ll have the opportunity to select your preferred session as you work through the registration process. Please email [email protected] with any questions. Share Share via TwitterShare via FacebookShare via LinkedInShare via E-maillast_img read more

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CEB hosting ‘Facts, Not Fears: Dismantling the Misconceptions of Refugees’ on Sept. 17

first_imgShare Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Published: Sept. 6, 2019 The Cultural Events Board is bringing Isra Chaker, CU alumna, civil rights activist, campaign specialist and advocacy expert at Oxfam, to present “Facts, Not Fears: Dismantling the Misconceptions of Refugees.”The presentation will take place at 7 p.m. on Tuesday, Sept. 17, in the Glenn Miller Ballroom of the University Memorial Center, and is free and open to the public.Categories:Lectures & PresentationsEvents & Exhibitslast_img read more

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Wine Scholar Guild Announces Dedicated Team & Ambassador for Asia

first_imgLinkedin ReddIt AdvertisementJanuary 12 – The Wine Scholar Guild (WSG), the leading provider of specialized certification programs on the wines of France, Italy and Spain, has appointed a dedicated Ambassador and team to support the development of its programs in Asia. Originally launched in the USA in 2005 as the French Wine Society, the organization rebranded to the Wine Scholar Guild as it added specialized study programs on the wines of Italy and Spain.  All the programs mirror the depth and academic rigor of the industry-acclaimed French Wine Scholar certification program.In just 15 years, WSG has become a global organization with close to 100 program providers in 40 countries. In the last 3 years, Asia has been the fastest growing market for WSG programs with partner schools across China, Hong Kong, Singapore, Taiwan, Japan, South Korea, Vietnam and Thailand.To support this growth and pave the way for an even stronger presence in Asia, WSG is excited to announce that Corinne Mui is joining the team as WSG Ambassador for Asia. She will bring a team of professionals to support her in this new role.Based in Hong Kong, Corinne brings 15 years of experience of wine education in Asia. As the former COO of AWSEC, WSG’s first program provider in Asia, Corinne has been at the forefront of introducing WSG programs to Hong Kong and China since 2013. “As school COO and instructor, Corinne has been part of the WSG family for years. She has a comprehensive understanding of the WSG programs and embodies the core values of the Wine Scholar Guild: being inclusive, student-centric and academically rigorous. Her exceptional familiarity with wine education in Asia will be invaluable in developing the reach of WSG programs and supporting our existing network of program providers in Asia” stated Julien Camus, WSG founder and president.“People in Asia are looking for very specialised and more in-depth wine education which is exactly what WSG programs offer. I’m thrilled to take up this exciting new challenge as WSG Ambassador and I really hope to bring first class wine education to new channels across Asia.” stated Corinne Mui, WSG Ambassador – AsiaJulien Camus added: “We have seen incredible interest, dedication and success from our students and instructors in Asia. Corinne and her team will make sure they get the attention, support and accessibility they deserve”.About the Wine Scholar Guild: The Wine Scholar Guild (www.winescholarguild.org) is the leading provider of specialized certification programs on the wines of France, Italy and Spain for the professional development of wine industry members and committed students of wine.Advertisement Email Facebook Twitter Home Industry News Releases Wine Scholar Guild Announces Dedicated Team & Ambassador for AsiaIndustry News ReleasesWine BusinessWine Scholar Guild Announces Dedicated Team & Ambassador for AsiaBy Press Release – January 12, 2021 161 0 Pinterest Share TAGSCorinne MuiWine Scholar Guild Previous articleDistinguished Vineyards & Wine Partners Appoints Michael Cerio as Vice President of OperationsNext articleThe Beckett Family Named the 2020 Paso Robles Wine Industry Persons of the Year Press Releaselast_img read more

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