Treasury Services – Game Towne http://gametowne.com/ Fri, 17 Sep 2021 19:11:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://gametowne.com/wp-content/uploads/2021/06/icon-6-150x150.png Treasury Services – Game Towne http://gametowne.com/ 32 32 US close: stock collapse, higher Treasury yields, focus on the Fed and DCs https://gametowne.com/us-close-stock-collapse-higher-treasury-yields-focus-on-the-fed-and-dcs/ https://gametowne.com/us-close-stock-collapse-higher-treasury-yields-focus-on-the-fed-and-dcs/#respond Fri, 17 Sep 2021 18:38:24 +0000 https://gametowne.com/us-close-stock-collapse-higher-treasury-yields-focus-on-the-fed-and-dcs/ Posted 32 minutes ago Share Print Wall Street is at the midpoint of its first 5% decline since early May. The narrative behind today’s stock market weakness is part of a triple witchcraft, surging Treasury yields, COVID cases on the rise again in some states, and concerns about how the economy will respond to less […]]]>

Wall Street is at the midpoint of its first 5% decline since early May. The narrative behind today’s stock market weakness is part of a triple witchcraft, surging Treasury yields, COVID cases on the rise again in some states, and concerns about how the economy will respond to less stimulus and a potentially smaller-than-expected economic package.

The bond market liquidation could gain further momentum if the technical sell-off continues. The 10-year Treasury yield temporarily rose above the 100-day simple moving average. Investors expect Fed Chairman Powell to put in place a cut in November and maybe a few percentage points of rate hikes to move forward. While the steepening of the Treasury curve looks fairly sustained domestically, risks in Asian markets could see a flight to safety keeping demand for Treasuries strong.

fed

The main event in the coming negotiating week is the political decision of the FOMC. The two-day FOMC political meeting will likely be a reiteration that they are on the verge of shrinking before the end of the year. Economists will focus on the updated dot plot forecast to see if any members have advanced a rate hike through the end of 2022. Fed Chairman Powell could give clues that the cut will not be not fast, possibly indicating that the Fed won’t finish until next winter, meaning the rate hikes won’t happen until 2023. The economy appears to have survived the delta variant and the next two months of Stabilizing economic publications will pave the way for a reduction announcement in November.

CC

With monetary and fiscal stimulus starting to weaken, clarity on the size of the next economic package and will enter a crucial phase. President Biden has been unable to convince conservative Democrats of a $ 3.5 trillion budget and the talks will likely lead to a final price of between $ 1.5 billion and $ 2.0 billion. Some traders will pay close attention to upcoming tax increases and determine if they are retroactive to the start of the year or if they go into effect in September.

This article is for general informational purposes only. It is not an investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not for everyone. You could lose all of your deposited funds.

With over 20 years of trading experience, Ed Moya is a senior market analyst at OANDA, producing late-breaking cross-market analysis, covering geopolitical events, central bank policies and market reaction to company news. . His particular expertise spans a wide range of asset classes including currencies, commodities, fixed income, stocks and cryptocurrencies. During his career, Ed has worked with some of the leading currency brokers, research teams and information services on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Most recently, he worked with TradeTheNews.com, where he provided market analysis on economic data and business news. Based in New York City, Ed is a regular guest on several major financial TV stations including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business and Sky TV. His opinions are endorsed by the world’s most renowned global news agencies including Reuters, Bloomberg and Associated Press, and he is regularly cited in leading publications such as MSN, MarketWatch, Forbes, Breitbart, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.

Ed Moya

Ed Moya


Source link

]]>
https://gametowne.com/us-close-stock-collapse-higher-treasury-yields-focus-on-the-fed-and-dcs/feed/ 0
US targets 5 al-Qaeda operatives in Turkey with sanctions https://gametowne.com/us-targets-5-al-qaeda-operatives-in-turkey-with-sanctions/ https://gametowne.com/us-targets-5-al-qaeda-operatives-in-turkey-with-sanctions/#respond Fri, 17 Sep 2021 07:11:13 +0000 https://gametowne.com/us-targets-5-al-qaeda-operatives-in-turkey-with-sanctions/ The US Treasury Department on Thursday announced sanctions against five men in Turkey suspected of providing financial services and travel assistance to al Qaeda. The five are a mix of Turkish and Egyptian nationals who, according to the Treasury, provided various forms of support to senior members of the organization who carried out the September […]]]>

The US Treasury Department on Thursday announced sanctions against five men in Turkey suspected of providing financial services and travel assistance to al Qaeda.

The five are a mix of Turkish and Egyptian nationals who, according to the Treasury, provided various forms of support to senior members of the organization who carried out the September 11 attacks and other plots against the United States.

The designation of men by the Treasury freezes all the assets they have under American jurisdiction and excludes them from a large part of the global financial system. It is part of a long campaign against the al-Qaeda support network.

The United States is working with Turkey and other allies as it seeks to “expose and disrupt” the organization’s support networks, said Andrea Gacki, director of the Treasury’s Office of Foreign Assets Control, in announcing this decision.

Among those named is Majdi Salim, an Egyptian-born lawyer who, according to the agency, is one of the main facilitators of al-Qaida activities in Turkey. The United States has said he is the former leader of Egypt’s Islamic Jihad, after taking over from al-Qaeda leader Ayman Zawahiri.

The others were identified as Muhammad Nasr al-Din al-Ghazlani, an Egyptian national; Nurettin Muslihan, Turkish national; Cebrail Guzel, Turkish national; and Soner Gurleyen, a Turkish national.


Source link

]]>
https://gametowne.com/us-targets-5-al-qaeda-operatives-in-turkey-with-sanctions/feed/ 0
US targets 5 al-Qaida operatives in Turkey with sanctions https://gametowne.com/us-targets-5-al-qaida-operatives-in-turkey-with-sanctions/ https://gametowne.com/us-targets-5-al-qaida-operatives-in-turkey-with-sanctions/#respond Thu, 16 Sep 2021 19:06:38 +0000 https://gametowne.com/us-targets-5-al-qaida-operatives-in-turkey-with-sanctions/ WASHINGTON (AP) – The US Treasury Department on Thursday announced sanctions against five men in Turkey suspected of providing financial services and travel assistance to al-Qaida. The five are a mix of Turkish and Egyptian nationals who, according to the Treasury, provided various forms of support to senior members of the organization who carried out […]]]>

WASHINGTON (AP) – The US Treasury Department on Thursday announced sanctions against five men in Turkey suspected of providing financial services and travel assistance to al-Qaida.

The five are a mix of Turkish and Egyptian nationals who, according to the Treasury, provided various forms of support to senior members of the organization who carried out the September 11 attacks and other plots against the United States.

The designation of men by the Treasury freezes all the assets they have under American jurisdiction and excludes them from a large part of the global financial system. It is part of a long campaign against the al-Qaida support network.

The United States is working with Turkey and other allies as it seeks to “expose and disrupt” the organization’s support networks, said Andrea Gacki, director of the Treasury’s Office of Foreign Assets Control, in announcing this decision.

Among those named is Majdi Salim, an Egyptian-born lawyer who, according to the agency, is one of the main facilitators of al-Qaida activities in Turkey. The United States has said he is the former leader of Egypt’s Islamic Jihad, after taking over from al-Qaida leader Ayman Zawahiri.

The others were identified as Muhammad Nasr al-Din al-Ghazlani, an Egyptian national; Nurettin Muslihan, Turkish national; Cebrail Guzel, Turkish national; and Soner Gurleyen, a Turkish national.


Source link

]]>
https://gametowne.com/us-targets-5-al-qaida-operatives-in-turkey-with-sanctions/feed/ 0
Iranian national convicted of illegally exporting sensitive military items | USAO-WDTX https://gametowne.com/iranian-national-convicted-of-illegally-exporting-sensitive-military-items-usao-wdtx/ https://gametowne.com/iranian-national-convicted-of-illegally-exporting-sensitive-military-items-usao-wdtx/#respond Tue, 14 Sep 2021 20:46:11 +0000 https://gametowne.com/iranian-national-convicted-of-illegally-exporting-sensitive-military-items-usao-wdtx/ SAN ANTONIO – An Iranian national was sentenced today to 63 months in prison followed by three years of supervised release for violating the International Emergency Economic Powers Act (IEEPA). Mehrdad Ansari, 40, a resident of the United Arab Emirates and Germany, was convicted by a federal jury in May 2021 for his role in […]]]>

SAN ANTONIO – An Iranian national was sentenced today to 63 months in prison followed by three years of supervised release for violating the International Emergency Economic Powers Act (IEEPA).

Mehrdad Ansari, 40, a resident of the United Arab Emirates and Germany, was convicted by a federal jury in May 2021 for his role in a scheme to obtain sensitive military parts for Iran in violation of the trade embargo Iranian. In coordination with his co-conspirators, Ansari obtained and attempted to obtain parts with dual-use military and civilian capability that could be used in systems such as nuclear weapons, missile guidance and development, communications secure tactical radio, offensive electronic warfare, electronic countermeasures (radio jamming) and radar surveillance and warning systems. The equipment Ansari helped try to obtain could be used to test these other weapon systems.

“Ansari and his co-conspirators attempted to profit from a far-reaching plan to evade US sanctions against Iran. They have repeatedly lied to many US suppliers and illegally obtained highly sensitive dual-use items, ”said Acting Deputy Attorney General Mark J. Lesko of the Department of Justice’s National Security Division. “As this lawsuit demonstrates, the DOJ pursues those who threaten the national security of the United States, even years after their initial crimes. ”

“The Iranian trade embargo serves an important purpose in protecting the United States and our allies,” said US lawyer Ashley C. Hoff for the Western District of Texas. “As federal law enforcement prosecutors, we will continue to identify, investigate and prosecute violations of the IEEPA.”

“Those considering breaking US laws designed to keep sensitive technology out of the hands of our adversaries should take note; the FBI has a long memory and will engage with all its partners, including those overseas, to bring matters to justice, ”said Deputy Director Alan E. Kohler Jr. of the Counterintelligence Division from the FBI. “We urge anyone with information about sanctions violations against Iran to contact the FBI.”

“This case is an example of the hard work and diligence over many years on behalf of the FBI and our federal partners to ensure that those who threaten our national security are brought to justice,” said the special agent in charge. Christopher Combs. from the FBI field office in San Antonio. “Without the support and actions of the Republic of Georgia, it is possible that Mr. Ansari did not have to face the consequences of his actions, so we are grateful and grateful for their help.”

“This case reaffirms the determination and commitment of Homeland Security Investigations (HSI) to secure the homeland by targeting foreign actors who attempt to procure sensitive technologies by exploiting US export laws,” said Craig Larrabee, Acting Special Agent for the HSI Field Office in San Antonio. . “This effort reflects the commitment of US law enforcement to identify, investigate and apprehend criminals wherever they are in the world, and to bring these individuals to justice. HSI will continue to work with its law enforcement and government partners to address critical vulnerabilities that threaten the country’s national security.

“This conviction is the result of a very successful joint investigative effort with our law enforcement partners and the United States Attorney’s Office for the Western District of Texas,” Special Agent in Charge Trey said. McClish of the US Department of Commerce’s Bureau of Industry and Safety. of the Export Enforcement (OEE) Office in Houston. “The OEE is fully committed to protecting national security by disrupting the efforts of our adversaries to violate US export controls and procure sensitive military technology. “

On May 7, 2021, a federal jury in San Antonio convicted Ansari on one count of conspiracy to violate Iran’s Transaction Regulations (RTI), one count of conspiracy to commit wire fraud, one count of conspiracy to defrauding the US Department of the Treasury and two counts of complicity in misrepresentation. Evidence presented during the trial revealed that Ansari attempted to tranship test material obtained from the United States by the co-defendants, Taiwanese citizen Susan Yip, alias Susan Yeh, and Iranian citizen Mehrdad Foomanie, alias Frank Foomanie, using the companies of Ansari, Gulf Gate Sea Cargo LLC and Global Merchant LLC, located in Dubai, United Arab Emirates.

From October 9, 2007 to June 15, 2011, Yip and Foomanie obtained or attempted to obtain from companies around the world over 105,000 coins valued at approximately $ 2,630,800 involving over 1,250 transactions. The defendants made 599 transactions with 63 different US companies in which they obtained or attempted to obtain parts from US companies without notifying the US companies that these parts were being shipped to Iran or without obtaining the required US government license to ship these parts. coins in Iran. The main role of the defendant was to obtain a particular set of coins from a company in central Texas which was the key to the Iranian government testing on all other coins.

At no time have Yip, Foomanie or Ansari, individually or through any of their companies, applied for or received a required license from the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury. United States or Department of Commerce export license to ship any item. listed in this indictment to the Republic of Iran.

Iran’s transaction regulations prohibit, among other things, the export, re-export, sale or supply, directly or indirectly, to Iran or the Iranian government, of any good, technology or service from the United States. or by a person from the United States. The embargo also prohibits any transaction by any person in or within the United States that circumvents or avoids, or is intended to circumvent or avoid, any prohibitions set out in the executive orders.

Acting Deputy Attorney General Mark J. Lesko for the National Security Division of the Department of Justice; US Attorney Ashley C. Hoff for the Western District of Texas; Special Agent in Charge Christopher Combs of the FBI Field Office in San Antonio; Acting Special Agent in charge of Homeland Security Investigations (HSI) Craig Larrabee; Special Agent in Charge Michael Mentalvos of the Southwestern Regional Office of the Defense Criminal Investigation Service (DCIS); and Special Agent in Charge Trey McClish, Bureau of Industry and Safety, Bureau of Industry and Export Safety, Dallas Field Office, made the announcement today.

In October 2012, Yip was sentenced to two years in federal prison after pleading guilty to conspiring to violate RTI by acting as a broker and middleman for Foomanie to buy items in the United States and have them shipped illegally to the United States. Iran. Mehrdad Foomanie remains a fugitive.

The FBI, HSI, Department of Commerce, Bureau of Industry and Security, and Defense Criminal Investigation Service have investigated the case.

Assistant U.S. prosecutors Mark Roomberg, William R. Harris, and Kelly Stevenson continued this case.

###


Source link

]]>
https://gametowne.com/iranian-national-convicted-of-illegally-exporting-sensitive-military-items-usao-wdtx/feed/ 0
Upcoming banking week: September 13, 2021 https://gametowne.com/upcoming-banking-week-september-13-2021/ https://gametowne.com/upcoming-banking-week-september-13-2021/#respond Fri, 10 Sep 2021 20:50:00 +0000 https://gametowne.com/upcoming-banking-week-september-13-2021/ (Reuters) – Here are some events of interest to the banking and financial law community this week. All times are local, unless otherwise noted. Sunday September 12 12:30 p.m. – The Mortgage Bankers Association Regulatory Compliance Conference kicks off in Washington, DC. , Federal TCPA, FDCPA and FCRA, State Litigation and more. Plenary sessions that […]]]>

(Reuters) – Here are some events of interest to the banking and financial law community this week. All times are local, unless otherwise noted.

Sunday September 12

12:30 p.m. – The Mortgage Bankers Association Regulatory Compliance Conference kicks off in Washington, DC. , Federal TCPA, FDCPA and FCRA, State Litigation and more. Plenary sessions that begin on Monday feature updates on the MBA’s advocacy efforts in Washington, key trends in fair loan law enforcement and other agency actions, as well as a luncheon. – talk by Damon Smith, general counsel for the US Department of Housing and Urban Development. For the full agenda, visit https://bit.ly/3hiC35q

Monday, September 13

8:30 a.m. – A U.S. banking regulator will begin a civil lawsuit in Sioux Falls, South Dakota on Monday against three former Wells Fargo executives over the bank’s unauthorized accounts scandal. Claudia Russ Anderson, former chief risk officer at the bank’s community banking group, David Julian, its former chief auditor, and Paul McLinko, its former chief audit executive are fighting the 2020 attempt by the Office of the Comptroller of the currency to impose fines of several million dollars on each of them for their alleged roles in the scandal.

The case is In the Matter of Tolstedt et al., US Department of the Treasury, Office of the Comptroller of the Currency, No. 20-001. For the OCC: Jason Friedman. For Anderson: Doug Kelley of Kelley, Wolter & Scott. For McLinko: Timothy Crudo from Coblentz Patch Duffy & Bass. For Julian: Tim Perla from WilmerHale.

9:30 a.m. – The National Association of Federally Insured Credit Unions opens its three-day Congressional caucus in 2021 with a question-and-answer session between NAFCU President Dan Berger and political commentator James Carville, covering the state of the industry, the congressional standoff and a 50-50 Senate navigation. Morning sessions Monday, Tuesday and Wednesday will feature more than a dozen speakers from the Biden administration and Congress, including FHFA Acting Director Sandra Thompson; Senate Majority Leader Chuck Schumer (D-NY) and Senate Banking Committee Chairman Sherrod Brown (D-OH); United States Representative Patrick McHenry (R-NC), senior member of the House Financial Services Committee. Participants will meet with lawmakers on the Hill Monday and Tuesday afternoon. For more details go to https://www.nafcu.org/caucus

Wednesday September 15th

10 a.m. – The 2nd U.S. Circuit Court of Appeals will hear arguments regarding a possible class action lawsuit filed by investors in connection with the initial 2018 HelbizCoin coin offering, which sued last year for breach of contract, conversion, and violation of New York State laws prohibiting deceptive and practical acts after the company sought to buy back its shares for a microscopic fraction of the ICO price and destroy the Ethereum blockchain contract that the cryptocurrency was attached to. US District Judge Louis Stanton in Manhattan dismissed the complaint in January for failure to report, ruling that HelbizCoin was clearly a security that was not traded on any US stock exchange and for which the ICO expressly prohibited investment at all. ” US citizen, resident or green card holder. Investors claim that Stanton abused his discretion by not allowing them to modify the complaint and by dismissing the claims in state law, which they believed were properly submitted to court under the Class Action Fairness Act.

The case is Ryan Barron et al. v. Helbiz Inc. et al., 2nd US Court of Appeals No. 21-278. For Barron et al. : Michael Kanovitz of Loevy & Loevy. For Helbiz et al. : Robert Heim from Tarter, Krinsky & Drogin.

12:00 p.m. (ET) – Bryan Klein of Waymaker LLP presents the American Bar Association’s 2021 Blockchain & Digital Currency National (Virtual) Institute, a half-day program with panel discussions on four emerging issues. Davis Polk’s Jai Massari moderates Panel I, “What the Future Holds for NFTs”. Panel II, “The Coming Dominance of Stablecoins”, is chaired by Meghan Spillane of Goodwin Procter, followed by Stephen Wink of Latham, who will host “Key Enforcement Actions”. Marco Santori of Kraken concludes the session with “The DeFi Revolution”, a look at the implications of the growing popularity of decentralized financial platforms. For more information, visit https://bit.ly/3z4PUCI

2:00 p.m. – Stefan He Qin, the 24-year-old Australian crypto hedge fund founder who pleaded guilty in February to one count of securities fraud, faces conviction by U.S. District Judge Valerie Caproni in court Manhattan Federal. Prosecutors alleged that Qin used the $ 90 million Virgil Sigma fund “like his own piggy bank” and managed it in a “brazen” and “Ponzi-style” manner until December 2020, when he attempted cover investor demand by stealing $ 1.7 million from a second fund, VQR Multistrategy. The single charge is for a maximum of 20 years; however, in recognition of Qin’s voluntary return to the United States, his guilty plea, and his meaningful cooperation with the receiver appointed to locate and recover the assets of Virgil Sigma and VQR, the government recommended on September 1 a sentence 96 months (8 years) and a forfeiture order of $ 54.8 million.

The case is USA v. Qin, United States District Court for the Southern District of New York No. 21-cr-00075. For the United States: American lawyer Audrey Strauss and AUSA Daniel Tracer. For Qin: Sean Hecker and Louis Fisher of Kaplan Hecker & Fink.

Thursday September 16

8:30 a.m. (CT) – The University of Texas at Austin Law School goes virtual for its 55th Annual William W. Gibson, Jr. Mortgage Lending and Servicing Institute, a two-day conference offering 14 hours of CLE on home loans, commercial finance, title issues and ethics. In addition to updates on Texas business, law and regulation, the institute addresses several areas of national interest, including congressional and administrative priorities affecting mortgage advisors; updates on application priorities to CFPB, FHFA, House Financial Services Committee, and Senate Banking Committee; an overview of recent developments in the transition from London Interbank Offered Rates (LIBOR) to floating rate loans; emerging risks in fraud detection; bankruptcy issues affecting commercial leases, and more. CLE credit is pre-approved for Texas, California, Oklahoma, and Pennsylvania, and may be available for other states. For more details, including the full agenda, go to https://utcle.org/conferences/ML21

(Additional report by Jody Godoy)

Do you know of an event that could be included in Week Ahead in Banking? Contact Jody Godoy at Jody.Godoy@thomsonreuters.com.


Source link

]]>
https://gametowne.com/upcoming-banking-week-september-13-2021/feed/ 0
Yields surge, stocks falter after US jobs report https://gametowne.com/yields-surge-stocks-falter-after-us-jobs-report/ https://gametowne.com/yields-surge-stocks-falter-after-us-jobs-report/#respond Fri, 03 Sep 2021 19:58:23 +0000 https://gametowne.com/yields-surge-stocks-falter-after-us-jobs-report/ Breadcrumb Links PMN company Author of the article: Reuters Herbert Lash and Huw Jones Content of the article NEW YORK / LONDON – Benchmark Treasury yields surged on Friday amid fears of rising inflation, but some equity markets rose after a weak U.S. jobs report likely pushed back the timetable for the moment when the […]]]>

Content of the article

NEW YORK / LONDON – Benchmark Treasury yields surged on Friday amid fears of rising inflation, but some equity markets rose after a weak U.S. jobs report likely pushed back the timetable for the moment when the Federal Reserve will begin to reduce its massive support to the economy.

U.S. employers created the fewest jobs in seven months in August as the COVID-19 Delta variant hurt the entertainment and hospitality industry, but a 0.6% increase in wages and other data showed an underlying strength in the economy.

Advertising

Content of the article

Non-farm payrolls rose 235,000 in August, well below the 728,000 predicted by economists in a Reuters poll. But the unemployment rate fell to 5.2% from 5.4% in July, the Labor Department said.

The Dow and European indices fell as slowing US job growth raised questions about the pace of the recovery. But the US-centric Nasdaq and MSCI world index edged up after the report allayed fears of an imminent cut to the Fed’s bond buying program.

A cut announcement is not expected in September after the jobs report, said Lee Ferridge, North America’s head of multi-asset strategy at State Street Global Markets.

“The Fed’s support for these markets will persist. Typing starts later than earlier. It’s positive for equities, it’s positive for risk, ”he said.

Advertising

Content of the article

“As long as the Fed prints, it means the equity markets are supported by the whole QE liquidity argument,” Ferridge said.

MSCI’s All-Country Global Index, which is 60% U.S. stocks, rose 0.14% and the tech-rich Nasdaq gained 0.13%. Both indices were on the verge of setting closing records.

The S&P 500 Index edged up 0.03%, led by information technology and communications services, but most sectors were down. The Dow Jones Industrial Average fell 0.11% and the broad STOXX Europe 600 index of pan-regional stocks closed down 0.56%.

It was not all gloomy. Eurozone trade activity remained strong last month, IHS Markit’s survey showed, suggesting that the bloc’s economy could return to pre-COVID-19 levels by the end of the month. year despite fears about the Delta variant.

Advertising

Content of the article

The European Central Bank is meeting next week amid calls from several hawkish members to slow its asset purchase program in the era of the pandemic. A Reuters poll indicates that the bank is announcing a reduction in its asset purchases, given the recent surge in inflation.

Yields on the benchmark 10-year Treasury bond rose 2.7 basis points to 1.3207%, with the U.S. jobs report pointing to a jump in hourly earnings, raising fears of the inflation.

The dollar index fell to a low of 91.941, its lowest level since August 4, and last lost 0.20% to 92.0350.

The single European currency edged up 0.11% to 1.1889. The markets are starting to react to the potential for more sustained inflation in the euro area and to the reduction in the ECB’s stimulus measures.

JAPAN JUMPS, CHINA LIFTS

Japanese stocks surged after officials announced Prime Minister Yoshihide Suga would step down, paving the way for a new prime minister after a one-year term marred by an unpopular response to COVID-19 and a rapid decline in public support .

Advertising

Content of the article

Japan’s TOPIX stock index hit a 30-year high and last rose 1.61%, with the Nikkei gaining 2%. However, Asian stocks are still a long way from their highs at the start of the year and are lagging behind other countries.

Meanwhile, Chinese blue chips were down 0.5% and Hong Kong was down 0.72% after activity in China’s services sector collapsed into a sharp contraction in August, a showed a private investigation on Friday, affected by restrictions imposed to curb the COVID-19 Delta variant.

Oil prices have slipped on the U.S. Labor report showing patchy recovery from the pandemic, but losses have been capped by fears that U.S. crude supplies continue to be constrained in the aftermath of Hurricane Ida, which reduced US offshore production.

Brent crude futures fell 42 cents to $ 72.61 a barrel. US crude fell 70 cents to settle at $ 69.29 a barrel.

Gold rose more than 1% to its highest level in 2.5 months, with weak US job growth pushing the dollar down and casting doubt on the Fed’s cut schedule.

US gold futures were up 1.2% to $ 1,833.70 an ounce.

(Additional reporting by Alun John in Hong Kong; Kevin Buckland in Tokyo; Editing by Dan Grebler and Andrea Ricci)

Advertising

In-depth reporting on The Logic’s innovation economy, presented in partnership with the Financial Post.

comments

Postmedia is committed to maintaining a lively but civil discussion forum and encourages all readers to share their views on our articles. Comments may take up to an hour of moderation before appearing on the site. We ask that you keep your comments relevant and respectful. We have enabled email notifications. You will now receive an email if you receive a reply to your comment, if there is an update to a comment thread that you follow, or if a user that you follow comments. Visit our Community rules for more information and details on how to adjust your E-mail The settings.


Source link

]]>
https://gametowne.com/yields-surge-stocks-falter-after-us-jobs-report/feed/ 0
Pandemic Accelerates Depletion of US Social Security Trust Funds – Treasury https://gametowne.com/pandemic-accelerates-depletion-of-us-social-security-trust-funds-treasury/ https://gametowne.com/pandemic-accelerates-depletion-of-us-social-security-trust-funds-treasury/#respond Tue, 31 Aug 2021 20:45:00 +0000 https://gametowne.com/pandemic-accelerates-depletion-of-us-social-security-trust-funds-treasury/ Signage is visible at the headquarters of the United States Department of the Treasury in Washington, DC, United States, August 29, 2020. REUTERS / Andrew Kelly / File Photo WASHINGTON, Aug.31 (Reuters) – The coronavirus pandemic will result in the depletion of key US Social Security trust fund reserves in 2033, a year earlier than […]]]>

Signage is visible at the headquarters of the United States Department of the Treasury in Washington, DC, United States, August 29, 2020. REUTERS / Andrew Kelly / File Photo

WASHINGTON, Aug.31 (Reuters) – The coronavirus pandemic will result in the depletion of key US Social Security trust fund reserves in 2033, a year earlier than an estimate made a year ago, when a strong Declining employment has reduced income, according to the US Treasury said Tuesday.

The Treasury said the Old Age and Survivors Trust Fund, which pays retirement benefits, would be able to pay 76% of benefits expected after 2033 from ongoing tax revenues.

Social Security’s separate disability insurance trust fund will see its reserves depleted in 2057, eight years earlier than last year’s estimate. Together, the two Social Security trust fund reserves will be depleted in 2034, a year earlier than the estimate made a year ago, the Treasury said.

Medicare Hospital Insurance Fund reserves are expected to be depleted in 2026, as estimated last year. This will allow Medicare to pay only 91% of the planned “Part A” hospital and other benefits of expected income at that time, the Treasury said.

Part of the reason for the stable exhaustion date is the higher death rate from COVID-19, which reduces some long-term care costs, offset by higher expected health costs for those weakened by the virus , said an official from the Department of Health and Social Services. journalists.

The annual reports on the Social Security and Medicare trust funds have again indicated that congressional action will be needed in the coming years to financially support the programs, increasing incomes, reducing benefits or by making other savings.

A further twist on this year’s Social Security report is an estimated 3.1% cost of living upward adjustment for benefits in 2021, the highest in a decade, due to higher inflation rates. high levels caused in part by supply shortages during the pandemic.

Reporting by David Lawder Editing by Chris Reese and Bill Berkrot

Our standards: Thomson Reuters Trust Principles.


Source link

]]>
https://gametowne.com/pandemic-accelerates-depletion-of-us-social-security-trust-funds-treasury/feed/ 0
Hempstead supervisor candidate seeks to investigate city use of stimulus funds https://gametowne.com/hempstead-supervisor-candidate-seeks-to-investigate-city-use-of-stimulus-funds/ https://gametowne.com/hempstead-supervisor-candidate-seeks-to-investigate-city-use-of-stimulus-funds/#respond Tue, 24 Aug 2021 22:49:43 +0000 https://gametowne.com/hempstead-supervisor-candidate-seeks-to-investigate-city-use-of-stimulus-funds/ The Hempstead Town supervisor’s Democratic challenger on Tuesday called for further investigations into how the city used $ 133 million in federal COVID-19 funds last year. Jason Abelove, a Garden City attorney challenging Republican Supervisor Don Clavin, asked the New York State Comptroller, Attorney General and Nassau County District Attorney to review the use of […]]]>

The Hempstead Town supervisor’s Democratic challenger on Tuesday called for further investigations into how the city used $ 133 million in federal COVID-19 funds last year.

Jason Abelove, a Garden City attorney challenging Republican Supervisor Don Clavin, asked the New York State Comptroller, Attorney General and Nassau County District Attorney to review the use of city funds, including $ 70 million in salary expenses and about $ 25 million in town. building improvements.

Abelove said the city had abused funds meant to help people affected by the pandemic and not previously budgeted city services.

“Do you know how much the City has given to our storefronts to help them survive? No. Do you know how much the City has given to help the elderly and the young? None, ”said Abelove. “The public deserves answers.

The US Treasury Department announced in December that it would investigate the city’s use of federal CARES funding.

The Treasury audit was requested by Representative Kathleen Rice (D-Garden City) and other local officials who criticized the city’s use of payroll funds and called for more funds for the Nassau County.

Treasury officials said their review of the city’s funding was underway.

“Last fall, the Treasury Department and the OIG office agreed that the city was spending CARES funds in the appropriate manner for the benefit of residents,” city spokesman Greg Blower said. “As with all municipalities that have received federal funds, the Treasury Department will continue to review spending.”

The city has also donated nearly $ 30 million to local food banks, hospitals, universities, schools and local villages, including funding for COVID-19 tests and personal protective equipment.

Abelove said outside Hempstead town hall on Tuesday that the town had failed to help business owners during the pandemic.

The city voted last year to allocate $ 2 million to the Nassau County Industrial Development Agency for PPE for small businesses.

Hempstead was the only city in the country to receive funding under the $ 2 trillion recovery plan on coronavirus aid, relief and economic security, when it received $ 133 million on the its population base of 800,000, which is more than half of Nassau County’s 1.3. millions of inhabitants.

Nassau County received $ 103 million that officials said they used for police, firefighters and emergency services during the pandemic.

City officials said the allocation of all funds had been verified by the city’s comptroller and local officials and listed in separate resolutions unanimously passed by the city council, including its only Democrat, Dorothy Goosby. .

At the last city council meeting in December, council members voted to approve $ 70.1 million in salary expenses, including $ 43 million for the sanitation service. Other contracts were awarded to architects and contractors for the renovation of municipal buildings, including touchless bathrooms.

The Nassau County District Attorney’s Office declined to comment on the call for an investigation. The state comptroller’s office said it was overseeing the federal investigation.

“The city used an ad hoc working group made up of various departments to informally discuss different issues. The city council itself made the decisions related to the use of federal funds, ”said Blower.

Sign up for COVID-19 SMS alerts on newsday.com/texte.


Source link

]]>
https://gametowne.com/hempstead-supervisor-candidate-seeks-to-investigate-city-use-of-stimulus-funds/feed/ 0
AUD / USD hovers near 0.7220 amid rebounding US Treasury yields https://gametowne.com/aud-usd-hovers-near-0-7220-amid-rebounding-us-treasury-yields/ https://gametowne.com/aud-usd-hovers-near-0-7220-amid-rebounding-us-treasury-yields/#respond Tue, 24 Aug 2021 04:39:17 +0000 https://gametowne.com/aud-usd-hovers-near-0-7220-amid-rebounding-us-treasury-yields/ AUD / USD remains moderate Tuesday at the start of European trading hours. The losses of the Australian dollar as the upsurge in the delta variant of the coronavirus continues. A rise in US Treasury yields is supporting demand for the US dollar. AUD / USD manages to trade higher on Tuesday morning. The pair […]]]>
  • AUD / USD remains moderate Tuesday at the start of European trading hours.
  • The losses of the Australian dollar as the upsurge in the delta variant of the coronavirus continues.
  • A rise in US Treasury yields is supporting demand for the US dollar.

AUD / USD manages to trade higher on Tuesday morning. The pair extend the gain of the night session, although they face some pressure at the top level.

As of this writing, the AUD / USD is trading at 0.7218, up 0.13% for the day.

The US Dollar Index (DXY), which tracks the performance of the greenback against its six major rivals, rebounds from lower levels amid higher benchmark US Treasury yields.

The greenback remained higher overall following reports that the FDA granted full clearance for the two-dose Pfizer-BioNTech vaccine for COVID-19.

On the other hand, the Aussie lost ground as investors assessed the impact of more than 750 new cases for Sydney and New South Wales.

In the latest development, the Pfizer vaccine would be available to people in Victoria between the ages of 16 and 39 from Wednesday.

Data released on Monday showed that the Commonwealth Bank Services PMI and Commonwealth Manufacturing PMI fell to 43.3 and 51.7, respectively, in August.

It should be noted that S&P 500 futures are trading at 4,437.50, up 0.01% for the day.

For now, traders are waiting for data on existing home sales in the United States to negotiate further trading momentum.

Additional AUD / USD levels


Source link

]]>
https://gametowne.com/aud-usd-hovers-near-0-7220-amid-rebounding-us-treasury-yields/feed/ 0
Pennsylvania to hire 100 covid contact tracers to replace 1,000 – experts say not enough https://gametowne.com/pennsylvania-to-hire-100-covid-contact-tracers-to-replace-1000-experts-say-not-enough/ https://gametowne.com/pennsylvania-to-hire-100-covid-contact-tracers-to-replace-1000-experts-say-not-enough/#respond Sun, 22 Aug 2021 23:13:06 +0000 https://gametowne.com/pennsylvania-to-hire-100-covid-contact-tracers-to-replace-1000-experts-say-not-enough/ Featured sound system is an independent, non-partisan newsroom powered by The Philadelphia Inquirer in partnership with PennLive / The Patriot-News, TribLIVE / Pittsburgh Tribune-Review and WITF Public Media. Sign up for our free newsletters. The Wolf administration will hire at least 100 contact tracers as it rebuilds its exhausted squad, a dramatic downsizing from the […]]]>

Featured sound system is an independent, non-partisan newsroom powered by The Philadelphia Inquirer in partnership with PennLive / The Patriot-News, TribLIVE / Pittsburgh Tribune-Review and WITF Public Media. Sign up for our free newsletters.

The Wolf administration will hire at least 100 contact tracers as it rebuilds its exhausted squad, a dramatic downsizing from the start of this year and a number well below what experts believe Pennsylvania needs to contain the spread. of COVID-19.

The new $ 9 million program will be administered by Boston-based Public Consulting Group, which the state chose after the previous company was fired for failing to secure the personal information of 72,000 people.

Contract documents show that the Pennsylvania Department of Health could request up to 200 additional contact tracers as well as additional support staff if needed. These workers will complement 145 public health nurses and 250 people employed by municipal health services. “Health systems and schools are known to conduct their own contact tracing efforts,” a spokesperson for the health ministry said, although he did not specify how many do.

Given the rapid spread of the delta variant, combined with a slowdown in the vaccination rate and less mitigation efforts in place, the number does not appear to be enough, said Chrysan Cronin, professor of public health at Muhlenberg College. .

“I just don’t think it’s going to be nearly enough,” she said.

Contact tracing is a public health tool used to contain outbreaks of infectious diseases by alerting people who may have been exposed to an infected person.

The process is initiated by case investigators, who contact people who test positive for COVID-19 to find out who else they have been in contact with. This information is then transmitted to the trackers, who call these contacts and ask them to be tested and quarantined to avoid potentially spreading the virus.

Based on the size of the population and the number of daily cases, Pennsylvania needs at least 1,954 contact tracers, according to a tool produced by the George Washington University Institute for Workforce Equity.

“When we were more careful and people weren’t going out without masks and eating inside restaurants, it was probably easier to trace contacts because maybe each person was only in close contact than with one. handful of people, ”said Edward Salsberg, a researcher at George Washington University who worked on the tool. “It can be more difficult now when people are more likely to have gathered or eaten out.”

When the pandemic first emerged in the spring of 2020, Pennsylvania depended on a reduced force of 131 state-employed public health nurses to provide contact tracing in areas without a local health service. The Wolf administration significantly increased its capacity last summer when it hired Insight Global to recruit over 1,000 new contact tracing staff.

But even with this larger workforce, investigators struggled to reach more than a quarter of people who tested positive within 24 hours last fall, while many Pennsylvanians did not respond to phone calls from contact tracers.

“People don’t want to answer the phone. … People don’t realize how important it is to give the information we need to make sure we can control the disease, ”said Michael Huff, then director of contact tracing and testing for the department of health, in November. “It is a challenge for all states in the country. “

The program suffered another setback in May when the health department was forced to fire Insight Global after some of its employees stored the information of 72,000 people – including names, counties of residence, details of the program. COVID-19 infection of a person and other health details – in unsecured Google Drive files accessible on the Internet.

The hundreds of contact tracers hired through Insight Global stopped working for Pennsylvania in June. In a hearing with state lawmakers in late July, Keara Klinepeter, deputy executive secretary of the Department of Health, said 12 members of the Pennsylvania National Guard were conducting contact tracing as the state moved to a new program.

Their work will continue until Aug. 20, a department spokesperson later told Spotlight PA.

Public Consulting Group will hire 50 contact tracers by the end of August, according to contract documents. Another 50 tracers, as well as additional investigators and case supervisors, will be added by mid-September.

The company will also hire a data security, privacy and compliance officer who will “monitor and ensure compliance with all aspects of contract data privacy and security,” according to the Department of Health. ‘State.

In a statement, a spokesperson for the health ministry said officials had used data on the volume of cases and contacts throughout the pandemic, as well as information on call centers, to determine new staffing levels.

“These figures were determined based on discussions with epidemiologists and analyzed trends throughout the pandemic,” the statement said. “Starting with 100 contact tracers provides a solid foundation of trained personnel to handle the initial planned work. “

Asked about expectations for contact tracers – how many calls they would make per day, for example – the spokesperson said in a statement that each outreach attempt is different and could require multiple calls, varying in number. questions or additional time to connect. contact with social assistance services.

“For these reasons, there is no single standard for the expected number of calls or contacts per day,” the statement said.

More control as the state retreats

State lawmakers wondered how the health department selected Insight Global and Public Consulting Group, and whether the process used to hire the companies was transparent enough.

Insight Global was initially hired in July 2020 for $ 22.9 million through a expedited procurement system that allows state agencies to bypass the usual public tendering process to procure emergency services.

The cost ultimately rose to $ 58 million as the department added staff to the program, purchase orders registered with the Pennsylvania Department of the Treasury. The health department has paid Insight Global $ 28 million so far, but a suspension has been placed on future payments because the dispute related to the data breach is handled.

State lawmakers reviewed new contract with Public Consulting Group during the hearings at the end of July after PA spotlight reported that the Department of Health was using the same emergency procurement process to hire the company to take over the program.

In a letter following those hearings, two Senate committee chairs asked the department to provide “specific data quantifying how the contact tracing program has improved the trajectory of the number of COVID-19 cases in the Commonwealth.”

Lawmakers have also asked for details of Insight Global’s data breach and the contract with Public Consulting Group, including how Pennsylvania’s contact tracing program compares to other states using the company.

The health department had not responded to follow-up questions on Tuesday, said Jon Hopcraft, chief of staff to Senator Kristin Phillips-Hill, R-York, chair of the communications and technology committee. Hopcraft said on Friday that a response arrived in the afternoon, a day after the story was originally published, and that senators “would review the information over the weekend.”

Pennsylvania isn’t the only state to scale back its contact tracing program since the spring, when cases nationwide began to decline and vaccines became widely available.

But states that are serious about contact tracing should maintain a workforce at least equal to what they had last fall and winter, said Crystal Watson, assistant professor of public health at Johns Hopkins University which conducted a national survey of contact tracing programs. since April 2020.

“I think it’s still very important and it saves lives, and it’s a tool we should be using,” Watson said.

Neighboring New Jersey, which has a smaller population than Pennsylvania and also works with Public Consulting Group, began scaling back its contact tracing program in June, but still has 1,646 contact tracers. The health department is monitoring new cases of COVID-19 and the workload of contact tracers, and could resize the program if necessary, a spokesperson said.

Even the best-staffed programs might struggle to keep up with the rapidly growing number of cases, Watson said.

States may need to consider ways to triage cases for contact tracing, prioritizing environments such as schools, nursing homes, other community living facilities such as prisons and prisons. , or environments where people work closely together, such as meat processing facilities that experienced significant outbreaks at the start of the pandemic.

But Watson said relying solely on contact tracing to control outbreaks caused by the delta variant “is unrealistic.”

“I think we are seeing in some southern states that if we do not take any further action, we are going to see significant epidemics,” she said.

The Wolf administration was not considering a statewide mask mandate on Monday, Acting Health Secretary Alison Beam said. Masking requirements in schools and businesses, such as restaurants and entertainment venues, are decided locally.

Instead of, administration focuses on vaccinating more Pennsylvanians by supporting small local clinics and by subsidizing community groups carrying out awareness activities.

About 64.5% of adults in Pennsylvania are fully vaccinated, according to data from the Centers for Disease Control and Prevention.

WHILE YOU ARE HERE … If you learned anything from this story pay for it and become a member of Featured sound system so that someone else can in the future to projectorpa.org/donate. Spotlight PA is funded by foundations and readers like you who are committed to accountability journalism that gets results.


Source link

]]>
https://gametowne.com/pennsylvania-to-hire-100-covid-contact-tracers-to-replace-1000-experts-say-not-enough/feed/ 0