Canada finance minister resigns amid friction with Trudeau and charity scandal

first_img“This morning I went to the prime minister and I tendered my resignation,” Morneau told reporters at a hastily arranged news conference on Monday evening.”It’s appropriate that the prime minister find someone with a longer term approach for the role, since I’m not running for office,” he added.Morneau’s Toronto seat, a mix of low-income flats and million dollar homes that the party has held since 1993, is unlikely to be at risk for the Liberals, who have a minority government.One front-runner to replace Morneau is Deputy Prime Minister Chrystia Freeland, a close Trudeau ally, who has held several high-profile cabinet roles. Canada’s finance minister resigned on Monday amid friction with Prime Minister Justin Trudeau over spending policies and after coming under fire for his ties to a charity tapped to run a student grant program.Bill Morneau said he would not run for parliament again and would instead seek to become the next secretary general of the Organization for Economic Cooperation and Development (OECD).Just last week, Trudeau had expressed confidence in his finance minister as rumors swirled of a rift between the two men. Morneau, 57, has been in the job since Trudeau’s Liberals took power in 2015. Morneau and his team have pushed back against other cabinet ministers about how much pandemic funding was needed, including to what extent the post-lockdown recovery could be helped by investing in environmental projects, sources told Reuters on Sunday.Trudeau, who campaigned on a platform to tackle climate change, believes the 2021 budget should have an ambitious environmental element to start weaning the heavily oil-dependent economy off fossil fuels and he recently hired former Bank of England Governor Mark Carney as an informal adviser, aides say.Canada’s budget deficit is forecast to hit C$343.2 billion ($253.4 billion), the largest shortfall since World War Two, this fiscal year. Total coronavirus support is nearly 14% of gross domestic product.BMO Chief Economist Doug Porter said a policy shift was unlikely under Morneau’s replacement given that “fiscal policy has been already pretty much running at full throttle”.”There has been the widespread perception that, ultimately, the policy thrust was being driven by the PM’s office,” he wrote in a research note.’Consumed by scandal’The Canadian dollar showed little reaction to the news.”We had a little bit of a sell-the-rumor type weakness in the lead up to the resignation,” said Ray Attrill, head of forex strategy at National Australia Bank in Sydney. “There doesn’t seem to be any suggestion at this stage that this any broader implications for the Canadian government.”Other possible replacements for the key post include Foreign Minister Francois-Philippe Champagne and President of Canada’s Treasury Board Jean-Yves Duclos.In a statement, Trudeau thanked Morneau for his service over the past five years and said he would “vigorously support” Morneau’s bid to head the OECD.OECD nominations are due by October. The United States plans to nominate deputy White House chief of staff Christopher Liddell for the secretary general job, a senior U.S. official said last month.Adding to Morneau’s challenges, several cabinet members were upset when he disclosed he had forgotten to repay travel expenses covered for him by a charity at the heart of an ethics probe. Morneau and Trudeau are both facing ethics inquiries related to the charity.Morneau’s resignation “is further proof of a government in chaos,” Conservative Party leader Andrew Scheer said on Twitter, adding the “government is so consumed by scandal that Trudeau has amputated his right hand to try and save himself.”The clash reflected concerns among business leaders that Ottawa had little apparent interest in the economy, sources told Reuters.Business and analysts have also fretted about Ottawa becoming distracted by the discord as it tackles the coronavirus crisis.”I doubt you’ll be seeing other finance ministers around the world step down at this time of elevated economic and fiscal uncertainty,” said David Rosenberg, chief economist at Rosenberg Research & Associates.”It’s like a boxer being forced to take his gloves off in the fifth round.”center_img Topics :last_img read more

Governor Wolf Announces Senior Check-In Program with County Sheriffs

first_img Human Services,  Press Release,  Seniors Harrisburg, PA. — Governor Tom Wolf announced today the launch of the Sheriff Senior Check-In Service, a three-county pilot reassurance program for older Pennsylvanians being conducted in partnership with the Pennsylvania Sheriffs Association. The program is run in conjunction with the Pennsylvania Commission on Crime and Delinquency (PCCD).“The Sheriffs’ Senior Check-In Service will provide peace of mind for Pennsylvania residents who are over the age of 65 and living independently,” Governor Wolf said. “For those individuals with a limited support system, a simple, regular phone call to check in can make the difference in getting help out to folks when emergency situations occur.”Currently, the Sheriff Offices of Centre, Venango and Warren Counties are participating in the pilot, which is anticipated to run through 2018. Individuals opting to participate in the call-in service must enroll in the program, which features a daily or other regularly scheduled check-in phone call from their county sheriff’s office. If the enrollee is in distress or does not answer the phone after several tries, the sheriff’s office will coordinate the appropriate safety check, including contacting other emergency contacts provided by the enrollee or dispatching a deputy to the address.Sheriffs are partnering with their Area Agencies on Aging (AAA) and other local stakeholders for assistance in getting the word out to eligible older Pennsylvanians in the pilot counties.  Sing-up forms are available in County Sheriffs’ Offices.“Our goals are a successful pilot and to offer this program to more counties throughout the year,” Governor Wolf said.“This project embodies what PCCD is known for – collaboration and innovation,” PCCD Chairman Charles Ramsey said. “We are proud to partner with Centre, Venango and Warren Counties on this endeavor, and encourage their residents to sign up for the program.”Participating counties received no more than $15,000 to purchase a telephone reassurance system, and to cover initial staff time and marketing and enrollment costs. PCCD intends to collect outcome data on the pilot to review the effectiveness of the program.For additional information on funding availability and to register for funding notifications, please visit PCCD’s website at www.pccd.pa.gov. SHARE Email Facebook Twitter Governor Wolf Announces Senior Check-In Program with County Sheriffscenter_img April 03, 2018last_img read more

Norwegian oil fund return of 15.9% driven by equities, real estate holdings

first_imgThe fund now invests in 82 different countries, an increase of 10 from 2012.At the end of the year, its asset allocation saw shifts compared with 2012, as it increased equity holdings by 0.5 percentage points to 61.7%, while reducing fixed income by 0.8 percentage points to 37.3%.It continued its push to having a 5% real estate allocation at the expense of fixed income, with its allocation hitting 1% from 0.7%.Its equity portfolio saw returns of more than 25%, compared with 18% in 2012.Returns came on the back of strong gains in developed markets, as its European investments returned 29%, Japanese 30% and North America 34%.The fund’s equity allocations to the markets at the end of 2013 were 48%, 7% and 32%, respectively.Despite the fund’s previous stance on shifting allocations away from Europe towards emerging markets, its 9.7% equity allocation only returned 1.1% overall.It added six additional markets to its equity portfolio, with investments in Kuwait, Oman, Tunisia, Vietnam, Slovakia and Pakistan.Within equity performance, the fund saw its best returns come from its telecommunications holdings (38%), and said mining companies were its worst.Its 6.4% equity allocation to basic materials only returned 5.1%.The fund was also slightly let down by its fixed income holdings, which returned 0.1% over the year.It saw negative returns for its sovereign bonds portfolios, led by a -2.1% on its 22% fixed income allocation to US Treasuries.Its private sector investments offset the negative performance, led by its securitised debt allocations, which returned 7.7% and accounted for 10.5% of fixed income allocations.The fund said it was continuing its general, and fixed income, shift to emerging markets, and allocated an additional 2.2 percentage points to the asset class compared with 2012, with the addition of Colombia, The Philippines and Hungary.This came directly from divestment in developed markets, mainly Austria and France. However, fixed income allocations to developed economies was still 78.8%.Within its growing real estate allocations, the fund saw returns hit 11.8%, as it continued its push out of European markets.The fund said it expanded its investment into US real estate, which it started at the beginning of last year.US holdings now account for 18.7% of real estate allocations, all done in 2013.Yngve Slyngstad, chief executive at Norges Bank Investment Management, which manages the fund, said real estate investments would grow substantially in coming years.“The year’s results were driven by equity investments, despite various sources of uncertainty in the global economy, stock markets made broad gains in 2013,” he added. The Norwegian Government Pension Fund Global saw returns of 15.9% in 2013 as equity investments outperformed benchmarks, helping the fund break the NOK5trn (€600bn) mark.In what the fund described as a “good year”, its value rose by NOK1.2trn, up to NOK5trn, 56% of which came from investment returns.The remainder of the fund’s increase came through capital inflows from the government and returns on currency conversion into NOK.It received NOK239bn from the Norwegian government in inflows, investing 8% into emerging markets, 8% into real estate and around 62% into equities.last_img read more

Acta Marine Newbuild Enters Ulstein Dry Dock for Final Outfitting

first_imgThe Ulstein SX195 hull of Acta Marine’s new Walk-to-Work vessel Acta Auriga has arrived at Ulstein Verft in Norway. During the coming months the vessel will be outfitted, commissioned and tested.Ulstein Verft, together with its hull builder in Poland, completed the steelwork and further preparations according to plan. Upon completion of the hull, Acta Auriga was launched in dry dock and prepared for its journey to Ulsteinvik, Norway.Outfitting and completing of the vessel will now start, including the installation of the SMST provided mission equipment – motion compensated gangway and 3D crane.The Walk to Work construction support vessel is scheduled for delivery by end Q1 2018, where it will join Acta Orion.last_img

Greensburg, Madison and Vincennes named ‘Stellar Communities’ finalists

first_imgGreensburg, Ind. — Greensburg is one of six finalists for the 2017 Stellar Communities Designation. Now, a team of city leaders will present an updated strategic investment plan for the next selection process.The program is intended to support “transformative quality of place community improvements.”Lieutenant Governor Suzanne Crouch says “we have seen such transformation throughout the previous cities and towns who have received the Stellar Communities Designation and recognize the hard work, collaboration, and dedication it takes from the local team to work alongside our state agencies committed to making a true impact throughout smaller communities across Indiana. I congratulate this year’s six finalists for taking the fundamental first steps or in some cases, after reevaluating previous efforts, heeding advice to identify quality of place projects in line with their local visions for the future. We look forward to receiving the strategic investment plans from each of the finalist communities to see what state and local collaborations might be possible to take our hometowns to the next level.”Mayor Dan Manus praised the efforts of the Decatur County Community Foundation, Main Street Greensburg, Greensburg Chamber of Commerce, Economic Development Corporation Greensburg-Decatur County and Greensburg/Decatur County Tourism.Greensburg is now competing with Madison and Vincennes for the designation.last_img read more

Mike Tyson demolishes punch bag

first_imgMike Tyson continues to show age is just a number with his latest workout video.The 53-year-old is rumoured to be gearing up for a sensational return to boxing, 15 years after he hung up his gloves. Iron Mike has been active with his social media posts in recent months as he’s given fans a glimpse of his training regime.And his latest Instagram video is no different with the former heavyweight world champion showing off his devastating punching power.Wearing a smiley t-shirt, smiley boxing gloves and hitting a punch bag with a smiley face on it, Tyson is anything but smiling as he lays into the target.Tyson shows off some classic 1-2 combinations at a frighteningly quick speed before turning to the camera and saying: “Mike Tyson and Chinatown Market coming soon.”The legendary boxer’s latest venture in collaborating with the streetwear brand will see a portion of the proceeds going to the Tyson Cares Foundation, which “provides essentials such as healthcare, school assistance, shelter, and mentoring to kids from broken homes.” “@miketyson capsule coming this week! 10 random orders will receive @smiley boxing gloves signed by the legend himself,” a post on Chinatown Market’s Instagram read.“Portion of proceeds from all orders will be donated to Tyson Cares Foundation, which provides essentials such as healthcare, school assistance, shelter, and mentoring to kids from broken homes.“In the meantime, check out the second episode of ‘Mike Tyson Saves Chinatown Market’ dropping later today right here on @instagram!”Tyson has plenty of offers on the table to seal his boxing return and Tyson Fury recently revealed how much the American is reportedly demanding to be paid.“There was talk of it… His people contacted me, me and Mike had a phone call, it was all real but never materialised,” Fury said. “Whoever was offering the comeback money to Mike offered us peanuts.“Mike was talking about £500 million figures but what came back to us on paper was a joke, it was crazy.“I did have a $10 million offer from ESPN to do the fight as an exhibition but I think everyone has moved on now.“I would have just loved to share the ring with him and move around.RelatedPosts Mike Tyson comeback fight postponed Mike Tyson beats up seven prostitutes Mike Tyson to face Roy Jones Jr “But if he had won then people would have said I was rubbish because a 53-year-old beat me and if I had beaten him then I would have been a bully.“It was a lose-lose situation for me.“It was money I didn’t need to fight a man past his best.”—Tags: Iron Mikemike tysonPunch baglast_img read more

West Brom resume Sako talks

first_img Even just two weeks ago a deal for the 27-year-old was improbable with the Baggies having no further contact with Sako’s camp. But Press Association Sport understands talks are back on between Sako and Albion with the wide man still searching for a club with just 12 days to go until the start of the Premier League season. Albion were keen to bring him to The Hawthorns in January but Wolves did not want to sell while they chased the Sky Bet Championship play-offs. Boss Tony Pulis has been searching for wingers having signed James McClean from Wigan and has also had a £5million bid rejected by Nottingham Forest for Michail Antonio. Ex-Arsenal midfielder Abou Diaby has also been offered a contract by the club after he left the Gunners this summer. Sako, who has also been linked with Leicester, scored 38 goals in 124 games for Wolves, Albion’s close rivals, after moving from St Etienne in 2012. The Baggies have a long-standing interest in the Mali international but a deal looked dead earlier in the summer. Sako priced himself out of any move after he left Molineux at the end of last season with Albion baulking at his wage demands. West Brom have re-entered talks with Bakary Sako after the former Wolves winger lowered his wage demands. center_img Press Associationlast_img read more

A man fled a police traffic stop and left his winning lottery ticket behind

first_imgA man who fled a traffic stop in Georgia, left behind a bag of drugs and a winning lottery ticket.The Cherokee County Sheriff’s office said deputies were on Interstate 75 on Monday when they spotted a car with a tag violation. When they pulled the car over the man in the passenger’s seat fled the and dropped a backpack which contained a laptop, a small amount of methamphetamine, and a winning  $100 lottery ticket, according to Cherokee County Sheriff’s Office spokesman Capt. Jay Baker.Deputies congratulated the suspect for winning lottery ticket and invited him to come claim it.Baker said deputies took the man into custody and he was charged with possession of methamphetamine and obstruction.last_img

USC fires coach after violation

first_imgThe announcement comes just two days before the Trojans start their 2013 regular season at Cal State Fullerton on Friday.“It was unfortunate. I’m forever grateful for Coach Cruz,” junior infielder Kevin Swick said. “He allowed me to play here and he was a great coach while he was here.”Cruz was suspended from all coaching duties last Thursday pending an investigation by the USC Office of Athletic Compliance, led by Vice President Dave Roberts. Roberts and his staff found that the baseball program exceeded the regulated number of CARA hours.The CARA rules restrict the amount of time players spend participating in activities under the supervision of coaching staff. Student-athletes are limited to 20 hours per week during the season and eight hours per week during offseason.The activities recognized by the NCAA include typical athletic practice, film review and even simply participating in a game of catch with a member of the coaching staff.“Adhering to all NCAA rules is paramount for each one of our coaches, student-athletes and staff members,” Haden said in a statement Wednesday. “Those who knowingly break NCAA rules are subject to termination.”USC also announced its decision to reduce the number of hours the team spends practicing for the upcoming season and the following season next year. The university notified the NCAA and the Pac-12 conference of the violations and its impending self-imposed actions.Associate head coach Dan Hubbs, who served as interim head coach during Cruz’s brief suspension and is entering his third coaching year at USC, has been named head coach.“It’s obviously bittersweet because I love Frank Cruz and he gave me the opportunity to come back to my alma mater,” Hubbs said. “He and I are friends. It’s never easy to see something like this happen to one of your friends.”Hubbs, 42, earned All-American honors as a pitcher for the Trojans and served as pitching coach for 12 seasons at Cal. He also spent seven years pitching in the minor leagues.“I’m confident that Dan Hubbs and his staff will lead our team to a successful season,” Haden said in a statement. “Dan is a good coach, he is highly regarded in the baseball community and he has strong Trojan roots.”Hubbs said that moving forward, his plans for the team won’t deviate from the vision that the coaching staff developed as a whole, but that he might make tweaks as he sees fit. For now, he is focused on making sure his players are ready for their first game Friday.“We’re trying to get as much as we can get done in a confined time frame,” Hubbs said. “But I think the team has been great in terms of their energy and their willingness to just keep moving on.”In fact, the sudden change hasn’t had much of an effect on players yet, Swick said. They still have their goals set on playing well and eventually advancing to playoffs and regionals.Hubbs echoed these sentiments and said that the main priority is the immediate future, specifically the start of the season and the team’s first game.“My message to the team is we have one goal right now — we have one focus right now and that has to be Fullerton on Friday,” Hubbs said. USC fired head baseball coach Frank Cruz for knowingly violating NCAA Countable Athletically Related Activities regulations, USC Athletic Director Pat Haden announced Wednesday.Strike three · USC head baseball coach Frank Cruz was fired Wednesday after allegations of knowingly violating NCAA rules. – Carlo Acenas| Daily Trojanlast_img read more

Satellites beat Golden Boots 3-2 in a friendly

first_imgGhana U20 recorded a narrow 3-2 win over lower-tier side, Golden Boots on Saturday at the Accra Sports Stadium as part of their pre-tournament warm-up friendlies .Liberty Professionals danger man Ebenezer Assifuah got on the score-sheet after Francis’s opener in the first-half to record a 2-1 lead over a strong opposition who were determined to hand Sellas Tetteh’s boys their first significant defeat.But Atletico Madrid youngster Thomas Partey unmasked the opposition’s defence with a powerful header from a cross mid-way through the second half to end their ambition.New arrivals Daniel Pappoe Mills – the Chelsea reserves captain and Arsenal’s Zak Ansah all had a feel of competitive action with the team as Sellas Tetteh continues to devised means to trim down the squad before they leave for Europe for the final preparations.The arrival of Inter Milan midfield talisman Alfred Duncan will soar the number of foreign-based players to six with Baba Rahman and Richmond Boakye-Yiadom to join later after helping the Black Stars with the upcoming World Cup qualifiers.Sellas is widely expected to keep all eight foreign-based players available for the tournament while thirteen places will be up for grasp by the locals. Asante Kotoko goalkeeper Felix Annan is still undergoing trials in Belgium and is expected to fly down to join the squad.last_img read more