A global pandemic could cost $1 Trillion

first_imgFor now, central bankers and governments continue to bet that the coronavirus will not damage the world economy by much, and perhaps allow it to enjoy a rapid rebound once the illness fades. But that confidence is being tested.While the International Monetary Fund currently reckons the virus will only force it to knock 0.1 percentage point off its 3.3 percent global growth forecast for 2020, IMF Chief Economist Gita Gopinath said in a Yahoo Finance interview that a pandemic declaration would risk “really downside, dire scenarios.”The head of the World Health Organization called the new cases “deeply concerning,” but said the outbreak isn’t yet a pandemic.Still, the protracted shutdown of Chinese factories that were supposed to be back online and the spread of the virus to South Korea, Iran and Italy’s northern industrial heartland raise the specter of much greater death and disruption. The virus risks tipping Italy into a recession that could hurt the rest of Europe too. The ghastly prospect that the coronavirus outbreak could become the first truly disruptive pandemic of the globalization era is renewing doubts over the stability of the world economy.With the death toll approaching 3,000, over 80,000 cases officially recorded and an outbreak in Italy now shutting down the richest chunk of its economy, some economists are beginning to war game what an untethered outbreak could mean for global growth.Those at Oxford Economics reckon an international health crisis could be enough to wipe more than $1 trillion from global gross domestic product. That would be the economic price tag for a spike in workplace absenteeism, lower productivity, sliding travel, disrupted supply chains and reduced trade and investment.Investors are already nervous, with US stock benchmarks slumping more than 3 percent on Monday and the S&P 500 Index dropping the most since February 2018. South Korea’s economy is being buffered, with consumer confidence plunging the most in five years.UBS Group AG Chairman Axel Weber is already far more pessimistic than the IMF and warned global growth will experience a massive drop from 3.5 percent to 0.5 percent and China will shrink in the first quarter.“The much larger downside risk is that this continues to be a problem,” the former Bundesbank president told Bloomberg Television in Riyadh, where Group of 20 finance chiefs hinted at collective worries at the dangers of the virus.How to assess the risk is complicated by doubt over how far the coronavirus will travel.In an analysis that predates the current outbreak, the World Bank reckons a destructive pandemic could result in millions of deaths, and points to how even conservative estimates suggest such an experience might destroy as much as 1 percent of global GDP. A disastrous health crisis akin to the 1918 Spanish flu, which may have killed as many as 50 million people, could cost 5 percent of global GDP, the Washington-based lender said in a 2015 report.A March 2016 paper co-authored by former US Treasury Secretary Lawrence Summers likened the annual financial impact of a pandemic flu to the long-term yearly cost of global warming. It calculated that if pandemic deaths were to exceed 700,000 per year, the combined cost to the world economy of premature lives lost and illness, along with lost income, would total 0.7 percent of global income.Oxford Economics’s tally of the impact from a global pandemic stemming from the current outbreak suggests a cost of $1.1 trillion to global GDP, with both the US and euro zone economies suffering recessions in the first half of 2020. It describes such a scenario as a “short but very sharp shock on the world economy.”Aside from containment of the disease, one mitigating factor — and a major unknown for economists modeling the outcome — will be the actions of central banks and governments to cushion the effects. Yet for Drew Matus, chief market strategist at MetLife Investment Management, monetary policy alone would probably be insufficient.“My guess would be you actually can’t solve it with interest rates,” he told Bloomberg Television. “People are worried about their families, worried about their health — 25 basis points doesn’t do it, in terms of encouraging people to go out there and spend.”Topics :last_img read more

Governor Wolf Announces $2.5 Million Available for School and Business Partnerships to Expand Job Training in Pennsylvania

first_imgGovernor Wolf Announces $2.5 Million Available for School and Business Partnerships to Expand Job Training in Pennsylvania Economy,  Education,  PAsmart,  Press Release,  Workforce Development Harrisburg, PA – Governor Tom Wolf today encouraged local workforce development boards (LWDBs) to apply for $2.5 million in Business-Education Partnership (BEP) grants that will connect businesses and school districts and lead to new career opportunities across Pennsylvania.“A key workforce development objective for my administration is to provide students with the necessary technical training to help them get in-demand, 21st century jobs. It is our goal that 60 percent of Pennsylvanians will have some form of postsecondary education and training by 2025,” Governor Wolf said. “These types of partnerships between employers and schools help students gain the technical skills they need to be competitive in today’s job market, while also helping Pennsylvania businesses find the talented people they need to succeed.”The grant funding is available through the Department of Labor & Industry (L&I) to LWDBs; regional entities whose main role is to direct federal, state, and local funding to workforce development programs in their areas and oversee the PA CareerLink® locations. Members of the LWDBs are appointed by a local elected official.A total of $2.5 million in funding is available to LWDBs to implement Business-Education Partnership programs. These programs increase awareness of in-demand technical careers for students, parents, guardians, teachers, and school faculty. Each of the 22 statewide LWDBs are urged to apply.“Last year, nearly 9,000 young people throughout the commonwealth participated in Business-Education Partnership activities,” Governor Wolf added. “These opportunities support employer needs by educating our future workforce through exposure to technical careers and opportunities that exist in Pennsylvania, and places students on a path to future success.”These partnerships connect schools, employers, parents, and students to provide career-related experiences and opportunities through soft-skills development, internships, workplace shadowing, and career mentoring, all with the goal of engaging more students in the need for technical skills required by employers.“Governor Wolf understands that Pennsylvania’s businesses are growing and need skilled workers, and that workers want and need the education and training to get today’s in-demand jobs,” said L&I Secretary Jerry Oleksiak. “The governor’s innovative PAsmart initiative is improving coordination between state agencies, cutting red tape, and expanding access to STEM and computer science learning and job training.”Recently, Governor Wolf signed an executive order that will help state agencies more effectively deliver workforce development services to Pennsylvanians. This collaboration will help to ensure the investments meet employers’ need for skilled workers, and that workers are gaining the skills for good, middle-class jobs that will grow Pennsylvania’s economy.The Business-Education Partnership grants are funded through federal money made available from the Workforce Innovation and Opportunities Act.Additional details and the grant application can be found on L&I’s website. The application deadline is October 31, 2018.For more information about pursuing an education and career in Pennsylvania at any stage of life, visit PAsmart. SHARE Email Facebook Twittercenter_img September 10, 2018last_img read more

Jeweller close to gem of a sale

first_img2141/32 Refinery Pde, New FarmMargot says despite the joy of living in the residence for over a decade, it’s time for new owners to become part of the property’s story.“For somebody else to love our home as much as we do will be enough.”Margot says the building is full of original features such as a fireplace, wrought iron columns and cathedral ceilings, but the new owners will enjoy modern conveniences too.More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours ago“In that home we have the very best of apartment living with the very best of living in a home.“We drive into the carpark… we unlock the door, we walk in and that’s our home. Now that’s a very unusual in a situation when you’re living in an apartment complex.”Features include a 2500-bottle wine cellar, river and city skyline views and a three-car garage.Despite Margot’s growing international profile, there are no plans for the couple to relocate overseas.“I will never move from Brisbane,” Margot says.“But my business does take me to the US increasingly so we did find that we need something that’s more of a pit stop rather than more of a family home.” Peter Kedwell and wife Margot McKinney are selling their iconic New Farm property.Prominent Brisbane jewellery designer Margot McKinney and her husband Peter Kedwell are close to securing more than $5 million for their riverfront home in New Farm.Originally built in 1890, Refinery House is the only stand-alone residence retained as part of the 2004 redevelopment of the old CSR sugar refinery site. 2141/32 Refinery Pde, New FarmMarketing agent Brett Greensill of LJ Hooker New Farm says despite the home having been on and off the market for several year, top-end market conditions are now ripe for finalising a sale.Mr Greensill says low interest rates plus the affordability gap between Brisbane and Sydney prestige property are driving demand in the sector.“That’s giving consumers and business confidence, and confidence is a very important thing when it comes to capital growth.”Mr Greensill says negotiations will be finalised by the end of February.last_img read more

One-size-fits-all Family Court ‘flawed’

first_imgDominion Post 26 Sep 2011Parents losing sight of their children’s needs and spiralling court costs are among a litany of problems facing the Family Court, a government paper says. A public consultation paper into a review of the Family Court was made public by Justice Minister Simon Power this week. Despite the court’s workload remaining stable over the past five years, costs have increased dramatically.…Concerns were also raised about the high number of adjournments and delays, particularly in cases involving children. A sample of 176 case files showed 47 had been postponed at least 20 times, with one case having 35 adjournments. The review would also consider whether there was currently insufficient support available for people to resolve matters out of court and whether parties and court processes were losing sight of children’s needs.…The closing date for submissions is February 29. A copy of the consultation paper can be found on the Justice Ministry’s website.http://www.stuff.co.nz/dominion-post/news/politics/5676357/One-size-fits-all-Family-Court-flawedlast_img read more

Jack Kevorkian: ‘Doctor Death’ dies in US aged 83

first_imgHealthLifestyle Jack Kevorkian: ‘Doctor Death’ dies in US aged 83 by: – June 3, 2011 Kevorkian had claimed to have assisted in some 130 suicides between 1990 and 1998Jack Kevorkian, the man known as “Dr Death” for helping the terminally ill end their lives, has died in the US aged of 83, his lawyer has said.Mayer Morganroth told the Associated Press news agency Kevorkian died on Friday at Michigan’s Beaumont Hospital.Kevorkian died after a blood clot from his leg broke free and lodged in his heart, the Detroit Free Press reported.He was believed to have assisted in 130 suicides and was released from prison in 2007, after serving eight years.Murder convictionKevorkian was originally given a 10-25 year sentence for a second-degree murder conviction in the death of terminally ill Thomas Youk.But the former pathologist later won an appeal based on his own failing health and served only eight years.He told the BBC in 2007 he had no regrets for conducting assisted suicides.“I knew what I was doing… I accepted the consequences because I had to do the right thing,” he said.Kevorkian had claimed to have assisted in some 130 suicides mostly in the Detroit area between 1990 and 1998.Many assisted suicides were conducted using his so-called mercy machine, which delivered lethal amounts of drugs intravenously.BBC News Sharing is caring! 21 Views   no discussions Sharecenter_img Tweet Share Sharelast_img read more

Patrick John re-elected as president of the DFA

first_img Sharing is caring! Share Share Share NewsSports Patrick John re-elected as president of the DFA by: – June 27, 2011center_img President of the Dominica Football AssociationPatrick John has been given the mandate to run the affairs of football on the island for another term.John, a close ally of former FIFA Vice President Jack Warner, was elected for another four-year time on Saturday when the DFA held its Annual Conference on Saturday.John who had announced that he would not contest the election, defeated former national coach, Don Leogal by 30 votes to 16.Former national player, Glen Etienne who served as a committee member for the last three years, was elected 1st Vice President when he defeated incumbent, Ericson Leblanc.Long serving treasurer, Phillip White retained his position when he defeated Chad Bique .Ken George was elected as the assistant secretary treasurer.Jason JnoBaptiste and Gerald George were elected unopposed as 2nd Vice President and Public Relations Officer, respectively.Committee members, Mathias Bruno, Henrich Anselm and Cornelius Brumant complete the board of management.John said that his re-election is a clear manifestation of his ability to move football to the next level.Dominica Vibes News 44 Views   no discussions Tweetlast_img read more

Mary Kay Foundation steps up for Safe Passage

first_imgPictured from left, front row: Jennifer Miller, Carley Clements, SP Executive Director Jane Yorn, Lori Maple; back row, left, Ashley Riechers, Pam Klink, Alisha Flodder, Jenny Schutte, Karen Fitzgerald, Karen Mirick, Pam Thomas, and Joni Helton.Batesville, In. — In support of Domestic Violence Awareness Month, The Mary Kay FoundationSM announced it is awarding $3 million in grants to 150 domestic violence shelters across the countrySafe Passage, Inc. has received a $20,000 unrestricted fund to support local survivors of domestic violence in six counties of Southeast Indiana. This year’s grant contribution brings the Foundation’s total investment in its shelter grant program to $50 million.The Mary Kay Foundation was established in 1996 with the purpose of supporting issues impacting women. In 2000, The Foundation expanded to include ending domestic violence as part of its mission. The Foundation is committed to funding the life-saving work of women’s shelters and the annual shelter grant program has helped finance critical needs including emergency shelter, transitional housing, counseling and legal aid. All of these resources support women and children as they seek refuge and relief on their journey to an abuse-free life. This year, more than 1,200 organizations applied for the Mary Kay Foundation shelter grants. Safe Passage was one of 3 organizations in Indiana that received the grant. (Shelters in Warsaw and Crown Point were also awarded.)“At Mary Kay, we believe in helping women improve their circumstances and live their best lives. One in four women will experience domestic violence in her lifetime and it is our responsibility to support the women’s shelters that aid these survivors,” said President of The Mary Kay Foundation Board of Directors Michael Lunceford. “At the heart of The Foundation’s work is the shelter grant program which is actively supported by our independent sales force. We’re proud that our commitment makes such a powerful impact in local communities and in the lives of domestic violence survivors across the country.”According to the National Network to End Domestic Violence, more than 72,000 adult and child victims receive domestic violence services across the United States in just one day. Unfortunately, in the same period of time, more than 11,000 requests for services are unmet due to a lack of resources.Since 1997, Safe Passage has helped free more than 14,000 victims and their children from a lifestyle of violence. Safe Passage has provided a 30 bed shelter in Batesville, in a safe, but undisclosed place that serves six counties. Last year, 144 were served through the shelter, 477 from non-residential programming and 441 from the toll-free helpline. Since January, it is unusual if the shelter is not full. The non-residential programming too has grown, over 300 percent in the last several years. The same comprehensive services offered to shelter clients are available to others who may not need emergency housing, but do need support. All services are free and confidential.“Receiving an unrestricted grant like this from Mary Kay makes a big impact on the life-saving work we do. The funds will help us better serve our clients, whether in shelter or through our non-residential programming. We can use it to support clients in need of housing or further education, children’s programming, safety planning, legal advocacy, whatever the client might need to get their life on track, away from violence. We are grateful for the Mary Kay Foundation,” said Jane Yorn, Safe Passage Executive Director. Yorn added that the grant wouldn’t have been possible without several Mary Kay representatives who wrote letters in support of Safe Passage. Lori Maple, local sales director, was particularly helpful with the Safe Passage application.Please visit marykayfoundation.org for more information. To view the complete list of 2018 shelter grant recipients, click here.last_img read more

West Florida Rebounds With Impressive Victory

first_img April 15, 2007 Box Score  HUNTSVILLE, Ala. – After only getting seven hits and allowing 12 hits in an upsetting loss at the hand of Alabama-Huntsville (18-24, 2-9 GSC) yesterday, the West Florida (32-13, 8-6 GSC) bats came to life pounding out 11 hits and Brett McCullough (Cantonment, Fla./ Lipscomb University) went the distance on the mound as the Argonauts were victorious in the first game of Sunday’s double header, 7-2, at Joe Davis Staidum in Huntsville, Ala.Similar to Saturday, West Florida opened the game scoring early with a two-run first inning. However, unlike yesterday the Argonauts never relinquish the lead. Peter Antoske (Olmsted Township, Ohio/ St. Edwards HS) lead off the game with a single to right field and Jason Kohl (Cedar Rapids, Iowa/ Pensacola Junior College) followed with a single back up the middle. Although, Antoske would be thrown out at home on an attempted double steal, Justin Wood (Pensacola, Fla./ West Florida HS) would drive in Kohl with an RBI single and Logan Hundley (Gulf Breeze, Fla./ Jefferson Davis CC) would knock in Clay Wallace (Bay Minette, Ala./ Faulkner State CC), who reach on a field error, with a double to right field.The Chargers would cut the Argonauts lead in half with an unearned run in the fifth inning. With two outs and two runners on base an Argonauts fielding error allowed the first Charger run of the game to score.West Florida responded with one run in each of the next two innings. In the sixth a Wallace double to right center scored Kohl from second and in the seventh the Argonauts were able to manufacture a run on a Daniel Jones (Wetumpka, Ala./ Gulf Coast CC) sacrifice bunt and a Kyle DeBos (Panama City, Fla./ Gulf Coast CC) sacrifice fly to center.West Florida added three insurance run in the ninth inning to secure the victory. Jones singled and DeBos walked to lead off the inning. Kohl would drive in Jones on a sacrifice fly and Wallace drove in the final two runs in the top of the ninth with a single to center.Alabama-Huntsville scored their second run of the game in the bottom half of the ninth on another West Florida error, but it was not enough as the Argonauts held on for the five-run victory.McCullough (7-1) tossed a complete game allowing only two run both of which were unearned. The Argonauts senior gave up only seven hits, struck out four batters and walked only two.The Argonauts and Chargers will conclude their three-game series with the second game in Sunday’s double header scheduled to start 30 minutes after game two’s competitionPrint Friendly Version Share West Florida Rebounds With Impressive Victorylast_img read more

Jagielka hopeful of top-four spot

first_img Saturday’s 1-0 victory over Stoke courtesy of Kevin Mirallas’ 70-yard run and finish built on the win over defending Barclays Premier League champions Manchester City before the international break. The Toffees are now only four points adrift of the top four, and Jagielka said: “We’d like to think we can prolong the chase as long as possible. If we’re going into the final game of the season still in with a chance of Champions League football then we have to look at that as a fantastic season.” Press Association Defender Phil Jagielka is confident Everton can push their rivals for a Champions League place right up until the final day of the season.center_img He went on: “Unfortunately for us it is a season when five or six teams at the top rather than two or three are performing well. “It seems like Spurs have played well again and won, Arsenal have so everyone seems to be desperate for that fourth spot and we’re desperate to be in there as long as possible. “You can only work with what you are given and I am sure the manager would have loved to have had a lot of money in the January window when we were up there in a better position (they were in the top four in late December) than we are now. “But it is hard to wish for things which are not going to happen. “The manager has got the players he’s got, he has done the best he has with the players he has got in and when I look around the dressing room I’m happy with the players we have trying to get us into fourth spot. “We are – as far as spending is concerned – a little bit below the other teams but I am sure they won’t look forward to playing us as much as we are looking forward to playing them.” last_img read more

Cricket News Steve Smith continues to be the supreme run-machine, creates new record in Lord’s Ashes Test vs England

first_imghighlights Steve Smith blasted his seventh consecutive 50+ score in Ashes Tests vs England.Smith blasted two centuries in the Edgbaston Test.Smith has hit 10 centuries against England. New Delhi: It is now proven. Steve Smith is a run-making machine and is the ultimate nightmare for England’s bowlers. In seaming conditions, swinging conditions and in flat conditions, Smith can score plenty of runs against the old enemy and he showed his prowess on the fourth day of the Ashes Test at Lord’s. Battling the conditions and with Australia five down, Smith produced a brilliant knock and registered his 25th fifty to tilt the balance once again in favour of Australia. However, in the process, Smith created a new record which further cemented his place as one of the modern day greats in Test cricket. Smith’s sequence of scores against England stretches back to the 2017/18 Ashes series which Australia won 4-0. The string of scores began in the Perth Test and has continued until the Lord’s Test of 2019. In the Perth Test, Smith slammed 239, followed by 76 and 102* in the Melbourne Boxing Day Test and 83 in the Sydney Test. In the Edgbaston Test, Smith slammed centuries in both innings while in Lord’s, he has gone past fifty for the seventh consecutive time. This has broken the previous record of six fifty-plus scores set by Michael Hussey in the 2009/10 period against England. Hussey had smashed 121 in the Oval Test in the 2009 series which Australia lost 1-2 and in the 2010/11 Ashes held Down Under, Hussey had scores of 195 in Brisbane, 93 and 52 in Adelaide while he smashed 61 and 116 in Perth. However, Australia lost the series 1-3. Smith’s feat of scoring two tons in the same Test has helped him surge to number three in the latest ICC Test rankings for batsmen. He has also gone past 900 points and he is behind Virat Kohli and Kane Williamson, who both have 922 and 913 points respectively. Speaking after scoring his century in the first innings, Smith had said he did not believe he would play cricket again during the 15 months he was away from the game. “There were times throughout the last 15 months where I didn’t know if I was ever going to play cricket again. I lost a bit of love for it at one point, particularly when I had my elbow operation. It was really bizarre that it was the day I got the brace off my elbow, I found a love for it again. I don’t know what it was, it was like a trigger that just said ‘right I’m ready to go again, I want to play and I want to go out and play for Australia and make people proud and just do what I love doing’,” Smith said.center_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more