State of finance: Why we must rebuild trust in the credit union industry

first_imgThe good news: credit unions and financial services firms did not place last in the 2015 Edelman global ranking of trust in industries (as they had done the four previous years.) The bad news: they came in second-to-last, besting only the media industry.It’s hardly surprising that financial services has become one of the least-trusted industries in the world. For one thing, people have yet to forgive the industry for its role in the financial crisis. In the years since, the industry has seen additional scandals that have left many wondering: “What have they learned?”The industry has much work to do to rebuild trust and restore Americans’ confidence that it puts clients’ interests before its own. Some think rules and regulations are the answer. To be sure, they are critically important, but they are not enough.The most ethical and responsible firms are that way not just because they follow a fixed set of guidelines and rules, but because of how their people actually behave. continue reading » 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Report faults USDA surveillance for avian flu

first_imgJun 21, 2006 (CIDRAP News) – The US Department of Agriculture (USDA) does not have adequate measures in place to test for and monitor avian influenza in commercial poultry, an audit by the department’s inspector general said yesterday, according to news services.In the 38-page audit, the inspector general said the USDA relies too much on voluntary testing and reporting from the states and the poultry industry, news agencies said. In addition, according to the audit, testing varies from state to state.The voluntary reporting makes it difficult for the USDA Animal and Plant Health Inspection Service (APHIS) to reach valid conclusions, know the level of surveillance in each state, or track the disease, according to a Reuters report published yesterday.The audit, however, preceded Congress’ approval in December of $91 million in supplemental funding to help the USDA battle avian flu, news services reported. The money was part of funds to prepare for the threat of a flu pandemic associated with the H5N1 avian flu virus now circulating widely in Asia.”Since that time,” APHIS spokeswoman Karen Eggert told Reuters, “we’ve been working to ensure that we’ve been using those funds for the most critical aspects of avian influenza surveillance and emergency preparedness and response.”We’ve reached consensus with [the inspector general] on the items we need to take action on,” she said.As an example of disparities in states’ testing, the inspector general detailed how one state fully tests chickens, turkeys, and eggs, while another tests only flocks covered by a federal-state-industry disease-control program, the Associated Press (AP) reported yesterday.The disparities worry foreign trading partners, according to the audit, as reported by AP. It said that other countries wonder why the United States—the world’s largest producer and exporter of poultry—can’t provide the number of tests by state, advise whether all types of commercial poultry are tested, or say whether backyard flocks are examined.One critic of the federal government’s handling of avian flu surveillance was Iowa Sen. Tom Harkin, the Senate Agriculture Committee’s senior Democrat, according to the AP story.”The federal government continues to push the responsibility of finding and responding to a possible outbreak of avian influenza on states,” Harkin said.”As a result, USDA does not have a comprehensive plan for surveillance and monitoring of poultry flocks, and states lack adequate federal resources to respond to potential avian influenza outbreaks.”USDA spokeswoman Hallie Pickhardt said the agency “agreed with everything in the report, and we’re either doing it or going to be doing it,” according to a New York Times story today.She added, however, that the USDA has no plans to make voluntary industry testing mandatory, according to the Times.Pickhardt said the USDA is confident in the testing program that poultry producers are implementing. “They’ve been working very closely with us. This is their livelihood, too, and they have no reason not to report the information.”Instead, the agency will augment voluntary testing with its own checks, Pickhardt told the Times.The audit, according to Reuters, said that the USDA created a committee to establish a comprehensive surveillance and tracking system, but the committee did not have a leader for most of 2005. A newly hired staff veterinarian has now been assigned as chair of the committee, Reuters reported.In addition, according to Eggert in the AP story, the inspector general agreed with the agency’s plans for fixing problems identified in the audit.See also:Mar 26, 2004, CIDRAP News story “US likely to increase testing for avian flu”last_img read more

COVID-19: Indonesia bans face mask exports to cater to domestic demand

first_imgTopics : Finance Minister Sri Mulyani Indrawati said during the same news conference that the government had prepared Rp 1 trillion (US$67.63 million) for medical needs, including hospital preparation costs, laboratory tests and to cover medical costs for infected persons.“The Finance Ministry will provide the necessary funds for COVID-19 handling, including for case tracking, coordination between the central government and regional administrations and the provision of face masks and hand sanitizer,” Sri Mulyani told reporters.The government announced on Friday that it was allocating Rp 120 trillion from the state budget to stimulate the economy through tax incentives and subsidies for workers, businesses and families affected by the COVID-19 pandemic.Read also: Indonesia advances pre-employment card program to tackle pandemic impactsIt also announced a second stimulus package, worth Rp 22.9 trillion, that includes individual and corporate tax breaks as well as the relaxation of loan disbursement and restructuring requirements.This is in addition to the first Rp 10.3 trillion stimulus package announced on Feb. 25, which was aimed at boosting household spending and provided mortgage subsidies for low-income families and fiscal incentives for travel-related industries.The government will also speed up disbursement of social spending and funds for the pre-employment card program in the first quarter of this year. Indonesia is set to temporarily ban exports of face masks to ensure there is a sufficient domestic supply amid the COVID-19 outbreak, Trade Minister Agus Suparmanto said on Friday.“We will issue a temporary export ban for face masks so the needs of companies and consumers are met,” Agus told a news conference in Jakarta. “The ban will be effective until we have a sufficient stock of face masks.”Prices of face masks have skyrocketed in several parts of the country, as people stockpile protective supplies, such as masks and hand sanitizer liquid, to protect themselves from the virus.center_img “If we have any excess supply [in the future], we will resume exports,” Agus said.Read also: Two Malaysians arrested for alleged attempt to smuggle face masks from North SumatraHe previously urged mask producers to halt exports of masks and prioritize domestic consumers amid a spike in demand in Indonesia. State-owned pharmaceutical company PT Kimia Farma has implemented rationing for face masks and hand sanitizer to ensure the products are available at all of its 1,300 stores nationwide.The government has so far announced 34 confirmed COVID-19 cases, with one death. Globally, the pneumonia-like illness has infected more than 128,000 people and taken at least 4,700 lives.last_img read more

Bank Indonesia to cut benchmark rate once again this year, Fitch Solutions says

first_img“The weakness in inflation continues to indicate towards sluggish domestic demand that has been heavily impacted by the still rising COVID-19 caseload in the archipelago,” the Fitch Solutions note reads.Inflation was recorded at 1.5 percent year-on-year (yoy) in July, falling further below the central bank’s target of around 2 to 4 percent. Meanwhile, the Indonesian COVID-19 case tally surpassed 149,000 on Friday, with more than 6,000 deaths.Read also: BI to remain standby buyer for Indonesia’s government bonds in 2021BI aims to continue to strengthen the synergy in monetary expansion with government fiscal stimulus to further support economic recovery, BI Governor Perry Warjiyo said in a press briefing on Wednesday.The central bank and the government have agreed on a Rp 574.59 trillion ($38.8 billion) debt monetization scheme, with the central bank pledging to buy Rp 397.5 trillion in bonds at a coupon rate corresponding to BI’s benchmark interest rate of 4 percent to fund health care and the social safety net.The central bank will then return the yield to the government in full on the day it is paid.Topics : “We continue to forecast one more 25 basis point rate cut to 3.75 percent at the end of this year, as BI will continue to remain partial towards providing economic support,” analysts at Fitch Solutions wrote in a note made available to The Jakarta Post.Considering the foreign exchange reserves that still stood at US$135.1 billion in July, the highest level ever so far and worth 8.6 months of imports and debt payment, Fitch Solutions argued that BI would have sufficient reserves to support the rupiah were it to sell off sharply with the rate cut. BI has slashed its key rate by 1 percent so far this year.Indonesia recorded an economic contraction of 5.32 percent year-on-year (yoy) in the second quarter as household spending and investment shrank.Fitch expects the economy to shrink 1.3 percent this year. Bank Indonesia (BI) is projected to cut its benchmark interest rate by 25 basis points later this year to support the Indonesian economy against the coronavirus pandemic impact, backed by sufficient foreign exchange reserves, Fitch Solutions says.Analysts at Fitch Solutions said the central bank had had to balance its policy to support the economy while maintaining the stability of the rupiah exchange rate, which led to its latest decision to leave its benchmark interest rate, the seven-day reverse repo rate, at 4 percent on Wednesday.However, Fitch noted the rupiah had seen a gradual depreciation against the US dollar since it recovered from a sharp depreciation in March.last_img read more

Dominica hosting the 22nd Meeting of Caricom Heads of Social Security

first_img Share 19 Views no discussions LocalNews Dominica hosting the 22nd Meeting of Caricom Heads of Social Security by: – April 11, 2011 Sharing is caring! Sharecenter_img Tweet Share Dominica is currently hosting the 22nd Meeting of CARICOM Heads (Directors) of Social Security.The annual meeting is held in a different CARICOM member state every year, bringing together the Directors of the Social Security Organizations within the CARICOM sub-grouping to deliberate on pertinent issues affecting these organizations and to explore strategies and approaches for treating with common problems.The meeting is being convened under the theme “Social Security, striving for continuous improvement”.Mrs. Jean-Jacques the Director of Dominica Social Security explained the agreement, “we have a CARICOM reciprocal agreement that came into being on the 1st of April, 1997 which makes possible the totalization of the contributions paid by CARICOM nationals who move and work within the various CARICOM countries to allow them to qualify for pension benefits. And so, every year we report on the operationalization of that agreement and the difficulties being experienced and we examine ways in which we can improve the operationalizing of the agreement.”One of the most pertinent issues which the CARICOM Heads face is the payment of pension benefits for CARICOM nationals who also work outside of their home country; how this claim should therefore be processed, which country pays what amount and what procedure can be employed to facilitate this accross the board in all CARICOM coountries.The Director Mrs. Jean-JacquesThis year, Dominica Social Security was charged with the responsiblity of preparing a document highlighting the procedures which will be circulated within CARICOM to decide how these claims should be processed. Although a national must work a total of ten years, which is 500 weekly contributions to qualify it does not mean that these ten years must be during employment in one member country. A national could also be employed in one CARICOM country for five years, three years in another and two years in another country and qualify as these contributions can be totalized.Mrs. Jean Jacques further explained the three different scenarios whereby a CARICOM national can qualify; “one you qualify independantly meaning if you worked in one country for ten years and another for ten years you qualify for two independent pensions. The second; I work long in Dominica to qualify for a pension but not enough in Antigua and St. Lucia. Therefore St. Lucia and Antigua must pay a partial pension to the individual even though it was for one week the national worked there. The third scenario; where a national has not worked long enough anywhere to qualify independently but the contributions are totalized; meaning all the contributions are brought together to allow the national to qualify for a partial pension which is much better than if you had received a grant as the lump sum finishes quickly. The national would receive a pension which is a lifelong benefit.”Although some participating CARICOM countries still express difficulty with the procedures of the new agreement, Mrs. Jean Jacques is hopeful that in time the process will run smoothly.Twenty-five (25) participants representing 15 member states, and representatives from the Inter-American Conference on Social Security (CISS)—based in Mexico; the CARICOM Secretariat and the Consulting Firm from the United Kingdom are among persons attending the meeting.Dominica Vibes Newslast_img read more

Pardew team-talk reaps rewards

first_img Press Association Remy Cabella, also brought on at the beginning of the second half, then provided the cross for Ayoze Perez to cap his first start for the club with what proved to be the winner, as Newcastle held firm to secure back-to-back wins, alleviating the pressure on Pardew. “We were a bit unlucky because we lose Papiss [Cisse] just two hours before the game,” the Newcastle boss said. “We’d worked all week thinking that he’d be fine so it was a bit of a shock to lose him. His knee was swollen today as a reaction to yesterday’s training. “So we had to go with Perez and I knew that probably wouldn’t suit him but we needed to give it a go because of the way we’d worked all week. “We were giving too much possession to Tottenham, too much space. “We never made a challenge and we were fortunate to come in a 1-0, so I reminded them about the fundamentals of a Premier League game and we came out with a much stronger attitude. “I thought (in the) second half, the players were magnificent.” Pardew deserves credit for the half-time introductions of Ameobi and Cabella – a move he said was down to offering a threat. It clearly helped move Newcastle’s performance up a level, as did his half-time ‘team talk’. “There were a few strong words,” Pardew said. “We just said to them after, it’s not nice as a manager to go in and bark out orders but sometimes it’s necessary just to shake people up because we needed shaking up.” Things would have been so different had Spurs showed a cutting edge in the first half. Head coach Mauricio Pochettino believes they deserved more from a display undone by Ameobi’s sucker punch. “It was a shock because after that it all changed in this moment,” said the Argentinian, who was not even back in his seat when the substitute scored. “Seven or six seconds before, all was happiness and there was good energy in the stadium. Our supporters were happy and believed that we would get a good result. “But in this moment, I think it was difficult to manage in our head. Our heads had gone and we started to take rash decisions on the pitch. “It was difficult because 12 or 14 minutes later, we conceded again another goal. At 2-1, it was difficult.” Pochettino’s main complaint after the match was the lack of mental strength displayed by the Tottenham squad. It undid what he called their best half of their season on what is not the first time the Spurs boss has bemoaned his players’ mentality. “It is not something where you can analyse the action, sort the tactical situation and move the players,” Pochettino said. “With mentality, we need to work hard. It is not easy. We need to be more strong, like a team. This is our challenge. “We need to speak, we need to create a different situation on the training ground and work. “We know how but always you need to spend time to work in this area. It is not the same as in physical or tactical situations. It is a different area.” Under-fire Newcastle manager Alan Pardew tore into his players after a miserable first-half at Tottenham – harsh words which, coupled with some inspired substitutions, led to an impressive comeback win. This was set to be another bad day at the office for the struggling Magpies after Emmanuel Adebayor gave Spurs the lead in a one-sided performance at White Hart Lane. Victory looked straightforward for the north Londoners, only for half-time substitute Sammy Ameobi to deliver a sucker punch just seconds after the restart. last_img read more

Relieved Lampard insists Chelsea are capable of upsetting Barcelona

first_imgFrank Lampard admitted he was relieved to get past Benfica – but insisted Chelsea are capable of beating Barcelona in the Champions League semi-finals.Lampard’s penalty helped the Blues secure a 2-1 win on the night at Stamford Bridge and means they can now look forward to a mouthwatering clash with the Catalan giants.“You have to respect them. They’re the greatest team in the world – they have been and still are,” Lampard told ITV.AdChoices广告“They’re going to be favourites but we’ve got a lot of belief in ourselves. We know we’ll have to be at our absolute best to beat them, and we know we’re capable of that.”Chelsea endured a difficult night against Benfica despite the Portuguese side being reduced to 10 men five minutes before half-time.Lampard admitted: “It was a tough game – 1-0 away [in the first leg] is a great result but gives you a conundrum about how to approach it.“You don’t want to go too gung-ho, but we created enough chances to wrap it up. It’s relief in the end. Benfica are a good team.”Follow West London Sport on TwitterFind us on Facebooklast_img read more

Man United scrape past Rochdale, Oxford stun West Ham

first_imgBy Martyn HermanLONDON, England (Reuters) – Manchester United’s current malaise was laid bare as they struggled past third-tier Rochdale 5-3 on penalties after a 1-1 draw in the League Cup third round at Old Trafford yesterday.Ole Gunnar Solskjaer’s side, showing nine changes from the one that lost at West Ham United in the Premier League on Sunday, laboured against their League One opponents before taking the lead through Mason Greenwood in the 68th minute.Sixteen-year-old Luke Matheson volleyed an equaliser eight minutes later to send the tie into a shootout. United prevailed, though, keeper Sergio Romero making one save to spare their blushes as the hosts successfully converted all their spot-kicks with Welsh winger Daniel James slotting home the winner.Although United struggled, they at least avoided the complete humiliation suffered by West Ham United who were thrashed 4-0 at League One Oxford United.Manuel Pellegrini’s West Ham, fifth in the Premier League, were outplayed at the Kassam Stadium with Oxford’s goals all coming in the second half through Elliott Moore, Matty Taylor, Tariqe Fosu and Shandon Baptiste. “It’s easy to say that we played very badly, but I think Oxford did everything they needed to win this game here at home for them,” Pellegrini said.“They played with a lot of motivation, with desire and we didn’t play well.”Oxford’s reward is a home tie against Sunderland who added another top-flight side to the League Cup scrapheap as they beat Sheffield United 1-0 – Max Power scoring an early winner. Top flight Bournemouth were also humbled by third-tier opposition, losing 2-0 at Burton Albion who reached the semi-final last season before losing 10-0 on aggregate to eventual winners Manchester City.NO ALARMSThere were no alarms for Premier League leaders Liverpool or Chelsea. James Milner and Ki-Jana Hoever were on target in a 2-0 win at MK Dons to set up a clash with Arsenal while Chelsea crushed Grimsby Town 7-1 to give manager Frank Lampard a first home win since taking charge.Chelsea, for whom Michy Batshuayi scored twice and three players were handed their first starts including Reece James who also scored, will face Manchester United in round four.“We got some players who haven’t been playing so many minutes, players that are younger, starting the game,” Lampard, who also brought on two debutants in the second half, said.“A nice comfortable win having not won here yet so on those levels, of course I am happy.”Aston Villa won an all Premier League match against Brighton and Hove Albion, prevailing 3-1 to set up a fourth-round meeting with Wolverhampton Wanderers who also needed penalties to get past Championship side Reading. While Solskjaer will have breathed a sigh of relief that United avoided a shock exit, it was Rochdale’s 5 500 fans who were applauding most loudly after the shootout.Rochdale are 17th in League One and were beaten 6-0 by Peterborough 10 days ago but defended valiantly against a United side lacking a clinical edge despite overwhelming possession.“Go 1-0 up, get the second. That is a learning curve,” Solskjaer, said. “At this club you don’t just sit back and think one is enough.”last_img read more

Crawley makes most of chance as second Test ends in predictable draw

first_imgZAK Crawley made the most of his chance – when it finally came – scoring a half-century on the final afternoon of a second Test severely affected by bad weather throughout.With only 91.2 overs bowled up to the final resumption and the draw a fait accompli, the evening session was consigned to batting and bowling practice. But it was by no means wasted on the players or the viewing public who had been starved of action for frustrating stretches of the match in Southampton.The opportunity was not lost on Crawley, who came into the side for Ben Stokes and returned to the ground where he made a career-high 76 in the first installment of England’s series against West Indies in early July.Crawley’s frustration that he couldn’t go on further after reaching his third Test fifty was palpable when he swung his bat furiously through the air while trudging off, having fallen lbw to Mohammad Abbas for 53. Up to that point Crawley, who is just 22 years old and seven Tests into his career, had acquitted himself well.Play recommenced at 3.20pm local time for the first time since all but the first hour of the fourth day was lost to rain and after a severe thunderstorm lashed the Ageas Bowl in the early hours of the fifth day, requiring lengthy mopping up and drying efforts.It was a cruel irony that when play resumed it was in blazing sunshine and it stayed that way until stumps, when England declared their first innings on 110 for 4 and the sides shook hands on a draw shortly after 6pm. That ended a run of six consecutive Test wins in charge for Joe Root, but ensured England go into the third and final Test starting at the same venue on Friday with a 1-0 series lead.The sun also changed the complexion of the match, albeit too late to have any effect on the result.The movement and bounce that had so troubled England on the fourth morning, when they lost opener Rory Burns for a four-ball duck, were far more tame on the final afternoon and Crawley and Dom Sibley bedded in for a 91-run second-wicket stand.Abbas, largely unplayable during his opening spell on the fourth day, dropped a couple short in his second over and was duly punished by Crawley, who pulled nonchalantly to the boundary at backward square leg and crunched another through cover point.Crawley ended up with seven fours, including one through cow corner off a Yasir Shah long hop to bring up his half-century.Crawley had been keen to face Yasir, having travelled to India a couple of years ago to develop his batting against spin. But Yasir would have had him stumped in his third over had it not been for a fumble by wicketkeeper Mohammad Rizwan, who has been otherwise tidy behind the stumps. Crawley skipped down the wicket to Yasir, effectivley yorking himself, but Rizwan failed to grab the ball as it skidded through.It was Abbas, who ultimately did for Crawley, starting a new spell and immediately pinning him back with a length ball on middle stump which moved away off the seam, beating the bat and striking the back pad. Crawley reviewed, probably in the hope that it had hit him too high, but he was confirmed out on umpire’s call and sent on his way.Sibley, too, played well for his 32 but, slightly worryingly for him, he was caught behind down the leg side in Abbas’ next over, a style of dismissal which has become familiar.Yasir was amongst the wickets when he had Ollie Pope out cheaply lbw, and Root pulled the pin after one ball from his counterpart Azhar Ali, as the teams reached the final hour and shook hands on a draw.Rizwan was named Player of the Match after top-scoring in Pakistan’s innings with 72.While the match ended brightly enough in terms of play resuming in glorious conditions and Crawley taking another step in his development, the positives were overshadowed by debate over the lack of action due to the weather and questions over how the game can evolve to avoid such frustration.(ESPN Cricinfo)last_img read more

Home heart-breaker: Badgers lose with one second left in 2OT

first_imgOn the spectrum of winning and losing, all the way in the farthest direction toward losing, there are heartbreaking losses. Then, past that, there is what the Wisconsin women’s soccer team endured Friday night at the McClimon Soccer Complex. With only one second left in double overtime, Nebraska struck following a set piece from just outside the 18-yard box, leaving the Wisconsin players and coaching staff bewildered.Only just moments before the game-winning play by the Cornhuskers, the Badgers were on the cusp of winning the game themselves, as Wisconsin forward Cara Walls had a run down the center of the field into the 18-yard box. Walls had escaped several Nebraska defenders and found herself one-on-one with the Nebraska goalkeeper Emma Stevens. After firing a shot inside the top of the box that was blocked away by Stevens who was off her line, Walls went for the loose ball in the box, but as she did so, she appeared to get impeded by Stevens.However, no call was made by the officials and just seconds later Nebraska found itself just outside its offensive 18-yard box when Wisconsin defender Ali Heller pulled down a Cornhusker player, trying to prevent a last second shot. It appeared that time was going to run out, but a free kick was awarded with three seconds left to play.Nebraska’s Caroline Gray netted the golden goal on the ensuing free kick, a play which Wisconsin goalkeeper Genevieve Richard described after the game.“The only thing that I saw was the ball curving in behind the wall and the striker was there and I thought she was going to deflect it because it was quite low, but she totally, completely ducked and it just went over her and it went through my legs,” Richard said.After falling in an early 1-0 hole only seven minutes into the game – Nebraska scored on a penalty kick – Wisconsin battled back to equalize only 20 minutes later. A cross from Wisconsin forward Kinley McNicoll was headed on net by Lindsey Holmes. Holmes’ initial shot was saved by Stevens, but Walls found herself alone right in front of the net and slipped the ball home to tie the game.Then, for the rest of the game, Wisconsin stuck right with the Big Ten’s number one team. And according to Badgers’ head coach Paula Wilkins, she thought her players had done enough to knock off the first place Cornhuskers.“I thought the kids battled. They stuck to the game plan that we were trying to do. It worked out pretty well,” Wilkins said. “Obviously, it’s hard to do that. A lot of them are battling physical ailments right now and I’m proud of the way they fought through that. I thought that they created enough chances to win the game,” Wilkins said of the 25 shots Wisconsin recorded in the game.Even with all those shots, Wisconsin and Nebraska combined for only three second half shots on goal, with no offensive production for either team.But when the overtime periods rolled around, the game began to heat up, as Wisconsin had three shots of its own on goal in the a little less than 20 minutes of total overtime play.The physicality also ramped up a notch as the Badgers were whistled for two yellow cards and a red card in the second overtime, the red card coming on Kylie Schwarz in the 108th minute, forcing Wisconsin to play with one less player.Despite being marred by controversy, Nebraska still took advantage of the late opportunity and sent Wisconsin to the bitter double-overtime defeat.“It’s one of the most shocking losses that I’ve had in my career as a coach and that’s 20 years,” Wilkins said.“I thought it was a great game. I thought we had a good plan for Nebraska and I thought it worked quite well. It’s just hard and I think we have to refocus again for Sunday.”last_img read more