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Eurozone deflation: Consumer prices fell 0.1 per cent in March

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first_imgTuesday 31 March 2015 5:11 am Eurozone deflation: Consumer prices fell 0.1 per cent in March whatsapp Show Comments ▼ While inflation in the Eurozone fell for a fourth consecutive month in March the rate of decline slowed again, meaning it's even closer to returning to inflation.Consumer prices fell 0.1 per cent in March in line with analysts expectations, and up from -0.3 per cent last month, according to a flash estimate from Eurostat, the European Commission's statistics bureau.  But core inflation, which strips out the most volatile sectors such as food and energy, fell slightly to 0.6 per cent, down from 0.7 per cent a month earlier, painting a mixed picture for the single bloc.There's been a smattering of brighter economic data out of the Eurozone recently. Consumer confidence rose for the fourth month straight this month to its highest level since mid-2011. Retail sales rose at the fastest rate in over nine years in January, showing low prices aren't causing consumers aren't to delay purchases just yet.The European Commission predicts that the Eurozone economy will grow by about 1.3 per cent this year, suggesting it's on course to avoid falling into a prolonged bout of deflation and economic stagnation.The economy is expected to benefit from low oil prices, which fell as low as $45 per barrel in January. Additionally the European Central Banks €1.1 trillion (£800bn) debt-buying programme will be a boon. And it'll also be helped by the euro, which slid to a seven-year low against the pound earlier this month, making its exports more competitive internationally. Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailArticles SkillHusband Leaves Wife For Her Sister, Not Knowing She Won The Lottery Just Moments BeforeArticles Skillzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekComedyAbandoned Submarines Floating Around the WorldComedyEquity MirrorThey Drained Niagara Falls — They Weren't Prepared For This Sickening DiscoveryEquity MirrorNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent ExpressTotal PastAfter Céline Dion's Major Weight Loss, She Confirms What We Suspected All AlongTotal Past whatsapp Jessica Morris Tags: Eurozone Eurozone inflationlast_img

News / New Cargolux CEO Reich: ‘it will take time to reap rewards from Zhengzhou flights’

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first_img Dirk Reich, the new CEO of Cargolux, has acknowledged that yields on the new route to Zhengzhou will initially be weak and that the carrier has had to suspend another service to accommodate the new destination.Responding to The Loadstar’s questions, just three weeks after taking on the top job, Mr Reich admitted: “Yes, initially, we are facing a situation where yields are negatively affected during the start-up phase.”He added however, that the first flights to Zhengzhou were full.“And we have sufficient cargo, that also includes freight from Shanghai and Beijing. This, in part, relieves our seven-weekly Shanghai and once-weekly Beijing services. Lessential.lu By Alex Lennane 17/04/2014center_img “We have initiated sales campaigns in Zhengzhou and its surrounding regions; it is bringing in good first results and our global accounts team is seizing the competitive advantage of using both gateways [Luxembourg and Zhengzhou] to cover the trade requirements of the North-Eastern China region.”Cargolux denied, however, that  “relieving” its other China services meant cannibalising traffic, stating that the new route would not negatively affect other load factors, but “wouldn’t add to those flights”.Cargolux, famously, has very high aircraft utilisation. To launch next Thursday’s service, the carrier admitted it has suspended its Taipei/Singapore service.Mr Reich added: “We have also initiated some other shifts in our network to accommodate the Zhengzhou Thursday flight. For the Saturday flight, we did not see the need to cut any services, instead we can utilise spare capacity on our power-by-the-hour aircraft that are available over the weekends.”With Cargolux expected to announce stronger annual results at the end of this month, it seems likely that it has been forced to cut better-yielding services to accommodate the new route. But Mr Reich believed the new service would pick up pace.“[Negatively affected yields] will be offset and stabilised when production from Zhengzhou and the surrounding destinations is ramped up. HNCA is using our established commercial network to ensure a successful follow-up of sales leads originating from China.“Building up a steady service and generating consistently full flights will take some months. This is one of the reasons why we are starting with two services and will build it up to four flights a week when demand grows.”It is still unclear what additional production in Zhengzhou will boost volumes. At the end of last year, forwarder Navitrans signed a contract with TNT for two weekly 747-400ER flights between Zhengzhou and Liege, just an hour from Luxembourg, for Apple products from Foxconn’s Zhengzhou factory, the main export.Foxconn is also thought to make Microsoft Xboxes, although reports read by The Loadstar suggest that the vast majority of Foxconn workers in Zhenghzou are making Apple products, and there is little reference to Xboxes.In addition, summer months in Chinese factories are traditionally slow, with less production than in the rest of the year, so it could be months before manufacturing picks up.Meanwhile, Mr Reich confirmed that a brand new 747-8F from Boeing was sitting in the desert in Cargolux livery.He said: “The aircraft in Marana is one of two 747-8Fs that will be delivered to Cargolux this year. We are still talking to Boeing concerning the delivery terms of that particular aircraft.”last_img

News / Gloomy view for box trade in 2015, as weak demand spurs global slowdown

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first_img US imports are estimated at around 18.1m teu in 2014, up 6.4% on the previous year, buoyed by renewed consumer confidence and falling unemployment.However, according to a leading consultant, “there is a change in the air” that could result in “minimal to no growth” this year.According to the January edition for North America of Global Port Tracker, which based its calculations on reported throughputs and some estimates for the final weeks of 2014, the number of import boxes processed through some west coast ports was the highest since 2009, with the picture on the east coast even healthier.Indeed, east coast ports were estimated to have handled 8.9% more import boxes in 2014 than 2013, to reach 6.7m teu, while the cumulative throughput on the west coast was up by 4.3% at 10.7m teu.And the Gulf port of Houston also posted a significant year-on-year gains, climbing 16.5% to reach 675,000 teu.Moreover, the strong numbers were achieved despite the obstacles of the Polar Vortex, which hit east coast ports in the first quarter and west coast ports being afflicted in the second half of the year by an expired labour contract and chronic congestion.But the good news for US ports ends there, the report claims.The Hackett Associates – in partnership with the National Retail Federation – report says: “Our model is projecting minimal to no growth for the coming year, a flat world. This is true for virtually all ports on both coasts.”Ben Hackett explained: “The root of the difficulties can be laid at the geopolitical level, where there seems to be fanatical conflicts around the globe. The lack of demand in Europe, driven by ill-advised austerity policies, is having an effect on Asia, particularly China, where industrial activity is slowing down to levels not seen for a very long time.“The net result of this slowdown globally is the drop in the demand for oil, which has plunged the price to just $50 a barrel in less than three months.He added that although consumers were starting to see some benefits from price reductions at fuel pumps, it also meant some economies were set to move into negative inflation and a period of stagnation.Global Port Tracker predictsgrowth for US imports in the first half of 2015 at just 0.5% across west coast ports and 2.3% on the east coast, with the second half veiled in uncertainty.“The knight in shining armour will again have to be the consumer,” said Mr Hackett. “If savings ratios are built up and credit cards are used, then there is some hope that we may overcome the current trend.” By Mike Wackett 13/01/2015last_img

News / HMRC estimate of post-Brexit customs bill for shippers ‘wide of the mark’

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first_img By Gavin van Marle 10/10/2019 A UK government paper that predicts shippers in the UK and Europe could face a £15bn annual bill for post no-deal Brexit administration of customs entries may have been substantially underestimated, claim forwarders.An impact assessment carried out by Her Majesty’s Revenue & Customs (HRMC), published this week, estimates that UK importers and exporters will make 215 million customs declarations a year if the country leaves the EU without a deal and full customs regimes are implemented between them.On top of that, HMRC has conducted a survey of the average charges freight forwarders levy for customs entry declarations, and found that shippers which outsource customs entries were charged, on average, £56 per import and £46 per export declaration.For shippers handling customs entries in-house, the average cost per import declaration was £28, and £17 per export.This led the HMRC to conclude that UK businesses and their EU counterparts face increased customs administrative costs of around £7.5bn each a year.However, UK forwarders have warned that the figure could be substantially higher, claiming early pricing indications are that entries may be charged more than HMRC calculated and there are other costs left out of the estimates.The proposed pricing from one forwarder, seen by The Loadstar, quoted each export entry at £65 with an additional £20 per commodity code, and each import entry at £75, with an additional £20 per commodity code.For UK exporters, the sting in the tail will depend on the destination of their shipments. If they require trucks to transit one or more EU states, they will require a transit accompanying document (TAD), which is filed in the New Computerised Transit System used throughout Europe.One quote for filling out a TAD was £37.50, plus £20 per commodity code.One forwarder told The Loadstar: “HMRC is just looking at the entry cost, not all other associated charges – not the TAD element or administration required in documentation, which will add costs.“It’s really only in the last couple of weeks that we have seen a massive surge in enquiries from customs about declarations, and we estimate we’ll have to do many thousands.“The sheer time and administrative cost these will require is enormous and hasn’t been factored-in by HMRC or, dare I say it, a lot of people exporting to Europe,” he added. LID 84188685 © Chris Dorney | Dreamstime.comlast_img

All of Thursday evening’s Laois GAA results

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first_img RELATED ARTICLESMORE FROM AUTHOR All of Thursday evening’s Laois GAA results By Steven Miller - 2nd August 2018 Midlands Park Hotel U-15 Football Championship Round 1Portlaoise 9-11 St Joseph’s 2-2Midlands Park Hotel U-13 Football Division 3 Cup FinalSpink 2-7 Portlaoise 5-6 It was an another important evening of Laois GAA action with championship games in senior and junior hurling as well as U-15 football and U-13 football league final.County champions Camross are back in business following their SHC win over Rathdowney-Errill while Mountmellick have a championship semi-final to look forward to after proving far too strong for Portlaoise.Elsewhere Portlaoise had wins at U-15 and U-13 football.Laois Shopping Centre SHC Group B Round 2Rathdowney-Errill 1-17 Camross 2-19 – Report hereLaois Shopping Centre JHC Round 2 – WinnersPortlaoise 2-5 Mountmellick 3-17 Pinterest Twitter Five Laois monuments to receive almost €200,000 in government funding Twitter Community WhatsApp Rugby Home Sport GAA All of Thursday evening’s Laois GAA results SportGAAHurling WhatsApp Facebook Community Previous articleCamross hold off strong Rathdowney-Erill comeback to get back to winning waysNext articleSecond half push sees Mountmellick win second junior hurling battle Steven Millerhttp://www.laoistoday.ieSteven Miller is owner and managing editor of LaoisToday.ie. From Laois, Steven studied Journalism in DCU and has 14 years experience in the media, almost 10 of those in an editorial role. Husband of Emily, father of William and Lillian, he's happiest when he's telling stories or kicking a point. Ten Laois based players named on Leinster rugby U-18 girls squad Pinterest Facebook Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’last_img

North Issues Fresh Geumgang Edict

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first_img Facebook Twitter News North Issues Fresh Geumgang Edict News Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak By Chris Green - 2011.06.17 3:04pm SHARE RELATED ARTICLESMORE FROM AUTHORcenter_img North Korea today ordered investors and real estate owners in the Mt. Geumgang resort to enter discussions on the disposal of their assets by the end of this month.North Korea says its latest demands are being made under the newly enacted Law on the Mt. Geumgang Special International Tourist Zone, which came into force at the end of May.Citing a notification issued by the Mt. Geumgang Special International Tourist Zone Bureau, Chosun Central News Agency reported today that “as per the Special Tourist Zone Law, all assets should be disposed of, including real estate within the zone,” and added, “With regards to this, we notify all parties from the South with real estate within the zone to commission others to come to Mt. Geumgang by this coming 30th for the purposes of discussing the handling of frozen and forfeited assets.”‘All parties’ predominantly refers to Hyundai Asan, the South Korean partner in the project.The notice continued, “International interest in Mt. Geumgang tourism has become unprecedentedly high, with many international investors and tour operators actively suggesting participation in the Mt. Geumgang international tourist industry.” News News AvatarChris Green There are signs that North Korea is running into serious difficulties with its corn harvest North Korea tries to accelerate building of walls and fences along border with Chinalast_img

Global investment banks’ pay policies still pose risk to bondholders: Moody’s

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first_img G7 tax pledge may be upstaged by CBDC work James Langton U.S. action on climate benefits banks, asset managers: Moody’s Pay practices at the world’s leading investment banks have been reformed by a combination of regulatory pressure, and business-driven shifts that, Moody’s says, have reduced the absolute size of annual incentives, deferred a greater portion of compensation, and significantly reducing or eliminating the use of stock options in long-term incentive plans. However, it also notes that the changes, which have more closely aligned senior executives’ interests with those of shareholders by tying compensation more closely to share price performance and giving shareholders a greater say on executive pay, could have credit negative effects. “The compensation reforms at large banks have generally been positive, helping reduce managers’ incentive to take on excess risk,” says Christian Plath, a Moody’s vice president. “However, even with these changes, performance, vesting and deferral periods are still too short to cover credit cycles and potential tail risks.” Moody’s says that the U.S.-based investment banks have the shortest compensation periods, generally three years; whereas, in Europe and the UK, vesting periods are generally around four to five years, and could be stretched further, Moody’s says, better aligning employee compensation with risk taking and the longer-term consequences of their actions. Still, it points out that tail risks may play out over a seven to 10 year cycle. “The risk appetites and investment horizons of shareholders and creditors don’t always align, and they’re likely to have very different ideas of what constitutes an optimal pay structure,” Plath adds. “Given the extent of these regulatory and structural pressures, as well as the current tenor of the operating environment, banks’ pay practices will continue to evolve.” Despite efforts by regulators to reform pay practices at the world’s major investment banks, they remain a credit risk, according to a new report from Moody’s Investors Service. The report, which examines pay practices at 15 global investment banks (including Canada’s RBC, along with major global firms such as Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Nomura, RBS, Société Générale and UBS) finds that compensation plans remain geared to short time periods, leaving bondholders exposed to associated risks. High debt levels threaten banks’ strong results: Fitchcenter_img Related news Keywords Banking industry,  Executive compensation Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img

Having a pension has a beneficial impact on other investments

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first_img James Langton Related news Mature single women are wealthier than mature single men, StatsCan finds Share this article and your comments with peers on social media DB plan solvency in best position since financial crisis: FSRA Piggy bank with money flat icon illustration samuraitop/123RF To that end, StatsCan analyzed the relationship between pension coverage and the investment performance in TFSAs for a representative sample of approximately 345,000 Canadian taxpayers between 2009 and 2013. Overall, it finds that pension coverage has a “positive but modest effect on TFSA performance.”StatsCan estimates that belonging to pension at some point leads to a higher average rate of return of approximately 0.50% to 1.25%: “While belonging to [a pension] helps boost individuals’ non-workplace investment performance by a statistically significant amount, the magnitude of this effect is economically modest.”In terms of explaining the effect, StatsCan points to a couple of possible reasons. For one, having a pension may cause workers to start thinking about saving earlier in life; and having core retirement savings in a pension may enable workers to invest in riskier assets in their private investments, producing higher returns.“Taken together, the findings suggest that the gradual decline in [pension] coverage in some industries over the past several decades could have led to a corresponding decline in non-workplace risk-taking or investment performance and, as a result, may have even contributed to the aggregate decline in private saving rates,” StatsCan’s report states. “The results of this study are consistent with the notion that programs aimed at directly improving saving outcomes — for example, by simplifying the process of making complex financial decisions — are desirable.” Surging bond yields take a bite out of Canadian DB plans Not only does belonging to an employer-sponsored pension plan provide a solid basis for retirement savings, new research finds that it also helps boost returns on workers’ outside investments, according to new research from Statistics Canada (StatsCan).Although previous research has examined how membership in a pension can affect how much workers decide to save, StatsCan sought to understand whether there’s any effect on the returns that they generate on that savings. Keywords Pensions,  TFSAsCompanies Statistics Canada Facebook LinkedIn Twitterlast_img

Where are we in the economic cycle?

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first_img Related news Keywords Stock markets,  Emerging markets,  Coronavirus The unique nature of the Covid-19 recession, with stock markets reaching new highs as many small businesses struggle to survive, has investors wondering where we are in the economic cycle. Is this the late stage of the long bull run that started in 2009, a report from Richardson Wealth asks, or the beginning of a new cycle that started after equities tanked last March?Investor optimism is high to start the year, with equity, commodity and bond markets all pricing in a strong recovery, the firm’s January investor strategy report said. “The bulls are in such control that even the storming of the U.S. Capitol building barely registered a wobble in the equity markets’ ascent.” Share this article and your comments with peers on social media A deadly first wave, followed by a tsunami of excess deaths Mark Burgess a woman looking at her computer iStock But the “mismatch” between the surge in Covid-19 cases and high equity valuations creates a challenging environment for investors, the report said. Part of that challenge is determining where we are in the economic cycle.The argument that we’re early in a new cycle points to the 2020 bear market, when global equities dropped 35%, developed economies saw negative growth for the year and unemployment surged before recovering somewhat. The recession impacted services but “didn’t have to burn through any excesses” such as housing in the 2008 financial crisis or tech spending in the 2000 bubble.Vaccines will further spur the recovery for sectors impacted by physical distancing policies. “It is this scenario that the equity markets appear to be increasingly pricing in,” the report said.The argument that we’re still late in the cycle that began in 2009 views the pandemic as “an exogenous shock that triggered a technical bear market and recession but did not end the current cycle.”Central banks weren’t tightening pre-pandemic and there wasn’t widespread speculation or “silly” investor behaviour. That happened last year, the report said — “big time” — with 480 initial public offerings and elevated retail option trading.The authors also pointed to the effect of monetary policy on asset prices. “If the economic recovery isn’t a sure thing, there could be an air-pocket ahead,” the report said. Or the market may only realize the extent of the economic damage once vaccines are distributed and life returns closer to normal.In the end, the authors said they aren’t entirely convinced by either case. While they’re concerned about bubbles, which are indications of a late cycle, they acknowledge that the cycle could keep going. “There has been lots of interest in EM, but we continue to believe there is still more room to run,” the report said. Facebook LinkedIn Twitter CERB payments went to workers hit hard by lockdowns: StatsCan “From our perspective, the strategy is to trade into some of the lagging or less expensive assets or markets,” the report said. “This should help protect on the downside, and if this is the start of a new cycle, this approach should also benefit from the steady global economic recovery back to ‘normal.’”Those lagging assets include non-U.S. equities, which Richardson Wealth expects will outperform relative to the tech-heavy U.S. market and its already high valuations. More cyclical European equities no longer have the Brexit distraction weighing on performance, the report said, and commodity-heavy markets such as Canada will benefit from the reflation trade. Bank stocks, which are more heavily weighted in emerging market (EM), European and Canadian indexes, could also do well as the yield curve steepens. Ontario unlikely to balance budget by 2030: FAOlast_img

National Security Minister Reports Success in Combating Guns for Drugs Trade

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first_imgNational Security Minister Reports Success in Combating Guns for Drugs Trade National SecurityFebruary 13, 2009 RelatedNational Security Minister Reports Success in Combating Guns for Drugs Trade RelatedNational Security Minister Reports Success in Combating Guns for Drugs Trade FacebookTwitterWhatsAppEmail National Security Minister, Senator Colonel Trevor MacMillan, has said that the country is making breakthroughs in the ‘Guns for Drugs’ trade between Jamaica and Haiti.“We continue to believe that this is the source of much of the illegal arms in this country. We will, therefore, be maintaining our vigilance and are employing new strategies to break the back of this problem,” Colonel MacMillan said on February 12, at the opening of the 12th Joint Meeting of the CARICOM Standing Committees of Commissioners of Police and Military Chiefs.The two-day forum, currently underway in Ocho Rios St. Ann, at the Sunset Jamaica Grande Resort, concludes on February 13.“In 2007 and 2008, the security forces in Jamaica seized more than 1,200 guns smuggled into Jamaica from Haiti,” the Minister informed.“There is a link between many Haitians who are in Jamaica legally and illegally and the operatives in the southern part of Haiti, and this remains a major threat to the security of the country,” he said, adding that work is in progress with the Haitian authorities to tackle the problem.Pointing to networking in the region, the Minister said that it is imperative that the countries intensify their Regional Information and Intelligence Sharing Network, and informed that Jamaica is in the process of enacting anti-corruption legislation.“The legislation makes provision for the appointment of a Special Prosecutor, who will be empowered to enforce the laws against persons engaged in corrupt and questionable activities. The administration in which I serve has promised the Whistle Blower legislation. That is forthcoming. The draft document has been subjected to intense scrutiny,” he said.He urged security strategists to stay ahead of the game, noting that circumstances demanded that they harness the latest in technologies for the development of a crime grid for member states.“As we look to the future, we are seeking to develop the conditions which enable our people to participate in the development of the region and contribute to building and strengthening public institutions. Institutions that not only serve the needs and preserve the rights of all citizens, but also represent trans-generational social pillars that secure our future,” he said.center_img RelatedNational Security Minister Reports Success in Combating Guns for Drugs Trade Advertisementslast_img