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Financial services sector contributed record £76bn in tax last year

first_img Also Read: UK financial services sector contributed record £76bn in tax last year Friday 12 February 2021 2:20 pm “The sector is vital to supporting prosperity right across the country and will play a critical role in fuelling our economic success.”  Show Comments ▼ Angharad Carrick The sector’s contribution in the fiscal year ended March 2020 included £34.1bn in taxes borne directly by firms and an additional £41.5bn from employees and customers, according to a recent report by the City of London Corporation.  UK financial services sector contributed record £76bn in tax last year “While the pace and path of the recovery post-pandemic might still be uncertain, the financial services sector’s contribution provides a much-needed element of stability,” said Catherine McGuinness, policy chair at the corporations. The only way the City of London can maintain its pre-Brexit access to the bloc if Brussels unilaterally grants regulatory equivalence. However the EU believes the UK is destined to diverge from its financial services regulations and has withheld the designation.  Banks, insurers and other financial firms form a significant portion of the economy, accounting for approximately three per cent of Britain’s workforce and its tax bill amounts to over 10 per cent of the government’s total receipts.  While the sector plays a significant role in the economy, it was essentially omitted from the post-Brexit trade agreement. UK firms have been forced to negotiate a patchwork of individual EU nations’ regulations. center_img Pandemic hit Share whatsapp Also Read: UK financial services sector contributed record £76bn in tax last year Despite the economic hit from the pandemic, the sector’s total tax contribution is expected to remain robust, paying out between £71.1bn and £75.7bn, according to estimates.  The UK’s financial services sector paid a record £75.6bn in tax last year, according to a new report. whatsapp Tags: Taxlast_img read more

Splurges in the US and Europe helps UPS deliver higher profits

first_img whatsapp Splurges in the US and Europe helps UPS deliver higher profits More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhite House Again Downplays Fourth Possible Coronvirus Checkvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInstitutional Investors Turn To Options to Bet Against AMCvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Tags: NULL Show Comments ▼ Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailzenherald.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 WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunArticles SkillHusband Leaves Wife For Her Sister, Not Knowing She Won The Lottery Just Moments BeforeArticles SkillComedyAbandoned Submarines Floating Around the WorldComedyEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent ExpressNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteabley Tuesday 28 April 2015 9:29 pm whatsapp Express KCS DELIVERY firm UPS posted higher profits for the first three months of 2015, its financial results revealed yesterday.For the period the world’s largest delivery company made 2.4 per cent more deliveries daily than the same time last year.The company’s export shipments from the US jumped 6.7 per cent led by European growth of 9.4 per cent. In Europe, UPS’ export volume has grown at an annual rate of nine per cent since 2005.Net profit came in at $1.03bn (£0.67bn), or $1.12 per share, up 10 per cent from $911m, or 98 cents per share, a year ago.UPS chief executive David Abney said the results “were favourably impacted by our continued investments and revenue management initiatives.”“These actions delivered high value to our customers and shareholders. We are on track to achieve the company’s long-term financial targets.” UPS shares closed at $3.34 yesterday, a 3.43 per cent gain. last_img read more

Bank of England governor Mark Carney’s interest rate rise comments prompted a flurry of house buying in July

first_img Share More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comWhite House Again Downplays Fourth Possible Coronvirus Checkvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comInstitutional Investors Turn To Options to Bet Against AMCvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks whatsapp Show Comments ▼ Jessica Morris whatsapp Bank of England governor Mark Carney’s suggestion that the rate decision will “likely come into sharper relief around the turn of this year” has prompted a flurry of homebuying, new figures suggest.Demand for houses rose 4.1 per cent in the year to July, and 5.3 per cent in the last month alone, according to figures released by Haart Monitor today. People rushed to lock in record-low mortgage rates amid mounting speculation that the Old Lady could be gearing up to hike interest rates. The gap between supply and demand widened, with the supply of UK homes falling 15 per cent annually. Consequently there were nearly 12 buyers chasing every property which came onto the market. This was particularly acute in London, where the ratio was 20:1.Read more: WPP boss Sir Martin Sorrell shrugs off mounting fears over China’s economyHowever, it said recent global market turmoil is “good news” for prospective buyers as it may have delayed the timing for a rate hike. The City had been expecting the Bank of England to raise rates next March, but this has now been pushed back to next summer.”We saw a surge in activity when Mark Carney announced an interest rate rise was on the cards, as people looked to take advantage of some of the lowest mortgage rates on record and fix at this level before they increased,” Paul Smith, chief executive of Haart, said.”Now the economic landscape has changed following the market slowdown in China we expect greater calm on the demand side, but true balance will not be achieved until more homes start to come onto the market.” center_img Thursday 27 August 2015 5:07 pm Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSwift VerdictChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoSwift VerdictUndoPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunUndoComedyAbandoned Submarines Floating Around the WorldComedyUndoMoguldom NationFather Of 2 Sues Los Angeles Hospital After Wife Dies During ChildbirthMoguldom NationUndoMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekUndoEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorUndoGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndo Bank of England governor Mark Carney’s interest rate rise comments prompted a flurry of house buying in July Tags: Bank of England UK house priceslast_img read more

Stradbally duo ‘overwhelmed’ at response ahead of Kolbe Special School fundraiser

first_img“Complimentary finger food will be supplied by Sylvester and Catherine Phelan.“The event is being held in Dunne’s Bar, Stradbally, on Saturday July 6 beginning at 4.30pm.“A full list of sponsors and amount raised will be published the following week. Thanks to all.”Raffle tickets on the night are €2 for a strip or 3 strips for €5 while complimentary finger food will also be provided by Sylvester and Catherine Phelan.The action will get underway at 4.30pm and the tattoo itself is set to take around 5 hours to complete.Joe DeeganBryan said: “We are hoping to see a good turnout onto the night and it will be good craic too.The picture of Joe which will be tattooed onto Reggie’s leg“It is all for a very cause as Kolbe Special School helps children from Stradbally and Laois in general.”Bryan Reggie LalorBest of luck to the two lads!SEE ALSO – In Pictures: Excellent attendance at 2019 Embrace FARM Ecumenical Remembrance Service Stradbally duo ‘overwhelmed’ at response ahead of Kolbe Special School fundraiser Previous articleNew Durrow Community Bike Hire Scheme is set to boost tourism in LaoisNext articleLaois victories this weekend set to see club championships postponed Siun Lennonún Lennon joined LaoisToday in a full-time capacity after studying Journalism and New Media in the University of Limerick. She hails from Rosenallis and her interests vary from news, sports and politics. GAA Twitter By Siun Lennon – 5th July 2019 Pinterest Pinterest The committee behind the unique Kolbe Special School fundraiser say they have been overwhelmed at the positive response that they have received from the public.Bryan ‘Reggie’ Lalor has teamed up with his friend Joe Deegan for a rather novel way to raise money for a very worthy cause.On Saturday July 6 in Dunnes Pub in Stradbally, Bryan will have a portrait of Joe’s face and half his chest tattooed onto his leg on a night of live tattooing.The fantastic tattooist, Dan Bailey, of True Blue Tattoo will be there to sculpt the replica of Deegan onto Lalor’s limb on the night where entertainment will be provided by talented local musician Just Alice (Alice Laffan).The committee say: “The Committee for The Kolbe School Fundraiser in conjunction with Dan Bailey OBE, Tattoo ArtistJoe Deegan, (model), and Reggie Lalor, (victim), are overwhelmed with the huge response by way of cash and spot prizes from near and far. Here are all of Wednesday’s Laois GAA results GAA Twittercenter_img WhatsApp GAA Facebook TAGSKolbe Special School Facebook RELATED ARTICLESMORE FROM AUTHOR Home News Stradbally duo ‘overwhelmed’ at response ahead of Kolbe Special School fundraiser News WhatsApp Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshinlast_img read more

North Korea, the Worst in Democracy: the Economist says

first_img News North Korea, the Worst in Democracy: the Economist says By Park Hyun Min – 2006.11.22 3:32pm [imText1]North Korea’s level of democracy is the worst in the world, the Economist examined in its annual prediction of the world affairs. In “The World in 2007”, the British weekly magazine analyzed the level of democracy in 167 countries with the five categories; electoral process and pluralism, functioning of government, political participation, political culture, and civil liberties, maximum of 10 points per each category. The Economist, based on its analysis, classified the countries into four stages of democracy; full democracy, 28 countries; flawed democracy, 54; hybrid democracy, 30; and authoritarian regime, 55. Although recent wave of worldwide democratization, only 13 percent of the world population are considered to be living in ‘full democracy,’ whereas 40 percent of them are still under authoritarian regime. North Korea received average score of 1.03 out of 10 and the 167th out of 167 in the ranking. Not surprisingly, NK received no point at all in civil liberties category. South Korea did a fare job; it is ranked as the 31st democratic country among 167 with a ‘flawed democracy.’ Sweden is the most democratic country, according to the research, with 9.88 average score. Ireland, 9.71 points, the Netherlands, 9.66, and Norway, 9.55 follow the Scandinavian kingdom. The US is ranked 17th while Japan is 20th and the United Kingdom 23rd. Average democratic index in each continent is; 8.64 in North America, 8.60 in Western Europe, 6.37 in Latin America, 5.76 in Eastern Europe, and Middle East and North Africa (3.53) and Sub-Saharan Africa (4.24) at the bottom. There are signs that North Korea is running into serious difficulties with its corn harvest News News Newscenter_img RELATED ARTICLESMORE FROM AUTHOR SHARE AvatarPark Hyun Min Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak Facebook Twitter North Korea tries to accelerate building of walls and fences along border with Chinalast_img read more

Sun Life Malaysia launches

Standard Chartered, Manulife form 15-year pension distribution partnership Related news Share this article and your comments with peers on social media Sun Life Malaysia made its grand entrance into the Malaysian insurance community Thursday with its celebratory launch at a reception held in Kuala Lumpur. Sun Life Malaysia consists of Sun Life Malaysia Assurance Berhad and Sun Life Malaysia Takaful Berhad, the renamed CIMB Aviva Assurance Berhad and CIMB Aviva Takaful Berhad entities purchased by Sun Life Financial Inc. (TSX:SLF) and Khazanah Nasional Berhad from Aviva International Holdings Limited and CIMB Group Holdings Berhad. The launch comes just four months after completion of the RM1.8 billion ($602 million) acquisition in April this year. Sun Life and Khazanah each own 49 per cent and CIMB Group retains a two per cent share. (See Investment Executive, Sun Life, Malaysian investment fund complete acquisition, April 12, 2013.) With the launch of Sun Life Malaysia, Sun Life Financial now has operations in seven Asian markets and builds on a history in the region that reaches back 120 years. It is also a significant launch for Khazanah and is its first entry into the insurance sector. Under the new partnership, Sun Life Malaysia has the exclusive right to distribute takaful and life insurance products through CIMB Bank’s network of 312 branches and eight million customers across the country. The launch was attended by more than 200 guests including senior leaders from Sun Life, Khazanah, CIMB and Bank Negara Malaysia, and representatives from business partners and the insurance industry. IE Staff CLHIA welcomes new agreement for Trans-Pacific Partnership Sun Life strengthens its Asia HNW insurance business Keywords AsiaCompanies Sun Life Financial Inc. Facebook LinkedIn Twitter read more

£5 million research project supports UK’s nuclear waste disposal programme

first_img£5 million research project supports UK’s nuclear waste disposal programme A cutting-edge engineering system to seal deep boreholes is being tested as part of Radioactive Waste Management’s (RWM) preparations for an underground disposal facility for UK radioactive waste.As part of a £5 million research project, scientists, engineers and geologists from RWM have worked with Jacobs – a leading engineering company – to research, design and build a state-of-the-art ‘Downhole Placement System'(DPS) that will be lowered from a 25-metre rig to seal boreholes at depth. Projects such as this bring to life one small part of the research and development (R&D) programme that will support construction of a safe, secure Geological Disposal Facility (GDF).A GDF could be safely developed in three different rock types; higher-strength, lower-strength sedimentary and evaporite rocks; the DPS has been designed to seal boreholes in any of these geological settings.The full-scale demonstration project is firstly taking place in Harwell, Oxfordshire, at an NDA-owned site managed by Magnox, where there are existing boreholes up to 400 metres deep, originally drilled in the 1980s. When the Harwell borehole, in lower-strength sedimentary Oxford clay, is sealed in spring 2021, the DPS will move on to demonstrate its capabilities in Cornwall’s higher-strength rock in late 2021/early 2022. Work to seal a borehole in an evaporite salt rock location will follow.One of the boreholes we’ll be sealing at the Harwell siteThe material to be used to seal the boreholes is called bentonite, which has very low permeability. Bentonite will also be used as buffer material packed around waste packages in a GDF, where it will form an additional long-term barrier to groundwater and gas movement.RWM is responsible for identifying a suitable site for a GDF in England or Wales, a process based on seeking consent from a willing community. No site has yet been selected for a GDF.Dr Mohammed Sammur, Technical Director at RWM, said, “It’s been hugely exciting to see our research reach this stage, demonstrating that we are prepared for formal site investigation work in the future. We carry out extensive R&D into all aspects of a GDF to understand exactly the requirements for designing, building and operating a facility up to 1,000 metres deep – it will need to be safe for many hundreds of thousands of years.We’re grateful to Magnox for accommodating our project and assisting us – it was fortunate to locate suitable boreholes so close to our headquarters.The UK is dotted with thousands of boreholes, drilled for a wide variety of purposes ranging from pure research to locating water and investigating coal, oil, gas or mineral resources.Once a potential UK search area for a future GDF has been identified and a Community Partnership has been formed, RWM will begin geological investigations. A series of deep boreholes will be drilled, starting a comprehensive process to establish whether the underlying rocks could be suitable. It is anticipated that this stage is several years away.The UK regulators, the Environment Agency will be reviewing RWM’s research project and all future work, providing invaluable feedback and formal approvals and licences as the programme progresses.F /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:building, community, demonstration, Engineering, environment, Government, groundwater, investigation, mineral resources, nuclear, project, Radioactive, research, resources, Scientists, UK, UK Governmentlast_img read more

Covering all bases – insurance versus climate change in Zimbabwe

first_imgCovering all bases – insurance versus climate change in Zimbabwe WFPWith extreme weather pushing the country to the brink, a World Food Programme-backed scheme offers people protectionsLoveness waits to pick up a month’s worth of food assistance. Photo: WFP/Adrienne Bolen“These past years of drought have been the worst that I’ve experienced,” says Loveness, a 64-year-old grandmother who has lived off the land in Rushinga, one of Zimbabwe’s worst drought-hit regions, for as long as she can remember. “I wasn’t able to harvest anything – all of our crops were written off, both the maize and the sorghum.”A makeshift bridge constructed after Cyclone Idai struck in 2019. Photo: WFP/Zimbabwe Climate change is intensifying extreme weather events hitting the country, leaving almost half the population of 15 million unsure of where they’ll find their next meal. At the peak of this hunger season, 3.4 million people, more than a third of the entire rural population, are expected to face emergency or crisis levels of hunger.Over the past two decades, droughts have proved an insurmountable challenge for the smallholder farmers who produce most of the country’s food.Loveness with her family. Photo: WFP/Zimbabwe“In 2018, we would harvest 50 bags of 50kg for each crop but last year we harvested nothing,” says Loveness.In January 2020 drought was at an ominous peak in Zimbabwe, leaving farmers unable to harvest even half of the maize they needed to make it through the year. It’s impossible to imagine any crop flourishing in Rushinga’s parched earth and sweltering heat. Rushinga’s streams had run completely dry; farmers were bereft with no water source for their fields.Two years after Idai, many are still living in tents. Photo: WFP/Zimbabwe“With ten of us in this family, we’ve struggled to find food for our children and grandchildren,” says Loveness. “Times were especially hard during the drought, I often felt very unwell because I didn’t have enough to eat.”The World Food Programme (WFP) provided Loveness and her family with vital food assistance thanks to the ARC Replica initiative (or African Risk Capacity), a new climate insurance innovation which provides payouts to smallholder farmers in the event of extreme weather events.Zimbabwe: ‘Coronavirus will affect women and girls more than anyone’A mother shares her fears as the country’s hunger crisis deepens while looming threat of coronavirus adds extra layer After walking about 2 km from her homestead to the distribution point, Loveness picked up her WFP food basket, full of enough pulses, grains and cooking oil to sustain her family for the whole month. This food was purchased with the ARC Replica payout and is intended to substitute the food she and her family would have harvested had drought not occurred.The Ngangu township in Chimanimani was at the epicentre of Idai in 2019. Photo: WFP/ZimbabweWhen a climate disaster is on the horizon, ARC Replica’s cutting-edge weather forecasts trigger an early warning so that WFP can respond in time to protect both Zimbabwe’s infrastructure and its most vulnerable people.People in Rushinga are already used to the intense heat of the dry season, but when temperatures soar even higher during a drought, the community is severely stressed.Elvin, Loveness’s husband, says, “[We are] still reeling from impact of last year’s drought and WFP’s food assistance is helping to hold everyone together. At least we have something to eat.”No time to lose…Floods and cyclones strike, too, and things are only expected to get worse. Climate scientists anticipate severe droughts in Zimbabwe to increase by 21 percent over the next few decades which could lead to enormous losses.“There is an urgent need to collectively advocate for shifts in our approach to finance and deliver humanitarian assistance to mitigate impacts of extreme climate risks in the country,” says Jyothi Bylappa, WFP’s Climate Risk Programme Officer in Zimbabwe.Last year’s drought was the third to hit Zimbabwe in as many years. WFP/ZimbabweWFP took out an ARC Replica policy in 2019, piggybacking the Government’s own policy. Last year, when the third consecutive drought hit Zimbabwe, it received a payout of US$300,000. This funded WFP’s food assistance to over 40,000 people reeling from the effects of drought. WFP delivered to complement the Government’s own drought response after they received a payout of US $1.75 million from ARC.Bylappa says: “WFP is committed to saving lives in climate-related crises and, with the extreme and unpredictable weather patterns in Zimbabwe expected to worsen, climate risk financing is a smart solution to ensure Zimbabweans like Loveness won’t suffer from future drought as they have in the past.” /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Africa, African, climate change, coronavirus, Emergency, Government, grandchildren, Humanitarian, infrastructure, innovation, insurance, Scientists, U.S., weather forecast, WFP, Zimbabwelast_img read more

RCom faces fresh legal action by Ericsson

first_img Previous ArticleT-Mobile takes merger pitch to Sprint employeesNext ArticleDtac mulling move in Thai 900MHz auction AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 02 OCT 2018 Former Ericsson employees charged in bribery case Sweden-based Ericsson filed a lawsuit with India’s Supreme Court against Reliance Communications (RCom) after it missed a 30 September deadline to pay the vendor INR5.5 billion ($75.3 million) as part of a legal settlement, The Economic Times (ET) reported.The telecoms equipment vendor filed a contempt of court petition against RCom chairman Anil Ambani after the operator on Friday (28 September) asked for a 60-day extension, which Ericsson didn’t agree to, the newspaper said.The court in early August approved the troubled operator’s plan to proceed with an INR250 billion asset sale after it settled a legal dispute with Ericsson. RCom had been prevented from completing the sale of wireless and fixed assets to Reliance Jio when an interim order was slapped on the company in March due to the ongoing litigation with the vendor.Ericsson attempted to recover INR11.56 billion for non-payment of service charges in a prolonged legal battle, but following pressure from authorities the two eventually settled on a sum of INR5.5 billion.The missed payment means RCom is likely to return to insolvency proceedings, which would jeopardise its sale of assets, including spectrum, to Jio to pay down its huge debt, ET said.Ericsson filed a bankruptcy petition in September 2017 against the operator in what the vendor described as a “last resort” to resolve the issue.In mid-August 2018 RCom attracted two bids worth a reported $1.1 billion for its remaining telecoms assets, as the company nears a full withdrawal from the market. Subscribe to our daily newsletter Back Español Joseph Waring Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he… Read more Home RCom faces fresh legal action by Ericssoncenter_img Author Ericsson, Leonardo team on 5G products Tags MásMóvil amplía su contrato con Ericsson Related EricssonReliance Communicationslast_img read more

Remembering the First Manned Moon Landing at 50; What Does the Future Hold?

first_imgPhysics, Earth & Space Remembering the First Manned Moon Landing at 50; What Does the Future Hold?Guillermo GonzalezJuly 18, 2019, 12:58 AM “A Summary of the Evidence for Intelligent Design”: The Study Guide Email Print Google+ Linkedin Twitter Share TagsApollo moon landingsastronomycivilizationsearthEarth’s crustFlordiafossil fuelsgalaxiesGreat PyramidHubble Space Telescopehumanshydrogenintelligent designinterstellar travelkeroseneMiamiMichael HippkeMilky WaymineralsMoonnight skiesoxygenpayloadperfect solar eclipsespropellantssatellite TVSaturn Vsolar systemstars,Trending Email Print Google+ Linkedin Twitter Share Recommended Jane Goodall Meets the God Hypothesis Congratulations to Science Magazine for an Honest Portrayal of Darwin’s Descent of Man I remember watching the Apollo moon landings on TV from 1969 to 1972 as a child. Witnessing that very first landing on the moon was inspiring. I was even an eye witness to one thrilling event during those years. I can still recall the sight of the Apollo 17 Saturn V rocket flames rising into the night sky from my front yard in Miami, Florida in 1972. These sights no doubt had something to do with my lifelong interest in all things astronomy and space exploration. As we prepare to celebrate the golden anniversary of the first manned moon landing on July 20, we should pause to consider what made it possible. The Saturn V rocket was a monumental technological achievement. Some 400,000 people worked to design and build it in the decade leading up to its first launch (see here and here). While we are right to recognize these fruits of human ingenuity and labor, they would not have been possible without a number of just-right aspects of our home world.A Simple FactConsider the simple fact that we can see the stars. Not every world affords its inhabitants clear views of the night sky, or even nights. Some Earth-size terrestrial planets, like Venus, have thick, nearly opaque atmospheres. Others are located closer to the galactic center or within star clusters, where nights aren’t very dark. Planets around red dwarfs tend to have tidally locked rotation, and they are often accompanied by multiple planetary neighbors in close proximity. If any inhabitants of such a planet could somehow live on its dark side, they would likely have bright “planet-lit” night skies.We live in a relatively sparse region of the Milky Way galaxy around a singleton star. Free from the glaring light of excessively bright or excessively numerous stars, we can see many faint small Solar System bodies, nearby stars and distant galaxies. We do have a bright light in our night skies, but it’s largely out of the way for about two weeks every month. It more than makes up for this inconvenience by giving us “perfect solar eclipses” and a motivation to leave our nest. Taunted by the MoonWould we even have thought of developing a space program if we couldn’t see the stars or a nearby large moon taunting us every month? Not only have we known that the moon is the closest celestial neighbor for over 2,000 years, but we’ve known since then how far away it is. The modern answer is that its average distance is between 238,000 and 239,000 miles. I recently experienced a personal sense of how far this is. Just a couple weeks ago the odometer in our 2003 Toyota Corolla reached 238,000 miles (see picture above). The Moon was an “easy” first destination for space-bound humans, serving as a kind of training ground for us to get our space legs. We were able to put people on the moon with computer technology far inferior to that found in a cell phone. What made the moon shots “easy” for us were many generally unacknowledged requirements for space exploration satisfied by our environment. Not only should we not take for granted our clear dark nights, we should be thankful that we can gather the raw materials needed to build and fuel a rocket like the Saturn V. Earth’s crust is a ready-made storehouse of concentrated, purified, and accessible minerals and fossil fuels (see here and here). The industrial revolution and modern technology very much depend on our ability to mine these resources with relative ease. The two propellants employed in the Saturn V were refined kerosene/oxygen in the first stage and hydrogen/oxygen in the upper two stages. Kerosene comes from petroleum pumped out of the ground, hydrogen comes from water and oxygen can be obtained from either water or the atmosphere. The hydrogen/oxygen combination is one of the very best chemical rocket propellants (measured by the thrust force produced for each unit mass of propellant), given the small mass of hydrogen. Think of that next time you take a drink of water (H2O)! The reason kerosene was used in the first stage is because it is a much denser fuel than hydrogen, allowing for a smaller tank for the same mass.With the rocket and its propellant at the ready, next we need to launch it. Obviously, we need a solid platform — water-worlds and gas giants will not do. The two biggest hurdles to overcome are the planet’s gravity and atmosphere. On a super-earth the weight of the Saturn V would be greater even though the mass would be the same. In such a case less payload can be sent into space, or, to put it another way, the fraction of the payload mass to the rocket mass will be smaller. To launch the same payload mass as the Saturn V did on Earth on a planet ten times Earth’s mass the rocket would have to be almost as massive as the Great Pyramid of Cheops! Astronomer Michael Hippke writes:I am surprised to see how close we as humans are to end up on a planet which is still reasonably lightweight to conduct space flight. Other civilizations, if they exist, might not be as lucky. On more massive planets, space flight would be exponentially more expensive. Such civilizations would not have satellite TV, a moon mission, or a Hubble Space Telescope. This should alter their way of development in certain ways we can now analyze in more detail.Do I Dare?Do I dare bring up the word “purpose?” Is our environment setup for us to be able to leave our nest and travel to the planets and even other stars? It certainly seems that way. Once we leave Earth, what next? We have already gone to the moon, other planets, and we’ve even sent five spacecraft on their way out of the Solar System. Something else we can try to do is visit the asteroid belt to mine minerals. The fact that asteroids are small makes them relatively easy to mine; there is more surface for a given mass for smaller bodies. Once we start mining the asteroids (again, it should not be taken for granted that any planetary system will have accessible asteroids), we can build large interstellar ships. It can almost be done now. What is required is increased automation in mining and manufacturing. Once we can achieve that, the stars are ours.This brings up an aspect of intelligent design rarely discussed: predicting the future. If evidence for design also points to a specific purpose (not always the case), then you might be able to predict events that would continue to satisfy that purpose. In the case of space travel, a number of features of our planet have conspired to allow travel beyond Earth. Additional features of the Solar System seem to have conspired to permit travel beyond the Solar System. From these, can we predict that human interstellar travel to other planetary systems is possible? I think so. Origin of Life: Brian Miller Distills a Debate Between Dave Farina and James Tour Requesting a (Partial) Retraction from Darrel Falk and BioLogos Guillermo GonzalezSenior Fellow, Center for Science and CultureGuillermo Gonzalez is a Senior Fellow at Discovery Institute’s Center for Science and Culture. He received his Ph.D. in Astronomy in 1993 from the University of Washington. He has done post-doctoral work at the University of Texas, Austin and at the University of Washington and has received fellowships, grants and awards from such institutions as NASA, the University of Washington, the Templeton Foundation, Sigma Xi (scientific research society) and the National Science Foundation.Follow GuillermoProfileWebsite Share A Physician Describes How Behe Changed His MindLife’s Origin — A “Mystery” Made AccessibleCodes Are Not Products of PhysicsIxnay on the Ambriancay PlosionexhayDesign Triangulation: My Thanksgiving Gift to Alllast_img read more

Obama Speech on BP Oil Spill a Call to Action for Clean Energy

first_img Email Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox. Within days of Barack Obama’s election as president, Chief of Staff Rahm Emanuel memorably announced Rule No. 1: “Never allow a crisis to go to waste. They are opportunities to do big things.”In late 2008, the crisis was economic. Now it is environmental, as the estimated rate of oil flow from a damaged well in the Gulf of Mexico has once again been ratcheted upward. President Obama did not use the word “opportunity” in his Oval Office address Tuesday night on the Gulf disaster, but he conveyed that meaning as he spoke of America’s century-long “addiction” to fossil fuels.“The tragedy unfolding on our coast is the most painful and powerful reminder yet that the time to embrace a clean energy future is now,” Mr. Obama said somberly. “Now is the moment for this generation to embark on a national mission to unleash America’s innovation and seize control of our own destiny.”Comprehensive energy and climate-change reform represented a key element of Obama’s agenda when he ran for president, but it took a back seat to health-care reform in his first year. With Republicans sensing their own opportunity – major gains in the fall midterm elections – and with Democrats fearful of taking risky votes, now would not seem to be the time to push another major reform through Congress. But Obama showed with his passage of health reform that he is capable of muscling through legislation on an issue that has long defied comprehensive action.In an address long on big picture and short on detail, Obama did not reveal whether he would push for the kind of “cap and trade” provision the House has already passed, which would limit carbon emissions – and which opponents call a tax. He mentioned the word “climate” only once in the speech, when referring to the House bill.Instead, Obama focused his sights on a larger call to American action, summoning memories of Presidents Franklin Roosevelt and John Kennedy.“The one answer I will not settle for is the idea that this challenge is somehow too big and too difficult to meet,” Obama said. “You know, the same thing was said about our ability to produce enough planes and tanks in World War II. The same thing was said about our ability to harness the science and technology to land a man safely on the surface of the moon.”With nearly one-third of Obama’s 17-minute speech devoted to long-term energy reform, critics complained that the president gave the immediate crisis short shrift and provided no new details. He repeated his assertion that the US will make British energy giant BP, the company behind the disaster, pay for the damage. And he reminded viewers that the US is requiring BP to put money aside to compensate workers and business owners who have been harmed “as a result of the company’s recklessness.” Obama did not mention figures, but Senate Democrats have discussed a $20 billion escrow fund.BP and US officials have already been negotiating the terms of the fund, including who would be eligible for compensation. BP objects, for example, to paying the lost wages of oil workers sitting idle due to the administration’s six-month moratorium on deep-water drilling. On Wednesday, Obama will hold a closely watched meeting with BP executives, including the company’s chairman, at the White House.BP responded positively to Obama’s speech, saying the company shared the president’s goal of cleaning up the oil and helping those affected. Regarding the White House meeting, the company said it anticipated “a constructive discussion about how best to achieve these mutual goals.”Some pundits commented ruefully that if BP was happy with Obama’s speech, then the president had failed. But presidential scholars counsel perspective.“What everybody wants from him may be more than is realistic to expect,” says Bruce Buchanan, a political scientist at the University of Texas, Austin. “People want a chapter-and-verse battle plan, right down to the crossed t’s and dotted i’s, with deadlines, and that is just unrealistic. It’s the classic presidential dilemma, exaggerated by emotions.”last_img read more

Bigfork School Board Pushes Back Repeal of Mask Mandate

first_imgAfter making their decision on masks at Wednesday’s meeting, the school trustees also approved a contract to hire Glacial Escape LLC, a local IT company owned by Beau and Holly Wielkoszewski, to provide remote technology services to the district. Beau had worked directly for the district as an employee but submitted a biting letter of resignation on Feb. 17, the same day the trustees announced the rollback of the mask mandate. In the weeks since the February board meeting when the first mask vote was held, district leadership has been discussing how to work around the rollback, including the anticipated loss of some in-person teachers with high-risk medical situations. The adjustments on the table have included returning to block scheduling or a hybrid in-person/remote model with older students, and separating elementary students into masked and unmasked classrooms. The Centers for Disease Control and Prevention (CDC) and a chorus of public health officials have for months reiterated that mask-wearing is most effective if everyone wears them, since a face covering reduces the number of viral droplets expressed by the wearer. That means mixing masked and unmasked people presents an increased risk of infection to even those wearing masks in such an environment. In an email statement to the Beacon, Jensen, the district superintendent, said the extension of the mask requirement “does not check all of the boxes for either side” but called it a “tolerable compromise.” “The extension does go a long way in getting many of our staff and vulnerable community members to their immunization date,” Jensen wrote. “This is a divisive issue for many communities across the country; I am thankful the Bigfork trustees continue to work together to find common ground.” The Bigfork School District Board of Trustees voted Wednesday night to extend the district’s mask mandate through April 9 after the teachers union expressed concerns over an earlier decision to lift the rule at the end of this week. On Monday, after hearing from the union, Sandry offered to extend the mask mandate to April 9 in large part to allow the district’s teachers to be vaccinated. Educators were first given access to the COVID-19 vaccine earlier this month thanks to a federal program in partnership with local pharmacies. Teachers can search for available doses at The trustees voted 6-0, with one abstention, to continue requiring masks in school buildings based on the recommendation of the board’s three-person bargaining committee, which had met with union leaders Monday night. The board previously voted 4-3 to end the district’s mask mandate effective at the end of the school day on March 12. That decision was made against the advice of almost every high-ranking district employee, including Superintendent Matt Jensen, and sparked at least one district staff member — Director of Technology Beau Wielkoszewski — to resign.center_img The CDC recommends schools require masking for in-person learning in addition to other mitigation measures and, if possible, recommends vaccinating all in-school personnel. Gov. Greg Gianforte did not offer specific instruction to schools when he repealed the state’s indoor mask requirement on Feb. 12, instead leaving that decision to local school boards. Regarding schools, Gianforte’s directive asks districts to “make reasonable efforts to follow school guidelines and best practices recommended by the CDC and Montana Office of Public Instruction (OPI).” Montana Superintendent of Public Instruction Elsie Arntzen said she was “pleased” when the statewide mask mandate was repealed and praised the decision to restore “local control” to elected school boards, but her office (OPI) has otherwise offered no direction on COVID-19 mitigation. Sandry also did not explicitly rule out the possibility of re-engaging the board once again before April 9 but told the BAEA Monday that he would not support extending the mandate through the end of the school year. Bigfork’s next regularly scheduled school board meeting is April 14. “The fact the school board and community places a higher value on ‘normalcy’ than my co-workers (including their family and children) and students with underlying health conditions is appalling,” he wrote. “I cannot in good conscience continue to be a public servant for a school community where the majority favor convenience at the detriment of others.” The Bigfork Area Education Association (BAEA) and Bigfork Unified Classified Employees (BUC) had been silent on the mask issue until Monday, when representatives sat down with the board’s bargaining committee to express their disappointment in the decision and concerns about their safety and that of students if masks became optional. BAEA President Rhonda White told the committee, which includes board president Paul Sandry, that repealing the mask mandate now was an unnecessary disruption in an already difficult year for students, and that “reactionary measures” that would need to be implemented once the mandate was lifted would have a negative impact on students. Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox. Emaillast_img read more

81 confirmed Covid-19 cases in Donegal

first_imgAudioHomepage BannerNews By News Highland – April 6, 2020 RELATED ARTICLESMORE FROM AUTHOR Pinterest Community Enhancement Programme open for applications WhatsApp WhatsApp Nine til Noon Show – Listen back to Monday’s Programme Facebook Previous articleGardai hunt man who purposely coughed on woman in LetterkennyNext articleCovid-19 Assessment Hub to be provided in Letterkenny News Highland The death toll from Covid-19 in the Republic is 158, as 21 further deaths have been confirmed.390 new cases were detected yesterday, bringing the total number of positive tests to 4,994, 81 cases have now been confirmed in Donegal.As of Friday at midnight, 165 people were admitted to intensive care units, while 1,163 cases are associated with healthcare workers.Yesterday, seven more covid-19 patients were confirmed in the North, bringing the death toll there to 63, and the cumulative death toll on the island to 221.Health Minister Simon Harris says barriers to entry for nurses are being removed to ensure more staff can be recruited………….. Audio Player Up/Down Arrow keys to increase or decrease volume. News, Sport and Obituaries on Monday May 24th Google+ Twitter Facebook Google+ Arranmore progress and potential flagged as population grows Important message for people attending LUH’s INR clinic Twitter Loganair’s new Derry – Liverpool air service takes off from CODA 81 confirmed Covid-19 cases in Donegal Pinterestlast_img read more

More talks needed between education partners & Government – O’Riordain

first_img Journey home will be easier – Paul Hegarty Twitter Hospitalisations rise as Donnelly suggests masks will stay ’til autumn Facebook By News Highland – April 8, 2021 Google+ RELATED ARTICLESMORE FROM AUTHOR 45 new social homes to be built in Dungloe Labour’s education spokesperson doesn’t believe teachers will strike over changes to the Covid-19 vaccination roll-out.The three teacher unions voted for an emergency motion backing industrial action, if they’re not prioritised for vaccines.It’s after the Government decided to roll out injections based on age rather than profession.The Education Minister has told teachers at their annual conferences they won’t be prioritised.Aodhan O’Riordain says there has to be some level of discussion between the education partners and Government:Audio Player Up/Down Arrow keys to increase or decrease volume. Disruption to cancer service will increase mortality – Oncologist Pinterest Pinterestcenter_img Previous articleNumber of people in hospital with Covid drops furtherNext articleNEPHT to discuss AstraZeneca vaccine News Highland More talks needed between education partners & Government – O’Riordain AudioHomepage BannerNews Donegal hoteliers enjoy morale boost as bookings increase Google+ WhatsApp Facebook WhatsApp Consultation launched on proposal to limit HGV traffic in Clady Twitterlast_img read more

Director, Nursing Program

first_imgPREFERRED QUALIFICATIONS: PURPOSE AND SCOPE:The Director, Nursing Program is responsible for managing staffand/or resources of the Nursing program to provide specific programor service offerings to internal or external stakeholders. Responsible for program success through marketing and enrollment,and budget planning & allocation. The Director directs allaspects of the LVN & ADN program including admission,orientation, advising, progression, graduation and, when necessary,the probation, appeal and dismissal of students.ESSENTIAL JOB FUNCTIONS: Master’s degree in Nursing and at least 5 years of related workexperience, or an equivalent combination of education andexperienceExperience must include at least 3 years of teaching in aprofessional nursing education programMust have been employed in the nursi ng field within the last 3yearsCurrent Texas R.N. lic ense by application review date Experience as t he Director of a nursing programExperience with a multiple-campus programExperience with an integrated nursing programExperience in supervision and teachingBilingual (English/Spanish) Advance Equity The Chronicle of Higher Education’s “Great Colleges to Work For” isdesigned to recognize colleges that have been successful increating great workplaces and to further research and understandingof the factors, dynamics and influences that have the most impacton organizational culture at higher education institutions.Lone Star College was recognized in five areas: Confidencein Senior Leadership; Diversity; Facilities, Workspace &Security; Job Satisfaction; and Work/Life Balance .Campus Marketing StatementLone Star College-MontgomeryLone Star College offers high-quality, affordable academic transferand career training education to 99,000 students each semester. LSCis training tomorrow’s workforce today and redefining the communitycollege experience to support student success. Stephen C. Head,Ph.D., serves as chancellor of LSC, the largest institution ofhigher education in the Houston area with an annual economic impactof nearly $3 billion.LSC, which consists of seven colleges, ten centers, two universitycenters, Lone Star Corporate College and LSC-Online, iscontinuously named Great Colleges to Work For by the Chronicle ofHigher Education. To learn more, visit Star College–Montgomery, the premiere student-centerededucational institution in Montgomery County, serves The Woodlandsand Conroe communities. LSC–Montgomery provides a relaxing andconducive learning atmosphere while offering leisure learningopportunities, individual classes, and unique programs such asradiologic technology, physical therapy, and biotechnology.Campus address is 3200 College Park Drive, Conroe, TX 77384.Job Description One LSC Student Focused REQUIRED QUALIFICATIONS: Choose Learning KNOWLEDGE, SKILLS AND ABILITIES: Cultivate Community Gather, collate, and disseminate program outcome data. Prepareand submit reports to Texas Board of Nursing for MEEP and ADNprograms, Accrediting Commission for Nursing Education (ACEN) forADN program, National League for Nursing (NLN), The Texas HigherEducation Coordinating Board (THECB), and othersMonitor the quality of all instruction including program reviewand strategic planning. Evaluate nursing faculty and staffMaintain approval and accreditation standards, preparing forself-studies, site visits, and follow-up reportsEnsure all applicants are qualified by meeting programadmission requirements for respective program. Ensure that studentsmeet graduation and licensure requirementsParticipate on college and system-wide hiring and othercommittees as needed. Serve as facilitator on all system-widenursing committees and chair of campus specific nursing committees.Participate in and attend all advisory committee meetingsSchedule classes and clinical sites for respective college,using agreed upon system rotation. Schedule full time and adjunctfaculty to appropriate workload and clinical sites based onclinical expertiseWork with academic affairs to establish and maintainaffiliation agreements with clinical sites and universitiesMediate concerns between students and faculty. If conflict isunresolved, follow college procedures for grievanceMaintain community relationships, effectively communicate withcommunity partners, participate in marketing, and advocate for theprogram in the community. Work with academic affairs to establishand maintain affiliation agreements with clinical sites anduniversitiesEnsure that all admitted students receive adequate orientationto program and provide information sessions as needed for potentialapplicantsDevelop and maintain current degree plan, keeping website andprinted materials currentEnsure that all graduates meet the TBON standards forgraduation and licensure requirementsEvaluate adjunct faculty as per system policy- in conjunctionwith Dean, evaluate full time faculty per system policyResponsible for other reasonable, related duties asassigned Commitment to MissionThis job carries with it the obligation to uphold the Mission ofLone Star College (LSC) in carrying out the duties of the position.A commitment to positive interpersonal behaviors, professionalcommunication, diversity, integrity, leadership, stewardship,respect and accountability to LSC students and employees isessential.Cultural Beliefs Own It D emonstrated leadership skillsExcellent skills in oral and written communicationCommitment to diversityAbility to work effectively with a wide varie ty of people andinstitutionsLeadership style that emphasizes collaborat ion, teamwork, andfacilitationAbility to utilize computer based resources. Demonstratedability to build consensus Length of time (specific months and years) of employmentIf the position was full time or part timeIf the position was paid or unpaidUnofficial transcript for highest earned degree PHYSICAL ABILITIES :The work is sedentary. Typically, the employee sits comfortably todo the work. However, there may be some walking; standing; bending;carrying of light items, such as papers, books, or small parts; ordriving an automobile. No special physical demands are required toperform the work.WORK SCHEDULE AND CONDITIONS: Equipment used includes, PC workstation running on a LAN in aMicrosoft Windows environment, calculator, phone and other generaloffice equipmentInterface with internal and external contacts as needed tocarry out the functions of the positionWork is performed in a climate-controlled office with minimalexposure to safety hazards SalaryHiring salary range is $79,960 to $91,954 annually.Lone Star College provides a hiring salary range for all postedfull-time non-faculty positions. Where your salary offer would fallin that range is determined by your related experience andeducation. Should you receive an offer of employment from Lone StarCollege, the resume submitted in the application process will beutilized to calculate your salary offer. The information outlinedbelow will provide the Office of Human Resources everything neededto determine an accurate starting salary.Your resume should provide a complete picture of your workexperience. The resume should include the following information foreach position listed: Additionally, any certifications listed as required or preferred inthe Lone Star College job description should be included in theresume submitted.Benefits Marketing StatementBy joining our top-notch institution, you will enjoy being a partof an organization that offers a supportive, collegial workenvironment and excellent work/life balance. This includes a fullcomprehensive and competitive benefits package, a generous numberof paid holidays and vacation days, wellness programs, tuitionwaiver, professional development opportunities and more.Special InstructionsGo to the Job Search page, click on ‘My Activities’ at the top ofthe page. Under My Cover Letters and Attachments you will click on‘Add Attachment.’ Please be sure to put the Job ID# in the titleonce you name your file for cover letters only, unless you attachedyour cover letter with your resume.If you are applying for an Instructional position (i.e. Faculty,Adjunct Faculty, Instructor), please ensure you include thefollowing to be considered: Resume/CV, Cover Letter, TeachingPhilosophy, and unofficial transcripts.You must limit your file name for any attachment to 40 charactersor less.How to ApplyALL APPLICANTS MUST APPLY ONLINE ONLYWe will not accept application material received via fax, email,mail, or hand delivered.Postings for part-time and adjunct positions are active for theacademic year. By selecting the option to receive notifications onyour profile, you will begin receiving electronic communicationregarding new opportunities with Lone Star College (LSC).If selected for an interview, a recruiter will contact you byphone, or email to schedule an interview.Lone Star College participates in the E-Verify program, under whichLone Star College provides the federal government with informationfrom each new employee’s Form I-9 to confirm that the employee isauthorized to work in the United States.More information on the E-Verify program is available at .Lone Star College is an EEO Employer. All positions aresubject to a criminal background check.last_img read more

Millions of households are no longer making mortgage payments

first_imgAn industry survey shows that the percentage of home loans in forbearance has risen 15-fold over the past month — and is expected to rise further. (Credit: iStock)As unemployment soars and the economy slows, millions of U.S. households are no longer making their monthly mortgage payments.Data from the Mortgage Bankers Association shows that about 3.74 percent of home loans were in forbearance as of the first week of April, up from 2.73 percent a week prior — and from just 0.25 percent at the beginning of March.“With mitigation efforts seemingly in place for at least several more weeks, job losses will continue and the number of borrowers asking for forbearance will likely continue to rise at a rapid pace,” MBA chief economist Mike Fratantoni said in a statement.% of Servicing Portfolio Volume in Forbearance by Investor Type over Time. Source: Mortgage Bankers AssociationThe percentage of loans in forbearance represents about two million homeowners. MBA’s data is based on a survey covering about 27 million loans, slightly over half of the total number of home loans in the country.Among the different types of loans surveyed, mortgages backed by Ginnie Mae experienced the highest forbearance rate at 5.89 percent. Independent mortgage lenders are also facing more pressure than traditional banks.MBA previously projected that mortgage servicers could be on the hook for as much as $100 billion in loan payments if forbearance continues to rise. Loan losses have also led to a 69-percent year-over-year decline in quarterly profit for JPMorgan Chase, the Wall Street Journal reported.While the $2 trillion stimulus package allowed homeowners to suspend mortgage payments for up to 12 months, it provided no support for mortgage servicers to meet their obligations. MBA and other industry groups have pushed for the Federal Reserve to create an emergency lending facility for the industry. [WSJ] — Kevin Sun  This content is for subscribers only.Subscribe Nowlast_img read more