The chances of the Federal Reserve raising interest rates next month have fallen from 36% to 18.6%, and some experts believe the central bank won't raise rates again in June. Wall Street had been betting on the latter scenario, after the Fed meeting earlier this month created hopes that it was done with rate hikes, but a slate of strong economic data last week led to some nerves. Key data points set for release before the June 14 rate decision include the April Personal Consumption Expenditures price index, the May jobs report, the May Consumer Price Index and the May Producer Price Index.
The Ontario Health desk of Ontario's Health Minister, Sylvia Jones, cancelled a media tour that included an interview with the province's Chief Medical Officer, Dr Kieran Moore because of concerns over which journalist would ask the questions, according to emails obtained by The Toronto Star. The interviews were planned mid-December, during a time of increased hospitalisations due to a "triple threat" of COVID-19, respiratory syncytial virus, and the flu. Jones' communications director, Alexandra Adamo, apparently objected to the Star's chosen journalist, Kenyon Wallace, who has frequently reported on the pandemic, and asked whether another journalist could be lined up, according to the emails. As a result, the entire media tour was cancelled. Ontario is one of several Canadian provinces facing a resurgence in COVID-19 cases due to the Omicron variant, which has led to fresh restrictions on movement and activity in several parts of the country.
Pennsylvania Senator John Fetterman is defying strict Senate dress code regulations by wearing gym shorts and hoodies, causing somewhat of a sensation in the chamber. However, his casual dress is said to demonstrate his relaxed and rejuvenated approach following six weeks in inpatient treatment for clinical depression earlier this year. Senator Ted Cruz of Texas is also known for attending in gym clothes, however, Fetterman's signature Carhartt sweatshirts and gym shorts are shaking up convention within the Senate building. His recovery is said to resemble the same person he was before last year when he suffered from a stroke while campaigning for re-election.
Morgan Stanley's absence of women from the slate of potential CEO successors highlights the importance of keeping and cultivating a diverse talent pool, according to corporate governance experts. Co-presidents Ted Pick and Andy Saperstein, as well as Dan Simkowitz, head of the investment management unit, are the front-runners to succeed James Gorman, who said he plans to step down as CEO next year. Women held 25% of executive, senior or managerial roles in the U.S., compared to 29% at JPMorgan Chase, 36% at Bank of America and 38% at Citigroup, while at Morgan Stanley, 80% of the top leaders are white.
Manchester City were greeted with a hero’s welcome upon arrival at home stadium the Etihad as they prepare for their match against Chelsea. This follows the confirmation of City’s fifth Premier League title in six years. Despite the result of their final game having no bearing on their achievement, the lobby outside the stadium was crowded with fans, while players, who arrived in their team bus, were greeted with flares and chants of “champions”.
Scores of Boston University graduates turned their backs on Warner Bros. Discovery CEO David Zaslav, who gave the commencement address, and shouted “pay your writers”, supporting a Hollywood writers’ strike picket. A plane flew a banner reading “David Zaslav — pay your writers” across the stadium, while 100 protesters chanted “No wages, no pages” outside graduation ceremonies, at which thousands of students watched. Zaslav graduated from Boston University Law School in the mid-80s. More than 11,500 members of the Writers Guild of America went on strike on 2 May after their contract negotiations broke down.
An Afghan colonel who fought alongside British troops has received a threat of deportation to Rwanda after fleeing to the UK on a small boat following the Taliban’s takeover of Kabul in August 2021. The veteran claims that he was not helped after leaving his family behind in Afghanistan to escape danger, and has now received the notice of intent from the Home Office after applying to the Afghan Relocations and Assistance Policy (Arap). The colonel is being supported by Care4Calais and requires urgent assistance as regards his case, having gone through at least 11 countries before arriving in the UK.
The Afghan colonel is one of many veterans who served British interests in Afghanistan and are now being threatened with deportation or are forced to flee through illegal routes as a result of strict restrictions and delays in the UK’s evacuation schemes. Speaking to Care4Calais, he expressed concerns for his family in case he is deported to Rwanda and criticized the UK’s abandonment of Afghan military personnel when the Taliban gained power. Former heads of the Royal Navy and Army have stated that the UK has free moral obligations to Afghan military personnel to secure their safe migration to the country for a better life.
Afghanistan now lies at security risk as the Taliban fights to consolidate its grip on the country, with many civilians and former military personnel facing arrest and execution. The UK’s deadline of 31 August 2021 to evacuate Afghans who had supported coalition forces was met with criticism after only a select few were evacuated in time. The latest case involving the Afghan colonel joins a list of controversial immigration policy actions by the UK government that have been harshly criticized by NGOs and human rights activists.
Grassroots footy club, the University of Melbourne Women’s Football Club (also known as the “Mugars”), has welcomed transgender and gender-diverse people with open arms. The club held an open training night for trans and gender-diverse persons in April this year and since then has recruited just one participant, a woman named Olivia who now plays in the club’s third team. The value of the club’s inclusion practices has been reflected in the club’s success both on and off the field. The club has received better welfare opportunities for players, better revenue opportunities for the club through sponsorship and through grants, better social events, and more chances for on-field success. The Mugars’ open training night was held to create a space for trans people who feel unwelcome in sporting environments. At the elite level of AFL in Australia, players must meet certain standards: the AFL requires female trans players’ testosterone levels to be at or less than five nanomoles per litre continuously for at least two years, and to provide physical and athletic performance data.
Manitoba Public Insurance announces new leader amid review
The Toronto Star
23-05-22 01:49
Manitoba Public Insurance (MPI) has replaced its CEO and president Eric Herbelin amid a review of the insurer ordered by the province. Marnie Kacher has agreed to take on an interim CEO role while a permanent leader is sought, according to MPI's board of directors' chair, Ward Keith, who did not explain why Herbelin had been replaced. Last month, an external review of MPI was ordered following a rise in technology costs and projected staffing levels, blamed on untendered contracts and a lack of management control over the company's core IT overhaul, Project Nova.
Morgan Stanley CEO James Gorman has announced that he will be stepping down within a year, but will remain as executive chairman with a yet-to-be-revealed successor to take his place as CEO. Under Gorman's leadership since 2010, the firm made a series of major acquisitions, including Eaton Vance, E*Trade and Solium Capital, transforming it into a wealth management firm that manages up to $15tn. Gorman has so far made no announcement regarding the length of his tenure as executive chairman. Morgan Stanley's co-presidents Ted Pick and Andy Saperstein, along with head of investment management Dan Simkowitz, are viewed as potential successors to Gorman.
A non-profit backed by fellowships engager Arsht-Rock Foundation and microinsurance start-up Blue Marble as well as a trade union, has teamed with ICICI Bank on one of the world's first insurance policies for extreme heat, which has 21,000 self-employed women in Gujarat, India, signed up to it so far. The policies offer a small payout if temperatures rise well above historical averages and stay there for at least three days, with payments being triggered if a predetermined threshold is breached. Reinsurer SwissRe has reported that global sales of parametric products have soared 40% since August 2021, while Allied Market Research estimates the market could hit $29.3bn worth in 2031 up from $11.7bn last year.
The latest episode of Succession sees protests building outside ATN following the channel’s crowning of the sleazy right-wing Mencken. Kendall’s ex-wife Rava has decided not to attend Logan’s funeral so she can take their daughter out of town to safety. Kendall, his usual mournful Droopy Dog schtick briefly melting away to reveal a streak of scorned paternal rage, threatens to get an emergency court order to prevent Rava leaving the city. Tom Wambsgans is displeased with the results of the election, too, not because he feels regret over having championed Mencken, but because in a newspaper expose about ATN’s shady dealings, he is barely mentioned. Meanwhile, when the other Roys enter the church they are met by Connor who threatens to read a “formally inventive” eulogy, which sounds horrific. In the end, Roman becomes overwhelmed and reacts in much the same way that he always did when the still-living Logan walked into a room – his plans and his bravado vanish into thin air, and he becomes a little boy.
The Indian rupee is set to open lower against the US dollar after the Reserve Bank of India (RBI) announced it would withdraw the highest denomination 2,000-rupee note. The RBI's move is expected to impact the cost of carry, or forward premiums of the USD/INR, which are already low, with reports expecting further declines. The excess liquidity that the withdrawal of the 2,000-rupee note is expected to lead to, will likely result in a significant drop of the rupee money market rates and hence pressure on the Indian currency.
CRA demands payment on scammed federal benefits — from the victim whose account was hacked
CBC
23-05-22 08:00
Thousands of Canadians experienced the financial and personal trauma of identity theft after hackers accessed their information on the Canada Revenue Agency website in 2020. Among them was Justice Mounsey, who has been receiving false applications for credit cards, loans, and more using his identity since the breach. The attackers changed the banking information on 12,700 accounts and fraudulently requested CERB benefits. Mounsey is seeking legal redress for the “operational failures” that allowed the hacking. Since discovering the volume of false activities, he has implemented fraud alert services, repeatedly dealt with government authorities and faced demands that he pay abnormal tax charges related to fraudulent activity that was not his fault. Security expert Ritesh Kotak said this case shows how hard it is to recover from a data breach.
An Essendon supporter group has called on the club to abandon its pokie machines, which reportedly lost gamblers more than AUD10m ($7.5m) last year. The "Predators Off the Park" group has urged the Australian Football League's (AFL) Essendon club to consider alternative funding streams, as polemics continue over gambling adverts and the wider societal impact of pokies. But the club said it would have to carefully weigh any decision over closing the machines to ensure its financial stability. Essendon is one of four clubs in the AFL with gaming revenue, alongside Carlton, Richmond and St Kilda.
As Tesla and BYD step up electric vehicle production, the chief executives of five Japanese automakers have released a unified message encouraging the need for a diverse approach to powertrains and alternative fuels to achieve more environmentally responsible vehicles. Japan's largest passenger car exporter, the Japan Automobile Manufacturers Association (JAMA), exhibited a range of hydrogen and carbon neutral fuel vehicles throughout the recent G7 summit alongside EVs. JAMA's united voice is in contrast to that of the European Automobile Manufacturers' Association, which in 2020 lost several members for failing to agree on the best way to tackle climate change.
While investment in India's commercial property sector is still a fraction of that in other Asian markets, economic reforms mean the country's real estate industry is undergoing a "once-in-a-generation shift and opportunity for companies and investors," writes Nicholas Spiro in the Financial Times. India has a national digital infrastructure underpinned by a biometric identity scheme, a single goods and services tax, and a regulatory regime to encourage real estate investment trusts, among other changes. Furthermore, India is proving to buck global real estate trends; for example, Indian office occupancy rates are higher because of the physical presence needed for tech services employees to do their jobs.
Improved internet connectivity is set to become a lasting legacy of the COVID-19 pandemic in Canada's cottage country, accelerating a movement of remote workers to rural properties. Cottage prices soared during the pandemic, with many people buying as an isolation retreat, but the expected return of workers to offices combined with lower prices will help more residents balance long-established local communities. Royal LePage anticipates the price of single-family homes will drop by 5% to CAD603,060 ($493,000) by 2023, with interest in rural property expected to persist even as business leaders push for the return of remote workers to continue after the pandemic.
James Gunn, co-CEO of DC Studios alongside Peter Safran, has listed his five favourite film adaptations of comic books, giving an indication of what to expect from future DC films. Gunn's top five movies include Deadpool (2016), Richard Donner’s 1978 Superman, the recently released animated film Spider-Man: Into the Spider-Verse (2023), Park Chan-wook’s Oldboy (2003) and David Cronenberg’s A History of Violence (2005). Gunn said he didn't know at first that Oldboy was based on a Nineties Japanese manga, but praised its influence on Korean cinema as "reinventing action" and "shocking at the end".
Qantas has indicated that earnings pushing up to AUD 2.48bn ($1.8bn) in 2022 would come under pressure from falling airfares, coupled with the return of international routes, even with demand expected to stay strong. The prediction comes as a shortened quarantine period in neighbouring New Zealand saw a return to flight schedules with full planes. However, Qantas CEO Alan Joyce also highlighted that the airline was experiencing a capacity mismatch despite increasing domestic services and that the profits had been boosted by the lack of flights and capacity during the pandemic.
