Tax cuts, not rate cuts, necessary

first_imgHousing Industry Association senior economist, Geordan Murray, said there had been market improvements lately which has not yet transferred to new housing.“The recent uptick in the market for established homes should allay concerns that further falls in home prices and the housing wealth effect could continue to apply a brake on household spending.”This as CBA Economics predicted RBA would cut again by 25 basis points in February 2020, if not sooner if unemployment figures did not pick up, to an unprecedented 0.5 per cent.“Any desire for monetary stimulus beyond that point would require a much worse economic outlook and probably manifest itself through unconventional policies and QE.” FOLLOW SOPHIE FOSTER ON FACEBOOK Economists warn the only thing rising is dwelling prices, again.CBA Economics chief economist Michael Blythe said “certainly some economic commentators and business leaders question the effectiveness of rate cuts in the current environment”.More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours ago“Our view for a while now has been that interest rate cuts are of limited use: households tend to leave their home loan repayments unchanged, so little additional spending power is unleashed; the potential boost from a lower AUD is limited by still high commodity prices and the move to a current account surplus; and the negative impact on business and consumer confidence. Income tax cuts are a better response to the pressures in the household sector and the weakness in consumer spending.” RBA Governor Philip Lowe has indicated that the RBA board is prepared to cut again. Picture: Amos Aikman/The AustralianPressure is mounting for the Federal Government to step up with income tax handouts for families as economists warn the RBA racing to the bottom on interest rates will only increase dwelling prices, not jump-start spending. Number of homes sold for profit set to rise Beach house hits market with jawdropping price MORE: Housing set for fresh record highs Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 The RBA board yesterday cut its policy rate to a historic low 0.75 per cent, with Governor Philip Lowe confirming they were prepared to cut further “if needed”.RBA’s hand was forced by a global trend to lower interest rates, and its desire to support employment, income growth and keep the dollar steady.CBA Economics warned “debate about the desirability of the move has heated up”, with one area — dwelling prices — getting a boost especially in Sydney and Melbourne. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:40Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:40 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenQuestions for Millennial home buyers01:41last_img read more

Is the Premier League title race over already? Not so fast

first_imgManchester City’s eight point advantage after 11 games is leading to talk of the Premier League title race being over in November, but as Manchester United manager Jose Mourinho noted – English football has a habit of throwing up surprises.It is undeniable that City are currently playing with such a verve, fluency and effectiveness that it is hard to imagine them losing three games and allowing their rivals, whether it be United, Spurs or Chelsea, into the race.But while the form of Pep Guardiola’s team and – second-placed United’s recent losses to Huddersfield and Chelsea – point towards a runaway title win, there is indeed lot of football left to be played.”Eight points in the Premier League is not the same in Portugal, La Liga or the Bundesliga. Yes, it is eight points but there is still a lot of play (to come),” Mourinho said after the loss at Stamford Bridge on Sunday, which followed City’s comfortable 3-1 win over Arsenal.While Mourinho was not explicit in his explanation, the fact is that suspensions and injuries to key players happen and, over the course of a long season, can radically impact a team’s form.And while City certainly have plenty of quality, their strength in depth has not yet been truly tested.Guardiola was already taking about his team being tired after their midweek trip to Naples in the Champions League. How will they be holding up physically after a fixture-congested festive season? How will they cope in February when they will be in knockout action in the Champions League?advertisementCity made a strong start last season but then suffered successive defeats — to Chelsea and Leicester City — at the start of December before ending that month with a loss at Anfield on New Year’s Eve.KEY FIGURESPhoto Credit: Reuters United host City at Old Trafford on December 10 — a game which Mourinho surely has his eye on already as a chance to reign in the leaders and he suggested that his team will be stronger with some key figures set to return.”I hope, feel, think and wish that in the busy period at the end of November, December and January, we’re going to be at maximum strength with (Paul) Pogba, (Zlatan) Ibrahimovic and (Marcus) Rojo back (from injury),” he said.Certainly United’s stumble in form after their excellent start of six wins from seven games, has coincided with the absence of French midfielder Pogba, whose partnership in central midfield with Nemanja Matic was developing so well.Romelu Lukaku’s goal drought has had a bigger impact given the absence of an alternative central striker and the return of Ibrahimovic, who had scored 17 goals in 28 Premier League games before his knee ligament injury, would give Mourinho another option.While the focus is on United’s challenge, it is worth noting that Tottenham are level on points with them and after their crushing of European champions Real Madrid last week, a long winning run from Mauricio Pochettino’s team cannot be ruled out.But while Guardiola is right to play down talk of an inevitable title win, he couldn’t help highlighting one key difference from last season – his team’s performances against top six clubs.”Last season against title contenders, we were able to win just twice. Coming into November, we have already beaten Chelsea, Liverpool, Arsenal,” he said.Six days after December’s clash with United, Guardiola’s side face Tottenham at the Etihad and then on January 14 they are at Anfield, where their title bid unravelled last year.If City can triumph in those games then perhaps talk of a one-horse race can be justified. But as Mourinho says, there is a lot of football left to be played.last_img read more

CIBC to rebrand The PrivateBank as CIBC Bank USA at dozens of

first_imgThe Canadian Imperial Bank of Commerce is extending its brand across the U.S. by renaming dozens of recently-purchased locations south of the border as CIBC Bank USA.The Canadian lender closed its acquisition of Chicago-based PrivateBancorp in June.Today, the bank announced it is replacing the U.S. company’s brand called The PrivateBank with the CIBC name on 36 branches and commercial banking offices.A soccer field and a theatre in Chicago have also been renamed as the CIBC Fire Pitch and the CIBC Theatre.CIBC bought the U.S. bank for approximately $5 billion US in a bid to secure its foothold in the country.The Canadian bank has said it hopes to one day generate a quarter of its earnings in the U.S.last_img read more

Canfor announces more curtailments in Mackenzie and a shift reduction in Prince

first_img“We deeply regret the impacts that these capacity reductions will have on our Mackenzie and Isle Pierre employees, contractors, their families and the local communities,” said Stephen Mackie, Senior Vice President of Canadian Operations, Canfor. “The BC forest industry is continuing to face very significant challenges. None of our temporary or permanent curtailment decisions have been made lightly, nor are they a reflection on the hard work and dedication of our employees.”In combination, these curtailments will reduce Canfor’s annual production output by approximately 400 million board feet, which is in addition to previously announced reductions. MACKENZIE, B.C. – Canfor announced Thursday more capacity reductions in Mackenzie and Prince George.The Mackenzie sawmill will be placed on an indefinite curtailment effective immediately due to the high cost of fibre and poor lumber markets. On top of that, Canfor says challenging operating conditions have made the mill uneconomic under current conditions.The Isle Pierre sawmill in Prince George will be permanently reduced from two shifts to one shift effective September 20, 2019. The capacity reduction, which is due to insufficient timber supply as a result of the mountain pine beetle epidemic and associated decline in the annual allowable cut, will enable the mill to better align its production capacity with the sustainable fibre supply in the region. last_img read more

Wrestling Ohio State dominates Missouri in top5 dual

OSU freshman Luke Fletcher celebrates his first varsity victory over Missouri’s Zach Synon. Credit: Sam Janicki. Courtesy of OSU AthleticsThe dual-meet between Ohio State and Missouri, featuring two 2016 Olympians and recognizing last season’s championships won by sophomore Myles Martin and junior Kyle Snyder, the No. 4 Buckeyes dominated the No. 5 Tigers 30-9.Redshirt juniors Nathan Tomasello and Bo Jordan, Snyder and Martin all won in landslide decisions.“You see these four guys, four of the 10 were a critical part of our first national championship,” OSU coach Tom Ryan said.At 133 pounds, Tomasello faced off against Missouri’s Jaydin Eierman, in a match that turned controversial after Tomasello finished a slam out of bounds after a blown whistle.“I didn’t hear any whistle and then as the whistle blew, I already had him in the air,” Tomasello said.  “I wanted to finish my tag.  I think it was kind of good to get the crowd more involved after that.”Tomasello won the match 11-2. Since beginning the season with an injury, he has lived up to the hype of a championship contender in the few weeks of competition.“Patience, patience is important,” Tomasello said.  “Having support from the training staff and from coach Ryan and all the guys like Kyle (Snyder) has helped me to continue to push hard and come back even better than I was last year.”A point of anticipation in Thursday’s match was the debut of OSU freshman Luke Pletcher at 141 pounds, who had his redshirt pulled earlier this week.  Down early in the first period, Pletcher rebounded by scoring a late takedown, ultimately prevailing 6-3.“I remember him staying in the fight,” Ryan said.  “I remember him scoring late in the periods.  You want to be the guy that scores the last points in the period.”Coach Ryan praised Pletcher’s ability to handle the stress and pressure that comes with short turnarounds and tough competition.  “We felt pretty good about Luke going in. On a daily basis, he does the things necessary to have a performance like that.”OSU’s Kollin Moore, redshirt freshman at 197 lbs., wrestled the tightest match of the night, taking on Olympic bronze medalist and top-ranked J’den Cox of Missouri.  Moore fell behind 0-2 early, but kept close the entire match.  Two crucial takedowns in the third period brought Moore within a point of Cox, but his effort fell short, as Cox prevailed 6-4.Bo Jordan and brother Micah won their matches by a combined score of 37-13. Martin scored six takedowns, winning 21-5. Snyder pinned his opponent in the heavyweight division. read more

Commentary 2022 World Cup in Qatar an obvious mistake by FIFA

The FIFA Executive Committee convened in Zurich Dec. 2, 2010 to decide which country would get to host the 2022 World Cup.After eliminating bids from Australia, South Korea and Japan, it was down to the U.S. and Qatar in the decision for who would play host.In the end, Qatar won.Almost immediately after the announcement, an uproar began in the international soccer community. The World Cup takes place during June and July every four years. During those months in Doha, Qatar, the average high temperature is more than 107 degrees Fahrenheit. If player safety is a concern, that temperature is too high.FIFA has since aimed to fix the problem of high temperatures by attempting to move the World Cup to the winter months, as air conditioning the stadiums enough to make play safer would cost unrealistic amounts of money.Instead of absolving the issue, this created as much, if not more, controversy.The English Premier League, the Spanish La Liga, the Italian Serie A, the German Bundesliga and other leagues across Europe are in the heart of their seasons in the middle of winter and would struggle to change their long-standing schedules to accommodate such a lengthy event as the World Cup.The Premier League in particular has been vocal about having to change its yearly schedule for the World Cup. Chief Executive Richard Scudamore said FIFA has the power to select the venue, but that the time is a very different decision, as it would interfere too much with previously planned schedules.“Those are two very different things,” Scudamore said. “The sporting calendar across the world is affected.”On top of all that, The Guardian reported Sept. 25 that  at least 44 Nepalese laborers have died in Qatar of heart attacks, heart failure or workplace accidents, which brings up a human rights issue for laborers in Qatar.Despite the backlash, FIFA remains adamant in its stance that the World Cup will take place in Qatar in 2022.The association’s president, Sepp Blatter, said Oct. 4 the venue would not change.“The 2022 World Cup will be played in Qatar — that’s it,” Blatter said. “We don’t know if it’s winter or summer. I do not know what will be the outcome.”It’s pretty clear to me, though, what needs to happen. FIFA needs to admit its mistake and award the bid to the U.S. — or Japan, or South Korea or Australia. Really, they just need to pull it out of Qatar.I respect what FIFA was trying to do in bringing international soccer to the Middle East, which has not had much success in the tournament historically, but putting it there was a mistake from the start.The leagues already are forced to work around the World Cup qualifying schedule in the years leading up to the event, taking time off to allow the players to return to their home countries to play in matches.Not only would two months worth of games be taken away from them, but you have to add in the time that it would take for players to train with their countrymen beforehand, and likely give them time off afterward.That’s four months off  the leagues would essentially be forced to give for the players, something that would in turn be a financial and logistical nightmare.If FIFA is smart, it will move the World Cup.I’m a homer, so I may be a little biased by the fact that I would love to watch the final in the Rose Bowl stadium in Los Angeles, but the controversy kicked up by the Qatar decision is not worth the effort.No one, it seems, outside of FIFA and Qatar, is pleased with the situation and willing to make a change.It seems as if representatives from FIFA are just stubbornly sticking to their guns because they are not willing to come out and say they were wrong. Personally, I don’t think they will.Blatter and the rest of FIFA have made it clear that they want the World Cup in Qatar, so the likelihood of making a change is very small.Allowing the U.S. to host in 2022, the second time the country would host after 1994, would fix the issue of high temperatures as the average temperature in Los Angeles is 83 degrees Fahrenheit in June and 84 in July, and allow the competition to be played in the traditional summer months.Do the right thing FIFA, give the World Cup to the good ol’ U.S. of A. read more

Neville understands Kanes battle with fatigue

first_imgFormer Manchester United defender Gary Neville insists he understands Harry Kane’s battle with fatigue after playing at the World Cup this summer.The England captain has had his physical and mental fitness questioned recently after featuring in a lot of games last season and Neville has revealed he understands what the striker is going through.“It’s not one tournament, it’s the accumulation of the physical demands where you haven’t had any breaks. It usually hits you at three years without a real break and I did struggle in the 2000/01 season at the age of around 25.” Neville told Sky Sports.“I hit a wall after I’d played in Euro 1996, the Tournoi in 1997, World Cup 1998, won the 1999 treble and then we went on a summer tour and all of that took it out of me.”Opinion: De Bruyne is the best crosser since Beckham Tomás Pavel Ibarra Meda – September 13, 2019 We never thought we would see anything remotely like it, but now we can say that De Bruyne is the best crosser since Beckham.Nobody…“I think with Harry and other players who play week in week out, Saturday-Wednesday and all summer, what you would say is they continue to soldier on and maybe do dip in sharpness, but their level is still high enough to play.”“There’s no doubt that they need that month or two break. However, they will naturally pick up injuries which will give them that break and allow their whole body to recover.”“So it is very difficult for a manager to give them a break because they look tired. Harry is playing at a high level, perhaps not at his peak, but there’s no way you can rest your captain for a competitive fixture.”last_img read more

Benitez frustrated about having to replay FA Cup match

first_imgNewcastle United and Blackburn tied 1-1 yesterday in the FA Cup Third Round, and according to the Magpies manager, this was the worst case scenario for the team.Bradley Dack scored for Blackburn yesterday in the FA Cup Third Round match.But Newcastle United was saved from a defeat thanks to a penalty goal scored by Matt Ritchie.In the end, both clubs drew, which means they need to play again to decide a winner.And for the Magpies boss Rafa Benitez, this is the worst case scenario.Harry Maguire, Manchester UnitedLiverpool legend Nicol slams Harry Maguire’s Man United form Andrew Smyth – September 14, 2019 Steve Nicol believes Harry Maguire has made some “horrendous mistakes” recently, and has failed to find his best form since joining Manchester United.“Yes, in terms of another game, another situation that you have to manage with more minutes, more players, more risk,” he told Football 365.“I am not happy with another game – I would prefer to win this game and that’s it. But if you cannot, at least you have another chance and then try to win the next one.”“Some young players playing, some players who have not been playing having 90 minutes under their belts, the reaction of the team after we conceded and (Florian) Lejeune coming back after four and a half months with a serious injury,” he explained.“Those are positives.”last_img read more

Cooper Landing And Sterling Remain In READY Alert Status

first_imgThe Great Basin Incident Management Team reviews Ready-Set-Go! lines each day to assess current and past levels of fire activity, expected weather patterns, and predicted fire behavior. All landlines are automatically registered in the KPB alerts system; however, you must register mobile phones. You can register for KPBalerts by texting to 99411 and follow prompts. If a Level 3 GO! alert is issued, it’s time to evacuate immediately, leave NOW. Please go when you are asked to leave.The Kenai Peninsula Borough has an interactive map that allows you to see the current fire perimeter. Enter your home address in the search field in the upper left corner of the page to see where you home is in relation to the Swan Lake fire.  Click here to view the Borough interactive map. A Level 1 (READY) alert is NOT a notice to leave. Visit the KPB blog at www.kpboem.com or call the Borough Call Center at 907-262-INFO (4636) for updates. Monitor social media, news and radio for current Ready-Set-Go! (RSG!) information in your area. This is the time to relocate things like flammable tanks and supplies from your home and outbuildings. Consider the six “P”s: People, Pets, Pills, Pictures, Papers and your Personal computer, that you will take if you need to leave your home.center_img Facebook0TwitterEmailPrintFriendly分享Sterling and Cooper Landing remain at the Level 1 Ready alert status with fire activity continuing on the Swan Lake fire. Level 1 READY stage means be ready for POTENTIAL evacuation because there is a fire in your area.Sterling neighborhoods EAST of Feuding Lane and EAST of Adkins Road to the Kenai National Wildlife Refuge have been placed on a Level 1 “READY” status.Cooper Landing has been placed on a Level 1 “READY” status due to increased fire activity within the NW side of the Swan Lake fire near Watson Lake. It means you should have a plan to transport and care for family members with mobility needs, pets or livestock, according to the Kenai Peninsula Borough Office of Emergency Management.last_img read more