U.S. regulators issue guidance for bank stress testing

Related news OSFI seeks to step up sector’s cyber resilience James Langton How should banks allocate capital for crypto? U.S. banking regulators have issued final guidance for stress testing by big banks, which they see as a critical component of risk management. The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. Monday issued final supervisory guidance today regarding stress-testing practices at large banks (defined as banks with total consolidated assets of more than US$10 billion), which highlights the importance of stress testing as an ongoing risk management practice. Share this article and your comments with peers on social media Translating climate risks into financial risks takes work Keywords Banking industryCompanies Federal Reserve Board The regulators point out that stress testing supports forward-looking assessments of a bank’s risks, and better equips them to address a range of adverse outcomes. The guidance outlines general principles for a satisfactory stress testing framework, describes various stress testing approaches, and how stress testing should be used at various levels within an organization, the regulators note. The guidance also discusses the importance of stress testing in capital and liquidity planning and the importance of strong internal governance and controls as part of an effective stress-testing framework. The recent financial crisis underscored the need for banks to incorporate stress testing into their risk management practices, the regulators say, as it revealed that banks that are unprepared for particularly adverse events, “can suffer acute threats to their financial condition and viability”. Facebook LinkedIn Twitter read more

Government Partners With LIME for ‘Start-Up Jamaica’

first_imgGovernment Partners With LIME for ‘Start-Up Jamaica’JIS News | Presented by: PausePlay% buffered00:0000:00UnmuteMuteDisable captionsEnable captionsSettingsCaptionsDisabledQualityundefinedSpeedNormalCaptionsGo back to previous menuQualityGo back to previous menuSpeedGo back to previous menu0.5×0.75×Normal1.25×1.5×1.75×2×Exit fullscreenEnter fullscreenPlay Story HighlightsThe Government has partnered with telecommunications company, LIME, to provide Internet connectivity, furniture and equipment for the ‘Start-up Jamaica’ initiative.‘Start-up Jamaica’ is a public/private partnership for economic growth and development.It is expected to be launched later this year and seeks to provide mentorship and other business support for aspiring and new technology entrepreneurs. RelatedGovernment Targeting Renewable Energy Installations in Hotels Photo: JIS PhotographerMinister of State in the Ministry of Science, Technology, Energy and Mining, Hon. Julian Robinson (seated right) and Head, Retail, LIME, Stephen Price (seated left), sign a Memorandum of Understanding (MoU) for the provision of Internet connectivity, furniture and equipment to the ‘Start-up Jamaica’ initiative at the Ministry’s New Kingston offices, today (June 9). Others sharing in the moment (from left) are: Corporate Communications Manager, LIME, Elon Parkinson and Managing Director, Biztactics Limited, Sandra Glasgow. The initiative is expected to be launched later this year and seeks to provide mentorship and other business support for aspiring and new technology entrepreneurs. RelatedGovernment Committed to Renewable Energy Agenda RelatedEWI Officially Notified of Licence Revocation for Energy Projectcenter_img FacebookTwitterWhatsAppEmail Government Partners With LIME for ‘Start-Up Jamaica’ TechnologyJune 9, 2014Written by: Chris Patterson The Government has partnered with telecommunications company, LIME, to provide Internet connectivity, furniture and equipment for the ‘Start-up Jamaica’ initiative.‘Start-up Jamaica’ is a public/private partnership for economic growth and development, which aims to help Jamaica’s innovators and entrepreneurs grow from being an idea to a product, thus increasing employment and access to foreign exchange.It is expected to be launched later this year and seeks to provide mentorship and other business support for aspiring and new technology entrepreneurs.The agreement was formalised through the signing of a Memorandum of Understanding (MoU) between Minister of State in the Ministry of Science, Technology, Energy and Mining, Hon. Julian Robinson and Head, Retail, LIME, Stephen Price during a  ceremony at the Ministry’s New Kingston offices, on June 9.In his address, Mr. Robinson thanked LIME and the other corporate partners who have come on board to support the initiative, which he says augurs well for economic growth and development in Jamaica.“LIME has been extremely supportive from the beginning and we are very happy that we are at the stage where we are formalising the arrangements,” he added.Mr. Robinson said the initiative is intended to bridge the gap for talented Jamaicans who do not have access to funding and the ideal environment to capitalise on “great ideas in technology.”Meanwhile, Mr. Price said his company will, for the first time in Jamaica, introduce an Internet exchange dedicated to the facility.“(This) will make the hosting of content here in Jamaica very easy for them; they don’t have to go and use expensive pipes to go overseas to come back to Jamaica, they will have their own internet exchange,” he said, adding that the initiative will be the catalyst for great things to come.He further noted that the sector is “ripe for real productivity and to bring back foreign exchange into the market.”‘Start-up Jamaica’ also seeks to move Jamaicans from being primarily consumers of technology to becoming producers of technology; and to position the country as a hub for innovation and entrepreneurship with the Caribbean region.Through a partnership with Jamaica National, the facility will be located at Duke Street in Kingston. It is also receiving funding from the Development Bank of Jamaica for the initial stages of establishment.Also, Middle East based accelerator company, Oasis500, will invest in tech entrepreneurs who are interested in going through the required process for selection. Advertisementslast_img read more

Malibu buys out City manager’s contract

first_imgHomeFeaturedMalibu buys out City manager’s contract May. 05, 2021 at 6:00 amFeaturedNewsMalibu buys out City manager’s contractGuest Author1 month agoContractMalibuMalibu City Genevieve Finn, Malibu Times / SMDP Staff WriterMalibu City Manager Reva Feldman officially resigned from her post on Saturday, May 1 in a deal that will avoid the threat of a lawsuit.Malibu City Attorney John Cotti said the city would launch a national search for Feldman’s replacement “very soon” and that Steve McClary, a former city manager in Ojai, has been named as Interim City Manager.The terms of Feldman’s resignation were unanimously approved, 5-0, by Malibu city council. She received a payment of $150,000 on May 1, with the possibility of another on August 1, 2021, if she has not found a new job by then. Cotti said that the city’s insurer would contribute $150,000 of the total settlement amount.The agreement also stipulated that Feldman will not sue Malibu. Both Feldman and the city council also agreed to a non-disparagement clause, which means neither party will speak negatively about the other in public.Cotti said that the resignation agreement was not to be construed as any admission of wrongdoing by the city.Feldman’s resignation was announced after a long saga that came to a head during the most recent Malibu election cycle, when then-candidate Bruce Silverstein pledged to work to remove Feldman if elected; Silverstein was subsequently elected in November 2020, winning the highest number of votes out of all eight candidates. On social media, Silverstein often lambasted Feldman, calling her “an unelected fascist” and “a tyrannical leader” and describing her leadership style as “opaque, unaccountable and unethical.” Feldman told the council that Silverstein bombarded her with records requests, making it difficult for her to complete her other duties as city manager.Feldman was also implicated in allegations made by former Malibu City Council Member Jefferson “Zuma Jay” Wagner, who, with the help of Silverstein, shared a sworn affidavit last winter detailing a City Hall culture where “favors” were often done for “friends and/or supporters of [Feldman].” Feldman’s lawyer Therese Cannata rejected Wagner’s allegations via email to The Malibu Times.Following the announcement of Feldman’s departure, Wagner said he is interested in the City Manager’s job himself.Feldman, whose work has been defended by other council members both present and past, initially came under fire following the Woolsey Fire, the response to which many residents feel she botched.Feldman, via Cannata, sent the council a letter in January 2021 saying that she would agree to a payout. “Because Ms. Feldman is under a constant attack by Mr. Silverstein, she lives in fear of retaliation for doing her job and exercising her professional judgment in the performance of her duties,” Cannata wrote. “[Feldman] is extremely distressed and frightened by recent events, causing her sleepless nights and stressful days. Mr. Silverstein presents as someone who is unstable and unpredictable.”Feldman worked for the City of Malibu since 2005; she was appointed city manager in 2016, according to the city’s website.During her tenure, she grew the city’s general fund reserves from $7 million to $30 million, helped the city acquire a large parcel of vacant land, coordinated millions of dollars of debt issuance and helped establish the city’s AA+/AAA bond rating — a measurement which signifies a city’s high level of creditworthiness and is instrumental in the city’s ability to win funding for projects. She oversaw city staff in managing environmental programs, coordinated projects such as the $60 million Civic Center Water Treatment Facility and the remodeling of Malibu City Hall and led the city through the COVID-19 pandemic. In 2019, Feldman was recognized by her peers as the CCMF City Manager of the Year and represented Malibu on multiple regional and statewide agencies, according to information shared by Cannata.“Reva’s ties to Malibu run deep,” the statement said. “She raised her family in Malibu with her daughter attending Webster Elementary and Malibu Middle and High School.”Outgoing Malibu Mayor Mikke Pierson said he was grateful to Feldman during his remarks and there was a “goodbye” event for her held over Zoom Wednesday, April 28, at 5 p.m.Feldman’s original contract was set to expire in May 2022, according to that letter. Cannata asked that Feldman’s contract be bought out for $375,000, approximately one year of her salary, meaning that Feldman’s final buyout, which totals $300,000 if all is paid, was less than her original ask.As Cotti read out the terms of Feldman’s resignation, both Feldman and Silverstein conveyed little emotion, remaining impassive against their blue Zoom backgrounds. Neither Feldman nor any council member commented following the announcement.“It has been an honor to serve the residents of Malibu and to help the community that I have been a part of for almost two decades,” Feldman later said in a statement from Cannata. “I am so proud of how much the City has accomplished, and I am grateful for the support of the City staff, residents and councilmembers that I have had the pleasure to work with.”This story is published as part of a partnership between the Malibu Times and SMDP.Tags :ContractMalibuMalibu Cityshare on Facebookshare on Twitteradd a commentPacific Park To Hold Job Fair To Fill More Than 200 Spring And Summer Positions On May 8WORDS MATTERYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall5 hours agoNewsCouncil picks new City ManagerBrennon Dixson15 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter15 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor15 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press15 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press15 hours agolast_img read more

The RIBA bites back

first_imgTo continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGIN Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletters Get your free guest access  SIGN UP TODAY Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Subscribe now for unlimited accesslast_img read more

7 days agoBarcelona legend Puyol: Fun seeing Liverpool defender Van Dijk up for Ballon d’Or

first_imgBarcelona legend Puyol: Fun seeing Liverpool defender Van Dijk up for Ballon d’Orby Paul Vegas7 days agoSend to a friendShare the loveBarcelona legend Carles Puyol is a fan of Liverpool defender Virgil van Dijk.Puyol is happy seeing a fellow centre-half nominated for the Ballon d’Or – something he says is well deserved.He said, “Van Dijk is one of the best in the world. “He is a complete defender, always calm, a great player.”The limelight usually goes to strikers, so it’s fun to see a defender get recognition.” About the authorPaul VegasShare the loveHave your saylast_img read more

Florida Signee Jachai Polite Is “Way Better” Than Auburn’s Byron Cowart, Per High School Teammate

first_imgAn interior view of the Florida Gators football stadium.GAINESVILLE, FL – SEPTEMBER 15: A view from the end-zone as the Tennessee Volunteers take on the Florida Gators at Ben Hill Griffin Stadium on September 15, 2007 in Gainesville, Florida. Florida defeated Tennessee 59-20. (Photo by Doug Benc/Getty Images)Byron Cowart was a five-star recruit and the No. 1 defensive end in the country last year. His first year at Auburn was a disappointment, but he was an elite high school player. According to a teammate of 2016 Florida signee Jachai Polite, the Gators are getting an even better player. Marcus Tatum, an offensive tackle heading to Tennessee, went up against Cowart at a UCF camp, and doesn’t thinks Polite is better across the board. From SEC Country:“Jachai is way better than Byron Cowart, by a lot. I went against Byron when I was a sophomore at the UCF camp and I was kicking his butt on a sprained MCL. I played right tackle and he was this big-name guy.“When I go against Jachai, it’s a different story. He’s got better moves than Byron, better pad level, better speed, everything. In that same camp, things just clicked for (Jachai) and he was dominating. That’s really when he started becoming a beast.”Pretty strong words there. Polite was not nearly as highly rated as Cowart, rated three stars by 247Sports. Of course, that only means so much. It Tatum is right, Florida may be getting a very nice player.[SEC Country]last_img read more

Kolkata Two Durga Puja organisers in the city hav

first_imgKolkata: Two Durga Puja organisers in the city have chosen the struggle of the common man as their themes this year. The North Tridhara Puja Committee in north Kolkata has themed its puja on West Bengal’s first woman bus driver Pratima Devi, while Samaj Sebi Sangha in south Kolkata has focussed on labourers. “The North Tridhara puja has the tagline ‘Durbar Durga’ (unstoppable Durga) which is a tribute to women who struggle towards their goals,” Shekhar Tandon, general secretary of the puja committee, said on Tuesday. Also Read – Bengal family worships Muslim girl as Goddess Durga in Kumari Puja “We wanted to base our theme on women empowerment and Pratima Devi can be a role model for others,” he said. The puja will be inaugurated by Pratima Devi on Thursday. The exterior of the pandal is a replica of a red- yellow minibus plying on the Howrah-Nimta route with a model of Pratima Devi at the wheels, while the interiors have been decked up with different parts of a bus and a taxi. Illuminated digital images of conductors and drivers have also found place in the pandal. Also Read – Bengal civic volunteer dies in road mishap on national highway Pratima Devi worked as a minibus conductor on the Howrah-Nimta route that her husband used to drive. After her husband met with an accident in 2011 that left him unfit to drive a heavy vehicle, she got behind the wheels. The Samaj Sebi Sangha, in its 74th year of celebration, has put models of labourers in different corners of its pandal. With the tag line ‘Kurnish’ (Salute), the puja “salutes the working class people who work tirelessly to make our lives easier and more comfortable but remain anonymous,” general secretary of Samaj Sebi Sangha, Arijit Maitra said.last_img read more

Seoul North Korea fired what appeared to be a su

first_imgSeoul: North Korea fired what appeared to be a “submarine-launched ballistic missile”, Seoul said Wednesday, a day after Washington and Pyongyang announced they would resume stalled nuclear talks. Pyongyang frequently couples diplomatic overtures with military moves, as a way of maintaining pressure on negotiating partners, analysts say, and may believe this weapons system gives it added leverage. A proven submarine-based missile capability would take the North’s arsenal to a new level, allowing deployment far beyond the Korean peninsula and a “second-strike” capability in the event of an attack on its military bases. Also Read – Saudi Crown Prince Salman ‘snubbed’ Pak PM Imran, recalled his private jet from US: ReportThe South’s Joint Chiefs of Staff said it detected a ballistic missile early Wednesday fired around 450 kilometres (280 miles) in an easterly direction at a maximum altitude of 910 kilometres. The missile was “believed to be one of the Pukkuksong models”, the JCS said in a statement, referring to a line of submarine-launched ballistic missiles (SLBM) under development by the North. “Such actions by North Korea to raise tensions are not helpful to efforts to ease tensions on the Korean peninsula and we urge it again to stop immediately,” it added. Also Read – Iraq military admits ‘excessive force’ used in deadly protestsThe North carried out a successful test of the Pukkuksong-1, also known as KN-11, in August 2016 which flew around 500 kilometres. The United States said it was monitoring the situation on the Korean peninsula. One of the projectiles fell into waters within Japan’s exclusive economic zone — a 200-kilometre band around Japanese territory — Tokyo said. “The launching of ballistic missiles violates UN Security Council resolutions and we strongly protest and strongly condemn it,” Prime Minister Shinzo Abe told reporters. The North is banned from ballistic missile launches under UN Security Council resolutions. The launch came a day after the North’s Vice Foreign Minister Choe Son Hui said Pyongyang had agreed to hold working-level talks with Washington later this week. The two sides will have “preliminary contact” on Friday and hold negotiations the following day, Choe said in a statement carried by the official Korean Central News Agency. US State Department spokeswoman Morgan Ortagus later confirmed the talks, which she said would happen “within the next week”. “It seems North Korea wants to make its negotiating position quite clear before talks even begin,” Harry Kazianis of the Center for the National Interest in Washington said after Wednesday’s launch. “Pyongyang seems set to push Washington to back off from past demands of full denuclearisation for what are only promises of sanctions relief,” he added. It is not the first time the North has followed up an offer of talks with a weapons test. Pyongyang tested what it called a “super-large” rocket launcher last month just hours after Choe released a statement saying that the North was willing to resume working-level talks with Washington. Negotiations between the two have been deadlocked since a second summit between the North’s leader Kim Jong Un and US President Donald Trump in February ended without a deal. The two agreed to restart dialogue during an impromptu meeting at the Demilitarised Zone dividing the two Koreas in June, but the North’s anger at a US refusal to cancel joint military drills with South Korea put the process on hold.last_img read more

Shimla First it was 2017 Assembly polls and then

first_imgShimla: First, it was 2017 Assembly polls and then May 2019 Lok Sabha elections. Ruling BJP, once again, is all set to seek votes in the name of Prime Minister Narendra Modi at Dharamshala and Pacchad bypolls, slated for October 21. Both seats had fallen vacant on the election of Krishan Kapoor, earlier a sitting minister in the Jai Ram Thakur government and Suresh Kashyap, also a two-time MLA to the Parliament. “In Himachal Pradesh, during the Lok Sabha polls, the BJP created history by polling nearly 70 per cent votes, highest vote share in any state, to win all four Lok Sabha seats. Kangra Lok Sabha seat won by Krishan Kapoor polled 4.77 lakh votes. The credit for the BJP’s overall victory on 303 seats goes to PM Modi and Amit Shah,” said the Chief Minister. Also Read – Personal life needs to be respected: Cong on reports of Rahul’s visit abroadHe listed out Modi’s flagship schemes like Jandhan, Ayushuman Bharat, Kisan Samman Nidhi and Ujjawal yojana as major game changers for the BJP. “I appeal to people in two assembly constituencies, which are going to witness bypoll, to support BJP in order to ensure that benefits of such schemes condition to change their lives,” Thakur said in Shimla. The BJP has fielded two new faces Vishal Nehriya, a young Gaddi leader from Dharamshala and Reena Kashyap, a former Zila Parishad member from Pacchad for upcoming bypoll. Both the candidates, especially Kashyap, are facing a strong rebellion in their areas that have made the task bit tough for the party poll managers. Also Read – Firms staying closed 10 days a month due to recession, govt doing nothing: Priyanka GandhiAt Pacchad, Ashish Sikta, who was a strong contender for the ticket as also being Akhil Bharatiya Vidyarthi Parishad (ABVP) leader has already filed the nomination papers as an independent candidate against Kashyap. Now, the Congress may have more or less stemmed the rebellion at Dharamshala as well as Pacchad but the party’s internal squabbles will surely remain its weakest point. The local leadership also lacks a connect at the ground level. The Congress in a way also seems to be a victim of trapshooting as it also wants to target Modi in the polls. The PCC delegation led by AICC incharge Rajini Patil on Tuesday went to state Governor Bandaru Dattatreya and submitted a memorandum highlighting country’s economic situation, which has become a cause of serious concern. The party demanded that the country must revert to policies of Manmohan Singh to overcome the economic crisis and arrest falling GDP. Nevertheless, Congress wants to built-up campaign against Modi, not the state-specific issues. If so, the BJP will be at a major advantage. In the 2019 Lok Sabha polls, the BJP had scored overwhelming support as its vote share went up to 69.11 pc against 53.85 in 2014 polls. The Congress’ vote share dropped by 13.77 percentage points from 41.07 percent in 2014, to 27.3 percent. Thus, the BJP is back with its Modi card.last_img read more

New Delhi The government should provide more stim

first_imgNew Delhi: The government should provide more stimulus to the industry and bring down personal tax rates to boost slowing growth rate of the economy, Godrej Group Chairman Adi Godrej said on Thursday. The government should take these measures, although this may increase the fiscal deficit, he said. “The government should provide more stimulus,” the chairman said on the sidelines of India Economic Summit here. “The current growth rate of economy is slow and we need to stimulate it. We need to have the growth rate up and even if it means that the fiscal deficit goes up, I do not think , it matters. It must do,” he said. Also Read – Commercial vehicle sales to remain subdued in current fiscal: Icra On being asked if the reduction in the corporate tax would help in the revival of the industry, the Godrej group patriarch said : “It would”. “It would be good but more needs to be done,” he said, adding “personal tax rate should be also be cut down”. The slowdown in demand is now clearly visible, he added. When asked to list few measures to revive growth, especially in the FMCG sector, Godrej said: “GDP growth is low, we need to do more and more to stimulate the economy and increase the GDP growth”. Also Read – Ashok Leyland stock tanks over 5 pc as co plans to suspend production for up to 15 days On September 20, Finance Minister Nirmala Sitharaman announced a reduction in the base corporate tax rate to 22 per cent from 30 per cent as part of stimulus measures to revive the slowing economic growth. Moreover, the Goods and Services Tax (GST) collections dropped sharply to a 19-month low of Rs 91,916 crore in September, mirroring a widening slowdown in economy triggered by shrinking consumer demand.last_img read more