Growth Energy Urges EPA to Move Forward, Not Backward on Cellulosic…

first_img By Hoosier Ag Today – Sep 4, 2017 Growth Energy Urges EPA to Move Forward, Not Backward on Cellulosic Biofuel Previous articleWhole Foods Launching Plant-Based Burger JointsNext articleCommentary: The Promise of Big Data Finally Coming True Hoosier Ag Today SHARE Facebook Twitter Home Energy Growth Energy Urges EPA to Move Forward, Not Backward on Cellulosic Biofuel Facebook Twitter SHARE In response to the Environmental Protection Agency’s (EPA) proposal for the 2018 Renewable Volume Obligations (RVOs) under the Renewable Fuel Standard (RFS), Growth Energy submitted detailed comments as part of the public comment period. Growth Energy’s comments focus on a number of policies that will ensure the continued progress of starch and cellulosic biofuels under the RFS. Specifically, the comments focus on:1. Maintaining the 15-billion-gallon total for conventional biofuels to maintain U.S. energy security and independence2. Pushing forward and increasing the cellulosic biofuel volumes to 377 million gallons3. Revising the cellulosic waiver credit program to ensure that the volumes being produced are being used in the transportation fuel system4. Taking actions to mitigate manipulation in the RIN marketUpon filing the comments, Growth Energy CEO Emily Skor issued the following statement:“The Renewable Fuel Standard has been the nation’s most successful energy policy. Ethanol is a high-performance, high-octane biofuel that also reduces harmful emissions and displaces toxic chemicals in gasoline. Higher ethanol blends provide consumers with a choice, as well as savings at the pump. Further, the RFS promotes economic growth and energy security by supporting American jobs and insulating our markets against the volatile price of oil from foreign and often hostile nations.“Administrator Pruitt and the Administration put forward a good, strong proposal to maintain the commitment to starch ethanol, but there is simply no reason to backpedal on moving the RFS forward with cellulosic biofuel. With our comments, we are showing that we can continue the significant progress made by the RFS and that we can continue to grow the market for cellulosic biofuel.”Click HERE to view the Executive Summary.Source: Growth Energylast_img read more

FW Academy of Fine Arts performing ‘There’s no Business Like SNOW Business’

first_imgTCU Tailgates in The 109 Morgan Heinrich Morgan Heinrich Facebook + posts Paschal High School teacher wins excellence award FW Academy of Fine Arts performing ‘There’s no Business Like SNOW Business’ Morgan Heinrich Fort Worth set to elect first new mayor in 10 years Saturday Twitter Twitter Previous articleSizzle Reel (Ep. 13 – Christmas movies, Best/Worst of 2016 and more)Next articleDr. Mike Slattery: The man behind TCU’s Rhino Initiative Morgan Heinrich RELATED ARTICLESMORE FROM AUTHOR Linkedin Morgan Heinrich ReddIt Abortion access threatened as restrictive bills make their way through Texas Legislature printThe Fort Worth Academy of Fine Arts will be performing their Musical Theater Cabaret: “There’s No Business like SNOW Business” this weekend.The show will feature musical numbers from “Christmas on Broadway”, the movie “Elf”, to “How the Grinch Stole Christmas”, and will conclude with “White Christmas”. There will be songs from television show “Glee”, Jason Robert Brown’s “Songs for a New World”, and the musical “Meet Me in St. Louis”.The cabaret director, Nicholas Morris, said he is extremely excited for the show because each component of the cabaret has a different style of dance and music.“Each different medley that we will perform gives our students a 20-minute taste of being a part of that show,” Morris said. “I want our students to get a taste of these goodies.”Four FWAFA students perform during the cabaret’s closing number.The cabaret allows the students an educational opportunity to experience each show as well as learn the history behind it, said Morris.“These different styles of music and dance will really help prepare our students for what their future might hold,” Morris said.Morris said the show will have a variety of musical numbers that will cross several generations.“From Judy Garland’s ‘Have Yourself a Merry Little Christmas’ in the musical ‘Meet Me in St. Louis’ that was published in the early 1940s to music from today such as the tunes from ‘Glee’ we will be performing, our cabaret has such a variety!” Morris said.The FWAFA students were enrolled in six musical theater classes which included three dance classes and three vocal classes, said Morris.“This show is a one-act show that has 80 kids performing for over an hour,” Morris said.The cabaret is anchored by the advanced musical theater class, he said.“There is a lot resting on their shoulders,” Morris said. “Five of the medleys and production numbers will be performed by them and they have a lot of the solos as well.”Morris said the musical numbers will have kicking aspects from The Rockettes as well as tap, jazz and hip-hop dance numbers.“Our cabaret has everything from classy costumes with beautiful dresses and tuxes to performers dressed as elves,” Morris said.The show will be opening with the traditional Broadway kick line feel and end with “White Christmas”, Morris said.“There may even be chances of snow during the show!” Morris said.There will be solos from students of all ages.The song “It’s the Most Wonderful Time of the Year” will be performed by eighth grader Lauren McGee. High school 11th grader Shelby Parker will be performing in the lively, dramatic and comical song based on the woes of Mrs. Claus called “Surbaya Santa” from the musical “Songs for a New World”.Another solo will include ninth grader Camryn Wright singing “The Christmas Song” as well as numerous other solo pieces.The cabaret is set for Saturday, Dec. 10 from 7 to 9 p.m. Tickets are $6 in advance and $8 at the door.The Director and Performers Morris has been in the education and entertainment field for over three decades.The director has a theater degree from Midwestern State University.He has also been performing with a profession dance group based in Dallas for the past 18 years.“This is my fourth year here at the Fort Worth Academy of Fine Arts,” Morris said. “Throughout my time here our musicians have won ten Buckley Awards which are like the Tony’s for the youth.”This year’s group of students are exceptionally talented, said Morris.“There is so much talent in our group this year and I just feel like every year our students are getting better and better,” Morris said. “Between work ethic, attitude, and professionalism our group has really improved.”Heim performing during his duet with Molly Morgan.The director said this year’s group is bittersweet.“My seniors this year started with me when they were freshman so it is a bittersweet feeling watching them grow up and improve,” he said.FWAFA senior Tucker Heim, who will be performing in a duet with classmate Molly Morgan in “Extraordinary Christmas” said he has had a lot of fun with this cabaret but agrees that this year has been nostalgic.“We do senior buddies—that’s when the third graders have a partner that is a senior, they are like their mentors,” Heim said. “Now that I’m a senior it’s this strange bittersweet feeling because my senior buddy seemed so much older than me and now I’m at that point too so I try to resemble my buddy.”Molly Morgan (right) with classmate singing during the closing number.Heim applied to both TCU and NYU and hopes to become a part of a professional dance company and eventually becoming a physical therapist for dancers.Senior Molly Morgan said she has learned a lot during her time at FWAFA since she first started in fifth grade.“Last year, we did the musical ‘All Shook Up’ and I really enjoyed my part as Miss Sandra,” Morgan said. “I really worked on my character development of her and I enjoyed figuring out her back story—I put a lot of myself into her and it was a really big learning experience for me.”Morgan hopes to attend Marymount Manhattan College next year.“I would love to be a musical theater performer, but I am on the fence of sticking with musical theater,” she said. “I would love to explore jazz performance vocals in the future but who knows!” Morgan Heinrich Linkedin Fort Worth Academy of Fine Arts performs “Carousel” Grains to grocery: One bread maker brings together farmers and artisans at locally-sourced store ReddIt Facebooklast_img read more

Appeal court upholds judge’s decision to drop all charges in Zongo case

first_img Burkina FasoAfrica News Burkina FasoAfrica A Ouagadougou appeal court on 16 August upheld an investigating judge’s decision to dismiss all charges in the 1998 murder of journalist Norbert Zongo. A judicial source told AFP that the appeal court refused to consider the Zongo family’s appeal against the ruling, claiming that the “investigating judge did his job well.”The judge’s decision, issued on 19 July, had been criticised by many human rights groups, civil society organisations and opposition parties. Reporters Without Borders will continue to campaign for justice to be done.————————–14.08.2006 – Appeal court urged to overturn judge’s decision to dismiss charges in Zongo murderReporters Without Borders today called on the Ouagadougou appeal court to overturn an investigating judge’s decision to dismiss all charges in the 1998 murder of journalist Norbert Zongo, saying it was manifestly the result of “irresistible political pressure” and “clearly violates the code of criminal procedure.”It was Zongo’s family that brought the appeal against investigating judge Wenceslas Ilboudo’s 19 July decision to dismiss charges against Marcel Kafando “and X” (meaning “other undetermined persons”). It is due to be heard on 16 August.“Saying there are no grounds for proceeding against ‘Marcel Kafando and X’ clearly violates the code of criminal procedure as the proceedings were initiated in a case of murder and it is logically impossible to clear ‘X’ as well as Kafando and thereby close the case,” Reporters Without Borders said.Zongo was an investigative journalist and editor of the weekly L’Indépendant. His charred body was found in his car, along with the bodies of three other people, on 13 December 1998. Kafando was one of three members of the Presidential Security Battalion (BSP) who were later convicted in connection with a murder Zongo had been investigating at the time of his death.“The case cannot be closed simply because eight years later a witness retracts a statement that undermined a suspect’s alibi,” Reporters Without Borders continued. “It is one thing for charges to be dropped against Kafando for lack of evidence. But the judicial authorities must continue to look for ‘X.’ If they do not, it will be clear that the Zongo case was closed for purely political reasons.”The press freedom organisation added: “We call on Judge Ilboudo to admit he yielded to irresistible political pressure that ended up making his work impossible. When a representative of our organisation met him on 14 September 2005 at the Ouagadougou lawcourts, he expressed the personal conviction that Kafando and the BSP were involved in the Zongo murder and said he would do everything in his power to find the evidence. But he also spoke of the difficulties he was having, given the ‘law of silence’ surrounding the BSP.”As a result of this conversation, Reporters Without Borders wrote an open letter to President Blaise Compaoré on 25 October 2005, the opening day of the recent presidential election campaign.The letter said: “Investigating judge Wenceslas Ilboudo has tried to get all the witnesses to finally tell the whole truth. But without success. They fear for their safety if they break the law of silence. So the investigation has ground to a complete halt. Reporters Without Borders therefore asks you to appeal publicly to the witnesses in the Zongo case to speak without fear. This case will not progress if you do not give the witnesses your assurance that you will support them if they talk, and that you undertake to protect them.” Receive email alerts Two Spanish journalists killed in eastern Burkina Faso RSF_en News June 7, 2021 Find out more Follow the news on Burkina Faso A Ouagadougou appeal court on 16 August upheld an investigating judge’s decision to dismiss all charges in the 1998 murder of journalist Norbert Zongo. A judicial source told AFP that the appeal court refused to consider the Zongo family’s appeal against the ruling, claiming that the “investigating judge did his job well.” May 5, 2021 Find out more French reporter says he has been kidnapped in northeastern Mali Time is pressing, 20 years after Burkinabe journalist’s murder News August 17, 2006 – Updated on January 20, 2016 Appeal court upholds judge’s decision to drop all charges in Zongo case to go further Organisation News Help by sharing this information April 27, 2021 Find out morelast_img read more

One journalist held incommunicado, a second stabbed

first_img News RSF_en to go further Organisation News After Hengameh Shahidi’s pardon, RSF asks Supreme Leader to free all imprisoned journalists February 25, 2021 Find out more IranMiddle East – North Africa Reporters Without Borders condemns the arrest of Bahman Totonchi, a former contributor to the weekly Karfto, on 18 November in Sanandaj, the capital of the northwestern province of Kurdistan. The organisation has also learned that a journalist was stabbed and seriously wounded in a neighbouring province after writing about gas shortages in the region.“Totonchi’s arrest brings the number of Kurdish journalists currently detained in Iran to five,” Reporters Without Borders said. “This can only be described as persecution as they all used to work for independent media that were already closed by the authorities in charge of supervising the media. We call for Totonchi’s release especially as, more than a week after his arrest, no charges have been brought against him.”The press freedom organisation added: “Meanwhile, the physical attack on a journalist who was covering sensitive social issues serves as a danger alert to the entire media just a few months before the start of the presidential election campaign.”Totonchi was arrested at his Sanandaj home by intelligence agents who carried out a search and left with personal files and his satellite dish. It is not known where he is now being held. Reporters Without Borders has been told that the security forces had been harassing him ever since his newspaper was closed on 29 December 2007 on the orders of the Commission for the Authorisation and Surveillance of the Press, an offshoot of the Ministry of Culture and Islamic Guidance.Mohammad Khaleghi, a journalist based in Takab (in the northwestern province of West Azerbaijan) who writes for the ASR Iran news website, was seriously injured when he was attacked on 24 November by two men on a motorcycle who were armed with a knife and a box cutter. A few days before the attack, he had covered protests by Takab residents about gas distribution problems and had questioned the government’s handling of the issue, prompting Takab’s governor to demand his dismissal and accuse him of being “morally incompetent.”The Iranian government is one of the region’s worst press freedom violators. The print media, news websites and the broadcast media are all controlled by the Ministry of Culture and Islamic guidance and the intelligence services. Call for Iranian New Year pardons for Iran’s 21 imprisoned journalists Help by sharing this information “We call for Totonchi’s release especially as, more than a week after his arrest, no charges have been brought against him.Meanwhile, the physical attack on a journalist who was covering sensitive social issues serves as a danger alert to the entire media.”Reporters Without Borders said. June 9, 2021 Find out more News March 18, 2021 Find out more News IranMiddle East – North Africa November 27, 2008 – Updated on January 20, 2016 One journalist held incommunicado, a second stabbed Receive email alerts Follow the news on Iran Iran: Press freedom violations recounted in real time January 2020last_img read more

Neville masterclass sees Limerick to first McGrath Cup title since 2005

first_imgWATCH: “Everyone is fighting so hard to get on” – Pat Ryan on competitive camogie squads Previous articleBilly Lee Names Team To Face Cork in McGrath Cup FinalNext articleSix decades of Charles Harper John Keogh Predictions on the future of learning discussed at Limerick Lifelong Learning Festival Advertisement TAGSGAAgaelic footballKeeping Limerick PostedlimerickLimerick PostLimerick.GAA Email WhatsApp Donal Ryan names Limerick Ladies Football team for League opener Limerick are McGrath Cup champions following a 0-20 to 0-16 victory over Cork at the LIT Gaelic Grounds.Danny Neville starred for Billy Lee’s side with a scoring total of 0-7. Jamie Lee and Seamus O’Carroll also chipped in with 0-3 apiece.Sign up for the weekly Limerick Post newsletter Sign Up Limerick led 0-12 to 0-8 at the break, and managed to hold off a late Cork comeback to earn their 6th ever McGrath Cup.McGrath Cup Final, LIT Gaelic Grounds, Co. Limerick 11/1/2020Cork vs LimerickLimerick players prepare for the second halfMandatory Credit ©INPHO/Ken SuttonThe teams were level three times in the opening eight minutes, but points from Lee and Tommy Griffin put Limerick two clear with 14 minutes gone.Cian Kiely soon reduced the lead to the minimum, however, an excellent Michael Donovan point saw Limerick two up again once more.Points from Neville, O’Carroll and Neville again then put Limerick 0-9 to 0-5 to the good.McGrath Cup Final, LIT Gaelic Grounds, Co. Limerick 11/1/2020Cork vs LimerickLimerick’s Michael Donovan in action against Cork’s Paul RingMandatory Credit ©INPHO/Ken SuttonAdrian Enright, Ian Corbett and Cillian Fahy added further scores for Limerick in the first half, while Cork added three to see Limerick’s lead at four at the end of an impressive opening 35 minutes.Paul Maher was sin binned in the latter stages of the first half, but Limerick didn’t suffer in his absence as they maintained their four point advantage.Billy Lee’s men continued to impress in the second half with Neville’s two mark’s in a row extending their lead to six points (0-16 to 0-10).McGrath Cup Final, LIT Gaelic Grounds, Co. Limerick 11/1/2020Cork vs LimerickLimerick’s Tommy Griffin challenges Cork’s Ian Maguire in the airMandatory Credit ©INPHO/Ken SuttonCork rallied late on with three points on the trot, but Neville finished off a polished Limerick performance with the final two points of the game.Limerick Scorers: Danny Neville 0-7 (2m), Jamie Lee (3f) and Seamus O’Carroll 0-3 each, Iain Corbett 0-2, B Childs, Tommy Griffin, Michael Donovan, Adrian Enright and Cillian Fahy 0-1 each.Limerick: Donal O’Sullivan; Paul Maher, Brian Fanning, Michael Donovan; Tony McCarthy; Iain Corbett, Bob Childs; Tommy Griffin, Adrian Enright; Padraig De Brun, Cillian Fahy, Seamus O’Carroll; Jamie Lee, Danny Neville, Pat Begley;Subs Used: Tommie Childs, Ger Stack, Padraig Scanlon, James Naughton, Davy Lyons.The post Neville masterclass sees Limerick to first McGrath Cup title since 2005 appeared first on Sporting Limerick. Limerick’s National Camogie League double header to be streamed live center_img Facebook RELATED ARTICLESMORE FROM AUTHOR Twitter Limerick Ladies National Football League opener to be streamed live Linkedin Print Billy Lee names strong Limerick side to take on Wicklow in crucial Division 3 clash SportGaaGaelic FootballNewsNeville masterclass sees Limerick to first McGrath Cup title since 2005By John Keogh – January 11, 2020 1132 last_img read more

Dallas Fed President Argues Against Politicization of Monetary Policy

first_img Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Dallas Fed President Argues Against Politicization of Monetary Policy February 11, 2015 843 Views Share Save Tagged with: Audit the Fed Federal Reserve Federal Reserve Bank of Dallas Richard Fisher The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago In a speech at the Economic Club of New York in New York City on Wednesday, Federal Reserve Bank of Dallas President Richard Fisher’s reflections on his decade with the Fed included his insistence that monetary policy should not be politicized.Fisher drew on his experience of sitting in on 78 regular meetings and 18 special meetings of the Federal Open Market Committee (FOMC) in the last decade in presenting his vehement argument that the Fed should be independent, as was the stance of former Fed Chair Paul Volcker. Fisher told the audience that Volcker was “the George Washington of monetary policy—the very exemplar of the leadership and integrity and dedication that needs to be the inviolable hallmark of every central banker who follows in his footsteps.”Following his praise of Volcker, Fisher continued to assert his stance against the politicization of monetary policy by attacking S.264: The Federal Reserve Transparency Act of 2015, a bill commonly known as “Audit the Fed” introduced in the Senate last month by Senator Rand Paul (R-Kentucky). The bill calls for complete transparency from the Central Bank and has drawn severe opposition from many, including current Fed Chair Janet Yellen, who have vowed to resist any legislative attempts to further scrutinize the Fed’s activity. Previous Audit the Fed bills introduced have never made it out of both the Senate and the House.Fisher quoted from a book by John Lanchester entitled How to Spend Money that described the Bank of England as something outsiders see as “a cross between Hogwarts, the Death Star, and the Office of Ebenezer Scrooge.” Fisher likened those pushing for an Audit the Fed bill to those “outsiders” referred to in Lanchester’s book, calling them “wolves in sheep’s clothing” who have “failed at their job” and find it “convenient to create a boogeyman out of an entity that does its job efficiently.””It is always politically convenient to make something sound mysterious, if not malevolent, by claiming it is opaque,” Fisher said. “Which is precisely what is happening now with Senate Bill 264. The operations and finances of the Board of Governors and the 12 Federal Reserve banks are already audited up the wazoo. As to policy, as soon as our deliberations at the FOMC conclude, we report to the public what we decided. We publish a thorough review of what we discussed—and all views are considered, even those of dissenters like Richard Fisher—in the form of minutes of every FOMC meeting three weeks after we meet. And we subject our Chair to a no-holds-barred press conference on a quarterly basis. All of this alongside frequent speeches and press interviews by the 12 Federal Reserve Bank presidents, who voice their independent views.”Fisher expressed his confidence that leading Republican lawmakers would not “meddle” in monetary policy by pushing an Audit the Fed bill.”I am personally confident that responsible senior senators and congressmen like Sen. (Richard C.) Shelby of Alabama, who chairs the Senate Committee on Banking, Housing and Urban Affairs, and Congressman (Jeb) Hensarling, the Texan who chairs the House Financial Services Committee, can prevent any meddling with monetary policy while understanding the need for their colleagues to vent and score political points,” Fisher said. “‘Audit the Fed’ is nothing more than an attempt to override purely economic judgments and bend monetary policy to the will of politicians. It is misguided. I pray we don’t go there. I can think of nothing that would do more damage to our nation’s prosperity.”  Print This Post Related Articles About Author: Brian Honea in Daily Dose, Featured, Government, News Home / Daily Dose / Dallas Fed President Argues Against Politicization of Monetary Policy Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Audit the Fed Federal Reserve Federal Reserve Bank of Dallas Richard Fisher 2015-02-11 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Firm Announces Class Action Suit Against Servicer Over Relationship With Ocwen Next: REO Properties Net Largest Share of Cash Sales Sign up for DS News Daily Subscribelast_img read more

Citigroup, U.S. Bancorp Profitable in Q3 While Goldman Sachs Net Revenues are Down

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Citigroup, U.S. Bancorp Profitable in Q3 While Goldman Sachs Net Revenues are Down Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago About Author: Xhevrije West Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Tagged with: Banks Citigroup Earnings Goldman Sachs Profits U.S. Bancorp Related Articles Banks Citigroup Earnings Goldman Sachs Profits U.S. Bancorp 2015-10-15 Brian Honea  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Previous: New York Fed Says Conservatorships Accomplished Three of Five Objectives Next: Investors Are Effectively No Longer Overpaying for Assets The Best Markets For Residential Property Investors 2 days ago Share Save October 15, 2015 2,883 Views Citigroup Inc., experienced a substantially profitable third quarter and U.S. Bancorp’s earnings marginally increased, while Goldman Sachs fell short of expectations.Citigroup reported $4.3 billion in net income for the third quarter, or $1.35 per diluted share, up 53 percent from $2.8 billion, or $0.88 per share, in the same quarter a year ago. The bank also has revenues that reached $18.7 billion, down from $19.7 billion last year.Loans totaled $622 billion in the third quarter, down 5 percent from last year during the same period and down 1 percent in constant dollars. The net interest margin was 2.94 percent.The company also returned $2.1 billion of capital to common shareholders and repurchased 36 million common shares.”The quarter had more than its fair share of volatility and our results speak to the resilience of our franchise globally,” said Michael Corbat, CEO of Citigroup. “And despite revenue headwinds, we once again proved our ability to manage our risk, our expenses and our capital. We remain on track to deliver our full-year efficiency and ROA targets. I feel good about the quality and consistency of our earnings over the course of this year, as we have continued to make solid progress against our core priorities.U.S. Bancorp was also slightly profitable in the third quarter, with a net income of $1.489 billion, or $0.81 per share, up from$1.483 billion in the previous quarter and up from $1.471 billion in the same quarter last year.The company attributes the rise in year-over-year net income to higher net interest income and noninterest income, along with reduced credit losses provisions. On the other hand, the increase in net income from the previous quarter was mostly due to increases in net interest income and noninterest income.”The quarter had more than its fair share of volatility and our results speak to the resilience of our franchise globally.” Michael CorbatAverage total loans were $6.7 billion, up 2.7 percent year-over-year, the statement noted.U.S. Bancorp Chairman, President, and Chief Executive Officer Richard K. Davis expressed that he was “proud of the financial performance our 67,000 employees delivered in the third quarter.”“Overall, our actions to generate growth in our balance sheet and revenues, combined with our deliberate efforts to optimize our expense management initiatives, resulted in a solid quarter and put us on a positive forward-looking trajectory,” he said. “As U.S. Bancorp pursues its vision for the future, we are focused on sustainable growth. We continue to make prudent long-term investments to protect our industry leading competitive positions and help our customers build financially secure futures.”Goldman Sachs reported net earnings of $1.43 billion for the third quarter, or $2.90 per share. Net revenues at the company totaled $6.86 billion.Investment banking net revenues totaled $5.48 billion year-to date, its highest performance for the first nine months of the year since 2007, the company reported.Net revenues in investing and lending were $670 million for the third quarter of 2015, down 60 percent from the third quarter of 2014 and 63 percent lower than the second quarter of 2015 due to a significant decrease in net revenues from investments in equities, as net revenues in public equities were negatively impacted by a significant decrease in global equity prices during the third quarter of 2015.“We experienced lower levels of activity and declining asset prices during the quarter, reflecting renewed concerns about global economic growth,” said Lloyd C. Blankfein, chairman and CEO of Goldman Sachs. “We continue to see strong levels of activity in Investment Banking and growth in Investment Management, and looking ahead, are encouraged by the competitive positioning of our global client franchise. Our focus on serving our clients and improving operating leverage puts us in a strong position to generate superior returns for our shareholders.” Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Home / Daily Dose / Citigroup, U.S. Bancorp Profitable in Q3 While Goldman Sachs Net Revenues are Down Subscribelast_img read more

Donegal rents stabalise but still lag compared to national average

first_img Facebook Twitter Donegal rents stabalise but still lag compared to national average Facebook Rents in Donegal have fallen again in contrast to an almost five percent increase across the country over the course of the last year.The latest report from property website Daft-dot-ie shows the national average rent has gone up 4.8 percent in the third quarter of 2013, when compared with the same period last year.The average national rent is now 824 euro per month that is 316 euro more per month than in Donegal.Ronan Lyons of Daft-dot-i.e. says Dublin and its commuter counties have seen large increases:[podcast][/podcast] Twitter Pinterest 365 additional cases of Covid-19 in Republic Google+ Dail to vote later on extending emergency Covid powers WhatsApp RELATED ARTICLESMORE FROM AUTHORcenter_img Google+ WhatsApp Man arrested on suspicion of drugs and criminal property offences in Derry Pinterest Previous articleInvestigation launched into dig for missing schoolgirl Mary BoyleNext articleTwo young men die in County Fermanagh crash News Highland PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal News HSE warns of ‘widespread cancellations’ of appointments next week By News Highland – November 11, 2013 Main Evening News, Sport and Obituaries Tuesday May 25thlast_img read more

Taking White Collar Crime Seriously

first_imgColumnsTaking White Collar Crime Seriously Bharat Chugh12 July 2020 9:11 PMShare This – xA rising tide lifts all boats.[1]It is only when the tide goes out that you learn who has been swimming naked.[2]Afinancial crisis is often followed by a rise in financial crimes. A crisis, such as the one we now face, not only presents an opportunity (and greater motivation) for all sorts of financial shenanigans but also lays bare – the true financial position of a lot of corporations. …Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginA rising tide lifts all boats.[1]It is only when the tide goes out that you learn who has been swimming naked.[2]Afinancial crisis is often followed by a rise in financial crimes. A crisis, such as the one we now face, not only presents an opportunity (and greater motivation) for all sorts of financial shenanigans but also lays bare – the true financial position of a lot of corporations. You’d recall when the proverbial economic tide went-out in 2008 (because of the global financial crisis) there was an increase in both, the number of failed businesses, and the number of white collar crimes. Though certainly, a failed business, by itself, is not a crime but the run-up to insolvency – the period known as the twilight period – provides for a breeding ground for all sorts of financial chicanery.If history teaches us anything, it is certain that there is going to be a rise in white collar crime – yet again, on the other side of COVID. In fact, we are already seeing widespread allegations of illegal profiteering. Rising economic pressures would also lead to misconduct in the form of accounting frauds, forward-invoicing, revenue recognition frauds, misrepresentation/fraud, cheating, criminal breach of trust, etc; things done out of pressure – merely with a view to survive just one more quarter. Further, in areas such as logistics and supply chain management – areas where the COVID-19 outbreak has crippled the course of business – the parties may engage in acts like bribery and corruption in order to expedite government processes. Leakages in public procurement and procurement of undeserved economic aid is another area which is prone to financial crimes – in times such as these. But are the laws and our law enforcement agencies equipped to be dealing with all these cases? In recent years, an increasing number of high profile cases of corporate criminal liability have been initiated[3], and with great fanfare, but with precious little to show – in terms of outcomes. It seems that the court of public opinion is where the victories are sought to be scored and not the real courts. Many of these prosecutions, it appears, had been initiated to either answer society’s perceived cry for retribution against people who are touted as having looted the nation, or for other reasons. In either case, except the initial perp-walk/photo-ops of people being paraded in handcuffs or sent behind bars, there is little else that has been achieved. Genuine cases of bona fide business decisions ought to be protected, while cases of clear criminality – which do deserve to be prosecuted – ought to be investigated and prosecuted better; much better than how we do them now. The way we investigate and prosecute white collar crime needs a total re-imagination. Apart from the other more general issues endemic to our justice system, a few words on some specific reasons why white collar crime prosecutions fail and what can be done to remedy the same: LACK OF CLARITY ON RESPONSIBILITY AND LACK OF CULTURE OF PARDON/LENIENCY FOR WHITE COLLAR CRIME OFFENCES: There is a serious need to rethink ‘how’ and ‘who’ we prosecute for white collar crimes. A typical white collar crime may involve not only a corporation, but individuals/top-executives, and other gate-keepers of the system such as auditors, merchant bankers, valuers, etc. The decision to prosecute all or some of them is often is taken by the investigators themselves – with little guidance in terms of established principles. This leads to both : over-prosecution and under-prosecution. We need more objective principles here.Also, Indian investigators have been seen to be reluctant in the more pro-active use of ‘approvers’ and ‘accomplices’ in making out a good prosecution case. Complex white collar investigations require that the investigators take the help of insiders and companies’ rabbis to guide them through the transactions. Since even the smartest ‘outsiders’ are unable to make sense of or rely on the documents, they almost always have to get someone from the inside to flip and that can happen only when this ‘insider’ is provided proper protection and the right incentives.Making a company ‘insider’ capitulate and turncoat is of profound importance in a white collar crime investigations, given the nature of the crime and the sophistication with which they are committed and considering how carefully they are hidden. We also need to put in place robust leniency/pardon mechanisms for companies willing to disclose any criminality on their part (or on the part of any of their executives), and willing to make amends/restitution. A similar mechanism for disclosure for companies is already there in the competition law regime. We need a parallel here in criminal law. The existing system of tendering pardon to an accused (under the CrPC)- with a view to get a true and fair disclosure from her about the case – may be unsuited in its application to a corporation. PROSECUTORS SHOULD PLAY A MORE PRO-ACTIVE ROLE IN INVESTIGATIONS:An overwhelming number of cases fail on account of (totally avoidable) defects in the investigation. Either due to lack of proper training of investigators, heavy case load, or simply, an attitude of general apathy to rules and procedural requirements. Failure to maintain proper records, improper management of documentary evidence, and delay in recording witness statements are some of the factors afflicting the investigative process. Most, if not all, of these infirmities can be corrected by timely intervention on behalf of the prosecutor who should carefully handhold & advice an investigator (who is not a trained legal mind) in investigating properly. The 14th Law Commission Report noted that : lack of legal assistance at the investigation stage often leads to acquittal of the accused.[4] More than 61 years have passed since the publication of the above mentioned Report, yet the more we change – the more we remain the same. The prosecutor, while not investigating the case herself, must be involved in the investigative process and not just after the filing of the charge-sheet. The Investigator should have the option of seeking legal advice from the prosecutor as and when the need arises. Crown Prosecution Service (“CPS”) in the UK does that. This would ensure that the prosecutor is not incapacitated in the prosecution of the case due to terrible quality of an investigation and not handed a fait accompli each time. Timely interventions by the prosecutors may go a long way in ensuring qualitative investigations and better results/outcomes. This would require legislative/policy changes.What is notable in this regard is that, recently, under the directions of MHA/GOI, the Delhi Police vide order dated 23.04.2020 has resolved to set up a separate Directorate of Prosecution for Delhi Police tasked with the responsibility of rendering legal assistance to Investigating Officers during investigation.A COMPREHENSIVE REVIEW OF THE LAW ON WHISTLE-BLOWERS:The integrity of the system is dependent on the number of people willing to speak ‘truth to power’ and those who have the courage to say that the emperor has no clothes. If not to the emperor himself – then to the investigators. A whistle-blower is a person who exposes information or, as the name suggests, ‘blows the whistle’ regarding certain wrongdoings happening within a governmental organization or a company. He is, in that sense, the eyes and ears of the justice system. These disclosures are either at the institutional level (known as ‘internal whistle-blowing’) or in the public domain in the form of reports to the media or the appropriate authorities (‘external whistle-blowing’).The Companies Act, 2013 (“CA”), Section 177[5] read with Rule 7 of Companies (Meetings of Board and its Powers) Rules, 2014[6] provides for the establishment of a vigilance commission for the directors and employees of a company to report their genuine concerns or grievances. Further, as per Sections 206 of the CA, the Registrar of Companies has the power to investigate a company on the basis of information received by him[7] and if the Registrar submits a report to the Central Government, then the Central Government may order an investigation into the affairs of the company.[8]Provisions similar to Section 177 of the CA are also found in the Securities and Exchange Board of India (Listing and Disclosure Requirements), 2015[9] and the Listing Agreement of the Securities and Exchange Board of India.[10] The recent Companies (Auditor’s Report) Order, 2020 provides that an auditor’s report must include details about whistle-blower complaints. Further, there is protection in the CA, 2013 against adverse steps against employees when the company is under investigation[11]Despite these provisions, whistle-blowers are more often than not discriminated against and are fired/laid off. The scope of protection isn’t adequate and these provisions are mostly not taken seriously. Resultantly, out of fear of losing their jobs (or worse), most of the ‘insiders’ do not act on or report blatant occurrences of corporate malfeasance. A two-pronged approach, as we shall see below, can mitigate these factors to an extent: Incentivising whistle-blowing and protection of whistle-blowers/witnesses.We need to properly incentivise whistle-blowers who risk their own lives to blow the whistle on crimes within large organisations and government departments. After all, the key reason why whistle-blowing is successful in the US is its incentive scheme. With organisations like The Securities and Exchange Commission and The Internal Revenue Service having given out incentives running into millions of dollars, it is no surprise that the scheme works as well as it does. Some Indian agencies do provide for a rewards scheme for informants which can be adopted for white collar crimes. E.g. – The Informants Rewards Schemes[12] used by the Central Board of Direct Taxes (“CBDT”) or the provisions for Informant Reward under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (“PIT”)[13].It must be kept in mind, however, that the need to provide incentives is over and above the protection that a whistle-blower should be provided. The remedy lies in proper incentives and protection. The fate of the Whistle Blowers Protection Act, 2014, which is yet to come in force and might get diluted, shows the legislature’s lackadaisical approach towards providing a safe harbour to whistle-blowers. Further, except a few provisions under the CA which protect employees from dismissal during an investigation conducted by the Serious Fraud and Investigation Office[14] and provide safeguards against victimisation of employees and directors[15], there is nothing in any other law providing similar protection. Keeping aside the need to protect whistle-blowers, witness protection itself in India also remains grossly insufficient. While the Supreme Court in Mahender Chawla v. Union of India[16] declared the Witness Protection Scheme, 2018 to be law in accordance with Article 141 of the Constitution of India[17], the Scheme itself is far from perfect. Due to infirmities such as: providing extremely limited protection of only three months and lack of penal provisions on breach of confidentiality of personal information, it is improbable that the scheme will be able to instil confidence in the witnesses. The Scheme is undoubtedly a positive step but, without any reform or change to its present structure, it may change little on the ground. THE PLEA BARGAINING STRUCTURE IS BROKEN OR ILL-EQUIPPED TO DEAL WITH SOCIO-ECONOMIC OFFENCES. Plea Bargaining is not permissible for offences punishable with more than 7 years or offences which are characterised as “socio-economic” in nature. Most socio economic offences are punishable with more than 7 years but even for those which are punishable with 7 years or less, there is considerable ambiguity regarding applicability of plea bargaining in white collar crime cases given the use of the fairly nebulous term – “socio-economic offences”. The legislature has laid down certain offences as socio-economic offences but the list/notification does not mention offences under Prevention of Corruption Act (“POCA”) and Prevention of Money Laundering Act (“PMLA”). This is a bit of a vacuum and needs to be fixed. In my opinion, given the fact that our conviction rates are dismal and most prosecutions ultimately fall in any case, there is a need to widen the scope of plea bargaining. In this respect, we may profitably look at the practice of using either a Deferred Prosecution Agreement (“DPA”) or a Non-Prosecution Agreement (“NPA”), as is used in Foreign Corrupt Practices Act cases in US, which have been successfully used to fix liability, make companies correct their own organizations, disgorge profits, and impose billion dollar sanctions. Generally, under a DPA, the defendant company agrees to pay a monetary fine, waive the statute of limitations, admit facts relevant to the alleged offence, and agree to compliance and remediation measures. Under an NPA on the other hand, charges are not filed in order to provide an opportunity to the company accused of an offence to demonstrate its good conduct. We need to remember that an initial arrest (followed by bail) of the individual accused and a prolonged trial (which often ends in exoneration) is not the only deterrent to white collar crime; the real deterrent is the certainty of punishment and actual financial sanctions. Most DPAs and NPAs provide for appointing independent corporate monitors whose role is to ensure that a corporation abides by the terms of the settlement agreement. These agreements help companies set their house in order (as a condition of the specific agreement) and result in companies actually coughing-up/disgorging profits. In order to ensure that is not the innocent shareholders or taxpayers who end up paying for the fines/penalties, appropriate individual penalties/executive salaries/bonusess/assets should be carefully targeted and focussed upon. Adopting this method in the Indian legal framework would also strengthen the system of corporate accountability and institutionalise internal investigations in India – making the companies participate in cleaning their respective houses and self-regulate (of course, subject to broad guidelines). There may be concern that this allows big corporations to get away with impunity. This concern is to a great extent off-set by having a Court take a final call on the permissibility of settlement in any given case. The Court may be trusted to ensure the conscionability of the agreement and the fact it serves larger public interest, before allowing the same. PROSECUTING CORPORATIONSPrinciples regarding prosecution of corporations in India are underdeveloped and not at par with global norms. Although the Standard Operating Procedure Manual for conducting prosecutions under the Companies Act[18] calls for aligning the Indian system with the international practices, it does not provide a substantive test which would aid the investigators/prosecutor in determining whether a company should be charged or not.We may look towards the American approach, where Section 300 of the 9th Title of the Justice Manual of the United States Department of Justice[19], in addition to providing usual factors, such as “sufficiency of evidence, likelihood of success at trial” etc., also provides ten other factors that the prosecutors should consider in reaching a decision as to the proper treatment of a corporation:the nature and seriousness of the offence including the risk of harm to the public, and applicable policies and priorities, if any, governing the prosecution of corporations for particular categories of crime;the pervasiveness of wrongdoing within the corporation;the corporation’s history of similar misconduct, including prior criminal, civil, and regulatory enforcement actions against it;the corporation’s willingness to cooperate, including as to potential wrongdoing by its agents;the adequacy and effectiveness of the corporation’s compliance program at the time of the offence, as well as at the time of a charging decision;the corporation’s timely and voluntary disclosure of wrongdoing;the corporation’s remedial actions;collateral consequences as well as the impact on the public arising from the prosecution;the adequacy of remedies such as civil or regulatory enforcement actions; andthe adequacy of the prosecution of individuals responsible for the corporation’s malfeasance. DE-CRIMINALISING & NARROWING DOWN CERTAIN OFFENCES In addition to the above, there is an urgent need to decriminalise certain provisions and modify the definitions of certain offences. The Indian judicial system is undeniably choked and decriminalizing certain offences is a step in the right direction. Removing the penal sanctions as imposed on some of these offences will also make doing business in India a little less dangerous and uncertain. We also need to define certain provisions of corporate criminal liability with greater precision. For instance, the definition of “Fraud” under Section 447 of the CA[20] also needs to be re-examined as it is too broadly worded. Strikingly, it is an “inclusive” definition and not “exhaustive”, therefore, there is additional scope for the Investigators/Prosecutors to bring any other act/omission within the ambit of the definition. This may render this definition unconstitutionally vague and overbroad. THE NEED TO INSTITUTIONALISE AND EMBRACE INTERNAL INVESTIGATIONSThe PoCA, as amended by the Prevention of Corruption (Amendment) Act, 2018, has introduced various progressive changes to India’s anti-corruption regime in line with the United Nations Convention Against Corruption. Among the various changes introduced by the Amendment, one is that commercial organisations can now be prosecuted for offences under the Act.Under the amended Act, authorities may now prosecute commercial organisations ‘if any person associated with such commercial organisations gives or promises to give any undue advantage to a public servant'[21] Further, for an offence committed by a commercial organization any director, manager, secretary or any other officer of the organisation may be held liable if it is proven that the offence was committed with the consent or connivance of such person[22]. However, what is important is that the existence of ‘adequate procedures’ to prevent the commission of the offences under the Act is now a valid defence[23]Given the above, the relevance of internal compliance frameworks and internal investigations in companies has increased. Such investigations help in monitoring the company’s internal affairs and prove effective in preventing embarrassing raids along with other disciplinary and enforcement action by the authorities. The law and procedure governing internal investigations vary across jurisdictions. In India, there is no defined procedure or guidelines as to how such investigations are to be conducted; however, certain international best practices, such as the conduct of internal audits and compliance checks; the establishment of complaints committees, disciplinary committees, internal grievance redressal forums, internal whistle-blowing mechanisms, etc. are essential.These would be crucial in legal risk management of organisations and ensure that adequate procedures are in place to rule out or, at least mitigate, criminal involvement. While advancements in the law have definitely provided companies the right impetus to establish and bolster systems for internal monitoring and investigation; as mentioned above, the introduction of DPAs and NPAs to India’s legal system will further add to this impetus. It would be interesting to see though as to how internal investigations and their findings would play a part in/impact investigations by agencies such as Police, CBI, ED, SFIO, etc, in absence of statutory recognition of internal investigations and lack of precedent on use and evidentiary value of results of such an investigation.The way forward: It is clear that, with the increase and pervasiveness of white collar crime, the definition of “crime” itself has undergone a change. The legal tools to tackle white collar crime, however, have stayed pretty much the same.An attempt to remove some of the tendencies which plague the investigative process would go on to ensure that we don’t, in a trigger happy way, criminalise bona fide business decisions/mistakes and at the same time, do not let go of real corporate crimes and prosecute and punish them effectively.Views are personal onlyThis article was first published hereReference:-[1] Although commonly attributed to John F. Kennedy, the origin of this saying remains unknown. [2] Warren Buffet [3] Price Waterhouse Cooper’s Global Economic Crime and Fraud Survey, 7th South African edition, March 2020. Available at: [4] Law Commission, Reform of Judicial Administration, (Law Comm No 14, 1958) para 34.26 [5] Section 177, Companies Act, 2013 [6] Rule 7, Companies (Meetings of Board and its Powers) Rules, 2014 [7] Section 206, Companies Act, 2013 [8] Section 210, Companies Act, 2013 [9] Regulation 22, Securities and Exchange Board of India (Listing and Disclosure Requirements), 2015 [10] Clause 49, Model Listing Agreement for listing on Institutional Trading Platform of SME Exchange [11] Clause 3(xi)(c), Companies (Auditor’s Report) Order, 2020 [12] Benami Transactions Informants Rewards Scheme, 2018; Income Tax Informants Rewards Scheme, 2018 [13] Regulation 7D, Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 [14] Section 218, The Companies Act, 2013 [15] Rule 7(4), Companies (Meetings of Board and its Powers) Rules, 2014 [16] (2019) 14 SCC 615 [17] Article 141, The Constitution of India, 1950 [18] Standard Operating Procedure Manual for Prosecution Under The Companies Act, available at: [19] U.S. Department of Justice, Justice Manual, § 9-27.300 [20] Section 447, The Companies Act, 2013 [21] Prevention of Corruption Act, 1988, Section 9(1) [22] Prevention of Corruption Act, 1988, Section 10 [23] Prevention of Corruption Act, 1988, Proviso to Section 9(1)Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. 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Time for union body to opt for partnership

first_img Comments are closed. Previous Article Next Article Time for union body to opt for partnershipOn 2 Jul 2002 in Personnel Today Sometimesyou have to stop doing your busy job and really think about essentials. That’snot to say urgent business and other people’s demands must not be met – theymust. There comes a moment, however, in everyone’s career when you have tothink big – and the biggest question is what am I doing here?It’sthe same for trade union officials. Just like every manager I know, we have to ask ourselves “Is thiswhat I do? Do I want to be associated with this organisation?  Can I look at myself in the mirror everymorning?”Forus in Amicus-AEEU, the current election campaign of Sir Ken Jackson hasprovided just such a moment. In the middle of all my work on Lifelong Learning,the information and consultation directive, partnership and productivity, I amasking if the union is going the way I want it to go as an individual memberfor 28 years, never mind as a full-time official.It’sprobably no surprise to you that my choice in this election helps me to define,personally, the sort of relationships at work that I believe Ken Jackson and myunion stands for.  We actually believethat partnership means a new self-confidence for our members at work.Itis not a sell-out. It is not a sweetheart, deferential approach to employers asextreme left wingers have levelled at us through their accusations . Partnershipmeans a new way for workers to win respect from their managers. This respect isbasedon the positive contributions we can make to successful companies. We havemoved on from an employer’s respect based simply on fear of us as trade unions– on our power of veto over managerial initiatives.Forus as a union – and for me personally as one of its advocates -our union isbusy being constructive, not destructive. We stand for supporting Britishindustry, not whingeing at it from the sidelines.Iknow that managers often find our internal culture – our politics and elections– a frustrating diversion. Our gossip is all about ourselves at factory leveland national level alike. However,I beseech HR managers to be patient with us. Periodically, we need these messy,noisy, controversial outbreaks of argument and campaigning. They give us theopportunity to relaunch our general direction with power and authority.Theyunderpin our members’ collective choice of the type of relationships at workthey seek for themselves.Forall our members and their officials, this election and every election is aboutthe future of work at your workplace. Ihope our members’ experience of you, as an employer, makes them choose partnershiprather than confrontation. I am sure they will.ByJohn Lloyd, National officer, Amicus Related posts:No related photos.last_img read more