Boat Loans – PSP Book http://pspbook.com/ Tue, 22 Jun 2021 06:07:42 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://pspbook.com/wp-content/uploads/2021/05/default1-150x150.png Boat Loans – PSP Book http://pspbook.com/ 32 32 “The Indo-Chinese conflict is the AIIB’s greatest test” https://pspbook.com/the-indo-chinese-conflict-is-the-aiibs-greatest-test/ https://pspbook.com/the-indo-chinese-conflict-is-the-aiibs-greatest-test/#respond Tue, 22 Jun 2021 01:26:00 +0000 https://pspbook.com/the-indo-chinese-conflict-is-the-aiibs-greatest-test/ NEW DELHI: The Asian Infrastructure Investment Bank (AIIB) faced its biggest challenge during the Indo-China conflict in 2020, said bank chairman and former Chinese vice finance minister Jin Liqun. Speaking to a China International Finance 30 Forum symposium in May, Jin said many people in China question why the AIIB continues to lending to India, […]]]>


NEW DELHI: The Asian Infrastructure Investment Bank (AIIB) faced its biggest challenge during the Indo-China conflict in 2020, said bank chairman and former Chinese vice finance minister Jin Liqun.
Speaking to a China International Finance 30 Forum symposium in May, Jin said many people in China question why the AIIB continues to lending to India, even when the two countries are involved in a border dispute. “When the Sino-Indian border conflict arose, the management of the AIIB still met international standards and the international response was very positive. This was the first severe test of the nature of the AIIB as a as a multilateral institution, “he added.
In an informal translation of the speech given by keen observers of China and its internal systems, Jin said, “Our companies cannot enter even if they want to enter, why should not AIIB grant the loans? , the funds are not given to India for nothing, India has to pay back the principal and the interest. Others have thought, why do you have to provide loans to India at this time? ”
India is AIIB’s biggest borrower, but the bank, despite being a multilateral financial institution, has a Chinese veto. Due to the size of its economy, China’s participation is 30.77%, which translates to 26.57% of the vote. AIIB is currently assisting around 42 infrastructure projects in India. Jin also pointed out that with China’s growing power, the United States would eventually have to “come to terms with the reality of China’s rising power.”
“Of course, this is a painful process for the United States. Our leader made an important statement: Big countries should behave in a way that suits their status (or a big country should look like a big country. ). Although there is no name … calling, the meaning is clear. This sentence is a warning to some countries, “Jin said in one of China’s clearest statements on the Inevitability of the transfer of power from Washington to Beijing According to Jin, a powerful China will not rock the Western boat or the “Washington consensus”, on the contrary, it seeks to play a smaller role.



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Will the long-term effects of excess deposits accelerate bank consolidation? https://pspbook.com/will-the-long-term-effects-of-excess-deposits-accelerate-bank-consolidation/ https://pspbook.com/will-the-long-term-effects-of-excess-deposits-accelerate-bank-consolidation/#respond Mon, 21 Jun 2021 05:06:47 +0000 https://pspbook.com/will-the-long-term-effects-of-excess-deposits-accelerate-bank-consolidation/ Subscribe to The Financial Brand FREE by email! More than a year after deposit growth started to soar, financial institutions remain inundated with deposits and demand for loans has remained stubbornly weak, putting pressure on net interest margins. But this is only part of the difficulties that banks and credit unions face. Businesses and commercial […]]]>


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More than a year after deposit growth started to soar, financial institutions remain inundated with deposits and demand for loans has remained stubbornly weak, putting pressure on net interest margins. But this is only part of the difficulties that banks and credit unions face.

Businesses and commercial borrowers, who are expected to lead a recovering economy, themselves face a severely disrupted supply chain, which means that even if they wanted to borrow to grow their businesses, they are stuck in a shortage. material history. As a result, many beneficiaries of paycheck protection program loans worth trillions of dollars over the past year have placed those funds in deposit accounts instead of reinvesting them in the economy.

Key question:

Will lower net interest margins discourage investors in financial institutions and subsequently accelerate industry mergers?

On the other hand, while recognizing what some are calling an unprecedented economic challenge, financial institutions have found ways to deal with excess liquidity issues throughout the pandemic period. These include stepping up efforts to attract new customers, enter new markets, increase marketing to generate new loans, reduce the importance of deposit products, and even remove deposits from balance sheets. In addition, banks and credit unions have embarked on new lines of business.

“I don’t think many of us thought that a year after the pandemic [started] that our balance sheets would be considerably bigger ”, observes Jill Castilla, CEO of Citizens Bank, Edmond, Okla. Although, as she points out, excess liquidity is a better problem to have than the other way around.

“It used to be about deposits, deposits, deposits and loan growth based on loan growth,” says Robert Kunisch, president and chief operating officer of Baltimore-based Howard Bank, which has been in the industry for over 30 years. “And now we find ourselves inundated [with cash]. “

Although the situation is not as bad as the lack of liquidity, bankers appreciate the serious impact of the situation. “[Clients] We just don’t need the money today and I think until they are able to start building up stocks here, we’re going to have a hard time, ”said William Demchak, CEO of PNC Financial Services, at the Bernstein Strategic Decisions Conference.

( Read more: What Financial Institutions Need to Know About Inflation Now)

How PPP Loans Helped Squeeze Margins

The numbers reveal the harsh reality: In just 14 months, the total amount of deposits in commercial banks rose from $ 14 trillion to $ 17 trillion in June 2021, according to the FRED economics database of the Reserve Federal of Saint-Louis. Ellen Zentner, managing director and chief U.S. economist at Morgan Stanley, estimates that between March 2020 and April 2021, U.S. households accumulated about $ 2.2 trillion in total excess savings.

Very liquid bank balance sheets

March 31, 2021
(in billions of dollars)
QOQ change YOY change
Total loans $ 10,825 -0.40% -1.20%
Total loans (excluding PPP) $ 10,356 -1.00% -5.50%
Total titles $ 5,479 7.20% 30.20%
Total federal funds and pensions $ 298 11.50% 4.40%
Interest-bearing balances $ 3,357 14.80% 54.20%
Cash and non-interest bearing balances $ 271 2.80% 18.00%
Total deposits $ 18,459 3.60% 17.00%

Source: S&P Global Market Intelligence

Meanwhile, loan balances declined 1.2% year over year (or 5.5% excluding loans made under the Paycheck Protection Program). Median net interest margins fell to 3.31% in Q1 2021 from 3.37% in Q4 2020, while the median among the 20 largest US banks fell to 2.10% from 2.18 % last quarter, according to S&P Global Market Intelligence. The industry’s loan-to-deposit ratio fell to 58.64% in the first quarter of 2021, from 69.48% a year earlier.

A big source of deposit influx has been the disbursement of PPP funds to support small businesses during the pandemic.

The best plans:

The theory was that beneficiaries would reinject PPP funds into their businesses and communities. Instead, many have parked the funds in deposit accounts.

“We isolated all of these PPP loans into new checking accounts to do our best to try to track how our clients were using these funds,” Kunisch explains. “The challenge was that some customers moved them instantly to their main operating account. “

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What could accelerate consolidation

In the background lurks the specter of a profit squeeze, which could have serious consequences.

“A bank is not going to go bankrupt because it doesn’t have the same amount of loans it did before,” said Josh Siegel, founder and CEO of StoneCastle Partners. The financial brand. “But a bank will see its profitability diminish. If this happens, which investors will come?

“If the rate of return is not attractive enough, shareholders will eventually decide to withdraw, which will dry up capital and push banks into bankruptcy.

– Joshua Siegel, StoneCastle partners

“We are not going to see billions of dollars in additional savings from households and businesses absorbed into loan demand overnight,” said Greg McBride, chief financial analyst at Bankrate.com. “This is why you are going to continue to see consolidations in the banking sector. “

The key is how long financial institutions have to wait for an increase in loan demand. “The margins have certainly been squeezed, but the economy is picking up speed,” says McBride. “So the potential that we see in increased demand for loans holds promise for financial institutions that are sitting on excess deposits. “

( Read more: How Consumers Prioritized Debt Payments During the Pandemic)

In the short term, he says, part of the strategy for removing deposits from bankruptcy is to start pricing them non-competitively and increase the marketing of loan products. It’s an avenue that Howard Bank took.

Before the pandemic, the Maryland institution was actually seeking new funding for its mortgage company by offering promotional rates on CDs, “Now we let these just get away or stay on the books, but renewed at a significantly lower rate, ”explains Kunisch.

But it doesn’t go any further, says Siegel.

“We have a lot of banks that have said [to customers] not only do I not want any new money, but I will close your account, ”says Siegel. “We have others who just said I won’t pay anything, and the money is still coming in, because where else are you going?” “

Commercial loans will be the key

Another approach to getting rid of deposits is to arrange with companies like StoneCastle and IntraFi to place the deposits of high balance depositors with a network of other banks. This is what Planters First Bank in Perry, Georgia does. “The advantage for the bank is that we maintain the relationship, but that we can withdraw the funds from the balance sheet if necessary”, explains Dan Duchnowski, director of marketing.

But even StoneCastle’s Siegel says that’s not the whole answer. “There is no return,” he says. In addition, according to Duchnowski and Castilla, who have also used these options, sometimes they have become fully subscribed and can no longer take deposits.

All these bankers see the demand for commercial and industrial loans as the key to the rebound of the economy as well as their liquidity situation. But many companies face shortages of raw materials or products due to major disruptions in supply chains, resulting in a shortage of everything from microchips to plywood.

“The biggest component of loan demand will be stockpiling, which is not happening yet,” PNC’s Demchak said. “You look at the sales to inventory ratios, they’re as low as they’ve ever been. “

“A good example is the lumber industry,” says Castilla. “Right now, costs are exceptionally high, pushing up house prices and lowering the supply of new homes. McBride says this situation is expected to improve over the next 12 to 24 months, eventually leading companies to continue funding new capital investments.

( Read more: How a community bank is reinventing itself for future relevance)

Make all possible adjustments

Faced with this headwind, Howard Bank decided to aggressively expand its market with a new sales team that brought with it a number of long-term relationships. The result was record loan origination in the fourth quarter of 2020 and the first quarter of 2021. In addition, the bank’s correspondent mortgage group, launched in September, managed to fill the refi runoff from its portfolio by focusing on jumbo mortgages, according to Kunisch. The $ 2.6 billion asset bank has also invested in maritime brokerage operations, which are prevalent in the Chesapeake Bay area, “Just in time when everybody in America buys a boat,” said the CEO.

The much smaller Citizens Bank looked at its core competencies. “We are a very traditional community bank,” says Castilla. “We have a lot of small business clients dominated by consumer deposit accounts and then some larger business account types. On the lending side, we are primarily commercial real estate loans and small business loans.

His bank, which has assets of $ 352 million, provides consumer loans, but that area has been weak. The low supply of new and used cars translates into stable loan opportunities.

Even so, Castilla sums up the prospects for hope among the bankers interviewed here: “I think there is a lot of optimism in the economy about our ability to recover. There is so much pent-up demand that the main concern is the supply chain and when we can stabilize it. “



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Turkey arrests FETÖ suspects trying to flee to Greece https://pspbook.com/turkey-arrests-feto-suspects-trying-to-flee-to-greece/ https://pspbook.com/turkey-arrests-feto-suspects-trying-to-flee-to-greece/#respond Fri, 18 Jun 2021 12:53:00 +0000 https://pspbook.com/turkey-arrests-feto-suspects-trying-to-flee-to-greece/ Security forces apprehended seven people linked to the Gulenist terrorist group (FETÖ) on Friday as they attempted to flee to Greece, the latest case of mass escapes by members of the terrorist group following an attempted coup State in 2016 that he had led. Five suspects were police officers who were dismissed from their law […]]]>


Security forces apprehended seven people linked to the Gulenist terrorist group (FETÖ) on Friday as they attempted to flee to Greece, the latest case of mass escapes by members of the terrorist group following an attempted coup State in 2016 that he had led.

Five suspects were police officers who were dismissed from their law enforcement duties and were under investigation for alleged links to FETÖ. They boarded a boat from the coast of Ayvalık in the northwestern province of Balıkesir and headed for the Greek island of Lesbos. Acting on a tip, the Turkish Coast Guard intercepted the boat off the island of Çıplak in the region, before it reached Greek territorial waters. All the suspects were remanded in custody. Two other people detained in connection with the attempt face charges of smuggling “migrants” for arranging the trip.

More than 8,000 FETÖ members have entered Greece in the past three years, and Turkey has criticized the country for ignoring Ankara’s calls for international cooperation against the terrorist group. Turkey has repeatedly accused Greece of being a safe haven for terrorists who have committed crimes against Turks. Athens recently angered Ankara with a series of asylum decisions and the release of terrorist suspects wanted by Ankara.

The number of FETÖ members hoping to enter Greece has increased following the attempted coup of July 15, 2016, which left 251 dead and nearly 2,200 injured. FETÖ was behind the attempted coup, which was carried out by his infiltrators in the Turkish Armed Forces (TSK).

Security forces have arrested tens of thousands of people since the coup attempt was quelled. Operations are carried out almost daily to detain and arrest suspects linked to the group. Although most senior FETÖ members fled abroad before the attempted coup, its infiltrators are still widespread in the military, law enforcement and other institutions, such as the indicate surveys.

On Friday, 22 suspects accused of providing financial support to the terrorist group were captured during operations carried out by Istanbul police. Five other people wanted in the investigation are still at large. The suspects were former employees of Kaynak Holding, a business conglomerate whose control was transferred to a board of directors for its ties to the terrorist group. The suspects had withdrawn loans from various banks and transferred them to Bank Asya, a now defunct lender associated with FETÖ, according to security sources. Asya bank, before it closed, was in dire straits due to an investigation by security forces and the leader of the terrorist group, Fetullah Gülen, called on his supporters to back the bank.



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Ban ends, but fishermen keep the sea at bay – the New Indian Express https://pspbook.com/ban-ends-but-fishermen-keep-the-sea-at-bay-the-new-indian-express/ https://pspbook.com/ban-ends-but-fishermen-keep-the-sea-at-bay-the-new-indian-express/#respond Mon, 14 Jun 2021 23:08:00 +0000 https://pspbook.com/ban-ends-but-fishermen-keep-the-sea-at-bay-the-new-indian-express/ Express news service NAGAPATTINAM: The annual 61-day fishing ban in the eastern coastal states ended on Monday. But the fishermen have not resumed their routine because normality has not yet returned. Mechanized boat fishermen in the three districts of the coastal delta – Nagapattinam, Mayiladuthurai and Karaikal – have postponed their fishing plans for at […]]]>


Express news service

NAGAPATTINAM: The annual 61-day fishing ban in the eastern coastal states ended on Monday. But the fishermen have not resumed their routine because normality has not yet returned. Mechanized boat fishermen in the three districts of the coastal delta – Nagapattinam, Mayiladuthurai and Karaikal – have postponed their fishing plans for at least two weeks. All thanks to the Covid-induced lockdown due to which they were unable to have their boats repaired / maintained or granted loans for it.

“All repair units near the ports of Nagapattinam, Poompuhar and Pazhaiyar are closed due to the lockdown. We barely received loans to repair our boats, ”said S Mohandas, a boat owner from Akkaraipettai in Nagapattinam district. Boat owners typically repair and overhaul their trawlers and gillnets during the two-month blackout period. Very few boat owners have made use of their loans under the Kisan credit card program in the two districts. Others are willing to spend on their own or take an interest in private lenders. However, in Karaikal, where shops were allowed to open during authorized hours, the availability of spare parts was a major issue.

Seafood exports affected

Due to travel restrictions, major seafood companies / exporters were unable to travel to the coastal district to source seafood. Three of these Tuticorin-based companies typically visit Nagapattinam and Mayiladuthurai to source seafood such as squid, cuttlefish, shrimp and shrimp for export to foreign countries. With the two districts being among 11 strictly restricted districts, the companies have postponed their visits. “Our pimps are the same who get their supplies from Nagapattinam. As they don’t come to get hold of, our mechanized boats don’t go fishing either, ”said K Murali, a fisherman from Kilinjalmedu in Karaikal district.

Not all vaccinated

Compliance with Covid guidelines is still seen as a challenge in fishing ports. The decrease in the number of vaccinations has prompted the fishermen’s panchayats to think a lot about the resumption of fishing. “It is not possible to constantly follow guidelines such as social distancing in congested places like fishing ports and landing centers. We are not becoming new sources of the virus spread. We ask the state to vaccinate us before resuming fishing, ”said R Raja, member of the Tharangambadi fishing panchayat in Mayiladuthurai. In Karaikal, the health department organized an intensive vaccination campaign in 11 fishing hamlets.



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Community calendar | Community | goskagit.com https://pspbook.com/community-calendar-community-goskagit-com/ https://pspbook.com/community-calendar-community-goskagit-com/#respond Mon, 14 Jun 2021 00:29:00 +0000 https://pspbook.com/community-calendar-community-goskagit-com/ m Burlington-Edison Youth Soccer registration for the fall season 2021 is open until June 30. For ages 5 to 14, from $ 90 with scholarships available. burlingtonwa.gov/besoccer. m Island hospital at Anacortes will be holding a free course on Understanding Medicare Choices at 1 p.m. on Monday, June 14. islandhospital.org. Also at the hospital: A […]]]>


m Burlington-Edison Youth Soccer registration for the fall season 2021 is open until June 30. For ages 5 to 14, from $ 90 with scholarships available. burlingtonwa.gov/besoccer.

m Island hospital at Anacortes will be holding a free course on Understanding Medicare Choices at 1 p.m. on Monday, June 14. islandhospital.org. Also at the hospital:

A free memory screening clinic will begin at 1:30 p.m. on Tuesday, June 22. Appointment required: 360-299-4204.

A free virtual memory enhancement workshop taught by a speech-language pathologist will begin at 10:30 a.m. on Wednesday, June 23. islandhospital.org.

m Village books in Bellingham will host a virtual book conference with Bellingham-based actor and playwright Ky Weeks on his first novel, a young adult fantasy work, “Princess of Lies,” at 2pm on Tuesday, June 15. villagebooks.com. Also at Village Books:

Lin-Manuel Miranda, Quiara Alegria Hudes and Jeremy McCarter will host a virtual talk on “In The Heights: Finding Home,” about their hit Broadway show, at 5pm on Tuesday, June 15th. The $ 40 bill includes a copy of the book. villagebooks.com.

Best-selling author Mary Bly will be giving a virtual talk on her new romance novel, “Lizzie & Dante”, with author Meg Tilly on Tuesday, June 22 at noon. villagebooks.com.

Rachel Michelberg, author of “Crash”, a memoir on becoming a reluctant caregiver, will give a virtual book talk at 6 pm on Tuesday June 22. villagebooks.com.

Village Books and the Whatcom Dispute Resolution Center will present free Zoom poetry workshops for young people at 5:30 p.m. on Thursday, June 24 and at 10 a.m. on Friday, July 9. villagebooks.com.

Village Books and Whatcom Community College will be hosting a writing camp for writers ages 9 to 12 from 1 p.m. to 3 p.m., Monday, June 28 through Thursday, July 1. $ 89. villagebooks.com.

And the Mount Vernon Chamber of Commerce will host a Latino Business Leaders event for Spanish speakers on business loans at 6 p.m. on Thursday, June 17. mountvernonchamber.com.

m Skagit regional health will be holding a free class on using healthy herbs and spices in cooking at 4 p.m. on Thursday, June 17. skagitregionalhealth.org.

m The Christianson Nursery The 18th Annual Rose Festival, “A Rosy Day Out,” will feature gardening gurus Ciscoe Morris and John Christianson and a rose growing competition judged at a one-day event on Saturday June 19 in Mount Vernon . christiansonsnursery.com. Other crèche events:

A free virtual flower arrangement class will begin at 6 p.m. on Wednesday, June 16. christiansonsnursery.com.

m TCB Entertainment will present Creedence Revelation featuring Randy Linder for a 7 p.m. drive-through concert on Saturday, June 19 at the Skagit County Fairgrounds. $ 60 per car. tcbenentertainment.org.

And the North Cascade Street Rod Auto Show will take place from 8 a.m. to 3 p.m. on Sunday, June 20, on North Sixth Street in La Conner. Details: 360-296-6414.

m Poetry club in Bellingham will present Washington State Poet Laureate Rena Priest for a virtual lecture at 3 p.m. on Sunday, June 20. humanities.org.

m Friends of Anacortes Community Forest Lands will organize a hike with a lesson on the ecology of fire and the regrowth of earth after a fire in 2016, starting at 10 a.m. on Tuesday, June 22. friendsoftheacfl.org. Also:

An intermediate hike with lessons on mosses in Anacortes Community Forest Lands will take place from 10 a.m. to noon on Friday, July 9, from the Whistle Lake parking lot. Amisoftheacfl.org.

m North West Hospice will be holding an online session on Healthy Aging in your own home at 10 a.m. on Thursday, June 24. hospicenw.org.

m General united at Sedro-Woolley will host a virtual youth mental health first aid training on managing adverse childhood experiences for those working with children. The free course will start on Thursday June 24 at noon. Registration required: unitedgeneral.org.

m Whatcom Museum in Bellingham will have in-person tours of “Fluid Formations: The Legacy of Glass in the Pacific Northwest”, led by art curator Amy Chaloupka, at 12:15 pm and 2 pm June 24, July 22, August 26, Sept. Oct 16 and 7 Registration required. whatcomuseum.org.

m Mount Baker Theater in Bellingham will present Petty or Not, a local tribute band to Tom Petty and Fleetwood Mac, for an in-person concert at 7 p.m. on Thursday, June 24. Tickets are sold in pairs to ensure social distancing. mountbakertheatre.com.

m Northwestern Maritime Trade Association and the Anacortès Chamber of Commerce have rescheduled a boat and yacht show at the Cap Sante marina in Anacortes from June 25 to 28. nmta.net.

m Mount Vernon Parks and Enrichment Services will have a clean-up day for Kiwanis Park at 9:30 am on Saturday June 26. Gloves and tools available. Registration required: apm.activecommunities.com/mvparks.

n Local speaker and consultant Rebecca P. Murray will present a three-course storytelling workshop at 10 am on Saturdays June 26, July 24 and August 28, at COPIA on The Blvd, 1174 S. Burlington Blvd., Burlington. $ 30 per session. rebeccapmurray.com.

m Anacortes Community Theater virtually plays “The Last Five Years”, a musical love story set in New York City. Shows begin at 7:30 p.m. on June 26-28 and July 1-3, with a performance at 2 p.m. on June 28. Tickets start at $ 15. acttheatre.com.

And the Anacortes Public Library and Human Sciences WA will present an interactive presentation on the history of comics by Everett reporter T. Andrew Wahl at 7 p.m. on Wednesday, June 30. humanities.org.

And the Mount Vernon Chamber of Commerce presents free movies while driving in the parking lot of Skagit Valley College on the first Fridays of the month through September. “Independence Day” will begin at 9.45pm on Friday July 2nd. Registration required on mountvernonchamber.com.

m Cascades North Institute will offer a course in lichen biology and identification at 9 a.m. and 1 p.m. on Saturday, July 3, at Fairhaven Park in Bellingham. $ 50. ncascades.org.

m The Town of Mount Vernon will have a fireworks show on July 4th at Edgewater Park starting at 8 p.m. on mountvernonwa.gov/parks.

m Western Washington University College Quest, open to Grades 10-12 students July 12-16, is a week of activities to introduce the college experience, including sessions with WWU Admissions and the possibility of earning credit by taking a college course. introduction to behavioral neuroscience. $ 800. wwu.edu/collegequest.

And the Padilla Bay National Estuary Research Reserve will have a free learning event for junior environmentalists for 6-9 year olds on shellfish at 10:30 am on Friday July 9. eventbrite.com.



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Climate justice, for the first time, is on the G7 agenda | Earth beat https://pspbook.com/climate-justice-for-the-first-time-is-on-the-g7-agenda-earth-beat/ https://pspbook.com/climate-justice-for-the-first-time-is-on-the-g7-agenda-earth-beat/#respond Sat, 12 Jun 2021 08:08:45 +0000 https://pspbook.com/climate-justice-for-the-first-time-is-on-the-g7-agenda-earth-beat/ Editor’s Note: This story originally appeared in The Nation and is republished here as part of Covering Climate Now, a global journalistic collaboration boosting coverage of climate history. Leaders of the seven richest countries per capita gather at the annual Group of 7 summit this weekend – and climate justice is explicitly on the agenda. […]]]>


Editor’s Note: This story originally appeared in The Nation and is republished here as part of Covering Climate Now, a global journalistic collaboration boosting coverage of climate history.

Leaders of the seven richest countries per capita gather at the annual Group of 7 summit this weekend – and climate justice is explicitly on the agenda. It never happened. How G7 leaders respond to the challenge of climate justice this weekend will shape the chances of success of the November global climate summit that UN Secretary-General António Guterres calls “our last opportunity” to defuse the climate emergency.

“Twenty-one is a landmark year,” Guterres said in an interview this week with the global news consortium Covering Climate Now. “I think we’re always on time, but when you’re on the brink you have to make sure the next step is in the right direction.”

What is at issue are the promises rich countries made in the 2015 Paris Agreement, promises they blatantly broke. Most media attention has focused on promises by G7 countries to reduce emissions enough to limit global temperature rise to “well below” 2 ° C and preferably 1.5 ° C. vs. 2100, a de facto death sentence for millions of people and countless ecosystems, leading humanity further down the road to extinction. The disturbing prospect continues to spark popular protests against oil, coal and gas development, including the Keystone XL pipeline in Canada whose owners officially canceled the project this week.

Equally important, though much less discussed, is the pledge by rich countries in the Paris Agreement to provide $ 100 billion a year to help developing countries move away from fossil fuels and protect themselves from climate impacts. . This obligation, which was due to come into effect in 2020, was based on the truism that climate change is caused overwhelmingly by the rich but disproportionately punishes the poor. Rich countries also failed to honor their $ 100 billion pledge. Instead of $ 100 billion a year in climate aid, they have provided around $ 20 billion, according to an analysis by global poverty alleviation NGO Oxfam on 2018 figures (the latest year of data making authority).

Boris Johnson, British Prime Minister and host of this year’s G7 summit, and Guterres have said they will put pressure on other G7 leaders – US President Joe Biden, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron , German Chancellor Angela Merkel and Japanese Prime Minister Minister Yoshihide Suga – to honor their obligations under the Paris Agreement. This is not only a matter of justice, Guterres told Covering Climate Now, but also of building trust between rich and poor countries, a trust that Guterres believes is necessary for the COP 26 climate summit in November to be successful. . G7 leaders must guarantee they will deliver the climate aid they have promised, Guterres said, and “clarify how this $ 100 billion will be delivered.”

Providing climate assistance is not an act of charity but rather of self-preservation, according to a landmark report by the International Energy Agency released last month. In order to keep the global temperature rise at 1.5 ° C, the IEA said, the world must stop all development of new fossil fuels, and both developing and developed countries must move quickly to zero energy. carbon. This change will be “impossible” for developing countries, said Guterres, without significant financial and technological assistance.

The climate crisis and the Covid pandemic share something big in common. “You can’t protect yourself unless you protect everyone,” said Rachel Kyte, World Bank Group special representative to the Paris climate summit and now dean of the Fletcher School at Tufts University. To that end, G7 leaders must make it clear at this weekend’s summit that they will “share [their] surplus vaccine and share it now. Otherwise, we’re going to see variants come and go, and we’ll never escape them. ”Likewise, rich countries must help“ get the whole world out of coal ”if they are to survive climate change themselves, a. Kyte added. “It’s a boat. You don’t survive in your end of the boat if the other end of the boat goes underwater. “

But rebuilding trust with developing countries is problematic given the poor track record of G7 countries in climate assistance, said Saleemul Huq, director of the International Center for Climate Change and Development in Bangladesh, which helped to help diplomats from the South to insert the 1.5 ° C target. in the Paris Agreement. “These are the same seven countries that made this promise [of climate aid in the Paris Agreement], on which they disowned. So if they want to have credibility or confidence they are going to have to deliver [the money] they were supposed to do it for 2020, then an additional $ 100 billion is due in 2021. The problem is the credibility of the [G7] leaders, and if we can believe everything they say. “

To hear the rich countries say it, they have actually fulfilled their climate aid obligations quite well. Citing 2018 data from the Organization for Economic Co-operation and Development, a group of 38 of the richest economies in the world, rich countries gave around $ 79 billion in climate aid in 2018.

But Oxfam’s analysis of OECD data reveals that the $ 79 billion figure is vastly inflated and based on questionable definitions and accounting tricks. Some 75% of the $ 79 billion was given in loans that must be repaid rather than outright grants, said Tracy Carty, senior policy adviser at Oxfam and co-author of the Oxfam analysis. And some aid was intended for projects that only a very indulgent mind would consider climate friendly. For example, Japan claimed that its investment in a new coal-fired power plant in Bangladesh, a country with some of the world’s most vulnerable ecosystems, was seen as climate aid because the new plant was more efficient than the old models.

In addition, only 20-25% of aid from rich countries helps poor countries protect themselves from heat waves, droughts, storms, rising seas and other impacts of rising temperatures. Instead, most of the aid has been aimed at reducing emissions in larger developing economies, such as China, India, South Africa and Brazil, Huq said, “when only 20% went to the most vulnerable countries, like my country, Bangladesh, to adapt to the impacts of climate change. One of the reasons is that investments “in renewable energy projects generate income which allows loans to be repaid”; giving money to the poor to survive storms and floods does not. Highly vulnerable developing countries demand, Huq added, that half of all climate assistance “must be for adaptation in the most vulnerable countries”, and that such assistance must be provided in the form of grants. not loans.

If G7 leaders do not give a credible guarantee this weekend that they will honor their climate aid and other Paris Agreement obligations, then the world is heading for failure at the landmark climate summit in November, said Huq and Kyte. “The closest thing we have to world government is these seven great economies, and if they decide to do something, then that something is done,” Huq said. “So far, both with climate assistance and Covid vaccinations, [the G7 leaders] see themselves as the rulers of their own country and don’t care about the rest of the world. And they think they’ll be safe. But they are do not will be safe. “



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Silver Creek to Help Project Hideaway | News, Sports, Jobs https://pspbook.com/silver-creek-to-help-project-hideaway-news-sports-jobs/ https://pspbook.com/silver-creek-to-help-project-hideaway-news-sports-jobs/#respond Sat, 12 Jun 2021 04:51:48 +0000 https://pspbook.com/silver-creek-to-help-project-hideaway-news-sports-jobs/ SILVER CREEK – The reconstruction of Hideaway Bay continues to progress. Earlier this week, Carol Rasumussen, director of business development at the Chautauqua County Industrial Development Corporation, spoke at the village council’s public hearing to encourage the council to apply for a grant to help fund the project. “The Block Community Development Grant provides funds […]]]>


SILVER CREEK – The reconstruction of Hideaway Bay continues to progress. Earlier this week, Carol Rasumussen, director of business development at the Chautauqua County Industrial Development Corporation, spoke at the village council’s public hearing to encourage the council to apply for a grant to help fund the project.

“The Block Community Development Grant provides funds to municipalities to ensure safe, decent and affordable housing, while helping business activities create and maintain employment opportunities.” Rasmussen said. “It only funds projects or activities where at least 51% of the participants are low to moderate income people.”

Rasmussen asked the village council to apply for the grant, which would reward nearly $ 450,000, and provide loans to Adventure Sports Development, LLC to redevelop the Hideaway Bay property.

“Adventure Sports Development, LLC is expected to create 30 full-time equivalent jobs”, Rasmussen said. “The majority of which will be made available to people with low and moderate incomes. “

Rasmussen then responded to questions from the public during the hearing and said that according to Adventures Sports Development’s plan, the public will maintain access to the waterfront. There will be activities like kayaking, biking, bird watching and many more that will be made available to the public, including an ADA accessible walking area around the perimeter. In addition, a pedal boat launching ramp will be installed on Walnut Creek which will also be open to the public.

The resolution to apply for the grant was unanimously approved by the council of the village of Silver Creek. A second public hearing will take place, if the grant is awarded.

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Climate justice, for the first time, is on the G7 agenda https://pspbook.com/climate-justice-for-the-first-time-is-on-the-g7-agenda/ https://pspbook.com/climate-justice-for-the-first-time-is-on-the-g7-agenda/#respond Fri, 11 Jun 2021 09:52:09 +0000 https://pspbook.com/climate-justice-for-the-first-time-is-on-the-g7-agenda/ British Prime Minister Boris Johnson and US President Joe Biden meet ahead of the G7. (Andrew Parsons / No10 Downing Street / Anadolu Agency via Getty Images) To subscribe to The nation Subscribe now for as low as $ 2 per month! Thank you for signing up for The nationthe weekly bulletin of. Thank you […]]]>


Leaders of the seven richest countries per capita gather at the annual Group of 7 summit this weekend – and climate justice is explicitly on the agenda. It never happened. How G7 leaders respond to the challenge of climate justice this weekend will shape the chances of success of the November global climate summit that UN Secretary-General António Guterres calls “our last opportunity” to defuse the climate. climate emergency.

“Twenty-one is a landmark year,” Guterres said in an interview this week with the global news consortium Covering Climate Now. “I think we’re always on time, but when you’re on the brink you have to make sure the next step is in the right direction.”

What is at issue are the promises rich countries made in the 2015 Paris Agreement, promises they blatantly broke. Most media attention has focused on promises by G7 countries to reduce emissions enough to limit global temperature rise to “well below” 2 ° C and preferably 1.5 ° C. vs. 2100, a de facto death sentence for millions of people and countless ecosystems, leading humanity further down the road to extinction. The disturbing prospect continues to spark popular protests against oil, coal and gas development, including the Keystone XL pipeline in Canada whose owners officially canceled the project this week.

Equally important, though much less discussed, is the Paris Agreement pledge of rich countries to provide $ 100 billion a year to help developing countries move away from fossil fuels and protect themselves from climate impacts. This obligation, which was due to come into effect in 2020, was based on the truism that climate change is caused overwhelmingly by the rich but disproportionately punishes the poor. Rich countries also failed to honor their $ 100 billion pledge. Instead of $ 100 billion a year in climate aid, they have provided around $ 20 billion, according to an analysis by global poverty alleviation NGO Oxfam on 2018 figures (the latest year of data making authority).

Boris Johnson, British Prime Minister and host of this year’s G7 summit, and Guterres have said they will put pressure on other G7 leaders: US President Joe Biden, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron , German Chancellor Angela Merkel and Japanese Prime Minister. Minister Yoshihide Suga — to honor their obligations under the Paris Agreement. This is not only a matter of justice, Guterres told Covering Climate Now, but also of building trust between rich and poor countries, a trust that Guterres believes is necessary for the COP 26 climate summit in November to be successful. . G7 leaders must guarantee they will deliver the climate aid they have promised, Guterres said, and “clarify how this $ 100 billion will be delivered.”



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Odisha CM announces special relief program for farmers affected by cycloneYaas https://pspbook.com/odisha-cm-announces-special-relief-program-for-farmers-affected-by-cycloneyaas/ https://pspbook.com/odisha-cm-announces-special-relief-program-for-farmers-affected-by-cycloneyaas/#respond Thu, 10 Jun 2021 22:36:00 +0000 https://pspbook.com/odisha-cm-announces-special-relief-program-for-farmers-affected-by-cycloneyaas/ ANI | Update: June 11, 2021 4:06 AM STI Bhubaneswar (Odisha) [India], June 11 (ANI): Odisha Chief Minister Naveen Patnaik on Thursday announced a special relief program for farmers in districts of the state affected by Cyclone Yaas, where the cyclone storm destroyed crops in many places, causing extensive damage to livestock, fishing and looms. […]]]>




ANI |
Update:
June 11, 2021 4:06 AM STI

Bhubaneswar (Odisha) [India], June 11 (ANI): Odisha Chief Minister Naveen Patnaik on Thursday announced a special relief program for farmers in districts of the state affected by Cyclone Yaas, where the cyclone storm destroyed crops in many places, causing extensive damage to livestock, fishing and looms. .
Reviewing the losses suffered by farmers due to Cyclone Yaas, Patnaik said: “An agricultural input subsidy will be provided to small and marginal farmers who have suffered crop losses of 33% and more, or 6,800 rupees per hectare in non-irrigated areas. a land input subsidy of Rs 13,500 will be granted per hectare, and Rs 18,000 per hectare for all types of perennial fruits like mango, cashew, coconut, betel, etc.
According to a statement released by the state government on Thursday, farmers will receive a minimum subsidy of Rs 2000 for all-season crops and a minimum subsidy of Rs 1000 for other crops.
Farmers in affected districts will receive a quintal and a half lakh of high quality certified paddy seed as well as a 25% discount on the current discount for the Kharif 2021 season and the discount will be credited directly to the farmer’s account. through DBT.
A grant of 20 crore rupees will be provided to cyclone-affected districts for the purchase of agricultural technical equipment as well as discounts, the statement said.
An incentive of Rs 15,000 per person will be provided to 125 betel growers via DBT and Rs 40,000 will be provided to 50 mushroom growing units affected by the storm.
Steps will be taken to speed up the preparation of harvest reports for the settlement of claims of affected farmers covered by Pradhan Mantri Fasal Bima Yojana, the state government said, adding that the short-term loans of farmers with 33 percent and more crop damage in affected areas will be converted into medium term loans.
According to the statement, assistance will also be provided for the loss of livestock, Rs 30,000 has been announced for dairy cows and buffaloes while Rs 25,000 (for a maximum of three) will be provided for non-dairy animals. .
Likewise, Rs 16,000 for each will be provided for the loss of calves, Rs 3,000 up to 30 goats / sheep and Rs 50 per chicken, a maximum of Rs 5,000 will be given to affected farmers.
Rs 2,100 will be provided for the reconstruction and renovation of stables damaged by the cyclone, he said.
Fish farmers and fishermen affected by the cyclone will receive Rs 4,100 for repairing partially damaged boats, Rs 2,100 for partially damaged fishing nets, Rs 9,600 for building the boat against a fully damaged boat and Rs 2,600 for a completely damaged fishing net.
An input subsidy of Rs 12,200 per hectare will be provided for the renovation of the fish farm and Rs 8,200 per hectare for the fish farms, the statement said.
“Many artisans and craftspeople were also affected by the cyclone. Therefore, affected artisans will receive Rs 4,100 for their equipment and Rs 4,100 will be paid to each artisan for damaged raw materials and finished products, ”the state government said.
According to the statement, many job opportunities will be created under the MGNREGS program to provide jobs for those affected. It will also focus on the repair and maintenance of village panchayats, playgrounds, canals, mud dams and construction of cow barns. (ANI)



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Returning crowds at One Neighborhood Rock Club bring anxiety and hope https://pspbook.com/returning-crowds-at-one-neighborhood-rock-club-bring-anxiety-and-hope/ https://pspbook.com/returning-crowds-at-one-neighborhood-rock-club-bring-anxiety-and-hope/#respond Thu, 10 Jun 2021 10:02:15 +0000 https://pspbook.com/returning-crowds-at-one-neighborhood-rock-club-bring-anxiety-and-hope/ When Massachusetts closed in March 2020, Jay Balerna thought his Jamaica Plain bar, the Midway Cafe, would only be closed for a few weeks. So he hired someone to give the club a facelift while it remained empty. “I’m like, ‘Put a layer of polyurethane on the bar every day,’” says Balerna. “And then after […]]]>


When Massachusetts closed in March 2020, Jay Balerna thought his Jamaica Plain bar, the Midway Cafe, would only be closed for a few weeks. So he hired someone to give the club a facelift while it remained empty.

“I’m like, ‘Put a layer of polyurethane on the bar every day,’” says Balerna. “And then after three weeks he said to me: ‘That’s 20 coats, should I continue?’ And I say to myself: “It’s more than on a boat!”

Midway’s bar is still as shiny as a brand new sailboat over a year later. The paint on the walls has been touched up and the club cleaned from top to bottom.

Now Balerna can finally get him dirty again.

On May 17, Governor Baker announced that all COVID restrictions would be lifted at the end of the month. The news has been a boon to concert halls like the Midway, which have struggled to stay afloat under some of the state’s toughest pandemic restrictions. These rules were intended to limit capacity in loud, crowded spaces where COVID-19 is more likely to spread. But with rising vaccination rates, venue owners like Balerna are hoping audiences will come back.

“It’s such a relief,” he says. “I’m excited to let people be people and hang out like we used to.”

Midway Cafe owner Jay Balerna. (Amelia Mason / WBUR)

The past year has been the toughest in more than three decades that Balerna has run the Midway Cafe. Over the years, the beloved neighborhood rock club has managed to survive as other venues shut their doors, dejected by rising rents and dwindling crowds. Then came the pandemic.

“I’ve been running a live music venue for 30 years, so I know how to keep alcohol on the shelves, keep bands relatively happy, keep employees relatively happy, keep theft to a minimum,” Balerna says with a chuckle. . “And all of a sudden it’s like, take whatever you can do, take it off the table.” You will learn how to complete the grants!

He did exactly that, scraping through a patchwork of grants and loans. Balerna estimates that Midway has accumulated over $ 100,000 in debt. He is waiting to see if a large federal grant will be paid to alleviate the daily costs of running the bar. He took a value line on his house and filed for unemployment, which he never thought he would have to do.

But the hardest part was the stress. As the bills went up, Balerna started having panic attacks.

“All of a sudden, I feel like I’m going to throw up, on the verge of tears,” he said. “And then I came home with my three kids and I was like, ‘Hey, everything is fine!’ … So you just have these little private moments of terror.

It helped when Balerna was able to live stream concerts from the club and then open a few evenings a week for a partial capacity seated audience. He has even more hope now that the bar can fully open.

But the sudden announcement left him little time to prepare. Club bookers are rushing to fill the schedule, which could take weeks. Some of Midway’s popular staples – like Queereoke, the weekly LGBTQ night of dance – are not ready to resume live performances. And not everyone feels safe attending crowded concerts. Balerna will not relax until the public has returned to pre-pandemic levels, which he says could take some time.

“Everyone digests this thing differently,” he says. “I’ll be happy when I’m back to my old ways.” “

Hippie Hour regulars Billy Ward and Rocky.  (Amelia Mason / WBUR)
Hippie Hour regulars Billy Ward and Rocky. (Amelia Mason / WBUR)

The first real test takes place on the first Friday in June. It’s the 10th anniversary of Hippie Hour, Midway Cafe’s popular Grateful Dead night. As Balerna predicted, the club are not quite full. But the dance floor is crowded. Friends embrace ecstatically as the group peruse a rambling rendition of “Tennessee Jed.” A pink balloon bounces lazily above the heads of the crowd.

Outside on the sidewalk, Hippie Hour regular Jess Gard marvels at the events of the past year.

“I had low anxiety all the time,” she says. “It was like a weird science fiction movie.”

Le Gard volunteered to help when the club reopened for seated concerts. She took the temperatures at the door and made sure everyone was wearing masks. Now she is glad things are back to normal.

“For a year now, I’ve been telling these people that they can’t dance. These people, my friends, no dancing! exclaims Gard.

Now they are allowed to dance again. This, more than anything, signals a return to normalcy. A return to the close-knit community that the Gard loves.

“This Friday… was like some people’s church on Sunday,” she said. “It’s really very nourishing for the human spirit.

More people spill over onto the sidewalk as the evening wears on. Midway’s Heather Timmons reservation is one of the few to wear a mask. “I’m still a week away from being fully vaccinated, so I’m not comfortable not wearing one yet,” she explains.

Timmons scrambles to keep up with the flood of emails from bands eager to play. She doesn’t know what the next few months will bring her. “I think summer is going to be a little weird for shows everywhere, just because a lot of people still aren’t comfortable,” she says. “But … tonight, for example, has blown up and looks pretty normal.”

Balerna stands by the front door with Billy Squire, a regular at Midway. Squire asks a question: How does it feel to have survived the pandemic?

“Do you have nine lives, or what, man?” he asks.

But Balerna is not yet ready to claim victory. He still has a big financial hole to dig. “You have to watch the rungs of the ladder as you climb, I guess,” he said. “I keep looking up.”

Back inside the club, the group begins to vamp. Leader Mark Pelletier addresses the crowd.

“Babies are born. People got married, people got divorced. People have passed away and we mourned it together, ”he says. “[It’s a] lovely happy little family we have built here, and [it’s] so well that we can do it all again.

The group ramps up and the crowd begins to move. It’s almost like it used to be.



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