ICMR teams up with Bharat Biotech to develop COVID-19 vaccine  The Financial ExpressView Full coverage on Google News

As his parting gift to Toronto Council, City Manager Peter Wallace spells out the effect of years of promised new services and infrastructure unmatched by revenue to build and operate our dream city.

Toronto Council is good at making promises, voting for better services, new transit lines, a revitalized expressway, but too many of these promises depend on money the city does not have. At budget time, city staff work their magic and trim spending to fit the available dollars. Programs are stretched to make do with less […]

The post Toronto’s Long-Term Financial Plan: The Bill is Due appeared first on Torontoist.

1. ABC’s Four Corners to investigate NRL’s financial woes  Daily Telegraph
2. Report: Rugby league players to be forced to decide between state and Test level footy  Wide World of Sports
3. NRL 2020: Peter V’landys set to cut $50m from League Central  Courier Mail
4. How a farm system could help the NRL expand  The Roar
5. View Full coverage on Google News

One of the most powerful strategies I’ve found for improving my life is the idea of systems. Basically, rather than setting a goal for yourself, you develop a system of some kind, a set of daily actions that gradually nudge you toward that goal. For example, instead of saying “I’m going to lose 100 pounds this year,” you ask yourself, “What can I sustainably do each day to lead to gradual but significant weight loss over the course of this […]

The post Financial Success Within a System-Oriented Life appeared first on The Simple Dollar.

We've been seeing these Bernie Sanders memes practically everywhere on the internet lately, and they don't appear to be stopping any time soon! Here's our last gallery in case you missed 'em. 

We sincerely hope you're not sick of political memes yet, because we've still got far to go before the 2020 presidential elections, so buckle up!

With wildfire season already starting in some regions of the United States and around the corner in others, now is the time to start thinking about your physical and financial preparedness.  To help you be better informed, NFPA is hosting two free

Would you like to leave the rat-race and replace your 9-5 with network marketing jobs? Here are 5 tips to financial freedom.

Amidst great economic and political pressure to reopen in the fall, American colleges and universities must choose between enormous risk and liability if they do open and bankruptcy if they do not. Colleges and universities are among the most vulnerable institutions to disease outbreaks and would serve as efficient grounds the spread of coronavirus as students on campus share close spaces. Students are in close contact in classes, dining halls, clubs, sports, dorms, parties, events, games, assemblies, and meetings. Students could bring the virus to campus upon arrival and bring it home during breaks and holidays. Schools are worried about lawsuits in the case of outbreaks on campus, adding to the risk of reopening in the fall. If schools choose not to reopen this fall, they could lose half of their revenue and ultimately not recover, either filing for bankruptcy or closing permanently. Historically Black colleges and universities (HBCUs) are being hit the hardest by the financial burden of the pandemic and because African Americans are bearing a disproportionate share of the pandemic, school populations of HBCUs are more likely to be impacted by Covid-19. In response to political pressure from the GOP to reopen in the fall, schools are […]

Study shows how a lack of community support caused by inequality exacerbates cycles of poverty

Banks usually hold large amounts of domestic public debt which makes them vulnerable to their own sovereign’s default risk. At the same time, governments often resort to costly public bailouts when their domestic banking sector is in trouble. We investigate how the interbank network structure and the distribution of sovereign debt holdings jointly affect the optimal bailout policy in the presence of this "doom loop". Rescuing banks with high domestic sovereign exposure is optimal if these banks are sufficiently central in the network, even though that requires larger bailout expenditures than rescuing low-exposure banks. Our findings imply that highly central banks can use exposure to their own government as a strategic tool to increase the likelihood of being bailed out. Our model thus illustrates how the "doom loop" exacerbates the "too interconnected to fail" problem in banking.

We develop a model of financial crises with both a financial amplification mechanism, via frictional intermediation, and a role for sentiment, via time-varying beliefs about an illiquidity state. We confront the model with data on credit spreads, equity prices, credit, and output across the financial crisis cycle. In particular, we ask the model to match data on the frothy pre-crisis behavior of asset markets and credit, the sharp transition to a crisis where asset values fall, disintermediation occurs and output falls, and the post-crisis period characterized by a slow recovery in output. We find that a pure amplification mechanism quantitatively matches the crisis and aftermath period but fails to match the pre-crisis evidence. Mixing sentiment and amplification allows the model to additionally match the pre-crisis evidence. We consider two versions of sentiment, a Bayesian belief updating process and one that overweighs recent observations. We find that both models match the crisis patterns qualitatively, generating froth pre-crisis, non-linear behavior in the crisis, and slow recovery. The non-Bayesian model improves quantitatively on the Bayesian model in matching the extent of the pre-crisis froth.

Lakers' Anthony Davis is partnering with First Entertainment Credit Union as their first official ambassador.

(MedPage Today) -- "When there is no wind, we row." What a cancer doctor-turned-cancer patient learned from his own patients. (ASCO Connection via KevinMD) Under most circumstances, fewer cancer diagnoses might be good news, but that's not necessarily...

The Dodgers and Angels haven't said how they will distribute the $1 million each MLB team pledged to pay stadium workers during the coronavirus shutdown.

I spent some time looking into the significance or mention of birthdays in Jewish sources.

THE British economy is set to plummet into its worst recession for 300 years because of the coronavirus crisis, the Bank of England warned yesterday.

English rugby faces a bleak future should the coronavirus crisis continue into next year.

ROYAL CARIBBEAN has made further changes to their policy in a bid to instil confidence in customers and reduce the risk of financial losses for customers.

This year, I am currently making over $12,000 less a year then I was supposed to when I was hired in 2004, a letter to the editor says.

Lawmakers should support SB 111 as an investment to make Indiana families stronger now and in the future, a letter to the editor says.

The provincial government has announced it will support child care centres that have been closed since March with their fixed operating costs as the fight against COVID-19 continues.

Corporate Members Event Webinar

Che Sidanius, Global Head of Regulation & Industry Affairs, Refinitiv

Patricia Sullivan, Global Co-Head, Financial Crime Compliance, Standard Chartered

Dame Sara Thornton, Independent Anti-Slavery Commissioner, UK

Chair: Tom Keatinge, Director, Centre for Financial Crime and Security Studies, RUSI

Expert

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The challenges, for Hong Kong, are as much local as they are global. I know many of you are concerned about the recent social unrest here in Hong Kong, about whether it is affecting our financial market and whether there has been outflow of funds.

First of all, there's the obvious: Hong Kong is undergoing a time of unprecedented turbulence. Dissension has gripped our community for months now. That said, we are working to address and respond to those concerns, determined to find a path to peace, harmony and renewed prosperity in 2020.

We have been making progress. But there is still much to be done before we can put this testing time behind us.

Competitive advantages

What I can tell is that the advantages Hong Kong has long been recognised for are still very much with us, and they are not going anywhere anytime soon.

They begin with our enviable location, at the heart of Asia. Which means that Hong Kong is fully plugged into the round-the-clock global financial trading cycle. We provide certain and seamless connectivity with the financial hubs of Europe and North America, as well as those in the Middle East and across Asia.

Hong Kong is blessed with the dual advantages of "one country, two systems". The rule of law, an independent judiciary and an unshakable adherence to free enterprise are among Hong Kong's core values.

We offer businesses from the Mainland and all over the world - more than 9,000 at last count - a level-playing field, a competitive market, whatever their businesses, whatever their investments. Our linked exchange rate system remains solid, our currency fully convertible and capital flowing in and out freely, as enshrined in Article 112 of the Basic Law. Our capital markets are deep and liquid.

Despite our external and domestic challenges, Hong Kong's financial market remains stable. Our banking system continues to run smoothly and with ample liquidity.

The figures speak for themselves. In 2019, Hong Kong again topped the world in funds raised through IPOs - some US$40 billion worth. This is the seventh time we have come first in the past 11 years.

Our stock market's capitalisation is about US$4.9 trillion. That's more than 13 times Hong Kong's GDP.

As at end November 2019, bank deposits in both Hong Kong dollars and foreign currencies continued to increase over the same period last year, totalling US$1.8 trillion.

Our exchange rate remains stable. These and other measures reflect the integrity of Hong Kong's financial and legal system, the confidence it conveys, even as we face formidable external and domestic shocks.

In September last year, the Global Financial Centres Index once again ranked Hong Kong among the world's top three financial centres, behind only New York and bearing in on London.

Last October, the World Economic Forum's Global Competitiveness Report ranked our financial system top in the world, while the World Bank rated Hong Kong the third-easiest place to do business.

Hong Kong is still very much the largest offshore renminbi business hub in the world.

We are, as well, the premier asset and wealth management centre. Apart from exempting onshore and offshore funds from profits tax, we are considering introducing a more competitive tax arrangement to attract private equity funds to domicile in Hong Kong.  

The insurance industry is equally important. We have, after all, the highest concentration of insurers in Asia - more than 160 at the end of September. And we will enable the issuance of insurance-linked securities, expanding the insurable risks of captive insurers in Hong Kong.

On the taxes front, we already have the world's most business-friendly tax system, according to Paying Taxes 2020, a report produced by Pricewaterhouse Coopers and the World Bank. Still, we plan to provide tax relief to promote the development of marine insurance and the underwriting of specialty risks in Hong Kong.

Green finance is our policy priority going forward. Green bonds issued and arranged in Hong Kong increased over 200% to US$11 billion in 2018 as compared to the previous year.

That was followed by our inaugural government green bond issuance of US$1 billion last May. And we plan to issue more, and encourage more entities to arrange financing for their green projects right here in Hong Kong.

Fintech is another area where we strive to excel.

Looking at the big picture, the International Monetary Fund (IMF)'s latest projection of global economic growth this year has been adjusted downward to 3.4%. Growth in Asia, however, will continue to outperform the rest of the world.

The IMF forecasts the Mainland economy to grow by 5.8% in 2020, down slightly but still far and away leading most other jurisdictions.

Robust financial system

As for Hong Kong, the IMF Staff Report last month commended the resilience of our financial system and linked exchange rate, despite its slowing economy. The IMF's Hong Kong report noted, and I quote, that "robust policy frameworks and ample buffers will help the economy weather the challenges ahead".

The IMF also expressed approval for the Government's wide-ranging policies to support the economy and safeguard financial stability.

While we welcome the IMF's confidence in Hong Kong, I am prepared to roll out further relief measures as necessary.

We will also step up efforts to capitalise on emerging opportunities - not only from green finance and fintech but from the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt & Road Initiative, which demonstrates Hong Kong's uniqueness and irreplaceable position in the Mainland's national and economic development strategy.

Hong Kong is, and will remain, the business bridge between the Mainland and the rest of the world. Count on Hong Kong, as always, to be your partner, to help you build your business in the Mainland, throughout the Asian region and around the world. Count on Hong Kong to connect you with abundant capital and continuing opportunities.

Financial Secretary Paul Chan gave these remarks at the 13th Asian Financial Forum keynote luncheon on January 13.

(Wiley) A recent Psycho-Oncology analysis of published studies found that few cancer survivors received financial information support from healthcare facilities during their initial treatment, even though cancer-related financial toxicity has multiple impacts on survivors' health and quality of life.

Invitation Only Research Event

Event participants

Professor Robert Shiller, Sterling Professor of Economics, Yale University
Chair: Marianne Schneider-Petsinger, Research Fellow, US and the Americas Programme Chatham House