U.K. central bank embarks on stress-testing climate risk

first_img How should banks allocate capital for crypto? James Langton Incentive conflicts, regulatory burdens on AMF agenda dollar boat in the bad weather illustration economic instability solerf/123RF Insurance regulators consult on conduct principles The Bank of England (BoE), which has been at the forefront of understanding climate change as a financial stability risk, is launching industry stress-testing for climate risks.The U.K.’s central bank published a discussion paper on Wednesday that sets out a proposed stress-testing framework that will examine the resilience of the country’s largest banks and insurers to the physical and transition risks of various climate scenarios, as well as the overall financial system’s exposure to climate-related risk. Share this article and your comments with peers on social media “The [climate stress test] is a pioneering exercise, which builds on the considerable progress in addressing climate related risks that has already been made by firms, central banks and regulators,” BoE governor Mark Carney said in a statement.“Climate change will affect the value of virtually every financial asset; the [stress test] will help ensure the core of our financial system is resilient to those changes,” he added.The proposed approach will model three different climate scenarios over a 30-year time horizon, based on whether action to combat climate change is taken soon, later or not at all. It will incorporate a “bottom up, granular analysis” of firms’ business models in an effort to accurately capture their exposure to climate-related risks.The BoE said that it will publicly report on the overall financial system’s resilience to climate-related risks, but not its findings for individual firms.“None of us can know exactly how climate change will unfold, but we do know that it will create risks to the financial system. I am excited that this ground-breaking exercise will for the first time allow us to quantify this risk and so determine the actions we need to take today if we are to minimise these future risks,” said Sarah Breeden, executive director sponsor for climate change at the BoE.The proposed stress testing framework is out for consultation until March 18, 2020.The final framework will be published in the second half of 2020, and the exercise’s results will be released in 2021. Related news Keywords Climate change,  Banking industry,  Insurance Facebook LinkedIn Twitterlast_img read more

Read More

Comedy, flu shots and more for Farmington area seniors

first_imgThe City of Farmington Hills offers dozens of programs for area adults age 50 and better at the Center for Active Adults, located in the Costick Center, 28600 W. 11 Mile Rd. The Center is open Monday – Friday from 9:30 a.m.-3:30 p.m. Lunch is served daily, $2.75 donation for ages 60 and better, $5 for under 60.A number of support groups and clubs meet regularly at the Costick Center. New sessions of fitness, dance classes and computer classes start up in September. Advance registration is required for all programs. To register for events or for additional information about groups, call 248-473-1830.Flu ShotsTuesday, Oct. 2, 9 a.m.-1 p.m. Bring a picture ID with your current address and Medicare/Medicaid insurance card. Cash fee of $30 for those without Medicare/Medicaid or pay with a credit card at the Costick Center. High dose flu shots are available for a fee of $57 for those ages 65 and older. Walk-in only, no pre-registration is available. For quicker service, wear a short sleeve shirt or a shirt with a sleeve that can be rolled up to the top of your arm.Personal Safety & AwarenessTuesday, Oct. 4, 10 a.m.-11:30 a.m. Determine threats in public situations and learn how to respond accordingly. Be more aware of your environment and stay safe in daily life. Sign up in Conway Hall. No cost.Understanding WebsitesFriday, Oct. 5, 9:30 a.m.–3:30 p.m. Mike Wilson, author and illustrator, will demonstrate how to create a free e-mail, reply, save pictures, and send attachments. See how folders and e-mails are created and organized. Understand how browsers and contacts work as well as move and delete e-mails. Class will break for one hour lunch. Fee is $55 residents/$60 non-residents. Instructional book fee of $25 is payable at the start of class.Mindful MemoryThursdays, Oct. 4 – 25, 10:30 a.m.–12 p.m. Learn about brain health with Kevin Snycerski, LPN, from Senior Helpers of Michigan, and Diane Beri, MS. Oct. 4 – Our Brains at Work, Rest and Play; Oct. 11 – Brain Challenges;Oct. 18 – Normal Aging vs. Dementia; Oct. 25 – Positive Approach to Care and the Senior Gems. Sign up in Conway Hall. No cost.KaraokeFriday, Oct. 5, 1 p.m.–3 p.m. Head to Conway Hall and have fun singing karaoke with classics from the past and today’s hits. Light refreshments. Fee is $2.Brainstorm Series – Subduing StressMonday, Oct. 8, 10 a.m.–11 a.m. Shake up your brain with new activities that stimulate and invigorate your thinking in this program designed by the Institute of Gerontology at Wayne State University. Sign up in Conway Hall.Beginning Knitting Classes – Part 2Mondays, Oct. 15 – Nov. 5, 1 p.m.– 3 p.m. A continuation of Beginning Knitting where you will learn more about casting on, knitting, and purling, then ribbing seed stitch and binding off, as you knit a scarf of your own. Fee is $55 residents/$60 non-residents.Just DriveWednesday, Oct. 17, 10:30 a.m. – 12 p.m. Distracted driving crashes are on the rise. Learn why it’s vitally important to put away cell phones and eliminate distractions while driving. Sign up in Conway Hall. No cost.Friday’s FilmFriday, Oct. 19, 12 p.m.–3 p.m. Enjoy lunch, candy, popcorn, and a beverage and watch the movie “Wonderstruck.” $5 in advance, $7 at the door.Dine and Discover: History of Rock & RollMonday, Oct. 22, 10 a.m.– 11:30 a.m. Enjoy a special brunch while you learn about the evolution of rock & roll and how it became the highest selling style of music in the U.S. Enjoy the work of popular artists and learn about new ones. Fee is $10, advance tickets only.Nutritional TrendsTuesday, Oct. 23, 10 a.m.–11 a.m. Sort out the helpful from the hype and learn about nutritional trends that are worthwhile. Sign up in Conway Hall. No cost.Learn to Organize Computer ClassFriday, Oct. 26, 9:30 a.m. – 3:30 p.m. Are your files, digital pictures, e-mails, and information scattered everywhere on your computer? Learn to create folders and get organized during this five-hour workshop! Discover how to download and copy files from the internet. See how pictures are transferred from a camera to computer. Find out how to save projects on your computer, CDs, and flash drives, and easily find them. Learn how to copy, move files, and much more. Class will break for one-hour lunch. Fee is $55 residents/$60 non-residents.Comedy Kourt LuncheonFriday, Oct. 26, 11:30 a.m. – 2 p.m. Enjoy a fabulous fall luncheon followed by the Kangaroo Comedy Kourt where justice is never served and fun and laughs are always on the docket, featuring interactive role-playing. Fee is $8 by Oct. 19, $10 after that date and at the door.Caregiver CurriculumTuesday, Oct. 30, 11 a.m. – 12 p.m. Learn how to build cooperative relationships as a caregiver, solve problems, and use resources as you find meaning and purpose in caregiving. Sign up in Conway Hall. No cost.Several support groups are also available at the Center for Active Adults including Caregivers, Grief and Loss, First Step Stroke, and Vision Impaired. The Center also offers many clubs that meet regularly including Computer Forum, Heritage Hikers, Quilters Group, Farmington Piecemakers, Pinochle Group, Duplicate Bridge, Painters Group, Sojourn Bears, and the Red Hat Society. Call 248-473-1830 for meeting dates and times. Reported by admin Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)last_img read more

Read More

Broncos QB Peyton Manning to Announce Retirement Monday

first_img Related TopicsBroncosNFLPeyton Manning Matt Loede Broncos quarterback and future Hall of Famer Peyton Manning will announce his retirement on Monday according to various sources, ending a career that saw him break just about every meaningful passing record along with winning two Super Bowls.ESPN was the first to report the decision early Sunday morning.The announcement comes about a month after Manning and the Broncos beat the Panthers in Super Bowl 50 in San Francisco. The first pick in the 1998 NFL Draft, Manning retires as the only quarterback in league history to lead two franchises to Super Bowl titles.Manning retires as the all-time leader with 539 regular-season touchdown passes and 71,940 yards. He and Brett Favre are tied for the most regular-season wins as starting quarterbacks with 186, but Manning’s total jumps to a record 200 including playoffs.Reports say that Manning, who would have been released by the Broncos this week instead of paying another season of his hefty salary, called team president Joe Ellis, general manager John Elway and head coach Gary Kubiak to inform them of his decision.He walks away the NFL’s only five-time MVP. He is a seven-time first-team All-Pro. He missed the entire 2011 season with a neck injury while with the Colts, and then started his second career in 2012 with Denver, reaching the Super Bowl twice, winning once. center_img Matt Loede has been a part of the Cleveland Sports Media for over 21 years, with experience covering Major League Baseball, National Basketball Association, the National Football League and even high school and college events. He has been a part of the Cleveland Indians coverage since the opening of Jacobs/Progressive Field in 1994, and spent two and a half years covering the team for 92.3 The Fan, and covers them daily for Associated Press Radio. You can follow Matt on Twitter HERE.last_img read more

Read More

SA lecturer awarded for innovative style

first_imgDr Damian Ruth received the Richard Buchanan Teaching Excellence Award at Massey University’s College of Business. Here he is congratulated by Jennifer, Buchanan’s wife. Photo: Massey University 4 November 2013Dr Damian Ruth, a South African who is a management lecturer at Massey University in New Zealand, has won the College of Business’ Richard Buchanan Teaching Excellence Award.The judging committee recognised Dr Ruth’s enthusiasm, energy and commitment to finding innovative ways of teaching students.Dr Ruth, who has worked at the university for seven years, described his job as a vocation and says when he teaches he wants to “ignite, provoke, enthuse and excite”.Describing his teaching as direct and forthright, he says most students want to be constructively challenged. One student told him his frame of reference had been exploded. “If I have done that then I am doing a good job,” says Dr Ruth.Dr Ruth has worked in education for more than 20 years and now teaches undergraduates and postgraduates in the School of Management on the Wellington campus as well as teaching in the MBA programme. “I don’t have a specific teaching qualification. I’m just one of a number of highly committed good teachers at Massey and I don’t see myself as particularly special,” he says.He grew up in South Africa, where he graduated with a degree in arts and humanities from the University of Cape Town. He left South Africa after the 1976 riots but returned as a teacher. “I decided to become an educator, that would be my contribution to the struggle. If you get a handle on the education system you get a handle not just on the current generation but the next one as well.”He did a Master’s in social science, followed years later by a PhD in research, education and management at the University of Sheffield. Next year, he will teach the new 300-level paper Strategy and Change, which he has co-designed.Originally published by Global South Africans: A network of extraordinary peoplelast_img read more

Read More

Durban hosts AIMS Congress ahead of Comrades

first_img26 May 2014The Comrades Marathon Association (CMA) will be hosting about 200 delegates from around the world at the 20th World Congress of AIMS (the Association of International Marathons and Distance Races) in Durban this week.The delegates will represent several of the greatest marathons and distance races in the world at the forthcoming gathering, which runs from 29 to 31 May, ahead of the 89th Comrades Marathon, an “up” run, from Durban to Pietermaritzburg, which takes place on 1 June.‘Relevant theme’Cheryl Winn, the 20th World Congress of AIMS Chairperson, said in a statement on Friday: “We are excited about hosting the Congress. This will be a first for our country and the continent; and with a very relevant theme for the Congress being: Africa – Home of Distance Runners.The congress includes delegates from every continent, with a total of 41 countries represented.Promoting and upliftingFrom Athens, Berlin, Beijing and Boston to Canberra, Cape Town, Casablanca and Colombo, top international marathons will be participating in the forum, which is aimed at facilitating the exchange of information, knowledge, expertise, ideas and innovations to improve the quality of member events and generally promote and uplift the staging of marathons and the sport of road running around the globe.Relatively short races, such as The World’s Best 10km in Puerto Rico and Morocco’s 10km Marrakech International, will be represented, as well as an ultra-distance race like the Lake Saroma 100km in Japan, which together with the Comrades Marathon and Two Oceans make up the only three ultra-marathons attending the Congress.Special invitationsParticipation in the Congress is limited to bona fide representatives of AIMS-affiliated events, but as the host organisers, the CMA has been given special dispensation to invite a select number of non-AIMS affiliated races to attend as observers. They have thus extended invitations to the Soweto, City to City, Loskop, Om die Dam, Knysna and Zululand Marathons, with a view to them being exposed to the benefits of joining AIMS in the future.AIMS-affiliated South African road running races which will be represented include the Two Oceans, Peninsula, Cape Town, Maritzburg and Mandela Day Marathons.WelcomeAmong the dignitaries welcoming the AIMS delegates will be the Premier of KwaZulu- Natal, Senzo Mchunu, who will officially open the Congress on Thursday, 29 May, while the Msunduzi Mayor Chris Ndlela will host the AIMS Board at a Mayoral Dinner on Tuesday, 27 May.The eThekwini Mayor, James Nxumalo, will welcome all delegates at a Civic Welcome Function on Wednesday, 28 May, and the MEC for the KwaZulu-Natal Department of Sport and Recreation, Ntombikayise Sibidhla-Saphethe will give the keynote address at the Legends Gala Dinner on Friday, 30 May.SAinfo reporterlast_img read more

Read More

Govt school students to soon interact with entrepreneurs

first_imgNEW DELHI: The Delhi government has planned that for the Entrepreneurship Mindset Curriculum in state-run schools, the education department would bring entrepreneurs, who will directly interact with students. “The country needs citizens with entrepreneurial ‘mindset’ whether they do a job or they do business. The objective of bringing you on board is to remove the fear of trying something new from our students,” said Deputy CM Manishish Sisodia to the entrepreneurs on Tuesday. Also Read – After eight years, businessman arrested for kidnap & murderThe Deputy CM, who also holds the portfolio of the Education Minister, told the entrepreneurs that they should share their experiences with the students so that the students understand the nuances of entrepreneurship. “I am inviting you to provoke the children studying in Delhi government schools to gather confidence to use the skills that we provide them with, in a way they never imagined before, for their good, for the country,” said the Deputy CM. He also said that this curriculum is a new idea, and how it shapes up will depend on how the experts take the initiative forward. “All ideas are welcome, it’s just that we don’t want to bog the kids down with jargon, & rather spark curiosity, positivity and courage in them. They’ll learn anything if they have those qualities,” he said.last_img read more

Read More

Recent Breakthroughs In Womens Tennis Have Yet To Stick

At six of the last 10 Grand Slam tournaments, a woman has reached her first major singles final. All six first-time finalists lost the match, four of them in straight sets while winning no more than six games. Five then lost their first match at the next tournament. None has reached another major final since. Four of them failed to reach the quarterfinals at the next major they played. Three have fallen out of the Top 10 in the rankings.Breakthrough performances have been followed by letdowns.The most promising of the six players is Simona Halep. She came the closest to winning her major final debut, taking 15 games off Maria Sharapova at the French Open in June. Halep followed that by reaching the semifinal at Wimbledon the next month. And she enters the U.S. Open — which began this week — ranked No. 2 in the world. Yet she doesn’t look likely to reach the final in Flushing, New York. She won just two matches at warm-up tournaments, and Halep dropped the first set to unranked Danielle Rose Collins (the U.S. college singles champ) before coming back to win her opening match Monday.“Every day we have to work to reach the top and to stay there, because it’s more difficult to stay there than to reach it,” Halep said at a news conference after her win.It’s a bit early to declare the most recent first-time finalist a letdown; Eugenie Bouchard hasn’t gotten a chance to play another major since reaching the Wimbledon final this summer. On Tuesday, she begins her U.S. Open against Olga Govortsova. Early returns for Bouchard aren’t good, though: She’s won just one match in three tournaments since getting routed by Petra Kvitova in the Wimbledon final.Like the current group of young contenders, Kvitova didn’t immediately back up her breakthrough performance. She won Wimbledon in 2011, at age 21, in her first major final. Then she lost three of her next five matches, including her first-round match at the U.S. Open. But she won two tournaments and the Fed Cup later that summer, and Wimbledon this summer. She has been a regular in the Top 10 since reaching her first major final.Victoria Azarenka followed shortly after Kvitova and was more consistently successful. She reached her first major final at the Australian Open in 2012, at age 22, and won it — routing Maria Sharapova, as Kvitova had done the previous summer at Wimbledon. Then Azarenka won the next two tournaments she played and held the No. 1 ranking for much of the next year, including during her successful defense of her Australian Open title the next year.It’s natural that an athlete who is playing her first major final against a player who has been there before would be an underdog. And it’d be unfair to expect the player to repeat her performance at the next major, rather than regressing a bit to the mean. Plus, the women who have broken through recently are young and have time to return to the sport’s most prominent matches.Among the six most recent first-time major finalists, Sara Errani was the oldest at the time of her breakthrough. She had just turned 25 when she reached the 2012 French Open final, relatively young in the aging sport of tennis. Four of the others were younger than 24 when they reached their first Grand Slam final. But only Bouchard was younger at her first breakthrough than Kvitova and Azarenka were. read more

Read More