Bank of Canada calls for control of free markets, less income disparity

Share this article and your comments with peers on social media Research from the International Monetary Fund shows that countries that decrease income disparity increase the duration of periods of economic growth, he said. “Indeed, broader cross-country evidence suggests that lower inequality may in turn be good for sustaining growth,” he said in notes of the speech released in Ottawa. And he argues that globalization, along with technological change, have been leading triggers of income disparity within countries like Canada, the U.S. and much of Europe. Ironically, those same forces have contributed to the narrowing of the gap among nations — as China, Brazil and others have emerged from poverty to global economic powers. “In short, market forces have been a powerful mechanism for creating wealth,” he said. “At the same time, however, globalization, combined with technological change, is concentrating wealth in fewer hands within many countries.” Countries as diverse as China, Denmark, German, Japan, New Zealand, Sweden, the United Kingdom and the United States have all seen inequality within their borders rise from the mid-1980s, he said. The income gap in the U.S. is now as severe as it was in the 1920s. Inequality — the spread between the a country’s richest and poorest citizens — has also grown in Canada, but less dramatically, he said. Still, according to the Organization of Economic Co-operation and Development, Canada has nevertheless gone from 14th in the mid-1990s to 22nd in the latest data in terms of income equality among the group’s 34 member nations. Macklem’s address is not an attack on the market system — he says it works better than any other in delivering opportunity and prosperity. But he notes that with the rise in movements such as Occupy Wall Street, markets are under intensifying scrutiny, and agrees with critics that they must be reined in. “Markets need to be guided by sound policy frameworks with clear rules that must be enforced with consistency and transparency,” he said. “The forces of globalization and technological change that have propelled global growth and driven rising inequality within many countries are not likely to abate. We need to harness these sources of growth while increasing opportunity for all our citizens.” Previously, Bank of Canada governor Mark Carney has also had some praise for the occupy movement, calling it “entirely constructive.” Macklem said the world could benefit by studying Brazil’s economic miracle, which has occurred even as income disparity fell. He cited market reforms and fiscal restraint in concert with better social programs tied to education and health as creating a virtuous circle in Brazil. The comments drew qualified praise from economist Armine Yalnizyan of the Canadian Centre for Policy Alternatives for drawing a link between more income equality and economic growth. “In a way, he’s provided the litmus test for our own government’s policies … do they help reduce income disparity or increase it,” said Yalnizyan. A big part of Brazil’s economic miracle, she said, was an income redistribution program to poor families on the condition they keep their children in school and obtain health care. Macklem said central bankers can mitigate against income disparity by keeping inflation low and stable and protecting the financial system from itself. He called on implementation of G-20 financial reform measures to broaden the span of regulation and oversight on “too big to fail” institutions and banks. A Bank of Canada cost-analysis of beefed up capital and liquidity standards shows while there would be a penalty in terms of higher costs for funds, the benefits would be exponentially greater. A two percentage point rise in capital ratios would result in a 13% gain of GDP in Canada, and more for the world, he said. Macklem said central banker also can help mitigate against income inequality by ensuring that inflation remains in check. Citing internal research, the bank’s second-in-command said an increase in inflation from two to five per cent shows average consumption by the poor declines by 1.4%, four times more than among the wealthy. Consumption drops by even more, 1.8%, among the elderly. “Inflation is a tax on cash and the proportion of household assets held in cash decreases as income rises,” he explained. “As a result, the burden of inflation borne by low-income households is significantly higher than for the wealthy.” Companies Bank of Canada Julian Beltrame Facebook LinkedIn Twitter The Bank of Canada is urging leaders to enact policies to rein in the excesses of free markets and reduce income disparities, arguing they will strengthen the economy. In a speech to a business audience in Sao Paulo, Brazil, the bank’s senior deputy governor Tiff Macklem laid out a powerful case that income inequality has been on the rise and needs to be addressed. read more

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Next Gen Smartphones and Consumer Products to Boost Global RF Duplexer Market

first_imgGlobal technology research and advisory company, Technavio, expects the global RF duplexer market to grow at a CAGR of more than 11% during the period 2017-2021. The company has released a market report (Global Radio Frequency Duplexer Market 2017-2021) which presents a detailed analysis of the global radio frequency duplexer market by application, including cell phones, portable PCs, STBs, tablets, modems/dongles and smart TVs. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.Proliferation of Smartphones and TabletsAccording to the report, there has been a massive growth in the proliferation of smartphones and tablets. The advances in wireless technology have resulted in the development of new RF features, which are necessary for smartphones and tablets. The growth of smartphones and tablets is expected to encourage RF device manufacturers to create high-performance RF components that can meet the requirements of the mobile device manufacturers. The RF duplexers in smartphones can handle multiple bandwidths and various frequency bands, and they also support carrier aggregation. This will increase the adoption of them in the smartphones segment during the forecast period.Emergence of Advanced Consumer ProductsThe consumer electronics market has witnessed massive transformations in the last five years. Feature phones were replaced with smartphones. PCs were replaced with laptops, and now laptops are being replaced by tablets. Also, cathode ray tubes (CRT) TVs are being replaced by LED TVs and Smart TVs. Now manufacturers and application developers are looking to interconnect all these household devices and create a single unit called a smart home, which is controlled by the applications installed on smartphones.According to a lead analyst at Technavio for embedded systems research, various RF components are embedded into smart TVs, smartphones, laptops, and STBs. The adoption of RF components, including RF duplexers, will increase during the forecast period. With the emergence of the loT, RF components have become a key part of consumer electronics.Alternate Printing Solutions in EnterpriseAn increase in the frequency bands, carrier aggregation, modulation schemes, and power amplifier modes to support the growing mobile data traffic is increasing the RF front-end complexity. With the increase in the RF front-end complexity, designers and engineers are continuously coming up with innovative methods and techniques to create complex multi-chip modules that provide incremental improvements. However, the existing RF front-end technology has only a limited number of OEMs with the ability to develop single reference designs that will work in all regions. Thus, the increasing RF complexity is one of the major challenges faced by the vendors in the global RF duplexer market.Click here to request a sample report.last_img read more

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Grand Haven fails to stop the run in a rough loss to Traverse City West

first_imgShares Displayed poorly Range: Why Generalists Triumph in a Special… Share Bestseller Shop Now Report a problem This item is… Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Bestseller Dude Perfect Signature Bow Nerf Sports Bi… Inappropriate / Offensive $14.99 Add Comments (Max 320 characters) ENDS IN (35539) Inappropriate / Offensive $3.99 Bestseller Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Other DEAL OF THE DAY × Other Report a problem This item is… Not relevant × $59.99 ENDS IN Other Bestseller Report a problem This item is… Inappropriate / Offensive Report a problem This item is… ENDS IN ENDS IN Report a problem This item is… (1862) Thank you! This will help us improve your ad experience. We will try not to show you such ads again. $0.00 Share Inappropriate / Offensive Other Not relevant FOX Sports: Stream live NFL, College Footbal… Fox Sports Go Add Comments (Max 320 characters) DEAL OF THE DAY Add Comments (Max 320 characters) $26.86$49.99 ENDS IN Displayed poorly Bestseller Not relevant Other $15.29$17.99 × Add Comments (Max 320 characters) The League Report a problem This item is… Not relevant DEAL OF THE DAYcenter_img ENDS IN × × Inappropriate / Offensive Other Other Not relevant NBC Sports DEAL OF THE DAY Inappropriate / Offensive × DEAL OF THE DAY Inappropriate / Offensive Add Comments (Max 320 characters) $0.00 Franklin Sports MLB Electronic Baseball … × Displayed poorly Report a problem This item is… (1009) Displayed poorly DEAL OF THE DAY Not relevant Add Comments (Max 320 characters) A Warrior’s Heart $0.00 ENDS IN (33138) Inappropriate / Offensive Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Not relevant (1461) Ads by Amazon Displayed poorly ENDS IN × Displayed poorly (8187) Thank you! This will help us improve your ad experience. We will try not to show you such ads again. LocalSportsJournal.comThe Grand Haven football team surrendered 421 rushing yards in a 41-14 road loss to Traverse City West on Thursday night.Jacob Pawloski scored on a 28-yard run and an 18-yard pass from Sam DeKuiper in the second quarter to give Traverse City West a 16-0 lead.Ryan Haynes then scored on a 25-yard pass from DeKuiper to give TC West a 24-0 advantage.The Buccaneers closed the first half with a Collin Takas 29-yard touchdown reception from quarterback Adam Nelson to make the score 24-7.Traverse City West responded with a 65-yard run by Erik Labonte and a 41-yard scamper from Odin Soffredine to increase its advantage to 38-7 after three quarters.The hosts added a fourth quarter field goal before the Buccaneers closed the scoring on a 19-yard touchdown run by Tristan Winkleman.Nelson led the Bucs with 98 yards and one touchdown on 9-of-17 passing while Charlie Young had 37 rushing yards.Grand Haven is now 0-2 on the season and will host Grandville next week. Report a problem This item is… Add Comments (Max 320 characters) Not relevant Displayed poorly Thank you! This will help us improve your ad experience. We will try not to show you such ads again. DEAL OF THE DAY Mail Other Bestseller Add Comments (Max 320 characters) (124) Bestseller Thank you! This will help us improve your ad experience. We will try not to show you such ads again. DEAL OF THE DAY Ads by Amazon Bestseller Displayed poorly (22)last_img read more

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Quinlan says altitude will pose challenge for Munster

first_imgMunster can take a big step to securing a home tie in the playoffs of the Guinness PRO-14 this evening.The Reds will take on the Cheetahs at altitude in South Africa where victory would see Johan van Graan’s team consolidate second place in Conference A ahead of the final round of fixtures.Tipp town native, and former Munster flanker Alan Quinlan says playing at altitude brings its own challenges…last_img

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Richard Goyder to be new Qantas chairman

first_imgThe announcements keep coming at Australia’s major airlines with long-standing Qantas chairman Leigh Clifford revealing Tuesday he is due to step down in October after 11 years.Clifford has been chairman at Qantas since November, 2007, and will be replaced by current board member and former Wesfarmers chief executive Richard Goyder.Goyder joined the board in 2017 amid speculation he had been recruited as Clifford’s successor.Clifford has been at the helm of the Qantas board during some of the company’s most tumultuous and successful periods.It was under his chairmanship that current chief executive Alan Joyce was appointed and Clifford staunchly supported Joyce when he grounded the airline in 2011 amid a clash with unions.His tenure saw the airline post a record loss as it wrote down the value of its international fleet and then record profits as it benefited from lower fuel prices and a transformation program.Read: Good times to continue for Qantas.“It has been an absolute privilege to lead the Qantas Board for these past 11 years,’’ Clifford said in a statement. “The national carrier has never been in a stronger position and that’s a credit to the management team and the 30,000 employees that make up the Qantas Group family.“Richard is one of the most experienced business leaders in Australia and an excellent choice to lead the Qantas Board into the future.”Goyder was chief executive at Wesfarmers for 12 years and serves as chairman of Woodside Petroleum Limited and the Australian Football League Commission.He also chairs JDFR Australia, the West Australian Symphony Orchestra and of the Channel 7 Telethon Trust. He is an honorary member of the Business Council of Australia and a Fellow of the Australian Institute of Company Directors.“Qantas is an iconic Australian company and one of the best-performing airline groups in the world,’’ he said. ”I’m honoured to be named its Chairman and look forward to working with my Board colleagues to help it take advantage of the opportunities ahead.”Clifford’s announcement comes after Virgin Australia chief executive John Borghetti revealed earlier this month that he plans to step down by the end of 2019.READ: Borghetti to leave Virgin Australialast_img read more

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