Inner City

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Four bid to develop 5.3ha in Southampton centre

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Fed touts economic recovery, vows to keep interest rates low

first_imgIt was also the Fed’s last policy decision before the Nov. 3 US presidential election, delivering the winner a runway of low borrowing costs for years to come. All but one Fed policymaker saw rates staying at their near-zero level through 2022. Just four saw them higher than that in 2023.“Effectively what we are saying is that rates will remain highly accommodative until the economy is far along in its recovery,” Fed Chair Jerome Powell said in a news conference following the release of the policy statement and new economic projections.The new promise to “moderately exceed” 2 percent inflation, he added, “should be a very powerful statement in supporting economic activity.”Recovery is here With about half of the US jobs lost since the crisis now recouped, and consumer spending about three-quarters recovered, the economy has come farther and faster than most at the Fed had thought just a few months ago.The new economic projections showed policymakers now see the economy shrinking 3.7 percent this year, far less than the 6.5 percent decline they forecast in June. They see unemployment, which registered 8.4 percent in August, dropping to 7.6 percent by the end of the year.The recovery “is here, and it’s well along,” Powell said.And even as the virus continues to cause “tremendous human and economic hardship,” he said, “we are learning to live with COVID, which still spreads,” Powell said. Social distancing and the use of masks allowed much of the economy to regain ground lost in the second quarter, he said. That contraction was the worst suffered by the United States in the post-World War Two era.But with parts of the economy, like the travel and entertainment sectors, likely to take longer to revive, millions will still struggle to find work.The recovery, Powell noted, is expected to slow, requiring continued support from further government spending and, he said, the Fed, which is continuing to debate further actions including a possibly faster pace of bond buying.Or, as the central bank’s policy-setting Federal Open Market Committee said in the dry language of its statement after the end of its two-day meeting, “The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals.”Bond purchasesThe Fed used its policy statement to begin to pivot from stabilizing financial markets to stimulating the economy, saying that it would keep its current government bond-buying at least at the current pace of US$120 billion per month, in part to ensure “accommodative” financial conditions in the future.The Fed’s pledge to remain accommodating for the foreseeable future initially lifted stocks, but a return of selling in the technology sector left Wall Street largely lower by day’s end. Yields on long-dated Treasury securities ticked higher, meanwhile, while the dollar ended the day little changed against major trading partner currencies.The new economic projections show that the Fed does not expect inflation to breach the 2 percent target any time soon.Powell said the Fed “is both confident and committed and determined” to modestly overshooting 2 percent inflation, but added that it would take time.In pledging to keep rates low until inflation was moving above the target, to make up for years spent below it, the Fed reflected its new tilt towards stronger job growth, announced late last month after a nearly two-year review.Both dissenters to the statement, Dallas Fed President Robert Kaplan and Minneapolis Fed President Neel Kashkari, took specific issue with the central bank’s guidance that it would keep interest rates where they are “until labor market conditions have reached levels consistent with … maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.”Kaplan said he would have preferred to have “greater flexibility” once inflation and maximum employment were on track to reaching the Fed’s goals, an easier hurdle to reach. Kashkari’s dissent suggests he wanted a higher hurdle: for rates to stay where they are until core inflation – which often runs cooler than overall inflation – has reached 2 percent “on a sustained basis.”Topics : The Federal Reserve on Wednesday vowed to keep interest rates near zero until inflation is on track to overshoot the US central bank’s 2 percent target, a bold new promise aimed at bringing millions of out-of-work Americans back to the labor market.But the new guidance also marked the start of a vigorous monetary policy debate as the Fed shifts from a crisis-era focus on keeping markets afloat during the coronavirus pandemic to managing what it now sees as a steady, multi-year recovery.Underscoring the depth of disagreement, and the economic uncertainty that underlies it, the decision drew two dissents, one from a policymaker who thought it went too far, and the other from one who thought it didn’t go far enough.last_img read more

This acreage home comes with its own private rainforest

first_img9 St Michael Court, RangewoodFANCY a walk in the park? This one-acre property has got you covered in more ways than one.A love for gardening and wildlife has seen the owners of 9 St Michael Court, Rangewood, turn their beloved home into a nature lovers’ delight that includes what is believed to be Townsville’s own private man-made rainforest retreat.It’s certainly not something you’d expect to find in a suburb with a bush-like setting.Owners Bill and Margo Morris said they purchased the property 12 years ago, with the vision to create an exclusive lifestyle for themselves and their extended family. 9 St Michael Court, Rangewood“When we bought this property, there was nothing out the back,” Ms Morris said. “Bill created it all. He was the one with the vision, which is funny, because he was never really a gardener.“He would come home from work, we’d turn the flood lights on, and he’d be out there, moving dirt and creating what you see here today, including the rainforest.With lush lawns, two waterfalls, two ponds populated by goldfish and a huge gazebo among it all, lovers of Frances Hodgson Burnett’s The Secret Garden will never want to leave. There are even possums and kookaburras to feed. More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 20209 St Michael Court, RangewoodThe exclusive property is now listed for sale at an unmissable price of $725,000 and includes a modern and well cared-for two-level home that includes a master-suite, privately situated above the other three bedrooms and living areas.A large ensuite with a double-bowl vanity complements the master bedroom, while the main bathroom for the three lower bedrooms is also large, airy and situated beside a shaded courtyard.The three tiled, internal living areas are semi open plan in design and give a free-flowing feeling of space, especially with the high ceilings. 9 St Michael Court, RangewoodThe home is fully air-conditioned with split systems. Outside, the entertainment area is outstanding. A large tiled patio is located beside a big pool with beautifully landscaped surrounds.The property is fully serviced by town water, a bore and sprinkler systems.The three-bay shed is styled in the American barn style and has a mezzanine floor for extra storage and there’s a powered container also if you need more storage. 9 St Michael Court, RangewoodMs Morris said the decision to sell was made with a heavy heart.“Bill isn’t well and the house and garden is becoming too much for him to manage,” she said.“So we’re going down to Harris Crossing to a much smaller block. “It’s been a tough decision to make and I do worry about the property and hope we’ll find a buyer who will love it and care for it as much as we have.”last_img read more

Wello’s Penguin Gets Saipem Boost

first_imgItalian offshore energy services major Saipem and the Finnish company Wello have signed a memorandum of understanding (MoU) to optimize wave energy converter Penguin technology. The objective of the agreement is the development of future initiatives in the sector.Saipem will support Wello to optimize the installation procedure and operability of the WEC Penguin technology.This synergy should make it possible to obtain a competitive advantage with which to seize the commercial opportunities offered by the sector, Saipem said.Saipem said it is investigating further applications of this same technology to the traditional infrastructures of the Oil & Gas market. These include offshore platforms, with the aim of improving both their energy efficiency and reducing their environmental impact for an increasingly sustainable production of energy.“Thanks to the engagement efforts by its XSIGHT Division, Saipem aspires to become a key player in the field of marine energy, a renewable source which, in the near future, will play a crucial role in the energy transition,” stated Francesco Balestrino, Renewables and Green Technologies Business Development Manager from Saipem’s XSIGHT Division.“XSIGHT is committed to scouting for the most innovative and promising technologies available on the market and to providing technological and financial support to their development with a view to making them suitable for commercialization. Specifically, through Sabella, a company of the Saipem group, we aim to seek out and promote novel initiatives with the purpose of testing innovative technologies and helping them grow.”last_img read more

Eastern Australia welcomes heavy rains

first_imgA buggy pulls people, sliding around in the mud, as they celebrate the rainfall in Winton, Queensland, Australia on Jan. 15 in this still image taken from social media video. TEONIE DWYER VIA REUTERS Australia, famous for its pristinebeaches and wildlife, has been fighting bushfires since September, with fireskilling 29 people and millions of animals, and destroying over 2,500 homes. MELBOURNE – Thunderstorms with heavyrains dampened bushfires on Australia’s east coast on Friday. Victoria, New South Wales andQueensland, three of the states most affected by drought and bushfires,welcomed this week’s drenching rain. Severe storms are forecast to continuein many fire-stricken regions of New South Wales and Queensland, includingareas that have not seen heavy falls for years, weather officials said.(Reuters)last_img read more

Mayor Mike Bettice to hold State of the City address

first_imgBATESVILLE, Ind. — Mayor Mike Bettice will present his State of the City Address on Tuesday, February 21, 2017 at 6:30 p.m. at the Batesville Middle School Commons, 201 N. Mulberry Street, Batesville.This informative meeting will review the City’s 2016 Finances, the 2017 Budget and include a discussion on future projects and initiatives.This meeting is open to the public.More information can be found on the city’s website, www.batesvilleindiana.us or by contacting the Mayor’s office, 812-933-6100.last_img read more

Messi-chasing pitch invader faces stiff punishment

first_img Loading… The invader himself, who has been reported as a French national resident in Mallorca, attempted to play down the severity of his actions, while lamenting that he did not manage to keep a photo of Barca’s No. 10. “It was a great experience, I jumped over a two-metre fence,” he told COPE to explain how he gained entry to a game which, like all matches currently taking place in Spain, was played behind closed doors. “My dream is to have a photo with Messi, I went for him, I took some photos and the police forced me to delete them.” read also:Messi caps Barcelona win over Mallorca on La Liga return Barcelona led 2-0 at the time of the interruption, with early goals from Arturo Vidal and Martin Braithwaite ensuring a brilliant start to La Liga’s return for the table-toppers. And there was more to come after the invasion, as Jordi Alba and Messi himself compounded Mallorca’s grief with two further strikes to seal a 4-0 win on the Balearic island. FacebookTwitterWhatsAppEmail分享 La Liga has promised to take legal action against a pitch-invading fan who sought a photo with Lionel Messi during Saturday’s clash between Mallorca and Barcelona. The game, Barca’s first since La Liga was suspended due to the coronavirus pandemic back in March, had reached its 54th minute when the interruption occurred. A young fan decked in a Messi Argentina shirt burst onto the pitch at the Estadio Son Moix and attempted to close in on the superstar before being intercepted and ushered away by security. And the governing body is taking the incident extremely seriously, slamming the invader and promising to act against him with the full force of the law. “La Liga will file the appropriate legal action, considering that this was a criminal act,” it signalled in a statement released on Sunday. “La Liga would also like to express its absolute condemnation of this kind of behaviour, which puts in risk the health of others and the integrity of our competition.Advertisement Promoted Content7 Universities In The World With The Highest Market ValueBirds Enjoy Living In A Gallery Space Created For ThemWho Earns More Than Ronaldo?7 Ways To Understand Your Girlfriend BetterBest & Worst Celebrity Endorsed Games Ever Made6 Incredibly Strange Facts About Hurricanes7 Non-Obvious Things That Damage Your Phone7 Universities In The World Where Education Costs Too MuchThe Highest Paid Football Players In The WorldThe Models Of Paintings Whom The Artists Were Madly In Love With9 Most Disturbing Movie DystopiasWhat Is A Black Hole In Simple Terms?last_img read more

Harris follows quick heat showing with Shenandoah Speedway win

first_imgBy Jim HainesSHENANDOAH, Va. (July 11) – After his heat race, it was plain to see Jerald Harris was fast and a definite threat to win Saturday’s Virginia Sprint Series main event at Shenandoah Speedway.Harris stayed on pace all night to score another pavement victory and his first IMCA Eagle Motor­sports RaceSaver Sprint Car tour win since May 2.Bill Rice and Tony Harris paced the field to green. Rice was out first with Tony Harris in tow but by lap five Jerald Harris was on the charge, making his way to second and was all over Rice.Rice was getting tight, causing him to go high, and Harris turned left and went under him and to the front.That was the race as Harris cruised to the win one of many at Shenandoah Speedway. Tom Hum­phries, a two-time winner earlier this season at Shenandoah, and Brian Lawson were scored next.Feature results – 1. Jerald Harris; 2. Tom Humphries; 3. Brian Lawson; 4. French Grimes; 5. Tony Harris; 6. Bill Rice; 7. Anthony Linkenhoker; 8. Andrew Wroten; 9. Chris Ware; 10. Ron Mo­yers.last_img read more

Condon: Trip to suit Aspect

first_img Press Association Condon said: “I’m very happy with her. She won a Listed race over an inadequate trip at Tipperary and she will be more comfortable over seven furlongs. “I think she has improved since, but she will need to if she is to be involved. She is in good form and I’m expecting her to run well. “I booked Johnny on Wednesday when I knew Shane Foley wouldn’t be available.” Foley will partner Glassatura for his boss Mick Halford, a filly who made a winning debut at the Curragh before finishing fourth in a Listed heat at Naas. Halford said: “She is in good form, she’s had a nice break since her last run. She has been working well and I’m hoping for a good run.” As is so often the case, the contest is dominated by Aidan O’Brien. The master of Ballydoyle has saddled eight previous Debutante winners and is this year represented by Tapestry (Joseph O’Brien), Minorette (Michael Hussey) and Perhaps (Seamie Heffernan). The field is completed by Paul Deegan’s Avenue Gabriel. The daughter of Haatef came right back to five furlongs to claim the Listed Tipperary Stakes a month ago, her second career win from four juvenile appearances. She will be partnered by Johnny Murtagh as she faces six opponents at Group Two level this weekend. center_img Ken Condon believes a step up to seven furlongs will bring out the best in Sacred Aspect in the Friarstown Stud Debutante Stakes at the Curragh.last_img read more