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Even the most reform-resistant EU member states will face pressure to comply to the European Commission’s Capital Markets Union plan, writes Jeremy WoolfeIf a leaked draft copy of the European Commission’s battle plan aimed at creating an effective Capital Markets Union (CMU) is anything to go by, even the most reform-resistant EU member states will face great pressure to comply.The confidential document, from financial stability commissioner Jonathan Hill’s department, reads like a strategy plan from a corporation rather than from an institution.The contrast with documents relative to, say, a typical, single piece of legislation from the Commission is striking. In fact, its eventual “Elements of a Capital Market Union Action Plan” may well have the flavour of a military operations order. It covers a host of eventualities. Its scope is broad.The official Action Plan is due to be discussed by Hill in Brussels on 1 October and presented to a European Parliament delegates meeting in plenary session on 7 October.The plan, from Hill’s DG for finance, follows February’s “green” policy paper “Building a Capital Markets Union”.On pensions, that text emphasised that growing occupational and private pension provision in Europe could result in an increased flow of funds.The flows could be into a more diverse range of investment needs through capital market instruments and, according to the policy paper, facilitate a move towards market-based financing.Particularly focusing on occupational pensions, the new draft action plan – which evidently takes in input from all relevant sectors – refers to the pan-European 29th Regime project, which would co-exist alongside nationally based systems. The plan writes that the merit of this project will be judged from a feasibility assessment to come from the European Insurance and Occupational Pensions Authority (EIOPA). The authority’s advice is due early next year.Also, the Commission is described as planning work to enable a launch of a “blue-print for the creation of a pan-European market for private pension (third-pillar) products”.One item of emphasis is on “building blocks” to upgrade securitisation rules to boost investments into the SME sector. This was stressed by commissioner Hill, speaking at a recent meeting in Brussels of the European Banking Federation.The draft strategy document states that the lack of ability by potential investors to “pre-screen” companies may be a deterrent to investment in SMEs. Dating from before the summer break, it notes that work is taking place.It refers to, for instance, “enhancing the advisory capacity across all member states to assist SMEs, which could benefit from alternative [that is, non-bank] sources of finance”.Among other references is one to problems with the existing Prospectus Directive. Clearly, the Commission wants to get its teeth into it. It indicates revisions as a “short-term” priority, later in the year.Currently, when larger companies raise funds via capital markets, it can cost them “excessive” fees to produce “voluminous prospectus disclosures”. The outlay can be up to 15% capital raised for issuances of less than €6m, and up to 5% for amounts of more than €50m.Other facets in the plan include attention to the Solvency II regime, the Capital Requirement Regulation, the Common Consolidated Corporate Tax Base (CCCTB), national rules restricting cross-border capital and insolvency rules.Under Solvency II, the plan advocates revisions to the calibrations to accommodate “the new definition of infrastructure and provide a regulatory treatment to appropriately incentivise infrastructure investments”.As for legal barriers to cross-border investment, the plan points a finger at national rules. Here, the Commission proposes a direct approach with member states, to remove the barriers. It also notes that it is “seeking to give stronger effect to Treaty provisions on the free movement of capital”.On insolvency, it regrets that only a handful of EU member states has followed a 2014 recommendation for a new approach. Hence, the Commission has begun preparatory work to put in place “a minimum harmonisation”.The final action plan is likely to state that each major initiative should be accompanied by an implementation accessory. This would define the intermediate steps, inputs and resources needed to support delivery. Undoubtedly, the Commission is giving its “top priority” to having a fully functioning CMU in place by 2019.The hope has to be that member state governments will be persuaded to act appropriately. That would mean working together on reforms aimed at creating economic progress – that is, towards “the European dream”.
Williams Lodge at 16 Cedar St, YungaburraA SPRAWLING guesthouse which played host to American soldiers during World War II and was most recently run as a luxurious Tablelands getaway has been sold.Williams Lodge on Cedar St, Yungaburra, went under contract last week with the new owners preferring to remain anonymous. Williams Lodge at 16 Cedar St, YungaburraSales agent Deborah Godfrey said she understood the property would be used as a family home.“I don’t know their future plans though,” she said.“We had good interest and have been negotiating with several parties.“The new owners will still keep the residence’s title and maintain its long history.“They have bought the property as is. Williams Lodge at 16 Cedar St, YungaburraMore from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days ago“I would thank (former owners) Lynette and Peter Williams for allowing me to market and sell such a magnificent residence.”The home, with five self-contained bedrooms and a commercial kitchen, was believed to have been built around 1911 and was listed for sale in July last year with a price tag of $1.4 million. Williams Lodge at 16 Cedar St, YungaburraWilliams Lodge underwent a $2 million renovation earlier this century after Mr Williams decided to breathe new life into the building.The residence was reopened by Queensland governor Major General Peter Arnison in 2002 and operated for about a decade before closing.
The US Coast Guard has issued an updated type approval for Alfa Laval’s PureBallast 3 ballast water treatment technology.As explained by the Swedish engineering group, the new certificate, awarded on April 4, makes it possible for vessels to deballast in the United States waters with a holding time of just 2.5 hours.This holding time, which is due solely to a technical testing procedure, is only applicable if the vessel crosses over into another Captain of the Port Zone within this very short time.“We are committed to keeping operations simple, even under the more complicated USCG legislation,” Anders Lindmark, Head of Alfa Laval PureBallast, said. “The new, and dramatically reduced, holding time for PureBallast 3 removes a key frustration when operating in United States waters.”Holding time is a designated interval between the completion of ballast water uptake and the start of ballast water discharge. The reason UV treatment systems have had holding times in United States waters is the difference in testing methods used by IMO and the USCG to verify biological disinfection performance.However, the recent signing into law of the Vessel Incidental Discharge Act (VIDA) paves the way for the USCG to re-evaluate the IMO-endorsed method. If the USCG decides to accept the same testing principle used by IMO, suppliers of UV treatment systems will likely be able to reapply for USCG type approval based on the IMO testing methodology, Alfa Laval explained.“Alfa Laval is closely following the developments related to VIDA, but we have chosen not to wait for a change in the USCG legislation,” Lindmark said.“PureBallast 3 has the fewest limitations of any ballast water treatment technology, and the minimized holding time in United States waters makes those limitations even fewer.”
More than $188 million in flood risk management work for Northern California were outlined in two separate budget releases on February 10, adding to an already robust Sacramento District workload, reports the U.S. Army Corps of Engineers’ Sacramento District. President Donald Trump’s fiscal year 2021 budget proposal would fund two District projects in his plan for the U.S. Army Corps of Engineers civil works program.Continued upgrades to Natomas Basin levees leads the way with $131.5 million. Construction to improve 42 miles of levee surrounding the Sacramento area suburb has ramped up in recent years with construction work underway in four different sections of the project.The other project in the budget sits across the Sacramento River from Natomas in West Sacramento, which is targeted for $2.028 million to continue ongoing design efforts for authorized levee improvements around the city.Three Sacramento District projects are expected to achieve significant milestones thanks to additional Corps of Engineers work plan funding allocations for fiscal year 2020, it was also announced on Monday.One of six new construction start projects funded across the Corps, the Lower San Joaquin River flood risk management project will receive $23.1 million to close out design and start construction on flood risk reduction efforts in north and central Stockton.Design work for improved fish passage at Englebright and Daguerre Point Dams will get underway after the Yuba River Ecosystem Restoration project received $4.478 million, and the Sacramento District will be able to complete its Lower Cache Creek feasibility study, which aims to explore flood risk management options in the City of Woodland and adjacent communities, as a result of the extra $635,000 it’ll receive this year.Overall, nine Sacramento District projects received more than $54.5 million in this year’s work plan. Other projects include Natomas Basin levee improvement work along the Natomas East Main Drain Canal ($15.7335 million), Rural Nevada and Utah water supply improvements ($5 million), design of temperature control shutters as part of the Folsom Dam Raise project ($3.514 million), West Sacramento design work ($1.072 million), and Tahoe Basin restoration efforts ($1.025 million).The projects announced February 10 will add to the district’s portfolio, which also includes a handful of fully-funded projects, said USACE.
The Bulldog golfers battled through high winds, thick rough, and periodic downpours to pull out a victory in a three-way meet against St. Louis and South Decatur on Monday evening at Hillcrest Country Club.Batesville posted a team score of 230 to beat St. Louis by five strokes with a 235, and a 24 stroke victory over South Decatur’s 254.Andy Gutzwiller persevered through the conditions and led the Bulldogs to victory with a 52. He was followed by Kelly Gole and Shane Meer shooting 59’s, Meredith McCreary posting a 60, and Sam Bowman with a 61.The Bulldog golf team venture to Brookville Thursday to play at Brook Hill Golf Course at 4:30.Courtesy of Bulldogs Coach Chase Mears.
AURORA, Ind. One person was injured in an accident in front of South Dearborn High School yesterday.According to the Dearborn County Sheriff’s Department, the crash occurred on State Road 350 around 7:30 AM.Police say a car driven by Christina L. Hughes, 33, of Aurora turned onto the highway, but pulled out in front of a westbound vehicle driven by Tyler A. G. Marcum, 23, of Milan.Marcum was transported to the Dearborn County Hospital with injuries to his head and chest.
During his statement Romney said “There’s no question that the president asked a foreign power to investigate his political foe,” “That he did so for a political purpose, and that he pressured Ukraine to get them to do help or to lead in this effort. My own view is that there’s not much I can think of that would be a more egregious assault on our Constitution than trying to corrupt an election to maintain power. And that’s what the president did.” On Wednesday, Romney said he will vote to convict Trump on the article charging the president with abuse of power. He said he would acquit Trump on the article charging obstruction of Congress. Utah Sen. Mitt Romney will become the first Republican to cross party lines and vote to convict President Donald Trump on one of the two articles of impeachment that have been filed against the president. Romney also said his decision to vote to convict the president was “the hardest decision” he has ever had to make and one that he hoped he would never have to make. The Senate will vote on the articles of impeachment Wednesday afternoon. Even with Romney crossing party lines, the Senate is expected to easily acquit Trump on both charges, considering Democrats only hold 47 seats.Two-thirds of the 100 lawmakers in the Senate would need to vote to convict the President in order to remove him from office.
Officials in Miami-Dade are reporting that a man has died following an altercation on a public transit bus Monday morning.The incident occurred at the Golden Glades Park and Ride around 7:28 am.Police say a man boarded the bus and got into a dispute with the bus driver and was told to exit the bus. The suspect instead went to the back of the bus and sat down. The driver then called for security and exited the bus as security arrived.The security guard then got onto the bus and attempted to remove the passenger, however, the passenger refused to leave and an altercation ensued.“Once she gets on the scene, the male was still inside of the bus refusing to leave,” Miami-Dade Police Det. Argemis Colome said. ” She has an altercation with him, and that’s when she discharged her firearm.”The passenger died of his injuries at the scene.Authorities have not released the identity of the victim at this time.They are continuing to investigate the incident and hope that surveillance video of the scene will provide some clarity as to what occurred.
Latest Posts Bio Hospice volunteers help families navigate grief and find hope – September 12, 2020 ELLSWORTH — As he walked off the Del Luce Stadium field in an Ellsworth uniform one last time, Shane McCarthy couldn’t get help but get a little emotional.Tuesday’s Senior Night festivities were bittersweet for McCarthy, one of eight senior soccer players to be recognized between the boys’ and girls’ games at the track. For two teams that have been through plenty of character-building experiences in recent years — the retirement of a coaching legend, a winless season and a field damaged by a windstorm, just to name a few — the senior’s tears of joy spoke volumes.“We put every last ounce of energy we had into this,” McCarthy said. “It’s been a long season for us, but we all just kept chugging and told each other we had to keep battling the entire way.”Indeed, battling is something both Ellsworth teams have had to do all throughout the second half of the year. Although 2018 will end differently for the boys’ and girls’ teams, both could hold their heads high as they earned crucial victories to finish off the regular season.This is placeholder textThis is placeholder textThe Ellsworth boys and girls earned Senior Night victories Tuesday evening to end losing streaks against the Mount Desert Island Trojans. The boys’ team notched a 2-0 win to go out on top in a trying season, and the girls pulled out a 1-0 victory in overtime to cement their first Class B North playoff appearance in five years.After a scoreless first half in the boys’ game, Ellsworth (3-10-1) turned the momentum in its favor in the second with two goals in quick succession. Nate Mason found the net with 31 minutes, 42 seconds remaining, and senior Carter Frank doubled the lead a minute later to snap the Eagles’ four-game losing streak in the rivalry.Ellsworth’s Javen Clarke shows off his “lucky bread” after the Eagles’ win 2-0 win over MDI on Oct. 15 in Ellsworth. The Ellsworth boys’ team has considered the bread to be a good-luck charm since earning its first win of the season against Hermon on Sept. 22. ROBIN CLARKE PHOTOWith Ellsworth set to miss the playoffs, Frank’s goal went down as the last of the year for the Eagles. Yet the goal had even more significance as it came in his final high school game against his father, Tyler, who has spent the past five years as MDI’s head coach.“It was definitely a weird moment with us on different sidelines, but I’m very proud of him,” Tyler Frank said.Ellsworth went 0-7 in the first half of the season but rebounded in the second to earn three wins, the first of which came after the Eagles created a new good-luck charm — a loaf of bread signed by the entire team — on the team’s Sept. 22 bus ride to Hermon. Since beating the Hawks 2-1 that day, the team has brought loaves of bread to every game.“We made jokes about it on the way up [to Hermon], but we didn’t think it was actually going to happen because we were up against the No. 2 team,” goalkeeper Javen Clarke said. “We probably spent about $40 on bread, but it worked.”The Ellsworth girls then entered the second half of the doubleheader eager to avenge their 1-0 loss to the Trojans on Sept. 18. That game was scoreless until MDI senior Lily Turner scored with just 45 seconds remaining in regulation to hand the Eagles a crushing loss.Monday’s game was another defensive battle, and this encounter went to overtime after neither team could find the net through 80 minutes of play. With just 17 seconds gone in overtime, though, sophomore Sierra Andrews scored to help the Eagles snap a seven-game losing streak against the Trojans (5-8-1).The victory was Ellsworth’s third in a row and catapulted the team to 10th place in the Class B North standings. The Eagles (7-7), who had defeated Washington Academy 5-0 one day earlier, are now back in the playoffs for the first time since 2013.As the Class B North standings had not been finalized as of Tuesday night, the Ellsworth girls must wait until at least morning to find out who they will face in the preliminary round. Were the latest standings to hold, the Eagles would play on the road against No. 7 Mount View (10-4).The boys might not be headed to the prelims, but as the players celebrated following the game, that mattered very little. For both teams, the feeling of winning at home and celebrating will be the one they remember most of all.“This feels amazing for every single one of us after how hard we fought and everything we did to get here,” McCarthy said. “We wanted to go out like this so, so much, and we can walk off the field with a smile because we know we all left everything we had tonight out on that field.” Latest posts by Mike Mandell (see all) Mike MandellMike Mandell is the sports editor at The Ellsworth American and Mount Desert Islander. He began working for The American in August 2016. You can reach him via email at email@example.com. Ellsworth runners compete in virtual Boston Marathon – September 16, 2020 MPA approves golf, XC, field hockey, soccer; football, volleyball moved to spring – September 10, 2020