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Finance sector needs Brexit deal by January, says committee

first_imgThe UK government should seek an urgent transition deal to head off chaos in the financial services sector resulting from Brexit, according to a committee of peers in the House of Lords.Baroness Kishwer Falkner – chair of the House of Lords’ EU Financial Affairs Sub-Committee, made of members of the UK’s upper house of parliament – wrote to chancellor Philip Hammond to issue a stark warning on the possible impact of the UK exiting the EU.In a public letter to Hammond, Baroness Falkner wrote: “[F]or the financial services industry to be able to continue the orderly servicing of cross-border clients, a transition period needs to be agreed by the end of the year.“The clock is relentlessly ticking. Witness after witness told us that the financial services industry won’t be able to continue servicing cross-border clients after 2019 if a transition period is not agreed by the end of this year.” The chancellor has already conceded the need for a swift deal. In evidence to the Treasury Select Committee, he said a transitional arrangement was “a wasting asset”.He explained that, although it was currently valuable, by next summer “its value to everybody will diminish significantly”.Baroness Falkner’s intervention follows a hearing of the committee she chairs on 1 November, at which Sir Jon Cunliffe from the Bank of England warned financial institutions in London were preparing for the worst.He said: “They are saying, ‘Until I know what happens, I will assume no European authorisations other than [World Trade Organisation rules], and no transition,’ and that is necessary for the management of stability risk as a whole.”Sir Jon said financial institutions needed not only to have the time to make an orderly transition but also to have clear sight of the final destination.“What is important for us is that firms know where they are going, where they have to go to, and they have the time to get there in an orderly way,” he said.Although a transition deal would buy time, Sir Jon contonued, it would not address what he called the “only adjust once” criterion.Meanwhile, Sam Woods, chief executive of the Bank of England’s Prudential Regulatory Authority, sounded the alarm over the status of trillions of pounds of derivatives and insurance contracts.He told the Lords’ committee that the issue was not the rupture of the contracts themselves, rather that the exercise of rights and obligations under them were regulated activities that would become illegal in the event of no deal being reached.‘No deal’ would mean it was illegal for insurers to pay out on some claims, he added.Woods said: “If the UK exits the EU and you have a customer who, say, has bought a policy from a UK insurance company but is in the EU27 and wants to claim, it may well then be illegal for the company to pay that claim.”The Lords’ committee also heard that a communique regarding any potential transition deal from the European Council might lack legal force. Witnesses have already told the committee they want a transition agreement to be legally binding – perhaps through a ‘memorandum of understanding’ deposited at the United Nations.Sir Jon said: “I do not see any way that the European Council could make a legally binding commitment until it either has a treaty between the UK as a non‑EU member and the EU, or some other legal means.”last_img read more

The Colorado Marijuana Industry: Growing Like a Weed

first_imgFocus on the Family August 2014As more states look at loosening laws on the sale and use of marijuana, Colorado is offering a disturbing preview of what may be in store for them.Colorado OK’d the use of medical marijuana in 2000, as 23 others have over the last several years. But in 2013, it, along with Washington state, took the unprecedented step of legalizing the recreational use of marijuana—and catastrophic calls have been on the rise ever since.There has been a sharp increase in pot-related calls to poison control; seizures have quadrupled; two deaths so far are attributed to marijuana overdoses; neighboring states are experiencing a surge in pot use; and advertising through every available medium blankets the Centennial State, desensitizing people to the risks.Perhaps most troubling, the drug is infiltrating Colorado schools, which now have lists of young people waiting to get help. Teens who use pot face nearly twice the risk of addiction as adult users, and juvenile usage increases the brain damage associated with the drug.On July 9, Colorado published its first market study of the new marijuana industry. According to the results, gleaned from the first three months of sales data from this year, the market demand statewide is 130 metric tons per year, and the average market rate is $220 per ounce. That’s a third higher than even the state Department of Revenue projected. About 44 percent of the recreational marijuana—which is taxed far more heavily than medical marijuana—is used by out-of-state visitors; in the mountain regions, that number can be as high as 90 percent. Occasional users (less than once a month) account for only 0.3 percent of the total marijuana market; the rest is made up of “heavy daily users.”The study is the first of its kind, because Colorado has created the first functioning, regulated and taxed pot-production and distribution system in the world—leapfrogging even Europe’s most liberal cities.The question that remains is how many will follow Colorado into the void. this article the full report read more

Lille confirm Osimhen’s transfer offer as Napoli begin fresh negotiations

first_img Loading… French side, Lille have confirmed that Victor Osimhen ‘is about’ to leave the club, as Napoli stressed the need to restart the contract negotiations after the player changed his agent. ‘We now have to start negotiations all over again’ after he changed agent,” Napoli official was quoted by the Italian media. Speaking at a press conference earlier on Thursday, Lille general manager, Marc Ingla, announced Osimhen was at ‘the final details’ of a move away. “We’re at the final details for the transfer of Osimhen,” explained Ingla. “There were other clubs in for him too, but the player has now made his decision. “It’s a shame to have to sell him, but he’s leaving us.” Sky Sport Italia soon followed up that a deal worth €60m plus bonuses was on the verge of completion.Advertisement Promoted Content7 Universities In The World Where Education Costs Too MuchWhich Country Is The Most Romantic In The World?8 Weird Facts About Coffee That Will Surprise You7 Universities In The World With The Highest Market ValueBirds Enjoy Living In A Gallery Space Created For ThemThe Very Last Bitcoin Will Be Mined Around 2140. Read More5 Of The World’s Most Unique Theme ParksThere’s Only 1 Such A Coin In The World Left In Private HandsThe Best Cars Of All Time6 Interesting Ways To Make Money With A DroneTop 10 Female Stars Everyone Had A Crush On In The 90sA Hurricane Can Be As Powerful As 10 Atomic Bombscenter_img It added Napoli sporting director, Cristiano Giuntoli, was in constant contact with the forward’s new representatives, but he suggested that was wide of the mark, talking before the Partenopei’s 1-1 draw with Bologna yesterday. “Osimhen’s a very good player, but there are lots of other teams who want him and we’re working on other fronts too,” he said to DAZN. read also:Napoli: Osimhen hires new agent “He changed his agent, so we now have to start all over again. It’s a complex and difficult set of negotiations.” Giuntoli also gave nothing away when he was asked whether Aurelio De Laurentiis would confirm the transfer on Thursday. “I don’t know…” FacebookTwitterWhatsAppEmail分享 last_img read more

Lemmens’ Stock Car tabbed as June’s best fendered entry

first_imgBy Ryan ClarkMILWAUKEE, Wis. – Luke Lemmens earned his first feature win of the season a couple weeks ago in his IMCA Sunoco Stock Car and received some off the track accolades this month as well.Lemmens, in his fourth year in the division, was voted the winner of the Sybesma Graphics IMCA Facebook Fan Favorite Contest for fendered divisions.A regular competitor at 141 Speedway in Francis Creek and Luxemburg Speedway, the Milwaukee driver is pleased with the first couple months of his season.“We’ve had some ups and downs, but it’s been a good year,” said Lemmens, who has earned six top-five finishes in 10 events this season.A part-time racer at Luxemberg, Lemmens is racing for points at 141 Speedway, however he admits that’s no small task.“I’m sitting third right now,” he stated of the point standings at 141. “J.J. Heinz and Rod Snellenberger are ahead of me.”Perennial front-runners on the Wisconsin ovals, Lemmens is pleased he can contend with Heinz and Snellenberger on a regular basis.“Those guys have combined for over 250 feature wins, so racing with them is an accomplishment in itself,” he admitted.Lemmens has made it a habit of hitting special events early in the season since moving to the Stock Car division from the Hobby Stocks a few years ago, but he is changing things up this season.“Usually, we run the Frostbusters in the spring, but we took that off this year,” Lemmens stated.“But we’re running Super Nationals this year,” he continued. “We’re already signed up for that.”A past Super Nationals participant in his Hobby Stock, this year will mark his first trip to Boone as a Stock Car driver.Lemmens called his racing program a two-man team and includes his father, Rick, as his lone crew member.His sponsors include Packer Fastener & Supply and 1330 Wraps of Green Bay.last_img read more

FA Cup: Rooney helps Derby dump out Palace

first_imgRelatedPosts Derby County want Jordon Ibe Derby County lead Jordon Ibe chase FA Cup replays scrapped in 2020-21 to ease fixture pressure Wayne Rooney helped Derby County dump Crystal Palace out of the FA Cup in a game that saw a referee issue a red card after using a touchline VAR monitor for the first time in English football. Former England captain Rooney starred for Derby to continue his return to English football with a fine display to help Derby upset a Palace side missing Wilfried Zaha. Chris Martin scored the winner for Derby and Palace had captain Luka Milivojevic sent off for violent conduct after referee Michael Oliver used the pitch-side VAR screen. Milivojevic was initially given a yellow card for an off-the-ball clash with Tom Huddlestone in the second half but the referee upgraded the punishment to a red card after looking at replays. A pitch-side VAR monitor was used to award a penalty during an FA Cup tie between Liverpool and West Brom in 2018. But this was the first time a referee has used a VAR monitor in England this season. The red card compounded a bad day for Palace, who will now be without Milivojevic for three Premier League matches. There was more bad news for Palace manager Roy Hodgson when Jairo Riedewald and Max Meyer both limped off to the injury crisis at Selhurst Park. Palace were without Zaha as speculation build around his future and a January move to Chelsea. Hodgson said Zaha was carrying a knock from the 1-1 draw at Norwich in the week and the winger was left out of the squad. Without Zaha, Palace were poor and went out after Martin scored the only goal on 32 minutes when he turned home a cross from Jayden Bogle.Tags: Derby CountyFA CupWayne RooneyWilfred Zahalast_img read more

Poyet planning Ki persuasion

first_img Press Association “He’s very happy, it means so much for him to score that goal. He cares and he’s enjoying his new position a bit further up the pitch and making a difference. “I want players with that mentality, to make us play, and he’s been excellent. He’s been the most consistent player for me, in my way of playing. “Then of course John O’Shea and Wes Brown at the back, we’re more solid and pressing some of the space. “The basics are there then hopefully, if we can keep them all fit.” While most managers embroiled in relegation skirmishes have bemoaned the Christmas fixture pile-up, Poyet has taken a novel approach. Refusing to rotate his squad, the Sunderland boss has kept training as light as humanly possible. The result is three straight victories, including a 2-1 home win over Manchester United in the Capital One Cup. “You can play but you can’t train,” said Poyet. “If you really want to coach you need to train. But when you play, play, play, recover, then play again, then everything you do in preparation is mental. “So it’s all mental, and information that you are giving the players, but you are not training things and improving things. So for the coach it’s difficult. “For the players it’s spectacular, I loved it. When I was a player I just wanted to play, I didn’t want to train. “It’s all about talking and talking, because you cannot really train them hard. “That’s the way it is for everyone though. It’s working for us at the moment though, so I can’t complain!” He added: “I’ve never been a fan of the rotation system, I don’t like it. “I know sometimes you have to change because there are too many games, especially if there’s one game two days after another. “But if you look at the last four or five games, there are eight players that have been there most of the time. “So there are only two or three places up for grabs. “And that brings consistency, and a better quality of training too. I think we are in a better situation, more consistent.” The victory lifted Poyet’s men off the foot of the table, and the Uruguayan said the better Sunderland’s form is the more chance he has of convincing Swansea loanee Ki to sign long-term. “There is a chance (of a full transfer),” said Poyet. “Swansea had an opportunity to call him back, and they didn’t. That was a difficult day for me because I was waiting and waiting. “I think there are a couple of things we need to make sure: where we are and where we want to go, and with the player as well. “I can see that he’s enjoying his football and making a difference.” Ki is on a season-long loan at the Stadium of Light, but Swansea boss Michael Laudrup seriously considered recalling the 24-year-old last week, to ease a midfield injury crisis. But the Dane decided against it, leaving Poyet as relieved as he was delighted. “At least we still have him, I was nervous in that time,” said the former midfielder. The Black Cats manager admitted he will try to tempt the South Korean into making a full-time move to the north east. Ki scored one and set up another for hat-trick hero Adam Johnson in Sunderland’s impressive 4-1 Barclays Premier League romp at Fulham on Saturday. Sunderland will aim to persuade Ki Sung-yueng to make his stay on Wearside permanent, according to boss Gus Poyet.last_img read more

Stone earns 1st postseason bid at UW

first_imgGREG DIXON/Herald photoWith a 19-12 overall record, including a 7-9 record in the Big Ten, the Wisconsin women’s basketball team will be headed to the WNIT tournament, which begins this week. Finishing with their best season since 2001-02, the Badgers were rewarded with postseason play and a first-round bye. Although they did not get a ticket to the NCAA Tournament, the fact that they will still be playing after the regular season is an accomplishment for the young Wisconsin team. “I’m very excited,” Wisconsin head coach Lisa Stone said. “The fact that my team is playing postseason, we’re very thrilled. … This team deserves it. They’ve worked very, very hard.” Only three Big Ten teams received NCAA tournament bids. Purdue, who won the Big Ten Tournament, was given a No. 2 seed. Ohio State, who won the regular season conference title, is a No. 4 seed, and the Michigan State Spartans were given a No. 5 seed. Minnesota, Illinois and Indiana will also play in the 48-team WNIT. Currently up in the air are both the date and opponent for the Badgers’ first game of the tournament. They will take on the winner of the Arkansas State-Murray State game, which will take place on Thursday in Arkansas. The last time the Badgers were in the WNIT tournament was 2000, when they won the tournament championship, beating Florida in the finals. The tournament will mark the first chance at postseason play for the entire Badger squad. Knowing that each game could be their last adds extra incentive to every game. “It’s just one game, and you could be done,” junior guard Jolene Anderson said. “If you lose one game, there goes your season. We just have to go in with the same mentality. Whoever we play, it doesn’t matter. We just have to think of it as the start of a new season.” Wisconsin’s first game in the tournament could potentially be played at the Kohl Center, where UW is 13-3 this season, but the team will not know until Thursday or Friday after the Arkansas State-Murray State game. The time of the game will also not be decided until later in the week, but it will most likely take place on Saturday or Sunday. The ability to host the game in Madison would provide an added benefit for the Badgers. “It would definitely give us a home-court advantage,” Anderson said. “It would just be great for our fan base to come out and watch us again, playing in the Kohl Center for the (W)NIT. It would be good for our families coming out, too.” “I feel pretty confident that it will be at home,” Stone said. “What day and what venue is what we’re waiting on. … There’s a lot of things that go into the puzzle.” With the entire team returning next year, in addition to three new recruits, there is no question that the team will set the bar high for next season. “We have three great recruits coming in next year to help us improve on where our season ends up this year,” Anderson said. “[Now that we’ve made] it to the (W)NIT, we’ve got to set our goal higher to the NCAA. That’s just something we have to work for each and every day.” “This is a tremendous reward for a team that’s earned its way into postseason play,” Stone said. “The more games the better. We hope that we can do really well in the tournament.”last_img read more

Football: Three takeaways from Wisconsin’s dismantling of Kent State

first_imgThe Wisconsin Badgers continued their historic start to the 2019 season with a 48–0 victory at home against the Kent State Golden Flash.The statistics from the game are obviously impressive, yet again, but what stands out more from Saturday’s victory is where this team — the defense specifically — stands among the all-time great Badger teams.Here are five notes on how historically dominant this team has been:Saturday’s game marked the team’s third shutout victory of the season, the first time they’ve shut out their opponent three times in a season since 1937, and it’s only taken this year’s team five games to reach that mark.The Badgers are now the last team in the entire Football Bowl Subdivision (FBS) to not trail for even a single second this season.Their 28–0 lead at halftime Saturday moved their first-half point differential on the season to 135–3, or an average halftime score of 27–0.6 in favor of Wisconsin.The Badgers have only given up three points in the first quarter this season and have yet to give up any points in the second quarter. In all, they’ve only allowed an average of 5.8 points per game.The Badgers are ranked fourth in ESPN’s overall efficiency rating — first defensively and ninth offensively — as they sit behind only Oklahoma, Alabama and The Ohio State University.Football: Wisconsin rolls through Kent State en route to fifth straight victoryThe No. 8 University of Wisconsin football team (5-0, 2-0 Big Ten) defeated Kent State (2-3, 1-0 MAC) at Camp Read…In yet another dominant performance against a poor team, here are three takeaways from Wisconsin’s fifth victory of the season:First, senior Chris Orr and the linebacking core look as dominant as ever, and Defensive Coordinator Jim Leonhard’s pressure schemes are helping them flourish.Orr finished the contest with five tackles, two tackles-for-loss and two sacks, while only playing three quarters. The Wisconsin linebackers finished the game with 10 tackles, five tackles-for-loss, five sacks and a fumble recovery. Credit to Leonhard for not being afraid to blitz his linebackers on any down and distance.The second takeaway from Saturday is that, as hinted above, this defense is the best in the country.Yes, it sounds like a crazy proposition. But through five games this season, the statistics back it up.Leonhard’s unit allows just 3.09 yards-per-play, best in the country, and only 1.8 yards-per-carry, third in the country. They also lead the nation in yards-per-pass (4.2 yards) and opponent completion percentage (44.6%).Yes, Michigan has been their only true defensive test thus far, but even when the team started 5-0 in 2017, they allowed 14.2 points-per-game through their first five games.What this defense is doing — opponents aside — is flat out remarkable.Football: Four takeaways from Badgers’ close bout with WildcatsThe No. 8 Wisconsin Badgers (4-0, 2-0 Big Ten) continued their impressive start to 2019 with a 24–15 victory at Read…The final takeaway from Saturday’s contest is junior running back Jonathan Taylor’s emergence in the passing game, and how it is turning him into a complete NFL-ready player.Taylor finished the game with 19 attempts for 186 yards and four touchdowns on the ground, nothing new given his pedigree and success this season.What was a bit surprising were his receiving stats: three catches for 29 yards and a touchdown. Taylor finished behind only sophomore receiver Kendric Pryor in receiving yards and tied for the team lead with three receptions.Taylor spoke during the offseason on how he wanted to add pass-catching to his arsenal, and through five games he has 12 catches for 114 yards and four receiving touchdowns. There is little doubt that with 859 all-purpose yards through five games, Taylor will be in New York City for the Heisman Trophy presentation come December.The Badgers will look to stay undefeated when they welcome unranked Michigan State to Camp Randall Saturday.last_img read more

Nanjing Wildcard Up for Grab at 2020 World Athletics Indoor Tour

first_imgEach athlete’s best three results will count towards their point score and the athlete with the most points in each discipline at the end of the tour will be declared the winner at the finale in Madrid and receive the US$20,000 bonus. The winners of each individual event will receive US$3000 with the tour offering a combined prize purse of US$570,350.The tour winners will also be eligible for wildcard entry to the World Athletics Indoor Championships Nanjing 2020, subject to the approval of their national federation.“The 2020 World Athletics Indoor Tour will be the first one-day meeting series to be held under our new banner and will kick off an exciting and ground-breaking year for track and field,” said World Athletics President Sebastian Coe. “We will take the World Indoor Championships to China for the first time, and launch the Continental Tour which will create new opportunities for our athletes to compete internationally on the way to the Tokyo 2020 Olympic Games.“The indoor tour continues to gain in popularity. Some of next year’s events are already sold out and we will welcome Lievin into the fold as a new meeting host. After the stunning performances we witnessed at the World Championships in Doha just two months ago – many from athletes just starting out on their professional careers – it will be fascinating to see how those emerging stars are progressing in the Olympic year.”The individual discipline winners of the 2019 World Indoor Tour included the likes of triple jumper Yulimar Rojas and pole vaulter Anzhelika Sidorova, both of whom went on to win world titles in Doha later in the year. Many other medallists from Doha, including world champions Donavan Brazier, Sam Kendricks and Tajay Gayle, appeared on the 2019 World Indoor Tour.Kendricks has already confirmed his appearance in Dusseldorf, where he will clash with the two other medallists from the World Championships, Armand Duplantis and Piotr Lisek. Duplantis and Lisek have also been named in the pole vault field for Torun. British stars Katarina Johnson-Thompson and Laura Muir are set to compete in Glasgow, while world long jump champion Malaika Mihambo and pole vault world record-holder Renaud Lavillenie are among the star attractions in Karlsruhe. Sydney McLaughlin and Emma Coburn are heading to Boston and Brianna McNeal and Amel Tuka are confirmed for Lievin.Tickets for Glasgow and Dusseldorf have already sold out and some of the other meetings are close to doing so.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Prize bonuses of US$20,000 and wildcard entries for the World Athletics Indoor Championships Nanjing 2020 will be on offer for the winners of the 2020 World Athletics Indoor Tour, which begins next month.The fifth edition of the indoor tour will kick off in Boston (USA) on 25 January, with stops in Karlsruhe (Germany) on 31 January, Dusseldorf (Germany) on 4 February, Torun (Poland) on 8 February, Glasgow (UK) on 15 February, before taking in the newest addition to the circuit, Lievin (France) on 19 February. The final meeting on the World Athletics Indoor Tour will be held in Madrid (Spain) on 21 February.The tour will feature 11 point-scoring disciplines (those that were not part of this year’s tour programme), six for men – 60m, 800m, 3000m/5000m, pole vault, triple jump and shot put – and five for women – 400m, 1500m, 60m hurdles, high jump, long jump. The distribution of the events between the seven meeting was released yesterday by World Athletics.last_img read more