Check for further information on www.kpboem.com or call the Borough Call Center at 907-262-INFO (4363) for updates. Updated 5:30pm:The fire flared up near the intersection of the Sterling Highway and the Peterson Kelly Lakes Road and is still burning to southeast towards Hidden lake. As a result, traffic on the highway is being delayed. Winds are favorable right now, but if they shift, there could be increased activity along the highway. We will continue to post updates if there are any significant closures on the highway, but as of this time drivers should just anticipate long delay times. If you do decide to travel expect delays up to an hour or longer at times. Traffic has been moving when crews can safely transport them through the active area. Be advised of heavy aviation work in the area, and crews on and near the highway. This is anticipated to be a temporary closure. Motorists should expect significant delays. Alaska State Troopers suggest motorists avoid the area if possible. In addition to the increase in fire activity along the highway there was a wind shift that transferred the smoke from the Soldotna area back to Cooper Landing so anticipate limited visibility and poor air quality. According to to the advisory air quality is poor, expect delays, be aware of emergency vehicles on the roadway and travel is not advised. Updated 5:00pm:According to the Kenai Peninsula Borough Office of Emergency Management, the Sterling Highway is still closed as of 5pm on Friday. Scooper planes are working along side the road in two areas south of the highway, dropping water on flareups. Residents may see a fairly large plume. It’s hoped that the delay is temporary but could be significant so please be prepared with water and food. When you do move, drive with headlights on and watch for fire equipment. Continued updates will be posted as they are made available. Fire managers are prepping a short stretch of dozer line running south from the highway into a wet slough. The line is about a mile east of the Kelly Lakes Petersen Road. They are trying to strengthen it to hold the fire from moving across it to the east. There is also active fire on the southern finger at the east end of Skilak lake. We are still trying to get updated information from the eastern portion of the fire, south of the highway, near Cooper Landing. Update 8:45pm:The Sterling Highway is still open at 7:45 pm.Fire Operations people are reporting a lot of activity on the Swan Lake Fire this afternoon primarily in the area north of Engineer Lake. The large pyrocumulus you can see over the fire is in that area. The western perimeter toward Sterling has not had much activity today since the winds have pushed the fire to the east.There was also activity around Jean Lake and crews made some progress to the east where the fire has crossed Jim’s Landing. We don’t have any more specific information about that eastern perimeter.A pyrocumulus cloud forms from rising air that results from intense heating of the surface by phenomena such as wildfires or volcanic eruptions. A big fire produces strong upward moving air currents that carry water vapor and ash upward Original Post 2:51pm:Both lanes of the Sterling Highway have been closed between Mileposts MP 53 to MP 75 until further notice as of 2:51pm on Friday, due to helicopter operations and for firefighter safety along the highway. Facebook0TwitterEmailPrintFriendly分享Update Saturday 5:30am: As of 9:00 p.m. Friday, the highway was open but that may change at any time. Monitor Alaska.511.gov for updates and expect delays if you plan to travel between Cooper Landing and Sterling. For real time air quality monitoring: https://www.purpleair.com/map?#10.18/60.4725/-149.7468 Update 6:00pm: Traffic has had extended delays along the Sterling Highway since late this afternoon. According to officials with the Great Basin Management Team travel is not advised as of right now going into the weekend.
Neil Gaiman weighs in on his Sandman series coming to Netflix Gremlins is back with a brand new animated series Sigourney Weaver, Awkwafina join Netflix’s The Dark Crystal prequel Post a comment Sestero plays TX’s archnemesis Drogol, Georgia Smith is Worfus, Brock LaBorde is Computer Person, Akul Dang plays Sherbert Brown and Mikey Felton is Bleebee.The first installment of SpaceWorld debuted on YouTube this week courtesy of indie animation studio Octopie. More TV series news Share your voice Tommy Wiseau stars in SpaceWorld. Octopie When you’re famous for writing, directing and starring in the cult classic indie movie The Room, what’s the next logical step? For Tommy Wiseau, it’s lending your voice to an animated space saga. His latest endeavor, SpaceWorld, is a serialized animated sci-fi series starring not only Wiseau, but his co-star from The Room, Greg Sestero. It’s created by Brock LaBorde. 2019 TV shows you can’t miss TV and Movies 0 50 Photos Wiseau play TX, a reckless starship captain who dresses a little like a heavy metal version of Han Solo.TX leads a dysfunctional crew that includes a robot vending machine called Computer Person and a shark in a spacesuit who also happens to be a lawyer. No really. Tags
.The Supreme Court on Monday upheld the HC order that asked the authorities concerned to remove all the illegal stairs from Mayor Mohammad Hanif Flyover, reports news agency UNB. A three-member Appellate Division bench led by chief justice SK Sinha disposed of the leave to appeal petition filed by Orion Infrastructure Limited, the builder company, seeking stay on a High Court order. Barrister Rokanuddin Mahmud moved for the Orion Infrastructure Limited while Attorney General Mahbubey Alam stood for the state. On 31 May, the High Court, in its suomoto move, asked home secretary, commissioner of Dhaka Metropolitan Police (DMP), mayor of Dhaka South City Corporation (DSCC) and Orion Infrastructure Limited to demolish the stairs from the flyover. Later, the chamber judge of the Appellate Division of the SC justice Syed Mahmud Hossain passed a status quo order following a plea filed by the builder company, seeking stay on a High Court order. The suo moto move has been given after the court took into its cognisance a report headlined ‘Mayor Mohamamd Hanif Flyover: None took action against illegal stairs!’ published on 28 May.
South view of Westfield Cemetery in Wadesboro, North Carolina. (Photo Coutesy of N.C. State Historic Preservation Office)More than a hundred D.C. residents and friends gathered at the Washington Navy Yard for a holiday gala in support of the The Westview Cemetery in Wadesboro, N.C. Earlier this year, on June 29, the cemetery was placed on the National Register of Historical Places, recognizing the abandoned all Black cemetery as a piece of American history.The Dec. 5 gala was one of 14 annual fundraisers Friends of Old Westview Cemetery, a group dedicated to restoring the cemetery, held to raise money for the upkeep, including routine maintenance on sunken graves, landscaping, and resetting headstones in Westview Cemetery.“I have no limit to where I will go to get money,” D.C. resident Rose Sturdivant Young, president and founder of the group, told the AFRO on Dec. 3. She said 115 tickets were sold and the group raised more than $4,000 dollars to aid the cemetery.Pearl Danner stands between Rose Young and Rip Preston as she receives an award for selling the most holiday gala tickets to support preserving The Westview Cemetery in N.C. (Photo by Briana Thomas)Young started the group in 2001, when she buried her mother in Westview Cemetery.“I did not want my family to be buried in an unknown place,” Young said, explaining that she wanted the now 117-year-old cemetery to be a notable place. When she asked around other people who were connected to the cemetery felt the same way.The four-and-a-half acre burial site belonged to the Klutz family who sold six plots to Young’s father before he was buried there in 1981. Tom Klutz granted her family permission to clean and maintain the cemetery lot, she said.In 2003, Friends of Old Westview Cemetery became a nonprofit organization and by 2007, the son and granddaughter of Tom Klutz signed over the deed to the organization, makingYoung the owner of the cemetery.“I sincerely hope this will help facilitate all efforts to preserve a sacred resting place for all of our loved ones, yours and mine,” Young read from an excerpt of the letter that Klutz’s heirs wrote her when they signed over ownership.Young said the cemetery is home to Wadesboro’s first Black preacher, first Black lawyer and over 40 slaves that date back to the 1800s.“We want to restore and remember people who are buried there,” she said.Young said businesses are starting to construct around the cemetery and law students from American University are helping her write a grant to obtain a fence that is estimated to cost anywhere from $15,000 to $20,000. The fence, also brings up concerns on who will maintain the burial grounds and work rigorously to find funding for the conservation.“The city needs a group of people who have passion,” said Rip Preston, a donor who attended the gala. “If we don’t do it, who will?” Preston said.Olivia Thomas, secretary of the organization’s board, said that she hoped the youth would step up and take care of the cemetery. “Hopefully they will take the reign and continue to keep it up. Don’t just let it die out,” she said.
A section of public sector bank employees unions on Wednesday met Minister of State for Finance Jayant Sinha to press for early wage revision. A meeting comes two day after the unions deferred their four-day strike that was to begin on Wednesday as Indian Banks’ Association (IBA) assured that wage issue will be resolved by the first week of February.National Organisation of Bank Workers and National Organisation of Bank Officers, under the leadership of Bhartiya Mazdoor Sangh (BMS), met Sinha and submitted the memorandum on the demands of the bank employees, said a statement by the unions. Also Read – I-T issues 17-point checklist to trace unaccounted DeMO cashIn a representation to Sinha, it said honest negotiations which could break any stalemate. There was a rise of 17.5 per cent (Rs 4,816.00 crore) on total establishment expenses during the last 9th Bi-partite settlement.”We request you to kindly intervene and advise IBA to keep above at least the level of last wage revision. If our demand of 19.5 per cent on pay slip component is considered, it may cost (Rs 6,143 crore). So far IBA has offered only Rs 3,937 crore and gap is Rs 2,206 crore,” it said. Also Read – Lanka launches ambitious tourism programme to woo Indian touristsBanking Service Recruitment Board (BSRB) should be reconstituted and all the recruitments in banks must be channelised through BSRB and state or region wise. Working of the IBPS is neither satisfactory nor transparent, it suggested.Besides, minimum qulification for the post of clerk should be 12th pass instead of graduation. This will bring down the rate of exodus and after 5-6 years of service and banks can get trained and loyal officers, it recommended.
A special court on Tuesday fixed June 3 for considering CBI’s closure report filed in a coal blocks allocation scam case allegedly involving Prakash Industries Ltd and others. “Certain clarifications have been sought. Put up for consideration on June 3,” Special CBI Judge Bharat Parashar said.CBI had earlier placed before the court all relevant files pertaining to its preliminary enquiry in the case.The court had on March 17 directed CBI to produce all relevant files of the preliminary enquiry in the case in which the agency had filed a closure report. CBI had filed a closure report saying no prosecutable evidence could be found during its probe in the case in which an FIR was lodged against Prakash Industries Ltd and others in connection with alleged irregularities in allocation of Chhattisgarh’s Fatehpur coal block.According to CBI, the Fatehpur coal block was allocated jointly to Prakash Industries Ltd and another company by the 35th Screening Committee.The FIR was lodged against Prakash Industries Ltd, its three officials, some officials of the Ministry of Coal and others alleging that the firm had misrepresented its net worth while applying for the Fatehpur coal block.
Amazon Prime Instant Video is to launch in Japan, putting it in direct competition with soon-to-launch streaming rival Netflix.The Amazon Prime delivery service is already in operation in the territory, but to this point it has not distributed its SVOD service there.The video service will launch next month, with Netflix set to roll out on September 2.“As we’ve shown with the launch of Prime Video in the US and around the world, we are investing significantly to bring high-quality, local and popular programming to Prime members, and our customers in Japan should expect the same investment,” said Amazon Japan president Jasper Cheung.“We’ve been offering videos and DVDs in Japan for 15 years — we know the entertainment customers want — and we plan to deliver it with Prime Video, all at no additional cost.”Industry sources have been pointing a Japanese launch for some time, though the announcement is the first concrete evidence.Amazon will likely create local content for Japanese customers, with anime and local drama mooted.The e-commerce giant currently streams programming such as Transparent for Prime customers in the US, the UK and Germany.“We are passionate about making distinct, exclusive entertainment that will become Prime member’s next favorite TV show or movie, and we know Prime members in Japan will love what we introduce just for them,” said Amazon Studios VP Roy Price.Prime currently costs ¥3,900 (US$32.50) per year, which means it will be markedly lower-priced than Netflix, which will be ¥650 per month. Other players in the SVOD market include broadcaster Nippon TV, which acquired the Hulu Japan assets in 2014.
Just what are “cash” and “cash options?” Some of us take those terms for granted, but after a recent article on sector allocation, one of our subscribers wrote in asking for clarification. Money Forever recommends holding approximately one-third of your portfolio in cash or cash options, but what does that really mean? To clear up any confusion, “cash options” are not publicly traded options. “Cash alternative” is probably a more appropriate phrase. I had a pleasant surprise over the holidays, as my own baby-boomer children struck up several kitchen-table discussions. They are wrestling with how to fund their children’s college followed by their own sprint to the retirement finish line. My daughter Dawn said it best: “Dad, this time it feels different. In the past the government would sell Treasuries, and people would lend us money to pay our bills. Now the government is just creating money out of thin air. Isn’t that eventually going to cause the dollar to collapse?” Of course, that was followed by a discussion of how we can protect ourselves. They understand the gray cloud looming on the horizon very well. We no longer have a safe, good, interest-bearing account to park our cash in. We need to find safe alternatives, including ways to diversify outside of the US dollar. Finding cash alternatives is one of the most important issues affecting us as investors. To help this make sense, let me begin at the beginning… the good old days of 2007, when most of us kept our cash in brokerage “sweeps” accounts. Sweeps accounts automatically “swept” a portion of our brokerage account into an interest-bearing account so that our idle cash would provide some income. At that time, my Schwab sweeps account was paying 4% interest. To keep the math simple, imagine a person with a $150,000 portfolio who wanted to earn 10% overall – that’s $15,000. If one-third of that portfolio ($50,000) were in cash, earning 4% interest, that’s $2,000. That means that the other two-thirds of the portfolio has to earn $13,000, or 13%, on the remaining $100,000. That wasn’t so outrageous in 2007. Many conservative portfolios would take a portion of that remaining $100,000 and invest it in fixed-income instruments paying 6% or more. Even then, the remaining balance could be invested wisely to make for a 10% overall return with only a portion of the capital at any real risk. Now fast forward to 2012. Today my sweeps account pays exactly 1/100th of 1%. That same $50,000 only earns $5.00 in interest annually. That means that the other two-thirds of the portfolio has to earn close to 15% to reach the same target of 10% overall… in a down economy. That’s a tall order. I want to really emphasize this point for all of our readers. In 2007, it took $50,000 to earn $2,000 in interest in our normal cash account. To earn the same $2,000 today, we would need $20 million in our sweeps account. In addition, back in the “good old days” part of the remaining two-thirds of a conservative portfolio would have been invested in CDs or top-quality bonds. What’s happened to that portion? The best rate I can currently find for a five-year CD is 1.2%. Not only has the one-third cash allocation taken a huge hit, so has the portion that would have been safely invested in CDs and high-quality bonds.Betty B., Defensive Solider in the War on Seniors and Savers I received a very interesting letter from a subscriber, Betty B., who wrote in after reading Straight Talk About Working in Your Golden Years. She has kindly allowed me to quote from her letter. She writes: “If I were able I could have written the today’s straight-talk message. I am an 80-year-old widow. When my husband died in 2000 he left me quite comfortable. I invested [a certain amount] in bank certificates of deposit paying good monthly interest. I also purchased a large Georgia Power bond paying 6% each month. Also I had some other utility bonds paying monthly.“Well, today I do not have one CD, and all of my bonds have been called as of this year. So I have had to do exactly what you wrote about and start managing my own money. I must say I have lost some and am now depending on dividends mostly and I have had to start living off my principal. I just hope now that my money will last as long as I live. I once lived very well, but I now am trying to be frugal. I worry about older people who did not have anything to fall back on except Social Security, which for the first time I have to admit I look forward to my Social Security check.” In essence, the Federal Reserve is keeping interest rates artificially low to support banks that made poor business decisions. They are doing so at the expense of the public; seniors and savers are often the hardest hit. A few months ago, I wrote that I felt like the federal government had declared war on seniors and savers. Much to my surprise, some folks took issue with that remark. Today my response to those folks is, “Talk to Betty B.” Or perhaps they should ask all the retired people who have unretired and found a job to help pay the bills how they feel. We must make up for the difference in yield somewhere; that is the reality retirees face today. There are no cash instruments that will make up that difference with the same safety that was available in 2007.Investors – particularly those who are retired or getting close to it – have to come to grips with the fact the investing paradigm has changed, and it will likely continue to change. Today, investing cash the same way we did in 2007 will provide only a small fraction of the yield. The current challenge with the cash portion of your portfolio is to find safe, somewhat liquid investments that provide some sort of yield, hopefully enough to keep you even or ahead of inflation. Sad to say, even a 1% return is 100 times greater than what you’d earn on a current sweeps account. And you have to earn double that just to try to stay even with the government reported inflation. (Take a peek at Paul Revere, The Fearmonger if you have the sneaking suspicion that the figure isn’t quite right.) The reality today is that same $50,000 in your cash account will earn $5 in interest and lose $1,000 in buying power due to inflation during the year.Building a Hedge with Cash Alternatives In the September issue of our premium publication, I interviewed Chuck Butler of EverBank, who knows more about this issue than anyone I know. One hedge against inflation is foreign currencies. If you can find one that’s paying interest, even better.EverBank has 90-day, FDIC insured CDs that are denominated in foreign currencies. One particular currency that Chuck outlined is currently paying 1.63% while appreciating against the US dollar. Would you rather tie up your money for five years to earn a meager 1.2%, or commit to 90 days and earn 1.63% while adding inflation protection against the declining value of the dollar? I sure know my answer to that question. My wife Jo and I currently have a portion of our personal cash in three EverBank 90-day CDs, with one maturing each month. They’re liquid enough for our comfort level, and they earn us much more than any long-term US-dollar-denominated CDs would. Exchange-traded funds are another avenue for accessing the benefits of foreign currencies. Vedran Vuk, our senior research analyst, did a terrific analysis of some liquid, short-term bond funds in The Cash Book. Sure, the yields are not like they used to be, but they’re certainly better than 1/100th of 1%. It’s 2013, and good old days of 2007 are long gone. No one can afford to keep one-third of their portfolio in a US-dollar-dominated cash, totally liquid, interest-bearing account. The yield isn’t there anymore; it fact, it’s virtually nil. That’s why finding cash alternatives becomes so critical. Our team here at Money Forever still believes that one-third of your portfolio should be in cash or cash alternatives. It just shouldn’t all be in US dollars, nor all in a cash account. There are other options out there, and investors need to consider them, at least for a portion of their cash. It needs to be safe, predominately liquid, and providing some yield to take the pressure of the other two-thirds of your portfolio. Particularly for seniors and savers, trying to earn unrealistic gains in the market means putting too much capital into speculative investments, at too huge of a risk. But the thought of letting $50,000 in cash sit idly, earning a measly $5 annually is truly detestable. It’s like trying to invest your life savings with one hand tied behind your back. What this really means for seniors and savers is simple. Wake up and smell the coffee! The Federal Reserve has made it quite clear that it is not going to change its interest-rate policy anytime soon. As I realized at our kitchen table this week, the situation is not one exclusive to seniors; baby boomers trying to accumulate wealth are facing the same challenges. Those who are close to either side of the cusp of retirement have worked hard and saved money, and likely made retirement projections based on the old rulebook. Now those rules have changed… for good. As a young Marine, I learned that with a bit of training and good practice, it’s not that difficult to hit a moving target. Investing today is not a whole lot different. It may seem impossible, but with a little practice you can learn to hit your target. Our premium subscription includes three special reports which dig deeper into these issues and recommend potential cash alternatives for safety-conscious investors: The Cash Book, The Yield Book, and our most recent release, Money Every Month. Our team has put in hundreds of hours looking at various ways to help our subscribers invest cash wisely. Folks who’ve to saved up a nest egg are not afraid of hard work. It takes ingenuity, intelligence, and common sense to build up a nice retirement – the same attributes that will keep you ahead of the crowd. We are here to help you make that hard-earned nest egg work for you. If you have not taken advantage of our premium subscription, I urge you to take advantage of our 90-day guarantee. Sign up and get your copy of my book Retirement Reboot, all of our monthly reports and special reports – including The Annuity Guide and Income-Producing Stocks, and check out what we have to offer. If you don’t like what you see, you can cancel your subscription within the first 90 days and receive a 100% refund (and keep the material as a thank-you from me to you for looking us over).On the Lighter Side Congratulations to the NFL teams that survived the season and made it to the playoffs. It seems “Black Monday” lived up to its name with several coaches and general managers were handed their walking papers. We scrambled to get the tree down in order to motor over to Jacksonville, FL to watch Northwestern win their first bowl game since 1949 – when I was 8 years old. It wan cool watching the entire team after the game thanking their fans and those who have supported them for many years. And finally… Over the holidays we had many cute moments with the little ones – there is so much humor in having young grandchildren. I received this timely message from a friend that warmed my heart: “Our four-year-old grandson came home from the doctor with a prescription for some pills. When Grandma reminded him, ‘It’s time to take your pill,’ he was allowed to swallow it with a cup of root beer to turn it into a treat. “Our grandson struggled and could not open the bottle. He finally handed it to Grandma, who promptly opened it and took out the pill. The little boy asked, ‘Grandma, how come it was easy for you to open the bottle, but I couldn’t?’ “Grandma responded with, ‘The bottle has a childproof cap.’ “That was followed with a puzzled look on the little guy’s face as he said, ‘How does it know I am a kid?’” Until next week…
The precious metal mining companies, fully aware of what’s happening, do nothing As as has been the case for a while, all four precious metals got sold down in early Far East trading on their Monday morning. Gold was no exception—and it hit its low price tick shortly after 1 p.m. Hong Kong time. The subsequent rally lasted until around 11:30 in New York—and that was pretty much it for the day, as it got sold down a few dollars going into the 5:15 p.m. EST electronic close. The CME Group recorded the low and high ticks as $1,318.70 and $1,339.20 in the April contract. Gold closed the Monday session at $1,336.60 spot, up $10.50 from Friday’s close. Volume, net of February and March, was pretty decent at 143,000 contracts. Freegold Ventures Limited is a North American gold exploration company with three gold projects in Alaska. Current projects include Golden Summit, Vinasale and Rob. Both Vinasale and Golden Summit host NI 43-101 Compliant Resource Calculations. An updated NI 43-101 resource was calculated on Golden Summit in October 2012 and using 0.3 g/t cutoff the current resource is 73,580,000 tonnes grading 0.67 g/t Au for total of 1,576,000 contained ounces in the indicated category, and 223,300,000 tonnes grading 0.62 g/t Au for a total of 4,437,000 contained ounces in the inferred category. In addition to the Golden Summit Project the Vinasale also hosts a NI 43-101 resource calculation which was updated in March 2013. Indicated resources are 3.41 million tonnes averaging 1.48 g/t Au for 162,000 ounces, and Inferred resources are 53.25 million tonnes averaging 1.05 g/t Au for 1,799,000 ounces of gold utilizing a cutoff value of 0.5 grams/tonne (g/t) as a possible open pit cutoff. Please send us an email for more information, firstname.lastname@example.org The gold stocks opened in positive territory—and then chopped and flopped sideways for the rest of the day. The HUI finished up 0.35%. I was underwhelmed. The dollar index closed at 80.27 on Friday afternoon in New York—and traded in a 15 basis point range on either side of that number for the entire Monday session. The dollar index closed 80.22—down 5 basis points on the day. Sponsor Advertisement Platinum and palladium both got sold down in morning trading in the Far East. From those lows, they rallied right up until almost the 1:30 p.m. EST Comex close—and then both got sold down into the 5:15 p.m. close of electronic trading. Both finished up a few dollars on the day. Here are the charts. I was even more underwhelmed by the performance of the silver shares. They were up about 1.5% until shortly after 1 p.m. EST—and then down they went, closing in the red—and on their absolute low of the day. Nick Laird’s Silver Sentiment Index closed down 0.08%. Silver really got hit pretty hard in early Far East trading on Monday, with the low tick coming shortly afternoon Hong Kong time. From that point, the silver price rallied back to unchanged by the London a.m. gold fix at 10:30 a.m. GMT—and then it really took off to the upside, and appeared to go ‘no ask’ shortly after 11 a.m. GMT. That state of affairs wasn’t allowed to last long—and once that spike was beaten down, the rally assumed a more leisurely pace, with the high in New York coming at the same 11:30 a.m. EST that gold did. From that point, the silver price ran into selling pressure—and by the 5:15 p.m. electronic close, the price was safely back under the $22 spot price once again. The low and high ticks were recorded as $21.59 and $22.18 in the March contract, an intraday move of almost 3%. Silver finished the Monday trading session at $21.965 spot, which was up 11.5 cents from Friday’s close. Net volume was pretty chunky at 37,500 contracts. We are in the final days of the roll-over out of the March delivery month in silver, so volumes will be quite high for the next three trading days. First Day Notice numbers will be posted on the CME’s website late on Thursday evening EST—and I’ll have all that for you on Friday. The CME’s Daily Delivery Report for Monday showed that 9 gold and 1 silver contract were posted for delivery tomorrow within the Comex-approved depositories. Checking the CME’s website I note that there are still several hundred gold contracts are open in the February delivery month—and it remains to be seen how many will stand for delivery between now and Thursday. There were deposits in both GLD and SLV yesterday. In GLD an authorized participant added a decent 106,025 troy ounces—and in SLV there were 384,740 troy ounces deposited. The U.S. Mint had a sales report on Monday. They sold a chunky 825,500 silver eagles—and that was it. There was only a small movement in gold over at the Comex-approved depositories on Friday. They reported receiving 5,144 troy ounces—and that was all. All of it went into Scotia Mocatta’s vault. The link to that activity is here. There was a big deposit in silver on Friday as well—and all 1,566,700 troy ounces ended up in Scotia Mocatta’s vault, too. It wouldn’t surprise me in the slightest if this silver wasn’t being brought in to cover their short position in the Comex futures market. As I’ve said on many occasions, it’s my opinion that outside of JPMorgan Chase and two other U.S. bullion banks, Canada’s Bank of Nova Scotia is the only bank that holds a material short position in that metal. The link to that ‘action’ from Friday is here. It was a very eventful weekend—and I have the most stories that I can ever remember posting—and I’ll happily leave the final edit up to you. After buying back short silver contracts in the prior two reporting weeks (as well as adding long gold contracts), JPMorgan returned to the sell side in silver with a vengeance, accounting for the entire big 4 short increase or more than 43% of the commercial silver selling this [past] week. While there’s no doubt in my mind that the raptors behave conclusively with JPMorgan in playing the technical funds, it must be noted that the raptors were selling existing long positions, not adding to shorts. In the reporting week, JPMorgan increased its short COMEX silver position to 17,500 contracts, or to a 15% net market share (minus spread positions). From what I can tell, JPMorgan was the only commercial increasing short positions in the reporting week, something that has recurred on previous silver price rallies. Please think about that for a moment. JPMorgan was the sole short seller in COMEX silver and the largest seller in COMEX gold, accounting for 43% and 52% of all the commercial selling in each market this week. How could such large shares of net weekly trading not be manipulative to the price of silver and gold? And why is the nation’s largest bank also allowed to be its largest precious metals speculator? – Silver analyst Ted Butler: 22 February 2014 Precious metal prices yesterday followed a pattern similar to what they did most of last week, which was down in Far East trading—and then a rally back from there. There were a couple of times during the Monday trading session, one in London and the other in New York, where it appeared that a not-for-profit seller showed up and touched the brakes on these rallies in gold. Once just after 11 a.m. in London—and the other at 11:30 a.m. in New York. If these sellers hadn’t put in an appearance, the closing price in gold would have been materially different. And if that was true for gold, it was beyond blatantly obvious in silver, as the price appeared to go ‘no ask’ shortly after 11 a.m. GMT in London—and JPMorgan et al hammered that spike flat in short order. And as I mentioned at the top of this column, they also closed silver back below the $22 spot price once again. The price action of the precious metal shares didn’t impress me, either. So despite the rallies in all the precious metal since the New Year began, it’s obvious that their rallies are being managed, as JPMorgan et al are letting the technical funds shorts off the hook easily, without ripping out a pound of flesh by demanding much higher prices. If “da boyz” stood back and did nothing, there would be a disorderly rally in hours, or maybe minutes—which is the last thing that the powers that be want. As Ted said on the phone yesterday, these rallies could go on for months—but whatever length of time they last [or are allowed to last] the ending will be the same; an engineered price decline where JPMorgan et al ring the cash register one more time. It was ever thus. Of course the precious metal mining companies, fully aware of what’s happening, do nothing. In Far East trading on their Tuesday, all four precious metals got sold down just a bit. The exception was silver, which got sold down over a percent going into the London open, an event that occurred about 10 minutes ago as I write this paragraph. Gold volume is already sky high at 33,000 contracts—and all of it is of the HFT variety. Silver’s volume isn’t exactly light, either—although a goodly chunk of it is roll-overs out of the March contract and into May, which is the next front month. The dollar index has rolled over a bit and is down 9 basis points at this time. And as I send this off to Stowe in Vermont two hours later at 5:15 a.m. EST, the precious metal prices aren’t doing much—and with the exception of platinum [at least for the moment] the other precious metals are all down from Monday’s close in New York. Gold volume is over 40,000 contracts—and all of it of the HFT variety. Silver’s volume, even net of roll-overs is way up there as well. Based on these volumes, it’s a good bet that JPMorgan et al are selling up a storm in order to prevent prices from rising. The dollar index, which dipped dangerously close to the 80.00 mark in late Far East trading, is now rallying a bit, as it appears that someone was there to catch that proverbial falling knife once again. I have no idea what’s in store for prices during the New York trading session, but the big volumes at this time of day—considering the tepid price action—doesn’t make my heart go pitter patter, if you get my drift. But, in this market, you just never know. That’s more than enough for today—too much, actually—and I’ll see you here tomorrow.
Recommended Link Why 351 Retired Congressmen Don’t Need to Collect Social Security Recommended Link On the one hand, I like the idea of speculating in Venezuela; I’ve probably been down there a half-dozen times over the years. But it’s way too early to think about it seriously. If you bought an estancia, even at a bargain price, I doubt you could even get good title. And there’s no telling how long Maduro, or a crony, could stay in office. Africa provides dozens of examples of the most wicked, incompetent, and stupid dictators imaginable staying in office for decades. And then, after they’re overthrown, either somebody worse takes over, or they have a civil war. Venezuela has a big problem with oil. All that oil in the hands of the government makes a change especially hard. And even if a new regime is installed, the oil revenue will act to corrupt them. The only way to solve the oil problem is to auction all the mineral properties to many—preferably hundreds—of private companies, and get the State completely out of that, and every other business. Also have subsurface rights devolve to the landowner, not the State. The US is one of the few countries in the world where that’s the case. Justin: Got it. So, the Venezuelan government is clearly the problem. But what if a relatively more trustworthy country like Japan, Germany, or the United States introduces their own cryptocurrency? Could that succeed? Doug: That will happen. Soon, many countries will have their own digital currencies. That’s partly because they’re all trying to do away with paper money—a very unfortunate trend. Cash gives you a lot of privacy and flexibility. Governments hate it because it facilitates tax evasion. They’d rather everyone use digital currency, where there’s zero privacy, and they have instant access to everything you own. So, yes. Government-backed digital money is coming. The question is whether any of these will be backed by gold. The answer is that there will undoubtedly be private cryptos exchangeable into gold. But it’s most unlikely there will be any government digital currencies that are. With one exception: the Chinese. And perhaps the Russians. The Chinese will likely be the first to do this. Justin’s note: Keep an eye on your inbox for tomorrow’s Dispatch, where Doug and I will dig into how China could set the stage for the new digital economy. Also, we have some exciting news. Doug’s second book in the High Ground series, Drug Lord, was just nominated for the Libertarian Futurist Society’s 2018 Prometheus Award for Best Novel. The first book, Speculator, was nominated in 2017. These books are must-reads here at our office. If you haven’t read them yet, you can order your copies right here. Reader Mailbag Today, another reader writes in about Doug’s recent interview on the coming war with China: Bush led us right into Egypt, Libya, and Syria, but left Iran alone. Hmmm. That’s a clue. Trump has agreed to meet with the North Korean leader, yet everyone seems to think Trump is arrogant. Why didn’t Mr. Humble, Nice-Guy Obama meet with him? Or everybody’s favorite guy, Clinton? Yet bombastic, arrogant Donald Trump has. But does anyone give him credit? Of course not. We attack countries without presidential meetings. President Trump is going to talk to this guy face-to-face before deciding whether to take action. He wants to see for himself what this guy is all about rather than trusting unaccountable diplomats. That’s what I call leadership. – Ken As always, if you have any questions or suggestions for the Dispatch, send them to us right here. Take a look at this sensitive government document… Its official designation is SF 2801. But to high-level insiders, it’s simply an “Application for Immediate Retirement.” It grants them immediate access to an obscure yet lucrative Social Security alternative… so lucrative, one monthly benefit can be worth a year of Social Security. Click here to continue reading… — If You Didn’t Buy Bitcoin at 5 Cents, Read This The $6 trillion potential in “ID Coin” technology is 13 times bigger than every other cryptocurrency in the world today put together. Yet almost no one knows about it yet, just like Bitcoin in 2010. And you can own a stake right through your brokerage account. Details here. Maduro says the offering has supposedly raised $5 billion. It’s further proof of both the man’s criminal nature—trying to scam $5 billion from foreign investors—and low intelligence, in believing the scam could possibly work. He’s so dim that he probably doesn’t realize he’s just making a spectacle of himself. There’s no reason to believe absolutely anything the Venezuelan government says. This coin, should it even come into existence, will be as worthless as the Venezuelan bolívar. The whole thing is a crazy scam. The criminals running the Venezuelan government are just trying to garner a few extra dollars. Justin: Yeah, even Venezuelan authorities have been unclear about what backs this coin. In the coin’s filings, they say that it’s backed by one barrel of oil per token “or whatever commodities the nation decides.” So I wouldn’t go near this puppy. But what if Venezuela launched a gold-backed cryptocurrency? They’ve talked about doing that. Would that be more legitimate in your eyes? Doug: No. If a government wants to introduce a gold-backed cryptocoin, it must be redeemable for a specific amount of gold. But, again, no one should trust the Venezuelan government. Frankly, you shouldn’t trust any government—for lots of reasons—but they’re among the very worst bets at the moment. The chances of this working are slim and none. And Slim is out of town. — Justin’s note: Venezuela just introduced its own cryptocurrency. That’s right… The country battling chronic food shortages, runaway inflation, and widespread violence launched the world’s first government-backed cryptocurrency. Each one of these coins is supposedly backed by one barrel of oil, so the government is calling it the “petro.” President Nicolás Maduro claims the petro will turn Venezuela into an “economic powerhouse.” Vice President Tareck El Aissami says it puts Venezuela “at the vanguard of the future.” Now, I’m long-term bullish on cryptocurrencies. But the petro has “scam” written all over it. Still, the crypto market has surprised me before. So I called Doug Casey to see what he thinks… Justin: Venezuela, of all places, just became the first country with a government-backed cryptocurrency. What do you make of this, Doug? Doug: Well, anyone who buys this coin is an idiot. It’s like buying a cryptocurrency from a Nigerian who says he’ll give you $10 million if you’ll only give him $100,000 to get the ball rolling, and cover a few transaction fees. Same type of thing.
This week, the governor of Connecticut proposed a statewide tax on sugar-sweetened drinks. Several cities have already enacted such soda taxes to raise money and fight obesity. And there’s new evidence suggesting that these taxes do work — although sometimes not as well as hoped.Kris Madsen, an associate professor of public health at the University of California, Berkeley, is one of the researchers who has been studying soda taxes, in part because she’s convinced that sugary drinks are a menace to society, a direct cause of obesity.”It’s a pretty high bar for public health to be able to say that something is causing a major epidemic,” she says. “We can do that for sugar-sweetened beverages.” Berkeley was the first U.S. city to tax those drinks, making them more expensive, and Madsen is leading a team of researchers that’s trying to see how the tax is working. “We’ve been going out to the same neighborhoods every year for the last five years, and we’ve been asking people the same questions,” she says. Researchers interview people on the street, primarily in low-income neighborhoods.They started doing this before the soda tax went into effect four years ago, and they’ve continued every year since.”We saw a 52 percent decline in consumption over the first three years” since the tax went into effect, she says. “This has a huge impact.” Madsen’s study was published online this week by the American Journal of Public Health.Memories, of course, aren’t totally reliable; also, it’s possible that people in Berkeley may be underestimating their consumption because they don’t want to admit that they’re still drinking lots of soda.Other researchers, meanwhile, are trying to quantify the impact of soda taxes by looking at sales data from retail establishments, including grocery stores and convenience stores.Anna Tuchman, at Northwestern University, is part of a group studying Philadelphia’s soda tax. Philadelphia’s tax is different from the one in Berkeley. It’s bigger, and it also covers both beverages sweetened by sugar and drinks containing low-calorie sweeteners. This is partly because the goal of the tax is largely to raise more money for schools and playgrounds.Tuchman says that sales of those drinks in Philadelphia have dropped sharply, by 46 percent, since the tax went into effect.But there’s a catch. “We find a very large increase in sales of soda and other taxed products at stores that are located zero to four miles outside the city,” she says.Basically, it seems that a lot of people in Philadelphia are driving to stores right outside the city to buy their beverages. This is especially true in the case of sugar-sweetened drinks (and less so of artificially sweetened drinks). When you take that into account, sales in and around the city dropped about 20 percent, not 46 percent. And sales of sugar-sweetened drinks fell even less.This gets in the way of both of the city’s goals for its soda tax. “People are able to maintain their sugar and calorie intake, and the city is falling short in their ability to raise tax revenues,” Tuchman says.Tuchman and her colleagues are still revising their paper; it hasn’t been formally reviewed by other scientists yet. Right now, though, it does show some of the difficulties that cities face with their soda taxes. There are political obstacles as well. The soda industry has been fighting back, arguing that soda taxes are unfair to consumers and won’t really make people healthier. In fact, it recently strong-armed California’s legislature into reluctantly passing a moratorium on further soda taxes by cities in that state.San Francisco and Oakland, Calif., however, have soda taxes already in place, and Seattle implemented one at the beginning of 2018.Soda tax advocates, meanwhile, say that there’s a simple way to keep people from avoiding the tax by going outside the city: Just pass a tax that covers an entire state — or maybe even a whole country.Mexico, in fact, put in place a tax on sugar-sweetened beverages in 2014. That tax is smaller than the soda taxes in the U.S., and its effect on consumption also has been smaller. According to one study, consumption of sugary drinks fell on average by about 8 percent as a result of the tax. Copyright 2019 NPR. To see more, visit https://www.npr.org.
Uber December 11, 2015 This story originally appeared on Reuters 4 min read Next Article Image credit: Reuters | Sergio Perez Learn how to successfully navigate family business dynamics and build businesses that excel. Uber Winning Make or Break Legal Battles Across America Free Webinar | July 31: Secrets to Running a Successful Family Business Add to Queue State legislators in Ohio and Florida are moving ahead with regulations governing Uber and other ride services that would designate all drivers as independent contractors, bolstering a critical but much-disputed aspect of Uber’s business model.The states would join North Carolina, Arkansas, and Indiana in requiring the contractor designation as part of new laws governing so-called transportation network companies, a Reuters review of state legislation showed.The contractor provisions of the current and proposed laws in the five states have not previously been reported. Reuters reviewed the transportation legislation of more than 40 states that have considered regulations for companies such as Uber and its rival Lyft over the past two years.Uber has built its business on the contractor model, arguing that its smartphone app simply connects riders and drivers, who own their cars and pay their own expenses.But Uber is fighting a class-action lawsuit in California by drivers who said they should be treated as employees. Many of a group of 160,000 California drivers could potentially be part of the class, according to a judge’s ruling Dec. 9, and possibly be eligible for back pay and reimbursement of expenses.The contractor requirement in the new state laws could help Uber limit the potential damage if it were to lose the California lawsuit and also head off similar challenges in other states.An Uber spokeswoman said the company supported the Arkansas, Indiana and North Carolina laws, as well as the pending Ohio and Florida bills.She declined to comment on the company’s involvement in drafting those laws, however.In Ohio, state Rep. Bob Hackett said Uber, Lyft, the taxi industry and other parties were involved in drafting the bill.At one point, Uber sent five representatives to a meeting with members of the insurance industry to negotiate language in the bill, Hackett said.”I believe they are independent contractors. And the bill says the State of Ohio believes that they are independent contractors,” Hackett said.The state Senate cleared the bill on Wednesday, sending it to the House. Sponsors in both houses said they expected it to be approved.Bills on the designation of Uber drivers have also been introduced in New Jersey and Alabama but they have not been enacted.GLOBAL ENTERPRISEUber operates in more than 300 cities in 67 countries and has raised $7.4 billion from investors. Its war chest has helped fund legal and regulatory battles across the world, and lobbying efforts at the state and national levels.A spokeswoman for Lyft, which also relies on contractors, said the company is “supportive of the legislative efforts in both Ohio and Florida as they encourage innovation and allow ridesharing to grow.”J.H. Verkerke, an employment law expert at the University of Virginia School of Law, said it was very unusual for legislation governing things such as safety and insurance to weigh in on the labor practices of companies.”That’s something legislators have rarely ever taken up, at least not in the open,” Verkerke said. “Usually it just gets kicked to the courts.”Twenty seven states, and the District of Columbia, have established regulations for transportation network companies (TNCs), according to a tally from the Property Casualty Insurers Association of America. Bills are pending in at least five other states.The TNC category was first created in 2013 in California to enable states to regulate on-demand ride services that use mobile apps.In Florida, state Sen. Jeff Brandes said he could not recall how the independent contractor language was included in the pending bill. The legislation passed a House committee on a bipartisan 10-1 vote.“In Florida we want to be an inviting economic climate for people exercising their own liberty, to make their own choices about employment,” said Florida state Rep. Matt Gaetz.The variety of Uber drivers, with some working long hours and other doing it on the side, lends itself to the independent contractor model, he said.Shannon Liss-Riordan, who represents drivers in the California class action, said these provisions “dock” workers’ rights.”It is somewhat scary they are trying to bury that provision in the legislation,” she said.(Editing by Jonathan Weber and Grant McCool) Register Now » –shares Reuters
The Customer Experience Group is delighted to announce the appointment of Isabelle Damour as Managing Director, EMEA & Americas of FACE2FACE Training Consultancy. In her new role, Isabelle will expand the FACE2FACE global client portfolio and pursue strategies aimed at driving growth in Europe, USA, Middle East and Africa.The Customer Experience Group (CXG) is an alliance of five agencies that help premium and luxury brands transform transactional moments into relationships and emotional experiences. Comprised of Wisely Insights, Activate Experience, Albatross CX, SmartCX, and FACE2FACE, together CXG offers a platform that elevates customer experience through research, consultancy, experience feedback, training and coaching. FACE2FACE works directly with the front-line teams of luxury retailers to elevate in-store experience and drive profitability.As the new Managing Director of FACE2FACE in the region, Isabelle will oversee the company’s corporate strategy and manage the organization’s training, sales, marketing, partnerships, and business channels. Isabelle will also look after implementing extensive programs within all the markets in the region, developing a new platform for leadership and retail experts, and strengthen the synergy between FACE2FACE and the agencies of the Group.Isabelle shares: “I’ve spent my career driving profitability in the retail fashion industry; initially, from a sales and distribution perspective, and more recently through front-line training strategy. Joining FACE2FACE is the perfect opportunity for me to use my experience to support premium and luxury retailers and help them provide enhanced customer experience.” Founder & Executive Director of FACE2FACE, Fabrice Tavel-Besson expressed great enthusiasm for Isabelle’s appointment and he comments: “More and more luxury retailers are beginning to understand that the value of unparalleled customer experience starts with their front-line teams. With Isabelle’s deep understanding of training and retail excellence, FACE2FACE is confident in progressing our global partnerships and helping brands nurture their talents.”Marketing Technology News: SeQuel Response Hires New Director of Marketing to Propel Brand AwarenessThe CEO of Customer Experience Group, Christophe Caïs, is similarly enthused with the appointment of Isabelle to FACE2FACE’s senior management team he comments: “The luxury retail market is becoming more competitive day by day, and companies are waking up to the importance of a dedicated CX strategy. With her wealth of cross-channel experience from working with industry powerhouses such as Timberland, Kickers, and particularly Lacoste, I’m highly confident that Isabelle has the insight and skills we’re looking for to evolve our business, so we can continue to meet our clients’ needs well into the future.” A Wealth of Experience in International RetailIsabelle is bringing more than 25 years of international retail industry experience with her to FACE2FACE, having taken on many senior management roles throughout her career. As Lacoste Footwear’s International Sales Director, Isabelle quadrupled annual turnover, recruited 15 new distribution partners and was responsible for launching the company’s very first standalone footwear boutique in Asia.After spending two years as Kickers International Commercial Director, Isabelle had helped the business expand into four new international markets – Canada, Denmark, Slovenia, and Australia – which resulted in a 27% increase in turnover, before taking her talents to French fashion retailer, Morgan De Toi where she consolidated her expertise in retail management, cultivated retail excellence standards with strong training initiatives.Marketing Technology News: Leadspace Acquires ReachForce to Offer Customers Even More Robust B2B Customer Data PlatformA True Training ExpertAfter many successful years working in sales, distribution, and licensing, Isabelle was appointed as Lacoste’s Retail Academy Director in 2014, responsible for building the Academy and developing Lacoste Global retail training strategy. Impressively, she succeeded in rolling out Lacoste’s Academy customer experience programs in more than 25 countries in the first 2-3 years while creating a worldwide community of 90 internal training experts.Isabelle’s record of achievement in CX strategy and staff training puts her in a prime position to lead FACE2FACE going forward.Marketing Technology News: Community Management Is the Main Course for Hospitality Sector FACE2FACE Training ConsultancyIsabelle DamourMarketing TechnologyNewsSmartCXThe Customer Experience Group Previous ArticleSharpSpring Recognized as “Top Rated All-in-One Marketing Tool for 2019” by TrustRadiusNext ArticleCisco Intends to Acquire Acacia Communications Luxury Industry Training Expert Joins the Customer Experience Group MTS Staff WriterJuly 9, 2019, 5:53 pmJuly 9, 2019
Reviewed by James Ives, M.Psych. (Editor)Oct 19 2018The Case Comprehensive Cancer Center has received a three-year, $3,194,947 grant from the National Cancer Institute to investigate colorectal and breast cancer health disparities. The grant is one of only four Specialized Programs of Research Excellence (SPORE) Planning Grant P20 awards given across the nation to address health disparities. It will provide the infrastructure for a new, comprehensive research program at Case Western Reserve University School of Medicine to study cancer health disparities at both molecular and population levels.The new Cancer Disparities SPORE P20 program will examine racial differences in the development of colorectal and breast cancer–two leading causes of cancer death in the United States. The overarching goal of the program is to identify people at high risk for each cancer, and find common factors that drive racial disparities.In their first project, researchers will use risk-assessment strategies to reveal genetic, lifestyle, and community factors associated with colorectal cancer across demographics. The second project will apply systems biology approaches to decode molecular mechanisms underlying racial disparities in triple negative breast cancer, including evaluating differences in treatment responses and survival. Both projects will integrate basic science research in cancer tissue samples with broader, population-based studies. Additional projects in development seek to understand relations between community-based factors and disparities in other cancers, including prostate and uterine.”Racial disparities in these cancers persist, and are widening,” said Nathan A. Berger, MD, Hanna-Payne Professor of Experimental Medicine and director of the Center for Science, Health and Society at Case Western Reserve School of Medicine. “This award is an opportunity to investigate several causes and consequences of these disparities.”Berger is one of three principal investigators who will lead the program. The other Multiple Principal Investigators include Li Li, MD, PhD, Mary Ann Swetland Professor of Environmental Health Sciences and associate director of Prevention Research at Case Comprehensive Cancer Center; and Monica Webb Hooper, PhD, professor at Case Western Reserve School of Medicine, and associate director of Cancer Disparities Research at Case Comprehensive Cancer Center. Additional lead investigators in this interdisciplinary translational program include: Vinay Varadan, PhD, Cynthia Owusu, MD, MSc, and William Schiemann, PhD, co-leaders of the Breast Cancer Project; Claudia Coulton, PhD, who together with Li lead the Colon Cancer Project; and Joe Willis, MD, who directs the Biospecimen Core.Related StoriesTrends in colonoscopy rates not aligned with increase in early onset colorectal cancerLiving with advanced breast cancerNew protein target for deadly ovarian cancerThe research program could identify genetic biomarkers for cancer that are specific to high-risk populations. It may also help explain why some populations are more likely to develop certain types of cancer, and factors that contribute most to cancer survival. Said Webb Hooper, “We are studying populations who have an undue burden of cancer. Our science has the potential to add to the body of knowledge around cancer disparities, and lead to treatments that benefit communities.”Added Li, “With a better understanding of factors affecting cancer disparities, we can promote medical and social policies that benefit specific populations.”SPORE awards were established by the National Cancer Institute in 1992 to promote collaborative, interdisciplinary, translational cancer research. The award to Li, Webb Hooper, and Berger is only the second SPORE given to Case Western Reserve. The first was awarded in 2011 to Sandy Markowitz, MD, PhD, to study gastrointestinal cancers.”This new SPORE P20 award promotes translational research that integrates population studies with cutting-edge basic science. We are hopeful it will help delineate biological mechanisms underlying racial disparities, so we can ultimately reduce or eliminate them altogether,” said Li. Source:http://casemed.case.edu/cwrumed360/news-releases/release.cfm?news_id=1514&news_category=8
General Motors CEO Mary Barra said it is too eary to tell the full extent of the impact of punitive tariffs on metals, but the company is seeing rising prices Explore further This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. US President Donald Trump’s harsh tariffs on steel and aluminum are increasing costs for US auto giant General Motors but the company is examining the fallout, GM’s chief executive said Tuesday. “Clearly we want to maintain affordability in vehicles. We are seeing cost increases,” CEO Mary Barra told reporters ahead of the company’s annual shareholder meeting.”We’re working hard to understand the impact” of the tariffs, she said noting it was too early to tell for sure as there are “a lot of moving pieces in trade and the auto industry is a very complex business.”Barra also said negotiations to revamp the North American Free Trade Agreement, the premise for the continent’s integrated auto supply chain, were incomplete, meaning the outlook was uncertain.Trump last month allowed punishing border taxes of 25 percent on steel and 10 percent on aluminum to take effect for America’s largest suppliers, prompting retaliation from Canada, Europe and Mexico.The NAFTA talks have been hung up on the US demand to increase the US-made content in autos that receive duty-free treatment.The Institute for Supply Management reported this month that the tariffs and threatened counter-measures already were jacking up metals prices, causing supply interruptions and order backlogs.The White House is also considering tariffs on imported autos, which would throw a wrench in hundreds of billions of dollars in annual cross-border trade.Barra said despite the trade uncertainty, the company so far had not had to shift course for the longer-term.”We haven’t been in a position where we have had to change our plans,” she said. © 2018 AFP US tariffs on car imports are a double-edged sword Citation: GM: Trump tariffs driving up costs (2018, June 12) retrieved 18 July 2019 from https://phys.org/news/2018-06-gm-trump-tariffs.html