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Monthly Archives: May 2020
Originalism, Common-Good Originalism, and Common-Good Constitutionalism – Reason
Posted: May 11, 2020 at 11:37 am
Last month, Adrian Vermeule wrote an essay titledBeyond Originalism. The Harvard Law Professor contended that originalism had already served its purpose, and our polity should shift to what he called "common-good constitutionalism." Co-blogger Randy Barnett responded to Adrian, and warned about the risks of any non-originalist approach to the Constitution.
Last week, my friend Josh Hammer wrote another reply to Vermeule that seeks to stake out something of a half-way position. He calls it "common good originalism." Here is a snippetthough I encourage you to read the entire essay.
Common good originalism should adopt the conservatism of Hamilton, Marshall, and Justice Joseph Story as its jurisprudential lodestar. The interstices naturally permitted by a more expansive constructionism will, assuredly, provide ample room for jurists to deploy substantive moral argumentation along the lines favored by scholars like Jaffa and Arkes. Furthermore, by rejecting hyper-literalist free speech absolutism, common good originalism permits (within reason) natural law-undergirded arguments about the moral worth of one's speech, such as Alito's dissent inSnyder: "Our profound national commitment to free and open debate is not a license for the vicious verbal assault that occurred in this case."
Common good originalism also rejects natural law-subversive "originalist" claims aboutconstitutionally mandated marriage redefinitionthat would undermine the common good, risible anti-sovereigntist "textualism" claims aboutconstitutionally mandated open bordersthat would wreak havoc upon the common good, and so forth.
This is only a bare-bones beginning. And I know, of course, that I will not persuade Vermeule himself. But my aim is to lay out a framework upon which to build an assertive, moralistic, Burkean/Hamiltonian conservative jurisprudence. This jurisprudence is also legitimate, from a positive law perspective, because it is rooted in (an expansive construction of) the constitutional text and thereby avoids the "oath-breaking problem" posed by Article VI of the Constitution.
Vermeule has now responded to Hammer.
JoshHammer has written a characteristically thoughtful and engaging response toCommon-Good Constitutionalism, arguing for an approach he calls "Common-Good Originalism." I see Hammer's approach as a laudable development, a movement half-way to the right approach. But as with many half-way positions, it is unstable. The structure built of originalism and the common good fits together poorly, for the former is a positivist approach and the latter a nonpositivist one. Thus nothing at all guarantees that the original understanding will necessarily or even predictably track the common good (however the latter is defined), and conversely it is always possible, indeed likely, that the common good (however defined) will prescribe an interpretation that cannot be justified in originalist terms.
Adrian adds that Hammer's position may become something of a middle-ground:
To be sure, even if originalism and the common good cannot be combined in a stable manner, a house with shaky foundations may happen to be shored up by external buttressing. I wouldn't be wholly shocked to see a position like Hammer's become a new political equilibrium, one that supersedes the currently reigning libertarian originalism, and theoretical coherence be damned. But that contingent political dimension is not my concern here. My point is one of theory: common-good originalism, whatever its political appeal, has an inherent tendency to break down into one or another of two distinct views, one which subordinates the common good to originalism, and the other which subordinates originalism to the common good.
And Adrian praises Hammer's non-libertarian approach to originalism:
There is much to admire in Hammer's argument. It is a long step away from the libertarian form of originalism that has colonized the legal right at least since the second Bush administration, and that until recently dominated the scene. Justice Scalia'smodus operandi (viewed from the outside; I do not suggest that this was a deliberate strategy) was to stake out a principled position, resting on internally coherent arguments, that would expand the range of the thinkable on the Court, and then to watch his colleagues struggle part-way towards his views with positions that were uneasy compromises. In that Scalian sense, Hammer's piece,internally conflicted though it may be, amounts to an ominous sign of the times for conventional originalists. When a prominent young conservative commentator like Hammer expressly rejects "pure legal positivism and the elevation of procedure to the complete detriment of substance, most frequently associated with the jurisprudences of the late Judge Robert Bork and the late Justice Antonin Scalia," one can almost feel the winds of change freshening.
We are watching an important debate play out in front of our eyes. And the stakes are high. In the past, I have described the "libertarian" wing of the FedSoc legal movement as "ascendant." I still think that is the case, but there is movement afoot. Contrary to left-wing caricatures, we are not monolithic lemmings. There are some common grounds of agreement, and there are other areas of sharp disagreement. Randy wrote about this shift:
In particular, I have sensed a disturbance in the originalist force by a few, mostly younger, socially conservative scholars and activists. They are disappointed in the results they are getting from a "conservative" judiciarynever mind that there are not yet five consistently originalist justices.Someattribute this failing to originalism's having been hijacked by libertarians. Some have been drawn to the new "national conservatism" initiative, which makes bashing libertarians a major theme. These now-marginalized scholars and activists will be delighted to fall in behind the Templar flag of a Harvard Law professor like Vermeule.
Josh Hammer makes this point expressly, and ties it to a current case:
Within this broader context of conservatives reconsidering orthodoxies, Vermeule's proposal fits quite neatly. What Georgetown University Law Center Professor Randy Barnett calls a "disturbance in the originalist force by a few, mostly younger, socially conservative scholars and activists" could evolve into amore thorough exodusaway from originalism if, as is heavily rumored, putative originalist Justice Neil Gorsuch sides with his progressive colleaguesthis termby reading into Title VII legal protection thebiological and linguistic liethat is "transgenderism."
I agree with Josh Hammer that Adrian has shifted the Overton window. This issue warrants far more discussion.
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Originalism, Common-Good Originalism, and Common-Good Constitutionalism - Reason
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Violation of service code – The Tribune India
Posted: at 11:36 am
Vivek Katju
Ex-Secretary, Ministry of External Affairs
On April 23, the general secretary of the Indian Revenue Service association forwarded a paper entitled FORCE (fiscal options & response to Covid-19 epidemic) to the chairman and members of the Central Board of Direct Taxes. The paper was prepared by a group of 50 income tax officers, the general secretary wrote in his covering letter, who had used their knowledge, experiences and commitment to suggest measures to counteract the economic and fiscal effects of the pandemic. He also noted that it reflected their young energy and idealism; indeed, that was correct, for the officers had spent only between one and five years in service; their mentors were of their own seniority, but of their two guides, one was a very senior officer and the other a middle-level one.
The paper found its way into social media and the mainstream media reported some of its suggestions on taxation. These included the raising of the tax rate to 40% for those earning over Rs 1 crore per year and the reintroduction of wealth tax for those having a corpus of over Rs 5 crore. It also mentioned that the imposition of inheritance tax should be considered. At a time when the economy is in trouble and there is concern on how the government would manage the situation, media reports about these suggestions caused confusion and consternation.
The government decisively sought to quell this speculation. It not only denied media reports but also took disciplinary action against the two guides and another very senior income tax officer. They were divested of their assignments, and, according to press reports, formally asked to explain why they had unauthorisedly made the 50 officers to work on the paper and thereafter made it public.
It is likely that the governments main ire was on the tax suggestions becoming public. There can be quarrel with the view that the government has a right to expect that its employees, irrespective of their seniority, act according to rules, orders and norms, and refrain from making sensitive information public. The question, though, it must ask itself after this episode is if it is allowing the continuance of a permissive culture, where officials at all levels are taking recourse to the media to air their personal views on policy matters, both within their domain of work and outside it? This culture has developed over the past few decades, but is becoming more common.
To illustrate: A secretary to the Government of India, who heads the empowered group on supply chain and logistics management of essential goods, recently wrote an article in a leading national daily. He assured that the movement of food, pharmaceuticals and other commodities was going along very well. This is welcome news and is useful for the public. The question though is, why did he not make it public through the normal means of an official press note or a media briefing that would have had wider and more effective circulation, instead of choosing to write an article giving his personal views? This can only be attributed to the growing and unhealthy tendency of serving officers writing in the media.
Another senior bureaucrat wrote on a subject that is in the forefront of the national economic debate, the expected stimulus package. Again, it is not the merits of the arguments made in the article, some of which make good sense, which require focus, but the fact that they were conveyed in the media. If the public could draw inferences through the income tax officers paper, they could also do so through the expression of the bureaucrats views, even if not to the same extent.
It is obvious that the government does not really take officials to task who violate the conduct rules that prescribe that officials can undertake, without its previous sanction, occasional work of a literary, artistic or scientific character. Much of the writing by serving officials transcends is not limited to them, but goes into government policy areas. Of course, officials can submit papers on policy matters and the government can clear them for publication with the stipulation that these reflect the personal views of the officials, but would it be wise to follow such a course? Besides, how many senior officials seek such permissions? There was much merit in the old practice that required officials to focus only on their mandate, and if they felt strongly on some issue in which they had expertise, but were not handling it within the course of their current remit, to convey their views only to those handling it in the government.
There is a view that government servants, or for that matter those who occupy official positions in commissions and tribunals, do not relinquish their right to freedom of expression unless specifically constrained by law. The Official Secrets Act is there, but beyond it lie propriety and convention which should bind allserving, re-employed and retired. They demand that the sanctity of official papers and discussions be maintained by participants, but there is lax approach even when discussions in the highest security national forums are publicly revealed. Are these not breaches of trust that may inhibit free exchanges of views through making participants wary? Should such practices be acceptable? Obviously not.
If it is felt that times have changed and that new conventions and new rules relating to the conduct of serving government officials writing in the press, and of retired officials penning their memoirs are required, they should be spelt out and uniformly applied. In any event, it would not be proper to continue with the confusion and permissiveness that prevails on these issues today.
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Godfrey calls on Washington to immediately approve more stimulus – Patch.com
Posted: at 11:36 am
By Scott Benjamin
Bob Godfrey says Washington is a nice place to visit, but he wouldn't want to serve there.
Why not?
The Washington-Arlington metro area has the highest median income of any place in the United States. . . Stephen Strasburg reportedly whizzes around town in the red Chevy Corvette that he won as the World Series MVP. .. . and it is the city where the "Sweethearts of Soul" - Peaches & Herb - got their start.
Through the years, Godfrey has said, "Congress can't agree on the time of day."
However, the state representative (D-110), who serves much of Danbury's downtown, has been making the nearly 120-mile round-trip commute for 32 years to Hartford, which was just rated as only 47th best among the 50 state capitol cites by Far & Wide.
But, then again, it is where Mark Twain once wrote, Horace Bushnell preached and Morgan Bulkeley governed.
Godfrey said he is passionate about representing roughly 23,000 people in one of the few cities in Connecticut where the population is growing.
He is the deputy speaker pro-tempore of the state House and has served under seven speakers and six governors. Only three current members of the House have served longer.
Now, in a time of pandemic crisis, Washington has become bipartisan.
Not only did Republican President Donald Trump, the Republican U.S. Senate and the Democratic U.S. House agree on the time of day, but they got nearly $3 trillion in stimulus approved since March 27.
But U.S. Senate Majority Leader Mitch McConnell (R-Ky.) wants to hit the pause button for at least a while.
So does Larry Kudlow of Redding, who is Trump's director of the National Economic Council.
Reuters reported that Kudlow cautioned, "Well, we just had another big infusion."
He said on ABC News' "This Week" on May 10 that he was part of a conference call with 50 members of the U.S. House, both Republicans and Democrats, on May 8 and was scheduled to have a similar session with a group of senators on May 11.
Kudlow said that the Trump Administration is "collecting ideas" for possible future action to address the economic fallout from the pandemic. Reuters reported that Kudlow told reporters he didn't want to have more stimulus before the end of May.
He said on "This Week" that data from the Congressional Budget Office and private companies indicate that the American economy could have "a very strong second half" in 2020 and there could be "a tremendous snapback of the economy in 2021."
However, Reuters stated that U.S. Senate Minority Leader Chuck Schumer (D-N.Y.) said there needs to be a "big bold approach now" after the country lost 20.5 million jobs in April and the unemployment rate of 14.7 percent is the highest since the Great Depression of the 1930s.
Godfrey declared, "It is needed and it is needed now. If the house is on fire you don't delay sending the fire department to start spraying water."
He said that, among other things, Congress should halt the remainder of the president's 2017 tax cut and use that money to assist the states.
He said too much of the tax reduction was directed at the upper income.
CT Mirror has reported Connecticut's state budget faces a projected $7 billion revenue shortfall combined over the next three years.
Said Godfrey, "July is when the revenue information will be available, Right now anyone is guessing on what the gaps might be."
He said that he is pleased that the state's rainy day fund was near $2.5 billion at the onset of the pandemic.
Godfrey, who has been spending considerable time at home addressing constituent concerns by phone and the Internet, said the Department of Labor's performance has improved as it is processing an unprecedented number of jobless claims.
"They've gotten the equivalent of three years of claims in two months," he exclaimed. "They were unprepared for the extreme. There are claims from March that they are still processing."
Additionally, Godfrey said there have been delays processing claims for people living in Connecticut but working in New York state and those living in New York state and working in Connecticut.
CT Mirror reported in early May that Gov. Ned Lamont (D-Greenwich) had hinted at the possibility of increases in fuel taxes to fund transportation improvements.
CT Mirror added that the special transportation is projected to be depleted by 2022-2023 - three years earlier than had been anticipated before the pandemic.
In late December Godfrey told Patch.com that perhaps the state should consider a gasoline tax increase since it had been at 25 cents a gallon for the better part of two decades. At the time, there were serious
"I raised the issue as possibly the only way to help out the transportation program." Godfrey said in a May phone interview with Patch.com.
"I don't think we should lead with that," he said. "We need to hash out ideas."
He said in December that the Office of Fiscal Analysis, the General Assembly's budget arm, has indicated that the gasoline tax, which was reduced twice in the late 1990s and early 2000s bringing it down from 39 cents a gallon to 25 cents a gallon adjusted for inflation would have increased from 25 cents a gallon to 37 cents a gallon between 2003 and 2017. He said some "red states" have increased their gasoline taxes.
He said last winter that a boost in the gasoline tax coupled with a fee for hybrid and electric cars, which have become more popular and use less fuel, and a fee for cars costing $50,000 or more could be considered.
Godfrey praised Lamont's performance during the pandemic.
"He listens, he tosses around ideas and considers the consequences," the state representative said. "He's making sure that people are safe. He's promoted social distancing and masks."
Godfrey, who has received awards for his Freedom of Information initiatives, said his only qualm is the Reopen The State Task Force should be more public in its deliberations.
"The reopening is going to come step by step in gradual fashion," he explained. "The restaurant business will probably come back slowly since you you want to go out, you can't wear a mask while your are eating, It is going to be a while before the theaters and the sports events will be going again. Life is going to be different than it was before mid-March."
"The return to normal is going to depend on the confidence of the people who have been sheltered mostly in their homes," said Godfrey. "I have no idea on how quickly they will respond. But right now there are people out there that are afraid to return to work."
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Letters to the Editor 5-10-2020: Pannebecker rebuttals – The Macomb Daily
Posted: at 11:36 am
Pannebecker bias shows through
After reading yet another of Brian Pannebeckers ridiculously pro-Trump slanted columns (Trump has led country to greatest economy by keeping promises, April 28 Macomb Daily) I decided I can no longer keep quiet! To begin with, it is well known that Pannebecker is a far right extremist who champions right wing candidates, causes and office holders. I laughed at his opening remarks when he characterized Trump as a genius. That statement alone underscores that Pannebecker cant be taken seriously.
Furthermore, he is now subscribing to unproven conspiracy theories about the Covid-19 virus being created in a laboratory. That theory has been debunked by scientific evidence that proves the virus is of natural origins in the wet markets of Wuhan, China. A study of the virus genome provides the evidence of that.
In addition, Pannebeckers insistence that Trump single handedly turned around the nation's economy is equally absurd as his statements about Trumps genius and the origin of the COVID-19 virus. Most credible economists will tell you that the economic recovery from the Bush era recession of 2008 started under the Obama administration and was slowly gaining traction throughout his eight years in office. Just as it took eight years for the economy to tank under Bushs watch, it took eight years for it to recover under Obamas. Trump happened to be in the right place at the right time when he took office.
Pannebecker also credits Trump with handling the COVID-19 crisis brilliantly. Nothing could be further from the truth, especially at the start when Trump stated it was a Democratic hoax. It should need no reminding too that Trump maintained that the virus would disappear like a miracle. Of course neither was true and to date it has claimed nearly 80,000 American lives.
Lastly, Pannebecker maintains that its time to re-open the nation's economy without regard to the dangers still presented by COVID-19. All medical experts recommend a slow and measured reopening rather than a hasty one so as to not risk a resurgence of the virus.
I urge your paper to stop giving Pannebecker a platform to espouse his far right extreme viewpoints that are out of step with the mainstream.
Eugene F. Groesbeck
Shelby Township
Brian Pannebecker's fawning praise of Donald Trump (Trump has led country to greatest economy by keeping promises, April 28 Macomb Daily) knows no bounds. He sees Trump's policies over 3 years as nothing short of a miracle of genius of the man's "gut instincts" all the while battling the opposition party and it's allies, the main stream press. Nothing new here. He believe his tax cuts to be the driver that spurred the economic growth regardless of propelling the national debt to an all time high with no plan to pay for it but the hope that in the next 30 years higher tax revenues would cover it. Remember the "old days" when fiscal responsibility and balanced budgets was the bedrock of Republican values?
Throw in tweaking NAFTA, abandoning the trans Pacific economy to the Chinese despite our total dependence on China for our prescription drugs and cheap consumer products from that region, closing the borders to immigrants and you have Donald Trump's vision of "America First." The answer to that risk? Pump trillions into the military and replenish our nuclear stockpile to cold war levels and bring the world to heel. And, of course, build the wall. The worldwide pandemic, which is now blamed on the Chinese, has exposed the risk to our consumer driven economy as it quickly ground to a halt. No worries,we will be sending a bill to China for damages right after Mexico pays for the wall.
As the Trump administration faced its first real crisis, the initial response was to downplay it and blame the usual suspects, the Democrats and the main stream media, for exaggerating it. Pannebecker optimistically believes Donald Trump will now listen to the experts in handling the crisis. If history is a guide, he will be sorely disappointed. The president prides himself on ignoring expert advice or even scientific facts that conflict with his "gut." If Dr. 's Anthony Fauci and Debra Bird can walk that very fine line of speaking the truth while disagreeing with our thin-skinned president they both deserve the medal of freedom. I know of no other presidential appointee that has been able to navigate that mine field.
Robert L. Peltier
Clinton Township
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Letters to the Editor 5-10-2020: Pannebecker rebuttals - The Macomb Daily
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Are you left-wing or right-wing? Probably both. The Oxford Student – Oxford Student
Posted: at 11:36 am
Ive always found the left-wing/right-wing distinction overly reductive. It seems absurd to me to map out an outstandingly wide-ranging set of policies across a one-dimensional axis. How can my views on education, health, foreign policy, ontology and ethics be captured in one category?
The corona crisis has made this all the more evident. The unprecedented volumes of stimulus and debt-issuance by Republican, Tory and Eurocratic governments has turned monetary and fiscal policy inside out. Suddenly, parties that defended a minimum state for decades are deploying $3 trillion, 1 trillion, or 330 billion packages depending on where you look.
That being said, there is an undeniable sense that the left-right distinction captures some kind of fundamental difference between political orientations. This article is my idiosyncratic attempt to capture what this left-right divide refers to today, as of 2020.
The left-right distinction is a useful heuristic which enables conversations to unfold across large populations. It creates a common ground, without which meaningful debates would be borderline impossible.
As I see it, there are four dimensions to todays left-right distinction. Each dimension is expressed in current policy debates. And each dimension raises questions which I encourage the reader to answer. I hope to show that there is nothing contradictory in being leftist in one domain and rightist in another.
Before I explore the four, let me add two disclaimers. First, obviously left-right is a continuum and people are distributed across the two ends of the spectrum, these are not discrete boxes.
Second, what it means to be in the Left or Right changes across space and time. The left-right dichotomy in the US is radically different from the one in China. Identity politics is a prominent issue in the former but not the latter, for instance. Not to mention that the spectra in the two countries are so different that a right-leaning Chinese person would be considered a socialist, if not a Commie, in the US.
Equally, what made you a leftist in 1750s France is different from what we associate with the Left nowadays. Whereas Left originally meant being in favour of the Republic, nowadays to be left-wing can mean four distinct things.
Coronavirus has reinforced the salience of the nation-state as the ultimate unit.
The first dimension relates to the presence of the state. The Left is pro-state intervention. The Right supports a laissez-faire approach. Debates about universal basic income, taxing multinational corporations (MNCs), education funding, healthcare, and privacy are manifestations of this dimension. The corona crisis has put laissez-faire into question but it is too early to tell how much it will change in the long run.
The questions that spark debate in the first dimension are multiple. Can the state be trusted to regulate peoples lives? Is the states responsibility to level the playing field or to maximise freedoms? What domains of life primarily belong to the individual, what domains belong to the community? Is there a trade-off between security and freedom how should the state deal with it? Anti-lockdown protests in the US and UK, for instance, map onto this dimension where one key organizer has cried for more liberty to get back to work.
The second dimension relates to the reference point from which political interests and priorities are formulated. The Left thinks from a cosmopolitan view of internationalism. The Right sets the domestic state as its epicentre.
This second dimension is most evident in migration debates. Does a states responsibility lie with its own citizens or humanity as a whole? It can also be found in discussions about foreign policy, globalisation and the environment. Do states have a responsibility to protect other states? How should a post-colonial global system be structured? Coronavirus has reinforced the salience of the nation-state as the ultimate unit. Even in the EU, the response was uncoordinated and primarily national as captured by Germany and Frances initial refusal to export masks to other member states.
The third dimension is ontological. The Left is post-positivist it views the world in terms of relational and uneven power relations. The Right subscribes to positivist views of ontological units as discrete entities.
Can the state be trusted to regulate peoples lives? Is the states responsibility to level the playing field or to maximise freedoms?
This third dimension mainly unfolds in the world of identity politics. Does politics unfold through class, race, and gender? Should present members of historically underprivileged classes be compensated today? Is the nation-state a legitimate construct? What are Western or Enlightenment values, and should the state uphold them? Is there such a thing as truth? Singapores unequal treatment of migrant workers during the COVID-19 outbreak reveals underlying assumptions about who the states primary responsibility lies with.
The fourth dimension concerns moral values. The Left is progressive. The Right favours tradition.
This fourth dimension maps neatly onto various ethical issues. What is the role of history for citizens? What is the role of religion in modern-day society? How should a state deal with its colonial legacy? Debates about abortion, genetics often unfold along this dimension too. In corona times, the heated debates about church closures in Brazil illustrate these very questions.
So, where are you? Maybe pro-state intervention and cosmopolitan, yet deeply convinced of tradition and atomistic ontology? Maybe you have total coherence?
Obviously, these dimensions can coexist. As such, a preference in one influences your position in the other. For instance, your view of the past will influence how much you value tradition and, by extension, your position on affirmative action. This means that there is a general tendency for people to have an overarching coherent position across all four dimensions.
Nevertheless, I dont see any inherent contradiction in being both in the Left and in the Right. It ultimately hinges on what question and issue you are dealing with. If anything, to hold contradictory views is often a sign that you are not being ideological.
The left-right distinction is a useful heuristic which enables conversations to unfold across large populations. It creates a common ground, without which meaningful debates would be borderline impossible.
However, left-right must be seen as only that: a heuristic. As much as it enables debate, it also blinds us. We assume instead of listening, simply because the other is an emotional social justice warrior, or a bigoted nationalist. As university students, we ought to think beyond those boxes.
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Are you left-wing or right-wing? Probably both. The Oxford Student - Oxford Student
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For the Europe of tomorrow – EuroScientist
Posted: at 11:36 am
On the 23rd of April 2020 on the day of a critical meeting of the European Council President Giscard dEstaing together with leading representatives from the World of politics, academia and civil society from the Board of Re-Imagine Europa call European leaders to show courage and ambition.
The article was published on Re-Imagine Europa website and across Europe in some of the leading newspapers (to access the published article click on the link of the newspaper): Le Soir (Belgium), Euractiv (Brussels), LOpinion (France), Die Welt (Germany), La Repubblica (Italy), Gazeta Wyborcza (Poland), Rzeczpospolita (Poland), Pblico (Portugal), DennikN (Slovakia), El Pas (Spain), La Vanguardia (Spain).
The past months have seen the World and Europe confronted with the Covid-19 pandemic a global health crisis whose management remains, for the moment, national and intergovernmental. This is hardly surprising seeing that the European Union only has supporting powers in the area of public health and is limited to encourage as best it can Member States to coordinate among themselves. Should the EU have stronger powers in this area? What will we learn from this pandemic?
The current situation forces us to start a deeper reflection on how the EU is functioning: is our system still adapted to challenges of today?
In the past weeks, citizens across Europe have demonstrated the resilience that resides within our society. Patients in cross-border regions have been transferred from one country to another, health workers have been able to work in the areas where they were most needed. Scientists working together have in a couple of weeks been able to achieve results that normally take months. This concrete solidarity demonstrates that European cooperation exists, and we are all realising that only if we join efforts, we could get out of this crisis.
The paradox of today is that we know we need a stronger, more resilient European Union, yet the crises of the past decade have created nationalist reactions that complicate any additional efforts towards real solutions. We are aware that recent decades have eroded a lot of the trust between European citizens, but we hope that the spirit of cooperation and unity will prevail.
Solidarity is the cornerstone of our Union, and it has an even bigger role to play in times of crisis to prove its strength and that it is not just empty words. As Europeans, we need to understand that this is not a zero-sum game; we win or lose together. A critical European Council meeting will be held today, the 23rd of April. We do not have time for hesitation or reluctance. We call for European leaders to demonstrate the courage to speak with one voice to provide all the necessary help to the countries worst hit by the coronavirus! We propose that in the future, in the event of a pandemic, the powers to coordinate public health actions be transferred to the European level. In this coordinated European frame, all other levels, national, regional and local have their responsibilities. This might require some adjustments to the Treaties, but it will be necessary to cope with a disease on a continental scale.
For the current crisis, some strong decisions must be made. It is not about pooling past debts but the debt that will be created in order to respond to the challenges created by Covid19. Ultimately, a European Treasury for the integrated area should manage the borrowing needs of states.
The 2021-2027 multiannual financial framework should also be revised upwards to become a more powerful instrument of solidarity and adapted to emergency situations like this one.
The Emergency Response Coordination Center, that directs aid in the form of expertise, relief materials or civil protection teams to the affected countries, must be fully operational, medical research better coordinated at European level, as well as the collection and interpretation of epidemiological data.
When this pandemic finally ends, it will leave significant scars in society. Thousands of people will have lost their lives, and our economic system will be severely disrupted. We need to take this opportunity to reimagine our economic and social system to be fairer, more sustainable and resilient. This is an essential step!
It implies that we need to encourage and improve the agility in decision-making and action deployment gained in the past months. We have been able to build hospitals and medical equipment in a couple of days when normally bureaucratic procedures hinder any creative process. The European Union, with its value-based community of 446 million citizens could and should be an active force in this change.
Imagine what our economy could look like if we stopped competing fiscally with one another? If we stood united, large tech firms would not be able to shirk their responsibilities and avoid paying taxes. We could close the loopholes that our current system allows and reimagine a system where everyone contributes, and the burden does not fall unfairly on the shoulders of the households or small companies. A system that boosts employment as opposed to taxing it. A precise timetable should be proposed for this fiscal unification in Europe.
In a world that is falling back into the temptation of power struggles, in Beijing, Washington, Moscow, Delhi and Ankara, we Europeans must defend these values that we know to be universal. Our European Union is a Union of values, based on the dignity of the human being, freedom, democracy, rule of law and peace. This is unique in the World. Only by giving Europe a full political dimension can we build the society of tomorrow and prevent the World from falling back into the tragic mistakes of the past.
The newly elected European Parliament and European Commission must prove ready to help us in this shift.
Covid19 has made us realise that we need new ideas to overcome the current challenges and adapt to the global, digital, and highly mobile World we live in today.
Europe is an idea and a project that belongs to us all. For it to be successful, we must cast aside negative views political bias, personal ego and the fear of change to name but a few and, relying on the foundations of our history, believe in the hope of building one of the great civilisations of the 21st century.
Valry Giscard dEstaing, Former President of France, former President of the European Convention, Founder and President of Re-Imagine Europa France
Dr Magdalena Adamowicz,Member of the European Parliament, Founder of the international coalition Imagine Theres No Hate (#ITNH) Poland
Ms Carina Autengruber, President of the European Youth Forum
Mr Brando Benifei, Member of the European Parliament and Vice President of the European Movement International Italy
Mr Elmar Brok, former Member of the European Parliament and President of the European Federalists Germany
Professor Manuel Castells, Minister for University of the Spanish Government and Professor of Sociology Spain
Mr tienne Davignon, former Vice-President of the European Commission and President of Friends of Europe Belgium
Prof. Paolo De Castro, Member of the European Parliament, former Minister of Agriculture of Italy Italy
Mr Giovanni Fosti, President of Fondazione Cariplo, Italy
Mr Alain Lamassoure, former Member of the European Parliament France
Mr Enrico Letta, former Prime Minister of Italy, Dean of the Paris School of International Affairs (PSIA) at Sciences Po in Paris and the founder of the Scuola di Politiche in Italy Italy
Ms Irene Milleiro, Managing Director, the Change.org Foundation Spain
Mr Carlos Moedas, Former European Commissioner Research, Science and Innovation, Trustee of Calouste Gulbenkian Foundation Portugal
Ms Isabel Mota, President of the Board of Trustees of the Calouste Gulbenkian Foundation Portugal
Dr Hans-Gert Pttering, former Chairman of the Konrad Adenauer Foundation, former President of the European Parliament Germany
Ms Maria Joo Rodrigues, President of European Foundation of Progressive Studies, former MEP and Vice-President of S&D Group (2014-19) Portugal
Mr Claus Haugaard Srensen, member of the Advisory Group on Emergency capacities of the World Health Organisation, former Senior Advisor on Resilience, Humanitarian Aid and Crisis Response, European Commission Denmark
Dr Daria Tataj, Innovation expert and former Chairwoman of High-Level Advisors to European Commissioner for Research, Science & Innovation Poland
Mr Nils Torvalds, Member of the European Parliament Finland
Dr Boris Zala PhD, former Member of the European Parliament, Founder of the Social-democratic Movement in Slovakia Slovakia
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Framework for the Management of COVID-19 Funds in Nigeria under the Treasury Single Account – Proshare Nigeria Limited
Posted: at 11:36 am
Monday,May11, 2020 / 07:39 AM/by OAGF / Header Image Credit: Ecographics
The rapid spread of Coronavirus and the resulting highfatality rate due to absence of a vaccine and cure have created a global healthemergency never seen in generations. COVID-19, the disease caused byCoronavirus, has been classified as a pandemic by the World Health Organization(WHO). It is now both a public health emergency and an economic catastrophe. Ina bid to curtail its spread and impact, Nigeria like most countries in theworld, is implementing total lockdown.
Around the world, governments are channellingresources towards fighting the pandemic and the hardship it imposed oncitizens. The private sector has also stepped in to support government effortswith generous financial and material donations.
In Nigeria; the organized private sector, wealthyindividuals and ordinary citizens are rising to the occasion through financialand material donations for the provision of critical medical facilities andequipment as well as palliatives for vulnerable citizens. According to astatement by the Central Bank of Nigeria (CBN) on Friday, April 17 2020;donations to the Private Sector Coalition Against COVID-19 (CACOVID) Funddomiciled at the CBN was N25.8 billion.
Inaddition to the main CACOVID Fund Account with CBN; Mr. President has approvedthe opening of five COVID-19 Donor Accounts which form part of the existing TSAarrangement in the following commercial banks:
a)Zenith Bank
b)Access Bank
c)Guarantee Trust Bank,
d) UBA;and
e)First Bank.
ThisFramework covers all public funds allocated and dedicated to the fight againstCOVID-19 including the Fiscal Stimulus Package. It also applies to alldonations by corporate bodies and individuals to the Federal Government ofNigeria towards the fight against COVID-19 and the mitigation of its social andeconomic effects on citizens at large including donations under the PrivateSector Coalition Against COVID-19 (CACOVID) Fund domiciled at the CBN . Lastly,it provides clarity on the operation of the five newly opened COVID 19 DonorTSA Sub-Accounts domiciled in commercial banks.
FederalGovernment recognizes citizens expectation that these resources be prudentlyapplied towards the fight against COVID-19. In accord with citizensexpectations, Government is committed to managing these funds with the highestsense of transparency and integrity.
ThisFramework is therefore designed to articulate the measures put in place byGovernment for the transparent and accountable management of COVID19 DonorFunds as an expression of its commitment towards bridging the trust gap.
The TSASub Account in commercial banks are to be used for the purposes of receivingCOVID-19 donations only. On no account shall any other fund of FederalGovernment Ministries, Departments and Agencies (MDA) be deposited into theaccounts or any other account in commercial banks. All other government accounts are to be maintained at theCentral Bank of Nigeria (CBN) in line with the Presidential directive on TSA,the TSA Guidelines and related extant Circulars.
Allaccounts with commercial banks are to be linked with the TSA at CBN to providea single consolidated view of aggregate Government cash balances. This willprovide a single window for real time access to details of receipts andpayments across all commercial bank accounts. In the absence of a ready tool toaccomplish this requirement, the current CBN Payment Gateway may be deployed.
Allcollections into the Commercial bank accounts are to be swept into FGNSub-Recurrent Account with the CBN. Failure to sweep all balances within 24hours shall be deemed a violation of the Presidential directive on TSA whichshall attract sanctions.
Disbursementsof all COVID 19 Fund including those being collected directly by CBN and thosedomiciled with commercial banks shall be through appropriation.
TheHonourable Minister of Finance, Budget and National Planning may liaise withthe National Assembly for emergency passage of a supplementary budget for theutilization of COVID-19 donation based on estimated total collection for theyear.
Fundsare to be appropriated directly to participating MDA and spending units likeMinistry of Health, Ministry of Humanitarian Affairs, Nigerian Centre forDisease Control, etc rather than to an intermediary agency like thePresidential Task Force (PTF). Administrative cost of the PTF shall beappropriated separately to the PTF Secretariat.
The advantageis that the respective spending units and their Accounting Officers take fullresponsibility for funds appropriated to them and likely bottlenecks at the PTFare eliminated. Furthermore, transparency is enhanced when funds are spread tomore MDA than when a huge amount is put under the control of a single entity.
Giventhat there is a national emergency to which everyone including NASS is investedin addressing, there is no doubt that NASS will be willing to fast track itspassage. This will bind all spending units to the Appropriation Act and, infact, provide the greatest measure of credibility and transparency to themanagement of the donation.
Toensure equity and transparency in fund allocation, the HMFB&NP may workwith the PTF to determine the needs of participating MDA such as Health,Humanitarian Affairs, NCDC, etc.
AffectedMDA shall present details of their needs together with estimated cost. Thiswill form the basis for allocation of funds and enables post expenditurereporting and audit. Funds are to be transferred to TSA Sub Accounts ofspending units based on approved allocations.
Forcollection of donations and disbursements therefrom, a new line for COVID 19Donations under Fund Source segment is to be added to the Chart of Accounts.This will make it possible for all receipts and payments relating to COVID 19Fund to be uniquely tracked and reported.
Iffunds are to be disbursed based on NASS appropriation, then all payments are tobe effected using GIFMIS.
Wherethe extra-budgetary option applies, MDA shall spend using the REMITA platform
In allcases; extant laws, rules and regulations including those relating to PublicProcurement Act (subject to the guidance of the Bureau for Public Procurement)shall apply.
WhereGIFMIS is used, Fund based Budget Performance reports shall be generated foreach participating MDA using all applicable segments to provide additionallevel of details and transparency. Otherwise, MDA are to prepare the reportsmanually providing all relevant details similar to a standard BudgetPerformance report or Expenditure Return at the SubAccount Class level ofdetails [A draft format will be provided for guidance].
All therequirements of the Financial Transparency Policy of the Federal Governmentshall be complied with.
Foravoidance of doubt the following shall strictly apply:
a) TheOffice of the Accountant General of the Federation shall publish a DailyTreasury Statement for COVID-19 Fund outlining all the inflows into the Fundand all the outflows. The inflow information shall indicate the source of thefunds while the outflow information shall indicate the MDA responsible for eachpayment out of the Fund.
b) Eachparticipating MDA shall publish a Daily Payment Report indicating theBeneficiary, Purpose of the Payment and the amount for any payment above N5million made out of the COVID-19 Fund.
c) Thepublications in 9 (a) and (b) above shall be made on the Open Treasury Portal (www.opentreasury.gov.ng) not laterthan one week following the respective transaction. In addition each MDA shallpublish a detailed report of its activities relating to COVID-19 Fund on itswebsite at the end of every week.
d) TheMonthly Budget Performance Report for the COVID-19 Fund shall be published onthe Open Treasury Portal not later than 14 days following the end of the month.
e) Inaddition, a comprehensive report of all receipts and payments shall bepublished on the OAGF Transparency Portal as well as other Government websitesincluding those of Federal Ministry of Finance, Budget and National Planning;Secretary to the Government of the Federation and Office of theAccountant-General of the Federation (OAGF) not later than two weeks followingthe end of the pandemic.
Furthermore,it is mandatory for all participating MDA to provide information on all COVID-19Fund transactions to any member of the public - individual or corporate - underthe Freedom of Information Act (FOI) within 7 days of receiving the request.
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Nikes Air Jordan 1 Has Entered the Influencer Age – The Ringer
Posted: at 11:36 am
The Air Jordan 1 is many things at once: Its the first signature shoe for the greatest basketball player ever, the sneaker that changed collecting forever, and a classic that evokes nostalgia and connects generations. Its also the most popular sneaker of today, with hundreds of different versions produced in the past decade. This week, with all things Michael Jordan returning to the public consciousness thanks to The Last Dance, The Ringer will explore the AJ1s history, the resale market it still dominates, and how Nike and Jordan Brand are positioning the model for the future.
On December 3, 2017, P.J. Tucker did something in a game that normally wouldnt generate much attention for an NBA player: He wore a shoe originally designed for basketball. This wasnt any regular basketball sneaker, though. On that Sunday evening against the Lakers, the Rockets forward laced up a pair of Off-White Air Jordan 1 Chicagos, one of three AJ1s that came out of the collaboration between Nike and designer Virgil Abloh. The highly limited shoes, which originally retailed for $190, were virtually impossible for everyone from the average sneaker collector to even the wealthy and connected to land when they dropped on the SNKRS app two weeks earlier. Yet here was Tucker, pulling down boards in them as they were already trading for about $1,300 on the resale market. He even kept the shoes trademark zip tie intact. Tucker finished plus-15 that night as Houston extended its win streak to seven.
It seemed like an iconic flex; Tucker hooped in a pair of shoes that many people wouldnt even dare to take out of the box. And indeed, he says now that he wore those exclusive kicks as a statement: but not to assert himself as the leagues preeminent sneakerhead (his bona fides are well established in that area). Rather, he hoped to make a point to his nephew. The then-9-year-old had wanted a pair of Off-White Chicagos, Tucker says, but not to wear. He just thought theyd look cool on display. So Tucker inserted custom insolesthe AJ1s have never been the easiest shoes to play in, after alland took to the court in the updated classics.
It was such a big deal to him that he thought you just put them on your mantle, just like, You got em, Tucker says. Im like, No, like its all about wearing the shoes.
The story highlights the chasm between how different generations can approach sneakers, and specifically Air Jordans. The shoes namesake retired from basketball for the final time in 2003; he hit his last shot for the Bulls five years before that. Tucker, 35, and others who grew up watching MJ have vivid memories of his greatest moments. But younger generations know Jordan through YouTube clips, Space Jam, the Jumpman logo, and, more recently, ESPNs The Last Dance. They didnt see him dominate in real time in a pair of 14s, let alone the 1s.
Theres a challenge there for Jordan Brand: How can it get a new era of consumers excited about sneakers worn by someone whose greatest accomplishments predate their collective memory? But it also presents opportunities. The brand may no longer have the greatest basketball player ever showing off the shoes on a nightly basis, but its found a new group of influencers to reimagine its oldest silhouette, while developing some new tricks, too. Now, just like in 1985, the Air Jordan 1 is as much the shoe of the future as it is the one of the present.
In his prime, Michael Jordan was not only a preternaturally gifted basketball player; he was also a masterful spokesman. McDonalds, Hanes, Gatorade, Wheaties, Chevrolet, and even Ball Park Franks are just some of the companies that sponsored MJ during the 80s and 90s. He had a theme song and a sidekick, and he navigated the worlds of commerce and media with aplomb, minus the occasional hiccup. And right from the beginning, he was pitch perfect when he spoke on behalf of a brand. His longtime agent David Falk once recalled how a young Michael responded to one of the 1980s most divisive questions: Coke or New Coke? Michael instantly responded, Coke is Coke. They both taste great. MJs marketing instincts may have rivaled his basketball ones.
At the core of Michael Jordan Inc. sat his relationship with Nike. By 1997, Jordan Brand had become its own subsidiary, and by the time MJ retired in 1998, Nike accounted for 40 percent of sneaker sales in Americaa far cry from 1984, when the company signed MJ as it was losing ground to competitors like Reebok. Jordan instantly helped turn around a struggling shoe manufacturers fortunes, while also revolutionizing how sneakers are designed, marketed, and released. Even today, years after his retirement, the memory of his on-court glories still helps power Nikes salesin 2019, Jordan Brand generated $3.14 billion in revenue for the company, up from $2.86 billion the fiscal year prior.
Michael has two legacies: one on the court, and one on the feet, says Jason Mayden, Jordan Brands former senior global design director. Michaels legacy has wearable art.
Drawing on that legacy has been crucial for Jordan. The brand has produced many retros in the past 20 years as the demand for rereleases skyrocketed, and many of those new-again sneakers draw on Michaels past, from the Breds, to the Defining Moments AJ1s, to the Shattered Backboards. But to reach a new generation of consumersand the type of consumer who may not be as invested in that historythe brand has worked to find new ways to position the shoe. And as with many of the retros, its about hitting on the right narrative that will resonate, says Gentry Humphrey, Jordans vice president of footwear.
Theres perhaps no greater example of that approach than the brands relationship with Travis Scott. Since the beginning of 2019, the rapper has dropped 12 collaborations (including family-and-friend exclusives) with Nike. The most high profile of those have been his Air Jordans (though his SB Dunk is certainly in the conversation), and none are as visually striking as his first AJ1.
The Cactus Jack Highs do something thats typically seen only on factory defects: They reverse the signature swoosh, at once operating within the confines of the most recognizable silhouette in sneakers and taking it in a direction no AJ1 designer had previously. Theyre audacious, yet undeniable; flamboyant, yet subdued with muted colors. Theyre an iconoclastic approach to the Jordan 1, which in a sense feels like a continuation of the first pair of Air Jordans, the ones Nike marketed as being banned by the NBA, even though that story appears to have featured some reimagining of its own.
Humphrey says that letting Scott flex his creative muscles was important for Jordan: They wanted to capitalize on not only his popularity, but his entrepreneurial spirit, which is something that resonates with younger consumers.
This is just our ability to stay connected with some of the key influencers of today, to collaborate with them and put subtle twists on classic models that make them relevant with consumers that really had no connection to Michael back in the day, Humphrey says. It really allows us to stay relevant with a classic model when we stay connected with influencers like Travis.
The idea of rappers and celebrities pushing sneakersand even Jordanscertainly isnt new. Nellys Air Force Ones turns 18 next month and Run DMCs ode to the three stripes predates that by 16 years, while Eminems Jordan 4s and Jay-Zs Reebok line proved the power of musicians as shoe pitch people. The difference now is they have a greater say in whats happening across the industry: Adidas sometimes seems as though it has as many artists signed to the brand as it does basketball players, and Kanye West just became a billionaire almost entirely thanks to his Yeezy empire (though maybe his basketball prowess helped). The Cactus Jack 1s are just one of the most visible ways Jordan Brand can stay connected to younger people.
They dont know Jordan, says writer and actress Lena Waithe, who recently created the sneaker-culture show You Aint Got These for Quibi. They know Yeezy. They know Big Sean. They know Nipsey. They know Travis. You know what Im saying? Theyre like, OK, we worship yall. And what do those guys worship? Kicks.
The idea also extends into the world of fashion, where Humphrey says that Jordan Brand has capitalized on the AJ1s legacy as a shoe that works as both everyday footwear and upscale design. Its part of the reason why the brand let designer Virgil Abloh also reimagine the AJ1 by deconstructing a pair with an X-Acto knife and piecing it back together. (Abloh, who grew up in Rockford, Illinois, in the 1980s, has previously said that he was able to reinvent the Jordan 1 because the new era allows for more freedom: Kids on Instagram are Photoshopping checks backwards. Its just cultures moving.)
But the Abloh collaboration is just the most prominent manifestation of Jordan Brands high-fashion overtures. One of the more popular drops of the past few years was the collaboration with streetwear shop Union Los Angeles, 2019 brought the release of the Comme des Garons pack, and pairs of Dior 1s were originally slated for an April release before they were delayed by the COVID-19 pandemic. Or, take the Milan 1 Mids, which dropped in February: Thirty-four years after the Jordan 2 polarized sneakerheads in part because of its Made in Italy backstory, the brand has paid homage to the countrys fashion roots.
[The Air Jordan 1] is the mainstay of our business, Humphrey says. Well continue to provide it in multiple ways from very, very classic models that people can wear every single day to super-fashionable models where people want to wear a couture fashion.
Its a far cry from Maydens experience designing AJ1s and other models for the company when he was hired by the brand in the early 2000s, just as the throwback market was finding its footing. Back then, he says he often had to deal with the retro police: people who wanted rereleased models to be similar to the original versions, down to the stitching. Now, Jordan Brand has a lot more freedom to try new things with its most classic silhouette.
Youre not competing against history, Mayden says. Youre now trying to give people a sense of where youre headed. Its more, Whats the future-leaning aesthetic? Who are the heroes of now? The Travis Scotts, the Virgils, those people.
The Milans may hint at the future of the original Air Jordan in more ways than one. In addition to nodding to European fashion, the shoes are an example of what Humphrey says is one of Jordan Brands key goals for the silhouette going forward: positioning low and mid versions of the 1 as flagship products alongside the highs.
From the dawn of the retro boom in the early 2000s, Jordan typically treated high-top AJ1s as the premium products in its collection, with lows and mids often making up the general releases that could be found in the mall. But, Humphrey says, theres been a conscious effort in the past few years to boost the other cuts profile. That bears out in the numbers: In 2016, just four of the 40 AJ1s released were lows, and none were mids. Of the 80 released in 2019, 35 were mids and 17 were lows. In the past six months alone, Jordan Brand has dropped notable mids including the Milans, a classic Chicago colorway, a collaboration with streetwear brand Clot, and an AJ1 personal edition for Luka Doncic. The recently released lows may be even more ambitious: The list of limited drops has included Paris 1 Lows, a version tied to the Quai 54 streetball tournament in France, and a pair of Travis Scotts. While those Cactus Jacks dont resell for as much as the highs (around $700 for the lows compared with more than $1,000), its existence shows that Jordan Brand isnt afraid to use the model as a signature shoe.
We were able to gather a lot of momentum on those models as well, Humphrey says of the lows and mids. That allowed us to expand and grow in the marketplace because some folks didnt want to wear high tops.
That versatility has been crucial while Jordan Brand has worked to discover what resonates in foreign markets, an ever-growing part of its business, Humphrey says. And one geographic location more than any other is driving that growth: Asia. According to financial figures provided by Nike, revenue in the Greater China market grew 42 percent in the 2019 fiscal year. The country has increasingly embraced sneaker culture in the past few years, and now boasts a resale market that is valued at more than $1 billion. Jordan has capitalized on the increasing interest by opening flagship stores and sponsoring Guo Ailun, a seven-time Chinese Basketball Association All-Star who became the first player from the country to sign with the brand.
The NBA may be reeling from the fallout from Houston Rockets GM Daryl Moreys tweet in support of Hong Kong protestors in October, but the market for basketball sneakers is in better shape than ever. And Matt Cohen, vice president of business development for Culver City, Californiabased sneaker marketplace GOAT, says thats been only great news for Jordan Brand and its flagship shoe, even despite some COVID 19related disruptions that affected brick-and-mortar sales in Asia during Nikes last fiscal quarter.
The last couple of years, the demand from China has fueled unprecedented growth in the Jordan 1 silhouette, Cohen says. The brand has responded to that by coming out with more and more.
Moe Wagner remembers one of the first times he understood Michael Jordans greatness: It came while watching the 1991 NBA Finals, when MJ caught a pass from forward Cliff Levingston near the top of the key and drove toward three Laker defenders. Jordan went above the rim with the ball in his right hand, brought it back down, switched to his left, and laid it off the glass.
It looks unnecessary to go down again, but he makes it look so easy, Wagner says today.
Wagner, however, didnt experience Jordans famous hand-switch layup in real time: Rather, the Berlin native watched it on YouTube in the mid-2000s.
The 23-year-old Washington Wizards center represents two sides of the new generation whom Jordan Brand is trying to reach with Air Jordan 1: He grew up outside of the U.S., and he did so during a time when Michael Jordan the Player was spoken about like a mythical figure, not someone fans could watch live. But Jordan still resonated with Wagner, who says that watching videos like the 91 Finals clip helped him bond with his father, an MJ obsessive who passed down his fandom to his son. Even though youre in Germany and youre not necessarily in the States, the first thing you learn about basketball is Michael Jordanregardless of what era you live, says Wagner, who signed with Jordan Brand in 2018.
That connection also extended to Jordans shoes: Wagners first Air Jordans were a pair of 11s, but he slowly gravitated toward the AJ1. Thats not an atypical experience, he says. The originals ability to transcend uses, seamlessly moving from everyday wear to fashion accessory, is part of the appeal. But so is the Air Jordan 1s storyits the genesis shoe from a man who would go on to have so many iconic kicks, and one first worn by MJ when he was younger than Wagner is today.
Thats the classic one, Wagner says. I think every generation connects to that shoe the most.
With each passing year, P.J. Tucker plays alongside more and more guys like Wagner, who werent around for Michaels heyday. At 35, hes among the sports more veteran playershe was born exactly 13 years before his youngest teammate, center Isaiah Hartensteinand one of only a handful who were alive to watch the entirety of the Bulls 90s glory.
But, Tucker says, the younger guys typically have a love of Air Jordansand in many cases, specifically the AJ1s.
Its interesting to me kids now that have no idea, Tucker says. Theyve never turned on NBC and seen Jordan and heard, At 6-foot-6, from North Carolina. They didnt experience that.
That experience isnt just limited to the locker room. One of the biggest names in the sneaker resale market is Ben Kapelushnik, who sells under the name Benjamin Kickz and functions as something of a sneaker concierge to the stars. The 20-year-old currently has more than 1 million Instagram followers, and hes built his business at least partially on the back of Air Jordans: He told Vice in 2016 that he connected with his most famous client, DJ Khaled, with a pair of Pantone Jordan 11s.
Kapelushnik operates in whats becoming more and more of a young persons game. That requires learning a lot about both Michael Jordan and his sneakerswhich in a way, becomes another means of continuing the legacy of each.
I dont know if Michael Jordan means as much to him as he does to me, but Benjamin Kickz knows that if youre going to be into the sneaker game, youve got to know about Jordan, Waithe says.
The influencers become essential in passing down the heritage of Jordan and his shoes to younger generations, says Kenneth Myers Jr., who has collected Air Jordan 1s and documents his devotion to the silhouette on the Instagram account mr_unloved1s. Myers says he hosts sneaker meetups in his hometown of North Charlestown, South Carolina, that draw a mix of longtime and burgeoning collectors. The number of the latter has grown in recent years as shoes like the Off-Whites and the Cactus Jacks have captured the public consciousness. Myers says that sneaker purists may get upset when they see Kylie Jenner in a pair of MF Doom SB Dunks or AJ1 Shadows, because as a new adopter, it gives off the impression that shes more passionate about the clout than the shoes themselves, but she may draw in a different, possibly younger person to sneaker culture.
[Someone who] looks up to Kylie Jenner is loving the fact that shes rocking these sneakers, and is going to become a huge sneakerhead because of that, Myers says.
Like Moe Wagner, Kia Nurse grew up in the 2000s outside of the U.S. (in Hamilton, Ontario) and formed a connection to Michael Jordan through his sneakers and YouTube highlights (she was particularly enamored of the free throw line dunk). But the 24-year-old WNBA All-Star also shares a small, but important first with Tucker despite him being 12 years her senior: She was the first person to ever debut a specific pair of Air Jordans on the court. Except, in Nurses case, it was the AJ 34.
The New York Liberty guard, who also wore the AJ1 Satin Black Toes during WNBA All-Star festivities in July, signed to Jordan Brand last year alongside her teammate Asia Durr. They became the second and third WNBA players to join the brand, following the 2011 addition of Maya Moore. In September, Nurse became the first basketball player in any league to wear the latest signature shoe bearing Michael Jordans name when she stepped into a pair of Blue Voids.
I got to be the first player to ever debut the 34 on court, and Im a womens basketball player, Nurse says. I did it in the WNBA. That was something that you dont see very often, something thats truly special.
Signing Nurse and Durr and having Nurse subsequently debut the AJ 34 are just some of the ways that Jordan Brand has increased its outreach to women. The Nike subsidiary has also reimagined classic silhouettes in the past two years to meet a growing demand, resulting in eye-popping releases like Melody Ehsanis Fearless AJ1s, which are every bit as subversive as the Cactus Jacks or the Off-Whites. Jordan has also created a womens division within the subsidiary to focus on growing its offerings. Thus far, those efforts have paid off: The Brand said in February that it saw triple-digit increase in sales for womens apparel and shoes in its 2019 fiscal year.
Those moves may also have an impact outside of sales. In 2018, the brand recreated the famous Michael Jordan wings poster with Moore, positioning the former WNBA MVP as something of an heir (Air?) apparent. That resonated with at least one young fan in a big way.
Watching the response to that, watching the young girl who went and posed, it felt like I could be her, seeing people that look like you transforming the game, Nurse says. Jordan is doing that on the womens side, especially.
And that may be Michael Jordans greatest legacy: the idea of transforming the game, whether with a basketball, with a sneaker, or with something else. Mayden, the former lead designer for the brand, says we too often get caught up on the past when we discuss Jordan. Nostalgia is a powerful feeling, and it fuels so much of the narrative around him. We see it in his sneakers, when his most popular signature shoe remains the original one he wore in 1985, and we see it in the discussion around The Last Dance, which is taking us through his final great run in painstaking detail. But Michael himself didnt get where he did by emulating his idolshe did so by taking the foundation they laid and building upon it. He became greater than any of them on the court, and he pushed his off-court brand to levels never seen before. The original Jordan 1s became such a force because they were so revolutionary, not because they harkened back to a bygone era. Kia Nurse, Travis Scott, and Virgil Abloh arent just keeping MJs legacy alive. Theyre forging their own. And in their own way, theyre becoming the Michael Jordans of the future.
To honor him is to do something now, to do something that people will celebrate 30, 40, 50 years from now, Mayden says. Thats what he pushed all of us to think about.
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Nikes Air Jordan 1 Has Entered the Influencer Age - The Ringer
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CF Industries (CF) Tops Q1 Earnings and Revenue Estimates – Yahoo Finance
Posted: at 11:34 am
CF Industries (CF) came out with quarterly earnings of $0.31 per share, beating the Zacks Consensus Estimate of $0.23 per share. This compares to earnings of $0.27 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 34.78%. A quarter ago, it was expected that this fertilizer maker would post earnings of $0.26 per share when it actually produced earnings of $0.25, delivering a surprise of -3.85%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
CF, which belongs to the Zacks Fertilizers industry, posted revenues of $971 million for the quarter ended March 2020, surpassing the Zacks Consensus Estimate by 8.95%. This compares to year-ago revenues of $1 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
CF shares have lost about 42.8% since the beginning of the year versus the S&P 500's decline of -11.2%.
What's Next for CF?
While CF has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CF was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.70 on $1.22 billion in revenues for the coming quarter and $1.62 on $4.21 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Fertilizers is currently in the top 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCF Industries Holdings Inc (CF) : Free Stock Analysis ReportTo read this article on Zacks.com click here.
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CF Industries (CF) Tops Q1 Earnings and Revenue Estimates - Yahoo Finance
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Co Down mum of tot with Cystic Fibrosis ‘delighted’ with first European treatment drug Kalydeco – Belfast Live
Posted: at 11:34 am
A Co Down mum has welcomed positive movement on the first and only approved medicine in Europe that can treat the underlying cause of Cystic Fibrosis in some patients.
Jen Banks, whose tot Lorcn Maguire suffers from the genetic condition, says the news has brought precious hope at a time when CF patients are shielding from Coronavirus.
Vertex Pharmaceuticals said on Friday, Kalydeco (ivacaftor) was given a green light by the European Medicines Agencys Committee for Medicinal Products for Human Use for babies as young as six months.
Jen told Belfast Live: I think its wonderful!
The earlier people with CF begin to take modulators the better!
As CF is progressive these drugs will help to slow down the irreparable damage that it causes throughout the body.
The world is changing so much for everyone at the moment and for those with CF these life saving drugs have never been more important.
People with CF in the UK are having to follow shielding measures as they are regarded as being at extremely high risk of serious illness from Covid-19, anything that can help them should be welcomed with open arms.
It must be so wonderful for parents of children newly diagnosed with the R117H variation to hear that they need only wait six months before their babies can have Kalydeco.
The positive opinion on the medicine, which treats CF patients with the R117H mutation, will now be considered for approval by the European Commission.
If it gets the go ahead, Vertex says around 290 eligible patients across the UK will have access to Kalydeco within weeks of marketing authorisation as it will be reimbursed through the various agreements signed between them and UK health authorities in late 2019.
Carmen Bozic, MD, Executive Vice President and Chief Medical Officer at Vertex, said: This milestone also brings us one step closer to achieving our ultimate goal of bringing medicines forward to all people with CF.
Jen, whose three-year-old, takes Orkambi which she says has made a massive difference to Lorcns energy, appetite, weight gain, and digestion and he is a much happier wee man, even with all the treatment for the pseudomonas infection he smiles and laughs so much more and even sleeps better.
She is however eagerly waiting for Trikafta and added the 6-11 trials are currently running in spite of Covid-19, which is wonderful, and hopefully will be quickly followed by 2-5 trials.
There are still so many people with CF waiting for a drug that can help them, she continued.
In ROI there is a deal in place so that as soon as the EMA licenses the newest drug in the pipeline, Trikafta, everyone who is eligible (around 90% of people with CF) over the age of 12 will have access.
We have nothing like this in place for Trikafta and I would urge the NI Executive, the HSCB, and the drug company Vertex to work quickly to put a similar deal in place as soon as, if not before, Trikafta is approved by NICE.
In these uncertain times hope is the most precious thing weve got and should not be underestimated.
Its with delight that I think of the hope this news (about Kalydeco) will bring to families across NI.
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