Daily Archives: January 13, 2021

Arcos Dorados’ Gran Da Donated More Than USD 5 Million in 2020 to Support Several Social Organizations in Latin America and the Caribbean -…

Posted: January 13, 2021 at 5:03 pm

Published 5 hours ago

Submitted by Arcos Dorados Holdings

Despite the global context and with the adjustments needed to comply with the new normality, the solidarity campaign that donates proceeds from Big Mac sales to support dozens of institutions and projects exceeded by far the established goals.

In the new edition of the Gran Dia, the company reinforced its commitment to keep families together and to promote first formal job opportunities in the region.

January 13, 2021 /CSRwire/- Arcos Dorados, the worlds largest independent McDonalds franchisee, operating the largest quick-service restaurant chain in Latin America and the Caribbean, announces the results of the Gran Da* (Big Day) 2020 edition, the campaign where all the proceeds from the days Big Mac sales in its 20 markets are donated to collaborate with children and young people from local communities in all of those countries. This initiative enables the company to strengthen its ESG framework, known as Recipe for the Future, and the 2020 edition exceededits goals by raising a total of more than 5 million dollars to be distributed among dozens of social organizations.

As a result of this edition, Arcos Dorados was able to collaborate to keep together those families of children undergoing medical treatments housed in the Ronald McDonald Houses of the region, as well as the beneficiaries of the programs promoted by organizations such as the Ayrton Senna Institute (Brazil), Fundacin S (Argentina), Fundacin Coanil (Chile), Aldeas Infantiles SOS (Peru, Mxico, Panam, Costa Rica & Colombia), Fundacin El Tringulo (Ecuador), Liceo Impulso (Uruguay), Centro Man Na Obra (Aruba), Fonditut (Curacao), The Heroes Foundation (Trinidad) and P.E.C.E.S (Puerto Rico), amongst others.

For more than 10 years, at Arcos Dorados we have turned into action our commitment to the families and young people of the communities in which we operate. Today, we are proud to confirm that, despite the global context and the changes that we were forced to make as a society, peoples solidarity has been reinforced and that once again we managed to exceed our expectations. In a challenging year for everyone such as 2020, we were able to adapt and keep our main solidarity campaign of the year in full effect, which allows us to continue contributing to the health and well-being of children and opening doors so that more and more young people in America Latin America and the Caribbean have the chance to access a first formal job," stated Woods Staton, Executive Chairman of Arcos Dorados.

A different edition

In such a challenging year, Arcos Dorados adapted the celebration of its Gran Da to the new regulations, in order to maintain its commitment to the communities in which it operates.

That is why, for the 2020 edition, the company offered those interested the possibility of buying the coupons in advance through its digital channels, in addition to extending the period in which they could be redeemed and strengthen sales through AutoMac or McDelivery. With the aim of maintaining the festive spirit of the day, virtual events were held giving renowned artists the possibility of taking part, without breaking the social distancing.

Social commitment and sustainable development

ESG is part of Arcos Dorados DNA. In order to have a meaningful effect on the communities in which it operates and on the planet, the company has developed its social and environmental framework called Recipe for the Future (www.recetadelfuturo.com), focusing on five key pillars: Sustainable Sourcing, Climate Change, Packaging and Recycling, Youth Employment and Family Welfare. Guided by them, the company keeps its commitment to positively impact the wellbeing of employees and customers, offering personal development opportunities as well as contributing to local economies through a sustainable supply chain that strives to minimize the environmental impact of its proceeding.

* In Brazil, the initiative bears the name of "McDa Feliz" (Happy McDa)

About Arcos Dorados

Arcos Dorados is the worlds largest independent McDonalds franchisee, operating the largest quick-service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonalds restaurants in 20 Latin American and Caribbean countries and territories with more than 2,200 restaurants, operated by the Company or by its sub-franchisees, that together employ over 100 thousand people (as of 09/30/2020). The Company is also solidly committed to the development of the communities in which it operates, to providing young people their first formal job opportunities and to utilize its Scale for Good to achieve a positive environmental impact. Arcos Dorados is listed for trading on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit our website:www.arcosdorados.com

Arcos Dorados is the world's largest independent McDonald's franchisee in terms of system-wide sales and number of locations. The company is the largest fast-service restaurant chain in Latin America and the Caribbean. You have the exclusive right to own, operate, and franchise McDonald's locations in 20 countries and territories in Latin America and the Caribbean, including Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curaao, Ecuador, French Guiana, Guadeloupe, Martinique , Mexico, Panama, Peru, Puerto Rico, St. Croix, St. Thomas, Trinidad and Tobago, Uruguay and Venezuela. The company operates or franchises more than 2,200 McDonald's restaurants with more than 90,000 employees and is known as one of the best companies to work for in Latin America. Arcos Dorados is listed on the New York Stock Exchange (NYSE: ARCO).

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Kevane Grant Thornton Strengthens Operations for 2021 – Caribbean Business

Posted: at 5:03 pm

Luis Carlos Marcano, managing partner of Kevane Grant Thornton, and new audit and business advisory partners Roberto Luciano, Carlos Dolagaray and Eduardo Herencia (Courtesy)

SAN JUAN Kevane Grant Thornton (KGT), a leading accounting and advisory firm in Puerto Rico, announced three new partners Wednesday to strengthen the range of audit and business consulting services offered by the company.

The new partnersRoberto Luciano, Eduardo Herencia and Carlos Dolagaray from LLM & D, PSC, more recently known as LHD Amrica LLCjoined KGT along with 30 other professionals on Jan. 1.

The experience and technical capabilities of our new partners and the team of professionals joining KGT will strengthen the range of auditing and business advisory services, adding innovative, specialized offerings for industries and complementing the services we currently provide at our firm. This represents an important step, consistent with our strategic plans for expansion and growth. Similarly, it raises the reputation of our firm, as one that is dynamic, that continues to evolve thanks to the quality of our services and the marked difference in our offer to clients, said Luis Carlos Marcano, managing partner at KGT.

The firm said the new team of professionals brings additional technical capabilities, which include: life, accident, property and health insurance; services for the public sector and the banking sector. Other services added include financial consulting, evaluation in Sarbanes-Oxley (SOX) training, SOX outsourcing, auditing of controls for service organizations under the Statement on Standards for Attestation Engagements (SSAE) No. 18, consulting on regulatory issues and specialized accounting for industries, as well as consulting services for the acquisition of businesses, and business process design and improvement.

The firm said its range of services reflect its mission to cater to any needs that clients may require.

Kevane Grant Thornton is a great example of what member firms are accomplishing to accelerate growth, innovate and evolve to anticipate and meet market demands. KGT is a firm with proven leadership in the Caribbean and Latin America region for its exceptional and consistent quality of service. I want to congratulate the partners and the firms team for this achievement, and I wish them the best of success in this new stage, said Peter Bodin, CEO of Grant Thornton International

KGTs workforce now comprises 180 professionals, including CPAs, lawyers and personnel certified in the areas of fraud evaluation, internal audits, valuation analysis, valuation of accredited companies and information systems auditing, as well as accountants for insolvency and restructuring matters, hospitality account executives, money laundering specialists and SOX-certified professionals.

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Five economic effects from the Democratic sweep in Washington – Caribbean Business

Posted: at 5:03 pm

Photo credit: cornstalker on Visualhunt.com / CC BY

By Michael Plouffe, Lecturer in International Political Economy, UCL and Thomas Gift, Associate Professor and Director of the Centre on US Politics, UCL

Joe Biden will inherit among the most challenging political and economic environments of any US president. With America reeling from the storming of the Capitol by pro-Trump insurrectionists, not to mention a raging pandemic, President Biden must heal partisan wounds and put the worlds largest economy back on track.

For the first time in a decade, a Democrat president has both congressional houses on his side albeit with slim majorities. So what will Bidens economic agenda entail at home and abroad? Below are five key themes.

1. Additional stimulus and pandemic response

More stimulus is almost certain. Congressional Democrats, urged on by President Trump, pushed for US$2,000 cheques for each American in Decembers stimulus bill, only to be blocked by Republicans.

The size of the next stimulus cheques remains unclear figures between US$1,400 and US$2,000 are being floated. Expect extended protections for renters and support for small-business owners and self-employed workers. Greater aid to state and local governments might also be on the table.

Promises by Biden to follow the science and calls for all US citizens to wear masks during his first 100 days in office should help slow the spread of new, highly contagious variants of the virus. Trump labelled Operation Warp Speed a monumental achievement, but vaccine distribution has been clumsy. Biden has pledged to accelerate vaccine distribution, but this will probably hit roadblocks, both around transportation and end-user delivery. Unlike Trump, Biden wants to distribute all vaccine doses immediately, rather than keep second doses in reserve. https://www.youtube.com/embed/RIkZl5yx1QE?wmode=transparent&start=0

Additional stimulus should mitigate some of the effects the pandemic has had on inequality, while an effective approach to public health and extensive vaccine roll-out should encourage an eventual return to economic growth.

2. Infrastructure and climate change

The American Society of Civil Engineers recently graded US infrastructure a D minus. Biden has pledged to invest US$2 trillion in roads, bridges, transit, housing, broadband, clean energy and other initiatives. He is pitching infrastructure as vital to boost US global competitiveness, increase national employment and curb climate change.

Infrastructure is often heralded as a rare policy issue where bipartisan compromise is feasible. Yet Trumps 2017 proposal to generate roughly US$1 trillion in investments faltered amid opposition.

Sweeping climate provisions pushed by progressives may now limit support for Bidens infrastructure agenda, since most opposition to infrastructure spending and climate-related measures comes from Republicans. A Democrat-controlled Congress may renew hopes for action, however, including rolling a pared-down set of infrastructure measures into a new stimulus.

Although infrastructure spending would fuel future economic growth and provide jobs in the short term, it would also increase government debt, which has risen during the pandemic from 106% to 136% of GDP.

3. Big tech

In 2019, the Department of Justice launched an antitrust investigation into some of Silicon Valleys most successful corporations. The first fruits recently emerged as cases were filed against Facebook and Google.

Regulation of big tech has been notably lax for several decades, even as questions arose about whether the firms spread into seemingly disparate operating arenas was in consumers interests. Theres now bipartisan appetite in Congress for tougher antitrust legislation and enforcement, and in some cases, break-ups.

Biden views break-ups as something we should take a really hard look at, but has also sounded notes of caution. His incoming administration has numerous ties to Silicon Valley. Even if break-ups dont occur, expect more active regulatory oversight from takeover activities to data privacy as well as greater transparency over the algorithms employed to both collect and disseminate information.

Regulatory reform in the tech sector will create some uncertainty among tech firms, especially if common monetisation practices for personal data become unworkable. However, reducing big techs grip on innovation and market share would likely increase consumer choice in the longer term.

4. Relations with China

In 2011, Biden said that a rising China is a positive, positive development for America and the world. Today, his rhetoric has done a 180-degree turn to become much more wary. But compared to Trumps gloves-off approach, Bidens task will be to evolve the current stalemate so that its not lose-lose.

Observers of all political stripes view Trumps trade war with China as an unmitigated economic disaster. Not only did he fail to achieve major concessions, the trade war slowed US economic growth.

Biden has said he will not immediately remove tariffs, but some forecasters expect them to be dialled back eventually. The new president will surely take a more diplomatic approach that engages more US allies in the region and expands the dialogue with China beyond trade to rules on investment and intellectual property and human rights.

The short-term use of existing tariffs as a bargaining chip will extend the trade wars negative impact on the US economy, but a mutually beneficial outcome to negotiations would be a welcome, if admittedly unlikely, development.

5. Relations with the UK and Europe

Many Democrats would like to see the US both harmonise trade relations with the EU and reinforce the special relationship with the UK, but dont expect Biden to broker a bevy of new economic alliances abroad.

Unfortunately for the UK, which has increasingly looked across the Atlantic in the wake of Brexit, Biden has pledged that he wont enter into any new trade agreements until [the US has] made major investments here at home. Biden is hardly an economic isolationist, but he does tout a more moderate stance toward free trade than Democratic predecessors Obama and Clinton, apparently hoping it might mute anti-globalist opposition.

Biden has also promised to re-engage with European allies and to take a more collaborative tone than Trump. Gaining allies in American efforts to reform the World Trade Organization will be one of Bidens first crucial tests on this front, with considerable bipartisan agreement in Washington over issues like the lengthy dispute settlement process and judicial overreach.

Whether Biden can get the EU to cooperate should offer an indication of how successful his international coalition-building might be.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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BVI Ports Authority announces warm lay-up with Royal Caribbean Group – Government of the Virgin Islands

Posted: at 5:03 pm

The British Virgin Islands Ports Authority (BVIPA), today announced that since permission was granted for the acceptance of technical calls and warm lay-ups at its seaports, a booking has been accepted. The BVIPA has agreed on conditions to allow Royal Caribbean Internationals Grandeur of the Seas and Rhapsody of the Seas berthing at the BVIPAs cruise pier under strict health and safety rules starting on 11 January 2021 for an initial period of thirty (30) days for a warm lay-up.

Acting Managing Director, Oleanvine Maynard noted that: This is not a regular cruise call, the vessel does not have any guests on board, and it will be berthing exclusively to lay up, refuel, take on provisions and spare parts, and possibly other services. Maynard further commented that: Crew members will not be allowed to disembark and there is no access to vessels from shore-based staff during stays in the BVI. The BVIPAs cruise pier is a secure zone and persons are not permitted to pass the security gate area which will be manned. Health and safety protocols were also shared with the ships agents and cruise line.

Patricia Romney, Director of Operations for Romasco Group had this to say about the upcoming warm lay-up, As Agents for Royal Caribbean, we are indeed pleased to have two of its vessels calling in Tortola. We are grateful to the Virgin Islands Government for creating a path to assist our cruise partners during these critical times.

In a detailed presentation to the BVIPA, Royal Caribbean Group explained their hybrid connection plans and other details pertaining to the warm lay-up procedures.

Hernan Zini, the Vice President of Worldwide Operations for Royal Caribbean Group said, Royal Caribbean Group is grateful and fortunate to have the government and people of the British Virgin Islands welcome our vessels during the pandemic for lay-up so that critical services can be

provided. As we face this challenging time together, our first priority is the health and safety of the communities we visit and our crew members. We all look forward to the day when we can resume sailing and return with our guests to visit the beautiful destination and warm people of the BVI.

The economic benefits of extending technical calls or warm lay-ups include ships carrying out refueling, repairs and start-up activities in the Territory before they set sail again. The BVIPA believes that maintaining a link with and continuing to service the cruising industry in the safe manner proposed with technical calls/warm lay-ups can be a vital part of the rebooting strategy.

NOTE TO EDITOR(S):

Royal Caribbean InternationalsGrandeur of the SeasandRhapsody of the Seas(Photo Credits: Royal Caribbean Group)

ABOUT THE BRITISH VIRGIN ISLANDS PORTS AUTHORITY

The BVI Ports Authority is the managing authority for all official seaports within the British Virgin Islands inclusive of the 60.-ft-wide, 1,312-ft.-long cruise pier that can berth ships up to a maximum tonnage of 180,000 GRT. The BVIPA is responsible for the welcoming and safe arrival of seafaring passengers, as well as the reception, handling and security of cargo and sea-based trade.

For more information, please visit http://www.bviports.org

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‘The Refugee Resettlement Program Survived. And So Now We Get to Rebuild’ – Sojourners

Posted: at 4:59 pm

WASHINGTON Three faith-based resettlement agencies say it will be easier to welcome refugees after a federal appeals judge ruled in their favor to block President Donald Trumps executive order allowing local and state officials to refuse refugees.

On Jan. 8, the 4th U.S. Circuit Court of Appeals decided that the 2019 executive order, which required state and local governments consult with the federal government before acting on refugee resettlement, violated the 1980 Refugee Act. This decision upholds a preliminary injunction granted a year ago.

The three refugee resettlement agencies that filed the lawsuit Church World Service, Hebrew Immigrant Aid Society, and Lutheran Immigration and Refugee Service are pleased that they will no longer need permission from localities to resettle refugees.

There was an outpouring of relief and excitement that we are entering a new era and returning to the U.S. being a beacon of hope and freedom, Krish O'Mara Vignarajah, president and CEO of the Lutheran Immigration and Refugee Service, told Sojourners

Vignarajah said her agency filed the lawsuit because they believed the executive order was an unconstitutional, illegal, and politically motivated move by the Trump administration to turn refugees into political pawns. The president does not have the legal authority to block refugees from resettling and receiving vital services in their new communities, Vignarajah said.

At a time when local government faces significant fiscal constraints, refugees represent a way to grow and rebuild our economy," she said."So I think it is such an important moment for us to reopen the gates and welcome those who are fleeing desperate circumstances from around the world.

Jen Smyers, director of policy and advocacy at Church World Service, told Sojourners she was sad the agency had to resort to suing the federal government in order to continue helping refugees.

You cannot discriminate against someone based on where they're from, she said.

Despite the executive order, 43 governors and over 100 local leaders had continued to allow refugees to resettledespite the executive order, Naomi Steinberg, vice president of policy and advocacy at the Hebrew Immigrant Aid Society, told Sojourners.

The refugee resettlement program survived, Steinberg said. And so now we get to rebuild.

Not only will refugees be able to resettle because of the ruling, but they can apply for family members to join them. Also, more than 100 local resettlement offices that had to close because of Trump's refugee policies might be able to operate again, Smyers said.

President-elect Joe Biden has pledged to raise the annual refugee cap to 125,000, much higher than the historic low of 15,000 that the Trump administration set for fiscal year 2021. Still, the agencies say theres much work to be done to reverse course on the hundreds of actions that the Trump administration undertook to dismantle the refugee resettlement program.

We know that there are thousands of people who have been vetted who have gone through every single security check, have been medically checked, and have been cleared to come to the United States through the resettlement program that have been unable to do so, Steinberg said.

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Are the Tories in London to thank for the 500 Scottish NHS and carers payment? – The National

Posted: at 4:59 pm

At long last, the Scottish Government have admitted our heroic NHS workers will be getting this money [the 500 thank-you payment] thanks to the UK Governments huge increases in spending,"Scottish Conservative shadow health spokesperson Donald Cameron.

To pay these well-deserved bonuses, the Scottish Government is using a contingency fund supplied as a result of Barnett consequentials derived from English spending increases. However, the payment was created by the Scottish Government, using funds that the UK Government has borrowed. An independent Scotland with its own borrowing powers could still makethese payments. The Tories in London are not to thank.

At the SNP conference in November, First Minister Nicola Sturgeon announced a 500 "thank-you"payment to NHS and adult social care workers, as a Christmas bonus in appreciation of their work during the pandemic emergency. She asked the UK Treasury to exempt this bonus from taxation but the Chancellor of the Exchequer, Rishi Sunak, refused.

Recently, former Labour MSP and GP Dr Richard Simpson OBE used the Freedom of Information legislation to ask where in the Holyrood budget the bonus cash was coming from? He also asked which services would be cut as a result?

According to subsequent reports: Nicola Sturgeons 500 bonus for NHS workers is being funded from an emergency extra health grant provided by the UK Government to tackle Covid-19. The First Minister unveiled the 180 million pledge at the SNPs virtual party conference in November but has faced a backlash.

READ MORE:FACT CHECK: Tory excuses over 500 NHS bonus simply don't add up

Under FOI rules, the Scottish Government is obliged to publish replies on its website. Thereply was actually published on the ScotGov website on December 18, 2020.

The actual ScotGov reply reads in part: The Scottish Government has been provided with 8.2 billion of Covid consequential support, which is allocated in Scotland according to need. The non-consolidated bonus has been funded from these consequentials via the overarching health allocation. Necessary funding is being made available to NHS Boards.

The reply goes on: Circa 330 million of funding has been allocated as contingency... The bonus is covered by this contingency.

In other words, nothing has been cut from existing services and nothing has been diverted from fighting the Covid-19 emergency.

Should the bonus money have been spent on something else, as Dr Simpson implies?

Health is a labour-intensive sector. As a result, in 2018-19, wages represented 53 per cent of all Scottish NHS revenue expenditure. As such, any increase in spending for the Scottish NHS (via normal or emergency Treasury grants) is bound to go in large measure to salaries.

The exact distribution of the increase in the salary bill (though wage rises, overtime payments, bigger staffing compliment, bonuses, or all four) is a political decision. But it is nonsense to argue that extra funding for the Scottish NHS during the pandemic going to salaries is somehow unusual or a misappropriation.

In response to the FOI, Scottish Conservative shadow health spokesperson Donald Cameron (educated at Harrow and Oxford), said: Nicola Sturgeon tried to play politics with this payment and her stunt completely backfired.

"At long last, the Scottish Government have admitted our heroic NHS workers will be getting this money thanks to the UK Governments huge increases in spending.

Cameron (below)is open to the charge of being hypocritical by claiming that the NHS bonus is only thanks to UK Government spending while simultaneously denouncing the bonus as a stunt.

He is also being misleading by implying the cash is somehow a beneficial gift from the UK Treasury.

On June 16, 2015, SNP MPs at Westminster put down amendments to the Budget Bill demanding that the Scottish Government at Holyrood be given full fiscal freedom to raise taxes and set spending. These amendments were both voted down by 309 votes to 60. The Westminster Tories cannot refuse fiscal autonomy to Holyrood and then claim credit for funding Scottish public spending as ifthey were making a gift.

Next, Scottish Government funding is partly based on home-generated income and partly on an annual Treasury grant. The latter is based on the so-called Barnett Formula whereby spending increases allected to England are passed on automatically to Scotland according to a formula based on population.

READ MORE:Jeane Freeman hits out at UK Governments 'political game' over Covid vaccine roll-out

Latterly, after devolution, these Barnett consequentials are governed by a complex formula that deducts earned income tax revenues generated in Scotland. Nevertheless, the substance of the Barnett system remains: if English ministers decree an increase in English departmental spending, a similar proportion by population is allocated to Scotland.

Any subvention to Scotland under the Barnett Formula (as per the increase in NHS spending under discussion here) is not a gift nor is it decided by Westminster for Scotland. It is an automatic consequence of an English spending decision.

Mr Cameron is wrong to imply that somehow the Westminster Tories were being kind to Scotland or Scottish NHS workers.

Finally, the extra money being spent by the UK Treasury does not come from borrowing. It is actually being created electronically by the Bank of England.

Inferring that the resulting Barnett consequentials represent some generous sacrifice towards Scotland on behalf of the Chancellor is absurd. If anything, the Chancellor could easily use the same method to fund wage increases for all frontline workers across the UK.

The Tories are at once trying to attack the payment and take credit for it, but any claims Scottish workers are getting a 500 gift "thanks to the UK Government" is misleading.

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Herrera Beutler To Vote Yes On Impeachment – 750 KXL

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WASHINGTON, DC - APRIL 03: Rep. Jaime Herrera Beutler (R-WA) questions Labor Secretary Alexander Acosta as he testifies during a House Appropriations Committee hearing on the Labor Budget for Fiscal Year 2020, on Capitol Hill on April 3, 2019 in Washington, DC. (Photo by Al Drago/Getty Images)

Washington, DC. Congresswoman Jaime Herrera Beutler (WA-03) today released the following statement regarding the Article of Impeachment slated to be voted on by the U.S. House of Representatives tomorrow:

The President of the United States incited a riot aiming to halt the peaceful transfer of power from one administration to the next.That riot led to five deaths.People everywhere watched in disbelief as the center of American democracy was assaulted.The violent mob bludgeoned to death a Capitol police officer as they defaced symbols of our freedom.These terrorists roamed the Capitol, hunting the Vice President and the Speaker of the House.

Hours went by before the President did anything meaningful to stop the attack.Instead, he and his lawyer were busy making calls to senators who were still in lockdown, seeking their support to further delay the Electoral College certification.House Republican Leader Kevin McCarthy describes pleading with the President to go on television and call for an end to the mayhem, to no avail.The President attacked Vice President Mike Pence on Twitter while Pence was in a secure room having fled from the mob that had breached the Senate floor threatening to hang him. Finally, the President released a pathetic denouncement of the violence that also served as a wink and a nod to those who perpetrated it: I love you, he said to them, you are special. More hours of destruction and violence ensued before law enforcement officials were finally able to clear the Capitol.

The Presidents offenses, in my reading of the Constitution, were impeachable based on the indisputable evidence we already have.I understand the argument that the best course is not to further inflame the country or alienate Republican voters.But I am also a Republican voter. I believe in our Constitution, individual liberty, free markets, charity, life, justice, peace and this exceptional country. I see that my own party will be best served when those among us choose truth.

I believe President Trump acted against his oath of office, so I will vote to impeach him.

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What You Need to Know about the Corporate Transparency Act – JD Supra

Posted: at 4:59 pm

On January 1, 2021, Congress passed the National Defense Authorization Act for Fiscal Year 2021, which includes the Corporate Transparency Act (the CTA).1 The CTA requires all U.S. businesses to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). In sum, the CTA is designed to ban the anonymous shell companies that criminals and certain foreign officials use to hide and move corrupt proceeds and other illicit financing.

The CTA is the first significant update to the U.S. anti-money laundering laws in 20 years and gives FinCEN significant authority to adopt necessary regulations to implement the provisions of the CTA.

The CTA requires companies in the U.S. to file a report that provides the name, date of birth, current address, and unique identification number (from a passport or drivers license, for example) of the companys beneficial owner(s) to FinCEN, a bureau of the U.S. Treasury Department. This information must be updated every year to reflect any changes.

For purposes of the CTA, the reporting requirements are broad and apply to existing corporations, LLCs, and other similar entities as well as to new entities when they are formed. The CTA, however, provides exemptions for larger companies, heavily regulated companies, and companies that already provide information to a relevant government agency. The CTA explicitly exempts:

Under the CTA, a beneficial owner is an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise:

There are five exceptions from the term beneficial owner:

The CTA defines applicant broadly as an individual who files an application to form an entity in the U.S. or, for a foreign entity, an individual who registers or files an application for the foreign entity to do business in the U.S. The terms file and register are not defined in the CTA, and this is an area where FinCEN is expected to provide relevant guidance.

The CTA contemplates different timing requirements for compliance based on the stage of entity formation and changes in beneficial ownership. The timing requirements are as follows:

The CTA contains numerous provisions regarding FinCENs data protection. FinCEN must store the information received in a private database not accessible to the public. Under the CTA, this information may only be released to:

The information is not available to the general public, nor can it be queried under the Freedom of Information Act. The information may only be used for law enforcement, national security, or intelligence purposes.

Violations of the CTA carry civil penalties of up to $500 for every day the violation continues and criminal fines up to $10,000 and/or imprisonment for up to two years. The unauthorized disclosure of information collected under the Act carries the same $500-per-day civil penalty but includes a higher criminal penalty of up to $250,000 and/or a higher maximum term of imprisonment of five years. Unauthorized disclosure includes both a disclosure by a government employee and disclosure by a third-party recipient of information under the CTA.

The CTA will impose new burdens on many entities operating in the U.S and is likely to have significant implications for foreign and domestic businesses. Clients should be aware of these new requirements and continue to monitor FinCENs regulations to further understand the full extent of their reporting obligations. Required compliance with the CTA does not start until January 2022, the deadline for Congress to enact the regulations. All companies potentially subject to the CTA should assess their application and, where appropriate, enhance their compliance processes to verify that the required information is being collected and reported to FinCEN in accordance with the CTA.

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1 National Defense Authorization Act for Fiscal Year 2021, https://www.congress.gov/bill/116th-congress/house-bill/6395.

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What’s in store for the future of commuting? | Greenbiz – GreenBiz

Posted: at 4:59 pm

Despite being in a global pandemic, essential low-wage workers, healthcare providers, knowledge workers and many others have continued to work. However, since the start of lockdowns in March, some 42 percent of the U.S. workforce has been from working home full-time.

The continued progression of COVID-19 has required many businesses to postpone their back-to-the-office dates to protect their workers and assuage their health concerns. Of the 42 percent of the workforce able to work remotely, some 73 percent would prefer not to go back due to fears over the disease's spread.

From Twitter to Amazon, major urban businesses have rolled out a variety of commuting policies as they contemplate going "back to the office." Facebook, Twitter, Microsoft and Shopify have shifted to permanent work from home arrangements for some, and Google will be working remotely until at least summer 2021.

Environmental researchers have warned that the unprecedented low-carbon levels due to stay-at-home orders could be followed by a surge in car usage as white-collar workers in densely populated urban areas attempt to evade public transportation. Climate scientists expect private vehicle usage to surpass pre-pandemic levels.

In May, the New York Stock Exchange (NYSE) issued an outright ban on public transportation, telling employees they had to take private cars to work. It was an appalling proposal, based on the false impression that public transit spreads coronavirus, and overturned just three weeks later. NYSE is still providing employees with reduced prices on parking, but the stock exchange hasnt conducted any studies or investigations of what increased car usage might have on Lower Manhattan.

Assuming the COVID vaccine eventually becomes widely available this spring or at least distributed at a pace more in line with global standards, employers and employees could have more freedom to set the terms of their return.

Elsewhere, Bloomberg Media offers large reimbursements for commuting into work up to $75 per day, or up to $1,500 in a given month. Its a perk likely meant to encourage the use of private cars. Policies that favor driving to work over mass transit show a disregard for congestion, air qualityand cities' overall livability. If every New Yorker consistently used private cars to commute to work, the city would be unlivable.

An expanding number of businesses, seeing no harm to their profitability from remote work, have arranged to switch to permanent work from home.

Lilac Nachum, a professor of international business at Baruch College, told me in an interview that the knowledge and innovation-based industries actually have the least to gain from working from home permanently. While many components of these jobs are the most straightforward to do online and could remain remote, a significant amount of creativity and innovation is lost without face-to-face interaction.

As Nachum notes, "What we've seen is that the knowledge economy has given a huge boom to the growth of cities. This interaction of people creates the necessary conditions for innovation, exchange of ideasand creativity. So for those kinds of industries, I think that it is extremely important to get back to work."

Considering that even the knowledge-based industries that work remotely need to bring people together, few industries can do well working entirely remotely. "I think we're left with a small number of jobs that can effectively be implemented remotely, which means companies basically have to prepare, should prepare for returning to the office. Fortunately, the vaccine is just around the corner," Nachum said.

Indeed, the knowledge industry has long been aware of the benefits of sustained in-person collaboration. Pre-pandemic, tech companies, including Google and Facebook, developed plans to create onsite housing at their campuses. Merging offices and housing has been hailed by some as the ultimate perk, a new type of "factory town," and a green solution to urban transportation problems by alleviating the burden of commuting.

However, these new company towns have led to new issues and exacerbated inequality. Under the current status quo, large tech companies have a habit of taking over their immediate areas by driving housing up, spurring gentrification, driving out long-time residents and increasing homelessness rates. This was the case in Seattle when Amazon moved its headquarters to the city with many of their workers living in close proximity and local businesses reliant on their more affluent workers patronage.

Regardless of whether such company towns benefit the environment by cutting back on commutes, although fraught with other political problems, the issue is relatively moot because creating a company town is not an option for the vast majority of firms.

By fall, most workers could be returning to traditional offices. Assuming the COVID vaccine eventually becomes widely available this spring or at least distributed at a pace more in line with global standards, employers and employees could have more freedom to set the terms of their return.

This year, public transit use in New York City has dipped as low as 80 percent. Many of us are less than enthusiastic about resuming our old commutes by bus and subway. Even though mass transit creates far fewer emissions per individual per kilometer than cars, people think subways and buses are major carriers for the disease even though no evidence supports this. Cars cause congestion, increase commute times for all and lead to urban sprawl.

Companies concerned with climate change could increase the appeal of transportation alternatives by developing new initiatives to discourage private vehicle use. Under this scenario, our badly under-used public transit might begin to come back from our fiscal deficit. Public, mass forms of high-density transportation are the future our climate relies on. Now more than ever, we need free, comfortable, easily accessible public transit to help us recover from both this health crisis and the climate crisis.

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Amarillo Refugee State of the Union event presented – Amarillo.com

Posted: at 4:59 pm

Douglas Clark|Amarillo Globe-News

On Tuesdayevening, the Refugee Language Project presented the inaugural Amarillo Refugee State of the Union event via a webinar.Organizers said the effort provided local partners with an opportunity to learn about Amarillos refugees in a comprehensive and empowering manner.

"I'm so excited to celebrate with you about the refugees communities of this city," saidRyan Pennington,Refugee Language Project executive director, during thewebinar, extending gratitude to Amarillo College, local churches, volunteers and varied donors. "It is complex. It is interesting and I have a lot to share with you."

The webinar, which lasted just more than anhour, offered an outline focusing on an introduction; definitions and statistics; the refugees of Amarillo; what organizations are already doing; what Refugee Communities are saying; and recommendations and methods of getting involved.

Pennington said the Refugee Language Project was founded in 2017 and from 2009 to 2016 he worked as a Field Linguist in New Guinea noting the organization's Mission Statement is removing language barriers, building leaders and cultivating community among refugees in the Texas Panhandle.

"Tonight is not about Refugee Language Project," Pennington said during the session. "Tonight is about the refugees of Amarillo, celebrating what all of us are doing together and informing you all so you can be empowered to be agents for change. Today's goals are to equip leaders to effectively engage the complex network of refugee communities in the city. And to amplify the voices of those refugees who shared with us at those meetings."

Pennington said when a person flees across an international border, they must seek official sanctuary by applying for asylum,which, he said,is the right to be recognized as a refugee,receive legal protection and material assistance.He said a refugee has a well-founded fear of persecution for reasons of race, religion, nationality or political opinion. Per Pennington, war, as well as ethnic, tribal or religious violence are the leading causes of refugees today.

"Crucially, someone cannot just raise their hand and say 'I'm a refugee'," Pennington said. "It's a legal status. It must be registered with the United Nations High Commission for Refugees. People who cross the southern border of Texas, for example, are not refugees unless they have sought asylum and had their case vetted."

After resettlement, refugees are accorded freedom of movement around the country, just like citizens, Pennington said. When they relocate, he said this is called secondary migration, noting relocation is often for the purpose of finding a job or reconnecting with family.

"The Texas Panhandle's low cost of living, job availability and stabilized population of refugee communities already here will continue to draw secondary migrants from around the USA," he said. "Even if Amarillo settled no refugees, you'd still have incoming refugees or former refugees in the form of secondary migration."

During the webinar, Pennington produced a chart depicting the trend of Amarillo refugees since 2010with a high of 767 in 2010, and in the fiscal year 2020, 113 refugees were settled in the city. He said the resettlementscome from two local agencies Refugee Services of Texas and Catholic Charities of the Texas Panhandle.

Pennington said more than 50% of Amarillo's refugees come from the continent of Asia and with regard to nationalities that have been resettled here, more than half since 2015 are from the nation of Burma, followed by Congo, Iran, Somalia and Afghanistan. Others include Rwanda, Brunei, Dominican Republic and Ethiopia.He said since 2018, Congolese have taken the lead over the last few years, with more than 50% of the resettlements, 214 individuals have been from the nation of Congo.Burma was represented with 135 individuals.

"I use the term refugee community to refer to specific immigrant communities composed primarily of people who initially came as refugees," Pennington said. "So anexample, locally, would be the Lao community. Even though a majority of the Lao people became citizens long ago and are therefore no longer refugees, their community experiences many of the same language and cultural barriers and social stigmas that current refugees do. So we use refugee community to communicate about those groups of people."

Pennington said resettlement agencies such as Refugee Services of Texas and Catholic Charities of the Texas Panhandle provide support services that include case management, career counseling, English education and many other social services during the initial five years after resettlement.He also noted the work of Mission Amarillo, Speiro Legacies and Square Mile for mentoring endeavors, as well as individuals making significant contributions.

The following recommendations were offered duringthe webinar:

Local leaders and local partners collaborate to establish a Refugee Community Leadership Council where leaders can address their own overlapping needs; share their specific needs with city leaders; hear from local leaders about programs, initiatives and concerns and raise youth as future leaders.

Local partners collaborate to open a community center where cultures can be celebrated; community gatherings can be held; classes and tutoring can be offered and a handicraft market can be operated to help foster some of the needs of the refugee communities.

New partners rise up to engage refugee communities by forming a business development program where new businesses are incubated; business mentorships are fostered; business English can be taught and new farming initiatives can be explored.

Organizations in Amarillo offer English as a Second Language instruction.

Mother tongue education be promoted wherever possible by providing literacy materials in heritage languages.

Supporting grassroots educational initiatives such as Chin language classes.

Refugee Language Project officials said a recording of the webinar can be access via the organization'swebsite athttps://refugeelanguage.org/state-of-the-union/ or on its Facebook page athttps://www.facebook.com/RefugeeLanguageProject/

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