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Monthly Archives: April 2021
CF Industries Holdings, Inc. Announces Planned Schedule for First, Second and Third Quarter 2021 Results and Conference Calls – Yahoo Finance
Posted: April 23, 2021 at 12:39 pm
TipRanks
The stock market pulled back from all-time highs this week, as investors paused to consider just whats been goosing stocks and what the future may hold. A flood of stimulus cash, unleashed by the Biden Administrations big spending bills, is set to push GDP growth to 9% for 3Q21, but next year looks like it will slip back as the spending runs its course. Economists are predicting 5.5% GDP growth next year. This bodes poorly for cyclical stocks, which tend to reflect macro volatility. As Morgan Stanleys chief US equity strategist Mike Wilson said, Peak rate of change on economic data and earnings revisions... are all contributing to the deterioration in lower-quality, smaller-capitalization, and the more cyclical parts of the market. Dividend stocks, however, are more stable than the cyclicals, and while their average returns are lower, they offer the advantage of a steady return regardless of economic conditions. B. Riley analyst Matthew Howlett has been looking into the real estate trust segment, a group of stocks long-known for dividends that are both high and reliable. Howlett pointed out two stocks, in particular, that are showing dividend yields in excess of 7% and deserve a 'buy' rating. Ladder Capital Corporation (LADR) Well take a step into the real estate investment trust (REIT) niche, with Ladder Capital, a specialist in commercial mortgages. Ladder has operations in 48 states, and 475 cities. The average loan size is $19 million, and the company has securitized or sold a cumulative total of $16.7 billion commercial loans. Operations are backed by companys $5.9 billion in assets. Ladder Capital has seen a series of headwinds in the past year. The corona pandemic, of course, was the major crisis but for a commercial mortgage lender, the problem was broader. Loan customers were taking their own hits, and finding themselves unable to meet payments. As a result, Ladder saw its quarterly results in 2020 show deep declines, and greater volatility, when compared to 2019. On the positive side, Ladder finished the year 2020 with $1.25 billion in cash and cash equivalents. The final quarter of 2020 saw top line revenues of $77.9 million, compared to $135.4 million in the prior years Q4. Distributable earnings, however, came in at $4.9 million and the company declared a dividend of 20 cents per common share, which was paid out on April 15. This marked the fifth quarter in a row with the dividend at this level. The current payment annualizes to 80 cents per share, and gives a yield of 7%. Despite the challenging economic environment, LADR shares are up an impressive 79% over the past 12 months. B. Riley's Matt Howlett expects the momentum to continue, and sees Ladder with a firm foundation to move forward. [The] companys loan originator has been a top CMBS loan contributor since the 2008-2009 financial crisis and is well positioned to contribute to LADRs earnings growth as the conduit market rebounds post-pandemic, Howlett noted. Howlett especially likes the companys cash position, noting that it should allow the company to accelerate growth of its core investment portfolio." The analyst sees "upside potential to the dividend (forecasted to increase to $1.05 in 2022) as originations ramp steadily and legacy higher cost debt (Koch/legacy CLO) pays down. Backing these comments with a Buy rating, Howlett sets a $14 price target to suggest room for 21% growth in the next 12 months. (To watch Howletts track record, click here) Overall, Ladder gets a Moderate Buy rating from Wall Streets analysts, based on 6 recent reviews that include 5 Buys but also a single Sell. LADR shares are currently priced at $11.58, with an average target of $12.58 pointing toward 9% upside potential this year. The real attraction for investors here is the strong dividend yield. (See LADR stock analysis on TipRanks) Cherry Hill Mortgage (CHMI) The second stock were looking at, Cherry Hill, is another REIT, this one with a focus on the residential markets. Cherry Hills portfolio includes mortgage servicing rights, mortgage backed securities, and other mortgage assets in the residential market. After a steep earnings drop in the first quarter last year, to a loss of $2.80 per share, Cherry Hill has seen sequential growth in the past three quarters. The fourth quarter of 2020 saw EPS return to positive values, with a print of 37 cents per share. Like most REITs, Cherry Hill pays out a reliable dividend. The company has been maintaining the payments since the fourth quarter of 2014, adjusting it when needed to keep it in line with income. For the most recent quarter, the dividend was declared at 27 cents per common share, or $1.08 annually. At this rate, the dividend yields an impressive 11.5%. CHMI's strong defensive characteristics and attractive dividend yield drew it to the attention of B. Rileys Howlett. [We] believe the portfolio is better insulated against basis risk and would perform better in a rising rate environment We believe that CHMI's strong liquidity profile puts it in strong position to deploy capital accretively during 1H21," Howlett opined. The analyst continued, "We expect: 1) slower prepayment speeds and 2) declining servicing costs in 2H21 to be key drivers of higher core ROEs going forward. Our 12.5% ROE forecast for 2022 should allow the company to increase its quarterly dividend to $0.30 based on our model. In line with his upbeat outlook, Howlett rates Cherry Hill a Buy. His $11.50 price target implies that the stock has room to gain 21% in the next 12 months. CHMI has slipped under most analysts radar; the stocks Moderate Buy consensus is based on just two recent ratings; Buy and Hold. With shares trading at $9.43, the $10.75 average price target suggests room for a 14% upside. (See CHMI stock analysis on TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks Best Stocks to Buy, a newly launched tool that unites all of TipRanks equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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Recap and Highlights: Toronto FC fall 4-2 to CF Montreal in MLS season opener – Waking The Red
Posted: at 12:39 pm
After starting their CONCACAF Champions League run with a bang, Toronto FC began their MLS campaign with a 4-2 defeat on Saturday afternoon against CF Montreal.
Playing at their temporary home of DRV PNK Stadium in Fort Lauderdale, Florida, it didnt take long for Montreal to open the scoring, as Mason Toye gave them the lead in the third minute. After a brilliant run from Zachary Brault-Guillard, he slid the ball to Toye, who curled a shot into the top right corner, giving Montreal an early advantage.
Toye came close to scoring a second goal in the 17th minute, heading the ball just wide of Alex Bonos net.
Montreal would find the top right corner again in the 24th minute, on an impressive goal from Romell Quioto. After a long kick down the field from Joel Waterman, Quioto chased it down, beat Luke Singh with his pace, and fired a perfect shot past Alex Bono.
Toronto FC were having a tough time defending the two flanks, as new Montreal boss Wilfried Nancy set up his wingbacks perfectly. They caused a lot of problems for a TFC side that was often very narrow in midfield.
The Reds did find a goal before the interval, from the penalty spot. After winning the penalty, Auro took the kick, but his effort was saved by Clment Diop. After a quick VAR review determined that Diop was off his line, Toronto FC got a chance to retake it.
Mark Delgado stepped up and made no mistake, bringing TFC back within one going into half time.
Montreal took advantage of a few more chances after the break, and added a third goal just after play resumed. After a corner was played in by Mustafa Kizza, Victor Wanyama rose above everyone to head the ball home.
Theyd continue to rub salt in the wound in the 71st minute.
After Erik Hurtado drifted in from the right wing, he gave the ball to Djordje Mihailovic. Mihailovic split the defenders, catching Luke Singh flat-footed before smashing his shot past Bono.
The Montreal newcomer was one of the best players on the pitch on Saturday, routinely breaking down the TFC defenders and creating chances for his teammates.
Toronto FC added a second goal in the 88th minute, but it was too little, too late. Jahkeele Marshall-Rutty found Richie Laryea with a pass, before Laryea weaved between the defenders and fired the ball across the goal for his first of the season.
16-year-old Marshall-Rutty picked up his first MLS assist after setting up the goal.
It was a disappointing start to the MLS season for Toronto FC, who are still missing a lot of players through injury. They were far from full strength in this match, but questions will be asked about tactical choices as well.
Wilfried Nancy set his team up to target the areas where Toronto FC are weakest, and his players delivered on that game plan.
Chris Armas said it best after the game, Toronto FC were second-best.
Well, look, I would say that our team has experienced in just a few days, maybe the highest and the lowest, said Armas. It quiet in that locker room, much different from a few nights ago and, yeah, in some ways it will be good for our team to feel what thats like and for all of our players to understand that its not just about showing up because youre Toronto FC, and it comes easy, just because.
Up next for Toronto FC is a home game against the Vancouver Whitecaps at Exploria Stadium in Orlando, Florida. Montreal travel to Tennessee that same day to take on Nashville SC.
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Inter Miami CF Hits The Road For Second Game Of Season Against Philadelphia Union – CBS Miami
Posted: at 12:39 pm
MIAMI (CBSMiami) Inter Miami CF is hitting the road for its second game of the season against the Philadelphia Union on Saturday, April 24.
The matchup will be the third time in Club history that Inter Miami has taken on Philadelphia. It is Philadelphias 2021 season home opener at Subaru Park.
The two teams first met in July 2020 and again in September 2020.
Five players may be eligible to make their Inter Miami debuts in Saturdays showdown Edison Azcona, Drake Callender, Dylan Castanheira, Ryan Shawcross and Felipe Valencia.
The team will be debuting the Clubs 2021 secondary jersey, La Palma.
In its home opener against the LA Galaxy, Inter Miami fell 2-3 in front of a limited capacity sold-out crowd at DRV PNK Stadium in Fort Lauderdale.
Forwards Robbie Robinson and Gonzalo Higuan scored the teams first goals of the 2021 season in the match against the LA Galaxy. It was Robinsons first professional goal.
Philadelphia will come into this weekends game following a scoreless draw against 2020 MLS champions Columbus Crew in their first matchup of the 2021 regular season.
The match is set to kick off at 8 p.m. and you can watch it on CBS4.
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Inter Miami CF Hits The Road For Second Game Of Season Against Philadelphia Union - CBS Miami
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Candidates seeking 48th Senatorial District seat put their differences on display – PennLive
Posted: at 12:38 pm
Three of the four candidates vying for the open 48th state senatorial district seat showed voters there are some clear differences among them on where they stand on issues facing Pennsylvania during a League of Women Voters candidates forum on Tuesday.
During the 90-minute Zoom discussion, Democrat Dr. Calvin Clements presented himself as a party loyalist who would be supportive of many of Gov. Tom Wolfs positions on issues while independent Edward Krebs and Libertarian Tim McMaster made it clear they would not be beholden to either of the major parties.
Republican Christopher Gebhard, 46, of Lebanon County, did not participate in the debate. The president and CEO of an insurance and risk management firm said in an email sent to PennLive on Wednesday morning that he had a scheduling conflict and was unable to participate.
The Senate Majority Leader [Kim Ward, R-Westmoreland County] was the guest in Lebanon and I needed to attend that event, Gebhard said.
On May 18, all four candidates names will appear on the ballot as they compete in a special election for a Senate seat representing Lebanon County and parts of lower Dauphin and northeastern York counties.
The winner will occupy the seat that became vacant due to the Jan. 17 death of Dave Arnold and serve out the unexpired portion of Arnolds term that expires on Nov. 30, 2022.
Krebs, a former six-term House member, made a commitment to serve only for the remaining year and a half left in Arnolds term and not seek re-election. The 77-year-old Lebanon County resident said that would basically give him enough time to try to work on breaking through the partisan gridlock in the state Capitol, work on creating a balance budget, and tackling redistricting reform.
He also said if elected, he would not caucus with either the Republican or Democratic party and retain his independence to the point that if neither caucus gave him office space in the Capitol, he would pull a trailer up in my parking spot and my office will be in the trailer.
McMaster, a 46-year-old an information technology analyst who lives on his family farm in York County, said he also would not caucus with either the Republican or Democratic parties. But he said he hopes to caucus with the other Libertarian candidates running in other special election races to be decided on May 18.
All three candidates said they wanted to see more civility in the legislative process and expressed a desire to work more collaboratively with members regardless of party. Krebs, who was first elected to the state House as a Democrat and switched to run as a Republican in his third term, said he always left his party label at the door and I plan to do that when I get to Harrisburg.
Clements, a 70-year-old semi-retired veterinarian from Lebanon County, said, My goal will be as your senator to sit down with both sides and listen with an open mind, open heart, so that we can achieve the goals of producing legislation that will move Pennsylvania in a forward direction.
McMaster said he was willing to work with anyone on good ideas, not based on party, but based on principle and that principle is freedom of the people, the liberty of the people.
All three candidates called for redistricting reform and pointed to the 48th Senatorial District that stretches across the Susquehanna River with no way to get from one shore to the other without leaving the district as a perfect example as to why it is needed.
I think the way this district has been gerrymandered is absolutely appalling, McMaster said. It essentially disenfranchise almost fully half of the electorate in this district.
All three voiced support for a more transparent, accountable redistricting process that allows for robust public input.
The trio also supported the voting reforms that the General Assembly enacted in the last legislative session, known as Act 77, that introduced no-excuse mail-in voting to Pennsylvania.
Clements said that issue is a clear distinction between himself and Gebhard based on what he sees on the Republican candidates website.
The first thing [Gebhard] is going to do is he is going to work to repeal Act 77, which I just absolutely think is ridiculous, Clements said. This was the first election where the largest number of Americans voted since1960. I think participation in the election is a good thing, not a bad thing. The mail-in ballot was one of those things that allowed that to happen.
On the issue of raising the minimum wage to $12 and ratcheting it up to $15 an hour as Wolf has proposed, both Clements and Krebs supported the idea but McMaster said he is against it.
All it does is inflate and prevent entry into lower positions or entry-level positions or part-time positions, McMaster said. All that is doing is hurting the small business owners.
When the conversation turned to the selection of appellate court judges, McMaster and Clements said they support letting voters decide who serves on the Commonwealth, Superior or Supreme courts.
But Krebs favored forming an independent commission of legal scholars who could review rulings made by the judicial candidates and letting them make the selection rather than leaving it to individuals who know nothing about the legality of many things.
McMaster slapped Krebs for saying he doesnt feel that the voters are smart enough to decide either on their own who their judges or who they are represented by, I take great offense to that.
Krebs said he would have more confidence in qualified people who studied judicial candidates qualifications making the decisions rather than the way he picks them based on where they are from.
I voted for the guys that werent from Philly or Pittsburgh, Krebs said. Is that really what I should be doing? But that was my general rule. I knew nothing about the judges.
On the proposed constitutional amendments that will appear on the May 18 ballot to curb the governors emergency declaration powers, McMaster said he was 100% in support of them while his two opponents said they oppose them.
I just dont think the Legislature is competent enough to sit down and recognize the seriousness of some of the things that are going on, Clements said. It was pretty obvious that some of the things that they said that ninth-grade science wasnt their strong suit.
Krebs called it ridiculous to limit the length of a gubernatorial emergency declaration to 21 days (from the current 90 days) but it could be extended with legislative approval.
An emergency is an emergency, Krebs said. If theres any one I dont want to have to make the decision in a short period of time, its the General Assembly. They dont work that way.
Along with all of Lebanon County, this senatorial district encompasses Dauphin County municipalities of Conewago, Londonderry, Swatara and Lower Swatara townships and the boroughs of Highspire, Middletown, Paxtang, Royalton and Steelton; and the York County municipalities of Conewago, East Manchester, Newberry and Springettsbury townships and the borough of Goldsboro, Lewisberry, Manchester, Mount Wolf, and York Haven.
* This story has been updated to include GOP candidate Christopher Gebhards reason for not participating in the forum.
Jan Murphy may be reached at jmurphy@pennlive.com. Follow her on Twitter at @JanMurphy.
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Candidates seeking 48th Senatorial District seat put their differences on display - PennLive
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Biden’s Budget Could Give Schools Freedom to Invest in Tech – Government Technology
Posted: at 12:37 pm
Earlier this month, the Biden administration released a draft of its $1.5 trillion budget, which asks for significant increases in education spending that could potentially add to a mountain of federal funds proposed to cover virtual learning options and close the digital divide.
Among the drafts proposals, the administration has asked for a 40.8 percent increase in Department of Education funding, which would increase funding to nearly $103 billion. Of that, about $36 billion would go toward Title I grants for low-income school districts, representing an increase of about $20 billion from the current fiscal year.
Title I is the most flexible federal fund that is geared toward low-income schools, so that is a proposal that could steer a huge increase for low-income schools that can be used for technology, he pointed out.
Bailey said the budget outlines additional investments in mental health services, including $1 billion for counselors and school mental health programs, which could be useful for district efforts aimed at supporting students and teachers struggling during the pandemic.
School closures have had a pretty dire effect on students both academically as well as their mental health, and thats going to take years to address, he said. One of the innovations I think weve seen coming out of COVID is the use of telemedicine [or teletherapy] to help complement nurses and counselors. I think you could see part of that billion dollars used to help accelerate different types of telemedicine programs to help provide services for kids and teachers.
Consortium for School Networking policy analyst Reg Leichty said the full scope of the final budget remains to be seen. As of Wednesday, the Biden administration had not yet released the unabridged version of its budget.
Presidential budget requests are value statements. Through that lens, the White Houses decision to request a more than 40 percent increase for education for FY22 an unprecedented boost for education represents a win. Ultimately, however, Congress will decide whether the education community should celebrate, he said in an emailed statement to Government Technology.
Well have to wait for the publication of the unabridged version of the presidents budget request before we can say anything accurate about what it may mean for state and local digital learning initiatives, Leichty said. For example, the White House has not yet released the presidents request for the Student Support and Academic Enrichment grant program, which is the primary source of dedicated education technology funding in the Department of Educations budget.
Bailey and Leichty said many school districts have already met the bulk of their immediate ed-tech needs via $193 billion in federal relief funds awarded through three relief bills. Much of this went toward devices and Internet connectivity to facilitate remote and hybrid learning.
Youre almost looking at $200 billion passed within a year targeted toward low-income schools who are probably struggling with the digital divide the most, Bailey said. There really isnt a parallel to this surge in investment that comes with so little strings attached to schools in such a short period.
While much remains pending about these White House proposals, Bailey believes lawmakers are rethinking the importance of federal funding for ed tech, which could bode well for Bidens budget and for his infrastructure plan geared toward expanding broadband access.
Infrastructure has been an issue that has had some pretty broad bipartisan support, he said. I think that the pandemic and economic recovery are going to help create the moment and chance to do infrastructure ... Whether its bipartisan or not is a separate question.
In the context of higher education, policy analyst Jarret Cummings of the IT-focused nonprofit Educause noted that universities used much of their relief funds to offset the expenses associated with low enrollment and COVID-19 emergency response plans, rather than ed tech. He said the new budget includes a proposal to increase Pell Grant funding by 10 percent, but broad-based funding for technology in higher education has not yet been proposed.
The pandemic has exposed clearly and dramatically the importance of affordable broadband access to ensuring access to higher education, he said, noting that broadband proposals raised by the administration and Congress would help post-secondary students during online learning.
Of course, there are many reasons why we need to close the digital divide, but making sure that higher education is available to students when and where they are certainly has a prominent place on that list.
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Biden's Budget Could Give Schools Freedom to Invest in Tech - Government Technology
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Reshaping European economic integration in the post-Covid world | VOX, CEPR Policy Portal – voxeu.org
Posted: at 12:37 pm
The EU is navigating its third crisis in the space of a single decade, following the euro area financial crisis and the migration crisis. In some respects, the potential systemic implications of the Covid-19 pandemic are even more pervasive than those of the previous crises (Baldwin and Weder di Mauro 2020, Fuentes and Moder 2021). Jean Monnet famously stated that Europe will be forged in crises and it will be the sum of solutions adopted for those crises. But every crisis has its own characteristics, and prompts its own response. In certain cases, the response pushes forward the frontier of European integration that was the case of the completion of the Single Market after the Eurosclerosis of the 1970s or the creation of the euro after German reunification. In other cases, the response is only partially transformative, as was the case during the financial crisis that started in 2008.
Therefore, not all the responses to crises pass what, in a new CEPR Policy Insight (Buti and Papaconstantinou 2021), we call the triple Monnet Compatibility Test of economic coherence (effective policy action), institutional coherence (leveraging common governance mechanisms at the right level of government), and political coherence (maintaining citizens support).
This crisis is different, and the policy response, with the Next Generation EU initiative at its heart, is breaking new ground (Verwey et al. 2020) and leading to governance changes at national level (Buti and Polli 2021). This is true in terms of instruments (use of grants, new own resources, issuance of common debt); institutional mechanics (the return of the so-called Community method); as well as in terms of the sheer magnitude of the underlying fiscal effort and liquidity provision at both national and EU levels.1
The decisions taken by the EU do represent a significant stepping up and a break with past policy. What has underpinned this shift? We believe three broad factors have driven what we are observing.
The first is the evolution in our understanding of macroeconomic policy the new macro paradigm that has emerged since the global financial crisis, with a revised consensus on the appropriate overall macro policy stance, a new understanding on debt sustainability, the right mix of fiscal and monetary policy, and the role of central banks (Fornaro and Wolf 2020). With monetary policy at the effective lower bound, fiscal policy at national and EU level has to play a more important role in propping up the economy. This is key for domestic reasons, but also to make the European economy less dependent on external demand and hence able to play a more assertive role in global governance.
The second factor is the different nature of the current crisis exogenous, not policy induced, hence giving less rise to a moral hazard narrative. As a consequence, the focus of the policy response has been on a common threat requiring a common response. The asymmetric impact of the crisis has come to be seen as a threat to the whole EU. Hence, solidarity, or enlightened self-interest, has underpinned the policy decisions. Opinion polls show a large support for Next Generation EU not only in countries that are net beneficiaries, but also in Germany and the so-called frugal countries that only reluctantly contributed to the rescue programmes during the financial crisis.
The third factor is policy learning from the euro area financial crisis among others, the need for monetary policy to be forceful to stop self-fulfilling dynamics or the realisation of negative equilibria, the dangers of early withdrawal of fiscal stimulus, and the difficulty of achieving an appropriate euro area fiscal stance only via horizontal coordination of national policies (Buti 2020, Bartsch et al. 2021).
In sum, if properly implemented, the economic policy response to the pandemic has a chance to meet the three criteria of the Monnet Compatibility Test. Will it also represent a paradigm shift in European integration?
Looking forward, Covid-19 is forcing us to rethink attitudes and policies across a number of areas that will shape the legacy of the pandemic for European integration. As we argue in Buti and Papacostantinou (2021), some of the main issues standing out could be grouped under four headings: the new emerging boundaries between state and market; the notion of subsidiarity in the new environment; reconnecting the EU/domestic with the international/global agenda; and the need for EU economies and policymaking to deal with longer-term structural shifts taking place.
As the pandemic ripped through European societies, it brought with it a new realisation of the importance of well-functioning health systems as well as of the ability of national governments and the EU collective to protect Europeans. This simple realisation is concretely translated in policy shifts or ongoing discussions which may break new ground: a new emerging paradigm for fiscal balances and policy mix, a new social compact (with higher minimum wages, a universal basic income, more progressive tax systems), the debate on strategic autonomy in key sectors/products that would increase resilience at national and EU level (encapsulated in the shift from just in time to just in case). In these areas, what is underlying is a rethink of the balance between what is provided by states and what is determined mainly by market forces. This policy shift is evident across most EU nations, as well as in the UK and the US. Medium term, it will be crucial that the renewed emphasis on strong social protection does not hamper but actually enhances the reallocation of factors of production. Shifting from on-the-job protection to in-the-market protection will be a key challenge.
A related issue concerns the balance of what belongs to the domain of national policy in member states and what is a matter for the EU collective. This gives a new twist to the discussion on subsidiarity, as can already be seen by the decisions around the EU Recovery Plan or the proposals on a European health union. The pandemic revealed the need for coordination at EU level and forced cooperation in a number of areas, from travel rules to vaccine procurement. Post-crisis, there will be a review of what has worked and what not: on certain issues, coordination of national policies will suffice; on others, direct supply at EU level will be needed. As health is a global public good, there will be a need to elevate a number of issues surrounding the prevention and management of future pandemics to the to EU level. The same would apply also for pan-European infrastructure investment projects (Beetsma et al. 2020). At the same time, the pandemic has highlighted the importance of rebuilding a more dense society, achieving solidarity through a sense of belonging, and not just from the services delivered by the national welfare state. This would suggest moving policy delivery in the opposite direction, to the local level, closer to citizens. In Einaudis tradition of marrying economic freedom and social cohesion, in the post-Covid world, the role of communities and intermediate bodies will be enhanced (Einaudi 1949, Gigliobianco 2010).2
Covid-19 is also pushing the EU to reconnect the domestic with the global agenda. This is where the other dimension of strategic autonomy belongs the one dealing not with global supply chains but instead with new geo-economic relations. In a situation of geopolitical re-ordering, upgrading the global role of the EU will be essential in order to be able to influence the discussion on European and global public goods (not just health and pandemics, but also climate and digital governance), as well as avoid beggar-thy-neighbour policies in areas such as trade or finance. The domestic ramifications of a more assertive global role of the Union are substantial: the Single Market will need to provide more indigenous sources of growth and enhance the robustness of Europes value chains; macroeconomic policies will have to reduce the dependency from external demand, acknowledging that persistent current account surpluses are a source of vulnerability.
It is also in this context that one should reflect on the need to complete the EMU; while bringing to a conclusion the reforms that started with the euro crisis is important in and of itself in terms of better functioning of the EU and increasing its resilience to shocks, it is also essential for bolstering the international role of the euro, thereby increasing the weight of the European Union on the global economy. The issuance of common EU debt under Next Generation EU will also help increase the attractiveness of the euro.3
The final Covid policy legacy concerns the need to respond to longer term structural shifts (Terzi 2021). In the pandemic, everything digital thrived. At a first level, this clearly requires a European push to digital and indeed the EU Recovery Plan is supposed to help the EU "recover and transform" with the twin digital and green transitions. Indeed, as far as the latter is concerned, the pandemic may have demonstrated the devastating dangers of ignoring a slow burn crisis such as that of climate change. At the same time, the dominance of digital raises new policy issues regarding regulation and competition in digital platforms, as well as issues of protection of workers in a new online environment. The changes brought by Covid also force more broadly a rethink of the role and nature of work, the role and rights of remote workers and even the new meaning of essential workers.
The policy response to the current crisis has broken new ground. At the same time, the difficulties on vaccines delivery and uncertainties on the follow up at national level on Next Generation EU have shown that the latest advances will need to be consolidated. Whether the response to the pandemic marks a fundamental shift in the paradigm of European integration and hence or it remains an exceptional one-off under extreme duress will depend on addressing the four shaping factors highlighted above.
Authors note: Marco Buti writes in his personal capacity.
Andersson, M, C Checherita-Westphal, R Gomez-Salvador, L Henkel and M Mohr (2021), Economic developments in the euro area and the United States in 2020, ECB Economic Bulletin Issue 2/2021.
Baldwin, R and B Weder di Mauro (2020), Economics in the time of COVID-19, CEPR Press.
Bartsch, E, A Bnassy-Qur, G Corsetti, and X Debrun (2021), Its All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, Geneva Report on the World Economy No. 23, ICMB and CEPR.
Beetsma, R, L Codogno, and P van den Noord (2020), Next Generation EU: Europe needs pan-European investment, VoxEU.org, 9 November.
Buti, M (2020), Economic Policy in the Rough: A European Journey, CEPR Policy Insight No. 98.
Buti, M and G Papacostantinou (2021), Reshaping economic policy in the EU in the post-Covid world, CEPR Policy Insight No. 109.
Buti, M and O Polli (2021), Veto Player Theory and the Governance of the Recovery and Resilience Facility", VoxEU.org, 11 February.
Collier, P (2018), The Future of Capitalism: Facing the New Anxieties, HaperCollins.
Einaudi, L (1949), Lezioni di politica sociale, Einaudi, 1977.
Fornaro, L and M Wolf (2020), Coronavirus and macroeconomic policy, VoxEU.org, 10 March.
Fuentes, N M and I Moder (2021), The scarring effects of COVID-19 on the global economy, VoxEU.org, 5 February.
Gigliobianco, A (2010), Luigi Einaudi: Economic Freedom and Social Cohesion, Serie Saggi e Ricerche Volume VI, Editori Laterza.
Rajan, R (2019), The Third Pillar: How Markets and the State Leave the Community Behind, Penguin Press.
Terzi, A (2021), The Roaring Twenties: Revisiting the evidence for Europe, VoxEU.org, 2 April.
Verwey, M, S Langedijk, and R Kuenzel (2020), Next Generation EU: A Recovery Plan for Europe, VoxEU.org, 9 June.
1 In terms of the magnitude of the effort and its adequacy to the task at hand, the recent debate has focused on comparing the EU response with that of the US. There are a number of elements to this: whether the US policy response is economically appropriate, its multipliers in the short and longer run, its external spillovers, and its implications for the fiscal-monetary policy mix (e.g. Andersson et al. 2021, ECB 2021). On all these issues, the jury is still out. What is quite certain is that doing too little is certainly more costly than doing too much; and that given its institutional setting, an incongruent policy mix would be much more costly for the EU than for the US.
2 The role of communities in breaking the rural-urban divide and the third pillar in finding a new balance between the market and the state are explored by Collier (2018) and Rajan (2019).
3The huge success of EU debt issuance under the programme SURE shows the large appetite in financial markets for common euro-denominated bonds.
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Legislative roundup, 4.21.21: Anti-sectarianism bill gets a rewrite; McGeachin’s indoctrination task force takes shape – Idaho EdNews
Posted: at 12:37 pm
(UPDATED, 9:02 p.m. Wednesday, with the bill number).
Amid a turbulent Statehouse debate over social justice in education, Idaho lawmakers have introduced a new proposal dealing with nondiscrimination in public schools.
The legislation, House Bill 377, would bar public schools from spending money for certain purposes it deems discriminatory. Those purposes include compelling students to adhere to any of three tenants the bill argues are often found in critical race theory.'
They are:
The legislation is an apparent rewrite of House Bill 375, a bill targeting sectarianism and critical race theory that was abruptly yanked from consideration Tuesday just a day after it was introduced. Unlike the original, HB 377 makes no mention of sectarianism.
This bill establishes education and fiscal policy for the state regarding dignity and nondiscrimination in public education, said Rep. Wendy Horman, R-Idaho Falls, as she presented the proposal. It includes also fiscal policy prohibiting the use of monies for prohibited purposes as described in the bill.
Horman is one of a group of conservative legislators who has voiced concerns over public schools spreading social justice activism and critical race theory to students.
Assistant Minority Leader Illana Rubel said, I feel that theres just an imaginary problem to some extent being addressed here. I really dont think we have a problem in our education system such that we need to be putting conditions on funding, etc. But given that this will have a full hearing in committee. I will reluctantly vote to introduce. But again, I dont understand the basis for why were going down this path at all.
The House Ways and Means Committee, comprised mostly of House leadership, voted to introduce the bill, with Rubels fellow Democrats on the committee, Lauren Necochea of Boise and Sally Toone of Gooding, dissenting. The House Education Committee will take up the new bill Thursday morning, according to Horman.
Rubel questioned a piece of the proposal that would prohibit schools from directing or compelling students to personally affirm, adopt, or adhere to the three tenants it decries.
Im wondering what problems debate teachers might have or really in any class where they try to encourage that classroom discussion by assigning students to one side or another, said Rubel, D-Boise.
Said Rep. Julianne Young, R-Blackfoot, Youll notice the word personally adopt or adhere to. So, this is not just a role play. This is not just a debate where were obviously taking turns taking different sides.
The proposal comes out of a House thats killed three major education budgets this session over social justice concerns. In killing the states K-12 teacher salaries budget, discontented representatives vowed not to pass the $1.1 billion bill until intent language restricting social justice education is added to law.
Since then, no such intent language has been codified, and no other education budget bills have seen a vote.
Lt. Gov. Janice McGeachins new indoctrination task force is ramping up its search for communist, socialist and social justice-slanted teachings in Idaho public schools, her office announced Wednesday.
One of our primary goals with this task force is to give concerned citizens a voice regarding education in Idaho, McGeachin said in a press release. If you, your child, or someone close to you has information regarding problematic teachings on social justice, critical race theory, socialism, communism, or Marxism, please provide us with as much information as you are comfortable sharing.
She began forming the Task Force to Examine Indoctrination in Idaho Education earlier this month, echoing concerns about social justice education pronounced by fellow hardline conservatives in the Legislature and by the Idaho Freedom Foundation, a conservative libertarian group.
One of those lawmakers, Rep. Priscilla Giddings, R-White Bird, will co-chair the task force, saying she intends to root out critical race theory and bolster Americas core values in the position.
McGeachin announced the task forces founding a day after Giddings and Rep. Ron Nate, R-Rexburg, made a failing attempt in the Joint-Finance Appropriations Committee to insert $4,000 into her office budget to support the indoctrination group. That budget has since been sent back to the drawing board after both complained to the House of a separate cut to McGeachins budget, which trimmed her staff funding from three employees to two and a half.
Meanwhile, McGeachin is conducting interviews as she recruits more members. She plans to hold meetings monthly in May, June, July and August and announce the forces full membership in the coming weeks.
The big education budgets are going nowhere fast, but on Wednesday, Idaho schools received a payday approaching $9 million.
Thats because the Idaho Lottery will continue to offer the Powerball game until 2022.
It had looked like the Idaho Lottery would need to drop Powerball in August, after lawmakers balked at allowing the state to take part in an international lottery including the United Kingdom and Australia.
The international lottery is now on hold, which means Idahoans will be able to continue to play Powerball.
We believe that international sales of Powerball are inevitable and Idaho law will have to be changed in 2022 for players to remain able to enjoy the worlds most popular lottery game, state lottery Director Jeff Anderson said Wednesday. We will continue to responsibly work with the Idaho Legislature, our players, and our retailers to ensure Idahoans have the freedom to enjoy Powerball in Idaho.
Powerball delivers about $14 million in annual dividends to public schools and the state Permanent Building Fund; the schools share comes to $8.75 million.
Idaho has been part of a multistate Powerball compact since 1992.
This story is developing and will be updated throughout the day. Idaho Education News reporter Kevin Richert contributed.
Reporter Blake Jones covers the politics and policy of Idaho's K-12 public school system. He's a lifelong Idahoan, and holds degrees in Creative Writing and Political Economy from the College of Idaho. Follow Blake on Twitter @jonesblakej. He can be reached by email at [emailprotected]
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Security Council briefing on the situation in the Middle East, including the Palestinian question (as delivered by UN Special Coordinator Wennesland),…
Posted: at 12:37 pm
Mister President,
Members of the Security Council,
Allow me to begin by wishing all Muslims of the world a blessed Ramadan.
I brief you today as Palestinians and Israelis are immersed in consequential political and electoral processes. Preparations continue for the Palestinian Legislative Council elections, scheduled for 22 May, while Israelis are engaged in efforts to form a governing coalition after the elections held on 23 March.
These developments may have significant implications for the prospects for advancing peace in the months ahead.
The holding of credible elections in Palestine is a crucial step towards renewing the legitimacy of national institutions and reestablishing Palestinian national unity. I encourage international support to these efforts.
The UN has engaged regularly with the Palestinian parties and the Central Elections Commission (CEC) to facilitate preparations for the elections and will continue its support for the election process. To date, the CEC has performed its duties with professionalism and integrity, enhancing trust in the electoral process. In particular, I welcome the CECs efforts to plan for and implement special measures to ensure safe voting in the context of the COVID-19 pandemic. I also underscore the critical role of election observers to ensure respect for the results of a credible and transparent process.
Mister President,
The candidate registration period concluded on 31 March. On 6 April, the CEC announced that all 36 registered electoral lists were approved. On 11 April, the CEC announced that of the 231 objections submitted to the CEC against registered candidates, 226 had been rejected, four withdrawn and one accepted. The Electoral Court upheld CEC decisions on 18 appeals brought before the Court. This concludes the legal process to challenge electoral lists. Final lists are expected to be published on 30 April, the start of the official campaign period.
I emphasize that any disputes should be resolved in a peaceful manner and through official legal mechanisms.
All sides must provide for and protect the right of Palestinians across the occupied West Bank, including East Jerusalem, and Gaza to participate in credible and inclusive Palestinian elections, as well as to stand for elections, free from intimidation. In particular, I urge all parties to refrain from any arrest, detention or interrogation based on freedom of opinion, freedom of expression or freedom of association.
Mister President,
The COVID-19 pandemic continues to pose a formidable threat throughout the OPT. I am seriously concerned by the significant rise in active cases in Gaza where the daily infection rate is reaching its highest level since the onset of the pandemic. In the West Bank, many hospitals remain at or near full capacity. My colleague from OCHA will brief after me and will provide greater detail on this situation.
As the socio-economic impact of the pandemic has significantly exacerbated a seemingly never-ending fiscal and economic crisis in both the West Bank and Gaza, support for the Palestinian Governments response must continue to be a priority.
The Palestinian Government vaccination campaign, which officially began in the West Bank and Gaza last month, continued throughout the reporting period. The Palestinian Ministry of Health has received over 300,000 vaccine doses to date. Israel has continued its efforts to vaccinate segments of the Palestinian population in the West Bank, including in East Jerusalem, as well as over 100,000 Palestinians holding permits to enter Israel.
I welcome all efforts carried out thus far to vaccinate the Palestinian population, but the process needs to be accelerated and more vaccines are needed.
Mister President,
In a positive development, on 7 April, the United States announced plans to restart its economic, humanitarian, development and security assistance to Palestinians, including some USD 150 million in funding for UNRWA.
I welcome the resumption of US support, including to UNRWA. I appeal to all Member States to remobilize support to UNWRA, whose services are not only a lifeline for millions of Palestine refugees but are also critical for stability throughout the region. Funding the UN response is the fastest and most efficient way to address urgent needs in the OPT.
Mister President,
On 5 April, the Palestinian Government adopted the second National Action Plan on the implementation of Security Council Resolution 1325. I welcome the efforts of the Government to translate international frameworks into commitments and actions. I reiterate UN support for the implementation of the Women, Peace and Security Agenda in Palestine.
Mister President,
The demolition and seizure of Palestinian property throughout the occupied West Bank, including East Jerusalem continued during the reporting period. OCHA will provide details on relevant developments shortly. But allow me to reiterate my call upon Israel to cease this practice, in line with its obligations under international law, and to allow Palestinians to develop their communities.
Mister President,
On the basis of an Israeli law, passed in 1994, which bars activity in Jerusalem by the Palestinian Authority without prior approval, on 6 April, ISF shut down a meeting related to Palestinian elections at the Ambassador Hotel in East Jerusalem, calling in for questioning the hotel manager as well as the director of the Fatah office in Jerusalem.
Mister President,
Daily violence also continued throughout the OPT.
In Gaza, on 24 March, Israel Defense Forces fired some ten missiles at what it said were Hamas targets, in retaliation for a rocket fired towards Israel the previous day. On 15 and 16 April militants in Gaza fired two rockets towards Israel. The rockets landed in open fields, causing no damage or injury. In retaliation for each incident, IDF fired at what it said were Hamas-linked targets in the Strip. No injuries were reported.
In the occupied West Bank, including East Jerusalem, clashes, attacks, search and arrest operations, and other incidents resulted in the death of one Palestinian, and injuries to 29 Palestinians, including five children and one woman. Eight Israelis, including one woman, were injured in the course of these events.
Since the beginning of Ramadan, there have been repeated clashes between Palestinians and ISF and Israeli civilians in and around Jerusalems Old City, leading to injuries and arrests. I call on all sides to take steps to de-escalate tensions and maintain calm.
On 6 April, Israeli security forces (ISF) shot and killed a 45-year old Palestinian man at a checkpoint set up during an ISF operation in Bir Nabala village, north of Jerusalem. The man died of his injuries and his 35-year old wife, also in the vehicle, was injured. ISF initially said that the man had attempted a ramming attack, an account disputed by the mans wife and eyewitnesses. ISF opened an investigation into the incident.
Meanwhile, settlers and other Israeli civilians perpetrated some 20 attacks against Palestinians, resulting in eight injuries and damage to property. Palestinians perpetrated some 20 attacks against Israeli settlers and other civilians in the West Bank, resulting in seven injuries and damage to property.
I underscore that all perpetrators of violence must be held accountable and swiftly brought to justice. I reiterate that Israeli security forces must exercise maximum restraint and may use lethal force only when strictly unavoidable in order to protect life. Particular care should be taken to protect children from any form of violence. In addition, the indiscriminate launching of rockets towards Israeli population centers violates international law and must stop immediately.
Mister President,
Turning to the region, on the Golan, the ceasefire between Israel and Syria has been generally maintained despite the continued violations of the 1974 Disengagement of Forces Agreement by the parties, leading to increasing tensions. UNDOF continues to liaise with both parties to remind them of their obligation to respect the terms of the Disengagement Agreement and prevent escalation of the situation across the ceasefire line.
In Lebanon, a new government has still not been formed, delaying implementation of crucial reforms and related international support, which are urgently needed to address the ever-worsening socio-economic situation and growing humanitarian needs.
In the UNIFIL area of operations the situation remained tense, including due to incidents of weapons pointing between the Israel Defense Forces and Lebanese Armed Forces across the Blue Line. UNIFIL remains engaged with the parties to contain incidents and defuse tensions, including through its liaison and coordination efforts and robust presence on the ground.
Mr. President,
In closing, I wish to emphasize that expectations for the holding of elections in Palestine are high and come after a long wait of almost fifteen years. Since my last briefing, a growing number of young people are expected to participate in shaping their political future and having the opportunity to vote for the first time.
In recent interviews conducted by UN Women with youth in Gaza and the West Bank, one young woman, whose view was not unique, said the following: Although I am not into politics, I am a member of this society and want to have a voice. Even if those I vote for do not win, at least I will have exercised my right to vote.
The successful completion of inclusive Palestinian elections is a critical step toward renewing democratic legitimacy of the Palestinian Government. These elections should also pave the way to uniting Gaza and the West Bank under a single, legitimate national authority, which would be an important step towards reconciliation and could advance Middle East peace.
The path forward will not be easy and will require political courage from all sides. Despite the myriad challenges, we remain focused on the goal of advancing a two-State solution an independent, viable and sovereign Palestinian State living side-by-side with Israel in peace and security in line with UN resolutions, international law and previous agreements.
It is crucial that the international community, and particularly the Middle East Quartet, signal a way forward towards an end to occupation and the achievement of a sustainable peace. This includes creating a clear political horizon and encouraging practical steps by all sides to set the stage for a successful return to negotiations.
The United Nations remains committed to working, through the Quartet and with other regional and international partners, to support Israelis and Palestinians in these efforts.
I thank you.
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D.R. Horton, Inc. Appoints Benjamin S. Carson, Sr. as New Independent Director – Business Wire
Posted: at 12:37 pm
ARLINGTON, Texas--(BUSINESS WIRE)--D.R. Horton, Inc. (NYSE:DHI), Americas Builder, announced today that its Board of Directors (the Board) has appointed Dr. Benjamin (Ben) S. Carson, Sr. as an independent director effective April 20, 2021. Dr. Carson was also named as a member of the Nominating and Governance, Audit and Compensation Committees. The appointment of Dr. Carson expands the size of the Companys Board from six to seven directors, six of whom are independent directors.
Most recently, Dr. Carson served as the 17th Secretary of the U.S. Department of Housing and Urban Development (HUD) from 2017 to 2021. At HUD, he led the agency in many innovative programs focused on advancing economic opportunity; providing safe, fair and affordable housing; spurring reinvestment in communities; reducing homelessness; assisting and promoting self-sufficiency to underserved and vulnerable populations; and helping disaster victims, while emphasizing fiscal responsibility and reductions of regulatory barriers. During his tenure as HUD Secretary, Dr. Carson also led the collaboration of eight federal agencies to establish the White House Council on Eliminating Regulatory Barriers to Affordable Housing.
Dr. Carson is a world-renowned neurosurgeon who prior to serving as HUD Secretary was involved with more than 15,000 surgical procedures and was the recipient of numerous awards, including the Presidential Medal of Freedom, more than 70 honorary doctorate degrees and the Spingarn Medal, the NAACPs highest honor. Throughout his distinguished career, Dr. Carson contributed to the field of medicine through the thousands of surgeries he performed and the many leadership positions he held, including serving as Director of the Division of Pediatric Neurosurgery at The Johns Hopkins Medical Institutions from 1984 to 2013 as well a Professor of Neurological Surgery, Oncology, Plastic Surgery and Pediatrics at The Johns Hopkins Medical Institutions from 1999 to 2013. Dr. Carson also previously served terms on the Boards of Directors of both the Kellogg Company and Costco Wholesale Corporation. He received his B.A. from Yale University and his M.D. from the University of Michigan School of Medicine.
Donald R. Horton, Chairman of the Board, said, I am pleased to welcome Dr. Ben Carson to our Board. The Company will benefit greatly from Bens intellect, life experiences and leadership skills, including his recent experience as HUD Secretary. Ben has been actively involved in programs directly related to U.S. housing, including homebuyer education and the need for affordable housing to improve the quality of life for families in America. We expect Ben to bring new perspectives that will enhance the effectiveness and composition of our Board.
About D.R. Horton, Inc.
D.R. Horton, Inc., Americas Builder, has been the largest homebuilder by volume in the United States since 2002. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 90 markets in 29 states across the United States and closed 71,168 homes in the twelve-month period ended December 31, 2020. The Company is engaged in the construction and sale of high-quality homes through its diverse brand portfolio that includes D.R. Horton, Emerald Homes, Express Homes and Freedom Homes ranging from $150,000 to over $1,000,000. D.R. Horton also provides mortgage financing, title services and insurance agency services for homebuyers through its mortgage, title and insurance subsidiaries.
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D.R. Horton, Inc. Appoints Benjamin S. Carson, Sr. as New Independent Director - Business Wire
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Ben Carson joins board of directors of largest homebuilder in US – Inman
Posted: at 12:37 pm
D.R. Horton, the largest homebuilder in the U.S., appointed former U.S. Department of Housing and Urban Development Secretary Ben Carson to its board of directors.
D.R. Horton appointed Carson as an independent director effective Apr. 20, 2021. Carson was also named as a member of the Nominating and Governance, Audit and Compensation Committees. The appointment of Carson expands the size of the companys board from six to seven directors, six of whom are independent directors.
Donald Horton
The company will benefit greatly from Bens intellect, life experiences and leadership skills, including his recent experience as HUD secretary, said Donald Horton, D.R. Horton chairman of the board. Ben has been actively involved in programs directly related to U.S. housing, including homebuyer education and the need for affordable housing to improve the quality of life for families in America. We expect Ben to bring new perspectives that will enhance the effectiveness and composition of our Board.
Carson was an award-winning former neurosurgeon, who entered the political realm as former president Donald Trumps opponent in the primary race for the Republican presidential nomination in 2015. However, some parts of the housing industry expressed concern when Carson was nominated for HUD secretary due to his lack of experience in housing.
But in its announcement, D.R. Horton applauded Carsons achievements in housing when he served as HUD secretary.
At HUD, he led the agency in many innovative programs focused on advancing economic opportunity; providing safe, fair and affordable housing; spurring reinvestment in communities; reducing homelessness; assisting and promoting self-sufficiency to underserved and vulnerable populations; and helping disaster victims, while emphasizing fiscal responsibility and reductions of regulatory barriers, the company stated. During his tenure as HUD secretary, Dr. Carson also led the collaboration of eight federal agencies to establish the White House Council on Eliminating Regulatory Barriers to Affordable Housing.
Prior to serving as HUD secretary, Carson was involved with more than 15,000 surgical procedures and was the recipient of numerous awards, including the Presidential Medal of Freedom, more than 70 honorary doctorate degrees and the Spingarn Medal, the NAACPs highest honor.
Throughout his career, Carson served as director of the division of pediatric neurosurgery at The Johns Hopkins Medical Institutions from 1984 to 2013, as well a professor of neurological surgery, oncology, plastic surgery and pediatrics at The Johns Hopkins Medical Institutions from 1999 to 2013. Carson also previously served terms on the boards of directors of the Kellogg Company and Costco Wholesale Corp.
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