Category Archives: Progress

BENNINGTON The transition of Peoples United Bank to M&T Bank is getting mixed customer reviews with some expressing frustration with the changeover and a few saying they closed their accounts.

The Buffalo, N.Y.-based ownership group of M&T Bank has said little publicly on whether progress has been made on the transition, which began over Labor Day weekend. While the bank acknowledged problems shortly after customer accounts were transferred into the combined system, officials at the Buffalo headquarters did not return calls this week seeking an update.

M&T Banks parent corporation and Peoples United Financial Inc., based in Bridgeport, Conn., merged in April under the M&T Bank name in an $8.3 billion transaction agreement.

Following the acquisition of Peoples United Bank by M&T Bank, the company now operates a reported 1,100 branches in 12 states from Maine to Virginia and the District of Columbia. There are 38 branches in Vermont.

The change-over for customers officially occurred on Sept. 6, with new banking cards issued and other changes taking effect. Although some customers reported a smooth transition, others took to social media to complain about confusion by banking staff, long waits for calls to the company to be returned, and more.

Horrible doesnt even begin to describe what my family has experienced, Louise McClay posted on the Bennington Banner Facebook page, responding to an inquiry by the paper about peoples experiences. I am in the process of a slow closure of my account of more then 20 years. Only reason its a slow closure is I have stuff that is automatic and therefore I have to be 100% certain everything is switched before I just close it out.

Worst experience ever and will be switching to Bank of Bennington! commented Melissa Foucher.

Closed my accounts after 33 years before the transition, commented Karen Curran. Horrible experience with staff known to me for years ... Management was less than useless.

Ed Woods, treasurer of the Southwest Vermont Union Elementary School District, said Wednesday he had some unsettling moments during the transition for six bank accounts he oversees involving payroll and general funding for the regional districts schools.

At one point, he said, Im transferring hundreds of thousands of dollars and there is no one to help me.

Woods added that he was on hold for two hours trying to connect with people at the bank.

He eventually did connect with Lori Terrien, in the banks Burlington office. Shes the banks government banking manager, with whom he worked in the past.

Woods said hes now assured all [the districts] money is in the right place.

Reto Pieth, of Grafton, who contacted the Brattleboro Reformer after the weekend of the accounts changeover, said his issues have now been resolved.

The whole thing was just so confusing, he said Wednesday, referring to instructions and information sent to customers prior to the changeover. And you could never get through to anyone [by phone].

Pieth said a message on the banks phone system continually said they were receiving a high volume of calls but that someone would get back to him, but no one did.

He had trouble learning whether or when he should be using a new bank debit card sent to customers or his old one from Peoples United, and whether an expected new bank routing number for transfers was activated or the old one should be used.

A teller he initially talked to also seemed confused about the debit card issue, he said.

Kevin Gaffney, Vermonts commissioner of the Department of Financial Regulation, said he has spoken to a top M&T Bank official in Vermont, attempting to get more clarity on the situation.

While M&T Bank is regulated on the state level by a similar New York entity, Gaffney said his department has fielded complaints from Vermonters and has been in communication with both New York regulators and M&T Bank officials.

Gaffney said he could not speak for the bank, but that it was his understanding M&Ts newly combined banking platform and system had issues with consumer accounts after information on thousands of accounts was entered.

Many customers apparently were able to access their new accounts, Gaffney said he learned, but many others needed sort of hand-holding, and this has taken time ... I think this is something they just have to work through.

The Department of Financial Regulation intends to post notices if they are received from the bank relating to the changeover, Gaffney said. One notice he believes is likely is that bank customers will be reimbursed for any late fees incurred while an M&T Bank account cant be accessed.

Not all of the comments received by the Reformer and Banner were negative.

No transition is without glitches, however getting upset at the workers, is just not a solution, said Banner Facebook commenter Andrew J. Tarantino. Take a breath and think about how difficult, it is for the people working, at all these new branches. They are having to deal with a new banking system, as well as every customer, who has a problem with their online banking.

I have to say that I just had an unexpectedly pleasant experience on the phone with someone at M&T, a woman commented recently on a Brattleboro Facebook discussion page. I had an ATM card not show up during their turnover, and called to get it replaced (rather than stand in line at the bank with every other angry customer yesterday). The human I spoke to on the phone was incredibly understanding and helpful ... Replaced card & expedited (and waived that fee) within minutes. They divulged to me that they had also been transferred over from Peoples and were learning pretty much on the fly. They (like us) are navigating a new system; but unlike us, theyre not being met with much patience and understanding.

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People's Bank transition to M&T Bank still a work in progress - Brattleboro Reformer

Human Rights CouncilFifty-first session12 September7 October 2022Agenda items 2 and 4Annual report of the United Nations High Commissioner for Human Rights and reports of the Office of the High Commissioner and the Secretary-General Human rights situations that require the Councils attention

Report of the Office of the United Nations High Commissioner for Human Rights

Summary

Pursuant to Human Rights Council resolution A/HRC/RES/46/21, this report: assesses actions taken by various actors following release of the Independent International Fact-Finding Mission on Myanmars 2019 conference room paper on the economic interests of the Myanmar military; identifies continuing and emerging challenges; and uses examples to highlight relevant issues.

I. Introduction and methodology

In resolution A/HRC/RES/46/21, the Human Rights Council requested the Office of the High Commissioner for Human Rights (OHCHR) to provide the Council at its fiftyfirst session a comprehensive report on progress made and challenges remaining with regard to recommendations made by the Independent International Fact-Finding Mission on Myanmar (FFM) in its 2019 conference room paper on the economic interests of the Myanmar military (Tatmadaw), and to provide further recommendations.1

In its paper, the FFM determined that the ability of the military and its leadership to draw on various sources of revenue enabled its conduct, including perpetration of serious international crimes. The FFM investigated five areas of the militarys economic interests, came to conclusions, and listed implicated individuals and companies in separate annexes. Its recommendations were targeted at seven groups of actors. Updates and responses to the original paper are publicly available.2

This report assesses actions taken by various actors following release of the FFMs paper until 31 July 2022, identifies continuing and emerging challenges, and uses examples to highlight relevant issues.

This report was prepared using open-source material collected and subjected to credibility assessments, including Myanmar Extractive Industries Transparency Initiative (EITI) databases, corporate records, public reports containing first-hand information from credible and reliable sources, and satellite imagery and analysis. In addition to an open call for submissions,3 all named entities (26 States, 41 companies, and 11 institutions) were contacted to the extent possible during the drafting process. All 42 submissions received were duly considered. Remote interviews were also conducted with subject matter experts, civil society actors and journalists. Notes from these confidential meetings are on file. Given the grave security risks that individuals in Myanmar face since the military launched its coup,4 OHCHR prioritized the safety of all interlocutors above other considerations.

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Progress made and remaining challenges with regard to the recommendations of the independent international factfinding mission on Myanmar...

ByHub staff report

The release of Johns Hopkins' second diversity, equity, and inclusion plan last winter has been followed by a flurry of sustained activity over the past several months, as leaders, DEI practitioners, and others across the university work toward the 24 goals articulated in the document.

Realizing our Promise: The Second JHU Roadmap on Diversity, Equity, and Inclusion, JHU's vision for advancing diversity, equity, and inclusion across the university over the next five years, is an ambitious and wide-ranging document that aims to build on the progress of JHU's first diversity plan, to address identified gaps, and to elevate the university's diversity efforts to a new level.

Katrina Caldwell

Vice provost for diversity and inclusion

"At Johns Hopkins we strive to be a model of a pluralistic society in which we acknowledge, embrace, and engage diverse identities, perspectives, and experiences," begins the new universitywide Statement of Principles on Diversity, Equity, and Inclusion, an important foundational milestone for diversity strategic planning activities across the university that was adopted in December when JHU's board of trustees endorsed the Roadmap. "We seek to build and buttress an inclusive intellectual and physical environment to ensure that all members of our community know with certainty that they belong at Johns Hopkins. And we aspire to equitably share the benefits and burdens of dismantling persistent systemic barriers to individual and communal success."

To that end, the Office of Diversity and Inclusion has been leading ongoing implementation planning at both the university and divisional levels to outline the steps needed to accomplish the Roadmap goals. ODI has shared a preliminary timeline for the plan, culminating in the university's first annual Diversity, Equity and Inclusion Summit, to be held in the fall of 2023.

"This Roadmap reflects a deliberative and inclusive process shaped by the insights and ideas of a broad and diverse group of Hopkins employees, students, alumni, and neighbors," said Katrina Caldwell, the university's vice provost for diversity and inclusion and chief diversity officer. "But our work is just beginningreaching these goals and realizing the full promise of this institution will require collaboration, accountability, and a shared commitment to building a culture of belonging and success for all."

Notably, two programs that aim to bring diverse scholars to the university's campuses, with a particular focus in science, technology, engineering, and math fields, made major strides in recent months. The Vivien Thomas Scholars Initiative, a $150 million effort to address historic underrepresentation in STEM disciplines, has welcomed an inaugural cohort of 20 scholars from a group of more than 200 applicants. These scholars, recruited from historically black colleges and universities and minority serving institutions, will arrive later this summer to begin pursuing Hopkins PhDs in STEM fields.

A complementary faculty recruiting effort, the Fannie Gaston-Johansson Faculty of Excellence Program, was announced in May. This programnamed for longtime School of Nursing faculty member Fannie Gaston-Johansson, the first Black woman to become a tenured professor at Johns Hopkinswill bring 30 diverse scholars to the university, with a concentration in areas where diversity among faculty has lagged, particularly in the natural and biological sciences.

Additional progress related to the Roadmap's 24 institutional goals includes:

Academic and operational divisional partners are currently preparing and finalizing their goals to be shared broadly later this semester.

More information about the Roadmap is available on the university's Diversity and Inclusion website, including a high-level implementation timeline and a status update on 10 goals identified for early action. Timelines for the Roadmap's full set of 24 goals will be posted later this semester.

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University makes progress toward diversity, equity, and inclusion goals - The Hub at Johns Hopkins

Q. Youve noted that we continued to make progress even during the pandemic, which posed enormous challenges. What lessons did you learn about managing the unexpected alongside longer-term planning?

A. Whats great about a strategic plan especially one that reflects community input and priorities, as ours does is that it can serve as a North Star when unanticipated challenges arise, or as circumstances change over time. Our vision and goals remain the same, but new opportunities can arise that werent originally in the plan, and we may even discover that some of our initial ideas, which were meant to be tested and modified if necessary, just wont work.

And I think you also have to keep your eyes open for opportunities. To cite one example, we have been in conversation with the governors office and legislators, as well as private philanthropists, about the construction and programming for a new Institute for Biotechnology, which would be a state-of-the-art and first-of-its-kind translational research program in the commonwealth designed to accelerate discoveries and translate them from the research laboratory to clinical care so that patients have access to the most promising treatments available. This specific institute wasnt articulated in the original strategic plan, per se, but it clearly aligns with one of the five major interdisciplinary research investment areas in the plan precision medicine so its an opportunity we have been actively pursuing.

Scientific discovery can also present new avenues for growth. For example, our Grand Challenges investments in the brain and neuroscience and in environmental resilience and sustainability include new interdisciplinary faculty, support for postdoctoral students and practitioners, funding for projects currently underway or just getting started, and data analytics. Its exciting to think about what new avenues those investments may open but hard to predict.

Its fitting that ouraspirationis to be the verybest publicuniversityin the country, and tobe a university that isboth greatand good.

Jim RyanPresident

Q. The Emmet-Ivy corridor is an excellent visual marker for progress. You can see the work as it happens. What are some parts of the plan being executed that arent as obvious, but are just as important?

A. Emmet-Ivy is incredibly exciting for a number of reasons, even beyond the idea that the corridor will physically bridge Central and North Grounds and the Athletics Precinct. It will be the home of the new Karsh Institute of Democracy, which will synthesize our existing efforts to study and strengthen democracies around the world, and which will make UVA a hub of this work. It will house a new performing arts center, drawing talent from around the world to the Charlottesville-Albemarle region, and enriching the arts landscape for all of us on Grounds.

Weve already broken ground on the School of Data Science, which will extend far beyond the walls of its physical home there schools across the University will work with data scientists to realize the promise of data to improve society. And to make sure that Emmet-Ivy becomes a welcoming destination for visitors, we are building a state-of-the-art hotel and conference center along the Ivy Road entrance corridor. In addition to a restaurant, caf, and a visitors center, the ground floor will become a spacious living room, intended to be a place for people to gather, meet, or study.

But there are other markers of progress that are just as important, even if they feel a little more abstract. I think at the top of that list is our progress toward our Honor the Future campaign, which has been quite successful and has raised more than $4 billion for top priorities, including more than $1 billion for scholarships and faculty chairs, a key component of the strategic plan. UVA Health has launched new partnerships and opened a new orthopedics center. Weve expanded educational opportunities, both in person and online, for working adults in the commonwealth and beyond through programs like UVA Edge and our expansion into Northern Virginia with the UVA NOVA campus. Weve invested in our staff, creating new awards like Hoos Building Bridges, and looking at the future of work. And weve assisted UVA Wise with a major new strategic planning effort.

Q. The Great and Good Plan aims to tackle complex issues, not the least of which is UVAs relationship and partnership with the Charlottesville community. What have you learned about this part of the work during the first few years?

A. This has honestly been some of my favorite work. Its been quite meaningful to me to engage with our community as true partners in service to a common goal to make our community as strong and equitable as possible. The pandemic reminded us that Charlottesville and Albemarle are not separate from UVA our futures and fortunes are intertwined and we are fortunate to have wonderful community leaders willing to give their time and expertise to this goal.

Im looking forward to more great work from the Presidents Council on UVA-Community Partnerships, which met throughout the pandemic. We opened the Center for Community Partnerships in downtown Charlottesville during November of 2020, and have seen progress accelerate since then, including on affordable housing and creating more employment opportunities for residents of Charlottesville. Well be working on education initiatives and public health in the months ahead, as working groups deliver their final reports and recommendations.

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Q&A: Jim Ryan Assesses 'Great and Good' Progress and the Road Ahead - UVA Today

Is the movie industry as dead as Goose, the hotshot fighter pilot who lost his life in the first Top Gun film, who haunted Tom Cruises Maverick all those years later in this summers smash-hit sequel? Industry analysts say not just yet, but maybe put that big comeback talk on ice a little bitat least for now.

Top Gun: Maverick was a standout success at the box office in a summer full of big winners, but new data shows movie theaters are still struggling to fully recover from the pandemic amid increasing competition from streaming services and a limited release schedule.

While Tom Cruises blockbuster has grossed over $1.4 billion globally since its May 27 release dateand hits like Jurassic World: Dominion and Doctor Strange in the Multiverse of Madness both managed to earn over $900 million this summerthe theater business as a whole still faces issues.

Altogether, domestic box office sales this summer were down 21% from the pre-pandemic summer of 2019, according to the media measurement and analytics firm Comscore.

Hollywood managed to rake in just $3.4 billion in North American theaters over the summer. Thats the lowest total since 2001, and 19% below the average summer box office sales between 2005 and 2019.

The poor figures arent welcome news for theater operators, who struggled last year to cope with the more than 60% decline in domestic box office sales from pre-pandemic levels.

Domestic ticket sales totaled just $4.5 billion for all of 2021, compared to $11.4 billion in 2019, according to data from the ticket sales tracker Box Office Mojo.

Paul Dergarabedian, senior media analyst at Comscore, told Fortune that the recovery in the movie industry from pandemic shutdowns has been hampered not by audiences willingness to go out, but by a sheer lack of movie releases.

Its been a real long road back to recovery, if you will, since March of 2020. And were still a work in progress, he said.

Movie studios only gave a wide releasedefined as films shown on 2,000 theaters or moreto 22 movies domestically this summer, versus 42 in 2019, Comscores data shows. With a roster that thin, a mere 21% decline in sales is actually pretty impressive.

The new data confirms warnings from Regal Cinemas parent company, Cineworld, in August. The London-based entertainment conglomerate said that recent admissions at its theaters were below expectations due to a limited film slate that is set to continue through November.

Cineworld was forced to file for Chapter 11 bankruptcy this week in order to help it cope with the falling sales and a sizeable $4.8 billion net debt load (excluding lease liabilities) that it built up during the pandemic.

The firms main competitor, the meme stock favorite AMC Entertainment Holdings, has managed to avoid bankruptcy, but it has also posted consistent losses during this challenging period for the industry.

Through the first six months of 2022, AMC pulled in over $1.9 billion in revenue, but its net loss totaled $459 million over the same period, SEC filings show.

AMC offered its loyal fan base preferred stock, which it calls APE shares, in order to bolster its balance sheet last month. But since their release, the APE shares are down roughly 10%.

CEO Adam Aron admitted this week that retail investors saved the company by buying its stockand the sinking APE sharessince the pandemic.

Cineworld/Regal just filed for Chapter 11 bankruptcy protection for its theaters in the U.S.and U.K. Fortunately, AMC is in a very, very different situationbecause retail investors embraced us and let us raise boatloads of cash. Thank you to retail! You really did save AMC, he wrote in a Wednesday Twitter post.

The good news for AMC shareholders, according to Comscores Dergarabedian, is that movie theaters are poised for a further recovery. Despite the rise of streaming services, there is still strong demand from audiences for theatrical releases, he said.

To his point, domestic summer box office sales actually doubled from 2021 this year, even though they remained well under the industry average.

So even though everyones focusing on the fact that this was a low-grossing summer compared to pre-pandemic times, I would say this was the best possible scenario for a summer comeback in 2022, he said.

Dergarabedian went on to explain that if studios can get back to a more orderly release schedule, the industry should be able to thrive in the coming years. However, he noted that all the disruptions to production schedules and release dates will take time to iron out.

I think the best news for the industry is that despite a slowdown right now, 2023 looks really strong in terms of the lineup of movies, and if you build it, they will come. I know its a clich, but we saw that this summer for sure, he added.

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From Top Gun to dying goose, movie theaters big summer comeback is still a work in progress - Fortune

By Laken LitmanFOX Sports College Football Writer

AUSTIN, Texas The thing about Saturdays game was that Texas knew adversity was going to hit at some point. The Longhorns just didnt know how eerily familiar it would be.

The last time Texas and Alabama faced each other in the 2010 national championship the Longhorns lost starting quarterback Colt McCoy in the first quarter, lost the game, and the program lost its way for the next 12 years.

In Saturdays meeting between unranked Texas and No. 1 Alabama, something strangely similar occurred. The Longhorns lost starting quarterback Quinn Ewers to injury in the first quarter and lost the game, 20-19.

But this time, things feel different. The Longhorns were looking for a measuring stick and validation for head coach Steve Sarkisians master plan. The way this team handled adversity, the atmosphere and the pressure in big moments means there might finally be something to be optimistic about in Austin.

"In a weird way, we feel pretty good about ourselves," Sarkisian said. "I don't think were that far off. And as I told the team, I don't look at this as we lost. We ran out of time.

"Now the key to the drill is to get back on the horse tomorrow and get right back to work."

Highlights: Alabama edges Texas

Check out the highlights from Alabama's thrilling 20-19 victory over the Texas Longhorns.

Coming in, this game was not short on storylines. There was Sarkisian facing his former boss and mentor Nick Saban; the 2010 title game rematch; Saban once being offered the head coaching job at Texas; Sarkisian knowing both QBs extremely well.

The atmosphere was electric well before kickoff. A record 105,231 fans mostly dressed in burnt orange piled into Darrell K. Royal-Texas Memorial Stadium and stayed loud throughout the game. Students had started lining up outside the stadium at 4 a.m. just so they could get a good seat. One said he got there that early just so he could hopefully sit in the front row and storm the field if Texas shocked the world.

Well, thats exactly what happened. Texas shocked the world. The Longhorns just didnt win.

Alabama was a 20-point favorite on the road and few expected Texas to stay in the game.

"Nobody gave us a chance, OK?" Sarkisian said. "But we believed in our locker room that we could go win this game, and we played like a team that believed they could win this game. And we played like a team that thought they were going to win this game

"I think the way our team looks at this is, Man, if that was the best team in the country and we took them down to the wire, that should instill a lot of confidence in us we can play with anybody."

The Longhorns started strong and stayed in it, even if they only scored one touchdown all game Bijan Robinson on an easy 1-yard rush to start the second quarter, capping a six-play, 75-yard drive. Ewers looked comfortable and confident early, effortlessly leading the Horns downfield. He found Jordan Whittington for 17 yards with two Alabama linemen in his face, then Xavier Worthy for 46 yards on the next play.

Then, with less than a minute remaining in the first quarter, linebacker Dallas Turner drove Ewers into the ground. The quarterback was slow to get up and went straight to the locker room, favoring his left shoulder. He returned to the sideline in the second half wearing street clothes. Sarkisian confirmed after the game that Ewers has a sprained clavicle and will get an MRI to find out the severity.

While this may have felt like deja vu for Texas fans, it wasnt for a team barely old enough to remember the title game 12 years ago.

"Were not a finished product by any means," Sarkisian said. "Were a young team right now and sometimes, thats good. We dont have the battle scars that can affect your performance moving forward.

"I think were on the come-up. Were moving in the right direction of the roster, style of play and mentality to go out and play against quality opponents week in and week out."

Rather than succumb to mighty Alabama with Ewers out, backup quarterback Hudson Card pulled off a more than respectable performance, going 14-for-22 for 158 yards with no interceptions. And this was behind an inexperienced starting offensive line that includes two freshmen, two sophomores and one senior.

"Hudson was ready to go," Robinson said. "We went to the sideline and prayed together to get his confidence up, and he was fine. I told him, Youve been practicing for this moment. Now its your turn to step up and be the guy. And he was like, Bro, Im ready to go."

Texas defense was the surprise story with an impressive game plan from coordinator Pete Kwiatkowski. The unit played tough, pressuring reigning Heisman Trophy winner Bryce Young (27-for-39 for 213 yards and one TD) and making him uncomfortable for three quarters. A Texas sack late in the third quarter initially looked like a safety, but after a controversial and wildly confusing review, officials ruled targeting, then roughing the passer, then ultimately, an incomplete pass. It saved Alabama from a potentially massive momentum swing.

"That could have changed the complexion of the game," Sarkisian said. "But thats football."

WILD sequence: Safety? Penalty? None of the above!

Weve become so accustomed to Alabama scoring at will over the last decade, but at one point, the Tide had four consecutive three-and-outs. They punted on six drives. Alabama also committed 15 penalties, the most in the Saban era.

"I think the energy in the stadium created some uncharacteristic errors on both sides, but Id like to think we had a little part to do with that," Sarkisian said.

Texas fans have held on tight to the notion that if McCoy hadnt gotten hurt in 2010, the Longhorns would have won the national championship. There will likely be some of that after this regular-season game. Worthy bobbled a would-be touchdown in the first quarter and had another close score but caught the ball out of bounds, and DShawn Jamison nearly intercepted Young in the second quarter. Texas had enough chances but fell slightly short of capitalizing.

Leading 17-16 late in the fourth, Alabama went for it on fourth-and-1 but Texas made a stop, leaving Card 3:55 on the clock. After getting sacked by Will Anderson Jr. on third down, the Horns kicker Bert Auburn kicked a 49-yard field goal to take a 19-17 lead with 1:29 remaining.

Unfortunately for Texas, that was too much time to give Young, who had what Sarkisian described as a "Houdini act" to get out of a sack from Ryan Watts and put Alabama in field goal range. Alabamas 33-yard field goal ended the game.

For Texas, it was a loss to Alabama, just like 2010. But this time, the Longhorns feel like it was a moral victory or at least a sign of big things to come.

Laken Litman covers college football, college basketball and soccer for FOX Sports. She previously wrote for Sports Illustrated, USA Today and The Indianapolis Star. She is the author of "Strong Like a Woman," published in spring 2022 to mark the 50th anniversary of Title IX. Follow her on Twitter @LakenLitman.

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Texas lost to Alabama again, but this time it feels like progress - FOX Sports

When Queen Elizabeth II came to the throne, Britain was financially exhausted, rationing still in place and inflation high after the second world war. Then as is now, after her death on Thursday concerns over living costs were at the forefront.

Over the course of the second Elizabethan age, the country has grown more prosperous, healthier and socially liberal. Real gross domestic product per person is almost four times larger than at her accession in February 1952, having been kickstarted in the first two decades of her reign by a golden age of economic growth.

This unprecedented period of rising living standards, however, has not always been smooth and wasnt always equal. For billions around the world there were costs from the way Britain withdrew from empire, alongside profound changes at home, in 70 years of change up to our current economic rough patch.

In her seven decades on the throne the Queen saw five recessions and 15 prime ministers, with the toughest spell for the economy coming in her final years with the 2008 financial crisis, the Covid-19 pandemic and the energy shock amid Russias war in Ukraine.

After the white heat of technological revolution heralded by Harold Wilson in the 1960s, growth fizzled out with the oil price shock, strikes and inflation of the 1970s. Inequality soared in the 1980s as central banks stamped out inflation with sky-high interest rates, while whole communities were hollowed out by the dismantling of industry.

Early in the Queens reign the economy was geared far more to heavy industry, with national champions, publicly owned industries, and a welfare state in its nascent years. It was a coal-based economy still, reflected in the Great Smog of London in December 1952 only months into her reign.

Industrial employment including construction, manufacturing and utilities was above 40% when her father, George VI, died, yet fell to as little as 15% by the time of her sapphire jubilee in 2017. Britain shipped in more goods from overseas and made less at home as globalisation advanced, and as the service sector grew thanks to a boom in consumer credit and the big bang reforms for the City of London.

In the early 1950s, poverty levels were low, however at least in relative terms, in a time before most households had cars or colour televisions. As few as 13% of households were in relative poverty in 1953, the year of her coronation defined as having income 60% below the national median, before housing costs and remained at that level for decades despite the stellar economic growth of the 1960s. With the boom in higher-paying service sector jobs and cuts to welfare in the 1980s, relative poverty rose sharply to hit 22% by 1990. It has fallen since but remains high.

While growing significantly healthier and wealthier, Britain has, however, lagged behind several of its economic rivals, says Jagjit Chadha, the director of the National Institute of Economic and Social Research. No new IMF nor World Bank would, for example, offer the UK a seat at the top table, which was certainly the natural order in the first half of the 20th century.

That the Queen was nevertheless able to retain the international popularity of our monarchy at a time of imperial retreat and even bolster the UKs soft power is an enduring economic feat.

Throughout history our politicians have looked back for lessons about how to plot a successful course for the economic future. It has, though, not always been helpful, and might throw up a few unwanted answers for the politicians of the day.

When Margaret Thatcher came to power, the leading economic historian Nick Crafts says she asked her advisers to appraise the employment policies of her political hero, Winston Churchill. However, the results were far from helpful for the Iron Lady, who found Britains wartime leader ran a policy of appeasement when it came to the trade unions during the 1950s.

Unemployment during his second term in office, as the Queen came to the throne, was low at just under 2% of the working-age population; a figure unthinkable today, when a jobless rate of just under 4% is considered a sizeable victory in an otherwise challenging world.

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Fearful of electoral disaster if unemployment rose, Churchill prioritised cordial labour relations to help keep it low. Thatcher was unimpressed, Crafts says: When they handed her the report, she apparently read it and declared: wet, wet, wet!

Today the new prime minister, Liz Truss, appears on a similar mission to take the greatest hits of Thatcherism and repurpose them for the modern day. Yet there is only so far these lessons apply; coming as they do as the changes of decades past have reshaped the conditions for the road ahead.

Sweeping tax cuts, deregulation and fighting trade unions is hardly a successful recipe today, at a time of broad public support for more state spending for austerity-battered public services. In an age of zero-hours contracts and pay failing to keep pace with the soaring cost of living, few would wish to see their rights at work torn up, or have the regulations ensuring food and product safety watered down.

If there are learnings from postwar history to take, Truss could instead heed the leading voice of British industry, the CBI lobby group, which has called for a policy response closer to that used by the 1945 Labour government, and of partnership between government and business.

Truss has promised to deliver, deliver, deliver on rebooting the British economy. Dropping the failed lessons of the past would be a good way to start, and looking to different points of progress from the second Elizabethan age would help.

We are not faced with postwar reconstruction, industrial decline, the need to deregulate nor the need to hitch our colours to the rise of the City, Chadha says, underscoring this point. It is more a problem of how to bring the country and devolved nations together and aim for economic and social progress for all.

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Liz Truss can learn from the progress of second Elizabethan age, not its failures - The Guardian

The company's Electron rocket carrying the CAPSTONE mission lifts off from New Zealand on June 28, 2022.

Rocket Lab

The second quarter was a mixed bag for space companies, with some firms posting steady progress while others faced setbacks.

Most space stocks, many of which went public last year through SPAC deals, are struggling despite the industry's growth, off 50% or more since their market debut.The shifting market environment and climbing interest rates have hit technology and growth stocks hard, weighing on space stocks.

CNBC breaks down the most recent quarterly reports forAerojet Rocketdyne,AST SpaceMobile,Astra,BlackSky,Iridium,Maxar,Momentus,Mynaric,Redwire,Rocket Lab,Satellogic,Spire Global,Telesat,Terran Orbital,ViaSat,Virgin GalacticandVirgin Orbit.

Satellite imagery companyPlanethas yet to report its latest quarterly results, as the company follows a fiscal year calendar that began on Feb. 1.

Stock's year-to-date performance: -3%

Aerojet Rocketdyne continues to draw a major portion of revenue from the space sector. The propulsion specialist takes a majority of its $528.5 million in second-quarter sales from defense-related contracts. Notably, president and CEO Eileen Drake confirmed that Aerojet's backlog added a United Launch Alliance contract for 116 of the RL10 engines needed to power the Vulcan rocket series, many of which Amazon ordered.

Stock's year-to-date performance: +36%

The satellite-to-smartphone broadband company reported revenue of $7.3 million and total operating expenses of $35.4 million, both metrics slightly higher than the same period a year earlier. The company has $202.4 million in cash, as AST continues to work toward the launch of its Blue Walker 3 test satellite in September. It's spent $86.6 million on the demonstration to date.

Stock's year-to-date performance: -88%

Small rocket and spacecraft builder Astra reported another heavy quarterly loss, taking an adjusted EBITDA hit of $48.4 million. The company brought in just $2.7 million in revenue and announced the surprise cancellation of its Rocket 3.3 series along with a launch pause until at least 2023 as it pivots to developing the larger variation, Rocket 4.0. Astra has $200.7 million in cash on hand.

Stock's year-to-date performance: -52%

Seattle-based satellite imagery specialist BlackSky reported revenue of $15.1 million for the quarter, nearly double what is posted a year ago, and an adjusted EBITDA loss of $8.8 million. The company landed a major win in the form of an NRO contract for its imagery, worth up to $1.02 billion over a decade.

Stock's year-to-date performance: +9%

The satellite communications provider delivered revenue of $174.9 million, an operational EBITDA profit of $105.9 million and just under 1.9 million total subscribers up 17%, 12%, and 16%, respectively, from the same period a year prior. Iridium CEO Matt Desch emphasized on the call that the "business outperformed nicely," with the company "positioned well to grow ... even if recent concerns of an economic downturn come to fruition." The company also won a significant award from the Pentagon's Space Development Agency during the quarter, which Desch expects to add $133 million in revenue over seven years.

Stock's year-to-date performance: -58%

The spacecraft maker brought in just $50,000 in revenue, due to a canceled customer contract, and reported an adjusted EBITDA loss of $18.3 million. While Momentus has about $109 million in cash on hand, the company says it plans to reduce its quarterly cash burn by cutting some spending and delaying long-term R&D projects, as it focuses on resolving issues identified with its spacecraft during its latest mission.

Stock's year-to-date performance: -41%

The laser communications maker has yet to begin reporting quarterly results, having gone public in November. During the second quarter, Mynaric announced an agreement with defense firm L3Harris, which will take a 7.2% stake in the company and invest about $11 million.

Stock's year-to-date performance: -54%

The space infrastructure conglomerate collected $36.7 million in revenue during the quarter, up 14% from a year prior, with an adjusted EBITDA loss of $4.1 million. Notably, Redwire "expects to achieve positive adjusted EBITDA in the second half of 2022," even as it continues to invest in infrastructure expansions such as a newly opened robotic arm manufacturing facility in Luxembourg.

Stock's year-to-date performance: -54%

The multinational small-rocket and spacecraft builder reported $55.5 million in revenue, up 36% from the previous quarter, largely from its space systems division. It also increased its total order backlog to $531.4 million. The company reported an adjusted EBITDA loss of $8.5 million, but has over half a billion in cash on hand. Rocket Lab CEO Peter Beck said on the company's earnings conference call that Rocket Lab continues "to see strong demand for Electron launches."

Stock's year-to-date performance: -53%

The satellite imagery company has yet to begin reporting quarterly results, having gone public in January. During the second quarter Satellogic debuted four additional satellites in orbit via a SpaceX launch, increasing its fleet to 26 so far. The company aims to have 34 in orbit by early 2023.

Stock's year-to-date performance: -55%

Small satellite builder and data specialist Spire brought in $19.4 million in revenue during the second quarter and reported an adjusted EBITDA loss of $7.3 million. For the full year 2022, the company expects that it will surpass $100 million in annual recurring revenue from subscribers.

Stock's year-to-date performance: -61%

The Canadian-based satellite communications operator reported revenue of about $143 million (converted at current rates from Canadian dollars), a slight decrease from the year before, with a contract backlog worth about $1.5 billion. Telesat posted an adjusted EBITDA profit of about $112 million. The company noted that, pending final manufacturer and financing agreements, capital expenditures "could increase substantially" to fund the development of its Lightspeed network.

Stock's year-to-date performance: -59%

The spacecraft manufacturer recorded $21.4 million in revenue during the quarter and reported an adjusted EBITDA loss of $14.8 million, while increasing its backlog to $224.1 million. Terran Orbital began delivering satellite buses, the main body of a spacecraft, to Lockheed Martin under a Pentagon contract, and supported the launch of NASA's CAPSTONE spacecraft, which it helped build.

Stock's year-to-date performance: -16%

The satellite broadband provider, which is on a fiscal year calendar that starts in April, reported quarterly revenue of $678 million and an adjusted EBITDA profit of $132 million the former a 2% year-over-year increase and the latter a 17% decrease. Viasat noted that it continues to see pressure on its finances from supply chain shortages and inflation. The company plans to launch its ViaSat-3 satellite late this year.

Stock's year-to-date performance: -55%

The space tourism company reported an adjusted EBITDA loss of $93 million on negligible revenue. Virgin Galactic announced yet another delay to the start of commercial service, pushing it back to the second quarter of 2023 as the company continues to refurbish the carrier aircraft that begins its spaceflights. Virgin Galactic reported $1.1 billion in cash on hand and announced plans to sell up to $300 million in common stock.

Stock's year-to-date performance: -50%

The alternative rocket launcher did not report any revenue, but completed a launch the day after the second quarter ended and will recognize $12 million from that in the next period. Virgin Orbit recorded an adjusted EBITDA loss of $34.4 million and $122.1 million in cash on hand. The company expects to complete two more launches this year, making for four total in 2022.

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Space companies put up a mixed second quarter. Here's who outperformed and who faltered - CNBC

PLACER COUNTY High humidity and weak winds in the El Dorado National Forest over the weekend are helping firefighters battling the Mosquito Fire make the first steps in containing a blaze that has now been raging for close to a week.

But officials said that crews are not out of the woods just yet and fresh fuel to the northeast in the direction of Lake Tahoe could ignite a big fire if the favorable weather conditions disappear. Evacuation orders are also still active.

As of Sunday morning, the Mosquito Fire has burned 41,443 acres east of the Foresthill area in Placer County and is 10% contained. Though the fire grew by roughly 25% over the night, it was mostly from fire crews conducting prescribed burns to further contain the blaze, said U.S. Forest Service spokesman Stan Bercovitz. No buildings have been destroyed so far; however, about 5,848 structures in the Foresthill area are under threat.

Fortunately for this fire, we havent had big winds, he said. But the fuels do exist. And the terrain exists (for it to grow further).

While the ignition sources to the northeast include burn scars from two previous fires, Bercovitz said that their terrain is made up of bushes that would create flashy fuels. Beyond the two burn scars is land that hasnt been touched by fires in decades, according to a fire briefing on Sunday morning. There are currently 1,808 crew members dispatched to the incident.

Bercovitz said containment has been difficult for crews because the terrain where the Mosquito Fire is burning is somewhat inaccessible and aircraft have had a hard time in the air because of smoky conditions.

On Sunday, evacuation orders were active in the Volcanoville, Quitette, Bald Mountain, Grey Eagle, Canyon Creek and Georgetown areas. Warnings were active in the Cool, Garden Valley, Swansboro, Slate Mountain and East Stumpy Meadows areas. More than 11,000 people have been evacuated, according to officials. In Placer County, an evacuation center has been set up at Sierra College. In El Dorado County, there are evacuations centers at Cameron Park Services District and Green Valley Community Church.

An air quality advisory was announced for Sunday because of smoke from the Mosquito Fire, as well as blazes in Washington State and Idaho.

Originally posted here:

Crews make first progress on Mosquito Fire with favorable weather, but threats remain with fresh fuel to the northeast - East Bay Times

CHAMPAIGN, Ill. Saturday revealed differing levels of progress two weeks into Virginias first season under a new regime.

Theres a swelling belief among defenders in the scheme first-year coordinator John Rudzinski implemented, and an improving understanding in what Rudzinski is asking of them.

Take cornerback Anthony Johnsons interception on the second snap of the Cavaliers loss at Illinois for example.

Coach put me in a great position to just read the quarterbacks eyes, said Johnson, whose leaping, outstretched pick was the sixth of his career.

[Were] in Cover 2, he said without any hesitation of how the first of four forced turnovers came to be for the Hoos, with two verticals and sinking on the one. The quarterback threw it right to me, and then its just capitalizing and finishing on the play, making the play for the team.

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Said safety Langston Long, who had a game-high 13 tackles, a tackle for loss and a fumble recovery against the Illini: I think were getting confidence in the defense, and I think were also getting confidence in each other as we become more coherent as a unit and as we grow closer. Were trusting each other and trusting our coaches. Thats all you can ask for. Thats what makes great defenses.

On top of the four takeaways, UVa tallied more sacks and tackles for loss against better competition in Week 2 against Illinois (three sacks, five tackles for loss) than in Week 1 against FCS Richmond (two sacks, three tackles for loss). Pass rushers Kam Butler and Chico Bennett Jr. each recorded a sack versus the Big Ten foe whereas none of the edge players took down the quarterback in the season-opening bout against the Spiders.

Rudzinski said his defense made a step forward against Illinois, but still has upgrades to make in regard to tackling and can learn from the pair of touchdown passes it allowed off play-action fakes to Illini quarterback Tommy DeVito.

But those seem like possible and realistic adjustments to take care of on the heels of an overwhelmingly positive showing for the group.

On the other hand, UVas offense, which tallied only 222 total yards for its lowest output since 2017 and failed to maximize on favorable field position following those turnovers early, has much more figuring out to do ahead of this coming Saturdays home tilt with Old Dominion.

First-year coach Tony Elliott said his teams offensive issues are all fixable, though.

In the opening quarter, the Cavaliers managed only nine yards of total offense and in the third quarter, they netted just six. For the game, they were 1-of-16 on third down.

That first quarter was the longest first quarter Ive ever been a part of, OC Des Kitchings said, but theres still an opportunity, theres still a chance. We just couldnt seize the moment offensively to put us in a position to score and capitalize on the opportunity, which is extremely unfortunate.

Kitchings said Illinois played man coverage on the perimeter and UVa failed to win those matchups while its offensive line couldnt protect quarterback Brennan Armstrong. He was sacked five times. Additionally, the Illini registered six quarterback hurries, so Armstrong continually faced pressure while throwing for 180 yards his first time failing to eclipse the 200-yard passing mark since Oct. 24, 2020 against Miami.

Elliott said the Cavaliers couldve planned more designed runs for Armstrong to eliminate the advantage in numbers Illinois had on every play at the line of scrimmage.

Whether or not that idea is incorporated next week, Armstrong and Kitchings said UVa must determine ways to be more efficient up front and in one-on-one situations now that the Illini created a blueprint for upcoming opponents to use against the Cavaliers, who are still trying to gain comfort in the balanced offensive system Elliott and Kitchings created and installed.

The Hoos ran an air raid last year under former coordinator Robert Anae.

We just havent seen a lot of man [coverage], Armstrong said. With our defense throughout fall [camp], we dont see a lot of man and thats all they did [on Saturday] and so, thats a good eye-opener of what we need to work on. Because, shoot, teams could see what happened there and come out and play man against us every time. I mean, thats a possibility. So, we better figure out how to protect, how to get the ball out and how to get open with man.

Said Kitchings: Things get copycatted and we got some things weve got to answer offensively and clean up going forward.

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Loss to Illinois revealed differing levels of progress for Virginia offense and defense - The Daily Progress