text:
China's Belt and Road Initiative aims to improve connectivity between China and more than 70 countries through infrastructure investment and regional cooperation. ... Exibir mais + The initiative has the potential to accelerate significantly the rate of economic integration and development in the region, as trade costs decline. The goals of this paper are to (i) study the impacts of infrastructure improvements on Belt and Road Initiative and non–Belt and Road Initiative countries' trade flows, growth, and poverty; and (ii) suggest policies that would help maximize gains from the Belt and Road Initiative–induced trade cost declines. The analysis captures the trade costs reductions as a result of infrastructure improvements. The findings indicate that the Belt and Road Initiative would be largely beneficial. First, global income increases by 0.7 percent (in 2030 relative to the baseline). This translates into almost half a trillion dollars in 2014 prices and market exchange rates. The Belt and Road Initiative area captures 82 percent of the gain, with the largest percent gains in East Asia. Second, globally, the Belt and Road Initiative could contribute to lifting 7.6 million people from extreme poverty and 32 million from moderate poverty. Third, the initiative would lead to a modest increase in global carbon dioxide emissions, with a complex set of positive and negative outcomes at the national level for other types of emissions. Exibir menos -
Documento de trabalho sobre pesquisa de políticas WPS8814 APR 10, 2019
Maliszewska,Maryla; Van Der Mensbrugghe,Dominique Disclosed
Which region will become the next global factory? As the work force ages and labor costs rise in China and other East Asian countries, many eyes turn to South Asia. ... Exibir mais + It is a region that is still largely rural, where agriculture accounts for a large share of employment and a substantial fraction of GDP, and it has not been particularly successful in integrating within itself and with the rest of the world. Yet, education levels are on the rise, and more than one million young workers enter the labor market each year, by 2030, 26 percent of the world's working adults will live in South Asia. This is the region's greatest opportunity and greatest challenge. What will determine South Asia's ability to take advantage of the demographic transition to unlock its potential and accelerate growth, create jobs, reduce poverty, and boost shared prosperity? One of the answers lies in improving the region's competitiveness. While different authors have proposed different definitions for the concept, this report chooses a simple approach by defining competitiveness as productivity (a la Porter, 1990). Despite relatively rapid economic growth, the contribution of total factor productivity (TFP) to the region's growth has been low and factors subject to diminishing returns, quantity rather than quality of labor and non-ICT capital, have been the main drivers of growth. This calls for greater focus on improving productivity. Exibir menos -
Documento de Trabalho ACS8954 JUN 29, 2016
Lopez-Acevedo,Gladys C.; Medvedev,Denis; Palmade,Vincent; Varela,Gonzalo J.; Martuscelli,Antonio; Lage De Sousa,Filipe; Kokas,Deeksha; Ferrantino,Michael Joseph; Nayyar,Gaurav; Cirera,Xavier; Cusolito,Ana Paula; Van Der Mensbrugghe,Dominique; Shaw, Bill; Saraf,Priyam Disclosed
Which region will become the next global factory? As the work force ages and labor costs rise in China and other East Asian countries, many eyes turn to South Asia. ... Exibir mais + It is a region that is still largely rural, where agriculture accounts for a large share of employment and a substantial fraction of GDP, and it has not been particularly successful in integrating within itself and with the rest of the world. Yet, education levels are on the rise, and more than one million young workers enter the labor market each year, by 2030, 26 percent of the world's working adults will live in South Asia. This is the region's greatest opportunity and greatest challenge. What will determine South Asia's ability to take advantage of the demographic transition to unlock its potential and accelerate growth, create jobs, reduce poverty, and boost shared prosperity? One of the answers lies in improving the region's competitiveness. While different authors have proposed different definitions for the concept, this report chooses a simple approach by defining competitiveness as productivity (a la Porter, 1990). Despite relatively rapid economic growth, the contribution of total factor productivity (TFP) to the region's growth has been low and factors subject to diminishing returns, quantity rather than quality of labor and non-ICT capital, have been the main drivers of growth. This calls for greater focus on improving productivity. Exibir menos -
Documento de Trabalho ACS8954 JUN 29, 2016
Lopez-Acevedo,Gladys C.; Medvedev,Denis; Palmade,Vincent; Varela,Gonzalo J.; Martuscelli,Antonio; Lage De Sousa,Filipe; Kokas,Deeksha; Ferrantino,Michael Joseph; Nayyar,Gaurav; Cirera,Xavier; Cusolito,Ana Paula; Van Der Mensbrugghe,Dominique; Shaw, Bill; Saraf,Priyam Disclosed
This book examines the state and the fate of the Doha Development Agenda (DDA). The volume has three key objectives: to provide qualitative and quantitative information about the implications of what is currently on the table; to examine controversial areas where further progress might be made; and to identify lessons that might be of use for future negotiations. ... Exibir mais + The analysis provides some suggestions for future negotiations, whether they involve comprehensive renegotiation of issues covered under the Doha Agenda, or entirely new negotiations. Conclusions include: there is much in the proposals already on the table; substantially more might be achieved in some key areas; and there is a case for new approaches in future negotiations. Finally, the volume identifies several critical trade-related matters that lie outside the DDA, such as the trade and trade policy implications of climate change mitigation, exchange rate management, food security, and energy security. Exibir menos -
Publicação 65456 NOV 01, 2011
Martin, Will; Mattoo, Aaditya; Winkler, Deborah; Laborde, David; Blandford, David; Josling, Tim; Borchert, Ingo; Gootiiz, Batshur; Bouët, Antoine; Grant, Jason; Meilke, Karl; Taylor, Benjamin J.; Wilson, John S.; Hoekman, Bernard; van der Mensbrugghe, Dominique; Anderson, Kym; Nelgen, Signe; Brown, Chad P.; Prusa, Thomas J.; Subramanian, Arvind Disclosed
This paper uses detailed data on bound and applied tariffs to assess the consequences of the World Trade Organizations December 2008 Modalities for tariffs levied and faced by developing countries, and the welfare implications of these reforms. ... Exibir mais + The authors find that the tiered formula for agriculture would halve tariffs in industrial countries and lower them more modestly in developing countries. In non-agriculture, the formulas would reduce the tariff peaks facing developing countries and cut average industrial country tariffs by more than a third. The authors use a political-economy framework to assess the implications of flexibilities for the size of the tariff cuts and find they are likely to substantially reduce the outcome. However, despite the flexibilities, there are likely to be worthwhile gains, with applied tariffs facing developing countries cut by about 20 percent in agriculture and 27 percent in non-agriculture, and sizeable cuts in tariffs facing industrial countries. The welfare impacts of reform are evaluated using a new approach to aggregation that improves on the traditional, flawed approach of weighted-average tariffs. This substantially increases the estimated benefits of an agreement along the lines of these modalities, with estimated global income gains of up to $160 billion per year from market access reform. Exibir menos -
Documento de trabalho sobre pesquisa de políticas WPS5679 JUN 01, 2011
Laborde, David; Martin, Will; van der Mensbrugghe, Dominique Disclosed
Traditional weighted-average measures of trade distortions are widely used in analyzing global and regional reforms, despite well-known deficiencies. ... Exibir mais + This paper develops and applies optimal aggregators for the real-world case of multiple countries and commodities with much more detailed information on trade than on production and consumption. The approach reflects the fact that different aggregators are needed for expenditure on imported goods and for tariff revenues, and allows for incorporation of both intensive and extensive margins of adjustment to reform. Applications confirm that the technique is straightforward enough for widespread use, and point to close to a doubling of the welfare gains at the intensive margin when using the highest possible level of international commodity disaggregation, with larger gains in developing regions than in the industrial countries. The measured income gains increase along the entire path of liberalization, with slightly larger increases in the earlier stages, where the gaps between the responses of the expenditure and tariff revenue aggregators are largest. Sensitivity analysis suggests that, for global trade reform, the ease of substitution between tariff lines is much more important than that between varieties from different countries. Exibir menos -
Documento de trabalho sobre pesquisa de políticas WPS5665 MAY 01, 2011
Laborde, David; Martin, Will; van der Mensbrugghe, Dominique Disclosed
This study analyzes the long-term impacts of large-scale expansion of biofuels on land-use change, food supply and prices, and the overall economy in various countries or regions using a global computable general equilibrium model, augmented by a land-use module and detailed representation of biofuel sectors. ... Exibir mais + The study finds that an expansion of global biofuel production to meet currently articulated or even higher national targets in various countries for biofuel use would reduce gross domestic product at the global level; however, the gross domestic product impacts are mixed across countries or regions. The expansion of biofuels would cause significant land re-allocation with notable decreases in forest and pasture lands in a few countries. The results also suggest that the expansion of biofuels would cause a reduction in food supply. Although the magnitude of the impact on food supply at the global level is not as large as perceived earlier, it would be significant in developing countries like India and those in Sub-Saharan Africa. Agricultural commodities such as sugar, corn, and oil seeds, which serve as the main biofuel feedstocks, would experience significant increases in their prices in 2020 compared with the prices at baseline due to the expansion of biofuels to meet the existing targets. Exibir menos -
Documento de trabalho sobre pesquisa de políticas WPS5513 DEC 01, 2010
Timilsina, Govinda R.; Beghin, John C.; van der Mensbrugghe, Dominique; Mevel, Simon Disclosed
The fact that developing countries do not have carbon emission caps under the Kyoto Protocol has led to the current interest in high-income countries in border taxes on the "virtual" carbon content of imports. ... Exibir mais + The authors use Global Trade Analysis Project data and input-output analysis to estimate the flows of virtual carbon implicit in domestic production technologies and the pattern of international trade. The results present striking evidence on the wide variation in the carbon-intensiveness of trade across countries, with major developing countries being large net exporters of virtual carbon. The analysis suggests that tax rates of $50 per ton of virtual carbon could lead to very substantial effective tariff rates on the exports of the most carbon-intensive developing nations. Exibir menos -
Documento de trabalho sobre pesquisa de políticas WPS5194 JAN 01, 2010
Atkinson, Giles; Hamilton, Kirk; Ruta, Giovanni; Van Der Mensbrugghe, Dominique Disclosed
There is growing clamor in industrial countries for additional border taxes on imports from countries with lower carbon prices. The authors confirm the findings of other research that unilateral emissions cuts by industrial countries will have minimal carbon leakage effects. ... Exibir mais + However, output and exports of energy-intensive manufactures are projected to decline potentially creating pressure for trade action. A key factor affecting the impact of any border taxes is whether they are based on the carbon content of imports or the carbon content in domestic production. Their quantitative estimates suggest that the former action when applied to all merchandise imports would address competitiveness and environmental concerns in high income countries but with serious consequences for trading partners. For example, Chinas manufacturing exports would decline by one-fifth and those of all low and middle income countries by 8 per cent; the corresponding declines in real income would be 3.7 per cent and 2.4 per cent. Border tax adjustment based on the carbon content in domestic production, especially if applied to both imports and exports, would broadly address the competitiveness concerns of producers in high income countries and less seriously damage developing country trade. Exibir menos -
Documento de trabalho sobre pesquisa de políticas WPS5123 NOV 01, 2009
Mattoo, Aaditya; Subramanian, Arvind; van der Mensbrugghe, Dominique; He, Jianwu Disclosed
Most economic analyses of climate change have focused on the aggregate impact on countries of mitigation actions. The authors depart first in disaggregating the impact by sector, focusing particularly on manufacturing output and exports because of the potential growth consequences. ... Exibir mais + Second, they decompose the impact of an agreement on emissions reductions into three components: the change in the price of carbon due to each countrys emission cuts per se; the further change in this price due to emissions tradability; and the changes due to any international transfers (private and public). Manufacturing output and exports in low carbon intensity countries such as Brazil are not adversely affected. In contrast, in high carbon intensity countries, such as China and India, even a modest agreement depresses manufacturing output by 6-7 percent and manufacturing exports by 9-11 percent. The increase in the carbon price induced by emissions tradability hurts manufacturing output most while the Dutch disease effects of transfers hurt exports most. If the growth costs of these structural changes are judged to be substantial, the current policy consensus, which favors emissions tradability (on efficiency grounds) supplemented with financial transfers (on equity grounds), needs re-consideration. Exibir menos -
Documento de trabalho sobre pesquisa de políticas WPS5121 NOV 01, 2009
Mattoo, Aaditya; Subramanian, Arvind; van der Mensbrugghe, Dominique; He, Jianwu Disclosed
The volume on agricultural price distortions, inequality and poverty begins with a global study that uses the World Bank's linkage model to examine the economic impacts in various countries, regions and the world as a whole of agricultural and trade policies as of 2004. ... Exibir mais + It does so by shocking that model with the removal of all agricultural price-distorting domestic and border policies with, and without, the removal of trade policies affecting all other goods. That pair of shocks is also employed in another global study in that volume to examine the inequality and poverty implications of those price-distorting policies for more than 100 countries. Then for ten national studies reported in that volume, the Linkage model again is used, but only to provide an exogenous set of shocks to the national economy wide model employed by the authors of each developing country case study. The effects of that shock on a national economy are then compared with the effects of own-country liberalization using the same national model and the same agricultural protection rates for that country as in the global Linkage model. In this appendix the authors describe the main assumptions adopted to generate the border price and export demand shocks from agricultural and trade policy reforms by the rest of the world, and how that is communicated to the national models. Exibir menos -
Documento de Trabalho (Série Numerada) 55948 JUN 01, 2009
Mensbrugghe, Dominique van der; Valenzuela, Ernesto; Anderson, Kym; Disclosed
This paper analyzes the economic effects of agricultural price and merchandise trade policies around the world as of 2004 on global markets, net farm incomes, and national and regional economic welfare and poverty, using the global economy wide Linkage model, new estimates of agricultural price distortions for developing countries, and poverty elasticity's approach. ... Exibir mais + It addresses two questions: to what extent are policies as of 2004 still reducing rewards from farming in developing countries and thereby adding to inequality across countries in farm household incomes? Are they depressing value added more in primary agriculture than in the rest of the economy of developing countries, and earnings of unskilled workers more than of owners of other factors of production, thereby potentially contributing to inequality and poverty within developing countries (given that farm incomes are well below non-farm incomes in most developing countries and that agriculture there is intensive in the use of unskilled labor)? Results are presented for the key countries and regions of the world and for the world as a whole. They reveal that, by moving to free markets, income inequality between countries will be reduced at least slightly, all but one-sixth of the gains to developing countries will come from agricultural policy reform, unskilled workers in developing countries the majority of whom work on farms will benefit most from reform, net farm incomes in developing countries will rise by 6 percent compared with 2 percent for non-agricultural value added, and the number of people surviving on less than US$1 a day will drop 3 percent globally. Exibir menos -
Documento de Trabalho (Série Numerada) 55934 JUN 01, 2009
Anderson, Kym; Valenzuela, Ernesto; Mensbrugghe, Dominique van der Disclosed
Earnings from farming in many developing countries have been depressed by a pro-urban bias in own-country policies as well as by Governments of richer countries favoring their farmers with import barriers and subsidies. ... Exibir mais + Both sets of policies, which reduce national and global economic welfare and contribute to global inequality and poverty, have been undergoing reform since the 1980s. Using the linkage model of the global economy and modifications to the pre-release of version 7 of the Global Trade Analysis Project (GTAP) protection database for 2004, this paper seeks to compare the effect of those reforms to date with those that would come from removing remaining agricultural and trade policies. Two sets of results are thus presented: one showing the effects of policy reforms between 1980-84 and 2004, the other showing what the removal of remaining distortions as of 2004 could be. Both sets of results indicate improvements in the real value of agricultural output and exports, the real returns to farm land and unskilled labor, and real net farm incomes in most developing country regions despite the adverse effect on the international terms of trade for some developing countries that are net food importers or are enjoying preferential access to agricultural markets of high-income countries. Landowners in those high-income countries still offering their farmers price supports could readily afford to compensate them from the benefits of removing remaining agricultural protectionism. Exibir menos -
Documento de Trabalho (Série Numerada) 56137 SEP 01, 2008
Valenzuela, Ernesto; Mensbrugghe Dominique van der; Anderson, Kym Disclosed
Over the past 20 years, aggregate measures of global inequality have changed little even if significant structural changes have been observed. High growth rates of China and India lifted millions out of poverty, while the stagnation in many African countries caused them to fall behind. ... Exibir mais + Using the World Bank's LINKAGE global general equilibrium model and the newly developed Global Income Distribution Dynamics (GIDD) tool, this paper assesses the distribution and poverty effects of a scenario where these trends continue in the future. Even by anticipating a deceleration, growth in China and India is a key force behind the expected convergence of per-capita incomes at the global level. Millions of Chinese and Indian consumers will enter into a rapidly emerging global middle class-a group of people who can afford, and demand access to, the standards of living previously reserved mainly for the residents of developed countries. Notwithstanding these positive developments, fast growth is often characterized by high urbanization and growing demand for skills, both of which result in widening of income distribution within countries. These opposing distributional effects highlight the importance of analyzing global disparities by taking into account - as the GIDD does - income dynamics between and within countries. Exibir menos -
Documento de trabalho sobre pesquisa de políticas WPS4392 NOV 01, 2007
Bussolo, Maurizio; De Hoyos, Rafael E.; Medvedev, Denis; van der Mensbrugghe, Dominique Disclosed
The continued spread of the bird-to-bird version of avian influenza (or bird flu, also known by its scientific identifier H5N1) with limited bird-to-human transmission comprises part of the baseline forecast published in the World Bank's global development finance, 2006. ... Exibir mais + The principal economic impact of the H5N1 virus so far has come in the rural sectors of several Asian economies in which the disease is enzootic. Its appearance in a number of European and African countries suggests that the disease may become as prevalent among the wild birds of these continents as it is currently in Asia. Even flu with 'normal' characteristics in terms of transmissibility and deadliness could have serious consequences for the world economy if the world's population has limited immunity. Estimates suggest that such flu could infect as much as 35 percent of the world's population, spreading throughout the world in as few as 180 days. As compared with a normal flu season, where some 0.2-1.5 million die, 3 deaths from even a mild new flu might include an additional 1.4 million people worldwide. A more virulent form, such as the 1918-9 flu, which was more deadly for healthy adults than a normal flu, could have much more serious consequences, killing as many as 1 in 40 infected individuals (Barry 2005) or some 71 million, with some authors suggesting that as many as 180-260 million could die in a worst-case scenario. However, even with such efforts, an eventual human pandemic at some unknown point in the future is virtually inevitable. Because such a pandemic will spread very quickly, substantial efforts need to be put into place to develop effective strategies and contingency plans that could be enacted at short notice. Much more research and coordination at the global level are required. Exibir menos -
Documento de Trabalho 47417 JUN 01, 2006
Burns, Andrew; Mensbrugghe, Dominique van der; Timmer, Hans Disclosed
This article: a) summarizes the costs of current merchandise trade distortions to developing and other economies; b) examines some scenarios that might emerge as part of an eventual Doha agreement consistent with the 2005 Hong Kong Ministerial declaration, particularly with respect to agriculture; and c) draws implications for the strategies developing countries might adopt in the World Trade Organization's (WTO's) Doha round of multilateral trade negotiations. ... Exibir mais + This article estimates what the world economy might look like in 2015 without and with a successful conclusion to the Doha round, how far Doha could take the world toward an outcome with no distortions in merchandise trade, and what contribution various elements of a Doha package could make. Exibir menos -
Artigo de revista 77516 MAY 01, 2006
van der Mensbrugghe, Dominique; Anderson, Kym; Martin, Will Disclosed
This paper provides new estimates of the global gains from multilateral trade reform and their distribution among developing countries in the presence of trade preferences. ... Exibir mais + Particular attention is given to agriculture, as farmers constitute the poorest households in developing countries but are the most assisted in rich countries. The latest GTAP database (Version 6.05) and the LINKAGE model of the global economy are used to examine the impact first of current merchandise trade barriers and agricultural subsidies, and then of possible reform outcomes from the WTO's Doha Development Agenda. The results suggest moving to free global merchandise trade would boost real incomes in Sub-Saharan Africa proportionately more than in other developing countries or high-income countries, despite a terms of trade loss in parts of that region. Net farm incomes would rise substantially in that and other developing country regions, thereby alleviating rural poverty. A Doha partial liberalization could move the world some way toward those desirable outcomes, but more so the more developing countries themselves cut applied tariffs, particularly on agricultural imports. Exibir menos -
Documento de trabalho sobre pesquisa de políticas WPS3848 FEB 01, 2006
Anderson, Kym; Martin, Will; van der Mensbrugghe, Dominique Disclosed
Over the medium time horizon, skill upgrading, differentials in sectoral technological progress, and migration of labor out of farming activities are some of the major structural adjustment factors shaping the evolution of an economy and its connected poverty trends. ... Exibir mais + The main focus of the authors is understanding, for the case of Brazil, how a trade shock interacts with these structural forces and ascertaining whether it enhances or hinders medium-term poverty reduction. In particular, they consider the interactions between the migration of labor out of agriculture, a potentially important poverty reduction factor, and trade liberalization, which increases the price incentives to stay in agriculture. A recursive-dynamic computable general equilibrium model simulates Doha scenarios and compares them against a business as usual scenario. The authors estimate the poverty effects using a microsimulation model that primarily takes into account individuals' labor supply decisions. Their analysis shows that trade liberalization does contribute to structural poverty reduction. But unless increased productivity and stronger growth rates are attributed to trade reform, its contribution to medium-term poverty reduction is rather small. Exibir menos -
Documento de trabalho sobre pesquisa de políticas WPS3833 FEB 01, 2006
Bussolo, Maurizio; Lay, Jann; van der Mensbrugghe, Dominique Disclosed
The Doha round and preference erosion: a symposium by Bernard Hoekman; Doha merchandise trade reform: what is at stake for developing countries? ... Exibir mais + By Kym Anderson, Will Martin, and Dominique van der Mensbrugghe; preference erosion and multilateral trade liberalization by Joseph Francois, Bernard Hoekman, and Miriam Manchin; trade preferences to small developing countries and the welfare costs of lost multilateral liberalization by Nuno Limao, and Marcelo Olarreaga; price effects of preferential market access: Caribbean basin initiative and the apparel sector by Caglar Ozden, and Gunjan Sharma; aid and the supply side: public investment, export performance, and dutch disease in low-income countries by Christopher S. Adam, and David L. Bevan; infrastructure, externalities, and economic development: a study of the indian manufacturing industry by Charles R. Hulten, Esra Bennathan, and Sylaja Srinivasan. Exibir menos -
Publicação 43616 JAN 01, 2006
Anderson, Kym; Martin, Will; Mensbrugghe, Dominique van der; Francois, Joseph; Hoekman, Bernard; Manchin, Miriam; Limao, Nuno; ; Olarreaga, Marcelo; Ozden, caglar; Sharma, Gunjan; Adam, Christopher S.; Bevan, David L.; Hulten, Charles R.; Bennathan, Esra; Srinivasan, Sylaja Disclosed
Agriculture is yet again causing contention in international trade negotiations. It caused long delays to the Uruguay Round in the late 1980s and 1990s, and it is again proving to be the major stumbling block in the World Trade Organization's (WTO) Doha Round of multilateral trade negotiations (formally known as the Doha Development Agenda, or DDA). ... Exibir mais + It is ironic that agricultural policy is so contentious, given its small and declining importance in the global economy. The question arises on why so much "ado" about agriculture: because policies affecting this declining sector are so politically sensitive, there are always self-interested groups suggesting it be sidelined in trade negotiations-as indeed it has been in numerous sub-global preferential trading agreements, and was in the General Agreement on Tariffs and Trade (GATT) prior to the Uruguay Round. To answer some questions, this book first sets the scene (Part I) for presenting the issues on agriculture, trade reform, and the Doha Agenda, seeking to identify what is it at stake, namely, the relative importance of import barriers, export subsidies, and domestic support, including the special and differential treatment for developing countries. Part II looks at the agricultural market access, examining the impact of agricultural tariffs, and of tariff cuts through alternative formulas, on reducing tariffs vs. expanding tariff rate quotas, to then focus on the serious concern of erosion of tariff preferences. The third part concentrates on export subsidies and the domestic support, prioritizing on the removal of the agricultural export subsidies' exception, while taking a new look at agricultural domestic support under the World Trade Organization, and, at the consequences of reducing limits on aggregate measurement of support. Finally, the book provides (Part IV) the Doha reform scenarios, with an in-depth look at the market and welfare implications of the Doha reform. Exibir menos -
Publicação 34206 NOV 01, 2005
Anderson, Kym [editor]; Martin, Will [editor]; Hertel, Thomas W.; Keeney, Roman; Josling, Tim; de Gorter, Harry; Kliauga, Erika; Bouet, Antoine; Fontagne, Lionel; Jean, Sebastien; Hoekman, Bernard; Messerlin, Patrick; Hart, Chad E.; Beghin, John C.; Jensen, Hans G.; Zobbe, Henrick; Sumner, Daniel A.; Orden, David; Diaz-Bonilla, Eugenio; van der Mensbrugghe, Dominique; Anderson, Kym; Martin, Will Disclosed
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text:
Banks expected amendments to financial advice law
So unprepared are Australia's banks for the provisions of a new financial advice law that they haven't implemented training and compliance systems for the changes.
The law came into effect in mid 2012. Some changes became mandatory in mid 2013 and others will become mandatory in July.
Giving evidence to a Senate committee looking into government plans to water down some of the provisions, an executive with the Australian Bankers Association, Diane Tate, said banks were not ready because they had expected the government's planned amendments to pass.
Greens senator Peter Whish-Wilson asked Ms Tate: "Did you have the expectation that this government would deliver for you in terms of changing the legislation?''
She replied: "The question mark that we have is that if we don't have certainty before the first of July, that the way that [it] will operate will have the change."
Senator Whish-Wilson: "One thing I know corporations are really good at doing is managing risk, they are always forward-looking and they are always incorporating these things into their decision making. You haven't changed your compliance because you obviously have an expectation that these laws are going to [be] changed for you."
Ms Tate: "We do have an expectation because we had bipartisan support prior to the last election that these things would happen. If they don't happen, fast changes will have to be made. We had spoken to the former government and the current government is on record."
Senator Whish-Wilson: "OK but they don't control the Senate. The law is the law and it hasn't been changed."
Ms Tate: "Banks are not going to be non-compliant, but what is going to have to happen in the next little while, if we don't have certainty before the first of July, they will have to expedite changes to their compliance systems."
From July, bank tellers will be prevented from receiving commissions for recommending financial products. The amendments proposed by the government would allow commissions in limited circumstances.
They were announced late last year by the former assistant treasurer Arthur Sinodinos but were put on hold when he stepped aside in March. Senator Sinodinos was an executive at the National Australia Bank before joining the Senate in late 2011.
His successor, Senator Mathias Cormann, wants to introduce the changes in June.
None of the big four banks fronted Thursday's Senate hearing, although the Commonwealth Bank and Westpac had made submissions. Commission-driven sales at the Commonwealth Bank were the subject of a Four Corners program titled "Banking Bad", broadcast by the ABC on May 6.
Ms Tate said, as it stood, the financial advice law would prevent bank tellers from dealing with inquiries about investment products, meaning customers would need to repeatedly "take another ticket and go to the back of the queue" if they had complex inquiries. The changes proposed by the Coalition would allow tellers to offer limited advice in return for limited commissions.
The Financial Planning Association and the Institute of Chartered Accountants opposed the changes.
If a commission is bad for personal advice it is bad for general advice,"; the Association's Chair Matthew Rowe told the inquiry. If something is evil, it is evil. We banned commissions in 2009.
The Association represents independent financial planners who do not work for banks.Author : Peter MartinSource : Sydney Morning Herald
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subset: commoncrawl


text:
The second day of the MINI Kitesurf Tour Europe started off with Course Racing.
After the Skippersmeeting we started with the Course Racing. The wind was a bit lighter than the day before.
In total we did four Races. Maks Zakowski from Poland was fighting for the lead at the mens fleet against the french Riders Maxime Nocher, Julien Kerneur, Olivier Dansin and his compatriot Blazej Ozog. The women fleet was the same as the day one - Katja Roose from the Netherlands won all Races, followed by Christine Bönniger (GER) and Aga Grymska from Poland.
The Freestylers were all day long on Standby to start the competition as soon as the wind picked up.
At around 6 pm the wind was reasonable to start Freestyle. We run six heats until the wind dropped again. Finally all Riders were realeased for the day.
In the evening there was the official Kitesurf Cup Sylt Riders Party. Today Skippersmeeting was at 11 am - at the moment there is not enough wind to start Course Racing.
Tonight after the Riders Dinner there will be a Live Band at the stage, followed by the Poker-Night at the Casino "Sylter Spielbank". 14 Riders will get the chance to play againts 2 visitors from the island.
The sun is out and some action will start on the beach soon.
Check out the pics and the video of day 2.
Read original article: KTE News:Late Freestyle action


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Walter's Coffee Roastery opened up in Instanbul about a year ago. It was a wonderful idea, presumably based off of this sequence from the TV series 'Breaking Bad':
Now they are bringing the chemical themed roastery and coffee shop to Brooklyn, New York by the end of this summer. They plan to bring the same level of coffee chemistry and 'Breaking Bad' references that caused the internet to fall in love with them in the first place.


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The Barton Planetarium received a full "re-boot" in April of 2014. The centerpiece of the renovation efforts is a new high-definition digital projection system for the 360-degree dome.
The upgrade allows the 60-seat facility to be used for educational videos, interactive learning games and much more, in addition to the traditional projection and animations of the night sky.
Most recently, the Barton Planetarium launched a series of semi-weekly free shows on Monday nights. Want to attend? Check out the list of dates and times.
The planetarium can also be reserved for private use.
Contact Planetarium Director Tim Folkerts at (620) 792-9320 or email@example.com.


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Marriage in NH
Age requirements
- 18 years of age without parental consent.
- Females (13 – 17) and Males (14 – 17) need consent of parent or guardian and a Waiver. (See Waivers below)
- Females under 13 and Males under 14 are prohibited from being married under any condition.
Residence Requirements
None - Couples wishing to be married in NH may complete application regardless of residence.
Both parties must appear in person and sign the application. Armed forces personnel may forward an affidavit prepared by armed services or legal representatives to the Town Clerk if they can not appear in person. Falsification of any fact may make the applicant subject to criminal prosecution.
Marriage License Fees -$50
Certified copies of the marriage certificate can also be obtained for a fee from the Town Clerk where the license was filed.
Document Requirements
- Proof of age; such as driver's license or non-driver's license
- Certified copy of a death certificate of former spouse, if applicable;
- Certified copy of a final divorce decree, if applicable;
- Certified copy of an annulment, if applicable.
License Validity Period
A license may be issued the same day of the application, provided all signatures and statutory requirements are met. The license is valid for not more than 90 days from the date of filing.
Waiver - Party Under Age
When either of the parties is under 18 but meets the minimum age requirements (female 13 – 17 and male 14 – 17), he or she may request permission to marry from a Justice of the Superior Court or a Judge of the Probate Court of the county in which one of the applicants resides. The request shall be in writing and the parents or guardian of the applicant shall join in the request.
No age waiver shall be granted to persons below the age of consent (18) if both parties are nonresidents. See the Town Clerk for more details.
In NH marriage may be perform by -
- A Justice of the Peace
- A Minister of the gospel in NH ordained according to the usage of his denomination, residing in NH, and is in regular standing with the denomination.
- A Minister within his parish, residing outside NH, but having a pastoral
- charge wholly or partly in NH
- Jewish Rabbis who are citizens of the U.S. and reside in this state
- Quakers
- A Deacon in the Roman Catholic Church ordained according to the usage of his denomination
- Clergymen who are not ordained and non-resident ministers or Jewish Rabbis, after being licensed by the Secretary of State.
See the Town Clerk for other persons who may be permitted to perform marriages within the state after obtaining a special license from the Secretary of State.
Blood Test
- New Hampshire does not require a blood test.
- Marriage is not permitted in NH between people who are related by blood as first cousins or in anymore direct lineage.


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With so many different styles, designs, and themes within our collection of "thinking of you" cards, PAPYRUS is here to help you say exactly what you have in mind. This assortment of luxury greeting cards is perfect for everyday moments when you want to tell a friend just how much they mean to you.
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We never really know when those around us need our sweet words most. The power of a compliment shouldn't be underestimated. Celebrate the special individuals in your life. Tell them that they have been on your mind with our stunning collection of "thinking of you" cards.
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Thankful Thursday
I am really Thankful everyday. I am thankful for my family, for my friends, for my neighborhood and for being alive.
Being grateful that I can walk, talk, computer work and read and write.
Truly happy that we are not hot and baking in the heat, nor are we blowing in the wind as in other places of the nation.
I am most appreciative of the few records I was able to garner from Mom's even if I left more than half of them there due to no time to go through them.
I pray I have my worldly things in order properly with a competent executor and supportive family when my time comes to leave.
Thursday, June 23, 2011
Thankful Thursday 23 June 2011
Posted by Susi's Quarter at 4:52 PM
2 comments:
I'm grateful that friends made on AOL are now friends on Facebook and through their blog postings on Google Blogger and WordPress.ReplyDelete
- AnonymousJune 24, 2011 at 8:20 PM
Mr. Dickie, I am so thankful for having met you. Can not believe how many years ago. HUGS to you and wife.ReplyDelete
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Candlebay Inn
Leave the hustle & bustle of everyday life behind when you visit this historic B & B. Enjoy fine accommodations & breakfasts.
Captain Jefferds Inn Bed and Breakfast
An elegant bed and breakfast within walking distance of the harbor and town. Immaculate guestrooms have exceptional amenities including fireplaces and whirlpool tubs.
Shorelands Guest Resort
Casual Country Comfort in typical Maine Cottage units, 10 Mins walk to Sandy Beach.
1802 House B&B
Romantic and elegant 1802 home in the heart of Kennebunkport offering rooms with fireplaces and two person whirlpool tubs in a relaxed atmosphere
Maine Stay Inn at the Melville Walker House
A charming bed and breakfast inn located in Kennebunkport's Historic District.
Old Fort Inn Bed and Breakfast
One of Maine's exceptional secluded Country Inn/B&B's offering antiques with a unique combination of yesterday's charm and today's conveniences. First class am
King's Port Inn
Kennebunkports Romantic In-town location! Some rooms offer a 4-Poster bed and/or two-person Marble Jacuzzis Tub with dual showers.
Captain Fairfield Inn
Kennebunkport's Boutique Choice. An artful balance of historic and soft modern design, creatively prepared breakfasts and professional, personalized service.
Captain Lord Mansion B&B
The Captain Lord Mansion BnB is an intimate and stylish inn situated at the head of a sloping village green, overlooking the Kennebunk River.
Rhumb Line Resort
The Rhumb Line Resort is nestled in a quiet, scenic, four-acre wooded setting, less than a mile from President Bush's Summer White House (Walkers Point).
Cabot Cove Cottages
The Cottages at Cabot Cove, are a magical enclave of 16 new and unique cottages in Kennebunkport, Maine, all nestled in an idyllic tidal cove-side setting.
Augustus Bove House
We are centrally located and within walking distance to the causeway, restaurants, recreation areas and shops.
Inn at Long Lake
Beautiful 16 bedroom victorian inn.
The Nautilus At Ocean Park Bed and Breakfast
The Nautilus fronts on seven miles of beautiful white sand beach, protected by off-shore islands.
Rockmere Lodge
An Oceanside Bed and Breakfast on the Marginal Way
Trellis House
Quiet, relaxing, gourmet breakfasts
Ogunquit Lodging
Each of our properties is a short walk or trolley ride from renowned beaches and historic Ogunquit village. AAA 3-Diamond resorts
Inn At St. John
A unique 100+ year old Inn just off the west end of Downtown Portland.
Wild Iris Inn
A cozy bed and breakfast in a historic neighborhood of downtown Portland.
Stay at a Gorham, Maine Bed and Breakfasts and Inns for the personal attention you desire. A Gorham B&B is a great alternative to hotels or motels while visiting the state of Maine!
Visit our Gorham, Maine bed and breakfast directory of historic, romantic, and adventure B&B's. You can browse through our detailed listings of Gorham, Maine bed and breakfasts and inns with nearby city listings that include pictures, room rates, booking information and area activities. Every Gorham, Maine b&b inns has complete contact information and a direct link to the innkeepers.


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Puzzle Levels
Puzzle Categories
Download a FREE Solution for your puzzles!
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Escher Cubes
Product Information
|Mix it up and put back to start
|Level 9 - Gruelling
|Jean Claude Constantin
|Jean Claude Constantin, European Wood Puzzles
|6.3 in x 5.71 in x .39 in / 16 cm x 14.5 cm x 1 cm
Product Description
A baffling puzzle based on M.C. Escher's interlocking cubes design. Several of the shapes shown are interconnected to form oddly-shaped pieces. The objective is to remove all pieces and place them back in the hexagonal frame. Each piece is composed of similar-looking patterns, so finding the correct arrangement is very difficult.
Made in laser-cut wood by Jean-Claude Constantin. Jean-Claude Constantin lives in Germany, where he designs and manufactures many different wood and metal puzzles, as well as magic tricks and other intellectual toys and games.
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Q. There's obviously a very rich post-season history here, and specifically within the last few years, of guys coming up in big spots and making big hits, guys like Jeter, guys like Posada, guys like Bernie Williams; how do you think about yourself as being a person that joins those kind of guys?
HIDEKI MATSUI: I'm very happy. I appreciate the fact that everybody considers me in that way. Today that all led to today's Victory, so I'm just very happy.
Q. Could you tell us a little bit about the Ortiz hit and what happened out there?
HIDEKI MATSUI: Yeah, basically when the ball was hit, the ball actually started coming back towards left field, so, I actually overran it, and as a result, it hit the heel of my glove.
Q. You had another record tonight to add to the records that you've created so far in your short career in American baseball: You tied the RBI record for the American League Championship Series, and I was wondering how you felt about doing that.
HIDEKI MATSUI: I mean, it's nice to be able to tie a record like that. But, you know, there's nothing like winning, and you know winning the game is more important. But it's nice to be able to tie a record like that.
Q. In your second post-season with the Yankees, is there a different comfort level that you are feeling right now; as far as your comfort level, are you more relaxed, comfortable, confident?
HIDEKI MATSUI: Yeah, I don't think it necessarily has changed much from last year. I mean, having experienced the post-season last year may contribute to the comfort level. But as far as the way I look at it, I don't feel any different like it was last year.
Q. I was just hoping you could just take us through that hit in the third inning, just what your approach was, what you were looking for and the results?
HIDEKI MATSUI: No, it's basically just waiting for a fastball. It was actually a cutter that I hit, but it kind of hung in the strike zone, so I was able to put the barrel on the ball and fortunately get one through the infield.
End of FastScripts...


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A new Mackinac Center for Public Policy idea called the Right To Know Payroll Form is helping employees become better informed citizens and better equipped to participate in the democratic process. Dozens of employers, including the state of Michigan, have begun implementing the Form concept in new pay stubs for over 60,000 workers in several states.
The Form lists, program-by-program, the employer-paid costs of employment-related government mandates. Showing the costs on each pay stub reveals more accurately the total cost of keeping a worker on the payroll, as well as how much the cost of these programs affects workers personally.
Most workers who do not receive the Right To Know Payroll Form are not aware that their employer sets aside extra money to keep them on the payroll, but must pay it to the government or use it to comply with mandates instead of paying it to the worker. In most cases this equals as much as ten percent of the amount of the worker's gross pay.
With the Right To Know Payroll Form, these costs are no longer hidden from workers.
This money goes to pay for programs such as worker's compensation and unemployment insurance, the employer's share of Social Security and Medicare taxes, the costs of complying with government discrimination rules and of collecting payroll taxes for the government.
Over 60,000 State of Michigan employees are benefiting from the Right To Know Payroll Form concept since they began receiving pay stubs modified to more accurately show the cost of keeping them on the payroll. Michigan Director of Management and Budget Mark Murray said to the Mackinac Center, "Because of your ideas, our payroll form will be greatly improved." The new pay stubs show how much the state pays for its employees' Social Security and Medicare taxes, and the state-paid portion of selected benefits.
Some firms which have recently implemented the Form (or pledged to do so) include
Foremost Insurance Company of America, Caledonia, Michigan
The Lockwood Companies, Birmingham, Michigan
Cascade Policy Institute, Portland, Oregon
Dateppli Corporation, Midland, Michigan
Institute for Justice, Washington, D.C.
Wolverine Development Corporation, East Lansing, Michigan
Buckeye Institute for Public Policy Solutions, Dayton, Ohio
Romanow Building Services, Saginaw, Michigan
Independence Institute, Golden, Colorado
Spartan Oil Company, Lansing, Michigan
Pantograms, Tampa, Florida
Media attention is helping workers and business owners around the country learn about the benefits of the Right To Know Payroll Form. The Mackinac Center has filled hundreds of requests for free Right To Know Payroll Form kits as a result of prominent articles in the national news magazine Insight, the Detroit Free Press, The Detroit News, the Grand Rapids Press and other newspapers, a feature on the Washington, D.C.-based cable television program Ways and Means, and radio interviews all around Michigan and in major U.S. cities.
The Heritage Foundation, a highly respected Washington, D.C. think tank, distributed the Mackinac Center's Right To Know Payroll Form brochure to over 3,000 free-market oriented policy research and advocacy organizations. The Form was also featured on the Foundation's World Wide Web page.
The Mackinac Center sends a periodic fax update filled with news and helpful tips on the Right To Know Payroll Form to the scores of companies which have received their Form implementation kits.
The Mackinac Center launched the Right To Know Payroll Form as a way for businesses to help their workers be better informed citizens. Senior Vice President Joseph Overton said, "The Right To Know Payroll Form can revolutionize worker participation in the democratic process by giving workers more complete information about the cost of the government programs they pay for."
Not everyone agrees that workers should be told about hidden governments costs. When the Ohio House of Representatives introduced a bill requiring Ohio state government to follow Michigan's lead and implement the Right To Know Payroll Form for tens of thousands of state employees, the Columbus (Ohio) Guardian wrote, "It's feared that information provided on pay stubs could be manipulated to prejudice workers against health and safety programs."
Center Director of Communications Joseph Lehman responded, "Only those with something to hide would want American workers and voters to be kept in the dark about the cost of government programs. To suggest that citizens make better decisions without this information is like saying we should remove prices from restaurant menus because diners might make the wrong choices based on the cost of a meal."
For a free Right To Know Payroll Form kit, which includes a brochure, helpful implementation tips, and a list of frequently asked questions and answers, call 1-800-22-IDEAS or send e-mail to Michael D. Lafaive
The Mackinac Center for Public Policy is a nonprofit research and educational institute that advances the principles of free markets and limited government. Through our research and education programs, we challenge government overreach and advocate for free-market approach to public policy that frees people to realize their potential and dreams.
Please consider contributing to our work to advance a freer and more prosperous state.


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300 PRC Hornady Brass (100 Count) - Once Fired
Product Overview
Brass has not been resized or tumbled. We do our best to sort brass and head stamps, but on occasion a piece or two gets missed. We typically send approximately 10% extra to account for any faulty or mismatched pieces.