Connect with us


Andrew Bailey will be next Bank of England governor –



Andrew Bailey, head of Britain’s financial watchdog, will be the next governor of the Bank of England, where his top challenge will be navigating any choppy waters during the country’s departure from the European Union.

Treasury chief Sajid Javid, who announced the appointment Friday, said Bailey was the “clear front-runner” to replace Canadian Mark Carney. By the time Carney leaves on March 15, he will have been at the helm for nearly seven action-packed years.

Bailey, a deputy governor under Carney for three years until 2016, “is the right person to lead the bank as we forge a new future outside the EU and level up opportunity across the country,” Javid said.

Prime Minister Boris Johnson approved Javid’s recommendation and Queen Elizabeth II has given her formal approval.

Bailey will serve an eight-year term. The Bank of England, already an enormously powerful institution within Britain, will play a key role in the country’s first years outside the EU.

Brexit uncertainty remains

Following last week’s big win for Boris Johnson’s Conservative Party in the general election, Britain is due to leave the EU on Jan. 31 and then enter a transition period until the end of 2020. During that time, Britain will be in the EU’s economic arrangements but without a vote as the government seeks to negotiate a new trading relationship with the bloc. As a result, the Brexit uncertainty that marked Carney’s time at the bank will remain for Bailey.

Replacing Carney, the first non-Briton to take the top job at the 325-year-old institution, has been a protracted affair because of Brexit uncertainty and the election. To ensure a smooth transition, Carney has agreed to extend his time at the helm from Jan. 31 for six weeks.

Carney speaks to the media during a press conference on February 7 in London, England. Carney is the first non-Briton to hold the role. (Hannah McKay/WPA/Getty Images)

Bailey left the bank in July 2016 to become chief executive at the Financial Conduct Authority. Bailey’s star was thought to have waned largely because of a few recent financial scandals, notably the collapse of investment funds run by Neil Woodford that raised questions over the FCA’s ability to regulate risky funds.

However, he remains well-respected across government and the financial community, largely because of his work during the global financial crisis a decade ago when he helped resolve a series of problems within the British banking sector. He played a key role in the state bailout of Lloyds Bank and Royal Bank of Scotland.

By far the steadiest under fire in the financial crisis. He won’t make waves unnecessarily. But his all round experience will help to steady economic policy at a challenging time for the U.K.– Nick Macpherson,  Treasury’s former top civil servant 

Nick Macpherson, who was the top civil servant at the Treasury during those bailouts, said in a tweet that Bailey was “the most able and competent” Bank of England official he worked with: “By far the steadiest under fire in the financial crisis. He won’t make waves unnecessarily. But his all round experience will help to steady economic policy at a challenging time for the U.K.”

Bailey, 60, said it was a “tremendous” honor to be chosen as governor “particularly at such a critical time for the nation as we leave the European Union.”

“I will continue the work that Mark Carney has done to ensure that it has the public interest at the heart of everything it does,” Bailey said.

For his part, Carney said Bailey “brings unparalleled experience” and praised him for his role during the financial crisis.

“Andrew is widely and deeply respected for his leadership managing the financial crisis, developing the new regulatory frameworks, and supporting financial innovation to better serve U.K. households and businesses,” he said.

British media reported that other potential candidates for the job included Minouche Shafik, the London School of Economics director; former U.S. Federal Reserve official Kevin Warsh; and Shriti Vadera, chair of Santander Bank’s U.K. division.

But Bailey was, according to Javid, the “standout candidate in a competitive field.”

Let’s block ads! (Why?)

Source link


What supply chain shortages look like for two Canadians –



[unable to retrieve full-text content]

  1. What supply chain shortages look like for two Canadians
  2. Canadian ski resorts struggle to hire enough workers ahead of season
  3. Calls to end ‘hybrid’ classrooms in Ontario with in-person and virtual teaching
  4. A life story told in outfits: Anahid Chujunian discovers her voice one thrift find at a time
  5. Amateur astronomer in Dartmouth has an asteroid named after him
  6. View Full coverage on Google News

Source link

Continue Reading


FDA says kid-sized Pfizer vaccine doses appear highly effective, safe –



U.S. health regulators said late Friday that kid-size doses of Pfizer’s COVID-19 vaccine appear highly effective at preventing symptomatic infections in elementary school children and caused no unexpected safety issues, as the country weighs beginning vaccinations in youngsters.

The Food and Drug Administration posted its analysis of Pfizer’s data ahead of a public meeting next week to debate whether the shots are ready for the nation’s roughly 28 million children ages 5 to 11. The agency will ask a panel of outside vaccine experts to vote on that question.

In their analysis, FDA scientists concluded that in almost every scenario the vaccine’s benefit for preventing hospitalizations and death from COVID-19 would outweigh any serious potential side effects in children. But agency reviewers stopped short of calling for Pfizer’s shot to be authorized.

The agency will put that question to its panel of independent advisers next Tuesday and weigh their advice before making its own decision.

U.S. children could begin vaccinations next month

If the FDA authorizes the shots, the Centers for Disease Control and Prevention will make additional recommendations on who should receive them the first week of November. Children could begin vaccinations early next month — with the first youngsters in line fully protected by Christmas.

Full-strength Pfizer shots already are recommended for anyone 12 or older, but pediatricians and many parents are anxiously awaiting protection for younger children to stem infections from the extra-contagious delta variant and help keep kids in school.

WATCH | Pfizer releases clinical trial data for COVID-19 vaccine for children aged 5 to 11:

Pfizer releases clinical trial data for COVID-19 vaccine for children aged 5 to 11

13 hours ago

Pfizer publicly released data from its coronavirus vaccine trial appearing to show that it’s both safe and effective for children aged five to 11. But that data is now being reviewed by regulators, and parents want to carefully weigh the risks. 2:03

The FDA review affirmed results from Pfizer posted earlier in the day showing the two-dose shot was nearly 91 per cent effective at preventing symptomatic infection in young children. Researchers calculated the figure based on 16 COVID-19 cases in youngsters given dummy shots versus three cases among vaccinated children. There were no severe illnesses reported among any of the youngsters, but the vaccinated ones had much milder symptoms than their unvaccinated counterparts.

Most of the study data was collected in the U.S. during August and September, when the delta variant had become the dominant COVID-19 strain.

No new side effects

The FDA review found no new or unexpected side effects, which mostly consisted of sore arms, fever or achiness that teens experience.

However, FDA scientists noted that the study wasn’t large enough to detect extremely rare side effects, including myocarditis, a type of heart inflammation that occasionally occurs after the second dose.

The agency used statistical modelling to try to predict how many hospitalizations and deaths from COVID-19 the vaccine would prevent versus the number of potential heart side effects it might cause. In four scenarios of the pandemic, the vaccine clearly prevented more hospitalizations than would be expected from the heart side effect. Only when virus cases were extremely low would the vaccine cause more hospitalizations than it would prevent. But overall, regulators concluded that the vaccine’s protective benefits “would clearly outweigh” its risks.

While children run a lower risk of severe illness or death than older people, COVID-19 has killed more than 630 Americans 18 and under, according to the CDC. Nearly 6.2 million children have been infected with the coronavirus, more than 1.1 million in the last six weeks as the delta variant surged, the American Academy of Pediatrics says.

The Biden administration has purchased enough kid-size doses — in special orange-capped vials to distinguish them from adult vaccine — for the nation’s 5- to 11-year-olds. If the vaccine is cleared, millions of doses will be promptly shipped around the country, along with kid-size needles.

More than 25,000 pediatricians and primary care providers already have signed up to get the shots into little arms.

Adblock test (Why?)

Source link

Continue Reading


Edward Rogers’ role as Blue Jays chair unchanged amid changes atop RCI –



TORONTO — Edward Rogers’ roles as chair of the Toronto Blue Jays and control person with Major League Baseball are unaffected by this week’s manoeuvrings that led to his removal as board chair of parent company Rogers Communications Inc., according to two industry sources.

Whether fallout from the power struggle atop the telecom giant, which also owns Sportsnet, might eventually reach the club is unclear. Last week, Blue Jays president and CEO Mark Shapiro said the team was “about a month away” from presenting its off-season plan during a final payroll meeting with ownership, and expressed confidence that its long-term strategic objectives would remain on track.

“Every indication I’ve received and every indication that we’ve been shown … leads me to believe that we will stay on plan and the payroll will continue to rise despite the fact that we’re still lagging behind a little bit in revenues due to (the pandemic),” Shapiro said.

Those comments came before news broke that John MacDonald, a member of the Rogers Board of Directors since 2012, had assumed the chairman role in place of Edward Rogers, who according to media reports had sought to oust company CEO Joe Natale.

Edward Rogers is now seeking to replace five board members.

At this point, the sources said the developments aren’t expected to impact a winter of opportunity for the Blue Jays, who are seeking to augment a club that missed the post-season by one game and are about to see top performers Marcus Semien, Robbie Ray and Steven Matz hit free agency.

Shapiro is close with Edward Rogers, who as chair is the top officer of the club. He is also the control person, a role each of the 30 MLB teams assigns to represent the interests of that ownership.

Adblock test (Why?)

Source link

Continue Reading