The U.K. has picked Andrew Bailey as its safe choice to succeed Mark Carney as governor of the Bank of England, in what some will also consider a controversial appointment.
Bailey currently heads the Financial Conduct Authority (FCA), which oversees London’s financial center. During his tenure, the regulator has been criticized for the mishandling of a number of scandals.
British politicians called for Bailey to resign after London Capital & Finance collapsed. The regulator’s reputation has also come under the spotlight after the investment fund of Neil Woodford was suspended.
The worst misstep was the regulator’s mishandling of the scandal surrounding Royal Bank of Scotland’s Global Restructuring Group, which deliberately mistreated small companies.
Despite this he is still considered a safer choice, than some of the other candidates competing for the role – due to his longstanding experience as a U.K. regulator. He will be in charge of the country’s monetary policy and financial system at a critical juncture.
Bailey will be the 121st governor in the Bank’s 325-year history and will receive a £495,000 ($646,000) salary. He starts his new job on 16 March and serve an eight-year term until 2028.
Bailey said on Friday: “It is a tremendous honor to be chosen as governor of the Bank of England and to have the opportunity to serve the people of the United Kingdom, particularly at such a critical time for the nation as we leave the European Union.
“I am committed to the Bank being an accessible and approachable institution, as well as an open and diverse place to work.”
Mark Carney said: “I am delighted to welcome Andrew Bailey back to the Bank as its next Governor.
“An extraordinary public servant, Andrew brings unparalleled experience, built over three decades of dedicated service across all policy areas of the Bank, and most recently as CEO of the FCA.”
Watch this: Lord Mayor interviews Andrew Bailey, Chief Executive of the FCA
The Bank’s Financial Policy Committee oversees regulation of the UK’s financial sector which includes banks listed on the FTSE100
– some have dual listings on the Dow Jones Industrial Average
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COVID-19 case reported at French Catholic school – BlackburnNews.com
COVID-19 case reported at French Catholic school
September 18, 2020 1:26pm
The French Catholic school board serving Windsor-Essex has reported a positive case of COVID-19.
Blackburn News has obtained a letter sent to parents of students at L’Essor Secondary School in Tecumseh, in which it was reported that a member of the school community tested positive for the virus. The letter did not disclose whether the individual was a student or a staff member.
Conseil Scolaire Catholique Providence, which includes L’Essor, said every step possible has been taken to reach everyone who may have had interaction with the person.
“We have been working with the Windsor-Essex County Health Unit by providing lists of students and staff who may have been in contact with the individual,” read the letter. “The WECHU is contacting any individuals, who have an identified high-risk exposure with the confirmed case, and will give directions to follow.”
This is the second positive case of COVID-19 reported in a Windsor-Essex school. The English Catholic board confirmed a case last week at an elementary school in Amherstburg.
Parents are asked to keep informed of developments by visiting the school board’s website.
Canadian airlines cancel hundreds of flights as hopes fade for spike in demand – Global News
Rachel Farrell can now claim the unfortunate distinction of having two destination weddings called off in one year.
The 26-year-old event co-ordinator had booked a Transat flight out of Halifax for Feb. 15, 2021, as part of her planned nuptials in the Dominican Republic, but was told this week the airline had cancelled the trip and would not make the journey until six days later.
She and her fiancee had first booked their trip package for last April, which Transat nixed after it grounded its entire fleet due to the pandemic.
“I was upset but understood that it wasn’t Air Transat’s fault, so we would wait until air travel resumed and rebook as soon as we could since refunds weren’t an option,” Farrell said.
She did that in July, rebooking the flight for February using travel credit based on the $37,000 she and her nearly two dozen guests had paid for the package.
“Even though they knowingly chose to cancel my rebooked wedding group, they still won’t give us a refund,” Farrell said, noting Transat is again offering credit.
“My travel agent has told me that even if I rebook next week, they might still push the dates further… I don’t know what to do now and all I really want is to get married.”
Banning airline passengers who refuse to comply
The problem is increasingly common, with Canadian airlines cancelling hundreds of flights as hopes for a spike in demand fall flat, snarling plans for the few passengers who remain.
Air Canada and WestJet have cancelled at least 439 flights so far this month, according to figures from flight data firm Cirium.
The cancellations come after airlines banked on a return of business travel and a continued uptick in leisure trips in the fall, says John Gradek, who heads McGill University’s Global Aviation Leadership program.
“They’ve decided since about the end of July to let loose on scheduled services and increasing the number of routes, at the same time hoping that the government will loosen up some of its restrictions. And that’s not been the case,” he said.
Now, airlines are cancelling the half-booked flights and consolidating passengers on remaining ones to cut costs.
Canadian airlines take a ‘multi-layer’ approach to COVID safety
“There has not been a take-up by the Canadian travelling public of those seats that are being offered by the carriers, so they’re cutting back those services significantly…and it’s being done piecemeal rather than being done wholesale,” Gradek said.
The letdown builds on an already devastating year.
Transat revenues fell by 99 per cent year over year last quarter, when the travel company operated flights for just one week.
Air Canada saw passenger revenues drop 95 per cent, prompting 20,000 layoffs as the airline burned through $19 million per day. WestJet has laid off about 4,000 employees since March.
Air traffic in August fell by two-thirds compared to a year earlier, according to Nav Canada, which operates air navigation across the country.
Flight consolidation does not always result in upended plans or wedding dilemmas.
“Sometimes airline schedules require minor surgery and sometimes major surgery,” said Mike Malik, head of marketing at Cirium.
Sometimes the itinerary change can mean a departure delay of an hour rather than a week.
“We know that most travellers right now are not business travellers,” Malik said. “These are VFR travellers — visiting friends and relatives. So if you’re visiting friends and relatives, you probably don’t need a 7 a.m. flight for a 9 a.m. meeting in Toronto.”
The reassurance comes as cold comfort for Darlene Hatter, who was twice slated to attend her son’s destination wedding in Costa Rica, with both flights from Toronto now cancelled.
Vouchers vs. refunds: Transportation experts weigh in on what Canadian airlines should be offering
Her son Robert Przybylski, 35, is now out $15,000, as well as the $2,800 each of his 85 guests shelled out, she said.
“It’s very frustrating,” Hatter said.
“The airlines in my opinion are taking advantage big-time of this and stomping on the little people just because they can. The government needs to step up and tell these airlines to give people their refunds.”
© 2020 The Canadian Press
London officials to Queen's Park: Tighten rules on social gatherings here – London Free Press (Blogs)
Article content continued
Premier Doug Ford indicated his willingness to grant the request by London officials.
He said his cabinet will discuss requests from mayors and medical officials from other areas of the province to extend restrictions.
“We’re going to be rolling (it) out to other areas across the province from the request of the mayors,” Ford said in Ottawa. “I listen to the medical experts. I’ll base this on the health and science.”
He also promised that his plan to address a possible second wave this fall will be released by the province next week.
Under the province’s enhanced restrictions, the fine for hosting a rule-breaking party starts at $10,000.
Mackie is anticipating the province will expand its gathering size restrictions to include the London-area in time for the weekend.
If the province doesn’t act immediately, the health unit is not ruling out issuing an order under Section 22 of the Health Protection and Promotion Act to restrict private gathering sizes, but the move would take up to a week to come into effect, Mackie said.
The decision to issue a Section 22 order would come Monday or Tuesday of next week if the province’s restrictions are not in place, Mackie said.
The health unit has reported 47 new COVID-19 cases, including 39 among Western students, in the last week and declared three outbreaks.
One outbreak is connected to post-secondary students and the downtown party scene, including the bar Lost Love. The second outbreak is linked to a large student party this past weekend that drew “dozens,” Mackie said. The third involved staff at the Walmart store in Hyde Park.
None of the 39 Western students who tested positive have required hospitalization, Mackie said.
The health unit reported 13 new cases Friday, bringing the total number of new cases in the area to 24 over the past two days — nearly the same number reported in the entire first two weeks of September.
For weeks, the daily growth in new London-area cases had held steady at about one to two each day.
The Thursday-Friday case increases are the biggest two-day jump since April 18 and 19, when the health unit reported 17 new cases each day.
“Depending on how we fare over the weekend, this could become the worst stretch of cases in London-Middlesex since the pandemic’s onset,” Mayor Ed Holder said Friday.
“Please wear a mask, physically distance, avoid large crowds. . . . We can do this, we just need more of us to do a little better.”
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