Consumer Expectations are Making a Comeback

first_imgHome / Daily Dose / Consumer Expectations are Making a Comeback The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Consumer Expectations are Making a Comeback Servicers Navigate the Post-Pandemic World 2 days ago Consumer Expectations House Prices Household Income New York Fed Survey of Consumer Expectations 2016-03-14 Brian Honea March 14, 2016 2,777 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News Share Save The expectations of consumers toward inflation, the economy, housing, personal finances, and the labor market were up across the board, which suggests that expectations are on the rebound, according to the results from the February 2016 Survey of Consumer Expectations (SCE) released by the New York Fed on Monday.As core inflation is rising heading into the Federal Open Market Committee’s second meeting of 2016, which starts Tuesday and concludes Wednesday afternoon, the median inflation expectations of consumers increased over-the-month at both the one-year horizon (from 2.4 percent to 2.7 percent) and at the three-year horizon (from 2.5 percent to 2.6 percent).“The increase was most pronounced among respondents with lower income, lower education and lower numeracy,” the New York Fed said, noting that the median inflation expectations at both horizons remained at the low end of the range observed in the last two and a half years.The median home price expectation rose by 0.1 percentage point from January to February, up to 3.1 percent, according to the SCE. The home price expectation was broad-based, though it was most pronounced in the West and Northeast. Despite the increase, the median home price expectation remains below the series average, according to the New York Fed.The median one-year ahead expected earnings growth reversed two months of decline by jumping up to 2.5 percent in February, the level it was at for most of last year. Though the increase was broad-based, the respondents with a high school degree or less saw the most pronounced increase. The results of the February SCE indicated that expectations in the labor market were more positive—the mean number of respondents who said they thought the unemployment rate would be higher a year from now declined from 38.1 percent in January to 37.9 percent in February. Also, the mean probability of losing one’s job in the next 12 months ticked slightly downward to 13.9 percent.Consumers’ expectations of their finances jumped in February—the median expected household income growth rose from 2.2 percent to 2.5 percent over-the-month, driven by older, less educated, and lower income respondents, according to the New York Fed. Despite the increase, it remained below 2015 levels.Click here to view the entire SCE for February 2016.center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribe Tagged with: Consumer Expectations House Prices Household Income New York Fed Survey of Consumer Expectations Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Fannie Mae and Freddie Mac Make First Contribution to Housing Trust Fund Next: Counsel’s Corner: Digging Deeper Into the 9th Circuit Court Decision on GSEs Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

If Officers Stumble Upon Contraband During Income Tax Search It Does Not Amount To Seizure Under NDPS Act: Bombay HC [Read Judgment]

first_imgNews UpdatesIf Officers Stumble Upon Contraband During Income Tax Search It Does Not Amount To Seizure Under NDPS Act: Bombay HC [Read Judgment] Nitish Kashyap22 May 2020 7:49 AMShare This – xRefusing relief to Anant Vardhan Pathak, President (Corporate Affairs), Yash Birla Group, the Bombay High Court on Friday held that when officers stumble upon a contraband (4.5 gm cocaine in this case) during an income tax raid, it does not amount to ‘seizure’ under the Narcotics And Psychotropic Substances Act. Justice NJ Jamdar passed the judgment more than five months after reserving it…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginRefusing relief to Anant Vardhan Pathak, President (Corporate Affairs), Yash Birla Group, the Bombay High Court on Friday held that when officers stumble upon a contraband (4.5 gm cocaine in this case) during an income tax raid, it does not amount to ‘seizure’ under the Narcotics And Psychotropic Substances Act. Justice NJ Jamdar passed the judgment more than five months after reserving it in December last year. Justice Jamdar heard the criminal revision application filed by the 25-year-old Pathak who was arrested after officers of the income tax department found 4.5 grams of cocaine in his possession at a five star hotel in Mumbai six years ago. Pathak was booked for offences punishable under Section 8(c) read with Section 21(b) of the NDPS Act along with two co-accused. Case Background On January 7, 2014, officers of the Income Tax Department conducted a search and seizure operation at a particular room in Taj Palace Hotel, Mumbai in connection with the affairs of the group companies controlled by Yash Birla. The applicant, who is the President of the Corporate Affairs of the said group was found in the said room along with co-accused. In the course of the said search and seizure operation, one of the co-accused namely Dharmu Rathod was found in possession of eight small self-knotted transparent polythene pouches containing white powdery substance kept in a white paper envelope. The officers collected the said article and kept it in a safe, which was available in the said room, in the presence of the public witnesses, who were already summoned for the said search and seizure operation. The superior officers of the Income Tax Department thereafter informed the Zonal Director, Narcotics Control Bureau, Mumbai on January 10, 2014 about the said occurrence. Then the empowered officers of NCB came to the said room on the same day and the said substance was checked with the assistance of a field testing kit. It transpired that the said substance was cocaine weighing about 4.5 grams. The officers of NCB seized the said contraband material in adherence to the procedure. After completion of the investigation, charge- sheet was filed against the accused for the offence punishable under section 8(c) read with section 21(b) of the NDPS Act. The applicant filed an application for discharge which the NCB opposed and the Special Judge rejected the application holding that there was strong prima-facie evidence against the applicant which warranted framing of charge. Being aggrieved by the said order, the applicant filed the said revision application. The special judge had rejected the applicant’s contention that officers who were not empowered under the NDPS Act could not have conducted the seizure of the contraband. Submissions Senior Advocate Ashok Mundargi appeared on behalf of the applicant and Special Public Prosecutor Poornima Kantharia for the NCB. Mundargi vehemently opposed the Special Judge’s order and submitted that he committed a manifest error in recording a finding that the income tax officers did not “seize” the contraband substance on January 7, 2014. According to him, this is an erroneous view which vitiates the impugned order. He argued that in view of the governing provisions of the NDPS Act and binding precedents, the Special Judge could not have taken the view that the contraband was not at all seized on January 7, 2014 but three days later by empowered officers of the NCB. Special PP Kantharia said that the context of the search and seizure operation by the officers of the IT Department cannot be lost sight of. The operation was in connection with the affairs of Yash Birla Group Companies. The officers of the IT Department, during the course of the said operation, found the contraband material on the person of co-accused Dharmu Rathod. The statements of the accused recorded under section 67 of the NDPS Act squarely incriminate the accused. The officers of the IT Department, in the circumstances, were justified in keeping the contraband substance in safe custody and informing the said fact to the concerned officer of the NCB, Kantharia submitted. Judgment At the outset, Court noted- “In the backdrop of the aforesaid facts, the pivotal question which comes to the fore is whether the act of the Income Tax Officers of collecting and keeping the contraband in the safe custody on 7th January 2014 constitutes a seizure? The phraseology of sections 41 and 42 of NDPS Act, extracted above, indicates that the powers under those sections cannot be exercised by an officer who is not either empowered or authorized. A search and seizure operation by an officer not empowered or authorized would be without mandate of law. Can this prescription be applied with equal vigour when the contraband is found per chance by the officers who are neither empowered nor authorized under the NDPS Act, is the real question. If the search and seizure operation is carried out by the officers who are neither empowered nor authorized with the purpose or under a belief that the suspect possesses the contraband substance, then the provisions of the Act would apply with full force and the prosecution would not be permitted to rely upon such search and the trial on the strength of such seizure would stand vitiated. However, when the officers stumbled upon the contraband substance in possession of a person in a totally different proceedings, like the income tax search at hand, different considerations ought to come into play lest the ground of non-compliance of the provisions contained in sections 41 and 42 of the NDPS Act, even in case of an accidental recovery of contraband substance, would cause serious prejudice to the cause of administration of criminal justice.” Justice Jamdar examined several judgments of the Supreme Court including State of Punjab vs. Balbir Singh and submissions advanced on behalf of the applicant. Dismissing the revision application, Justice Jamdar observed- “I am not persuaded to accede to the submission on behalf of the applicant that the very act of the Income Tax Officers taking over the substance from the possession of the co-accused Dharmu Rathod amounted to “seizure”. Click Here To Download Judgment[Read Judgment] Next Storylast_img read more

Republic of Korea Navy decommissions three ships

first_imgThe Republic of Korea Navy (ROK Navy) has decommissioned two multipurpose guided missile frigates and one general purpose corvette.The ships in question are the Ulsan-class frigates Masan (FF-955) and Kyeongbuk (FF-956) as well as the Pohang-class corvette Suncheon (PCC-767).All three vessels were retired in a decommissioning ceremony held on December 24, 2019, the navy said in a statement.Masan, built at Hanjin Heavy Industries yard, was commissioned into service in 1985, and Kyeongbuk, constructed at Daewoo Shipbuilding & Marine Engineering, in 1986. The third vessel, the corvette Suncheon, also built at Hanjin Heavy Industries, was commissioned in 1989.As informed, the trio will be used in support of the ROK Navy’s fleet training exercises.The move comes as the Korean Navy is preparing to welcome two new Daegu-class frigates, ROKS Gyeongnam (FFG-819) and ROKS Seoul (FFG-821) after it received the first Daegu-class unit, ROKS Daegu (FF-818), in 2018.Naval Today Staff View post tag: Corvette Share this article View post tag: Frigate View post tag: Republic of Korea Navy Photo: Photo: Republic of Korea Navy View post tag: Decomissioninglast_img read more

British Baker deputy Amy North promoted to editor

first_imgBritish Baker is pleased to announce that deputy editor Amy North has been promoted to the role of editor.She steps into the role with immediate effect and replaces Vince Bamford, who left in August to spend more time with his family.Amy has been a journalist for a decade – with six of these years spent at William Reed Business Media (WRBM) working on The Grocer prior to joining the British Baker team three years ago.“I am delighted to step up and lead British Baker as we embark on a new strategy for the brand, with a strong digital focus and exciting events such as the Baking Industry Awards,” she said.“I have enjoyed getting to know the bakery industry over the past three years, even curating a tip or two for my own baking adventures. A lot has changed during this time – from the challenges presented by Brexit and Covid-19 to a poor wheat harvest – but bakery has proven its resilience time and again. I look forward to leading the conversation and informing the industry in the future.”Lorraine Hendle, managing director – retail and manufacturing, WRBM, added: “I am sure you will join me in congratulating Amy and wishing her every success as we embark on an exciting digitally focused plan for the brand.”last_img read more

HBS professor says male job loss a long-term problem

first_imgThree quarters of the seven million jobs that have vanished in the recession belonged to men. The male unemployment rate is now 9.8 percent, vs. 8.1 percent for women. The trend got Larry Summers, the president’s top economic adviser, speculating recently, “When the economy recovers five years from now, one in six men who are 25 to 54 will not be working.”Ouch. While the decline in construction and manufacturing is hurting men in the workforce, expansion of health care and education is helping women. It also helps women that we are traditionally paid less (earning 22% less than men, on average). It’s usually more profitable to keep a woman on the payroll than a man. …Read more here.last_img

Presidential fund to launch on Africa-focused STEM research

first_img Read Full Story Harvard University announces a new gift from South Africa’s Motsepe Foundation, which will launch the Motsepe Presidential Research Accelerator Fund for Africa to advance groundbreaking research on key issues impacting the continent.This gift will support faculty-led and student-driven science, technology, engineering, and mathematics (STEM) research across Harvard’s Schools, exploring questions of crucial importance to the region. The Motsepe Foundation’s gift will significantly enhance Harvard’s contributions to the continent and strengthen the University’s relationship with Africa.“At a time when leveraging Harvard University’s intellectual community for global benefit is more critical than ever, we are eager to accelerate the discovery, dissemination, and impact of vital research in and around Africa,” said University President Larry Bacow. “We are grateful for the generous donation from Patrice and Precious Motsepe, which enables Harvard to strengthen its work addressing key challenges and opportunities facing the continent.”“As the momentum of transformation in Africa continues to advance, research focused on science, technology, and innovation is crucial”, added Wafaie Fawzi, interim Oppenheimer Faculty Director of Harvard’s Center for African Studies. “The Motsepe Fund is a wonderful opportunity to increase and deepen impactful research about Africa and foster collaboration between Harvard affiliates and our partners on the continent.”The application portal will open to faculty on Oct. 1, 2020, and is intended to support faculty-led research projects that focus on advancing key challenges and opportunities facing Africa, including emerging technologies and the Fourth Industrial Revolution; climate change and its effect on health, agriculture, water, and sanitation; renewable energy and its benefit to infrastructure and society; health; aging; materials science, and the governance and policies needed for an entrepreneurial economy.The Office of the Vice Provost for Research will oversee the fund with collaboration from the Center for African Studies. Vice Provost for Research Richard McCullough said: “Further expanding Harvard’s research portfolio in Africa is a top priority for the University. This fund offers critical support to those already working in these areas and an exciting opportunity for our faculty and students to forge new collaborations and develop novel research focused on the region.”Founded in 1999 by Patrice Motsepe and Precious Moloi-Motsepe, the Motsepe Foundation seeks to improve the quality of life for all, including unemployed people, women, youth, workers, and marginalized communities in South Africa, Africa, and globally. The foundation believes that building strong partnerships and collaboration is the only way to enable change and drive transformation, and accordingly it has a regional, continental, and global footprint through collaborations with partners around the world.last_img read more

Breaking Out of the Squeeze with Hyper-Converged Infrastructure

first_imgTrust. We look at trust in two major ways: 1) One of the problems with some hyper-converged offerings is support. Since these appliances and solutions pull pieces together from multiple vendors, who does the customer call if something goes wrong? With VSPEX BLUE, there is single point of contact global 24/7 service. 2) We build data protection and security right into the appliance along with instant access to EMC software titles directly from the VSPEX BLUE Market.IDC estimates that sales of hyper-converged solutions will grow at triple digit rates (and did, in fact, grow by 150% in 2014, compared to overall IT spending growth rate of 3-4%).Customers and partners are crying out for simplicity and hyper-converged solutions can help them break out of the squeeze. To balance the seemingly incompatible needs of “keeping the lights on” and investing in the future, IT leaders are driving changes in how their organizations consume IT. They are demanding solutions that not only meet the requirements of growing businesses for performance, provisioning and rapid scaling, but ensure efficiency and resource optimization via automation, ease of use and deployment.Hyper-converged infrastructure is one highly promising response to these demands. By collapsing core compute, storage, management and networking functions into a single appliance, vendors are able to drive the era of virtualization and software-defined everything. EMC is in this market with VSPEX BLUE, an appliance powered by VMware EVO:RAIL software, and our own software and hardware.What are the advantages of hyper-converged infrastructure?Agility. By eliminating hundreds of separate processes, reducing the time required to deploy and simplifying operation and management, IT departments can focus on driving strategic initiatives, rather than constant planning and maintenance. For example, a customer can take VSPEX BLUE from power on to provisioning VMs in <15 minutes. Scalability. Advanced planning ceases to be a requirement with hyper-converged infrastructure. A customer can start with a single appliance and grow as needed. Using VSPEX BLUE again – adding a new appliance is just a matter of launching the initial appliance. Everything is automated and fast.last_img read more

Campus Ministry hosts Diwali celebration

first_imgNotre Dame Campus Ministry held the annual celebration of Diwali, the Festival of Lights, in the LaFortune Student Center Ballroom this Sunday. The event, which lasted from 7 p.m. to 10 p.m., celebrated the Hindu New Year.According to the Campus Ministry website, this event is the first in their “Prayer From Around the World” series, which is an opportunity for the Notre Dame community to learn about different religious celebrations and traditions.“Diwali is about celebrating good over evil, and the fact that there is light and love and good in the world despite all the bad things that go on every day,” Sneha Modi, undergraduate president of the Indian Association of Notre Dame (IAND), said.According to Modi, the festival is held to honor the return of the Indian god, Rama and his wife from a 14-year exile. As a result, candles are lit in order to celebrate the triumph of light over darkness. Commonly called the Indian New Year, this celebration is filled with lights, food, colorful decorations and music.“For me, Diwali is a time for families to socialize, share sweets and set off fireworks,” graduate president of IAND Nishant Singh said. “All of the families clean their homes and light candles to show off their house to the gods. They invite them to give their family wealth and luck for the new year.”According to Singh, during Diwali, the woman of the house performs prayers, while the children bring plates of sweets to their neighbors.Singh said IAND brought in the local Hindu priest to say the prayers that are typically performed on Diwali. These prayers invite the gods to bless the families with an auspicious new year.“The local Hindu temple has been so generous to us. The women of the temple made and donated table decorations for the event,” Priscilla Wong, campus director for multicultural student ministry, said.Modi said the event, which has been held at Notre Dame for over 20 years, served vegetarian Indian cuisine, a sacred Hindu tradition. She said she expected a turnout of 200 people.Singh, who was raised in India, said the event holds a special place in his heart.“Diwali is about family. It’s about friends. It’s about happy times and just everything that’s fun about growing up in India,” he said.Tags: Campus Ministry, Diwali, IANDlast_img read more

Chinese Government Tackles Wind Curtailment Woes

first_img FacebookTwitterLinkedInEmailPrint分享Bloomberg:The Chinese government’s moves to ramp up renewable energy consumption have sparked optimism over the future of China Longyuan Power Group Corp., the country’s biggest wind power producer.Driving the bullishness on Longyuan and other Chinese wind power producers like Huaneng Renewables Corp. and China Datang Corp. Renewable Power Co. is a series of initiatives taken by the government recently to boost renewable energy demand and ease curtailment—a problem caused by overly rapid wind turbine installation and infrastructure bottlenecks. Grid operators have been forced to cut back on purchases as they are unable to fully absorb the intermittent power from renewables such as wind and solar.China, the world’s largest wind power producer, is considering setting a national target to reduce average wind curtailment rates to less than 10 percent next year and to about 5 percent by 2020, according to an April 12 government policy proposal document. The country is rolling out a clean-energy quota system to require minimum levels of renewable power use, holding regional grids, power distributors and generators responsible. In addition, China is clamping down on the ability of local authorities to plan new wind power projects in regions where the most turbines stand idle, slowing the expansion of the industry to a pace manageable for the electricity grid.In light of the recent improvement in the overall wind power industry, China is expected to build more wind farms this year to meet rising demand. Zhou Yiyi, a Shanghai-based analyst at Bloomberg New Energy Finance, said she expected China to add 21.3 gigawatts of onshore wind capacity this year, compared with 16.8 gigawatts in 2017.The idle rate at Longyuan’s wind farms will drop to about 7 percent in 2018 from 10.43 percent last year and 15.76 percent in 2016, President Li Enyi said in March. The company reported a 67 percent rise in net income in the first quarter on higher wind power output.More: Top China Wind Power Producer Shines as Fewer Turbines Idled Chinese Government Tackles Wind Curtailment Woeslast_img read more

Trades look to get the next President’s attention

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr In the town hall style presidential debate on Oct. 9 at Washington University in St. Louis, Hillary Clinton and Donald Trump may be asked a question about credit unions.If the question is asked, it will be a huge score for the industry, CUNA and its members, which have been working since the presidential primaries to get the attention of the candidates through the trade organization’s “Strong Credit Unions, Strong Middle Class.” national campaign.Richard Gose, CUNA’s chief political officer, said the purpose of the CUNA campaign was to make sure the Democratic and Republican candidates – as they were developing their domestic economic policies – would often hear about credit unions’ critical role in supporting and growing the middle class that fuels much of the nation’s economic activity.Likewise, NAFCU President/CEO Dan Berger said that the national trade organization met with both presidential campaigns over the summer seeking the candidates’ support for credit unions and their members. Berger also wrote letters to Hillary Clinton and Donald Trump in August thanking them for their positions to address regulatory burdens. continue reading »last_img read more