Constructing the International Economy

first_imgRawi Abdelal, the Joseph C. Wilson Professor of Business Administration, and co-editors parse the ways political and economic forces are interpreted globally by agents, and seek to understand just how the economy is constructed.last_img

July climate summary

first_imgDrought conditions in most parts of the state stabilized in July, although there was an increase in exceptional drought in west central Georgia due to the heat and lack of rainfall.While the southern half of the state dried out after a wet June, northern Georgia was generally wetter than normal because of a series of thunderstorms that developed and dumped rain over the northern third of the state. In general the northern third of the state received above normal rainfall, and the rest of the state received less rainfall than normal, with the driest parts in far southeastern Georgia.The highest monthly total precipitation from a National Weather Service station was 5.96 inches in Savannah, 0.36 inches above normal, and the lowest was in Brunswick at 1.21 inches, or 2.87 inches below normal. Augusta received 1.54 inches (2.79 inches below normal), Atlanta received 3.53 inches (1.74 below normal), Alma received 3.92 inches (1.41 below normal), Athens received 5.53 inches (1.06 above normal) and Columbus received 2.92 inches (1.84 below normal). Macon received 5.68 inches, which was .73 above normal. The highest single-day rainfall reported by Community Collaborative Rain, Snow and Hail Network stations was 4.60 inches in northeast Georgia, north of Lexington in Oglethorpe County on July 12. The second highest daily total was 4.26 inches reported near Rabun Gap in Rabun County on July 14, with another Rabun Gap community network reporter observing 4.17 inches on the same day. The highest monthly total was 11.25 inches in Cedartown in Polk County. The second highest monthly total was 10.48 inches near Lilburn in Gwinnett County, followed closely by a 10.44 inch total in Dillard in Rabun County. Some residents northwest of Atlanta reported over 6 inches July 11-12, according to Nick Walker of the Weather Channel./p>Severe weather was reported on 21 days in July. Thunderstorms caused mostly wind damage, although hail was reported in a few locations. Lightning from these thunderstorms caused some house fires, and the thunderstorm related winds knocked down trees and caused scattered power outages. Despite the cooling rains in some part of the state, July saw several Georgia cities set new record high temperatures. In Atlanta, the monthly average temperature was 83.4 degrees Fahrenheit (3.6 degrees above normal). The average temperature in July for Athens was 82.5 degrees (1.9 above normal), Columbus was 84.2 degrees(1.7 above normal), Macon was 83.4 degrees (1.6 above normal), Savannah was 83.9 degrees (1.3 above normal), Brunswick was 84.1 degrees (1.3 above normal), Alma was 82.2 degrees (0.2 above normal) and Augusta was 83.7 degrees (2.1 above normal).It was the fifth warmest July on record for Atlanta, which has records going back for 134 years. Columbus experienced its eighth warmest July in 65 years of record, and Macon saw its tenth warmest July in 120 years of record. July 1 was the hottest day of the month at many locations, setting records at several weather stations. Atlanta reported 105 degrees, breaking the 1954 record of 99; Athens reported 108 degrees, breaking the 1954 record of 103; and Macon recorded 108 degrees, breaking its 1954 record of 103. Augusta also broke its 1990 record of 102 degrees on July 1, recording a temperature of 104. Atlanta and Augusta also broke record highs on July 5, with temperatures of 100 and 102 degrees respectively. On July 26 Augusta once again broke its previous daily temperature record with a high of 103, and temperatures in Alma also broke the daily record at 101 degrees. The peach season ended in mid-July, almost three weeks early. This is the earliest it has ended in any grower’s memories, according to The Packer newspaper. Most other crops continued to be ahead of the 5-year average due to the continuation of warm conditions.last_img read more

CSSA Fellow

first_imgKatrien M. Devos, a professor of crop and soil sciences and plant biology at the University of Georgia, has been named a Fellow of the Crop Science Society of America (CSSA).Her nomination and selection as a CSSA Fellow recognizes a career dedicated to breaking new ground in understanding the genetics and evolutionary biology of crops and in the search for more resilient and sustainable crop varieties. From mapping the genomes of orphan crops, like finger and foxtail millet, to tracking the genetic evolution of agronomic and wild grasses, Devos has played an integral role in the development of a more food-secure world.   The CSSA, the premier international scientific society for crop scientists and crop breeders, selects CSSA Fellows to recognize members for professional achievements and meritorious service. Only up to 0.3% of the society’s active and emeritus members may be elected as Fellows. Fellowship is the highest level of recognition offered by the society.Since the program was established, 24 UGA professors have been selected as CSSA Fellows; four of them are still active in UGA agricultural research.“Katrien Devos is one of the best researchers in the world in her field,” said Allen Moore, associate dean for research at the UGA College of Agricultural and Environmental Sciences (CAES). “She is very deserving of this honor and a standout in one of the nation’s top plant breeding, genetics and genomics programs. UGA agricultural research is known around the world as true leader in developing the tools and the scientific knowledge that will lead us into the next great chapter of agricultural advancement.”The CSSA will recognize Devos formally when she travels to San Antonio, Texas, at the society’s awards ceremony this fall.The new CSSA Fellow’s interest in plant genetics started during her undergraduate career. Devos conducted her doctoral research on wheat, and her Triticeae genetic mapping was conducted at Ghent University in Belgium and at the John Innes Centre in Norwich, England. She received her doctorate from Ghent University in 1992.Devos continued her career at the John Innes Centre, where she was a pioneer in the field of grass comparative genetics. She was a driving force behind the development of the “crop circles” concept, which demonstrates the relationship between different grass genomes at the genetic level. She also studied millet as a food crop for the developing world.In 1996, Devos received a highly competitive David Phillips Fellowship from the U.K.’s Biotechnology and Biological Sciences Research Council (BBSRC) to establish a fully independent research program in the U.K. As a BBSRC Fellow, she made landmark contributions to the field of comparative genomics and genome evolution.She also continued her research on millet and was an integral part of a team — led by the International Crops Research Institute for the Semi-Arid Tropics — that developed the first pearl millet cultivar that was bred using marker-assisted breeding for improved downy mildew resistance. The impact of replacing older varieties with this downy-mildew-resistant, early-maturing variety has been estimated at more than $15 million per year.In 2003, Devos joined the University of Georgia with joint appointments in the CAES Department of Crop and Soil Sciences; the Institute of Plant Breeding, Genetics and Genomics; and the Franklin College of Arts and Sciences Department of Plant Biology. At UGA, she established a broad research program that combines basic and applied research to a range of target crops including wheat, switchgrass, seashore paspalum and millet.She played a leading role in the development of the foxtail millet genome sequence and is currently focusing her efforts on bringing finger millet breeding into the 21st century through the development of genetic and genomic resources for the finger millet community. Her pioneering genetic research on finger millet helped to secure a $1.8 million grant from the National Science Foundation to generate a reference-quality assembly of the finger millet genome and to study the diversity and evolution of a fungal pathogen that affects yield loss in finger millet.Devos was awarded the UGA Research Foundation’s Creative Research Medal for her work on orphan crops. She was also elected an American Association for the Advancement of Science Fellow in 2016. Devos continues to be a pioneer in the field of plant sciences through her cutting-edge research and passion for her work.For more information about Devos’ work at UGA CAES, visit read more

Finding the right partner in a complex payments environment

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » Whether they touch a button, click a mouse or direct a few choice words toward Alexa, consumers today have an almost endless variety of ways to pay their bills.More than ever, consumers are demanding speed, convenience and security. It has to be simple for consumers. For billing organizations, though, it’s getting more and more complex, especially when you add new regulations, new channels and security to the mix.Different industries have different payment regulations. And all channels – online, mobile, APIs, interactive voice, call centers, third parties and financial institutions – have multiple access points, each with different security standards. Billing organizations have to understand and manage the risks at all of those points.But there’s more.last_img read more

Bankers identify 2020’s greatest strengths and challenges

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr When preparing for a new year, it’s always good to assess what went well and what didn’t in the previous 12 months. This exercise helps keep the triumphs on track for further success and turn past deficiencies into future victories.To understand where bankers feel their strengths lie heading into the new decade—and where they need to improve—CSI polled banking executives from around the country, representing 227 financial institutions from across the asset-size spectrum. The data from this survey was then collected and used to create an executive report to help bankers get a pulse on the industry’s hot topics and strategies.When asked how they would rate their bank’s 2019 performance in key areas on a scale from 1 to 5, with 5 being the highest, executives felt quite confident in several vital areas:Customer Retention and Compliance: Above AverageBankers gave themselves high marks on two of the most important areas for bank profitability and safety and soundness: customer retention (4/5) and compliance readiness (3.9/5).last_img read more

Nassau GOP Maintains Majority in County Legislature

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York It was a good night for incumbents in the Nassau County Legislature as Democrats and Republicans alike walked away from Tuesday’s elections unscathed.Victories by sitting legislators across the board means the 19-member body will essentially look the same come January as Republicans managed to hold on to their 12-7 majority led by Presiding Officer Norma Gonsalves (R-East Meadow).The results weren’t unexpected, but Republicans had hoped to steal at least one seat from the Democrats to give them a supermajority, which would’ve allowed the GOP to approve bonding without the Democrats’ approval.Only one seat is changing hands and that’s because Francis Becker (R-Lynbrook) is retiring at the end of the year. Republican C. William Gaylor of Lynbrook defeated his challenger James Paymar, a Democrat from Rockville Centre, to keep Becker’s seat in the hands of Republicans.Shortly after Democrat Madeline Singas claimed victory in the race for Nassau County District Attorney, Nassau Democratic Committee Chairman Jay Jacobs called all the legislative incumbents up to the stage to be recognized.Minority Leader Kevan Abrahams (D-Freeport) spent his brief time at the microphone congratulating Singas on her resounding victory over Republican Kate Murray.,Alure cube,Alure cubelast_img read more

Houston bids farewell to George Floyd in hometown funeral

first_imgFamily and friends gathered to lay George Floyd to rest in his hometown of Houston on Tuesday, with gospel and poignant tributes capping the long farewell to the 46-year-old African American whose death ignited global protests against police brutality and racism.Politicians, civil rights activists and celebrities joined in sharing memories of the man they called a “gentle giant” before his golden casket was to be conveyed by horse-drawn carriage to his final resting place by his mother’s grave.Though it was a solemn occasion, The Fountain of Praise Church in southern Houston was filled with joyous music and words of fond remembrance for a kind and gifted man, whose savage death galvanized a worldwide movement. “George Floyd changed the world. And we are going to make the world know that he made a difference,” Al Green, the local US congressman, told the congregation.”We have a responsibility to each one of them to make sure that we do not walk away today after having celebrated his life and not taking the next step… to assure the future generations that this won’t happen again,” he added.Floyd died on May 25 as a white Minneapolis officer pressed a knee into his neck for almost nine minutes, his pleas of “I can’t breathe” becoming a rallying cry for protesters.His death has come to embody fractured relations between communities of color and police in the US and beyond as tens of thousands of protesters have taken to the streets. Tough line from TrumpFloyd was born in North Carolina, but grew up in Houston’s predominantly African American Third Ward where he was remembered as a towering high school athlete and good-natured friend.Demonstrators have taken to the streets for two weeks of the most sweeping US protests for racial justice since the 1968 assassination of Martin Luther King Jr.The demonstrations have been marred by several nights of violence that focused attention at home and abroad on police brutality as numerous videos have emerged that allegedly show incidents of heavy-handed policing. The Democrats have introduced legislation in both chambers of Congress, that they hope will make it easier to prosecute officers for abuse, and rethink how they are recruited and trained.Some US cities have already begun to embrace reforms — starting with bans on the use of tear gas and rubber bullets. But it is unclear what support the reform bill might find in the Republican-controlled Senate — or whether President Donald Trump would sign such legislation into law. ‘Justice in America’ Democratic presidential candidate Joe Biden, who has visited the family, offered words of condolence to Floyd’s children in a video message urging them to “change the world for the better” in their father’s name.”Today now is the time, the purpose, the season to listen and heal,” said Biden, who suffered his own tragedy with the deaths of a wife and two children.”Now is time for racial justice… Because when there’s justice for George Floyd we will truly be on our way to racial justice in America.” The funeral comes after the Minneapolis authorities pledged to dismantle and rebuild the police department in the city where Floyd died during an arrest for allegedly passing a counterfeit $20 bill.Derek Chauvin, the 44-year-old white officer who was filmed pressing his knee on the handcuffed Floyd’s neck, faces up to 40 years if convicted on charges of second-degree murder, third-degree murder and manslaughter.His bail was set on Monday at $1 million with conditions, or $1.25 million without.Three other policemen involved in Floyd’s arrest are charged with aiding and abetting his murder. All four officers have been fired.The arrest was caught on amateur video played in all corners of the world over the past two weeks.center_img The Fountain of Praise was the final stage in a series of ceremonies paying tribute to Floyd before he is buried.In a day that capped more than two weeks of tension around the country, the theme inside the building was one of peace and hope as family members and friends took to the podium to share their grief, with civil rights leader the Reverend Al Sharpton due to deliver the eulogy.Flowers were piled high outside the entrance to the church, attended by part of his family, before a portrait of Floyd whose open casket was visited by more than 6,000 well-wishers on Monday.Some 500 guests — all masked due the coronavirus pandemic — filled the church, including actors Channing Tatum and Jamie Foxx, as well as boxing champion Floyd Mayweather who is reportedly paying all expenses. Topics :last_img read more

Hong Kong to impose most severe social distancing restrictions

first_imgThe government said it is very concerned about the high number of imported cases and planned to impose further measures on travellers from high-risk places, including securing mandatory negative test results before arrival.Lam said the measures were the result of a three-way tug of war between considerations related to public health, economic impact and social acceptability and that the city may need to co-exist with the virus for a period of time.Ahead of new measures, some supermarkets imposed restrictions on items including rice, face masks and toilet paper, local media reported. Panic stricken residents had emptied shelves in major supermarkets across the city in February as fears escalated over the coronavirus.More than 13.02 million people have been reported to be infected by the novel coronavirus globally and 569,336​ have died, according to a Reuters tally.Infections have been reported in more than 210 countries and territories since the first cases were identified in China in December 2019.Topics : The new social distancing measures make face masks mandatory for people using public transport and restaurants will no longer provide dine-in services and only offer takeaway after 6 pm.Both are new rules that were not implemented during the city’s first and second coronavirus waves earlier this year. If a person does not wear a mask on public transport, they face a fine of HK$5,000 ($645).Chief Executive Carrie Lam said on Monday the government would limit group gatherings to four people from 50 – a measure last seen during a second wave in March.Twelve types of establishments including gyms and places of amusement must shut for a week. Hong Kong will impose strict new social distancing measures from midnight Tuesday, the most stringent in the Asian financial hub since the coronavirus broke out, as authorities warn the risk of a large-scale outbreak is extremely high.The Chinese-ruled city recorded 48 new cases of coronavirus on Tuesday, including 40 that were locally transmitted, health authorities said. Since late January, Hong Kong has reported over 1,500 cases and eight deaths.”Half of the reported cases today have unknown sources. It is very worrying because the cases can spread easily in the community,” said Dr Chuang Shuk-kwan, a senior health official.last_img read more

Stylish family charmer by the seaside

first_imgThe home has an inground pool and two outdoor entertaining spaces.The young family made a number of improvements to their home including putting in a swimming pool, upgrading the kitchen and creating a master bedroom and living spaces downstairs. The home has three bedrooms, a study, a living area and an open plan dining and kitchen upstairs. Downstairs, the master bedroom has an ensuite, a nook and a built-in robe, and there is also a living area, family room, laundry and storage space on this level. More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020The upstairs living area flows out to the deck.Outside, there is an entertainment area next to the fenced inground swimming pool. Ms Davis said her favourite spot in the home was the deck. “You can sit out there and in one direction there is a lovely mango tree and in the other direction there is the sea,” she said. “You also get lovely cool breezes. Every Saturday I used to take the dog and walk to the newsagent in Manly to get a newspaper and then I’d sit on the deck and have breakfast before going for a swim.” THIS coastal Queenslander-style home is fit for families of all sizes. The property, at 166 Gordon Pde, Manly has four bedrooms, two bathrooms and three living areas across two levels. Elizabeth Davis and Philip Boxall bought the home in 2002 for its bayside location.“We had small children at the time and it was a great family home,” Ms Davis said. “It had a fair bit of character and it had a nice, big yard for our kids.“We liked that it was walking distance to Wynnum, Manly, the train station and the sea.” The downstairs area has been built in.Ms Davis said the property was genuinely a nice family home with charm and character on a good size block. “I hope it goes to a nice family who will love it like we have,” she said.The property is being marketed by Trish Breen from RE/MAX Advantage. The home will be auctioned on April 22 at 12 noon on-site. The property will be open for inspection on April 13 at 5.30-6pm.last_img read more

US-China Deal: What Will It Mean for Tanker Shipping?

first_imgUnder the ‘phase one’ trade deal signed last week, China has pledged to increase imports of American goods, targeting to bolster its energy imports by USD 52.4 billion above 2017 levels over the next two years.The deal has been welcomed across the supply chain as a positive step to ending trade war and further trade tensions among global superpowers.According to BIMCO’s Chief Shipping Analyst Peter Sand, the deal will deliver both trade creation and trade diversion.Speaking on CNBC, Sand said that more than half of the said amount is expected to come in the form of crude oil.China is the world’s largest importer of crude oil. In 2019, it imported well over 10 million barrels per day (mb/d), the majority of those imports being seaborne, data from Poten and Partners shows.As a result, any changes in those imports, in volume or in origin could have significant implications for the tanker market.Before any prediction can be made, it remains to be seen how China will implement its commitment and whether it would switch to US crude supply.“If China decided to divert its trade from West Africa and Brazil to the U.S. that would deliver longer hauls for the oil tankers and it would be positive for the market. Naturally, if the country completely shies away from buying in Norway, that would decrease the trading distances, which matters to shipping,” Sand explained.For 2020, the IEA expects that Chinese oil demand will grow by about 400 Kb/d, from 13.6 mb/d to 14.0 mb/d.If the Phase 1 agreement is implemented, and U.S. crude is competitively priced, there is room for significant additional volumes of U.S. crude oil to find its way to China. It would help if China removed the 5% tariff it currently levies on U.S. crude oil imports, Poten said in its tanker report.A research report from Goldman Sachs, discussing the ins and outs of the trade deal, suggests that China could import an additional 500 kb/d in U.S. crude in 2020 and an additional 800 kb/d in 2021 (both relative to 2017).Based on these numbers, China would need to reduce its purchases from other crude oil suppliers in 2020 to meet its target.“If they reduce purchases from the Middle East, ton mile demand will increase, but if light sweet crude oil from the U.S. replaces similar grades from Europe or West Africa, the impact will be more muted. For 2021, assuming China’s oil demand will grow by at least 300 Kb/d, no barrels from other suppliers will need to be replaced,” Poten explained.However, China may not need an additional 300 Kb/d of light sweet crude and imports of lighter grades from West Africa and the Middle East may be reduced. This shift will likely have a modestly positive impact on demand for VLCCs, the vessels of choice to make these moves.U.S. crude oil production reached 12.3 Mb/d in 2019 (EIA). Production (and by extension exports) is projected to increase by 1 Mb/d in 2020 and another 700 Kb/d in 2021, with further growth expected in subsequent years.So, the U.S. will have ample crude oil to satisfy additional Chinese demand.According to Ann-Louise Hittle, vice president, macro oils at Wood Mackenzie, the trade deal is beneficial to the broader global economy but will have a limited impact on the global oil market and the Asian regional refining market.“Larger purchases of US crude oil exports will be the primary method for China to comply with this agreement, but a USD 52.4 billion increase in energy imports from the US over two years is going to be challenging, especially as liquefied natural gas and liquefied petroleum gas will play a minor role in plugging the gap.”In 2017, China imported about 300,000 barrels per day (b/d) of US crude oil, valued at close to USD 5.8 billion, she said.“In a free trade market, our proprietary Refinery Supply Model suggests that an optimal volume of US crude imports for China is only about 400,000 b/d in 2021. Despite the continued growth of US oil exports, China’s appetite for US tight oil is limited given that its deep conversion refineries are designed to process medium/heavy crudes from the Middle East and Latin America.“With the new trade deal, preliminary estimates suggest that China would need to import an average of about 1.1 million b/d of US crude over the next two years. China would be able to absorb these US volumes, however, they would make up only 11% of total crude imports.”US crude prices are unlikely to be affected by the deal, Hittle believes, because they are already discounted to reflect the cost of transport to other Asian nations.“The deal does pose a challenge for OPEC producers such as Saudi Arabia who aim to maintain market share in growing Asia oil markets – especially China,” she added.“Assuming China is committed to the deal, discounting OPEC barrels to maintain market share will be ineffective. Instead, we would expect to see a shuffling of global crude trade, with the crude shipping sector benefiting from the growth in long-haul trade.“OPEC will need to send volumes to other nations in Asia and to Europe, backfilling those US barrels that are now heading to China.”China imposes a 5% tariff on US crude imports and has not indicated whether waivers or exemptions to the tariff will be offered. If it remains in place, the tariff could hit refining margins.“This would discourage the country’s independent refiners from processing large volumes of US crude,”Alan Gelder, vice president, refining at WoodMac, said.“Chinese NOCs with large integrated refinery and petrochemical sites are most likely to process the extra US volumes. These sites have more flexibility to manage shifts in product yields resulting from the increase in lighter crudes and they have the strongest competitive position, so best able to absorb the cost impact.”last_img read more