First COVID-19 vaccines could arrive in Alaska by mid-December, officials say

first_imgUncategorizedFirst COVID-19 vaccines could arrive in Alaska by mid-December, officials sayDecember 4, 2020 by Robyne, KUAC – Fairbanks Share:FILE – A person being injected as part of the first human trials in the UK to test a potential coronavirus vaccine, untaken by Oxford University in England. (Oxford University Pool via AP, File)The very first COVID-19 vaccine doses may arrive in Alaska before the month is out. But there will be very little of it, and logistics to distribute it are not easy.On Thursday, 500 people were on a call to talk about distributing COVID-19 vaccines in Alaska. Dr. Tessa Walker Linderman, the Department of Health and Social Service lead for the Alaska COVID-19 Vaccination Task Force, said the vaccine could be available in the next couple of weeks.“We likely won’t see vaccine within Alaska until sometime mid-December, and we’ll hope to start vaccinating soon after the vaccine arrives in Alaska,” she said.Pfizer submitted its application to the FDA on Nov. 20 and is expecting Food and Drug Administration emergency approval in a week, on Dec. 11, Linderman said.Moderna submitted its application on Monday and will likely get emergency authorization a week after Pfizer.“We’ve been told to expect regular shipments, even on a weekly basis, of both Moderna and Pfizer going forward,” she said.On Tuesday, the federal Advisory Committee on Immunization Practices, or ACIP, met to outline priorities for who would get the vaccine first.ACIP recommended that when a COVID-19 vaccine is authorized by the FDA and recommended by ACIP, both health care personnel and residents of long-term care facilities be offered vaccination first.Sondra LeClair, the deputy lead for the task force and Rural and Community Health Systems Section Chief for DHSS, said the first group will get doses in the first phase.A graphic showing the phases outlined by the Alaska COVID-19 Vaccination Task Force. (Source: Alaska COVID-19 Vaccination Task Force)Dr. Linderman told providers they should expect a fast expansion through the spring.“If a certain group is not prioritized in Phase 1A, Week 1, there will be Week 2, and Week 3 and Week 4 and so on. We will be continually opening up the prioritization as we received more,” she said.Other pharmaceutical companies may get approval in 2021, and Alaska will get vaccine doses from them as they become available. The medicine will come by airplane to Anchorage then distributed, possibly right at the airport.“Alaska has an existing system to get vaccines from the manufacturer all the way to the rural parts of our state,” said Matt Bobo, with the Division of Public Health’s Section of Epidemiology. He said the state will do a practice run to test adding more distribution points to the network.“This will be a heavier lift; there are more providers enrolled. With the Pfizer vaccine, we did do a test shipment from the manufacturer to Anchorage and it arrived safely. It actually came today. And so, we’ll be doing some test shipments with providers we don’t usually ship to just to get folks used to the practice,” he said.Alaska’s allocation process will not include military service members, who will be vaccinated separately through a federal allocation.The Division of Public Health will have daily updates on the Vaccine Distribution Program website.Share this story:last_img read more

What’s in the Cheesegrater? From Aon to Amlin, here’s a storey-by-storey breakdown of every business in the Leadenhall Building

first_img The building can be seen from all over London The top floor of the building is used as an event space TBC (Floors 34-35) whatsapp The building’s distinctive tapered shape was designed to protect views of St Paul’s Cathedral Brit Insurance (Floors 16-18) What’s in the Cheesegrater? From Aon to Amlin, here’s a storey-by-storey breakdown of every business in the Leadenhall Building With its offices on floors 19 to 24, insurer Amlin takes up one fifth of the total office space at the Leadenhall building. Amlin (Floors 19-24) Offices 454443424140393837363534333231302928272625242322212019181716151413121110987654321 Banco Sabadell (Floors 37-38) DRW (Floor 36) AON Reception (Floor 1) Affinity (Floor 44) Friday 17 July 2015 5:01 am Rothesay Life (Floor 25) Emma Haslett Show Comments ▼ Its lifts are not for those of a weak disposition: they move at a stomach-churning 18mph Amlin (Floor 45) AON (Floors 4-13) The Leadenhall Reception (Floor 2) TBC (Floor 42) More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comInstitutional Investors Turn To Options to Bet Against AMCvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhite House Again Downplays Fourth Possible Coronvirus Checkvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Tags: bridges and landmarks London buildings Insurer Aon signed up for 10 floors at the Cheesegrater in November 2011, consolidating its four sites in London. The first 500 workers moved into the building in July 2015. Ground retail Restaurant – Empty (Floor 3) It may not be London’s biggest building – but the Leadenhall Building, aka the Cheesegrater, still remains one of the tallest skyscrapers in the Square Mile, towering over its neighbours the Gherkin and the Walkie Talkie. The 225 metre building’s characteristic tapered design was created to preserve views of St Paul’s Cathedral. Ever wondered what’s going on inside? We’ve put together a storey-by-storey breakdown of every occupier in the building, from Aon at the bottom, to FM Global’s record-breaking letting on the 41st floor.  Take a trip up the skyscraper by scrolling down – it’s a lot less stomach-churning than getting in one of its 18mph lifts… The London skyline at sunset from an upper floor Ipsoft (Floor 31) Servcorp (Floor 30) The building, designed by Rogers Stirk + Harbour, has been dubbed the “Cheesegrater” because of its distinctive shape See inside TBC (Floors 28-29) Retail Receptions Restaurant 1 The building stands at 224 metres high, making it the City’s tallest skyscraper Although it’s the tallest in the City, the Leadenhall Building’s 224-metre frame is dwarfed by the Shard, which stands at 309 metres RSHP (Floor 14) Office space in the Leadenhall Building was more than 50 per cent let before it opened in 2014 by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUnify Health LabsRandy Jackson: This 3 Minute Routine Transformed My HealthUnify Health LabsSwift VerdictChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoSwift VerdictMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunComedyAbandoned Submarines Floating Around the WorldComedyForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbesGameday NewsNBA Wife Turns Heads Wherever She GoesGameday Newszenherald.comMeghan Markle Changed This Major Detail On Archies Birth With views across the City, the top floor looks out over the Gherkin, the Walkie Talkie and the Shard Brit Insurance (Floors 39-40) FM Global (Floor 41) Share whatsapp Kames Capital (Floor 26)last_img read more

News / Spending boom highlights e-commerce challenges and opportunities in Asia

first_imgBy Sam Whelan in Ho Chi Minh City 15/06/2015 Asia’s booming e-commerce sector is creating a wave of opportunity for logistics growth across the continent.From India to China and across Asia-Pacific, the proliferation of internet access and rising middle-class consumer spending is creating the perfect storm for online retailing.India is expected to see e-commerce growth of 10-15% annually, higher than its GDP growth rate, meaning exponential freight volume surges for express delivery, courier firms and 3PLs operating within international freight transport and last-mile logistics.Indeed, established logistics players in India are setting up dedicated e-commerce units to capitalise on the demand for on-line shopping, often aligning with major e-commerce leaders through strategic partnerships.For example, Patel Logistics recently signed a deal with Amazon to create fast-track air delivery unit Patel Retail, while Chinese e-commerce giant Alibaba has partnered with Singapore Post to provide delivery solutions in Asia-Pacific.Asia-Pacific now accounts for 35% of the global business-to-consumer (B2C) e-commerce market, with a total value of over $1.5trn. Mark Millar, author of Global Supply Chain Ecosystems, explained that logistics infrastructure is under increasing pressure to keep up with rising demand – particularly considering the popularity of e-commerce outside of large metro areas.“The massive increase in on-line sales is driving exponential expansion in the need for comprehensive B2C logistics networks, stretching Asia’s express logistics capabilities like never before.“Furthermore, Alibaba research reports that consumers in small cities and remote areas – with no large shopping malls and not much modern retail – actually spend a larger proportion of their disposable income via e-commerce, than those in the large cities where brand-name stores and high street retail are plentiful,” he said.Vietnam is one emerging market struggling to adjust to this new-wave of on-line retailing and resulting logistics challenges. Government data shows Vietnamese shoppers spent almost $3bn on-line last year, equivalent to 2.12% of the country’s total retail revenue.At the same time however, consumers’ preference for cash over credit cards could hamper further growth. One local supply chain manager told The Loadstar the high rate of cash purchases, combined with a lack of large 3PLs with sufficient hinterland networks, results in major challenges for day-to-day delivery operations.“In terms of payments, there is a very high rate of cash on delivery because of low trust in on-line transactions and product quality,” said Fabian Wandt, head of supply chain and marketplace operations at Lazada Vietnam.“We are missing big privately owned 3PLs with non-metro area networks. On top of that, there is a lack of IT infrastructure which leads to a lack of visibility across the supply chain. On the warehousing side, there is lack of high quality warehouses close to city centres which is required for e-commerce companies like Lazada”Lazada is Vietnam’s largest on-line retailer, recently celebrating its third anniversary with the milestone of 500,000 customers after growing by over 500% since 2013. Mr Wandt explained that electronic products are the most popular category amongst Vietnamese consumers, noting that there were 110m cell phones in circulation in a population of 85m, highlighting the scale of demand.In terms of creating supply chain efficiency, Mr Wandt believes focusing on cultural change and staff training will be just as important as implementing new technologies.“New technologies alone won’t help to conquer the challenges, we need to focus on cultural behaviour and to adopt our supply chain education and implementation,” he said.Skills shortages within the logistics sector are not uncommon, and especially in emerging markets. In Vietnam, hiring enough qualified people to meet increased demand has been difficult amongst 3PLs and forwarders – leaving significant opportunity for international players to enter a fast moving market.Mr Wandt thinks this could prove to be the catalyst Vietnam needs to further develop its logistics networks: “The e-commerce market is growing day by day. New customers are entering a new channel of consuming. New players will join soon, helping to develop the logistics infrastructure and establish a better end-to-end solution. The growth will be dramatic.”last_img read more

Video Chat: A conversation on the coronavirus with Rich Besser

first_imgHealthVideo Chat: A conversation on the coronavirus with Rich Besser Senior Writer, Infectious Disease Helen covers issues broadly related to infectious diseases, including outbreaks, preparedness, research, and vaccine development. Editor’s note: The archived video recording is embedded below.Rich Besser is a leading public health expert and the former acting director of the Centers for Disease Control and Prevention. He has drawn on his experience to offer both criticism and commendation of global response efforts to the pandemic, and has emphasized the health inequities being brought to light as a result.Join STAT’s senior infectious diseases and global health reporter, Helen Branswell, for a live video chat with Besser, who is now president and CEO of the Robert Wood Johnson Foundation, today at 11 a.m. ET. They’ll be talking about the current state of the pandemic, how communities across the country are being impacted, and how we can work together in response.advertisement Helen Branswell About the Author Reprints Video Chat: A conversation on the coronavirus with Rich Besser (CC)Volume 90%Press shift question mark to access a list of keyboard shortcutsKeyboard ShortcutsEnabledDisabledPlay/PauseSPACEIncrease Volume↑Decrease Volume↓Seek Forward→Seek Backward←Captions On/OffcFullscreen/Exit FullscreenfMute/UnmutemSeek %0-9SettingsOffRich Besser_transcriptVideo-Chat.transcriptFont ColorWhiteFont Opacity100%Font Size100%Font FamilyArialCharacter EdgeNoneBackground ColorBlackBackground Opacity50%Window ColorBlackWindow Opacity0%ResetWhiteBlackRedGreenBlueYellowMagentaCyan100%75%25%200%175%150%125%100%75%50%ArialCourierGeorgiaImpactLucida ConsoleTahomaTimes New RomanTrebuchet MSVerdanaNoneRaisedDepressedUniformDrop ShadowWhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0% facebook twitter Email Link EmbedCopiedLive00:0043:0343:03  Tags Coronavirus By Helen Branswell April 27, 2020 Reprints @HelenBranswell last_img read more

Cucumber soup and ice pops offer respite from scorching summer

first_imgNews News SHARE News It’s time for “Market Trends,” which brings you weekly updates on the North Korean economy; in particular the jangmadang [markets, official or otherwise] trends. Thankfully, recent refreshing rains have somewhat alleviated thefatigued  spirits of North Korean residents duringthe heat wave. Reporter Kang Mi Jin has prepared some insights to the dailylives of residents in the midst of the summer heat. What do you have for ustoday?It has been really warm these days [in South Korea] and Iusually have an ice cream to soothe the heat. However, even a cold ice creamcannot compare to a refreshing bowl of chilled cucumber soup. On my days off, Iprepare a slightly diluted sour chilled cucumber soup for my daughter andreminisce over how sweet and delicious it felt when having a sip in the middleof the farming fields, regretting that it just doesn’t taste the same here.Words cannot express the sweet taste of chilled cucumber soup after hours ofbackbreaking work in the fields. How can one re-create that taste felt in thefields no matter how many delicious ingredients you add while in the cool shadeof a comfortable home? North Koreans must be drenched from head to toe withperspiration working in rural farming and construction support at the moment.While it is commonly known that North Korean residents drink sweet water [water flavored with saccharin] to battle theheat it is a surprise to learn that chilled cucumber soup is enjoyed there aswell. Is it as popular in the North as it is in the South?Yes it is. It’s the peak periodof the rural farming support these days and residents pack their lunches towork even if the destination is nearby. However, mobilized workers are givenchilled cucumber soup to supplement their lunch, and they wolf it down firstwithout even washing the dirt and sweat off themselves.While South Koreans can enjoy cucumbers year-roundbecause of the widespread use of plastic greenhouses, how do people in the North have access to cucumbers during the off-season?Actually that is a misconception.Ryanggang Province, the alpine region of NK, produces cucumbers very early inthe season, and cucumbers are also mass produced in the South Pyongan Province.Most residents seek chilled cucumber soup to battle the stifling heat whichcreates a huge demand, in turn leading to cucumbers being sold in thejangmadang with little fluctuation in price. I remember taking the firstcrop of cucumbers to the jangmadang around this time when I still lived inNorth Korea. As the vegetables gardens were quite large and therefore yielded asizable crop, the majority of the produce was preserved by salting or picklingfor consumption in leaner times. Residents who planted cucumbers early wouldshare their crop with those who planted on the late end of the season, and viceversa during the end of the cucumber season.Kka-kka-oh [ice cream bars or popsicles] is a big hit during the summertoo, isn’t it?That’s right. Kka-kka-oh is made with many differentingredients, and prices differ by the type of ingredients used. I used to helpa close friend of mine to sell kka-kka-oh to merchants. I also had theopportunity to observe how it was made when I visited her. Glutinous rice flouris cooked till starchy and while stirring continuously sugar is added. A whitepowder, which I presume to be milk powder, was also added.After the mixture cools it is then pouredinto small aluminum cans and a wooden handle [typically made from birch] isinserted. These filled cans are packed into upright plastic containers beforebeing placed in the freezer; it takes about 2 hours for the pops to freeze. Theyhave to be ready by around 7am when merchants show up to buy them. Kka-kka-ohthat doesn’t sell is re-frozen and sold the next day. Needless to say, NorthKorea’s infrequent power supply can make this a challenging and stressfulprocess.Moreover, as with most recipes, thequantity and quality of the ingredients, the order of sequence they are addedin, and the methods of cooking significantly influence the final taste. Evenwith the same quality and quantity of glutinous rice flour and sugar, opinionstend to differ depending on consumer preferences and culinary methods. I stillhave fond memories of my friend’s kka-kka-oh though. I hope she is listening tothis broadcast right now.The market competition must be fierce in the summer.It’s extremely intense. Unlike in South Korea where most information can begleaned from the internet, residents in the North acquire the know-how through personalendeavor or apprenticeship, often under a family member. Instead of makingkka-kka-oh I made a good living selling egg buns for 2 years, and to acquirethe skills, I had to travel from Ryanggang Province to South Pyongan Provincefor training. I had to pay the equivalent of 12kg of flour at the time for athree-day course.  Thank you for joining us Ms. Kang. Let’sclose “Market Trends” today with a run-down of prices on the jangmadang.Rice prices in most markets are showing adownward trend due to the influence of the early harvest of potatoes andbarley. The price of 1 kg of rice was 4,550 KPW in Pyongyang, 4,500 KPW Hyesanand Sinuiju. The cost of 1 kg of corn kernels was 1,400 KPW in Pyongyang, 1,100KPW in Hyesan, and 1,200 KPW in Sinuiju. The USD was trading at 8,120 KPW inPyongyang, 8,310 KPW in Sinuiju, and 8,287 KPW in Hyesan. The Renminbi wastrading at 1,200 KPW in Pyongyang, and 1,260 KPW in Sinuiju and 1275 KPW inHyesan – showing fluctuations from last week. Moving along, 1 kg of pork wasselling at 11,000 KPW in Pyongyang, 10,600 KPW in Sinuiju, and 10,500 KPW inHyesan. Gasoline is trading at 11,900 KPW per kg in Pyongyang, 11,700 KPW inSinuiju, and 11,450 KPW in Hyesan. Finally, 1 kg of diesel fuel was selling at7,500 KPW in Pyongyang, 7,600 KPW in Sinuiju, and 7,620 KPW in Hyesan.  *This segment reflects market conditions from June 12-19. Cucumber soup and ice pops offer respite from scorching summer AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] Facebook Twittercenter_img News RELATED ARTICLESMORE FROM AUTHOR Ordinary Pyongyang residents have not received government rations since mid-April Hamhung man arrested for corruption while working at a state-run department store By Daily NK – 2016.06.27 2:42pm North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only)last_img read more

Canada adds 52,100 jobs in September

Share this article and your comments with peers on social media Julian Beltrame The U.S. Labor department said Friday morning that 114,000 new jobs were created in September, More importantly, it revised upwards its data for July and August — adding 86,000 jobs to those two months. For the three months, job creation averaged 146,000 and took the unemployment rate to 7.8%, the lowest in four years. The Canadian dollar jumped more than half a cent on the news to 102.62 cents US, and markets were solidly up in morning trading in both Toronto and New York before backing off later in the day. “I think (the U.S.) is the bigger news today, even for Canada,” said Bank of Montreal deputy chief economist Doug Porter. “This is exactly what the Canadian economy needs right now because the consumer is close to being tapped out, housing doesn’t have any more room to grow, the government sector is cutting back (and) business are understandably cautious. So what we really need now is exports and exports need the U.S. economy to get going.” Some supporters of Republican challenger Mitt Romney suggested a conspiracy inside the Labor Department to save U.S. President Barack Obama was afoot, but CIBC chief economist Avery Shenfeld says if the data was pumped up, something less sinister may be involved. “The … survey, like Canada’s monthly survey, is notorious for producing fleeting outliers, albeit not this large,” he said. “Based on grossing up the results of a monthly sample of Americans, and comparing it to the prior month’s sample, the resulting count is not nearly as reliable as the payrolls report,” he said. In another promising signal, the Canadian Institute of Chartered Accountants’ third-quarter survey found that 46% of senior executives expect the number of employees at their companies to increase in the next year. That’s up slightly from 41% in the second-quarter survey. Finance Minister Jim Flaherty’s office issued a statement that he was “encouraged” by the latest Canadian gains, noting that they bring to 820,000 the number of new jobs added since July 2009, when the economy started to recover from recession. Flaherty said it was the best job creation record in the G7. The gain in Canada was the third biggest of the year and surprised the experts, which had expected a pickup of just 10,000 jobs. But the gain wasn’t enough to put a dent in the unemployment rate, which edged up one-tenth of a point to 7.4%. That’s because while thousands of Canadians found work in September, even more — 72,600 — joined the labour force. Economist Erin Weir of the Progressive Economics Forum said the jump in Canadians entering the workforce suggests many “are still waiting in the wings” for prospects to improve. Economists also pointed out that the details were not as strong as the headline suggests, including the fact that two-thirds of the new jobs where in the self-employment category. Scotiabank’s Derek Holt noted that aggregate hours worked actually declined 0.3% despite there being more people working. “It’s hours worked that get people paid so this is a significant dent against the headline. It’s not clear to me how this happened if headline and full-time jobs were up so solidly,” he said. Still, the pop in new jobs was unexpected given that most economic indicators of the past few months have presented a picture of a domestic economy struggling to maintain momentum amid a general slowdown around the world, particularly the United States, Europe and China. September’s increase brought the number of jobs created since last September to 175,000. The report was even stronger than August’s 34,000 jobs increase, which were all part-time. Last month, the vast majority of new jobs were full-time and all in the private sector, although roughly two-thirds were in the self-employment category — jobs that economists say are often lower-paying and less productive. Statistics Canada said most of the new jobs were taken by workers in the core 25-54 age group, and mostly by men in the first notable increase in employment among men since March of last year. “With this increase, the employment level for core-aged men is back to its pre-recession peak of October 2008,” the agency said, although the rate of employment remains slightly below that of four years ago. Regionally, most of the action occurred in Ontario, which saw an increase of 31,600 jobs. Quebec and Manitoba also saw gains. Statistics Canada said the biggest gains occurred in the retail and wholesale trade sectors, which saw some 34,000 jobs created, while the number of jobs in construction, which has been weak in recent months, rose by 29,000. Work in the information, culture and recreation industries saw an increase of about 24,000, and there were about 8,700 new agriculture jobs in the month. Detracting from the positives were the loss of 19,000 workers in a general category called other services and a 17,000 decrease in business, building and other support services. Canada’s domestic economy turned in one of the strongest job creation months of the year in September, adding an eye-popping 52,100 new jobs that was five times more than economists expected. But it was the labour data south of the border, which suggest the U.S. recovery is finally underway, that demanded the attention of economists and markets. Related news Economy lost 68,000 jobs in May U.S. jobless claims drop to new pandemic low U.S. employers added a modest 559k jobs in May Keywords Employment Facebook LinkedIn Twitter read more

BlackRock revises iShares PFIC list

first_imgIE Staff Keywords PFIC rulesCompanies BlackRock Canada BlackRock Canada strongly recommends that impacted investors work with their financial advisor and a U.S. tax professional to discuss any PFIC-related tax implications. The 2015 PFIC statements are expected to be posted to the iShares website on or about Mar. 31, 2016. Click here for the revised list of iShares funds. The funds for which PFIC statements will be made available is subject to change without further notice, BlackRock says. RBC Global Asset Management announces PFIC reports Share this article and your comments with peers on social media NEI offering PFIC statements for U.S. taxpayerscenter_img Related news Dynamic provides PFIC statements Facebook LinkedIn Twitter Toronto-based BlackRock Asset Management Canada Ltd., the manager of the Canadian iShares suite of funds, announced on Friday that it has revised the list of iShares funds for which Passive Foreign Investment Company (PFIC) annual information statements will be available for the 2015 tax year. PFIC statements contain reporting information that can enable investors classified as “U.S. Persons: for the purposes of U.S. tax laws to make the Qualified Electing Fund (QEF) election for U.S. tax reporting purposes. last_img read more

MFDA bans advisor for personal financial dealings with a client

first_img Mouth mechanic turned market manipulator IIROC reaches settlement with three former All Group reps serezniy/123RF Anthony Dorzek, of Oakville, Ont., has also been fined a minimum of $75,000 and faces costs of $10,000 for failing to account for some of his client’s funds from those personal dealings, according to the MFDA’s findings, released MFDA on Wednesday. In addition, the self-regulatory organization (SRO) found the former advisor to be unco-operative during the course of its investigation into the matter. The misconduct began in 2010 when Dorzek was an advisor with Winnipeg-based Investors Group Inc. and continued when he left that firm in September 2011 to join Vaughan, Ont.-based FundEX Investments Inc., at which he was employed until December 2014. FundEX terminated the former advisor in 2014 because of his infractions. The hearing panel found that Dorzek’s personal financial dealings with his client gave rise to a conflict of interest between the former advisor and his client. Dorzek’s failure to account for the client’s funds meant that Dorzek did not “deal fairly, honestly and in good faith with [his client]” and did not “observe high standards of ethics and conduct in the transaction of the business,” according to the findings. The infractions relate to Dorzek’s relationship with his client, “DB,” who also happened to be a childhood friend. Dorzek solicited and received two payments of about $10,000 from DB on separate occasions for the purposes of investing in a real estate business. Dorzek told DB that the investments would produce a guaranteed return of 10%-15% over six months and that Dorzek would also be investing in the real estate business. Six months after the first investment was made, Dorzek repaid DB his principal of $10,000 in addition to a payment that represented a return of 12.5% on the investment. DB informed Dorzek in April 2012 that he needed to redeem his second investment of $10,000 prior to the six-month expiration date. Dorzek was unable to immediately retrieve DB’s funds, although he told DB that he would keep trying to do so. Then, Dorzek informed his client in December 2013 that he might not be able to recover the investment at all. Dorzek failed to keep any documentation about the investments and to account for the $10,000 DB provided for the second investment. In addition, he did not inform Investors Group or FundEX about his personal financial dealings with DB and the investments outside of both firms. The MFDA also found that Dorzek was unco-operative during its investigation into his conduct. The SRO made several attempts to schedule an interview between May 2015 and September 2015, but he has not provided any response to their communication. “By failing to respond to MFDA Staff and attend an interview, the respondent has frustrated MFDA Staff’s ability to investigate the full nature and extent of the respondent’s activities,” states the notice of hearing, “and to determine the whereabouts of the monies that are owed to client DB.” Dorzek has not been registered in the securities industry since December 2014. Photo copyright: serezniy/123RF Tessie Sanci A Mutual Fund Dealers Association of Canada (MFDA) hearing panel has banned a former mutual fund advisor permanently for infractions that include engaging in personal financial dealings with a client and conducting a business activity outside of his firm. Related news Keywords EnforcementCompanies Mutual Fund Dealers Association BFI investors plead for firm’s sale Facebook LinkedIn Twitter Share this article and your comments with peers on social media PwC alleges deleted emails, unusual transactions in Bridging Finance caselast_img read more

Some recent global growth gains unlikely to continue: Fitch

first_img OECD raises outlook for Canadian economic growth this year Keywords Economic forecastsCompanies Fitch Ratings The outlook in advanced economies for the next several years is muted, despite recent improvements in these countries, according to a new report from Fitch Ratings Inc., which suggests that key factor in the expected flattening will be aging and slow-growth populations. The credit-rating agency says in the report that it doesn’t expect recent growth gains to be sustained over the medium term. Fitch’s latest global economic outlook indicates that underlying growth performance over the next five years will likely be stuck in the 1.25% to 1.75% range for most of the 10 advanced economies. These include Canada, the U.S., the U.K., Japan, Germany, France, Italy, Spain, Switzerland, and Australia. Related news James Langton Facebook LinkedIn Twittercenter_img Stagflation is U.S. economists’ biggest fear, SIFMA says Economy lost 68,000 jobs in May Share this article and your comments with peers on social media “While we have become more optimistic about advanced country growth prospects in 2017 and 2018, our latest assessment of medium-term growth potential suggests that this year and next could be more or less as good as it gets,” says Brian Coulton, chief economist with Fitch, in a statement. The credit-rating agency points out that the demographic outlook in these markets is set to deteriorate further, and it says that it does not see “a major turnaround in productivity performance after the slowdown witnessed over the last decade or so.” For example, U.S. potential growth is projected at 1.8% per year, down from the long-run historical average of just below 3%, “with the deterioration primarily reflecting demographics,” the Fitch report says. Conversely, Australia is expected to see the best performance over the next five years, with potential growth of 2.4%, “reflecting strong population growth and healthy labour productivity.” Canada’s potential growth is projected at 1.5%, the Fitch report says, noting that this is down from an average annual growth rate of 2.5%. “The slowdown reflects the flattening in participation rates and a deteriorating demographic outlook,” the report says, noting that “a rising share of over 65s in the population reduces projected growth in the working-age population to 0.4% per annum after averaging 0.8% in the last five years.”last_img read more

CFA meets IIROC licensing standards

first_img Share this article and your comments with peers on social media Rear view of a business woman math problems calculations black chalk board 123RF/ismagilov The CFA Institute has announced that the Investment Industry Regulatory Organization of Canada (IIROC) will recognize CFA designations under its overhauled rulebook that comes into force on June 1.Under the new rules, aspiring advisors who pursue a CFA designation will be able to use the Level I CFA exam as an alternative to the Canadian Securities Course to qualify as an advisor. The CFA will also meet IIROC’s requirements for registration as a portfolio manager, dealing with retail clients and for supervisory research analysts.“By transforming IIROC’s rule book, we’ve enabled greater understanding and application of our rules for investment firms and their advisors,” said Elsa Renzella, senior vice-president, enforcement and registration at IIROC.“We are pleased that this will help recognize CFA Institute’s high standards in meeting proficiency requirements and will streamline the registration process for those entering a career in investment management,” Renzella added.“We are excited that the benefits of the CFA charter continue to proliferate through our relationship with IIROC,” said Margaret Franklin, president and CEO of CFA Institute. James Langton Facebook LinkedIn Twitter Companies Investment Industry Regulatory Organization of Canada, CFA Institute last_img read more