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2009-2010 President's Annual Report
Submitted by cala-webmaster on Sun, 06/27/2010 - 16:46
This is my last report serving as the CALA President. I can't believe eleven months of the year of my CALA presidency already passed. To review the past eight more months' Board, committees, taskforces, and chapters' work, I am very pleased that we have achieved great progress in many areas.
The CALA 21st Century Librarians Seminar Series continues making achievements. Except two teams go to China, one to Shanxi University and the other to Yunnan Agriculture University this early summer, we are working a new contract for September 2010. More and more CALA members applied and will join these seminars. Under the cooperation of the International Relations Committee and the leadership of the CALA Executive Committee, the CALA 21st Century Librarians Seminar Series develops in a healthy way and has raised CALA's reputation.
CALA is pleased to be in partnership with the University of Illinois at Urbana-Champaign to work with the Library Society of China on the Think Globally, Act Globally IMLS grant project. A delegation of 10 Chinese library directors from provincial libraries in China visited the U.S. in July 2009 as planned. Fifteen CALA members participated in the three continuing education programs professional in China in 2009. Two teams went to China in March and May, and one team will be in China in July 2010. Currently we have two teams from China visiting us and will join our CALA 2010 Award Banquet in Washington D.C. on Sunday, June 27th. The Think Globally, Act Globally Project Director Shuyong Jiang and other people worked very hard to make these happen and success. Please visit http://www.library.illinois.edu/China/overview.html for details.
We established a CALA Alire Initiative Taskforce to work on the CALA Family Literacy Project in July 2009. Under the Co-Chairs Nancy Sun Hershoff and Dora Ho's leadership and TF members Jen-Chien Yu, Liana Zhou, and Ning Zou' hard work, the TF created a great project proposal and budget plan in less than two months. The two documents were accepted by ALA. CALA received a one-time payment of $3,000.00 and addition of $1,000 from ALA for working on the project of the ALA Alire Presidential Literacy Initiative. Also, ALA will have a panel presentation on the Family Literacy Focus at the Annual Conference in Washington DC. in June 2010.
This Family Literacy Focus Project is a high profile ALA presidential initiative this year. In the past, CALA has had an excellent track record of showing support for major ALA initiatives and programs, e.g. Emerging Leaders and other ALA scholarship initiatives. It is imperative that CALA identify worthy causes that contribute to the advancement of librarianship and the visibility of both ALA and CALA and then make strategic monetary investment to further the causes. To show strong support of President Alire's family literacy initiative, one of the CALA online Board meeting decided to make a significant matching contribution of $1,500 to ensure the success of the ALA/CALA Family Literacy Focus Project implementation. Thanks to the Family Literacy Focus Project Taskforce Co-Chairs and all the members for having recruited four libraries to join the project. The four libraries are: Cleveland Public Library in Ohio, University of Miami Library in Ohio, Middlebury Community Public Library in Indiana, and San Francisco Public Library in California. With other ALA Caucus teams, the CALA Family Literacy Focus Project will present at ALA in Washington D.C. Congratulations to their achievement and thanks to their hard work!
On November 23, 2009, Yingbo Zhou, a Master student in the Graduate School of Library and Information Science(GSLIS) in University of Illinois at Urbana & Champaign (UIUC) and the President of the GSLIS Chinese Students group, had a car accident, and passed away. After we heard about the sad news, CALA Executive Committee, CALA Midwest Chapter, some CALA committees, and CALA members tried the best to help Yingbo and her family. The CALA Executive Committee had online meetings and quickly made several actions. One of these actions was to financially support the family. After coordinating with the CALA Scholarship Committee, a $1,000 CALA Scholarship was decided to grant to Yingbo and the money used for her burial expense. We also decided a CALA representative, Shuyong Jiang, CALA Executive Committee member and Treasurer, to attend the memorial service. Flowers from CALA was sent out. A call for donations to help Yingbo's family was sent to all the CALA members by the CALA Membership Committee Co-Chairs Songqian Lu and Elaine Dong. The CALA Midwest Chapter started actions to help Yingbo's family very quickly and effectively. Jen-chien Yu, President of the Chapter, attended the memorial service from Oxford, Ohio. Many CALA members working or studying at UIUC played important roles in the nearly two weeks. They are Lian Ruan and her students Qian and others, Shuyong Jiang, Fang Wan, Fei Xue, and many others. I would like to thank all of them for their contributions. They represented CALA's great spirit very well. I received a message saying that "I was extremely touched by the outpouring of support from CALA members for Yingbo Zhou's family, so I was honored to rejoin" (CALA).
Other committees and taskforces have made great progress this year, too. Under leadership of Songqian Lu and Elaine Dong, the Membership Committee continued retaining and reaching out to CALA members by sending out new member announcements and renewal reminders via CALA Listserv; and sending a welcome letter with CALA calendars to each new member. Until May 25, 2010, there are 48 new members and 10 new life members recruited. Congratulations to the Committee's new achievement!
Public Relations/Fundraising Committee, under Co-Chairs Hong Xu and Maria Yuen-Hung Fung's leadership, has made great progress. The grand total for fundraising this year is $4,560.00. Congratulations!
Under Chair Liana Zhou's leadership, the CALA Strategic Planning Committee prepared the 2015 strategic plan for the Board to review. The draft plan is well done. Thanks to Liana and all the members!
Other Committees and Taskforces, such as CALA Taskforce on Helping Taiwan Libraries Destroyed/Damaged by the 88 Typhoon Marakot, Taskforce on Rebuilding Libraries in 512 Earthquake Areas in China, CALA Taskforce on Donations for Natural Disasters Guidelines, ALA Emerging Leaders Program Taskforce, Membership Management System Taskforce, 2010 Local Arrangement Committee in Washington D.C., Review of Emerging Leader Program, 2010 Ad Hoc Election Committee, Reviewing Bylaws on Nomination and Election Process Taskforce, Conference Program Committees, Awards Committee, Best Book Award Committee, Constitution and Bylaws, Finance Committee, Mentorship Program Committee, Publications Committee, Sally C. Tseng Professional Development Grant Committee, Scholarship Committee, Web Committee, JLIS English Editors, CALA Newsletter Editors, all the chapters, and so on, have done tremendous work in short eleven months. I would like to thank all the committee and taskforce chairs and members and all the chapter leaders for their tireless efforts.
Led by previous leaders and with support from our board members and all the members of CALA, our Association has made great progress in the past. Nevertheless, as its President for the past eight months and its Executive Committee member for the last two and half years, I feel we need to do something to make CALA a better, healthier, and more professional organization. I find that the nominating of the annual elections lack transparency and our Bylaws concerning the elections have loopholes. I know change is painful and improvement may take more time than my tenure as CALA's President, but I will do my best to work with all of you for the organizational excellence.
I am so pleased to see that since I submitted my President report for Midwinter 2010 that appealed for more organizational transparency, I have received a great deal of support from the CALA Board and regular members. At our Midwinter and the following three online meetings, many Board members participated in animated discussions to "walk the walk of democracy." These discussions and debates, in accordance with the CALA Constitution and Bylaws, not only helped Board's decision making, but also encouraged Board Members to learn more about the CALA Constitution and Bylaws. This is a positive sign that I have not seen for many years. I really appreciate all the Board Members for their active participation in the discussions. With the same goal to make CALA a better organization, their hard work proves that they are not disappointing the CALA members who have elected them as their representatives.
I have full confidence in our Board Members and CALA leaders. I believe with our concerted efforts, CALA is surely going to be better and better.
In conclusion, I would like to re-state the major goals I want to see achieved this year in my tenure of CALA President:
• Strive for organizational excellence
• Make CALA a leader in global reach initiatives
• Enhance services to CALA members
• Provide educational opportunities
• Advocate for patrons of Chinese heritage, Chinese culture, and Chinese language
Xudong Jin
CALA President 2009-2010
Copyright 2008-2018 CALA. All Rights Reserved.
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NFL Concussion Lawsuits
An Anapol Weiss Information Website
NFL Concussion Lawsuit News
Full NFL Lawsuit Complaint
NFL Lawsuit News
NFL Concussion Lawyers
What is a Super Lawyer?
Concussion Symptoms
Second-Impact Syndrome
Post Concussion Syndrome
Post concussion syndrome, also known as PCS, is a persisting medical problem after a head injury has occurred.
This period of time can range from weeks to months, according to WebMD. PCS can be difficult to diagnose, because it shares many of the symptoms of a concussion, but it's usually determined by the length of time the symptoms are experienced.
A slight headache that may have begun after a head trauma can linger or worsen to the point of changing a person's life. Simple tasks like focusing or reading can result in grueling pain, and small noises can trigger splitting headaches. Concussions in sports have attracted particular attention lately because of their devastating long-term effects.
Post-concussion symptoms include:
Mild to severe headaches
Difficulty concentrating or remembering
Noise and light sensitivity
Risk of post-concussion syndrome may be worse in children as well as in adults with a history of head trauma. "In a small but important segment of people, headaches can last months or years or a lifetime," Chicago neurologist Dr. Larry Robbins told the Chicago Tribune in a 2013 article.
Football concussions, as with many concussions in sports, can happen repeatedly over weeks or years and cause irreversible pain and physical damage. In terms of NFL concussions, a 2000 survey reported 26 percent of former professional players having three or more concussions during their careers. While it's too late to tell how many of the retired football players suffered post-concussion syndrome, the NFL concussion lawsuits will help prove that repeated head impacts can lead to serious, debilitating and deadly long-term consequences. Concussions in football at any level of play must always be taken seriously.
More than 200 NFL concussion lawsuits from across the country have been consolidated in Philadelphia.read more
Anapol Weiss attorneys Sol Weiss and Larry Coben are leaders in the National Football League Players' Concussion Injury Litigation.read more
This website is dedicated to providing public information regarding Concussions lawsuits and other legal information. None of the information on this site is intended to be formal legal advice, nor the formation of an attorney-client relationship. Please contact Sol Weiss and Larry Coben for information regarding your particular case.
The attorneys at Anapol Weiss have many years of experience with the complexities of multidistrict litigation and are dedicated to helping people like you.
Judge Grants Preliminary Settlement Approval in NFL Concussion Lawsuits
Villanova Interview with NFL Concussion Lawyer Sol Weiss
Copyright © 2013 All rights reserved. Anapol Weiss. Privacy | Terms Of Service | Copyright

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The Free Voice Changer is fun software that allows users to change their voices by modifying the pitch and speed. A youngster can change his or her voice to a child's and a man can change his to a woman's, etc. It is ideal for all those who love making prank calls and wish to play them on their family and friends. With the help of a microphone, they can change their voice on a real time basis. This means that as soon as the user speaks something, the same is converted instantaneously. Free voice changer software is completely free to download online.The fact is users need not subscribe for any updates in order to use the software is quite commendable. Once the tool is installed onto a Windows PC or laptop, it can be used for as long as there is a requirement.


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Monday - Friday, 6:00 - 7:00 PM ET
Mad Money with Jim Cramer
Cramer's Covid-19 Index
Cramer's Soundboard
The six reasons why Jim Cramer is concerned about the stock market in September
Published Wed, Sep 8 20216:34 PM EDT Updated Wed, Sep 8 20217:59 PM EDT
Kevin Stankiewicz@kevin_stank
CNBC's Jim Cramer said Wednesday he sees multiple reasons to be concerned about the stock market in September.
The "Mad Money" host is worried about negative pre-announcements, Congress and more companies going public, among others.
"At the end of the day, I think we can deal with any of these issues, but not all at once—at least not without lower stock prices," Cramer said.
Jim Cramer expects Fed chief Powell to face more pressure to act on inflation
CNBC's Jim Cramer said Wednesday he sees a number of worrisome factors that are likely to contribute to market volatility in September, beyond just the fact it is a historically tough month for stocks.
Here's what the "Mad Money" host is concerned about:
1. Negative pre-announcements
This week, three companies — paint makers PPG Industries and Sherwin-Williams, as well as homebuilder PulteGroup — issued pre-announcements to lower guidance about their current quarters, warning that supply chain problems and materials costs are causing challenges that could lead to worse-than-expected results.
"The good news? None of their stocks got crushed because demand's still in good shape. ... They're still getting business," Cramer said. "The bad news? These supply problems, they're not going away—seems like they've become ingrained."
2. The Fed
Pressure on Federal Reserve Chairman Jerome Powell to change his stance that inflationary pressures are transitory could intensify throughout September, Cramer said.
While that viewpoint is why the Fed's highly accommodative monetary policy remains in place, Cramer said that "after these preannouncements where we keep hearing about rising raw costs, don't you have to wonder if inflation is more intractable than they thought?"
Raising interest rates would be the "magic elixir" to tamping down inflation, Cramer said. "But they do that by destroying demand and that crushes earnings, which in turn crushes stocks."
3. Higher rates
"If rates are headed higher, that creates more competition for high-yielding dividend stocks. These days, not many stocks are supported by their yields, but there will be even fewer if rates go up," Cramer said.
4. Congress
The "Mad Money" host said there's a bit of a double-edged sword involving the Democrats' desire to pass their $3.5 trillion budget reconciliation package.
That level of spending would surely create jobs and "supercharge the economy," Cramer said, but it comes at a time when there's already more than 10 million job openings in the U.S. As a result, wages would likely go up as companies fight for workers, he said, "which is good if you work for a living but bad if you own stocks."
Stock picks and investing trends from CNBC Pro:
Jeremy Grantham says the end of 'bubble extravaganza' is coming, calls for stocks to drop 45%
These 8 stocks are set to outperform as inflation mounts, HSBC says
Failed market rally signals more trouble ahead for stocks
"However, if that big stimulus package gets killed, the investors who are depending on it and what it would do to companies they own, well I've got to tell you, those people would be disappointed. Without this, you can't prop up the cyclicals," Cramer said.
5. Fresh supply of stocks
New companies going public through special purpose acquisition companies or traditional IPOs are adding supply of stocks to the market, which can serve "as a wet blanket dousing the fire of the buyers," Cramer said.
"Of course, this IPO cycle will eventually play out like they always do: with a sell-off that lowers all prices to levels where stocks are more attractive," Cramer said. "We can't seem to stop this deal flow."
6. Geopolitical worries
Cramer said he remains concerned about China and the unpredictability of President Xi Jinping, particularly as it relates to Taiwan, which plays a crucial role in the global semiconductor industry.
"Here's the bottom line: At the end of the day, I think we can deal with any of these issues, but not all at once—at least not without lower stock prices," Cramer said. "And lower stock prices is what September is all about."
Here's why Jim Cramer is worried about the stock market in September
Questions for Cramer?
Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com


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#WorldTeachersDay | Lessons from the Pandemic: "Teachers and the Public Sector Wage Bill", by David Archer.
Text by : David Archer
IMF policies
The IMF is 75 years old but still has a lot to learn. They need a well trained professional teacher to explain some basic truths. You can't commit to ambitious development goals and then impose austerity. You can't constrain public sector wage bills and then worry that countries have shortages of teachers, doctors and nurses.
For the past forty years the IMF have used loan conditions and coercive policy advice to drive down public spending in developing countries. In the light of Covid they are offering tens of billions of dollars in emergency loans, including to expand spending on health, but in the small print there is a clear expectation that countries will rapidly return to fiscal consolidation (the IMF's preferred term for austerity). There is no similar priority for education – yet we know that most schools (especially those with large class sizes) will not be able to open with safe social distancing – unless more teachers are urgently recruited.
In April ActionAid published Who Cares for the Future: finance gender responsive public services! which reviewed IMF programmes across 56 countries and found that, for low income countries with available data, 78% were advised by the IMF to cut or freeze public sector wage bills. Whilst in some case national efforts were made to protect health and education from cut, in practice this led to freezes. The truth is that health and education workers are the largest group on the public sector wage bill so if you have to contain the overall amount on the wage bill you cannot pay teachers more or employ more teachers.
UNESCO regularly reminds the world about the desperate need to recruit more teachers and the World Health Organisation reminds the world about the desperate shortages of nurses and doctors. But when it comes to the hard truth of economic decision making by Ministries of Finance these voices carry little weight. It is the IMF macro-economic dogma and market fundamentalism that holds sway over Ministries of Finance when they are considering spending on public services.
For three years, from 2005 to 2007, ActionAid challenged the IMF on its use of public sector wage bill caps and we worked with Education International to show the damage these did to governments wanting to achieve development goals. And we won the argument. The IMF backed down and said they would not longer use caps as loan conditions worldwide. It was a great victory – and it enabled some governments to recruit thousands, even tens of thousands more teachers. At that time the IMF was disempowered, unsure of its roles.
But as we know, the financial crisis came along and one of the unexpected side effects was to re-embolden the IMF. Slowly they reverted to type. Although explicit caps as conditions on loans were removed, the IMF gave a very strong policy steer to Ministries of Finance that public sector workers were part of the problem, not part of the solution.
In recent months we have held discussions with senior IMF officials, and we have identified a worrying level of group-think or unconscious bias. Though it may be an extreme example, one very senior official affirmed that: "the public sector should only be doing things where the private sector cannot make a profit".
On the basis of our findings we have called for the IMF's Independent Evaluation Office to do a comprehensive review. We want them to answer questions like:
To what extent did public sector wage bill constraints in pre-Covid years leave health systems and other public services prepared to respond to the pandemic and subsequent economic crisis?
In those countries where there has been greater investment in public services, have governments responded more effectively to the health crisis and the subsequent economic crisis than countries where investment has been constrained?
Has the public health crisis triggered by Covid led IMF staff to reconsider the role of the public sector in the provision of public health and other services?
Are there lessons that can be learned from the pandemic about the value of a public sector ethos?
Have privatised health services been able to respond to Covid in a sufficiently coordinated and effective way?
Is there an unconscious bias or group-think in the IMF around the public sector workforce in general and public sector wages in particular?
Can investment in expanding decent work in the public sector be both crucial to delivering SDGs and human rights obligations and also for stimulating economic growth and stability?
We will continue to try to teach some basic lessons to the IMF[1], but they seem to be rather forgetful and have a worrying reluctance to learn.
On 5 October, Education International marks World Teachers' Day with a 24-hour virtual broadcast spanning the globe. Teachers everywhere will come together to share what they have learned as a profession and how we can ensure inclusive equitable quality education for all moving forward.
The full programme, featuring teachers from across the globe, as well as Presidents, Prime Ministers, Ministers of Education, heads of international organisations, famous journalists and scientists, a Nobel Peace Prize Laureate, and many more, is available at >www.5oct.org/programme/< a="">>. <>
The event will be livestreamed across all Education International platforms and you can register here.
All streaming links will be available on the day at >www.5oct.org/watch/< a="">>, with interpretation to English, French, Spanish, Arabic, Portuguese, Russian and Japanese. <>
Join the global conversation on October 5!
[1]A global webinar on public sector wage bills is organised by ActionAid, Education International and Public Services International on 13th October - with Haldis Holst, EI Deputy General Secretary and Rosa Pavanelli, the General Secretary of PSI.
This could also interest you
The World Depends on Public Services and Public Services Require Political Will.
The opinions expressed in this blog are those of the author and do not necessarily reflect any official policies or positions of Education International.
David Archer
David Archer is Head of Public Services with ActionAid, having been Head of Education for many years. He is a co-founder of the Global Campaign for Education. He is now Chair of the Board of the Right to Education Initiative and Chair of the Strategy and Impact Committee of the Global Partnership for Education. David tweets as @DavidArcherAA.
"Transforming economies and the financing of public education post-COVID", by David Archer.
#EI25: Reflections by David Archer, ActionAid
The new compact on domestic financing for education
Global Unions call upon the World Bank and the IMF to support public investment
Emergency debt relief for all low-income countries now!
IMF must support public investment and stop public sector wage bill constraints
Iraq_KTU
Brunei (Darussalam)
Korea (Rep of)
Macedonia (FYR of)
China (Hong Kong SAR)
Europe (ETUCE)
Saint-Pierre and Miquelon
North America and Caribbean


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Paul Wright | Time to step up, Skerritt
Published:Tuesday | August 13, 2019 | 12:00 AM
Ricardo Makyn
Skerritt
The much-anticipated fantastic 'Summer of Sports' has so far been very disappointing for local sport fans.
Thankfully, the recently concluded Pan Am Games in Lima, Peru, saw our national treasures garnering 17 of the 19 medals that the country won, surpassing the total of eight medals earned in 2015.
Our victories, which included Pan Am Games records in the women's 200m, men's discus, and women's shot put, were complete with women's 100m, women's 400m, and women's 800m gold.
These athletes have deservedly won medals for their own well-being and sense of accomplishment. But they have given a nation – thirsty for any "good news" to take us (even if temporarily) out of a national funk caused by tales of corruption in high places, the seemingly unrelenting scourge of violence against citizens and traffic woes featuring mindless, reckless, and, frankly, brazen road users who laugh at any feeble attempt at improving the daily commute of Jamaicans in our cities – something to look forward to, something to celebrate.
The Americans have used podium finishes in the Pan Am Games to highlight (and protest) injustices and wrongs being perpetrated against their fellow citizens back home. These actions of a female javelin thrower and a fencing gold medallist have evoked threats of sanction from the Games authorities, but their actions have resonated with those citizens at home who are suffering daily, knowing that even in the face of glory and reward for athletic superiority, someone cares!
As a nation, we do not expect our sport stars, or national treasures, as they really are, to step up to the plate and support their fellow suffering citizens with protest. We are all painfully aware of the treatment meted out to any athlete who dares to expose 'bad mind' and impropriety in their sport administrations. So as we wait for the passage of time and retirement to get a true picture of corruption in the administrations of local sports, we thank our stars for these few and precious moments of celebration that give us a smile and a reason to get up and go to work and school every day.
Stats not improving
The record total of one-day runs by the world's best exponent of the shortened game of cricket, Christopher Henry Gayle, has done very little to mask the continued poor results of the best amalgamation of regional cricketers on the world stage.
Local statistics guru Zaheer Clarke reminds me that since he took office on March 25, 2019, the team under the leadership of president Ricky Skerritt has played 16 one-day internationals and three T20s.
We have won four, lost 13, and have two no-results. We (the West Indies) have played the second-highest number of matches of all the ICC-registered teams in that period, 19 with England being the only country that has played more – 20.
Our 13 losses are the most by any team during that period. Pakistan have lost 11 of 17 matches, and Afghanistan have lost 10 of their 12 games. Of the 12 full-member teams of the ICC, the West Indies' win-to-loss ratio is ranked 11th, only ahead of Afghanistan. These statistics are not improving, even as the cricketing public of these islands celebrate a new and different method of administering regional cricket.
Time is not a friend of new administrators who are swept into power with the promise of 'change for the better'. The honeymoon afforded to new leaders does not usually last very long. It is now time for Skerritt to make good on his promise from his acceptance speech in March this year.
With cricket and football also showing very worrying signs of regression in international standings, the leaders of these organisations cannot and should not expect to keep saying, "This is the best-prepared and best-talented team selected to represent us," only to sheepishly look for others to blame when the performances fail to live up to the pre-game hype so frequently mouthed by our vanquished representatives.
Those seeking positions of power in sporting administrations are painfully aware of the lack of facilities and resources necessary to produce consistent world-class results. So in seeking to defeat and dethrone incumbents, they should have a formula to gain corporate/financial support and not 'blame finances' when results are poor.
We need administrators who either play or understand the nuances necessary for an athlete to reach and stay at the top, as well as the necessary connections to garner financial support for crucial aspects of the development of the sport that they are administering. We need leaders of substance, not talkers and profilers who are given the task of leading only because of longevity in positions on committees, and 'contribution to sport in general'.
Dr Paul Wright is a sports medicine specialist and radio personality.
«'Gayle as great as Lara' - Jamaican star hailed as West Indies legend after securing ODI runs record
Russell shines but Knights miss out on title »
Securing the legacy - New athletics club unveils impressive young talent, outlines ambitions
Football has lost a stalwart - Constant Spring FC founder 'Danny' Lyn passes away
Patterson grateful for extra Olympic prep time
Bangladesh brush aside inexperienced WI team
West Indies lose opener against Bangladesh
Robinson calls for resumption of local netball
Self-belief key for depleted Windies
Early DQ fuelled gold medal push – Russell
TT saga takes new turn
The waiting game - Associations anxiously prepare for discussions with Government on safe sports return


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Song-Collection Hail to the Chief
[Portrait of Sir Walter Scott]. ca. 1890-1900. Prints and Photographs Division.
Hail to the Chief who in triumph advances!
Honored and blessed be the ever-green Pine!
-- "The Lady of the Lake" by Sir Walter Scott
"Hail to the Chief" sounds forth as the President of the United States arrives at any formal occasion. Who would guess that its origins lay in Sir Walter Scott's poem, "The Lady of the Lake," which narrates how a Scottish Highlands clan loses its heritage and land to an imperialist invader?
Published on May 8, 1810, Scott's work secured the author international fame and broke all records by selling 25,000 copies in eight months. The narrative's adventurous plot and carefully drawn characters were ripe for stage production. In the following year at least three productions were mounted in London theaters and one in Edinburgh, Scotland. The latter, produced by Edmund John Eyre, also opened in Philadelphia's New Theater on January 1, 1812, with music "partly composed, and partly selected, by Mr. J. A. Jones." Among the tunes that Jones selected to include was James Sanderson's "Hail to the Chief," written for one of the London productions.
Mrs. J.K. Polk. N. Currier, 1846. Prints and Photographs Division.
Sanderson was the conductor of London's Surrey Theater orchestra and wrote many songs for local theatrical productions. He set "Hail to the Chief" to the words of Stanza XIX of the Second Canto of Scott's "Lady of the Lake," a section referred to by the poet as "The Boat Song." The poem's "Chief" was the Scottish folk hero Roderick Dhu, who strove to protect the Douglas clan from their enemy, King James V, but died at the monarch's hand. The story apparently had a particular resonance in America during the War of 1812 because it explored conflicting values while acknowledging both the good and the bad aspects of each contending system. The first U.S. sheet music for "Hail to the Chief" was published in Philadelphia under the title "March and Chorus, 'Hail to the Chief,' in the Dramatic Romance of The Lady of the Lake," at about the same time the play ran.
"Hail to the Chief" was first associated with a Chief Executive on February 22, 1815, when it was played (under the title "Wreaths for the Chieftain") to honor both the belated George Washington and the end of the War of 1812. Andrew Jackson was the first living president to be personally honored by "Hail to the Chief," on January 9, 1829. The tune was among a number of pieces played for Martin Van Buren's inauguration ceremony on March 4, 1837, and for social occasions during his administration. As one party-goer recalled:
The Marine Band...is always ordered from the Navy Yard and stationed in the spacious front hall, from which they swell the rich saloons of the palace with "Hail to the Chief," "Wha'll Be King but Charley," and other humdrum airs, which ravish with delight the ears of warriors, who have never smelt powder.
It was Julia Tyler, the wife of President John Tyler, who first requested that "Hail to the Chief" be played specifically to announce the President's arrival on official occasions. The tune was included in certain nineteenth century musical instruction books and the future First Lady, Sarah Childress Polk, studied it as a young woman. It was played at her husband James Polk's inauguration but she, perhaps more than others, ritualized its use. As the historian William Seale stated,
Polk was not an impressive figure, so some announcement was necessary to avoid the embarrassment of his entering a crowded room unnoticed. At large affairs the band...rolled the drums as they played the march...and a way was cleared for the President.
President Chester Arthur was not fond of the tune and asked John Philip Sousa to compose a new herald. Sousa, then Director of the Marine Band, responded with the "Presidential Polonaise" - nonetheless "Hail to the Chief" endured. President Truman, an amateur musicologist, spent time tracing the origins of the piece and in 1954 the Department of Defense established it as the official musical tribute to the U.S. President.
The war-pipes ceased, but lake and hill
Were busy with their echos still...
Learn More About It
Greatest Hits, 1820-60 (Variety Music Cavalcade) in Music for the Nation: American Sheet Music, ca. 1820-1860
James K. Polk (Today in History: November 5)
"I Do Solemnly Swear...": Presidential Inaugurations
The Walter Scott Digital Archive External (Edinburgh University Library)
The American Presidency External (Museum of American History)
Julia Gardiner Tyler (The White House)
Print Bibliography
Coleridge, Samuel Taylor. [A letter to William Wordsworth written in early October 1810]. In Collected letters of Samuel Taylor Coleridge, ed. E. L. Griggs. Cited in John O. Hayden, Scott: the critical heritage, 59-60. London: Routledge & Kegan Paul, 1970. Call number: (Griggs) PR4483 .A428 (Hayden) PR5341 .H35 1970b
Kirk, Elise K. "Coda: Hail to the Chief." Opera News 65 (February 2001): 104. Call number: ML1 .O482, ISSN: 0030-3607
________. "Hail to the Chief: The origins and legacies of an American ceremonial tune." American Music 15 (Summer 1997): 123-136. Call number: ML1 .A47, ISSN: 0734-4392.
Created / Published
Library of Congress, Washington, DC, 2002.
- Popular Songs of the Day
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Because of copyright laws, songs from the twentieth century may not be represented by very many items on the Web site. While every effort has been made to obtain permission to use these songs or portions of these songs, in some cases this has not been possible. Therefore there may be no recordings or paper items to illustrate those songs. In some instances, the rights' owner may have only granted permission to use a portion of the material online. In those cases, only 30-second excerpts of sound recordings are used, and only one or two pages of print or manuscript materials are used.
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Valerie Hughes
Valerie Hughes is an instructor in International Trade Law Practicum at the Queen's University Faculty of Law.
Valerie Hughes served as Director of the Legal Affairs Division of the World Trade Organization (WTO) from 2010 to 2016 and as Director of the WTO Appellate Body Secretariat from 2001 to 2005. Valerie also spent 22 years with the Government of Canada, during which time she held various positions, including Assistant Deputy Minister at the Department of Finance, General Counsel of the Trade Law Division at Foreign Affairs and International Trade, and Senior Counsel in the International Law Division of the Department of Justice. Valerie has served as counsel for Canada and litigated before international courts and tribunals on trade law, investment law, and law of the sea matters.
She has published several articles and chapters on WTO law and dispute settlement as well as on maritime boundary disputes. Valerie was recently awarded the John E. Read Medal by the Canadian Council on International Law for her "distinguished contribution to international law and organisations".
International dispute settlement
Recent Accomplishments:
John E. Read Medal for distinguished contribution to international law and organisations, 2016
"The Role of the Legal Adviser in the World Trade Organisation" in The Role of Legal Advisers in International Law (Brill, 2016)
"WTO rule-making: WTO Accession Protocols and jurisprudence" in WTO Accessions and Trade Multilateralism: Case Studies and Lessons for the WTO at Twenty (Cambridge University Press, 2015)
"Some Thoughts on Food Security and the Law of the World Trade Organisation" with Daniel Ari Baker in (2015) 11 Journal of International Law and International Relations Issue 2 (University of Toronto Faculty of Law)
"Working in WTO dispute settlement: pride without prejudice" in A History of Law and Lawyers in the GATT/WTO, (Cambridge University Press, June 2015)
"WTO and Trade in Natural Resources" with Gabrielle Marceau in International Law and Fresh Water: The Multiple Challenges(Edward Elgar, 2013)
"The Institutional Dimension" in The Oxford Handbook of International Trade Law (Oxford University Press, 2009)
valerie.hughes@queensu.ca
Valerie Hughes Short CV-2.pdf


text:
'Seasonality,' signs of normalcy, return to rollicking trucking market
There are signs of normalcy returning after three years of turbulence in the $830 billion trucking market.
Recovering from chaotic conditions caused by pandemic-driven economic shutdowns and uneven supply chains nationally and around the world, top trucking executives are breathing sighs of relief—while keeping their fingers crossed.
"The unbridled chaos we've been dealing with for almost three years is moderating," Schneider CEO and President Mark Rourke told LM. The Green Bay, Wis.-based carrier operates the fifth-largest truckload operation and is a huge intermodal operator in North America.
Trucking analysts agreed. "The truckload market is easing back to normal levels of growth," Avery Vise, vice president of trucking for Indianapolis-based truck research firm FTR, told LM. "I expect spot rates to keep declining. Contract rates will start easing after the fourth quarter. We don't see a lot of risk."
Rourke cited a "series of actions" within the truckload market for resetting TL rates into a more normal state.
One was the move by shippers out of the "spot," or transactional, market and into longer-term contract rates.
DAT, which operates the largest truckload freight marketplace in North America and provides its DAT iQ data analytics service, noted its July Truckload Volume Index (TVI) for dry van freight was down 20% compared to June.
The total number of spot loads posted to the DAT site have plummeted. One load board network fell 26% compared to June and fell 34% year over year. The number of trucks on the network fell 9.3% month over month but was 8.1% higher compared to July 2021.
Year over year, DAT's van TVI was down 17% and equal to July 2020. The reefer TVI was 7.1% lower compared to July 2021 and 1.9% less than July 2020. The flatbed TVI was 13.6% higher than July 2021 and up 16% compared to July 2020.
After gaining $1.15 since July 2020, the national average rate to move van freight under contract crested and fell to $3.21 per mile, down 8 cents compared to June. (The contract rate for reefers fell 6 cents to $3.50 a mile and the flatbed rate dropped 8 cents to $3.83 a mile, DAT noted).
"Demand for van and reefer services softened predictably in July and freight volumes generally settled to levels seen in July 2020 and 2019," Ken Adamo, DAT chief of analytics, said in a statement "After several years of volatility, truckload volumes for van and reefer freight followed a more typical summertime pattern," Adamo said.
That brings up the other stabilizing force in trucking rates – seasonality. That is, the regular ups-and-downs of the annual trucking marketplace. It usually begins in earnest with upticks in March and April, builds into the summer, peaks in September and October, and falls off sharply after Thanksgiving and the holiday shipping season.
"We haven't had seasonality in two or three years," Schneider's Rourke explained. "There's a sense of normalcy. Demand is quite healthy. It feels like 2018 and 2019 again. It's more normal."
Even so, Rourke explained, the truckload sector could help itself with a bit more productivity. Not in terms of trying to obtain longer or heavier trucks, he emphasized. But in terms of using existing equipment and infrastructure smarter and more efficiently.
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All about Fifth Bi-monthly Monetary Policy, 2019-20 of RBI
| Fema / RBI - Notifications/Circulars- Press Releases
Statement by Governor – Fifth Bi-monthly Monetary Policy, 2019-20, December 5, 2019
The Monetary Policy Committee (MPC) had discussions during 3rd, 4th and 5th December, 2019. It deliberated extensively on the current and evolving macroeconomic and financial conditions, and the outlook. Based on its considered assessment, the MPC voted unanimously to keep the policy rate unchanged. It, however, decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target.
2. I express my gratitude to the MPC members for the insightful deliberations and assessment, which went into the policy decision and are captured in the Resolution which has just been released on the RBI's website.
3. I also want to thank our teams in the RBI for their continued high quality support to the MPC's deliberations with their hard work, research and logistics.
4. At the outset, I shall briefly explain the main considerations underlying the MPC's decision. The MPC noted that since its meeting in October 2019, global economic activity has remained subdued, though some signs of resilience are becoming visible. Growth has shown signs of picking up in some advanced economies (AEs) and emerging market economies (EMEs). Crude oil prices have moved in a narrow range in both directions, reflecting the constantly changing sentiments relating to the progress of the US-China trade talks. Inflation has generally remained benign in major AEs and EMEs in Q3 of 2019. Global financial markets were buoyed in October by risk-on sentiment stemming from renewed optimism on a trade truce between the US and China and possibility of a Brexit deal. However, selling pressure took hold in the second half of November on renewed fears of US-China trade talks getting stalled on the Hong Kong stand-off. While the US dollar weakened against other major currencies, EME currencies have been trading with an appreciating bias.
5. Turning to domestic developments, real GDP growth moderated to 4.5 per cent year-on-year (y-o-y) in Q2:2019-20, extending sequential deceleration to the sixth consecutive quarter. The slowdown in GDP growth was cushioned by a jump in government final consumption expenditure (GFCE). On the supply side, gross value added (GVA) growth decelerated to 4.3 per cent in Q2:201920, pulled down by contraction in manufacturing. Growth in the services sector moderated, but agricultural GVA growth increased marginally.
6. Beyond Q2, there are several positive developments which could turn out to be green shoots, depending on how they evolve. Rabi sowing is catching up from the setback caused by delay in kharif harvesting and unseasonal rainfall in October and early November. By November 29, rabi sowing was only 0.5 per cent lower than the acreage covered a year ago. North-east monsoon precipitation was 34 per cent above the long-period average up to December 4. Storage in major reservoirs, the main source of irrigation during the rabi season, was at 86 per cent of the full reservoir level as on November 28 as compared with 61 per cent in the same period a year ago.
7. Although there was contraction in output of eight core industries – which constitute 40 per cent of the index of industrial production (IIP) – for the second consecutive month in October, the output of fertilisers rose sharply, reflecting expectations of robust sowing activity in the rabi Overall business sentiment remained in pessimism in Q3:2019-20; however, the purchasing managers' index (PMI) for manufacturing increased from 50.6 in October to 51.2 in November 2019, driven up by an increase in new orders and output.
8. High frequency indicators suggest that service sector activity generally remained weak in October. However, foreign tourist arrivals posted improvement for the second consecutive month in October 2019. Steel consumption also showed a modest revival on a y-o-y basis in October 2019. There has been steady support to aggregate demand from Union Government expenditure in the month of October 2019. The PMI for services, which had remained in contraction in October (49.2) due to a decline in new export business and turning down of business expectations, moved into expansion zone to 52.7 in November on a pick-up in new business.
9. As regards the external sector, exports contracted in September-October 2019, reflecting the persisting weakness in global trade, but non-oil export growth returned to positive territory in October after a gap of two months. Imports contracted faster than exports and as a result, the trade deficit narrowed in September-October 2019. On the financing side, net foreign direct investment rose to US$ 20.9 billion in H1:2019-20 from US$ 17.0 billion a year Net foreign portfolio investment was of the order of US$ 8.8 billion in April-November 2019 as against net outflows of US$ 14.9 billion in the same period last year. Net investment by FPIs under the voluntary retention route have amounted to US$ 6.3 billion since March 11, 2019. Net disbursals of external commercial borrowings rose to US$ 11.5 billion during April-October 2019 as against US$ 1.2 billion during the same period a year ago. India's foreign exchange reserves were at US$ 451.7 billion on December 3, 2019 – an increase of US$ 38.8 billion over end-March 2019.
10. Consumer Price Inflation (CPI) increased sharply to 4.6 per cent in October, propelled by a surge in food prices. Fuel group prices remained in deflation, while inflation in CPI excluding food and fuel moderated further from its level a month ago, reflecting the underlying weakness in domestic demand conditions. Survey responses indicate that households' inflation expectations increased by 120 basis points over the 3-month ahead horizon and 180 basis points over the 1-year ahead horizon as they adapted to the spike in food prices in recent months. Manufacturing firms expect weak demand conditions and reduced input price pressures in Q3:2019-20 and Q4, but they also expect muted output prices reflecting further weakening of pricing power.
11. Taking into account these developments, the MPC revised the CPI inflation projection upwards to 5.1-4.7 per cent for H2:2019-20 and 4.0-3.8 per cent for H1:2020-21, with risks broadly balanced. Real GDP growth for 201920 is revised downwards from 6.1 per cent in the October policy to 5.0 per cent – 4.9-5.5 per cent in H2 and 5.9-6.3 per cent for H1:2020-21.
12. The MPC was of the view that economic activity has weakened further and the output gap remains negative. However, several measures already initiated by the Government and the monetary easing undertaken by the Reserve Bank since February 2019 are gradually expected to further feed into the real economy. The impact of external benchmarking of lending rates by banks will further play out in the coming days and months. Inflation is rising in the near-term, but it is likely to moderate below target by Q2: 2020-21. In order to have greater clarity with regard to the overall outlook, the MPC considered it prudent to carefully monitor incoming data. The forthcoming Union Budget will also provide better insight into further measures to be undertaken by the Government and their impact on growth. Against this backdrop, the MPC judged that there is monetary policy space for future action, but felt it appropriate to take a pause at this juncture.
13. Let me now further elaborate on the macroeconomic situation and outlook. First, inflation has indeed risen sharply in November and may remain elevated for a few months. However, the forces driving up inflation appear to be transient. The spike in inflation is essentially due to food prices impacted by unseasonal rains that have caused damage to the standing kharif Meanwhile rabi sowing is catching up rapidly, and full reservoir levels will provide a cushion against the vagaries of the weather. Therefore, there is a case for looking through the current food price spike, but it would be prudent to await greater clarity on how the inflation path evolves, given the likelihood that several food prices may stabilise by Q4:2019-20.
14. There are also some indications that the capex cycle may be turning up. Unaudited results of 1,539 listed private manufacturing companies suggest that funds mobilised by these corporates during H1:2019-20, including possibly the saving on account of the corporate income tax cut effected in September, were mainly used for fixed assets formation and deleveraging (reduced borrowing). These companies were investing in financial instruments such as investment and loans and advances during the last couple of years in the face of subdued demand. This shift to investment in fixed assets under the head 'capital work in progress' in H1:2019-20 appears to be broad based and even after excluding a few large companies from the sample, the preference for fixed assets is noticeable. Furthermore, pipeline projects sanctioned by banks/financial institutions in the preceding years envisage an expansion in capex spending for the year 2019-20. While these developments are still tentative, they would need to be carefully monitored with incoming data to look out for a durable revival in the capex cycle.
15. Monetary transmission has been full and reasonably swift across various money market segments and the private corporate bond market. As against the cumulative reduction in the policy repo rate by 135 bps during February-October 2019, transmission to various money market and corporate debt market segments ranged from 137 bps (overnight call money market) to 218 bps (3-month CPs of non-banking finance companies). Transmission to the government securities market has been 113 bps for yields on 5-year government securities and 89 bps for yields on 10-year government securities. In the credit market, the 1-year median marginal cost of funds-based lending rate (MCLR) has declined by 49 basis points. The weighted average lending rate (WALR) on fresh rupee loans sanctioned by banks declined by 44 basis points. Going forward, transmission is expected to improve with the introduction of the external benchmark system, as most banks have linked their lending rates to the policy repo rate of the Reserve Bank. Already, the weighted average term deposit rate has fallen by 16 bps. Overall liquidity in the system remains in sizable surplus. This augurs well for transmission to lending rates, going forward.
16. In line with the slowdown in the economy, GST collections so far have fallen below budgeted targets and a similar scenario with regard to direct taxes and customs duty collections can not be ruled out. It is also likely that the Government may initiate some more counter-cyclical fiscal and other measures to arrest the slowdown. The forthcoming Union Budget will provide greater clarity on all these aspects. At this critical juncture, it is of paramount importance that monetary policy and fiscal policy continue to work in coordination to achieve the best results in the national endeavour to revive growth.
17 The RBI has been pre-emptive in easing monetary policy, with the easing cycle commencing as early as February 2019. Rate reductions have occurred in quick succession in every MPC meeting since then. In its decision today, the MPC has committed to maintaining an accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target. This forward guidance in itself indicates that there is space available for further monetary policy action. However, there is a need to optimise the impact of rate reductions. The key consideration has to be the timing of further actions, even as we monitor the impact of actions already taken so far. It is in this context that the MPC decided to pause for now and evaluate the developments with a readiness to act, if the unfolding situation so warrants.
18. Now, I shall address developmental and regulatory policy measures undertaken for strengthening regulation and supervision, broadening and deepening financial markets, and improving payment and settlement systems.
19. On regulation and supervision, guidelines relating to urban cooperative banks (UCBs) on exposure norms for single and group/interconnected borrowers, promotion of financial inclusion, priority sector lending, and the like would be amended with a view to reducing concentration risk and to further strengthen the role of UCBs in promoting financial inclusion. A draft circular in this regard will be put up in the public domain for stakeholder consultation. These measures are expected to strengthen the resilience and sustainability of UCBs and protect the interest of depositors. UCBs with assets of ₹ 500 crores and above will be brought under the Central Repository of Information on Large Credits (CRILC) reporting framework to inter alia strengthen offsite supervision and early recognition of financial distress. Furthermore, it has been decided to prescribe a comprehensive cyber security framework for the UCBs in a graded approach. This would bolster cyber security preparedness and ensure that UCBs are brought at par with commercial banks in addressing cyber security threats.
20. A number of commercial banks, urban cooperative banks and other regulated entities are dependent upon third party application service providers for shared services for ATM Switch applications. Accordingly, it has been decided that certain baseline cyber security controls shall be mandated by the regulated entities in their contractual agreements with these service providers. to strengthen the systems.
21. Drawing on the recommendations of the Task Force on Development of Secondary Market for Corporate Loans, the Reserve Bank will facilitate the setting up of a self-regulatory body (SRB) as a first step towards the development of the secondary market for corporate loans. The SRB will be responsible, inter alia, for standardising documents, covenants and practices related to secondary market transactions in corporate loans and promoting the growth of the secondary market in line with regulatory objectives.
22. International Financial Service Centre Banking Units (IBUs) will be allowed to open foreign currency current accounts of their corporate borrowers, subject to the provisions of FEMA 1999 and to accept fixed deposits in foreign currency of tenor less than one year from non-bank entities with a view to facilitating ease of operations.
23. The aggregate limits for both borrowers and lenders across all NBFC peer-to-peer (P2P) platforms will be increased from ₹10 lakh to a cap of ₹50 lakh while doing away with the current requirement of escrow accounts to be operated by bank promoted trustee for transfer of funds having to be necessarily opened with the concerned bank. This will provide more flexibility in operations.
24. 'On tap' Licensing Guidelines for Small Finance Banks are being issued today.
25. As regards financial markets, after due stakeholder consultations, certain changes are being effected in foreign exchange hedging facilities. Users may undertake over the counter (OTC) currency derivative transactions up to USD 10 million, without the need to evidence underlying exposure. Banks shall be provided with the discretion, in exceptional circumstances, to pass on net gains on hedge transactions booked on anticipated exposures. Safeguards will be strengthened to ensure that complex derivatives are sold only to users that are capable of managing the risks.
26. Finally, in the area of payment and settlement, Prepaid Payment Instruments (PPIs) have been playing an important role in promoting digital payments. To further facilitate PPI usage, it is proposed to introduce a new type of PPI which can be used only for purchase of goods and services up to a limit of ₹10,000. The loading / reloading of such PPI will be only from a bank account and they shall be used for making only digital payments.
Department of Communication, Central Office, S.B.S.Marg, Mumbai-400001
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Fifth Bi-monthly Monetary Policy Statement, 2019-20 Resolution of the Monetary Policy Committee (MPC)
On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (December 5, 2019) decided to:
keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 5.15 per cent.
Consequently, the reverse repo rate under the LAF remains unchanged at 4.90 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 5.40 per cent.
The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target.
These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.
The main considerations underlying the decision are set out in the statement below.
2. Since the MPC's meeting in October 2019, global economic activity has remained subdued, though some signs of resilience are becoming visible. Among the advanced economies (AEs), GDP growth in the US picked up in Q3 on strong private investment and personal consumption expenditure. More recent data, however, indicate that factory activity contracted for the fourth consecutive month in November, while retail sales and industrial production declined in October. In the Euro area, GDP growth remained stable in Q3 relative to the previous quarter on improved household consumption and government spending, although manufacturing activity continued to struggle with lingering geo-political uncertainties. With weak global demand pulling down exports, the Japanese economy lost momentum in Q3. Economic activity in the UK accelerated in Q3, primarily driven by the services sector and construction activity.
3. Among emerging market economies (EMEs), GDP growth in China decelerated further in Q3, reflecting weak industrial production and declining exports amidst trade tensions with the US. While retail sales edged lower in October, fiscal and monetary stimuli are expected to temper the slowdown. In Russia, GDP growth accelerated in Q3 on the back of an upturn in agricultural output and industrial activity. In South Africa, economic activity contracted in Q3, pulled down by slowing mining and manufacturing activity. In Brazil, GDP growth accelerated further in Q3, driven by agriculture, industry and business investment activity.
4. Crude oil prices have moved in a narrow range in both directions since the last meeting of the MPC, reflecting changing sentiments relating to progress in US-China trade talks. Gold prices traded sideways before falling in early November as a revival of risk appetite eased safe haven demand. Inflation remained benign in major AEs and EMEs in Q3, except in China where it firmed up to its highest level in eight years.
5. Global financial markets were buoyed in October by risk-on sentiment stemming from renewed optimism on a trade truce between the US and China and possibility of a Brexit deal. In the US, equity markets rallied in this environment, also supported by better than expected corporate earnings and strong jobs data. Stock markets in EMEs too registered gains in October before some selling pressure took hold in the second half of November on renewed fears of US-China trade talks stalling on the Hong Kong stand-off. Bond yields in the US firmed up from early October on risk-on sell-offs; however, they softened from mid-November on waning hopes of a near-term resolution of trade disputes. Bond yields in the Euro area remained negative, but expectations that a no-deal Brexit is less likely improved sentiment. In EMEs, bond yields showed mixed movements, driven initially by optimism on US-China trade talks and country-specific factors. In currency markets, the US dollar weakened against other major currencies, while EME currencies have been trading with an appreciating bias.
Domestic Economy
6. On the domestic front, gross domestic product (GDP) growth moderated to 4.5 per cent year-on-year (y-o-y) in Q2:2019-20, extending a sequential deceleration to the sixth consecutive quarter. Real GDP growth was weighed down by a sharp slowdown in gross fixed capital formation (GFCF), cushioned by a jump in government final consumption expenditure (GFCE). Excluding GFCE, GDP growth would have been at 3.1 per cent. Growth in real private final consumption expenditure (PFCE) recovered from an 18-quarter trough. The drag from net exports eased on account of a sharper contraction in imports than in exports.
7. On the supply side, gross value added (GVA) growth decelerated to 4.3 per cent in Q2:2019-20, pulled down by a contraction in manufacturing. The slowdown in manufacturing activity was also reflected in a decline in capacity utilisation (CU) to 68.9 per cent in Q2:2019-20 from 73.6 per cent in Q1 in the early results of the Reserve Bank's order books, inventories and capacity utilisation survey (OBICUS). Seasonally adjusted CU also fell to 69.8 per cent from 74.6 per cent during the same period. Growth in the services sector moderated, weighed down mainly by trade, hotels, transport, communication, broadcasting services and construction activity. However, growth in public administration, defence and other services accelerated in line with the surge in government final consumption expenditure. Agricultural GVA growth increased marginally, despite contraction in kharif foodgrains production in the first advance estimates.
8. Looking beyond Q2, rabi sowing is catching up from the setback caused by delay in kharif harvesting and unseasonal rainfall in October and early November. By November 29, it was only 0.5 per cent lower than the acreage covered a year ago. North-east monsoon precipitation was 34 per cent above the long-period average up to December 4. Storage in major reservoirs, the main source of irrigation during the rabi season, was at 86 per cent of the full reservoir level as on November 28 as compared with 61 per cent in the same period a year ago.
9. Contraction in output of eight core industries – which constitute 40 per cent of the index of industrial production (IIP) – extended into the second consecutive month in October and became more pronounced, dragged down by coal, electricity, cement, natural gas and crude oil. However, output of fertilisers rose sharply, reflecting expectations of robust sowing activity in the rabi According to the early results of the Reserve Bank's industrial outlook survey, overall sentiment in the manufacturing sector remained in pessimism in Q3:2019-20 due to continuing downbeat sentiments on production, domestic and external demand, and the employment scenario. The purchasing managers' index (PMI) for manufacturing increased from 50.6 in October to 51.2 in November 2019, driven up by an increase in new orders and output.
10. High frequency indicators suggest that service sector activity generally remained weak in October. Tractors and motorcycles sales – indicators of rural demand – continued to contract but at a moderated pace; however, passenger vehicle sales – an indicator of urban demand – posted a slender positive growth in October after 11 months of decline, reflecting festival season demand and promotional measures by auto companies. Commercial vehicle sales and railway freight traffic contracted. The PMI for services remained in negative zone in October (49.2) due to a decline in new export business and turning down of business expectations. However, it moved into expansion zone to 52.7 in November on a pick-up in new business.
11. Retail inflation, measured by y-o-y changes in the CPI, increased sharply to 4.6 per cent in October, propelled by a surge in food prices. Fuel group prices remained in deflation, while inflation in CPI excluding food and fuel moderated further from its level a month ago.
12. Turning to the drivers of CPI, food inflation spiked to 6.9 per cent in October – a 39-month high – pushed up by a sharp increase in prices of vegetables due to heavy unseasonal rains. Prices of onions, in particular, shot up by 45.3 per cent in September and further by 19.6 per cent in October. Inflation in several other food items such as fruits, milk, pulses and cereals also increased, reflecting diverse factors – the cost push of fodder prices in the case of milk; decline in production and sowing area of pulses; and minimum support price effects. Sugar and confectionery prices moved out of deflation in October as sugarcane output shrank on a y-o-y basis.
13. Fuel group prices remained weak for the fourth consecutive month in October due to deflation in prices of LPG, firewood and chips. Electricity prices, however, picked up in October following a rise in user charges by power distribution companies (DISCOMs) across 13 states as reflected in the CPI.
14. Inflation in CPI excluding food and fuel softened further from 4.2 per cent in September to 3.4 per cent in October, primarily due to favourable base effects. Price increases also moderated across several services as reflected in transportation fares, telephone charges, tuition fees and house rentals.
15. Households' inflation expectations, measured by the Reserve Bank's November 2019 round of the survey, increased by 120 basis points over the 3-month ahead horizon and 180 basis points over the 1-year ahead horizon as they adapted to the spike in food prices in recent months. Based on the Reserve Bank's consumer confidence survey, spending on non-essential items of consumption has shrunk compared to a year ago; however, consumers expect their overall spending to remain unchanged going forward largely due to an increase in prices. Manufacturing firms polled in the industrial outlook survey of the Reserve Bank expect (i) weak demand conditions and reduced input price pressures in Q3:2019-20 and Q4; and (ii) muted output prices reflecting further weakening of pricing power.
16. Overall liquidity in the system remained in surplus in October and November 2019 despite an expansion of currency in circulation due to festival demand. Average daily net absorption under the LAF amounted to Rs. 1,98,566 crore in October. The Centre availed of ways and means advances (WMA) in the first week and the last three days of the month to fund its expenditure. In November, the average daily net absorption of surplus liquidity soared to Rs. 2,40,566 crore with more frequent and larger recourse to WMA by the Government. Consequently, the Reserve Bank decided to conduct longer-term variable rate reverse repo auctions with effect from November 4, 2019 in addition to overnight variable rate reverse repo auctions. So far, four longer term reverse repo auctions have been conducted – two auctions of 21 days tenor and one each of 35 days and 42 days tenor – absorbing Rs. 78,934 crore. Reflecting easy liquidity conditions, the weighted average call rate (WACR) traded below the policy repo rate (on an average) by 8 basis points (bps) in October and by 10 bps in November.
17. Monetary transmission has been full and reasonably swift across various money market segments and the private corporate bond market. As against the cumulative reduction in the policy repo rate by 135 bps during February-October 2019, transmission to various money and corporate debt market segments ranged from 137 bps (overnight call money market) to 218 bps (3-month CPs of non-banking finance companies). Transmission to the government securities market, however, has been partial at 113 bps (5-year government securities) and 89 bps (10-year government securities). Credit market transmission remains delayed but is picking up. The 1-year median marginal cost of funds-based lending rate (MCLR) has declined by 49 basis points. The weighted average lending rate (WALR) on fresh rupee loans sanctioned by banks declined by 44 basis points, while the WALR on outstanding rupee loans increased by 2 basis points during this period. However, transmission is expected to improve going forward as (i) the share of base rate loans, interest rates on which have remained sticky, declines; and (ii) MCLR-based floating rate loans, which typically have annual resets, become due for renewal.
18. After the introduction of the external benchmark system, most banks have linked their lending rates to the policy repo rate of the Reserve Bank. The median term deposit rate has declined by 47 bps during February-November 2019. The weighted average term deposit rate declined by 9 bps in October as against a decline of just 7 bps in eight months during February-September. This augurs well for transmission to lending rates, going forward.
19. Exports contracted in September-October 2019, reflecting the persisting weakness in global trade. Excluding petroleum products, however, the decline in exports was less pronounced and, in fact, non-oil export growth returned to positive territory in October after a hiatus of two months. Imports contracted faster than exports, with lower international crude oil prices resulting in a decline in the oil import bill. A sharp contraction in the volume of gold imports kept outgoes on this account in check. Non-oil non-gold imports also contracted, pulled down by electronics, coal and pearls and precious stones. Reflecting these developments, the trade deficit narrowed in September-October. On the financing side, net foreign direct investment rose to US$ 20.9 billion in H1:2019-20 from US$ 17.0 billion a year Net foreign portfolio investment was of the order of US$ 8.8 billion in April-November 2019 as against net outflows of US$ 14.9 billion in the same period of last year. In addition, net investment by FPIs under the voluntary retention route have amounted to US$ 6.3 billion since March 11, 2019. Net disbursals of external commercial borrowings rose to US$ 11.5 billion during April-October 2019 as against US$ 1.2 billion during the same period a year ago. India's foreign exchange reserves were at US$ 451.7 billion on December 3, 2019 – an increase of US$ 38.8 billion over end-March 2019.
20. In the fourth bi-monthly resolution of October 2019, CPI inflation was projected at 3.4 per cent for Q2:2019-20, 3.5-3.7 per cent for H2:2019-20 and 3.6 per cent for Q1:2020-21 with risks evenly balanced. The actual inflation outcome for Q2 evolved broadly in line with projections – averaging 3.5 per cent. The inflation print for October, however, was much higher than expected.
21. Going forward, the inflation outlook is likely to be influenced by several factors. First, the upsurge in prices of vegetables is likely to continue in immediate months; however, a pick-up in arrivals from the late kharif season along with measures taken by the Government to augment supply through imports should help soften vegetables prices by early February 2020. Second, incipient price pressures seen in other food items such as milk, pulses, and sugar are likely to be sustained, with implications for the trajectory of food inflation. Third, both the 3-month and 1-year ahead inflation expectations of households polled by the Reserve Bank have risen and these latent sentiment upsides are being reflected in other surveys as well. Fourth, domestic financial markets have exhibited volatility. Fifth, domestic demand has slowed down, which is being reflected in the softening of inflation excluding food and fuel. Sixth, crude oil prices are expected to remain range bound, barring any supply disruptions due to geo-political tensions. Taking into consideration these factors, the CPI inflation projection is revised upwards to 5.1-4.7 per cent for H2:2019-20 and 4.0-3.8 per cent for H1:2020-21, with risks broadly balanced (Chart 1).
22. Turning to the growth outlook, real GDP growth for 2019-20 in the October policy was projected at 6.1 per cent – 5.3 per cent in Q2:2019-20 and in the range of 6.6-7.2 per cent for H2:2019-20 – with risks evenly balanced; and 7.2 per cent for Q1:2020-21. GDP growth for Q2:2019-20 turned out to be significantly lower than projected. Various high frequency indicators suggest that domestic and external demand conditions have remained weak. Based on the early results, the business expectations index of the Reserve Bank's industrial outlook survey indicates a marginal pickup in business sentiments in Q4. On the positive side, however, monetary policy easing since February 2019 and the measures initiated by the Government over the last few months are expected to revive sentiment and spur domestic demand. Taking into consideration these factors, real GDP growth for 2019-20 is revised downwards from 6.1 per cent in the October policy to 5.0 per cent – 4.9-5.5 per cent in H2 and 5.9-6.3 per cent for H1:2020-21 (Chart 2). While improved monetary transmission and a quick resolution of global trade tensions are possible upsides to growth projections, a delay in revival of domestic demand, a further slowdown in global economic activity and geo-political tensions are downside risks.
23. The MPC notes that economic activity has weakened further and the output gap remains negative. However, several measures already initiated by the Government and the monetary easing undertaken by the Reserve Bank since February 2019 are gradually expected to further feed into the real economy. Data on corporate finance and on projects sanctioned by banks and financial institutions suggest some early signs of recovery in investment activity, though its sustainability needs to be watched closely. The need at this juncture is to address impediments, which are holding back investments. The introduction of external benchmarks is expected to strengthen monetary transmission. In this context, there is also a need for greater flexibility in the adjustment in interest rates on small saving schemes. In the judgement of the MPC, inflation is rising in the near-term, but it is likely to moderate below target by Q2:2020-21. It is, therefore, prudent to carefully monitor incoming data to gain clarity on the inflation outlook. Similarly, the forthcoming union budget will provide better insight into further measures to be undertaken by the Government and their impact on growth.
24. The MPC recognises that there is monetary policy space for future action. However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to take a pause at this juncture. Accordingly, the MPC decided to keep the policy repo rate unchanged and continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target.
25. All members of the MPC – Dr. Chetan Ghate, Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Michael Debabrata Patra, Shri Bibhu Prasad Kanungo and Shri Shaktikanta Das – voted in favour of the decision.
26. The minutes of the MPC's meeting will be published by December 19, 2019.
27. The next meeting of the MPC is scheduled during February 4-6, 2020.
(Yogesh Dayal)
Statement on Developmental and Regulatory Policies
This Statement sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening of financial markets; and improving payment and settlement systems.
I. Regulation and Supervision
1. Primary (Urban) Co-operative Banks – Exposure Limits and Priority Sector Lending
With a view to reducing concentration risk in the exposures of primary (urban) co-operative banks (UCBs) and to further strengthen the role of UCBs in promoting financial inclusion, it is proposed to amend certain regulatory guidelines relating to UCBs. The guidelines would primarily relate to exposure norms for single and group/interconnected borrowers, promotion of financial inclusion, priority sector lending, etc. These measures are expected to strengthen the resilience and sustainability of UCBs and protect the interest of depositors. An appropriate timeframe will be provided for compliance with the revised norms. A draft circular proposing the above changes for eliciting stakeholder comments will be issued shortly.
2. Primary (Urban) Co-operative Banks – Reporting to Central Repository of Information on Large Credits (CRILC)
The Reserve Bank has created a Central Repository of Information on Large Credits (CRILC) of scheduled commercial banks, all India financial institutions and certain non-banking financial companies with multiple objectives, which, among others, include strengthening offsite supervision and early recognition of financial distress. With a view to building a similar database of large credits extended by primary (urban) co-operative banks (UCBs), it has been decided to bring UCBs with assets of ₹500 crores and above under the CRILC reporting framework. Detailed instructions in this regard will be issued by December 31, 2019.
3. Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) – A Graded Approach
The Reserve Bank had prescribed a set of baseline cyber security controls for primary (Urban) cooperative banks (UCBs) in October 2018. On further examination, it has been decided to prescribe a comprehensive cyber security framework for the UCBs, as a graded approach, based on their digital depth and interconnectedness with the payment systems landscape, digital products offered by them and assessment of cyber security risk. The framework would mandate implementation of progressively stronger security measures based on the nature, variety and scale of digital product offerings of banks. Such measures would, among others, include implementation of bank specific email domain; periodic security assessment of public facing websites/applications; strengthening the cybersecurity incident reporting mechanism; strengthening of governance framework; and setting up of Security Operations Center (SOC). This would bolster cyber security preparedness and ensure that the UCBs offering a range of payment services and higher Information Technology penetration are brought at par with commercial banks in addressing cyber security threats.
Detailed guidelines in this regard will be issued by December 31, 2019.
4. Development of Secondary Market for Corporate Loans – setting up of Self-Regulatory Body
As recommended by the Task Force on Development of Secondary Market for Corporate Loans, the Reserve Bank will facilitate the setting up of a self-regulatory body (SRB) as a first step towards the development of the secondary market for corporate loans. The SRB will be responsible, inter-alia, for standardising documents, covenants and practices related to secondary market transactions in corporate loans and promoting the growth of the secondary market in line with regulatory objectives.
5. On Tap Licensing of Small Finance Banks
In the Second Bi-monthly Monetary Policy Statement, 2019-20 of June 06, 2019, it was announced that the Draft Guidelines for 'On tap' Licensing of Small Finance Banks will be issued by the end of August 2019. Accordingly, the Draft Guidelines were placed on the RBI's website on September 13, 2019 inviting comments from the stakeholders and members of the public. After examining the responses received, the 'On tap' Licensing Guidelines for Small Finance Banks have now been finalised and are being issued today.
6. International Financial Service Centre Banking Unit (IBU)
With a view to facilitating ease of operations for IBUs and having regard to the Liquidity Coverage Ratio being maintained by them, it has been decided to allow IBUs to:
(i) open foreign currency current accounts of their corporate borrowers subject to the provisions of FEMA 1999 and regulations issued thereunder, wherever applicable; and
(ii) accept fixed deposits in foreign currency of tenor less than one year from non-bank entities and consequently remove the current restriction on premature withdrawal of deposits.
However, the current prohibition on acceptance of retail deposits including from high net worth individuals (HNIs) will continue. Necessary instructions are being issued shortly.
7. Review of NBFC-P2P Directions- Aggregate Lender Limit and escrow accounts
The Reserve Bank had issued directions for Non-Banking Financial Company-Peer to Peer Lending platform (NBFC-P2P) on October 4, 2017. At present, the aggregate limits for both borrowers and lenders across all P2P platforms stand at ₹10 lakh, whereas exposure of a single lender to a single borrower is capped at ₹50,000 across all NBFC-P2P platforms. A review of the functioning of the lending platforms and lending limit was carried out and it has been decided that in order to give the next push to the lending platforms, the aggregate exposure of a lender to all borrowers at any point of time, across all P2P platforms, shall be subject to a cap of ₹50 lakh. Further, it is also proposed to do away with the current requirement of escrow accounts to be operated by bank promoted trustee for transfer of funds having to be necessarily opened with the concerned bank. This will help provide more flexibility in operations. Necessary instructions in this regard will be issued shortly.
8. Baseline Cyber Security Controls for ATM Switch application service providers of RBI regulated entities
A number of commercial banks, urban cooperative banks and other regulated entities are dependent upon third party application service providers for shared services for ATM Switch applications. Since these service providers also have exposure to the payment system landscape and are, therefore, exposed to the associated cyber threats, it has been decided that certain baseline cyber security controls shall be mandated by the regulated entities in their contractual agreements with these service providers. The guidelines would require implementation of several measures to strengthen the process of deployment and changes in application softwares in the ecosystem; continuous surveillance; implementation of controls on storage, processing and transmission of sensitive data; building capacity for forensic examination; and making the incident response mechanism more robust. Detailed guidelines in this regard will be issued by December 31, 2019.
II. Financial Markets
9. Hedging of foreign exchange risk by residents and non-residents – Issue of final guidelines
An announcement regarding the review of foreign exchange hedging facilities was made in February 2019, followed by issue of draft regulations for public comments on February 15, 2019. The Task Force on Offshore Rupee markets (Chairperson: Smt. Usha Thorat) also suggested some changes based on its review. The draft regulations have been modified based on the feedback and the recommendations of the Task Force. The important changes are as follows: –
Users may undertake over the counter (OTC) currency derivative transactions up to USD 10 million, without the need to evidence underlying exposure.
Banks shall be provided with the discretion, in exceptional circumstances, to pass on net gains on hedge transactions booked on anticipated exposures.
Strengthening of the safeguards to ensure, that complex derivatives are sold only to users that are capable of managing the risks.
The final directions will be issued after notification of the changes to Foreign Exchange Management Act (FEMA) Regulations.
III. Payment and Settlement System
10. New Pre-Paid Payment Instruments (PPI)
Prepaid Payment Instruments (PPIs) have been playing an important role in promoting digital payments. To further facilitate its usage, it is proposed to introduce a new type of PPI which can be used only for purchase of goods and services up to a limit of ₹10,000. The loading / reloading of such PPI will be only from a bank account and used for making only digital payments such as bill payments, merchant payments, etc. Such PPIs can be issued on the basis of essential minimum details sourced from the customer. Instructions in this regard will be issued by December 31, 2019.
Tags: RBI Notifications, Repo Rate, Reverse Repo Rate
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Brand new Sticko stickers have just arrived here at Stickers 'N' Fun. They are by far our most popular range of scrapbooking stickers and it's not hard to see why. The fun and sophisticated designs feature a wide range of themes and styles to suit everyone. There's everything from Christmas favourites to back to school to summer vacation and much more (the beautiful butterflies and the adorable ladybugs are personal favourites of mine).
I also love that they come in a variety of types. Some are flat stickers accentuated by glitter, others are made of vellum for that soft effect, others are three-dimensional to give your layouts pop and others are made of epoxy for that extra special touch.
And scrapbooking with them is so much fun!
This layout uses Sticko's Christmas Trees N Stars Epoxy stickers to add a sense of Christmas cheer to an already joyful layout. I particularly love how the Christmas wreath sticker has been used in place of the 'O' in 'Joy.' So cute!
This layout uses Strawberries Epoxy stickers to embellish both the flower accents and the title to create a very sweet little girl scrapbooking layout. Using strawberries as the centre of my flowers is not something I would have thought of myself, but it's a fabulous idea!
These are just two of the thousands of things you can do with Sticko's unique range of stickers. Why not select your favourite designs and see what you can create!
I'd love to hear what you think of these Sticko stickers ideas. Please leave a comment in the comments box below.
This entry was posted on Tuesday, January 25th, 2011 at 10:39 am	and is filed under Christmas, Girl, Scrapbooking Stickers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
I love this fishfinder. Superb job. All in one particular app.


text:
Введенське () — назва ряду населених пунктів у Росії, названих на честь свята Введення.
 Введенське — село, Кетовський район, Курганська область
 Введенське — селище, Кетовський район, Курганська область
 Введенське — присілок, Клинський район, Московська область
 Введенське — село, Мішкинський район, Курганська область
 Введенське — село, Одинцовський район, Московська область
 Введенське (садиба)

Див. також
 Введенка
 Веденське

redpajama_set_name: RedPajamaWikipedia


For the rest of the day, Soul had no trouble. He finished up on traffic duty. He got back to the office to drive home in his actual car. When he got home he feel on the couch. " Note to self, don't piss off Smith." He fell asleep.


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