Category: bkvvxtgt

Shire to pay $350 million for paying kickbacks to doctors

first_img [email protected] About the Author Reprints STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Alex Hogan/STAT By Ed Silverman Jan. 11, 2017 Reprints @Pharmalot Log In | Learn More Tags bribespharmaceuticalsSTAT+ Shire Pharmaceuticals finalized an agreement to pay $350 million to settle federal and state allegations that the drug maker and a company it acquired several years ago paid kickbacks to induce doctors and clinics to use or overuse its Dermagraft bioengineered human skin substitute. The product was approved to treat diabetic foot ulcers.The practices noted by the US Department of Justice read like a page out of a familiar illegal marketing handbook that many other drug makers have used in the past. The companies provided cash, lavish dinners, drinks, entertainment and travel; medical equipment and supplies; unwarranted payments for purported speaking engagements and bogus case studies to boost use of the treatment. GET STARTEDcenter_img What is it? Shire to pay $350 million for paying kickbacks to doctors Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Pharmalot What’s included? Ed Silverman Unlock this article — plus daily coverage and analysis of the pharma industry — by subscribing to STAT+. First 30 days free. GET STARTED Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry.last_img read more

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Pfizer has raised prices on nearly 100 drugs by an average of 20 percent

first_imgPharmalot File this under “What were they thinking?”For the second time this year, Pfizer has made substantial price hikes on some of its medicines, a move that disregards blistering criticism of the pharmaceutical industry over the cost of prescription drugs. Pfizer has raised prices on nearly 100 drugs by an average of 20 percent By Ed Silverman June 2, 2017 Reprints Ed Silverman STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Log In | Learn More [email protected] Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED What’s included?center_img Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Tags drug pricespharmaceuticalsSTAT+ About the Author Reprints What is it? Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. @Pharmalot Mark Lennihan/AP GET STARTEDlast_img read more

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Merck and Sanofi buy smaller cancer drug firms at big premiums, fueling investor excitement

first_img Senior Writer, Medicine, Editorial Director of Events Matthew covers medical innovation — both its promise and its perils. What’s included? The drug giants Merck and Sanofi each said they would acquire a smaller drug maker for more than $2 billion Monday — in each case, more than double the smaller company’s market capitalization — cheering investors about large companies’ appetite to execute buyouts in the biotechnology sector.Merck, of Kenilworth, N.J., is purchasing ArQule of Burlington, Mass., a developer of pills aimed at treating multiple cancers, for $2.7 billion, or $20 per share, a 107% premium to the stock’s closing price Friday. Sanofi, based in Paris, will buy Synthorx, a San Diego firm using a synthetic DNA base pair to create new drugs for cancer and autoimmune disease, for $2.5 billion, or $68 per share, a 172% premium to Synthorx’s stock price Friday. GET STARTED Matthew Herper Adobe About the Author Reprints Log In | Learn More Biotech Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr.center_img Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED By Matthew Herper Dec. 9, 2019 Reprints Merck and Sanofi buy smaller cancer drug firms at big premiums, fueling investor excitement What is it? @matthewherper [email protected] STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Tags biotechnologyBostoncancerlast_img read more

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School Buildings will Withstand Earthquakes – Education Ministry

first_imgRelatedSchool Buildings will Withstand Earthquakes – Education Ministry RelatedSchool Buildings will Withstand Earthquakes – Education Ministry School Buildings will Withstand Earthquakes – Education Ministry UncategorizedJanuary 12, 2007 RelatedSchool Buildings will Withstand Earthquakes – Education Ministrycenter_img Advertisements FacebookTwitterWhatsAppEmail With the nation’s schools set to observe Earthquake Preparedness Day on January 17, the Ministry of Education and Youth is assuring parents that school buildings are safe and will withstand tremors.“Our buildings are made to withstand quite an impact and . in general, the buildings will substantially remain,” said Lauriston Wilson, Director of Project Management in the Ministry.Mr. Wilson, who was speaking at a recent JIS News Think Tank, noted that because schools were also designated as shelters in the event of a natural disaster, “they must be so constructed that they will withstand a certain level of impact from either earthquake or hurricanes”.At the Ministry, he said, “we have a responsibility to ensure the safety of our students and children while they are in our buildings. To this end, we put a great deal of emphasis on the design of our buildings to maximize their structural integrity”.The schools, he said, were designed to meet the Structural Engineers Association of California Code, the Caribbean Uniform Building Code and the National Building Code and were generally of column and beam-type designs with infilled walls. “The walls, we make them non-load-bearing, because in the effect of a powerful earthquake the walls may fall out, but the building as such, will not collapse,” he explained.In the meantime, he reminded principals in public and private institutions to carry out evacuation drills as often as possible. “Many of our schools have evacuation plans, mainly the high schools, but we have also tried to encourage the primary and all-age schools to have a plan for evacuation, a safe route as to where the children must go,” he said.For Earthquake Preparedness Day, Mr. Wilson has encouraged schools to work closely with the Office of Disaster Preparedness and Emergency Management (ODPEM) to bring to the attention of the students, how to react in the event of an earthquake.The Ministry, he said, would be hosting exhibitions and the “curriculum has infused in it matters that deal with disaster management and disaster preparedness”.last_img read more

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World leading experts to support North-South Corridor design

first_imgWorld leading experts to support North-South Corridor design The Marshall Liberal Government will receive expert, industry-leading advice to finalise the business case and development of the reference design for the final stage of the North-South Corridor from SA based Joint-Venture Aurecon Mott MacDonald.Aurecon Mott MacDonald JV has been awarded the Master Advisory Services contract, having worked on some of the most complex transport projects in Australia.Minister for Infrastructure and Transport, Corey Wingard, said the Master Advisory Services is essential for a project of this scale to ensure accurate and independent technical advice is received to inform the design and planning.“The Torrens to Darlington (T2D) section is one of the most important projects ever delivered for our state and will create up to 4,000 jobs,” Minister Wingard said.“The tunnelling solution we’ve come up with will minimise community impact, improve east-west connectivity, increase overall network capacity to reduce congestion, and deliver greater safety benefits.“With the hybrid+ solution we can protect iconic community and heritage assets including the Thebarton Theatre, Hindmarsh Cemetery, Hoffman Brick Kiln and Queen of Angels Church, to name a few.”“The hybrid+ solution also means hundreds fewer homes and businesses will be impacted with modelling suggesting around 390 properties will need to be acquired. In comparison, the open-motorway option would have required close to 900 homes and businesses to be demolished.“The final 10.5 kilometres is the most difficult part of this continuous motorway, and we already have $5.4 billion on the table towards its completion.“This is why it is absolutely essential we have the best advice possible as we progress through the different elements of the project.“Aurecon Mott MacDonald JV have extensive experience in projects of similar size and complexity, including the North-East Link, WestConnex, Torrens to Darlington and other major road projects in South Australia.“Their advice and learnings will be hugely important to help inform the final design of the Torrens to Darlington upgrade.“This specialist advice will support the Department for Infrastructure and Transport by providing:Land, planning and environment advice to seek appropriate approvals for the project.Engineering and technical advice in the development of the final business case and reference design.Input into the preparation of the tender requirements for the Delivery contract procurement process.The contract has been awarded for an initial 12 months, with options to extend if required.The completion of the T2D project will deliver a 78-kilometre non-stop, free-flowing motorway that seamlessly links Gawler, to the north of the city, with Old Noarlunga in the south. /Public News. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:AusPol, Australia, business, community, Darlington, Engineering, environment, Gawler, Government, Impact, infrastructure, Minister, project, Queen, SA, SA Government, South Australia, Transportlast_img read more

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Canada and Ontario invest in improvements for Chinese Cultural Centre of Greater Toronto

first_imgCanada and Ontario invest in improvements for Chinese Cultural Centre of Greater Toronto From: Infrastructure CanadaToday, Shaun Chen, Member of Parliament for Scarborough North, on behalf of the Honourable Catherine McKenna, Minister of Infrastructure and Communities; the Honourable Raymond Cho, Ontario’s Minister for Seniors and Accessibility and Member of Provincial Parliament for Scarborough North, on behalf of the Honourable Laurie Scott, Ontario’s Minister of Infrastructure; and Alan Lam, Chairman of the Board of Directors for the Chinese Cultural Centre of Greater Toronto announced joint funding for upgrades to the Chinese Cultural Centre of Greater Toronto.Today, Shaun Chen, Member of Parliament for Scarborough North, on behalf of the Honourable Catherine McKenna, Minister of Infrastructure and Communities; the Honourable Raymond Cho, Ontario’s Minister for Seniors and Accessibility and Member of Provincial Parliament for Scarborough North, on behalf of the Honourable Laurie Scott, Ontario’s Minister of Infrastructure; and Alan Lam, Chairman of the Board of Directors for the Chinese Cultural Centre of Greater Toronto announced joint funding for upgrades to the Chinese Cultural Centre of Greater Toronto.The Government of Canada is investing more than $2.8 million in this project through the Community, Culture and Recreation Infrastructure Stream of the Investing in Canada plan. The Government of Ontario is providing more than $2.3 million, while the Chinese Cultural Centre of Greater Toronto is contributing more than $1.8 million.The project includes increasing the existing service space, and expanding accessibility to the Centre’s outdoor and indoor program and activity areas. Additional work includes expanding and remodeling the open yard into a new outdoor garden and an indoor multipurpose space, upgrading the audio-visual, sound, and lighting systems in the front foyer, remodelling the current library space into a multipurpose resource centre, and improving the 626-seat theatre and multipurpose hall with new audio-visual and lighting systems.This new complex will provide the Chinese community in Greater Toronto with a modern, reliable, and more accessible community centre where people can connect and enjoy the cultural and recreational programs they value for years to come. All orders of government continue to work together for the people of Ontario to make strategic infrastructure investments in communities across the province when needed most.Quotes“Ensuring residents have access to cultural and recreational infrastructure is important for social inclusion and wellbeing. Today’s investment to expand and upgrade the Chinese Cultural Centre of Greater Toronto will provide our diverse communities access to a modern and reliable facility where they can enjoy more recreational activities and community events for decades to come. Canada’s infrastructure plan invests in thousands of projects, creates jobs across the country, and builds cleaner, more inclusive communities.”Shaun Chen, Member of Parliament for Scarborough North, on behalf of The Honourable Catherine McKenna, Minister of Infrastructure and Communities“The Chinese Cultural Centre is a cornerstone of our community. The programs and services that the Chinese Cultural Centre offers help people of all ages in Scarborough and across the Greater Toronto Area. The Ontario Government is pleased to invest over $2.3 million to upgrade the multi-purpose hall and theatre, expand and remodel outdoor and indoor activity spaces, and support efforts to make the Centre more accessible. Organizations like the Chinese Cultural Centre demonstrate that the strength of our province is found in our cultural diversity, including our vibrant Chinese-Ontarian community.”The Honourable Raymond Cho, Ontario’s Minister for Seniors and Accessibility and Member of Provincial Parliament for Scarborough North, on behalf of The Honourable Laurie Scott, Ontario’s Minister of Infrastructure“The Chinese Cultural Centre (CCC) of Greater Toronto continues to appreciate the unwavering support from the Federal and Provincial governments with this generous funding. Not only will the CCC be able to do some much needed technological and accessibility improvements to its existing facilities that have served so many, now we will be able to finally realize the dream of an Asian Garden. This Garden will be as functional as symbolic, highlighting plant biodiversity, creating pathways for meditation, and serve as an educational opportunity in a natural setting. Most notably, it can serve as a representation of the continued symbiosis of Chinese Canadians in this country for generations to come.”Alan Lam, Chairman of the Board of Directors for the Chinese Cultural Centre of Greater TorontoQuick factsThrough the Investing in Canada plan, the federal government is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.Across Ontario, the Government of Canada has invested more than $12.5 billion in over 3,200 infrastructure projects.Across the province and over the next ten years, Ontario is investing approximately $320 million and Canada is investing approximately $407 million under the Community, Culture and Recreation Infrastructure Stream of the Investing in Canada Infrastructure Program. This stream supports the construction of new facilities and upgrades to existing facilities that improve community infrastructure (community centres, libraries), recreational venues (arenas, recreational spaces) and cultural spaces (theatres, museums).Ontario is investing over $10.2 billion under the Investing in Canada Infrastructure Program to improve public transit; community, culture and recreation; green, and rural and northern community and other priority infrastructure. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Accessibility, Asia, Asian, biodiversity, Canada, chinese, community, Federal, federal government, Government, infrastructure, Investment, parliament, Scarborough, Seniors, wellbeinglast_img read more

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Physics Of Sound Is Topic Of Dec. 17 CU Wizards Show

first_img Published: Dec. 12, 2005 A bullwhip, hydrogen-filled balloons and homemade musical instruments will be used during the Dec. 17 CU Wizards show “Boom! The Physics of Sound and Air Pressure.” The free program begins at 9:30 a.m. in room G1B30 of the Duane Physics building on the CU-Boulder campus. Michael Dubson, a senior instructor in the physics department, will implode a 50-gallon steel drum using air pressure, create a sonic boom with a bullwhip and stage a tug-of-war with the pressure of the atmosphere. Dubson and the audience will explore the sounds made by several exotic musical instruments including an electronic theremin, which emits sounds when a hand is waved in the air near its antenna. The audience also will learn how sound waves are made, why they can be heard and what makes some sounds “musical.” Dubson said he will be handing out colored cards to the audience at the beginning of the show, and they will vote on answers to questions asked by raising colored cards. Other highlights of the show include an exploding hydrogen balloon, a strobe light on a vibrating drumhead and a bed of nails. CU Wizards is usually held the third or fourth Saturday of each month during the academic year and focuses on astronomy, chemistry and physics. Though intended primarily for students in grades five through nine, the shows are educational and entertaining to people of all ages. Anyone with a disability or special need should notify the physics office at (303) 492-6952 a few days prior to the show. For information about CU Wizards call (303) 492-5011 or visit http://www.colorado.edu/physics/Web/wizards/cuwizards.html. Share Share via TwitterShare via FacebookShare via LinkedInShare via E-maillast_img read more

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CU-Boulder Issues Action Plan Response To Blue Ribbon Commission

first_img Published: May 2, 2006 Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail An action plan from the University of Colorado at Boulder pledging increased scholarship awards, diversity training for students and top administrators and more support for the highly successful Pre-Collegiate Development Program has been forwarded to the Blue Ribbon Commission and CU President Hank Brown. Interim Chancellor Phil DiStefano on May 2 forwarded a letter and the Boulder campus report, which summarizes key components of the CU-Boulder plan. The Boulder campus will increase funding for diversity program scholarships by 50 percent; intensify diversity training for top administrators — including deans — in fall 2006; begin a pilot program for mandatory student diversity training in fall 2006; and work with Colorado’s K-12 educators “to enhance the pipeline” of students from K-12 schools to increase the number “of students of color matriculating to the campus,” as proposed in the recommendations of the Blue Ribbon Commission. The Blue Ribbon Commission began its meetings in January with a daylong session on the Boulder campus, at which 10 recommendations for change were developed. The recommendations addressed several topics including increased support for diversity programs; demonstration of high-level support for diversity; diversity training for administrators, students, faculty and staff; looking to other educational institutions and industry for successful programs and practices; working on ways to increase the number of diverse students eligible for admission to CU-Boulder; and working with the city of Boulder and other organizations to enhance diversity. CU President Hank Brown announced formation of the commission last December and invited interested persons to participate. Meetings of the commission also were held at the Denver and Colorado Springs CU campuses. For more information on the CU-Boulder report and action plan contact Barrie Hartman, interim spokesperson, at (303) 735-6183 or (303) 818-7496. University of Colorado at Boulder Office of the Chancellor 301 Regent Administrative Center Boulder, Colorado 80309-0017 FAX: 303-492-8866 May 2, 2006 Dear President Brown and Members of the Blue Ribbon Commission: In response to the excellent recommendations offered by the Blue Ribbon Commission, the University of Colorado at Boulder has prepared this action plan to guide our efforts in improving diversity on campus. Our response to the BRC recommendations is enthusiastic and heartfelt. A major research university like ours cannot achieve excellence in education without diverse peoples and diverse ideas. That is why we sincerely welcome and appreciate your criticisms, help and guidance. The highlights of our action plan are as follows: 1. CU-Boulder will provide significant increases in the financial support of diversity programs, beginning immediately. All diversity programs, including the 12 in the LEAD Alliance, will be evaluated at least every five years, beginning with the coming academic year. Evaluations will focus on quality and development, adequacy of resources, retention and graduation outcomes and student satisfaction. 2. The university’s leadership will support diversity efforts with increased vigor and enthusiasm. Numerous prestigious awards honor students, faculty and staff for outstanding service or remarkable achievement in the area of diversity. These are presented throughout the year. We have adopted a Discrimination and Harassment Policy and will not tolerate hate crimes or racists incidents on our campus. 3. The majority of students of color who apply and are admitted to CU-Boulder have an index score of 103 or better. However, many of these students do not matriculate to the campus. The campus plans to increase Precollegiate and LEAD Alliance Scholarships as one way of increasing the yield. In addition, the President’s Scholars program has the potential to increase non-resident students of color. By increasing scholarships, improving the campus climate, and working with K-12 education to enhance the pipeline as described in other recommendations, the number of students of color matriculating to the campus should increase without admitting students, who fall below the index. 4. Diversity training for the chancellor, vice chancellors, deans and department chairs is under way and will be intensified in Fall 06. 5. Mandatory diversity training for students will be provided through a course titled “University 101” which will be piloted in Fall 06 and fully implemented in later years. 6. We will continue to partner with the City of Boulder in improving the climate for diversity while we survey “best practices” other similarly situated universities have used to engage their surrounding communities. 7. We not only pledge, but we also welcome on-going interaction and active involvement with members of the Blue Ribbon Commission. 8. Accountability measures are in place to track and follow up on recruitment efforts, retention, graduation rates and diversity goals in all academic units. 9. CU-Boulder will increase support for the Precollegiate Program as well as its K-12 outreach and summer programs in an effort to improve the educational pipeline for students of color in Colorado. 10. We are committed to learning from the successes of others and will continue to share information, strategies and ideas with other universities committed to diversity. Thank you again for your interest and dedication. I encourage you to read the attached action plan for a complete understanding of the campus responses to each of the BRC recommendations, or visit the website at www.colorado.edu/cu-diversity/BlueRibbonResponse.html. If you have questions, concerns or comments, please contact my office. I look forward to hearing from you. Sincerely, Philip P. DiStefano Interim Chancellor University of Colorado at Boulder Action Plan in Response to the Recommendations of the President’s Blue Ribbon Commission Blue Ribbon Commission Recommendation 1: Commission members felt that they could not possibly rank diversity programs based on their limited time and knowledge about the programs. The commissioners’ overall impression was that the diversity programs that were presented (the 12 CU-LEAD Alliance programs and the Center for Multicultural Affairs) contribute to the retention and graduation of students enrolled, particularly students of color. These programs should be supported with additional financial support. Response to the BRC recommendation: Financial support for retention programs for students from under-served populations: o The University of Colorado at Boulder (UCB) campus will increase the scholarship for students participating in the CU-LEAD Alliance programs from $1000 per year to $1500 per year beginning with the 2006 freshmen class. This will require an increase of $50,000 to our current funding. o UCB will increase the support for staff in the Minority Arts and Science Program by adding a 1.0 FTE funded through a gift from the Ofelia Miramontes/Bill Barclay Memorial Fund. o The Ofelia Miramontes/Bill Barclay Memorial Fund will serve as a leverage to increase scholarship funding through support from the Chancellor, Provost, the Dean of the College of Arts and Sciences and faculty/staff to increase scholarship funding for CU-LEAD Alliance programs. The goal is to at least triple the amount of annual funds available through this generous gift. o The CU-LEAD Alliance Management Team has developed fund-raising goals, and will develop a fundraising plan, with goals and timelines. Financial goals will be articulated for staff, scholarships, and student enrichment support, such as leadership training. o A corporate relationship has been established with Southwest Airlines to support student participation from the Center for Multicultural Affairs’ Collegiate Leadership Program to attend the United States Hispanic Leadership Conference, held annually in Chicago. This year 40 students and staff members attended. o The Chancellor secured an endowment of $250,000 to support student scholarships in the Diverse Scholars Program in the Leeds School of Business. o The Chancellor’s First Nations Scholarship has been established for non-resident students with verification of enrollment in a state or federally recognized tribe/nation and will provide 15 new students with a $10,000 scholarship per year. Evaluation of the CU-LEAD Alliance programs: o In response to this recommendation, all diversity programs including the CU-LEAD Alliance programs will be evaluated every five years by an external review team, similar to the program review process for academic units, centers and institutes. Vice Chancellor Ron Stump will coordinate the first review in Academic Year 2006-2007. o CU-LEAD Alliance programs are evaluated on a regular basis by the CU-LEAD Management Team. The CU-LEAD Alliance programs evaluate: o the quality and development of each program’s activities, including academic program components and social support program components, o the adequacy of the financial and staff resources, o the retention and graduation outcomes, and o student satisfaction surveys and faculty participation evaluations. o Additionally, each CU-LEAD Alliance program is evaluated on an annual basis through the regular budget evaluation process at the school or college level, or by the Vice Chancellor for Student Affairs depending on where the program resides. o Some programs within colleges are evaluated at regular intervals by their professional accreditation bodies. The Multicultural Engineering Program (MEP), for example, recently went through a comprehensive evaluation in Fall 2005. Communication with the BRC members and individual CU-LEAD Alliance programs: o A group of BRC members will be invited to learn more about the individual CU-LEAD Alliance programs. These members will be asked to dedicate time to obtain a comprehensive understanding of the 12 individual programs and to provide input that can facilitate improvement in the CU-LEAD Alliance as a whole, as well as individual programs. The CU-LEAD Alliance Management Team will coordinate this interaction. o BRC members will receive the Diversity News Update about every other week. The online news channel has been on the Office of Diversity and Equity website since mid-April. o BRC members will be invited to key CU-LEAD Alliance and CMA (Center for Multicultural Affairs) events, such as the Welcome Gathering (the CU-LEAD Alliance orientation), the Equity and Excellence Banquet, the graduation celebrations, the annual Diversity Summit, and the annual MLK conference. Blue Ribbon Commission Recommendation 2: The highest leadership of the university must express highly public and unequivocal support for diversity and inclusion at the University of Colorado. Response to the BRC recommendation: The Chancellor’s address at the 2006 Diversity Summit can be viewed on the following website: www.colorado.edu/chancellor/speeches/diversitysummit0223.html The main page of the UCB website www.colorado.edu is being revised to include a direct link to the Office of Diversity and Equity (ODE). The first page of the ODE website states: At UCB we are committed to building a campus community in which diversity is a fundamental value. People are different and the differences among them are what we call diversity – a natural and enriching hallmark of life. Diversity includes, but is not limited to, ethnicity, race, gender, age, class, sexual orientation, religion, disability, political viewpoints, veteran status, and gender identity/expression. A climate of healthy diversity is one in which people value individual and group differences, respect the perspectives of others, and communicate openly. Diversity is a key to excellence in education. UCB is committed to enriching the lives of our students, faculty, and staff by providing a diverse campus where the exchange of ideas, knowledge, and perspectives is an active part of learning. Recognition from the leadership of the University of Colorado for the work in the area of diversity: o The President recognizes faculty, staff and students each year with the President’s Diversity Awards. These include the President’s Fund for the Support of Student Diversity Programming, the President’s Diverse Faculty Recruitment and Retention Grants, the President’s Diversity and Excellence Awards, and the Elizabeth Gee Memorial Lectureship Award. o Equity and Excellence Award: This award is given to students who have demonstrated academic achievement, outstanding service to the university community, and service to racially and/or culturally diverse communities. Faculty and staff who receive this award have achieved significant accomplishments in and efforts toward promoting the principles of academic excellence and cultural pluralism and diversity. Presentation of this award takes place each year at the Equity and Excellence Banquet, usually in April. o Chancellor’s Committee on Minority Affairs Service Recognition Award: This award recognizes the continuing efforts of UCB campus units to create a diverse and supportive, learning, working, and living environment, as well as their commitment to promoting an understanding of multicultural issues. This award is presented during the Annual Campus Diversity Summit, usually in February. o Chancellor’s Committee on Women (CCW) Awards: These awards recognize individuals or units on campus that show a clear commitment to supporting women and women’s issues in several areas, such as providing women with promotion and training opportunities for leadership roles and creating mentoring opportunities. o CU-LEAD Alliance Faculty Appreciation Awards: CU-LEAD Alliance scholars nominate and present this award to faculty members who have significantly impacted their lives. The faculty are honored at a special fall luncheon. o IMPART Faculty Fellowship Award: The purpose of the IMPART (Implementation of Multicultural Perspectives and Approaches in Research and Teaching) Faculty Fellowship Award Program is to further develop a campus environment which supports and encourages gender, ethnic, and cultural diversity in our approaches to scholarly work and teaching. More information about recipients of these awards can be found on the following website: www.colorado.edu/cu-diversity/awards.html Response from the UCB leadership to racists incidents and hate crimes: o Responses from the campus leadership have included: o A strong statement from the Chancellor condemning these acts of hatred and racist incidents was sent to all faculty, staff and students. The Chancellor’s statement is posted on the campus website. The media were promptly informed. o The Provost requested that faculty have a moment of silence to reflect on ways in which they can personally contribute to the development of a campus that does not tolerate hate incidents and help create a welcoming environment for a diverse student body. Faculty were encouraged to engage students in classroom discussions about the hate crime that had occurred on the campus, how individual members of the campus community can play a role in the prevention of such crimes, the identification of perpetrators, and the development of a diverse campus community. o When advisable, campus administrators have offered a reward for information leading to the identification of perpetrators of hate crimes and bias-motivated incidents. Policies for perpetrators of bias-motivated incidents and/or acts of intolerance: The administration, faculty and staff at the University of Colorado at Boulder are committed to responding to bias-motivated incidents and/or acts of intolerance in a timely and equitable manner. The Discrimination/Harassment Policy related to protected class status was approved in Spring 2005 and implemented in Fall 2005. UCB’s Office of Judicial Affairs (OJA) administers a Student Conduct Code designed to maintain the general welfare of the university community. The code incorporates UCB’s policy entitled “Discrimination and Harassment Policy and Procedures” which prohibits discrimination and harassment based upon protected class status and related retaliation. OJA is the office that investigates these allegations when the accused individual is a student. The mission of the Office of Discrimination and Harassment (ODH) is to prevent and eliminate discrimination and harassment based on race, color, national origin, sex, age, disability, religion, sexual orientation or veteran status at the University of Colorado at Boulder. The ODH investigates all allegations when the accused individual is a faculty or staff member or a student employee. ODH strives to prevent and eliminate false allegations of discrimination and harassment. The ODH does not make recommendations for nor does it impose discipline; rather, discipline must be imposed by the respondent’s appointing authority. OJA and ODH must afford students and employees some level of procedural due process before taking disciplinary action. The Office of Discrimination and Harassment (employees) and the Office of Judicial Affairs (students) has a responsibility to ensure that the facts behind an allegation align with the standards set forth in the policy. In addition to the discrimination/harassment policy, there is also a procedure for reporting bias-motivated incidents. This procedure can be found on the following website: www.colorado.edu/buildingcommunity/bias.pdf Blue Ribbon Commission Recommendation 3: The Blue Ribbon Commission recommends that the University of Colorado at Boulder devise strategies to specifically address the barrier that the 103 index standard, set by the CCHE, has upon the relatively low percentage of students of color that apply, are admitted and matriculate at the UCB. The University of Colorado at Boulder should devise strategies that utilize the “window” for expanding the 103 index. It is unacceptable that there are only 66 African American students out of approximately 5,000 new freshmen. Response to the BRC recommendation: The University of Colorado at Boulder has responded to specific questions related to the 103 index and the window. This information can be found on the following website: www.colorado.edu/cu-diversity/BlueRibbon.html The vast proportion of students of color who apply to the University of Colorado at Boulder are students with a 103 index or higher. Changes in the index would not result in a significantly higher admission of students of color. No numbers or percentages of any group of admits are “dedicated” to students of color. We admit the applicants that we predict can and will succeed, taking into account available services and support programs. Within the group of applicants judged capable of success given those services and programs, we control admit offers to meet campus goals for total number of freshmen, college and (Colorado) residency distributions, diversity, and special talents such as music and athletics. The percentage of window admits who are students of color is thus a function of numbers of applicants; their academic credentials; their distribution by residency, college interests, race/ethnicity, and special talents; and campus and college size goals. Increasing the diversity of the student body is a high priority of the Boulder campus. The campus is addressing these issues in other ways. The Deans and their faculty are working with the Office of Admissions to contact individual students and encourage them, once accepted, to attend the University of Colorado at Boulder. Counselors in the Center for Multicultural Affairs and the directors of the CU-LEAD Alliance programs are contacting individual students of color to let them know about the availability of programs on the campus and encourage them to visit and to attend. Two new scholarship programs, the Chancellor’s Scholarship Awards and the First Nations Scholarship Awards, have been implemented. The Chancellor’s Awards are designed to attract students with high merit who are non-residents. These awards are available to all students of high merit. Students of color are well-represented in this group of recipients. The Chancellor and other administrative officers on the campus are actively reaching out to communities of color within Colorado through greater involvement in such activities as the MLK Luncheon, the Latin American Educational Fund (LAEF) Luncheon, and the National Indian Education Foundation conference. Blue Ribbon Commission Recommendation 4: The Blue Ribbon Commission recommends mandatory diversity training for the administration, faculty and staff. Response to the BRC recommendation: Training for the Chancellor, Provost, Vice Chancellors, Deans, Department Chairs: Administrators will participate in training this spring conducted by Professor Judi Komaki, from State University of New York, Baruch College on equitable management strategies. Professor Komaki has developed a training program called Project Justice. She has implemented this program in both private corporations and businesses and federal/state agencies. Professor Komaki is an industrial psychologist with expertise in management and evaluation processes that lead to equitable practices. In addition, administrators will participate in a workshop that will involve viewing the film “Last Chance for Eden”, produced and directed by Lee Mun Wah, and will include facilitated discussion. Information about effectively dealing with hate speech, freedom of speech and bias-motivated speech within the classroom will also be provided to Chairs and Directors in the next academic year. Mandatory diversity training for faculty/staff: Annual mandatory diversity training will begin in Fall 2006. The training will consist of facilitated discussions in each academic unit about hate speech, bias-motivated speech and freedom of speech within the classroom. Additionally, all faculty and staff will be asked to view the film “Last Chance for Eden”, produced and directed by Lee Mun Wah, and to engage in a facilitated discussion about the contents of the film. A number of opportunities will be made available for faculty and staff participation. The Vice Provost and Associate Vice Chancellor for Diversity and Equity will convene an ad-hoc committee to develop a continuing proposal for ongoing diversity training for faculty and staff which includes a viable process for delivering the training. The committee will convene initially in Spring 2006 and will submit a proposal to the Chancellor and Provost by the end of July, 2006. Participants on this committee will include: the Diversity Education Team, the Ombuds office, Organizational Management, the Chancellor’s Advisory Committee on Minority Affairs, the Chancellor’s Committee on Women, the GLBT Advisory Committee and the Physical Access Committee, the Boulder Faculty Assembly Diversity Committee, the Arts and Science Diversity Committee, Interactive Theatre, and Staff Council. Two staff members, Rebecca Brown and Trent Norman, and Assistant Professor Cecelia Pang attended an Interactive Theatre workshop at the University of Michigan on faculty training in the area of diversity. Professor Pang has written a faculty meeting script based upon her experience at this workshop. Interactive Theatre is available to faculty, staff and students. There are several performances each month. Blue Ribbon Commission Recommendation 5: The Blue Ribbon Commission recommends mandatory training for students at the beginning of their academic career. Response to the BRC recommendation: A committee was convened in Fall 2005 to develop a proposal for a course titled University 101 that when fully implemented would be required of all incoming freshmen. Several committees consisting of faculty, staff and students are designing the course syllabus and will submit the proposal to the Provost by the end of Spring 2006. A pilot project will be implemented in Fall 2006 to help determine the effectiveness of the proposed course. Based upon the results of the pilot, the course may be revised and is planned to be fully implemented in Fall 2007. Diversity issues will be included in this course. Student representatives, and administrators from Student Affairs and the College of Arts and Sciences are working to evolve certain existing courses in the current core curriculum diversity and gender requirement in order to more effectively respond to racial bias and multicultural training. Blue Ribbon Commission Recommendation 6: The Blue Ribbon Commission recommends that the University of Colorado at Boulder engage the City of Boulder and surrounding cities and communities (Chambers of Commerce, businesses, etc.) to build bridges in order to enhance diversity and inclusion at the University of Colorado. This bridge-building must include the communities of color in Boulder. Response to the BRC recommendation: Partnerships with the City of Boulder and the Boulder community: Community relations commission – to improve relationship between the University and the City of Boulder: In Spring 2005, a task force called Community United Against Hate was organized by the Boulder Human Relations Commission to address issues of racism within the city. This committee consisted of community members, CU students, and the Vice Chancellor for Student Affairs. They recommended establishing a hotline for victims and witnesses of hate-motivated incidents to provide support, advocacy, and referral for appropriate follow-through for victims and witnesses; create documentation of the types of incidents that occur; and work on changing policies. The committee recommended the implementation of Hate Crime Policies for a Safe Community (strengthening Boulder’s current hate crimes policy). The Chancellor has engaged a consultant to examine “best practices” that other similarly situated universities have used successfully to engage the surrounding communities as partners in addressing diversity. The consultant’s report will provide a basis for further dialogue between campus leaders and Boulder city administrators. Blue Ribbon Commission Recommendation 7: The Blue Ribbon Commission recommends that interaction with the University of Colorado at Boulder must be more than a one day meeting. The recommendations, goals, and accountability measures need to be re-evaluated on a continual basis. The University of Colorado at Boulder should set some time frame for interactions with the Blue Ribbon Commission and articulate the process. Response to the BRC recommendation: Ongoing interaction with the University of Colorado at Boulder and the Blue Ribbon Commission: President Hank Brown has agreed to a fourth meeting with the Blue Ribbon Commission after visits are made to each of the campuses to discuss this recommendation. The CU-LEAD Alliance programs plan to extend invitations to a group of BRC members who have expressed interest in learning more about the CU-LEAD Alliance programs so that they can become better informed and provide more knowledgeable input. Specific dates in Summer 2006 and Fall 2006 will be set-aside for these opportunities. Student BRC members are participating in designing the curriculum for the University 101 course as well as revising the core curriculum gender and race diversity requirement in the College of Arts and Sciences. BRC members will be invited to participate in activities such as the Equity and Excellence Banquet, the Center for Multicultural Affairs Graduation Banquet, the Fall Welcome for Students of Color, and the annual Diversity Summit. Blue Ribbon Commission Recommendation 8: The Blue Ribbon Commission recommends that the University of Colorado at Boulder address the issue of accountability of administration, faculty, staff and students and the need for better metrics around evaluation, particularly with respect to funding and finances of the $1.7 billion dollar system. Response to the BRC recommendation: Retention programs will be evaluated on a five-year cycle by an internal and external evaluation team, consistent with the process used by Faculty Affairs for program review. UCB plans to begin this evaluation in AY 2006-2007. Financial Accountability: Annually, every unit on the campus is required to produce a document of accountability for fiscal management called “Sources and Uses”. These documents are reviewed and approved by the appointing authority and their respective financial managers and the fiscal manager of the campus, the Chief Financial Officer. Accountability of Admissions/Recruitment: Each time Admissions “contacts” a prospective student through an individual recruitment contact or through a campus program, the information is tracked as part of a prospective student’s record. Admissions can determine all the different methods used to contact the student as well as the number of times the prospective student contacted the Admissions Office. The Admissions staff also uses evaluations and survey instruments at each one of the campus recruitment outreach programs to gauge the effectiveness of the event. The overall evaluation of recruitment strategies is determined by the actual matriculation of each freshman class and the diversity represented in each class, as reported on an annual basis. Visiting high schools is one way we generate the 85,000 senior prospects that are needed to produce approximately 18,000 freshmen applications, which will yield 5,000 new freshmen to the campus each academic year. It is important to note that high school visits are very important but are only one piece of the overall strategy. The most effective recruitment strategies include many points of contact for each individual student. Accountability of Retention Strategies: In the same way that any prospective student has a variety of contacts through a number of different strategies, enrolled students on our campus access a wide variety of programs. Like all students, an undergraduate student of color typically has a declared major in an academic unit, and may chose to participate in many of the student co-curricular activities such as student government, student associations, sororities and fraternities, athletics, counseling services, the Center for Multicultural Affairs, the Women’s Resource Center, and many others. Therefore, the retention of an individual student is dependent upon multiple sources of support. We track retention and graduation rates of the students in the individual CU-LEAD Alliance programs. Three of these programs have existed long enough to produce six-year graduation rates. In addition to tracking retention and graduation rates, student satisfaction surveys are done on a regular basis. Accountability for diversity of all academic units: All academic units are required to report on their diversity plans and progress towards diversity annually as well as during their regular program review process that occurs on a seven-year cycle. Blue Ribbon Commission Recommendation 9: The Blue Ribbon Commission recommends that strengthening the educational pipeline is a K-16 issue, not solely that of higher education. Cultural diversity and tolerance teachings should be infused in K-16 and money from the legislature should be allocated to this effort. Response to the BRC recommendation: UCB will work with state legislators to identify funds to allocate to K-12 and institutions of higher education to teach cultural diversity and tolerance. The Pre-Collegiate Development Program (PDCP) at UCB serves approximately 800 students from middle school through high school. All PCDP students who matriculate at UCB participate in one of the CU-LEAD Alliance programs. The CU-LEAD Alliance programs ensure continuity of support for these successful high school students. President Brown has instituted a program to raise $10 million for scholarships for students who participate in the Pre-Collegiate Development Program. A number of summer programs and K-12 outreach programs exist on the Boulder campus. UCB has over 20 K-12 outreach programs. All programs have students of color participating. Additionally, UCB has approximately 30 summer programs for high school students, several of which specifically target students of color. Blue Ribbon Commission Recommendation 10: The Blue Ribbon Commission recommends that the University of Colorado benchmark with other educational institutions and with industry that already have a history of success and lessons learned in areas of diversity. Response to the BRC recommendation: The Vice Provost and Associate Vice Chancellor for Diversity and Equity will contact a variety of programs throughout the United States to benchmark successes of other universities and will submit a report to the Provost and Chancellor on findings by the beginning of Fall 2006. This year, UCB has had contact with the diversity programs at the following institutions: Michigan State University, Syracuse University, University of Michigan, University of Connecticut, Loyola University, Los Angeles, Massachusetts Institute of Technology, University of Wisconsin and the University of Arizona. Inter-university communication has centered around racial incidents on the campus, faculty/staff training in the area of diversity, recruitment and retention of faculty of color. Additionally, ODE has reviewed the 2005 Top 50 companies for diversity listed in “Diversity Inc.” to determine what some of the critical variables for the successful recruitment and retention of a diverse workforce. Ninety-four percent submitted data for their entire organization, not just operating divisions. Eighty-eight percent link management compensation to diversity initiatives. Seventy-two percent have CEOs who personally sign off on compensation tied to diversity. The top ten employ 30% more executive-level managers of color than all U.S. employers. The top ten have 40% more people of color in management than the national work force. Some of these characteristics can be applied to a university system. Discussions will begin in 2006 about the applicability, feasibility and potential of implementation at UCB.last_img read more

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Final Decision Next Week on Alternative Source of Energy

first_imgFacebookTwitterWhatsAppEmail RelatedFinal Decision Next Week on Alternative Source of Energy RelatedFinal Decision Next Week on Alternative Source of Energy Final Decision Next Week on Alternative Source of Energy EnergyFebruary 1, 2013Written by: Athaliah Reynolds-Baker Minister of Science, Technology, Energy and Mining, Hon. Phillip Paulwell, says by next week he will report to the country, “once and for all,” the way forward in relation to an alternative source of energy.Addressing students and energy stakeholders at a seminar on energy management at the University of Technology’s (UTech) Papine campus on January 31, Mr. Paulwell informed that Thursday, January 31 was the final day for the Jamaica Public Service Company (JPS) to “complete its process of determining and convincing the Office of Utilities Regulation (OUR) that it has a Liquefied Natural Gas (LNG) solution.”Mr. Paulwell said following its meeting with the JPS, the OUR is expected to meet with the Energy Ministry on Friday, February 1, to present its views on the power company’s plans.“And by next week we intend to signal to the country, once and for all, the way forward in relation to whether it’s going to be LNG or some other fuel,” he said.The Minister reiterated the Government’s commitment under the National Energy Policy, to reduce the cost of electricity to Jamaicans through the use of alternative sources, such as LNG.He noted that for many years, governments have failed to reach a decision on the matter to the detriment of the country and consumers.“For many years we have failed as a country to diversify our energy sources. And the successive governments have to bear a brunt of that embarrassing situation, because we have not been able to make timely decisions on transforming to various fuel sources,” he pointed out.Mr. Paulwell said for too long governments have been in “varying minds” in regard to the country’s plans for energy diversification.“At one time we were clear about coal being the best alternative fuel, then we got caught up with LNG and it preoccupied our minds for some time. In 2006, when I was Minister, we shifted to coal and I mandated coal, and if coal had come, today the prices would have been 50 per cent less,” he said.He pointed out that a change of government in 2007 saw the country going back to LNG “and last year we came back and inherited this LNG project.”Mr. Paulwell said if he had been given a clean sheet when the administration returned to power in 2011, “the policy would be that the government would play no role at all and the market would determine, on a competitive basis, the best way forward.”The Government, last year, removed itself from the fuel source selection process of the LNG project, turning that responsibility over to the JPS, while it concentrated on creating the appropriate legislative and regulatory framework.The Minister further noted that as the government seeks to cut the cost of electricity to Jamaicans, other energy sources such as coal, nuclear and renewable energy are being considered.On the matter of renewable energy, the Minister stated that, “if we could increase rapidly the amount of renewable energy onto the grid, it would substantially cut our import bill and we would have saved tremendously in terms of the foreign exchange that we spend on imported fossil fuel.”The Minister’s address was the first in a series of monthly lectures, hosted by UTech’s Faculty of Engineering and Computing, on research and entrepreneurship titled, ‘The Energy Management Framework: Opportunities for Innovation, Research and Entrepreneurship’.center_img Story HighlightsMinister of Science, Technology, Energy and Mining, Hon. Phillip Paulwell, says by next week he will report to the country, “once and for all,” the way forward in relation to an alternative source of energy.Addressing students and energy stakeholders at a seminar on energy management at the University of Technology’s (UTech) Papine campus on January 31, Mr. Paulwell informed that Thursday, January 31 was the final day for the Jamaica Public Service Company (JPS) to “complete its process of determining and convincing the Office of Utilities Regulation (OUR) that it has a Liquefied Natural Gas (LNG) solution.”Mr. Paulwell said following its meeting with the JPS, the OUR is expected to meet with the Energy Ministry on Friday, February 1, to present its views on the power company’s plans. RelatedFinal Decision Next Week on Alternative Source of Energy Advertisementslast_img read more

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Dollar Strengthens Following BOJ Intervention

first_imgDollar Strengthens Following BOJ Intervention Finance & Public ServiceJuly 21, 2014Written by: Oroyo Eubanks FacebookTwitterWhatsAppEmail Dollar Strengthens Following BOJ InterventionJIS News | Presented by: PausePlay% buffered00:0000:00UnmuteMuteDisable captionsEnable captionsSettingsCaptionsDisabledQualityundefinedSpeedNormalCaptionsGo back to previous menuQualityGo back to previous menuSpeedGo back to previous menu0.5×0.75×Normal1.25×1.5×1.75×2×Exit fullscreenEnter fullscreenPlay Photo: JIS PhotographerGovernor of the Bank of Jamaica, Brian Wynter. Story HighlightsThe Jamaican dollar has strengthened in value since the intervention in the foreign exchange market by the Bank of Jamaica (BoJ).The Central Bank’s Governor, Brian Wynter, says since the intervention on July 10, the rate of the dollar has appreciated and this continued over the following days.He stated that the Bank’s intervention in the foreign exchange market was not a change of policy. RelatedNominations Invited for Civil Servant of the Yearcenter_img The Jamaican dollar has strengthened in value since the intervention in the foreign exchange market by the Bank of Jamaica (BoJ).The Central Bank’s Governor, Brian Wynter, says since the intervention on July 10, the rate of the dollar has appreciated and this continued over the following days.At the close of trade on Thursday, July 17, the Jamaican dollar strengthened against its US counterpart, trading at an average $112.60 to US$1, which is $0.4 less than Wednesday, July 16. The local currency traded at $112.74 to US$1 on July 9.Mr. Wynter said the current value of the Jamaican dollar has led to an increase in the country’s relationship with its trading partners and can be seen in the improvements in the Current Account Deficit (CAD), which he noted, is set to stabilize sooner than expected.This, he said, is good news, “because in a sense, all this…is about what is the exchange rate that will help you to have a balanced position on your current account deficit.”Mr. Wynter was speaking during an interview on the JIS-produced current affairs programme, Issues and Answers.He stated that the Bank’s intervention in the foreign exchange market was not a change of policy. He explained that the Bank intervenes “when the market reaches a point where it is either disorderly or is approaching…what we call a disorderly market.”He said the central bank has intervened in the market on at least two other occasions during this year and will continue to intervene as is necessary.Mr. Wynter noted that market conditions prior to the intervention were not supported by economics but speculation, which helped to move the rate of the dollar but resulted in no trade.The dollar has been depreciating over the last 18 months, in order to address price differences in the Jamaican market relative to its main trading partners.“For Jamaica, we did have an overvalued currency, an adjustment has been necessary,…prices here were rising faster by quite a lot than prices in our trading partner countries ” Mr. Wynter said.He however assured that “the worst aspects of that (is) behind us.”The Governor said going forward a market determined exchange rate will continue where the BOJ will maintain its policy of accounting for every trade in the foreign exchange market.Turning to other matters, Mr. Wynter said that the BOJ is committed to lowering the inflation rate. “We’ve been successful so far, and we believe, looking at the projections for the rest of the fiscal year we are gonna continue to have a relatively low inflation rate.”He explained that within the medium-term the BOJ is expecting an inflation rate of two to four per cent for Jamaica.This week, the Statistical Institute of Jamaica (STATIN) reported that the inflation rate for June stood at 0.1 per cent and year-to-date at eight per cent. This, Mr. Wynter acknowledged, is in line with the BOJ’s predictions. RelatedIMF Team to Conduct Review August RelatedGovernment Launches Social Protection Strategy Advertisementslast_img read more

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