Fed Reports Strengthening Housing Activity

first_imgHome / Daily Dose / Fed Reports Strengthening Housing Activity Federal Reserve U.S. Economy U.S. Housing Market 2016-07-13 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save The Federal Reserve’s 12 districts general reported modest economic growth from mid-May until the end of June—and they expect it to continue at that same modest pace, according to the Fed’s Beige Book released on Wednesday.Residential real estate activity, however, continued to strengthen since the previous Beige Book reporting period (early April to mid-May), according to the Fed—despite supply issues.“Single-family home sales increased at a moderate pace overall, with Boston, Cleveland, and St. Louis reporting strong growth,” the Fed reported. “Many Districts indicated that inventories continue to be low. Despite this persistent inventory issue, Boston, Atlanta, Kansas City, and Dallas all report that contacts have a positive outlook for the market in the next few months.”The Fed’s districts generally reported house price increases, with modest residential construction activity across districts. Strong growth in housing starts was reported in Cleveland and Kansas City; Chicago reported little change in residential construction activity; and New York reported a decline. A lack of available lots on which to build was reported in Philadelphia, Richmond, St. Louis, and San Francisco.Banks in the Fed districts reported overall increases in loan demand, while overall economic activity continued to expand at a modest pace across most regions, according to the Fed. Activity was steady in the Cleveland District, but the increase was moderate in Minneapolis. The Fed reported that labor market conditions remained stable as employment continued modest growth since the previous Beige Book was issued six weeks earlier. Wage pressures remained modest to moderate, according to the Fed; consumer spending across districts was generally positive but did show signs of softening.“The outlook was generally positive across broad segments of the economy including retail sales, manufacturing, and real estate,” the Fed stated. “Districts reporting on overall growth expect it to remain modest.”Click here to view the entire Beige Book for July 2016. Related Articles Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Tagged with: Federal Reserve U.S. Economy U.S. Housing Market Previous: Here is How the Republican VP Candidates Stack Up Next: Foreclosed Home Values Skyrocketing Since Crisis Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img July 13, 2016 1,162 Views About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Fed Reports Strengthening Housing Activity The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Subscribelast_img read more

Why Commercial Civil Courts Have The Potential To Be And Possibly Are Better Than Domestic Arbitrations

first_imgColumnsWhy Commercial Civil Courts Have The Potential To Be And Possibly Are Better Than Domestic Arbitrations Aaditya Vijaykumar3 May 2020 11:28 PMShare This – xThe process of adjudication in domestic arbitrations has always been slow and has not gathered significant pace even with the multiple amendments in the Arbitration and Conciliation Act, 1996. This is primarily since arbitrators and attorneys assisting arbitrators take up multiple matters in courts and multiple arbitrations, whether on the same day or otherwise, the culture…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe process of adjudication in domestic arbitrations has always been slow and has not gathered significant pace even with the multiple amendments in the Arbitration and Conciliation Act, 1996. This is primarily since arbitrators and attorneys assisting arbitrators take up multiple matters in courts and multiple arbitrations, whether on the same day or otherwise, the culture is incomprehensibly not “arbitration centric” yet, timelines set in arbitrations are taken particularly lightly and there is no real consequence to non-compliance of timelines, unlike in international arbitrations. The question is whether a domestic arbitration meets the hallowed purpose of being a speedy and cheaper dispute resolution mechanism? The answer to this is an emphatic “no”. Is there an alternate resolution system, which is more efficient than arbitration? The answer, in the estimation of the author, is that commercial civil courts are cheaper and faster than arbitrations. Originally, civil courts adjudicated every dispute between two or more parties. With time, the number of disputes increased and the nature of disputes became more complicated. Naturally, specialized statutes called for specialized tribunals to be set up. Thus, tribunals such as Company Law Board, the Central Administrative Tribunal, the Debt Recovery Tribunal etc., just to name a few, were set up to resolve a certain set of disputes arising from specific statutes. Arbitration, which was essentially resolution of disputes outside the four walls of a court by experts in the field or by persons with judicial background, was also always envisaged to be alternate mechanism to resolve contractual disputes. It was thought that arbitration would not only resolve the high pendency but would be an alternate, efficacious, speedy and cheaper dispute mechanism system as compared to Courts. Contrary to this basic understanding, the Arbitration Act, 1940 turned out to be a massive failure as it was neither cheap nor expeditious at all. This statute was overhauled and the Arbitration and Conciliation Act, 1996 was brought in, which was based on the internationally accepted UNCITRAL model. Until the amendment in the year 2015[1] and later in 2019[2] in the Arbitration and Conciliation Act, arbitration under this statute as well was a time consuming process since there was no time limit to conclude the arbitration, parties had to approach courts for various issues including urgent interim orders prior to appointment of arbitrators, even for appointment and replacement of an arbitrator and for enforcement of the final orders/award of the arbitrator. Besides this, the enforcement of an interim order passed by arbitrators was also difficult. That apart, arbitration was a particularly expensive affair with arbitral tribunals charging almost upto 2-10% and at times a staggering 25% of the value of the claim as arbitral fee. By the two amendments, which came into force on 23rd October, 2015 and 9th August, 2019, the Legislature sought to cap the arbitral fee on the basis of a fixed percentage of slab.[3] The Legislature also sought to make the entire arbitral process simpler and faster by effectively bringing about an outer time limit of 2 years to conclude the arbitration.[4] Arbitrators were given greater powers and freedom to enforce their own urgent/interim orders, which was not the case earlier. Monetary costs could be imposed on a particular party to the proceeding after looking at the conduct of the litigant and other factors, if the Arbitrator thought fit.[5] Unfortunately, the process of appointment of arbitrators[6], replacement of arbitrators[7], extension of time period of arbitrators[8], determination of multiple appeals from certain orders of the arbitrators[9] and enforcement of the final order[10] still vested with civil courts, which naturally took their time in adjudication. Additionally, while the Legislature sought to make things simpler, arbitral tribunals sought to complicate issues. Some tribunals reluctantly adhered to the schedule pertaining to the fee and sought to provide an absurd interpretation (to the IVth Schedule) to eke out the maximum arbitral fee. However, mostly the IVth Schedule, which was fundamental to the amendment, was and is not adhered to at all and conveniently bypassed. Infact, some of the orders passed by the Arbitral Tribunal were contrary to judgments of various courts relating to a restriction in charging arbitral fees under the IVth Schedule. This is despite the fact that several arbitrators are cognizant of the prevailing judgments.[11] The arbitrators thus continue to charge arbitral fees as per their own whims and fancies, with the avowed objective to make up for lost time. The unfortunate situation for a litigant is that such an order as to determination of the arbitral fee/deposit of costs cannot be challenged until the final adjudication of the arbitration.[12] This challenge can be, at the most laid, in a petition under Section 34 of the Arbitration and Conciliation Act, 1996 to the Appellate Court. By that time, the litigant would have been compelled to pay the fee determined by the arbitrator the fee so arbitrarily determined by the Arbitrator. The unfortunate situation is that the litigant not only therefore had to bear the fee of the arbitrator but also fee of the attorney, arbitral venue charges and eventually stamping of the arbitral award which was 0.1% of the value of the award/final order so rendered. These costs itself accumulated into a cost which the litigant had not foreseen when the litigant triggered arbitration. It can therefore hardly be said that arbitration is a cheap process or mechanism. Further, arbitrators were to mandatorily disclose their interest, whether financial or otherwise,[13] in the subject matter of the dispute. This also was and is never adhered to either in letter or in spirit by arbitrators, despite specific requests. To compound problems, arbitrations seldom conclude within a time period of 1 year[14], as set out in the statute. Lawyers, who are not arbitration centric, are also particularly reluctant to trigger the “fast track arbitration” process. The only redeeming factor however is that if an appeal is preferred against the award, the courts do not get into a full blown fact-finding enquiry and has a particularly restricted approach. However, the problem still is that the restricted approach does not find resonance in every court of the country. Additionally, years are spent on having the two appeals adjudicated. As opposed to this, on the same day i.e. 23rd October, 2015, the Legislature brought in Commercial Courts Act[15], with the endeavor to set up commercial courts to adjudicate commercial disputes expeditiously. What infact constitutes to be a commercial dispute is defined in the statute itself. Illustratively, a dispute relating to trading of goods etc. was a commercial dispute. In the Commercial Courts Act, a pre-litigation mediation[16] was made mandatory, which implied that the parties had to essentially sit across the table to sort out their issues and negotiate with the help of a third person in a non binding process. The timeline for this pre-litigation mediation was 90 days. It was found that some disputes were actually resolved through this process. If this pre-litigation mediation failed, the parties could initiate a claim essentially clubbing the interim urgent relief with the final relief in one petition, unlike under the Arbitration and Conciliation Act, if a Tribunal had not been constituted. Additionally, while the arbitration fee was about 2-10% (at a minimum) of the value of the claim, the court fee (fee payable for the adjudication process) in case of approaching the court in places like Delhi was roughly 1% of the value of the claim[17] and Ahmedabad and Bombay etc. had a capped court fee of a meager Rs. 75,000 and Rs. 3,00,000 respectively, even if the adjudication of the dispute involved several and in some cases several hundred crores. Clearly, approaching court would be a particularly cheaper via media. Further, after the litigants file their respective cases and defence, a case for summary judgment[18] could be made out and final orders could be passed if the court feels that the defence raised is frivolous. If the court feels that an order of summary judgment cannot be made and the defence is somewhat tenable, parties could be directed to proceed to evidence, subject to deposit the monies or a security in court. This is particularly comforting to the person initiating the case as the money so deposited could be withdrawn if eventually the litigant succeeds. The courts have also started to convene case management hearings[19] where a fixed non-derogable time schedule, subject to heavy penalties, is drawn up in every commercial case for every possible stage. Thus, if this is simply followed, there would be expeditious adjudication and disposal of cases. Besides this, a litigant does not have to go to two different forums for the purposes of summoning (calling) witnesses for evidentiary depositions, unlike in arbitrations. Further, unlike in the process of arbitration neither does the litigant have to pay for the costs of venue nor does he have to pay an additional stamp duty of 0.1% of the value of the final order. Clearly therefore, if the commercial courts convene, conclude and adjudicate in a streamlined manner, approaching commercial courts would have greater benefits and myriad advantages rather than going through the rigmarole of arbitration. This would also be a way for the courts to reinvent themselves to show that not all cases are pending for a period of 10-15 years, as is the general impression.Views Are Personal Only [1] Arbitration and Conciliation (Amendment) Act, 2015 dated 31st December, 2015 w.e.f. 23rd October, 2015; [2] Arbitration and Conciliation (Amendment) Act,2019 dated 09th August, 2019; [3] Section 11(14) read with the Fourth Schedule of the Arbitration and Conciliation Act, 1996; [4] Section 29 A of the Arbitration and Conciliation Act, 1996; [5] Section 31 A of the Arbitration and Conciliation Act, 1996; [6] Section 11(5) and Section 11(6) of the Arbitration and Conciliation Act, 1996; [7] Section 14 and 15 of the Arbitration and Conciliation Act, 1996 and HRD Corporation v. GAIL India Ltd.; Civil Appeal 11127 of 2017; [8] Section 29A(3) and Section 29 A(4) of the Arbitration and Conciliation Act, 1996; [9] Section 37 of the Arbitration and Conciliation Act, 1996; [10] Section 36 of the Arbitration and Conciliation Act, 1996; [11] Delhi State Industrial Infrastructure Development Corporation Ltd. v. Bawana Infra Development Pvt. Ltd.; O.M.P. (Misc.) 52018; [12] G & S Sarovar Park Plaza v. Poorva Sanskritik Kendra Society, W.P. (C)10040/ 2015 before the High Court of Delhi and Rajeev Gupta v. Delhi Metro Rail Corporation, W.P. (C) 8085/ 2015 of the High Court of Delhi; [13] Schedule V-VII of the Arbitration and Conciliation Act, 1996; [14] supra at 8; [15] Commercial Courts Act dated 31st December, 2015 w.e.f. 23rd October, 2015; [16] Commercial Courts (Amendment) Act, 2018 w.e.f. 20th August, 2018; [17] Court Fees Act, 1870; [18] Order XIII A of the Code of Civil Procedure, 1908; [19] Order XV A of the Code of Civil Procedure, 1908. 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AG Probes Alleged Fast Food Wage Thefts

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Fast food employees rallying for higher wages. (Photo credit: Fast Food Forward Facebook Page)The New York Attorney General’s office confirmed Thursday that it is investigating fast-food restaurant worker complaints of wage thefts and has subpoenaed at least one parent corporation.Attorney General Eric Schneiderman’s investigators are looking into several labor rights violations, including nonpayment of overtime, bounced paychecks and false payroll records, among other violations, according to his office.The AG’s probe comes on the same day that Fast Food Forward released a report suggesting pervasive wage abuse within the fast food restaurant industry. The study found that 84 percent of employees said they were victims of wage theft in the last year.“The findings in this report are deeply troubling and shed light on potentially broad labor violations by the fast food industry, which employs thousands of New Yorkers,” Damien LaVera, Schneiderman’s spokesperson, said in a statement. “New Yorkers expect companies doing business in our state to follow laws set up to protect working families.”A source said the state has been looking into these complaints for more than a year.“I work almost 80 hours a week usually, but [Kentucky Fried Chicken] doesn’t pay me overtime,” a KFC employee said in the report, according to MSNBC. “It’s a lot of hard work, but it’s what I have to do to make ends meet. I make $8.45 an hour, so this adds up to $170 in overtime pay that I don’t get.”Schneiderman’s office declined to identify the franchises involved in the probe, nor did it identify the parent company that has been subpoenaed as part of the investigation.Schneiderman is also reviewing whether fast food eateries failed to sufficiently reimburse employees for work-related expenses, such as delivery costs or uniforms and work that was completed while the employee wasn’t on the clock, according to his office.Employees who believe they were the victims of similar violations can contact the Labor Bureau at 212-416-6132 or download the “Fast Food Worker Complaint Form” from the AG’s website.last_img read more

Lacazette Grabs Late Goal for Gunners First Win

first_imgArsenal secured their first away win of the season as they edged a pulsating Premier League encounter with Cardiff City.Alexandre Lacazette’s powerful late winner proved the difference in a contest full of attacking quality and defensive fragility.The Gunners led twice, through Shkodran Mustafi’s header and a curling effort from Pierre-Emerick Aubameyang, before Lacazette crashed home the winner on 81 minutes. Victor Camarasa’s first Cardiff goal, on the stroke of half-time, and Danny Ward’s header had seemed as though they would earn Neil Warnock’s side a point as they scored their first goals of the league campaign.Arsenal manager Unai Emery this week denied reports that he had fallen out with midfielder Mesut Ozil after the former Germany international withdrew from the squad that beat West Ham last weekend, citing illness.There have been suggestions Ozil’s style does not fit with a manager who demands high-energy pressing from his forwards, but Ozil started in an attacking-looking line-up that paired Aubameyang with France striker Lacazette up top.Ozil and former Cardiff favourite Aaron Ramsey were given licence to roam in behind, and for large periods in the first half, Arsenal’s shape and roving full-backs troubled Cardiff.Emery’s side took the lead on 11 minutes with a goal that will have left Warnock incredulous as Mustafi headed home, unopposed, from Granit Xhaka’s corner.But for a wonderful save from Neil Etheridge, who denied Nacho Monreal from point-blank range, the Gunners might have given Cardiff a mountain to climb inside 20 minutes.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more


first_imgWe are all products of our experience-which is a good reason to examine carefully the past experiences and present action of those communities who took matters into their own hands in the fight against Ebola Virus Disease.Winning communities acknowledge that community organizers, change agents, opinion and community leaders played important roles in community health belief systems and health seeking behaviours of others. Most communities started as vigilante groups, setting up road blocks, placing hand washing buckets at strategic locations, conducting temperature screening and managing Ebola committees, transportation and isolations centers.While health policies and established health practices are acknowledged and are an integral and valued part to the community, the media (particularly this medium) also played a critical role in the dissemination of valued health information and in providing unwritten community protocols for safety, health, education and basic hygienic necessities for the prevention and control of Ebola Virus Disease. (EVD)We recognized that all that was necessary for EVD to flourish was for the community to do nothing. We take special note of the roles played by community health volunteers, vigilante groups and faith-based organizations like the Catholic Church in drafting the blueprint for community protocols.Our community outreach education programmes at Messengers of Peace (MOP)-Liberia during the Ebola crisis were specifically designed to accommodate new materials. We were not only immersed in community based activities but involved in promoting programmes, policies and practices that increased cooperation, interaction and exchanges between communities-enabling all social groups to share their resources and support each other in the war against Ebola.MOP-Liberia article in this column on -“It takes a village” and other Ebola prevention programmes were cited at different international arena for their significant contributions to community protocols in the fight against EVD.Liberia, with more than four thousand Ebola deaths, has learned its lessons well. We need to document these best practices, having produced the most successful fight against Ebola. We also need to ensure that conditions in our schools and communities are as safe as possible. It takes just one hidden case of Ebola to reignite the fire.Helping communities get back to their normal way of life is critical to ensuring that Liberia recovers from the Ebola crisis. Community health workers and leaders need to advocate for survivors, shelter and school for orphans and others who lost loved ones and incomes. Psychosocial support to affected and neighboring communities is important and more importantly is strict border control strategies.Early recovery efforts in Liberia should establish how communities could practice careful hygiene by washing hands often with soap and water or hand sanitizer; avoid contact with blood and body fluids of an infected person, avoid funeral or burial rituals that require handling the body of someone who has died from Ebola and avoid contact with animals particularly bats, non human primates or raw bush meat. Government of Liberia should focus on protection of households through the distribution of disinfection kits and materials for contact tracing in various communities.Other measures to be included in the protocols for safe community environments in post Ebola era should include guidance for contact tracing, early surveillance system before suspected cases appear and Ebola Disease Modeling (EDM) to assess the future scope of the epidemic.With no single new cases of Ebola over the past week, we can proudly write that we are only weeks away from when (not if) Liberia would be declared “Ebola-free”. Until then and with an end in sight, we need to redouble our community action to stop and eradicate Ebola from our country. Support the “Ebola Educates” Campaign in kind through your stories or with your generous cash donation. Until next week, when we come to you with another article on: “Ebola Educates-Work Place Protocols”, Peace First, Peace above all else, May Peace prevail on earth.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more


first_imgAn emotional Martin McHugh has paid tribute to his son Mark.The Kilcar man was working for RTE today and was pictured at full-time running to his son and giving him a huge hug.McHugh Snr could be seen crying tears and speaking privately to his son. Martin McHugh paid tribute to his lad and said he has had to become a footballer the hard way.“It was never easy for him growing up and there was always a little pressure on him.“He was always known as Martin’s McHughs son and I would like to think now that I will be known as Mark McHugh’s father,” said Martin.   I HOPE I’M NOW KNOWN AS MARK MCHUGH’S FATHER – MARTIN MCHUGH was last modified: September 23rd, 2012 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Mark McHughMartin McHughlast_img read more

Man on rape charge denied passport for family wedding

first_imgAn Inishowen man, charged with rape and sexual assault, has been denied access to his passport to travel for a family wedding later this year.The man appeared before Buncrana District Court to apply to the court for the return of his passport, which he earlier surrendered due to strict bail conditions imposed. The man, who cannot be named due to a publication order imposed by the court, is charged with raping and sexually assaulting a woman at an address in Inishowen on a date in February 2017.He appeared before Buncrana District Court and applied to have his passport returned to him to allow to attend two weddings in Poland in the summer.His solicitor Frank Dorrian said he understands that the charges against his client are ‘very serious and significant’ and he knows the stakes in the case are very high in terms of the bail conditions.But he said the man has lived in Inishowen for the past 13 years and has strong ties to the community.He said he appeared before court on every occasion and fully co-operated with the Gardaí and would like to be able to travel to Poland on two separate occasions during the summer.Mr. Dorrian said he knows when the charges are so serious the risk of evasion are higher, but he hoped his client’s co-operation and engagement with the court process might counter that risk a little.However Garda Inspector Seamus McGonigle said this was a different level.“These are serious offences,” he told the court.“And this application is a different level there is just too much risk. I accept there might a be family occasion but with respect that doesn’t matter – he is a flight risk.”Mr. Dorrian said he knows that they are on a ‘thin wedge’ but added that the man, despite not being married or having any children, had family connections in Inishowen.However, Judge Paul Kelly said it was ‘somewhat a stretch’ to give the man his passport back and refused the application.Meanwhile Insp. McGonigle said he was applying to the court for some extra time for preparing the Book of Evidence in the case.He said Gardaí needed an extra month to prepare the Book. Judge Kelly agreed and adjourned the case until June 13.Man on rape charge denied passport for family wedding was last modified: May 15th, 2019 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:buncranacourtdonegalpassportlast_img read more

Chelsea v Man City: Costa back, Terry out

first_imgChelsea make a number of changes for the game against Manchester City at Stamford Bridge, with Diego Costa and keeper Thibaut Courtois among those coming back into the starting line-up.Costa is available again after suspension and leads the attack, while Willian also returns to the side. Skipper John Terry is out.City, meanwhile, are without Vincent Kompany and Raheem Sterling. Kevin De Bruyne plays against his former club.Chelsea: Courtois; Azpilicueta, Cahill, Ivanovic, Baba Rahman; Mikel, Fabregas; Willian, Loftus-Cheek, Pedro; Costa.Subs: Begovic, Miazga, Matic, Kenedy, Traore, Pato, Falcao.Man City: Hart; Zabaleta, Mangala, Otamendi, Kolarov, Fernandinho, Toure, Navas, De Bruyne, Nasri, Aguero.Subs: Caballero, Sagna, Demichelis, Fernando, Delph, Bony, Kelechi.Follow West London Sport on TwitterFind us on Facebooklast_img read more

San Francisco Giants start brutal stretch of schedule with another fill-in coach

first_imgSAN FRANCISCO — Antoan Richardson’s major league career wasn’t exactly storybook, but the former outfielder is a footnote in one of the greatest chapters Derek Jeter authored.In Jeter’s final at-bat at Yankee Stadium, the future Hall of Famer hit a walk-off single to help the Yankees beat the Orioles in memorable fashion. Richardson was the baserunner who scored on the hit.Richardson appeared in just 22 major league games and his professional career ended in 2016 after he was released from …last_img

Japan raises tariffs on frozen beef

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Japan said that rising imports of frozen beef in the first quarter of the Japanese fiscal year (April-June) have triggered a safeguard, resulting in an automatic increase to Japan’s tariff rate under the WTO on imports of frozen beef from the United States.The increase, from 38.5% to 50%, will begin Aug. 1, 2017 and last through March 31, 2018. The tariff would affect only exporters from countries, including the United States, which do not have free trade agreements with Japan currently in force.“I am concerned that an increase in Japan’s tariff on frozen beef imports will impede U.S. beef sales and is likely to increase the United States’ overall trade deficit with Japan,” said Sonny Perdue, U.S. Secretary of Agriculture. “I have asked representatives of the Japanese government directly and clearly to make every effort to address these strong concerns, and the harm that could result to both American producers and Japanese consumers.”Japan was the top export market for U.S. beef, valued at $1.5 billion in 2016. According to data compiled by the U.S. Meat Export Federation, 2017 first quarter U.S. beef sales to Japan increased 42% over 2016. In addition to the United States, the 50% safeguard tariff also applies to imports from Canada and New Zealand.“We’re very disappointed to learn that the tariff on frozen beef imports to Japan will increase from 38.5% to 50% until April 2018. Japan is the top export market for U.S. beef in both volume and value, and anything that restricts our sales to Japan will have a negative impact on America’s ranching families and our Japanese consumers,” said Craig Uden, National Cattlemen’s Beef Association (NCBA) president. “NCBA opposes artificial barriers like these because they unfairly distort the market and punish both producers and consumers. Nobody wins in this situation. Our producers lose access, and beef becomes a lot more expensive for Japanese consumers. We hope the Trump Administration and Congress realize that this unfortunate development underscores the urgent need for a bilateral trade agreement with Japan absent the Trans-Pacific Partnership.”last_img read more