Sandgren topples Thiem to keep Melbourne dream alive

first_imgAmerican Tennys Sandgren’s dream debut at the Australian Open continued on Monday as the rank outsider upset fifth seed Dominic Thiem 6-2 4-6 7-6(4) 6-7(7) 6-3 to reach an improbable quarter-final.The 97th-ranked Tennessee native captured the decisive break against the Austrian in the sixth game of the final set and sealed the match in style with a thumping forehand winner from the baseline at a raucous Hisense Arena.The 26-year-old threw down his racket and raised his arms aloft as the terraces roared in disbelief at the American’s astonishing achievement.Sandgren became only the second man in the last 20 years to reach the quarter-finals on debut at Melbourne Park.Sandgren will face either 14th seed Novak Djokovic or Chung Hyeon for a place in the semi-finals.last_img read more

Beermen prevail in intense Game 3

first_imgAi-Ai delas Alas on Jiro Manio: ‘Sana pinahalagahan niya ang naitulong ko’ 7 NPA members surrender in Isabela province PBA commissioner Chito Narvasa steps in to temper the scuffle between San Miguel and TNT. Photo by Randolph B. Leongson/INQUIRER.netEmotions got heated three games into the 2017 PBA Commissioner’s Cup Finals as the on-court drama spilled into the Smart Araneta Coliseum tunnel when San Miguel and TNT met on Sunday night.First, Chris Ross engaged in a verbal war with KaTropa’s stand-in import Mike Myers and Governors’ Cup reinforcement Michael Craig near the end of the second quarter.ADVERTISEMENT Swing Out Sister back to PH this April For Ina, portraying a zombie is like an ‘out-of-body experience’ The reinforcements denied the accusations and that they weren’t the ones who pushed the gate.“I don’t know what happened with that. I didn’t push no gate. I was just walking over and the gate was just pushed, I had nothing to do with that,” said Myers.Craig backed up his friend’s claim, saying, “Somebody swung the gate open and it happened to hit one of the fan. But I don’t know, I didn’t swing the gate. I was trying to go to the locker room and somebody swung the gate open. I put my hands up. I don’t know what happened.”Tensions were tempered in the second half and the Beermen went on to take a 2-1 series lead with a 109-97 victory.Myers argued that the word war between the two teams meant nothing personal, saying that for his part, he was just willing his team to the victory from the sidelines.ADVERTISEMENT MOST READ Gerald: Just because I’ve been bashed doesn’t mean I’d stop working Missile-capable frigate BRP Jose Rizal inches closer to entering PH Navy’s fleet Pacquiao-Horn nears sellout A dream fulfilled for Christian End of his agony? SC rules in favor of Espinosa, orders promoter heirs to pay boxing legend LATEST STORIES Filipinos turn Taal Volcano ash, plastic trash into bricks PLAY LIST 01:40Filipinos turn Taal Volcano ash, plastic trash into bricks01:32Taal Volcano watch: Island fissures steaming, lake water receding02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite “I just want my team to win. I’m just cheering on my team, going hard for my team. It’s just a competitive game. We’re just talking back and forth. It was nothing serious. No bad blood, that’s all,” he said.If there’s one thing that worked in Myers’ way though, he said that it just motivates him to play if he gets the call from the TNT management to come in and replace Joshua Smith.“I’m really excited right now. I want to play so bad,” he said. “I’m very excited. I’m just waiting for my time to come when my time comes I’m ready.”Sports Related Videospowered by AdSparcRead Next View comments Marcosian mode: Duterte threatens to arrest water execs ‘one night’ That led to the two imports being escorted out of the VIP area and into the back of the team’s bench, where they watched the rest of Game 3.But the commotion didn’t end there, as it continued at halftime when the two teams were on their way to the dugout.FEATURED STORIESSPORTSEnd of his agony? SC rules in favor of Espinosa, orders promoter heirs to pay boxing legendSPORTSMcGregor blasts Cerrone in 40 seconds in UFC returnSPORTSBreak new groundWitnesses said the two TNT imports allegedly pushed the metal gate in the hallway which hit San Miguel governor Robert Non and some of the Beermen staffers, which led to a shouting match between the two sides.PBA commissioner Chito Narvasa was quick to act on the scuffle. He stepped in between and spoke to officials from both sides. Don’t miss out on the latest news and information. last_img read more

Central bank financing of Govt spending and the quality of Govt spending in a…

first_imgIn the previous column, the author outlined the legal features of the Consolidated Fund and Government Deposit Accounts held with the central bank. As indicated in the previous article, today, the author shall examine the Consolidated Fund (CF) balances and that of Government Deposit Accounts.Having examined data from the Auditor General’s Report for the period 1995-2017, it was noted that the Consolidated Fund has almost always had a deficit balance except for the years 2004-2007 when the new Consolidated Fund was created, those years, the Account recorded positive balances of $6.4 billion in 2004, $6 billion in 2005, $17.4 billion in 2006, and $19.2 billion in 2007. However, when combined with the old Consolidated Balance, the net effect resulted in a deficit, which was not reconciled since 1988. This was in the height of the period when Guyana’s economy was in a bankrupt state. In 1995, the CF recorded the lowest deficit balance of $22.4 billion, while the highest is recorded in 2017 of $136.7 billion. Notably though, for the period 1995-2014, the CF balance remained well below an $80 billion deficit, averaging at $46.6 billion deficit for the period 1995 to 2014.For the period 2015 to 2017, the CF balance went up from $76.7 billion deficit to $136.7 billion deficit, representing an increase of 79 per cent (it should be mentioned that while the Audit Report for 2018 is not yet published, it is suspected that the CF balance has exceeded or is close to some $200 billion deficit).To lend a somewhat more comprehensive analysis for the period, it would be prudent to examine the net position of Central Bank Financing to Government. In this respect, reference is made to the overdraft balances on Government Deposit Accounts with the central bank. While the CF is the primary bank account of the Government from which it withdraws monies to fund its social and economic development programme, which ought to be approved through the national budget, the Government Deposit Accounts are also utilised as another form of central bank credit. This trend only started in 2015 which continued to be the case to date.With the abovementioned in mind, by looking at the net central bank financing in which the balances in the Deposit Accounts are taken into consideration to derive a net effect, the data on these accounts for the period 1995 through 2014 showed that the Deposit Accounts have always recorded surplus balances with the lowest surplus balance in 1995 of $20 billion and the highest surplus balance recorded in the year 2010 of $69.7 billion, while the average surplus for that period was some $38 billion. As such, if these surplus balances were transferred to the CF, it would have ultimately reduced the deficit balances and even swing that Account (CF) into surplus balances for some years. In fact, by working the numbers, the CF together with Balances in the Deposit Accounts would have swung into surplus balances for the years 2006, 2007, 2009, 2010, 2011, 2012, and 2013 of $7.2 billion, $8.8 billion, $12 billion, $18.2 billion, $14.5 billion, $10 billion and $3.3 billion, respectively. In 2014, net central bank financing stood at $55.3 billion deficit, which went up to record high levels of $91.8 billion in 2015 to reach $163.2 billion at the end of 2017 – that is, the CF balance plus the overdraft balance in Deposit Accounts. Moreover, if these central bank deficit balances were to be added to the total stock of public debt, this would give rise to an increase from $345 billion in 2017 to $508.3 billion which would be about 76% of (2017) GDP.To be continued…last_img read more

Our Central Bank

first_imgDuring the weeklong celebrations of the 50th Jubilee Celebrations of our Independence from Britain, there has been a commendable focus on several institutions of independence – the constitution, and Presidency – but especially the symbols of modern “nationhood”: the flag, motto, National bird, animal, etc. But there is one institution that has received almost no mention even though it is one of the linchpins of Guyana’s independence: the Bank of Guyana (BoG).As with the army, it was formed in the year before independence because, just as the former was essential to guarding our physical sovereignty, the BoG was key to securing our economic security. On October 16, 1965, it was launched under the Ordinance that defined its goal: “Within the context of the economic policy of the Government, the Bank shall be guided in all its actions by the objectives of fostering monetary stability and promoting credit and exchange conditions conducive to the growth of the economy of Guyana.”Specifically it was now mandated to: “have the sole right to issue and redeem notes and coins; act as banker to the commercial banks; act as fiscal agent and trustee of a banker to the Government and; administer payment agreements entered into by the Government.”Most Guyanese today would not remember that at independence we stopped using bills and coins that had previously been issued by the British Caribbean Currency Board (BCCB) and used by other Caribbean territories.This money that is issued by our government is not backed by the possession of any physical asset such as gold as was done up to 1970 by the USA. It simply is used by citizens as money because the government so decrees and its value relative to the currencies of other countries is supposed to rise and fall with supply and demand for it just as with rice and sugar.This means, if for instance, the US (or countries that use US dollars) does not want to buy goods from us for which it has to use Guyana dollars, the demand for the latter will fall and reflected in its higher conversion rate for US dollars.During the 1970s as our economy collapsed the government kept on printing Guyana’s currency bills and we had a classic case of “too many dollars chasing too few goods” which results in the value of the currency dropping (inflation) – as does the conversion rate with other currencies (currency depreciation).The PNC government had to introduce currency to maintain an artificial conversion of G$2.50 to US$1. All such transactions had to pass through the BoG.The Government under President Desmond Hoyte began systematically devaluing the Guyana dollar vis a vis the US’s dollar to $4.86 in 1986 and eventually to $45 in 1990. By 1991 Hoyte removed currency controls and Cambios joined the BoG and other banks in currency conversions. The real value of the Guyana dollar (based on supply and demand) settled down to G$125 to US$1. In the following twenty years it depreciated further to hover around $200.Reacting to the disaster in allowing the government unbridled power to print money, and the evolving liberalised international financial environment, new regulations were passed to define the tasks of the BoG.The latest statement is: “Its primary purpose is to formulate and implement monetary policy so as to achieve and maintain price stability. The other major purpose is to foster a sound, progressive and efficient financial system. In the discharge of its functions the Bank strives to: Promote a sustained and non-inflationary growth of the economy; maintain the integrity and value of the Guyana dollar and secure the credibility of the financial system, including payments arrangements, through supervision and oversight.”Of recent, however, questions have been raised in jurisdictions similar to Guyana, whether Central Banks should not follow the US, where their “Fed” is also mandated to also facilitate “full employment” through its monetary policy.last_img read more

Mercedes ‘wanted’ to supply McLaren

first_imgBut Wolff said Mercedes would have happily joined forces with McLaren again, had they been more productive talks earlier in the season.“We wanted to give McLaren an engine,” Wolff told ESPN.“The problem is that it dragged on for a long time and we just didn’t have the structure in place and the capacity to supply them an engine for 2018. It was simply too late.”Wolff went on to say that Mercedes pick their partners very carefully, citing Red Bull as an example of unprofessional behaviour when they criticise Renault’s engine.“It is exactly because they are saying it like this and undermining their current partner that they are not having one!” he added.“In Formula One, like everywhere else in life — be it your private life or business life — it’s about compromise and acknowledging your partner’s strengths and weaknesses and helping each other out.“That is very much the culture we have at Mercedes and that has made us successful in the last few years.“Respect is a super important part of our values and this is why we have chosen the partners we have.”0Shares0000(Visited 1 times, 1 visits today) 0Shares0000McLaren’s Spanish driver Fernando Alonso sits in his car in the pits during the second practice session at the Autodromo Nazionale circuit in Monza on September 1, 2017 ahead of the Italian Formula One Grand PrixLONDON, United Kingdom, Dec 28 – Mercedes boss Toto Wolff has confirmed that the Silver Arrows did hold talks with McLaren over supplying them with engines – but the deal was taking too much time to complete.After deciding to split from Japanese manufacturer Honda after three ill-fated years, McLaren eventually settled on a new partnership with Renault for the 2018 season and beyond.last_img read more

Valley pilot dies in crash off San Diego

first_imgIt was unclear who was flying the Knighthawk, Mankey’s family said. The Navy is investigating what went wrong. All are presumed dead, and only Petty Officer 2nd Class Christopher M. Will’s body was recovered. “We hope she is still floating in the Pacific,” said her father, Leonard. “That is our only hope.” On Tuesday, her parents – Lillian wearing a shirt and Leonard a hat printed with the American flag and “One Nation Under God” – two brothers, three sisters, in-laws and nieces and nephews crammed into Jennifer Berwager’s Reseda home to share stories of Laura, to ensure that her beauty wasn’t forgotten. “She was very strong and very smart. She had this magical energy around her,” said older sister Gina Gerber, who has been bombarded by “thousands and thousands and thousands of phone calls.” Laura’s husband, Navy Lt. Jeff Mankey, remained in San Diego, where the Berwagers will join him for Laura’s funeral Friday. “Laura, baby, you have to come back to me, baby, I can’t make it without you, without hearing your voice,” Mankey, who was stationed in Silverdale, Wash., wrote on his wife’s Web page. “Three more weeks, baby, until I’ll be transferred, we can finally live together baby, just come back please there’s so many things I need you to tell me and that I need to tell you.” Administrators at Canoga Park High School, who proudly remember their prom princess, are confirming details for a local service. “We know that Laura knew Jesus as her personal savior,” her father said. When he paused, his wife interjected. “And she is with him now.” (818) 713-3634160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! But Friday night brought an unsettling phone call to her parents’ West Hills home. “We’re looking for Laura,” her commanding officer said. Navy Lt. j.g. Laura J. Mankey had gone down with three other sailors during a routine training flight near San Clemente Island. On Saturday, the Berwagers learned the Navy’s mission had gone from rescue to recovery when two naval officers and a chaplain from Port Hueneme visited the parents’ home. “We’re changing her status to deceased,” Lillian Berwager recalled being told by Navy officials. Laura Berwager was the gregarious West Hills kid who spent 13 years in Girl Scouts and helped start the Boeing Explorers Rocket Group en route to joining the Navy. Voted Miss Popularity at Canoga Park High School, Berwager lived for her friends and family, for Jesus and for her dream of flying. She turned 26 on Jan. 22, the day she shipped out for helicopter training at Naval Base Coronado in San Diego, the city where she’d spent most of the past six years since enrolling at the University of San Diego. She was young and married – finally a pilot. In two months, she would head to the Middle East to assist in the American military effort in Iraq, where there are so many who need the servant’s heart her family said she had. last_img read more

VIDEO: Watch Gareth Bale’s Real Madrid hat-trick against Deportivo La Coruna

first_imgRoy Hodgson may have some sleepless nights if Gareth Bale keeps producing performances like the one he did against Deportivo La Coruna on Saturday night.Bale scored three to become the first British player to score more than one hat-trick in a single La Liga season.Real Madrid went on to win 5-0 in Zinedine Zidane’s first game as manager since he replaced Rafa Benitez on Monday.Bale’s Wales face England in Group B at the European Championships in the summer and Hodgson may have to rethink his plans with how to deal with the Madrid winger.See all of the goals from Bale’s brilliant hat-trick below! 1 Gareth Bale last_img read more

DEAL DONE? PSG agree huge £135m move for Kylian Mbappe – reports

first_img1 Reports in Spain claim PSG have beaten Real Madrid to the signing of Kylian Mbappe Paris Saint-Germain have beaten Arsenal, Manchester City and Real Madrid to the signing of Kylian Mbappe, according to reports in Spain.The Monaco striker burst onto the scene last season and he is now the hottest property in world football.Near enough every big European club has enquired after the 18-year-old but, according to El Mundo Deportivo, he is off to PSG.The Spanish newspaper claims the French side have completed a landmark deal for Mbappe that has blown their rivals out of the water.PSG will reportedly pay £135m upfront for the France international, with a further £27m being paid in instalments.Such a deal would come only days after the club landed Barcelona forward Neymar for a world record £200m.last_img read more

Van Allen: space scientist

first_imgIOWA CITY, Iowa – Physicist James A. Van Allen, a leader in space exploration who discovered the radiation belts surrounding Earth that now bear his name, died Wednesday. He was 91. The University of Iowa, where he taught for years, announced the death in a statement on its Web site. In a career that stretched over more than 50 years, Van Allen designed scientific instruments for dozens of research flights, first with small rockets and balloons and eventually with space probes that traveled to distant planets and beyond. Van Allen gained global attention in the late 1950s when instruments he designed and placed aboard the first U.S. satellite, Explorer I, discovered the bands of intense radiation that surround Earth, now known as the Van Allen Belts. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREFrumpy Middle-aged Mom: My realistic 2020 New Year’s resolutions. Some involve doughnuts.The bands spawned a whole new field of research known as magnetospheric physics, an area of study that now involves more than 1,000 investigators in more than 20 countries. The discovery also propelled the United States in its space exploration race with the Soviet Union and prompted Time magazine to put Van Allen on the cover of its May 4, 1959, issue. The folksy, pipe-smoking scientist, called “Van” by friends, retired from full-time teaching in 1985. But he continued to write, oversee research, counsel students and monitor data gathered by satellites. He worked in a large, cluttered corner office on the seventh floor of the physics and astronomy building that bears his name. “Jim Van Allen was a good friend of our family. His loss saddens Christie and me,” Gov. Tom Vilsack said. “His passing is a sad day for science in America and the world. Though he was an early advocate of a concerted national space program, Van Allen was a strong critic of most manned space projects. He once dismissed the U.S. proposal for a manned space station as “speculative and … poorly founded.” Explorer I, which weighed just 31 pounds, was launched Jan. 31, 1958, during an emotional time just after the Sputnik launches by the Soviet Union created new Cold War fears. The instruments that Van Allen developed for the mission were tiny Geiger counters to measure radiation. Near the 35th anniversary of the launch, Van Allen recalled in an Associated Press interview how scientists waited tensely for confirmation the satellite was in orbit. When the signal finally came, “it was exhilarating,” he said. “That was the big break, knowing it had made it around the Earth, that it was actually in orbit.” The success of the flight created a nationwide celebration. Equally exciting for the scientists was the discovery of the radiation belts, a discovery that happened slowly over the next weeks and months as they pieced together data coming from the satellite. “We had discovered a whole new phenomenon which had not been known or predicted before,” Van Allen said.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Golden State’s cash crop returns to its roots

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORESurfer attacked by shark near Channel Islands calls rescue a ‘Christmas miracle’“Some of the big gourmet magazines are still focused on olive oils from overseas,” she said. “Either they are unaware of what is available in California or there isn’t enough panache.” U.S. domestic sales of olive oil has increased 20 percent in each of the past five years, and the California olive oil industry has grown almost one-third in acreage in the past two years. The industry developed in the Valley in the 1800s and at its peak in the first half of the 20th century, Sylmar had about 2,000 acres of olive trees and produced about 50,000 gallons of olive oil a year. But it was never really the world’s olive-growing capital, and in the 1940s and ’50s there wasn’t even much of a local market for olive oil when Fusano’s family made it from their own trees. “Most of the buyers were Italians and Greeks who lived back East,” Fusano said, recalling that it was hard to imagine in those days how popular olive oil would become in California today. Rosemarie Fusano was born into the olive oil business in the 1940s San Fernando Valley, where there were once signs along the highway proclaiming Sylmar the biggest olive-growing area in the world. Over the next few decades, the industry in the Valley dried up when cheaper vegetable oils and safflower oil came into vogue. At the time, some doctors even thought olive oil was unhealthy. Now, olive oil is en vogue like never before in the Golden State, where it is being produced by nearly 400 companies and sold to customers who prize it for its taste and health benefits. And Fusano, 60, is still in the business. She helps meet the demand at her Fusano California Valley Olive Co. in Paso Robles, and she and other producers compare today’s business in California to the early days of the state’s wine industry. In Ventura County, Ojai is the prime olive-growing area, with its warm summers and cool winters. For six years, Ron and Alice Asquith, owners of Ojai Olive Oil Inc., have been producing extra-virgin oil from their 2,500 trees, including some that are 130 years old. “The Ojai Valley is a perfect place for growing olives,” said Ron Asquith, noting that in the late 1800s, when some of his trees were planted, the oil was made in Ojai on a communal press. The social interaction at the Sunday farmers markets in Ojai represents one of the greatest pleasures they have found in the olive oil business, the Asquiths said. “We sell olive oil at the farmers market that we made the week before; people love it,” Alice Asquith said. She and her husband got a press with new technology from Tuscany in June to reduce oxidation and to change the speed at which the olives are crushed. “There are more and more people in California getting into olive oil production,” Ron Asquith said. “Growing olives and making olive oil is very trendy.” Extra-virgin olive oil comes from the first pressing of the olives, contains no refined oil and has a low acidity. And California’s diverse climate helps produce the wide variety of olive oils that are as distinct as the state’s wines, Fusano said. “Cold-pressed oil is similar to a premium wine,” she said. “In California, there are a lot of boutique producers who are making some really nice oils. More and more wineries are interested in growing olives.” Rosemarie Fusano’s grandfather, Christopher “Christo” Fusano, came to Los Angeles after he landed at Ellis Island in 1909 and first got a job for the railroad. When he came through Sylmar, he saw something he was familiar with from Italy, first getting a job picking the olives and then making the oil. In 1937, he started his own company, C. Fusano & Sons Olive Oil. Mike Fusano is one of Christo’s sons and Rosemarie’s father, and he still lives with some of his remaining olive trees in Sylmar, attributing his longevity and health to his mother’s Italian cooking. “We were raised on a Mediterranean diet,” he said. “You eat a lot of vegetables and greens. My mother really knew how to cook the old way. She used olive oil all the time. We still do. “It makes me happy people are converting to healthy cooking.” (805) 583-7602160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more