Endowment – Arab Center http://arabcenter.net/ Wed, 23 Nov 2022 02:50:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://arabcenter.net/wp-content/uploads/2021/05/cropped-icon-32x32.png Endowment – Arab Center http://arabcenter.net/ 32 32 How South Korea Develops a Competitive Advantage https://arabcenter.net/how-south-korea-develops-a-competitive-advantage/ Wed, 23 Nov 2022 02:50:56 +0000 https://arabcenter.net/how-south-korea-develops-a-competitive-advantage/



Can South Korea engineer a second miracle on the Han River? Seoul’s story inspired by Horatio Alger is well known: the country went from a war-torn and impoverished nation to a global industrial powerhouse in just two generations. Before this turn of events, no one could have imagined that South Korean actors would win Oscars and Emmys or that K-pop would reach global audiences. A country that depended on US aid until the 1960s is now investing tens of billions of dollars to build new electric vehicles, next-generation batteries and semiconductors in the United States.

But South Korea also faces unprecedented challenges, including the demographic fallout from having the lowest fertility rate in the world and being one of the fastest aging societies on the planet, global economic competition from China, vulnerable supply chains and much lower growth rates. If that wasn’t enough, the South Koreans also face a neighboring North Korea with a growing arsenal of nuclear weapons and a growing Chinese military footprint nearby. As US-China competition intensifies, South Korea finds itself straddling a precarious fault line. More recently, as illustrated by the tragic stampede on October 29, 2022 in Seoul’s Itaewon neighborhood, where at least 150 people died (most of whom were in their 20s and early 30s), including some number of foreign nationals, South Korea must ensure the highest levels of public safety. Being a super-connected and globally competitive society is crucial for South Korea’s long-term prosperity. But it is equally important to prevent critical blind spots.

Chung Min Lee

Chung Min Lee is a senior fellow in the Asia Program at Carnegie. He is an expert in security, defence, intelligence and crisis management in Korea and Northeast Asia.

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Although there are no short answers and South Korea faces immense obstacles, the only way forward for South Korea is to improve its competitiveness. Unless South Korean companies become influential in the era of artificial intelligence (AI) and the fourth industrial revolution, the country is destined to fall further behind as anemic growth becomes the new normal. Even if the private sector takes the lead in undertaking structural reforms, the deepening political divide in South Korea is likely to remain a serious obstacle. The left and right wings of the country’s political spectrum have opposing views on how to foster a global Korea: the left continues to stress the need to rein in corporate power with increased regulatory checks, while the right argues that only by unleashing the vitality of the private sector can it hope to be competitive in the post-pandemic world.

While well-known brands like Samsung, LG and Hyundai have energized South Korea’s economy over the past four decades, next-generation companies must take the lead in fueling the country’s resurgence for the fourth industrial revolution. But at a time when governments are taking charge of economic security and businesses are on the front lines of crucial supply chains, a new partnership between state and market is needed.

The essays in this collection highlight the challenges and opportunities South Korea faces in the world of business and entrepreneurship, high-end technologies such as AI, sustainable development, and building a green economy, projecting a stronger voice on the global commons and reshaping its national security paradigm. It’s not just the economy and the private sector, but how Korea sees itself in the global commons.

Jung Ku-hyun says that while conglomerates have dominated the South Korean economy and will continue to be major drivers, the ability of Korean companies to maintain global competitiveness will rely on a proliferation of start-ups that can shape the economy. country’s economy at the dawn of the fourth industrial revolution. Meanwhile, Hana Anderson and Jacob Feldgoise compare the AI ​​ecosystems of South Korea and Japan and note how the two countries have cultivated often overlooked roles in high-end semiconductor manufacturing. And as US-China competition intensifies, Japanese and South Korean efforts to bolster new supply chains will become even more important. At the same time, South Korea, like other advanced economies, has no choice but to face the risks of accelerating climate change. Juhern Kim writes that if South Korea adopts more sustainable energy policies and leads a green revolution at home, it could become a new global role model for others. This is a key opportunity for Seoul to become a global pioneer in striving to achieve net zero emissions.

Taking a global perspective, Lee Jung-eun writes that while South Korea has garnered more attention on the world stage, it needs to do much more for the global commons. It is particularly important that South Korea, as one of Asia’s loudest democracies and its fourth-largest economy, strives to strengthen its commitment to human rights in Asia and around the world. . South Korean soft power has made huge strides over the past decade, but it’s time for Seoul to use that cachet to advance global public goods. Finally, I argue that South Korea’s national security framework needs to be modernized and revamped to ensure the country’s economic security and counter hybrid threats. Indeed, South Korea stands out because it faces a powerful mix of geopolitical, geoeconomic and technological threats. Any new national security grid adopted by the country will have to strengthen the resilience of the nation on its territory so that it can face these unprecedented challenges.

These essays underscore the fundamental importance of innovation and reform, supporting global perspectives and assuming greater international responsibilities, and building a strategy of bipartisan competitiveness that will make South Korea a truly global pivotal state. . In the current political environment, such a task borders on mission impossible. If blood, sweat and tears characterized South Korea’s rapid economic rise from the early 1970s, future prosperity will be shaped and driven by the development of a new competitive advantage. Entrenched interest groups and status quo political expediency can still prevail. But if that happens, South Korea will lose the last best chance to boost its competitiveness in Asia and the world.

Golfers set off to make a donation from the DGRI https://arabcenter.net/golfers-set-off-to-make-a-donation-from-the-dgri/ Sat, 19 Nov 2022 16:30:00 +0000 https://arabcenter.net/golfers-set-off-to-make-a-donation-from-the-dgri/

Gordon Grant took the opportunity, offered by club captain Peter Allen, to raise money for the unit where his wife was being treated before she sadly passed away earlier this year.

Following the fundraiser, he went to the DGRI with other golfers to present a check to Tanya Harkness, the unit’s senior charge nurse, and Mark Miller, a palliative medicine specialist.

The charity day included a golf competition, auction and raffle, organized by club staff and members and supported by their families and friends.

Tanya said, “We are grateful to everyone involved in raising this amount of money for unity. That sounds like a very generous thank you. Our team is excited to have the opportunity to decide how to use the money for the benefit of patients, their families and staff.

Mr Grant said: ‘My wife Sheila received exceptional care and attention from staff in the unit where she spent her final days.

“In addition, our whole family was taken care of and welcomed during the week when we were in almost constant presence with Sheila. I’m really happy that my request for money to be used for the unit is met and the staff can decide how to use it.

“I would like to thank everyone involved in making the charity day a success, the organisation, support, donations and of course the practice of golf. In particular, thanks to Ivor Matheson, Peter Allen and the staff at Southerness Golf Club I would also like to say congratulations to the winners of the golf competition: Peter Boreham, David Muir, Graham Wilson and Andrew Morrow.

Nick Mitchell, Endowment Manager at NHS Dumfries and Galloway, said: “On behalf of the NHS Dumfries and Galloway Endowment Fund, a big thank you to Mr Grant and everyone involved in the charity day.”

]]> A missile falls on NATO territory. And then ? https://arabcenter.net/a-missile-falls-on-nato-territory-and-then/ Wed, 16 Nov 2022 18:10:41 +0000 https://arabcenter.net/a-missile-falls-on-nato-territory-and-then/ Landing missiles on Polish territory could allow Poland and Ukraine’s other most active defenders to gain greater military autonomy. After all, preventing an ally from defending themselves is much more difficult than preventing them from helping others.

Something happened this week that had been feared since Russian and NATO warships and fighter jets came dangerously close in the Baltic and Black Seas, and Russian and American soldiers closer in Syria. A Russian missile strike against Ukraine saw a stray missile land in NATO member Poland killing two people.

After several tense hours of speculation that the missile was fired by Russia, US officials said it was in fact fired by Ukrainian forces at an incoming Russian missile. However, this does not change the fact that Polish nationals were killed by Russian-made missiles as a direct result of Russia’s invasion of Ukraine, and in particular its decision to move the action away from the front , where the Russian military is struggling, to target infrastructure throughout Ukraine. The November 15 strikes – the largest against civilian infrastructure since the start of the war – were Moscow’s revenge for the loss of the key city of Kherson, from which it has withdrawn in recent days.

The deaths of innocent NATO civilians in their homes from Russian missile strikes could become a turning point in this war, like the 2014 downing of flight MH17 and its international passengers. As indirect and unintended as it may have been, the explosion in Poland looks ominous amid endless pleas from Russian hawks who want to see a ‘real war’ – from television pundits to the former president-turned-deputy chief of the Security Council Dmitry Medvedev – to strike the territory of a NATO country as a deterrent.

As Ukraine’s staunchest supporter and main logistical center for Western weapons supplies, Poland is frequently cited among the main targets of these threats (including nuclear threats). Today, this tragic incident will require a firm demonstration of solidarity towards the countries located near the combats, and will probably allow them to acquire more autonomy and freedom of action.

The fact that on this occasion the explosion was not caused by Russia following through on its threats against NATO will not convince outside observers that Russia could not at any time pass from refusing to launch strikes. near the Polish border to the approval of strikes against Poland itself. After all, from February to September, the Russian Ministry of Defense insisted – with the full support of state “journalists” and volunteers in information warfare – that it only attacked military targets and that it would in no way affect civilian infrastructure. Now he boasts of having destroyed power plants across Ukraine to the cheers of encouragement from those same neighborhoods.

The United States faces a stark choice. Washington remains reluctant to cross the line into a direct military confrontation between NATO and Russia, and understands that the explosion in Poland was an accident. However, it followed an intention repeatedly expressed as a threat, and the fact remains that the territory of a NATO country was hit by a missile: and not during a military exercise or games of war, but during a very real military conflict.

If the United States does not react to the demands of an ally that has suffered from the war, it risks losing its authority. Newer, smaller nations on NATO’s eastern flank already suspect that ultimately the United States is only really prepared to defend itself, and perhaps two or three countries it considers important. It’s up to Washington to prove otherwise.

At the same time, even an accidental and indirect hit on NATO territory inevitably expands what is possible and permissible for Moscow. In the future, he might try to take advantage of it. This can, for example, range from denying indirect and unplanned strikes to denying direct and planned attacks. Then, as in the case of Ukrainian power plants, there will be no denying anything. One of the dangers of such situations is the gradual appearance on the agenda of something previously unacceptable.

The most unacceptable scenario for the United States remains a direct conflict between its troops and Russia. However, some important changes are not impossible.

For starters, talks about a no-fly zone over Ukraine could resume. Declaring a no-fly zone over the entire country would amount to the direct conflict the US wants to avoid at all costs, so at most no-fly zones could be established over some bordering parts of Ukraine of NATO countries. Washington could also use existing communication channels to try to convey that the United States will not tolerate any Russian activity in western regions of Ukraine.

Landing missiles on Polish territory could allow Poland and Ukraine’s other most active defenders to gain greater military autonomy. After all, for them, helping Ukraine becomes their own defense, and preventing an ally from defending itself is much more difficult than preventing it from helping others.

Since the risks in this war are not equal for all members of the alliance and not all members have the same level of determination, the less determined might at the very least not prevent those who run the more likely to act independently. In this logic, the group of countries most determined to act will acquire greater autonomy, opening the prospect of a gradual entanglement of NATO in an armed conflict with Russia.

Russian propagandists say Poland now has its own Belgorod, referring to the Russian region near the border with Ukraine that has been bombed several times since the start of the war. The Russian response to the bombardment of its border towns and villages has been quite moderate (too moderate for the tastes of those who would like to see a “real war”).

Yet the comparison with Belgorod unwittingly attests to how Poland’s status will change in this war, along with that of Ukraine’s other western neighbors. “Belgorod” is used by propagandists to refer to all parts of the Belgorod region and other Russian regions bordering Ukraine that suffer as a territory on one side of an armed conflict. The formula of “their Belgorod” brings new actors – and new territories – into this conflict.


Spotlight on Kenosha Community Foundation: Kenosha’s “Best Kept Secret” https://arabcenter.net/spotlight-on-kenosha-community-foundation-kenoshas-best-kept-secret/ Sun, 13 Nov 2022 16:00:00 +0000 https://arabcenter.net/spotlight-on-kenosha-community-foundation-kenoshas-best-kept-secret/

Amy Greil

We at Kenosha Community Foundation are pleased to provide a series of articles in the coming days to celebrate National Community Foundation Week, November 12-18.

We’ll use this series to help KCF break free from the moniker “Kenosha’s Best Kept Secret” and position itself as a recognizable and sought-after resource to connect its passion for supporting the local community through fundraising. endowment that provide benefits. for life.

KCF strives to facilitate a conversation with potential donors and assists them as constructive avenues through which they can achieve their philanthropic goals and put their donations to work for the betterment of Kenosha County.

How a Community Foundation Works

Step 1: The Foundation accepts donations and establishes charitable funds, including scholarship funds. Individuals, families, businesses and organizations donate to the Foundation in cash, securities, real estate, bequests, trusts; to name a few.

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2nd step: With the donation, the Foundation and the donor(s) sign an agreement and create a permanent charitable fund. The agreement specifies how the income from the fund will be used. This agreement specifies one or more organizations or a particular focus area (fund direction) to which annual income is directed, either through a direct donation or through a grant application process. Alternatively, a donor agreement may state that the annual income allows the Foundation’s distribution policy to guide the use of these funds.

Step 3: The Foundation then manages and invests the funds – to earn income and grow the fund. In addition, the Foundation handles all administrative activities, relieving the donor of tedious record keeping.

Step 4: Annually, a percentage of the Fund’s income is distributed to fellows or fellows.

Where can a budding philanthropist start?

By establishing a seed fund with KCF, donors can create a charitable endowment that supports annual grants to the community that will have extraordinary long-term impact. The Seed Fund Program helps harness the power of financial markets to multiply the value of your contributions over time. All you do is make an initial donation of $600 and subsequent annual contributions of $600. Investing even small amounts regularly will build an endowment that can grow over time.

As a fund donor, with the guidance of the Foundation, choose to establish an endowment fund that is either Restricted – will make ongoing donations to one or more designated organizations or promote a specific cause OR Unlimited – allows the Foundation to select the organizations that receive grants. Or, if you want more flexibility to direct the fund’s recipient organization or organizations each year, you can create a donor-advised fund. NOTE: Donor-advised funds cannot be funded by direct transfer from an Individual Retirement Account (IRA).

As the Starter Funds account grows, there are no fees charged for its administration – all accrued income is added to the fund to continue its growth. No administration fees are charged until the fund balance reaches $10,000.

Lincoln Middle School’s large outdoor courtyard now has five 4ft by 8ft garden beds, installed in November 2021 with sponsorship from Jockey International’s philanthropic arm, Jockey Being Family Foundation. The foundation “adopted” the school.

The Foundation worked with volunteers from the Garden of Eatin’ Kenosha and Carthage College to help build the flower beds that will be used by the students to plant crops in cool weather, while also providing a number of opportunities for learning, including STEM-based activities and community service projects. .

Terry Flores

When the fund reaches a balance of $10,000 (through donations and investment growth), the start-up fund becomes a permanent endowment fund. From this moment, the Foundation will begin to grant grants or distribute donations to entities/organizations; actions specified in the agreement.

Each year, a percentage of the fund’s income is directed to entities or made available to fund recipients, as specified by the donor(s) in the funding agreement. Since the capital of an endowment remains intact, annual income payments can continue in perpetuity.

We’d love to help you make it all easier while charting your own path to fulfilling your passion for philanthropy. It’s a special occasion to participate in philanthropic giving and the returns are forever. As Winston Churchill said: “We earn our living by what we receive, we earn our living by what we give. We would be delighted to help you make your personal philanthropic wishes come true.

To help achieve this goal, contact the Foundation at email@kenoshafoundation.org or by calling 262-654-2412.

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Morbi targedy: endowment of Rs 5 crore for 20 children who have lost one or both parents https://arabcenter.net/morbi-targedy-endowment-of-rs-5-crore-for-20-children-who-have-lost-one-or-both-parents/ Thu, 10 Nov 2022 18:44:36 +0000 https://arabcenter.net/morbi-targedy-endowment-of-rs-5-crore-for-20-children-who-have-lost-one-or-both-parents/ The Adani Foundation, the corporate social responsibility arm of the Adani Group, on Thursday announced an endowment of Rs 5 crore to 20 children who lost one or both parents in the Morbi bridge collapse. The bridge collapse killed 135 people, including 55 children.

In a press release, the Adani Foundation said it was “working with the Morbi district administration to set up endowments of Rs 25 lakh each” for seven children who were orphaned and 12 other children who lost their minds. one of their parents. Among the beneficiaries of the Rs 5 crore endowment corpus will also be an unborn child of a pregnant woman who lost her husband in the bridge collapse.

According to the press release, the foundation will place the funds in secure fixed deposits for the 20 children, keeping the principal amount intact while the interest will be used to support them. A letter of commitment to this effect for the main amount was given to the Collector of the Morbi district, according to the foundation.

The press release quoted Priti Adani, chairman of the foundation, as saying: “Among those most seriously affected are the little ones, many of whom have not yet learned that their mother or father or both parents will never come home. The least that can be done in this time of great distress is to ensure that these children have the means to grow up, receive a proper education and lead fulfilling lives. That’s why we decided to set up a fund to provide the financial support they need during their growing years.

What would be a good investment for my excess contributions? https://arabcenter.net/what-would-be-a-good-investment-for-my-excess-contributions/ Mon, 07 Nov 2022 22:27:00 +0000 https://arabcenter.net/what-would-be-a-good-investment-for-my-excess-contributions/

Dear reader,

Thank you for your question.

First of all, I will start by making a detour from the previous questions by briefly contrasting a retirement pension and a capitalization policy. Both of these investment policies offer tax benefits in a unique way; however, they differ markedly in tax treatment.

Endowments provide tax advantages to investors with marginal tax rates above 30%, reducing the amount of tax owed on the growth of your investments. Additionally, endowments promote discipline as the investment must be held for at least five years. The investment is taxable in the hands of the investment life insurance company despite its illiquidity due to the predetermined lock-up period of five years. In the event of a financial emergency, there are restrictions on withdrawals made before the required five-year maturity.

Essentially, if your marginal tax rate is above 30%, an endowment policy makes sense because it’s taxed at less than 30%.

Retirement annuities are a tax-saving vehicle where your taxable income is reduced to a set limit, as specified in the Income Tax Act. In any given year, contributions are tax deductible up to a maximum of 27.5% of taxable income or your employer’s remuneration, with an annual ceiling of R350,000.

In addition, contributions in excess of stipulated limits can be used to reduce potential taxes owed on lump sum cash taken before or at retirement age, as well as to reduce the taxable component of your life annuity income at retirement. retirement. Subject to annual limits, contributions made directly by your employer are also taxable as benefits in your hands; however, contributions are also tax deductible available to you but are subject to the permitted annual limits mentioned above. Plus, excess contributions can also be carried forward and deducted in the next tax year, reducing your tax liability.

Based on the above, in my opinion, I would instead suggest the following investment options for your excess contributions:

Retirement pensions

Continue to invest in a retirement annuity for the following reasons:

  • When withdrawing capital in cash before or at retirement age, excess contributions are tax deductible, reducing your tax liability.
  • Deferred excess contributions will reduce the tax payable on your life annuity.
  • By nature, payment of tax on your proceeds is deferred until retirement, allowing your investment to compound tax-free and undisturbed.

Retirement pension and endowment

Distribute the excess contributions equally between the retirement annuity and the endowment policy using a debit order. With regard to the latter, after five years, the proceeds of an endowment contract are exempt from income tax in your hands. Finally, an endowment would be important if your marginal tax rate is above 30%.

Tax-Free Savings Account:

Another alternative would be to place these excess contributions in a tax-free savings account. Interest, dividends or capital gains earned will be tax free in your hands. Growth of your investment and withdrawals from your account are therefore not subject to tax. However, the permitted annual contribution limit is R36,000 per tax year, with a maximum lifetime contribution limit of R500,000.

Mutual fund

I would choose to deploy these excess funds in unit trust investments. Mutual funds offer flexibility, diversification, capital growth based on your risk tolerance and investment strategy, liquidity and estate planning benefits. These investments can increase your retirement income depending on your investment horizon, but it should be noted that withdrawals or transfers from this type of investment may incur capital gains tax.

Direct offshore

Finally, you might consider investing the excess contributions overseas. Offshore investments allow you to invest in underlying funds denominated in foreign currencies (USD, GBP, CHF, etc.). The investment benefits from the performance of the underlying funds and fluctuations in exchange rates.

Minimum investments range from R20,000 to R50,000, depending on the product provider you choose. It is crucial to understand that when making direct investments abroad, you can only invest up to R1 million without applying for a tax clearance certificate; any amount invested above R1 million requires tax clearance from Sars. There is an annual cap of R11 million on the amount you can invest overseas. Upon exchange and withdrawal, this could result in capital gains tax.

We hope the above answers your questions.

The above is based on personal opinion and should not be taken as advice. We invite you to speak with your financial planner and tax specialist for specific advice tailored to your financial situation.

Announcing the 2022 Siemer Milling Endowment for Youth Leadership Development Grant Recipients https://arabcenter.net/announcing-the-2022-siemer-milling-endowment-for-youth-leadership-development-grant-recipients/ Fri, 04 Nov 2022 22:03:31 +0000 https://arabcenter.net/announcing-the-2022-siemer-milling-endowment-for-youth-leadership-development-grant-recipients/

EFFINGHAM, IL-(Effingham Radio)-The Community Foundation of Southeast Illinois is pleased to announce the Siemer Milling Endowment Fund for Youth Leadership Development awarded eight grants totaling $44,790 to the following individuals

  • The Southern Illinois Girl Scouts received $5,000 to use for the Effingham County Girl Scout Leadership Experience.
  • The Study Shoppe has received $10,540 for free after-school programs for students for the 2022-23 school year.
  • Immanuel Lutheran Church After School Care received $3,500 for the Immanuel Altamont After School Care Fund.
  • Buckeye Friends School received $6,500 for its Let There Be Light project.
  • New Hope Church received $5,000 for its youth internship program.
  • Mid-Illinois Big Brothers Big Sisters received $5,000 for youth programming and education.
  • FBLA (Eastern Region) Stewardson-Strasburg received $3,000 for the Future Business Leaders of America – Eastern Region Leadership Conference.
  • Effingham Child Development Center received $5,000 to build an inclusive center today for a better community tomorrow.

Shown in LR’s collage: Row 1: Photo from left, Katie Siemer Summers, board chair of Siemer Milling Company; Loretta Graham, CEO of Girl Scouts of Southern Illinois; Kristen Bertrand, Program Officer, SICF and Right Photo, Katie Siemer Summers, Nancy Marchewski and Tami Meinhart, Directors of The Study Shoppe, Kristen Bertrand

Second Row: Pictured from left, Katie Siemer Summers, Vernon Spilker, Pastor/Director of Immanuel Lutheran Church After School Program, Kristen Bertrand; Middle photo, Katie Siemer Summers, Kristie Campbell, principal/founder of Buckeye Friends School and Buckeye students, Kristen Bertrand; Pictured right, Katie Siemer Summers, Braden Kiser and Aaron Golden, New Hope Church youth pastor, Kristen Bertrand

Third Row: Photo from left, Katie Siemer Summers, Stacey Rios, BBBS of Mid-Illinois Executive Director, Kristen Bertrand and photo from right, Katie Siemer Summers, Emma Sayers, Future Business Leaders of America, Stewardson-Strasburg, Kristen Bertrand

The Siemer Milling Company Endowment for Youth Leadership Development, a fund of the Southeastern Illinois Community Foundation, was established in 2006 to provide an ongoing source of funding for Effingham County programs that support the development of young leaders. Since its inception, the Siemer Milling Company Endowment has donated more than $350,000 to nonprofit organizations serving Effingham County.

For more information, please contact Alex Pleasant, CEO/President, at 217-342-4988 or alex@southeasternillinois.org.

]]> So the Fed will end 2022 with a rate hike and then a coast, right? https://arabcenter.net/so-the-fed-will-end-2022-with-a-rate-hike-and-then-a-coast-right/ Tue, 01 Nov 2022 21:54:26 +0000 https://arabcenter.net/so-the-fed-will-end-2022-with-a-rate-hike-and-then-a-coast-right/

Is the Federal Reserve in its final stage of raising rates? That’s the big question about Wednesday’s Fed meeting.

The overwhelming odds, according to the futures market, are for a 0.75 percentage point increase at the November meeting, followed by a 0.50 to 0.75 point increase in December. This would bring the benchmark federal funds rate to a maximum range of 4.50% to 4.75%, from 3.0% to 3.25% currently.

If so, that’s a bit higher than the current level. But considering the rate was close to zero at the start of this year, market forecasts suggest the pain is over and the worst is over.

Notice what is not part of this prognosis: a pivot to lower rates. Of course, a recession in 2023 could well change the thinking of the Fed, which is now focused on reducing the stubbornly high rate of inflation. On the other hand, the Fed could choose to overshoot what futures are saying and tighten even further in the face of a resilient price escalation.

Nevertheless, the bet at the moment is that the increases will be completed in the near future. As a research report by LPL Financial indicates, as Fed Chairman Jerome Powell “has repeatedly emphasized, the Fed will ‘continue,'” he also noted in late September, the Fed the time to slow down would soon be approaching.” LPL points out that some Fed officials have indicated “now is the time for the Fed to scale back rate hikes as the economy reacts to past rate hikes.”

Of course, investors are hoping the Fed will end its hikes, even if another rate cut doesn’t follow soon. “The market wants to believe the Fed is going to hit 5% and stay there for a while,” Rick Rieder, BlackRock’s chief investment officer for global fixed income, told CNBC. “People are tired of being bludgeoned, and I think they want to believe the bludgeoning is over.”

Continued increases are one thing, and rate cuts are another. For Ken Mahoney, CEO of Mahoney Asset Management, any Fed pivot is a long way off. The reason is that Fed officials “are tough on their hawkish tone and we expect that to continue.” Yet, he adds, the end of the reminders could be near. “It would be hard to say they’re only in rounds two or three of the rate hikes, and we think it’s more like rounds six or seven.”

There are signs that economic growth may start to slow so that inflation may be capped, which could further dampen Fed hawkishness. The housing market, for example, began to falter.

Danielle DiMartino Booth, CEO and chief strategist of Quill Intelligence, argues that the Fed gets what it wants. “We have peaked in inflation as pricing power is challenged and supply chains heal,” she says.

And if the Fed continues to raise rates, it will run into political problems, in Booth’s view: “The changing political winds pose the greatest challenge to the Fed and its independence. There are growing calls for the Fed to suspend rate hikes due to the idea that job losses are worse than inflation for most households.

Travis Roy Foundation donating $4 million-plus as it winds down https://arabcenter.net/travis-roy-foundation-donating-4-million-plus-as-it-winds-down/ Sat, 29 Oct 2022 19:39:00 +0000 https://arabcenter.net/travis-roy-foundation-donating-4-million-plus-as-it-winds-down/ The Travis Roy Foundation, created in the name of a Boston University hockey player who was paralyzed 11 seconds into his first college game, made one of its last major gifts Friday before its closes for good next year.The foundation is donating more than $4 million combined to two of the nation’s leading sites for treating spinal cord injuries: Spaulding Rehabilitation Hospital in Boston and the Shepherd Center in Atlanta.The $2 million gift to Spaulding announced Friday will be used for the new Travis Roy Center for Enhanced Independence.“It is bittersweet that the time has come to honor Travis’ wish to close the foundation’s doors. As part of a final tribute, we are pleased to announce this endowment to Spaulding Rehabilitation Hospital,” his parents, Lee and Brenda Roy, said in a statement. “This gift assures Travis’ legacy of hope and inspiration for others will live on in perpetuity.” The center will help those with tetraplegia due to spinal cord injury regain more independence. Tetraplegia is the inability to voluntarily move the upper and lower parts of the “This funding will allow us to harness technologies in a way that will accelerate independence and improve the quality of life for so many of our patients and their families,” said Dr. Randy Trumbower, who was named executive director of the center. Roy was a 20-year-old freshman making his BU debut in the 1995-96 season opener when he crashed head-first into the boards after checking a University of North Dakota opponent.The son of a Maine hockey rink manager became a quadriplegic goal went on to deliver motivational speeches, urging people to do the best with what they have and to avoid dwelling on misfortune.He died in 2020 at age 45.The gift to Spaulding was announced the day before the second anniversary of Roy’s death. It was Roy’s wish that the foundation, which has helped more than 2,400 people gain more independence and control over their lives, close after his death. Created in 1997, the Travis Roy Foundation raised about $25 million — with some of the money going to research and some going to equipment to make life easier for those with spinal cord injuries. About $11 million has gone to help thousands of families buy adaptive equipment or make homes accessible, according to the foundation’s website.

The Travis Roy Foundation, created in the name of a Boston University hockey player who was paralyzed 11 seconds into his first college game, made one of its last major gifts Friday before its closes for good next year.

The foundation is donating more than $4 million combined to two of the nation’s leading sites for treating spinal cord injuries: Spaulding Rehabilitation Hospital in Boston and the Shepherd Center in Atlanta.

The $2 million gift to Spaulding announced Friday will be used for the new Travis Roy Center for Enhanced Independence.

“It is bittersweet that the time has come to honor Travis’ wish to close the foundation’s doors. As part of a final tribute, we are pleased to announce this endowment to Spaulding Rehabilitation Hospital,” his parents, Lee and Brenda Roy, said in a statement. “This gift assures Travis’ legacy of hope and inspiration for others will live on in perpetuity.”

The center will help those with tetraplegia due to spinal cord injury regain more independence. Tetraplegia is the inability to voluntarily move the upper and lower parts of the body.

“This funding will allow us to harness technologies in a way that will accelerate independence and improve the quality of life for so many of our patients and their families,” said Dr. Randy Trumbower, who was named executive director of the center.

Roy was a 20-year-old freshman making his BU debut in the 1995-96 season opener when he crashed head-first into the boards after checking a University of North Dakota opponent.

The son of a Maine hockey rink manager became a quadriplegic but went on to deliver motivational speeches, urging people to do the best with what they have and to avoid dwelling on misfortune.

He died in 2020 at age 45.

The gift to Spaulding was announced the day before the second anniversary of Roy’s death. It was Roy’s wish that the foundation, which has helped more than 2,400 people gain more independence and control over their lives, close after his death.

Created in 1997, the Travis Roy Foundation raised about $25 million — with some of the money going to research and some going to equipment to make life easier for those with spinal cord injuries. About $11 million has gone to help thousands of families buy adaptive equipment or make homes accessible, according to the foundation’s website.

Faculty push pension fund to divest from fossil fuels https://arabcenter.net/faculty-push-pension-fund-to-divest-from-fossil-fuels/ Thu, 27 Oct 2022 07:02:15 +0000 https://arabcenter.net/faculty-push-pension-fund-to-divest-from-fossil-fuels/

Student activists have been demanding for more than a decade that higher education institutions turn over their endowments to fossil fuel companies. Now, as more and more institutions are moving towards sustainable investing, a group of professors are asking their pension fund to go green.

About 300 clients of the Teachers Insurance and Annuity Association of America–College Retirement Equities Fund (TIAA), which hundreds of higher education institutions use to invest faculty members’ pensions, are asking the fund to divest the companies which they believe contribute to climate change. They also demand that the TIAA “establish a moratorium on new fossil fuel investments,” “end its existing fossil fuel investments by 2025,” and “stop land grabbing leading to deforestation,” according to one. press release emailed to Inside Higher Education.

The group, which is made up of faculty members whose pension funds are managed by the fund, also filed a formal complaint with the United Nations’ Principles for Responsible Investment Initiative, asking it to remove TIAA from its list of ethically invested portfolios.

TIAA, which was founded in 1918 to manage teachers’ retirement funds, has grown to become one of the largest fund managers for employees of educational, cultural and medical organizations, many of which are nonprofits.

“Unlike a lot of general banks and pension funds, TIAA has a nonprofit bent, a bit of a public service history,” said Caroline Levine, professor of literature at Cornell University and TIAA fund participant. who signed the complaint to UNPRI. . “What does it mean to me to have had an entire career devoted to creating the conditions for students to live happy and fulfilling lives and then to retire in a way that undermines and mocks that work?”

In an email to Inside Higher Educationa spokesperson for TIAA, who preferred not to reveal his gender, rejected participants’ characterization of his investments and argued that the fund complied with UNPRI recommendations.

“TIAA takes sustainable investing seriously,” they wrote. “However, after careful consideration, we believe that a broad divestment from fossil fuels does not provide TIAA with an optimal means of influencing the policies and practices of the issuers in which we invest, nor the best way to generate value long term for our investors and other stakeholders.

But Bill McKibben, a prominent environmental activist and TIAA member who signed the letter to UNPRI, argued that divestment is a crucial tool for mitigating the climate crisis.

“It’s about removing the social license from fossil fuel industries and hampering their access to capital so they can’t expand with new infrastructure, a task that scientists have told us time and time again is absolutely essential,” he said.

“A logical next step”

In recent years, what was once seen as a fringe and radical demand by student activists has begun to bear fruit. Dozens of institutions have pledged to cut endowment investments from coal, gas, shale and other fossil fuel companies. More than 15% of the more than 1,500 institutions that have divested from fossil fuels are educational institutions, according to a database maintained by divestment advocates.

Large public systems like the University of California and the University of Michigan are fossil fuel free. Harvard acquiesced last fall after decades of student activism, a watershed moment for the movement. Two weeks ago, Princeton said it would “divest” from fossil fuel companies.

McKibben, a Schumann Distinguished Scholar in Environmental Studies at Middlebury College, is a leading figure in the national divestment movement, which targets college endowments as well as private investors and public pension funds. Middlebury, located in Vermont, was an early adopter, selling out in 2019.

“So many of the institutions we work for have divested,” he said. “TIAA is a logical next step.”

Cornell pulled out of fossil fuels in 2020 after a successful activist campaign, which Levine participated in. She said the win at her own institution made her more confident to push for TIAA divestment, a sentiment she heard from other professors who are TIAA divestment supporters.

TIAA is a bigger fish than the fossil fuel divestment movement is used to chasing. Harvard’s endowment, the largest in the country, was $53 billion in 2021; TIAA operates a $1.2 trillion pension fund. Levine doesn’t find that number intimidating; in fact, it is constrained by the potentially disproportionate impact of selling such a colossal sum.

“When I realized that TIAA had $78 billion invested in fossil fuels, I thought, ‘That’s an order of magnitude bigger than even the biggest university endowment. That’s where the fight has to go. move,” she said. “Also, TIAA invests my money. I’m a client, which is different from working for an institution…so it was intolerable to see this happen without protest.

“The fact that all of these universities have made this commitment has put TIAA even more on a limb here. And other huge pension funds also divested,” McKibben said, referring to public funds in New York state and Quebec. “At some point they lack an explanation other than inertia, that it’s just the way they’ve always done it.”

Going green, in more ways than one

Beyond environmental liability issues, market trends increasingly suggest that divestment from fossil fuels may be the smartest financial move for long-term funds. For more than a decade, fossil fuel companies have been among the worst performing stocks in the market. As for the outlook for the future, the CEO of ExxonMobil predicted in June that by 2040, every new car sold would be fully electric.

Tom Sanzillo, director of financial analysis at the Institute for Energy Economics and Financial Analysis, has consulted with TIAA divestment advocates throughout their current campaign. The IEEFA has been advising investors to divest for years and in 2018 published an influential paper on the financial case for green investing.

Sanzillo said that while the oil crisis created by Russia’s invasion of Ukraine has temporarily boosted profitability in the fossil fuel sector, the trend for more than a decade has been downward – and it will only fall more precipitously as resources like coal become scarcer and alternative energy sources more in demand.

“The fossil fuel industry is under competitive pressure in nearly every major area in which it operates, which puts pressure on the stock’s long-term outlook,” Sanzillo said. “So from a financial proposal, it’s pretty clear that fossil fuels are not the place to be.”

The TIAA spokesman said if the fund were to sell any of its fossil fuel holdings, it would be done in a “systematic” way that “adheres to our primary obligation to deliver attractive, time-adjusted returns.” risk “.

“Large-scale divestments by simply selling fossil fuel-generating investments to other companies will not reduce carbon output. We want to work towards global solutions,” they wrote. “We also engage directly with the management of portfolio companies to drive positive change in their environmental policies – again, action we cannot take unless we are invested.”

But Sanzillo said the fund failed to do its due diligence when it came to evaluating its investments in the energy sector. By refusing to seriously investigate the impact of divestment on their portfolios, fund managers are neglecting their fiduciary duty, getting bogged down in the past and potentially hurting their funds’ potential earnings for their investors, Sanzillo said.

“I take a slightly different perspective from the advocates who say TIAA should just divest. And I would probably come to the same conclusion. But as a fiduciary, I think they need to take a really big step, which is to do an exercise and fully consider whether they could achieve their goals without fossil fuels in their portfolio,” he said. “I don’t see them taking those steps. responsible fund advisor.

While the economic case for divestment may be more compelling to financial consultants and fund managers, activists like McKibben and Levine don’t want that argument to overshadow what they see as the urgent moral imperative to reverse. the climate crisis.

“If we continue to do what the fossil fuel industry wants, climate damage will continue to increase not linearly, but exponentially,” McKibben said. “Theoretically, what we do in universities prepares students for the world they will inherit. So there is something deeply ironic about investing our pensions in such a way as to guarantee that there will be no world they can inherit.

“We have to keep pushing” TIAA, Levine said. “We’re not going to stop until we win.”