Showing posts with label guidance. Show all posts
Showing posts with label guidance. Show all posts

Monday, February 17, 2014

Expect No Real (Forward) Guidance From Your Leaders

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Expect No Real (Forward) Guidance From Your Leaders

Saturday, February 15, 2014

Banks Warned They Risk Prosecution If They Follow Obama Admin Guidance on Marijuana

Banks Warned They Risk Prosecution If They Follow Obama Admin Guidance on Marijuana
http://static.infowars.com/bindnfocom/2014/02/021514obamasigning.jpg


Valerie Richardson
The Washington Times
February 15, 2014


Obama

Obama’s “guidance” for banks to follow will only ensure their prosecution by the DOJ and the Treasury Dept.




Bankers should beware of the Obama administration’s newly issued green light for banks doing business with the legal marijuana industry, according to the head of the Colorado Bankers Association.

Memos released Friday by the Justice Department and Treasury Department’s Financial Crimes Enforcement Network were intended to give banks leeway to open accounts for marijuana businesses in states like Colorado and Washington that have legalized retail pot. Instead, the guidance “only reinforces and reiterates that banks can be prosecuted for providing accounts to marijuana related businesses,” said the CBA in a Friday statement.


“In fact, it is even stronger than original guidance issued by the Department of Justice and the Treasury,” said CBA president and CEO Don Childears. “After a series of red lights, we expected this guidance to be a yellow one. This isn’t close to that. At best, this amounts to ‘serve these customers at your own risk’ and it emphasizes all of the risks. This light is red.”


Read more


This article was posted: Saturday, February 15, 2014 at 11:27 am










Infowars




Read more about Banks Warned They Risk Prosecution If They Follow Obama Admin Guidance on Marijuana and other interesting subjects concerning NSA at TheDailyNewsReport.com

Sunday, December 29, 2013

Suspecting Child Abuse: Challenges and Guidance


This presentation will (i) describe the problem of child abuse, particularly as it relates to reporting suspected abuse; (ii) share research findings from th…



Suspecting Child Abuse: Challenges and Guidance

Wednesday, November 13, 2013

UPDATE 3-Bank of England slashes jobless forecast, sows confusion over guidance

UPDATE 3-Bank of England slashes jobless forecast, sows confusion over guidance
http://currenteconomictrendsandnews.com/wp-content/uploads/2013/11/75661__p-89EKCgBk8MZdE.gif




Wed Nov 13, 2013 5:57am EST



By David Milliken and Costas Pitas


LONDON Nov 13 (Reuters) – Britain’s unemployment rate will fall much faster than previously expected due to a strengthening economic recovery, the Bank of England said on Wednesday, but it stressed that it was in no hurry to raise interest rates.


Governor Mark Carney committed in August to keep interest rates at a record low 0.5 percent until unemployment fell to 7 percent – something the BoE predicted at the time could take three years.


But in a new set of brighter economic forecasts, the central bank said unemployment could hit 7 percent in the last three months of 2014, around two years earlier than it expected in August.


“For the first time in a long time you don’t have to be an optimist to see the glass is half full. The recovery has finally taken hold,” Carney told a news conference after the bank published its quarterly inflation report.


However, the central bank stressed that its Monetary Policy Committee was not about to raise interest rates any time soon, as headwinds remained, particularly from the euro zone.


“The MPC’s intention (is) to maintain the exceptionally stimulative stance of monetary policy until there has been a substantial reduction in the degree of economic slack,” it said.


Carney reiterated that a fall in unemployment would not be an automatic trigger for an increase in interest rates.


Sterling jumped and British government bond prices fell to their lowest level in four weeks as investors adjusted to the Bank’s new, shorter timeframe for when unemployment might fall to its threshold for considering an interest rate hike.


Financial markets – which were sceptical about the BoE’s August unemployment forecast – had been pricing in a rise in BoE interest rates around early 2015.


But if interest rates rise as the market expects, growth will be weaker and unemployment will prove slower to fall, the BoE predicted, saying that in this case its mean forecast was for unemployment to stay above 7 percent until the end of 2016.


Data published earlier on Wednesday showed Britain’s unemployment rate fell to 7.6 percent in the three months to September, edging close to the Bank’s threshold.


The BoE said that its central forecasts were now all based on market interest rate expectations, but that did not mean that it believed these rate expectations were correct.


Nonetheless, on this basis it expects inflation to fall below its 2 percent target at the start of 2015 – six months earlier than it had expected in August.


It also revised up its growth forecasts for this year and next. It sees 0.9 percent growth in the last three months of 2013, taking full-year growth up to 1.6 percent compared to 1.4 percent forecast in August. For 2014 it expects annual growth of 2.8 percent, compared to 2.5 percent predicted in August.


Britain’s economic output remains well below pre-crisis levels, however, unlike in most other major economies, and the belief that there is a large amount of unused capacity in Britain is what makes the BoE want to keep rates on hold.


Unlike private-sector forecasters, most of the BoE’s Monetary Policy Committee are convinced that weak labour market productivity will rebound sharply as growth picks up, allowing rapid expansion without creating much extra demand for workers.


Britain’s unemployment rate was nearer 5 percent before the financial crisis, and deputy governor Charlie Bean suggested last month that the 7 percent threshold could be lowered if domestic inflation pressures appeared muted.






Reuters: Bonds News




Read more about UPDATE 3-Bank of England slashes jobless forecast, sows confusion over guidance and other interesting subjects concerning Bonds at TheDailyNewsReport.com

Sunday, September 29, 2013

Senators Angle for Monsanto-Friendly FDA Voluntary GMO Labeling "Guidance"


Food label(Image: Food label via Shutterstock)While consumers battle on for laws mandating the labeling of genetically modified organisms (GMOs) in food products, some lawmakers are taking the GMO labeling debate in a different direction. And it’s a direction that’s anything but consumer friendly.


Last month, Sen. Elizabeth Warren (D-Mass.) and Sen. Mark Udall (D-Colo.) asked the U.S. Food & Drug Administration to finalize its 2001 guidance on voluntary labeling of genetically modified organisms (GMOs).


The senators advertised their request as a move intended to benefit consumers. But in fact, a federal voluntary labeling plan plays right into the hands of the biotech and big food industries.


How? Worst-case scenario, once the FDA finalizes its GMO labeling guidance, industry uses the FDA guidance to preempt state laws requiring mandatory labeling of GMOs. Currently, states have the right to enact GMO labeling laws precisely because the FDA has not formally ruled on GMO labeling.


Second, the FDA’s guidance on voluntary GMO labeling could be used to put an end to existing, legitimate voluntary non-GMO labeling efforts. By allowing the FDA, which has previously (and controversially) ruled that GMO and non-GMO foods are “substantially equivalent,” the FDA could rule against non-GMO or GMO-free labels on the basis that they mislead consumers by implying that there’s a difference between GMO and non-GMO foods.


The operative word: ‘voluntary’


On August 22, Sen. Warren and Sen. Udall sent a joint letter to the U.S. Food & Drug Administration urging the agency “. . . to finalize its guidance document on labeling of genetically modified organisms (GMOs) marketed as food or food additives.”


“We encourage the FDA to implement a regulatory framework that will promote transparency for consumers while providing producers with the certainty they need to label their products appropriately.”




Coming from Sen. Warren, whose reputation as a staunch consumer advocate is near-legendary, the letter to the FDA looks like another example of the Massachusetts senator going to bat for consumers – specifically, the 93 percent of Americans who want mandatory GMO labeling laws.


Until you take a closer look.


The 2001 guidance document, Docket Number 00D-1598, that Warren and Udall reference in their letter is intended to provide guidance for voluntary labeling, not the mandatory labeling consumers are fighting for. Yet nowhere in the letter to the FDA, or in the press release issued by Warren’s office, does the word “voluntary” appear.


Oversight? Or did Senators Warren and Udall intentionally omit the word “voluntary” in the hope that consumers wouldn’t notice?


Senators Warren and Udall both refused to support federal legislation that would have required mandatory labeling of foods containing GMOs. Both also voted against an amendment to the farm bill that would have protected states’ rights to label GMOs.


Are Senators Warren and Udall simply misinformed on the merits of voluntary labeling versus mandatory labeling? Or have they joined the cast of lawmakers toiling behind the scenes on behalf of Monsanto, not consumers?


A ploy to preempt state labeling laws?


Monsanto likes to cry “unfair” when it comes to the issue of state GMO labeling laws. The biotech giant has even threatened to sue states that attempt to pass their own GMO labeling laws, on the basis that state labeling laws violate interstate commerce rules, which makes them illegal.


Despite Monsanto’s yet-untested threats, current law supports states’ rights to enact their own food labeling laws, as long as two conditions are met. First, the state must produce compelling evidence that the law is needed to protect the health or safety of citizens. And second, there must be no pre-existing FDA regulation governing the label in question.


State GMO labeling laws currently meet those conditions. But that could change if the FDA heeds Senators Warren’s and Udall’s call to finalize its 2001 guidance on voluntary GMO labeling. And industry knows it.


In 2010, a consumer sued ConAgra for claiming that its Wesson-brand oil, made from genetically engineered canola oil, was “100% natural.” The lawsuit called for the courts to require ConAgra to accurately label the product. The courts ultimately dismissed the lawsuit on procedural grounds. But not before they addressed some of ConAgra’s arguments, including the food maker’s claim that, under the law, California had no legal right to establish its own standards governing the use of “natural” on food labels.


The court disagreed, stating that because the FDA had never defined what constitutes the words “natural” or “all natural” on food products, California could in fact define those words on a statewide basis. Absent any relevant federal standard, California’s law would pose no conflict with federal laws.


ConAgra also had argued that any attempt to require the company to label its products as containing GMOs would be preempted by the FDA’s 2001 draft guidance on voluntary GMO labeling. Again, the court disagreed, citing the fact that the FDA guidance had never been finalized.


“As the guidance makes clear, it is merely a non-binding draft distributed for comment purposes. The guidance was not the product of a formal administrative process suggesting fairness and deliberation by the agency; it therefore cannot be said to have the force of federal law.”




The message to ConAgra and Monsanto? Get the FDA to finalize the 2001 draft guidance, and maybe you’ll have a case.


The end of legitimate non-GMO labels?


Increasingly, retailers see the wisdom (read marketing advantage) of voluntarily labeling products that contain GMOs. Whole Foods Market announced earlier this year that its stores would label GMOs by 2018. Consumers have no problem with retailers who voluntarily label GMO products in their stores. Nor do they have a problem with manufacturers who subject their products to GMO testing and have them certified by a third party, such as the Non-GMO Project.


But a voluntary labeling scheme written by the biotech industry-friendly FDA? That’s a whole other ball of wax.


Here’s our first clue that FDA guidance on GMO labeling won’t address consumer concerns. The “solution” proposed by Senators Warren and Udall has the support of industry, including the International Dairy Foods Association, and the Grocery Manufacturers Association, a big funder of campaigns in California and Washington aimed at defeating state GMO labeling laws.


Monsanto itself has publicly endorsed the FDA’s 2001 guidance on voluntary labeling, in a statement published on the company’s website.


And no wonder. The FDA has a history of using food labeling guidance to promote industry’s interests over those of consumers.


Case in point. In 1990, the FDA declared recombinant Bovine Growth Hormone (rBGH), a genetically engineered hormone used to increase milk production in dairy cows, safe. In 1993, the FDA gave Monsanto the green light to use rBGH.


Consumers, influenced by studies citing health risks associated with rBGH, raised a stink. Some milk producers responded to consumer concerns by refusing to use the hormone. They also began marketing their products as rBGH-free.


That didn’t sit well with Monsanto, which saw consumer demand for rBGH-free milk as a threat to its bottom line. The biotech giant complained to the FDA that rBGH-free labels were misleading because, after all, the FDA had ruled that GMO and non-GMO foods were “substantially equivalent.”


The FDA compromised. Under 1994 Food Labeling Guidance, the FDA said it would allow rBGH-free labels on dairy products, but only on the condition that the label also stated that there was “no significant difference” between milk produced using rBGH and milk produced without the hormone.


Not satisfied with the FDA’s ruling, rBGH-free dairies took Monsanto and the FDA to court. They won by proving that milk produced with rBGH is compositionally different than milk produced without the hormone.
 
But the courts and consumers could face a much higher climb when it comes to challenging the FDA on “GMO-free” labels. If the FDA heeds the call to finalize its 2001 guidance on voluntary labeling of GMOs, it could spell the end of GMO-free labeling. And that would leave consumers with no mandatory labeling, and no reliable voluntary labeling.


Here’s why. According to the FDA’s yet-to-be finalized 2001 guidance, “genetic modification” means the alteration of the genotype of a plant through the use of any technique, new or traditional. The word ‘modification,” says the FDA, covers a broad range of activities that could result in a change in the composition of food, including adding, deleting or altering hereditary traits.


Under those guidelines, most, if not all, cultivated crops have been genetically modified – though not necessarily through bioengineering technology. So, by the FDA’s reasoning, any label that includes the word “modified” – as in “not genetically modified” or “GMO-free” – is technically inaccurate, unless used clearly in a context that refers to bioengineering technology. Moreover, the term “GMO free” may be misleading on most foods, according to the FDA, because most foods do not contain organisms (seeds and foods like yogurt that contain microorganisms are exceptions). Again, by that reasoning, it would likely be misleading to suggest that a food that ordinarily would not contain entire “organisms” is “organism-free.”


And there’s more. The FDA says that any label suggesting that a food was not bioengineered or does not contain “bioengineered ingredients” could be considered misleading if it implies that the labeled food is superior to foods that are not labeled GMO-free. Again, based on its previous ruling that there GMO and non-GMO foods are “substantially equivalent.”


Bottom line? If the FDA finalizes its guidance on voluntary GMO labeling, where does that leave consumers? Right where they are now. In the dark.




Truthout Stories



Senators Angle for Monsanto-Friendly FDA Voluntary GMO Labeling "Guidance"

Wednesday, August 7, 2013

Bank of England"s Carney sets out forward guidance


Bank of England governor Mark Carney held his first news conference on Wednesday, giving his views on the merits of forward guidance alongside the bank’s quarterly economic forecasts.


Below are the highlights of the news conference:


“A renewed recovery is now underway in the United Kingdom and it appears to be broadening. While that is certainly welcome, the legacy of the financial crisis means that the recovery remains weak by historical standards and there is still a significant margin of spare capacity in the economy, this is most clearly evident in the high rate of unemployment.


“It is now more important than ever for the monetary policy committee to be clear and transparent about how it will set monetary policy in order to avoid an unwarranted tightening in interest rate expectations as the recovery gathers strength.


“That’s why today the MPC is announcing explicit state contingent forward guidance, our aim is to help secure the recovery while ensuring that risk to price stability and financial stability are well contained.”




FOXBusiness.com



Bank of England"s Carney sets out forward guidance

Carney"s Bank of England set to join forward guidance club


Mark Carney, the governor of the Bank of England, walks to a monetary policy committee (MPC) briefing on his first day inside the central bank

Mark Carney, the governor of the Bank of England, walks to a monetary policy committee (MPC) briefing on his first day inside the central bank’s headquarters in London July 1, 2013.


Credit: Reuters/Jason Alden/pool






LONDON | Wed Aug 7, 2013 4:06am EDT



LONDON (Reuters) – Mark Carney faces his first big test as Bank of England governor on Wednesday when the central bank spells out how it will try to stop higher borrowing costs from snuffing out Britain’s economic recovery.


Carney and his fellow policymakers are likely to back the idea of giving a clearer picture of how long the BoE will keep its interest rates at their rock-bottom levels.


A growing number of major central banks are providing such forward guidance to help nurse their economies back to health after the damage of the financial crisis.


“The recovery could quickly lose steam if mortgage rates rise, so the BoE’s job now is to use guidance to ensure that the stimulus is not withdrawn prematurely,” said Rob Wood, a former BoE economist who now works for Berenberg bank.


The BoE will publish its views on the merits of forward guidance, as sought by finance minister George Osborne, alongside its quarterly economic forecasts at 0930 GMT (5:30 a.m. EDT). The announcement will be followed by Carney’s first news conference since taking over as governor on July 1.


As central bank chief in his native Canada in 2009, he took what was then the unusual step of committing to putting interest rates on ice for more than a year during the worst of the crisis.


The task looks a lot more complicated in London.


Some top officials at the BoE have previously voiced concern about tying their hands on monetary policy.


And a string of much stronger-than-expected data suggests that Britain’s recovery is already building some momentum.


Yet the economy remains more than 3 percent smaller than before the financial crisis – unlike the United States and Germany which have bounced bank more quickly – and Carney will want to prevent any new drag from higher borrowing costs.


British government debt yields are at their highest in a month after the strong data and a rise in U.S. market rates.


‘SHOCK AND AWE’ NO MORE?


Carney was named to run the BoE last November by Osborne who wants “monetary activism” to offset his fiscal austerity push.


Since then, the BoE’s focus has moved from resuscitating the economy to assisting its recovery, and Wednesday’s announcement will reflect that, said Barclays economist Simon Hayes.


“This may not constitute the ‘shock and awe’ monetary activism that came to be expected from Governor Carney when he was first appointed, but the improved economic circumstances have reduced the need for emergency support,” he said.


Carney has previously stressed the importance of reassuring ordinary people and businesses that their debt costs are not going to rise any time soon in order to give them more confidence about spending which would help the economy.


Financial markets are already pricing in no BoE hike until late 2015 at the earliest.


But with some members of the BoE’s Monetary Policy Committee worried that their inflation-fighting credibility could be at risk, setting a clear time period for keeping interest rates low is considered an outside option by many economists.


The BoE is more likely to say it will keep interest rates unchanged until unemployment falls to a specific level, or inflation expectations rise above 2.5 percent, for example, similar to the U.S. Federal Reserve’s forward guidance.


More radical options include targeting a level of economic output or growth in earnings before considering a rate hike.


As well as keeping interest rates low, the BoE has pumped the equivalent of a quarter of Britain’s annual economic output into financial markets since 2009 by buying government bonds with newly created money.


But that option is on the back burner, at least for now.


(Editing by Ruth Pitchford)





Reuters: Business News



Carney"s Bank of England set to join forward guidance club

Sunday, July 28, 2013

Christians demand free speech guidance from Scotland Yard chief


The American, a former deputy sheriff in Los Angeles, was eventually released without charge but later said his experience suggested that “thought police” had become a reality in Britain.


Andrea Williams, the director of the CLC, has written to Sir Bernard insisting that human rights laws allow Christians to express their genuinely-held views without fear of arrest, providing they do not incite a breach of the peace.


The Christian Legal Centre (CLC), which is representing Mr Miano, points out in its letter that Sir Bernard’s officers took no action against a woman who told Mr Miano to “**** off” but arrested the preacher for reading from the Bible.


In the letter, seen by The Telegraph, Mrs Williams says: “We formally request that you issue guidance to all officers immediately that the Bible message on the ‘sin of homosexuality’ is lawful.


“Currently, the police appear to enforce the law to silence the viewpoint that homosexual conduct is a sin. This conduct by the police is unlawful and amounts to a systemic pattern of discrimination against Christians.”


Mrs Williams suggested Christians were becoming “fearful” of expressing their lawful views because of the police’s “intimidatory tactics”.


The CLC said there had been at least 16 cases of Christians being arrested for expressing their views on homosexuality over the last 11 years.


Mrs Williams said: “We would like to see clear guidance from the Metropolitan Commissioner that Christians preaching from the Bible that homosexual conduct is sinful is lawful free speech.


“The police officers in this case found that the complainant saying ‘**** off’ was non-offensive and lawful, but that the evangelist’s preaching from the Bible was an arrestable offence.


“Free speech is under threat and we need to protect it. We hope that the Commissioner will take a lead in this.”


Mr Miano has instructed Paul Diamond, the human rights barrister, to act for him in the case.


It is understood the CLC will launch judicial review proceedings against Scotland Yard if Sir Bernard fails to issue the guidance to officers.


The group is also asking the Association of Chief Police Officers to draw up guidelines for police officers in other forces across England and Wales.




Crime News – UK Crime News



Christians demand free speech guidance from Scotland Yard chief

Thursday, July 11, 2013

ECB hasn"t tied its hands with guidance, says Weidman


Germany

Germany’s federal reserve Bundesbank President Jens Weidmann poses in front of the Bundesbank headquarters during a photo shoot with Reuters in Frankfurt May 17, 2013.


Credit: Reuters/Kai Pfaffenbach





MUNICH | Thu Jul 11, 2013 5:28am EDT



MUNICH (Reuters) – The European Central Bank has not “tied itself to the mast” with its use of forward guidance on low interest rates, and could raise them if inflationary pressures emerge in the future, ECB policymaker Jens Weidmann said on Thursday.


Abandoning its traditional policy of never pre-committing on future rates, the ECB said a week ago it would keep its interest rates at present or lower levels for an “extended period” – its first use of so-called forward guidance.


Markets are trying to assess how long this period could be.


The ECB offered some clarity in its monthly bulletin, also released on Thursday, saying forward guidance was consistent with, but not directly linked to, its decision in May to extend the full allotment liquidity policy until July 2014.


“The extended period of time over which the Governing Council currently expects the key ECB interest rates to remain at present or lower levels is a flexible horizon which does not pre-specify an end-date but is conditional on the Governing Council’s assessment of the economic fundamentals that determine underlying inflation,” it added in the bulletin.


In a speech in Munich Weidmann, a staunch defender of the ECB’s mandate to contain inflation, also stressed that the ECB’s monetary policy stance was conditional on economic developments.


He said the ECB’s expectation that interest rates would remain at record lows for an extended period was justified by a subdued inflation outlook and a weak economic environment.


But he added that the ECB’s policy move last week “is not a historic change in monetary policy communication” but simply an effort to give more guidance in a time of high uncertainty.


“It is not an absolute advanced commitment of the interest rate path,” he said in the text of his speech. “The ECB Council has not, like Odysseus, simply tied itself to the mast.”


Another ECB policymaker, Joerg Asmussen, said on Tuesday the “extended period” of forward guidance meant “… not six months, it’s not 12, it goes beyond.”


The ECB later on Tuesday issued a statement saying Asmussen had not intended to give any guidance on the exact length of time for which it expects to keep rates at record lows.


Weidmann said low rates “are not without side effects”.


“Even if these are justified for monetary policy, we may not close our eyes to them: they can lead to reforms and necessary structural changes being deferred. Financial stability risks can grow,” he said. “These side effects increase with time in the low interest rate phase.”


The ECB took the unprecedented step of using forward guidance last week in response to market volatility, which set in after the U.S. Federal Reserve last month set out a plan to begin slowing its stimulus.


In the monthly bulletin, the ECB also said that the scope for interest rate cuts had not been exhausted.


“The key ECB interest rates can be reduced further if warranted by the evolving outlook for price stability,” the central bank said.


Expressing satisfaction at the market reaction to its guidance move, the ECB said in its monthly bulletin that “after the Governing Council’s communication on 4 July the forward rates based on overnight index swaps have declined appreciably”.


(Reporting by Irene Preisinger, writing by Paul Carrel; Editing by Toby Chopra)





Reuters: Business News



ECB hasn"t tied its hands with guidance, says Weidman