first_imgPBA IMAGESMick Pennisi has decided to hang up his sneakers for good.The 42-year-old big man has opted to end his 17-year PBA career as he pursues his poultry business overseas.ADVERTISEMENT “He said that it’s been set for a long time now and he can’t back out. We respect his decision,” said Tan.An Eastern Michigan product, Pennisi burst into the league as one of the players elevated by the Red Bull franchise in its entry to the PBA, establishing himself as one of the league’s deadliest snipers.He has since won five titles in his stops with Red Bull, San Miguel, and Star, while also seeing action in Barako Bull, Phoenix, and finally GlobalPort.Pennisi retires with a career average of 7.6 points on 35 percent shooting from three, 5.3 rebounds, and 1.2 assists. He is also seventh in the list of all-time career three-pointers made, trailing legendary marksmen Jimmy Alapag, Allan Caidic, Ronnie Magsanoc, Dondon Hontiveros, James Yap, and Al Solis.With Pennisi ending his PBA run, that leaves Asi Taulava, Jayjay Helterbrand, and Hontiveros as the league’s eldest statesmen.ADVERTISEMENT WATCH: Streetboys show off slick dance moves in Vhong Navarro’s wedding Read Next Typhoon Kammuri accelerates, gains strength en route to PH Catriona Gray spends Thanksgiving by preparing meals for people with illnesses LATEST STORIES Don’t miss out on the latest news and information. SEA Games in Calabarzon safe, secure – Solcom chief View commentscenter_img GlobalPort team manager Bonnie Tan shared Pennisi bid the team goodbye on Friday as he leaves for Thailand to focus on other matters.“He told us his plans long ago, but we wanted to keep him until the end of this season,” said the affable team executive.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutThe Batang Pier wanted Pennisi to at least barge into the PBA’s 5,000-point club as he sits 33 points shy from achieving the feat.However, the Fil-Australian center could no longer stay, sharing that his move has long been scheduled. Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Brace for potentially devastating typhoon approaching PH – NDRRMC Kammuri turning to super typhoon less likely but possible — Pagasa Road Warriors hold off Batang Pier, bolster Top Four bid UPLB exempted from SEA Games class suspension LOOK: Venues for 2019 SEA Games MOST READlast_img read more

first_imgPagasa: Kammuri now a typhoon, may enter PAR by weekend Security was tight at the arena as a SWAT team stood guard outside.“We’ve already undertaken a lot of preparation, and with the way the world looks today this type of incident (Monday’s attack) is the kind of thing we have to prepare for. So it has been part of our planning all along,” Stockholm police spokesman Kjell Lindgren said.United manager Jose Mourinho said Tuesday he and his players were finding it hard not to think about the attack, which targeted fans leaving a pop concert by the American singer Ariana Grande and left 59 people injured.Sports Related Videospowered by AdSparcRead Next MOST READ For Mark, a 19-year-old Manchester fan living in Stockholm, this was no ordinary match. “It was very special because of the events that happened in Manchester and now they qualify for Champions League,” he said. Vijay Patel, a 29-year-old Manchester fan from the UK, said the team came out even stronger in the aftermath of the attack. “It should motivate them… they’re not just winning for the team they’re winning for the city,” he said. Team supporters were celebrating hours earlier at a fan zone in Stockholm’s leafy Kungstradgarden park where they played football and took photos.ADVERTISEMENT Heat’s Big 3 era ends as deal struck for Bosh to go—report ‘Coming Home For Christmas’ is the holiday movie you’ve been waiting for, here’s why More than 5,000 measles deaths in DR Congo this year — WHO LATEST STORIES South Korea to suspend 25% of coal plants to fight pollution SEA Games: PH beats Indonesia, enters gold medal round in polo Panelo suggests discounted SEA Games tickets for students PLAY LIST 01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes LOOK: Vhong Navarro’s romantic posts spark speculations he’s marrying longtime GF Shaun Payne, a 29-year-old United supporter, said Monday’s attack undoubtedly scarred the team, but he was optimistic that they would win.“They have nothing to lose tonight. They’ll go for it,” he told AFP.“It’ll provide extra motivation to represent the city and to hopefully bring the trophy back with us,” he says. Tight securityRob Coppen, a 28-year-old Ajax fan from Amsterdam donning the team’s kit, said the terror attack took the joy out of the final. “(The attack) has taken the spark off the game. It’s been a while since Ajax has been in a Euro final so it’s a pity.“But what can you do? Nobody asked for this, neither Manchester nor Ajax,” he said. Amy Edwards, a Manchester fan, was worried about safety at the final, but said she refused to let fear control her life. “I’m worried a little bit in case something happens tonight, but I guess it’s always a risk you take anyway and go to high profile games,” she said.“But you can’t stay inside,” she added. “Obviously the events in Manchester has put a dampener on everything but hopefully we can win and bring the trophy back tonight.” Manchester’s Wayne Rooney holds the trophy after winning 2-0 during the soccer Europa League final between Ajax Amsterdam and Manchester United at the Friends Arena in Stockholm, Sweden, Wednesday, May 24, 2017. (AP Photo/Michael Sohn)A crowd of Manchester United fans were cheering outside a Stockholm stadium on Wednesday as their team won the Europa League, a relief for the supporters after the Manchester terror attack 48 hours earlier.“It’s fantastic to see them winning. We were always confident that we would win,” said George Malloy, a 69-year-old from Dublin. ADVERTISEMENT View comments Don’t miss out on the latest news and information. Cayetano dares Lacson, Drilon to take lie-detector test: Wala akong kinita sa SEA Games “I think it will be a good lift for the people of Manchester,” he added. Manchester fans were screaming and whistling in joy, while their Ajax counterparts were biting their nails as the English club won 2-0. FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSMalditas save PH from shutoutSPORTSPrivate companies step in to help SEA Games hostingOutside the entrance of the modernly decorated Friends Arena in the Stockholm suburb of Solna, fans were upbeat and cheerful under sunny summer skies, but nervous about both the outcome of the match and security issues.Ahead of Wednesday’s match, players held a minute’s silence in honour of the victims of Monday’s suicide bombing at the Manchester Arena which left 22 people dead. Lakers win 9th straight, hold off Pelicanslast_img read more

first_imgTouch Football Australia (TFA) is proud to announce its four Youth and five Masters teams that will compete in the 2013 Super Trans Tasman Series against New Zealand in Auckland early next year.The Australian Youth (18’s Boys and Girls and 20’s Boys and Girls) and Masters (Men’s and Women’s 30’s, Men’s 40’s, Men’s 50’s and Senior Mixed) teams have been announced today following the 2012 X-Blades National Youth Championships and State of Origin Series in late September. The Open (Men’s, Women’s and Mixed) teams will be announced in the coming month. The three-test series sees the fierce rivals meet for the first time since 2011 in the Youth divisions and the first time since 2010 in the Masters divisions, with some divisions having also played in the 2011 World Cup (Men’s 30’s, Men’s 40’s and Senior Mixed). The rivalry between the two nations is as fierce as ever following the reintroduction of the Trans Tasman Series concept in 2009. Australia is the current Trans Tasman title holders in the Youth, Open and Masters categories as well as the current World Cup champions after their success in 2011. TFA wishes to congratulate the following players on selection in the Australian Youth and Masters teams: 18’s Girls Shenae Ciesiolka Chloe Crotty Danielle Davis Hannah Dyball Jordan Lovejoy Yasmin Meakes Caitlin Moran Laura Peattie Evania Pelitte-Denny Madison Regan Sam Rodgers Brea Singman Tanisha Stanton Kim Sue See 18’s Boys James Baartz Paddy Coelho Adam Clune Lachlan Hoch Jonathan Huskins Jed Ibbotson Jackson Luke Theo Majid Rob McCarthy Jason Norford Lachlan Pierce Josh Rozairo Ciaran Toner James Wester 20’s Girls Madison Absolum Rachel Beck Anna Hicks Tracy Hill Jenna Hitch Kate McCarthy Melissa Peters Rebecca Mounsey Catherine Sargent Rylie Seamark Simone Smith Maddison Studdon Brooke Walker Toni Wells 20’s Boys Jayden Benbow Sam Brisby Scott Bundy Scott Daley Josh Gillard Matthew Goodrope Cohan Guerra Jordan Marshall Madalitso Masache Jake Pickering Simon Lang Adam Pryde Oscar Sanft Wesley Sefuiva Caidyn Wynyard Women’s 30’s Samantha Cannon Kirsten Friend Brooke James Trish McCarthy Cristie McTaggart Nicole Mitchell Alison Plath Amy Smith Holly Smith Erin Taylor Leasha Thouard Fiona Williams Sharyn Williams Mel Woodward Men’s 30’s Matt Curran Adam Fahim Philip Gyemore Mick Irvine Chris Johnson Aaron Jones Warren Lorger Brad Mitchell Dean Murphy Jason Scharenguivel Gavin Shuker Garry Sonda Dean Taylor Elijah Van der Kwast Men’s 40’s Joe Biskup Christian Browne Anthony Dudeck Barry Gibson Robin Kildare Mick Lennon Troy Morgan Gerrard O’Keeffe Jarrad Reardon David Roberts Justin Robson John Samin Robert Sinclair-Smith Darren Swain Men’s 50’s Amir Ayoub Don Baartz Shane Beale David Cheung Jeff Cheung Michael Sproule Anthony Ryan Brett Gillard Tim Kitchingham Garry Lawless David McDonald William McLean Mike Thoars Greg Young Senior Mixed Amanda Hollis Hayley McDonald Kristi Miller Karen Short Kim Solman Jade Steedman Derrick Cant William Chan Brad Lugg Stephen Prince Joshua Sparke Manu Wakely David Walsh Shannon Warren Related Files2013_stt_youth___masters_team_announcement_website-pdfRelated LinksAussie Teams Announcedlast_img read more

first_imgLiverpool goalkeeper Alisson: Scouse tough to understandby Paul Vegas10 months agoSend to a friendShare the loveLiverpool goalkeeper Alisson admits he struggles to understand the Scouse accent.The 26-year-old says he finds it easier to understand his foreign team-mates when they speak English than the native Brits.He told the Daily Star: “The British accent is hard for me to understand. In Brazil, we’re used to hearing American-English.“It’s been easier to understand my non-English teammates speaking English than the local ones.“Hopefully, I can improve my vocabulary.”Accents aside, Alisson says he’s “comfortable and happy” with his new life in Liverpool, with his wife Natalia.He said: “It’s been easier to adapt to England than it was moving from Brazil to Italy, probably because I’m more mature and experienced now.“Signing for Liverpool was a huge step forward in my career and I’m really proud to be here.” About the authorPaul VegasShare the loveHave your saylast_img read more

first_imgArt Briles is no longer the head coach at Baylor, and if the latest report by Joe Schad is true, it looks like some of his assistants may be out soon too. Schad, formerly of ESPN, posted a long note to Facebook Tuesday afternoon, reporting that a former Baylor student named Dolores Lozano claims she was assaulted by former football player Devin Chafin and that both Briles and assistant Jeff Lebby knew about it. She even alleges that she and Lebby exchanged texts about the situation. She says that she brought allegations to the Waco Police, but Chafin was allowed to continue playing. She says the school never had a formal hearing either.Schad also reports details of the alleged assault and includes photos of the injuries Lozano reportedly suffered from the incident. dolores lozano facebookHere is a photo provided to me by former Baylor student Dolores Lozano pic.twitter.com/lHAwUnI0g3— Joe Schad (@schadjoe) June 7, 2016Jeff Lebby, currently the Baylor passing game/RBs coach, did not have immediate comment about Lozano’s claims— Joe Schad (@schadjoe) June 7, 2016The fallout at Baylor does not appear to be over just yet. Obviously, this is awful. Expect more repercussions here.last_img read more

first_imgWASHINGTON – The pro-NAFTA forces in Washington are escalating efforts to protect the agreement from President Donald Trump, including entertaining the idea of shielding it via some legislative mechanism.The U.S. Chamber of Commerce announced it will hold weekly events to rally support for the deal, as the country’s largest business lobby held an initial such gathering Tuesday at its headquarters across the street from the White House.Speakers at the event were senators from the president’s Republican party. They urged trade supporters to raise their voices to help sway an internal debate within the White House, as Trump considers whether to start the NAFTA cancellation process as a hardball negotiating ploy.One senator from Kansas dismissed that as a “Humpty Dumpty” strategy — break NAFTA first, attempt to fix it later. Pat Roberts called it an unnecessarily risky move and said he has personally confronted the president three times over his approach to trade, including at a closed-door caucus meeting last week.He said the president told Republican lawmakers not to get excited over his negotiating ploy, to which Roberts replied: “I am excited.”Roberts said it’s imperative that people who believe in trade speak out now to counter the anti-trade impulses in Trump’s Washington, echoing a message also delivered at Tuesday’s event by his colleague Sen. Ted Cruz.“Saddle up. Everybody saddle up. We have to ride. Ride with me,” Roberts said in a speech.“We are fighting a pervasive view that our economy has not benefited from NAFTA. That is simply not right. We are coming to a crossroads… These issues affect real jobs, real lives and real people.”Both senators described how their states have benefited from NAFTA. A new document produced by the Congressional Research Service on state-level trade data says Kansas exports about US$750 million in grain products to Mexico, and another $10 million to Canada.Farming groups have spoken out too, warning that the mere threat to cancel NAFTA could send foreign customers scrambling to find new non-U.S. suppliers.Roberts briefly addressed the emerging debate about what power Congress might have to block a presidential NAFTA pullout. Trade lawyers say it’s unclear whether the president can act unilaterally, and some suggest such a move could wind up at the Supreme Court.That’s because the U.S. Constitution offers contradictory instructions: Its Article One gives Congress power over international trade, and Article Two gives the president power over foreign affairs.Some analysts like former U.S. trade czar Robert Zoellick have urged Congress to flex its muscles by taking legislative steps to wrest some control away from the White House. Ideas being floated around Washington, for example, include attaching pro-NAFTA clauses to a bill, or passing a bill that would insist on a thorough study of the consequences before any U.S. pullout.Asked whether his colleagues are discussing such steps, Roberts said it’s a possibility: “That might be an option. Right now I think it would be a little early to be doing that… I think we can make our case before the administration,” so it doesn’t get there.Cruz said his GOP colleagues are almost universally pro-trade.“The Republican conference and Senate is virtually united,” he told the business crowd. “I want to encourage everyone in this room: Let your voice be heard. Because the administration is being pulled in two different directions.”The U.S. Chamber of Commerce has sounded the alarm over what it sees as potentially fatal moves to undermine the agreement by the Trump administration amid negotiations to upgrade the deal.Those moves include demands by the Trump administration for a five-year termination clause allowing easy cancellation of the agreement; tougher Buy American rules; auto-parts requirements the industry calls impossible to meet; and a gutting of the dispute mechanisms that enforce NAFTA.“For many in the business and agriculture community, the outlook has shifted over the past month. There’s growing concern about the direction of the negotiations,” said John Murphy, the chamber’s vice-president.“A number of the proposals that the United States has put on the table have little or no support from the U.S. business and agriculture community. It isn’t clear who they’re intended to benefit…. (They) will only add costs for business, add to uncertainty, depress investment…“But I think many in Congress are catching up to those concerns. They’re increasingly hearing from their constituents. Threats to withdraw from the agreement are catching attention.”More than 80 agriculture groups wrote to the administration last week urging Trump not to use NAFTA’s pullout clause as a negotiating tool. That clause, Article 2205, allows a country to provide six months’ notice of its intention to withdraw.“Withdrawal is looked upon as a potential catastrophe,” Murphy said. ”So I do think members of Congress are rapidly coming to grips with those concerns, as they’re hearing them from their constituents.”last_img read more

first_imgNEW YORK, N.Y. – Ruby Rose has played some dangerous characters, like an inmate in “Orange Is the New Black” and a scientist battling a prehistoric shark in “The Meg.” But the actress herself is now officially dangerous.Cybersecurity firm McAfee on Tuesday crowned Rose the most dangerous celebrity on the internet. No other celebrity was more likely to land users on websites that carry viruses or malware.Reality TV star, Kristin Cavallari finished behind Rose at No. 2, followed by actress Marion Cotillard (No. 3), the original “Wonder Woman” Lynda Carter (No. 4), actress Rose Byrne (No. 5), Debra Messing (No. 6), reality TV star Kourtney Kardashian (No. 7), actress Amber Heard (No. 8), morning TV show host Kelly Ripa (No. 9), and actor Brad William Henke as No 10.Rose is a model and MTV VJ who may have gotten a burst of online interest when she was named to play Batwoman on an upcoming CW series.The survey is meant to highlight the danger of clicking on suspicious links. McAfee urges internet users to consider risks associated with searching for downloadable content and always apply updated security fixes. The company used its own site ratings to compile the celebrity list and used searches on Google, Bing and Yahoo.“In our hyper-connected world, it’s important for consumers to think before they click to be sure that they are landing on safe digital content and protecting themselves from cybersecurity threats that may be used to infect their devices or steal their identity,” writes Gary Davis, chief consumer security evangelist at McAfee. “So whether you’re looking up what Ruby did on the latest ‘Orange is the New Black’ episode, or what Kristin Cavallari wore the latest awards show, make sure you’re searching the internet safely.”Rose deposes last year’s most dangerous celeb, Avril Lavigne. That top 10 also included Bruno Mars, Carly Rae Jepsen, Zayn Malik, Celine Dion, Calvin Harris, Justin Bieber, Sean “Diddy” Combs, Katy Perry and Beyonce.Musicians on the latest list took a hit. Adele was the highest ranked musician at No. 21 followed by Shakira at No. 27. Diddy, who finished at No. 9 in 2017, fell to No. 76.___Mark Kennedy is at http://twitter.com/KennedyTwitslast_img read more

first_imgNadi (Fiji): Asserting that Asia continues to be the growth engine of the world, Economic Affairs Secretary Subhash Chandra Garg Saturday said the ADB must expand its private sector operations to boost economic development.Addressing the Board of Governors of the Asian Development Bank (ADB) here, he said there is a rising need for the agency to focus on strengthening human capital and develop social safety nets. “Therefore, we urge the ADB management to expand it social sector engagements in countries like India, while at the same time, continuing with the focus on making cities smart, providing 24×7 water and power supply, enhancing connectivity, and mitigating the risk of climate change. Our regional cooperation initiatives must aim to integrate the countries of the region with the global value chains,” he said. Also Read – Commercial vehicle sales to remain subdued in current fiscal: Icra”While ADB should continue helping the member countries harness their growth potential by providing larger financial resources, it must expand its private sector operations across the region. By investing more through equity and infrastructure trusts, ADB can play a meaningful role in development of private sector initiatives,” Garg, India’s Alternate Governor on ADB’s Board of Governors, said. ADB’s private sector operations reached USD 3.14 billion in 2018, a 37 per cent increase from the previous fiscal, and stood at 14.5 per cent of its overall commitment. Also Read – Ashok Leyland stock tanks over 5 pc as co plans to suspend production for up to 15 daysEmphasising that ADB has helped the developing countries in building infrastructure and reducing extreme poverty for the past 52 years, Garg said innovation in financing will be the key to success of long-term growth strategy. “This will require careful fine-tuning of both public and private sector financing. Private financing has to be carefully shepherded to the right sectors like manufacturing, services and new digital economy industries with active support of equity financing from ADB and other multilateral agencies,” he said. Private investment in more difficult sectors like infrastructure and human capital improvement, however, will not flow unless these projects are sufficiently de-risked for the private sector with both direct investment as well as provision of guarantees and other structured support, he said.last_img read more

first_img Categories: Crawford News,K-Crawford Photos 02Jun Rep. Crawford’s resolution names June 2 as Older Michiganian’s Day Legislator one of the key note speakers at Older Americans Capitol eventState Rep. Kathy Crawford introduced a resolution that named June 2 as Older Michiganian’s Day in conjunction with Older Americans Day across the country.“As a life-long advocate for older Americans, I am thrilled to be able to recognize Michigan’s older adults immense contributions to our state,” said Rep. Crawford, R-Novi. “Michigan’s senior population is growing, and they are a part of the foundation of our state both culturally and economically. This resolution is just a small way to show our utmost respect for their contributions.”Rep. Crawford acted as one of the keynote speakers at the Older Americans Day Capitol Luncheon in Lansing.“I was honored to be asked to speak at this event. As an older Michiganian myself, I am lucky to have the opportunity to be a voice for the aging,” Rep. Crawford said. “Looking back on the past few decades services for the aging have improved immensely. Fifty years ago there were no senior transportation services, senior centers or meals on wheels and while these have made great strides in supporting independent seniors there is more that can be done and I am happy to continue being an advocate for them.”last_img read more

first_img(Interviewed by Louis James, Editor, International Speculator) L: We are speaking today with Casey Research Chief Economist Bud Conrad. Bud, in my mind, the thing that makes your insights so valuable is that you’re not actually a career economist with a Ph.D. in the subject. You are an engineer, and you bring an engineer’s systems analysis perspective to bear on economic questions. So, how does the system of the world’s economy look to you today? Is it really on the mend, as so many economists are saying? Bud: That’s a very broad question. Thanks for mentioning my background. We so often see economists arguing with economists about their points of view. I think it helps to step back and have a fresh look at things, focusing on what the data tell us, rather than focusing on their ideas based on theories… which I don’t think are correct. L: That reminds me of the old joke about a physicist, engineer, and an economist stranded on a deserted island. The only food they have is a can of beans, but they have no can opener. The physicist has an idea to use fire to open the can, but that would ruin the beans. The engineer has an idea to use rocks to open the can, but that would ruin the beans as well. The economist says: “Let’s assume a can opener.” Bud: [Chuckles] I have to say, I really do think that the intellectual bedrock of modern economics is very weak. The reality today is that governments around the world – not just the United States, but also in Europe with the ECB and Japan with Abe’s mandate to the Bank of Japan requiring it to maintain an inflation rate of 2%, and other governments as well – they are all moving in the direction of printing more money. The United States is not the worst offender, but only because we have a rich country that can afford substantial deficits. We have a system in which the government finds it easy to print money in an effort to meet everyone’s needs. Those needs include the baby-boomer generation going into retirement, with $75 trillion in future obligations, and a large and ever-growing military – much larger in proportion to GDP than what any other country in the world is maintaining. Coupled with this, we have a lack of interest in raising taxes among politicians, who see that as unpopular with voters. The politicians have no will to fix our deficits. The deficit has been papered over by the Fed printing money. However, the problem is not a matter of just this last year. Nor is it just this last recessionary period that started in 2008. The bubbles really started forming back in the 1990s when Greenspan turned on the spigots after the 1987 stock market crash. That brought on the first modern big bubble, the one in tech stocks. The dot-com bubble was very large, and its bursting should have been a lesson and a warning about what was to come. In response to the crash that followed the popping of the dot-com bubble, Greenspan lowered interest rates to around 1%. At the time, that was a new record in easy-money policy on the part of the Fed. This led to the housing bubble. The bursting of this bubble was not well predicted, not by most people, but it was by me. L: When and where, Bud? Bud: I predicted the end of the housing bubble back in 2006, when you and I were both working on the International Speculator, before we pulled out the big-picture economics and started publishing that material in The Casey Report. There was an issue in 2006 called The Coming Currency Crisis in which we said the housing bubble was bursting. But in 2007, Bernanke was still saying that the problems in the housing sector were contained. Of course, it is the nature of his job to avoid frightening people with dire comments, but in looking at the minutes of the Fed meetings it’s clear that they really didn’t have a clue as to what was going on. L: Ah, I remember that one. We got a lot of things right – made me laugh to see Bernanke on TV after the crisis hit in 2008, saying that no one could have seen it coming. Bud: Indeed. I knew we were in a bubble, just looking at the subprime lending phenomenon. Many in the mortgage industry knew we were in a bubble. The Fed’s response to the bursting of the housing bubble and everything else that’s gone wrong since 2008 has inflated a third bubble – the bond bubble, which I think is now peaking. It’s harder to predict when a bubble will burst than to identify the fact that we’re in one, which is what I’m saying now. We have the lowest interest rates in 250 years – lower than at any time since the founding of the country – created by the Federal Reserve forcing interest rates to zero in the short term. In addition, we have the Fed encouraging banks to help lower rates through buying Treasuries. On top of this, we also have some $350 trillion of swaps derivatives of interest rates – more than half of all the derivatives out there are interest-rate derivatives. Banks use these swaps to transmit lower rates to other debt instruments based on what can they can get from the Fed. This drives all rates down. L: Sounds pretty questionable… Good thing the government saved us from evil bankers in 2008, cleaned house, and set us all on the path to righteousness. Bud: I don’t think our financial situation is any more solid than before the crisis. We’ve still got many undisclosed, not yet written down, toxic financial items out there. It may be better than the middle of the worst part of the crisis, but that’s not saying much. L: So what happens next? Bud: We’ve seen 30 years of declining interest rates. I think we’ll begin to see them move in the other direction this year. I think rates on everything from high-yield corporate bonds to government bonds – which are considered the safest – are way lower than they should be. Consider the high probability of inflation ahead, the currency exchange rate risk, and the eventual default risk. All three risks are totally undiscounted by the market, because of the distortion created by the Fed. That will hit its limit at some point. Some people say the Fed can keep up its juggling act forever. I don’t agree. L: Doug has been describing the bond market as “a triple threat to your capital” for some time now. I understand that it is difficult to predict exactly when a market bubble will pop, but can you give us some indicators to watch for? What would be conclusive evidence that the popping is actually under way? Bud: That’s a tough question. I’ve done extensive work on when countries explode. The premier take away from Carmen Reinhart and Ken Rogoff’s best-selling book, This Time Is Different, is that when debt gets to 90% of GDP, that’s when things get risky. Well, we have $15 trillion in GDP and $16.4 trillion of debt. That’s well-publicized now, because of the political wrangling over the debt ceiling, which we’ve actually already exceeded. L: So we’re already in the red zone? Bud: We do have some advantages over other countries. We have a big military, which does cost us, but also tends to make other powers more cooperative. Most of our debt is denominated in our own currency, which gives us a big advantage over a smaller country that has debt denominated in US dollars – if their currencies fall against the dollar, their troubles are compounded. So we can probably push things further than the 90% threshold. That’s not a hard number by the way, just an average within a fairly wide footprint. However, with our level of debt to GDP, most countries would already be looking at something on the order of 10% interest rates, whereas we’ve got something in the neighborhood of 2% for the 10-year Treasury. This is an extreme distortion from what the market would dictate under such circumstances. So, will interest rates start rising now that we’re over 100% debt to GDP? I know rates can’t go much lower, so I expect they will be heading up from here. Look at the trillion dollars a year in new debt we’re accumulating, and consider that in four years we will have more than $20 trillion in government debt. At 5% interest, that would require a trillion dollars a year in interest payments. We only collect $2.5 trillion in federal taxes. I don’t see how we could reach such a number without something breaking. That’s four years away, but since we know it’s coming, we should already be preparing for the problems that can be anticipated. All that’s needed for things to break down is some event that causes a panic. Such an event might be some foreign government with a huge trade surplus with the US that it has invested in US Treasuries deciding that the 2% they’re getting paid to hold them is not worth it in the face of 5% inflation in the things they need to buy, like raw materials. If something like that were to happen, it could spark a race to head for the exits on US bonds. This highlights a real Achilles heel we have, compared to other countries that don’t have as huge a trade deficit as we do. L: So a good sign that the balloon is going up would be that the interest rates start rising despite the government’s efforts to keep them down? Bud: Yes. There will come a time when the Fed announces a new easing program and the market ignores the announcement so that rates rise rather than fall, and stocks fall rather than rise. At that point the game is surely over. Watching interest rates is certainly important in terms of keeping track of the turning tide. If they move from 2% toward 4% – which is not a very large change in historical terms – they could then accelerate and push the whole mess off a cliff very quickly. L: The Keynesians will just answer that all this deficit spending will stimulate the economy, which will then grow at a more rapid rate and enable us to afford the debt. But is that even possible? Wouldn’t we need a double-digit GDP growth rate, such as China used to enjoy, to pull that off? Bud: Well, in the simplest terms, if your debt is growing faster than your GDP, you won’t ever be able to pay it off. It’s simple math. Now if you look at the kind of debt problems governments get into, there comes a critical point at which people recognize that the problem is too big to be solved. The most recent high-profile example of this is what happened to Greece. In such a case, there are only a few things you can do. The first is to find someone bigger to bail you out. Greece found that the ECB was able to bail it out – at least for a time, but they’re still in trouble. The United States is too big for that. The second thing you can do is to hope you can grow out of it, as you just suggested some might argue. The US’s debt growth has been bigger than GDP growth for decades. It’s just not credible to argue that we can grow our way out of our debt. The next alternative is to simply declare default, as Argentina and Russia have done, among others. This is what many countries along the southern fringe of Europe are likely to do, in my opinion. The public in these countries is rebelling against the austerity plans the ECB is requiring. Default of some kind is their only alternative. Default is very destructive in the short term, greatly reducing the ability of governments to borrow and spend in the future. It’s also politically very unpalatable, especially in places like the US, where most people can’t even conceive of their government defaulting on its obligations. This leaves only one alternative: printing money to try to kick the can down the road. This is the path we are on. It too is highly destructive, but that destruction is hidden and delayed. It is not, however, sustainable, and I think we will see a breakdown in the not-too-distant future. L: How “not-too-distant?” Bud: My current intuition is that we will begin to see this happening in the near term, meaning this year. As that gets going, it will build momentum and accelerate. That’s my current prediction: the third bubble created by the many years of easy money policy by the Fed, the bond bubble, will pop soon. L: In discussing this last week, Doug and I likened this to a house of cards. Everyone knows it’s shaky, and nobody wants to get caught when it comes down. That means that when it starts, the collapse should come very quickly. Do you think we could see a 2008 level of crisis arising from the bursting of this bubble as early as this year? Bud: I don’t want to predict exactly what will happen when, but I am willing to say that we have seen the lows in interest rates and they will start rising this year. L: That’s still a bold statement. Do you have a theory as to why European countries – most of which are far more overtly socialist than the United States – are struggling to embrace austerity measures, while in the US, aside from some small budget cuts generating big headlines, there’s no real consideration being given to actually trying to live within our means? Bud: I would simply say that the Europeans have better PR. I really don’t think they are that much different. The ECB has said it will do whatever it takes to defend the euro – that means printing more euros. The public statements about austerity have been effective enough that they haven’t had to do much printing in the last six months, but Europe looks no better off to me now than it did six months ago. France is weakening greatly, and that’s one of the pillars of strength being relied upon to help carry the others. The ECB is kind of a paper tiger. It’s supposed to be able to print up money and rely on the strong countries to back them up. But can anyone take the idea of France bailing out Italy and Spain seriously? It’s just another house of cards. Most people don’t realize that not only is there the ECB, but each country has its own central bank. While in theory the central bank of each country is not allowed to print euros, a loophole that is not understood is that the TARGET2 money transfer system causes them to enlarge their balance sheets. This is the same thing as printing money. This is particularly true of the German Bundesbank, which is owed money by the ECB, which is owed money by Spain and other importing countries. The system is unsustainable, and I think the process of collapse is starting, though it may take a while to gather momentum. I admit that I’m surprised by the current relative strength of the euro. I think that it will weaken from here. I see enough problems in the world’s financial system and our own to say that while the dollar may not look particularly weak in foreign exchange, all of these paper currencies are tragically flawed. At some point people will wake up to their lack of intrinsic value and not care whether it’s pesos or dollars you’re offering them – they won’t take anything backed by nothing. L: Gee, Bud, you’re as gloomy as Doug! Bud: [Laughs] It’s not a contest! It’s just what the data are telling me: Europe is in recession. Next up is Japan, which is trying to bail itself out for the 43rd time in the last 20 years by printing money. I think the US will be the third domino to fall – I think we’re heading for stagflation by the end of this year. L: We should also probably warn people against speculating in real estate, because even though those assets are real, real estate is going to get slaughtered if interest rates rise. Bud: Good point. But the fact remains that the size of this bubble is bigger than the other two that have popped already. The debt market is on the order of $53 trillion across all sorts of debt. The stock market is only $15 trillion. The home real-estate market is $20 trillion. So when the debt market crashes, it’ll be two or three times worse than the previous bubbles bursting. The resulting wealth transfer will be much larger than most economists can even understand – most don’t really focus on debt. It’s critical that the measuring stick they’re using, the dollar, is made of rubber. They are going to be caught off guard, and many people are going to be wiped out. L: Okay, so how do we position ourselves to invest? Bud: I don’t know if I would pick an inverse interest rate ETF or futures market short position yet. The fundamental thing is not to keep your cash in a bank account that is essentially paying you a zero interest rate. I look to invest in safe-haven assets like the precious metals, essential needs like energy, and real estate – particular things like productive agricultural real estate. I might even add stocks in general to the list… L: Doug disagrees on that last one. Bud: Mainstream economists are saying that the worst is over and that the blue chips will head higher. I’m saying the worst is not over, and with inflation on the way, higher nominal stock prices will not translate to big returns in real terms. They might do better than your .01% CD, but the gains will not be attractive in terms of increased purchasing power. I didn’t recommend stocks because I think they’re going to be big winners, but simply as a way to avoid losing money on bank deposits. I’d rather own gold, personally. But the important thing to understand is that as paper money is being made worthless, we need to protect ourselves. L: Okay, I get it. I think I need a beer… or better yet, a hug from my children – that always makes me feel better. But I do appreciate your candid assessment. It helps to explain some of the things Doug’s guru-vision has been telling us. Thanks. I think. Bud: You’re welcome. Thanks for giving me a chance to give my warning. I just hope people will listen. Bud Conrad is the author of Profiting from the World’s Economic Crisis. He also shares his economic and investment insights in The Casey Report, a monthly advisory that focuses on profit opportunities in emerging trends. For more information on the topics discussed, listen to Bud’s recent interview with Jim Puplava of Financial Sense.last_img read more

first_img Recommended Links Communists, Trotskyites, Maoists We remember discussing the radicals’ strategy back in 1969. This is where the nostalgia comes in… Last night, we stayed at a tiny hotel in Paris, near where we first got to know the city 43 years ago. We had gone for a semester abroad, after discovering that the tuition at the University of Paris was only $80. That meant that even with airfare, it was cheaper to go to the Sorbonne than to the University of Maryland. The semester turned into a lifelong relationship, marked by equal periods of affection and disgust. We didn’t speak French at the time, but we had had four years of it in high school. That seemed like plenty. (Although it later proved comically insufficient.) But we were adventurous back then. And penniless. So, we got ourselves to Paris… and hung out at the bars around St.-Germain-des-Prés. It was a very different city in the 1960s. It was a world leader in fashion, technology, movies, food, and philosophy. But Paris had a problem back then, too. Communists, Trotskyites, Maoists, anarchists, syndicalists, and students – in 1968, they rebelled, ripped up the streets to build barricades out of the paving stones (the streets were covered with asphalt soon after), and engaged with the police in pitched battles. By the time we arrived a year later, skirmishes between gendarmes and radical groups were still going on. The organized rebels would race around a corner, throw rocks and Molotov cocktails at police who formed up into protected phalanxes with their clear plastic shields. Then the cops would suddenly charge the insurgents, swinging their billy clubs at anyone they could reach. Trained and practiced, the terrorists would retreat quickly. This left the police with nobody to rough up except innocent onlookers. That is how your editor nearly got hospitalized. Walking down the street, he was mistaken for a radical… knocked to the ground and worked over by three policemen, who eagerly went about their work with happy cudgels. Revolutionary Strategy Sitting in a café with a bandaged face, we discussed the revolutionaries’ strategy with a young French intellectual of Trotskyite tendencies. Even almost a half-century later, we recalled the conversation when we passed the café (still in business) where it took place. “Oh… sorry to see you got beaten up,” he said. “But it’s just collateral damage. We’re making headway. “The police don’t like it when we attack them. It’s a point of pride, more than anything else. So, they overreact. But the more they show on TV people like you getting beaten up by the cops, the more the working class comes over to our side. We’re going to win.” The revolutionaries did not win. They did not topple the Fifth Republic. But they eventually got much of what they wanted – free schooling… free drugs and medical attention… a high-cost, zombified, crony economy… a bureaucratized, tightly regulated society… even a 35-hour workweek. And now look at it. “Yes, it’s a mess…” repeated the voice behind us. Regards, Bill Bonner’s Analyst Issues Urgent Buy for This Wednesday This stock is in the same position as two other well-known stocks right before they jumped 121%… and 205%. Bill Bonner is investing $250,000 in it through his family trust later this week… but if you click here, you could get in on it before him. – Major Shift in World’s Largest Financial Market (40x Larger Than the Stock Market) Could it send gold to $11,000/oz.? Four of the world’s smartest billionaires might think so. They’re all “backing up the trucks” on gold. Learn more here.center_img Bill Editor’s note: The rising tide of global terror is only strengthening the “Deep State’s” grip on you and your life. And in his latest warning, Bill explains exactly how this shadowy group of unelected elites is corrupting our financial system… and pushing the U.S. economy closer and closer to an imminent breakdown. But he also offers some individual financial solutions you can put in place on your own to help you and your children live in a safe, prosperous, and free country. Watch here now. — Editor’s note: Agora founder Bill Bonner was just in Paris…While he was there, he was reminded of the time he spent there in the 1960s… Back when he was knocked to the ground and nearly hospitalized by three policemen… VIENNA – Real money must reflect the realities of the real economy. If it becomes detached from economic reality, like a clock that no longer tells the right time, it becomes a hazard to everyone. Appointments are missed. Trains crash. You show up at the airport and find the plane left two hours ago! Air France is on strike. Our flight – with Austrian Airlines – left an hour late as a result. “This is a mess,” we said to nobody in particular, as we waited for a plane this morning. “Welcome to France,” said a voice behind us. Murdered by Barbarians Puzzling out the secrets of money and interest rates was interrupted by the news… and nostalgia. The gruesome details: An 86-year-old French priest was forced to kneel in his church. Then his throat was cut. “Murdered by Barbarians,” screamed a headline in the French newspaper Le Figaro. “We must be pitiless,” said former president Nicolas Sarkozy. “It’s war.” He may have picked up a few lines from Saint Bernard, rehearsed nearly 1,000 years ago. In the Burgundian town of Vézelay, on March 31, 1146, St. Bernard of Clairvaux delivered his famous oration on responding to the Muslim threat: Will you allow the infidels to contemplate in peace the ravages they have committed on Christian people? […] Fly then to arms; let a holy rage animate you in the fight, and let the Christian world resound with these words of the prophet: “Cursed be he who does not stain his sword with blood!” In France – as in the U.S. – saintly politicians compete to see who can most convincingly promise to “get tough.” Of course, getting tough is just what the so-called Islamic State (known in France by its Arabic acronym, Daesh) wants. The strategy is ancient. More than 2,000 years ago, radical Jewish groups conducted a war of terror against their Roman masters, hoping to provoke a crackdown by the authorities… leading to the radicalization of the masses. Did it work? Depends on how you look at it. The Jews got their crackdown. Vespasian and Titus put down their insurrection, leveled Jerusalem, destroyed The Temple and, according to Josephus, killed 1.1 million Jews.last_img read more

first_imgA former nurse at Vanderbilt University Medical Center in Nashville, Tenn., was arrested and charged with reckless homicide and abuse in February for making a medical mistake that resulted in an elderly patient’s death. Criminal charges for a medical error are unusual, patient safety experts say. Some are voicing concern that the move sets a precedent that may actually make hospitals less safe by making people hesitant to report errors. The nurse, RaDonda Vaught, pleaded not guilty. Her next hearing is scheduled for April 11. She told NPR in an emailed statement from her lawyer that Vanderbilt terminated her employment after the incident.The district attorney’s decision to charge Vaught comes after both the Tennessee Department of Health and the federal Centers for Medicare and Medicaid Services investigated the incident. The state health department investigation, which concluded in October 2018, did not revoke Vaught’s nursing license.The CMS report emphasizes the hospital’s responsibility in the mistake. “The hospital failed to ensure all patients received care in a safe setting,” the report says. Vanderbilt University Medical Center officials would not comment on the case. The report details how Vaught mistakenly took the wrong medicine out of a dispensing cabinet. She was trying to give the patient, Charlene Murphey, a dose of an anti-anxiety medication, midazolam (brand name Versed), before an imaging scan during a December 2017 hospital stay, the report states. Vaught instead gave Murphey vecuronium, a paralytic drug used during anesthesia that had the same first two letters, according to the report. Murphey died in an intensive care unit the following day.The Nashville District Attorney’s office told the Tennessean it made the decision to bring criminal charges against Vaught specifically because she administered the fatal medication after overriding the safety mechanism in the dispensing machine.Medical errors are common. Some researchers estimate they’re the third leading cause of death in the United States. And many in the patient safety community say they don’t understand what prompted the DA’s office to prosecute this case in particular. DA spokesman Stephen Hayslip told NPR in an email that “the actions of this office will become more evident as the evidence is presented to the court.” He declined to comment further.Nurses around the country have come to Vaught’s defense, speaking out on social media and on opinion pages. The American Nurses Association issued a statement criticizing the charges, saying that “the criminalization of medical errors could have a chilling effect” on health care workers’ willingness to report errors. The phenomenon of criminally charging health care providers after a patient is harmed is rare, “but it grows less unusual every year,” says Stephen Hurley, a Wisconsin lawyer who has defended nurses in similar cases and advised hospitals on the topic.Most high-profile cases tend to involve death, a significant injury or a patient well-known in the community, he says. And prosecutors tend to focus on nurses, he says, rather than physicians or hospital administrators, though he’s not sure why.Suen Ross, the ANA’s director of nursing practice and workplace environment, thinks that it’s unusual for health care providers to be charged with a crime after a medical mistake that didn’t involve malicious intent or intoxication. She calls Vaught’s case “unprecedented” because neither of these factors are cited in the CMS report.Ross says it’s important for health care workers to feel free to report errors without fear of retribution. All health care mistakes — even small ones — should be analyzed to understand the underlying issues that caused them, Ross says. A non-punitive approach encourages transparency, she says, and “that prevents future mistakes or errors from happening.” This approach to preventing errors is well-accepted in the medical and nursing communities, which makes a criminal case like Vaught’s all the more surprising, says Kirstin Manges, a nurse and researcher at the University of Pennsylvania who studies patient safety.”That could have happened to me, or it could have happened to my friend,” Manges says. “Nurses aren’t superheroes. We’re people.”Manges says that most medical errors occur because of systemic problems. Human error is inevitable, she says, and hospitals should account for that by instituting safety checks and protocols.Problems tend to happen in busy, unpredictable circumstances, Manges says. When nurses are fatigued or have many tasks occupying their attention, that’s when safety checks are most important, she adds.”We work in environments that are fast-paced,” she says. “We may not always work in ideal situations.”The safety checks Manges describes can take many forms and are designed under the assumption that doctors and nurses will have occasional slip-ups. For example, many hospitals require a nurse to scan a bar code from the pharmacy and on the patient’s identifying bracelet before giving a medication, or to use preprogrammed intravenous pumps that prevent medications from being administered too quickly. Even the medication override function that Vaught used, Manges says, can have an important function: Nurses need to be able to quickly access medications in an emergency situation when they can’t wait for verification from a pharmacist.And when health care workers do make mistakes, Ross argues hospitals usually shouldn’t punish staff. Disciplinary action is warranted, she says, only when there’s evidence that staff acted irresponsibly.When the Institute of Medicine — now known as the Health and Medicine Division of the National Academies of Sciences, Engineering, and Medicine — put out a major 1999 report titled To Err Is Human, Manges says, it became the norm to focus less on punishment and more on learning from mistakes.But Vaught’s case has the potential to change that, she fears.”It shifts that conversation from ‘to err is human’ to ‘to err is criminal,’ ” Manges says. Copyright 2019 NPR. To see more, visit https://www.npr.org.last_img read more

first_imgTwo people got very sick, and one died, during a trial of an experimental procedure known as fecal transplant, according to a statement issued Thursday from the Food and Drug Administration. As a result, the agency is suspending several clinical trials investigating the procedure until safety standards can be assured. Researchers are studying fecal microbiota for transplantation, or FMT, as a treatment for several intestinal conditions, including recurrent, antibiotic-resistant Clostridium difficile infection, which led to 29,000 deaths in 2015. FMT, which involves transplanting stool from a healthy person into the colon of a sick person, is still not approved by the FDA. This week’s case involved two immuno-compromised adults who received investigational fecal transplants that contained a strain of antibiotic-resistant E. coli, according to the FDA. Both individuals received stool from the same donor, who was not screened for disease-causing bacteria before the procedure. While the FDA does not currently approve FMT for any use, the agency provides some guidelines for clinical trials of FMT, and seeks “to strike a balance between assuring patient safety and facilitating access to unapproved treatments for unmet medical needs,” said Dr. Peter Marks, director of FDA’s Center for Biologics Evaluation and Research, in the FDA statement.In response to these adverse outcomes, the FDA announced new standards requiring researchers in clinical trials to demonstrate proper screening procedures for donor stool. “This case is really unfortunate,” says Dr. Dale Gerding, a researcher at the Veterans Administration who consults on a number of FMT trials currently under review by the FDA. “I think it reinforces the need for FDA oversight over FMT. It’s exceedingly useful some patients, but we need to be sure that it’s safe.” Fecal transplants have been successful in treating C. difficile infections in several trials. According to Gerding, recurrent bouts of C. difficile infection likely stem from an abnormal intestinal microbiome that allows C. difficile to multiply unabated by “good” bacteria. Recurrent bouts of the infection are also increasingly resistant to antibiotics, leaving patients with few options.Fecal transplants from a healthy individual can normalize the patients’ microbiota, quelling the infection and relieving symptoms. Studies show that it works better than other treatments for recurrent infection. “Anywhere from 75 to 90 percent of patients no longer have recurrent cases after a single FMT,” says Gerding.But despite its success, Gerding cautions that there are still many unknowns. “FMT is very promising, especially for C. difficile infection, but we don’t know as much about how effective it’s going to be for other diseases like inflammatory bowel disease,” he says. Despite these unknowns, interest in FMT is surging, with some patients taking a do-it-yourself approach.Gerding hopes this recent case will underline the need for enforcement of safe procedures. “This death is the most extreme side effect I’m aware of in the history of FMT,” says Gerding. “Moving forward we have to clearly be sure that we’re enforcing safety measures that ensure that donors are tested for potential pathogens.” Jonathan Lambert is a freelance science journalist based in Washington, D.C. You can follow him on Twitter: @evolambert Copyright 2019 NPR. To see more, visit https://www.npr.org.last_img read more

first_imgRelated StoriesNew computational model explores daily pain sensitivity rhythmsHouse mouse shapes Toxoplasma gondii populations around the worldMathematical model helps identify determinants of persistent MRSA bacteremiaRadiotherapy and chemotherapy have been shown to cause mutations and genetic damage in animal and human sperm and there has been concern that men treated with those therapies could have an increased chance of having children with genetic disease or birth defects. Because testicular cancer affects younger men, the team were able to compare children conceived before and after their fathers received treatment.The study data were from Swedish national birth registries, with 2 million Swedes born between 1994 and 2014. Limitations are a lack of data on frozen or donor sperm, and only a limited number of patients were treated with radiotherapy and high doses of chemotherapy. However, even for those children, no increased risk was detected.The research does suggest a slightly raised risk associated with the fathers’ testicular cancer, regardless of treatment, but that increase was small, from 3.5 to 4.4 children in every 100 born, and should not be a worry to patients.Yahia Al-Jebari says: Jun 6 2019New research has found no increased risk of congenital malformations associated with treatment with radiotherapy or chemotherapy in children of fathers with testicular cancer. The study, by Yahia Al-Jebari of Lund University, Sweden and colleagues, is published in the open-access journal PLOS Medicine on June 4, 2019. It followed 4,207 children of 2,380 fathers and finds that those conceived after treatment were not at a greater risk of congenital malformations than those conceived before. Credit: Ed Uthman, Flickr Our research set out to investigate whether treatment for the most common cancer among young men leads to a higher risk of fathering a child with a birth defect and we saw no increased risk associated with cancer therapies. We did see a slightly raised risk to children of these fathers but this was only very small and was not associated with treatment given. Patients should be reassured that this is not a cause for concern.” Source:PLOSJournal reference:Al-Jebari, Y. et al. (2019) Cancer therapy and risk of congenital malformations in children fathered by men treated for testicular germ-cell cancer: A nationwide register study. PLOS Medicine. doi.org/10.1371/journal.pmed.1002816.last_img read more

first_imgOnline behavioural targeting and device fingerprinting could be used to combat credit card fraud according to a team from Botswana International University of Science and Technology, in Palapye, Botswana. Writing in the International Journal of Electronic Security and Digital Forensics, Motlhaleemang Moalosi, Hlomani Hlomani, and Othusitse Phefo explain how there are numerous existing credit card fraud detection techniques employed by card issuers and other stakeholders. Nevertheless, billions of dollars are lost each year to fraudsters. Journal information: International Journal of Electronic Security and Digital Forensics Provided by Inderscience Explore further The team has now combined behaviour and fingerprinting technology to boost the efficiency and efficacy of the fusion approach using Dempster-Shafer theory and Bayesian learning for fraud detection. The approach can spot odd behaviour that is not characteristic of the legitimate user of a given credit card and so detect fraudulent activity on the account. The approach discussed in the paper is at present a theoretical treatise, the next step will be to simulate actual behaviour using synthetic data sets and then apply to a real-world scenario for testing its efficacy. So far efficacy has been demonstrated with data from devices that have already been used in known fraudulent activity.The team suggests that their approach goes well beyond simply tweaking existing fraud-detection algorithms and could offer what they say is a ground-breaking approach that performs far better than trial and error approaches and reduces the number of false positives. Citation: Defeating credit card fraud (2019, January 8) retrieved 17 July 2019 from https://phys.org/news/2019-01-defeating-credit-card-fraud.htmlcenter_img More information: Motlhaleemang Moalosi et al. Combating credit card fraud with online behavioural targeting and device fingerprinting, International Journal of Electronic Security and Digital Forensics (2018). DOI: 10.1504/IJESDF.2019.096527 Better technology driving credit card fraud down: ECB Credit: CC0 Public Domain This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.last_img read more

first_img Next Former IPS officer Farooq Ahmad Khan appointed advisor to Jammu and Kashmir GovernorSanction is hereby accorded to appointment of Farooq Khan as advisor to Governor of Jammu and Kashmir with effect from the date he assumes charge, an order issued by the General Administration Department stated. advertisement Press Trust of India SrinagarJuly 13, 2019UPDATED: July 13, 2019 23:29 IST Farooq Ahmad Khan is fifth advisor to Jammu and Kashmir Governor Satya Pal Malik (in pic). (Photo: PTI)Former IPS officer Farooq Ahmad Khan was Saturday appointed as advisor to Jammu and Kashmir Governor Satya Pal Malik.”Sanction is hereby accorded to appointment of Farooq Khan as advisor to Governor of Jammu and Kashmir with effect from the date he assumes charge, ” an order issued by the General Administration Department stated.Farooq Ahmad Khan is fifth advisor to the Governor.The other advisors are K Vijay Kumar, K K Sharma, Khursheed Ganaie and K Skandan.ALSO READ | Hurriyat Conference ready for dialogue, says J&K Governor Satya Pal MalikALSO WATCH | Will hunt down those responsible and finish them, says Satya Pal Malik on Pulwama attackFor the latest World Cup news, live scores and fixtures for World Cup 2019, log on to indiatoday.in/sports. Like us on Facebook or follow us on Twitter for World Cup news, scores and updates.Get real-time alerts and all the news on your phone with the all-new India Today app. Download from Post your comment Do You Like This Story? Awesome! Now share the story Too bad. Tell us what you didn’t like in the comments Posted bySnigdha Choudhurylast_img read more