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2025-01-09   

no way out the roulette cast Batties scores 16, Harvard takes down Iona 67-61Article content While Finance Minister Chrystia Freeland insists Canada’s economy is performing strongly and the fact Canadians don’t appreciate this is causing a “vibecession,” the actual numbers from Statistics Canada released Friday tell a different story. Recommended Videos It reported Canada’s real GDP per capita – widely accepted as a measure of prosperity and our standard of living – fell 0.4% in the third quarter of this year. This means that while the overall economy grew by an annualized rate of 1% in the third quarter, down from 2.2% in the second quarter, it contracted on a per-person basis, which is the much more significant issue. Statistics Canada said this was the sixth consecutive quarterly decline in per-capita GDP, part of a longer-term contraction of our economic growth that’s getting worse. It means the growth of Canada’s economy is not keeping up with population growth. As some economists describe it, it means that while Canada’s economic pie is getting bigger, the slice that every Canadian gets is getting smaller. It also means the Trudeau government’s recent reckless policy of dramatically increasing Canada’s population by hiking immigration levels, while it boosted the overall size of the economy, simultaneously made all Canadians poorer. That’s why the federal government recently lowered its immigration targets going forward. In defending Canada’s economic record last week after Conservative Leader Pierre Poilievre mockingly asked Freeland during question period, “What’s her message to people who are hungry and homeless after nine years of her government – they just need to get with the vibe?” the Finance Minister shot back, “Mr. Speaker, my message to the leader of the Conservatives is to be a little more economically literate.” She referred to a recent upward revision to Canada’s GDP growth by Statistics Canada that retroactively increased it to 1.5% in 2023 from 1.2%, to 4.2% from 3.8% in 2022 and to 6% from 5.3% in 2021, adding this “showed a good result for Canada in per-capita GDP” and the fact Canada avoided a recession is “something to celebrate.” RECOMMENDED VIDEO Freeland has also boasted Canada today has the strongest economic growth in the G7. But she knows the real problem is Canada’s declining per-capita GDP. She warned us about it in her 2022 budget, linking it to Canada’s low productivity rates. Low productivity does not mean Canadian workers are lazy compared to other countries. It means they aren’t being give access to the education, training and technologies they need to work more efficiently, because of a lack of business investment in Canada. “Most Canadian businesses have not invested at the same rate as their U.S. counterparts,” Freeland’s budget said. “Unless this changes, the Organization for Economic Co-operation and Development projects Canada will have the lowest per-capita GDP growth among its member countries” from 2020 to 2060. Freeland called Canada’s low productivity crisis “the Achilles heel of the Canadian economy” in her 2022 budget, adding “productivity matters because it is what guarantees the dream of every parent – that our children will be more prosperous than we are. This is a well-known Canadian problem – an insidious one. It is time for Canada to tackle it.” RECOMMENDED VIDEO What Freeland didn’t say was that this is in part the result of the Trudeau government’s high tax, big deficit and regulatory policies being perceived by many potential investors as hostile to business – for example its campaign to downsize Canada’s oil and gas sectors, a lynchpin of Canadian prosperity, as part of its climate change agenda. What the latest data from Statistics Canada shows is that the government isn’t tackling the issue of declining per-capita GDP effectively – granted the problem existed prior to the Trudeau government taking power in 2015, but it is getting worse under it – and that tackling it is similar to turning around the Titanic, before it hit the iceberg. Everyone from the Bank of Canada – whose deputy governor Carolyn Rogers, recently called Canada’s low productivity a “break the glass” emergency – to the Fraser Institute, has sounded the alarm about this. RECOMMENDED VIDEO How bad could things get? University of Calgary economist Trevor Tombe, writing recently in The Hub , said that real GDP per capita in the U.S. is about $66,300 (in 2015 dollars) compared to $44,400 in Canada, with the U.S. economy on track to produce almost 50% more per person than Canada this year. “A longer historical perspective reveals a striking reality,” Tombe wrote. “The gap between the Canadian and American economies has now reached its widest point in nearly a century. If this continues, we’ll have not persistently seen this wide of a gap since the days of John A. Macdonald ... This stunning divergence is unprecedented in modern history.” In other words, the “vibes” are really bad. lgoldstein@postmedia.com

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LOS ANGELES (AP): The Los Angeles Lakers have traded guard D’Angelo Russell to the Brooklyn Nets for forward Dorian Finney-Smith and guard Shake Milton. The Lakers also sent forward Maxwell Lewis and three second-round draft picks to Brooklyn yesterday. Russell averaged a career-low 12.4 points for the Lakers this season in a diminished role under new coach JJ Redick, who had vowed to unlock the point guard’s formidable offensive game. Instead, Russell was removed from the starting line-up in early November, and he struggled to make a consistent impact as a reserve, with his shooting percentages declining significantly from his previous two seasons back in Los Angeles. The 6-foot-7 Finney-Smith isn’t a top scorer, but he is a steady 3-and-D wing who fills an obvious need for the Lakers. Los Angeles has had inconsistent wing play and has lacked an effective defender at the key position during the long-term injury absence of Jarred Vanderbilt, who hasn’t played since February 1. Finney-Smith averaged 10.4 points and 4.6 rebounds while hitting a career-best 43.5 per cent of his 3-point attempts this season for the Nets, who acquired him from Dallas in February 2023 in the trade of Kyrie Irving. Finney-Smith has been limited to five games this month by a sprained ankle and a bruised calf, but the 31-year-old played 27 minutes against San Antonio on Friday. “We want to thank D’Angelo for his second stint with us, where we celebrated some great moments and accomplishments on the court together,” Lakers general manager Rob Pelinka said in a statement. “We are thrilled to add the physicality, toughness, and elite shooting that Dorian Finney-Smith will bring to our core. We also greatly value the playmaking of Shake Milton. We are excited for our fans to get both of these players out on the court.” Redick and Finney-Smith were teammates with the Mavericks during the 2020-21 season, and Redick has expressed admiration for Finney-Smith’s hard-nosed game. Milton is joining his sixth NBA team in less than two years, including his third trade in 11 months. He is averaging 7.4 points and 2.4 assists this season as a Nets reserve. Russell is being traded by the Lakers to the Nets for the second time in his career. He also made the move in 2017 after spending his first two NBA seasons with Los Angeles, which drafted him in 2015. Russell earned the only All-Star selection of his career during his two seasons in Brooklyn.

OneRail Ranked 66th Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500TM‘It’s like living in a crack den - I’m scared to leave my flat alone’Non-profits will have to comply with new rules and share more information when they renew and apply for the licence to obtain foreign donations. ET Year-end Special Reads What kept India's stock market investors on toes in 2024? India's car race: How far EVs went in 2024 Investing in 2025: Six wealth management trends to watch out for The chief functionary of a trust running such a non-government organisation (NGOs) must sign on each page of key documents like the memorandum of association, trust deed, and constitution, and submit the entity's year-wise activity report to the authorities instead of presenting a general report. Non-profits have to also share their receipt and payment accounts with the government along with the audited accounts. Several non-government organisations whose licenses under the Foreign Contribution (Regulation) Act - a stern and oft-invoked law - expire on December 31, have learnt about the new compliance requirements after logging on to the FCRA portal hosted by the ministry of home affairs which frames the regulations. Also, applicants must now scan the original copy of their constitution even if it is in a language other than English and make sure that the documents uploaded are legible and not blurred. With the government delaying FCRA renewals of a number of NGOs and questioning the intent of some of the overseas donors during the past few years - amid suspicions that funds were spent on activities unrelated to the stated purposes or amounts spent on administrative expenditure breached the regulatory limit - the new conditions would make key NGO officials more accountable and cautious. According to Dr Gautam Shah, partner of the CA firm Gautam Shah & Associates, which advises many trusts, the additional requirements for new applications and renewal of FCRA are a welcome, but never in the past were they proposed or discussed. "If it was conveyed to the trusts that these conditions would have to be followed at the time of application, a lot of time would have been saved. Getting FCRA registration or renewal is very difficult. For better governance a separate helpline or email or any other social media channel should be provided to address the grievances of applicants," said Shah. 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Practitioners like Isha Sekhri, partner at the CA firm Ajay Sekhri and Co think that the further tightening of KYC norms is a step to align with global best practices in compliance and transparency. "Mandating the chief functionary's signature on every page of key documents ensures accountability and reduces the risk of document manipulation. Also, the shift to a year-wise activity report, instead of a generic summary brings granularity to the evaluation of an organisation's operational history and the use of foreign contributions.While the norms may demand more rigorous compliance efforts, they would ensure that foreign contributions are managed with integrity and aligned to their intended purposes," said Sekhri. However, there is always a lurking fear among NGOs over how the law would be invoked to stop foreign donations. Among other things, what fuelled the debate since 2020 was the allegation that dollar donations were being diverted to lure the poor to embrace a new faith. TACKLING TAX Of late, some of the NGOS are also facing a tax issue. A charitable trust is entitled to exemption for accumulation of income and for amounts spent by it. So, if a NGO spends 85% of its income, the entire income is exempt from tax. If spending in any year is less than 85% of its income, it can choose to accumulate the shortfall amount to be spent for specific purposes within the next 5 years. According to Gautam Nayak, partner at CNK & Associates, which advises several charitable trusts, "Till AY 2022-23, this accumulated amount could be spent in the year following the completion of 5 years, and if not spent, it would be taxable in the sixth year. Nominations for ET MSME Awards are now open. The last day to apply is December 31, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )Gus Malzahn is leaving UCF to become Florida State's offensive coordinator, AP source says

Please enable JavaScript to read this content. President William Ruto and Principal Secretary for Citizen Services Prof Julius Kibet Bitok during the first anniversary of the e-Citizen Directorate, at the Kenyatta International Convention Centre, (KICC )Nairobi on Nov 28, 2024. [PCS] President William Ruto on Thursday painted a picture of how the digitisation of government services has been instrumental in the fight against corruption and the prevention of the wastage of public resources. While presiding over the first anniversary of e-Citizen directorate in Nairobi, Ruto highlighted the achievements the agency has had in the government’s resolve to digitise systems in an increasingly technologically advanced world. For instance, Ruto said that the Kenya Wildlife Service (KWS) has been able to save Sh2 billion since the inauguration of eCitizen in November last year, money that “used to end up in people’s pockets.” “We have reduced the gaps in revenue leaks. We have seen growth in revenue collection from Sh5.3 billion to Sh7.6 billion within KWS alone,” Ruto said. “These savings are also being redirected towards critical sectors such as health, education, infrastructure, and job creation,” he added, stating that his office is working with the Kenya Revenue Authority, along with other partners, to ensure that revenues collected are not subject to pilferage or losses. ALSO READ: Embrace e-citizen or quit, President Ruto warns parastatal bosses Similarly, the President observed that the platform has been able to accommodate diaspora citizens who no longer need to send local representatives to facilitate the acquisition of services on their behalf, thus reducing the risk of fraud. He said the “burden of navigating physical obstacles, standing in long queues, and enduring unnecessary delays and inconveniences” when accessing services has become a thing of the past. With the programme, Ruto’s government also aimed to dismantle inefficiencies, delays, bureaucracies, and seal loopholes for the pilferage of taxpayers’ money. One of the key initiatives in the fight against graft has been the digitisation of State services, “because, through digitisation, we connect service delivery to revenue collection.” Currently, Kenyans are able to access 22,515 services on the digital platform, up from 394 since its inception, according to Ruto, with at least 13 million “thriving community users.” “Now, from the comfort of your home and with just a mobile phone, you can renew your driving licence, register a business name or entity, or apply for a marriage certificate,” he said. The latest update indicates that the platform collects Sh800 million daily. Stay informed. Subscribe to our newsletter In his effort to build confidence in the use of the platform, the President recognised several entities and individuals who have embraced and actively used the system over time. The National Transport and Safety Authority topped the list for the most transactions using eCitizen, with 21.3 million services offered, followed by the Directorate of Immigration Services and KWS, which received an award for being the most improved in revenue collection. However, it emerged that about 35 state agencies have failed to onboard services onto eCitizen, one year after the platform’s launch. The President issued a seven-day ultimatum to the heads of these agencies to comply or face dismissal. Some of the notable agencies put on notice include Kenya Power, the Independent Police Oversight Authority, Kenya Airports Authority, the Energy and Petroleum Regulatory Authority and the newly established Digital Health Authority. Other agencies include the Kenya Reinsurance Corporation, Private Security Regulatory Authority, Kenya Space Agency, Health Records and Information Managers Board, National Cancer Institute of Kenya, and the Kenya Nutritionist and Dietitians Institute. Professional bodies such as the Kenya Institute of Supplies Management Board and the Institute of Certified Public Accountants were also put on notice, among other State corporations. ALSO READ: Ruto issues ultimatum to agencies over E-citizen platform “These entities have yet to comply with my directive that their services and revenue payments must be on eCitizen so that the Treasury can track the revenues collected. They have one week to comply. Otherwise, they know what to do—they can make use of the door,” the President said. He added, “Some agencies occasionally use alternative payment methods. I want to refer to the last three months, where some government agencies, already on eCitizen, decided to use alternative means to offer services.” Ruto described this as part of a shift from “citizen-centred approaches to citizen-driven approaches” in addressing corruption, a challenge the Kenya Kwanza administration is tackling. To further facilitate public access to services digitally, Ruto pledged to implement favourable tax policies and incentives to make smartphones and data affordable for every citizen. The President also announced the government’s plan to integrate Artificial Intelligence into the digital platform to enhance the efficiency of service delivery and minimise fraud. “AI offers opportunities to reimagine service delivery. For instance, an AI-powered bot on eCitizen could provide instant solutions to inquiries, reducing wait time and minimising opportunities for fraud,” he stated. “Technology translates to lower costs and less bureaucracy means faster service delivery.’’HUMA Lead Plaintiff Deadline Approaching – Contact Robbins LLP for Information About the Class ...

‘Think-tanks must bridge gap between research and actionable solutions’ Islamabad : Dr Abid Qaiyum Suleri, Executive Director, Sustainable Development Policy Institute (SDPI), emphasising the importance of an impartial and solution-oriented approach has said that think-tanks must remain objective and bridge the gap between research and actionable solutions. Dr Suleri was addressing inaugural steering committee meeting of National Network of Economic Think-Tanks (NNETT) hosted here by SDPI. NNETT, initiated in 2018, seeks to unite think-tanks, civil society and academia under one platform. Dr Suleri who is also Facilitator of NNETT, remarked noting Pakistan's improved macroeconomic indicators but stressing the need for comprehensive reforms. He said the mission of Secretariat of the NNETT is to promote policy research and effective communication strategies. The network already published 15 policy papers, with as many underway, and held 40 public-private dialogues. The group also conducted workshops and province-wide economic reporting sessions to turn policy recommendations into actionable frameworks. Ahad Nazir, an engineer, stated that we aim to develop NNETT as a national advisory body, expanding its influence both locally and globally, emphasising its success in advocating for initiatives like the strategic trade policy framework and power wheeling policy. Zafar Masud, President of Bank of Punjab, highlighted the critical need for stronger collaboration between academia, think-tanks and industry in Pakistan, drawing comparisons from international model. He emphasised the untapped potential in the environmental sector, calling it a major opportunity for the business community. The integration of technology and capacity building for farmers is essential to modernise agricultural practices, he said. He also pointed to the persistent challenge of access to financing urging stakeholders to explore global best practices to address the issue.

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