Big bank riskiness — not mergers — should concern Americans

first_imgFrom 2008 to 2018, 5,056 banks and credit unions merged — that is approximately 459 per year, 38 per month and more than one per day over an 11-year period. And to this day, the industries continue to consolidate.This week, lawmakers on Capitol Hill will examine additional bank mergers. But it is not an institution’s size alone that should give lawmakers pause, as there is nothing inherently wrong with mergers, but rather the risks a particular institution and its business practices may pose to the U.S. economy.Ahead of the August recess, what lawmakers should be discussing are the potential benefits of a modern Glass-Steagall Act and the economic impact of excessive, unbridled risk-taking by Wall Street banks.Without Glass-Steagall, American taxpayers are responsible for losses, as big banks count on the Federal Deposit Insurance Corporation’s insurance fund to back up their risky trading activities. Yet, all profits from these gambles head straight into the coffers of bank shareholders. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Yilport to Upgrade Puerto Bolívar with 24 New Cranes

first_imgEcuador’s first deep sea terminal, Yilport Puerto Bolívar, has placed an order for 6 ship-to-shore (STS) cranes and 18 electrified rubber-tired gantry (E-RTG) cranes with an aim to boost the terminal’s capabilities.Yilport Puerto Bolívar has ordered the equipment from Mitsui E&S Machinery as part of its modernization and expansion project. The cranes will be delivered in three shipments to support increasing volumes and modernization plans of Yilport Puerto Bolívar.In the first phase, two STS cranes and six RTG cranes are expected to be delivered in the last quarter of 2019. The second and third deliveries to include 4 STS and 12 RTG cranes will be shipped in the first half of 2020.The first 2 STS cranes will have a reach capacity of 62 meters and 22 rows, designed to serve 14,000 TEU vessels. The remaining STS cranes will have a 67 meters 24 rows out-reach capacity, which will allow them to serve the largest containerships carrying up to 20,000 TEUs.E-RTG cranes will be 1 over 6 high and 7+1 wide to handle the yard operations. All 18 E-RTG cranes will be fitted with state-of-the-art technologies and equipment, according to the port operator.“When we acquired Yilport Puerto Bolívar, we committed to bringing state-of-the-art technology, infrastructure, and equipment to Ecuador. Development is a never-ending job for us, so we are more than happy to empower our terminal with the world’s most advanced crane equipment from Mitsui,” Robert Yuksel Yildirim, the Chairman of YILPORT Holding, said.In addition to the arrival of 2 state-of-the-art mobile harbor cranes (MHC) in May 2017, the new STS and E-RTG cranes will enhance Yilport Puerto Bolívar’s equipment portfolio. The company’s investment is not only limited to STS and RTG. MHC, terminal tractor, reach stacker, and empty handlers are also on the way to expand existing equipment capacity of Yilport Puerto Bolívar.last_img read more

The Latest: Turkey set to allow some fans into soccer games

first_imgStudents can start requesting tickets issued on a game-by-game basis Sept. 23.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports The spectators would have their temperatures taken before being admitted. They would be required to wear masks and keep to social distancing rules.The decision comes despite an uptick in in the number of confirmed coronavirus cases in the country. Daily infections have jumped to more than 1,000 since Aug. 4 to reach levels previously recorded in June.___The Minnesota Vikings will play at least their first two home games without fans in attendance.With current Minnesota Department of Health guidelines specifying an indoor venue capacity of 250 people, officials from the Vikings, the state, U.S. Bank Stadium, the NFL and the city of Minneapolis were unable to establish a prudent way to open the gates to the public for now. August 25, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___The San Francisco 49ers will play their season opener without fans in attendance because of the COVID-19 pandemic. The Latest: Turkey set to allow some fans into soccer games The Vikings will host Green Bay on Sept. 13 and Tennessee on Sept. 27 with the 66,000 seats empty. Over the ensuing five weeks, Minnesota plays at home only once, on Oct. 18 against Atlanta.In a statement, the Vikings said: “We have sought to balance the opportunity to provide fan access with the responsibility to adhere to public health and medical guidance in order to maintain the health and safety of fans, players, staff members and the broader community. Ultimately, public health is our top priority.”NFC North rivals Green Bay and Detroit have announced their first two home games will be played without fans. Chicago also will start the season without spectators but has not specified for how many games.___Tennessee will be selling tickets for approximately 25% of the seats at Neyland Stadium for this season. The team said Tuesday after consulting with local officials that the Sept. 13 game against Arizona at Levi’s Stadium will be played without spectators.The team said it would work with state and county officials to determine whether it will be safe to allow fans to attend games later this season.___The Turkish soccer federation says a limited number of spectators will be allowed into stadiums to watch games as of October as it relaxes coronavirus restrictions.The federation says stadiums around the country would operate at a maximum of 30% capacity. The stadium has a capacity of 102,455, counting everybody in the building, which could mean around 25,000 fansThe Volunteers’ first home game is Oct. 3 against Missouri and university officials say restrictions could change during the season based on statewide virus data and recommendations from public health officials. Tennessee asked fans statewide to wear masks in public.Athletic director Phillip Fulmer says he empathizes with the thousands of fans who won’t get to go to games in Neyland this fall. Fulmer says the circumstances are beyond the control of Tennessee officials and they will do their best to create the safest environment both inside and outside the stadium.Current students and active donors to the Tennessee Fund with season tickets get top priority for tickets and season tickets will be offered based on annual amount given and the order to the Tennessee Fund.The original prices for season tickets will not change with Tennessee set to host five Southeastern Conference opponents for the first time since 1959. Associated Press last_img read more

Syracuse overcomes slow start, rides 2nd-half run to win over Rutgers

first_img Facebook Twitter Google+ Published on February 20, 2013 at 1:40 am Contact Trevor: [email protected] | @TrevorHass Elashier Hall ran off of Shakeya Leary’s screen and bulldozed toward the basket.She laid the ball up and in, drawing a foul in the process. The and-one extended Syracuse’s lead to double digits, capping an 11-0 run for the Orange that burst the game open and distanced SU from Rutgers.Following a sluggish, puzzling 15-point first half, Syracuse (22-3, 10-2 Big East) scored 43 points in the second half, knocking off Rutgers (14-11, 5-7) 58-45 and depriving C. Vivian Stringer of her 900th career win. That second-half spurt was the difference Tuesday at the Carrier Dome, as Hall, Brianna Butler and Carmen Tyson-Thomas took matters into their own hands and ignited the Orange to victory.“I think coming into the second half, we played more of our tough style of basketball,” Butler said. “We made more shots, slowed it down and took care of the ball, and I think that was the major change.”In the first half, Syracuse didn’t take care of the ball, and it certainly didn’t make shots. The Orange shot just 6-of-30 and turned the ball over 14 times in its lowest-scoring half of the season.AdvertisementThis is placeholder textMired in an inexplicable slump, Syracuse played sloppily and disjointedly throughout the entire first half.SU head coach Quentin Hillsman tried everything. He even put the 5-foot-9 Tyson-Thomas at center, going with a three-guard lineup with Butler, Brittney Sykes and Rachel Coffey.His three-guard scheme was partially just an experiment. Nothing else was working. The offense was stagnant and no one could hit shots, so Hillsman knew he needed scorers on the floor.But it was also out of necessity. Kayla Alexander picked up her second personal just more than five minutes into the game on a soft foul. She sat on the bench for the rest of the half as Leary logged heavy minutes and SU’s offense remained dormant.“It was frustrating, but at the same time, our bench is deep,” Alexander said. “Any other person can step up and play. It’s frustrating to watch from the bench, but I’ll gladly watch my teammates just as much, too.”With 4:35 remaining in the first, Hillsman implored his team to “push it.” But that didn’t work, either. Coffey heaved the ball into Tyson-Thomas’ vicinity, hoping she’d catch the Hail Mary. But Rutgers guard Precious Person intercepted the pass. Butler snatched it from Person and dished it to Tyson-Thomas, but the guard missed a layup and the ball skirted out of bounds off of her foot.It was a microcosm of the abysmal opening frame full of errant passes, lackadaisical rebounding and atrocious shooting. At halftime, the Orange players were flustered, wondering what they could do to rectify an unimpressive first half.“I just challenged them,” Hillsman said. “I said, ‘The tougher team’s going to win.’ At halftime, I just went down the row to each player and I told them, ‘You’re not doing this, you’re not doing that. It’s up to you.’”And Syracuse delivered.After trading baskets with the Scarlet Knights through the first nine-plus minutes, Syracuse started to take command. Tyson-Thomas started the 11-0 run with a bucket at the 10:31 mark, converting inside and clapping her hands twice in excitement.Two possessions later, Alexander muscled her way to an and-one off of a crafty pass from Coffey. Alexander hit the free throw, propelling Syracuse to a 32-27 lead, which was the biggest lead for either team at that point.After three free throws, Hall’s and-one capped the run – one that was the first spurt for either team.Minutes later, Butler drilled two 3-pointers that put the game out of reach. The first came off of a pass from Alexander, while Sykes fed Butler on the second, which sealed a 20-9 run for the Orange.“First half, I had a poor shooting half from the 3, but second half I just wanted to come in with the mentality that I had to make shots in order to help my team,” Butler said.Syracuse only turned the ball over three times in the second half, chopping 11 off its first-half total. Loose balls that went Rutgers’ way in the first half went to Syracuse in the second. Shots that rolled around the rim and out became swishes and momentum-shifting 3-pointers.“When you play a game like that, it has to be the intangible things,” Hillsman said. “It has to be 50-50 balls and hustle, and I thought in the second half we did that.” Commentslast_img read more