ACCC proposes federal takeover of Murray-Darling Basin water markets

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a river running through a body of water: Photograph: Jenny Evans/Getty Images


© Provided by The Guardian
Photograph: Jenny Evans/Getty Images

The Australian Competition and Consumer Commission has proposed a possible federal takeover of the water markets in the Murray-Darling Basin, licensing of water brokers and new robust rules and oversight in order to ensure the $1.5bn water market operates fairly.

But the report, which delivers a scathing assessment of how the markets are operating, does not support a return to the old system that existed before the Murray Darling Basin plan, where water entitlements were tied to land.

It argues that a return to the old system, which has been advocated by some farmers, would result in the loss of significant benefits that come from water trading, including more efficient use of water and allowing farmers to manage their water needs, trade water and free up capital.



a river running through a body of water: The Darling river at Louth, NSW. The Australian Competition and Consumer Commission has found the water markets in the Murray-Darling Basin have outgrown their current regulatory system run by the states and need robust new rules.


© Photograph: Jenny Evans/Getty Images
The Darling river at Louth, NSW. The Australian Competition

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Forum Financial Management, LP Named to the 2020 Financial Times 300 Top Registered Investment Advisers

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LOMBARD, Ill., July 30, 2020 /PRNewswire/ — Forum Financial Management, LP has been named to the 2020 Financial Times 300 Top Registered Investment Advisers (FT 300). As of December 2019, Forum Financial Management has more than $4.5 billion of assets under management and serviced.

Forum Financial Management, LP Logo (PRNewsfoto/Forum Financial Management)

Karma Forrestal, Forum partner and co-founder of the Forum Women’s Initiative, attributes the steady increase of new clients in the first half of 2020 to efforts by Forum advisors to counsel as many clients and new investors as possible. A feat not easily accomplished in the middle of a pandemic, as Forrestal relates in her July FPA Next Generation Planner feature article on COVID-19 and previous market crises.   

Regarding Forum’s consecutive appearances on the FT 300, Forrestal said, “We are committed to the growth of this firm, which we have defined as growth that

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Trump emphasizes support for energy industry

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During Midland visit, president signs permits to export Texas crude to Mexico  

Updated

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IBM Cloud for Financial Services Initiatives Help Banks Adopt Cloud

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The public cloud can fit any number of use cases, but for IBM a key focus is enabling financial services to adopt the cloud.

On July 22, a series of new IBM Cloud for Financial Services initiatives were announced, in an effort to ease the path to broader cloud deployments by organizations in the financial services industry. In aggregate, the new efforts are about better enabling compliance security and resiliency for financial services firms looking to run workloads in the cloud. Among the new components are the IBM Cloud Policy Framework for Financial Services, the Financial Services Cloud Advisory Council and a new IBM Cloud Security and Compliance Center.

“During the global pandemic, we’ve definitely seen that there is a really urgent call in the industry for businesses to shift their operations and the ways that they engage

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Republican plan to cut enhanced unemployment benefits by $400 would cost 3.4 million jobs: analysis

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Republicans are set to unveil a plan to drastically slash enhanced federal unemployment benefits even as economists warn the move could cost the country millions of jobs and shrink the economy.

Senate Republicans have claimed that American workers who bring in a higher weekly rate than before the pandemic are disincentivized from going back to the office.

“It certainly does not have the backing that it had before because of many small businesses that have come forward and said that people just don’t want to come back — that they were making more than they did when they worked,” Sen. Pat Roberts, R-Kan., a senior member of the Finance Committee, told NBC News earlier this month. 

However, there is no evidence that the increased payments have resulted in Americans refusing to return to work. Though House Democrats approved a full extension on the benefit in May, Senate Republicans plan to

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As Pandemic Rages On, World Economic Recovery Looks Ever More Shaky: Reuters Poll | Investing News

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BENGALURU (Reuters) – The world economic outlook has dimmed again, with still-rising coronavirus infections and the risk of renewed lockdowns increasing the chances that any rebound will reverse course, according to Reuters polls of over 500 economists globally.

Over 17 million people have been infected worldwide by the coronavirus and more than two-thirds of a million people have died. That has forced governments to impose strict lockdown measures to curb the spread of the virus, keeping citizens at home and businesses closed and spurring recessions that aren’t over yet.

Surging cases in the United States, where related deaths have surpassed 150,000, have led several states to reimpose restrictions. Most economists, long-term investors and even Fed Chair Jerome Powell have clearly said the economic outlook depends significantly on the course of the virus.

The Fed has pledged endless stimulus to support the world’s No. 1 economy, which was a major growth

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Coronavirus rent relief: What to know about eviction moratoriums and your Aug. 1 due date

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money fanned out on table

Congress has until Aug. 24 to extend the eviction ban established by the CARES Act; otherwise millions of renters could lose their homes.


Angela Lang/CNET
For the most up-to-date news and information about the coronavirus pandemic, visit the WHO website.

As many as 40% of US renters are at risk of losing their homes if the federal eviction moratorium established by the CARES Act is not extended or renewed, according to Statista. The CARES Act’s eviction safeguard expired July 25 and is thought to have helped as many as 23 million US families (roughly one-third of all US renters) stay in their homes during the coronavirus recession. Eviction notices are now legally allowed to proceed and evictions can begin starting Aug. 24.

Congressional Democrats introduced legislation Tuesday to address evictions, but it is the fourth such Democratic effort and the three before never made it to a vote. The 

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AM Best Affirms Credit Ratings of Associated Electric & Gas Insurance Services Limited

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AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Associated Electric & Gas Insurance Services Limited (AEGIS) (Hamilton, Bermuda). The outlook of the Credit Ratings (ratings) is stable.

The ratings reflect AEGIS’ balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

AEGIS’ strategy emphasizes risk diversification and a relatively conservative approach to capital preservation. This diversification is achieved through the successful combination of its energy mutual operations in the United States with Lloyd’s Syndicate 1225 in uncorrelated lines of business. These favorable rating factors partially are offset by the periodic unfavorable loss experience in certain lines of business over time. Management continues to focus on the company’s operating performance by improving its risk management strategies, including premium rate adjustments, continued refinement of its underwriting

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Stock Market News: Fed Keeps Rates Near Zero

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Here’s what you need to know:

Video

transcript

transcript

Economy’s Path Forward Is ‘Extraordinarily Uncertain,’ Powell Says

Federal Reserve Chair Jerome H. Powell said a full recovery was unlikely until Americans felt safe to “re-engage in a broad range of activities.”

The current economic downturn is the most severe in our lifetimes. It will take a while to get back to the levels of economic activity and employment that prevailed at the beginning of the year. And it will take continued support from both monetary and fiscal policy to achieve that. As we have emphasized throughout the pandemic, the path forward for the economy is extraordinarily uncertain, and will depend in large part on our success in keeping the virus in check. Indeed, we have seen some signs in recent weeks that the increase in virus cases and the renewed measures to control it are starting to weigh on

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Oman’s first online platform to provide insurance services launched

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Muscat: A press conference was held to announce the official launch of Oman’s first online platform to provide insurance services. The name of this platform is ‘Bima’ and it can be reached by the URL. 

The platform allows the customers to insure their vehicles directly through the site by presenting them with various offers from multiple insurance companies, the offers are instant and visitors can proceed to pay within minutes. Bima also provides a practical comparison between the benefits of each insurance policy and makes the addition of extra coverage, such as extending the geographical area, easy and clear.

Regarding the subject, Eng. Said bin Nasser Al Rashdi, Founder of Insurance House, the owner and developer of the platform, said, “We are glad to launch “Bima” platform, a trial “soft” operation for a few months. “Bima” platform is now ready to take on a large number of customers, with operations

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