Renee Montagne talks to Cheryl Martin, deputy director of the Energy Department's Advanced Research Projects Agency-Energy. Modeled after the Defense Department's research program, ARPA-E provides grants to researchers developing cutting edge energy technologies that are too early for private sector investment.
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LONDON (Reuters) - A senior Bank of England policymaker raised doubts on Monday about whether the bank would benefit from longer-term policy commitments of the type championed two days ago by its future governor, Mark Carney.
The intervention by David Miles, an external member of the bank's Monetary Policy Committee, adds to growing uncertainty about whether Carney's arrival from the Bank of Canada in July will lead to big changes at the British central bank.
"I don't think it would be helpful for the MPC to say: 'Here is where policy is going to be for the next several months'. If we did that there wouldn't be any point in having monthly meetings," he told the London Evening Standard newspaper.
Carney has not yet made any detailed public comments about British monetary policy, but in some general remarks on central banking on Saturday he said there was still scope to do more to help the economy.
"Within the framework of flexible inflation targeting that exists in most of the developed economies, there remains considerable flexibility which includes the use of communications," he told a conference in Davos, Switzerland.
At the Bank of Canada, Carney - who starts at the Bank of England in July - has favoured long-term commitments to keep interest rates low as an effective tool to stimulate the economy when interest rates cannot go lower.
But Miles said this would not be effective in Britain. "I think we are able in the current framework to give plenty of guidance about our thinking and how we see the economy evolving," he said.
GUIDANCE NEEDED?
Unlike the Bank of Canada, the Bank of England produces detailed policy minutes of its MPC meetings, in which readers can see the debates and disagreements that lie behind each month's interest rate decision.
The Bank of England's chief economist, Spencer Dale, and its executive director for markets, Paul Fisher, expressed reservations about a change to their approach to future policy guidance and the correct target for monetary policy in comments last month, after Carney raised the issue in a speech.
But current governor Mervyn King said last week that there may be some benefit in clarifying how rapidly the Bank of England was expected to return inflation to target during periods of economic weakness.
Any change to the BoE's remit would require approval from finance minister George Osborne, who repeatedly courted Carney to come to Britain.
In December, Osborne said he welcomed a debate on the remit, but that there would need to be a very strong case to do so.
Late on Sunday the Financial Times, reported that Osborne had told Carney in Davos that he may have accidentally raised unrealistic expectations of change.
A finance ministry spokeswoman declined to comment on the meeting between Carney and Osborne.
"The Chancellor has made clear there no plans to change the current monetary policy framework and agrees with the Governor (King) that keeping inflation under control is of vital importance," she added.
According to the FT, Osborne still wants Carney to be more active in trying to put an end to Britain's economic woes, but said there was no need to change the BoE's remit from targeting inflation to targeting nominal gross domestic product, a measure that explicitly takes growth into account.
Carney mentioned nominal GDP targeting briefly in his speech in December, but has not raised it since, and Miles said on Monday that it would only be appropriate as a temporary emergency measure.
(Additional reporting by Costas Pitas; Editing by Hugh Lawson, Ron Askew)
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You?ve probably seen the ads for ?no-cost mortgages? on TV or heard them on the radio. The pitch often appeals to potential homebuyers who want to avoid closing costs.
Strategy: Crunch all the numbers before you commit. Most important, don?t forget to take taxes into account.
Let?s look at an example recently illustrated in The Wall Street Journal.
Facts: A mortgage lender offers you a higher interest rate in exchange for a credit to cover your closing costs. Assuming a loan amount of $300,000 and closing costs of $2,600, you?re given two choices:
In comparing the two options, here?s how the math breaks down:
The 30-year fixed mortgage at 3.5% contains total interest paid over the life of the loan in the amount of $184,968, so the total cost of the mortgage (computed by adding the closing costs to the interest paid over the full term) is $187,568. With the 30-year fixed rate no-cost option at 4%, the total interest over the full term of the loan comes to $215,609. The total cost difference is $28,041, or about $85 per month.
Therefore, if the closing costs are $2,600, you would actually break even in about 30 months by paying the closing costs and forgoing the no-cost option.
But this computation ignores the tax deduction factor. Assuming the mortgage interest is fully deductible, a taxpayer would recoup the extra interest cost even sooner.
A good rule of thumb is that a no-cost loan makes sense only if you intend to stay in your home for 2? years or less. It?s a gray area between 2? and five years. After five years, it rarely makes sense.
Tip: Generally, points paid on a home acquisition mortgage are currently deductible, but points paid to refinance a mortgage generally must be amortized over the life of the loan.
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THE issues raised by Bantwini Matika in his open letter regarding the state of sports and more specifically, rugby transformation at NMMU are challenging, but certainly worthy of further debate.
It is a great pity that the writer has not sought to meet with NMMU colleagues to discuss these issues, and I cannot see any plausible reason why he is "forced" to write an "open letter" as our doors have never been closed for discussion.
I would like to distinguish between matters of policy and principle about sports transformation, as opposed to specific allegations made against NMMU rugby administrators.
I clearly cannot speak on their behalf.
And, as his charges are quite serious and damaging, it is only fair that NMMU rugby has a right of reply. I have to say though, that calling someone racist, while in some cases justifiable, may in other instances, have the opposite effect of closing down the ground for making a balanced assessment of underlying and often unknown facts, and blocking a pathway to discovering areas of mutual agreement.
It also has the risk of tarnishing everyone with the same brush, even if unintended. At any rate, labelling cannot be a substitute for making a balanced assessment of the facts, motives and impact of strategies of rugby administrators to live up to the policy commitments of the university.
Matika's allegations will be taken up by the dean of students, Khaya Matiso, who has committed himself to ensuring transformation is consistently, firmly and fairly driven both on the field and in the administration of sports on our campuses. He will make a balanced assessment of its merits and work with our deputy vice-chancellor, Dr Sibongile Muthwa who has overall oversight of all student affairs.
I am glad Matika agrees that NMMU has made a clear and firm commitment to the constitutional ideals of fostering a more equal, socially just and fair society. This, as he rightly notes, is expressed in our Vision 2020, and since 2008, we have been hard at work attempting to drive these goals in student recruitment, living and learning, teaching and research, creating a vibrant student democracy, and taking the university into our various communities to work towards a more equal and socially-just society. None of this is easy, quick or without challenges, and there are still vast areas still requiring major transformation. But we certainly have not been sitting still. I invite Matika to meet with NMMU colleagues involved with rugby to explore positive ways of working towards true change.
Prof Derrick Swartz
Vice-Chancellor, NMMU
Both letters edited due to space constraints
Source: http://www.peherald.com/news/article/11822
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In a magazine interview, President Obama says Democrats are more willing to compromise than Republicans. But Rep. Paul Ryan, a leader among young Republicans, says Obama wants 'to fight us every step of the way politically.?
U.S. Rep. Paul Ryan (R-WI), who chairs the House Budget Committee, was on NBC's "Meet the Press" Sunday. He says President Obama is "looking to go farther to the left, and he wants to fight us every step of the way politically.?
William B. Plowman/REUTERS
EnlargeAs he moves into his second term, President Obama says he?s going to spend more time communicating directly with the American people ? something he acknowledges having done too little of during his first term ? while working to present his administration and most congressional Democrats as willing to compromise on important issues.
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?I've been spending a lot of time just thinking about how do I communicate more effectively with the American people?? Mr. Obama said in an interview with the New Republic magazine. ?How do I try to bridge some of the divides that are longstanding in our culture? How do I project a sense of confidence in our future at a time when people are feeling anxious??
Obama acknowledges that Democrats have ?got a lot of warts, and some of the bad habits here in Washington when it comes to lobbyists and money and access??
?But when it comes to certain positions on issues, when it comes to trying to do what's best for the country, when it comes to really trying to make decisions based on fact as opposed to ideology, when it comes to being willing to compromise, the Democrats, not just here in this White House, but I would say in Congress also, have shown themselves consistently to be willing to do tough things even when it's not convenient, because it's the right thing to do,? he continued. ?And we haven't seen that same kind of attitude on the other side.?
That?s certainly not the perception of leading Republicans in Congress, particularly in the wake of an inauguration speech in which Obama was loud and clear on such favorite liberal themes as gun control, gay rights, and climate change.
?When you saw his speech, say, at the inauguration, it leads us to conclude that he?s not looking to be moderate, that he?s not looking to move to the middle,? Rep. Paul Ryan said on NBC?s ?Meet the Press? Sunday. ?He?s looking to go farther to the left, and he wants to fight us every step of the way politically.?
"All of [Obama?s] statements and all of the comments lead me to believe that he's thinking more of a political conquest than a political compromise,? Ryan said, echoing House Speaker John Boehner?s recent comment that Obama wanted to ?annihilate? the GOP. He also gave a back-handed compliment to Hillary Clinton, the retiring Secretary of State who ? very conceivably ? could face off against Ryan in a run for the presidency in 2016.
?If we had a Clinton presidency, if we had Erskin Bowles chief of staff of the White House, or president of the United States, I think we would?ve fixed this fiscal mess by now,? Ryan said. ?That?s not the kind of presidency we?re dealing with right now.?
Like Obama, Ryan acknowledged his party?s need to attract a wider range of voters by communicating in a way that addresses peoples? personal needs and concerns.
?We have to expand our appeal to more people and show how we?ll take the country?s founding principles and apply them to the problems of the day to offer solutions to fix our problems,??he said. ?We have to show our ideas are better at fighting poverty. How our ideas are better at solving health care. How our ideas are better at solving the problems people are experiencing in their daily lives and that?s a challenge we have to rise to, and I think we?re up for it.?
Ryan hinted at one controversial issue on which he might agree with Obama: The need for stricter regulations on gun registration, including background checks.
?The question of whether or not a criminal is getting a gun is a question we need to look at,? he said. ?We need to look into making sure there aren?t big loopholes where a person can illegally purchase a firearm.?
On guns, Obama pointed to the differences in perception in Democrat-leaning urban areas and rural areas more likely to vote Republican ? something he said his party often fails to do.
?I have a profound respect for the traditions of hunting that trace back in this country for generations. And I think those who dismiss that out of hand make a big mistake,? he told the New Republic.
?Part of being able to move this forward is understanding the reality of guns in urban areas are very different from the realities of guns in rural areas. And if you grew up and your dad gave you a hunting rifle when you were ten, and you went out and spent the day with him and your uncles, and that became part of your family's traditions, you can see why you'd be pretty protective of that,? he said. ?So it's trying to bridge those gaps that I think is going to be part of the biggest task over the next several months. And that means that advocates of gun control have to do a little more listening than they do sometimes.?
Source: http://rss.csmonitor.com/~r/feeds/csm/~3/n8fGyyF62l4/Obama-Compromise-or-political-conquest
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