Topics : Japan is boosting its new economic stimulus package to expand cash payouts to its citizen as the coronavirus fallout threatens to push the world’s third-largest economy deeper into recession.Prime Minister Shinzo Abe unveiled the new stimulus less than two weeks after his cabinet approved an earlier plan to spend 108.2 trillion yen ($1 trillion), which had detailed payouts of 300,000 yen to households with sharp drops in incomes hit by the outbreak.Abe has caved into pressure from within his own ruling bloc to boost the help with a payment of 100,000 yen for every citizen instead of 300,000 yen for limited households, analysts say, even as the new amount triples the cost to 12 trillion yen from what the government had originally planned. Expansion of the scheme may support private consumption that accounts for more than half of the economy, some analysts said, while others believe most of the payout would end up in savings rather than spending to shore up the economy.”Recipients of the payouts include the rich and the people whose incomes are not suffering, so savings will also rise,” said Ryutaro Kono, chef economist at BNP Paribas Securities. “Even considering more people will suffer an economic pain this time than during the 2009 financial crisis, the proportion of the payouts that will be spent is estimated at about 40%. As such, it would push up GDP only by 0.3 percentage points.”The upsized package will total 117.1 trillion yen ($1.086 trillion), with fiscal measures making up less than half of it, a draft reviewed by Reuters showed. Some 25.7 trillion yen will be funded by an extra budget for the fiscal year from April 1, compared with an initial extra budget worth 16.8 trillion yen.Monetary, fiscal policy mix While the government boosts fiscal stimulus, the Bank of Japan has also joined other central banks to roll out stimulus to stave off the risk of global recession.The BOJ eased monetary policy last month by pledging to boost risky asset purchases and create a new loan scheme to pump more money into firms hit by slumping sales. The central bank will discuss further steps to ease corporate funding strains at this month’s rate review as the impact hits profits.The government now plans to issue extra bonds worth 25.6914 trillion yen to fund the supplementary budget, the draft showed.Of the extra bond issuance, some 23.3624 trillion yen will be deficit-covering bonds and the reminder will be used to finance infrastructure spending, bringing the amount of market issuance to the upper range of 152 trillion-153 trillion yen.The extra borrowing will add to the industrial world’s heaviest public debt burden, which is more than twice the size of Japan’s $5 trillion economy.It is rare for the government to compile an extra budget at the start of a new fiscal year, and it is even rarer to revise a budget draft that has been approved by the cabinet after coordinating closely with the ruling coalition.Last week, the prime minister, who has been criticized by some over his handling of the pandemic, apologized for confusion over a plan to start distributing coronavirus relief payments next month.Abe’s cabinet is expected to endorse the stimulus spending plan as early as Monday.More than 200 people have died from the virus in Japan, which has reported over 11,000 infections, of which more than a quarter are in Tokyo.
Press Association England boss Roy Hodgson needs to make room for Ross Barkley in his starting XI, according to Everton manager Roberto Martinez. The 21-year-old playmaker was the stand-out performer during Euro 2016 qualifying wins against Estonia and Lithuania over the past week. But Hodgson must make a big decision if he is to fit Barkley into his team either in midfield or the number 10 role ahead of next summer’s tournament in France. Martinez said: “It’s one of those moments you keep saying that if you work hard and you set real standards, football will pay you back. “And I think Phil Jagielka is the clear example that we have in house. Any youngster who wants to look up to somebody that’s a leader and a captain, that’s Phil Jagielka, and in my eyes he’s been the most consistent and the best English centre-half in the last 12 months. “Then to have the opportunity to lead the England team. He’s the first Everton player to lead the team out for England and I think that’s a fitting reward. And the way he performed was magnificent.” Everton return to Premier League action on Saturday with a home match against Manchester United. It is their first outing since a 1-1 derby draw with Liverpool two weeks ago that spelled the end for Reds boss Brendan Rodgers. Rodgers has been swiftly replaced by former Borussia Dortmund manager Jurgen Klopp, and Martinez expects the popular German to be a big hit in the Premier League. “It’s for everyone to see how impressive he was during his time in Germany,” said Martinez. “Not just the way that his teams play, I think the way he brings that contagious approach of being brave and creating really difficult teams to play against. “I think his quality as a coach and a manager was one of the biggest strengths of the Bundesliga and I’m sure he’s going to be a really good fit for the Premier League.” Martinez could have John Stones, Seamus Coleman, Tom Cleverley and Steven Pienaar all back after injury for the United clash, while he expects full-back Leighton Baines to be in contention in a fortnight. Barkley’s performances for England were a continuation of his Everton form this season and Martinez feels the buzz around his displays does him something of a disservice. The Toffees manager said: “I think his best position is on the pitch. “When you’ve got that outstanding talent, you just need to fit it in a team. There’s no right answer, depending on what role you want him to do and what you want the team to do. “What is clear is he’s a sensational prospect, as we all know. He’s still a very young man. “I’m a bit surprised about the hype that has developed just because of the two performances with England. We’ve been seeing Ross hitting that level since the first day of the season. “He’s someone that has been through so much and it’s not just a sign of a potential player any more, he’s a very strong footballer with incredible quality.” It was a landmark international break for Everton, with Phil Jagielka becoming the first Toffees player to captain England. With qualification already assured, Hodgson used the opportunity to rotate his squad, and it was 33-year-old defender Jagielka who led out the team against Lithuania.
Over the course of eight days, swimmers and divers from Fayetteville-Manlius and Jamesville-DeWitt/CBA would battle it out in various portions of the Section III championship meets.Going into it, J-D/CBA already had a diver headed for the March 6-7 state meet on Long Island – Lucas Dekaney, who took home the sectional Class A title on Feb. 8 by a big margin.Earning 514.75 points, Dekaney was well clear of West Genesee’s Justin Byrne (462.90) and Oswego’s Jack Tonkin (454.35), both of whom surpassed the 450-point state qualifying standard.Dekaney repeated in last Wednesday’s state qualifier, earning 546.90 points to the 516.30 earned by New Hartford’s Moaz Elazzazi in second place.But it was here that F-M’s Connor Gleasman earned his ticket to the state meet, picking up 490.55 points to easily surpass the 450-point qualifying standard and finish fifth.Overall, a Section III record seven divers advanced to the state meet – Dekaney, Gleasman, Byrne, Elazzazi, Tonkin WG’s David Puma and Mexico’s Kian Long.Then F-M put on quite a good performance in Thursday’s Class A meet at Nottingham. With 263 points, it earned second place in the 12-team field, trailing only Liverpool’s winning total of 381.5 points.The highlight of the sectional meet was having Quinn Smith, a sophomore from Cazenovia, go out in the 500-yard freestyle and prevail in four minutes, 48.77 seconds, nearly 17 seconds faster than his previous best of 5:05.70.That effort, along with a second-place time of 1:59.63 in the 200 individual medley, will allow Smith to compete in two races at the state meet as, in the state qualifier, he improved to 1:58.92 in the 200 IM.In that same race, F-M’s Lucas Weires got third place in Class A in 2:04.03, while Jason Porter was seventh in 2:09.53 and Ben Rabin (2:10.54) was eighth. Weires’ 2:03.12 in the state qualifier put him in fifth place.Weires, Quinn, Ben Rabin and Eric Bang were second in the 400 freestyle relay in 3:21.67 in Class A and repeated that finish in the qualifier, going 3:19.94 to Liverpool’s winning 3:17.79.Smith, Rabin, Weires and Porter were fifth in the Class A 200 medley relay in 1:41.66, less than a second from the state qualifying standard of 1:40.67, and had a 1:41.74 in that event in the state qualifier.Miguel Aldana took seventh in the Class A 500 freestyle in 5:16.98. In the 100 breaststroke, Richard Wan was seventh in 1:05.65, just ahead of Rabin (1:05.87) in eighth. Bang took ninth in the 200 freestyle in 1:57.63, with Carter Page 10th in the 100 backstroke in 1:03.04.For J-D/CBA, who finished sixth in Class A with 219 points, it included Nate Wales, Nathan Chen, Peter Hatton and Conlan Rourke finishing fifth in the 200 freestyle relay in 1:33.71.Rourke made his way to fifth place in the 50 freestyle in 22.50 seconds as Hatton (23.81) finished ninth. In the 100 freestyle, Rourke took 49.44 seconds to finish sixth.Chen swam to fourth place in the 100 breaststroke in a season-best 1:02.89 and took sixth in the 200 IM in 2:09.37, also helping Hatton, Rourke and Wales post 1:42.72 for sixth place in the 200 medley relay.Wales was sixth in the 500 freestyle in 5:12.46 and seventh in the 200 freestyle in 1:56.87. Chen, Hatton, Rourke and Wales were fifth in the 200 freestyle relay in 1:33.71. Bobby Diel finished ninth in the 100 butterfly and 10th in the 200 IM.Among the swimmers at the state qualifier, Rourke was seventh in the 50 freestyle in 22.64 seconds and improved to 49.14 seconds in the 100 freestyle, again finishing seventh. Chen was fifth in the 100 breaststroke in 1:02.33.Share this:FacebookTwitterLinkedInRedditComment on this Story Tags: F-MJ-D/CBAswimming
Updating the market, the governance of Nasdaq-listed gambling technology supplier Scientific Games Corporation (SGC) has announced that it will sanction a private offering of $350 million senior secured notes due for reimbursement in 2025. SGC governance will use the net proceeds of its note offering, to fund its cash and debt $631 million outright acquisition of NYX Gaming Group assets, announced on 20 September.The technology supplier informs that should its pending acquisition of Toronto TSX-listed NYX be suspended, SGC will use the funds for general corporate purposes, which may include the prepayment of corporate loan borrowings under the previous terms of its existing credit facilities.This September, SGC announced that it had entered a ‘definitive agreement’ to acquire all related NYX assets, with a view to accelerate its digital gambling dynamics and further gain a strong foothold in the global sports betting market gaining NYX’s OpenBet division as a new vertical.Expanding its omni-channel capabilities, SGC will seek to create a new ‘digital gambling division’ led by current NYX CEO Matt Davey, who will join SGC as President of Digital Gaming should the acquisition be approved.Taking over NYX assets, SGC will gain one of the biggest industry digital services portfolio, as NYX services a number of tier1 industry operators for platform and games content provisions including William Hill, Betsson, bet365 and Caesars Interactive. Scientific Games records $198m loss as COVID swamps casino and lottery performance July 24, 2020 StumbleUpon Share Related Articles Kambi and DraftKings agree on final closure terms July 24, 2020 Esports Entertainment bolsters tournament capacity by acquiring EGL August 27, 2020 Submit Share