Russia: Project 955 Borei Nuclear-Powered Ballistic Missile Submarine Hits Water for First Time

first_img View post tag: 955 Industry news Russia: Project 955 Borei Nuclear-Powered Ballistic Missile Submarine Hits Water for First Time October 25, 2011 View post tag: Missile View post tag: first View post tag: Nuclear-Powered View post tag: hits View post tag: Navy View post tag: water Share this article View post tag: Borei View post tag: Naval View post tag: submarine Back to overview,Home naval-today Russia: Project 955 Borei Nuclear-Powered Ballistic Missile Submarine Hits Water for First Time View post tag: project Project 955 Borei nuclear-powered ballistic missile submarine (SSBN) Alexander Nevsky on Oct 22 took the sea for the first time in order to start shipyard’s trials, reported press service of Severodvinsk municipal administration on Oct 24.SSBN Alexander Nevsky is the first serial submarine of Project 955 Borei; the lead sub of the project is SSBN Yury Dolgoruky which is presently engaged in tests of newest ballistic missile Bulava. Till the year is over, it is planned to start the missile tests on Alexander Nevsky.“The submarine left the basin of JSC Sevmash shipyard in the morning of Oct 22. On board the sub are trial team led by Alexander Reznikov and the crew headed by Capt 1 rank Vasily Tankovid“, says the report.As was previously reported by Russian media sources, all onboard systems will be tested during the first trials phase including life support system and performance characteristics.At present, construction of the third (second serial) submarine of the “grand duke” project named SSBN Vladimir Monomakh is going on at JSC Sevmash shipyard (Severodvinsk, Russia).SSBN Alexander Nevsky is the fourth-generation nuclear submarine. She was laid down in 2004 and is supposed to join Russian Navy in Dec 2011. The submarine passed mooring trials in 2010. It is planned that SSBN Alexander Nevsky would be stationed at Pacific Fleet.[mappress]Source: rusnavy, October 25, 2011; View post tag: For View post tag: News by topic View post tag: time View post tag: Ballisticlast_img read more

Oxford Homeless Project celebrates four years

first_imgThe Oxford Homeless Project celebrated its fourth anniversary on Monday (November 11) at the Asian Cultural Centre in Cowley. Sabir founded the enterprise in 2015 after her experience serving dishes to the homeless during Ramadan. Sabir and and her friends gathered at Gloucester Green in the evening when breaking their daily fast, inviting homeless people from across the city to celebrate Iftar. Following this, Sabir was inspired to do even more to help those without a roof over their heads, and decided to gather a group of volunteers to create a long-term project. Since its formation, the project has served home-cooked meals to the homeless every two weeks. The project continues to be run by volunteers and has now amassed more than four thousand likes on its Facebook page. Discussing the future of homelessness activism in the city in a statement ahead of their anniversary, the project said: “Whilst we still feel worried about our friends we do however feel things will be better for our rough sleepers this year. We do feel Oxford City Council have made some exceptional progress in tackling and addressing homelessness in Oxford.” Sabir told Cherwell: “It’s always very humbling to know the city of Oxford has no shortage of care or compassion. Whilst such a service shouldn’t be needed we believe it’s important for our guests to know they’re not alone and the community does care.” The event was also attended by Lord Mayor of Oxford, Craig Simmons, as well as Labour and Cooperative politician Anneliese Dodds, who has served as the MPfor Oxford East since the 2017 election. Sabir added: “We are here not only to give rough sleepers a hot meal; anyone in need is welcome to a community style lunch. We want to ensure going forward that people always have a place they can eat and feel welcome.” The Muslim community project, led by Shabnam Sabir and Tayyaba Hameed, is dedicated to providing fortnightly meals for the homeless, as well as other necessities such as sleeping bags, clothing, tents, and haircuts. Food donated by the community is served every other Monday lunchtime at the Asian Cultural Centre. Over a hundred people attended the anniversary lunch, from families and residents to college and university students. Children from St. Francis Primary School helped to decorate tables and creating posters with messages of solidarity for the event, while a group of pupils gave a choir performance. Students from EMBS Community College also got involved, cooking, serving and setting up, with volunteers also sharing pizza round at the event.last_img read more

Sweet on sugarcraft

first_imgI come from Sri Lanka where I worked as an assistant hotel manager, but I’ve always liked cooking, particularly cake-making and decorating, as my mother was very good at it and used to teach me. When I moved to the UK, I decided to start my own business as I saw there were a lot of opportunities in this country.I started Prestige Creations, which I now run with my husband, Rohan, from our home in Swiss Cottage in London and we’re doing well, making and decorating celebration cakes. That was four years ago, but I recently decided to have a look around at the competition and realised that I needed more knowledge. That’s when I decided I could improve sales and grow the business by learning some more skills, so I started off by doing a five-day course at the International School of Sugarcraft, which was very useful.I’m now doing a one-year, part-time advanced sugarcraft course at Brooklands College, where I go one day a week, from 9.30am-1.30pm. It’s pretty tough finding the time to do it, as I’ve also got two children (aged six and 10), but I’m really enjoying it and learning a lot.I’m constantly picking up new techniques; every day you learn something different, such as sugarpaste work, royal icing techniques, collage and bas relief. We’ve also been studying quilling, which is traditionally a paper craft but is being applied to cake decoration; it’s quite difficult and I can’t say that I’ve particularly enjoyed doing it!We work on dummy cakes, which I’ve kept and will have to display as part of our final assessment, while we also have an exam in June, which tests us on the theory we’ve learnt; 75% of the course is practical and 25% is theory. We are set projects throughout the year too and I have to do reading and research at the library.As soon as I learn the techniques, I use them on my own cakes and I think that has helped me sell more. People like the fact that my handmade cakes are fresh – much fresher than those you buy in the supermarkets, which can be frozen – and the fact that I can give them ideas, discuss what they want and come up with a bespoke cake. I particularly enjoy making children’s birthday cakes with cartoon characters, and I get ideas for them from books and magazines.I also enter competitions in my spare time and have had quite a few successes around the country. I’ve won two gold medals in the Squires Kitchen International School of Sugarcraft competition and, last month, I won three gold medals at the Wessex Salon Culinaire hotel and catering competition in Bournemouth, one of which was for my quilling technique on a fan, and another for making sugarcraft flowers – I had to make a rosebud, rose and three leaves in 20 minutes, which was quite a lot of pressure. I’m going to Cork in Ireland next month for another competition. I like entering them and, of course, winning is very rewarding.I’d really recommend studying sugarcraft to anyone thinking about it, even though it can be time-consuming. I think that if you have the drive to do something, you’ll be able to do it. The cake-making business is really competitive but I want to expand my company in future and set up a website and I’m confident that, after the course, I’llbe able to do that. nlast_img read more

Greggs launches Christmas gifts and wrapping service

first_imgGreggs has launched a limited-edition range of Christmas gifts, including a jumper, socks and a phone case.The high-street bakery chain will be rolling out the gifts to selected stores including London Stratford, Birmingham High Street, Manchester’s Parker Street, Newcastle’s Grainger Street and Glasgow’s Buchanan Galleries Shopping Centre. The products will be available from 11-13 December between 4pm and 8pm each day.All proceeds from Greggs’ gifts will be donated to the Greggs Foundation – a grant-making charity that aims to improve the quality of life in local communities.The complete range is:Greggs Christmas jumper – £18Sausage roll or doughnut socks – £4Sausage roll umbrella – £10Sausage roll phone case (suitable for Apple and Android top five devices) – £10Greggs pin badges (set of 5) – £6.50Reusable cup – £3High Roller Greggs gift card (minimum £50 load) – £50Greggs Christmas cards (set of 8) – £4The same stores will also be offering a free gift-wrapping service, to wrap presents in bespoke Greggs wrapping paper with a Festive Bake design while customers can enjoy a complimentary glass of mulled wine.The launch follows research commissioned by Greggs that revealed more than two-thirds of the nation (69%) find the build-up to Christmas stressful, with shopping for presents, wrapping gifts and washing-up after Christmas dinner named as the chores dreaded the most.last_img read more

Krispy Kreme’s growth plans hit by Covid-19

first_imgKrispy Kreme UK is forging ahead with plans to open shops in “quality, high profile” locations in 2020 and beyond despite the impact the coronavirus pandemic has had on the market.In its full accounts for the year to 29 December 2019, the business said that its ambitious growth plans had been interrupted in the short term and it had taken the decision to close a small number of its shops. However, it plans to expand its retail presence in 2020 and beyond.It added that investment in digitally enhanced cabinets, further developments of ecommerce and boosting manufacturing capacity will help enhance customer experience in the long term.Prior to the pandemic, Krispy Kreme’s annual revenue hit £94.1m – an increase of 13.3% on the year to 30 December 2018. Operating profit for the year was £7.3m, slightly down on 2018’s £7.5m.Adjusted EBITDA for the period was £14.9m compared to £13.2m in 2018. As such, 2019 was considered “a highly successful year in which the foundations were laid for future growth plans”.At 29 December 2019, the company operated 123 retail locations across the UK, with nine shops opened and a further nine shops closed over the year. It also grew sales in delivery and online.However, the company was forced to temporarily close its operations in March 2020.“These unprecedented conditions and in particular the lockdown measures taken in March 2020 by the UK government have interrupted our ambitious growth plans in the short term, with the temporary closure of all of the company’s manufacturing and retail locations and a short pause in delivery to our off-premise partners,” the company stated.“The company took rapid and decisive action to instigate new ways of working in all areas of the business, focusing on the safety and wellbeing of employees while simultaneously re-igniting the Krispy Kreme experience for customers and was able to reinstate manufacturing and the off-premise business very quickly, followed by the re-opening of retail in line with government guidance.”Krispy Kreme also reduced its cost base and minimised operating cash flow as much as possible, including participation in the Coronavirus Job Retention Scheme.Looking forward, the directors have a “reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future”, it added.last_img read more

Jam Cruiser’s Dream Comes True When He Gets To Play With George Porter Jr.

first_imgAs Jam Cruise 15 disembarked, and spirited cruisers spilled out all over the continental USA with the usual plethora of stories and glories, one tale really got to us. This is a story of a gen-pop Jam Cruiser who jammed with George Porter Jr. We’re talkin’ one on one, to shut down the Jam Room late one morning!This is a frank, open and honest conversation, a chat with a gentleman who is both teacher and student; a cat who is at once lucky, and grateful. This is a look into the lucid-dream turned rager-reality of one Chris Sgammato, an upcoming artist, and longtime Jam Cruiser. This a phenomenal player that quite literally personifies inspiration, and is a beacon of hope for aspiring musicians and Jam Cruisers alike. Instead of spoiling the story in my introduction, we’ll leave it to Chris’s own wonderful words to weave this touching narrative.Our own B. Getz caught up with him a few days after the boat pulled into port in Miami. Enjoy…L4LM: Chris, since people have gotten home from Jam Cruise 15, I have heard a lot about your sit-in with a certain legendary bassist late one night in the Jam Room. Please fill in our readers as to what the buzz is about with you and George Porter Jr.?Chris Sgammato: I owe almost all of my Jam Cruise Jam Room performances to Mr. George Porter, as he was the first Jam Room host to actually invite me up to play 4 cruises ago. I had been meaning to thank him for years, but I suffer from something I call the Gravity of Gratitude, where the anxiety over my perceived inability to adequately express the depth of my gratitude causes me to procrastinate that expression to the point of never actually achieving it. For some reason, I woke up on Day 3 of this Jam Cruise determined to overcome that deficiency, and I did. I sat down over my morning (afternoon, whatever) coffee and hand-wrote him a personal “Thank You” letter.Later in the night (morning, whatever), that wise old owl was laying down some serious knowledge on the subject of groove, and I happened to be next to him hammering out horn lines in a section led by Benny Bloom [of Lettuce]. The set ended, so I left the stage with the band beyond stoked that I had once again managed to hold my own with the headlining heroes. Much to my surprise, he called us back up onstage – or so I thought. He’d actually called just me back up. Mind you, he still didn’t know I’d written him that letter.[Video courtesy of Loren Wilson]Now, if the English language contained words sufficient to describe how I felt in that moment, I would use them. But it doesn’t, so I can’t. If I were to foolishly attempt such a description, it might include a mix of words like confusion, joy, awe, terror, and some word that will probably be invented on an upcoming Jam Cruise.L4LM: Let’s get the people up to speed with who you are and what you are about, Chris.CS: I’m a full-time private music teacher with 60+ individual lessons weekly. I’m also the lead vocalist / multi-instrumentalist of Displace. We’re a four-piece funk fusion ensemble based out of Tampa, Florida. Funny story: all of the members of my band actually jammed in the Jam Room this year. So Displace has sort of already played Jam Cruise – just not all at the same time, or on any scheduled sets, or anything remotely legitimate. So, alright, we didn’t even come close, because artist pass lanyards are kind of a thing. But we’d love to someday.L4LM: I understand that this is not your first time jamming ON STAGE on Jam Cruise. Or even your second. Sounds like this is a bit of a tradition. How did this all begin? And what’s it like to just get up there with your heroes and the heavyweights of this whole scene? Sounds like a dream come true, over and over!CS: A few years ago, my dear and quite possibly insane friend Jess Majeski told me about a music festival on a boat. She said I had to get on it, because she saw how I bust my ass at everything I do and she knew I would do cool things if I ever made it onboard. This sounded great and all, but I, being a musician with zero financial responsibility, laughed at her when she told me the ticket price. Of course Jess got the last laugh, because she bought me a ticket, effectively “miracle”ing me on the boat. Told you she was insane.I drank reckless amounts of coffee, sat in the jam room the first night with my sax case clearly visible, and listened intently while waiting like an anxious puppy to be called on stage. Several hours went by, and eventually the jam ended. No dice. The next night I returned, this time with my saxophone out of its case. Despite several requests from audience members that I storm the stage to play, I sat waiting for an invite that never came. I’m not one to disrespect an artist’s performance space by invading it uninvited. I left that night and started to come to terms with the fact that I probably wouldn’t get to jam because I didn’t have a piece of plastic with 6 letters on it dangling from my neck.The third night however, something amazing happened. A very awesome sound guy named Brandon had been watching me wait respectfully, and allowed me to come backstage to the artist area. George Porter Jr. was running the jam that night, and after a few songs he came offstage and said “go on, gitcha some!” I got some, and then I got some more, and then I kept coming back for more all night and almost every night of every jam cruise since. The only things that ever stopped me from playing were respect for other jammers, and a really strict stage manager who kicked me out after I played with Mr. Porter.L4LM: Wow. That’s absolutely mind-blowing to hear. What a ridiculous story! I bet you have some classics through the years, once the proverbial ice was broken. Take us through your personal history of Jam Cruise jamming highlights!CS: Nothing will ever top that first jam with George Porter Jr. I couldn’t stop smiling, because I’d waited so long for just one chance to play, and I knew that once I stopped the stage manager would catch me without an artist pass and I’d never play the Jam Room again. I played like it was my last time, because I was convinced it would be. That was incredible.Another memorable Jam Room moment came that same year, when I was able to sneak past the stage manager to be invited back up by the artists who remembered me from the night before. I can’t remember who they were now, because I didn’t recognize any of their faces at the time, but I do remember one particular drum fill that was so good it literally left me confused. I didn’t know who or what or where I was; it was so good I immediately became terrified that my reality wasn’t even real. When I saw him outside I told him what his drum fill did to me, and he laughed, thanked me, and told me his name was Adam Deitch.[Chris onstage with Roosevelt Collier, Nate Werth (Snarky Puppy)]My second year on Jam Cruise the famous “Dr.” Roosevelt Collier had me up for some musical healing on the night he ran the jams. He taught me the chorus melody seconds before kicking off the song, and the thrill of that performance is something I still tell all of my students about.One of my cooler performances came outside of the Jam Room when I was invited by Thievery Corporation‘s rhythm section “Hash” and Jeff Franca (aka Congo Sanchez) to participate in the Master Classes at Sea, and also later on Zach Deputy‘s reggae set. It was the first time I’d played on an artist’s scheduled set instead of just the Jam Room.It would be absolutely cruel if I failed to mention the crucial role that Nathan Moore, The Spot, and everyone who plays there has had on my Jam Cruise experiences. I have probably spent about as much time playing clarinet and sax with them as I have anywhere else, and there is something so comforting about those homely porch vibe jams. If you’ve never been around for the universal song ending, you need to spend more time there. I also had a great time this year sitting in with The Hip Abduction on sax, as well as MOORE’s full set on keys![Chris on clarinet with Nathan Moore, friends at The Spot, Jam Cruise 15. Photo- On the DL]L4LM: Which brings me to the post-Jam Room tradition, your patented sunrise sax serenade, to the greet the new day.CS: After the Jam Room closes down, nobody or their mother is ready to go to sleep yet! I’ll usually go finish out my night at The Spot before heading up to the top deck to greet the sun with a Sunrise Sax Salute. Then I get a BBC nightcap over some triangle hashbrowns and briefly consider sleeping.L4LM:  I’ve seen you do this when I was onboard! I just didn’t know who you were (yet). And it didn’t matter either. Beautiful.[Video courtesy of Rose Velasco]L4LM: What, or who, inspires you? Musically, or otherwise, who puts the proverbial “battery in your back”?My favorite kind of artist is the one who gains awe-inspiring chops but never loses an approachable personality. You can be the most insanely talented musician on the planet, but if you’ve let a big ego ruin your character then all of the tasteful licks and endless groove in all the world can’t convince me to respect you.That’s why I’m such a huge Stanley Jordan fan. I watched him rip a hole in the space-time continuum in the jazz lounge, and hours later he was refusing my guitar because he said he wanted to sit and listen to my fingerstyle playing. George Porter Jr. is amazing as well; the man is a living legend, yet has enough respect for the art of music to jam with no-name musicians the same way he does everyone else. In fact, the collab set featuring Stanley Jordan, George Porter Jr., Adam Deitch, John Popper, and DJ Logic is my all-time favorite Jam Cruise set. I don’t think anything  on Jam Cruise could top that, unless they booked that lineup again.[Photo: Funk It Blog]L4LM: Man, you’ve got a lot of balls, and even more perspective. And clearly so much gratitude. This was a story I am honored to have a part in telling, despite the fact I was not on the boat this year, I have certainly seen/heard you rip it up on sails past.Any parting words or motivations for the aspiring artists/players shedding in their bedrooms right now as we speak? How can they live out their Jam Cruise dreams?CS: First – get on the boat. If the ticket price looks high on first glance, you probably just need to make some lifestyle adjustments. I paid for my Jam Cruise ticket simply by not going out to eat a few times a month.This is just general life advice – don’t ever assume an invite. The greatest form of disrespect one can inflict on any artist is to invade their personal stage space uninvited.Stand there, wait patiently but LISTEN intently. If, instead of listening, you’re just waiting for your turn to speak, then go back to your cabin. You’re not in the right place.Just like having a condom in your back pocket, do not come expecting, but come prepared. Have your instrument ready, but never be expecting to play. Nobody owes you anything, so appreciate everything they give you – even if it’s just their musical wisdom, because this is invaluable coming from Jam Cruise artists!Finally, never be discouraged or disgruntled when staff tell you to stop. They’re just doing their job, which is ultimately in everyone’s best interests. I’ve been kicked out of the artist’s area in the Jam Room, I’ve been kicked off pianos throughout the boat, and I’ve been told to stop playing sax at sunrise. I always respectfully comply.The goal in music should always be to *add without subtracting*. If you can’t do that, then instead of adding your sound you should subtract it, and add your attentive ears instead!Some day I hope to have an artist pass, so I can add my sound without the fear of being subtracted simply because I don’t have a piece of plastic with 6 letters on it. Until that day comes, I’m happy to continue listening and learning to the legends of Jam Cruise!L4LM: Lastly, what’s up with Displace right now, and how can people hear you guys?We’re working on our third studio album and planning a national tour. You can listen to our two studio albums on Spotify and iTunes, plus we have about 30 live show recordings on our BandCamp. I think L4LM actually wrote about us once or twice too.L4LM: Indeed we did!  And you’re right. Twice! Thanks for your time Chris, and for telling your inspirational story!Find more about Displace here, as well as Chris’s personal music page here!As told to B.Getz[Cover photo via Jennifer Baumann]last_img read more

North Coast Music Festival Announces 2019 Lineup: Bassnectar, Major Lazer, Big Wild, More

first_imgChicago’s North Coast Music Festival recently announced a change of venues for their 10th-anniversary event in 2019. The festival, frequently marketed as “Summer’s Last Stand”, will take place this Labor Day Weekend, August 30th and 31st, at Huntington Bank Pavilion at Northerly Island. In previous years, the festival has taken place at Chicago’s Union Park.On Tuesday, North Coast Music Festival announced their 2019 musical lineup, with headlining appearances by Bassnectar, Major Lazer, Jai Wolf, Flux Pavilion, and Jauz. The two-day event will also see performances by Big Wild, Tchami, Gordon City (Live), Snakehips, Young Bae, Melvv, Inzo, Align, SG Lewis, Ford., Goodsex, Trampa, Dirt Monkey, Wooli, SoDown, Stratus, Elevatd, Ookay (DJ Set), Anna Lunoe, i_o, Kyle Walker, Birthdayy Partyy, and Dee Mash.In 2018, the festival’s lineup featured Jamiroquai, Miguel, Axwell /\ Ingrosso, Vulfpeck, The Revivalists, RL Grime, Gramatik, Moon Tazi, and many more, though inclement weather caused the cancellation of a number of performances. Here’s to hoping this year’s North Coast Music Festival can avoid the rain so fans can enjoy the full slate of amazing artists they’re putting together.Tickets for North Coast Music Festival 2019 go on sale this Friday, April 26th at 12 p.m. (EST) here.last_img read more

Hot Shot! Marissa Jaret Winokur Joins the Fight at Rocky

first_img Rocky Andy Karl Star Files Who’s the newest brave contender to step into the Broadway ring with the Italian Stallion? It’s Tony-winning Hairspray fave Marissa Jaret Winokur! After seeing Andy Karl and the cast duke it out in Broadway’s Rocky, Winokur greeted her pal backstage and headed to his dressing room for a tour. She then took a turn sparring with her husband Judah Miller and their adorable son Zev—see the adorable photo proof below! Now that you’ve seen Winokur’s visit to the hit musical, put on your boxing gloves and head to Rocky at the Winter Garden Theatre. Show Closed This production ended its run on Aug. 17, 2014 Related Shows View Commentslast_img read more

Vermont media company gets Woolrich contract

first_imgClothing maker Woolrich has selected Pale Morning Media of Waitsfield as its strategic public relations partner effective immediately. Woolrich is the oldest outdoor clothing company in the world, having produced high-quality, high-performance outdoor apparel continuously since 1830. The tradition began with founder John Rich selling workwear to lumberjacks and sawmill workers out of a mule cart. Since then, Woolrich has grown into an internationally recognized outdoor brand with a custom collection of apparel, accessories and home furnishings. We take great pride in the Woolrich legacy, and we are even prouder of the fact that Woolrich remains a leading and relevant brand after 179 years.  In Pale Morning Media, we have found a partner with an affinity for our brand’s rich history as well as the capabilities to help us to strategically navigate into the future with our marketing and communications programs, said Jerry Rinder, Woolrich vice president of sales and marketing.From manufacturing uniforms for the Union Army in the Civil War, providing apparel for Admiral Byrd s Third Expedition to the South Pole, and outfitting today s outdoor enthusiasts with classic and comfortable designs, Woolrich has earned its reputation for integrity, performance and value. It s hard to overestimate the impact that Woolrich has had on the outdoor world. Its performance heritage stems from an era when peopledidn t just play outside — they lived outside.  And the clothing they wore wasn t for fashion — it was out of necessity, said Drew Simmons, president of Pale Morning Media. Woolrich is a brand that I ve grown up with and grown into, and I m truly proud to be working side by side with their fantastic team.Pale Morning Media (www.palemorningmedia.com(link is external)) is a public relations and creative communications agency specializing in the outdoor world.  Founded in 2001, Pale Morning Media blends custom strategies and spotlight tactics to achieve a single, simple goal: telling their clients stories in the best possible light.Blending an Eastern location with a Western perspective, Pale Morning Media is based in the Mad River Valley of Vermont, with a satellite office in Portland, Maine.ABOUT WOOLRICH: Woolrich Inc., the Original Outdoor Clothing Company, is an authentic American brand that embraces an outdoor lifestyle.  Trusted since 1830 by generations of loyal consumers, Woolrich continues its tradition of providing quality products for today s outdoor enthusiast.A brand recognized worldwide, Woolrich product offerings include functional, comfortable and durable men s and women s sportswear and outerwear using innovative fabrications for the ultimate in performance capabilities, well-designed home and outdoor living products, and licensed accessory products.  In 2005, Woolrich celebrated its 175th Anniversary. It is the original and longest continuously-operating outdoor apparel manufacturer and woolen mill in the United States.  Find out more at www.woolrich.com(link is external).Source: Pale Morning and Woolrich. 10.21.2009.last_img read more

How do negative rates affect consumer savings?

first_imgBlackRock CEO Larry Fink recently lamented that low interest rates are hurting the economy by depressing the returns that consumers earn on their savings. As a result, he reasoned, people will have to save more than they otherwise would to meet their retirement savings objectives. That means less consumer spending, an essential ingredient for vigorous GDP growth.Fink’s cause-and-effect linkage sounds logical enough, but it conflicts with another notion about savings. Tax-based government programs such as Individual Retirement Accounts seek to raise the savings rate by increasing the reward for saving. Should it not follow that reducing the reward for saving—by lowering interest rates—will depress rather than boost savings?In any case, it is hard to reconcile Fink’s assertion that low interest rates depress savings with the following comment from the Wall Street Journal (John Letzing, Negative Rates Upend the World). The article addresses the impact of negative interest rates, which several of the world’s central banks have instituted: “In theory, the negative rates should prompt people to spend their money or hoard it in cash, rather than save it at a bank and watch it shrink.” continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more