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Poloz to Step Down as Canada Central Bank Governor in June

Poloz to Step Down as Canada Central Bank Governor in June(Bloomberg) — Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.Stephen Poloz, who resisted this year’s global rush to cut interest rates, won’t seek a second term at the helm of the Bank of Canada when his mandate ends in June.Poloz informed the central bank’s board of directors and Finance Minister Bill Morneau of his decision, according to a statement Friday from the bank.“It has been a privilege to serve as the ninth Governor of the Bank of Canada,” Poloz, 64, said in the statement posted to the bank’s website. He called his job at the bank, which began in 2013, “the most fulfilling of my long career.”The governor is preparing to leave the central bank with its 1.75% benchmark interest rate among the highest in advanced economies. Poloz — who was among the few central bankers to raise interest rates in 2017 and 2018 as the nation’s economy began to fully recover from the last recession — has been reluctant to reverse course, citing a relatively robust expansion and concerns that lower borrowing costs could fuel the nation’s already high household debt levels.“The issue of course is we’re at a very delicate point in time for the Canadian economy,” Brian DePratto, senior economist at Toronto-Dominion Bank said by phone. “The Bank of Canada is balancing growth concerns versus financial stability concerns. Certainly they’ve been emphasizing the latter quite a bit in my view in the recent communication.”Since Poloz came to power, Canadian household debt has increased by more than half a trillion Canadian dollars and remains near record high levels as a share of disposable income, which will almost certainly act as a millstone for growth for years to come. Bank of Canada officials cited the nation’s economic resiliency in the face of global uncertainty when they defended their decision this week not to follow the Federal Reserve in cutting rates.Though Poloz wasn’t expected to stay for a second term, he had indicated it was an option. His decision to step down means replacing him becomes one of the first orders of business for Prime Minister Justin Trudeau, whose Liberal Party won a second term in government after a divisive election in October.Early front-runners include the governor’s chief deputy, Carolyn Wilkins, who would be the first woman to take the job. Wilkins would offer the smoothest transition, particularly given how Poloz has elevated her role of Senior Deputy Governor under his watch to one that is more prominent than usual for the job.Wilkins, 55, oversees the central bank’s strategic planning and economic research, is involved in high-level Group of 20 and Financial Stability Board meetings, and is overseeing the review of the central bank’s inflation mandate, which will be renewed in 2021. Wilkins also fills in for Poloz once a year as chair of the Governing Council — the group of policy makers that decides on interest rates.Jean Boivin, the head of BlackRock Inc.’s research unit, is also being touted as a stronger contender. He was considered an economic whiz kid when Bank of England Governor Mark Carney, then Bank of Canada governor, recruited him from academia as an adviser a decade ago. Boivin, currently based in London, would be the first francophone to run the central bank.Another potential successor is Tiff Macklem, dean of the University of Toronto’s Rotman School of Management, who left the bank after a long tenure after he lost his bid for the top job at the central bank in 2013 to Poloz. Among other names circulating as potential candidates include Paul Beaudry, who joined the Bank of Canada earlier this year as deputy governor; Evan Siddall, head of Canada Mortgage and Housing Corp.; and Paul Rochon, the current deputy minister of finance.Poloz’s announcement comes amid a period of turnover atop the world’s major central banks. Christine Lagarde just replaced Mario Draghi as president of the European Central Bank, while Carney is set to step down from the Bank of England in January.Under Poloz’s watch, borrowing costs were kept near the lowest levels in the central bank’s eight-decade history. That ultimately kept the economy afloat long enough for one of the fastest increases in jobs and probably the largest accumulation of wealth in the nation’s history, as cheap money inflated the value of real estate and financial assets.By some measures, Poloz has been one of Canada’s most successful central bankers ever: the country is closer to a state of full employment and stable prices than at any time since the 1960s.But his efforts to return the economy to full health, where it’s not reliant on low interest rates, housing and debt, ultimately fell short as Canada grappled with the lingering effects of the last recession and wrestled with a litany of new headwinds including a once-in-a-generation collapse in commodity prices and the impacts of global trade tensions.\–With assistance from Cedric Sam.To contact the reporters on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net;Shelly Hagan in ottawa at shagan9@bloomberg.netTo contact the editors responsible for this story: Theophilos Argitis at targitis@bloomberg.net, Chris Fournier, Stephen WicaryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



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New York police commissioner to step down from 'a job that consumes you'

New York police commissioner to step down from 'a job that consumes you'New York Police Department Commissioner James O’Neill will step down to take a new job in the private sector, he said on Monday, about three months after his decision to fire an officer accused of using a banned chokehold that caused the death of a black man. Dermot Shea, currently the NYPD’s chief of detectives, will replace O’Neill. “This is a job that consumes you,” O’Neill said at a news conference attended by Shea and New York City Mayor Bill de Blasio.



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US takes step to require DNA samples from asylum-seekers

US takes step to require DNA samples from asylum-seekersThe Trump administration is planning to collect DNA samples from asylum-seekers and other migrants detained by immigration officials and will add the information to a massive FBI database used by law enforcement hunting for criminals, a Justice Department official said. The Justice Department on Monday issued amended regulations that would mandate DNA collection for almost all migrants who cross between official entry points and are held even temporarily.



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US takes step to require DNA samples from asylum-seekers

US takes step to require DNA samples from asylum-seekersThe Trump administration is planning to collect DNA samples from asylum-seekers and other migrants detained by immigration officials and will add the information to a massive FBI database used by law enforcement hunting for criminals, a Justice Department official said. The Justice Department on Monday issued amended regulations that would mandate DNA collection for almost all migrants who cross between official entry points and are held even temporarily.



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Hondurans call for president to step down after drug verdict

Hondurans call for president to step down after drug verdictOpposition groups called Saturday for continuing protests to demand that Honduran President Juan Orlando Hernández be removed from office after his younger brother was convicted of drug trafficking in a New York court. President Hernández insisted via Twitter that the verdict is not against the state of Honduras, saying his government has fought drug trafficking. On Saturday he attended a parade to honor the country’s armed forces and posted pictures of himself on Twitter smiling alongside the U.S. chargé d’affaires to Honduras, Colleen Hoey.



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Russia-backed Syrian forces step in as U.S. retreats

Russia-backed Syrian forces step in as U.S. retreatsBEIRUT/ANKARA (Reuters) – Russia-backed Syrian forces wasted no time in taking advantage of an abrupt U.S. retreat from Syria on Monday, deploying deep inside Kurdish-held territory south of the Turkish frontier less than 24 hours after Washington announced a full withdrawal. Washington’s Kurdish former allies said they invited in the government troops as an “emergency measure” to help fend off an assault by Turkey, launched last week with “a green light” from President Donald Trump that the Kurds describe as a betrayal. The Syrian government’s deployment on Monday is a major victory for President Bashar al-Assad and his principal ally Russia, who gained a military foothold across the biggest swathe of the country that had been beyond their grasp.



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Lam says Chinese military could step in if uprising gets bad

Lam says Chinese military could step in if uprising gets badHong Kong leader Carrie Lam warned Tuesday that the Chinese military could step in if an uprising for democratic reforms that has rocked the city for months “becomes so bad” but said the government still hopes to resolve the crisis itself. The protests started in June over a now-shelved extradition bill that would have allowed some criminal suspects to be sent to mainland China for trial but have since morphed into a larger anti-government movement.



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US to step aside for Turkish assault on Kurds in Syria

US to step aside for Turkish assault on Kurds in SyriaThe White House said Sunday that U.S. forces in northeast Syria will move aside and clear the way for an expected Turkish assault, essentially abandoning Kurdish fighters who fought alongside American forces in the yearslong battle to defeat Islamic State militants. Turkish President Recep Tayyip Erdogan has threatened for months to launch the military operation across the border. Republicans and Democrats have warned that allowing the Turkish attack could lead to a massacre of the Kurds and send a troubling message to American allies across the globe.



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Rudy Calls on State Department Official to ‘Step Forward and Explain’ Ukraine Outreach

Rudy Calls on State Department Official to ‘Step Forward and Explain’ Ukraine OutreachFox NewsFollowing Thursday’s release of the bombshell whistleblower complaint that alleges the White House tried to “lock down” records of President Donald Trump’s call with the Ukrainian president in which he sought election interference from a foreign leader, Trump attorney Rudy Giuliani lashed out at the State Department, demanding its representative for Ukraine negotiations “step forward” and admit he was working for the department.Among the eyebrow-raising allegations contained in the whistleblower complaint was the allegation that the State Department was “deeply concerned” about Giuliani’s communications with Ukrainian leaders. During his Thursday night appearance on Fox News’ The Ingraham Angle, Giuliani reiterated his previous claims that the State Department asked him to reach out to Ukraine to inquire about Ukrainian investigations, including into former Vice President Joe Biden and his family.Pointing to text messages he purportedly shared with U.S. special representative for Ukraine negotiations Kurt Volker, Giuliani insisted that the messages prove that his Aug. 2 Madrid meeting with President Volodymyr Zelensky’s adviser Andriy Yermak wasn’t a “direct follow-up” to Trump’s call but instead set up by State.“Are you concerned that you are unnecessarily dragging his name into this?” Fox host Laura Ingraham asked.“He should step forward and explain what he did,” Giuliani responded. “The whistleblower falsely alleges that I was operating on my own. Well, I wasn’t operating on my own!”Giuliani went on to claim that he spoke to Volker eight times and that the State Department “basically knew everything I was doing,” further stating that he was sent one message where the department gave him a “big thank-you.”“I should actually get some kind of an award,” he added, echoing his assertion earlier in the day that he’ll “be the hero” in the end.Ingraham noted that people were “extremely confused” about his relationship with the State Department, asking why it was giving him “marching orders” for his Ukrainian investigations.“There’s a reason I’m in the middle of this and it emerges from the corruption of how they tried to hide this for years, including trying to cover up Biden for years,” Giuliani, who won’t say if he has a security clearance, declared. “I got this because the FBI wouldn’t take it.”After claiming that he now gets a “visceral reaction” to Biden and doing a weird impersonation of Sen. Mitt Romney (R-UT), Giuliani was once again asked why he was working with State rather than the FBI or the Department of Justice.“For a year and a half, [Ukrainians] were trying to get these—this information to the FBI but they weren’t interested,” the former New York City mayor alleged. “They even hired a lawyer in America. They even gave it to several U.S. attorneys.”Giuliani, at the same time, repeatedly insisted that he “didn’t reach out to the State Department,” prompting Ingraham to ask if Giuliani was acting as Trump’s “personal representative interfacing with State” or as a “kind of a pseudo-government emissary working to ferret out corruption in the Ukraine.”“They asked me if I would take a call from Yermak and if I would meet with him, and I did and I reported it back to them, and the conversation was completely normal, and there was no bribery and there was no extortion,” Giuliani replied. “Nothing like what Biden did. I didn’t do that and the president didn’t do that.”The Fox News host, meanwhile, noted that Secretary of State Mike Pompeo is reportedly unhappy with Giuliani, causing the ex-mayor to say the State Department “should congratulate him” because he unveiled “mass corruption” by Biden. (There is no evidence Biden or his son were responsible for any wrongdoing in Ukraine.)“In fact, I’m the legitimate whistleblower,” he boasted. “I have uncovered corruption that this Washington swamp has been covering up effectively for years and his State Department, you know, asked me to do this. So Mike, if you’re unhappy with me, I’m sorry but I accomplished my mission.”“I have no idea if he is unhappy with me or not,” Giuliani added. “Frankly, I don’t care. I’m the president’s lawyer!”During an interview with The Atlantic hours earlier, however, Giuliani said: “I’m not acting as a lawyer. I’m acting as someone who has devoted most of his life to straightening out government.”Read more at The Daily Beast.Get our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.



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UN Climate Action Summit: How many countries will step up on the world stage Monday?

UN Climate Action Summit: How many countries will step up on the world stage Monday?With rising protests on climate change, nations will reveal if they'll commit to deep emissions cuts. 130 banks pledged Sunday to join the effort.



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