Share European Commission falling short on competition oversight The auditors also found that some significant transactions fell outside the Commission’s scrutiny because companies did not have to notify them to the Commission because of the turnover thresholds set out in EU legislation. The European Commission has not fully addressed complex new enforcement challenges in digital markets, the ever-increasing amount of data to be analysed or the limitations of existing enforcement tools, according to a new report by the European Court of Auditors (ECA). “It needs to get better at proactively detecting infringements and select its investigations more judiciously. Together with stronger cooperation from national competition authorities (NCAs), this will result in better competition enforcement in the EU internal market, protecting businesses and consumers.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBetterBe20 Stunning Female AthletesBetterBePost FunGreat Songs That Artists Are Now Embarrassed OfPost FunAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorGameday NewsMichael Oher Tells A Whole Different Story About ‘The Blind Side’Gameday NewsLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthHistory DailyPhotographers Captured What No One Was Meant To SeeHistory DailyMagellan TimesIf You See A Red Ball On A Power Line, Here’s What It MeansMagellan TimesSportinal20+ Female Gymnasts And How They Look NowSportinal Also Read: European Commission falling short on competition oversight The Commission enforces the EU’s competition rules together with national competition authorities. It is also responsible for reviewing mergers of companies that are significant to the EU’s internal market. whatsapp The ECA found the level of resources at the Commission’s disposal for monitoring markets for potential problems was relatively limited. For example, the Commission has to decide which cases to prioritise in its investigations, but the ECA found it was doing so based on a criteria that did not clearly weight the selection of cases to those that carried the highest risk. Show Comments ▼ Alex Brenninkmeijer, the ECA member responsible for the report, said: “In the last decade the Commission has been using its powers in merger control and antitrust proceedings effectively. But it now needs to scale up market oversight to be fit for a more global and digital world. Every year, the Commission examines over 300 merger notifications and around 200 antitrust cases. From 2010 to 2019 it imposed fines amounting to €28.5bn for infringements. Due to limited resources, it has conducted only four own-initiative sector inquiries since 2005. Tags: European Commission The European Commission is falling short on its competition oversight obligations, and due to limited resources its capacity to monitor markets and detect antitrust cases are limited. Hannah Godfrey Thursday 19 November 2020 9:55 am whatsapp More From Our Partners UK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.com
Federal Government | Health | Southcentral | State GovernmentAffordable Care Act enrollments down in Alaska, but not by muchDecember 22, 2017 by Jeremy Hsieh, KTOO Share:Jessie Menkens hands 3-year-old Mayzie Sheakley toothpaste and a toothbrush at a health care booth in Elizabeth Peratrovich Hall in Juneau on Nov. 24. Menkens works for the Alaska Primary Care Association, which sponsored the booth to promote enrollment in insurance plans through the health care exchange. Also pictured: Sue Clayton and Herb Sheakley. (Photo by Jeremy Hsieh/KTOO)The open enrollment period to buy health insurance on the Affordable Care Act’s individual marketplace ended Dec. 15, and Alaska’s preliminary numbers are in.The Centers for Medicare and Medicaid Services, or CMS, reported Thursday that there were 18,356 enrollees in Alaska. It’s about 800 fewer than last year when the federal government spent more on outreach and the enrollment period lasted twice as long. However, plans in Alaska were more expensive last year.Alaska Division of Insurance Director Lori Wing-Heier said there were many factors working against enrollment.Lori Wing-Heier. (Photo by Skip Gray/360 North)“With the shortened enrollment period, with the — CMS not funding, basically a media campaign for the navigators and working with the brokers as they have in the past — not to mention all that has transpired in D.C. looking to repeal and replace the ACA, there was a great deal of confusion amongst consumers,” Wing-Heier said. “So to come out of it with that capture? We’re thrilled.”The uninsured are subject to a penalty on their federal income taxes. The Republican tax overhaul that President Donald Trump signed Friday will eliminate that provision of the Affordable Care Act, effective in 2019.Despite the news out of D.C., Wing-Heier has a positive longer-term outlook in terms of affordability and accessibility.“I think it shows that there is a want and a need. That people want access to health care, and to be able to fund it,” she said. “With these numbers, I think, and with the momentum that is building within the state to address these concerns, not just in the individual market, but in group markets where employers provide insurance, I think we’re going to see a growth, a continued growth in support of the market itself.”Final enrollment numbers are likely to change, due to cancellations and additional sign ups to be processed. CMS expects to release final enrollment numbers next week and detailed data in March.Share this story:
Iditarod | Interior | Northwest | SouthcentralIditarod set to start under a cloud of scandalsMarch 1, 2018 by Zachariah Hughes, Alaska Public Media Share:Wade Marrs, mushing along the Iditarod 2016 Trail on the outskirts of Nome. (Photo by Laura Collins/KNOM)The Iditarod Trail Sled Dog Race kicks off this Saturday, as mushers and their teams begin cross a thousand miles of the Alaska wilderness.But this year the event is mired in scandals: Fallout from a dog doping fiasco, a musher mutiny, and unprecedented pressure from protest groups.All of which, according to a leaked report, are putting the event’s future in dire jeopardy.Audio Playerhttp://media.aprn.org/2018/ann-20180228-06.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.Saturday marks the “ceremonial start” of the race, when the streets of downtown Anchorage fill with at least 1,072 yapping sled dogs.Looking on from the snowy sidewalks are tourists, townies, and mushing fans outfitted in their finest furs.The festivities arrive at the tail end of the city’s annual Fur Rondy, a week of festivities hearkening back to the yearly rendezvous among fur trappers, where pelts and antlers are sold openly in the streets.By the time the Iditarod kicks off, the vibe is somewhere between a parade and a dog pageant, with notes of a folksy rural carnival.The next day, dozens of competitors set out on the grueling journey over snowy mountains, icy rivers and frozen tundra toward the tiny town of Nome on the Bering Sea coast.As the race has grown increasingly competitive in recent years, top teams make the trek in between eight and nine days.But this year’s race is up against extra challenges.Multiple controversies have crashed down all at once — even driving one of mushing’s stars to post a 17-minute video on YouTube lashing out at race leadership.Dallas Seavey arrives second to Ruby just after the sun set Wednesday night during the Iditarod. (Photo by Zachariah Hughes/Alaska Public Media)“The Iditarod can try to run me over, they can try to throw me under the bus,” Dallas Seavey said, speaking directly into the camera in the video, posted October 23 of last year. “They’re going to find out I don’t fit under the bus.”Seavey is a mushing wunderkind, having won the race four times before age 30.But since last fall, Seavey has been embroiled in the sport’s first high-profile doping scandal after it came out that some of his dogs tested positive for a banned painkiller at the end of last year’s race.Seavey vigorously denies that he drugged his team, something other top mushers have backed him up on.He faults the Iditarod’s board of directors for mishandling the investigation, hurting his reputation in the process.“This is part of this race that is a cancer right now,” Seavey said in the video, alluding to the Iditarod Trail Committee’s board. “There is a corruption in this race.”Seavey snubbed this year’s Iditarod, and is competing in a Norwegian race that runs at the same time.He’s also pushed back on the damning doping narrative by hiring a public relations firm, casting doubt on science behind the drug tests, and aggressively defending his record in the press.So how did high levels of Tramadol, a widely prescribed opioid, get into four of Seavey’s dogs within hours of his arrival in Nome last year? Theories abound.“I believe this was given to my dogs maliciously,” Seavey said. “I think that’s the most likely option.”The idea that a saboteur drugged Seavey’s dogs is accepted by many in Alaska’s mushing community.Some believe it could have been an unintentional accident. Some think it might have a been a rival competitor.Others point to animal rights activists, who have done more in recent years to take down the Iditarod’s public image.Leading that charge is People for the Ethical Treatment of Animals, or PETA.The group says it did not have any personnel in Alaska last year, and condemns dogs being given banned substances.The group is escalating its tactics by leaning harder than ever on corporate sponsors to drop their support for the event.“One of the biggest lies that the Iditarod community has tried to sell the public is that these dogs aren’t like the dogs we share our homes with, and it’s not true,” Colleen O’Brien, a spokesperson for PETA, said.The group wants for the Iditarod to become a race without dogs, saying too many animals have died as a result of competition, and that mushing is fundamentally abusive.PETA claims that sponsor flight is taking a toll on the Iditarod’s financial health. And this year, for the first time ever, they are sending protesters to Alaska, with demonstrations planned in Anchorage and at the finish in Nome.On top of all that, earlier in February a prominent group of race veterans called for the president of the board of directors to resign immediately.A letter was sent by members of the Iditarod Official Finisher’s Club, alleging his mismanagement and conflicts of interest they say are jeopardizing the whole sport.The demand came on the heels of a confidential report by the Foraker group commissioned by the race’s main sponsors leaked to the media.It pointed to many of the same problems, saying the board needs major reforms for companies to remain comfortable financing it.Following a closed door meeting, ITC board members voted unanimously to leave president Andy Baker (who’s brother, John Baker, is a champion Iditarod musher) at the helm for the time being.“Everybody wants the race to do better,” Baker said to reporters after the meeting. “Our whole focus is we want to have a safe race. We want dogs to be safe, we want mushers to be safe, and we want a successful race that’s good for Alaska.”Baker said the board is planning to revise its governing rules in the spring, once this year’s race is over, which opens the door for reforming leadership practices criticized by the finisher’s club and Foraker report.Many are pining for the old days, when the Iditarod was more like a weeks-long wilderness adventure than a race.“There’s a big part of me that feels that way,” Stan Hooley, Iditarod’s CEO, said. “Unfortunately I’m in the business, and in the role of working to grow this race.”Some people say that means the Iditarod isn’t as fun — that the race doesn’t resemble the state-wide celebration it used to be.Others say the global audience and increase in corporate money that it has drawn could be what carries dog mushing on into the future.If you want more news on all things mushing, you can subscribe to the Iditapod, a podcast about the Iditarod from Alaska Public Media and KNOM Radio.Share this story:
Entertainment IndustryCelebrityCan Armie Hammer Survive a Scandal of This Magnitude? Crisis Managers Weigh In”Sex addiction is one thing, it’s another to abuse partners,” one insider said of the allegations against the actorBy Merle Ginsberg – February 8, 2021365ShareEmailFacebookTwitterPinterestReddItLet’s say you’re a celebrity in deep media doo-doo. Hollywood crisis PR managers are standing by to smooth over college admissions scandals, doughnut-licking scandals, even the most tawdry sex scandals. Still, how to massage the bizarre allegations against Armie Hammer from ex-paramours? The actor’s career has been in free fall after the New York Post published a series of text messages in which Hammer mused about drinking his ex-girlfriend’s blood and eating one of her ribs. Hammer called the accusations “spurious” and “bullshit.” That didn’t stop WME from dropping him in February or, according to Variety, getting him exiled from two high-profile projects, The Offer and Shotgun Wedding. Hammer’s attorney insists the allegations were created “with the goal of tarnishing” his client’s reputation. Can he bounce back? We asked some of the town’s top spin doctors to weigh in. Howard Bragman, La Brea Media: “Armie could do what celebrities usually do when they get into trouble—go into rehab; but in his case, the ultimate L.A rehab: you go in a carnivore and come out a vegan. More seriously, he could point out that all these stories were pushed by the New York Post, which isn’t exactly a trusted news source. I think the only time he addressed it, he said it must be a joke—which was the right way to go. Armie needs to go far away from press for a while. And I wouldn’t serve ribs at his next junket.” Ross Johnson, Johnson Public Relations: “I think its really important for him to directly address this issue. Maybe he should come out and declare, ‘I’m not a cannibal.’ As a performer, he’s a distressed property right now; his agent needs to drop his per-movie quote for a while. I’m sure a lot of producers are calling about that right now! I don’t think Armie’s getting canceled—his brand is probably salvageable—but the low-ballers are coming out. I’d say to him, ‘You gotta calm your act down. Shut down all your social media accounts! Don’t do any press for 30 days. And you might want to rethink serious sex scenes right now.’”Prominent L.A. crisis manager who asked not to be ID’d: “The first thing with Armie is, if any of these allegations are true, he needs to get help, pronto. I would say to him, ‘Unless you’re committed to getting psychological help, I can’t help you.’ Sex addiction is one thing, it’s another to abuse partners. If he says, ‘All of these stories are bullshit’ and turns out to be lying, all his credibility will be gone. He will get caught—no one can outsmart Google. If he agreed to get help, I’d put a statement out: ‘Armie recognizes he was out of control. He’s sorry he caused pain.’ I’d also call a criminal lawyer to find out if he might need one. Now, if he gets help, after a few months I’d give the recovery story to a very legitimate outlet like the New York Times. The public is very forgiving of an illness—not so much a transgression. He has to recognize the bad example he’s set as a public figure.”RELATED: Harvey Weinstein’s New Crisis PR Man Once Handled Rush Limbaugh, R. Kelly, and Accused Catholic PriestsStay up to date with everything you need to know about L.A. by following us on Facebook and Instagram. TAGSScandalArmie HammerPrevious articleNew Dodger Trevor Bauer Is Known for Pitching Fits Along with FastballsNext articleA Judge Sides with Deputy District Attorneys Fighting a George Gascón Policy ChangeGwynedd Stuart RELATED ARTICLESMORE FROM AUTHORWhat Will Become of an Upcoming Disney Movie Starring Armie Hammer?Armie Hammer Is Accused of Rape as LAPD Investigates Him for Sexual AssaultArmie Hammer’s Hancock Park Home Finally Sells—and He Splits
Ocean carriers CMA CGM, COSCO Container Lines, Evergreen and OOCL have signed a Memorandum of Understanding to form a new mega-alliance designed to challenge Maersk Line and MSC’s 2M grouping on east-west trades.Dubbed the Ocean Alliance, the proposed grouping would bring the world’s 3rd, 4th, 5th and 9th biggest container lines together in a vessel-sharing agreement but leave the other top 20 carriers scrambling to compete and stay in the Asia – Europe and transpacific markets.According to Alphaliner’s data the proposed new Ocean Alliance’s east-west capacity would be some 500,000 teu larger than the 2.1m teu capacity of the 2M.“This is a milestone agreement among four of the world’s leading container shipping lines,” noted a joint statement released today. “Each line will offer best-in-class services to customers with fast transit times, competitive sailing frequencies, and the most extensive port coverage in the market,” it added.The agreement is subject to regulatory approval from the Federal Maritime Commission in the US, the European Commission and China’s Ministry of Transportation, but after the lessons learned from the failed P3 alliance of Maersk, MSC and CMA CGM it seems likely that the partners would already have had a ‘nod’ of approval before making the announcement.The new alliance is set to begin in April next year, following CMA CGM withdrawing APL from the G6 alliance.Speaking at a roundtable session at TOC Asia today, Kenneth Glenn, chief executive of APL, said that APL was not part of the discussion as its acquisition by CMA CGM had yet to close. He confirmed that APL would remain a G6 alliance member until April 2017.“As a general comment however, I think it is a positive sign because carriers understand that they need to be as competitive as possible on both service and costs, and it appears to be the formation of a very formidable group of carriers with an extensive array of services. I see that it is not just the main east-west deep sea trades but also Asia-Middle East and Red Sea, and this shows carriers are continually evolving the service offering.”The alliance shake-up will force the hands of the remaining players to quickly choose their strongest partners from the remnants of the CKYHE, G6 and O3 alliances to form a new third mega-alliance.Robbert van Trooijen CEO of Maersk Line in Asia, told delegates at TOC Asia: “At Maersk we welcome this development because whenever we see such alliances forming it helps to create stability in the industry.”Of the eight remaining carriers, a grouping of Hapag-Lloyd (G6), UASC (O3), Yang Ming (CKYHE), together with the Japanese lines, NYK (G6), K Line (CKYHE) and MOL (G6), would be the most likely scenario, thus omitting troubled South Korean carriers, Hanjin (CKYHE) and HMM (G6) from the alliance equation.Commenting on the formation of the Ocean Alliance, Rodolphe Saade, vice president of the CMA CGM Group said: “The Ocean Alliance is a very ambitious operational agreement.”And the newly merged COSCO Container Lines managing director, Wang Haimin, said: “The Ocean Alliance is a better match for our globalisation strategy.”Evergreen’s chief executive, Lawrence Lee, commented that the new alliance would enable it to “optimise fleet deployment and offer a competitive service to meet customers’ changing demand”.And Andy Tung, chief executive of OOCL remarked: “The new alliance will also be a platform for our ongoing growth as well as improve our cost and efficiency.” © Mohamed Ahmed Soliman By Mike Wackett 20/04/2016
ID 120511924 © Nadezhda Zima | Dreamstime.com By Mike Wackett 14/02/2020 The coronavirus outbreak in China continues to severely disrupt supply chains, the few export sailings this week not cancelled by carriers departed barely 10% full.With reported deaths now in excess of 1,300 and confirmed cases at over 63,000, some provinces and cities in China have extended movement restrictions until 1 March.“The network has almost ground to a halt,” one carrier source told The Loadstar this week.“We sailed a 23,000 teu ship this week from China to North Europe with less than 2,000 teu – we can’t carry on much longer like this.“It’s no good discounting rates if the cargo is not there, so we might have to ask for a premium for customers that do manage to get their containers on the quayside,” he warned.A UK forwarder told The Loadstar this week one carrier told them that it might anchor its biggest ships and deploy smaller vessels on a very limited service until demand picked up.“Rates have become somewhat irrelevant, for now,” said the forwarder, “they did start to discount a bit at the start of the crisis, but that has stopped and, in fact, for any containers we manage to get to the port, we are struggling to get confirmation of when they will get shipped,” he added.“What we are concentrating on now is to nail down contracts for when this all blows over, as there could be a massive spike in rates as pent up demand works its way through,” he said.The Shanghai Containerized Freight Index (SCFI) was again unable to publish today, although the neighbouring Ningbo Containerized Freight Index (NCFI) did manage to announce a cumulative 8% decline on the week, noting that “demand was still in the doldrums”.Meanwhile, today’s Freightos Baltic Index (FBX) from China to North Europe shows a modest 4% decline to $1,758 per 40ft and a minimal 1% fall for Mediterranean ports to $2,333 per 40ft.On the North Europe corridor, spot rates have dropped by around 15% since the Chinese new year, arguably less than might be expected in a ‘normal’ post-CNY year.From China to the US the FBX component for the US west coast is down 1% to $1,486 per 40ft, and by the same percentage for the east coast, to $2,830 per 40ft.Freightos said its data suggested that for US importers the coronavirus outbreak had “intensified a trend, started by the trade war, of importers increasingly looking for regional suppliers other than China”. It said searches for other countries had increased by more than 17% so far this month.It added that although rates might start to fall on the transpacific, if the shutdown dragged on, it expected that when production picked up in force demand would “push rates up” on the trade, and noted that some experts were also predicting a spike in backhaul rates.Looking further ahead, George Griffiths, editor, global container freight market, at S&P Global Platts, told The Loadstar today that the expected post-virus demand rush could see a return of peak season surcharges to compensate carriers for the lull.
Biotech A version of this story originally appeared in The Readout, STAT’s biotech newsletter. Sign up here.Dr. David Hung has had a distinguished career in biotech, presiding over the development of a blockbuster cancer drug and flipping a company for $14 billion. But the last act, in which he led an Alzheimer’s disease startup through a catastrophic failure, is one from which he’d like to move on. Damian Garde STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Dr. David Hung, former CEO of Axoant Photo illustration: STAT, Photo: Handout [email protected] Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED GET STARTED What’s included? Log In | Learn More The stint that never happened? Biotech vet David Hung wipes Axovant from his work history What is it? National Biotech Reporter Damian covers biotech, is a co-writer of The Readout newsletter, and a co-host of “The Readout LOUD” podcast. By Damian Garde April 10, 2018 Reprints About the Author Reprints @damiangarde Tags biotechnology
Facebook Facebook Home Sport GAA LIVE BLOG: Follow all the action as the Laois footballers face Offaly… SportGAAGaelic FootballLaois Senior Football Team Trevor Collins, Eoin Lowry and Colm Murphy are in from the start in place of Robbie Pigott, Sean Byrne and Conor Boyle.This leads to a number of positional changes with Collins coming in at wing back and Colm Begley moving to centre back. WhatsApp Pinterest They must defeat Offaly on Saturday and then Carlow a week later in order to have a chance though – and they will need a few results to go their way elsewhere too.However, if Laois lose to Offaly they will be plunged back into the relegation dog fight – so it really is all to play for this weekend.Follow all of the action as it happens below: Pinterest By Alan Hartnett – 16th March 2019 GAA TAGSAllianz Football League Division 3Laois v OffalyLive Blog SEE ALSO – Gardaí issue warning for drivers this St Patrick’s weekend – as 34 killed so far in 2019 on Irish roadsBrought to you in association with The Cellar Pub, Mountmellick GAA Twitter WhatsApp Eoin Lowry comes in as a straight swap for Conor Boyle but the inclusion of Colm Murphy sees Donie Kingston move to centre forward with Benny Carroll going to the wing.Laois face Offaly in O’Connor Park at 2pm on Saturday and you will be able to follow all of the action on our Live Blog.After the win over Longford, Laois have now given themselves a chance of gaining promotion from Division 3. Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory Previous articleFormer Stradbally Rector is fondly rememberedNext articleIn Pictures: Laois students celebrate intercultural day with 40 different nationalities taking part Alan HartnettStradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016. RELATED ARTICLESMORE FROM AUTHOR GAA Twitter Brought to you in association with The Cellar Pub, MountmellickLaois take on Offaly in Round 6 of their Allianz Football League Division 3 campaign this afternoon.Following on from the win over Longford two weeks ago, manager Sugrue has made three changes to the starting team. LIVE BLOG: Follow all the action as the Laois footballers face Offaly in Tullamore Here are all of Wednesday’s Laois GAA results 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshin
David Friend Scotiabank chief executive Rick Waugh says financial policymakers need to work closer with the world’s biggest banks to ensure that new regulations don’t stifle economic growth. Waugh says in order for banks to help the global economy, they need to take on “a certain level” of risk. Facebook LinkedIn Twitter Companies Bank of Nova Scotia Share this article and your comments with peers on social media “It’s how those risks are managed that makes all the difference,” he said. “Those who get risk management right, thrive. Those who don’t, falter.” Waugh tackled the banking regulation debate during a speech Thursday to the Economic Club of Canada. Capital levels at Canadian banks are widely considered to be stronger than most of their international peers, under the new Basel III rules which set out key measures of a bank’s health and ability to endure future economic downturns. Waugh said that regulations are having a “transformational effect” on the industry that eclipses any of the existing market forces because some institutions are being forced to sell off assets they can’t handle or exit some countries. Scotiabank has benefitted from this shift by acquiring companies like E*Trade, Dundee Wealth, ING Direct and businesses at other international financial institutions, he said. The regulatory changes also come at a price for the international financial community, he added. “As banks decide to exit markets, it means less choice, reduced competition, less liquidity and higher funding costs for businesses and consumers,” he said. Waugh plans to retire in November, and will be replaced by Brian Porter, currently the bank’s president.