in Daily Dose, Featured, Market Studies, News March 26, 2020 1,324 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: DS5: Industry Leaders Discuss Trends, Challenges Next: Freddie Mac Ceases Issuing LIBOR Securities Related Articles In the week ending on March 21, there were 3,283,000 claims for insured unemployment, an increase of 3,001,000 from the previous week’s revised level. According to the United States Department of Labor, this is the largest increase in history, as the previous high was 695,000 in October of 1982.“This sudden increase in UI claims reflects the shock to demand in the economy,” said Doug Duncan, Chief Economist at Fannie Mae. “For a large segment of the workforce, the rapidly deteriorating employment situation is due to the spread of the COVID-19 outbreak, as well as the associated policy restrictions and shifts in consumer behavior, both aimed at avoiding infection. We interpret this morning’s release as a strong leading indicator of an expected increase in household financial stress.”Most states cited COVID-19 virus impacts in their unemployment reports. States continued to cite services industries broadly, particularly accommodation and food services. Additional industries heavily cited for the increases included the health care and social assistance, arts, entertainment and recreation, transportation and warehousing, and manufacturing industries.In an effort to mitigate the economic impact of COVID-19, Senate Democrats and Republicans agreed to a stimulus package that totals more than $2 trillion early Wednesday morning. Senate passed th economic relief package Wednesday night; it now heads to the House.”The stimulus bill proposal currently working its way through Congress seeks to address certain features of the UI systems, such as eligibility requirements and the amount and maximum duration of benefits paid, which are intended to help alleviate some of the financial stressed caused by job loss,” Duncan continues. “Furthermore, payments to households are designed to make up for lost earnings. Proposed support for businesses is intended to help them survive the shock to demand in order to be positioned to re-hire workers after the virus subsides and demand picks back up.”Editor’s note: this story is breaking, check back for updates. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Print This Post Home / Daily Dose / Unemployment Claims Top 3M Data Provider Black Knight to Acquire Top of Mind 2 days ago Unemployment Claims Top 3M Share Save Coronavirus Unemployment 2020-03-26 Seth Welborn The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago Tagged with: Coronavirus Unemployment Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Subscribe
Surprises in Indonesian defense procurement seem like a constant feature now.After initial clearance from the United States State Department to buy an MV-22 Osprey tilt-rotor aircraft, news broke that Defense Minister Prabowo Subianto intended to buy jet fighters from Austria.Austrian newspaper Die Presse reported on Sunday that Prabowo had sent a letter to his Austrian counterpart Klaudia Tanner offering to buy the country’s 15 Eurofighter Typhoon jet fighters. The letter was dated July 10 and arrived at the Austrian Defense Ministry late last week, Die Presse reported.The Austrian Defense Ministry, however, declined to comment on the offer, the newspaper said.“As I was always impressed by European technologies and know-how, I would kindly ask your support for the following proposal, which hopefully leads to a mutual benefit for our two countries,” Prabowo said in a letter circulated among various media WhatsApp groups on Monday morning.There has been no official confirmation from the Defense Ministry on the authenticity of the letter, though it is consistent with Die Presse’s report. Prabowo was referring to information he received from someone named WD Grosse that Austria had acquired 15 Eurofighter Typhoon jet fighters in 2002.“To achieve my target of modernizing the Indonesian Air Force, I would, therefore, like to propose to enter into official deliberation with you, your Excellency, on purchasing all 15 Eurofighter Typhoons from Austria for the Air Force of the Republic of Indonesia,” Prabowo said.Prabowo said he was fully aware of the sensitivity of Typhoons in Austria, which has been in a legal fight with European defense and aerospace giant Airbus over alleged overpricing.Austria bought the 15 Typhoons in 2002 in a contract worth €2 billion (US$2.28 billion) and has filed a lawsuit to recoup €1.1 billion against Airbus.Airbus is leading the Eurofighter Jagdflugzeug GmbH consortium in manufacturing Typhoons in cooperation with other European defense firms, British BAE System and Italian Leonardo.The consortium has four assembly lines in Germany, Italy, Spain and the United Kingdom as the four original users of Typhoon.Die Presse, however, said that selling Typhoons to Indonesia would be complicated, as it needed approval from the four countries.However, as the consortium did come to Indonesia for a roadshow in April 2015 offering the Typhoon, observers say it may not be that difficult to secure that approval.During the roadshow, in which the consortium brought a full-scale replica to state-owned aircraft maker PT Dirgantara Indonesia’s plant in Bandung, West Java, the consortium offered to move an assembly line from Spain to Bandung should Indonesia decide to procure the Typhoons.Austria’s Typhoons are from Tranche 1, a marker for basic operational capabilities, which focuses more on air-defense missions, while the consortium has offered upgrades to Tranches 2 and 3, which greatly improves the fighters’ ground attack capabilities.Earlier this year, news broke that Indonesia would buy Dassault Rafale fighter aircraft from France following Prabowo’s visit to the country in January.French newspaper La Tribune reported that Indonesia was interested in procuring 48 Rafale jet fighters, in addition to two Scorpene submarines and two Gowind corvettes.Both the Typhoon and Dassault Rafale (which translates to “gust of wind”) actually began as projects among the aforementioned European countries to build a common jet fighter in the late 1970s, before France decided to develop one on its own in 1985 due to differences in technical requirements — including whether a jet fighter should be carrier-capable.Currently, there are three major Rafale versions. The French Air Force uses the single-seater Rafale C and double-seater Rafale B, and the French Navy uses the Rafale M, which is carrier-capable.Meanwhile, Indonesia has yet to move forward with its $1.1 billion contract to buy 11 Su-35 Flanker-E “Super Flankers” from Russia due to financial complications and the possibility of facing sanctions from the United States through the latter’s Countering America’s Adversaries Through Sanctions Act (CAATSA).Although President Joko “Jokowi” Widodo has instructed Prabowo to put a lid on all foreign procurement, local defense companies do not have the capabilities to produce a jet fighter just yet.Indonesia is currently working to make its own jet fighters by securing a 20 percent share in South Korean’s KF-X program, which Indonesia joined in 2010.Korean Aerospace Industries (KAI) is working with PT DI to design and manufacture the jet fighter, in which Indonesia is projected to buy 48 aircraft while South Korea is slated to buy 120.The KF-X jet fighter will have its first roll out in 2021 and the first flight is scheduled in 2022, The Korea Herald reported on July 8.The Herald reported that there will be six prototypes and one will be delivered to Indonesia.“The first batch of mass-produced KF-X aircraft is expected between 2026 and 2028. They will be equipped with limited air-to-ground weapons in addition to air-to-air weapons,” the Korean newspaper reported.Topics :
A recent poll conducted by the Policy Analysis for California Education and Rossier School of Education showed that California voters, by a slight majority, would support an increase in sales and income taxes in order to reduce budget cuts to public education.California Proposition 30, which will be on the ballot in November, would increase the sales tax rate by ¼ cent per dollar for four years and the personal income tax rate for those with incomes of more than $250,000 for seven years.“If it passes, the state will receive several billion dollars in additional revenue that will help prevent further cuts to education and other areas,” said Dominic Brewer, vice dean of research in partnerships and globalization at Rossier. “The state budget has essentially been built on the assumption that the extra revenue will be there, so there will be a scramble to identify new cuts if Prop. 30 fails.”If passed, the proposition is projected to raise about $6 billion in additional annual state revenues for the next seven years. If the measure is rejected, the 2012-13 state budget would be reduced by $6 billion.According to the poll, about 55 percent of Californians support Proposition 30 while 36 percent oppose it.When opposition arguments to the measure were presented, however, poll respondents tended to agree with them more specifically. About 49 percent of people believe that state politicians should decrease wasteful spending before raising taxes.“It’s hard for skeptical voters, who think there is still wasteful spending and too much state control of schools, to see specific examples of how the funds get used,” Brewer said. “Giving real examples for why more revenue is needed now will be essential — a general appeal isn’t likely to work.”Some USC students said neither of these options seems especially appealing because the state of the budget has not left any easy choices.“When you’re just hearing about these things without really being in politics, what you hear is that there are multiple taxes on the ballot,” said Cat Shieh, a junior majoring in political science who works for the Unruh Institute of Politics. “Who likes taxes? Nobody.”The measure would increase personal income tax rates for the top three income tax brackets, consisting of those who make more than $250,000 annually. The exact sales tax rate increase would differ by locality. The average sales tax rate is currently 8.13 percent.“Everybody has a piece in this because that’s what separating the three tax brackets does,” Shieh said. “That will make the issue a little less partisan because everyone understands the situation at hand with the budget and everybody would have to be a part of the solution.”California voters tend to agree that improvements need to be made to an education system that has dealt with drastic cuts in recent years. When asked what grade they would give public schools in the state, many respondents to the poll said that they would give their local schools a C.If Prop. 30 passes, voters would most like to see programs that have been cut restored to schools and future budget cuts prevented. If the tax initiative fails, those polled said that they would prefer to deal with the budget reduction by eliminating transportation of students to schools, increasing class sizes and shortening the school year.“There will be limited additional funding for state services, including education, for a period of time,” said Lawrence Picus, vice dean for faculty affairs at Rossier, on the implications of passing Prop. 30. “That will help limit the impact of state budget deficits on the provision of important government services to children and to others across the state. If it does not pass, school districts will have to make further cuts in their budgets in the middle of the school year.”Though many said voters will face a tough choice in November, some experts said they believe the poll results will prove true.“The state remains in a severe budget crisis despite years of sustained cuts to public services,” said Morgan Polikoff, assistant professor of education at Rossier. “Without the money, even more draconian cuts will have to be made. Perhaps voters are coming around to the idea that starving the state leads to worse results for everyone.”
USC wide receiver Brice Butler, who originally planned to transfer following the spring semester, will stay at USC, the school announced Monday.“We are pleased with Brice’s decision to continue his development as a student-athlete at USC,” USC coach Lane Kiffin said in a statement.Butler, who announced his intention to transfer via Twitter on Jan. 26, did not participate in spring practice despite remaining in school.Coming to USC as a highly touted four-star recruit, according to Rivals.com, Butler, caught just nine passes for 112 yards and one touchdown as a sophomore in 2010, playing behind fellow receivers Brandon Carswell, Ronald Johnson and Robert Woods.He will be forced to compete with returners De’Von Flournoy Kyle Prater, Carswell and Woods, as well as incoming freshmen Victor Blackwell and George Farmer for playing time.