Communities responding to announced reductions in force structure and personnel can apply for planning assistance from DOD’s Office of Economic Adjustment (OEA) to organize and better understand how the reductions may affect local housing, schools and businesses, according to a March 18 Federal Register notice.States, counties or municipalities can apply for OEA’s community adjustment planning assistance if they expect to experience personnel reductions resulting in the loss of at least:2,000 military, civilian, and contractor personnel in an urban area; or1,000 military, civilian, or contractor personnel in the case of a non-urban area.The OEA director must also determine whether the losses “constitute a direct and significant adverse consequence” on a community and its residents, according to the notice. In cases affecting multiple jurisdictions, affected jurisdictions would be required to apply jointly for a single assistance program.Applicants would be required to provide at least 10 percent of the project cost.Examples of activities that could be funded under this program include:operating and maintaining a community-based organization to represent an affected area and its workers, businesses and communities;preparing strategies and plans for sustainable economic recovery;carrying out a community adjustment and economic diversification program; andplanning and carrying out local economic adjustment programs.Planning assistance can be used for feasibility studies; organizational staffing, operating, and administrative expenses; redevelopment and economic development capacity building; public outreach; and other activities necessary for a community to respond to the adverse impact of defense spending reductions on local schools, housing markets and central business districts.OEA will consider proposals on a continuing basis — subject to available appropriations — as an end date for this program has not yet been determined. For more information, contact James Holland, program director, at firstname.lastname@example.org. Dan Cohen AUTHOR
See All SUVs Luxury cars Feb 8 • 2019 Chicago Auto Show recap: Big debuts from Mazda, Toyota, Subaru and more Feb 8 • Ram’s Multifunction Tailgate can open like French doors Review • 2019 Cadillac XT4: Style, but not enough substance More about 2019 Cadillac XT4 Chicago Auto Show 2019 2020 Kia Telluride review: Kia’s new SUV has big style and bigger value Feb 9 • 2019 Ram 2500 HD gets accessorized with Mopar goodies 72 Photos Enlarge ImageBorrowing a little bit of the Escalade’s fancy chrome isn’t a bad idea. Cadillac Despite being relatively new, the Cadillac XT5 already has two newer crossover siblings, the XT4 and the forthcoming XT6. So to keep up appearances, Cadillac has introduced a new limited-edition aesthetic package for its midsize SUV.Cadillac unveiled the 2019 XT5 Sport Package upgrade at the 2019 Chicago Auto Show on Thursday. Established as an optional package on top of either the Luxury or Premium Luxury trims, the XT5 Sport Package gives the SUV a little extra edge without breaking the bank.The most obvious change on the XT5 Sport Package is its grille, which is clad in gloss black and surrounded by Galvano chrome, a special kind of chrome with a unique luster that was first seen on the current-gen Escalade. The exterior changes are capped off with LED headlights, clear taillight lenses, side steps and 20-inch aluminum wheels in a gray finish.Buyers will choose from two interior color schemes — black with aluminum trim, or white and black two-tone with the same aluminum trim. There’s also a set of sport pedals on offer. Otherwise, it’s the same ol’ interior, including Cadillac’s 8-inch infotainment system with Apple CarPlay, Android Auto and a 4G LTE Wi-Fi hotspot. Under the hood is the 310-horsepower V6 that powers every XT5.The XT5 Sport Package is a $2,995 upgrade on the $49,490 Luxury trim, which includes standard equipment such as leather seats, a heated steering wheel, wireless device charging and a bevy of safety systems. Move up to the $55,190 Premium Luxury trim, and the package costs $1,995. Standard kit on the Premium Luxury trim includes a 14-speaker Bose sound system, embedded navigation, ventilated front seats and interior accent lighting. 2020 Cadillac XT6: Caddy’s new three-row crossover is heavy on tech • 2020 Hyundai Palisade review: Posh enough to make Genesis jealous Chicago Auto Show 2019 Cadillac Share your voice 0 More From Roadshow reading • Cadillac XT5 Sport Package gets dark for a limited time in Chicago Preview • 2019 Cadillac XT4: Late to the party, but worth your attention Feb 8 • Ram’s Multifunction Tailgate adds a 60-40 split Post a comment 2020 BMW M340i review: A dash of M makes everything better Tags
A trader reacts as he watches screens on the floor of the New York Stock Exchange in New York on Feb 5, 2018.Reuters file [Representational Image]Asian stocks advanced on Thursday, tracking a surge on Wall Street, after the chairman of the US Federal Reserve suggested it may nearing an end to its three-year rate tightening cycle, boosting interest in riskier assets.The dollar struggled and U.S. Treasury yields dipped after Jerome Powell said on Wednesday that US policy rates were “just below” neutral, less than two months after saying rates were probably “a long way” from that point.MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8 percent.The Shanghai Composite Index edged up 0.2 percent, Australian stocks gained 0.5 percent and Japan’s Nikkei climbed 0.9 percent.However, gains in Asia were tempered by investor jitters ahead of high-stakes trade talks between US President Donald Trump and his Chinese counterpart Xi Jinping on Saturday on the sidelines of the G20 summit in Argentina.Economists at ANZ pointed out that policy hawks in the Trump administration who want Washington to take a tough stance against Beijing appear to be in the ascendancy.”They will want some concessions from China, not least of all on what they perceive is theft of intellectual property and forced technology transfer,” wrote the ANZ economists.”Thus, it would seem the prospect of the Trump-Xi meeting ending without a sustainable resolution to their differences is relatively high.”Analysts believe any signs of a thaw in U.S.-China tensions could trigger a knee-jerk rally but say the move would likely be short-lived unless there are substantive compromise from both sides — most notably if Xi can persuade Trump to postpone a sharp tariff hike on Chinese goods due to take effect Jan. 1.The Dow meanwhile rallied 2.5 percent and Nasdaq surged nearly 3 percent on Wednesday as Powell’s comments eased fears of a faster pace of rate hikes in 2019. “Equities gained as Powell hinted of implementing fewer rate hikes when the economy is still doing well,” said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.”The likelihood of slower U.S. monetary tightening caused the dollar to slump against currencies, particularly the euro, which could soon benefit from an ECB rate hike.”The euro was a shade higher at $1.1374 after advancing 0.7 percent the previous day.The dollar dipped 0.2 percent to 113.46 yen after being knocked down from a two-week high above 114.00 scaled overnight.The Australian dollar, sensitive to shifts in broader risk sentiment, jumped more than 1 percent on Wednesday and last stood little changed at 0.7302.The dollar index against a basket of six major currencies was effectively flat at 96.805 following an overnight loss of 0.6 percent.The U.S. two-year Treasury yield extended a modest decline from the previous day following Powell’s comments. The yield was down about 1 basis point at 2.796 percent.Oil prices clawed back some ground from losses in the previous session, but an increase in U.S. crude inventories and uncertainty in the run to an OPEC meeting next week kept markets under pressure. US crude futures were up 0.8 percent at $50.66 per barrel after sliding 2.5 percent the previous day.Brent crude rose 0.6 percent to $59.13. It has slumped 21 percent this month, during which it fell to a 13-month trough of $58.41.
Tradespeople sit on the side of a road as they wait to get hired for work in Mumbai, India, on 6 November 2017. — Photo: ReutersAn official survey that has been withheld by the government shows India’s unemployment rate rose to its highest level in at least 45 years in 2017/18, the Business Standard newspaper reported on Thursday, delivering a blow to Prime Minister Narendra Modi months before a general election.A political controversy over the survey erupted after the acting chairman and another member of the body that reviewed the jobs data resigned, saying there had been a delay in its scheduled December release and alleging interference by other state agencies.The assessment by the National Sample Survey Office (NSSO), conducted July 2017-June 2018, showed an unemployment rate of 6.1 per cent. That was the highest since 1972/73, the period for which the data are comparable, the newspaper reported, citing documents it had reviewed. It did not give a figure for 1972/73.But the government think-tank NITI Aayog said the report was only a draft and that a final version would be published in March. It denied unemployment was widespread in India, whose economy is one of the fastest growing in the world.“You can’t be growing annually at 7.2 per cent and saying that there are no jobs being created in the economy,” NITI Aayog Chief Executive Amitabh Kant said at a press conference.“To my mind, the problem is that there’s a lack of good-quality jobs, and that’s what we need to focus on. There’s a wages problem, and there’s a very big informal sector in India’s economy.”He said the country was creating more than 7 million jobs a year, enough for “new entrants” joining the workforce.Rahul Gandhi, the leader of the Congress party, the main opposition, said the report showed “a national disaster”.Though India’s economy has been expanding by 7 per cent plus annually, uneven growth has meant that new jobs are not keeping pace. And critics say the government’s claims of economic success have sounded increasingly hollow.Modi’s ambitious Make-in-India project has failed to take off. It was intended to increase the share of domestic manufacturing from 17 per cent of gross domestic product to about 25 per cent and create jobs for an estimated 1.2 million youth entering the market.Instead, the report showed 18.7 per cent of urban males aged 15-29 were without work, and the jobless rate for urban females the same age was 27.2 per cent.Worse, the labour force participation rate – the proportion of population working or seeking jobs – declined to 36.9 per cent in 2017/18 from 39.5 per cent in 2011/12, the report said. The comparable rate for the United States was 63.1 per cent in December.The NITI Aayog said the government needed more quarterly data to publish a “comparable” jobs report.But PC Mohanan, who on Monday resigned as the head of the government-funded National Statistical Commission, said the standalone report for the last fiscal year should have been published.“There’s no link between this and the quarterly data,” Mohanan told Reuters. “This report was released for approval because this is a standalone report and it does not require any additional verification with any sources.”CRISIS EVERYWHEREHimanshu, an associate professor at New Delhi’s Jawaharlal Nehru University who specialises in development economics, said that the jobs crisis was everywhere to see.“News and data like thousands of PhDs applying for waiter jobs in Mumbai or millions applying for just a thousand jobs in Gujarat or 10 million applying for a small number of jobs in railways,” he said.“I mean, these kind of examples are everywhere,” he said, pointing to street protests by caste and other interest groups seeking quotas for government jobs.The data provides the first comprehensive assessment of India’s employment since Modi’s decision in November 2016 to withdraw most of the country’s banknotes from circulation overnight.After the chaotic launch of a national sales tax in July 2017, hundreds of thousands have lost jobs in small businesses.The gloomy jobs data could be awkward for Modi’s Hindu nationalist government to explain with a general election looming and opinion polls already showing the ruling Bharatiya Janata Party unlikely to keep its parliamentary majority.“It’s a very, very serious issue, and that is the why the government didn’t want this data to come out in the public domain,” said former Finance Minister Yashwant Sinha.A report released by the All India Manufacturers’ Organisation said last month 3.5 million jobs had been lost since 2016, mainly due to demonetisation and rising working costs after the launch of the national tax.