When Janet Yellen leaves the Federal Reserve this weekend after four years as chair, her legacy will include having shattered a social barrier: She is the first woman to have led the world’s most powerful central bank, a position that carries enormous sway over the global economy.

Yellen will be remembered, too, for her achievements in deftly guiding the Fed’s role in the U.S. economy’s slow recovery from a crushing financial crisis and recession. She picked up where her predecessor, Ben Bernanke, had left off in nurturing the nation’s recuperation from a crisis that nearly toppled the financial system.

As Jerome Powell prepares to succeed Yellen as leader of the U.S. central bank, here are five areas in which Yellen’s era at the Fed will be remembered:

Crisis management

Yellen served not just the past four years as Fed chair but for 2½ years in the 1990s as a Fed board member, then six years as president of the Fed’s San Francisco regional bank and then for four years as the Fed’s vice chair during Bernanke’s second four-year term. In all those roles, Yellen proved herself an able economic forecaster. She often detected perils before others saw reason for alarm, and she became a forceful advocate, especially during the Great Recession, for an aggressive response to economic weakness.

Transcripts of Fed policy meetings from the fall of 2008, when Lehman Brothers’ collapse ignited the most dangerous phase of the financial crisis, show that Yellen helped drive the Fed to unleash just about everything in its economic arsenal, including slashing its key short-term interest rate to a record low near zero.

Bold actions

As the recession deepened and millions more Americans lost jobs, Yellen was an assertive voice backing up Bernanke in the path-breaking move by the Fed to buy enormous quantities of Treasury and mortgage bonds to try to drive down long-term borrowing rates to support the economy. Critics warned that the bond purchases, which eventually swelled the Fed’s balance sheet five-fold to $4.5 trillion, could trigger high inflation. So far, inflation has not only remained low but for six years has remained below even the Fed’s 2 percent target rate.

The Yellen-led Fed continued to support the bond purchases in the face of skepticism. Later, it rebuffed pressure to start selling off its record-high bond holdings. Finally, in October, after the Fed felt it had achieved its goal of maximum employment, it began gradually paring its bond portfolio.

Clear communications

Yellen extended an innovation of the Bernanke Fed by holding quarterly news conferences after four of the eight policy meetings each year. At these roughly hour-long sessions, Yellen usually managed to shed some light on the Fed’s thinking about its rate policy while cautioning that any future policy changes would hinge on the latest economic data. By all accounts, she avoided any major communication stumbles by telegraphing the Fed’s moves in advance to avoid catching investors off guard.

Her success in this area contrasted with a rare but memorable stumble by Bernanke: In 2013, as Fed chairman, Bernanke triggered what came to be called the “taper tantrum.” It occurred when he first raised the possibility that the Fed could start gradually tapering its bond purchases sometime in the months to follow — unexpected remarks that sent bond prices plunging.

Jobs above all

Yellen, more than her predecessors, stressed the overarching importance of increasing job growth to the greatest level possible. Maximum employment is one of the two mandates Congress lays out for the Fed. The other is to manage interest rates to promote stable prices, which the Fed has defined as inflation averaging 2 percent annually.

Yellen’s predecessors typically worried most about triggering debilitating bouts of inflation of the kind that the United States suffered in the 1970s. That meant favoring higher rates to limit borrowing and spending.

Yellen was different. She believed the U.S. economy had entered an era in which the gravest threat was not a resurgence of inflation but a prolonged period of weak job growth. She argued that the Fed could leave its key policy rate at a record low near zero for far longer than had previously been thought prudent.

The Fed’s benchmark rate remained near zero from late 2008 until December 2015, when the central bank raised it modestly. Since then, the Fed has gradually raised rates four additional times, leaving its key rate in a still-low range of 1.25 percent to 1.5 percent — well below the level usually associated with a prolonged economic expansion and a tight job market.

History’s judgment

So far, Yellen has been proved correct in her bet that rates could remain lower for longer without causing high inflation. The unemployment rate has reached a 17-year low of 4.1 percent with still-low inflation.

Yet many of Yellen’s critics remain unconvinced. They contend that her insistence on low rates has helped swell dangerous bubbles in such assets as stocks and perhaps home prices. They further warn that because the Fed took so long to begin raising rates, a Powell-led Fed could trigger market turbulence with further rate increases and end up harming the economy — possibly even triggering a recession.

Yellen’s supporters, though, argue that once again she will be proved correct and that the Fed will be able to achieve an economic soft landing: Raising rates enough to keep the economy from overheating but not so much as to derail the expansion, already the third-longest in U.S. history.

 
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From: MeNeedIt

North Korea’s national flag has been raised above the living quarters for the athletes taking part in the upcoming Winter Olympics in South Korea.

The flag began flying Thursday over the Olympic villages in the host cities of Pyeongchang and Gangneung, about 230 kilometers east of Seoul, one day after ceremonies were held marking the villages’ official opening.

The one-day delay was because of South Korea’s strict national security law that prohibits flying the North’s flag. Authorities have exempted all venues connected with the Winter Games, including the athletes’ dormitories and stadiums.

The North’s flag was raised in time to greet 10 members of the North’s Olympic squad who are scheduled to arrive in South Korea later Thursday. They will join 12 female hockey players who arrived last week to join their South Korean counterparts to train as a unified Korean team.

The surprise offer by North Korean leader Kim Jong Un to send a delegation to the Pyeongchang Games during his New Year’s Day speech paved the way for restored dialogue between Pyongyang and Seoul, which had been frozen because of North Korea’s development of its nuclear and ballistic missile weapons programs in defiance of international sanctions.

The talks led to an agreement for both sides to march in the Feb. 9 opening ceremonies under a unified flag.
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From: MeNeedIt

The Court of Arbitration for Sport has upheld appeals by 28 Russian athletes who were sanctioned by the International Olympic Committee for an alleged doping scheme at the 2014 Olympics in Sochi.

The CAS said Thursday there was insufficient evidence that the athletes committed doping violations. It annulled the sanctions against them and reinstated their results from the 2014 Games.

The IOC said after the ruling that the 28 athletes who won their appeals would not be invited to participate in this month’s Olympics in South Korea.

Still no invite

“Not being sanctioned does not automatically confer the privilege of an invitation,” the IOC said in a statement.

It further expressed regret at the court’s decision, saying it “may have a serious impact on the future fight against doping.”

For 11 other athletes who had appealed their sanctions, the CAS said there was enough evidence to show doping violations. But instead of keeping in place lifetime Olympic bans, it said those athletes would only be barred from participating in the 2018 games.

The court said its mandate was not to determine whether there was a wider effort on the part of Russia to manipulate drug tests at the 2014 Olympics.

The International Olympic Committee banned Russian athletes from competing under the country’s flag during the games in South Korea because of the doping scandal, and instead those participating will do so under a neutral flag.

Kremlin pleased

Kremlin spokesman Dmitry Peskov welcomed the CAS decision and said Russia would continue to stand up for the rights of its athletes.

Those who saw their sanctions overturned Thursday include skeleton gold medalist Aleksander Tretiakov, cross-country skiing gold medalist Alexander Legkov, and luge silver medalists Tatyana Ivanova and Albert Demchenko.

Bobsled gold medalists Aleksandr Zubkov and Alexey Voevoda were among those for whom the court said there was evidence of doping and sanctions would remain in place.
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From: MeNeedIt

American-style football’s championship game, the Super Bowl, is being held in Minneapolis, Minnesota, Sunday. It’s the biggest football event of the year. Millions of people will watch it on TV, but up to a million more across the nation are expected to attend Super Bowl-related events in person. With widespread flu throughout the U.S., some are wondering if the Super Bowl is a perfect event to spread the flu. VOA’s Carol Pearson reports.
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From: MeNeedIt

This Sunday, the snow-coated city of Minneapolis, Minnesota hosts Super Bowl 52. Just across the river, you’ll find a historic Winter Carnival that got its start in the 19th Century after a small pox epidemic in Canada played Lady Luck for the City of Saint Paul. Arash Arabasadi reports.
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From: MeNeedIt

USA Gymnastics, the sport’s U.S. governing body, said Wednesday that all its remaining directors have resigned following revelations that the longtime team doctor had sexually abused numerous athletes under his care.

A USA Gymnastics spokeswoman on Friday had said that the full board intended to resign. The U.S. Olympic Committee threatened to revoke the organization’s governing authority if the full board had not stepped down by Wednesday, after former team doctor Larry Nassar was sentenced to up to 175 years in prison after pleading guilty to sexual assault charges.

“We are in the process of moving forward with forming an interim board of directors during the month of February, in accordance with the USOC’s requirements,” USA Gymnastics said in a statement. “USA Gymnastics will provide information about this process within the next few days.”
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From: MeNeedIt

Vaccines. Popular sports drinks. Computers.

They share one quality: They were invented by researchers working at a college or university.

Victoria McGovern says research leads to greater discovery and better education.

McGovern is a senior program officer with the Burroughs Wellcome Fund, an organization that supports medical research in the United States and Canada.

“It’s a very good idea to connect the discovery of new things to the teaching of new students,” she told VOA, “because you don’t want people who come out of their education thinking that the world around them is full of solved problems. You want people to come out of an education excited about solving problems themselves.”

Research, however, costs money and most colleges have limited budgets, as well as competing goals and needs.

A large part of being a researcher at a college or university involves applying for grant money, McGovern says, such as to private companies and organizations like hers, or local and national governments.

The National Institutes of Health, or NIH, is an example. The NIH is the U.S. government agency that supports medical and public health research, distributing about $32 billion a year.

Increasingly complex process

The application process for grant money is highly competitive, McGovern says. It can be challenging for researchers who are less skilled at writing.

Kristine Kulage argues that it is more difficult than ever for university researchers to secure funding. Kulage is the director of research and scholarly development at Columbia University School of Nursing in New York City.

Kulage says that in the 20 years she has been working in university research, the grant application process has become longer and more complex.

“Researchers don’t have time to conduct their research, write their grants and learn how to use all of these new systems through which they have to submit their grants, and all of the ways in which they have to be compliant with regulations,” Kulage told VOA.

“There are so many rules now … it takes individuals who are now trained as research administrators to know what those rules are … and know whether or not the rules are being followed.”

Investing in help

Kulage says schools must do more to support their researchers in gaining grant money. Last November, she published a study that looked at how the nursing school invested $127,000 to create a support system between 2012 and 2016. This system employed administrators to complete grant applications, freeing researchers to spend more time on their work.

Administrators and other researchers met with the grant writers to review the applications. The team was expected to defend its proposal.

Kulage says that over those five years, proposals that went through review were almost twice as likely to be accepted. That $127,000 investment led to Columbia’s School of Nursing earning $3 million in outside funding.

McGovern and Kulage say applying for research funding is very difficult. Having one other person read a proposal and provide feedback is essential.

Large companies often conduct much research and development, but it is typically limited to their industries. University researchers have the freedom to take risks on less popular ideas.

And those risks can lead to important discoveries that colleges and universities have a responsibility to share with the world, she says.

Have you had to write a grant to support your research? Please visit us on Facebook, Instagram, Twitter and LinkedIn.
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From: MeNeedIt

A rare Picasso painting will be auctioned off in London next month.  The 1937 work titled “Femme au beret et a la robe quadrillee” (Woman in beret and checked dress), inspired by the painter’s French lover Marie-Therese Walter is being shown in Hong Kong, Taipei, Los Angeles and New York before being sold. VOA’s Zlatica Hoke reports the painting’s Hong Kong debut is a clear indication of the growing importance of the Asian art market.
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From: MeNeedIt

A U.S. judge on Tuesday dismissed a lawsuit accusing U2 of lifting part of a British songwriter’s work for a song on the Irish rock band’s 1991 blockbuster album “Achtung Baby.”

U.S. District Judge Denise Cote in Manhattan rejected Paul Rose’s claim that U2 willfully copied from a 13-second guitar riff near the start of his 1989 instrumental “Nae Slappin,” to create a 12-second segment featuring a guitar solo for its song “The Fly.”

Rose, who lives in New York, claimed that U2 copied from his song “virtually note-for-note,” and also used a tambourine and the same drum, percussion and bass line without permission.

But the judge said the riff was not a “sufficiently substantial” portion of “Nae Slappin,” a 3-1/2-minute composition that “demonstrates the plaintiff’s impressive guitar skills,” to be a protectable “fragment” of the work.

She also said that even if the riff were protectable, a reasonable jury could not find that U2 copied it.

Rose had been seeking at least $5 million in damages from U2 lead singer Bono; bandmates The Edge, Adam Clayton and Larry Mullen Jr., and UMG Recordings Inc, a Vivendi SA unit that releases records under U2’s label Island Records.

He claimed he had given Island a demo tape of “Nae Slappin” that was later incorporated into “The Fly.”

A lawyer for Rose did not immediately respond to requests for comment. Lawyers for the defendants did not immediately respond to similar requests.

The case is Rose v Hewson et al, U.S. District Court, Southern District of New York, No. 17-01471.
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From: MeNeedIt

The 1979 Soviet invasion of Afghanistan reversed the process of detente between the United States and the then-Soviet Union, ushering in a freeze in relations and heightened Cold War tensions. Anxiety grew across the globe with many people fearing that the superpower rivalry would someday lead to nuclear war. As VOA’s Kane Farabaugh reports from Chicago, a new play called “Blind Date” by a Cuban-born immigrant explores this dynamic and the events in the mid-1980s.
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From: MeNeedIt

An American news outlet that made a rare visit to North Korea to cover the country’s Olympic team is being criticized by the Trump administration for coverage that, in the words of one official, depicted “the most totalitarian country on the planet … as a cheerful winter holiday resort.”

NBC Nightly News anchor Lester Holt broadcast last week from the Masikryong Ski Resort, where South Korean and North Korean alpine ski teams are slated to train.

In some segments of the program, Holt was framed against a backdrop of children sledding, skiers in brightly colored gear, and jumbo screens displaying singers in military uniforms. Holt said that he and his crew had undergone an extensive customs search when entering North Korea, noting that the resort was “certainly” an aspect of North Korea that its leaders “would like us to see.”

Criticism of the broadcast erupted online, accusing NBC of misrepresenting a stage-managed piece of North Korean propaganda for American viewers. Holt defended the coverage, saying, “You go to a place like North Korea with your eyes wide open.”

A spokesperson for President Donald Trump’s National Security Council (NSC) told VOA’s Korean Service on Thursday that council members were ashamed of the network’s coverage.

“We are embarrassed for NBC. A first-year journalism student would know to highlight the severe constraints on their ability to report on North Korea as it truly is,” the official said. “It is no small feat of the most totalitarian country on the planet to be depicted as a cheerful winter holiday resort, but somehow NBC has managed to do it.”

The controversy over Holt’s coverage comes amid a slight easing of tension between Pyongyang and Seoul, a change which could undercut the Trump administration’s campaign of international sanctions and “maximum pressure” on North Korea to halt its nuclear and missile programs.

In response to last week’s White House comment, an NBC spokesperson told VOA that Holt clearly stated that the North Korean “government escorts determined where they could go, watching and listening to every move.” In one report, Holt said, “What you’re seeing here certainly flies in the face of a country that’s undergoing crippling sanctions, and that may be part of the reason we were invited to see this.”

Holt told Adweek on Monday that the Olympic Games will be conducted with a major news story in the background.

“The world is holding its breath on the issue of: Is this the breakthrough? Is this the moment when they can start having a useful dialogue?” he said. “On a geopolitical level, this may complicate how the White House views the North Korean nuclear threat if this sets a pattern for a stronger relationship between the North and South.”

North, South agreement

Earlier this month, the two Koreas held the first high-level talks in two years following Kim’s offer to discuss his country’s participation in the Olympics.

The discussions produced an inter-Korean agreement, officially announced on Jan. 20, under which the two sides agreed to march together under a single flag at the opening ceremony of the games and field a combined women’s ice hockey team. The North also agreed to send 22 athletes and a large delegation, including a cheerleading squad and performers. The athletes will compete in ice hockey, figure skating, short track speed skating, cross-country skiing and alpine skiing, the International Olympic Committee said.

North Korea on Monday canceled a joint cultural event, citing South Korean media coverage of its participation in the games.

The NBC broadcast from Masikryong came several weeks ahead of the Winter Olympics, scheduled to be held in the South Korean city of Pyeongchang from February 9-25. The games are a prized franchise for NBCUniversal, the Comcast subsidiary that is parent company of NBC, which also broadcast The Apprentice, the show that launched Trump’s reality TV career.

Since 1995, NBCUniversal has paid the International Olympic Committee (IOC) $15.63 billion for the rights to broadcast the Olympics through 2032. The money helps support the Olympic movement, according to the IOC.

VOA’s Christy Lee contributed to this report.
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From: MeNeedIt

Hackers who stole around $530 million worth of cryptocurrency from the Coincheck exchange last week — one of the biggest such heists ever — are trying to move the stolen “XEM” coins, the foundation behind the digital currency said on Tuesday.

NEM Foundation, creators of the XEM cryptocurrency, have traced the stolen coins to an unidentified account, and the account owner had begun trying to move the coins onto six exchanges where they could then be sold, Jeff McDonald said.

Hackers made off with roughly $533 million worth of the cryptocurrency from Tokyo-based exchange Coincheck Inc late last week, raising fresh questions about security and regulatory protection in the booming market. The location of the hackers’ account was not known.

“(The hackers are) trying to spend them on multiple exchanges. We are contacting those exchanges,” Singapore-based McDonald told Reuters.

NEM Foundation spokeswoman Alexandra Tinsman said the hacker had started sending out “XEM” coins to random accounts in 100 XEM batches, worth about $83 each.

“When people look to launder these types of funds, they sometimes spread it into smaller transactions because it’s less likely to trigger (exchanges’) anti-money laundering (mechanisms),” said Tom Robinson, co-founder of Elliptic, a cryptocurrency security firm in London.

Robinson said such hopping among different cryptocurrencies was becoming more prevalent among cybercriminals trying to cover their tracks.

The coins that the hackers had taken made up around 5 percent of the total supply of XEM, the world’s 10th biggest cryptocurrency, according to trade website Coinmarketcap.

McDonald said the hackers were unlikely to try to spend anything close to all of the stolen cryptocurrency at once, because the “market simply couldn’t absorb that much.”

If the hackers successfully moved the coins to an exchange, they were likely to try to swap them into another cryptocurrency before transferring the coins back into a conventional currency, he said. That would make the funds difficult or near impossible to trace.

“I would assume that they are going to get away with some of the money,” McDonald said.

At least three dozen heists on cryptocurrency exchanges since 2011 are known; many of the hacked exchanges later shut down. More than 980,000 bitcoins have been stolen, and few have ever been recovered.

In 2014, Tokyo-based Mt. Gox, which once handled 80 percent of the world’s bitcoin trades, filed for bankruptcy after losing bitcoins worth around half a billion dollars — then the biggest ever such heist, which triggered a huge sell-off in bitcoin.

“It shows how far the industry has come that a hack of this scale isn’t really an issue,” said Robinson at Elliptic. “This is just kind of a blip.”

As of 17:44 GMT, XEM was trading at around $0.83 per coin, with a total market value of around $7.5 billion. That was around 20 percent lower than trading levels on Friday, when the hack was announced, but XEM is still up almost 300 percent over the past two months.

Japan’s Financial Services Agency (FSA) on Monday ordered improvements to operations at Coincheck, which on Friday suspended trading in all cryptocurrencies except bitcoin.
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From: MeNeedIt