A major international financial stability report shows that shadow banking slowed in 2018, and reveals pension funds as the fastest-growing extenders of credit in that year.In its Global Monitoring Report on Non-Bank Financial Intermediation 2019 published today, the Financial Stability Board (FSB) said non-bank financial intermediation (NBFI) – previously called shadow banking – grew by just 1.7% to $50.9trn (€45.9trn) in 2018, according to the board’s narrow measure.The measure includes non-bank financial institutions doing credit business seen as possibly posing bank-like financial stability risks.The FSB’s annual monitoring exercise is designed to assess global trends and risks from NBFI, and part of its efforts to boost the sector’s resilience. The 1.7% growth is significantly slower than the sector’s 2012-17 average annual growth rate of 8.5%, according to the report, which says NBFI now makes up 13.6% of total global financial assets.In addition, the FSB reported that collective investment vehicles with features that make them susceptible to runs – a group whose assets make 72% of the narrow measure – grew by 0.4% in 2018, much slower than the group’s average annual growth rate over the previous five years of 11%.Klaas Knot, chair of the FSB Standing Committee on Assessment of Vulnerabilities, said: “Non-banks play an increasingly important role in the global financial system.”He said the FSB’s monitoring report provided a significant resource for authorities to assess trends and risks from NBFI.“Such information is essential for a forward-looking, system-wide oversight framework,” he said.The detailed and comprehensive set of international data has been produced at a time when macroprudential authorities such as the International Monetary Fund, the European Central Bank and the Bank of England, have been arguing that asset management activities are becoming systemically more risky.The report also makes clear that lending activities by pension funds are now growing faster than those of banks and any other category of credit supplier.In 2018, pension fund credit assets increased by 7.1% – significantly faster than the 3.9% growth rate seen in 2017, according to the FSB’s report.“This growth was primarily driven by the US, but credit assets in India (33.3%), Hong Kong (15.5%) and Korea (12.6%) also grew at a high rate,” the board reported.By comparison, banks’ credit and lending increased by 5% in 2018, while that of insurance companies rose by 1.5% and OFIs (other financial institutions) saw their lending rise by 5.7%.However, banks still hold the vast majority of total credit assets, including deposits, with $114.5trn of the total $185.9tn, and among the four categories, pension funds are the category with the smallest amount at $8.8trn at the end of 2018.The FSB’s global report covers data from 29 jurisdictions representing more than 80% of global GDP.
NEW YORK, N.Y. – Legendary television host Regis Philbin has died at the age of 88, People Magazine and ABC News report.According to a family statement obtained by People and ABC, Philbin passed away from natural causes Friday night, one month shy of his 89th birthday.The statement goes on to say that Philbin’s loved ones are forever grateful for the time they got to spend with him, his warmth, his sense of humor and his ability to make every day into something worth talking about.We thank his fans and admirers for their incredible support over his 60-year career and ask for privacy as we mourn his loss,” the statement ends.For years, Philbin hosted “Live! With Regis and Kathie Lee” before Kathie Lee Gifford left and Kelly Ripa took her place on the nationally-syndicated morning talk show.Ripa and her current co-host Ryan Seacrest posted a tribute to Philbin on Instagram soon after hearing the news of his passing.Philbin was also known for hosting “Who Wants to be a Millionaire,” as well as acting and singing. According Guinness World Records, the New York native held the record for the most time on U.S. television, with about 16,746.50 hours.Philbin is survived by his wife, Joy, and three daughters, Joanna, Amy and J.J. His son, Daniel, passed away a few years ago.President Trump tweeted his condolences.One of the greats in the history of television, Regis Philbin has passed on to even greater airwaves, at 88. He was a fantastic person, and my friend. He kept telling me to run for President. Holds the record for “most live television”, and he did it well. Regis, we love you….— Donald J. Trump (@realDonaldTrump) July 25, 2020
Sophomore outside hitter Khalia Lanier leaps into the air to spike the ball in a game against Cal at the Galen Center in Los Angeles. Photo by Kaan Demiroz | Daily TrojanThe No. 17 USC women’s volleyball team (16-7, 8-4 Pac-12) is back home after four straight away matches. On Friday, the Trojans host Arizona State, and on Sunday, they host Arizona.“This weekend we’re looking to have great games versus both Arizonas,” junior libero Victoria Garrick said. Last time the Women of Troy faced off against these two teams, they split their games. Out in Tucson, USC was stunned in a straight-sweep against the Wildcats (25-23, 25-17, 26-24). The team bounced back and picked up a four-set win in Tempe against the Sun Devils (19-25, 25-19, 25-20, 25-22). “We’re very excited for the Arizona game because they swept us,” Garrick said. “We were completely caught off guard. I don’t think we expected to lose the game, let alone get swept.”This time around, the Women of Troy will have home court advantage. As the Pac-12 is arguably the toughest conference for women’s volleyball, wins on the home court are vital. USC has fared well at the Galen Center: it has a home record of 6-1. The Trojans’ only loss at home was against then-No. 3 Stanford. Now the Cardinal has jumped up to No. 2 in the rankings. In its last four matches, USC has gone 2-2. Its offense has been missing a key component in sophomore outside hitter Khalia Lanier, who has been sidelined. In the team’s matches in Washington, freshman outside hitter Brooke Botkin continued to impress. Botkin had 30 kills on the weekend, a team high. She put up two aces and 18 digs. Rounding out the other side of USC’s attack are senior opposites Brittany Abercrombie and Niki Withers. The two combined for 52 kills in the team’s last two outings. “I know that [the Wildcats] should be a little frightened,” Garrick said. “We’re ready to get up for that match and really put the hammer on them.”To pick up two wins against the Arizona schools, the Women of Troy will need to rely on Botkin, Abercrombie and Withers. They’ll also need a resurgence of offensive strength from junior outside hitter Alyse Ford. While Ford did not play against the Huskies, she led the team with 14 kills two days later in their sweep of the Cougars. The Sun Devils are led by senior middle blocker Oluoma Okaro. Okaro has 385 kills on the season, averaging 4.48 kills per set. Arizona State’s offense is rounded out by freshman outside hitter Griere Hughes and sophomore outside hitter Ivana Jeremic. Hughes has 226 kills on the season, averaging by 2.94 kills per set. Jeremic has 221 kills on the season, averaging 2.76 kills per set. The Wildcats are led by a bevy of young talent. Freshman outside hitter Paige Whipple leads the team with 165 kills on the season, averaging 2.36 kills per set. Redshirt freshman outside hitter Elizabeth Shelton is second on the team with 132 kills on the season, averaging 2.10 kills per set. Freshman middle blocker Candice Denny is third on the list. Denny is seventh in the conference with a .356 hitting percentage overall and third in the conference with a .372 hitting percentage in league play. She’s on track to be the first freshman in program history to hit at least .350. The Women of Troy will have to limit powerful attacks from the Arizona schools to pick up two more wins at home.
How athletes protesting the national anthem has evolved over 17 years Lakers practice early hoping to answer all questions Lakers, Clippers schedules set for first round of NBA playoffs “We got to learn from the past, learn from the mistakes we made,” Walton said. “[The Cavaliers] are very capable of playing. If we have that same mentality we did against the Knicks, there’s no reason they can’t beat us.”The Lakers will be hosting a familiar face, too.It’s been 11 months since the trade that sent Jordan Clarkson and Larry Nance Jr. from the Lakers to the Cavaliers. Nance will miss Sunday’s game with a sprained MCL, but Clarkson has been quietly having one of the better seasons of his career.The fifth-year guard, whom the Lakers picked in the second round of the 2014 draft, is averaging a career-high 17.1 points per game while shooting a career-best 45.7 percent from the floor.Against the Lakers in November, Clarkson scored 20 points while going 4 for 8 from behind the 3-point line.“I bet Jordan’s pretty excited,” Lakers forward Kyle Kuzma said. “Guessing he’s going to try give it all he’s got, especially coming back to L.A. playing us. So I expect him to try to come out and have a good game, so we got to be ready for that.”Related Articles Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersFollowing the practice, he said he didn’t mind McGee’s opinion, but insisted the Lakers’ defensive struggles Friday had more to do with execution than scheme.Sign up for Home Turf and get exclusive stories every SoCal sports fan must read, sent daily. Subscribe here.“When we’re playing it the way we should, we’re actually really good in our deep drop,” Walton explained. “We clog up that paint. We got long perimeter guards to give the back pressure. It’s one of our better coverages; we didn’t do it great last night.“To us as a coaching staff, it’s always, ‘Let’s just play our coverage better.’”NO NIGHTS OFFAfter a stretch in which the Lakers have lost four of six, albeit without injured forward LeBron James (strained left groin), you’d think the 8-35 Cleveland Cavaliers coming to Staples Center on a 12-game losing streak Sunday would be a welcome sight.But after losing to a Knicks team last week that was on a similar weeks-long skid, the Lakers don’t want to get caught in a trap, especially after barely escaping Cleveland with a 109-105 win in November. EL SEGUNDO — Following the Lakers’ 113-95 loss to the Jazz on Friday night, center JaVale McGee expressed frustration with Los Angeles’ failure to adjust on defense to Utah’s pick-and-roll attack.Countless times, Jazz guard Donovan Mitchell and center Rudy Gobert burned the Lakers, who used a deep drop to defend the pick-and-roll.“They were definitely just exploiting the pick-and-roll. I feel like they were getting too deep,” McGee said Friday. “Maybe we should have changed our coverage from a drop to get up a little more, but we didn’t.”Lakers head coach Luke Walton showed the team film of these sequences before practice Saturday. BEASLEY PRACTICESLakers reserve Michael Beasley had a scare Friday night when he injured his right hand on a defensive possession late in the game.But the X-rays Friday night were negative, and he was a full participant at practice Saturday, removing any doubt that he’d be able to play against the Cavaliers.Center Tyson Chandler, though, had a limited day as Walton monitors the 18-year veteran’s workload on days after games. That left the Lakers with nine players for Saturday’s practice. Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed Newsroom GuidelinesNews TipsContact UsReport an Error