UK launches massive bond sales to fund COVID-19 spending surge

first_img“This higher volume of issuance is not expected to be required across the remainder of the financial year,” Britain’s finance ministry said.British government bond yields rose slightly in early trade on Thursday.A Reuters survey of 11 primary dealers had predicted the DMO would announce gilt issuance of around 300 billion pounds for the 2020/21 financial year as a whole.So far, investors have shown little sign of balking at the jump in public borrowing although the Bank of England has agreed to expand the government’s overdraft facility at the central bank, in case it struggles to raise cash in the debt market.The finance ministry said a further update to the DMO’s debt sales plan would be announced on June 29. Britain’s government plans to sell more bonds over the next three months than it had previously planned for the entire financial year to fund a surge in public spending in the face of the coronavirus crisis.The UK Debt Management Office said on Thursday it planned to issue 180 billion pounds ($222.43 billion) of government debt between May and July to finance the unprecedented measures announced last month to avert the collapse of Britain’s economy.Previously, the DMO had been planning to sell 156.1 billion pounds of bonds between April 2020 and March 2021. Topics :last_img read more

USC switches to Common App for 2012 applications

first_imgThe dreaded college application process has caused sleepless nights for many high school students, but students looking to apply to USC in the future might be able to breathe a little easier.USC will be joining the Common Application’s 2011-12 admission cycle, along with 48 other institutions.USC’s Office of Admission, lead by Dean of Admission Timothy Brunold, has been working with the Common Application for many years to switch from the in-house online application to the Common Application.“[The USC admission staff] wanted to be more responsive to the people we work with,” Brunold said. “High school guidance counselors and students would ask why we didn’t accept the Common App and when we were going to.”Changing the application procedure is expected to increase efficiency and make it easier on students and guidance counselors, according to Kirk Brennan, USC’s director of Admission.“The Common App will save [guidance counselors and prospective students] from many steps and from repeating themselves [in applications],” Brunold said.In applying to multiple institutions, high school guidance counselors and teachers will only have to submit letters of recommendation, transcripts and evaluations once through Common Application’s online portal.Brunold said there will be a USC supplement to the Common Application.“The form is a starting point and we are in the process of creating the supplement … it will be very similar to what we are already asking students,” Brunold said.Current USC students agree the switch will bring increased efficiency to the application process.“I wish the Common App was available when I applied because it always felt like I was filling out the same form twice,” said Kathleen Colao, a freshman majoring in heath promotion and disease prevention. “It will be beneficial for applicants and relieve some stress in applying to college.”USC has been fine-tuning its own online application for close to 20 years, and the new Common Application form will take significant work to perfect, according to Brennan.“If you look at the top 20 universities according to US News [& World Report,] all of them, except MIT, participate in the Common App. It has become a growing trend over the years,” said Gene Bickers, vice provost for undergraduate programs.In switching to the Common App, USC’s admissions office hopes to increase the number and diversity of students from different geographical locations, ethnicities and economic backgrounds, according to Brennan.“By joining our not-for-profit association of colleges, USC will have access to 700,000 college applicants next year, one-third of whom are students of color, one-fourth of whom are first generation college students and one-tenth of whom are international students,” said Rob Killion, executive director for Common Application, Inc.Some USC students said they think the transition to the Common Application will enhance the students USC can attract.“Converting to the Common App is a good thing,” said Meredith Reed, a sophomore majoring in philosophy. “The new application will make it easier for more students to apply, which will result in a greater student body diversity.”The Office of Admissions is confident in its decision to switch to the Common Application, according to Brunold.“[The switch] was not an easy decision,”Brennan said. “If we [USC admissions] don’t do it carefully we will lose the personalized feel of our application.”Applicants will be able to access the Common Application beginning August 1.Prospective graduate students will continue to use USC’s online application portal.last_img read more

Munday’s approach a breath of fresh air

first_img“The 19th Hole” runs Mondays.  To comment on this story, email Joey at [email protected] or visit Lindsey Munday made her point clear Saturday afternoon.She was concise.During a two-minute video played during halftime of USC’s inaugural women’s lacrosse game at the historic Coliseum, the Women of Troy’s first-year coach appeared on the video board on the west end of the stadium and stated plainly toward the end of the clip: “Our goal is to win a national championship.”Eyes on the prize · USC head coach Lindsey Munday has offered no excuses and has the women’s lacrosse team aiming high in its first season. — William Ehart | Daily TrojanNot bad, huh? She didn’t, in the recorded video, exactly shy away from the declaration. No apologies. No nonsense. Her remark was refreshing. It was honest. It was simple.Look, the excuses for Munday and her new program are built in. They’re easy to spot, and you would have a tough time faulting her for citing any of them. One, the women’s lacrosse program is playing its first season as a varsity sport at USC. Two, her team is incredibly young: Of the 26 players on the roster, 17 are freshmen and seven are sophomores. There are no seniors and just two are juniors. And to fill those spots — to build her team — she gets to use just 12 scholarships. It isn’t like football recruiting. You don’t get to offer everyone full rides.She didn’t mention any of those things following Saturday’s opener.Munday, 28, is keeping with her basic approach. For the program’s first game, she scheduled No. 1 Northwestern University, where she played from 2003-06 and served as an assistant from 2007-10, and then No. 6 Massachusetts on Sunday. Mind you, the Wildcats have won seven NCAA championships in the last eight seasons.“They’re the top in women’s lacrosse right now, and to be able to show our girls where that is and to show them at times we can compete with [Northwestern] gives them confidence we can get there,” Munday said.“There” is the pinnacle of the sport. Of course, USC still has a ways to go. Against Northwestern, the Women of Troy fell by a final score of 18-5 in front of a crowd of 2,890. They trailed the entire game and were down 11-2 by halftime. A day later, they led Massachusetts 6-4 early, but again fell, 18-9. They’re now 0-2.But give Munday and her upstart program credit: They’re gunning for No. 1. They’re looking to make a splash. They sure aren’t sucking their thumbs, if you will. They want to win the NCAA championship.“It’s something that is there for us and we’re not scared to go out and say it,” Munday said.For whatever reason, USC, as a whole, has gone soft in the last couple years. The excuses have consistently trickled out of Heritage Hall. For football, it’s been the postseason ban and scholarship reductions, the “10 fewer guys,” as USC head coach Lane Kiffin so often puts it. For men’s basketball, it too was scholarship reductions and injuries, former coach Kevin O’Neill was quick to point out. For baseball, it’s been the school’s status as a private school, seemingly a limitation when it comes to recruiting and signing high school athletes.Not that these circumstances aren’t valid, but the frequency gives off a sort of “woe is me” sound bite. And, really, for USC, with its 96 NCAA championships and all the tradition, isn’t that kind of talk beneath the school’s athletic programs?Which is why listening to Munday on Saturday was so refreshing. She talked about the process, about learning from the matchup against Northwestern, about improving each week, about doing well in conference play (the Mountain Pacific Sports Federation) and about winning NCAA titles, at least eventually. There wasn’t a litany of excuses offered. She kept it simple. She kept it direct. After all, she’s won before under Kelly Hiller at Northwestern.And the hope stands that that success can translate to USC. Her mentor, at least, appeared optimistic.“I have a lot of respect for Lindsey,” said Hiller, who took over the Wildcats’ program in 2002. “She’s an amazing role model for her student athletes and a good friend.”Munday hopes to follow that success of winning and winning championships. She brought it up in the first team meeting in the fall.“In general, when you set goals, it’s important to reach for the stars,” Munday said. “To put out there what you want, so you know it’s there and not this vague idea of success or what you want to be — We know that’s it for us.”Well put. That’s the end game.last_img read more