Page 25 - ARUBA TODAY

BUSINESS Wednesday 28 June 2017
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Yellen: Banking reforms should avert future financial crisis

But Yellen said the system is tion her relationship with
better able to handle any the president, who had at-
shocks that might occur tacked her handling of the
if investors began dump- Fed policies as “shameful”
ing assets out of concerns during last year’s cam-
about a future financial paign.
threat. She said she was continu-
“I think we have a strong ing that tradition with cur-
banking sector that’s well rent Treasury Secretary Ste-
capitalized and has a lot of ven Mnuchin, with the two
liquidity,” she said. conferring often on various
Yellen said the U.S. un- issues affecting the econ-
employment rate, which omy and financial regula-
stands at a 16-year low of tion.
4.3 percent, is “below the “I would say that I have got
level that most of my col- a good working relation-
leagues believe is sustain- ship,” Yellen said, adding
able in the long run.” that the administration has
Yellen said that most poli- respect for the indepen-
cymakers believe that as dence of the Fed.
unemployment falls, it will Yellen also conceded that
begin pushing up wages Britain’s upcoming exit
and that will result in high- from the European Union
U.S. Fed Chair Janet Yellen and Lord Nicholas Stern, President of the British Academy, during a er levels of inflation. The would likely impact the Brit-
discussion at Carlton House Terrace of the British Academy in London, Tuesday, June 27, 2017. Fed has hiked its Fed funds ish economy.
(AP Photo/Frank Augstein)
rate by a quarter point on “I believe there are very
By PAN PYLAS London on Tuesday, Yellen “You know probably that three occasions since De- deep ties between Britain
MARTIN CRUTSINGER said the banking reforms would be going too far, cember, most recently this and the European Union,
Associated Press put in place in recent years but I do think we are much month, to a range of 1 to and there will be a de-
LONDON (AP) — Federal have made the financial safer, and I hope that it will 1.25 percent, partly be- sire to make sure that the
Reserve Chair Janet Yel- system much safer. She not be in our lifetimes and I cause of this concern. economic value of that
len said Tuesday that she said regulators are doing don’t believe it will be.” Yellen declined to com- remains to the maximum
believes banking regula- a better job of watching One growing concern ment on her relationship extent possible,” she said.
tors have made enough for the type of systemic among some in the finan- with President Donald “I’m sure there will be a
improvements to the finan- risks that struck the global cial markets is that some Trump but noted that it has period here of uncertainty
cial system that the world economy in 2008, bringing asset prices, such as stocks been a long tradition in the about how this will unfold
will not experience another on the worst global down- and housing, are beginning United States for the Fed to that will affect households
financial crisis “in our life- turn in seven decades. to look a bit overpriced — have a close working re- and business decisions as it
times.” “Would I say there will nev- in the way that they did lationship with the admin- unfolds.” One decision that
Addressing an audience er, ever be another finan- before the financial crisis istration in power. Yellen could be affected, she
at the British Academy in cial crisis?” Yellen asked. struck. was responding to a ques- said, was location.q
Pandora CEO Tim Westergren departs

tion and will step down ment team and refortify a new CEO for Pandora’s
from the company board our balance sheet by se- next stage.”
as well. curing an investment from But actions taken after
Westergren, who helped Sirius XM, said board mem- Westergren’s return may
found the company 17 ber Tim Leiweke. “We sup- have been too little too
years ago, returned as port Tim’s desire to identify late.q
CEO about 15 months ago
with Pandora struggling
to match the subscribers
heading to rival services.
He had also been CEO be-
tween 2002 and 2004.
After Westergren’s return
as CEO in March, the com-
pany launched a new $10
a month on-demand mu-
sic service which lets users
select the songs they want
In this 2010 photo, Tim Westergren, then-chief strategy officer to hear, copying what
& founder of Pandora, arrives to the annual Allen & Co. Media
conference in Sun Valley, Idaho. On Tuesday, June 27, 2017, Spotify and Apple Music
Pandora, which is facing increasing competition from online already offers.
music rivals Spotify and Apple Music, announced its CEO Tim “Tim stepped in to be CEO
Westergren has stepped down. at a critical time for the
(AP Photo/Nati Harnik) company and was quickly
able to reset relations with
NEW YORK (AP) — The co- competitive pressure from the major labels, launch
founder and CEO of Pan- Spotify and Apple Music, our on-demand service,
dora, under intensifying has relinquished his posi-
reconstitute the manage-