Brother, Can You Spare Any Change? Pasadena Sees Impact of National Coin Shortage

first_img Make a comment Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Top of the News Community News faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Donald CommunityPCC- COMMUNITYVirtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes HerbeautyHow To Lose Weight & Burn Fat While You SleepHerbeautyHerbeautyHerbeautyWho Was The Hollywood ‘It Girl’ The Year You Were Born?HerbeautyHerbeautyHerbeauty10 Most Influential Women In HistoryHerbeautyHerbeautyHerbeauty10 Of The Most Notorious Female Spies In HistoryHerbeautyHerbeautyHerbeautyWant To Seriously Cut On Sugar? 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Pasadena Sees Impact of National Coin Shortage By BRIAN DAY Published on Monday, July 13, 2020 | 4:14 pm STAFF REPORT Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS A national coin shortage has reached Pasadena, prompting businesses to request exact change or credit cards for payment and leaving laundromats and coin-operated car washes scrambling to secure the coins they depend on to keep their establishments running.Signs asking customers to pay with precise amounts or use electronic payment are becoming an increasingly common sight at businesses throughout Southern California.The Federal Reserve announced last month that the COVID-19 pandemic “has significantly disrupted the supply chain and normal circulation patterns for U.S. coin.” the agency said in a written statement. “In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and the U.S. Mint’s production of coin also decreased due to measures put in place to protect its employees.”As the economy has gradually reopened, coin orders from depository institutions have begun to increase, “resulting in the Federal Reserve’s coin inventory being reduced to below normal levels,” according to the statement.“While there is adequate coin in the economy, the slowed pace of circulation has meant that sufficient quantities of coin are not readily available where needed,” according to a Federal Reserve statement. “With establishments like retail shops, bank branches, transit authorities and laundromats closed, the typical places where coin enters our society have slowed or even stopped the normal circulation of coin.”Banks around the nation have been trying to mitigate the issue.“We are actively managing our coin inventory and working with customers to meet their coin needs to the extent possible after the Federal Reserve put limitations on coin deliveries to all financial institutions nationwide,” said Wells Fargo spokesman Juan Lopez, who represents the region encompassing Pasadena.As coin supplies remain low, Lopez said branches will work to accommodate customers the best they can with what they have available. The availability of coinage may vary from bank to bank and from area to area.In response to the shortage, the Federal Reserve began rationing coins in mid-June.“To ensure a fair and equitable distribution of existing coin inventory to all depository institutions, effective June 15, the Federal Reserve Banks and their coin distribution locations began to allocate available supplies of pennies, nickels, dimes, and quarters to depository institutions as a temporary measure,” the Federal Reserve statement said.“The temporary coin allocation methodology is based on historical order volume by coin denomination and depository institution endpoint, and current U.S. Mint production levels. Order limits are unique by coin denomination and are the same across all Federal Reserve coin distribution locations,” according to the statement. “Limits will be reviewed and potentially revised based on national receipt levels, inventories, and Mint production.”Federal Reserve officials said the agency was also working with the Mint to maximize coin production. The agency announced the formation of a task force to address the problem last week.Authorities also said local banks and businesses can help be a part of the solution.“Depository institutions also can help replenish inventories by removing barriers to consumer deposits of loose and rolled coins,” the statement said. “Although the Federal Reserve is confident that the coin inventory issues will resolve once the economy opens more broadly and the coin supply chain returns to normal circulation patterns, we recognize that these measures alone will not be enough to resolve near?term issues.”As part of the ongoing effort to mitigate problems related to the coin shortage, the Federal Reserve planned to implement updates to its FedCash Services, effective Monday, to coincide with the managed allocation of pennies, nickels, dimes and quarters, the agency announced last week.The coin shortage has hit hard at the Clean Bubbles Laundromat in South Pasadena, according to company representatives.The change machines have been constantly running low, as non-customers, including other small business owners, have been emptying them out to make change, Clean Bubbles Laundromat said in an email.“We have asked our attendant to politely tell non-customers that they cannot take change and that has led to some people being very mean and aggressive towards the attendants,” according to the email.Large signs stating machines are for customer use only have also been put up, the company said. But non-customers continue trying to empty out the laundromat’s change machines while attendants are switching shifts. Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

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UTPB top architect retires

first_img Facebook UTPB top architect retires Previous articleTxDOT traffic alerts for week of May 6, 2021Next article26th Annual Unity Luncheon in celebration of Cinco de Mayo Federico Martinez Twitter Local NewsEducation By Federico Martinez – May 5, 2021 WhatsApp University of Texas Permian Basin Associate Vice President of Facilities Management David Wayland poses for a photo Wednesday in the weight room of the D. Kirk Edwards Family Human Performance Center. (Jacob Ford | Odessa American His life-long motto has been “build it and they will come.” And for the past 13 years David Wayland has done just that for the University of Texas Permian Basin and the University of Texas System.In recent years, Wayland, who officially retired this past Friday, has overseen, to name a few projects, the construction of UTPB’s Science and Technology Building, Wagner Noël Performing Arts Center, the Engineering Building and most recently, the D. Kirk Edwards Human Performance Center.“I’ve been extremely fortunate to be part of this campus during this time,” said Wayland, who has served as UTPB’s vice president of Facilities Management for the past 3 years. “We’ve had a lot of projects going on.“A big part of the reason I made the jump to UTPB is because of (UTPB President) Dr. Sandra Woodley’s vision. I saw that she was putting together a great team; an exciting team.”Prior to arriving at UTPB, Wayland served as the senior project manager for the University of Texas System Office of Facilities Planning and Construction.That experience is why Woodley wanted Wayland on her team, she said.“This university has benefited from David Wayland’s expertise and commitment since 2008,” Woodley said. “He is an exceptional talent and we will miss him tremendously.“His contributions to UTPB will be paying dividends for our campus and students for many years to come.”Wayland, who was born in Bloomington, Delaware, earned his master’s of architecture and B.S. in architecture from The Catholic University of America in Washington, D.C.After stints working as an architect in Washington and New Mexico, he arrived in West Texas where he was first hired as the chief building official for the City of Odessa from 1983-88 and then served in the same capacity in Midland until 2008 when he joined the University of Texas System, which consists of 8 campuses including Odessa and Midland.Becoming an architect was a childhood dream that came true for Wayland, who says “there was never any doubt in my mind what I wanted to do.”He loves the challenges of designing and building something, whether it’s a new house or a performing arts center. The most important task is making sure a project is completed within budget.One of his most challenging and enjoyable projects was the Wagner Noël Performing Arts Center, he said.“There were so many consultants involved and so much to learn,” Wayland recalls. At the start of the project he quickly realized how intricate the design needed to be in order to provide the best acoustics, lighting and seating.“We ended up bringing in a theater consultant who came in and gave us all a lesson in performing arts 101 to help us understand what we needed to do,” Wayland said. “The $80 million Wagner Noël was a real fun project.”For Wayland, the satisfaction comes from doing a job well done and knowing that he and his staff have created buildings that will serve instructors and students for many decades to come.Although Wayland officially retired on April 30, he still participated in the university’s commencement activities May 1. On Monday, Tuesday and Wednesday he was back at his office desk, finishing up notes for his eventual successor, and making sure he was on-hand in case school administrators had any questions about current projects.Wayland laughs out loud when he realizes, that he’s in his office working on his birthday (on May 5). Being retired “is going to take some adjusting to,” he confesses.“I just turned 67,” Wayland said. “I’m very fortunate to be able to retire at this age; many people can’t.“It’s going to be a transition. I’m starting a new chapter in my life, so I’m going to try and take it one day at a time. Maybe I’ll get a little more golf in and be able to work out at a little more leisurely pace, instead of always having to hurry to get to the office.”UTPB MBA program WhatsApp Pinterest Facebook Pinterest Twitterlast_img read more

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Of two minds

first_imgWe resolve to exercise more, but end up in front of the TV at the end of the day instead of at the gym. We promise to clean up our diet and then overindulge at the office holiday party. We pledge to put money away for retirement, but end up maxing out credit cards that charge 14 percent interest.According to David Laibson, Robert I. Goldman Professor of Economics at Harvard’s Faculty of Arts and Sciences (FAS), we struggle with ourselves in these ways and others because of the conflict between our two minds — one patient and forward-looking, another impatient and bent on immediate gratification. Laibson presented this model of “multiple selves” to an enthusiastic audience that filled Yenching Library on Dec. 2 for the 2010-11 Mind Brain and Behavior Distinguished Harvard Lecture.Laibson began his presentation by engaging the audience in an experiment: Imagine you’re at a spa right now. You’re offered two options—a 15-minute massage now or a 20-minute massage in an hour. Both are free. Which would you choose? About a third of the audience chose immediate gratification.Then Laibson made one change to the scenario. Imagine that the clerk at the spa offers you a 15-minute massage in one week at 2 p.m. or a 20-minute massage on the same day at 3 p.m. Although the interval between the massages was the same, the audience unanimously chose to wait the extra hour and get the 20-minute treatment.For traditional economists, this result makes no sense. “According to classical economic theory, consumers should discount future benefits at a constant exponential rate,” Laibson said. “The value of a reward should decline at a constant rate, regardless of the horizon.” Translation: If an earlier massage is preferred today than it should also be preferred in a week.Yet Laibson presented study after study that contradicted this prediction. Dutch workers choose healthy snacks one week in advance, then flip-flop and choose chocolate on the day of delivery. Students choose lowbrow movies to watch tonight, but schedule highbrow films for a week from now.“Research shows that there’s a high rate of discounting in the short run, then virtually no discounting as people look further into the future,” he said. “A student thinks about when to do a problem set. ‘If I do it today, I pay full price in terms of the psychological effort. If I move it one day into the future, it becomes half as miserable in expectation.’ But then the student reaches the day of action, and postpones the work once again.”Laibson said that the source of this internal struggle lies in two parts of the brain that literally sit on top of one another. The mesolimbic dopamine reward (MDR) system is concrete and immediate. This part of the brain will “gladly pay you Tuesday for a hamburger today,” as Popeye’s sidekick Wimpy used to say, because Tuesday doesn’t really matter.Above the MDR system, though, is the prefrontal cortex (PFC). This part of the brain sees tomorrow essentially the same as it sees today. The PFC is that voice in your head telling you that the cupcake you want to scarf down at the holiday party is going to wind up around your midriff, so better steer clear. It’s the part of us that nutritionists and counselors are speaking of when they tell us to “eat mindfully.”“The cortical system has an ability to wait and weigh benefits,” Laibson said. “There’s very little discounting. The PFC is the part of the brain that says we shouldn’t mortgage the future for the present. The MDR discounts rapidly. It puts a lot of weight on the present, but little on the future.”Brain scans provide more evidence. In one study, participants were broken up into two groups. One group was asked to choose between a $20 Amazon.com gift certificate in a month and a $30 gift certificate in two months. Another was offered the same set of choices, only the time frame for the two gift certificates was now and one month. Pictures of the brains of participants offered the immediate gratification consistently showed activity in the mesolimbic area. Those offered choices in the future showed much less MDR activity.“The patient brain seems to be discounting about 1 percent per minute,” Laibson explained. “But the impatient brain has a 4 percent minute-to-minute discount rate. The combined function produces paradoxical behavior.”So, how can we quiet the part of our brain that wants to blow up our holiday budget and put that iPad on the credit card? Laibson had no easy answers, but quoted another study that may help households and policymakers create systems that reinforce the patient brain.Participants were given a budget and asked to spread their money over two accounts. Both paid 22 percent interest. One was a “freedom” account. People could withdraw and spend money whenever they liked. The other was a “commitment” account. Here people were allowed to set their own withdrawal date. In one arm of the study, the early withdrawal penalty was 10 percent; in a second arm it was 20 percent; and in the third arm of the study no withdrawals were allowed before the early withdrawal date. People in the “no withdrawal” arm put a much larger percentage of their money into the commitment account than those who faced a 10 or 20 percent penalty for early withdrawal.As it happens, 10 percent is precisely the penalty savers are charged for withdrawing money from a standard 401(k) retirement plan. With this in mind, Laibson left the audience with a question that gave a nod to the midterm elections and opposition to government social welfare efforts.“If people want commitment — and they seem to want it — what kind of system should we build?” he asked. “What would the world look like if people could build their own commitments? These are the questions that we should be answering if we’re not comfortable with the heavy-handed paternalism that Americans seem to reject.”last_img read more

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Quake in Iran kills nine in neighbouring Turkey

first_img In Turkey, it was felt mostly in the eastern district of Baskale in Van province on the Iran border. Interior Minister Suleyman Soylu said nine people were killed, speaking to reporters from the quake scene in Van. Four of the dead were children.”We have right now no citizens trapped under the rubble,” he said.Images showed collapsed adobe houses in several snow-covered villages in Van province.  In Gurpinar village, search and rescue teams were seen on top of the rubble pile, watched by anxious locals. Van, which was hit by a 7.1 magnitude quake in 2011 killing more than 500 people, was struck by tragedy again this month when two avalanches left 41 people dead.Health Minister Fahrettin Koca said 37 people were injured and nine of them were in critical condition. He said that 25 ambulances, one rescue helicopter and teams of medics were rushed to the quake region. Turkish officials said some schools were also damaged in several villages.  Dozens injured in Iran The impact of the quake in Iran was less severe, according to latest reports.It injured at least 51 people in Iran’s West Azerbaijan province, 17 of whom had been hospitalised, the country’s emergency services said. The same source also said there was damage to buildings in 43 villages.Sunday’s earthquake was felt in several Iranian cities, including Khoy, Urmia, Salmas and Osku, state media reported, citing West Azerbaijan’s crisis management centre.Both Iran and Turkey sit on top of major tectonic plates and see frequent seismic activity.In November 2017, a 7.3-magnitude quake in Iran’s western province of Kermanshah killed 620 people.In 2003, a 6.6-magnitude quake in southeastern Iran decimated the ancient mud-brick city of Bam and killed at least 31,000 people.Iran’s deadliest quake was a 7.4-magnitude tremor in 1990 that killed 40,000 people in northern Iran, injured 300,000 and left half a million homeless.In December and January, two earthquakes struck near Iran’s Bushehr nuclear power plant.Iran’s Gulf Arab neighbours have often raised concerns about the reliability of the country’s sole nuclear power facility, which produces 1,000 megawatts of power, and the risk of radioactive leaks in case of a major earthquake.Turkey is also prone to earthquakes and over 40 people died in January after a 6.8-magnitude quake struck Elazig in eastern Turkey.In 1999, a devastating 7.4 magnitude earthquake hit Izmit in western Turkey, killing more than 17,000 people including about 1,000 in the country’s most populous city, Istanbul.Topics : A magnitude 5.7 earthquake in northwestern Iran on Sunday killed at least nine people in neighbouring Turkey and injured dozens more on both sides of the border, authorities said.The epicentre of the quake, which struck at 9:23 am (0553 GMT), was near the Iranian village of Habash-e Olya, less than 10 kilometres (six miles) from the border, according to the US Geological Survey. The earthquake had a depth of six kilometres, said Tehran University’s Seismological Centre.last_img read more

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Arab army chiefs discuss joint military force to combat ISIL

first_imgZambian military attempt to contain army worm invasion No consensus yet for a joint Arab military force A Joint Military Force against Boko Haram will be Deployed after Rainy Seasoncenter_img The Arab League in Cairo is hosting a meeting of military chiefs of staff of its 26 member states to discuss the possibility of forming a joint Arab military aimed at combating jihadists including the Islamic State group (ISIL). In the light of a recommendation by the Arab League summit last month in Sharm el-Sheikh.The regional bloc agreed in March to set up the force, with member states given four months to hammer out the details over its composition and precise rules of engagement.Wednesday’s meeting was overseen by the Egyptian Armed Forces’ Chief of Staff Mahmud Hegazy, an AFP journalist said.Egyptian President Abdel Fattah al-Sisi pushed for the creation of the regional force after the Islamic State organization executed a group of Egyptian Coptic Christians in Libya in February, prompting retaliatory air strikes by Cairo.The plan gained further momentum after Saudi Arabia and its Arab allies launched air strikes on Iran-backed Shiite Huthi rebels in Yemen.“The creation of a joint Arab force in no way aims to form a new alliance or army hostile to any country, but a force to fight terrorism and maintain security, peace and stability in the region,” Arab League chief Nabil al-Arabi said in a speech Wednesday.IS has carried out widespread atrocities in the region and won the support of several other jihadist organizations.On Sunday it released a video purportedly showing the execution of about 30 Ethiopian Christians captured in Libya.AFPRelatedlast_img read more

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