IMF chief warns global economic crisis ‘far from over’

first_imgThe global economy is showing signs of bouncing back from the severe downturn caused by the global coronavirus pandemic, but a full recovery is “unlikely” without a vaccine, IMF chief Kristalina Georgieva said Wednesday.In a column co-authored with IMF chief economist Gita Gopinath, the officials stressed that governments should continue to support workers and businesses since the unprecedented nature of the crisis could give rise to a wave of bankruptcies and job destruction.As lockdowns have eased and businesses around the world have been allowed to reopen, there has been a “sharp rebound of output, consumption and employment,” they said in Foreign Policy magazine. In a speech Wednesday to the World Economic Forum, Georgieva said rapid government action “put a floor under the world economy,” which helped everyone without “differentiating between… winners and losers.”Going forward, policymakers will need to invest wisely in areas that have the broadest benefit, including green jobs – such as training workers to make buildings more energy efficient – and “accelerating digital transformation” in a way that will reduce inequalities, she said.”In other words, support programs that take the countries towards growth that is green, smart and inclusive,” the IMF chief said.But the fund officials in their essay cautioned that, “Though the world has learned to live with the virus, a full recovery is unlikely without a permanent medical solution.”With 128 coronavirus vaccines currently under development, there is a strong chance a solution will be found, but “we must urgently devise multilateral solutions” to ensure adequate supply and distribution, Georgieva and Gopinath wrote.Topics : The massive scale and speed of government support has helped cushion the blow and allowed for the initial rebound, Gopinath and Georgieva wrote.”This crisis, however, is far from over,” they said. “The recovery remains very fragile and uneven across regions and sectors. To ensure that the recovery continues, it is essential that support not be prematurely withdrawn.”Businesses, even insolvent firms, will need continued help to prevent destruction of millions of jobs. That could include governments taking equity in firms or providing grants in exchange for higher tax rates later, they said.But governments will have to be cautious in how they distribute their scarce resources, and some companies will inevitably fail, especially in industries like travel that may not survive or will be curtailed in a post-pandemic world.last_img read more

Governor Wolf Highlights Plan to Help Lycoming County with Flood Protection

first_img March 01, 2019 Governor Wolf Highlights Plan to Help Lycoming County with Flood Protection Infrastructure,  Press Release,  Restore Pennsylvania Williamsport, PA – Governor Tom Wolf was joined by state and local leaders in Lycoming County to highlight the need for additional funding to assist Pennsylvania’s communities with storm preparedness and disaster recovery.“Pennsylvania’s communities are struggling to fund massive flood control projects that are critical for keeping residents safe,” said Governor Wolf. “Restore Pennsylvania will provide funding to help towns and cities upgrade flood walls and levees, replace high-hazard dams, and conduct stream restoration and maintenance to help protect our communities.”To achieve these goals, Governor Wolf announced a bold infrastructure initiative, Restore Pennsylvania, funded by the monetization of a commonsense severance tax. Restore Pennsylvania will invest $4.5 billion over the next four years in significant, high-impact projects throughout the commonwealth to help catapult Pennsylvania ahead of every state in the country in terms of technology, development, and infrastructure.Encompassing new and expanded programs to address five priority infrastructure areas including High Speed Internet Access, Storm Preparedness and Disaster Recovery, Downstream Manufacturing, Business Development, and Energy Infrastructure, Demolition, Revitalization, and Renewal, and Transportation Capital Projects, Restore Pennsylvania projects will be driven by local input about local needs. Projects identified by local stakeholders will be evaluated through a competitive process to ensure that high priority, high impact projects are funded and needs across Pennsylvania are met.In Williamsport, the governor outlined how Restore Pennsylvania could help Lycoming County with flood prevention and disaster recovery. Lycoming County is current facing a levee rehabilitation and recertification project that is expected to cost more than $16 million. The levee currently protects more than 6,000 properties.“Our local communities protected by the second largest levee system in the state have recognized the importance of adopting a regional approach to address the levee recertification process,” said Randy Allison, Williamsport City Council Vice President. “To that end we are grateful for the support and advocacy from our county commissioners, our state legislative team led by Senator Gene Yaw and from Governor Wolf with today’s visit and proposed infrastructure initiative.”“Through the process of updating the Greater Williamsport Alliance Comprehensive Plan we learned the enormous economic impact if we did not all work together and find a solution for the levee,” said Jack McKernan, Chairman Lycoming County Board of Commissioners. “This will require many partners, municipal, county, state, and federal.”Storm Preparedness and Disaster RecoveryCritical Flood Control InfrastructureRestore Pennsylvania will provide funding for flood prevention that will protect against severe weather and save homes and businesses in flood prone areas across the state. Restore Pennsylvania will provide funding to help towns and cities prepare for flooding and severe weather, upgrade flood walls and levees, replace high-hazard dams, and conduct stream restoration and maintenance.Helping Families RebuildRestore Pennsylvania will establish a disaster relief trust fund to assist individuals who suffer losses that are not compensated by the Federal Emergency Management Agency or other programs.View the full Restore Pennsylvania plan here.center_img SHARE Email Facebook Twitterlast_img read more

Industry

first_imgAustralia: GE Transportation Systems and A Goninan & Co have signed a technical assistance and licensing agreement giving Goninan access to GE’s AC traction technology.China: MVA Group has set up MVA Beijing Transport Consultants Co Ltd as a joint venture with the Beijing Municipal Institute of City Planning & Design.Great Britain: Jarvis, owner of British Rail Infrastructure Service company Nimco, has acquired a 50% stake in ex-BRIS MBO Relayfast under a £4·9m deal reached at the end of May.CEDG York Ltd, part of British Steel Track Products & Engineering, has opened an office in Birmingham and plans to expand to Manchester.Malaysia: AIO Concrete Products has signed a technical support deal with Tarmac Precast Concrete of Great Britain to assist in local manufacture of sleepers.last_img read more

Standing on the shoulders of (sustainable) giants

first_imgChristian Thimann, AXA, chair of HLEGThe group will release its interim report around the time of the G20 Summit, taking place on 7-8 July. It will present its recommendations in December.Sustainable finance building blocksAccording to the minutes of the early March meeting, the HLEG “has identified six key areas in building a sustainable European financial system, all of which rely their own specific institutions, actors and actions but also are inevitably interlinked”.The areas form the group’s work streams.The group says the areas are not exhaustive, but are intended to cover “the largest structural challenges and mechanisms”.Thimann simplifies the six areas into three:A shared vision and understanding;Integration of sustainability into the EU’s regulatory and financial policy framework, such as by “addressing structural obstacles and time misalignments”; andThe mobilisation of capital flows towards sustainable investments, including expanding financial markets for sustainable assets.“The topic of sustainable finance is so wide that we need to develop a shared vision and understanding,” says Thimann. “We have to define the framework and what we mean by sustainable finance.”The Commission’s ambition relates to a financial system that “focuses on systematically addressing societal challenges” such as education, employment creation, the environment, and health, Thimann explains.“The interesting thing – and this is why our topic is so fascinating – is that these challenges are also long-term challenges,” he says.He says that the group is trying to come up with “a little bit more of an analytical framework” about what would constitute a sustainable financial system.“What does success mean in terms of capital costs? In terms of orientation of flows? How can you tell that the financial system is sustainable or contributes to sustainable growth and development? That is what we are trying to do in this area,” says Thimann. There have been countless investor groups and campaigns set up to promote sustainable investment, but Christian Thimann, chair of the European Commission’s High Level Expert Group (HLEG) on sustainable finance, believes the group he leads has a “unique” opportunity to influence regulatory policy. “Our value-add is the link between all the work that has been done before and all the legal texts that govern the financial system,” he tells IPE.Thimann, also group head of regulation at AXA, claims it is precisely “because so much has already been done on the subject” that the group feels “great” about its work. “We are standing on the shoulders of giants,” he says.  The group is distinct from all other groups and initiatives that have dealt with sustainable finance, Thimann says, because “this is the first group that is directly supported on a lasting basis by the European Union’s main financial regulator”.“There is now a group on this subject that is working with the support of the regulators, so we’ll be getting serious on sustainable finance,” he adds. “There’s a great momentum in the group, because everyone feels this is a unique chance that has been given to us to work with the regulator.”Comprising 20 individuals from different stakeholder groups, the HLEG is tasked with making recommendations for “a comprehensive EU strategy on sustainable finance as part of the Capital Markets Union”.The expert group has now met twice, and recently published minutes of its second meeting, held in early March. These unveiled its thinking about “the key areas in building a sustainable European financial system” and the framework the group has adopted to guide its work.Several of the issues mentioned in the minutes have been talked about at length in the institutional investment industry, such as the need to “adapt processes, incentives and culture across the investment and lending chain”.last_img read more

Dutch government withdraws controversial merger bill

first_imgIt cited the stringent conditions attached to a merger, which would have allowed schemes to temporarily keep their assets ringfenced if the coverage ratio differed too much, allowing different funding levels to gradually converge within a five-year period.Several political parties linked their criticism to objections voiced by the sector.In October, the Dutch Pension Federation asked the government to withdraw its bill, because of the multitude of constraints set for a merger between sector schemes.It highlighted the condition that merger partners with assets above €25bn would be excluded from the proposed rules, limiting the options for small pension funds to join larger ones.Speaking to Dutch financial newspaper FD, Pension Federation director Gerard Riemen said that, under the proposed rules, six smaller schemes in the building industry would not be allowed to join the €56bn BpfBouw, the main scheme for the sector.In addition, the planned legislation required potential merger partners to be affiliated and that no more than five pension funds could merge into a new scheme.Moreover, merger partners would have to split up if their funding levels failed to converge within five years.The federation also indicated that the proposed solutions for bridging funding differences between merging schemes, and letting participants benefit from increased scale, were not workable.The Pensions Federation said it was pleased with the minister’s decision to withdraw the bill. The Dutch government has abandoned legislation aimed at enabling mandatory industry-wide pension funds to merge.In a letter to parliament, social affairs minister Wouter Koolmees said he would consider alternatives to achieving benefits of scale for sector schemes that wanted to consolidate.The decision followed fierce criticism of the proposed bill from both the pensions sector and parliament. All said that the legislation – tabled by the previous government – would make mergers needlessly complicated.Last April, the lower house of the Dutch parliament welcomed additional options for consolidation in the pensions sector, but had also made clear that the proposed legislation was the wrong instrument.last_img read more

Feature distance just right for David Smith at Buena Vista Raceway’s Suter Memorial

first_imgALTA, Iowa (July 2) – From the vantage point of winner David Smith, the 25-lap distance for Buena Vista Raceway’s Kyle Suter Memorial was just right.Smith led the last 24 circuits and earned $1,000 for his Wednesday night IMCA Sunoco Stock Car vic­tory at Alta.“I ran the very top of the track. There was just enough momentum on the top, which was starting to go away,” said Smith, who’d lined up behind pole starter Chris Ullrich and taken the lead with a pass inside. “I didn’t want any more laps.” Smith’s younger brother Devin, a contender for national and Arnold Motor Supply Northern Re­gion rookie of the year honors, used lower lines in advancing 13 spots to second. “Any time you see us finish 1-2, it’s good. It doesn’t get any better than that. It’s the best when everybody runs good,” Smith said. “The $1,000 was a bonus.”Brian Blessington passed nine cars and finished third. Derek Green challenged Smith several times for the lead before ending in fourth and Allan Schmidt was fifth. Feature results – 1. David Smith; 2. Devin Smith; 3. Brian Blessington; 4. Derek Green; 5. Allan Schmidt; 6. Josh Suhr; 7. Mel Elsberry; 8. Jason Mickelson; 9. Roger Verdoorn; 10. Jason Rold; 11. Chris Ullrich; 12. Patrick Cross; 13. Marcus Hansen; 14. Justin Regnerus; 15. Jake Masters; 16. Chad Palmer; 17. Bob Staiert; 18. Justin Bromert; 19. Mathias Lux.last_img read more

Update on the latest sports

first_img— Arizona Cardinals cornerback Robert Alford will likely miss a second straight season because of an injury suffered during the preseason. Cardinals coach Kliff Kingsbury confirmed on Tuesday that Alford will miss four to six months. — Browns Pro Bowl running back Nick Chubb has been placed in concussion protocol after he got hurt during the team’s first fully padded practice. Chubb, who finished second in the NFL last season with 1,494 yards, was taken down during Monday’s workout with a high tackle by second-year linebacker Mack Wilson. — New York Jets wide receiver Vyncint Smith had surgery to repair a core muscle injury and could be sidelined up to two months. Coach Adam Gase confirmed the procedure and prognosis and said Smith will likely miss five to eight weeks. —The Minnesota Vikings have signed former Cincinnati linebacker Hardy Nickerson for depth. Nickerson played three seasons for the Bengals, appearing in 37 games with nine starts. He was undrafted in 2017 out of Illinois, where he played his final year of college after transferring from California. Nickerson’s father, Hardy Nickerson Sr., was a five-time Pro Bowl linebacker for Tampa Bay in the 1990s. Update on the latest sports Associated Press Portland and the L.A. Lakers finish the night’s action. In NBA news:— The Celtics say forward Gordon Hayward will be sidelined for around four weeks after suffering a severe ankle sprain in Boston’s Game 1 victory over Philadelphia in their first-round playoff series. With him out, it could mean a shift to a three-guard lineup and more minutes for Marcus Smart.— Utah guard Mike Conley has returned to Walt Disney World after the birth of his son and will go through a quarantine period before joining the Jazz for their playoff series against Denver. Conley is subject to a quarantine of at least four days in accordance with the NBA’s COVID-19 policies. He is expected to miss Game 2 but possibly could be back for Game 3. NHL NEWS-OBIT-HAWERCHUK Share This StoryFacebookTwitteremailPrintLinkedinRedditNBA PLAYOFFSVucevic, Magic upset top-seeded Bucks in Game 1, 122-110LAKE BUENA VISTA, Fla. (AP) — Nikola Vucevic (NEE’-koh-lah VOOCH’-uh-vihch) scored a playoff career-high 35 points and had 14 rebounds, and the Orlando Magic stunned the top-seeded Milwaukee Bucks 122-110 on Tuesday in the playoff opener of the NBA’s pandemic-altered season. Hockey Hall of Famer Dale Hawerchuk dies of cancer at 57UNDATED (AP) — Dale Hawerchuk, a hockey phenom who became the face of the Winnipeg Jets en route to the Hall of Fame, has died at the age of 57 after a battle with cancer. The Ontario Hockey League’s Barrie Colts, a team Hawerchuk coached, confirmed the death on Twitter on Tuesday. A teenage star, Hawerchuk was drafted first overall by the Jets in 1981. He went on to play nine seasons in Winnipeg and five in Buffalo before finishing up his distinguished 16-year NHL career with stints in St. Louis and Philadelphia.In other NHL news: — Vladimir Tarasenko is out for the rest of the St. Louis Blues’ first-round series against the Vancouver Canucks after aggravating his surgically repaired left shoulder. The team says the 28-year-old winger returned to St. Louis to have the shoulder looked at by team doctors and will update his status.MLB-NEWS-RANGERS SUSPENSIONScenter_img Terrence Ross scored 18 points, Gary Clark added 15 and D.J. Augustin had 11 points and 11 assists for the eighth-seeded Magic, who took a 1-0 lead in the best-of-seven series. Giannis Antetokounmpo finished with 31 points, 17 rebounds and seven assists for Milwaukee, but was held without a field goal over the final 11 minutes.The Bucks came into the postseason as the favorites to win their first NBA title since 1971 despite finishing 3-5 in seeding games. But their sluggish play in the NBA bubble at Disney World carried over into the postseason.In other Tuesday lineups:—Miami and Indiana are facing off as well. The last time they met in the postseason, a trip to the NBA Finals was on the line and both franchises were clear championship contenders in the 2014 East finals.That’s followed by another 4-5 matchup with the Houston Rockets taking on the Oklahoma City Thunder. The trade of Russell Westbrook to Houston last summer for Chris Paul and multiple first-round picks was thought to signal a rebuild in Oklahoma City. Instead, Paul had a terrific season in leading the Thunder to the same record as the Rockets, who don’t know when Westbrook will be available because of a right quadriceps injury. 2 Rangers suspended for throwing behind hitter after slamARLINGTON, Texas (AP) — Rangers manager Chris Woodard was serving a one-game suspension during Tuesday’s game against the Padres a day after Texas reliever Ian Gibaut threw behind San Diego hitter Manny Machado following a grand slam.Gibaut was suspended by Major League Baseball for three games, appealed the suspension and was active for Tuesday’s game.He came in Monday night in the eighth inning after young Padres slugger Fernando Tatis Jr. hit a grand slam on a 3-0 pitch off Juan Nicasio with San Diego leading by seven runs in a game it eventually won 14-4.Woodward immediately displayed his displeasure with what he perceived as a violation of an unwritten rule of baseball. After the game, the skipper said the pitch got away from Gibaut. NFL NEWSNo fans at Titans opener; Chiefs OK season tickets holders at 2 practicesUNDATED (AP) — The Tennessee Titans won’t have fans at their home opener on Sept. 20 against Jacksonville because of the coronavirus pandemic. Nashville Mayor John Cooper and the Titans announced the decision Tuesday. Nashville’s Major League Soccer team also won’t have any fans at home games in September.Going the other direction, the Kansas City Chiefs will allow up to 2,000 season ticket holders to attend training camp on Saturday, making them the first NFL team to allow fans since the coronavirus pandemic dramatically altered the way teams are preparing for the season. The team also said that up to 5,000 season ticket holders will be allowed at practice on Aug. 29, when the franchise plans to raise a new Super Bowl championship flag over the west end zone.In other NFL news: August 18, 2020last_img read more

Tongue in Chic: The problems with cashmere: tips for smart shopping

first_img(Arielle Chen | Daily Trojan) Until now. Cashmere was once the provenance of the well-off; few could afford its hefty price tag. But nowadays, you can find cashmere for as little as $50. More people can just waltz into a fast-fashion store such as H&M or Uniqlo and stock up on cashmere sweaters, scarves and socks. How, you ask? The answer is as always when a price is too good to be true: through exploitation and overproduction.  Keep in mind that a $50 cashmere sweater won’t be anywhere near the same quality as a $200 one. Also, be aware that some products marketed as 100% cashmere have been found to contain yak fur or even rat hair. Save up and take care of your cashmere by occasionally dry cleaning them and storing them in bags, and it’ll last you a lifetime.  As a result, cashmere is knitwear’s ultimate luxury textile; it’s rare, it’s hard to harvest and it’s much more comfortable and delicate compared to scratchy fibers like lambswool or mohair. Starting all the way back in the 14th century, demand has always outpaced supply.  Cashmere gets its name from the Kashmir goat. These goats, which are native to the Himalayan mountains in China and Mongolia, must withstand extremely harsh weather. To cope with minus-30 degree Celsius temperatures, the goats grow two coats: a thick, coarse outer coat and a superfine, supersoft inner coat. The latter only makes up around a quarter of the goat’s total fleece, and they are the fibers that comprise cashmere. I was raised to revere cashmere. My mom owned a few cashmere sweaters, in grey, black and green, and when I touched them they were as soft and fluffy as clouds. Instead of hanging them up in the closet, she’d fold them neatly and slip them into Ziploc bags to stave off hungry moths. Historically, cashmere has originated from nomadic tribes who shepherd their flock of goats across the vast Mongolian steppes; in fact, cashmere is Mongolia’s second-highest earning export. But cashmere production has increased dramatically in recent years — almost 300% since the 1990s — which forces the herders to keep up by settling for lesser-quality wool and adding more goats. There are now over 61 million goats in Mongolia causing unsustainable, irreversible damage to the land through overgrazing. Kering’s Environmental Profit & Loss tool calculates cashmere as having 36%more environmental impact than plain old wool.  Cashmere is up to three times more insulating than sheep’s wool and much more expensive too. For one, it’s quite difficult to gather — most of this downy hair is collected by hand during the goats’ molting season. The average sweater requires hair from four to six goats, as the yield per goat is quite scarce, ranging from a few grams to about 0.5 kilograms — a number that gets reduced even further once the hair has undergone treatment and processing. One goat typically yields about 150 grams of cashmere per year.  Look, I’m not trying to dissuade anyone from experiencing their own slice of cashmere heaven. Feeling the fine, gauzy texture of cashmere against your skin is one of life’s great pleasures (at least, I think so). But at the very least, consume cashmere mindfully.  Kitty Guo is a senior writing about fashion. Her column, “Tongue in Chic,” runs every other  Monday. I was careful never to accidentally toss them into the washing machine with all the other laundry — these sweaters required a special trip to the dry cleaners. She gifted me one when I went off to college; when I slip it over my head, it’s snug and downy against my skin, as if I’ve sprouted a layer of fur. last_img read more

NHS warns industry not to ‘open the floodgates’ to excessive advertising

first_img Share StumbleUpon UK gambling adopts toughest online advertising code to protect underage audiences August 27, 2020 BGC lauds success of whistle to whistle ban August 21, 2020 Related Articles Share Submit Claire Murdoch, the director of mental health at NHS England, has urged betting companies to avoid ‘aggressive advertising campaigns’ following the return of the football season.Murdoch suggested that the NHS’ problem gambling centres will struggle to cope with ‘avoidable harm’ as a result of excessive gambling advertising, emphasising that the industry must not ‘open the floodgates of addiction’.“The return of football will be a moment of excitement for millions but it must not be an excuse for gambling firms to open the floodgates of addiction,” Murdoch said.“Plenty of people safely enjoy a flutter, but in the NHS we’re increasingly seeing people in need of specialist help after they fall victim to excessive and aggressive marketing by betting companies.“The NHS is stepping up to the plate to offer specialist treatment, but with my colleagues having spent this year focused on protecting people from a once-in-a-generation global pandemic, the last thing NHS staff and patients need is for avoidable harm to be caused by reckless advertising and behaviour from the gambling industry as normal life begins to resume.“What we don’t want to see over the next 48 hours is firms kicking off more aggressive advertising campaigns to make up for lost time.”Responding to the statement made by Murdoch, Betting and Gaming Council (BGC) chief executive Michael Dugher pointed out that the gambling industry had strengthened its commitment to safer gambling during the lockdown – with BGC members dedicating 20% of advertising to responsible gambling campaigns.“Rather than trying to once again grab alarmist headlines with her deliberately incendiary media interventions, Claire should take up our offer, made to her back in January, to speak with the industry about her concerns,” Dugher said, as reported in The Guardian.“Murdoch is concerned that the whistle-to-whistle ban is not matched by a ban on online marketing, particularly on mobile phone apps, used by many people with accounts, who can bet rapidly on outcomes during matches.“In January she wrote directly to major gambling companies Bet365, Betfred, GVC Holdings, Flutter Entertainment and William Hill, castigating some of their practices and saying there were “increasingly clear and worrying links between gambling and mental ill health.” BGC calls for updates to ‘outdated’ payment regulations August 21, 2020last_img read more

Lakers officially hire Frank Vogel, bring an end to scrutinized coaching search

first_imgIt’s never quite over until the ink is dry.In that sense, the Lakers’ coaching search truly ended Monday afternoon, as the team officially announced what had been known for more than 48 hours – it has hired Frank Vogel to be the 27th head coach in its history. The hiring had been anticipated since Saturday afternoon, when a team source confirmed that Vogel would be hired to the Southern California News Group.“We are excited to add Frank Vogel as the next head coach of the Lakers,” General Manager Rob Pelinka said in a team-issued statement. “Coach Vogel has a proven track record of success in the NBA playoffs, and he reflects the core qualities we were looking for in a head coach – including, detailed game preparation, extreme hard work, and holding players accountable to the highest basketball standards.”The hiring announcement marked the first public statement by the upper levels of the organization in more than a month, when the Lakers announced Luke Walton would not return as head coach after a three-year stint. The Lakers’ top officials have been largely tight-lipped since April 9 when team president Magic Johnson resigned – he has yet to be officially replaced. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersThe Lakers will officially introduce Vogel on May 20, following the NBA’s draft lottery and combine this week in Chicago.The 45-year-old New Jersey native has twice been an NBA head coach before: He led his most successful teams with the Indiana Pacers, accumulating a 250-181 record. He most recently coached two years with the Orlando Magic, finishing with a 54-110 record.The Lakers will charge Vogel to find a way back to the postseason following a six-year playoff drought, the longest in franchise history. He’ll be expected to find a breakthrough where his predecessor, Walton (98-148 record), could not. He’ll have the advantages – and the challenges – of coaching LeBron James through his current contract, which runs through the next three seasons (final year is a player option0. He’ll also likely inherit promising young players from recent drafts, including Lonzo Ball, Brandon Ingram and Kyle Kuzma, with the task of molding them into pieces of a contending squad.Vogel has been to the postseason five times in eight seasons as a head coach. He’s twice reached the conference finals, contending with James’ Miami Heat teams in 2013 and 2014. Part of his success was built on cultivating a strong relationship with Paul George, whom Vogel helped develop into a perennial All-Star. He has a reputation as a defense-first coach who twice led the NBA’s stingiest unit (statistically).“I am very excited for this opportunity to join the Lakers, a prestigious organization that I have long admired,” Vogel said. “I look forward to coaching such phenomenal talent and bringing my strategic vision to the team.” Lakers practice early hoping to answer all questions Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed Related Articles How athletes protesting the national anthem has evolved over 17 years center_img Lakers, Clippers schedules set for first round of NBA playoffs Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers Vogel’s official hire marks the end of a lengthy and sometimes fraught coaching search for the Lakers. As recently as a week ago, they were widely expected to hire former Cleveland Cavaliers coach Tyronn Lue, whose deep-rooted relationship with James includes three straight NBA Finals appearances and the 2016 championship. Talks broke down Wednesday, with Lue reportedly taking issue with the years and salary offered by the Lakers, as well as the team’s desire to dictate assistant coaches on the staff.The team did not officially announce any assistant coaches as of Monday afternoon, but they are expected to bring in former Nets and Bucks head coach Jason Kidd as an assistant. Kidd, 46, had previously interviewed for the head coaching role.The Lakers also interviewed Monty Williams, who was hired by the Phoenix Suns; Miami Heat assistant coach Juwan Howard; and former Memphis coach J.B. Bickerstaff.The Lakers did not release the terms of Vogel’s deal. ESPN has reported that it spans three years. Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more