A $545 million lithium mine in Western Australia has been approved for development after its owners, ASX-listed Liontown Resources, signed a deal today with US giant Ford Motor Company to supply the battery metal and support the project with a massive loan.
The Kathleen Valley lithium mine, 680km northeast of Perth, is aiming for first production in 2024
The mine owners have reached offtake agreements with automakers Ford and Tesla and battery maker LG Energy Solution
The cost of construction has risen from initial estimates of $473 million last year to $545 million
The green light for the Kathleen Valley mine, 60km north of Leinster in WA’s Goldfields, follows last year’s approval for the $1.9bn Mt Holland lithium mine near Southern Cross and a refinery at Kwinana.
Today’s agreement between Perth-based Liontown and Michigan-headquartered Ford is for the annual supply of up to 150,000 dry metric tons of spodumene concentrate for five years, from 2024.
As part of the agreement, Ford will provide Liontown with a $300 million loan to fund the development of the project.
The company raised $450 million last year, so it’s well funded to cover construction costs, despite blowing out $72 million on initial estimates of $545 million.
‘Globally significant’ lithium mine
In a statement to the ASX, Liontown chief executive Tony Ottaviano described the board’s final investment decision as just the beginning and said the “central task lies ahead” to build and commission the mine safely.
“The signing of our third and final Fundamental Offtake Agreement is a significant milestone for Liontown and the Kathleen Valley Project, with approximately 90% of Kathleen Valley’s start-up capacity now under binding long-term offtake agreements. “, did he declare.
“Our disciplined approach to our offtake strategy has enabled us to build a Tier 1 customer base, globally significant customers in the electric vehicle battery supply chain, validating Kathleen Valley’s status as an active globally important lithium.
“In addition to the drawdown, Ford’s $300 million financing facility, along with capital raised last year, means we have secured commitments for the funds needed to support the full commercial development of Kathleen Valley until to the first production.”
Ford’s vice president of electric vehicle industrialization, Lisa Drake, said it was an important deal for the automaker.
“Ford continues to work to source supplies deeper into the battery supply chain to meet our goals of delivering more than two million electric vehicles per year to our customers by 2026,” she said. declared.
WA lithium production on the rise
Liontown told the ASX it has already placed orders for 73% of long-lead items for the processing plant, worth an estimated $83 million.
Mining is expected to begin early next year to build up ore stockpiles ahead of the commissioning phase.
Kathleen Valley is expected to produce around 500,000 tonnes of spodumene concentrate per year, with plans to reach 700,000 tonnes in 2029.
This will add to WA’s growing number of lithium mines in production, which already includes the Greenbushes mine in the South West, the Pilgangoora and Wodgina mines in the Pilbara, Mt Cattlin near Ravensthorpe in the Great Southern, and the Mt Marion and Bald Hill. in the fields of gold.
Mt Holland – a 50/50 joint venture between Wesfarmers and Chilean SQM – is expected to start production in the second half of 2024.
1.3 million from North Carolina have an average balance of $36,293 and monthly payments of $282.
This debt affects 12% of the 10.5 million people who live in NC.
Tens of millions of Americans are waiting to see if President Joe Biden will grant the widespread student debt forgiveness he endorsed as a presidential candidate.
He talked about canceling $10,000 per borrower, but the plan stalled when he asked Congress to pass the relief. With that body stuck, Biden recently said he’s still taking a “hard look” at the question.
Any course of action has enormous stakes.
More than 43 million Americans owe a combined student debt of $1.6 trillion to the federal government, according to the latest data from the Department of Education. This makes it one of the main sources of consumer debt in the country.
If Biden forgives all borrowers $10,000, it would eliminate federal student debt for a third of them, or about 13 million people. Another 20% would see their debt reduced by half or more.
The former New Bedford Police Union treasurer, a New Bedford police sergeant, was sentenced to prison after admitting to stealing nearly $50,000 from union funds to buy personal items such as a subscription to Match.com and New Kids on the Block tickets.
Joshua Fernandes, 41, was sentenced on Monday to three months in prison and two years of probation. He was also ordered to pay restitution in the amount of $47,851.
In October, Fernandes, who had been treasurer of a police union for nearly a decade, pleaded guilty to one count of wire fraud.
“As a police officer and union treasurer, Joshua Fernandes was sworn to uphold the law, but today he was sent to jail for breaking it. Fernandez stole tens of thousands of dollars in union funds – the hard-earned money of his fellow officers – and instead spent it on himself to pay for more than 400 personal expenses, such as beach vacations, tickets to events, children’s toys and online dating,” said Joseph R. Bonavolonta, special agent in charge of the FBI’s Boston Division. “What he did is heinous, and today’s sentencing should be a warning to others that the FBI is committed to rooting out public corruption and preserving trust in law enforcement. “
Court documents also said Fernandes abused the trust placed in him by fellow union members.
Fernandes, according to court documents, spent $48,630 on personal expenses. This included spending $1,038.40 to stay at the Legacy Vacation Club in Kissimmee, Florida; $3,030.03 in Ticketmaster fees for New Kids on the Block, Comic-con, Sarah Brightman, and Hanson events; $119.94 for Match.com; and $1,406 to the Toy Vault in Dartmouth, Massachusetts.
In January, 200 New Bedford police officers were told about $674,000 in union expenses had “no supporting documentation,” according to WJAR. Many blamed Fernandes for it, but the email said the problem was more widespread.
He was able to go unnoticed for so long because he diverted tens of thousands of dollars from the LPL Financial Union account to the New Bedford Credit Union account to cover up the shortfall in the union’s operating funds caused by his embezzlement, according to Federal Court documents.
“Over several years, Mr. Fernandes stole tens of thousands of dollars in union funds and spent them recklessly on a range of personal expenses, including beach vacations, phone bills and online dating” , said US attorney Rachael S. Rollins. “To add insult to injury, he tried to cover up his theft by filling the depleted accounts with more funds stolen from the union’s retirement investment account. Public officials who abuse their positions of trust for their own personal gain will be prosecuted. No one is above the law.”
Former New Bedford Police Sgt. Joshua Fernandes admits stealing nearly $50,000 in union funds for vacations and other personal expenses
Former New Bedford Police Sgt. Joshua Fernandes accused of stealing $50,000 of union funds, including payment for Match.com and concert tickets
Funds depleted Punjab is expected to pay Rs 36,068 crore for debt service in the current financial year, according to budget estimates. Of this amount, Rs 20,122 crore will be used for interest payments only, while the remaining Rs 15,946 crore will be used to repay debt, excluding advances on ways and means.
For the advances on ways and means, the state will pay Rs 20,000 crore which will be spent under capital expenditure. The state has a huge debt of Rs 2.63 lakh crore till the end of the last financial year, which stands at 45.88% of the state’s Gross Domestic Product (GSDP). By the end of the next financial year, the debt will increase and rise to Rs 2.84 crore. In addition, state agencies, councils and corporations have a debt of Rs 55,000 crore of which Rs 22,250 has been guaranteed by the state government.
To keep afloat, the government plans to earn Rs 55,050 crore from the debt receipts. These include market loans worth Rs 31,804 crore, central government loans and advances worth Rs 2,446 crore and ways and means advances worth Rs 20,000 crore .
The government has already taken out a loan of Rs 8,000 crore after coming to power. Finance Minister Harpal Singh Cheema said: “We took out a loan of Rs 8,000 crore after we took office. But we also achieved better recoveries than our predecessors in the first quarter of this fiscal year. We managed to repay Rs 10,500 crore. Additionally, we have deposited Rs 1,000 crore in the Consolidated Sinking Fund. We actually paid Rs 3,500 crore in total.
In addition, the State would also take out Market Loans worth Rs 31,804 crore, Center Loans and Advances worth Rs 2,446 crore and Ways and Means Advances worth Rs 20,000 crore. The GST compensation scheme is expected to end in June 2022, and based on trends from previous years, the state government would be looking at a big hole left in its finances to the tune of Rs 14,000-15,000 crore over the course of of the 2022-23 financial year, in accordance with the budget document.
Stating that the government has already launched revenue raising measures, the FM proposed a 17.08% increase in tax revenue, contributing Rs 95,378 crore to the public treasury.
Baker-Berry Library on the Dartmouth College campus in Hanover, New Hampshire, in October 2021. (Photographer: Bing Guan—Bloomberg/Getty Images)
Today, according to Education Data Initiative— and student borrowers find themselves on average with $37,693 in debt. But Dartmouth College is struggling to tackle mounting debt among middle-income student borrowers.
While President Joe Biden has campaigned to agree to forgive up to $10,000 of federal student loan debt per borrower, he has yet to follow through on large-scale debt forgiveness. He canceled about $20 billion in loans, but that’s only about 1% of all federal student loan debt. According to Federal Reserve Bank of St. Louis.
To Dartmouth College, an Ivy League school in Hanover, New Hampshire, some students won’t have to worry about taking out loans to attend school. Starting June 23, Dartmouth is removing all federal and institutional loans from its undergraduate financial aid programs and replacing them instead with expanded scholarships, the school announced this week. The new policy is in effect for current and prospective Dartmouth students.
“Dartmouth has announced many new initiatives over the past year, but this one is exciting because it targets an often overlooked population,” said Dino Koff, Dartmouth’s Director of Financial Aid. Fortune. “The no-loan for all-income allows students to have greater flexibility as they prepare to launch their careers.”
The participation fee at Dartmouth (including tuition, fees, room and board) for the 2022-2023 academic year is over $80,000 and currently the average scholarship for the class of 2025 is $62,900. One-year tuition at Dartmouth is $60,687, while the national average in a private college is $33,150.
How (and why) Dartmouth will eliminate loans
In 2020, Dartmouth set a campaign goal to eliminate student loan requirements, and more than 65 families made donations totaling $80 million.
This new policy will particularly benefit middle-income families, Dartmouth officials say. Previously, only families with an annual income of $125,000 or less were offered need-based assistance with no loan component required.
Starting June 23, however, Dartmouth has removed this income requirement and families who earn more than $125,000 a year will be eligible for the new policy. This will reduce the debt burden by an average of $22,000 over four years, according to the school’s announcement. The school also offers greater financial assistance to families earning less than $65,000 per year.
In 2020, Dartmouth President Philip J. Hanlon established the President’s Commission on Financial Aid as hundreds of families at the school faced financial hardship due to the pandemic. The commission was created in partnership with the Dartmouth Financial Aid Office to secure funding for students impacted by the pandemic, educate the Dartmouth community about financial aid, and develop a long-term financial aid program.
“Thanks to this extraordinary investment from our community, students can prepare for lives of impact with fewer constraints,” Hanlon said in a statement announcing the new policy. “Eliminating loans from financial aid programs will allow Dartmouth undergraduates to pursue their purpose and passion in the widest possible range of career opportunities.”
It seems like the time has come for central bankers to come together and think about ways to pull their economies out of a global inflationary crisis. So thank goodness the European Central Bank’s annual Forum on Central Banking, a gathering amid the palaces of the pretty Portuguese town of Sintra to discuss the challenges of monetary policy in a rapidly changing world: a title which, according to the organisers, was agreed only recently given the rapidly changing world that eurozone economies are facing today. Federal Reserve Chairman Jay Powell, World Trade Organization chief Ngozi Okonjo-Iweala and Bank of England Governor Andrew Bailey are among the top speakers.
Geopolitical summits are once again in the spotlight this week. NATO will meet in Madrid on Tuesday for three days of discussions, including on its expansion following the Russian invasion of Ukraine. Among the topics of deliberation are maintaining support for Ukraine, strengthening partnerships and keeping the door open, and strengthening transatlantic unity.
It also happens to be the week of Ukraine’s Constitution Day, a public holiday for the country marking the founding of an independent state in 1996.
Speaking of separation, Scottish First Minister Nicola Sturgeon is expected to explain in detail on Tuesday how she plans to hold a second independence referendum. Read Robert Shrimsley’s excellent opinion piece to understand why Sturgeon chooses to do this now. The future of Britain is the subject of a conference taking place in London, organized jointly by the Tony Blair Institute and the Britain Project, a cross between a campaign group and a think tank.
Of course, the reorganization of countries is a controversial matter as will no doubt be debated on Friday, the 25th anniversary of the handover of Hong Kong from the United Kingdom to China. The story of journalist-turned-political activist Claudia Mo, told powerfully in this weekend’s FT Magazine, recalls the battles fought and ultimately lost by those who sought to maintain the city region’s autonomy over the past quarter century – although that won’t stop protesters from taking to the streets on Friday.
This week will also see the next installment in the UK’s summer of discontent with lawyers standing down on Monday to protest legal funding cuts – although the Department of Justice is questioning that, saying the criminal legal aid is growing by £135m a year. Postal workers can follow lawyers on the picket lines as the Union of Communications Workers this week sends ballots for industrial action to more than 115,000 of its members.
Need a little lighter fun? Well, it’s a good week for big sporting tournaments with the start of the Wimbledon fortnight and the Tour de France, which this year starts in Copenhagen. The FT has also released its list of summer reading recommendations.
Reports on consumer confidence, inflation and gross domestic product updates this week will give an indication of the effectiveness of the various monetary policy tightening measures in play, and will no doubt give Sintra’s central bankers.
Swedish and Hungarian central bankers are making interest rate decisions this week.
A quieter week for business announcements. The largest earnings announcements all come from the United States. Investors in Nike, the global sports brand, may be more interested in the management team than the numbers. Felicia Mayo, head of diversity at Nike, will leave the company at the end of next month after just two years in the role.
The Padres must feel like they’ve gone through 10 rounds with Mike Tyson, jaws bruised, ribs tender, lungs swollen, after a historic streak of games unseen in San Diego since 1990.
Thirty-one games. Thirty-one days. They’ve played a crippling 18 over the past 17 days. And despite falling to the Phillies 8-5 on Sunday at Petco Park, they managed to survive.
It was all a bit stunning. The Padres finished the streak with a 17-14 record. When the meat grinder started on May 27, they trailed the Dodgers by two games in Western Newfoundland. In the end, they sat… two games back.
“It’s a tough time that we’ve just come through,” manager Bob Melvin said. “…I think everyone was a bit run down towards the end. But you know, I had a chance to win the game. But we could use the public holiday (Monday).
Forget the moral victories thing. Melvin isn’t into that kind of rah-rah thinking. It’s a direct and realistic shooter that preaches everyday life. Stay away from binoculars and rear view mirrors. Earn today and worry about tomorrow, tomorrow.
What the Padres managed to do, however, deserves advice.
They play without NL MVP candidate Manny Machado, chained to the dugout with a sore ankle. There’s star Fernando Tatis Jr.’s dead center return Toss in center fielder Trent Grisham’s sore right shoulder, designated hitter Luke Voit’s hamstrings and calf and Wil Myers’ knees and legs. ripples from the wounds have become whitecaps.
Melvin missed games while on the bench due to COVID protocols.
Apologies abound. The Padres don’t attach their mental wagons to any of them. Instead, they do enough, enough times, to avoid a potential ranking drop.
“We took the day-to-day approach very well,” said first baseman Eric Hosmer, who had two hits, an RBI and scored a run Sunday. “We tried to win every day and not worry about what’s coming next or what happened in the past. That was important for us.
“There are a few games we could have won, but we just didn’t. But at the end of the day, we went through a very difficult period and we are well placed.
Normally, there’s no reason to give Dom Pérignon a chill after losing a home streak to cap a 4-6 average streak in the last 10 games. Surviving the grueling race with a winning record, despite the widespread wreckage of the lineup, is a bit of a headache.
All along, the Padres fulfilled Task 1: keep pace with the Dodgers until the Cavalry arrived.
“It’s the identity of our team,” said receiver Austin Nola. “Bob preached, you know, defense, base running, throwing, good hitters. I think that’s the key. Over time, if we do a good job, we’re going to win ball games no matter who’s in the lineup.
On Sunday, that meant putting rookies CJ Abrams and Jose Azocar in the starting lineup. That meant planting in-season call Nomar Mazara on the right. This meant that Ha-Seong Kim continued playing at No. 3. That meant hitting two receivers. That meant a bench as thin as printer paper.
It’s been a baseball yard, in the middle of a marathon.
“After (the long streak of games) you look back, man, how did we do?” says Nola. “We did a good job stringing together a few wins.”
No team has played more times than the Padres this season, 75 games in all. Only four others reached the mark. Still, San Diego plugged in a clip that remains one of baseball’s best.
The offense, non-existent for so long, left the witness protection program in June. Entering Sunday, the Padres led the NL in hits (288) and ranked second in runs (137) and extra-base hits (90).
At home, the Padres relievers had posted an NL-best .40 ERA while allowing a .114 batting average, the second-lowest on the NL side.
Math curveballs came to the Padres against the Phillies. The team was 33-4 when leading after six innings this season. Relief pitcher Nabil Crismatt, who had allowed just five earned runs and no homers, was rocked by Kyle Schwarber’s three-point shot in the seventh.
It was the first time the Padres dropped a four-game series this season.
These Padres seem built with stronger wood than others over the last decade – and maybe two. It’s evident that Melvin has instilled a unique resilience into the Padres’ 2022 DNA.
A loss that tipped a streak doesn’t change that.
“We’re happy with what we’ve been through so far,” Hosmer said. “I just know the second half will be a much more favorable schedule. Not so many games in so many days. We will be much more on the west coast.
“We definitely see the momentum in that. This kind of play plays a bit more in our favor, heading into the second half.
The Phillies, without All-Star Bryce Harper, battled to win the series.
The Padres also did something impressive: they outlasted Tyson.
It’s been issue after issue, trial after trial for Erika Jayne for nearly two years now. While her husband, Tom Girardi, and his former law firm have been accused of embezzling nearly $500 million from clients and partners in the past, she in turn has been branded as the leader of the so-called “biggest racketeering business” ever seen by plaintiff’s law. Namely, prosecutors say the RHOBH The star was aware of the alleged schemes the entire time and even funneled the dodgy funds through his entertainment company, EJ Global LLC, and through his personal effects. And apparently there are even more legal issues on the horizon for her after she refuses to hand over a particular expensive gift that Girardi gave her.
Due to the various claims made against them, Tom Girardi and the law firm Girardi Keese had to file for Chapter 7 bankruptcy in 2020. A trustee was then appointed to deal with the complicated financial situation, including the sale to the auctions from the house of Girardi and countless priceless ones. items to repay creditors. The next item up for grabs was supposed to be a $750,000 pair of diamond earrings, which were now worth $1.4 million, but, according to Radar Online, the soon-to-be 50-year-old ex-wife refused to abandon them completely. The outlet has obtained new court documents filed by the trustee, and it appears they are setting legal precedent for Erika Jayne, stating:
The trustee also said the Bravo alum could also be “imprisoned in county jail for up to one year” for withholding apparently known stolen property, pursuant to Penal Code §496(a). (Tom Girardi reportedly took the money for the earrings from a settlement for Rezulin drug victims.) The reality TV star and her legal team are fighting accusations that she knew about the trail money in court, but the opposition isn’t leaving her alone just yet. They said in the filing:
In a statement to Radar Online, Erika Jayne’s attorney painted an entirely different picture of the earrings debacle. He clarified that the money withdrawn from the law firm for the earrings was taken by two associates of Girardi Keese, and not by his client. Also, since this would have been done in 2007, the “statutes of limitations have expired”. He continued:
The legal representative added that the trustee had already taken the beverly hills alum on an offer to “put the earrings in escrow pending final court resolution.” As they say, the trustee actually has the key to the safe where the earrings are right now.
One would assume that Erika Jayne fights so hard for the controversial Tom Girardi earrings because she herself might need them here soon. Amid one of many other ongoing legal battles she faces, a $5 million lawsuit, the plaintiffs involved allege she is seeking an “unfair advantage” by delaying the discovery process until the next hearing. They requested that EJ Global’s taxes be filed so they could proceed on that front, which a judge tentatively agreed to. As a result, however, the artist later filed in court that she was unable to pay the huge amount of unpaid taxes for the company that was holding things up.
She maintains that she has nothing to do with the financial aspect of her personal or professional life when she is married because Tom Girardi has managed everything. Moreover, she believes she is being extorted by the various interested parties.
We await further developments in this situation. However, in the meantime, fans can still find out what Erika Jayne keeps saying about her legal woes in the twelfth season of TheThe Real Housewives of Beverly Hills. New episodes premiere Wednesday and the following day for Peacock Premium subscribers.
A month ago AC Milan fans were celebrating the Scudetto victory after 11 years of waiting, but a lot has changed since then. First, the Rossoneri changed ownership, with US private investment firm RedBird Capital signing a preliminary deal to buy the club. Company founder Gerry Cardinale has taken over the reins of the club, and he is putting his stamp on multiple aspects of AC Milan. The official announcement came in early June and the transition to new ownership will take place over the summer, with closure expected no later than September 2022. Meanwhile, Paolo Maldini and Ricky Massara are working to improve the listing, but things are going a bit slow from now on, thanks in part to this transition.
AC Milan Goalkeeping Prospects
Stay : Mike Maignan, Ciprien Tatarusanu
Uncertaincoming: Antonio Mirante
Last summer was one that saw a major change between the sticks, with Gianluigi Donnarumma leaving AC Milan at the end of his contract and the club recruiting former Lille goalkeeper Mike Maignan. He ended up becoming the best goalkeeper of the season in Serie A. He is expected to stay with Ciprian Tatarusanu as number two.
Idealmoves: The future of the third goalkeeper, Antonio Mirante, is still undecided. While talks over a new contract are still ongoing, the club haven’t made a final decision on him yet. If he stays, Alessandro Plizzari who returns from the loan to Lecce will return next season.
AC Milan Defense Outlook
Stay :Fikayo Tomori, Pierre Kalulu, Simon KjaerTheo Hernandez, David CalabriaAlessandro Florenzi
Uncertaincoming:Matteo GabbiaFode Ballo-Toure
Stefano Pioli’s defense was one of the keys to the title last season with just 31 goals conceded in Serie A, so there isn’t much that can be done to improve this unit. Former Chelsea defender Tomori is expected to stay and he is also in talks over a new contract while Simon Kjaer will be back after recovering from an ACL injury. AC Milan captain Alessio Romagnoli will leave but is likely to stay in Italy with AC Monza and Lazio interested in him. Away, Theo Hernandez and Davide Calabria will stay for sure, and the Rossoneri will also definitely buy Alessandro Florenzi from AS Rome after a very positive season.
Idealmoves: AC Milan’s number one priority is a new centre-back and Sven Botman was the main name for months until he decided to opt for Newcastle. The Lille defender had been in talks with the Italian club since January but finally he decided not to wait any longer and he is preparing to sign with Newcastle. AC Milan will now have to look into a few alternative names. Gabbia and Ballo-Touré are also expected to stay this summer, but if anything changes, the club will look for their replacements as well.
AC Milan Midfielder Prospects
Stay :Sandro TonaliBrahim Diaz
Leaving:Tiemoue Bakayoko, Frank Kessie
Uncertaincoming:Ismael Bennacer, Rade Krunic, Daniel Maldini
There will be some midfield changes with Kessié, who left the club at the end of his contract, now waiting to officially sign with FC Barcelona. Tonali, after an incredible year, is staying on permanently and his agent is already in talks with the club to extend his contract. Bakayoko will also leave and be back at Chelsea, at least until they know what they want to do with him next, while Bennacer’s future remains to be decided as he is yet to sign a contract. contract renewal and his contract expires. in 2024. Brahim Diaz has one more year on loan from Real Madrid and he should stay if nothing changes. Krunic and Maldini could leave the club this summer.
Idealmoves: AC Milan already signed Yacine Adli from Bordeaux last summer and he will be part of the roster next season after being loaned to his former club last year. Renato Sanches is still the midfielder’s main target but Paris Saint-Germain are also interested in signing him despite the fact that he has already agreed personal terms with the Italian club. Things should become clearer in the next few days. La Gazzetta dello Sport also reports that Milan have expressed interest in Sassuolois attacking midfielder Traoré Jr and he could become a target for the summer.
AC Milan attacking prospects
Stay :Raphael LeaoOlivier Giroud
Leaving:Samu CastillejoMarko Lazetic
Uncertaincoming:Alexis Saelemaekers, Ante Rebic, Junior Messiah, Zlatan Ibrahimovic
Arriving: Divock Original
Stefano Pioli will definitely count on Leao for the 2022/23 season. The Portuguese striker was one of the best players in the league last year and Milan are now ready to improve his salary and extend his contract. Giroud, who scored crucial goals on the team’s way to victory at the Scudetto, including a crucial brace against InterMilan, should stay at the club and will be part of the list. Castillejo is on the transfer list, while young talent Marko Lazetic is expected to leave on loan. The big question concerns the future of Zlatan Ibrahimovic, who had a contract expiring in June and underwent surgery which will force him out for the next seven or eight months. Talks between him and club representatives are ongoing and he is expected to decide his future in the coming weeks. The Rossoneri have already signed free agent Divock Origi, who is expected to sign a long-term contract with AC Milan in the last week of June.
Idealmoves: Meanwhile, AC Milan are working around some names such as Charles De Ketelaere of Brugge who is also attracting interest from some Premier League clubs such as Leeds United and Brugge winger Noa Lang who can also play in different forward line roles. Sporting director Ricky Massara also spoke to AS Roma’s Tiago Pinto and asked for an update on the situation of Nicolas Zaniolowho is also the target of Juventus, but as of now, it seems to be too difficult to materialize this summer. AC Milan in the past have shown interest in the Sassuolo striker Gianluca Scamacca but his price is too high this summer (around 40 or 50 million euros) and PSG are in talks to sign the Italian talent.
As the economy struggles and the long summer months lengthen, teens may be encouraged to take up summer jobs to help with family finances — or just to have money to spend. for their own needs.
But many don’t know how to save, budget, or understand the basics of finances. Michelle Carter-Pope wants to change that.
Pope, senior business and community engagement associate at Texas Trust Credit Union, points out that:
22% of teens lack the basics in basic financial skills. This means they felt they lacked the knowledge to do basic things like budgeting for beginners.
32% of teens can’t tell the difference between a credit card and a debit card
59% of parents are uncomfortable talking about money with their children
Pope realized the need for financial literacy for teens and created a “Teen Money Camp” to meet it.
“I saw all these summer camps for kids for sports and music and everything, and I thought why not offer a camp on financial empowerment? Teens need to learn about financial literacy. L summer is a good time to do that.
Michelle Pope’s brainchild, Teen Money Camp, was originally intended for 15 attendees. The free one-day camp at the DeSoto Civic Center “sold out” almost immediately.
“I was thrilled and surprised,” Pope said, “so I decided to open it up to 30 campers.” The next 15 students quickly filled the camp.
Again Pope realized the need and, at the instigation of DeSoto City Youth Director Sydney Elliott, went ahead and opened it up to a total of 60 attendees. “But that’s it – I knew I couldn’t manage any more campers and asked for help running the camp!”
She understood. She will be joined by financial experts from local banks and businesses so that participants learn from several successful businessmen and women. DeSoto Parks & Rec, Score Factor Financial Services, Bank of America, and Lonnie B Creative Designs are some of the companies that have jumped at the chance to help would-be business owners. Primerica Advisor Chris Henderson, Sr. will also present.
Topics will include entrepreneurship, interview skills, investing, credit and budgeting.
Breakfast and lunch will be provided.
Pope, a graduate of San Diego State University and a member of Alpha Kappa Alpha Sorority, Inc., also recently volunteered as a trust coach with the nonprofit ConqHer, Inc.. She is excited to help local teens advance in their future careers by teaching lifelong lessons on finances. She has worked at Texas Trust Credit Union for 12 years and is always looking for ways to help the local community.
The camp will take place on Tuesday, July 12 from 9 a.m. to 5 p.m. and will be held at the Bluebonnet Rooms of the DeSoto Civic Center located at 211 E. Pleasant Run Road.
For more information, contact Michelle Carter-Pope, BA, CCUFC, Sr. Partner Business & Community Engagement, Texas Trust Credit Union (972) 595-1726. Or by email: [email protected] | TexasTrustCU.org
More choices for teens
The DeSoto Parks and Recreation Department has many summer camp offerings this year. The department’s mission is “to enrich the quality of life at DeSoto, provide world-class customer service, premier parks, and vibrant recreational experiences.”
DeSoto Parks and Recreation is an essential part of the community that offers various services and opportunities. Our staff will be recognized for their commitment to professionalism and their ability to grow and change with the community.
A long list of summer camp opportunities is available online: Welcome to our community! | DeSoto, Texas – Official Website
The US Census Bureau reported that new residential housing was started at an annual rate of 1.549 million in May, a whopping 14.4% drop from April and 3.5% below the rate of starts. under construction in May 2021. The sudden cooling was attributed to both rapid price appreciation and a sharp rise in mortgage rates making affordability out of reach for many buyers.
Single-family home prices have risen nearly 20% in 2021, driven by strong demand and exacerbated by critical shortages of materials and labor in the wake of the pandemic. But the housing crisis is not simply an artifact of Covid’s supply chain disruption or improving consumer debt profile and savings rates. The housing shortage in the United States has accumulated for almost four decades and the market is still suffering from the hangover from the financial collapse of 2006.
The fact is, homebuilding in the United States simply hasn’t kept pace with population growth since the 1980s. April housing starts of 1.8 million units at an annual rate we are just back to 1998 levels of new home construction and are well behind the annual rate of 2.5 million in the early 1970s. of the same period. And even if the Fed’s ongoing rate hikes are dampening demand for now, the long-term imbalance will still take many years to resolve.
While many remember the early 2000s as a period of excess in the residential real estate market, the fact is that new housing construction was just beginning to pick up to meet population growth before the trough does not collapse. It was not overbuilding per se, but a confluence of factors related to how the building expansion was financed that led to the catastrophic collapse that nearly destroyed the entire US economy. Since then, the lingering changes resulting from the crash have continued to hamper a full recovery in new construction.
The factors that led to the crash of 2006 are legion, including misguided government policy, the rise of non-bank lending, the securitization of mortgage loans, including subprime loans with lax underwriting, regulatory loopholes, as well as the greed and deceit of mortgage originators. An estimated $14 trillion in American wealth was destroyed and the average family suffered a 39% drop in net worth. Several mortgage and securitization reforms were passed in the wake of the carnage, making it harder to get a home loan but also pushing some potential buyers out of the market.
The carnage suffered by homebuilders during the crash is perhaps the most significant factor in the under-construction of residential units. Prior to the Great Recession, the direct and indirect impact of residential construction and sales accounted for 15-20% of US GDP. Following the ensuing slump in 2007-2009, more than half of all homebuilders left the industry due to financial difficulties or bankruptcy. Nearly a quarter of all mortgages in the United States have gone underwater, leading millions of homeowners to mail their keys to the bank. Millions of skilled construction workers have left their trades to seek other employment, creating a skills gap that has yet to be filled. Many builders are now attesting that the pandemic has only exacerbated an already acute shortage of skilled labour.
The mix of new construction complicates the general underconstruction of housing. The new supply of entry-level housing is particularly constrained. The share of new single-family units under 1,400 square feet is only about 10% of all homes, compared to about one-third of all homes in the 1970s, leaving many first-time buyers shut out of the market.
Local zoning laws in many communities favor single-family homes and severely limit the permitting of multi-family units, even when local market demand prefers them over single-family homes. Meanwhile, the regulatory burden on contractors has grown exponentially over the past generation and, according to the National Home Builders Association, accounts for 25% of the cost of an average home. This makes entry-level housing construction essentially unprofitable.
The magnitude of the construction deficit can be seen in the accompanying graph which shows the ratio of new housing starts to population level since the early 1970s. The graph shows the general downward trend in the number of houses started per 1,000 inhabitants and points out that construction has not yet fully recovered from the crash of 2006.
A National Association of Realtors report in 2021 notes that on average, new homes per year since 2001 have averaged about 1.25 million compared to 1.5 million from 1968 to 2000, creating an estimated shortfall of 5 .5 to 6.8 million dwellings. The report states that “the scale of underconstruction and the existing gap between supply and demand are enormous…and will require a major national commitment to build more housing of all types.”
The current cooling in demand may provide some relief to allow strained supply chains to normalize and produce more skilled workers. But the larger issue is complex, involving governments at all levels to rethink lending, zoning and regulatory policies to allow the market to respond appropriately.
Want to reduce your EMI loan burden? Follow these simple tips
A person takes out a loan to meet their financial needs. However, keep in mind that a loan is also an additional expense, given the interest that the bank charges. A higher interest rate can make paying off your loan much more expensive. With a higher interest rate, the amount of EMI you have to pay increases. With the RBI raising the rate by 90 basis points in two tranches to contain inflation, banks followed the central bank in raising their lending rates.
But there are some ways or tricks that can help you save money on your EMI loan. From negotiating with your loan company to switching lenders, some of the ways listed below can ensure that your loan won’t hurt your monthly budget.
To opt for hybrid loan
A hybrid loan is where the lender gives you a fixed rate loan for the first few years, after which they start charging the prevailing variable interest rate. One can switch to semi-fixed rates for the first 3 years and then opt for a variable interest rate to ensure that fluctuating interest rates do not affect the duration of your loan or the EMI.
Opt for a new interest rate regime
If a home loan was taken out before October 2019, it is very likely that the interest rate regime will be MCLR or base rate or BPLR. After October 2019, all new loans were transferred to the external benchmark rate, but old loans were allowed to operate under the existing system until borrowers requested a change to the new regime. If your interest rate is higher than the lender’s EBR, now may be a good time for you to switch to the EBR regime by paying a nominal fee.
Compare rates from different lenders
Compare the interest rates offered by various lenders. If the interest rate you’re paying is higher than other lenders despite a rate hike, it may make more sense now for you to switch to a new lender.
Use your credit score to your advantage
If you’ve been disciplined in paying back, it’s time to reap the reward. Through home loan balance transfer, existing home loan borrowers with a good credit profile should also explore the possibility of saving on interest charges. Their improved credit profile can make them eligible for home loans at much lower rates from other lenders.
Extension of term
If you’re having trouble paying an increased EMI, you can ask your lender to increase the term of the loan and lower your EMI. Increasing tenure is generally permitted by the lender until the retirement age of around 60 to 65 years old.
Opt for the home saver
Some home loans give the borrower the option of overdraft. New and existing home loan borrowers with cash constraints can opt for the home savings option. Under this facility, an overdraft account is opened in the form of a checking or savings account where the borrower can park his surplus and withdraw as his financial needs dictate.
Inflation is soaring, with consumer prices rising 8.6% in the 12 months to May, a 40-year high. Not surprisingly, this surge is having an impact on consumer spending.
Indeed, inflation forces 85% of Americans to change their buying habits, according to a Forbes Advisor Survey.
“Non-essential items have been hardest hit, with two-thirds of [the 2,000] respondents spend less on discretionary items, including entertainment and socializing,” the report said.
Only 9% said inflation had affected their travel plans, while 29% had to cancel or postpone a trip and 34% travel less often. Additionally, 17% are downgrading their rides to cheaper opportunities.
Meanwhile, 70% defer spending on major unplanned purchases. The report points out that consumers won’t be able to do this forever, when it comes to basic necessities such as household repairs and new cars. So that could become a problem.
Many bite the bullet for the essentials
When it comes to spending on essentials, around 30% of respondents have not changed what they buy and are just biting the bullet, spending more money on those purchases.
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But 54% are making changes to stay within their budget, opting for cheaper alternatives or buying smaller quantities.
When it comes to the overall picture, 78% of respondents said they have very little wiggle room in their budget. A total of 26% said they had already spent more than they could afford, probably buying with some form of credit.
A total of 27% of respondents said they had reached their spending limit and less than 10% said they had plenty of room left in their budget.
To pay their bills, 40% of survey respondents who own a credit card use it more often. A total of 26% started having a credit card balance to cover their monthly expenses. It is therefore not surprising that 64% of respondents are concerned about the impact of rising interest rates on their debt.
Practical Spending Tips
For readers on tight budgets, we don’t recommend anything drastic, just common sense. First of all, avoid unnecessary expenses: do you really need that chocolate donut every day?
Second, go for cheaper brands for the items you buy. A house brand laundry detergent will likely clean your clothes as well as advertised brands.
If you’re going to use credit cards, try to avoid having a balance. And if you can, get a card with rewards, so you can get something back for your expenses.
Bannockburn, IL. (June 22, 2022) – Great Lakes Credit Union (GLCU) is expanding its range of deposit offers with the introduction of two products that can help members grow their savings faster: Jumbo and Super Jumbo Certificates. Federally insured by the National Credit Union Administration (NCUA) up to $250,000, these certificates offer members a low-risk way to earn a higher return on their funds and predictably multiply their savings.
In today’s volatile rate environment, this steady growth is important to consumers of all financial backgrounds, and GLCU is addressing their concerns.
“GLCU’s new Jumbo and Super Jumbo Certificates complement our existing suite of financial solutions by providing high net worth members with deposit products that can significantly help them reach their savings goals,” said Steven Bugg, President and Chief Executive Officer. from the management of GLCU.
With a Jumbo or Super Jumbo certificate, individuals enjoy a higher annual percentage yield (APY) on their funds, meaning they earn a higher dividend rate on the balance than they would with most regular savings accounts. Generally, the longer the duration of the certificate, the higher the APY a person will receive.
Compared to a traditional certificate, Jumbo and Super Jumbo certificates require a larger balance to open as they offer a higher return on funds. Once the certificate has matured, the account holder can withdraw the money without penalty and either collect the dividends earned or reinvest.
GLCU’s newly added certificates offer competitive dividend rates as well as flexible member terms, ranging from 12 to 60 months. The Credit Union’s 60-month Jumbo Certificate offers 1.05% APY* while its 60-month Super Jumbo Certificate offers 1.20% APY*.
The new certificates are available to existing members, but consumers who are not yet members of GLCU can join and take advantage of competitive dividend rates.
For those saving for future goals, a Jumbo or Super Jumbo certificate can be an attractive option that can provide peace of mind, especially in the face of current climate change.
Learn more about terms, conditions and disclosures, and find out how GLCU can help you reach new levels of financial success with its Jumbo and Super Jumbo certificates here.
GLCU Jumbo and Super Jumbo Certificates
GLCU Jumbo Certificate: Benefits and Requirements:
• Earn up to 1.05% APY*
• Excellent customer service and 24/7 access with online and mobile banking
• No hidden fees
• Predictable growth
• Federally insured by NCUA up to $250,000 per member
• Flexible term options ranging from 12 months to 60 months
• Minimum balance required: $100,000
GLCU Super Jumbo Certificate: Benefits and Requirements
• Earn up to 1.20% APY*
• Excellent customer service and 24/7 access with online and mobile banking
• No hidden fees
• Predictable growth
• Federally insured by NCUA up to $250,000 per member
• Flexible term options ranging from 12 months to 60 months
• Minimum balance required: $250,000
*APY = annual percentage yield. Current as of June 16, 2022. All dividend rates and APY may change at any time. The APYs shown above assume that all principal and dividends remain on deposit for the entire term. Fees could reduce income on the above accounts. Penalties apply in the event of early withdrawal of share certificates.
About the Caisse populaire des Grands Lacs
Founded in 1938 and based in northern Illinois, GLCU is committed to empowering you financially. As a nonprofit financial cooperative with over $1 billion in assets, GLCU is proud to serve more than 80,000 members in Chicagoland and surrounding areas. Learn more about GLCU’s accounts, educational initiatives, and community development programs at glcu.org
A Tegallalang student, Gianyar, who recently stole money from a temple to pay her unpaid school fees is likely to be off the hook as police have expressed their desire to solve the case using a restorative justice approach.
Tegallalang Police Chief I Ketut Sudita said 15-year-old ESP told authorities that after stealing IDR 170,000 (US$11.45) from a sesari (donation box) at a temple in Sebatu village on Monday, the money was immediately used to pay for her school fees.
“[She] paid IDR 170,000 to attend a training program at school. [If she didn’t] Pay, [she] would not be able to participate in the training,” Sudita said.
ESP confessed to breaking the sesari and seizing the money. She told authorities that not being able to pay her school fees embarrassed her in front of her friends.
According to police, ESP’s parents are divorced and left her in the care of her grandparents when she was four years old. Each parent remarried.
“[ESP’s] grandmother passed away and grandfather is a farmer who often gets sick,” Sudita said.
Sudita said police have scheduled a meeting between village chiefs and child protection agencies next Monday to find amicable solutions for everyone involved in the case.
“We’re doing our best,” said Sudita, who has also pledged to personally cover all of ESP’s tuition until she graduates.
Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.
The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (iStock)
Borrowers with a good credit application personal loans between June 17 and June 23, 2022, prequalified for 5-year and 3-year loan rates higher than those of the previous 7 days. However, current personal loan interest rates are still lower than this time last year.
For borrowers with credit scores of 720 or higher who have used the Credible Marketplace to select a lender in the past seven days:
Rates on 3-year fixed-rate loans averaged 11%, down from 10.81% in the previous seven days and down slightly from 11.85% a year ago.
Rates on 5-year fixed rate loans averaged 12.96%, down from 12.66% the previous seven days and from 13.80% a year ago.
Personal loans have become a popular means of consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical billstake care of a major purchase or finance home improvement projects.
While rates have risen for 3- and 5-year personal loans, the increases have been gradual and likely influenced by the recent rate hike by the Federal Reserve. Borrowers can still enjoy interest savings with a 3 or 5 year personal loan now. Both loan terms offer significantly lower interest rates than higher cost borrowing options like credit cards.
Whether a personal loan is right for you often depends on several factors, including the rate you may qualify for. Comparing several lenders and their rates could help you get the best possible personal loan for your needs.
It’s always a good idea to comparison store on sites like Credible to understand how much you qualify for and choose the best option for you.
Here are the latest personal loan interest rate trends from the Credible Marketplace, updated monthly.
Personal Loan Weekly Rate Trends
The table above shows the average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender.
For the month of May 2022:
3-year personal loan rates averaged 11.12%, down from 10.69% in April.
5-year personal loan rates averaged 13.27%, down from 13.36% in April.
Personal loan rates vary widely depending on credit rating and length of loan. If you’re curious about what kind of personal loan rates you might qualify for, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.
All Credible Marketplace lenders offer fixed rate loans at competitive rates. Since lenders use different methods to assess borrowers, it’s a good idea to ask for personal loan rates from multiple lenders so you can compare your options.
Current personal loan rates by credit score
In May, the average prequalified rate retained by borrowers was:
8.26% for borrowers with credit scores of 780 or higher choosing a 3-year loan
29.40% for borrowers with credit scores below 600 choosing a 5-year loan
Depending on factors such as your credit score, the type of personal loan you are looking for, and the repayment term of the loan, the interest rate may differ.
As the chart above shows, a good credit rating can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms.
How to get a lower interest rate
Many factors influence the interest rate a lender can offer you for a personal loan. But there are steps you can take to increase your chances of getting a lower interest rate. Here are some tactics to try.
Increase credit score
Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:
Pay your bills on time. Payment history is the most important factor in your credit score. Pay all your bills on time for the amount owed.
Check your credit report. Check your credit file to make sure there are no errors. If you find any errors, dispute them with the credit bureau.
Reduce your credit utilization rate. Paying off credit card debt can improve this important credit score factor.
Avoid opening new credit accounts. Apply for and open only the credit accounts you really need. Too many serious inquiries on your credit report in a short time could lower your credit score.
Choose a shorter loan term
Personal loan repayment terms can vary from one to several years. Typically, shorter terms come with lower interest rates because the lender’s money is at risk for a shorter period.
If your financial situation allows it, applying for a shorter term could help you get a lower interest rate. Keep in mind that the shorter term doesn’t just benefit the lender: by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.
Get a co-signer
You may be familiar with the concept of a co-signer if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, find a co-signer with good credit could help you get a lower interest rate.
Remember that if you are unable to repay the loan, your co-signer will have to repay it. And co-signing a loan could also affect their credit score.
Compare rates from different lenders
Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders generally offer the most competitive rates and can be quicker to disburse your loan than a physical establishment.
But don’t worry, comparing rates and terms doesn’t have to be a tedious process.
Credible is easy. Simply enter the amount you wish to borrow and you can compare several lenders to choose the one that suits you best.
Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,500 positive Trustpilot reviews and a TrustScore of 4.7/5.
It’s official: The S&P500 The index is in a bear market, with the index having fallen more than 20% since its peak in early January. Investors are focused on inflation and rising interest rates, which have rippled throughout the economy.
The buy it now, pay later (BNPL) industry is an area facing growing pressures. After explosive growth in recent years, BNPL’s businesses could face a settling of scores. Here are five industry trends you should watch.
Image source: Getty Images.
1. Inflation will weigh on consumers
The consumer price index (CPI), a measure of inflation, rose 8.6% year-on-year in May, beating economists’ expectations and the fastest since December 1981. One concern is that inflation is weighing on consumers, who may reduce their spending on goods and services. — reduce opportunities for BNPL companies.
Another concern is that consumers are using BNPL loans more to pay for things without knowing how much debt they have. This could lead to greater losses for BNPL companies.
One metric to pay attention to is the allowance for credit losses, which measures the money set aside over a period of time to cover expected losses on loans that could default. For example, the independent company BNPL To affirm(AFRM 0.31%) recorded a provision for credit losses of $182.6 million in the nine months ended March 31, compared to $40.4 million a year earlier.
This comes as BNPL companies are already racking up losses. Affirm’s net loss was $520 million for the nine months ended March 31. Privately owned Swedish fintech Klarna posted operating losses of $688m last year, while Australia-based Afterpay (now owned by To block) posted losses of $113 million in its 2021 fiscal year that ended last June.
2. Rising interest rates will put pressure on BNPL companies
The Federal Reserve has pledged to raise interest rates to combat inflationary pressures not seen since the 1980s. This year, the Fed raised the federal funds rate from near zero to an upper range of 1, 75%. Fed policymakers expect interest rates to hit 3.4% by the end of the year.
BNPL companies performed well when interest rates were low, resulting in lower funding costs and plenty of cash to lend to consumers.
However, rising interest rates and economic uncertainty have led to a significant increase in borrowing costs. For example, Klarna saw its borrowing costs reach their highest level ever.
These higher rates will put more pressure on standalone BNPL companies like Affirm, while companies with large cash balances or bank charters like Block may fare better.
3. Consumers use debt to pay BNPL loans
In a survey of LendingTree, 42% of BNP borrowers paid one of their loans late. In another survey by UK-based Citizens Advice, 42% of BNPL users have borrowed money from friends and family, credit cards or personal loans to pay off their BNPL debt, including 51% of 18 to 34 year olds.
Industry watchdogs say BNPL is too easy to use, forcing consumers to take on more debt than they can handle. That brings us to the next headwind.
4. Regulators are increasingly scrutinizing the industry
In January, the US Federal Consumer Financial Protection Bureau (CFPB) opened an investigation into BNPL lenders, citing concerns about rising consumer debt and data collection. The CFPB wants BNPL loans to be reported to credit rating agencies so that lenders can see how much a consumer is in debt, while consumers would see their payment history on those loans reflected in their credit history.
European countries are also affected, and in May the Swedish Privacy Authority announced that it was opening an investigation into Klarna’s payment service.
5. Apple’s entry into the space adds more competition
As if BNPL’s businesses hadn’t faced enough headwinds, they now also face new competition from one of the biggest companies in the world. This month, Apple(AAPL -0.38%) said it would launch its own BNPL installment loan option, Apple Pay Later. Apple is sitting on $80 billion in cash, which it can use to fund the company.
I’ll be interested to see how Apple performs once it rolls out its product, which could threaten standalone Affirm, as well as PayPal and Block, which acquired BNPL’s business last year.
Given the many pressures BNPL companies will face over the next couple of years, as an investor, I will stay away until the dust settles.
Why he won: Alliant offers a set of simple and solid accounts.
Exceptional accounts: High Rate Verification earns 0.25% if you meet two simple conditions. High-rate savings show a return of 0.75%.
Where is it: Alliant operates entirely online.
How to register: Become a member of the charity Foster Care to Success (Alliant pays the $5 membership fee on your behalf). You must also open a savings account; Alliant makes a free $5 deposit for you.
Alliant is free High throughput verification The account offers a return of 0.25% if you receive electronic statements and make a monthly electronic deposit (including direct deposits, ATM deposits, mobile deposits and transfers from other institutions) into the account. You are reimbursed up to $20 per month in out-of-network ATM fees and the first box of checks is free. Teenagers between the ages of 13 and 17 can use a similar checking account.
The High rate savings offers a rate of 0.75% if you maintain a balance of at least $100, and it’s free if you receive electronic statements ($1 per month for paper statements). Children 12 and under can use a version of the account called Children’s savings account. CDs require a minimum of $1,000, and yields have recently ranged from 1.5% on a 12- to 17-month CD to 2.8% for a five-year CD.
SILVER: Connexus Credit Union
Why he won: Connexus has an attractive group of free checking accounts, and its certificate of deposit yields have recently been among the best in the country.
Exceptional accounts: Xtraordinary Checking pays 1.75% if you meet monthly activity requirements. Rates on CDs (minimum $5,000) have recently fluctuated between 2.26% for a one-year term and 3.21% for a five-year term.
Where is it: Several branches in Minnesota and Wisconsin.
How to register: Make a one-time donation of $5 to the Connexus charity and deposit $5 or more into a savings account.
Connexus offers a free basic checking account as well as Extraordinary Verificationwhich pays 1.75% on up to $25,000 and reimburses up to $25 per month in out-of-network ATM fees if each month you receive e-statements and spend $400 on your debit card or make 15 purchases with this one. Teen verification earns 2% on sales up to $1,000.
Connected savings account pays 0.25% if you have a balance of at least $100. Rates for the money market account depend on the balance and recently reached 1.1%.
BRONZE: Caisse Populaire Bellco
Why he won: Most people can find a nice option among Bellco checking accounts.
Exceptional accounts: Boost Interest Checking pays 2.25% on up to $25,000 if you meet the activity requirements. The Premier Money Market Account has a rate of 0.5% on balances of $50,000 or more.
Where is it: Over two dozen Colorado branches, primarily in the Denver area.
How to register: If you live outside of Colorado, join the Bellco Foundation with a donation of at least $10. You must also pay a one-time fee of $5 and deposit $25 in a savings account.
Bellco’s Boost Interest Verification earns 2.25% on up to $25,000 for those who meet the monthly requirements of making 15 debit card purchases, having at least one direct deposit and connecting to online or mobile banking. Platinum Verification includes several benefits, including free personal checks, cashiers checks, money orders, wire transfers and overdraft transfers, and waives the $12 monthly fee if you have a combined balance of at least $15,000 in deposits and loans from Bellco.
Among the savings options, the Youth Savings Account has a 2% rate on sales up to $500. The Premier Money Market Account has a rate as high as 0.5%, but you must maintain a balance of at least $10,000 to avoid a monthly fee of $10.
One of the most popular suggestions for how new grads can pay off their college debt is to get a side job. Having a side hustle, in addition to a full-time job, can help graduates increase their overall income and pay off student loans faster.
See: 15 Best Places in Texas for a Couple to Live on Social Security Only Find out: Here’s how much cash you need to hoard if a national emergency occurs
What if a student decides to have a crush while still in college? Depending on the financial situation of the student, it may or may not be possible to work in parallel. Here’s what students need to know about the impact of secondary hustle on financial aid contributions before agreeing to work this kind of gig. Plus, learn about the alternative to secondary hustle and how students can juggle work and class and class.
Take into account the expected family contribution (EFC)
Many students rely on financial aid to cover college expenses, but financial aid programs don’t always cover full costs. This means that many students have to work while attending school.
Charlie Javice – head of student solutions, Chase and founder of Frank – said that in situations like these, students should keep the Expected Family Contribution (EFC) in mind.
“If a maximum annual salary threshold is reached during your studies, it could impact the aid you are entitled to,” Javice said. “The higher your EFC, the lower your offer of aid will be from intended colleges.”
Poll: do you think you can retire at 65?
Student status: are you dependent or independent?
The amount a student could earn from a side gig depends on the student’s status, dependent or independent.
Dependent students, meaning those who used their parent’s information when filing FAFSA, can earn up to $6,600 a year before it affects their financial aid. Independent students, those who used their own information when filing FAFSA, can earn $10,360 if they are single. If the student is married, he can earn up to $16,620.
Are there options that allow you to work in college?
There is another potentially tax-exempt option available to students: the work-study program.
“If students need more money to cover school expenses, it might be a good idea to consider a work-study program,” Javice said. “Any money earned in one of these programs is not considered taxable income; it will actually be considered financial aid! »
Strategically choose a secondary agitation
Students who plan to work while in college, whether through an internship or side-hustle, are encouraged to strategically choose a role that maximizes their experience and skills.
In a previous GOBankingRates article on the best hustles for students, Scott Gibney, education and career consultant at Gibney Solutions LLC, recommended hustles for students in a wide range of disciplines from communications to art and theater. . Gibney said students should consider how this activity can play a positive role in securing employment after graduation.
While there is always an opportunity to work as a rideshare or food delivery driver, students ultimately benefit the most from working in a role that focuses on their primary goals and career goals.
Tips for juggling work and school
Working while going to college, regardless of your course load, is a big commitment. (It’s even a commitment for post-graduate grads who work full-time and maintain side hustles!)
For students working while attending school, Javice said it’s important to remember that the two key success factors are organizational and time management skills.
Even if you want to work as many hours as possible, don’t overload your bandwidth or you risk burning out. Joe DePaulo, co-founder and CEO of College Ave Student Loans, recommends students limit their work hours to 12 hours or less each week. This ensures that their studies remain the priority and that they graduate on time.
“While many students have to work to get into higher education, the importance of finding a schedule and balance that works for you is extremely important for physical and mental health,” Javice said.
What else should you know about working before you graduate?
Every student’s situation is different, but deciding to work while in college can bring many benefits to your current and future financial well-being. Javice recommends that students who were already working before graduating put some of that money aside to help pay their student loans.
“Most loan providers don’t start your repayment with interest until six months after you graduate, so any money you can pay within that six-month window will help you pay off your principal balance faster and accrue less interest overall,” Javice said.
While side gigs are a source of income that students can use to help pay for expenses, they shouldn’t become a higher priority than education.
“Make sure you don’t lose sight of why you’re in college in the first place — to get a degree,” DePaulo said.
More from GOBankingRates
This article originally appeared on GOBankingRates.com: How a side gig could be key for college kids to pay off student loans
COLUMBUS, miss., June 21, 2022 /PRNewswire/ — BankFirst Capital Corporation (OTCQX: BFCC) (“BankFirst” or the “Company”), parent company of BankFirst Financial Services (the “Bank”), today announced the opening of a new office production facility located at 2100 Southbridge Office Building, Suite 450, Birmingham, Alabama35209 (the “LPO”).
In making this announcement, President and CEO of BankFirst, Moak Griffinsaid, “We are delighted to expand our presence in the birmingham market and the opening of our new LPO further underscores our commitment to our customers and communities in the Alabama State. “Stephen Walker, will oversee the operations of the LPO. Mr. Walker has over 9 years of banking experience in the birmingham market, focusing primarily on commercial real estate, and over 18 years of experience in the financial services industry.
With the opening of the new LPO, the Bank now has 41 offices serving Mississippi and Alabamaand have assets greater than $2.0 billion.
About BankFirst Financial Services
BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company based in Columbus, Mississippi with about $2.0 billion of total assets at March 31, 2022. BankFirst Financial Services, the company’s wholly-owned banking subsidiary, was founded in 1888 and is locally owned, controlled and operated. The Company has its registered office at Columbus, Mississippiand the Bank operates additional branches at Columbus, Flowwood, Hattiesburg, jackson, louin, Builder, Madison, Newton, starkvilleand Westpoint, Mississippi; and addison, aliceville, Arley, bear creek, Carrollton, Curry, Double springs, fayette, Gorde, Haleyville, Lynne, Northportand Tuscaloosa, Alabama. The Bank also operates four loan origination offices Biloxi, Brookhavenand Oxford, Mississippi and birmingham, Alabama. BankFirst offers a wide variety of services for businesses and consumers. The Bank also offers internet banking, toll-free access to ATMs, checking, CD and money market accounts, merchant services, mortgages, remote deposit capture, and more. For more information, visit www.bankfirstfs.com.
The Company maintains a website at www.bankfirstfs.com/about-us/investors. The Company makes available free of charge on its website the documents relating to the annual meeting, the annual reports and the reports on the quarterly results of the Company. In addition, the OTC Markets group maintains a website which contains reports, proxy and information statements, and other information relating to the Company (at www.otcmarkets.com/stock/BFCC/overview).
The Company regularly publishes important information for investors on its website (under www.bankfirstfs.com and, more specifically, under the Investor Relations tab at www.bankfirstfs.com/about-us/investors). The Company intends to use its website as a means to disclose material, nonpublic information and to comply with its disclosure obligations under the OTC Markets Group OTCQX Rules for US Banks. Accordingly, investors should monitor the Company’s website, in addition to monitoring Company press releases, OTC filings, public conference calls, presentations and webcasts.
Information contained on or accessible through the Company’s website is not incorporated by reference into, and does not form part of, this press release.
Amid falling real wages, household debt and the looming prospect of a recession, the inflation problem is now firmly in the arena of US partisan politics. It’s yet another issue defined by clear political divisions between Democrats and Republicans. And like many other partisan conflicts, a politically motivated understanding of inflation threatens Washington’s ability to develop a cohesive response.
On June 15, the Federal Reserve severely suppressed inflation. Along with a 0.75 percentage point rate hike, the largest since 1994, the Fed also signaled that rates could top 3% by the end of the year. Amid growing consumer pessimism about the future of price stability and the prospect of a recession, the Fed is taking significant steps to stabilize the ship. On the same day as the rate hike, the United States reported a 0.3% decline in retail sales in May and a 14.4% collapse in housing starts.
Given the high stakes of the inflation issue, the partisan blame game is not surprising. This inevitable drive to simplify and exploit the causes of rising prices for political gain undermines Washington’s ability to develop a cohesive federal response.
For progressives, price gouging and corporate greed are the main cause of inflation. More than 50% of companies in a recent survey admitted to raising prices more than necessary, which explains why, despite rising costs, US non-financial companies have recorded their biggest profits since 1950 in the last two quarters.
Yet this mark of corporate greed is a symptom rather than a catalyst for price increases. Janet Yellen, US Treasury Secretary, recently argued that although profits have risen, “demand and supply are largely driving inflation.”
Meanwhile, demand growth is being driven by high savings among some US citizens. This is yet another reason why companies have the flexibility to raise prices. Yet, as Yellen pointed out, such behavior remains a reaction to inflation, not a major reason for it.
The Biden administration has sought to explain the high prices as a consequence of Russia’s invasion of Ukraine. Dubbed “Putin’s price hike”, the war has certainly rattled global supply chains. However, prices increased dramatically even before Russian President Vladimir Putin launched his invasion of Ukraine in February. After inflation crashed to 0.1% in May 2020, during the Covid-19 shutdowns, price growth accelerated once pandemic restrictions eased; the consumer price index stood at 7.5% in January.
President Joe Biden is correct that rising energy costs accounted for about 70% of the increase in inflation from February to March. But even without energy costs rising, inflation over the past year would be 7%. War is an aggravating element that has struck at the worst possible time. While we can’t say what inflation might be like without the war in Ukraine, the engines of rapid price growth were clearly in motion before Putin’s invasion.
Republicans, unsurprisingly, blame President Biden and his overly generous Covid-19 stimulus policies. According to their argument, cash transfers to individuals and businesses have artificially increased the purchasing power of consumers, which has spurred inflation. The stimulus, which began with President Donald Trump’s $4 billion package and continued with Biden’s $1.9 billion US bailout, was clearly not perfect.
Still, critics must remember that the lockdowns have sent the US economy into a tailspin. Without the drastic stimulus, the percentage of Americans in extreme poverty would likely have doubled and the economy might have been on course for a depression-level contraction. Doing too much was probably better than doing too little.
Economists have tended to believe that the stimulus induced some of the inflationary pressure. The magnitude of this, however, is massively overstated by Republicans. European countries, without such large cash transfers, have also seen inflation soar to over 7%.
The most compelling explanation for inflation is the one little talked about in partisan politics: lockdowns. The impact of shutting down much of the US economy while simultaneously disrupting global supply chains is hard to overestimate. Pent-up demand from consumers saving money during shutdowns has led to increased spending once the economy reopens. Meanwhile, supply chains were still preparing to meet the high post-lockdown demand. It is these mechanisms that offer perhaps the best explanation for the persistence of inflation.
Despite comments from some economists, including Yellen, about a large “savings buffer” that can protect consumers and the economy, this may be overly optimistic. A MIT study found that savings are highly concentrated among the top 10% earners. Overall savings numbers that look healthy should not be used as an indication of what the economic experience is like for tens of millions of people.
A Gallup poll recently reported that 71% of US households earning less than $40,000 said inflation was causing severe or moderate hardship. The figure is only 29% for households earning more than $100,000. Evidence that a significant portion of the American working class is struggling is also indicated by rising credit card debt.
The singular focus on the inflationary pressure of the stimulus risks overestimating the financial well-being of the median American. However, focusing solely on corporate greed or war in Ukraine similarly denies that there are endogenous forces driving inflation. At a time when consumer expectations for price growth are likely to be partly self-fulfilling, a balanced understanding of what drives inflation will be key to keeping it under control.
While Pastor Jordan David Hall’s legal troubles with a series of stories he wrote about a transgender Native American lobbyist may have ended last month with a retraction, apology and quarter-million settlement dollars, another trial was brewing.
As a settlement of a defamation lawsuit against lobbyist Adrian Jawort was being finalized, an attorney for the Whitefish Federal Credit Union had filed preliminary documents asking a bankruptcy judge not to acquit future claims of the banking institution against Hall and his Montana Daily Gazette because he was considering legal action against Hall.
Neither Hall nor his attorney responded to requests for comment on this story.
The genesis of the new complaint was a series of stories the Montana Daily Gazette wrote about the credit union, spanning several months and claiming the bank had pledged to seize assets and pay out handsome sums. not controlled by managers. The claims were also widely broadcast on a radio station, also under Hall’s control.
Whitefish Credit Union’s claims were voluntarily dismissed last week, after the series of articles about the credit union were removed from the website.
“The Montana Daily Gazette published articles that falsely claimed that the Whitefish Credit Union acted unethically. The articles have been removed from the Montana Daily Gazette, and we acknowledge Mr. Hall’s decision to remove this content,” said Josh Wilson, vice president of marketing for Whitefish Credit Union.
The stories also claimed that the Montana Daily Gazette was showing documents to credit union members in an attempt to persuade them to go out of business, prompting, in part, the banking institution’s base for the lawsuit, which had claimed that the business was suffering damage at the hands of Hall and the Daily Gazette.
“(Hall) knowingly chose not to investigate and corroborate the incidents reported in the articles, statements and other content, even though the defendant should have known that such incidents were unlikely to occur and that only corroboration could enable the fulfillment of reasonable professional obligations,” the court document reads.
Hall and the Montana Daily Gazette in some reports claimed that the FBI, county investigators, state investigators, and the Flathead County prosecutor were looking into the case and confirmed the allegations.
Yet the basis for these statements was misleading. For example, one of the interviewees in the series of articles was Montana State Senator David Howard, a Republican from Park City, who told the Montana Daily Gazette that he had worked for the FBI in fighting bank corruption in Chicago, and he’d worked briefly in white-collar crime. Another law enforcement official had previously worked for the Flathead County Sheriff’s Department as an investigator, but was not currently employed by the county and had not been involved in any investigations involving the credit union federal.
The Montana Daily Gazette also claimed that Flathead County District Attorney Travis Ahner told a group of people there was enough evidence to prosecute the credit union for financial crimes, but was understaffed. to continue. The Daily Montanan contacted Ahner, who denied the entire account.
The Daily Gazette also claimed that the Montana attorney general is also looking into the case. This office did not respond to inquiries about this.
Nearly a month ago, Hall reached a settlement with transgender Native American lobbyist Adrian Jawort, apologizing and retracting an article in which Hall falsely stated that Jawort had attacked Montana State Senator Butch Gillespie. .
In a recent Facebook post from Hall, however, he appears to back down from an apology he posted to Jawort in the Montana Daily Gazette.
“I do not withdraw the comments, but I will add that press accounts implying that what was said was deliberately incorrect or deliberately falsified are inaccurate and take great liberties with what was actually stated,” he said.
Previously, Hall had apologized and removed the article, a technical term by which an editor declares that he can no longer guarantee the veracity of what he has previously published.
“I apologize to Adrian Jawort. The information I posted about Adrian was false. Adrian did not threaten or harass Senator Butch Gillespie. I regret the error and sincerely apologize to Adrian for posting it,” Hall said of the settlement with Jawort.
Hall blames “opposing counsel” for forcing the apology and shaping the words. Hall said Jawort’s story was published “from the perspective of those witnesses”. However, in the original account, the Daily Gazette reported two anonymous claims that Jawort had been aggressive on Capitol Hill, but the publication never named them.
“We assumed that the Montana Daily Gazette would be covered by the Montana Journalism Shield Act, and ‘assumed’ or ‘reported’ would be sufficient to cover our liability,” Hall said on Facebook.
Jawort told the Daily Montana that she was not on Capitol Hill that day and did not testify about a bill that eventually passed that bars transgender athletes from participating in women’s sports.
Originally, Sen. Gillespie, R-Ethridge, signed an affidavit filed by Hall’s attorneys, but in that affidavit Gillespie never claims that the person who yelled at him for his stance on transgender athletes was Jawort. .
Contacted by the Daily Montanan, Gillespie said he still didn’t know what Jawort looked like, and that’s why he didn’t name anyone in his testimony.
“Is that the big guy in high heels?” Gillespie said. “If that’s the case, (Jawort) only testified for one bill, which was on the reservation in the American Prairies.”
The person who followed him to the Senate and was upset by the transgender bill was not known to Gillespie.
“I didn’t know the guy. I still don’t,” Gillespie said. “I told him you’re probably not going to like my position because I don’t think guys should compete with girls no matter what their name is.”
The Daily Montanan is a non-profit newsroom. To read the article as originally published, click here.
IDAHO FALLS — Members of the Idaho Falls School District 91 Board of Trustees have approved a resolution that will return their bond nearly a decade ahead of schedule.
According to the press release, a resolution was approved on June 15 “that sets aside $5.65 million from the district’s Payment and Reimbursement Fund to fully repay his bond nine years earlier.” The bond was scheduled to mature in 2032, but is expected to be fully repaid in 2023, saving taxpayers a total of $7.5 million.
By repaying these obligations early, the District’s debt will be eliminated, minimizing the impact of future obligations on D91 ratepayers.
“As council members, we take our role as stewards of taxpayers’ money very seriously,” council chair Lara Hill said in the statement. “We’re working hard to manage our debts and obligations, and we’re excited to be able to pay off this obligation sooner, which will translate into millions and millions of dollars in savings for our customers and taxpayers.”
After reviewing responses from community members on how District 91 should use this debt elimination, the plan’s final recommendations include building a new high school in Idaho Falls to replace the current one, the renovation of Skyline Secondary School, the construction of a new primary school in the south of the city. and the replacement of Temple View with a new elementary school.
“Idaho Falls is growing,” Superintendent Dr. Jim Shank said. “We need to make sure School District 91 Idaho Falls facilities keep pace with this growth so we can continue to provide students with the education and opportunities they need to succeed after high school.”
The board is expected to announce the next steps in this plan this summer, which will likely include a bond resolution.
“During a recent public outreach on the long-term needs of D91’s facilities, community meeting clients and the facilities steering committee encouraged the council to pay off its existing bonds before proposing another bond,” the council said. communicated.
A $53 million bond was approved in 2012, which was used to build new Dora Erickson, Ethel Boyes, Edgemont, and Longfellow elementary schools, as well as renovations for Emerson Alternative High School, updating Care E. Gale Junior High to be transformed into Compass Academy, and the creation of new and updated science labs at Skyline High School, as well as minor improvements at Idaho Falls High School.
“It’s an incredible achievement,” said Dr. Shank. “This is really great news for our parents and our customers.”
HANOVER, NH (AP) — Dartmouth College is removing all federal and institutional loans from its undergraduate financial aid scholarships and replacing them with expanded scholarships, beginning with the current summer term, said the school president.
Currently, Dartmouth undergraduates from families with an annual income of $125,000 or less who have typical assets are offered need-based aid with no loan component required.
Dartmouth now waives the loan requirement for undergraduate students from families with annual incomes over $125,000 who receive need-based financial aid. This will reduce the debt burden of hundreds of average income from Dartmouth and their families on an average of $ 22,000 over four years, the school said in a press release on Monday.
A fundraising effort that began in 2018 called The Call to Diader has deepened Dartmouth’s commitment to making a college education accessible and affordable for the most promising and talented students from around the world and from all economic backgrounds. , said Chairman Philip Hanlon.
More than 65 families have supported the campaign’s goal of eliminating loan requirements from Dartmouth’s undergraduate financial aid scholarships, committing more than $80 million in donations to the endowment.
Dartmouth joins his peers from Ivy League Brown University, Columbia University, Harvard University, University of Pennsylvania and Yale University to adopt non-preparation policies, reported the Dartmouth newspaper.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The start of the coronavirus pandemic was fast and furious. The first recorded case outside of China was reported in mid-January 2020, and by the end of March much of the world was under control. With many workers staying at home and most businesses limited to online operations at best, the US Congress passed the first of many stimulus packages to help slow the country’s economic deterioration.
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Ultimately, more than $5 trillion in stimulus funds flooded the US economy, including $817 billion in stimulus checks paid directly to Americans. While the general consensus is that a stimulus package was appropriate at the time, there have also been negative ramifications of its size and scope. Here’s a look at the good and bad sides of pandemic stimulus checks.
Pros: Kept the economy out of a deep recession
The best effect of the pandemic stimulus checks is that they kept the US economy out of a deep recession. In the early days of the pandemic, there was panic in the air. The unemployment rate soared to 14.8% from January 2020 to March, the highest levels since recording began in 1948, and the Dow Jones Industrial Average fell 37% in just over a year. month.
Without prompt action, the economic effects could have been disastrous. In the words of the San Francisco Federal Reserve, without stimulus “…the economy could have tipped into outright deflation and slowing economic growth, the consequences of which would have been more difficult to manage.”
Disadvantage: probably contributed to the rise in inflation
In a classic inflationary cycle, prices rise because of too much money for too few goods. While the pandemic-induced economic contraction helped stifle the supply chain, resulting in “too few goods,” the flood of stimulus payments likely helped create “too much money.”
Although difficult to quantify exactly, an estimate from the Federal Reserve Bank of San Francisco suggested that by the end of 2021, up to three percentage points had been added to the inflation rate due to plans to economic recovery. And, as it stands, inflation is at 8.6% – a high since 1981 – with no telling where it goes from here.
POLL: Are you worried that Social Security benefits will be cut in your lifetime?
Pros: 11 million people lifted out of poverty
With soaring unemployment rates and nationwide business closures, a significant increase in American poverty seemed possible or even likely at the start of the pandemic. But the stimulus payments not only prevented that from happening, they actually helped reduce the poverty rate.
According to data from the US Census Bureau, 11.7 million people were lifted out of poverty in 2020 thanks to the stimulus. The Department of Health and Human Services agreed, noting that “the most effective programs for reducing poverty were Economic Impact Payments under the American Rescue Plan (ARP) and compensation for the unemployment”.
Another study by researchers at Columbia University’s Center on Poverty and Social Policy noted that while the poverty rate reached 16.3% by the end of 2020, when some pandemic stimulus programs ended, this rate had fallen to 9.3% by March 2021, when new economic measures of impact payments, child tax credits and tax refunds were issued.
Disadvantage: may have taken millions out of the workforce
Some believe the scale of the economic stimulus has had the unintended consequence of keeping millions of Americans out of the workforce. According to the St. Louis Fed, unfilled job openings have more than doubled since the second quarter of 2020,to a near-record 11 million.
A number of factors have contributed to this surge, including the reluctance of some to return to work while COVID-19 still exists and early retirement packages offered to older workers. However, the influx of economic impact payments, expanding child tax credits, extending unemployment benefits, canceling student loans and other forms of stimulus have undoubtedly slowed the return of some Americans to the labor market.
Benefit: Increased bank savings and reduced credit card debt levels
According to data from the National Bureau of Economic Research, about 60% of initial stimulus checks were used to pay down debt or to save. Data from the New York Fed’s monthly Consumer Expectations Survey suggests that up to 74% of second and third stimulus checks have been used for the same purpose. This had a double beneficial effect of reducing consumer debt and increasing US savings balances.
In addition to reducing consumer credit card debt, US bank balances have soared. And while credit card debt has come back strong, as some Americans view the coronavirus as being in the rearview mirror, bank account levels remain above pre-pandemic levels, according to the Washington Post and JPMorgan. Chase Institute.
Con: The government has taken on trillions in new debt
To fund the estimated $5.3 trillion in total stimulus paid out during the pandemic, the United States had to issue massive amounts of new debt. In fact, since March 2020, the US Treasury has borrowed approximately $6 trillion.
On the positive side, the rate on three-month Treasury bills as recently as February 24, 2022 was just 0.4%, making them very low-cost borrowing. But as the Fed has embarked on an inflation-fighting mission with higher interest rates, those costs could skyrocket.
If current and future presidential administrations do not find a way to repay this debt, it could be a major drag on the economy. Only time will tell.
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About the Author
After earning a BA in English with a major in business from UCLA, John Csiszar worked in the financial services industry as a Registered Representative for 18 years. Along the way, Csiszar earned the Certified Financial Planner and Registered Investment Advisor designations, in addition to being licensed as a life insurance agent, while working for a major Wall Street distribution house. and for his own investment advisory firm. During his tenure as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans to hundreds of clients.
The opening week of the 2022 BIG3 season is in the books. The first of eight weeks of the regular season was held at Credit Union 1 Arena in Chicago, Illinois, and featured six games between the league’s 12 teams split between Saturday and Sunday.
Trilogy entered the season as the defending champion after having defeated the 3-headed monsters in last season’s league game. With the win, Trilogy became the first team in league history to win multiple titles. It will be a tough task for Trilogy to repeat this season as they lost veteran goaltender Jarrett Jack in the offseason. Jack, who is now an assistant coach for the Phoenix Suns, was central to the team’s success last season. They embarked on a difficult quest to repeat as champions after losing to Joe Johnson and the Triplets in Week 1.
The first week was full of action and saw some familiar faces making big plays. Here’s a look at the scores and the top three takeaways from Week 1.
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Week 1 Results
Triplets 51, Trilogy 45
Company of 3 50, Bivuc 47
Ghost Ballers 53, 3-Headed Monsters 50
Aliens 52, Enemies 44
Killer 3’s 50, Ball Hogs 33
Power 50, Tri-State 35
1. Michael Beasley makes his performing debut
One of the most fun things about the BIG3 is the ability to watch the players you used to see playing in the NBA. Former No. 2 overall pick Michael Beasley is a prime example. Beasley hasn’t appeared in the NBA since 2019, but thanks to BIG3 he can still show his stuff. Beasley made his BIG3 debut for 3’s Company in Week 1, and he performed a show. In a 50-47 victory for 3’s Company, Beasley led the team with 26 points.
Here’s how the league’s official website describes Beasley’s debut performance:
The BIG3 has a new pair of superstars. Michael Beasley entered opening weekend as one of the most high-profile signings in BIG3 history, and to say he didn’t disappoint would be an understatement. In his first half of FIREBALL3, Beasley had 21 points on just seven shots. He had two shots in the paint, two shots from midrange, made a three and calmly gutted the first two four-point shots of his career. If you had put a ball of sand in Beasley’s left hand during half-time, it probably would have turned to glass.
Beasley has always had an impressive skill set, and that skill set still seems relatively sharp, which could be a concern for the rest of the league.
2. Joe Johnson sinks the trilogy
Going into the season as defending champions, Trilogy was looking to start their campaign with a win, but the league’s two-time defending MVP Joe Johnson had other ideas. During his two seasons in the BIG3, Johnson established himself as the most elite offensive player in the league and probably also the most committed player, and it all showed against Trilogy. Johnson dropped 30 points and added eight rebounds, and closed out the game by converting the game-winning field goal:
They don’t call him “Iso Joe” for nothing. Johnson will be looking to win his third straight MVP award this season, and so far he’s been off to a good start.
3. Chalmers mounts the clutch
Mario Chalmers made his share of clutch baskets during his time with the Miami Heat alongside LeBron James, Dwyane Wade and Chris Bosh. Years later, he’s still hitting clutch shots for 3’s Company. With the score at 48-47 and the game on the line, Chalmers overturned the basket that sealed his team’s victory over Bivouac:
Chalmers finished the game with a mixed stat line: 10 points, six rebounds and five assists. Together, he and Beasley scored 36 of the team’s 50 points. As two players with tons of skills and legitimate NBA experience, they make one of the strongest duos in BIG3.
Chevron(CLC -4.57%) unveiled plans to accelerate its lower-carbon ambitions last fall. The oil giant said it would spend $10 billion through 2028 on the strategy, more than triple its previous plan. The company planned to split that money by investing it in renewable natural gas, renewable fuels like renewable diesel and sustainable aviation fuel, hydrogen, and carbon capture.
The company recently provided more details about its hydrogen investment strategy, indicating that it plans to invest $2.5 billion to develop green and blue hydrogen production facilities. Here’s why he’s starting to bet big on hydrogen.
Hydrogen is a versatile, clean-burning fuel that many believe could hold the key to overcoming some of the hurdles the global economy faces in its race to decarbonize. Green hydrogen is an emission-free fuel produced from renewable energy which feeds an electrolyser to convert water into hydrogen and oxygen. Meanwhile, blue hydrogen is made from natural gas and can be emission-free with carbon capture technology.
Many believe that hydrogen could replace natural gas as fuel for power plants and other industrial processes. The energy industry could use a significant portion of its existing infrastructure to transport and store the hydrogen, which would be piped to existing power plants to generate emissions-free electricity.
Given the fuel’s versatility, ability to use existing infrastructure, and carbon emissions profile, analysts see a bright future for hydrogen. For example, investment banking Goldman Sachs estimates that hydrogen could represent a market of 1,000 billion dollars per year by 2050.
Chevron joins hydrogen land grab
Chevron wants to be part of the rise of the hydrogen industry. He has already started dipping his toe in the water. Last fall, Chevron acquired a stake in ACES Delta, a joint venture that owns the Advanced Clean Energy Storage Project. It will produce, store and transport green hydrogen for power generation, transport and industrial industries in the west of the country. Chevron has also invested in Raven SR, a renewable fuels company that wants to build a green hydrogen plant.
Chevron is one of a growing number of major energy companies that are beginning to bet on the future of hydrogen. Oil Giant Friend BP(BP -6.15%) recently acquired a 40.5% stake in the Asian Renewable Energy Hub. The more than $36 billion project would install 26 gigawatts of wind and solar power generation capacity over a 2,500 square mile area in Western Australia. The project would provide renewable energy to mining companies in the region while producing 1.6 million tonnes of green hydrogen per year from 2027. This project is part of BP’s strategy to capture 10% of the hydrogen market over the next decade.
Meanwhile, leading the United States utilityNextEra Energy(BORN -0.09%) sees green hydrogen as key to its Real Zero plan to eliminate carbon emissions from its operations by 2045 without using carbon offsets. NextEra plans to convert 16 GW of its existing natural gas power plants to run on green hydrogen. The company has already launched a pilot project to start replacing natural gas with green hydrogen at one of its plants. The utility aims to become a leader in the production of green hydrogen to help lead the decarbonization of the US economy.
Will Chevron’s hydrogen bet pay off for investors?
At $2.5 billion, Chevron’s investment in hydrogen is small enough not to hurt the company if the fuel fails to deliver on its promise as a cost-effective solution to reducing carbon emissions. However, it is significant enough to allow the company to capture what could be a massive long-term market opportunity. If the hydrogen market develops as much hope, Chevron will have many opportunities to invest more capital in the sector. His initial investment could pay significant dividends down the road.
Manchester United send academy-graduated players out on loan each season to gain experience, although those deals sometimes backfire, something the Premier League giants are now looking to change.
A new loan policy is introduced at Manchester United
Manchester United are reportedly set to test a sweeping new transfer policy for their young squad members and academy prospects.
The Red Devils regularly send a stable of stars to lower league clubs to gain experience in senior football, with varying degrees of success. Sending players out on loan is a valuable tool in the development of young stars and is used by many Premier League teams.
Most of these loans last for six months or an entire season, with the only chance to cut it short being the January transfer window. But it can create problems if a player does not receive the game time they expected to receive at their temporary destination.
And United are now set to adopt a different method to ensure that as many of their youngsters as possible benefit from successful loans. According The sunthe Red Devils will implement a ‘try before you sign’ policy with prospects looking to leave on loan.
It is stated that this policy will see these players go on trial for three weeks with any clubs interested in loaning them out. United hope this will allow the player to see if he likes this potential suitor and give the club a chance to assess the potential signing in person.
Several fringe players will be offered this new policy in the coming weeks as transfer activity begins to ramp up. One player who could benefit is Nathan Bishop, who according to the report is being watched by Wycombe Wanderers.
Nathan Bishop is one of those who could use the new system, with Wycombe looking to loan him out
HAVE YOUR SAY! Is Manchester United’s new loan policy a good idea? Comments below.
Bishop spent last season on loan at Mansfield Town, starting every game as they reached the League Two play-off final. His performances in the fourth tier have caught the eye of Wycombe who are looking for a new keeper after seeing David Stockdale join Sheffield on Wednesday.
The new policy is also part of an overhaul of United’s academy staff, with FA Youth Cup-winning coach Travis Binnion being promoted to head of player development and coaching. Mark Dempsey was named Under-23 boss while leading the academy coaching teams.
He will be assisted at the Under-23 level by Paul McShane, who has been given a coaching role in the professional development phase. With Justin Cochrane leaving the club, United will be looking for a new goalkeeping coach, phase coach and game coach, with academy director Nick Cox hoping the changes will see more prospects promoted to the set-up. the first team.
“The increased flexibility reflects our tailored approach to player development, which is to help individuals reach their potential by working with each specialist coach at the optimal time,” he said.
“They have an exceptional set of complementary skills that will best support this group of players. I’m proud of the world-class learning environment we’ve created for our staff and I’m very pleased to see them progress both within the club and through outside opportunities.
“The changes implement an ideal mix of long-serving club staff and exceptional external appointments as we continue to appoint best-in-class staff across our world-leading youth development system. “
More Americans are starting to wait to book flights, get haircuts, build swimming pools in their backyards and replace old leaky roofs – in some of the new signs that the consumer engine of US economic growth could run out of steam.
In recent weeks, households had already cut back on large purchases due to soaring prices, but in a worrying twist, the data suggests that consumers are also starting to put the brakes on dining out, vacation plans and even vacations. routine services such as manicures, haircuts and cleaning appointments. Across the country, business owners say rising prices, dwindling savings and fears of a shrinking economy are weighing on household spending decisions.
At Olentangy Maids in Columbus, Ohio, more and more customers are postponing or canceling home cleaning appointments. Some regulars are trying to negotiate lower prices, while others have stopped tipping altogether, co-owner Keith Troyer said.
“There wasn’t a massive drop, but enough to be noticeable,” Troyer said. “A lot of customers have called to say, ‘Hey, my wife was fired. We have to cancel,” or “Can I switch from biweekly to monthly? Before this month, that’s something that almost didn’t happen.
Consumer spending, which accounts for more than two-thirds of the US economy, held steady through April, even with inflation at historic highs. But there are growing signs that the spending streak could be coming to an end.
Retail sales slowed last month for the first time this year, led by a 4% drop in car sales. United States flight reservations fell 2.3% in May compared to the previous month, according to data from Adobe Analytics. And both high- and low-income Americans have started to pull back, particularly in services, over the past four to six weeks, according to an analysis of credit card data by Barclays. The spending slowdown is now focused on services, not goods, the bank found in a new analysis of credit card data.
“Throughout 2022, the narrative has been that as COVID wanes, households will increase their spending on services,” Barclays analysts wrote in a note this week. “And indeed, that narrative has been true for much of this year. But…spending on services appears to be slowing significantly.
Spending on services like travel and restaurants, which were up more than 30% from 2021 rates this year, has now slowed to half that pace, Barclays analysis shows.
Customers at Salon Simis in Fairfax, Va., have started cutting in new ways. Clients who previously came every four weeks now go 12 weeks between appointments, owner Ahmet Sim said. Others negotiate for lower prices or opt for partial treatments instead of highlights all over. Overall sales are down 20% from a year ago. Average tips also decreased from about 20% to 10%.
“Last month, I started noticing customers were trading like crazy,” Sim said. “They’ll say, ‘My bill is usually $500 for color and highlights. What can you do to reduce it? ”
He tries to work with them, he says,using less expensive color ranges or switching blow-dry services to less experienced stylists. But he’s also feeling the pinch of inflation: Boxes of disposable gloves have gone from $7 to nearly $25 in two years. Hair dyes that used to cost $25 are now closer to $40. Sim raised prices during the pandemic once, but he fears another hike could alienate more customers.
“People are slashing left and right,” he said. “They say, ‘I’m sorry. I can’t afford it anymore.’
These early signs of a slowdown across a wide range of products and industries, including travel and restaurants, challenge the idea that Americans have simply shifted their spending from goods to services. Until now, the hope has been that after two years of sourcing goods like cars, furniture and appliances, Americans would splurge more on vacations, restaurants, manicures and other services than theypostponed for much of the pandemic.
Meanwhile, a benchmark showed growth in the U.S. services industry slowed in May to its lowest level since February 2021, according to a closely watched index from the Institute of Supply Management.
Most Americans expect inflation to get worse, Post-Schar School poll shows
“The goods side [of spending] definitely weakening, but if you look closely, so are services,” said Kevin Gordon, senior director of investment research at Charles Schwab. “Restaurant sales are down, travel spending is weakening. The burden on the consumer becomes too great, whether because of inflation or other factors, and this in all income brackets.
Overall, flight searches on the booking site Kayak are down 13% on average so far this month, compared to the same period in 2019 before the pandemic. Restaurant data from the reservation platform Open Table, meanwhile, shows that the number of people eating at restaurants fell 11 percent in the week ending June 16, compared to the same week in 2019.
While lower-income families have been hardest hit by inflation, higher-income households are also starting to cut back on spending, especially as they watch their investments – from stock portfolios to homes – falter. of value, Gordon said. Household wealth fell for the first time in two years in the last quarter, largely due to a $3 trillion drop in stock values, according to Federal Reserve data.
The S&P 500 has the worst week
since March 2020
Monday kicked off a bear market
after higher than expected
following the Fed
rising interest rates
The S&P 500 has the worst week
since March 2020
Monday kicked off a bear market
after higher than expected
Stocks fall after
Fed interest rate hike
and rising mortgage rates
Markets continued their volatile descent this week, with three major equity indices compounding the year’s losses and the S&P 500 index closing its worst week since March 2020.
Recession fears grow as Dow Jones closes below 30,000 and mortgage rates climb
At Posh Luxury Imports, a Los Angeles car dealership that also leases high-end vehicles, owner Omar McGee said consumer demand and their credit scores were significantly lower than six weeks ago.
“I see more credit issues,” McGee said. “More people have cards maxed out or have fallen behind on payments. Ultimately, that means people have to be a lot more careful with their spending.”
Credit card debt, which plunged during the pandemic as Americans used government stimulus to pay off balances, rebounded for all-time highs. As of June 1, Americans had $868 billion in consumer debt, up nearly 16% from a year ago, according to Fed data.
7 Ways to Reduce Your Credit Card Debt After the Fed’s Rate Hike
And while the more affluent continue to rent Lamborghinis and Bentleys, McGee said there has been a noticeable drop in the number of tourists opting for high-end rentals.
“I can say travel is down, tourism is down,” he said. “A lot of upper-middle-class customers were coming to town and splurging, but you can see that dropping off quite dramatically.”
This consumer hesitation follows months of inflation at 40-year highs. Prices have risen 8.6% over the past year, driving up the costs of a range of essentials, including petrol, which hit a record high of $5 per gallon.
The biggest bright spot in the economy remains the strength of the job market, with the unemployment rate at a pandemic low of 3.6%. Demand for workers neared record highs in April, with about twice as many openings as job seekers. Weekly unemployment insurance claims have recently started to crawlbut they are much lower than they had been for most of the pandemic.
World Bank warns global economy could suffer 1970s-style stagflation
With workers still able to find jobs, the Fed made a sharper move this weekto raise interest rates by three-quarters of a percentage point in the hope of cooling the economy enough to rein in inflation without tipping it into recession. Despite assurances from the central bank that it can pull off a “soft landing,” businesses and households are increasingly worried about the state of the economy as well as their personal finances. Indeed, US consumer confidence has fallen this month to its lowest level on record, according to an index from the University of Michigan.
Markets and households are losing confidence in the Fed’s ability to manage inflation
“The consumer is stressed,” said Douglas Duncan, chief economist at mortgage giant Fannie Mae, which expects a recession next year. “We’re seeing it in declining retail sales and increasing credit card usage. However, we don’t expect things to collapse immediately. It will be a slower decline.
Indeed, small businesses across the country are reporting small signs of customer withdrawal.Morehead Pools, which specializes in luxury pools in Louisiana, is booked until next summer, according to general manager Michael Moore. But in a sign that high-income consumers may think twice before splurging, new queries are down 30% so far this year.
“Once you go over $4 [per gallon of gas], everybody’s feeling it at the pump and they’re not earning enough up front to get over that,” Moore said on an analyst call hosted by Jefferies this week. “The cost of energy and inflation and then the cost of money…that’s really going to drive down demand in our industry.”
Noffke Roofing in Mequon, Wisconsin has seen insatiable demand during the pandemic. But lately, economic jitters are pushing many customers to repair their roofs instead of replacing them. Many are also turning to less expensive materials, such as asphalt shingles instead of cedar.
“We’re definitely starting to see a break,” Chairman Ben Noffke said. “Customers say, ‘I know it’s time for a new roof, but can we save a little more time on this one?’ They think a lot more about their budget.
Advantage One Credit Union awarded three students with scholarships; two awarded to high school graduates beginning their college career and one awarded to an adult continuing their education.
Each student received a $2,500 scholarship, and recipients were selected based on an essay contest, taking into account their academic achievements and involvement in school and community activities.
• Adult Enrichment Scholarship Winner – Dawn Millem. Millem is a member of Advantage One and a longtime employee of Beaumont Hospital. She began her tenure as Ward Secretary and is currently a Utilization Review Analyst. When she is not working or at school, Millem enjoys spending time with her children and grandchildren. Millem is currently enrolled at DeVry University where she is majoring in Health Information Technology and is a Fellow of the National Society of Leadership and Success.
• Rose Zulewski Fellowship Winner (AOCU members only) – Rhye Lince. Lince is a member of Advantage One and a 2022 graduate of Riverview HS. In high school, he was a member of the marching band and track team. Through his parents, Lince is involved with the Teamsters and their charitable projects such as MDOT’s Adopt-A-Highway cleanup event and The Helping Hands event. Lince will attend Michigan Technical University in the fall to study mechanical engineering.
• Winner of the Ronald Stamper – Julia Ross scholarship. Ross is a 2022 graduate of Carlson High School where she participated in football (both in high school and while traveling), literacy team, rotating club, cheer club, counseling student and the National Honor Society. When she wasn’t involved in school-related activities, Julia volunteered to help teach Sunday School classes to children at her church. She will be attending Michigan State University in the fall to study packaging engineering.
“Advantage One would like to extend its congratulations to this year’s scholarship winners, as well as thank those who applied. We would also like to congratulate the class of 2022 on their graduation and wish them well in their future endeavours,” said Chris Corkery, CEO of Advantage One Credit Union.
MADISON (WKOW) — With everything costing more these days thanks to inflation, saving for their child’s college education might take a step back for some parents.
But Linda Lambert of the Wisconsin Department of Financial Institutions said even setting aside a small amount of money can make a huge difference.
“Start small but start as early as possible,” she said. “If you can always put together and set aside even a small amount to start saving for college, it will pay off in the long run.”
Wisconsin has two college savings programs: Edvest and Tomorrow’s Scholar.
This year, Edvest is celebrating its 25th anniversary, and Wisconsin officials are rewarding anyone with an account.
“We’re allocating $529 to an existing Edvest account for one person every month this year,” Lambert said.
Anyone can invest as little as $25, and there are tax benefits too.
“There is a state tax deduction on contributions made,” Lambert said. “As long as the money is in the account and appreciating, it grows tax-free. When you withdraw the dollars for college and higher education qualified expenses, those dollars are not taxed at the scale of state or federal level.”
Parents aren’t the only ones who can save on the account. Anyone can donate to the scheme through Edvest.
As crypto markets remain under pressure and overleveraged investors continue to be forced into liquidations, the market value of the largest stablecoin, tether, continues to decline.
Tether’s market cap slipped to $69.1 billion on Friday. That’s down from the $83.22 billion peak on May 5, according to CoinMarketCap, and the lowest level since October 2021.
Stablecoins like tether and Circle’s USD Coin are designed to maintain stable value against national currencies and function as dollar substitutes in crypto markets.
According to people in the market, there has been a flurry of margin calls in the crypto trading world recently. In such situations, investors are often forced to sell liquid assets in order to meet their collateral requirements on their loans.
A margin call is a request from a lender for more collateral from a borrower to secure a loan. They usually occur after the value of the original collateral has fallen below a certain threshold. In this case, the borrower often has to sell another asset to meet the new collateral requirement, otherwise the loan is liquidated.
This is one of the reasons why the biggest cryptocurrencies, like bitcoin and ether, have been under so much pressure lately: they are the most liquid and the easiest to sell quickly. Bitcoin has fallen 34% in the past ten days, according to Dow Jones Market Data. Ether is down 41% during this time.
“Overall, every lender in the crypto space is making these calls, improving their own liquidity,” said Michael Safai, founding partner at high-frequency crypto trading firm Dexterity Capital. “I don’t know anyone who doesn’t do that.”
Tether Holdings Ltd., the company that issues and maintains the tether stablecoin, did not immediately respond to a request for comment.
Settle, a fast-growing payments startup, today announced it has secured a revolving credit facility of up to $280 million from Citibank & Atalaya. This multi-year revolving credit facility will allow Settle to continue to expand its support for emerging and high-growth e-commerce businesses. With the rapid changes in consumer habits in recent years and the ever-changing supply chain ecosystem, this segment in particular has turned to new fintech solutions like the cash flow management platform of Settle for support.
“This is a great win not only for our team at Settle, but more importantly for the customers we will be able to serve through this partnership,” said Settle CEO and Founder Alek Koenig. “Now more than ever, businesses need tools that give them as much flexibility and support as possible in the face of growing uncertainty.” Koenig previously led Affirm’s credit team, helping to build BNPL e-commerce solutions.
Settle is an all-in-one cash management solution tailored to the needs of growing e-commerce brands. By providing a suite of tools that enable seamless management of invoice payment and accounts payable, Settle minimizes the burden of monitoring when and where business money is spent, giving founders and small business owners more time to focus on their products and their customers. Settle also offers flexible financing options to help bridge multi-month gaps between inventory purchases and product sales.
News of the deal comes on the heels of Settle’s $60 million Series B raise, led by Ribbit Capital. Other prominent investors include Kleiner Perkins, Founders Fund, Max Levchin’s SciFi Ventures, Caffeinated Capital and others.
Interest rates on savings accounts are rising, but they are still low. Indeed, the national average interest rate on a savings account is only 0.07%, although you can find many online banks paying around 1% (you can see some of the savings accounts paying the highest rates here). And even if these rates don’t stop you in your tracks, that doesn’t mean you shouldn’t be saving – experts say you’ll need 6-9 months of savings spending. But that means you’re probably wondering: where can I earn more?
A number of banks are now advertising higher savings rates, but of course you have to understand the fine print (and often it’s better to opt for one of the higher yielding accounts paying around 1%). Digital Federal Credit Union offers 6.17%, Blue Federal Credit Union offers 5.00%, Landmark Credit Union offers 7.50%, Mango Money online bank offers 6.00% and Consumers Credit Union and T online bank – Mobile Money both offer 4.00%. “It’s not that these advertised high-yield accounts are illegitimate, but they’re certainly not as impressive as they sound,” says Lauren Anastasio, director of financial advice at Stash. Adds Greg McBride, chief financial analyst at Bankrate: “Most accounts paying 4% to 7% only do so up to a limit”, and there are often other requirements outlined in the fine print so that you also get the high APY, like joining the credit union, for example.
Indeed, here are some of the fine print of these offers: Landmark requires direct deposit to earn the 7.50% APY, and you only get that percentage on up to $500. Mango Money requires at least $1,500 in signature purchases per month with the Mango prepaid card to qualify for 6.00% APY and only up to $2,500. Consumers Credit Union Rewards Checking requires $1,000 in monthly credit card purchases in addition to other requirements to qualify for 4.09% APY on up to $10,000.
If you do the math, based on the fine print, what you’d actually earn might not be worth the headache of moving accounts, the pros say. Anastasio gives this hypothetical example: “If you were to deposit $500 into an account that earns 6% per year, compounded monthly, at the end of the year, you would have earned just over $30. With rates as low as 0.10% on your remaining balance, the $30 might not be enough for the time and energy it would take to open and fund a new account,” says Anastasio. This means that to get the most out of your money, you may need to “open multiple accounts at different banks or just find one that pays a competitive return on your overall balance,” says McBride. (You can see some of the highest-paying savings accounts here.)
You can opt for the latter: “There are online savings accounts at federally insured financial institutions that are available to consumers in all 50 states with no minimum deposit that pay up to 1.25% and increase . These accounts are literally available to anyone and the return is earned on your entire balance, which is an immediate 10x or more improvement over your current interest income,” says McBride.
No matter what you decide to do, if you see a savings offer now or in the future, read the fine print, research the financial institution and the offer, and verify it with reputable sources, Chanelle says. Bessette, banking specialist at Nerdwallet. “Always be sure to deposit money directly with a federally regulated and insured financial institution,” says McBride. Bessette adds, “They must be insured through the FDIC or NCUA or work directly with a bank or credit union that is. Another way to see if a financial institution is legitimate is to research any formal complaints or disciplinary actions that have been filed by sources like the Better Business Bureau or the Consumer Financial Protection Bureau,” says Bessette.
Last December, Ange Postecoglou made it clear what he thought of the Celtic loan deals he sanctioned last summer.
The arrivals of Cameron Carter-Vickers and Jota have both led to a terrific season for the club and individuals. The former has already sealed a permanent switch while the latter will hopefully do the same in the coming weeks.
This forward-looking view has now resulted in Celtic finding themselves in a fantastic position as we enter the summer window. Temporary fixes are now a thing of the past under Ange and, again, this is something that was clarified as far back as December.
At the time, Ange was asked about CCV’s future in particular. Here is his response, quoted by the Herald:
“I wouldn’t have brought it if I thought it was just a short-term thing.
“All the players we’ve signed, we’ve done it thinking about building a squad. Building a squad means more than 12 months. But like I said, a lot depends on the player himself.
Celtic are no longer reliant on temporary fixes and that puts us in a great position
The comments above showed exactly where Ange stood on short-term deals. They were just something he would want to pull off if he had a plan to buy the player at the end of the window.
This is why Jota and CCV had option to buy clauses in their loan agreements. Ange just wouldn’t have been interested if there was no chance of keeping them.
After all, what good would it really have been for a manager who is only focused on building a team to compete for the long haul. Yes, there will be an evolution of this team over time, but no one will have the opportunity here if they just see a good chance of being exposed for a year. They will have to accept Ange’s methods.
Of the players linked with the club this summer, only one has been speculated to be on loan. This is Taylor Harwood-Bellis from Manchester City [Sky Sports]. The others have all been tied as permanent moves.
This is no surprise given that Ange has absolutely no interest in short-termism. We no longer sign 4 players on loan every summer with no option to buy in their offers. That’s part of the reason why there’s hardly any uncertainty at the club this summer.
Ange made it clear in December that he was not interested in short-term contracts. Now Celtic are ready to reap the rewards of that approach.
In other news, Ex-Ajax striker’s brilliant remarks on Celtic hero Giorgos Giakoumakis
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My eLearning World noted that the current pause on federal student loan payments enacted during the COVID-19 pandemic is expected to end in August, making it more likely that a formal decision will be issued later this summer.
E-learning experts said analysts have partnered with Mindnet Analytics — a data science consulting firm — to compare interest in student loan forgiveness in all 50 states and Washington, D.C. He said the report combines research trends with publicly available demographics .
The report found that research interest in student loan forgiveness has increased significantly in recent years – starting in mid-2020 and peaking in late 2021.
The report also revealed that Kansans were among those who took more interest in student loan forgiveness after the onset of the COVID-19 pandemic. However, he also noted that some states saw a bigger increase than others.
While the researchers said they expected states with a higher cost of living to see a greater increase in interest in student loan forgiveness, they said they did not. found no association between the two measures.
When My eLearning World calculated the student loan forgiveness interest, it indicated that it had subtracted the pre-COVID interest from the post-COVID interest. The report found Kansas was the 12th most interested in student loan forgiveness with a 46.8 increase in interest during the pandemic.
The only border state that seemed more interested in canceling student loans was Nebraska, which came in 11th with a 50.4 increase in interest during the pandemic.
Border states less interested in student loan forgiveness include Missouri, which came in at 26th with a 39.5 increase in interest, Colorado, which came in at 35th with a 34.6 increase in interest, and Oklahoma, which came in 46th with a 30-point increase in interest. interest.
The report found that the states most interested in canceling student loans include:
The report found that the states least interested in canceling student loans include:
For more information or to see where other states land, click HERE.
President Joe Biden told the largest federation of trade unions on Tuesday that he was working to rebuild the American economy around working people – while at one point wrongly stating that families had less debt and more savings than when he took office.
The speech at the AFL-CIO convention in Philadelphia was the president’s attempt to reset the terms of the debate on the economy as his own approval ratings slipped as consumer prices — and the cost of gasoline – jumped.
“Since I took office, with your help, families across the country have less debt. They have more savings across the country,” Biden said.
But despite the president’s statements, Federal Reserve data shows household debt has increased by more than $1.5 trillion since Biden took office in January 2021.
And the country’s credit card debt is also at record highs after jumping nearly 20% during the month of April to $1.103 trillion. The previous pre-pandemic record was $1.1 trillion.
Americans’ savings accounts have also shrunk by more than $9,000 in the past year – from $73,100 in 2021 to $62,086 in 2022 – according to a survey of the wealth management company Northwestern Mutual.
The country’s current economic outlook is largely due to inflation, which is at its highest level in over 40 years. That caused voters to sour on the economy, despite a mixed recovery from the 2020 pandemic-induced downturn that led to robust hiring and a healthy 3.6% unemployment rate.
The president on Tuesday tried to remind his audience of food lines and layoffs during the coronavirus pandemic that preceded his presidency, contrasting that with improvements in household balance sheets under his leadership.
He also took aim at “widespread lies about reckless spending” – an apparent reference to widespread criticism of his COVID stimulus package, which most experts say has at least partially fueled rising inflation.
Household debt has increased by more than $1.5 trillion since Biden took office in January 2021
Inflation is at its highest level in more than 40 years – causing voters to feel bad about the economy, despite a mixed recovery from the 2020 pandemic-induced downturn that led to robust hiring and downturns. a healthy unemployment rate of 3.6%
President Joe Biden told the largest federation of labor on Tuesday that he was working to rebuild the US economy around working people, but twisted the truth when he spoke about federal debt and family spending.
Even some Democrats who align themselves politically with Biden have suggested government spending has been a problem for middle-class families.
Economist and former Obama administration official Larry Summers predicted as much in February 2021.
“It is possible that macroeconomic stimulus on a scale closer to World War II levels than normal recessionary levels could trigger inflationary pressures of a kind we have not seen in a generation, with consequences for dollar value and financial stability,” he wrote in an op-ed for the Washington Post.
“It will be manageable if monetary and fiscal policy can be quickly adjusted to address the problem. But given the commitments made by the Fed, the dismissal by administration officials of the very possibility of inflation, and the difficulties in mobilizing congressional support for tax increases or spending cuts, there is a risk that inflation expectations rise sharply.
Economist Ellen Gaske of PGIM Fixed Income said that was exactly the mistake the Biden administration made.
“In retrospect, that was more than needed,” Gaske told The Associated Press. “It was not just the size of the (relief) programs, but these direct cash payments to households added purchasing power very directly. And when you pushed it away
Biden, however, contradicts these claims by saying that social spending has reduced the deficit by $350 billion – and will reduce the deficit by up to $1.6 trillion by the end of 2022.
The president continued to rail against his critics of spending during his speech on Tuesday: “I don’t want to hear those lies about reckless spending anymore.” We change people’s lives. And because of the fact, this year we are achieving the largest deficit reduction in the history of the United States of America.
But even as the economy quickly piled up jobs, high inflation left many workers feeling worse off as wages failed to keep up with the cost of living. The Labor Department said Friday that average hourly wages, after adjusting for inflation, have fallen 3% over the past year.
Inflation has left Biden and Democrats’ control of the House and Senate vulnerable in the upcoming midterm elections.
Biden says social spending cut deficit by $350 billion and will cut deficit by $1.6 trillion by end of 2022
The price of a gallon of gasoline in the United States continues to soar under the watch of Biden
Prices for everything from gas to travel to hotels have risen by double digits since January 2021
Republican lawmakers have blamed the president’s $1.9 trillion coronavirus relief package for causing inflation to rise last year.
GOP lawmakers also say the Biden administration has been too restrictive on domestic oil production.
“Working family budgets have been pushed to the bottom of the far left’s wish list,” Senate Republican Leader Mitch McConnell of Kentucky said Monday.
Biden says the GOP is focused on lowering taxes for businesses and the wealthy.
Republicans say their 2017 tax overhaul created a stronger foundation for growth by lowering corporate tax rates, making American businesses more competitive.
Republican lawmakers have blamed the president’s $1.9 trillion coronavirus relief package for pushing up inflation last year
They say allowing businesses and individuals to keep more of what they earn will spur growth, while Biden counters that laws allowing unionization and increasing childcare benefits for families will lead to the growth thanks to a stronger middle class.
Biden tried to specifically target a proposal by Sen. Rick Scott, R-Fla., which suggests that all Americans should pay federal income taxes.
Many Republican lawmakers have either disavowed the proposal or offered caveats that tax credits are a means of financial support for America’s poorest and middle-class families.
“Republicans have it all upside down: their plan literally calls for raising taxes on the middle class and working people and lowering taxes on corporations and wealthy Americans,” Biden said. “I believe in bipartisanship, but I have no illusions about this republican party, the MAGA party.”
The three main stock markets in the United States all crashed on Monday – the S&P 500 officially entering bearish territory amid growing fears that the country could soon enter a recession.
The S&P 500 fell 3.9%, bringing it more than 20% below the all-time high it set in January and wiping out all market gains since President Joe Biden took office in January 2021. The Dow Jones index fell 900 points on Monday. as well.
“Republicans have it all upside down: their plan literally calls for raising taxes on the middle class and working people and lowering taxes on corporations and wealthy Americans,” Biden said. “I believe in bipartisanship, but I have no illusions about this republican party, the MAGA party”
The president also focused on a long-standing priority during his speech on Tuesday: building union membership.
But he faces an uphill battle to restore the labor movement, which has waned for decades as it has become harder to organize workers and many factory jobs have drifted away from communities with a history of unionization.
Only 10.3% of American workers belonged to a union last year, down from 20.1% in 1983, according to the Bureau of Labor Statistics.
The nature of union membership has also changed over time, as nearly half of union members work for the government. Only 7.7% of manufacturing workers and 12.6% of construction workers hold union cards, as the movement’s blue-collar roots branched out into white-collar occupations.
Despite the decline in union membership, the movement still generates value. Government figures show the median union worker earns about $10,000 more per year than a non-union worker.
“We should encourage unions,” Biden said. “I’m not saying this just to be pro-union. I say this because I am pro-American.
Lubbock, TX – WestTex Federal Credit Union continues to give back to individuals, families and businesses in Lubbock and Hale counties by making free financial education available to everyone. WestTex has partnered with KOFE (Knowledge of Financial Education) to help bridge the financial literacy gap by providing easily accessible online information or in-person resources.
“We believe that providing financial literacy materials helps empower individuals and families by helping them become more financially secure and empowering them to make sound financial decisions. Vicki Love, President and CEO of WestTex Federal Credit Union, said, “WesTex has a long history of giving back to the communities we serve, and this is another way we believe we can give back and invest in the people. We have a strong desire to see our community members become financially secure and healthy.
The KOFE educational platform provides engaging online tools such as interactive lessons, calculators, on-demand and monthly videos, podcasts, and even a series of games that make learning about money fun. Covering topics such as budgeting, saving, retirement planning and investing to help consumers make informed decisions about their money. The material is available in English and Spanish.
No matter what stage users are in, they can find helpful information and advice on a wide variety of topics, including how to understand credit scores, rebuild credit, organize and categorize savings, and how to reduce energy, health care, insurance and other household bills. Plus, you can find information on planning for life events like weddings, births, and unforeseen disasters, get information on 401(k) plans, Individual Retirement Accounts, and more.
WestTex has made financial education materials readily available; Simply log on to www.westexfcu.com and click on the Financial Education tab. For businesses, groups, and nonprofits interested in in-person workshops or to arrange interactive classes for a group, please contact Tameisha Bolen at 806-784-0098 or email [email protected] westexfcu.com.
LOUISVILLE, Ky. (WDRB) – A scratch off lottery ticket means a paid house for a Louisville man.
In a statement, the Kentucky Lottery said the man claimed $200,000 he won on a $10 scratch and said he planned to pay off his house.
The winner wants to remain anonymous, but told lottery officials he hadn’t played in a while but decided to buy two of the $1,000 Loaded tickets at Circle K on Greenwood Road on Sunday night.
“I was scratching the first ticket when I came across a 10X symbol. I went to scratch the prize when I saw $2,000. I knew then I had won at least $20,000 he said. He then scratched another nine 10X symbols, winning $200,000.
“I called my son to come here and said, ‘Can you pinch me? Am I dreaming?'” After confirming the big win with his son, the man called his wife and told her he needed her to come home. She told him that unless it was an emergency, she couldn’t leave work. “I was dying of excitement,” he said.
On Monday morning, the man was at Kentucky Lottery headquarters to collect his winnings. After taxes, he walked away with a check for $142,000.
“I’m happy. I’m going to pay for my house today,” he told Lottery officials.
Circle K gets a $2,000 bonus for selling the winning ticket.
It got harder to qualify for a car loan in May, although it’s still historically easy.
The Dealertrack Credit Availability Index tracks auto loan application data to indicate whether access to auto credit is improving or deteriorating. It fell 0.8% in May, showing that loans got a little harder to get in the month, but fell from an all-time high. Auto credit was easier to come by in April than at any time since the index started tracking in 2015.
The index is a product of Kelley Blue Book’s parent company, Cox Automotive.
The change is not a surprise. The Board of Governors of the US Federal Reserve (commonly referred to as “the Fed”) raised interest rates in May specifically to curb big-ticket purchases like homes and cars. Economists consider this to be the Fed’s most effective tool in trying to control inflation.
But the Fed’s decision could have a limited effect on the auto market. The main factor behind high car prices has been a limited supply of new cars due to the continued shortage of microchips, which is largely beyond the control of banks.
Lending standards for new auto loans tightened more than for used auto loans in May.
Since the onset of the COVID-19 pandemic in late 2019, the terms of the average new car loan have changed significantly. Approval rates have increased slightly, lead times have lengthened, and the average deposit has decreased. All of these factors have made credit more accessible. But negative equity has increased, meaning more borrowers owe more than their car is worth.
Americans seem to be tightening their belts as inflation spreads. According to the Conference Board, consumer confidence fell 2.0% in May. The number of Americans considering buying a new car has fallen, although it remains higher than a year ago.
For individuals and commercial fleets, having a vehicle serviced at a repair shop means wasting time and inconvenience.
Consumers have to hang out in a communal lobby at the store — something people are trying to avoid after the pandemic — or arrange alternative transportation. Fleets not only suffer from these issues, but also lose the money they would have earned had that vehicle been on the road and in working order.
As a result, consumers and fleets are increasingly turning to mobile vehicle services that allow them to get work done on the spot, when it’s most convenient for them. In fact, over the past year, Google search traffic for “mobile mechanic” has surpassed that for “auto repair shop” for the first time.
“We talk to a lot of people, and whether it’s OEMs, big independent repair shops or whatever, they know this is where the world is heading.” Key CEO Ed Petersen says PYMNTS sharing this data. “The mobile environment is what is going to be the table stakes or expectations of all consumers and customers in this industry.”
Provide mobile vehicle services
On June 2, Wrench announced that it had added more technicians and geographic markets to its existing mobile vehicle services business by acquiring mobile vehicle repair network YourMechanic.
This news followed the September announcement of Wrench’s partnership with Bridgestone.
Read more: Bridgestone acquires 10% stake in Repair Service Wrench
Through this partnership, the 15% of auto services that must be performed with the car on a lift can be performed at a Bridgestone-owned Firestone Complete Auto Care Center. The remaining 85% of services can be performed by Wrench on site at the vehicle owner.
Consumers and fleets can use the Wrench app or platform to get remote vehicle diagnostics, approve a quote for work, schedule service to be performed at a time and place they choose , then pay when the job is done. In general, the only contact the customer has with the mobile technician is when handing over the key.
Make payments frictionless for consumers and B2B customers
Most payments are credit card-based, and customers can store their credit card information when initially setting up their account, so they don’t have to re-enter it for future services.
“It’s really designed to make it as painless or frictionless as possible for consumers and fleets,” Petersen said.
While some fleets like credit card billing because it’s quick and easy, Wrench is also suitable for those who prefer invoice billing. For these business-to-business (B2B) customers, Wrench sends invoicing digitally and, in some cases, integrates it into fleet accounting systems to streamline the process.
“Invoicing by invoice is certainly the main one, but there are [purchase order] systems that are there,” Petersen said. “Some people use a purchase order system, some don’t; some people like to have their invoices set up per task or per vehicle rather than just an aggregated invoice – so there’s a whole lot of complexities that can be in there that we’re well prepared to deal with on a case-to-case basis per case.
Meet requirements for convenience, transparency and minimal downtime
Demand for mobile vehicle services has grown month-on-month and year-on-year, driven by customers’ desire to be able to contact the problem-solving experts, transparency of learning, and approval through an app. of the cost before the work is completed. and the ability to schedule work to minimize vehicle downtime.
“I think flexibility is kind of the key,” Petersen said. “We designed the software and system to adhere to what we believe to be the desires of customers — both on the consumer side and on the B2B side — and we are growing. It’s an exciting time to be in this space.
NEW PYMNTS DATA:THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022
About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.
On May 25, 2022, the U.S. National Credit Union Administration (“NCUA”) issued a letter permitting federally insured credit unions to use Distributed Ledger Technologies (“DLT Letter”).1 The DLT letter also outlines some of the agency’s oversight expectations for DLT governance and risk management and notes that any use must comply with other applicable laws.
The DLT letter discusses the use of DLT as the underlying technology to support the otherwise permitted activities of a credit union. It does not allow specific uses of DLT, such as issuing cryptocurrency or validating digital asset transactions. However, it also does not require prior NCUA approval for DLT activities or explicitly prohibit any activity involving DLT. Therefore, the path for credit union involvement in digital asset innovation remains open and may present fewer barriers than the path for banks.
In this legal update, we summarize the DLT letter and discuss its possible implications for credit unions.
The DLT letter does not define the term “DLT”, but the NCUA has historically defined it as “a shared electronic database where copies of the same information are stored on a distributed network of computers”.2 The DLT letter states that the use of DLT “as an underlying technology by credit unions is not prohibited if deployed for permitted activities and in compliance with all applicable laws and regulations.”
The DLT letter notes that DLT is a new and emerging technology and, therefore, should be subject to sound governance and risk management practices. A credit union may rely on a third-party vendor for assistance with DLT, but cannot assign these responsibilities solely to a vendor.
In terms of governance, NCUA expectations include notifying the credit union’s board of directors prior to the deployment of DLT and ensuring that the credit union and third parties comply with applicable laws and operate in a safe and sound manner.
For risk management, the NCUA’s expectations include applying a comprehensive risk management framework to the proposed DLT and considering relevant risks. The DLT letter notes that risks relevant to DLT include information and cybersecurity risk, legal and compliance risk, strategic and reputational risk, liquidity risk, and third-party risk.
In addition, the DLT letter states that credit unions must perform appropriate due diligence of proposed DLTs and ensure that the activity supported by the DLT is authorized for credit unions and will be conducted in accordance with applicable law, including including applicable state law.
The DLT letter builds on the agency’s previous engagement with the digital asset industry. Most notably, in July 2021, the NCUA issued a request for information on how digital assets and related technologies may affect the credit union sector.3 This was followed in December 2021 by a letter that explicitly allowed credit unions to establish relationships with third-party providers who offer digital asset services to members of a credit union, subject to risk management practices. appropriate.4
The DLT letter is notable on its own in that it implies that no prior NCUA approval is required for a credit union to use DLT.5 Rather, it indicates that the agency expects credit unions to exercise judgment in deploying DLTs and indicates that NCUA reviewers will review that judgment retrospectively (i.e., after the credit union will have implemented the DLT). This contrasts with the landscape faced by banks, where the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation have stated that banks must obtain pre-approval to use DLT in cryptocurrency business.6
The DLT letter does not authorize credit unions to use DLT for specific activities, such as issuing cryptocurrency or validating digital asset transactions. Instead, it states that the DLT can be used with any activity that is otherwise permitted for the credit union (again, subject to appropriate risk management practices). This therefore leaves the door open for future determinations by the NCUA that specific digital asset activities are permitted for credit unions. As with banking regulators, we expect to see significant engagement from the digital asset industries and credit unions on which activities should or should not be considered permitted.
5. A statement from NCUA Vice President Kyle Hauptman indicates that some credit unions are already using DLT, but the agency felt it necessary to issue the DLT letter to clarify that credit unions should generally feel comfortable pursuing DLT if interested. See https://www.ncua.gov/newsroom/speech/2022/ncua-vice-chairman-kyle-s-hauptman-statement-credit-union-use-distributed-ledger-technologies-letter.
6. See OCC, NR 2021-121 (23 November 2021); FDIC, FIL-16-2022 (April 7, 2022). Please see our legal update on the OCC pre-approval requirement: https://www.mayerbrown.com/en/perspectives-events/publications/2021/11/us-banking-regulators-release- roadmap-for-cryptorelated-activities-by-banks.
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BRitain’s growth prospects are the bleakest of all developed nations. The OECD predicted last week that Britain’s economy would not grow at all next year, the worst prospects for any OECD country. This follows IMF warnings in April that the UK will experience the worst growth of the G7 countries in 2023. is just a distant memory.
All countries have felt the brunt of the pandemic, followed by soaring oil and wheat prices triggered by Russia’s illegal war in Ukraine. But other developed economies have proven more resilient, enjoying an export-led recovery in the wake of Covid. Here in Britain, the economic malaise revealed by the 2008 financial crisis is long-term and structural.
This crisis was supposed to trigger a major economic overhaul: a reckoning with Britain’s dependence on growth fueled by rising levels of consumer debt made possible by rising house prices. Then-Shadow Chancellor George Osborne pledged to rebalance the economy from debt-led growth to more productive development, driven by business investment and exports, supported by an expansion of the UK’s manufacturing base and a reduction in the huge regional inequalities between the South East and the rest of the country.
Nothing like that materialized. Instead, the country’s less wealthy regions have been forced to bear the brunt of cuts to public services, undermining their potential to attract investment. Great Britain slow recovery of the financial crisis – average GDP growth in the decade since 2008 was one percentage point lower than it was on the eve of the year – was propelled by consumer spending and the resurgence of real estate prices. Productivity growth has fallen dramatically, taking Britain from second in the G7 for productivity growth before the financial crash, to second slowest after the crash. There remains a significant funding gap for fast-growing small and medium-sized enterprises (SMEs)a market failure to which the government has not responded adequately.
And Brexit pushed the UK economy in the exact opposite direction from what was needed after the financial crisis. The hard Brexit pursued by Boris Johnson – excluding Britain from the economic and political institutions of the EU in a rash attempt at a “clean break” – has undermined the fragile political settlement of the Good Friday Agreement in Northern Ireland and deepened economic evil.
Investments and exports are down due to Brexit. Now that similar countries are beginning to recover from the pandemic, the extent of the damage is becoming more evident. Last week a piece of analysis estimates that the economy is already 5% smaller than it would have been had the UK not left the single market and customs union. These impacts weren’t unexpected, but there simply wasn’t the slack in the sluggish UK economy to absorb them. Even the media publications that supported Brexit at the time acknowledge that Brexit is costing British voters day in and day out, in the form of higher trade costs, especially for exporting SMEs, lower wages and worse public services. funded, a cost we can ill afford.
Brexit has also affected the price of sterling; a fall in the value of the pound raised the cost of imports even as UK exports fell, contributing to the cost of living crisis. Economic forecasters predict that the pound could fall further against the dollar and the euro, particularly if relations between the UK and the EU over the Northern Ireland Protocol become even grumpier.
This hopeless government, mired in incompetence and scandal, has no answers. No industrial strategy, no growth plan outside London and the South East, no alternative ideas for exporters in the wake of Brexit. Ministers have no idea what to do about the UK’s dysfunctional housing market; last week the Prime Minister said he would widen the right to buy for housing association tenants with an announcement so flimsy it would make the back of an envelope look solid. Johnson appears determined to keep fighting with the EU over the Northern Ireland Protocol in a way that will only prolong the economic pain and drive another wedge between Britain and its biggest market in Ireland. export. Rising inflation will not only force real wage cuts on many workers; it will also erode the real value of public service spending, imposing further austerity on schools and hospitals.
The prime minister and chancellor can’t even agree on the fundamentals of the government’s approach, and a joint speech they were due to deliver this week was postponed. The OECD has critical the Chancellor for his fiscal policy, which, even with the multi-billion pound support package he announced last month, is broadly restrictive, just as the economy is in desperate need of a stimulus.
Conservative MP Tobias Ellwood was right to plead a week ago for Britain to join the EU single market. Brexit ideologues can oppose this all they want. But as Britain looks set to rediscover its role as the sick man of Europe, a closer economic relationship with the EU is starting to look inevitable, no matter how long it takes.
Howard Marks said it well when he said that, rather than worrying about stock price volatility, “the possibility of permanent loss is the risk I worry about…and that every practical investor that I know is worried”. So it seems smart money knows that debt – which is usually involved in bankruptcies – is a very important factor when you’re assessing a company’s risk. Like many other companies EPAM Systems, Inc. (NYSE:EPAM) uses debt. But the more important question is: what risk does this debt create?
When is debt dangerous?
Generally speaking, debt only becomes a real problem when a company cannot easily repay it, either by raising capital or with its own cash flow. Ultimately, if the company cannot meet its legal debt repayment obligations, shareholders could walk away with nothing. Although not too common, we often see companies in debt permanently diluting their shareholders because lenders force them to raise capital at a ridiculous price. Of course, debt can be an important tool in businesses, especially capital-intensive businesses. The first thing to do when considering how much debt a business has is to look at its cash and debt together.
See our latest analysis for EPAM Systems
What is EPAM Systems’ debt?
You can click on the graph below for historical numbers, but it shows that in March 2022, EPAM Systems had debt of $40.5 million, an increase of $25.0 million, year over year . However, his balance sheet shows he holds $1.28 billion in cash, so he actually has $1.24 billion in net cash.
What is the state of EPAM Systems’ balance sheet?
Looking at the latest balance sheet data, we can see that EPAM Systems had liabilities of $683.3 million due within 12 months and liabilities of $270.6 million due beyond. In compensation for these obligations, it had cash of US$1.28 billion as well as receivables valued at US$901.3 million due within 12 months. It can therefore boast of having $1.22 billion more in liquid assets than total Passives.
This short-term liquidity is a sign that EPAM Systems could probably repay its debt easily, as its balance sheet is far from stretched. In summary, EPAM Systems has a net cash position, so it is fair to say that it is not very leveraged!
On top of that, we are pleased to report that EPAM Systems increased its EBIT by 56%, reducing the specter of future debt repayments. When analyzing debt levels, the balance sheet is the obvious starting point. But it is ultimately the company’s future profitability that will decide whether EPAM Systems can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free analyst earnings forecast report interesting.
Finally, a company can only repay its debts with cold hard cash, not with book profits. EPAM Systems may have net cash on the balance sheet, but it’s always interesting to look at the extent to which the company converts its earnings before interest and taxes (EBIT) into free cash flow, as this will influence both its need and its ability to manage debt. Over the past three years, EPAM Systems has recorded free cash flow of 79% of its EBIT, which is about normal, given that free cash flow excludes interest and taxes. This cold hard cash allows him to reduce his debt whenever he wants.
While it’s always a good idea to investigate a company’s debt, in this case EPAM Systems has $1.24 billion in net cash and a decent balance sheet. And it has impressed us with its 56% EBIT growth over the past year. We therefore do not believe that recourse to the debt of EPAM Systems is risky. The balance sheet is clearly the area to focus on when analyzing debt. But at the end of the day, every business can contain risks that exist outside of the balance sheet. Example: we have identified 2 warning signs for EPAM systems you should be aware.
Of course, if you’re the type of investor who prefers to buy stocks without the burden of debt, then feel free to check out our exclusive list of cash-efficient growth stocks today.
Feedback on this article? Concerned about content?Get in touch with us directly. You can also email the editorial team (at) Simplywallst.com.
This Simply Wall St article is general in nature. We provide commentary based on historical data and analyst forecasts only using unbiased methodology and our articles are not intended to be financial advice. It is not a recommendation to buy or sell stocks and does not take into account your objectives or financial situation. Our goal is to bring you targeted long-term analysis based on fundamental data. Note that our analysis may not take into account the latest announcements from price-sensitive companies or qualitative materials. Simply Wall St has no position in the stocks mentioned.
Bob Moore and Mary Ann Chiulli, a retired married couple from New York, had just returned home in March 2020 from a week-long volunteer trip to Belize when the pandemic shut down large swaths of the United States and the world . The jet-set couple had many retirement plans – international holidays and more volunteer work, visits with their three grandchildren and other relatives scattered across the country and the world – but Covid-19 put these plans on hold for the most part.
For the better part of two years, they hunkered down, ordered meals and groceries, and tried to avoid indoor environments and crowds. When vaccines became available in early 2021, they began to venture out, visiting family in upstate New York and Europe. Then he caught a mild case of Covid in early May while visiting his daughter and three grandchildren in the UK, and the couple’s travel outlook changed again.
“Travelwas kind of our reason for being in retirement,” says Moore, 78, a former vice president of operations for a shipping company. Chiulli, 70, who previously worked as director general of conference services at the United Nations, adds: “We realized that time was passing and we couldn’t do anything that we really loved.
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Whether it’s traveling or attending local cultural events or something else entirely, millions of retirees like Moore and Chiulli are ready to get back to their pre-pandemic lives. Many are on edge, even after factoring in inflation and the recent market turmoil as stocks and real estate have surged over the past two years. And many of those people in the age cohort most likely to catch Covid are now vaccinated and receiving multiple boosters, giving them some confidence to reappear despite the variants that may continue to disrupt life.
“We’ve seen many retirees whose expenses have dropped significantly – they weren’t eating out or traveling – and they may have accumulated more assets along the way,” says Heather Osborn, senior vice president and director of financial planning at Baird.
But money cannot make up for lost time. And that’s what many retirees and older Americans say has been the unspoken toll of the pandemic — the memories and missed milestones. Still, financial planners say retirees who can afford to spend shouldn’t hold back, and time-management professionals say there are strategies to help people make the most of their healthy years. remaining.
Prioritize and rush
Time management expert Laura Vanderkam suggests thinking about what you want to do most, then setting a slightly accelerated schedule for those things to happen.
“If you’ve had the past two years, what are some things you think you’ve missed?” she says. “If normally you would have done two big trips a year, maybe you would like to try three or four.”
Also consider who you enjoy spending time with and how you can arrange those visits, says Vanderkam.
“It can mean doing a weekend, driving three hours; it may sound boring, but why are we wasting time? ” she asks. “Realize that it’s good that life is a little busier now, given that it was a little less busy for the past two years.”
Karl Wagner III, partner and senior wealth advisor at Biondo Investment Advisors in Milford, Pa., advises clients the ways: don’t hold back.
He encouraged a retired client to buy his dream car, a
convertible. “If Covid has taught us anything, it’s that life is fragile,” says Wagner. “We always want to be responsible, but if there’s something you’ve been waiting for, don’t wait.”
“I haven’t had to tell anyone to hit the brakes yet,” he adds.
Creating memories doesn’t have to mean going on a trip or giving someone gifts, says Grant Gallagher, financial wellness and brand communications manager at Affinity Federal Credit Union. It could be something as simple as going to a park or a zoo. A Gallup survey of Affinity credit union members showed that experiences have a greater impact on well-being than tangibles, he says.
Given the time wasted doing nothing during the pandemic, making the most of your best retirement years can mean being “a little more judicious about how you use your time,” says Vanderkam.
“If you just do [something] because you’ve always done it or because you think it’s expected of you, you should reassess it. If it’s not meaningful and it’s not enjoyable, then what do you do? ” she asks.
That doesn’t mean avoiding commitments that give your life meaning, she says. Instead, try to build in some flexibility. For example, if you like being a reading teacher, do it during the school year and keep the rest of the year free for other leisure activities, she says. Or retirees caring for their grandchildren can help their children find alternate caregivers for a few weeks so they can travel, she says.
And spouses or couples don’t have to do everything together, and in fact, breaking up can be a good way to use time more efficiently. “You want to spend time together, but you don’t have to do everything together. “If one part is a homebody and the other likes to travel, you can travel alone.”
Play the clock
When trying to make up for lost time, it’s crucial to take a moment to plan. After all, no one wants to arrive at their destination and waste time queuing or spending hours in traffic and missing all or part of an event.
Chuck Failla, certified financial planner and director of Sovereign Financial Group, and adviser to Moore and Chiulli, advises clients to plan their trips up to a year in advance when possible and to explore alternatives when their usual transport or their hotels are not. available for the days you want. He suggests using online rental marketplaces such as Airbnb or Vrbo, and choosing the highest-rated hosts.
He also suggests waiting another full year to see how the pandemic develops before booking international travel, as any stoppages could lead to last-minute cancellations or trap travelers abroad, costing even more time. to retirees.
As for Moore and Chiulli, they’re back, even though they know they try to cram in a lot. “We’ve done quite a bit,” Moore says, but there are plenty of other places they plan to visit, including Australia, China, Japan and Madagascar. “We think what we want to do has now been compressed into a rather shorter period of time than we originally planned before Covid.”
An LSU audit revealed problems in the management of student funds and loans.
Louisiana’s Legislative Auditor conducted its annual audit of the LSU system for fiscal year 2021. The auditor, Mike Waguespack, released the report on May 23. One of the most significant issues found was the inaccurate tracking of active and inactive federal loans.
The audit sampled 80 loan files from LSU’s 3,189 total Federal Perkins loans. Forty of the files were for active loans and 40 for inactive loans. Ninety-three percent of the sample of active loans were not kept in fireproof safes and a repayment schedule could not be found. Of the 40 inactive loan files, 13% did not include the correct documents.
LSU responded to the report’s findings. According to the letter attached to the report, LSU is already in the process of changing the mishandling of loan records.
Ernie Ballard, director of media relations at LSU, said repayment schedules are placed with corresponding promissory notes in fireproof safes to comply with federal guidelines. Signed promissory notes were already stored in a fireproof safe, but related documents, including repayment schedules, were kept in a filing cabinet.
The report also found that LSU was mismanaging funds from the Higher Education Emergency Relief Fund, also known as HEERF. The audit revealed that the DLSU had received more than $40,000 which it was not eligible to receive.
The 40k was reimbursed to LSU for loss of income related to investment income, but it is not an eligible source of reimbursement under federal requirements.
LSU also incorrectly labeled other funds and failed to meet deadlines for publishing financial reports.
LSU said in a letter to the Legislative Auditor that they have refunded the $40,897 to the US Department of Education and are in the process of fixing the issue with fund categorization and reporting. These changes are expected to be completed by June 30.
Students will not see an increase in fees or tuition as a result of repayment of HEERF grant funds, according to Ballard.
The report found that the Pennington Biomedical Research Center “did not adequately monitor federal research and development cluster subrecipients.” They also found that Pennington had not completed some of the necessary audits on time.
The Pennington Biomedical Research Center is an autonomous institution within the LSU system. They conduct research on obesity, diabetes, cardiovascular disease, cancer and dementia.
Pennington violated federal regulations by failing to properly monitor subrecipients. According to the report, lack of proper maintenance can increase the likelihood of abusive payments. Such irregular payments may need to be returned to the Federal Licensor.
Pennington responded to the audit in a letter attached at the bottom of the report. They said they will strengthen controls over the tracking of sub-recipients. The response letter also stated that they would complete the required audit reports within the nine-month period.
Pennington said its new plan went into effect April 6.
Ballard said LSU was unaware of any of these issues until after the audit was completed.
As they look to meet their monthly obligations such as mortgages and rent, consumers find that the cost of food on their table, gas in their tanks and clothes on their backs rises with the cost of almost everything else.
The dollars they earn lose value.
“And then you’re struggling to make ends meet and you’re not able to save, and that starts to worry you,” Dunn said.
Although her nonprofit agency primarily helps those already struggling with debt, she offers advice for those who fear they may soon become so, if things persist and the trend continues.
The first step, Dunn says, is to assess your expenses.
“If you don’t have a budget right now, now is the time to create one,” he said. “We need to start creating spending plans and we need to not only have them in mind, but actually have a written document.”
Once you put your mind to it, Dunn said, it’s easier to see precisely how they’re spending their money and what expenses they can reasonably afford.
“You may not be able to save money right now on groceries and gas, but you may be able to save money on restaurant meals by cutting down on your consumption. .”
If inflation leaves you strapped for cash, you may be able to get more at your job without asking for a raise by adjusting your withholding.
“A lot of people get big tax returns… now might be a good time to take a look at your tax deductions to get some more money right now on your paycheck that could cover higher expenses. You need to assess whether the $5,000 you might receive next April from a tax refund is more beneficial to you right now to cover those expenses.”
Increased cash flow at a time when you’re paying more for the cost of living could keep you from falling behind on bills and other monthly obligations.
It also appears some have misunderstood that federal student loan repayments remain on hold for the rest of the summer.
“Some people keep paying them back, and it’s understandable that some want to do that if they can. But there’s no interest on federal student loans, so maybe it’s time to stop. your payments and use those funds elsewhere if you need them,” Dunn said.
In addition to soaring inflation and record gasoline prices, interest rates are also on the rise, with mortgage rates approaching double what they have been since their all-time high in January 2021 when Joe Biden sworn in as president.
“Interest rates not only impact mortgage rates, but also auto loans and credit card rates, so the cost of having credit card balances from month to month ‘other is going to be a lot more expensive,’ Dunn said.
This could be especially troubling for those who may end up carrying additional credit card debt due to inflation.
Indeed, a new study from WalletHub indicates that the average household credit card balance is 12% higher than this time last year, and projects that Americans’ credit card debt will increase by 100 billion by the end of this year.
And as purchasing power declines with current inflation, dollars saved, especially in retirement accounts, are shrinking amid falling stock markets.
“I think people will see themselves maybe in financial difficulty for the rest of the year and maybe next year,” Dunn said. “We expect to be very busy for the foreseeable future, but are ready to help out when we can.”
Interestingly, Dunn has seen his credit counselors get busier when times are good economically, when people tend to be freer with money and sometimes get into trouble, as opposed to now, when many can spend more carefully.
Through a partnership with NYDIG, a cryptocurrency company, Achieva Credit Union members can now transact bitcoin on the Dunedin-based financial institution’s mobile app.
In a press release about the deal, Achieva says it is Florida’s first credit union to provide cryptocurrency trading services to its members.
“Over the past year, we have noticed that our members have traded over $2.6 million worth of cryptocurrency through popular trading platforms,” says Achieva’s Director of Digital and Infrastructure Credit Union in the release. “It was clear that many members wanted to get involved in crypto, and we felt it was time to provide access to bitcoin from an institution they trusted.”
The bitcoin widget can be accessed in the latest version of Achieva’s mobile app, which launched on June 7. Users, according to the release, will be able to quickly see bitcoin’s current value, access their trading history, and directly buy, sell, or hold bitcoin through the NYDIG platform.
Educational resources and customer service information will also be readily available to members within the app, the statement said.
In a statement, Lou Grilli Sr., innovation strategist at PSCU, the nation’s largest credit union service organization, welcomed the move, saying, “Credit union members are looking for a safe, simple and convenient way to invest in crypto. They prefer to buy, sell and hold bitcoins through a trusted entity like Achieva.
He adds, “This is a great example of a credit union wanting to scale by ensuring members have access to emerging technologies while providing access to educational tools so members can take informed financial decisions.
Prior to the launch of the updated app, the release says, Achieva employees tested Bitcoin services. They were each given $10 to purchase bitcoins through the app, with NYDIG offering an additional $5 to each employee who signed up. During the three-week pilot program, Achieva team members purchased over $2,500 worth of bitcoins.
Apple Pay Later will allow users to pay in four equal installments.
Jakub Porzycki | Nurphoto | Getty Images
AMSTERDAM — Apple’s move into the crowded “buy now, pay later” space has raised the stakes for fintech companies that have pioneered the trend.
The iPhone maker on Monday announced plans to launch its own “pay later” loans, expanding a range of financial services products that already includes mobile payments and credit cards. Called Apple Pay Later, the service will allow users to pay for things in four equal installments, paid monthly with no interest.
This puts BNPL players like PayPal, Affirm and Klarna in a sticky spot. The fear is that Apple, a $2 trillion company and the world’s second-largest smartphone maker, could drive customers away from these services. Affirm shares have fallen 17% so far this week on the news.
The BNPL market was already showing signs of trouble. Last month, Klarna laid off 10% of its global workforce, blaming war in Ukraine and fearing a recession.
A triple whammy of rising inflation, higher interest rates and slowing economic growth has cast doubt on the future of the industry. Rising borrowing costs have already made debt more expensive for some BNPL companies.
“It’s going to end up in trouble because the credit still has to unfold and be repaid,” Charles McManus, CEO of British fintech firm ClearBank, told CNBC at the Money 20/20 Europe fintech conference in Amsterdam.
“As interest rates start to rise and inflation starts to rise, all the chickens will come home to roost.”
McManus said the industry is pushing people into debt they can’t afford to pay back and therefore should be regulated. The UK is seeking to pass BNPL regulations, while US regulators have launched an investigation into the sector.
“Do I pay my gas bill or do I pay off the chair I bought three years ago with an interest-free loan that is coming due?” McManus said, warning that “the excesses always come back”.
Apple said it would handle loans and credit checks for Apple Pay Later through an internal subsidiary, excluding Goldman Sachs – which has previously worked with the company on its credit card – from the equation. . This move is an important step that will give Apple a much larger role in financial services than it currently plays.
Sebastian Siemiatkowski, CEO of Klarna, said the launch of Apple Pay Later marked “a big win for consumers around the world.”
“Plagiarism is also the highest form of flattery,” he tweeted earlier this week.
Ken Serdons, chief commercial officer of Dutch payments startup Mollie, said Apple’s BNPL feature “raises the bar” for fintechs operating in the market. Mollie offers installment loans through a partnership with fellow fintech company in3.
“The BNPL space is getting crowded with many new players still entering the market,” he said.
“It will be difficult for players with a below-average proposition to compete effectively against the top players out there.”
However, James Allum, senior vice president for Europe at payments company Payoneer, said there was enough room in the market for various companies to compete against each other.
“Companies should seek collaboration opportunities rather than competition and threats,” he said.
The US Department of Energy said wednesday it secured a $504.4 million loan guarantee for a “green” hydrogen storage project in Utah that will initially store up to 150 GWh of hydrogen, providing “seasonal” energy storage ” in the West.
The loan guarantee with ACES Delta, a joint venture between Mitsubishi Power Americas and Magnum Development, marks the first clean energy loan guarantee issued by the DOE since 2011 and the first for a hydrogen project. “My mantra as Secretary of Energy is deploy, deploy, deploy,” Jennifer Granholm said Wednesday.
The Advanced Clean Energy Storage The project could be a model for other hydrogen storage projects, according to Jigar Shah, director of the DOE’s Lending Programs Office, or LPO. “This project, in our view, can be replicated, and that is what [LPO] trying to do … to get involved in deals that aren’t just one-off deals,” Shah said in an interview on Thursday.
Overview of the dive:
In the near term, the ACES project in Delta, Utah will be used to supply hydrogen to an 840 MW natural gas-fired power plant that is being built to replace the intermountain coal-fired power project. 1,800 MW by 2025.
Initially, the new plant, owned by the Intermountain Power Agency, a utility consortium that includes the Los Angeles Department of Water and Electricity, will run on 30 percent hydrogen. The power plant is expected to run on hydrogen only by 2045, although Mitsubishi Power will try to accelerate that schedule, according to a report in mid-February. presentation on the power plant project.
Using 220 MW of electrolysers, the ACES project aims to convert excess renewable energy to be supplied by power plant owners into hydrogen, which will be stored in two salt caverns.
The project will be able to store months of excess solar and wind generation in the western United States and help shift that electricity to seasons when there would otherwise be energy shortages, said Michael Ducker, vice -senior president of Hydrogen Infrastructure for Mitsubishi Power Americas and president of Advanced Clean Energy Storage I, the company behind the project.
The Intermountain Power Project plant sits in the midst of the West’s growing energy imbalance market, which has supported the sale of excess renewable energy that would otherwise have been reduced. Electricity from the existing plant is delivered to California via a 488 mile line at 500 kV. Also a The 345 kV line extends 50 miles to near Mona, Utah, and a 230 kV segment extends approximately 145 miles in Nevada.
“This particular [power] the plant is very well positioned, just inside the western network,” Shah said. “You have a transmission line from an 1,800 MW coal plant to Los Angeles. When you think about how electricity can flow and where the existing electrical infrastructure is located, this plant is certainly well suited on those fronts. »
The project will be able to store 150 GWh of hydrogen, roughly the same amount of battery storage the DOE expects on the U.S. grid in 2030, according to Shah.
“This level of storage is consistent with the amount of seasonal storage that National Renewable Energy Laboratory research has found necessary to decarbonize electric utilities in the western United States by 2035,” Shah said Wednesday. .
The loan guarantee for the project reflects the LPO’s core mission “as it will help commercialize long-term storage by enabling these technologies to cross the bridge to bankability,” Shah said.
The Biden administration is revitalizing the LPO, which last issued a loan guarantee in 2014 for the Vogtle nuclear project in Georgia.
“The goal of our efforts is not just to provide short-term stimulus, but to create an institution that entrepreneurs and energy leaders can rely on to help commercialize their technologies and build robust industries here in the States. States,” Shah said, noting that the ACES project could anchor a future hydrogen hub.
“We look forward to what’s next, including several upcoming closures and exciting projects like this,” Shah said.
At the end of May, the LPO was examining 77 loan applications totaling 78.8 billion dollars, according to DOE. The department has about $40 billion in remaining lending capacity, Granholm said.
About a third of loan applications are “high quality” and can probably pass the loan office review process “fairly easily,” Shah said.
After more than a decade of LPO inactivity, “this is really the kind of proof that the market will appreciate that they’re back in business,” Norton Rose Fulbright partner Kenneth Hansen said Thursday, adding that the pending loan applications “significantly exceed the DOE’s loan capacity. It will be interesting to see how they allocate the scarce resource or Congress responds by giving them the authority to run this pipeline,” he said. declared.
Meanwhile, Haddington Ventures, a private equity firm that owns Magnum Development, on Thursday announcement a $650 million equity syndication program to help fund the ACES project. Investors in syndication – The Alberta Investment Management Corporation, GIC, Manulife Financial and the Ontario Teachers’ Pension Board can increase their combined investment to $1.5 billion.
Education Secretary Miguel Cardona testified before a Senate subcommittee Tuesday’s hearing in which he suggested an extension of the student loan moratorium is still a possibility, in response to a question from New Hampshire Senator Jeanne Shaheen.
“I now have no information to share with you on when this will end or conversations regarding when this is going to be lifted,” Cardona said. “I know we have a date, and it may be extended. Or it may start there. But what I will say is that our borrowers will be given adequate notice.”
The current student loan moratorium expires on August 31. This means that on September 1, interest charges and required monthly payments for student loans should resume on federal student loans. US President Joe Biden last extended break in Aprilmarking the fourth extension of the moratorium since the start of the coronavirus pandemic in March 2020.
“If loan repayments were to resume on schedule in May, analysis of recent Federal Reserve data suggests that millions of student borrowers would face significant economic hardship,” Biden said in the statement. april.
Delinquencies and resulting defaults, he added, “could threaten the financial stability of Americans.”
The student loan freeze halts payments and interest for 35 million Americans and collection efforts against the 7 million borrowers currently in default. Collectively, this has saved taxpayers nearly $200 billion, according to an analysis by the Federal Reserve Bank of New York.
Overall, Americans owes $1.76 trillion in public and private student loans, the largest consumer debt outside of mortgages.
Here’s what you need to know about federal student loan repayments, including how long the pause will last, what other benefits it includes and whether Biden will push for more student debt forgiveness.
How long is the pause on student loan repayments?
Federal student debt repayments have been suspended for two years now, meaning interest has not accrued and collections on defaulted debts have been suspended.
Former President Donald Trump first declared the pause on student loans in March 2020 and extended it twice until January 2021. Biden extended the pause four more times.
The Biden administration had warned that the extension until January 2022 would be the last, but with the omicron variant of COVID-19 sweeping the United States last year, Biden decided to maintain the moratorium until the 1st May 2022.
Then a March 31 letter Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren and other leading Democrats called on the White House to extend the moratorium again and provide “meaningful” debt cancellation.
“Restarting repayment will financially destabilize many borrowers and their families, and cause hardship for many who cannot afford to repay,” the letter said. In April, Biden again extended the repayment freeze, suspending payments until Thursday, September 1, 2022.
“This additional time will help borrowers achieve greater financial security and support the Department of Education’s efforts to continue improving student loan programs,” Biden said.
Will Biden suspend student loan payments again?
It remains to be seen whether the president will suspend student debt payments by Aug. 31, but Cardona’s testimony at the Senate subcommittee hearing seems to indicate the option is at least on the table.
“Theoretically, Biden could continue to extend student loan relief through multiple executive orders, creating a ‘forever’ student loan payment pause,” Zack Friedman, CEO of online financial market Mentor, written in Forbes.
Or at least until he leaves office.
What about borrowers in default?
Borrowers in default will automatically receive a ‘fresh start’, according to a statement from the US Department of Education. Their accounts will be restored to good standing and any defaults will be “corrected”, allowing them to repair their credit and gain access to programs such as income-contingent repayment and Cancellation of civil service loanswhich benefits those who work for non-profit organizations.
“During the pause, we will continue our preparations to give borrowers a fresh start and ensure that all borrowers have access to repayment plans tailored to their circumstances and financial needs,” Cardona said in the statement.
Can Biden forgive more student debt?
During the campaign, Biden said he would support legislation canceling a minimum of $10,000 in federal loans per borrower. However, the White House has remained largely silent on the issue since taking office, although the Department of Education has taken action on this front in the past two months.
Following the reorganization of the ministry of its Civil Service Loan Cancellation Program in October, more than 750,000 borrowers saw their student loans extinguished, collectively reaching over $18.5 billion loan receipts starting in May.
TAMPA, FL —MidFlorida Credit Union has announced the opening of its Temple Terrace branch at 5002 E. Fowler Ave., Tampa.
“We are excited to add another Tampa location to our MidFlorida family. As the Tampa market continues its rapid growth as a daily destination area, it was strategic for us to open a highly visible branch around the corner from East Fowler Avenue and North 50th Street,” said MidFlorida retail delivery manager Vanessa Hernandez.
“Located between I-275 and I-75, this location provides the opportunity to serve not only the University of South Florida community, but surrounding communities as well,” Hernandez said. “We had an interest in repositioning a former on-site branch in this area to allow easier access and provide the added convenience of a drive-thru and full service on Saturdays. Our location in Temple Terrace allows for greater accessibility and features that we couldn’t provide at the onsite location.”
As one of 60 branches statewide — with more to come in 2022 — this new 5,193-square-foot Temple Terrace branch features the signature credit union from 7 a.m. to 7 p.m. extended drive-thru and full-service Saturday hours, plus face-to-face banking, instant-issue debit and credit cards, an ATM, four lanes of drive-thru and safety deposit boxes -forts.
In addition, the facility has dedicated offices for members to meet mortgage staff and for business services.
The community is invited to meet local branch staff at a grand opening celebration scheduled for Friday, June 10 from 10 a.m. to 3 p.m. Attendees can enjoy a free lunch and door prizes, including an Oculus virtual reality game, a Busch Gardens family pass and gift cards for local businesses.
Follow the credit union on Facebook or visit the website.
MidFlorida is a state-chartered financial institution headquartered in Lakeland. The credit union serves over 434,000 members with assets totaling over $6.62 billion through its network of branches, ATMs and website.
MidFlorida Credit Union is open for membership to anyone who lives, works, worships, or attends school within its Florida service area, which extends from Gainesville to Stuart and coast to coast.
Bucaramanga (Colombia) (AFP) – In October 2015, volunteers flooded a poor neighborhood in Bucaramanga, Colombia’s northeast, with thousands of pamphlets promising free houses if Rodolfo Hernandez, a millionaire engineer, was elected mayor.
He won the elections, but the free houses never came. Now, Hernandez is running for his country’s top job.
“Rodolfo came here with pure lies. And now he wants to be president? said Paulina Figueroa, a housewife from the targeted neighborhood, El Pablon, shaking her head.
She is still keen on Hernandez’s pamphlet, but explains to AFP that instead of having a house, she had to take out a loan, which she repays with half of her meager monthly income, to build a cabin. wood and zinc.
“Just another broken promise from a cheap politician,” added Jaime Nunez, a 57-year-old community leader, who received the same flyer and voted for Hernandez but continues to pay rent for squalid, overcrowded housing.
Although he failed to deliver on his ambitious promise, Hernandez remains popular with many in Bucaramanga, admired for his boldness and for building sports stadiums in impoverished areas during his 2016-19 tenure.
He donated his mayoral salary to social causes and lived off his self-proclaimed fortune of $100 million.
Hernandez was suspended as mayor for intervening in local elections and resigned shortly before the end of his term.
In the rest of the country, he is known for another act as mayor: slapping an opposition city councilor during a disagreement on camera.
“People love it”
Photos of a smiling Hernandez adorn many walls, cars and even restaurants in Bucaramanga.
“Rodolfo faced a corrupt political class that had practically enslaved the city and defeated it. That’s why people love him,” said Felix Jaimes, a fellow engineer who was Hernandez’s city councilman.
When Hernandez won the mayoralty, he overthrew a political class that had ruled for decades with its anti-elite stance and promises of social upliftment.
He now aims to do the same with the Colombian presidency.
Hernandez, who goes by the nickname “The Engineer,” made a surprise second place finish in a May 29 first-round ballot.
He will face leftist Gustavo Petro in a runoff on June 19.
Opinion polls show a tie between the two men, although Petro was the clear favorite going into the first round and Hernandez a distant third.
Jaimes claimed that the city council of Bucaramanga, where Hernandez did not have a political majority, had blocked his plan to deliver 20,000 free housing units.
But not everyone is convinced of The Engineer’s good intentions.
In a filing, retired Army Sergeant Saul Ortiz brings evidence of what he calls a “scam” against hundreds of military families who bought a housing project run by a Hernandez company, before he was mayor.
Ortiz told AFP that in 1995 he started paying off a house in Bucaramanga, but said that over time the company charged him around 30% more than the original price.
“The majority of homeowners lost their homes because they couldn’t afford this surcharge,” he said.
Ortiz said he was one of the few to seek redress from the courts and recover overpayments. He showed AFP documents supporting his claims.
But his house was flooded in 2005 as the project was built too close to the river bed, he said – another allegation for which he has documented evidence.
“The neighborhood was completely flooded, there was tons of mud, cars were damaged; people lost everything…they didn’t compensate us,” he said.
Containment walls are currently being built at public expense.
Hernandez “is not who he claims to be…he’s just another corrupt politician, one of those who drove Colombia into poverty,” Ortiz said.
“The King of TikTok”
Hernandez has largely focused his campaign on fighting poverty, which affects some 39% of Colombia’s 50 million people.
He pledged not to raise taxes, to reduce VAT from 19 to 10% and to increase social spending by reducing bureaucracy.
Hernandez blames government corruption for much of Colombia’s deep economic inequality, but is himself under investigation for “undue benefits” given to third parties when he was mayor.
Despite his checkered past, Hernandez appears to have a real shot at the presidency, with the mainstream parties putting their weight behind him to defeat Petro in a country deeply suspicious of the political left.
Unlike Petro, Hernandez hasn’t made any campaign tours or made any public speeches.
Instead, the self-proclaimed “King of TikTok” speaks directly to his electorate via the social media platform – where he has nearly 600,000 followers – and Facebook broadcasts.
AMAC, a national real estate investor and developer, today announced the grand opening of its latest multi-family development in Aventura, Florida. The building, located at 17990 West Dixie Highway, comprises 290 units and is expected to be completed in the first quarter of 2024. The company simultaneously entered into a $67 million construction loan with Ocean Bank to develop the project.
The eight-story building features a mix of spacious studios, one-, two-, and three-bedroom units, each outfitted with decadent interiors and modern features including stainless steel appliances, stone countertops, appliances custom lighting and plumbing, a built-in washer. and dryers, and smart keyhole.
“We are thrilled to begin construction on this unique development in a fantastic community in the heart of South Florida,” said AMAC Founding Director Maurice Kaufman. “We are confident that this development will meet the new standard for luxury rentals, and we are excited to bring our next multi-family project to the area.”
The building will feature a luxurious suite of amenities for its residents, including a two-story gym, spa and sauna, swimming pool with covered seating area, outdoor kitchen and grilling areas, dog wash , a club room, library, media room and social lounge, as well as a sunset terrace. Additional on-site amenities include a convenience store, concierge, smart parcel center, and parking with 36 electric vehicle charging stations. The building will also include 1,760 square feet of space for private offices operated by Ora.
AMAC is developing the property with Miami-based real estate development company ROVR Development. The agreement expands AMAC and ROVR’s presence in South Florida, where the development team recently completed Biscayne 112, a 402-unit multifamily property located at 11200 Biscayne Boulevard. In February 2022, AMAC also acquired a multifamily development site at 4465 Griffin Road in Hollywood, Florida, where the team will begin construction later this year on a 180-unit multifamily property.
The path to financial advancement is blocked for 22% of Americans. Unbanked or underbanked, many find themselves in financial services deserts and left behind by a system that makes wealth largely inaccessible to so many.
Business leaders often speak out about their commitments to creating an equitable society, and when things like racial inequality and the disparate COVID recovery make headlines, donations are pledged and resources committed. But too few are taking advantage of this simple approach for meaningful long-term impact – putting money where it can work for the communities that need it most.
Community Development Credit Unions (CDCUs) and Certified Community Development Financial Institutions (CDFIs) provide underserved communities with safe and accessible tools to manage and improve their finances. Over the past five years, CDFI membership has grown by 16% to 14.5 million, many of whom would otherwise likely have been unbanked or underbanked, with little or no access to credit. But branches are closing, and that’s where corporate deposits can help.
Businesses with cash to deposit can compound the societal benefits of these credit unions while enjoying competitive rates, asset preservation, and quick ratio management.
In communities where CDCUs are at work, fewer consumers turn to predatory lenders, more underrepresented minorities are able to start businesses, and families who would otherwise be excluded from traditional mortgages can buy homes. These credit unions specialize in providing fair loans, bank accounts, financial education, and credit counseling for low-income and underserved populations. They offer a level of financial choice and the potential for upward mobility where none existed before.
But CDCUs and CDFIs generally do not have cash. In fact, they are often pushed to join forces in order to expand their operations and provide comprehensive services to their membership base. These mergers and consolidations mean that those that remain have better technology and more holistic services, but some communities are losing their branches. There were 571 minority depository institutions in 2017, for example, and 518 in 2021.
To continue and grow their impactful work, CDCUs need a stable source of below-rate capital, such as deposits. These deposits pay off multiple times.
For every dollar invested, CDFIs can leverage up to $12 of additional private capital. For example, Self-Help, a North Carolina-headquartered CDFI with 72 branches and over 180,000 members, can collect an additional $7 in deposits for every dollar. For example, a recent NerdWallet deposit of $2 million has an impact of $16 million that can be given directly to community credit union members. The Financial Equality Project is asking other companies to make similar investments. The alternative, depositing commercial cash in large banks, simply doesn’t have that impact – not even close.
An estimated 22% of Americans are either unbanked or underbanked, according to the Federal Reserve, and the CFPB estimates that about 26 million are invisible to credit. People of color are disproportionately represented in these groups. They are caught in a financial services wasteland, with no access to credit like traditional loans or even a bank account to protect their income from some of the effects of inflation. They are more likely to turn to high-interest loans with exorbitant fees when an unexpected expense arises or prices rise beyond the reach of their paycheck, and they are less likely to own a home or to be able to afford their retirement.
The work that has been done to address financial inequities is notable, but should not overshadow the work that remains to be done. Those of us who have the power to decide where a company puts its money have an obligation to put it where it can do the most good. That has no price. No one loses in this scenario.
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Academics and account managers. Ivy League graduates. Teachers. Mild-mannered Philadelphia rideshare driver Ryan Long has beaten them all during his 16-game winning streak on Danger! with a combination of luck, strategic bets and mastery of certain categories.
But Long’s journey on the popular game show ended Monday night, when he finished in third place behind National Weather Service meteorologist Eric Ahasic and actress Stephanie Garrison.
Long, 39, closed the gap with Ahasic entering Final Jeopardy trailing $3,400 and facing the following Greek mythology index:
Among the Argonauts seeking the Golden Fleece, these two of the same family were from Sparta according to Homer.
Long replied “Who are Agamemnon and Menelaus?” which was incorrect, leaving him with only $1. Ahasic answered correctly with “Who are Castor and Pollux”, winning the game and knocking Long down with a final score of $18,401.
Long ends his Danger! running with the ninth-most consecutive wins in the show’s history, dating back to 2003, when a five-game cap was lifted. Overall, he will take home $300,400 before taxes – $299,400 in winnings and $1,000 for finishing third on Monday.
Long called the gains “life changing,” but he’s not looking to make any sensational purchases. Instead, after meeting with financial advisors, he plans to pay off existing debt.
“To me, paying the bills and paying for the car is exciting,” Long said.
Long’s success on Danger! came at an opportune time. He was forced to quit his job as a paratransit driver for SEPTA’s Personalized Community Transportation Program last year after a difficult battle with COVID-19, which still affects him. He turned to driving for Uber, Lyft and DoorDash to support his 8-year-old son, Nathan, who made the necklace Long wore on the show.
Not much has changed since Long, other than being recognized as a local Danger! star around town (although Twitter refused a request to verify his account). The show only pays contestants after they air on TV, so Long hasn’t received the money he knew he made months ago.
“I have my head on a pivot right now, but I have nothing,” Long joked.
Despite the defeat, Long’s Danger! career is not over. He will return in the fall for the show’s Tournament of Champions, where he will face Amy Schneider, Mattea Roach and the other most successful competitors of this year. Long said he was looking forward to meeting everyone, but admitted not following their Danger! runs too close.
“I actually don’t watch the show religiously,” Long said. “I grew up watching the show, and I’ll catch it here and there, but most of the time I’m working.”
Sitcom star Mayim Bialik hosted all 17 of Long’s matches. He said he was angered by the criticism she received online as one of the show’s guest hosts.
“It seems like a lot of people are looking at Mayim online and I find that really, really unfair,” Long said. “I’m not picking a horse or anything, but some of the reviews online have been really exaggerated. She was super, super nice during my time on the show.
Bialik shares hosting duties with the former Danger! champ Ken Jennings — who holds the series title “Greatest of All Time” — for the remainder of Season 38, which ends in July. After that, the show will decide on a permanent host to replace the late Alex Trebek, who died in November 2020 of pancreatic cancer.
As for tips, Long has a simple suggestion for those who want to compete on Danger! – just apply.
“People should just try. They make it easier than ever to take the online test. If you think you have it, don’t get discouraged and think you’re out of luck,” Long said. “If I was on TV and doing something, then a lot of other people could be too.”
The expansion will allow the company to reinvest in the mall and ensure its “health, vibrancy and dominant positioning in Western New York.”
CHEEKTOWAGA, NY — Pyramid Management Group, the parent company of the Walden Galleria, announced on Monday that it has been granted a three-year loan extension.
The expansion will allow the company to reinvest in the mall and ensure its “health, vibrancy and dominant positioning in Western New York.”
“Walden Galleria has emerged from the pandemic maintaining its position as the dominant retail and entertainment destination in the region,” Stephen J. Congel, chief executive of Pyramid Management Group, said in a released statement. “The mall’s resilience and strength, along with Pyramid’s ongoing efforts to reinvent, redefine and improve the customer experience, enabled us to successfully extend the loan. We look forward to continuing this success over the coming years and remain committed to ensuring the health, vibrancy and longevity of the center for decades to come.
The mall and its tenants employ over 4,000 people.
The Walden Galleria has added several new stores, restaurants, and entertainment businesses, including Urban Air Adventure Park, Aloha Krab, Street21, Bravo! Italian Food, Lovesac, and Offline by Aerie
They also plan to open a Five Below store soon in a 9,000 square foot space on the mall’s upper level, as well as Primark, an Irish international department store. Primark is expected to open early next year.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 1, 2022. REUTERS/Brendan McDermid/File Photo
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A look at the day to come on the markets of Julien Ponthus.
With the Nasdaq (.NDX) having lost around a quarter of its value since the start of the year, some investors will no doubt share Elon Musk’s “super bad feeling” about the economy.
But the Tesla CEO’s sentiment, shared with executives in an email, might be taken by others with a generous pinch of salt, given Friday’s data showing the U.S. economy generated more jobs. in May than expected. Read more
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Asked by Reuters about Musk’s comments, Joe Biden suggested the problem lay with Tesla and pointed to investments made by Ford to compete with the electric carmaker. Read more
But with the jury still out on whether the world’s largest economy is heading for a hard or soft landing, this Friday’s U.S. consumer price report could shape expectations about the pace of policy tightening. of the Federal Reserve.
What is already clear this morning, however, is that the Bank of Japan remains firmly on the side of the doves, with Governor Haruhiko Kuroda stressing that its top priority is to support the economy with “powerful” monetary stimulus. Read more
Thursday’s European Central Bank meeting will be a key meeting where the bank could draw a line under its years of bond buying stimulus and signal a first rate hike in July, following record inflation of 8.1% of the euro area in May.
And although there are signs that the rebound of the European economy post-COVID-19 could collapse, the French finance minister said on Sunday that despite the war in Ukraine and high inflation, he expected positive growth for 2022.
Bruno Le Maire’s optimism seems to match the mood of the markets on Monday. Asia closed with gains, while European and US futures point to a positive open.
Musk’s “super bad feeling” may instead be shared by British Prime Minister Boris Johnson – he could have a tough week, as Tory lawmakers prepare to challenge his leadership for more.
Key developments that should further guide markets on Monday:
– Services activity contracts in May in China for the third consecutive month
– UK Finance Minister Rishi Sunak faces a parliamentary committee hearing on the cost of living
-Italian TIM aims to maximize value and reduce debt in the event of a breach Read more
-US to let Eni and Repsol ship Venezuelan oil to Europe for debt Read more
-Czech central bank chief: Another rate hike likely, 75bps or more Read more
Credit union trainers have the unique opportunity in October to learn the latest industry trends while enjoying their stay in a metropolitan oasis.
CUNA Experience Learn Live! (ELL!) The conference returns to an in-person format Oct. 2-5 in San Diego. The ELL! is an annual opportunity for trainers to learn from industry experts and be recognized with CUNA ELLy awards for outstanding work.
This year, the ELLys are moved to the first evening of the conference. “We are thrilled to celebrate all of the education departments’ accomplishments over the past year with the ELLy Awards,” said Aubrey Ward, CUNA’s Online Education Project Manager. “Our trainers are the best at finding innovative solutions to training needs and we look forward to hearing about them when we meet in October!” Submissions can be made in any of the three categories before August 7th.
Nominations are being accepted for these 2022 awards:
Presented to the credit union with the best overall training program or event – one that inspires learning, teaches skills that go beyond the classroom, and leaves participants empowered.
Strong candidates have:
Creating a one-time training event (eg: annual all-staff training) or comprehensive program (eg: new employee orientation) that energizes, empowers and excites attendees
Led an experiential training program or event that had a significant effect on organizational culture
Training Professional(s) of the Year Award
Honors outstanding achievement in performance and learning by a professional or credit union training department.
Strong candidates have:
Have had a significant impact or taken an innovative approach to staff learning and development
Cultivated a highly productive and engaged training for participants
Documented the increased success of the training through their contributions
Online Learning Awards
Demonstrates how technology-based training has been integrated and enhanced into credit union training programs.
Strong candidates have:
Adopting technology as part of the credit union’s learning culture
Successful incorporation of e-learning into staff training and credit union culture
Documented outstanding results related to increased technology
To apply for any of the award categories, visit this page and create a new account.
CUNA Experience Learn Live! is an opportunity for trainers to learn and network with their credit union counterparts. Participants will learn how to create blended learning environments, build community around training and address training issues through peer-to-peer networking, and participate in workshops with participants with similar roles and goals in order to grow professionally.
This event is approved by the CUNA Human Resources and Organizational Development Council.
Hundreds of people climbed 104 floors on Sunday as part of the Tunnel to Towers Foundation’s annual climb from One World Trade Center to the Observatory. The event was back after a two-year hiatus due to the pandemic.
“The first year I attended the event was the year right before COVID,” said attendee Susan Fiorentino. “After the event, as difficult as it was, as hot and sweaty as the day was, I was like I couldn’t wait to do it again, so it was disappointing but understandable why he couldn’t have place in the past 2 years.”
The first wave of climbers began their ascent at 5 a.m., but they weren’t climbing to climb. The event is a fundraiser for the Tunnel to Towers Foundation which raises money to pay off the mortgages of the families of injured and deceased first responders and veterans.
Many participants took up the challenge for their own particular reasons. Mia Coe said she climbed in honor of her mother who escaped the South Tower’s 103 floors on 9/11.
“FDNY, NYPD and all the other first responders combined with her courage and her strength and the grace of God is why she is here today and I can hug my mom,” Coe said.
The Tunnel to Towers Foundation was created to honor FDNY firefighter Stephen Siller who, after a shift in Brooklyn on 9/11, walked through the Brooklyn Battery Tunnel to the Twin Towers to help. He was one of 343 firefighters who died that day.
“Many were rescued thanks to the firefighters, especially those climbing the stairwells, saving lives that day. Most certainly our police officers too,” Siller’s brother and foundation CEO Frank Siller said Sunday. “And being able to allow people to come up the stairwell in honor of all these great Americans is important.”
Since the terrorist attacks, 287 firefighters have died of 9/11-related illnesses. Just last week, the FDNY announced more deaths over a four-day period.
“We were told after the Trade Center that some of the diseases would take 20 years to occur and unfortunately now we are paying the price,” said former FDNY commissioner Sal Cassano. “This week we’ve had four in four days, but in recent years they’ve become more frequent than we’d like.”
Attendees and organizers said that as the city continues to lose its heroes affected by 9/11-related illnesses, they will continue to step up and honor them through this small sacrifice and the fundraising associated with it. .
With Chelsea’s Romelu Lukaku linked with £20m to Inter Milan, the Belgium striker could go down in history as one of the most expensive loan moves of all time. Here, Express Sport takes a look at some of the other hugely expensive loan deals that have taken place in the sport.
Kylian Mbappé to PSG – £45m
The French striker recently ended months of transfer speculation by announcing he had signed a new contract with the Parisians. Given that, it’s easy to forget he originally signed for the club on loan as the French giants sought to circumvent Financial Fair Play rules following the £200m signing of Neymar.
Mbappe joined the club on a world-record loan deal of £45m in 2017. The deal included an obligation to buy clause taking the final sum to £166m, the second most expensive transfer to all the time.
From Gareth Bale to Tottenham: £20m
Bale’s return to England in 2020 was met with great fanfare as Tottenham supporters turned out in full force to celebrate the return of one of their best players. The Wales captain has had a deceptive season in north London, scoring 16 times in 34 games.
However, Spurs have parted with big money for the talisman’s one-season return, with the move costing around £20million, including vast wages.
Philippe Coutinho to Bayern Munich – £19m
The little Brazilian has just come off another loan spell this season at Aston Villa which was quickly made permanent at the end of the season. However, it wasn’t the first time the playmaker found himself on loan from Barcelona.
Bayern Munich shelled out around £19million to sign Coutinho for the 2019/20 season. The midfielder failed to impress during his time in Bavaria – but he managed to leave Germany with a Champions League winner’s medal. Notably, scoring twice against his parent club in an 8-2 quarter-final thrashing.
Radamel Falcao to Manchester United – £16m
The Colombian’s move to Manchester United from Monaco was one of the biggest of the 2014 transfer window, arriving on deadline day. He struggled in Manchester, scoring just four times, after barely recovering from a serious knee injury.
The move was a costly failure, with each goal costing around £4million. Falcao then had an equally unsuccessful loan spell at Chelsea the following season. However, the deal was less costly for the London club as it only covered his £180,000 salary, or around £9m over the course of the season.
Giovanni Lo Celso to Tottenham – £15m
Lo Celso had been one of Spurs’ top transfer targets in the 2019 summer transfer window and initially joined on a £15million loan deal from Real Betis. The move ultimately cost Tottenham around £66m after the club were forced to pay a £51m purchase obligation.
The Argentine flopped in North London by scoring just once in the Premier League. He spent the second half on loan at Villarreal after falling out of favor with boss Antonio Conte.
Carlos Tevez to Manchester United: £10m
The Argentine has once again made headlines today as he announced his retirement from football. In 2007, his move from West Ham to Manchester United made headlines as the Reds paid £10million on a two-year loan. The fees came before the rapid inflation of transfer prices over the past 15 years and would therefore likely have been much higher today.
Tevez enjoyed huge success during his time in the West End of Manchester. The forward scored 19 times, helping the club win the Champions League and two Premier League titles. United agreed to accept their option to sign him at the end of the 2008/09 season, but the striker refused, instead joining rivals Manchester City in one of the most sensational transfers in the history of the league.
On Friday afternoon, Amarillo Mayor Ginger Nelson spoke about the city council’s decision to issue tax and tax memos to fund $260 million for the Amarillo Civic Center project, to renovate the outdated facility to attract more sellers and entertainment to the site.
Passing 4-1 at the May 24 Amarillo Council meeting, the order authorizes the issuance of funds for the project, locking in the current interest rate. Nelson said based on the Garfield report, she and three other board members saw the urgency to lock in current interest rates, especially with the Federal Reserve planning several rate hikes over the next two years.
According to the report, a continued delay would cost the city more than $50 million for the project. Currently, the city provides about $2 million a year in grants to the Civic Center, and the goal of the renovation is to make the Civic Center self-sufficient and increase the sales tax introduced to the city. Over the life of issuing debt in grants alone, the city could potentially save $60 million.
Referring to residents who may believe voters have made their feelings known about the taxpayer dollars used to fund the project, Nelson said the circumstances at this point are very different from when the bond proposal was raised. been voted. She said that at this point the council’s hands were tied and they had to make a decision, which she said the council is elected to do.
“A lot has changed in the last 18 months; a lot of information came in that I think presents a different environment than what was there,” Nelson said. “When we last voted on this, we had a lot of uncertainty about COVID. We didn’t know if we’d be able to hold big meetings, you know. Now we have a vaccine, and we meet in person, and we meet in large groups. So this uncertainty is removed.
Nelson spoke of the current economic environment with interest rates still relatively low, and waiting for more time to approve funding for the project was not an option.
Councilman Cole Stanley, at the May 24 city council meeting, asked to wait two more weeks to hold the vote, saying he hadn’t had time to review the ordinance . During the meeting, he said that to his knowledge, revenue notes issued in this way were only for certain types of requirements.
“The longer we wait, the more it costs; it’s undeniable,” Nelson said. “I know there has been a request for two more weeks,” she added. “What do two more weeks get us for the project? We know what the need is. We know the project needs to be done. Two more weeks just puts us at risk of our interest rate going up. If it goes up one point, it’s $15 million.
Nelson said the projected rise in costs affecting taxpayers in the long term was the main impetus that meant a funding decision had to be made at this time. She also said that while the city will always have needs, this project, unlike many, would create needed revenue for the city.
“It’s just the environment we’re in, and I don’t see any other way to do it that doesn’t cost us a lot more money,” Nelson said. “At the end of the day, I hear from taxpayers that we need the project, and we want to pay for it as little as possible, and given the urgency of the situation with the Garfield report, we have taken the necessary measures.
Speaking about the funding the Civic Center project will bring to the city and its taxpayers, Nelson said it will reduce reliance on city grants to operate the facility and attract more tourism to the city. the community, which would generate more sales taxes collected. by the city. She said increased hotel occupancy and the versatility of having more and bigger events would be a boon for businesses, providing taxpayers with a return on their investment, which can pay off debt issued. earlier. Getting more people to rent, rent and use the facility would ease the burden on taxpayers.
Nelson said that with all the repairs and renovations to be done, this project had to come to fruition to remain competitive in the convention market. She said this has been a persistent problem and was not going to improve on its own without a financial commitment.
“The process always involved some type of debt issuance by the city; the urgency involved determined the mechanism we chose to issue this debt,” Nelson said. “As soon as we voted at the last board meeting, it locked in the interest rate. It’s like any consumer who wants to get the best rate possible. if they wait, they risk a higher rate.
She said the city has been considering renovation plans for the Amarillo Civic Center for more than a decade. The current plan is a scaled-down option, to do a smaller project that will still meet the city’s needs, according to Nelson. Both Nelson and council member Howard Smith served on the subcommittee tasked with resolving the issue. Nelson emphasized that this was not simply a plan laid at the feet of council at the last minute, and that the council worked with one-on-one meetings to act quickly as needed. Emphasizing that time was not a luxury in putting off a decision, Nelson said the Garfield report on the project made it clear that action needed to be taken by council.
Addressing critics of the council’s decision to issue the debt, Nelson was adamant that the council’s decision was carefully considered and consistent with state law. She said the board was very confident the attorney general would see this as an appropriate use of debt issuance.
“I can say very clearly that the option we chose to issue the tickets was a legal option, and we wouldn’t consider it if we didn’t think it was a legal option,” Nelson said.
Asked when the project could go ahead with the renovations, Nelson said that while the project is in its design phase and once the city has decided on a design, it will move forward with it. the bidding process for the project. She said that in total, the project will take about three years to complete.
For those who think it should have been reduced to another bond vote, Nelson said she and the rest of the council are elected to make good decisions for the city and its people.
“They elected leaders to run the city, which means leaders need to study and invest the time to understand complex issues,” Nelson said. “Much of this council has spent five years studying the issue of the civic center. So we chose a funding method that is necessary to accomplish what we have known we must do for a long time.
The Five Star Credit Union Foundation is awarding its first scholarships to help students pay for their college education for the 2022-23 school year. The Five Star Credit Union Foundation awarded Southern Regional Technical College at Bainbridge $10,000 for incoming freshmen. Providing scholarships is one of the primary ways the Five Star Credit Union Foundation removes the financial barrier to college for Wiregrass students.
“Our goal at Five Star is to illuminate the financial future of the communities we serve,” said Robert A. Steensma, president of the Five Star Credit Union Foundation. “By helping as many students as possible to attend university, it lays the foundation for the rest of their lives. Not only do we want to remove barriers that prevent our members from accessing financial services, but we also want to remove barriers to help our communities thrive and gain the skills they need to succeed.
Five Star Credit Union is currently sponsoring a $2,000 grant with Southern Regional Technical College to help cover the costs of the GED/HSE program in Mitchell County. The $10,000 grant will allow three students to attend college tuition-free in the upcoming school year. The grant is paid into the Southern Regional Technical College scholarship system. Scholarship recipients will be chosen by the Southern Regional Technical College.
“The continued generosity of the Five Star Credit Union Foundation is characteristic of its commitment to supporting the remarkable potential of our students,” said Jim Glass, president of Southern Regional Technical College. “These substantial scholarships will surely send a message to our students that their future matters not just to themselves and their families, but to their entire communities. I am confident that the Five Star Credit Union Foundation’s investment in high quality education will pay off for many years to come.
The Five Star Credit Union Foundation awarded a total of $30,000 to three schools in the communities it serves. Wallace Community College in Dothan, Alabama received $10,000. The Coastal College of Georgia in Brunswick received $10,000. This will help eight students attend college tuition-free in their first year.
New York – Mika Zibanejad scored in the third period, Igor Shesterkin stopped 29 shots and the New York Rangers beat the Tampa Bay Lightning 3-2 on Friday night to take a 2-0 lead in the Conference Finals. ballast.
K’Andre Miller and Kaapo Kakko scored in the first half, and Adam Fox and Chris Kreider each had two assists for Rangers. New York won its eighth straight game at home, extending a franchise playoff record.
Nikita Kucherov had a goal and an assist for Tampa Bay, Nicholas Paul also scored and Andrei Vasilevskiy made 25 saves. The Lightning goalie allowed nine goals in two games against the Rangers after limiting Florida to three in a four-game second-round sweep.
The Lightning have lost consecutive playoff games for the first time in the past three playoffs. The two-time defending Stanley Cup champions were 17-0 after an impending loss.
The series moves to Tampa for Game 3 on Sunday and Game 4 on Tuesday night.
Zibanejad extended Rangers’ lead to 3-1 early in the third period. Shortly after missing wide on a 2-on-1, he got a pass from Fox, skated into the left circle and fired a shot that beat Vasilevskiy high on the stick side at 1:21. It was Zibanejad’s ninth in the playoffs and has given him goals in six of the last seven games.
With Vasilevskiy fired for an extra skater, Paul scored past a pass from Corey Perry to fire the Lightning in one with 2:04 left.
Vasiliveskiy was again pulled for an extra skater when Shesterkin had to make several sprawling saves about a minute from the end.
With Rangers leading 2-1 after 20 minutes, Tyler Motte almost added 31/2 minutes into the second half as his backhand slipped through Vasilevskiy’s pads and was on the goal line when Corey Perry dipped to keep him out.
The Rangers outscored the Lightning 14-10 in the scoreless midfield, with most of Tampa Bay’s attempts coming in the final six minutes. Shesterkin stopped a shot from Paul from the right doorstep, an attempt seconds later from Ross Colton, then a deflection from Anthony Cirelli less than a minute later. The keeper also stopped two slapshots from Mikhail Sergachev about 20 seconds apart with about a minute to go.
The Lightning got an early power play when Rangers’ Ryan Reaves was whistled for cutting 21/2 minutes into the game. They quickly took advantage when Kucherov fired a shot from the right circle that beat Shesterkin from the glove side at 2:41. It was Kucherov’s fifth in the playoffs. Tampa Bay was 0-for-9 on the power play in its previous three games.
Miller tied just over minutes later on a Rangers rush. He fired a shot from the right point that was blocked by Lightning defenseman Brandon Hagel, but the puck came back to him and he fired another shot that went off the post at 5:59.
Shesterkin made a sprawling skate save on Stamkos two minutes later on a 2-on-1 to keep it tied. Motte nearly put Rangers ahead with 81/2 minutes to go but his shot deflected off the goal post.
Kakko gave Rangers a 2-1 lead as he deflected an Adam Fox pass past Vasilevskiy from the right door with 2:28 left in the first period.
Sakic’s end-of-season deals pay off
The stat sheet won’t reflect that: Colorado Avalanche general manager Joe Sakic actually had two assists on those two goals scored in a 15-second window.
Artturi Lehkonen and Josh Manson’s goalscoring push in the 4-0 Game 2 win over Edmonton only illustrated the hard-hitting trade deals Sakic orchestrated. Five of the team’s 10 game-winning goals so far in the playoffs have come courtesy of their newest additions.
Sakic gradually built this team into a mirror image of the championship teams the Hall of Famers played with with Colorado — fast forwards and dynamic defenders capable of playing any style needed. The Avalanche have a 2-0 lead over the Oilers in the Western Conference Finals as the series heads to Edmonton for Game 3 on Saturday.
“One of the best in the business,” Edmonton front-office manager and former Red Wings general manager Ken Holland said of his GM counterpart before the series.
Le Grand also praised Sakic.
“If you look at the Colorado organization, Joe Sakic has done a really good job building this team carefully over the last four or five years,” Hall of Famer Wayne Gretzky said. “He added, really, some great pieces.”
These late moves show up in all sorts of ways. Like Lehkonen, who was brought in from Montreal and has five goals in these playoffs. Or Manson, the acquired defenseman from Anaheim who scored the winner in overtime to open St. Louis’ series.
Or forward Andrew Cogliano (Michigan), picked up as part of a deal with San Jose, who didn’t score more than 18 games for Colorado in the regular season but scored two goals – both game winners – in playoffs.
Sakic had to mortgage part of the future to have a chance of winning now. But everything falls into place as the Avs advance to their first conference final since their playing days in 2002.
“We believe we have met the needs that we had to meet,” Sakic said. “You can never have enough depth. Everyone contributes to it.
Since taking over in 2013, Sakic has worked with two head coaches (Hall of Fame goaltender Patrick Roy and now Jared Bednar). He’s had some tough years (a 48-point 16-17 performance) and some frustrations (three straight second-round playoff outings). But it got the Avalanche to this point – a chance to win their first Stanley Cup title since 2001.
Cogliano considers himself lucky to be a late addition.
“It’s very special for me to be traded to a team like this, the caliber that we have and to come and add something – to be a piece of the puzzle,” Cogliano said.
In addition to Sakic’s recent delay deals, there have been his off-season maneuvers. He picked up forward Nazem Kadri in a trade from Toronto in 2019 and acquired defenseman Devon Toews in a deal from the New York Islanders in 2020. He also traded goaltender Darcy Kuemper in the summer last.
Kadri had three assists in Game 2 against Edmonton and Toews helped control Oilers stars Connor McDavid, Leon Draisaitl and Evander Kane. Kuemper has a career-best 37 regular-season wins but faces an upper-body injury in this series, with Pavel Francouz replacing. Francouz recorded a 24-save shutout Thursday.
Then there are Sakic’s draft picks: his first being star forward Nathan MacKinnon with the first pick in 2013, then Mikko Rantanen (10th overall, 2015), as well as defenseman Cale Makar (fourth overall, 2017).
Sakic also stayed true to his course, even after last season when the team won the Presidents Trophy for best record only to lose to Vegas in the second round.
A step back that led to a big step forward.
“It’s such a fine league that you have to stick to it,” Holland said. “That’s what Joe did.”
Sakic prefers to work out of the spotlight and go about his business to build a winner. His approach is similar to that of his mentor, the late Pierre Lacroix, who was the architect behind the Avalanche’s two Stanley Cup championships featuring Sakic.
Like those teams, this is an Avalanche team that isn’t entirely dependent on top players. The offense can come from anywhere.
The blue line also runs deep with Makar, Toews, Manson, Bowen Byram and veterans Erik Johnson and former Wolverine Jack Johnson (who was brought on a pro trial in October).
“Your best players always have to be at your best if you’re going to have a chance at winning the Stanley Cup,” Sakic said. “But you also need those (others) to contribute and take some of the pressure off.”
Price wins the Masterton Trophy
Montreal Canadiens goaltender Carey Price has won the Bill Masterton Memorial Trophy, awarded to the NHL player who best exemplifies the qualities of perseverance, sportsmanship and dedication.
The league announces Price as the winner of the Masterton Friday night before Game 2 of the Eastern Conference Finals between back-to-back defending champion Tampa Bay Lightning and the New York Rangers. Price supported the Canadiens to the Stanley Cup Final a year ago before losing to Tampa Bay.
Price did not play between Game 5 of the 2021 Finals in July and April with two weeks remaining in the 2021-22 regular season. After undergoing knee surgery last summer, he signed up for the joint NHL/NHL Players’ Association Player Assistance Program in October and said shortly after that he was to help a substance abuse problem he had developed.
“Over the past few years I’ve let myself go to a very dark place and didn’t have the tools to deal with this struggle,” Price said in a statement in November. “Things had reached such a point that I realized that I had to put my health first, both for myself and for my family. Asking for help when you need it is what we encourage our children to do. And that was what I had to do.”
Although Montreal is near the bottom of the league standings, Price has come on and made his season debut on April 15. He played five games, losing his first four before making 37 saves in a 10-2 victory in Montreal’s season finale.
“It means everything to us,” forward Cole Caufield said at the time of Price’s win. “He’s the backbone of our team, he’s the guy you want to play for. Having him in the room every day was just something special and you just feel the energy that he brings whether he is excited or not.
Price’s future is uncertain. He turns 35 in August and despite four years remaining on his $31.25 million contract, there is a real possibility the BC native will leave hockey.
Veterans Patrick Marleau and Zdeno Chara were the other Masterton finalists as voted by members of the Professional Hockey Writers Association. Marleau announced his retirement last month after a 23-year career, and Chara could also hang up his skates at 45.
I have studied the world of economics and investments for over 50 years. You need to know the relevant math to make better investment and retirement planning decisions. Here’s what I mean.
The average life expectancy in the United States is 81 for women and 77 for men. These statistics will have dire consequences for millions of pensioners. For true retirement planning, you have to look at a different metric.
According to the Society of Actuaries’ July 2006 report, “Longevity: the Underlying Driver of Retirement Risk,” there is a 50% chance that at least one member of a married couple aged 65 and over will reach age of 92 and a 25% chance that at least will live to be 97 or older.
A staggering 67% of retirees and 61% of pre-retirees underestimate average life expectancy. Only 21% of retirees and 35% of pre-retirees provide an estimate of life expectancy that meets or exceeds the target. More than 40% of pre-retirees underestimate life expectancy by 5 years or more.
Among pre-retirees, here are their plans: 44% want to eliminate all consumer debt by paying off all credit cards and loans; 51% of homeowners want to fully pay off their mortgage; 36% want to try to save as much as possible; 34% would reduce their expenses; 16% would buy a product that would provide guaranteed income for life.
My conclusion: a much higher percentage of pre-retirees would opt for a product that guarantees income for life if they realized that their spouse could live 16 years longer than the “average” life expectancy.
According to the March 4, 2022, Center on Budget and Policy Priorities, “Policy Basics: Top Ten Facts about Social Security,” the average Social Security retirement benefit in January was $1,614 per month or $19,370 per year.
“For someone who has worked their entire adult life on average earnings and retires at age 65 in 2022, Social Security benefits replace about 37% of previous earnings,” he said.
In contrast, for the group of developed OECD countries, the average gross public pension is 47%. For the first seven countries that pay at least 70%, it is (in order): Italy, Luxembourg, Austria, Portugal, Denmark, Spain and the Netherlands. The bottom five countries, starting with the worst, provide less than 30%: UK, Lithuania, Mexico, Ireland and Poland.
Worse still, most in the United States begin their lifetime Social Security retirement benefits at age 62 and only 3% wait until age 70, giving you the maximum Social Security benefit. At 70, this can be double the SS income.
I created a composite of three older single women (nurse, nurse practitioner, and pharmacist). If they took SS at age 70, they would have $40,000 per year versus $20,000 per year if they took SS at age 62. The average interest rate on a 10- or 30-year US Treasury note for the past 13 years, until the spike in interest rates over the past year, was 2%. The average dividend yield for S&P 500 companies since 1/1/2000 has been 2.02%.
Is it easier to wait eight years to take SS and get an extra $20,000 a year or save $1 million between ages 62 and 70 and receive a 2% return = $20,000 a year? Interest on US Treasury Bonds or Stock Market Dividends? The decision to wait until age 70 to take SS can be a million dollar decision.
Conclusion: If people really understood reasonable life expectancy ratings, they would wait until age 70 to trigger SS. They would also spend less; save more; repay all debts; and buy a product with guaranteed lifetime income…before they retire.
One of the toughest challenges in finance is determining the price of crypto assets. Bonds pay interest. Stocks pay dividends. What exactly do crypto assets pay? Well, other people enjoy them too, but what does it depend on? How can crypto valuations be connected to anything real?
The summary of my current thinking goes something like this: the value of crypto assets comes from a few main uses – plus, and crucially, how much investors value the volatility of crypto assets. It is this latter feature that explains much of the daily price changes in crypto.
Start with the main uses. Some of them are already established, others are more speculative. A well-founded basic use is that you can use crypto assets to pay your blackmailer or data thief. (Crypto proponents hate this example, but when it comes to basic usage, it’s the closest thing crypto has to a “safe thing”.) Whether it’s socially desirable is another matter, but it is privately advantageous to hold crypto in order to pay ransoms.
Other primary uses could involve crypto assets as “digital gold”, crypto assets in gaming environments, crypto assets in the metaverse, crypto assets as a way to redeem “smart contracts”, and crypto assets cryptographic as underpinning decentralized finance, or DeFi. These uses vary in their degree of acceptance and likelihood of success, but all are possibilities.
Crypto prices are partly a rolling bet on increasing demand for crypto to satisfy these varied uses. For my purposes, it is enough that some basic demands exist, and thus the value of more useful crypto assets will not fall to zero. What interests me most is what forces might act in addition to these relatively well-understood factors.
Much of the core value of crypto assets comes from their price volatility, which is part of their appeal. I brought up this possibility a while ago, ironically, but on reflection, it strikes me as a really helpful (albeit counter-intuitive) way to think about crypto assets. The general idea of price volatility as a value goes back at least to Fischer Black, one of the founders of option pricing theory.(1)
In standard economic theory, investors are risk averse, meaning they prefer more stable patterns of consumption to less stable ones. This is generally true, but it does not mean that investors always prefer more stable investment prices – a crucial distinction.
Consider this hypothesis: you are given an envelope containing a dollar. You then have the option to exchange it for an envelope containing either double the money (i.e. $2) or half the money (50 cents), each with a probability of 50 %. Essentially, you accept some exchange rate volatility.
Most people will find this bet pretty good. The new expected value of your envelope is (0.5 x $2) + (0.5 x $0.5), or $1.25. It is a higher expected value than your original dollar.
If you’re perched on the edge of livelihood, this bet may seem too risky. But for most investors, who have some level of wealth, this is an improved outlook, but with added risk.
Bitcoin and other crypto assets essentially give you a form of this bet. Admittedly, this 50-50 bet does not accurately describe the price dynamics of crypto assets. But it is a way of illustrating that crypto prices, relative to the dollar, will go up or down a lot. The bet helps show that some investors might welcome price volatility – or, if you like, call it exchange rate volatility. And with even greater fluctuations in value, the price volatility is even more extreme, which can be even more attractive.
So when Bitcoin and other crypto assets arrive, they are a new source of expected gain precisely because of their price volatility. It’s like being invited to a casino where the odds favor you over the house! You won’t always win, but a lot of people will want to keep playing.
Conventional wisdom is that people fell in love with crypto because it grew so rapidly for so long, and that’s surely a big part of the story. But even a crypto asset that is just as likely to fall as it is to rise in value is a very attractive asset, at least from the perspective of expected pecuniary returns.
In any case, this is the basic assumption. But there are some counter-intuitive complications, the first of which is that you cannot take the volatility value of the crypto as given.
Suppose, for example, that over time more and more people see that holding crypto is a good investment. This stimulates demand and increases the price of crypto assets, making crypto prices more stable as knowledge of the benefits of holding crypto spreads.
As crypto prices become more stable, the benefits of crypto volatility diminish. After a while, when investors see lower price volatility, they will be less interested in crypto. They will sell, creating downward pressure on prices.
But the story does not end there. Then the volatility game starts all over again. As the price drops, investors will wonder: how much exactly has crypto volatility dropped? How much do other investors care? What kind of process exactly is behind these developments?
All of these issues will re-introduce further volatility into the market and, in turn, drive demand for crypto again. A seesaw game will set in, with no obvious resting point.
The market will go back and forth. There is no particular reason to believe that this process will converge to a single “appropriate price” for crypto – thus matching the price patterns of major crypto assets such as Bitcoin and Ether.
In the longer term, there could also be a downward trend in crypto price volatility. As investors repeatedly experience these fluctuations in value, they might better understand them. They might take them for granted. They might even get a little bored by them. All of these factors could make the demand for crypto more stable, thereby lowering the volatility value of crypto and, in the longer term, lowering the prices of major crypto assets.
There is another factor that could reduce the volatility value of crypto assets. Consider again the main uses of crypto, starting with ransom payments and ending with DeFi. Whatever you think of this menu of options, over time its value will become better understood and more certain. Thus, price volatility resulting from “changes in estimates of the value of major uses” will at some point decrease. It will also reduce the volatility premium on the crypto and could reduce crypto values in the process.
This is another reason why the strategy of buying more crypto now is not straightforward: even if crypto proves itself beyond a shadow of a doubt and commands broad social consensus, its long-term value could end up falling as much of its volatility premium could disappear.
This theory also explains why so many distinct crypto assets have proliferated. One might have expected network effects to lead to one or two dominating crypto assets, and as certainty about crypto uses increases, that is likely to happen. But in this phase of Wild West crypto, investors are looking for volatility. If there is a new crypto asset with at least one primary use and a lot of volatility, investors may find it attractive. They won’t just stick with bitcoin. That said, if these basic initial uses don’t pan out (and they usually don’t), the market may indeed end up with a few dominant crypto assets – after much experimentation with even more volatile assets.
At this point, you might be wondering if, from a social perspective, this analysis damns crypto. Holding crypto can (under certain circumstances) be a good investment decision, but does it create value for society at large? Or is it just a vacuum pump, increasing the wealth of its holders and sucking up the wealth of others?
On reflection, the crypto looks better than it looks. First, in the short term, most crypto wealth goes unspent. Some people simply enjoy the feeling of greater wealth and protection. By the time they and their heirs spend all that wealth, crypto prices could be much lower.
Second, the same questions can be asked more broadly about exchange rate speculation. Its social value is uncertain, but given the difficulties of maintaining fixed or pegged exchange rates, much of it is not going away. But perhaps the crypto volatility premium will decrease, just like with most normal currencies, exchange rate movements are small compared to the total value. Exchange rate volatility is something the world has managed to live with, and perhaps crypto volatility will be the same.
Calm rather than hysterical analysis of crypto and predictable regulatory treatment of crypto can help create more mature crypto markets. This in turn could reduce the volatility premium on the crypto as well as the price. Unfortunately, so far none of these developments are in sight – but I’m optimistic they will be in time.
In summary: even risk-averse investors can look for volatile price movements. This means that the future of crypto assets will be more persistent than many people expect and will not require these assets to become more stable or fully satisfy a long list of practical uses. That said, when greater stability eventually arrives, the crypto will lose some of its luster – and future prices may disappoint some of the crypto’s staunchest advocates.
More from Bloomberg Opinion:
• When Crypto Tulipmania meets the real economy: Lionel Laurent
• Dreams of an algorithmic stablecoin will not die: Trung Phan
• This crypto winter will be long, cold and harsh: Jared Dillian
(1) See Fischer Black on exchange rate hedging, and the relevant underlying mathematics follows from Jensen’s inequality.
This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.
Tyler Cowen is a Bloomberg Opinion columnist. He is a professor of economics at George Mason University and writes for the Marginal Revolution blog. He is co-author of “Talent: How to Identify the Energizers, Creatives and Winners in the World”.
More stories like this are available at bloomberg.com/opinion
Two years ago, Garanti BBVA launched the world’s first syndicated loan based on environmental, social and governance (ESG) criteria. It is continuing its pioneering practices in sustainable finance by renewing this loan, which is now indexed on social criteria. The loan will be used to finance foreign trade activities and general business needs.
The interest rate currently stands at SOFR + 2.75% and Euribor + 2.10%, respectively. The deal received a total request of $743 million, or 125%. As part of the loan agreement, an international audit firm will determine whether Garanti BBVA has succeeded in achieving a series of social objectives. If so, interest rates will be lowered. Goals include the amount of funding given to women-led businesses, micro-SMEs, and inclusion in Bloomberg’s Gender Equality Index.
Garanti BBVA’s CEO, Recep Baştuğ, underlined the importance of sustainable finance for the bank: “We continue to lead the development of the sustainable financial market. For more than 16 years, we’ve turned words into action and set an example for the industry. In this direction, we are happy to renewthe syndicated loan linked to sustainability, this time with an emphasis on social criteria.”
The renewal of the syndicated loan also underlines the power of Garanti BBVA to create sustainable financing in the foreign financing market. “Our bank has once again proven its leading position in the sector, with its strong network of correspondent banks, its experienced team and its success in job creation”, noted Recep Bastug.
Delancey – The UK-focused property investment and development adviser has appointed Martin Farinola as Head of Real Estate Debt Strategies. Farinola will lead Delancey’s real estate debt strategies across its portfolio to grow and grow the business. Farinola has joined Delancey since Brookfield, where he led the European real estate debt business. Farinola previously held senior positions in investments and debt at GAM, formerly the debt business of Renshaw Bay, Goldman Sachs International and BlackRock.
Schroders Capital – The management company’s real estate team extends its investor coverage in Europe with the appointment of Stephen Miles as Head of Strategic Capital Partnerships for Europe. In this newly created role, Miles will be responsible for developing Schroders Capital’s strategic relationships with existing and new property clients across Europe. Miles will advise clients on potential investment solutions covering the full range of global real estate capabilities and products offered by Schroders Capital’s real estate platform. Miles, who will be based in London, has spent the past nine years at CBRE where he was most recently Executive Director within the EMEA Capital Markets team. Prior to CBRE, he held a similar role at JLL, having joined the firm in Paris before moving to London and working in its fundraising team.
MetLife Investment Management – David Politano was appointed responsible for the real estate debt. He is a 27-year veteran of MetLife Investment Management and MetLife, most recently leading the International Platform, North East Region and Real Estate Capital Markets group within the firm’s real estate team. He replaces Gary Otten, who retired from the firm. In addition to his new role, Politano will retain responsibility for the International Platform, North East Region and Real Estate Capital Markets Group while a successor is determined.
CBRE Investment Management – Madeleine Cosgrave and Laura Duhot have appointed abben as independent members of the EMEA Direct Property Investment Committee and the UK Direct Property Investment Committee, respectively. Cosgrave was MD and Regional Head of Europe at GIC Real Estate from 2016 to 2021. She is a Fellow of the Royal Institution of Chartered Surveyors and former Chair of the INREV investor platform. Additionally, Cosgrave is the interim non-executive director of Landsec and has served on several GIC Real Estate boards across Europe. Duhot was MD at Lend-Lease, Grainger, Pradera and Sunrise Senior Living and founding partner of MCP (now M3CP). Duhot also has 12 years of experience in private equity, investment banking, fixed income and corporate lending. Duhot is also an interim non-executive director of several companies, including an LSE-listed debt fund, a healthcare company and another real estate REIT, both of which are on the FTSE250 index. Francesco Terra was named Retail Consumer Intelligence Lead EMEA. Terra will be responsible for providing consistent and effective customer and competitive insights on CBRE IM’s retail platform, while supporting the execution of the company’s retail asset strategies. Terra will work closely with Retail Asset Managers and their teams. In 2017, Terra co-founded UrbiStat International, a market research agency that supports investment and real estate managers in the decision-making process, based on data collected from consumers. Prior to this, Terra was Head of Competitive Intelligence and Services, EMEA, at Sonae Sierra.
VICI properties – The sicafi has appointed Kellan Florio CIO Senior Vice President and Moira McCloskey, Vice President of Capital Markets. Florio will be responsible for leading the expansion of VICI through experiential real estate investments with operators. Florio joins from Goldman Sachs where he spent the last 15 years in the real estate investment banking group advising public and private companies. Kellan’s experience at Goldman Sachs spanned the real estate, gaming and hospitality spectrum, and he most recently served as global head of hospitality and leisure investment banking. McCloskey will be responsible for leading VICI’s capital markets initiatives and continuing to expand VICI’s relationships and access to capital in domestic and international debt and equity markets.
Hammerson – Sarah Tinley joined the company in the new role of Director of Marketing and Space Creation, to support its commitment to shaping and creating vibrant urban spaces where people and brands want to be. Tinsley will lead Hammerson’s direct customer marketing, brand experience, digital, activations, partnerships, brand feedback and customer feedback teams. Tinsley joins Hammerson from Quintain, where she spent two years evolving the company’s consumer residential brand. Prior to that, she worked for seven years at Whitbread Restaurants. Prior to that, Tinsley spent over six years at Red Bull, including as head of entertainment marketing.
LondonMetric Property – Alistair Elliot was appointed independent non-executive director of the company with immediate effect. Elliott was until recently senior partner and president of the Frankish Knight Executive counsel. He has also served as Deputy Chairman and Trustee of LandAid, Member of the BPF Policy Committee and Property Representative of the Professional and Business Services Council, Chairman of the Office Agents Society and Chairman of the Property Advisors Forum. He is currently a member of the Prince’s Council and Chairman of the Duchy of Cornwall’s Commercial Property and Development Committee. He is also a non-executive director on the board of directors of Grosvenor Great Britain and Ireland.
Arrow Capital Partners – Tim Hammer joined the company as Head of Development to support recent growth on the logistics development side of the business. He will be responsible for the logistics development due diligence and supervision of Arrow’s project managers throughout Germany. He joins from Frasers Industrial Propertywhere he spent four years as a logistics project manager. Jerome Fröhlich joined as an investment analyst to support the extended acquisitions team on all aspects of the deal process, including research and due diligence. Previously, he was senior valuation and transaction consultant at JLL, based in Germany.
Upward bending – The global provider of hybrid workspace solutions has appointed Isobel McKenna as Senior Vice President Workspace Solutions EMEA to lead the company’s EMEA headquarters in London and appointed Freddie case Vice President of Workstation Solutions for the EMEA region. McKenna joined Upflex since CBRE, where she was EMEA Head of Workspace Solutions, before serving as Vice President of Enterprise Accounts at IWG. Prior to joining Upflex Case, he was a business manager at Counterbefore which he worked at WeWork and Flexioffices.
Gerald Eve – The real estate consulting firm has appointed John Howels as an energy and infrastructure partner within its industrial and logistics team. Howells joins from Cushman and Wakefield where he was responsible for energy and infrastructure. Previously, he ran his own consulting business and worked on the client side for an energy company.
Addleshaw Goddard – The law firm appointed Simon Pollock as a partner in its Investment Management Group (IMG), relying on the firm’s offer as a consultant in corporate real estate transactions. Pollock, who specializes in real estate mergers and acquisitions and joint ventures, previously worked for Bryan Cave Leighton Paisner and will join Addleshaw Goddard in July. His practice has focused on buying and selling corporate vehicles (onshore and offshore), often through complex structures, and establishing joint ventures and management arrangements between fund platforms. real estate and investors.
“This recent approval from HUD now gives PenFed the opportunity to make homeownership possible for more of our members who otherwise would not be able to obtain financing,” PenFed executive vice president said. and President of Mortgages. Winston Wilkinson. “Many first-time home buyers, especially in more expensive markets, can use FHA loans as a solution to reaping the benefits of homeownership.”
An FHA loan increases home affordability for PenFed members because it offers the option of a down payment of just 3.5% and can accommodate those with credit scores as low as 620. FHA borrowers often enjoy lower interest rates than borrowers for conventional mortgages.
Those looking to learn more are encouraged to visit the PenFed Learning Center, where you can find articles detailing the benefits of an FHA mortgage and the top 10 benefits of an FHA loan, especially with a co-op. credit.
About PenFed Credit Union Founded in 1935, the Pentagon Federal Credit Union (PenFed) is the second largest U.S. federal credit union, serving more than 2.8 million members worldwide with $35 billion in assets. PenFed Credit Union offers certificates, checks, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services. Our mission is to empower members of our community to achieve financial well-being. PenFed Credit Union is federally insured by the NCUA and is a housing equality lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Find us on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
I am a 53 year old single male with very little savings. I paid off all my credit card debt a few years ago. I have now decided to buy a house. My rent has gone up to the point where it’s almost as high as a mortgage, and that’s why I’m buying a house. I try to pay off the mortgage as quickly as possible.
My caisse credit card allows me to make a balance transfer to 0% financing free of charge once a year. That’s a really high credit limit, and I was thinking of taking that and putting it on the mortgage as a way to pay off the mortgage sooner, rather than making extra payments every month to the mortgage company.
If I do it that way, I can pay off the card over the course of the year and save a lot of interest on the mortgage. My calculations for paying a weekly principal payment means the house could be paid off in less than seven years. I think it would be a bit better with a large down payment. I just wanted to know your opinion on this.
Here are my numbers: a $260,000 30-year mortgage with monthly payments of $1,390 per month. If I pay $2,500 more per month, I can pay it off in about seven years. But paying $25,000 once a year might be a bit quicker.
Dear Potential Home Buyer,
By taking out a 0% loan on your cashier credit card, you rob Peter to pay Paul. But in this case, you’re both Peter and Paul.
I’m sorry to have all Dostoyevsky all over you, but you have to be careful how you repay this loan, because you might be committing to both a mortgage and a loan. If you fall behind on the latter, you’ll likely face heavy repayments when that 0% interest ends. Also, your bank will not accept a credit card payment as a down payment. When you apply for a loan, they will also do a forensic examination of your finances before accepting a mortgage.
I’m not the only one sounding the alarm. “Dangerous Curves Ahead!” says David Waltzer, a New York-based bankruptcy attorney. “What happens when you’re late with one payment and the zero interest rate jumps to 18%? What happens when you have another tough time and you can’t Paying off the card on time Even if you make all payments perfectly on time, these credit card companies regularly check your credit.
Credit card companies have a lot of fine print. “You plan to transfer a low balance debt to another low balance card. But what happens when that new low interest offer never arrives? Now you can’t make any more payments by credit card — and you’ll have trouble with the mortgage as well,” Waltzer adds. “I’ve filed tens of thousands of bankruptcies in New York and New Jersey. A lot of them were for people who tried to do what you’re describing.
““You rob Peter to pay Paul. But in this case, you are both Peter and Paul. I’m sorry to have all of Dostoyevsky on you, but you have to be careful.”
Your basic monthly repayments seem slightly optimistic. Talk to a financial advisor about your goals and why you’re becoming a homeowner. The big missing piece here is your salary and, to a lesser extent, the prospect of an inheritance. Please seek the advice of an advisor before you start. Lay bare your finances, hopes and dreams, especially where you’d like to be when you reach retirement age, and if you see yourself working beyond the traditional retirement age.
I fully support your wish to buy a house. Let’s say you work another 15 to 20 years: not only will you have acquired this equity in your home through your monthly mortgage payments, but your home will also likely – or very likely – appreciate in value during this period, you giving more options if you want to withdraw money and move to a smaller house. With inflation and hopefully a higher salary, you may also find that your mortgage payments are becoming manageable.
You are 53 years old. You do not have have to pay off that loan in seven years, and you don’t have to accumulate any additional debt. If your mortgage manager allows it, paying down a regular amount on your mortgage—since you’re simultaneously paying interest—may be more efficient than an annual lump sum. For those who can afford to pay extra, both are a good idea as long as you make sure you have the necessities such as an emergency fund.
Waltzer is more cautious about home ownership than I am. He warns that your mortgage interest rate could also exceed 5% if you have a low credit score. “Homeownership costs are always higher than expected,” he adds. “If you buy a house for $260,000, I’m assuming you’ll put down 10% ($26,000). But closing costs will be a bit higher. So you’re probably looking closer to $40,000. Will this be included in your mortgage? »
Present all your options: 15 years versus 30 years; the pros and cons of paying extra rather than saving that money; insurance and property taxes; home repairs; closing costs; and potential bidding wars. The shorter the term (a 15-year mortgage rather than a 30-year mortgage), the lower the interest payment. Yet rates are rising: monthly mortgage payments with a 30-year mortgage rate and a 20% down payment are about 50% more expensive than they were a year ago.
And, finally, the Moneyist is an optimist (most of the time): you may not be single forever.
Discover Moneyist’s private Facebookgroup, where we seek answers to life’s trickiest money problems. Readers write to me with all sorts of dilemmas. Ask your questions, tell me what you want to know more or weigh in on the latest Moneyist columns.
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‘What are the chances? I retire and the stock market crashes. All my plans are upside down. I want to tap into my 401(k) to renovate my new home. What options do I have?
Despite all the pros and cons, payday loans are still the most convenient option for meeting immediate cash needs. Payday loans can cost you a lot more in the long run than you originally planned to borrow.
Payday loans can quickly become a trap for borrowers due to their high interest rates and fees. The bill is coming due and they take out another business loan with even more fees because they can’t pay it. Many predatory lenders abandon their customers using deception and trick consumers into approving loans in states where payday loans are illegal.
Below are some of the key facts about Colorado payday loan laws to help you make an informed decision about payday loans. Also, I will discuss how to get out of living payday loans in Colorado.
5 Important Colorado Payday Loan Laws You Should Know
2. The maximum amount that can be borrowed through payday loans in Colorado is $500. One or more payday loans can be used to meet the $500 limit. Although payday loans in Colorado do not have a maximum term, they have a minimum term of six months.
3. Payday lenders can charge up to 20% of the loan amount in finance fees for amounts up to $300. For every $100 above the first $300 borrowed, lenders can charge up to $7.50 in addition to standard financing fees. The law allows lenders to charge a 45% interest rate if a borrower renews a payday loan.
4. The law allows repayment plans. However, the terms of these plans may differ between lenders as long as they are legal.
5. Collection of unpaid debts is restricted under Colorado payday loan laws. For “insufficient funds” penalties, lenders can charge up to $25. Lenders can sue borrowers for unpaid payday loans for the full amount of the loan plus attorney’s fees. Borrowers can only be sued if they have closed their current accounts before repaying the loan or debt in full.
Lenders are required to issue refunds for the prorated amount of APR when borrowers repay payday loans in full before the end of the APR loan term.
5 Ways to Get a Payday Loan Solution in Colorado
You need to pay off your debts as soon as possible because these loans come with higher interest rates that accrue until you pay off the debts. Usually, you have to pay the debt when you get your next paycheck, but lenders allow you 30-day payment extensions.
It can seem impossible to get out of a payday loan when you have one. Fear not, there are ways to get the payday loan debt solution and get back on your feet. The sooner you can pay off a payday loan, the better.
Here are some of the ways to escape the clutches of a payday lender:
1. Make full payment
It is advisable to repay your entire loan. This is undoubtedly the best way to eliminate your debt. Most lenders also prefer it. With the help of a well-planned budget, you can afford it. When you make your payments in full, you don’t have to worry about incurring additional debt.
Some states won’t allow you to get a new payday loan unless the previous one has been paid off. Once you have made the full payment, you can make sure to improve your financial health.
2. Opt for an extended payment plan
You can work out an Extended Payment Plan (EPP) with your payday lender. This will allow you to repay the loan in smaller installments over a longer period without incurring additional fees or interest.
Review your finances and determine the largest amount you can quickly pay for your loan each month before speaking with your lender. Make an appointment with your lender to discuss your loan restructuring before the last business day before your loan is due.
If you need to sign a new loan contract for your PEP, study the terms carefully before signing. This way you will avoid unpleasant surprises along the way.
Remember that not all payday lenders will participate in a PEP. However, it’s always good to find out about your lender’s flexibility if you can’t afford to repay your loan on time.
3. Consolidate your payday loans
Why should you consider a payday loan consolidation to pay off your predatory debts?
Usually, when there is a high interest rate, all of your monthly payments go towards paying the interest rate payments. Interest payments are the minimum monthly payments you must make. So, if the minimum monthly payment is high, you are not aware of making further payments. Your principal remains intact and your payday loans remain the same. Therefore, lowering the interest rate through negotiations will help you pay off your debts quickly.
You can also avoid collection agents because the payday loan consolidation company will deal with your creditors. Thus, you can lower the interest rate on your payday loans to make full repayments on them; you can also make one-time monthly payments to pay online.
Various companies offer such services. However, not all of these companies are legit. Contact a reputable debt consolidation company to enroll in a consolidation program.
4. Settle your debts
Debt settlement allows you to get out of your debt situation. It will serve as a proposition to your creditors that you are unable to repay your debts in full and therefore you only wish to repay part of your total debt. Most lenders and financial institutions will refuse to enter into a settlement agreement with you and will discuss the lump sum you will offer. However, if you reach a reasonable settlement agreement, all you will see is profit!
The first step is to approach your creditors and lenders on your own and ask them to reduce your overall principal amount to a discounted lump sum. The second step is to locate a reputable debt settlement company or law firm and hire them to complete the task. Following the second path will increase your chances of success. Working out a settlement agreement on your own is a difficult task.
5. Consider taking out an alternative payday loan
Consider getting an alternative payday loan (PAL) if you belong to a credit union. The National Credit Union Administration allows federal credit unions to provide members with loans ranging from $200 to $1,000. When applying for PAL, the credit union may only charge an application fee of up to $20 to cover the actual costs of processing the application. The borrower must have been a member of a caisse for at least one month.
Getting a PAL can be a great way to pay off a payday loan and get out of high interest rates. The term of these loans usually ranges from one to six months. For six months, the same borrower can receive up to three PAL.
Can you file for bankruptcy to get out of payday loan debt?
Bankruptcy should always be a choice of last resort. Filing for bankruptcy has many long-term consequences that will hurt your credit for years. This is why it is essential to evaluate all other possibilities before embarking on this path. If you have too many obligations and not enough money to pay them off, bankruptcy may be possible. Payday loans and your other debts could be erased in a bankruptcy filing.
You should avoid going into debt again. Payday loans are dangerous. Make an effort to increase your income and avoid living paycheck to paycheck. Payday loans are never a long-term answer to your financial needs, but they can definitely hurt your financial situation. Also, many illegal payday lenders use your bank account details for theft and other illegal actions. I hope you will agree that payday loans should be avoided at all costs. Manage your money better for a secure financial life.
Lyle Solomon has extensive legal experience as well as in-depth consumer credit and drafting knowledge and experience. He has been a member of the California State Bar since 2003. He graduated from the McGeorge School of Law at Pacific University in Sacramento, California in 1998 and currently works for the Oak View Legal Group in California as a senior attorney.
OWhen credit card balances start to skyrocket, analysts are generally confident that the trend indicates consumers are gaining confidence and the economy is doing well. In normal times, consumers feel less concerned about paying a super expensive interest rate if it means they can buy what they want right away.
These are not normal times. Britain’s economic recovery has stalled and a crisis in the cost of living means that most things we buy are becoming less affordable by the day. It should come as no surprise, then, that City economists agreed that the £1.4billion rise in credit card balances in April was most likely an act of desperation by middle-income households and weak.
Those who have money save it rather than spend it, according to figures covering March from the Bank of England. The total amount of liquid assets held by households in banks, building societies and national savings and investment accounts increased by £6.3bn to stand well above the average for £4.9bn from 2017-19. Meanwhile, there was a further drop in mortgage approvals for home purchases in April, below the 2015-2019 average of 66,500. In April, there were 66,000 transactions, down from 70 000 in March.
Overall, it is clear that households lack confidence. They borrow to live and, where they can, save more because they don’t believe the current inflationary pressure will end any time soon. As if that weren’t enough, they aren’t buying homes in the usual numbers, often citing the risk of a recession that could drive prices down.
There is misguided hope inside No 10 that the negative trends could be reversed by Rishi Sunak’s £15billion bailout announced last week. Normalcy, or something like that, would supposedly be restored when the June numbers appear. But once the chancellor had delayed his bounty so long that consumer confidence had been all but destroyed, there was no way Britain could bounce back so easily.
His decision to spend part of the £15billion package on the better off could also persuade the Bank of England to raise interest rates at an even faster pace, further hurting the housing market and would crucify low-income people with unpaid debts.
Sunak claims to be nimble in his response to the crisis and someone who likes to use the latest data to make his decisions when it is clear that he is wracked with doubt, and more importantly, trapped by countervailing forces within his own left.
It’s a sorry mess and it’s not all the fault of the government. Yet the ministers, through their disjointed and disorderly actions, manage to make a bad situation worse.
Investing ‘streetfighter’ takes on Unilever
Nelson Peltz, who ran for the Unilever board after buying just 1.5% of the company, is a minnow in the investment management industry.
A cursory glance at the website of his company, Trian, only reveals that it ranks as a “multi-billion dollar” company – further investigation shows it to be worth around $8.5 billion. It’s obvious that he’s a bit stealthy, while many of those operating in the same space have a lot more firepower.
For example, the management of Elliott Investment, known for buying Argentina’s debt and then demanding that the bankrupt country repay loans in full, has $51 billion to spend. The world’s largest fund manager, Blackrock, has $10 billion under management.
Peltz, however, should not be underestimated. He emerged victorious from his bloody and acrimonious fight with US consumer products company Proctor & Gamble in 2017, despite holding just a handful of shares.
He may have been born into the money, inheriting his father’s food business, but he’s still a street fighter. After spending 15 brutal rounds with Peltz, an intimidated P&G board room gave him a role on the board and gave in to his demands to serve on the innovation committee and redesign its management structure.
After four years of Peltz’s involvement, P&G was streamlined into six vertical businesses, ending the company’s complex matrix structure. At least it meant establishing greater accountability up and down the management chain. Today, P&G is worth double what it was in 2017.
Unilever, bruised by the failed £50billion takeover of GlaxoSmithkline’s consumer business last year, wisely read P&G’s script and capitulated without even a crossword when asked. de Peltz for a place on the board of directors.
Still, if the maker of Dove soap, Pot Noodles and Knorr bouillon cubes thinks playing nice will discourage Peltz, he’s probably wrong.
Peltz might be a bit distracted by his daughter Nicola’s marriage to Brooklyn Beckham, and Unilever might claim to have ditched its matrix management structure, but even that probably won’t stop him from getting into the business for better or for better. the worst.
VyStar Credit Union Members Still Facing Online Banking Issues Despite Weeks-Long Outage For more than two weeks, VyStar Credit Union members have had problems accessing their money online or on their smartphones.
JACKSONVILLE, Fla. — For more than two weeks, VyStar Credit Union members have had problems accessing their money online or on their smartphones.
Client Cara Ruffino said it had been nerve-wracking.
She said she only had a savings account with VyStar but it was tied to a car loan.
No online access means no car loan payments.
“I feel like it’s been going on for a long time. When it started, it’s like, ‘OK, things happen.’ Now when we lay down, I’m like, ‘What’s going to happen from now on?’ Yes, I am very anxious,” Ruffino said.
RELATED: VyStar members give mixed responses after CEO promises customers will regain access to accounts
Action News Jax first told you this last week when VyStar officials said they expected the traffic jam to clear and the site to respond quickly and correctly.
“The first time right now takes a little longer. We saw a lot of people start logging in as word spread that the accounts were back,” VyStar President and CEO Brian Wolfburg told Action News Jax last week.
Users said they haven’t seen this yet.
RELATED STORY: “We hope to have some good news very soon:” VyStar CEO talks about mobile banking outage
Beyond Ruffino’s concern, VyStar’s Facebook page is filled with complaints.
Users claim that they cannot see where their money is going. Others said they could only see their balances. More and more customers said they couldn’t transfer funds.
Finally, the customers claim that they are moving to another credit union, which Ruffino thinks about.
“If I’m gold and can make all the car payments I need without penalty, I’ll probably stay. But if it’s a negative outcome, I’ll probably look to refinance and figure out where I can go with it. my auto loan from there,” Ruffino said.
[DOWNLOAD: Free Action News Jax app for alerts as news breaks]
In an email sent to members on Friday, VyStar officials told customers of the initial online banking platform that they would be able to do the following:
View account balance and recent transactions
Plan and pay bills
Complete external transfers
Send money to friends and family using Zelle®
The email also stated that there would be regular platform updates.
However, he notes that transfers to other VyStar accounts are currently not available online.
He suggests using Magic*Touch, a VyStar ATM, or visiting a local branch in person.
It also indicates that the mobile application remains unavailable.
The email ends with: “Your accounts, balances and transactions have remained safe and secure throughout the online banking conversion process. Additionally, direct deposits and other transactions were successfully processed.
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PASADENA, TX – Suzie Ram stands behind a cash register in her convenience store in Pasadena with her two daughters and son.
Ram said her 11-year-old daughter needs to be close to her because she has autism.
“She has to be with me all the time. She’s been here with me since she was a baby,” Ram said.
A week and a half ago, the family’s sense of security inside the Burke Road store crumbled when armed men entered and demanded money.
“He said, ‘Give me that bag or that’s it. He yells at me with the gun on her, waving at her. She had her hands up,” Ram said. “’Give me the other bag or it’s the last time mom. Mom, give me the bag.'”
Ram’s 18-year-old daughter was behind the cash register. Ram and his 11-year-old son were with a client. The two thieves pointed guns at Ram and his eldest daughter.
“The way he was shaking that gun at her like that and his eyes, the fear in his eyes. I’m watching this video and he could have taken it. He could have shot him,” Ram said.
His daughter handed the masked man a bag full of $6,000. This is money that the family took two months to save.
“We buy everything for our store with a credit card,” she said. “And then we pay off the credit card and start over every month. That’s how we survive.
Ram said one of the men was running away, he thanked her.
“‘Thank you ma’am.’ The audacity, ‘Thank you madam.’ I’m taking your drive, I’m taking everything from you but thank you,” Ram said. “I’m threatening your life but thank you.”
Ram and her husband are relatively new store owners, 713 Food Store has only been open for five years. She said the couple were saving every penny.
“Convenience store owners are literally saving their pennies and that’s what we’re doing, it’s pennies,” Ram said. “I’m upset. I’m nervous because I don’t know if we’re going to overcome this.
“We need help to get back on our feet or we will have to close our doors. All will be appreciated,” Ram’s daughter Amberly Gonzalez wrote on the GoFundMe campaign. “When COVID hit people would arrive hungry and desperate for a bite to eat and my parents are always generous in helping anyone. Now they are the ones who need help. Please show them love and support.
Copyright 2022 by KPRC Click2Houston – All Rights Reserved.
Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.
Before you take out a personal loan, read about 6 things you can do to improve your personal loan application and increase your chances of approval. (Shutterstock)
Personal loans can help cover a variety of unexpected projects and costs. The best way to get approved is to have good credit and a low debt-to-income ratio (DTI).
If you need a loan, these six tips can help improve your Personal loan apply and increase your chances of being approved for the funds you need.
Shopping around and comparing lenders is a good place to start before submitting an official personal loan application. Credible, it’s easy to view your prequalified personal loan rates from various lenders, all in one place.
1. Decide what type of personal loan you need
Personal loans are installment loans, which means you receive a lump sum of money up front and then repay the loan with fixed payments over an agreed term. But not all personal loans are created equal. There are many types of personal loans you can choose from, including:
Unsecured loans — These loans allow you to borrow money without putting anything as collateral to secure them. In most cases, you will need a higher credit score to be approved.
Secured Loans — Secured loans require you to provide an asset as collateral, such as your home or car. If you default on a secured loan, the lender has the right to seize your collateral.
Fixed rate loans — Fixed rate loans come with a fixed interest rate that does not change for the term of the loan. These loans make it easier for you to budget for your payments.
Variable rate loans — Variable rate loans have variable interest rates, which fluctuate with the market. Since these rates can go up or down, variable rate loans often bring uncertainty and can be difficult to budget for.
Co-signed loans — Co-signed loans are personal loans that you take out with a co-signer, such as a family member or close friend, who agrees to repay the loan in the event of default. If you can’t qualify for a personal loan on your own or want a lower rate, co-signed loans might be worth pursuing.
Joint loans — Joint loans can also increase your chances of getting loan approval and a better rate. These loans are very similar to co-signed loans, except that both borrowers can use the funds and are equally responsible for repaying them.
Financing Buy now, pay later — With buy now, pay later financing, you can split online or in-store purchases into interest-free payments. You can use this type of loan to buy something right away with a minimal initial investment. But if you make a late payment, you may be subject to charges.
Payday loans — Payday loans are small, short-term loans that can help you wait for your next paycheck. You will repay them within two to four weeks. But you should only consider payday loans as a last resort. They come with fees and interest that equates to an APR of 400% or more, according to the Consumer Financial Protection Bureau.
2. Check your credit report
Your credit score is a three-digit number that gives lenders an idea of how likely you are to repay the money you borrow. It is calculated based on your payment history, the number of accounts you have, the type of accounts, your credit usage (how much credit you use compared to the amount of available credit you have) and the duration of your credit history.
It’s a good idea to pull your credit reports from the three major credit bureaus at least once a year – you can do this for free by visiting AnnualCreditReport.com. Once you receive your reports, review them for potential errors, such as missed payments you didn’t actually miss or accounts you didn’t open. Dispute any errors you find with the appropriate credit reporting agency.
Visit Credible for compare personal loan rates from various lenders, without affecting your credit.
Pay your bills on time. Even one missed payment can hurt your credit score. That’s why it’s important to pay your mortgage, credit cards, car loans, student loans and other bills on time, every time.
Pay off your debt. The lower your credit utilization ratio, the more likely a lender will approve you for a loan. By paying off your debt, you can improve your credit utilization ratio and, therefore, increase your credit score.
Do not close credit card accounts. Even if you no longer use certain credit cards, keep them open. It can increase the length of your credit history, which can improve your credit.
Limit new credit accounts. Only apply for new credit when you absolutely need it. Applying for too many credit accounts at once can hurt your credit score because it leads to difficult inquiries on your credit report and lowers the average age of your credit accounts.
While a cosigner can make your personal loan application more attractive to a lender, it’s important to consider the potential downsides of applying with just one. If you fall behind on your payments, you could put the co-signer in a difficult position and damage your relationship, as well as their credit. That’s why you should only apply for a co-signer if you’re sure you can repay your loan as agreed.
Additionally, it is difficult to remove a co-signer from a loan once the funds have been disbursed. Your co-signer may be stuck with responsibility for the debt for a while until you pay it off. Make sure the co-signer you choose not only understands this risk, but accepts it.
6. Find the best personal lender for you
There is no shortage of personal loans on the market. Take the time to shop around and compare a variety of products offered by banks, credit unions and online lenders. Look at their amounts, interest rates, fees, and any special perks they might offer.
Hedge fund manager Michael Burry, famous for predicting the 2008 financial crisis, warned of an impending consumer slump and more income problems. He cited plummeting personal savings in the United States and record revolving credit card debt despite trillions of dollars in stimulus money.
Recession warning from Michael Burry
Famed investor and founder of investment firm Scion Asset Management, Michael Burry, warned on Friday of a looming consumer slump and other earnings troubles ahead.
He is best known for being the first investor to foresee and profit from the subprime mortgage crisis in the United States which occurred between 2007 and 2010. He is featured in “The Big Short”, a book by Michael Lewis on the mortgage crisis, which was made into a film starring Christian Bale.
Burry explained on Twitter on Friday:
Personal savings in the US fell to 2013 levels, the savings rate to 2008 levels – while revolving credit card debt rose at a record pace to the pre-Covid peak despite all those trillions of cash that have dropped in their towers. Looming: a consumer slump and more income problems.
His tweet includes two images. The first shows a sharp drop in personal savings in the United States. The other shows a sharp rise in outstanding consumer credit.
At the time of writing, there were 476 comments on Burry’s tweet, which has been liked 11,000 times and retweeted nearly 2.5,000 times. Many people agreed with Burry on Twitter, thanking him for raising the issue and telling others to heed his warning.
One commented: “It’s wild. We’ve dropped helicopter money on people and yet personal savings have dwindled and credit card debt is back where it was.
Another wrote: “Exactly what I said, inflation is not a problem. Consumer debt is a problem. Monetary policy on the demand side is flawed. Rate manipulation fails to correct the market. The Americans were overflowing with money. Shift your focus to long-term saving instead of spending. Kill imports.
Another user gave his opinion:
While the media wants the narrative to be that the consumer is strong, the numbers say otherwise. Diminishing savings, rising debt, and inflation metrics that continue to rise every month, with energy prices near highs we haven’t seen since 2008.
Several people agreed that “the numbers don’t lie” and that the US economy looks as bleak as Burry suggested, if not worse.
A growing number of people have recently warned that a recession is either here or imminent, including Tesla CEO Elon Musk, Rich Dad Poor Dad author Robert Kiyosaki, and CEO and former CEO of Goldman Sachs, Lloyd Blankfein.
Keywords in this story
fat short, fat short investor, consumer recession, credit card debt, depression, dr burry, earnings, inflation, michael burry, inflation michael burry, michael burry recession, personal savings, recession, american consumer spending
What do you think of Michael Burry’s warning? Let us know in the comments section below.
An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.
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Louisiana lawmakers have passed a payday loan bill that will only cause more debt problems for citizens who need the financial boost they can get elsewhere.metrocreativeconnection.com
From time to time, Louisiana lawmakers have come to the aid of those who make so-called payday loans. Sen. Rick Ward, R-Port Allen, is this year’s champion with Senate Bill 381.
Legislation that was narrowly passed by both houses would cap finance charges at 100% of the original loan amount. That means lenders could charge up to $1,500 in fees on a $1,500 loan, for a total repayment of $3,000, according to The Advocate.
The senator said his “Louisiana Access to Credit Loans Act” would help state residents living on a paycheck make ends meet when faced with surprisingly large expenses.
Under current law, lenders can offer a loan of up to $350, due on the borrower’s next payday. The maximum the lender can make per loan is $55. Ward’s bill does not change that.
Ward sponsored another payday loan bill in 2018. It stated that the loan term could not be less than three months and could not exceed 12 months. The amount of the loan could not be less than $500 and could not exceed $875. The bill passed the Senate 20-17 but died in the House Commerce Committee.
I wrote in a June 3, 1999 column about a Bossier City woman who got one of these loans. She needed $200 for an emergency out-of-town trip and took out a two-week loan. The maximum they lent at that time was $201 and it had to be paid back in 14 days.
When a customer borrowed that $201, they had to leave a check for $246 to cover the principal and $15 in interest. The other $30 was for documentation and set-up costs. That’s an annual interest rate of over 580 percent.
“It was a little high,” the borrower said, “but when you need it, you need it.”
The Associated Press reported that there were about 30 payday loan companies in the state in 1992. That number grew to 455 in 1998 and 489 by the end of 1999.
Foster Campbell, a current member of the Louisiana Civil Service Commission, was a state senator in 1999. He said, “We’ve had 500 of these companies open since 1992 and none of them have failed. . I have never heard of such statistics. But the reason why they didn’t is because they deceive people by charging outrageous interest rates.
OK, back to Ward’s bill which passed the House 54-35, one vote more than the 53 needed. The Senate vote was 20 to 14, the exact majority he needed.
Republican senses Mark Abraham of Lake Charles and Mike Reese of Leesville voted for Ward’s bill. Sen. Jeremy Stine, R-Lake Charles, voted against. Sen. Heather Cloud, R-Turkey Creek, was recorded as absent.
GOP Representatives Ryan Bourriaque of Grand Lake, Dewith Carrier of Oakdale, Troy Romero of Jennings and Phillip Tarver of Lake Charles voted for the bill. Representatives Wilford Carter, D-Lake Charles; Charles Owen, R-Rosepine, and Rodney Schamerhorn, R-Hornbeck, voted against. Representative Brett Geymann, R-Moss Bluff, was recorded as an absentee.
The bill now awaits action by Governor John Bel Edwards. Lenders would make most of their money through monthly maintenance fees of up to 13% of the original loan amount.
Alex Horowitz, consumer credit researcher at The Pew Charitable Trusts, told The Advocate he had never seen such high fees. He said the bill would expose Louisiana consumers to financial harm, rather than creating an affordable loan market. Horowitz said seven of the nation’s 12 largest banks have launched or announced programs to provide small dollar loans to customers.
Kenneth Pickering twice served as Louisiana’s chief banking regulator. He said he had no idea what the maintenance fee even covers. “Once a loan is on the books, there’s nothing left to maintain,” he said. Pickering calls it more interest.
Stanley Dameron, Commissioner of the Office of Financial Institutions, said: “Some of the people applying for these loans might not qualify from your bank, but they certainly would from a credit union or finance company. “
Pelican State Credit Union’s Jessica Sharon told lawmakers that credit unions were explicitly created to help people of modest means.
Even an official from a state association that represents payday lenders said Ward’s new product was unnecessary. He said the loans are already available in Louisiana at a fraction of the cost. “It’s greed and arrogance at the highest level,” he said.
Ward’s bill is certainly a strong candidate for a gubernatorial veto.
While the fastest runs and highest scores are necessary to be a champion, there’s something to be said for consistency.
On horseback in horse shows, what used to be sometimes called “showdeos” and horse games days, it’s easy to make mistakes.
Seasoned cowboys who work every day, even top rodeo stars, have occasionally made jokes about such events. That’s fine, but the horse’s ability and riding skills are just as important to being a winning cup rider or champion roping rider.
Too often it’s the horse that’s blamed, but usually it’s “rider error”, whoever rode giving the directions who is at fault.
Participating in at least half a dozen different associations as well as open events has been new experiences over the past few weekends.
Pattern racing events like barrel racing and pole bending are common competitions. Barrel racing on game days is sometimes called a cloverleaf because the horses race in a cloverleaf pattern.
An interesting thought, the first living room ever entered 60 years ago, the entrance was in the barrel race, thinking it was clover. No, the event called barrel racing was three barrels in a line calling for going around each barrel left and right. Spot had never thought of it and finished fourth out of four.
For clarity, there is no racing to bend the posts, rather weaving between them and “bend around them”. In keg bending, the horse weaves around old milk kegs, today five-gallon buckets – the fastest time wins.
A number of local game days also hold flag races, where a racer takes a small flag from a barrel and crosses the finish line.
Specialty attractions through the ages have included saddle races, swap races, rescue races, relay races, even musical chairs, all of which are pretty self-explanatory. There are several variations of what is called the key race, sometimes the keyhole race, probably the obvious, the arena race.
Barrel and Stake Race, Two-Barrel Flag Race, Figure-Eight Stake Race, Half-Eight Race, and Speed Barrels are new to some oldies.
Average wins sometimes, so having a qualified race every time is better than winning one and losing the next.
Reminder of Habakkuk 2:30: “If it seems slow in coming, wait, it is on its way and will come just in time.
Frank J. Buchman is a longtime Alta Vista rancher, lifelong newspaper writer, unionized national farm writer, and marketing consultant. He writes a weekly column to share A Cowboy’s Faith.
With the bulk of Tottenham’s £150million injection set to be spent on new players, there is plenty of excitement about the upcoming transfer window.
Antonio Conte has made no secret of the investment he thinks is necessary in the team to transform them from the first four challengers into a team capable of going for the biggest trophies. And Spurs are expected to back him up with around half a dozen signings, welcoming a mix of younger and more experienced players. Centre-back, left and right-back, central midfielder and striker are all areas they hope to strengthen.
Here, Athleticism breaks down Tottenham’s priority areas this summer (exits and arrivals), how they plan to operate and looks at some of the names being discussed by club decision-makers ahead of the window opening on June 10.
Let’s start with the goalkeeper position, which is already all done and dusted off.
As Athleticism Reported earlier this week, Fraser Forster has already traveled to Hotspur Way for his medical and will officially join the club when his contract from Southampton expires on June 30. League experience. Pierluigi Gollini returns to Atalanta after his disappointing loan spell.
Next to walk through the door could well be Croatian left-back Ivan Perisic, who Conte is keen to be reunited with after working successfully with him at Inter Milan.
Tottenham’s defense has been very strong in the final weeks of the season with just five goals conceded in 11 appearances, but it’s still an area Conte wants to strengthen. As things stand, Ben Davies is his only left centre-back and as Athleticism revealed in early April, this is a position Conte has been considering for some time.
Inter’s Alessandro Bastoni and RB Leipzig’s Josko Gvardiol are still prime targets, but neither would be easy to conclude.
Bastoni, 23, is a huge Inter fan and, as the club’s best young player, someone they are desperate not to sell. Inter would demand a fee of around £50m and although Conte has worked with the player before and is a big fan, Spurs might not want to spend that much budget on him. Gvardiol, a 20-year-old Croatian, would probably be even more expensive than Bastoni, given his age. But after splashing out big bucks on Serie A’s Cristian Romero last summer and seeing how well it turned out, there’s a compelling case to say either of these two could offer good value. -price. You’d be hard-pressed to find anyone complaining about the £42.5million it cost to bring in the Argentina international.
Turin’s Gleison Bremer is another Serie A centre-back under consideration, despite being a right-hander.
Josko Gvardiol has lifted the German Cup with RB Leipzig this season (Photo: Getty)
It will be even more tempting to go big on a new centre-back if Spurs can find cheaper options in other areas of need.
Left-back is one such position, where they are pushing hard to sign Perisic, 33 and a free agent from next month. Failing that, there’s also Eintracht Frankfurt’s Filip Kostic, who is 29 and is set to run out of contract at the end of next season.
Both players fall into the category of experienced and proven players who could slot right into the squad and Conte could be trusted. At Inter, Conte converted Perisic into a left-back. The 112-cap Croatia international is currently weighing a new contract offer from Inter, but Tottenham are increasingly confident a deal can be agreed.
Conte would also like a new right-back, and Middlesbrough’s Djed Spence is someone Spurs have looked up to for some time. Once the 21-year-old’s season on loan at Nottingham Forest ends with the Championship play-off final against Huddersfield tomorrow (Sunday), Tottenham can get more clarity on their intentions. They are also considering replacing Wolves’ Adama Traore for the third time after spending the second half of the season on loan at Barcelona.
In midfield, Conte wants someone who can move the ball faster down the pitch and Spurs old boy Christian Eriksen, another he managed at Inter, is someone he likes .
Considering Eriksen recently turned 30 and following his heartbreaking health issues last summer, there would be an element of risk involved in re-signing the Denmark international and a high likelihood of value from low to low sale. But chief football officer Fabio Paratici and the club’s hierarchy accept that exceptions to the purchase of youngsters should be made in exceptional circumstances. A ‘homecoming’ for Eriksen when the short-term contract he signed with Brentford in January expires next month could be one such circumstance.
Tottenham also retain a long-standing interest in Southampton England midfielder James Ward-Prowse, but the new contract he signed last summer would likely make any eventual deal prohibitively expensive.
Up front, Spurs want to solve the perennial problem of their lack of replacement for Harry Kane.
Gabriel Jesus is an option, but even with just one year remaining on his contract, Manchester City are in no rush to sell and will demand a hefty fee for his services. Tottenham are likely to look elsewhere after loaning out young strikers Dane Scarlett and Troy Parrott (once they trigger the latter’s one-year contract extension until summer 2024).
The need here isn’t as pressing right now given the ability of Son Heung-min and Dejan Kulusevski to replace the centre-forward if needed.
It could then be that Spurs won’t sign another striker until after the start of the season, and it’s worth saying that while they hope to do as much business as possible as soon as possible so players are ready for the pre-season tour in South Korea. early to mid-July is not always possible. There are a number of moving parts in most trades and they may be able to close a few quick trades but then have to wait until the end of the window for some of the others.
Some of Tottenham’s business in this window will depend on who they can sell to, and it promises to be a busy summer in that regard as well.
As Athleticism reported earlier this month, it is accepted that Spurs will have to accept lower fees than they have done before and resign themselves to making losses on the players they have signed in a pre-pandemic world .
Those involved in top-flight recruiting point out that there simply isn’t the money in foreign leagues, even the big ones like La Liga, for teams other than superclubs to spend big on. Even a club like Villarreal, who have just reached the Champions League semi-finals, continue to push for loans where possible rather than permanent signings.
Giovani Lo Celso, on loan from Spurs, shone in Villarreal’s run to the Champions League semi-finals (Picture: Getty)
Villarreal has relevance for Spurs as it’s where Giovani Lo Celso has just enjoyed a successful half-season loan spell. They are among a number of Spanish clubs interested in the Argentine midfielder, who Conte doesn’t see as part of his plans and wants to sell.
Lo Celso will almost certainly leave this summer, but for it to be a permanent deal rather than a loan Spurs are likely to have to accept around half of the total £40million they have paid the Real Betis from La Liga in 2020.
Tanguy Ndombele will represent an even bigger loss than that, as it’s impossible to imagine anyone coming close to the £55m that Tottenham spent three years ago. Fresh off a mixed loan spell at former club Lyon since January, Spurs will do everything they can to push him forward this summer.
Then there’s Steven Bergwijn, whom Conte loves but accepts that he wants to play more regularly elsewhere than he has for Tottenham this season. Dutch champions Ajax are the likeliest destination, given how they chased the Netherlands in January and retain a long-standing interest, and Spurs are likely to have to accept less than the 20.8m of pounds sterling which they were then asking for Bergwijn.
Sergio Reguilon is also set to be sold to free up space for a new left-back, while on the opposite flank Emerson Royal and Matt Doherty are much needed despite much improved performances in the second half of the season. Centre-backs Joe Rodon and Davinson Sanchez will also both be allowed to leave at the right price.
It could also be the summer when Harry Winks moves on, with Southampton and Newcastle apparently interested.
Bryan Gil will be allowed to return on loan, having spent the second half of the season with Valencia, to help continue to prepare for the rigors of the Premier League, while Japhet Tanganga will have plenty of offers from clubs looking to borrow him . if it is decided that it would be better for its development.
There will also be loans to sort for a number of young players, including highly rated 17-year-old midfielder Alfie Devine, as Tottenham get to work on what promises to be one of their busiest summers in recent memory.
Additional reporting: James Horncastle
(Main graphic — photos: Getty Images, design: Sam Richardson)
There is currently a considerable degree of unrest within the St. Francis Xavier Credit Union (one of the nation’s largest credit unions), where a showdown is apparently underway between two opposing sides – with a group of disgruntled members and one recently fired. general manager on one side and the union’s board of directors and the members who support them on the other.
The ever-growing rift between the two sides became public knowledge in early May when, on May 9, people who claimed to be union members and unhappy with the decisions of the current union board issued a statement. press release in which it was announced that the union’s “long-awaited annual general meeting” – which had not taken place for three years due to the pandemic – would take place on May 29. These purported members, who included in the statement assurances that they had obtained the health certificate approval from the ministry to hold the event, seemed eager to proceed with the elections of board leaders, which, according to them, was long overdue, and to respond to what they see as troubling actions on the part of the institution’s leadership.
These actions included what they called “unethical behavior by senior officials” and the “unlawful dismissal of the chief executive.” The people who released the statement further claimed that a special petition to address these issues had been circulated and that more than 2,000 union members had put their signatures on the petition.
The day after this statement was released, however, another statement was released. This second press release was issued by the union’s board of directors, which advised members that the statement issued the day before was not authorized and that no general meeting would be held on May 29. He then claimed that such an assembly would be illegal and that “no decision taken at this meeting is binding and valid”. They said instead, an annual general meeting would be held on June 26. Additionally, the board, in its statement, denied any allegations of unethical behavior.
It was reported, however, that on Friday, May 13, a total of 25 of the credit union members lined up at the facility to express their dissatisfaction with the current administration and their objection to what they considered the wrongful termination of Rafael Dominguez, former general manager of the St. Francis Xavier Credit Union.
The credit union’s board, however, insists that Dominguez was not fired. Instead, the board said in its May 10 statement, the directors simply opted not to renew his five-year contract, which was due to expire on April 30, 2022. That contract, they said, was “one-sided” and provided salaries. and benefits that are too excessive and unsustainable for the financial institution.
According to the board, a letter was sent to Dominguez on Friday, April 22 notifying him of the board’s decision not to renew his contract, and they also claimed that he accepted the decision.
Yesterday, Wednesday May 25, however, Rafael Dominguez held a press conference in which he presented his own account of what happened.
He indicated that, ten days before the end of the contract, he had been “called to a meeting of the board of directors and the members of the advisory committee, including the internal auditor” and had been “served with a letter dated April 23, 2022” in which the board said, “In our view, you have slept at the helm. You certainly did not fulfill your responsibilities as stipulated in your contract. Your performance as a manager has certainly not been satisfactory. Currently, our liquidity is in a precarious state and has been reported to us by the Central Bank… Continuing to pay your salary as stipulated in your contract is not sustainable for the fund and, subsequently, its members.
Dominguez then pointed out to reporters at the press conference, however, that there was a different reason for his dismissal – his attempt to fire one of the two employees he believed embezzled funds from the institution. .
“At some point in February 2022 there were two employees who had been caught up in an embezzlement. I was able to fire one of them, at that time, and so in March, when I was about to fire the other employee, I was served with a letter from the board of administration saying that they had created a human resources committee. To say that I have no other authority to continue hiring or firing any other Caisse Populaire employee. And that’s where the final part came from the board that they were tying my hands so they couldn’t fire that employee,” Dominguez said.
“…So that’s all that falsely took on me to frustrate me and so they decided not to renew my contract and fired me from Credit Union,” Dominguez continued.
Dominguez alleges that on April 22, he sent a letter to the board indicating that he was able to renew his contract; however, the board rejected his contract renewal proposal and demanded that he relinquish company-issued properties, he said. He was then escorted out of the facility by police.
“I saw two policemen behind me, in front of all the directors and the surveillance committee. I was driven home because I had a gun registered in my name that was bought by the credit union. I didn’t have that gun on me that day so I had to be escorted home for that, and then I was taken back to the credit union office to have them register all the credit union properties popular, including cell phone, laptop, credit union vehicle, keys to my office, and at that point I was surprised, because I hadn’t expected it, and I was said the electronic devices had been confiscated immediately, so I had no opportunity to be able to remove my personal information on both devices,” Dominguez noted.
It has been reported thatt Wednesday morning, a fight broke out at the financial institution, in which Mayet Castillo, the chairman of the St. Francis Xavier Credit Union oversight committee, and Jorge Cob, a committee member, were assaulted by Michael Riverol, the current general manager of the credit union. It has been reported that Riverol has denied allegations that he pushed Castillo and Cob, and snatched Castillo’s phone and threw him to the ground.
When Mayet Castillo spoke to local journalists, she described the alleged fight she allegedly had with Michael Riverol.
“I was writing in our logbook the presences we had reached when suddenly I heard a big boom and the door opened. And when I looked up, I could have seen this man coming – Mr. Michael Riverol, the assistant general manager. He came straight to me, and he started to hold my [neck]and trying to choke me, and I was very scared for my life. I felt like I couldn’t even breathe. I don’t know if he realized it, but he let me go. And as he let go of me, he held me by my arms and he started shaking me and said, “I told you I didn’t want you here.” Mr. Michael Riverol and [we]Oversight Committee, never had a conversation on this topic that he didn’t want us,” Castillo explained.
“…I have to tell you, I was really scared – worse when he let go of me and with that anger that showed in his eyes, he turned around and saw my cell phone on the table and he grabbed him and he slammed him on the floor. I couldn’t say anything, I was so scared. I feared for my life,” Castillo continued.
The second season of “The Flight Attendant” has landed, and while the eight-episode experience was a little bumpy, the snacks were great, and the view from the window seat was nice and clear. So clear, in fact, that I could see the outcome of the final on the initial liftoff. But, despite the predictability of the murder mystery plot and the unnecessary awkwardness of Cassie’s other selves springing up like little blond devils on her shoulders, the heart of this season which dealt with one woman’s struggle with sobriety and of her difficulty loving herself enough not to self-sabotage everything healthy in her life had an impact.
In last week’s episode, after the person mirroring Cassie in an attempt to frame her for multiple murders turned out to be Grace (Mae Martin), we were given a rather rushed exposition that warned us of the fact that Grace was not acting alone. in this spying. Shortly after the finale, as suspected, we find out that Dot (Cheryl Hines), the CIA director overseeing Cassie (Kaley Cuoco) and her handler, Benjamin (Mo McRae), was the big bad all along. But, like most other attempted twists in this “mystery,” this reveal is more of a “yes, we knew that,” rather than the “holy shit” that was probably intended.
RELATED: ‘The Flight Attendant’ Recap: But What About Carol?
To have a season’s main villain sidelined in favor of frequent and, I repeat, unnecessary artistic montages, visually spoon-feeding Cassie, battling with different aspects of herself, feels like a gamble that doesn’t did not bear fruit.
Although we could see it coming, Cheryl Hines was fantastic as Dot. The actress has had a rough year, dragged through the mud by her husband Robert F. Kennedy, Jr.’s anti-vaccine tirades and bizarrely insensitive comments from Anne Frank, but she’s made it public that she doesn’t. didn’t. shares her husband’s beliefs, and therefore deserves to bask in the huge victory of this role which, in my opinion, should have benefited from a lot more screen time. To have a season’s main villain sidelined in favor of frequent and, I repeat, unnecessary artistic montages, visually spoon-feeding Cassie, battling with different aspects of herself, feels like a gamble that doesn’t did not bear fruit.
Kaley Cuoco as Cassie and Cheryl Hines as Dot in “The Flight Attendant” (Jennifer Rose Clasen/HBO Max)Besides giving us confirmation that Dot was the one who orchestrated Cassie’s takedown, we see plenty of other details tying themselves together in quick succession. Grace, who has been retired from the military into a possibly even more dangerous new vocation as a spy/assassin, was recruited by Dot, whom she met during her service. Were they lovers? I feel like it was suggested, but the showrunners were too scared to solidify it. Another missed opportunity.
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Megan (Rosie Perez) gets the happy ending she deserves when Cassie hooks her up with Shane (Griffin Matthews) as he recovers in the hospital after being stabbed by Grace. Unable to escape the forced interaction, Shane is receptive to Megan’s offer to give him her laptop containing information on the North Koreans trying to kill her, in exchange for the safety of her and her family. . We later see her reunited with them as they move into a nice, but safe, home in the witness protection program.
Zosia Mamet is fantastic at everything she does, and I’m not just saying that because I’m still obsessed with “Girls” and make it a point to revisit the show once a year.
Cassie’s best friend Annie (Zosia Mamet) marries Max (Deniz Akdeniz) in a kitschy Vegas ceremony with an Elvis impersonator, and the two plan to start their own businesses as detectives private. It’s a spin-off that I would watch with pleasure. Zosia Mamet is fantastic at everything she does, and I’m not just saying that because I’m still obsessed with “Girls” and make it a point to revisit the show once a year.
As the episode draws to a close, putting an arc to the season with each main character receiving their appropriate send off, we watch Cassie put her drama to bed, issue by issue. She’s been clean for 30 (real) days, she’s back to work for Imperial Atlantic, she even had a healing phone call with her mother Lisa, giving us some very nice last moments with Sharon Stone. But where is Davey (TR Knight), his brother?
After receiving a few frantic texts from him, which Cassie doesn’t respond to, and then a worried call from Davey’s partner, Cassie learns that her brother was fine and needs to be picked up from Jenny (Jessie Ennis), the weirdo she knows AA meetings.
When Cassie arrives at Jenny’s, she’s confused, and we’re also momentarily confused. But then! A twist! It turns out that Jenny is also a murderer, but a true psychopath, and not the CIA/spy type.
Falling in love with Buckley/Feliks (Colin Woodell), a Season 1 villain whom Jenny became pen pals with after hearing about him on something called Dapper Death, she was manipulated into stalking Cassie, whom Buckley/Feliks wanted revenge for landing. him in jail. A fun messy little surprise at the end, but it felt too rushed for really many.
At the time of this post “The Flight Attendant” has not been renewed for a third season. Based on Season 2, I’d give it a 50/50 chance of advancing, but if this is the last we see of Cassie and her friends, they’ve definitely done enough to earn their wings.
The defender capped off a fine season at Sevilla with a Copa del Rey winners’ medal but is now set to return to north London.
Hector Bellerin has added to his collection of tattoos, going under the needle on the grass at Betis’ Estadio Benito Villamarin home.
The Arsenal defender is keen to stay at the Spanish club after enjoying a successful year in La Liga on loan in 2021-22.
His season ended on a high note as Betis won the Copa del Rey title after defeating Valencia in the final.
What did Bellerin say about the new tattoo?
“Talegos tattoo told me they would do my tattoo in my favorite spot,” Bellerin wrote on Instagram showing off her new work.
The accompanying video revealed the 27-year-old looking as happy as anyone could be with a needle in his arm, sat on Benito Villamarin’s pitch while the artist was doing its job.
And the message of the tattoo couldn’t be clearer, professing that: “In this game, those who have the fastest time win.”
Could Bellerin stay at Betis?
The defender’s loan move has been a huge boost after a string of serious injuries have seen him lose ground at Arsenal in recent seasons.
Bellerin has racked up over 30 appearances for the Sevilla side, the first time he has beaten that mark since the 2017-18 campaign, while helping Betis win their first silverware since the 2004-05 Copa del Rey.
“I’ve always shown that I really feel at home here and want to be here, but it’s not that simple,” he admitted in a recent interview with Betis TV.
“Right now the situation is that I have to go back [to Arsenal]. I have spoken to both clubs, clarified my thoughts and from there we have two months during which we will try to secure the best deal for all three parties.
“I’ve always said it, I made an effort to come here and I’m ready to do anything to keep it my home because I’m happy.”
You could have racked up high credit card debt during the pandemic. Well, you are not alone. There are many others too, who could have done so, due to layoffs, job losses, increased hospital and medical costs, among others.
Since credit card debt carries heavy charges and penalties, you might feel a heavy burden on your shoulders. It is a fact that unpaid dues, as well as new credit card transactions, would continue to incur hefty charges of around 40% until the time you repay the entire unpaid amount, as well as fees and penalties.
Additionally, credit card debt could also affect your credit score, which in turn will affect your eligibility for a loan in the future.
Therefore, it is best to avoid a situation where your credit card debt spirals out of control. However, in case you are faced with such a crisis, here are four ways to solve this problem:
Living with one credit card: When you’re deeply in debt, try to live with just one credit card. You could, at most, keep two credit cards on you. Keeping multiple cards will only add to your worries. “In situations where you are deeply in debt on your credit cards, consolidating your credit cards is key. You should immediately cut off the extra number of cards. Try to live with just the card. Try to stop using other cards by paying the dues and letting your bank know you don’t need them anymore would make your life easier,” says Hemant Beniwal, Certified Financial Planner and Principal at Ark Primary Advisors, a financial planning firm. You need to be disciplined in using your credit cards, resist the temptation to spend on unnecessary things, and save money to pay off your dues as soon as possible.
Transfer Outstanding Balance in EMIs: Many credit card companies offer the option of converting your pending dues into equivalent monthly installments (EMI). This way, you can repay the full amount in smaller pieces over a longer duration as per your convenience. The interest rate on EMI in this case would be much lower than the finance charges on your unpaid dues. The interest rate varies depending on the term you choose to repay outstanding amounts through EMI. Try to choose the shortest term to reduce your interest expense.
Opt for a personal loan with a lower interest rate: You can also opt for a personal loan to pay off your credit card charges. This is generally useful for people burdened with high debt. In most cases, credit card providers charge an interest rate of around 40% per year, while you can get a personal loan from an interest rate of around 11%, and which can be repaid in a maximum of five years. Taking out a personal loan for debt consolidation will help you manage your finances more efficiently. You would pay off your credit card debt in easy EMIs.
Balance transfer to another credit card provider: This is yet another smart way to avoid paying high interest. You can transfer your balance to a credit card issued by another provider or another bank that charges a lower interest rate. An important point to note about transferring credit card balance to another bank card is that you can only transfer this amount to your new credit card within its credit limit. The best way to use credit card balance transfer is to pay all your dues during the free or nominal interest rate period. But while deciding on another credit card, you should pay close attention to its features which should serve your purpose. Otherwise, there is always a risk of falling into another debt trap.
The NCUA has told credit unions that they can use the technology behind cryptocurrency as long as they follow NCUA principles to ensure compliance with existing regulations and do not create undue risk.
NCUA President Todd Harper’s four-page letter sent Thursday to federally insured credit unions said the NCUA does not prohibit credit unions from using distributed ledger technology (DLT). ), which is used to support cryptocurrencies, “if deployed for permitted activities and in compliance with all applicable laws and regulations, including applicable state laws or supervisory authority requirements of State. “
“As with the development of any new product or service when deploying a platform, product or service using DLT as part of the underlying technology, credit unions must strike a balance appropriate between opportunity and risk,” Harper wrote.
“This letter also signals to the broader financial and technology communities that credit unions are a market to consider when designing products, considering partnerships or making investments,” he said. writing.
Harper’s letter followed a similar form to the December one, in which he said the NCUA would allow credit unions to hire third-party cryptocurrency vendors as long as they adhere to the same principles of security and soundness of the cryptocurrency. NCUA enforced in relationships with other vendors.
NAFCU had requested guidance on digital assets in a letter sent to NCUA last September. Greg Mesack, NAFCU’s senior vice president of government affairs, thanked the NCUA for “reducing regulatory uncertainty around digital assets.”
“There is undoubtedly a need for additional guidance from regulators on how credit unions can better embrace digital assets and emerging fintech,” Mesack said.
“We appreciate that the NCUA has responded to our call for a form-neutral approach to evaluating how credit unions use digital assets and related technologies,” he said. “We will continue to articulate the credit union industry’s perspective on this topic and encourage the NCUA to continue to build a strong regulatory framework for digital assets.”
Ryan Donovan, CUNA’s executive vice president and chief advocacy officer, also thanked NCUA for its guidance on distributed ledger technologies, “an issue that CUNA has repeatedly asked the agency to address.”
“Many questions will likely persist regarding the ability of credit unions to participate in the digital currency space,” Donovan said. “We look forward to more detailed guidance from (the) NCUA on these matters as credit unions continue to explore the benefits of these technologies for their members.”
The most common distributed ledger technology is Blockchain, which supports Bitcoin and Ethereum. The two cryptocurrencies have traded wildly, especially since the start of 2021. Their values tripled to quadrupled from January to November 2021, then plunged into a roller coaster that accelerated in April, wiping out all of Bitcoin’s gains since 2021 and almost all. of Ethereum by Thursday.
Harper’s letter began with the statement that the NCUA “supports federally insured credit union initiatives to better serve their members.”
“The rapid emergence of fintech is creating opportunities for credit unions to increase service speed, improve security, and expand products and services,” Harper wrote. “With that in mind, the board is exploring how the agency can clarify expectations around fintech adoption so as not to impede the safe, fair, and responsible engagement of federally insured credit unions.”
“As with the Internet in its early days, the NCUA recognizes that new technologies can transform the way credit unions conduct traditional financial services and operations,” Harper wrote. “As the DLT matures, the NCUA recognizes that implementation cases can grow rapidly as the technology spreads and credit unions become familiar with it.”
The NCUA listed several actions that credit unions should take “at a minimum.” They included:
The credit union’s board of directors is informed of the progress of the underlying technology, the goals of the technology, and how the use of DLT aligns with the credit union’s strategic planning goals and approved risk tolerances.
Credit Union staff and third parties who use and manage technology comply with applicable laws and regulations and act in a safe and sound manner.
Effective risk management practices are followed to identify, assess and mitigate the risks associated with the DLT and the specific activities for which it will be deployed.
Risk assessment and audit functions can validate and attest to the effectiveness of risk mitigation practices in accordance with internal policy and industry best practices.
Credit unions should identify, assess and mitigate the risks associated with DLT.
When the Toronto Blue Jays sent Randal Grichuk to the Colorado Rockies in exchange for Raimel Tapia, their intentions were clear.
A fast, high-contact left-handed hitter, Tapia offered a radically different skill set than Grichuk, which was important as Toronto looked to balance its roster before the start of the year. Except now, about a quarter into the 2022 season, Tapia’s previously neutral approach to the plate has become one of the extremes.
Instead of rolling with his ground-heavy offensive profile, which worked in Colorado, Tapia changed into a hitter. MLB’s leader last season in rushing ball percentage (68%), the 28-year-old reduced that rate to 45.1% in 2022, while his fly ball and line driving rates returned to league standards.
It’s a 180 degree turn from who Tapia has been in recent years. In theory, those splits should make him a better hitter, but the numbers haven’t translated into success — his .228/.261/.276 slash line in 38 games reflects that.
Advanced stats aren’t favorable to Tapia either. His walk rate has gone from 7.5% in 2021 to just 4.4% this season, and his strikeout rate has gone from 13.1% to 19.9% in 2022. It’s obvious the Blue Jays are re-doing Tapia’s swing, and he’s still comfortable with it.
“He’s adjusting, I think, trying to free himself a little bit more,” Blue Jays assistant batting coach Hunter Mense said. “He’s very hit-oriented, in that he just wants to move balls in play and hit balls on the ground, I think, in Colorado.
“So [Jays hitting coach] Guillermo [Martinez] did an amazing job helping him break free to drive balls or try to drive balls in the air.
Tapia’s release process was aided by the outfielder’s excellent feel at home plate, Mense said. During a game, Tapia will move around the batter’s box until he feels comfortable, and that willingness to adjust his approach so often is rare for a batter these days.
“The adaptability and the competitiveness that you see in these situations,” Mense said, “sometimes guys have a hard time doing it because they’re so determined in one way, and they’re worried about what’s going to happen. pass if they move away from it. . Then [Tapia] is good to be able to make these adjustments on the fly.
Tapia’s slyness on the plate is the origin of his nickname, “The Crab”. Although he owns a farm in the Dominican Republic that is home to many crabs, it’s the way Tapia wiggles his elbows in his batting stance – mimicking the opening and closing of a crab’s claws – that earned him its crustacean nickname.
Now the Blue Jays hope to translate all that energy and movement into legitimate results at home plate. At a slim 6-foot-3, Tapia packs a surprising amount of power into his swing, using his long arms to create plenty of torque on balls close to his body.
Mense estimates Tapia has hit between seven and ten balls this year with an exit speed of between 106 and 109 miles per hour. This mark is supported by Tapia’s improved average output speed, which increased by a touch to 86.4 miles per hour. The liberated and tougher approach is not without pitfalls, however.
Tapia is chasing throws out of the box at a career high. Only the Detroit Tigers’ Javier Baez chases more frequently than Tapia’s 44.7 percent, and Tapia’s 68 percent chase rate with two strikes is a surprising career high.
“That’s probably the most important thing,” Mense said. “He’s hunted a lot in his career, but not as much as this year. And I think it’s just that he takes more risks and wants to try to catch a few more balls in front, and so he commits to throwing a little earlier.
Mense explained that the Blue Jays are comfortable with Tapia chasing and breathing more because it shows he’s trying to do a little more damage with each shot. When runners are on or he hits in a clutch situation, it’s normal for him to widen the area because, at the end of the day, his contact ability is his best tool. Mense cited Tapia’s nine-pitch sack steal against the Boston Red Sox on April 27 as a good example of his swing-focused approach paying off.
A strong support structure has also helped Tapia accept these adjustments, even if they are not yet working. That’s not to say Tapia’s coaches in Colorado haven’t been supportive, but he feels a unique connection to the Toronto staff.
“Here I feel the chemistry with the coaches, like I said, with [Guillermo] and Hunter,” Tapia said through a team interpreter. “It’s their confidence. They give me confidence, and when you give that to a player, you have succeeded.
The instructions are there – they’ve been there all season – now is the time for the batter to execute, because this freefalling Blue Jays roster desperately needs a hot streak from someone like Tapia.
“He has an innate ability to be able to hit the ball, and he will come back to it,” Mense said. “It’s just a matter of time.”
The days of historically low loan interest rates are over, with the Reserve Bank of India (RBI) surprisingly raising the repo rate by 40 basis points in May. The Governor of the RBI indeed said in an interview: “There will be some increase in the repo rate. By how much, I cannot say now. Rising interest rates will have the biggest impact on home borrowers, as these are the longest loans and likely the largest loans an individual will take out in their lifetime.
Most home loans are contracted at variable rates so that borrowers cannot escape rising interest rates. Regardless of the interest rate regime (whether external benchmark rate, base rate, BPLR or MCLR) under which you manage your loan, your EMI is bound to increase.
Here are seven ways you can manage/reduce your EMI home loan burden.
1. Best time for new borrowers to get a hybrid loan
If you are a new borrower, you should take your time and evaluate a hybrid loan where the lender gives you the loan at a fixed rate for the first few years, after which they start charging the prevailing variable interest rate. “Move to semi-fixed 3-year fixed and then floating rates to ensure interest rate movement does not affect your loan term or EMI,” says Malcolm Athaide, CEO-Co-Founder of Agrim HousingFinance. However, remember that the fixed rate on such a loan may be a bit higher than the variable rate option.
2. Check if you are under the old interest rate regime
If you took out your home loan before October 2019, it is likely that the interest rate scheme for your loan will be MCLR or base rate or BPLR. While all new loans were transferred to the external benchmark rate after October 2019, old loans were allowed to operate under the existing system until borrowers requested a change to the new regime. If your loan is old, then you need to check its scheme and the interest rate you are paying with the lender. If it is much higher than the lender’s EBR, it may be a good time for you to switch to the EBR regime by paying a nominal fee.
3. Check other lenders and switch to a lower rate
You should check the interest rate that is charged on your home loan and compare it with other lenders known to offer competitive rates. If you had taken out your lowest rate home loan with a very competitive lender and even after the rate hike it continues to be the lowest rate, there will be no benefit in looking for another lender. However, if the interest rate you are paying is much higher than other lenders despite rising rates, it may make more sense now for you to switch to a new lender.
Besides the best HFCs like
and LICHFL, most housing finance companies generally charge a higher interest rate than banks. So, if your income profile and the property meet the eligibility criteria for a loan from top banks or HFCs, it might be time to attempt a loan transfer. Generally, if the interest rate difference is 0.5% or more, it is beneficial to transfer your loan to a new lender.
4. Negotiate a lower rate with an improved credit score
If you’ve been disciplined in paying back, maybe it’s time to reap the rewards. “Existing home loan borrowers who have seen substantial improvements in their credit profile due to improvements in their credit rating, income, or employment profile since using their home loan should also explore the opportunity to save on interest charges through home loan balance transfer Their improved credit profile can make them eligible for home loans at much lower rates from other lenders,” says Ratan Chaudhary – Head of home loans, Paisabazaar.com.
5. Opt for a term extension with the same lender
When you have the lowest interest rate after the hike and are struggling to pay increased EMIs after further rate hikes in the future, it may be worth asking your lender to raise the loan term and reduce your EMI. Increasing tenure is generally permitted by the lender until the retirement age of around 60 to 65 years old. Thus, if you are 35 years old and have taken out a loan with a duration of 20 years, you can very well increase it to 25 years which will end when you retire at 60 years old.
6. Opt for the home saver option
There are also home loans that give you the option of having a sort of overdraft facility. “New and existing home loan borrowers with cash constraints can opt for the home savings option. Under this facility, an overdraft account is opened in the form of a checking or savings account where the borrower can park their surpluses and withdraw from them according to their financial needs,” says Chaudhary.
In such loans, you only have to pay the interest portion until you are comfortable making the principal repayment. “The interest on the loan component is calculated after deducting the surpluses parked in the savings/current account from the outstanding amount of the home loan. Thus, home loan borrowers would have the advantage of making early repayments without sacrificing their liquidity,” Chaudhary said.
Although a home savings loan will increase your flexibility to manage your loan with less repayment stress, however, the interest rate on this loan is usually 1-1.5% higher.
7. Partial prepayment can help if term extension is not possible
If the duration of your home loan has already been extended until your retirement age, there is practically no possibility of extending the duration. The only remaining option that can help you reduce your EMI is partial prepayment of your home loan. Since most retail home loans are variable rate, there is therefore no penalty for partial prepayments. If you have an investment such as term deposits that gives you an after-tax return that is much lower than the effective interest rate on your home loan after tax benefits have been deducted, it may be worth paying off your home loan early and reducing your NDE. .
A wind of change is blowing through the leveraged finance market.
The turmoil sweeping the markets is putting pressure on corporate borrowers who have taken on high levels of floating rate debt in recent years. As rates rise, they will face higher interest costs and pressure on cash flow, a sharp reversal after years of cheap borrowing.
As companies benefited from higher valuations and relatively easy lending terms, the pendulum is swinging and debt investors are becoming cautious about borrowers’ ability to repay their loans in the face of deteriorating economic conditions.
The change led to a slowdown in the issuance of new loans in the private debt market, as well as tighter covenants and higher borrowing costs, several investors said.
Even as lenders face more uncertainty, some are looking to take advantage of the new situation, which should lead to more deals offering higher spreads, investor-friendly structures and a potential resumption of trading. private debt for companies not supported by sponsors.
“What happened at the macro level made the syndicated loan market very difficult to navigate, and we saw very little activity on the syndicated side. [in recent weeks]because of the difficulty in pricing transactions,” said Jake Mincemoyer, head of US leveraged finance at Allen & Overy. had fewer transactions to fund.”
US companies issued $132.7 billion in leveraged loans this year through May 18, while in the first quarter of 2021 alone, leveraged loans totaled more than $167.8 billion, according to Leveraged Commentary & Data.
Other investors said they still see a pipeline full of pending deals as cash-rich private investors take advantage of lower valuations to make new acquisitions. Even so, these investors acknowledged that borrowers’ cash flows will come under pressure in the coming months, which could affect their ability to meet debt repayments.
As market dynamics have changed in recent weeks, policy rates have risen. The three-month Libor rose above 1.5% on May 19, the highest since March 2020. The Secured Overnight Funding Rate, or SOFR, also hovered around a two-year high over the past two last weeks.
As the Federal Reserve raises interest rates, borrowers will bear the brunt of the rising cost of capital, especially companies in sectors such as consumer products, media and entertainment, where it has traditionally been difficult to pass the costs on to customers, said Ramki Muthukrishnan, who leads the United States. leveraged finance team for S&P Global Ratings.
Meanwhile, inflationary pressures are likely to persist for some time, crushing businesses in cyclical sectors.
Last-12-month EBITDA growth reported by speculative-grade companies in North America has slowed across most sectors since the third quarter of 2021 and will continue to slow this year, said S&P analyst Hanna Zhang.
Some analysts predict a slight increase in the number of corporate borrowers defaulting on their debts.
Default rates among high-risk companies could reach 3% for the 12 months ending in March 2023, compared to a default rate of 1.4% through March 2022, according to S&P’s latest debt outlook. speculative grade business. Even with this increase, however, the rate would still be lower than some previous downturns such as the 2008 financial crisis, when the rate soared into the double digits.
Higher debt load
As corporate valuations have climbed in recent years, private equity buyout firms have been able to load their acquisition targets with more debt. While the debt-to-equity ratio has remained stable in many cases, the higher absolute amount of debt is likely to put additional pressure on highly indebted borrowers when the debt becomes more expensive to repay, Chris said. Lund, Managing Director and Portfolio Manager. at Monroe Capital.
“There could be a double whammy of rising interest charges at the same time as inflationary pressures put pressure on margins,” Lund said. “While higher interest charges should lead to higher credit yields, lenders need to be above their existing agreements and ensure borrowers are able to generate adequate cash flow.”
Lund added that if the economy weakens further, the pendulum could swing further in favor of lenders. Bond investors will see more opportunities in less active areas when valuations are high, such as deals that don’t involve a PE sponsor.
“In a recessionary environment, private equity firms may focus more on existing portfolio companies and less on acquiring new platforms,” he said. “In our historical experience, in more volatile markets, we see an increase in the flow of attractive non-sponsor-backed deals, which typically offer higher returns than sponsor-backed deals, because this market is less competitive and the Direct lenders can typically raise equity through warrants or co-investment opportunities on senior secured positions.”
Monroe Capital, a private debt-focused asset manager with approximately $14 billion in assets under management, currently invests 80-90% of its direct lending portfolio in loans that support fund buyouts. investment capital. But Lund said the company’s unsponsored deals are likely to increase if the current volatility leads to a slowdown in mergers and general capital markets activity.
In recent weeks, some private lenders have negotiated a higher risk premium and reduced so-called covenant-lite, or borrower-friendly, transactions in the middle market, according to Marcel Schindler, who heads the debt business. private at StepStone.
“We’ve recently seen prices adjust, which means the spread that investors demand to hold private loans over the risk-free rate has increased,” Schindler said. “We also saw, in a few transactions, people reconsidering the valuation and becoming more cautious about EBITDA adjustments.”
It may be too early to tell whether these adjustments to deals signal a broader shift in the market for private debt deals, Schindler added, but if market turmoil persists, lenders may use their increased bargaining power to demand better prices and more protective terms.
As part of its commitment to serve the communities in which it operates, the Great Lakes Credit Union (GLCU) is partnering with the Great Lakes Alliance by sponsoring a Beach Cleanup Day at North Beach in Waukegan. The event, open to GLCU employees and members of the public, will be held on June 5, 2022, from 10:00 a.m. to 12:00 p.m., and aims to improve the environment for people in the surrounding area.
Waukegan is an important place to conduct environmental advocacy, as it has historically faced significant pollution. Today, former factories, ranging from a closed asbestos manufacturing plant to an active gypsum factory, lie within minutes of the area’s public beaches.
GLCU has been part of the Waukegan community for over 18 years and finds it crucial to maintain the community that many GLCU members and employees call home. The nonprofit hopes its next initiative can help advance environmental justice for these families, starting at one of the area’s popular summer destinations.
“We look forward to partnering with the Great Lakes Alliance to help clean up and preserve such an important public site, especially as warmer weather brings an increase in beachgoers. People in our communities deserve access to spaces where they can thrive and spend time with their families, and we hope this environmental initiative can help facilitate that at North Beach Lake,” said Michelle Shelton, Director of experience at GLCU.
On the day of the initiative, GLCU team members will begin welcoming credit union and community volunteers at 9:30 a.m. and distribute free GLCU t-shirts to all attendees. At 10 a.m., a representative from the Great Lakes Alliance will provide a brief overview and instructions for the event, which will include collecting data on the debris picked up.
All volunteers will be asked to bring gloves and will be given a bucket to put the trash they remove from the beach into. Registrants will also receive a data collection sheet so they can record the items they have picked up. At the end of the event, participants will weigh the items collected, so that GLCU and the alliance can track the measurable impact of the initiative. Community members who wish to help us in our efforts can register here.
About the Caisse populaire des Grands Lacs
Founded in 1938 and based in Northern Illinois, GLCU is committed to empowering you financially. As a nonprofit financial cooperative with over $1 billion in assets, GLCU is proud to serve more than 80,000 members in Chicagoland and surrounding areas. Learn more about GLCU’s accounts, educational initiatives, and community development programs at glcu.org
A man has been jailed after being caught red-handed at a cannabis factory in Stoke-on-Trent. Police discovered a sophisticated grow operation and 50 cannabis plants after forcing their way into the house in Foley Street, Fenton.
Albanian Mateo Palla agreed to have entered the UK illegally in June 2021 and said he was working to repay a £24,000 debt to the traffickers who brought him here. Now the 24-year-old has been jailed for 10 months at Stoke-on-Trent Crown Court.
Prosecutor Lynette McClement said police were acting on information about a cannabis grow when they attended a home in Foley Street, Fenton on March 11. The accused was at the back door talking in a foreign language on a cell phone.
READ: Crack dealer sent to do the ‘nasty job’ caught with suspicious bulge in pants
Miss McClement said: “The police immediately believed that this defendant was an Albanian national. They forced entry through the door. The defendant attempted to lock the door. The door was opened. There was a loud smell of cannabis and bright lights could be seen on the first floor.”
Officers discovered that the electricity had been bypassed and found 50 cannabis plants spread throughout a first-floor bedroom and the attic, along with lights and transformers. When interviewed by police, the defendant admitted he had entered the country as an illegal immigrant in June last year and was working at the address to repay the £24,000 he he owed to those who had brought him into the country.
Palla, of no fixed address, pleaded guilty to producing a Class B drug.
Mitigating Gary Cook said the defendant did not succumb to temptation and categorized himself as a modern day slave. He said: “The offense is totally irrelevant. He owed money to those who facilitated his entry into this country.”
Mr Cook added that the accused could be managed and punished in the community and the sentence could be suspended.
But Judge Sally Hancox said the sentence should have a chilling effect on others. She said: “Your arrest comes against a backdrop in the city of Stoke-on-Trent of a series of premises rented and fitted out as premises for the cultivation of cannabis. In the vast majority of cases the use of these premises for cultivation cannabis seems to be something that is regularly undertaken by organized crime groups with strong ties to the local Albanian population or the Albanian country.
“In the city of Stoke-on-Trent at the moment so many people in your position say they have been placed in premises to pay off the debt of those who brought them into the UK. is again the sum of £24,000 the court is hearing about.
‘For this type of unlawful enterprise to be mitigated, and we hope it is fully exercised, from the City of Stoke-on-Trent, penalties must act as a deterrent.’
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MYRTLE BEACH, SC (WBTW) — The latest report from the Carolina Coast Realtors Association (CCAR) shows that the average price of a single-family home has increased by more than 42% since 2020. The Inspection Support Network (ISN) has classified Myrtle Beach 17th in the country for the largest increase in mortgage prices.
In 2019, the average Guild Mortgage mortgage was around $190,000. In the SC Department of Consumer Affairs said the average mortgage was around $229,000. In 2022, the average Guild Mortgage loan is around $240,000. Max Neubauer, mortgage loan officer at Guild Mortgage, said it was because of an increase in home values.
A first-time home buyer, Danielle Flynn, has been following the process since August 2021. She has seen an interest rate increase of more than 2% since the process began.
“Instead of 3.3%, which was in August, it’s now 5.499%,” Flynn said.
Interest rates affect many factors for homebuyers.
“It obviously affects the down payment I have to put down on the house, it affects how much I have to pay over the life of the loan,” Flynn said.
In 2019, the average interest rate for a home in Myrtle Beach was 4.4%, according to Neubauer. In 2020, the SC Dept. of Consumer Affairs reports that interest rates were 3.3%. In 2022, Guild Mortgage reported that the average interest rate was almost 5.5%. Neubauer said rates have risen in recent years, but are still low relative to historical interest rates.
“We were spoiled. I mean we’ve been spoiled the last two years with rates in the twos and threes,” Neubauer said.
He said a major impact in an increase in demand is relocation. More people are moving to Myrtle Beach than before the pandemic.
“The biggest change in Myrtle Beach is just the desire to live somewhere you want to be,” Neubauer said.
“Even though prices have gone up, it’s just in line with the rest of the country in terms of values,” he said.
First-time home buyers should research and talk to as many mortgage lenders as possible to find the best price and rate.
The credit union serves more than 540,000 members and has assets of more than $7 billion
BREVARD COUNTY • MELBOURNE, FLORIDA — Space Coast Credit Union has appointed Chad Jaenke as Chief Information Officer and Senior Vice President. Jaenke brings with him an impressive 25 years of leading and mentoring international IT operations and security teams.
The credit union, which was incorporated in 1951 and is headquartered in Melbourne, serves more than 540,000 members with assets of over $7 billion and has a service delivery network of 64 branches.
Membership in Space Coast Credit Union is open to anyone who lives or works in SCCU’s service area of 34 counties located throughout Florida.
“I’m delighted to be here,” Jaenke said. “I look forward to leading this talented team in developing improvements that benefit our operational efficiency and ensure we are at the forefront of security and technology capabilities.”
In his new role, Jaenke will lead various information technology divisions, which include operational systems, security, support and development.
“Chad’s wealth of expertise positions him well for SCCU’s leadership team,” said Timothy M. Antonition, President and CEO of SCCU.
“We are confident that his future perspective will enhance our information technology services.”
Jaenke joins SCCU from Georgia’s largest full-service credit union, where he served as vice president of IT operations and service management.
He was responsible for overseeing technical strategy for an operations support department of more than 40 people, achieving multi-million dollar expense reductions; the 2021 Celent Model Bank Winner for Retail Digital Transformation and the 2021 Tekkie Prize for COVID-19 Response; and member satisfaction above the national average.
Jaenke’s previous experience includes service at the world’s leading airline IT and communications solutions company, where he started as Senior Director of Global Data Center and Network Operations and rose to the Global Data Center and Infrastructure Director position.
He graduated in 2007 from Metropolitan State University with an MBA and in 1997 from DeVry University with a bachelor’s degree in telecommunications management.
The famous “Fearless Girl” statue was presented as a unique symbol of inspiration for women’s equality. But, as it turns out, she’s not exactly one of a kind.
Kristen Visbal, the artist behind the 50.4-inch-tall bronze sculpture – a young girl assuming Superman’s iconic stance, originally as she confronted the charging bull of Wall Street – faces a lawsuit for breach of contract from State Street Global Advisors, the asset-management company that commissioned the piece in 2017, for copying its own work. So she decided to double down and sell even more “Fearless Girl” lines, as well as NFTs, to cover her $3 million legal costs.
“She’s like the Statue of Liberty,” Visbal told The Post of her creation. “I want people to take advantage of it. I want to use it for initiatives that raise awareness of diversity and equality.
Visbal certainly seems to be enjoying it.
NFTs, which feature “Fearless Girl” in different positions and sometimes with slightly different hairstyles, are sold in five stages on the OpenSea NFT marketplace. The first, called “Interstellar Collection” and now available in a limited edition of 125 copies, costs 3.57 ETH ($7,235). It includes a short film of a comet streaking through space, erupting on a city sidewalk, and transforming into “Fearless Girl,” as well as a 22-inch replica of the statue. (Digital art is also available, without sculpture, for 1.39 ETH, or $2,817)
Tuesday’s sale is “The Superstar Collection,” featuring a single full-size “Fearless Girl” and a two-minute film, for $250,500. There will also be a series of seven playing card-style digital artworks – each in an edition of 100 and costing 0.20 ETH ($405) – featuring “Fearless Girl” slowly pirouetting against a backdrop of heavenly inspiration.
“It’s more than a great investment. These NFTs are an opportunity to have a viral symbol of empowerment in your home,” Visbal added.
The artist was sued by State Street in 2019, after she created 25 life-size bronze replicas of “Fearless Girl” and sold eight of them for $250,000 each. Visbal also sold about 100 miniature versions for around $6,000 each.
A spokesperson for State Street Global Advisors said: ‘In brief, the alleged breaches include Ms. Visbal’s sale of a replica of ‘Fearless Girl’ to a class action law firm and two financial companies in Australia, which constitutes a breach of a clause in the contract which requires the approval of both parties before the sale. SSGA discovered this sale after it took place. The sale also violates the exclusive intellectual property rights (copyright and trademark) of SSGA. In its court filing, the company claims the artist caused “substantial and irreparable harm” to both “Fearless Girl” and State Street by creating and selling copies.
But a defiant Visbal, who lives in Rehoboth, Delaware, told the Post, “I didn’t do it for any company. I made it to celebrate women and for the general public.
According to the State Street website, “We placed ‘Fearless Girl’ in New York’s Financial District to start a conversation about the importance of gender diversity in corporate leadership.” Since the statue’s arrival, the company said, more than 1,500 companies worldwide have been exposed for not having women on their boards.
The statue was moved from its original location to Broad Street across from the New York Stock Exchange in 2018.
How the credit scores of new auto loan recipients have changed over the past 10 years
Someone wants to lend you money. If they don’t know you, how do they know you can trust them to give them a full refund? Professional lenders turn to credit scores to get an overview of your reliability and calculate the likelihood that you will repay a loan on time. These kernels are a way to measure the risk associated with a lender lending you money.
A FICO score, one of the types of credit scores, is calculated by looking at your individual profile of amount owed, payment history, length of credit history, new credit, and combination of credit accounts , which is the combination of loans you have such as mortgages, student loans, and credit cards.
When buying a car and obtaining an auto loan, it is important to have a good credit score in order to obtain the most competitive interest rates from lenders. The exact rate will depend on many factors, including the amount of money you borrow, the terms of the loan, and your lender. However, the scale here is clear: the lower your credit score, the harder it is to get a low-interest loan.
For those who fall into the category of fair to low credit scores (699 or less) or who have a limited credit history, a subprime car loan is often the best or even the only option. “Subprime” simply refers to a borrower with a below average credit classification. Subprime auto loans have become big business…
Kuala Lumpur, Malaysia – Malaysian carrier AirAsia is facing a wave of complaints from customers who say they have still not been reimbursed for canceled or rescheduled flights during the pandemic.
AirAsia and its subsidiary AirAsia X (AAX), both owned by Capital A Berhad, blocked thousands of flights in 2020 and 2021 after the Malaysian government closed domestic and international borders to curb the spread of COVID-19.
But months after the low-cost carrier resumed flights following the lifting of interstate and international border restrictions for Malaysians in October, hundreds of customers have taken to social media to complain about poor customer service and charges. long waits for reimbursement.
Rohana Betak, 60, said she requested a refund of 4,000 Malaysian ringgits ($911) after the airline canceled flights between Senai and Kota Kinabalu, the capital of Sabah state, at the following the introduction of a national lockdown in March 2020.
Betak, who planned to visit the area around Mount Kinabalu, Southeast Asia’s highest peak, with his family in October 2021, said the airline’s automated online customer service only offered him the possibility of traveling on different dates. Betak decided not to accept the offer due to uncertainty over when restrictions would be lifted and concerns over catching COVID-19. Two years later, she says she is still waiting for her money.
“In my application I said it was fine to refund the credits for the booking but instead I was reminded in June 2020 that I had to board the flight to Sabah on a different date and that there would be no refund,” Betak told Al Jazeera.
“It wasn’t helpful because instead of offering me at least a refund credit, it told me I had no choice but to travel on different dates.”
Travel to Sabah prior to October 2021 was strictly limited to certain categories of travellers, including those traveling for work and those born in the state. Rohana and her family did not fall into any exempt category.
“When he demanded that I take another flight, I asked if they wanted to send me and my family to our death?” Betak said. “It’s so frustrating and I’m so sick of trying to get my money back that I’ve agreed not to get my money back at all.”
Many complaints have been made to AVA, AirAsia’s online chatbot, which is the only line of communication between customers and the airline for reservations or flight-related issues.
In particular, some questioned why it was so difficult to reach customer service to request a refund, even for flights booked since the lifting of pandemic restrictions.
Customer Aulia Chaerisa Salleh said she was awaiting a refund for a flight from Batam to Jakarta that was booked earlier this month after being told no seats were available.
“I paid for my ticket and it didn’t register in the system so I tried to get my tickets refunded. I tried the AVA live chat but it’s not at all I haven’t heard from them for days,” she said.
Under AirAsia’s current refund policy, the airline offers customers a refund, credit or rescheduled travel date whenever a flight is canceled or rescheduled.
AirAsia told Al Jazeera that the airline is engaged in ongoing dialogue with consumer regulators in the region to ensure compliance with all local regulations.
“AirAsia Group’s policies are in line with many low-cost operators in the travel industry around the world and are fully compliant with all regulatory requirements and as a customer-centric airline we have focused on resolving all customer questions during the pandemic as soon as possible,” a spokesperson said.
The airline group said it had resolved more than 90% of refund requests and pledged to resolve a small number of outstanding claims as soon as possible.
“In Malaysia, for example, only 0.03% of the refund requests we received remain and we look forward to completing the refund exercise for all outstanding requests in the coming months,” said the gatekeeper. -speak, adding that the past two years have been the most challenging in commercial aviation history.
The spokesperson added that “our passengers remain our number one priority” and that the airline “will continue to improve our services to provide the best in safe, affordable and reliable air travel.”
Tan Kok Liang, president of the Malaysian Travel and Travel Agents Association (MATTA), said the backlog of refunds is a short-term problem and that its 3,100 members will continue to book with AirAsia as long as the customers will ask for it.
“The problem child is AAX and while air connectivity is crucial for the recovery of tourism, according to the media, AirAsia should be held more accountable to all stakeholders,” Tan told Al Jazeera.
The hefty compensation paid to airline co-founders Tony Fernandez and Kamarudin Maranun, who brought in nearly 30 million ringgit ($6.8 million) combined last year, has also raised eyebrows.
Following the release of Capital A’s 2021 annual report last month, some social media users expressed their frustration on Fernandez’s personal Instagram accounts, with a comment calling AirAsia “the one and only airline that has no customer service phone number”.
Despite generous executive pay, AAX, the group’s long-haul carrier, was forced last year to restructure its debt to save itself from liquidation after running up huge debts during the pandemic.
In March, AAX announced it had completed its debt restructuring after creditors agreed to a deal under which the airline would pay just 0.5% of outstanding debt and terminate contracts. to restructure RM33.65 billion ($8.1 billion) of liabilities.
During the restructuring of the debt, the group offered travelers travel credits instead of flights.
The Malaysian Aviation Commission (MAVCOM), however, has urged the airline to reimburse customers for tickets purchased while threatening to exercise its powers under the Malaysian Aviation Commission Act 2015.
Capital A reported revenue of 1.7 billion ringgit ($387 million) in fiscal 2021, down 47% from a year earlier as capacity fell to just 36% of 2020 levels.
Zia Credit Union is collaborating with the Fuller Lodge Art Center by sponsoring a free creative writing workshop for teens June 20-24 called “Story Anatomy.”
The workshop will be led by Cat Ozment who has taught creative writing at the Art Center since 2017, including the basics of fiction, principles of story structure, compelling characters, critical reading for creative writers and a variety of NaNoWriMo preparatory courses, and more.
Ozment’s undergraduate degree was in Creative Writing and his Ph.D. is in contemporary literature. Before moving to Los Alamos, she spent more than a decade teaching students to write, read, and think critically and collaboratively about the world around them.
“Teaching language arts is my great passion, and returning to both my creative writing roots and teaching was essential to finding my footing after moving to Los Alamos in 2015,” he said. she stated. “I currently teach English as a Second Language at UNM-LA through a publicly funded program that is part of the phenomenal Adult Learning Center,” Ozment said.
“Story Anatomy” will teach Summer Art Camp for the first time for Ozment, which is also a freelance publisher.
“I couldn’t be more excited to bring my expertise and enthusiasm to such a wonderful program by offering four courses this year. “Story Anatomy,” which is generously sponsored by Zia Credit Union, adapted from an adult creative writing class I taught in early 2020,” she said.
Ozment said there is a long tradition of established authors playing with the stories, forms and conventions of fairy tales through narratives.
“For good reason: fairy tales grab us with the basic elements of compelling storytelling. Students in this class will use analytical skills, creative skills, and their experience of everyday storytelling to discover the basic structure of story, create their own retelling of a specific fairy tale and give it their own unique perspective,” she said, adding that the course is designed for both beginners and advanced writers.
Other Ozment classes offered during Art Camp are “Find Your Voice” in June and “Writer Superpowers: Observation” in July for middle schoolers, and “Exquisite Corpse” in July for teens.
“An investment in our community is the best investment one can make, and there is no better investment than in the future of young professionals,” said the President and CEO of Zia Credit. Union, Dwayne Herrera. “This workshop fosters creativity and writing skills – preparing young adults to succeed in college and their future careers. We are incredibly proud to offer our support.
Herrera said Zia believes in impacting the lives of its members, employees and community in a positive way by providing financial advice, education and tools to people in Los Alamos Counties. , Rio Arriba, Taos, Pojoaque and Santa Fe., they have had a significant impact on the quality of life within the communities where their members live, work or worship.
“Just as Zia helps people change the narrative or financially write their life story, we hope investing in this workshop will inspire these young adults to strive for the best versions of themselves now. and in the future,” he said.
Attendees can register by visiting the Fuller Lodge Art Center’s Eventbrite page.
OWith inflation reaching record highs and with a limited number of homes on the market, especially in the New York area, it’s a tough time for those looking to move or buy for the first time.
For first-time buyers, there’s no escaping the fact that finding and locking up a property will be stressful, but at least there’s financial support from the local government, in the form of the Down Payment Assistance Loan Program (DPAL).
What is the Down Payment Assistance Loan (DPAL) program?
The DPAL program is managed by the New York State Mortgage Agency (SONYMA) and it helps provide people with the funds needed for the down payment and closing costs.
It allows borrowers to access down payment assistance through a second mortgage and, encouragingly, DPALs have zero interest rates.
Many people who use this program may never have to repay the money, as the debt will be forgiven after 10 years as long as the borrower keeps the SONYMA financing in place and continues to occupy the home for which this financing is has been used.
With this program, the minimum loan is set at $1,000, while the maximum loan is the greater of: $3,000 or three percent of the purchase price of the home, up to a maximum of $15,000 .
Who is eligible for the Down Payment Assistance Loan (DPAL) program?
Most first-time buyers in New York State will be eligible for the DPAL program, provided they meet a few standard eligibility criteria and the property they are buying does as well.
Before applying, however, you will need to be pre-qualified, which can be done by providing the following documentation:
This major report presents a clear view of the current performance of the global consumer and corporate debt consolidation market and its likely development in the coming years. The key findings of the Global Consumer and Corporate Debt Consolidation Market report focus on changing Global Consumer and Corporate Debt Consolidation Market dynamics, substantial new opportunities, critical forces likely to contribute to the growth of the global consumer and corporate debt consolidation market. in both advanced and developing economies.
This report focuses on the major players in the global consumer and corporate debt consolidation market: Discover Personal Loans (US), Lending Club (US), Payoff (US), SoFi (US), FreedomPlus (US) …
The report undertakes research and analysis that helps market players understand the global Consumer and Business Debt Consolidation in Advanced and Developing Economies market status, future market scenarios, opportunities and to identify solutions on how to organize and operate in the global Consumer and Business Debt Consolidation market. The report begins by examining how the global consumer and corporate debt consolidation market has evolved through the pandemic to this post-pandemic point, the key forces at work, the implications of the covid pandemic -19 on business and policy makers. Most importantly, the report has performed an in-depth analysis of the selected segments and countries.
A detailed analysis of the capital-intensive market companies, their strategic trends and their impacts on industry production and growth are studied in the report. The objective of the report is to showcase forces that would impact different parts of the current global Consumer and Business Debt Consolidation industry. The report aims to map the risks faced by different regions, countries, and segments operating in the market, along with offering a range of options and responses. It recommends best practices to improve efficiency, protect against future risks as well as supply chains against possible threats. Finally, the report helps market players to anticipate trends and seize market opportunities with the data and forecast provided in the report.
Sector Consumer and Business Debt Consolidation: Main form of product: Credit card debt, Overdrafts or borrowings, Other
Apps containing: Company, Private
Global Consumer and Business Debt Consolidation Market Research Report Offers–
— The report discusses the main mergers and acquisitions, organic investments including R&D. — The report presents a study on the response of major manufacturers to understand the elasticity of target markets. – The report provides a detailed assessment of the long-term outlook of the global Consumer and Business Debt Consolidation Market. – The report assesses business segments, products, services, and supply channels of the global Consumer and Business Debt Consolidation Market. – The report highlights the challenges faced by global Consumer and Business Debt Consolidation Market players in expanding into new sectors, trading in certain goods or products during the pandemic, and expanding into new ones. consumer segments. – The report highlights both opportunities and threats shaping the global consumer and corporate debt consolidation market, particularly the consumer segments. – The report examines the Global Consumer and Commercial Debt Consolidation Market’s financial structure, business and operating models. — The report identifies the innovation strategies adopted by well-established companies in the global Consumer and Corporate Debt Consolidation market.
Key questions answered by the report include:
Which new builders are strongly growth oriented and likely to achieve aggressive growth in the years to come?
What is the largest geographical area in the Global Consumer and Business Debt Consolidation Market?
How Did the Pandemic Diversify Impact on Global Consumer and Corporate Debt Consolidation Market GDP in Selected Countries?
What is the global economic outlook for the Consumer and Business Debt Consolidation industry?
What are the performance indicators of the Consumer and Commercial Debt Consolidation sector between 2019 and 2020?
How are market participants recovering from the covid-19 pandemic?
What is the road to recovery from the covid crisis?
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