Money – Creative Room 4 Talk http://creativeroom4talk.com/ Fri, 28 May 2021 19:37:02 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://creativeroom4talk.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Money – Creative Room 4 Talk http://creativeroom4talk.com/ 32 32 FGN converts CBN loans into marketable securities as debt soars https://creativeroom4talk.com/fgn-converts-cbn-loans-into-marketable-securities-as-debt-soars/ https://creativeroom4talk.com/fgn-converts-cbn-loans-into-marketable-securities-as-debt-soars/#respond Wed, 07 Apr 2021 23:16:33 +0000 https://creativeroom4talk.com/fgn-converts-cbn-loans-into-marketable-securities-as-debt-soars/

Friday, Jan 15, 2021 / 12:44 p.m. / by FDC Ltd / Header image credit: MIES Group


The Federal Government has revealed its intention to convert its 2020 CBN loans (on N11trn) into formal loans by designing “special instruments” that could be repackaged and sold as bonds. The FG had partially financed the N6.1trn deficit for 2020 through “ways and means” and should also do so again in 2021.

The impact of this will be a huge injection of more than N11trn into the fixed income market in 2021, which would lead to higher fixed income yields. This supports the expectation of a shift to a higher interest rate environment in 2021. It could also have negative consequences on stock market liquidity which has been one of the main beneficiaries of the lack of fixed income securities. .

The federal government will also increase its total borrowing, now at $ 73.57 billion, but will not take any new facilities from the International Monetary Fund (IMF). The Federal Minister of Finance has revealed it.

This is after securing unconditional multilateral financing from the IMF ($ 3.4 billion) in 2020. A larger budget deficit of 5.7 billion naira is forecast in the 2021 budget – 14.46% higher than the deficit of 6.91 billion naira in 2020. conclusion of negotiations with the World Bank on the loan of 1.5 billion dollars, which will make it possible to close the budget deficit. The government’s decision not to give in to the naira float also limits its ability to access significant financing from concessional loans from the World Bank.

However, he now emphasizes domestic borrowing over external debt and said there would be no Eurobond at current interest rates. In 2020, Vice President Yemi Osinbajo hinted at the federal government’s intentions to extend what is now a two-year hiatus in the Eurobond market. This is despite low interest rates around the world, as central banks in advanced economies have reduced benchmark interest rates to near zero to boost their economies in the wake of the negative effects of the COVID-19 pandemic.

The federal government’s move will ease pressure on growing foreign debt and exchange rate volatility. Domestic debt issuance will rise accordingly, crowding out private sector borrowing. With soaring inflation, a shift to a higher interest rate environment is now almost inevitable in the short term, exacerbating financial pressures from governments as the cost of servicing domestic debt rises.

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  2. FGN’s domestic debt service on a plateau, totaling 604 billion naira in the third quarter of 2020
  3. FGN’s domestic debt service on a plateau, totaling 604 billion naira in the third quarter of 2020
  4. A slight increase in the FGN’s domestic debt in Q3 2020
  5. Nigeria’s stock of public debt as of September 30, 2020 was 32.22trn
  6. External debt service under control
  7. New issue, new Debt A service
  8. External Debt Dealer almost two-thirds
  9. Nigeria’s total audience Debt Stood At N31.01trn in Q2 2020 – NBS
  10. The Nigerian public Debt Stock held at N31.01trn in June 2020
  11. External Debt Flat stock in Q1 2020
  12. Q1 2020: Debt A service Installed on a tray
  13. Nigeria’s total audience Debt Was at N28.63trn in Q1 2020 – NBS
  14. Nigeria’s total audience Debt Remained at N27.40trn in Q4 2019 – NBS
  15. The rise of Nigeria Debt Burden and how to increase income
  16. Nigeria’s total audience Debt Remained at N26.14trn in Q3 2019 – NBS
  17. Nigeria’s total audience Debt Was located at N25.70trn in Q2 2019 – NBS
  18. Nigeria’s total audience Debt Remained at N24.97trn in Q1 2019 – NBS
  19. DMO releases the first quarter of 2019 to the public Debt Data – 2.3% marginal increase in total audience Debt Checked in
  20. DMO makes public Debt Data for December 2018
  21. Nigeria’s total audience Debt The stock stood at $ 73.21 billion or 22.43 billion naira in the third quarter of 2018
  22. DMO makes public Debt Data for June 2018; FGN Domestic Debt Refuse
  23. Public Debt Vulnerable to exchange rate movements
  24. DMO publishes the first quarter of 2018 Debt Data; Total audience Debt Was at N22.71trn or 74.28 billion USD
  25. Total audience Debt as of December 31, 2017 Represents 18.20% of Nigeria’s GDP for 2017 – DMO
  26. Nigerian public Debt – A comparative analysis
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Pennsylvania seniors complain they lost their place in the COVID-19 vaccine pecking order https://creativeroom4talk.com/pennsylvania-seniors-complain-they-lost-their-place-in-the-covid-19-vaccine-pecking-order/ https://creativeroom4talk.com/pennsylvania-seniors-complain-they-lost-their-place-in-the-covid-19-vaccine-pecking-order/#respond Wed, 07 Apr 2021 23:16:14 +0000 https://creativeroom4talk.com/pennsylvania-seniors-complain-they-lost-their-place-in-the-covid-19-vaccine-pecking-order/

Given the limited supply of COVID-19 vaccine available, the decision by Governor Tom Wolf and the Vaccine Task Force to reserve the initial lots of the state’s Johnson & Johnson vaccine for teachers and staff in the state. school is not doing well, some waiting for the vaccine.

Specifically, these include those eligible for phase 1A: the elderly and those with pre-existing health conditions. As vaccine distribution began in the state, Wolf administration officials told them they would join healthcare workers in the initial phase to get the arm shot.

But now many of them feel that the rules have changed.

Wolf and the Vaccine Task Force announced this week that the first state grants of the Johnson & Johnson single-dose vaccine will be offered exclusively to school employees and educators. The state is receiving 124,000 doses of this vaccine this week, with at least the same amount if not more in two or three weeks.

For older people and those with high-risk health conditions who are increasingly frustrated with the difficulty of trying to get vaccinated, it feels like their place on the priority list has slipped from a square.

“I think it’s important that everyone get vaccinated, but a pecking order was established early in the process,” said Robert Roderick of the Township of Lower Paxton. “The teachers ‘union appears to have used the pandemic to fill its wishlist and use teachers’ refusal to actually do their jobs as leverage. Now they are rewarded with a place at the head of the line. Pure and simple, Wolf gave in to their demands.

Some readers who contacted PennLive further accused the governor of showing favoritism towards the Pennsylvania State Education Association, one of its major contributors to the campaign, through this educator initiative.

Wolf spokeswoman Lyndsay Kensinger responded to the statements by pointing out that the decision to use the Johnson & Johnson vaccine for the educators’ vaccination initiative was not a decision the governor made of his own. chief. It was the one that came from the bipartisan joint working group on vaccines.

Further, she said, “The federal government has asked states to prioritize immunization of teachers and school staff and it is being done. In view of the federal directive, this special initiative is needed to help prevent this newly eligible group from competing for appointments with people already in 1A. “

Wolf said he hopes the state’s 200,000 school and educator workers outside of Philadelphia will receive the vaccine, or at least offer it to him, by the end of March. Philadelphia receives its own vaccine allowance but she also set the end of March as a goal to vaccinate its school employees.

Republican Senator Ryan Aument of Lancaster County, who is on the Vaccine Task Force, called the state educators’ immunization initiative “a major step forward in our efforts to fight COVID 19 and restore and rebuild a stronger Pennsylvania ”.

He said the task force saw this as an opportunity “to get our kids back to school, bring parents back to work, help families in Pennsylvania, strengthen our communities, and further position our economy for. recovery and growth ”.

Acting Health Secretary Alison Beam further defended the decision on Thursday, saying the move did not make those in Phase 1A any lower priority. She said the increasing number of doses of Pfizer and Moderna vaccines the state receives will continue to be available to this population, so this does not delay those in Phase 1A from receiving vaccination.

Wolf said on Friday the state had received enough Moderna and Pfizer vaccines to protect 450,000 people this week.

Yet people like Roderick don’t buy it.

“Now his administration is trying to tell us poor, stupid, uneducated public that putting teachers first has no effect on the elderly who are trying to find the vaccine. Most of us were born at night, but it wasn’t last night, ”Roderick said.

Members of the working group said they were determined to continue efforts to distribute doses efficiently, effectively and equitably to reach the estimated 4 million in Phase 1A so they can start scaling up to those in Phase 1A. phase 1B and beyond.

Pennsylvania State Education Association President Rich Askey said the teachers’ union understands the need for vulnerable Pennsylvanians to have access to the vaccine as quickly as possible and that this educator immunization program is in place to do not harm that.

“Instead, it fills a vital need in our community: to enable school staff to have access to the vaccine so that we can ensure that more students receive in-person instruction in the most appropriate way. safer possible, ”Askey said.

As seniors feel helpless that they don’t have a strong union like PSEA fighting for them, Bill Johnston-Walsh, AARP’s state director in Pennsylvania, said his organization is standing up for the 65-year-old. and more to make sure it doesn’t get lost. the hierarchical order of vaccines.

He said: “Since people 50 and over are responsible for 98% of deaths from COVID-19, we are counting on state officials to continue to prioritize the elderly.”

Jan Murphy can be reached at jmurphy@pennlive.com. Follow her on Twitter at @JanMurphy.


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Is It Time To Buy Luckin Coffee? https://creativeroom4talk.com/is-it-time-to-buy-luckin-coffee/ https://creativeroom4talk.com/is-it-time-to-buy-luckin-coffee/#respond Wed, 07 Apr 2021 23:16:05 +0000 https://creativeroom4talk.com/is-it-time-to-buy-luckin-coffee/

“Cheat on me once, shame on you. Cheat on me twice, shame on me.”

This is a very relevant sentence for Cafe Luckinof (OTC: LKNC.Y) former, current and future potential investors who may consider this action. The besieged Chinese coffeeshop chain was delisted from the U.S. stock exchanges in June 2020 after discovering that the previous management had made more than $ 300 million in sales and inflated spending to cover it.

Now the company has filed for Chapter 15 bankruptcy protection and replaced its management team. For the stores it has in operation, sales are growing again at double-digit rates.

Is It Time To Buy Luckin Coffee Again? Let’s dig a little deeper to find out.

Image source: Getty Images.

What does Chapter 15 bankruptcy mean for investors?

Chapter 15 is a section of the bankruptcy code covering insolvency cases involving companies with assets in more than one country. Luckin Coffee, which is domiciled in the Cayman Islands and does most of its business in China, applied for this protection in early February to guard against lawsuits from US creditors. The move follows his December 2020 deal to pay the SEC a $ 180 million fine to settle the fraud allegations.

In most cases, filing for bankruptcy is the death knell for shareholders. But for Luckin, most of the drop seems already taken into account. Shares are down about 85% from their 52-week high of $ 43 per share in January 2020. And while other downsides are possible, management plans to keep the company in business.

They state the following in a recent press release:

The Company is negotiating with its stakeholders to restructure financial obligations, to strengthen the balance sheet and enable it to exit Cayman proceedings as a going concern.

The company is still growing

According to management, Luckin’s bankruptcy filing will not affect day-to-day operations and all of its stores in China remain open. As the company faces persistent uncertainty due to drama c-suite, numerous lawsuits and investigations, its operational performance will likely determine which direction the stock is heading in the long run.

Luckin Coffee’s last earnings report dates back to November 13, which covers the third quarter of 2019. However, on December 17, the company’s bankruptcy liquidator submitted an unaudited report to the Cayman Islands Grand Court that reveals updated financial information.

Third-quarter revenue jumped 36% to 1.1 billion yuan ($ 171 million), following a 50% growth in the second quarter to 980 million yuan ($ 152 million) ).

Luckin streamlined operations – moving from a “growth at any cost” business model to more focused expansion. Management conducted store performance reviews and closed underperforming locations. It has also strengthened its criteria for opening new stores, targeting areas with better growth potential. Luckin now reports 3,898 standalone stores in November 2020, up from 4,511 in March.

Luckin coffee stock is on hold

The bankruptcy of Luckin Coffee paved the way for the restructuring of the company. And his rapid growth rate increases the likelihood that this beleaguered coffeeshop can turn into a viable business when the dust settles. However, investors may want to wait until the end of bankruptcy proceedings before taking a position. Due to his sleazy track record and heightened suspicion about Chinese stocks in general, investors should also expect Luckin Coffee to trade at a discount even as his financial situation improves.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.


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Proposed smoking ban for all parks in Grand Rapids https://creativeroom4talk.com/proposed-smoking-ban-for-all-parks-in-grand-rapids/ https://creativeroom4talk.com/proposed-smoking-ban-for-all-parks-in-grand-rapids/#respond Wed, 07 Apr 2021 23:15:52 +0000 https://creativeroom4talk.com/proposed-smoking-ban-for-all-parks-in-grand-rapids/

UPDATE: The measure to hold a public hearing on the draft ordinance passed by a 5-2 vote.

GRAND RAPIDS, MI – Grand Rapids is proposing to ban smoking and vaping in all city parks and playgrounds.

If approved later this year by commissioners, the amendment to the ordinance would ban not only smoking and vaping, but also all types of marijuana and tobacco products from city parks and playgrounds in from January 1, 2021. The city’s Indian Trails golf course is included in the ban.

The amendment would further prohibit intimidating people wanting another person to act in accordance with the ordinance and would ban the throwing of tobacco products and garbage like cigarette butts on sidewalks, grass and the like. areas not designated as a tobacco disposal receptacle.

The amendment to the ordinance banning smoking in parks was presented at the city commission’s plenary committee meeting on Tuesday morning, September 15.

By a 6-to-1 vote, the commissioners gave their initial approval Tuesday morning to advance the ban to a public hearing on October 13. Commissioner Nathaniel Moody was the only no to vote on the measure.

Final approval to hold the public hearing was passed later Tuesday by a 5-2 vote at the committee’s nightly meeting, with Moody and Commissioner Jon O’Connor voting against.

David Marquardt, the city’s director of parks and recreation, told commissioners compliance would start with a verbal warning to quit smoking or leave the no-go area.

If a person refuses to comply, the city can pronounce a civil offense. A civil offense can be avoided if the person participates in a program to quit smoking.

“We are also considering language that would offer participation in a smoking cessation program as an alternative, recognizing that civil offenses and those costs could be more than what some can handle at any given time,” Marquardt said.

Commissioners Milinda Ysasi and Kurt Reppart pleaded for city staff to devise more alternatives to the civil offense.

“I’m concerned that one of the options is to take a waiver course to waive the fine, because we just said it’s not a choice but, in fact, for people it is. could be addictive, so I would like to see if there are other ways for people to fulfill this requirement, ”Ysasi said. “I just think it might impinge a bit on people’s personal choice, on what they decide to do.

“Now, sure, if this ordinance conveys what they can do in a specific area, but if that’s the only option and they aren’t financially able to pay for it, I have some concerns.”

Marquardt said the park ambassadors will enforce the ordinance. The parks would be equipped with signs indicating that smoking is prohibited.

Currently, the city has 28 tobacco-free parks and playgrounds. This work took place in 2016 and was carried out in partnership with Kent County and other community partners as part of an initiative to improve health outcomes in parts of the South and South East. of Grand Rapids.

Since then, a number of people in other neighborhoods have asked to be part of this smoke-free initiative, according to the city.

Between now and the likely October 13 public hearing, the city plans to conduct a community education campaign explaining the benefits of the ordinance.

Once the ordinance is passed, this campaign will move to educate about what is allowed and what is not allowed under the ordinance and provide resources for smoking cessation.

Read more:

Grand Rapids Police Identify City’s 23rd Homicide Victim

Grand Rapids could mean a major downtown street after Breonna Taylor

Lake Michigan sets record water level for eighth consecutive month


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Government Guaranteed Loans Help Thousands of Businesses Protect Their Jobs During the Pandemic https://creativeroom4talk.com/government-guaranteed-loans-help-thousands-of-businesses-protect-their-jobs-during-the-pandemic/ https://creativeroom4talk.com/government-guaranteed-loans-help-thousands-of-businesses-protect-their-jobs-during-the-pandemic/#respond Wed, 07 Apr 2021 23:15:09 +0000 https://creativeroom4talk.com/government-guaranteed-loans-help-thousands-of-businesses-protect-their-jobs-during-the-pandemic/

  • new statistics reveal three bounce loans have been issued every minute since the launch in May 2020
  • emergency loans have provided nearly £ 180bn in total since March 2020
  • the Covid Corporate Financing Facility (CCFF) alone has supported companies responsible for 2.5 million jobs

The Treasury’s latest monthly update on its emergency lending programs – the rebound loan program, the Coronavirus Large Business Interruption Loan Program, the Coronavirus Business Interruption Loan Program, and Covid Corporate Finance Mechanism – show more than 1.6 million businesses have been supported to keep them. trade and protect jobs and livelihoods.

In total, these programs have provided nearly £ 180 billion in loans to date, supporting more than a quarter of businesses in the UK. On its own, CCFF has directly supported businesses that employ nearly 2.5 million people in the UK, including those in the automotive industry, travel, hospitality and department stores.

Chancellor of the Exchequer, Rishi Sunak, said:

I said we would do whatever it takes to protect jobs and livelihoods and that is exactly what we did.

I am delighted that our rebound loan program has worked so effectively that it has issued three loans per minute since its launch last May. This means that every 20 seconds a hard-working small business owner has benefited from this support.

We will continue to protect jobs with our new Stimulus Loan program – part of our larger jobs plan – as we emerge from this crisis.

Craig Beaumont, FSB Head of External Affairs, said:

1.6 million small businesses have now been helped through a terrible year by obtaining Bounce back loans. As the unlocking progresses, the economic recovery will rely on the successor scheme to pull all the cylinders.

Type of loan Value of approved facilities Number of approved installations
Coronavirus Business Interruption Loan Program (CBILS) £ 23.28bn 98 344
Large Business Coronavirus Disruption of Service Loan Program (CLBILS) £ 5.30bn 716
Bounce Loan Program £ 46.53bn * 1,531,095
Covid Business Funding Mechanism (CCFF) £ 104bn of commercial paper ** 304
Total funding £ 179.11 billion 1,630,459
[As of 21 March 2021]

CBILS, CLBILS and BBLS close for new applications next week (March 31, 2021). A new recovery loan program will be open for applications on Tuesday April 6 to ensure support is still available for those who still need it.

The Stimulus Loan Program will last until December 31, 2021 and will ensure that lenders continue to have the confidence to provide support, and that viable businesses can access government-backed finance throughout 2021 through 2021. following the disruption of the pandemic.

The CCFF also closed its doors to new issues from March 23, 2021. It will continue to fund companies with outstanding loans under the scheme until March 2022 at the latest.

Additional funding of £ 1.12 billion was provided to 1,140 high growth companies through the Future Fund. The program, which ended on January 31, was designed to support innovative UK companies that typically rely on equity investments and whose access to investment has been affected by Covid-19. The new Future Fund: Breakthrough program will launch in early summer 2021.

Further information:

  • The Recovery Loan Scheme operates across the UK, providing an 80% guarantee to lenders for term loans, overdrafts, and bill and asset funding. The maximum loan amount for all products is £ 10 million; the minimum loan amount is £ 25,000 for term loans and overdrafts and £ 1,000 for bill and asset funding.

  • Once received, the funding can be used for legitimate business purposes, including growth and investment. The program will be administered by the British Business Bank through a diverse network of accredited commercial lenders. Any business enterprise in the UK is eligible to apply, and applicants will need to demonstrate to lenders that they are viable (or would be without the pandemic) and have been affected by the pandemic.

* The value of approved BBLS facilities includes BBLS loans that have been “reloaded”. A renewed loan will always be declared as a loan to avoid double counting the number of approved installations.

** Approved value refers to the total line of credit for the 304 qualifying businesses, which peaked at c. 104 billion pounds sterling. The total issued in the scheme by 107 companies was c. £ 38 billion.


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Virus prevents Chinese couple from being born in Idaho surrogate https://creativeroom4talk.com/virus-prevents-chinese-couple-from-being-born-in-idaho-surrogate/ https://creativeroom4talk.com/virus-prevents-chinese-couple-from-being-born-in-idaho-surrogate/#respond Wed, 07 Apr 2021 23:15:09 +0000 https://creativeroom4talk.com/virus-prevents-chinese-couple-from-being-born-in-idaho-surrogate/

BOISE, Idaho (AP) – Coronavirus-related health restrictions have prevented a Chinese couple from traveling to the United States to take care of their newborn baby, who remains with his surrogate in Idaho.

Emily Chrislip gave birth to the healthy daughter at a Boise hospital on May 18, but her birth parents in Beijing waited months for their first embrace with baby, The Idaho Statesman reported.

After a public health emergency was declared in the United States due to the coronavirus, travel restrictions to and from China went into effect on February 2.

“There’s really no update on when (parents) can get here,” Chrislip said.

Chrislip, who is married and has a 2-year-old son, said she became a gestational carrier, or surrogate mother, to help couples struggling with fertility issues. Parents who seek substitutes have usually exhausted other fertility options or are medically unable to conceive.

After investigating the surrogacy process, Chrislip hooked up with a couple from China, who have not been identified.

“Once we talked about it more and more and she told me her reasoning and how awesome it would be to be able to do this for a family, I totally agreed,” Emily said. Chrislip.

Chrislip estimates that she received between $ 35,000 and $ 40,000 in compensation for her surrogacy, which she and her husband, Brandon Chrislip, were using to pay off student loans and buy a bigger house.

Chrislip returned to work after taking four weeks off work as a marketing and admissions specialist, which she said would be enough time for the baby’s birth parents to travel to the United States.

“We tried to put ourselves in the shoes of the parents,” Chrislip said. “If this was our child, what would we want for our baby?” If we ever had to use a surrogate mother, we hope she would be ready to take care of our baby.

By sending family photos and videos almost every day, the two families have come closer, she said.

They also learned to approach the situation with humor.

“I’m going to ask people to work and say to themselves, ‘Oh yeah, I have this problem with the pandemic,’” Chrislip said. “I’m like, ‘Well, I bet I’ll beat your problem.'”

For most people, the new coronavirus causes mild to moderate symptoms, such as fever and cough, that go away within two to three weeks. For some – especially the elderly and people with existing health problems – it can cause more serious illnesses, including pneumonia and death.

It is believed that the number of infections is much higher because many people have not been tested and studies suggest that people can get infected with the virus without feeling bad.


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Student loan debt must be canceled in full for everyone https://creativeroom4talk.com/student-loan-debt-must-be-canceled-in-full-for-everyone/ https://creativeroom4talk.com/student-loan-debt-must-be-canceled-in-full-for-everyone/#respond Wed, 07 Apr 2021 23:15:09 +0000 https://creativeroom4talk.com/student-loan-debt-must-be-canceled-in-full-for-everyone/

Stefani Reynold / Getty

1.6 USD trillion. How much money 45 million Americans collectively have student loan debt. Think about it – how many people do you know who are still paying off their loans? Chances are you and a bunch of your friends and family are still repay the loans. And given COVID, it’s not something that’s likely to change for long. With the economic hardships hanging over student loan repayments for most Americans, more and more government officials are pushing the Biden administration to write off student loan debt. And while Biden agrees to cancel part of it, for the benefit of all borrowers, he must cancel everything. And so on.

Right now, Biden is likely to forgive $ 10,000 per borrower. And while that would be a good start, for many of us suffering from student loans, that amount wouldn’t do much. He strength reduce some of the interest, but for people who aren’t making a lot of money and can barely afford the bare minimum, they won’t even notice that $ 10,000 is missing. It could be a pretty nice break for those who have just finished their studies. But if you’ve been out of college for a while, it won’t do much. And while Biden extended the pause on payment pay off student loan debt due to COVID, if they don’t also suspend interest, that money will likely only cover it. Which means borrowers won’t even go ahead with that level of forgiveness.

If you are someone who has a low income job like retailing, or if you are in an industry where you do not earn much, it is difficult to pay off your student loan debt. Sometimes it feels like you’re just working to keep a roof over your head and pay off your loans. And if you live in an expensive city, your cost of living can make it impossible to pay off your loans. Not because you don’t want to, but because you just can’t afford it. If you work more than 30 hours a week and are struggling to make ends meet, paying off your loans can be an impossible task. And if you’re in such dire financial straits, Biden’s $ 10,000 solution isn’t really for you anyway.

Drew Angerer / Getty

My partner and I have significant student loan debt between the two of us. I have been in default on my loans most of the time I was out of college. And while my partner has been able to pay off her student loans steadily over the past few years, she is only paying the interest and hasn’t even touched the actual amount she owes. We’ve both had pretty stable jobs over the past few years, but it’s still not enough. We would of course be grateful for Biden’s $ 10,000, but it really wouldn’t make any difference in terms of the refund. We’re still going to pay them for what looks like the rest of our lives. Student loan relief would really change the way we might live our lives, and we’re not talking about tropical vacations, we’d be happy with an emergency fund to help cover the cost of surprise and unforeseen expenses.

For us and others like us, the only way to make real progress is to ask the government to completely write off student debt. And before you comment on whether we made a deal, blah, blah, blah, here’s the thing. You can sign a contract and enter into an agreement with the full intention of honoring it. But then things happen that prevent you from doing what you have agreed to do. As a nation, we are told that the only way to move forward in life is to go to college and find a good job. But then you have hundreds of thousands of people walking around with college degrees and working in retail because you can’t get a job that pays enough to keep up with your student loans. Since we do what we were told, since we gained the education that should open up opportunities for us to give back to society, the government should offer us some relief.

I am a millennial and my generation has been accused of killing industries such as diamonds, washing machines and restaurant chains. We often receive reviews for do not buy houses, have no children and live at home longer than previous generations. But we are a generation facing incredible student debt and struggling to find good paying jobs. Pair them with the overwhelming amount of loans we are paying off, and there’s no way we can move forward unless something changes.

zimmytws / Getty

“With the cancellation or reduction of the repayments of their student loans, these borrowers could spend more money from one month to the next, which would allow them to participate more actively in the economy”, Rebecca Safier, expert in personal finance, also a certified student loan advisor at Student loan hero, Told HuffPost.

Generation Y is late at least a major event in life, according to a survey carried out by The bank rate. They postpone the most savings for emergencies (38%), which could put them in a more precarious financial situation in the future. Putting off buying a home (31%) and not paying off other debt (28%) are the other big things we don’t do. Of course we are not. Because student debt affects all of this. If most of your income is used to pay off student loans, you’re not saving for other things. But if you don’t pay other debts on time, you can’t get enough credit to do things like buy a house or a car.

Beyond Biden’s current plan, there are other Senate and House resolutions that deal with student loan debt. They would write off a larger amount of debt, which would create a stronger impact. Elizabeth Warren and Senate Majority Leader Chuck Schumer’s resolution would cancel up to $ 50,000. And in the House, the representatives. Ayanna Pressley, Ilhan Omar, Alma Adams and Maxine Waters proposed a companion resolution. It’s hard to say if this will go any further than Biden’s $ 10,000 plan, but since he’s leaving it to Congress, maybe there could be some sort of leverage.

Canceling student loan debt isn’t just a problem for people with student loans. We are the ones who struggle the most, but it is an issue that concerns us all. If all the debt is written off, think about what more people can do. Without this debt hanging over their heads, they can do things like buy homes and save for retirement. If we are not in debt, neither will our children. Student loans should no longer be a burden on people’s necks. If the government really wants to stimulate the economy, they will cancel everything. Because if they can bail out the big companies, they can bail out the millions of people who are drowning under the weight of student loans.


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South Korean banking groups take small steps towards ESG finance https://creativeroom4talk.com/south-korean-banking-groups-take-small-steps-towards-esg-finance/ https://creativeroom4talk.com/south-korean-banking-groups-take-small-steps-towards-esg-finance/#respond Wed, 07 Apr 2021 23:15:09 +0000 https://creativeroom4talk.com/south-korean-banking-groups-take-small-steps-towards-esg-finance/

[#WeFace] Electric vehicles, green loans and less paper: South Korean banking groups take small steps towards ESG finance



A customer signs documents displayed on a tablet PC installed in a booth at a branch of NH NongHyup Bank in Seoul. (NH NongHyup Bank)

This article is part of an analysis and interviews by staff at The Korea Herald’s finance office exploring South Korea’s emerging ESG investment market, along with its potential, impact and challenges. – Ed.

Of all the changes stemming from the banking industry’s adoption of environmental, social and governance values ​​in recent years, according to Shin Hae-jin, 53, the one that stands out the most is the lack of paper in the “red tape”. “.

“Since last year, I have noticed that every time I go to open or manage a savings account, the documents are signed through tablet PCs installed in each booth,” said Shin, who is a loyal customer of Woori Bank for over 30 years.

“The employee also always checks if I really want to make a paper booklet, which was given to me without any questions a few years ago,” she added.

Environmental, social and governance values ​​became a top priority for major South Korean banking groups last year, when President Moon Jae-in pledged to achieve a zero carbon society by 2050.

The country’s five largest banking groups – KB, Shinhan, Hana, Woori and NH – have either launched special ESG task forces or hired ESG experts as external directors in the hope of keeping pace with the 73, The country’s 4 trillion won ($ 64.7 billion). Green New Deal policy. The measures they have taken focus on the environmental aspects of ESG financing.

As Shin noticed, a key step is to minimize the waste of paper.

KB Kookmin Bank launched a campaign in June last year, dubbed “KB Green Wave”, which encouraged the use of less paper in photocopiers and promoted savings accounts with better returns for those who created accounts. mobile accounts only or online only.

“The company actually cut our paper budget for our photocopiers,” said a Kookmin official.

“It’s frustrating at times, but it’s also something we know we have to get used to.”

KB Kookmin’s rival Shinhan Bank launched a similar campaign last year, offering reward points to customers who have created mobile accounts. Shinhan said last year that 2,879 trees were used each year to make paper bank books and that the campaign was a way to defend ESG stocks.

Hana became one of the first banks to reduce paper bank books in 2019, while Woori and NH NongHyup are also using tablet computers for customer service in an effort to reduce paper use.

Overall, paper passbook issuance fell 10% year on year in 2019 and the decline appears to have accelerated since then, according to industry data.

Electric vehicles are another key area in which the banking industry is striving to ‘go green’, with companies turning to electric vehicles for company cars and installing charging stations near their head offices and locations. their physical branches.

Woori Bank is an industry pioneer in the field of electric vehicles.

Woori Bank employee promotes the company’s electric vehicles (Woori Bank)

The company started with five electric company cars in 2019 and had increased that number to 16 by the end of last year. It currently operates two charging stations, one at its head office in central Seoul and one at its comprehensive research and development center in Sangam-dong, west Seoul. The bank plans to return all of its company-owned cars to electric vehicles by 2025 as part of a green partnership with the Seoul Metropolitan Government that began in 2017. It will also set up additional charging stations in 10 branches by the end of the year.

KB Kookmin started the switch to electric vehicles last year. It owns around twenty electric vehicles for employee use and has charging stations in three of its branches.

Other lenders are either in the early stages of adopting electric vehicles or plan to do so by the end of the year.

NH NongHyup has pledged to increase the number of electric vehicles by at least 20 after starting its own transition in February. Shinhan plans to purchase and use at least 30 electric vehicles by the end of the year.

On the corporate side, lending benefits for companies that meet certain ESG criteria are gaining popularity with lenders, along with the issuance of ESG bonds.

Shinhan launched a special loan program last month with lower lending rates for businesses that meet its ESG standards, and NH NongHyup is offering a product that includes a higher credit limit for ‘eco-friendly businesses’. environment”.

As of March 29, Korean banks had issued won-denominated ESG bonds worth a total of 1.7 trillion won so far this year, according to data from the Korea Stock Exchange. This represents 70% of ESG bonds issued throughout the past year, which together were worth some 2.4 trillion won.

Long way to go

Despite this plethora of green campaigns, industry watchers say it will take much longer for ESG stocks to truly be mainstreamed into core areas of bank business, such as project finance.

Since the start of the year, the heads of the five major banking groups have pledged to support ‘coal-free’ financing, saying they intend to halt all project funding for coal-fired power plants and l ‘purchase of coal bonds. from now on.”

But their statements drew criticism as the banks had no plans to end funding for existing projects for coal-fired power plants.

Last year, for example, the National Export and Import Bank of Korea was selected to finance a $ 2.2 billion project to build the 1,200 megawatt Vung Ang 2 power plant in the north. -est of Vietnam.

According to a local civic group, the Korea Sustainability Investing Forum, KB Financial Group provided a total of 6.3 trillion won for coal-related projects from 2009 to 2020, ranking No. 1 in terms of investments made by banking groups. NH followed with 3.5 trillion won, and Shinhan came third with nearly 1.2 trillion won.

Among their flagship banking units, NongHyup ranked No. 1 with 676.9 billion won in the cited period, while Shinhan and KB Kookmin lagged behind with 366.7 billion won and 333.3 billion won. of won, respectively.

“While it is important for financial institutions to refrain from financing coal, the manufacturing industry must support the cause in order to create a truly virtuous circle,” an official from the financial monitoring service said on March 31. on condition of anonymity.

By Jung Min-kyung (mkjung@heraldcorp.com)


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Charlotte Latvala: Basket full of advice https://creativeroom4talk.com/charlotte-latvala-basket-full-of-advice/ https://creativeroom4talk.com/charlotte-latvala-basket-full-of-advice/#respond Wed, 07 Apr 2021 23:15:09 +0000 https://creativeroom4talk.com/charlotte-latvala-basket-full-of-advice/

“Are we doing baskets this year?”

This is the same rhetorical question I have been asking my husband for the past few years, since our two older children have moved.

Sometimes they come home for Easter, sometimes they don’t.

Sometimes they bring in a significant other.

And sometimes there is a pandemic.

It’s hard to believe, but it will be the second Easter since we saw our son, who lives in Chicago. We’re starting to think of he’s a disembodied broad head, neck, and shoulders because that’s all we can see on Zoom.

So maybe it’s the year of Easter baskets, the year to stop with chocolate bunnies and Peeps and Chipotle gift cards. (Especially since two out of three kids are self-sufficient and should honestly buy me Chipotle gift cards at this point.)


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My wife had a baby 3 months ago. She has $ 160,000 in student loans – and just asked for my ‘blessing’ to work part-time https://creativeroom4talk.com/go-online-and-look-for-quick-money/ https://creativeroom4talk.com/go-online-and-look-for-quick-money/#respond Wed, 07 Apr 2021 23:15:09 +0000 https://creativeroom4talk.com/my-wife-had-a-baby-3-months-ago-she-has-160000-in-student-loans-and-just-asked-for-my-blessing-to-work-part-time/ My wife and I had our first baby 3 months ago. As a breadwinner, my wife has just returned to work after 12 weeks of unpaid maternity leave. Our savings are a little low and she is “now asking my blessing” to work part time.

This distresses me for several reasons. We’re doing pretty well, making about $ 200,000 between the two of us, but my wife is making about 60%. 100 of our income. If she were to go part-time (she offers 30 hours per week), it would cost us about $ 30,000 per year.

Losing $ 30,000 a year will limit our ability to save for our child’s education, save for retirement, and take vacations. We currently have 100% covered child care between two groups of grandparents who are both eager to look after their first grandchild.


“Losing $ 30,000 a year will limit our ability to save for our child’s education, save for retirement and take vacations.

We are both 31 years old, but my wife just finished her professional degree in 2018 and has therefore only been working for two years. She now holds a doctorate which has entailed a considerable opportunity cost.

Not only did she give up working for those four years, but she has around $ 160,000 in student loans and only the last two years of 401 (k) contributions. Our previous plan was to use the public student loan forgiveness program.

She currently meets all the criteria, but if she left part-time, she would no longer meet the criteria. Once all of our bills and utilities are added up (including my own student loans of $ 45,000), we have about $ 6,000 in monthly expenses, not including food and entertainment.

The biggest expense is our mortgage, which is about $ 3,000 a month. We built a house in 2019. At the insistence of my wife (and my voluntary complicity) this house is in the best school district in the region, despite the fact that the house exceeds our predetermined budget by 10%.


“When we both graduated and got jobs through our degrees, I finally felt we could both enjoy our lives.

Before signing, we had a frank conversation about engagement. She has expressed a desire to work part time previously. I said her new home would limit her flexibility to work part time until she paid off her student loans. She was, of course, okay with that at the time.

While in school, I worked 50 to 60 hours per week in a stressful management position while earning my masters degree online in the evenings. When we both graduated and got jobs through our diplomas, I finally felt that we could both enjoy our lives.

So far it has been working very well. I felt like we were living comfortably, making sure to save money to hopefully retire at a reasonable age and help our child avoid student loans. My wife usually lets me make all the financial decisions.

I want her to be happy and I don’t want her to blame me. While I know we can technically afford it, I don’t think it’s financially safe for her to go part-time. I can’t help but feel like I’m pulling the rug out from under me. What do you recommend? payday loan requirements .

Dear husband,

Before responding seriously to your letter, I have a confession. I saw the subject line of your email and thought, “Oh, boy. This man’s wife has just given birth, would like to take care of their baby ”, then I read your letter. I get so many letters from people who, frankly, are so deeply rooted in their own resentment and unfulfilled expectations that they often don’t see the other person’s point of view and / or their own position from the outside. . However, your letter is different.

You both agreed to a financial deal before getting married, and I agree that you both should stick to it – for now (I’ll get to that later). You presented your plans when you were working and your wife was studying, and you made a joint decision to buy a house together as 50/50 partners. Thirty hours per week are considered full-time under the public loan forgiveness program if you meet your employer’s definition of full-time or if you work at least 30 hours per week, whichever is greater.


You both agreed to a financial deal before getting married, and I agree you both should stick to it – for now.

Of course, giving up a career and / or going part-time is a burden and a decision borne mainly by women. They become more full-time or part-time caregivers than their husbands. It is their careers that are impacted, and this is one of the many reasons why there is wage inequality between men and women in the United States. inequities embedded in the system.

I want to be very clear: the work-life balance is unfairly skewed against women, even with progress in paid paternity leave in many companies. Working women again do most of the housework. It will take generations to get out of the family system. American companies are not much better: women are paid less than men and more likely than men to perform “non-promotable tasks”, or tasks which are beneficial to the organization but which do not entail any loss. ‘career progression.

“ Your wife carried another human being for 9 months ”

But the problem here, as you present in your letter, is a national problem. You worked and studied for a master’s degree, while your wife studied for her doctorate. You did it on the basis of a plan you had agreed upon together. Having said that, your wife also carried another human for nine months and gave birth to your child, which you will never have to do and can never imagine in your wildest imagination. You should review your finances and agree to review your arrangement.

Marriage – hell, life! – is full of difficult compromises. Some concessions that seem unfair today may not seem so unfair 10 or 50 years from now. It is a question of balancing the principle with the practical aspect, the knowledge of a couple with children with the unknowns of a couple before starting a family, financial health with mental health. Having a child, raising a family, and working hard to maintain a marriage has untold physical and emotional consequences.


Some concessions that seem unfair today may not seem so unfair 10 or 50 years from now.

Twelve weeks after having a baby is not long. From a friend who has been the victim more than once: “I was like crazy for at least six months. See if she can negotiate the transition from part-time to full-time over the next three to six months with her employer. This way, she can relax gently, but not lose everything that she has worked so hard for, that is, an amazing career in the future. In addition, 30 hours a week does not seem very part-time to me. ”

There is no bad actor in your letter, just two people trying to make it through the next 18 years the best they can. I think you should be careful when making big changes to your financial plan. A final word of warning from my married friend who is a mother and has chosen to work full time. “Working part-time, especially when a new mom is a new mom, is a cup game. She will end up working full time for part time pay, plagued by the guilt of the new mom. The only person who will win is their employer. ”

‘I work in the same apartment as my child’

Another mother of a daughter had this slightly different view: “I had no idea how I was going to feel about the job until I got it, and I was lucky that my plan gradually came to light. nearly conforms to reality. I’m back part-time after four and a half months because we need the money. I am the biggest earner and our money provides the extra we need. I can’t imagine going back full time. I work in the same apartment as my child, and it’s always hard not to be with her, even a few hours a day.

Talk about what you’ve agreed to, what you can afford, and agree to see it again in one, two, and / or five years. Your wish – “I want her to be happy and I don’t want her to blame me” – is understandable. You like yourself. You want to do the best for your wedding, your family, but you too both need your needs to be heard and hopefully met. Our needs are not always met at the same time, especially those of us who are juggling life to raise a family. This is true for both of you.

You can survive according to your wife’s plan. Find common ground before taking drastic action. You can both afford to have this conversation. It will be a challenge, and it is also a luxury.

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