Investment – Innovative Words http://innovativewords.com/ Sat, 05 Jun 2021 04:21:55 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://innovativewords.com/wp-content/uploads/2021/04/default.png Investment – Innovative Words http://innovativewords.com/ 32 32 RBI sets guidelines for banks to appoint compliance officers https://innovativewords.com/rbi-sets-guidelines-for-banks-to-appoint-compliance-officers/ https://innovativewords.com/rbi-sets-guidelines-for-banks-to-appoint-compliance-officers/#respond Mon, 22 Mar 2021 09:38:17 +0000 https://innovativewords.com/rbi-sets-guidelines-for-banks-to-appoint-compliance-officers/ The Reserve Bank of India (RBI) on Friday set guidelines for the appointment of the Chief Compliance Officer (CCO) in banks to ensure a consistent approach to compliance and risk management culture in the banking industry . According to an RBI circular, the CCO should be appointed for a fixed minimum period of three years […]]]>

The Reserve Bank of India (RBI) on Friday set guidelines for the appointment of the Chief Compliance Officer (CCO) in banks to ensure a consistent approach to compliance and risk management culture in the banking industry .

According to an RBI circular, the CCO should be appointed for a fixed minimum period of three years at the rank of CEO or at least two levels of the rank of CEO.

“Such an independent compliance function should be led by a designated CCO selected through an appropriate process with ‘fit and appropriate’ assessment / selection criteria to effectively manage compliance risk,” said the RBI. .

Observing that banks follow different practices in this regard, the RBI said the guidelines aim to standardize the approach taken by banks, to align prudential expectations on CCOs with best practices.

According to the guidelines, a CCO “may only be transferred / revoked before the end of his term of office in exceptional circumstances with the explicit prior approval of the board of directors after following a well-defined and transparent internal administrative procedure”.

The CCO, he added, should be a senior executive of the bank, preferably at the rank of CEO or equivalent (not below two levels from the CEO). The CCO could also be recruited from the market.

In addition, there will be no “double hats,” the RBI said. In other words, the CCO “will not be entrusted with any responsibility which would bring elements of conflict of interest, in particular the role relating to business”.

Roles that do not lead to a direct conflict of interest, such as the role of anti-money laundering agent, can be exercised by the CCO in banks where the principle of proportionality in terms of size, complexity , risk management strategy and bank structures justify it.

In addition, the CCO should not be a member of a committee that conflicts with its role as a committee member, including any committee dealing with purchases / sanctions, he said.

“In the event that the CCO is a member of a committee, he / she may only have an advisory role,” the guidelines state.

In accordance with the circular, a case of novigilance or an adverse RBI observation must be pending against the candidate identified for appointment as CCO.

The selection of the candidate for the post of CCO should be made on the basis of a well-defined selection process and recommendations made by the selection committee of senior executives established by the board for this purpose, he added.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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Apple stock – (AAPL) stock https://innovativewords.com/apple-stock-aapl-stock/ https://innovativewords.com/apple-stock-aapl-stock/#respond Mon, 22 Mar 2021 09:38:17 +0000 https://innovativewords.com/apple-stock-aapl-stock/ TribLIVE’s daily and weekly newsletters deliver the news you want and the information you need, straight to your inbox. All eyes are on Nasdaq. the Nasdaq the stock market is home to big tech companies – like Apple and Microsoft – which has dominated the market and provided most of its oomph in 2019 and […]]]>

All eyes are on Nasdaq.

the Nasdaq the stock market is home to big tech companies – like Apple and Microsoft – which has dominated the market and provided most of its oomph in 2019 and 2020.

During the two years ended in December, the Nasdaq The non-financial 100 index rose more than 103%, almost four times the gain of the New York Stock Exchange composite index.

This year, the worm has turned. the NYSE The composite gained 8.2%, while the Nasdaq 100 limped at 0.38% yield.

If Moses (the tech giants) cannot lead the market to the Promised Land, will there be a Joshua to take his place? This is the question of the hour.

New direction?

I hope the new leaders will be solid value stocks, including many industrials and financials.

History shows that market leaders don’t have to be big tech companies. Energy companies led the parade in 2007, with a 34% return. In 2012, financial stocks led the way, up nearly 29%. In 2013, consumer discretionary stocks gained 43%. ……

So there is no law that says technology stocks should be in the driver’s seat. And even…

Tech stocks have been the leaders in three of the past four years. Over the past 14 years, according to a chart from Novel Investor, technology stocks have averaged 15.2% return, the best among Standard & Poor’s 11 sectors.

It’s only twice in the past 14 years that the tech sector has declined. On both occasions – 2008 and 2018, the overall market was also declining, as measured by the Standard & Poor’s 500 Index.

My conclusion is that tech stocks don’t need to lead for the market to do well, but they need to at least perform decently.

Predictions may be crazy, but here are mine for the Nasdaq in the next 12 months. The major (mainly technological) actions of the Nasdaq 100 will achieve a yield of about 7%. The largest Nasdaq The composite will be up 11%. And the US stock market, as measured by the Standard & Poor’s 500 Index, will also be up 11%.

My favourites

My favorite stocks on the Nasdaq today include America’s Car-Mart Inc. (CRMT), LGI Homes Inc. (LGIH) and StoneX Group Inc. (SNEX).

America’s Car-Mart specializes in selling used cars to customers with weak credit, primarily in the South. Almost all of its customers take out a car loan. The company is astute at valuing both cars and loans; he has made a profit in each of the past 18 years.

LGI Homes, more than any other home builder I know of, specializes in lower cost starter homes. I think millennials, when they start having kids, will want single family homes, but most of them would be forced to buy the more expensive ones.

StoneX Group’s specialty is clearing commodity and currency transactions. I expect the commodities sector to heat up as inflation rises over the next two to three years. Foreign exchange transactions may also increase if the Biden the administration is more favorable to trade than its predecessor.

Among the most important and popular actions on Nasdaq, i still love Apple and Alphabet Inc. (GOOGL). I consider Microsoft overpriced at 35 times the earnings. It is the same Amazon.com (AMZN) to a multiple of 73 and Facebook to 26.

As for You’re here, which trades at 1,108 times earnings, I’d rather be short (bet against) than own it.

The record

This is the 15th column I’ve written which includes my favorite stock picks on Nasdaq. My 12-month average gain on the first 14 columns was 21.2%. This compares to 19.3% for the Nasdaq Composite index over the same periods, and 14.1% for the Standard & Poor’s 500 index.

Last year started with the market totally in the tank due to the Covid-19 pandemic and triggering closures. From this low base, the S&P climbed 68% and the Nasdaq Compound 93%. My picks, up 111%, beat both.

My top pick last year was LGI Homes, up 230%. My worst, Exchange Bank of Santa Rose, went up 39%. Between the two, Johnson Outdoors Inc. (JOUT) reported 187%, Investors Title Co. (ITIC) 57% and Kimball International Inc. (K(BA) L) 45%.

Keep in mind that the recommendations in my column are hypothetical – they do not reflect actual transactions, transaction costs, or taxes. These results should not be confused with the performance of the portfolios I manage for clients. In addition, past performance does not predict future results.

Disclosure: For clients and personally, I own Alphabet, America’s Car-Mart, Apple, LGI Homes and StoneX Group. One or more clients of my firm have Microsoft and Facebook.

John Dorfman is president of Dorfman Value Investments LLC in Boston and a syndicated columnist. He can be contacted at [email protected]

John Dorfman is president of Dorfman Value Investments LLC in Newton Upper Falls, Massachusetts, and a syndicated columnist. His company or clients may own or trade securities mentioned in this column. He can be contacted by email.

Categories:
Business | John Dorfman Columns

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Saudi fund approves $ 90 million agricultural loans https://innovativewords.com/saudi-fund-approves-90-million-agricultural-loans/ https://innovativewords.com/saudi-fund-approves-90-million-agricultural-loans/#respond Mon, 22 Mar 2021 09:38:17 +0000 https://innovativewords.com/saudi-fund-approves-90-million-agricultural-loans/ DJEDDAH: The National Dialogue Award recently launched by the King Abdul Aziz Center for National Dialogue will help KACND become a “creativity incubator,” according to Ibrahim bin Zayed Al-Asiri, deputy secretary general of the center. Al-Asiri was speaking at a media meeting at KACND headquarters in Riyadh on Wednesday to present the recently launched award. […]]]>

DJEDDAH: The National Dialogue Award recently launched by the King Abdul Aziz Center for National Dialogue will help KACND become a “creativity incubator,” according to Ibrahim bin Zayed Al-Asiri, deputy secretary general of the center.

Al-Asiri was speaking at a media meeting at KACND headquarters in Riyadh on Wednesday to present the recently launched award.

Opinion writers, intellectuals and media representatives gathered to hear Al-Asiri review the concepts and values ​​of the award, its objectives, branches, foundations and milestones, in addition to the mechanics of its implementation and selection of participants, as well as the inspections, criteria and conditions to be applied.

He also mentioned the tangible and intangible prizes that will be awarded to the winners, as well as the desired results.

Al-Asiri said that the National Dialogue Award is one of the national initiatives launched by the center to achieve its goals and mission, in line with the development and growth that the Kingdom is experiencing in all fields.

HIGHLIGHTS

The award is divided into four categories: the first for government institutions, the second for the private sector, the third for civil society institutions and the fourth for individuals.

Prizes consist of a center-approved certificate, medal (or shield) and 200,000 SR ($ 53,000).

The center will also organize a forum in which the laureates will be able to give lectures on the themes of their work and their areas of expertise.

He underlined the importance of the award to encourage national achievements presented by the public or private sectors, civil society institutions or individuals, which have helped to promote the values ​​of tolerance, coexistence and national cohesion that the center seeks to consolidate in society.

Al-Asiri expressed his hope that the award would achieve its goals so that the center is one of the incubators of creativity, allowing innovators to express their thoughts and ideas for their nation.

The award rests on four main pillars, the first being the common religious and Arab values ​​upon which Saudi society shapes its culture and customs.

The second is the Kingdom Vision 2030, which contains national aspirations aimed at promoting the values ​​of tolerance, coexistence and peace; and the third is represented in the strategy of the center, which seeks to make Saudi society a model of prosperity and tolerance.

The fourth pillar represents the diversity of the Kingdom in its different regions, which illustrates a positive model of coexistence and cohesion.

The award includes four categories, the first of which is awarded to government institutions that have made a tangible contribution to promoting the values ​​of tolerance, coexistence and national cohesion.

The second is awarded to private sector institutions that support or implement programs with societal impact by consolidating the values ​​of dialogue and tolerance.

The third category will be awarded to institutions of civil society, while the fourth will be awarded to distinguished and innovative work carried out by inspiring citizens, through which they have effectively contributed to promoting respect for difference and diversity.

The center has set many conditions that must be fulfilled by applicants, the most important of which is to be a Saudi national, an individual or an institution that has made a qualitative contribution to the theme of the award, and to work for the center.

The conditions also stipulated that the submission be on the award website by the deadline, which is yet to be determined.

The prizes consist of a center-approved certificate, a medal (or shield) and 200,000 SR ($ 53,000) to be awarded to the winners whose work will be presented at the annual ceremony to be held at the centre’s headquarters in Riyadh. .

The center will also organize a forum in which the laureates will be able to give lectures on the themes of their work and their areas of expertise.

Applications can be submitted via https://award.kacnd.org/

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Bad Government-Owned Bank Is More Capital Efficient, Can Dramatically Reduce Credit Charges: Report https://innovativewords.com/bad-government-owned-bank-is-more-capital-efficient-can-dramatically-reduce-credit-charges-report/ https://innovativewords.com/bad-government-owned-bank-is-more-capital-efficient-can-dramatically-reduce-credit-charges-report/#respond Mon, 22 Mar 2021 09:38:16 +0000 https://innovativewords.com/bad-government-owned-bank-is-more-capital-efficient-can-dramatically-reduce-credit-charges-report/ MUMBAI: Amid confusing reports about the control of bad bank offered, a brokerage called for government ownership, saying state funding is more capital efficient, in addition to speeding up implementation and also reducing the cost / loss of credit for the banks. The government that owns the proposed bad bank will not only be more […]]]>
MUMBAI: Amid confusing reports about the control of bad bank offered, a brokerage called for government ownership, saying state funding is more capital efficient, in addition to speeding up implementation and also reducing the cost / loss of credit for the banks.
The government that owns the proposed bad bank will not only be more efficient in terms of capital, but will also not have an impact on the budget figures, because otherwise it will have to continue to recapitalize the public lenders as they will be the biggest beneficiaries of the proposal bad bank, Bank of America Securities India said in a report.
Again, such a setup can reduce credit charges on banks by one-fifth in a worst-case scenario from the current 100%, the report added.
As of March 2020, banks’ net NPLs stood at 2.8% or Rs 2,89,500 crore, or 1.3% of GDP, according to the report.
That figure will rise dramatically to 13.5% by September, a two-decade high, given the impact of the pandemic on businesses and banks, according to the Reserve Bank of India.
In January, a central bank stress test showed that the gross PNAs of public sector banks could drop from 9.7% in September 2020 to 16.2% in September 2021, while those of private banks from 4. 6% to 7.9% and banks from 2.5% to 5.4%, taking the whole system doubtful debts to 13.5 percent by September of this year.
It is understood that the proposed Asset Reconstruction Company or ARC will be funded by state owned banks / FIs.
According to the report, the ARC offering to take over bad loans from banks offers an opportunity to improve asset quality when real lending rates fall.
But the question is who will fund it? If the state-run banks / FIs fund it, the ARC will largely take over their bad loans, which were 2.8% in March 2020. In this scenario, the banks would then transfer their NPAs against security receipts. issued by the CRA, he said.
But the brokerage’s in-house economists believe that a fully government-funded CRA will not only be faster to set up, but may also be more capital efficient.
More importantly, the capital charge on banks can drop to 0-20 percent from 100 percent now if these collateral receipts are issued by a fully owned Crown corporation, which will be effectively guaranteed by the state.
From a fiscal point of view this will not have an impact because anyway, the government has to recapitalize the banks at the end of the day, and therefore the potential fiscal impact is similar and it can easily dip into the revaluation reserves of the bank. RBI to recapitalize the banks in a tax neutral, liquidity-free transaction. , according to the report.
State funding can be faster and more capital efficient, he added.
ARC’s capital requirement will depend on whether it is required to maintain a CRAR of 9 percent RWA as applied to banks or 15% as applied to NBFCs.
If the government provides equity, it will have to recapitalize the write-offs anyway, either as the owner of the ARC or as the owner of the public banks. Moreover, it is not clear whether bank balance sheets can withstand the effects of a delayed recovery.
In any case, the government will end up implicitly guaranteeing the recapitalization of the PSBs at least.
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Ratings giant Fitch sees Irish banks’ bad debts rise and state credit guarantee scheme fail https://innovativewords.com/ratings-giant-fitch-sees-irish-banks-bad-debts-rise-and-state-credit-guarantee-scheme-fail/ https://innovativewords.com/ratings-giant-fitch-sees-irish-banks-bad-debts-rise-and-state-credit-guarantee-scheme-fail/#respond Mon, 22 Mar 2021 09:38:16 +0000 https://innovativewords.com/ratings-giant-fitch-sees-irish-banks-bad-debts-rise-and-state-credit-guarantee-scheme-fail/ The amount of nonperforming loans on the books of major Irish banks will increase this year, with the end of Covid support, but the impact is expected to be less severe than after the 2008 financial crisis. International rating agency Fitch has said – as is widely anticipated – that bad debt levels will increase […]]]>

The amount of nonperforming loans on the books of major Irish banks will increase this year, with the end of Covid support, but the impact is expected to be less severe than after the 2008 financial crisis.

International rating agency Fitch has said – as is widely anticipated – that bad debt levels will increase with the end of borrower support measures, especially payment breaks.

He said uptake of the government-backed credit guarantee scheme is likely to remain low, removing a layer of loan protection for banks.

Fitch said he also expected Irish bank loan depreciation charges – or the amount lenders set aside to cover the cost of bad debts – to remain above normal levels this year.

Earlier this month, the country’s two largest banks reported heavy losses for 2020 due to large bad debt provisions.

AIB has set aside 1.46 billion euros for bad debts related to Covid, while the Bank of Ireland has taken a provision of 1.1 billion euros.

Bad loans

At the end of 2020, 7.3% of AIB’s gross loan portfolio consisted of non-performing loans. The percentage of bad debts on the books of the Bank of Ireland, meanwhile, fell from 4.4% to 5.7%.

However, since the start of this year, AIB has made two sales of non-performing loan books – one for € 150m and a long-term non-performing portfolio for € 600m – bringing its bad debt rate down to 6%.

The bank’s medium-term objective is to reduce its percentage of non-performing loans to 3%. The Bank of Ireland is also considering selling its own non-performing mortgages.

In a research note on the Irish banking sector, Fitch highlighted the two banks’ sales plans and the priority given to low single-digit percentages of bad loans as a positive sign.

“Both banks have tested executives to manage stressed assets, which should help resolve emerging lending issues,” he said.

The EU warned in November that European banks may only start to see the worst effects of a new wave of non-performing loans in 2021.

In response, analysts here and the Central Bank said Irish banks are already well prepared.

Fitch also said Irish banks should remain “less protected” than their counterparts elsewhere who used state guaranteed loans more during the crisis.

He noted that the companies here benefiting from the government-sponsored € 2 billion credit guarantee scheme were “extremely weak” – at just 0.2% – and that it was “unlikely to increase by. significantly ”.

Arrears

Meanwhile, just under 55,000 private residential mortgages were in arrears at the end of December, according to the Central Bank.

That was down 462 accounts – or 0.8% – from the previous quarter.

The slow decline in arrears may continue, but almost half of these mortgages have been past due for more than two years.

Brokers Ireland said “not enough is being done” to tackle Ireland’s mortgage debt crisis, noting that 30% of arrears cases have been in the red for more than five years and many will never be resolved.

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Def Leppard and ZZ Top announce fall US tour https://innovativewords.com/def-leppard-and-zz-top-announce-fall-us-tour/ https://innovativewords.com/def-leppard-and-zz-top-announce-fall-us-tour/#respond Mon, 22 Mar 2021 09:38:15 +0000 https://innovativewords.com/def-leppard-and-zz-top-announce-fall-us-tour/ The trek, nicknamed the “20/20 Vision Tour”, includes 16 dates, which run from September 21 to October 18. Singer Def Leppard Joe elliot expressed his enthusiasm, exclaiming: “What a year this is going to be! First the stadiums are sold out, then we are going to go on tour with the mighty ZZ Top! Having […]]]>

The trek, nicknamed the “20/20 Vision Tour”, includes 16 dates, which run from September 21 to October 18.

Singer Def Leppard Joe elliot expressed his enthusiasm, exclaiming: “What a year this is going to be! First the stadiums are sold out, then we are going to go on tour with the mighty ZZ Top! Having been a fan of the band for a lifetime, it’s fine. be a real pleasure to finally do a few shows together … maybe some of us can take a ride with Billy in one of those fancy cars … “

“We’re excited to hit the road with Def Leppard this fall,” added Billy F. Gibbons, ZZ Top guitarist and vocalist. “We’ve been fans of theirs forever. We’ve been in this business for 50 years now and the next race with them highlights that the good times are just beginning.”

Responding to Elliott’s subtle request for a ride, Gibbons joked, “Joe Elliott is always welcome to drive a ‘shotgun’ with us and we won’t even ask him to pay for gas.”

Take this pocket full of loose change and use it to collect your tickets for the tour starting February 21 at 10 a.m. local time in LiveNation. If you are a Citi card member, you’ll have access to a presale, which opens February 18 at 10:00 a.m. local time and ends at 10:00 p.m. local time on February 20.

Def Leppard + ZZ Top 2020 Tour Dates

September 21 – Albany, NY @ Times Union Center
September 23 – Virginia Beach, Virginia @ Veteran United Home Loans Amphitheater in Virginia Beach
September 25 – Knoxville, Tennessee @ Thompson Boling Arena
September 26 – Brandon, Miss. @ Brandon Amphitheater
September 28 – Orange Beach, Ala. @ The Wharf Amphitheater
September 30 – Bossier City, La. @ CenturyLink Center
October 02 – North Little Rock, Ark. @ Simmons Bank Arena
October 03 – Tulsa, Okla. @ BOK Center
October 05 – Wichita, Kan. @ INTRUST Bank Arena
October 07 – Omaha, Neb. @ CHI Health Center Omaha
October 09 – Grand Rapids, Michigan @ Van Andel Arena
October 10 – Des Moines, Iowa @ Wells Fargo Arena
October 12 – Grand Forks, ND @ Alerus Center
October 15 – Salt Lake City, Utah @ Vivint Smart Home Arena
October 17 – Portland, Oregon @ Moda Center
October 18 – Spokane, Washington @ Spokane Arena

Top 30 Hair Metal Albums of All Time

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Federal agency launches investigation into use of GPS tracking by auto lenders https://innovativewords.com/federal-agency-launches-investigation-into-use-of-gps-tracking-by-auto-lenders/ https://innovativewords.com/federal-agency-launches-investigation-into-use-of-gps-tracking-by-auto-lenders/#respond Mon, 22 Mar 2021 09:38:15 +0000 https://innovativewords.com/federal-agency-launches-investigation-into-use-of-gps-tracking-by-auto-lenders/ They can know when you are leaving town and see where you parked your car. They can see how many times you’ve been to the grocery store or to the health clinic. Auto loans to Americans with poor credit are booming, and many finance companies, credit unions, and auto dealerships are using technology to track […]]]>

They can know when you are leaving town and see where you parked your car. They can see how many times you’ve been to the grocery store or to the health clinic.

Auto loans to Americans with poor credit are booming, and many finance companies, credit unions, and auto dealerships are using technology to track the location of borrowers’ vehicles in case they need to repossess them.

Such monitoring, say lenders, allows them to extend loans to more low-income Americans knowing they can easily locate the car. Lenders also install devices that allow them to remotely turn off a car’s ignition after a borrower misses a payment.

Now, federal regulators are investigating whether these devices unfairly violate a borrower’s privacy.

Auto lender Credit Acceptance Corporation said this month in a securities filing that it had received a request for a civil investigation from the Federal Trade Commission asking for its “policies, practices and procedures” related to the so-called devices. GPS start interrupt, which are used to deactivate an ignition.

Industry lawyers say the action is part of a larger investigation by the agency into tracking technologies used in the subprime auto loan market.

A spokesperson for the agency declined to comment on the inquiry request.

“Knowing where people are can reveal a lot about what people do in their lives,” said Lauren Smith, policy advisor at the Future of Privacy Forum, a think tank focused on privacy issues. “Location data is very sensitive.”

If the federal agency determines that the devices are being used unfairly or deceptively, it could force companies to stop the behavior and design procedures and oversight to ensure better protection of customer privacy.

The regulatory review of GPS start interrupt devices comes as cracks begin to appear in the burning auto loan market. The percentage of auto loans past due at least 90 days rose to 3.8% in the fourth quarter, from 3.6% in the third quarter, according to the Federal Reserve Bank of New York.

In deciding to take action, the Federal Trade Commission must first decide whether the benefit to consumers – in this case, the availability of auto loans – outweighs the privacy concerns.

The auto finance industry says the benefits of the devices are obvious. Without them, many low-income Americans could not afford the cars they need to get to work.

So far, there is no widespread evidence that lenders are misusing the information they track from a vehicle’s location.

Jack Tracey, executive director of the National Automotive Finance Association, said privacy concerns were unfounded.

“It’s a registered vehicle,” said Mr. Tracey. “He’s got a license plate and you can see where he’s going. You are driving something that is nowhere private. “

The makers of the devices note that they have clear guidelines in place to protect privacy. GPS capabilities, they say, are meant to help lenders locate a car once a borrower is in default, and not to be used simply as a monitoring tool.

As an added protection, some manufacturers have said that they have built their devices so that the GPS is not activated until the borrower defaults.

But privacy experts and many borrowers who have the devices in their cars say there is great potential for abuse, especially because the devices do not fall under traditional state and federal laws. on loans.

Some find it troubling that technology gives lenders so much control over borrowers – especially poor borrowers, who typically have no choice but to accept the device if they want a loan to buy a car.

“They don’t need to know what we’re doing – when we go out to eat, when we go on vacation,” said Elias Sanchez, a forklift operator in Austin, Texas. “We want our privacy.” His car dealership did not tell him that a GPS tracking device was installed in his 2005 Ford SUV, he said.

A 2014 survey by the New York Times highlighted the tracking technology. In an article on the first page, the collections manager for a Louisiana credit union said he could monitor the whereabouts of a vehicle on his smartphone and once turned off a borrower’s contact while shopping at a Walmart.

A mother from Las Vegas described in the article how she was unable to take her feverish child to hospital because her car was locked for a missed payment. Other borrowers have complained in interviews that they are stranded, stranded in dangerous neighborhoods and cut off from their cars when they need it most. In Nevada, a woman told the legislature that her car was stopped on a freeway.

Some state lawmakers have taken note. The New Jersey legislature is working to revise a bill, opposed this month by Gov. Chris Christie, that would strengthen disclosure requirements and add protections for consumers to devices. Under the bill, consumers would receive written disclosures that a device had been installed in their cars and at least 72 hours’ notice before the ignition was turned off.

The Federal Trade Commission has brought several regulatory actions against companies in recent years for breach of privacy.

In 2013, the agency took action against a group of rental companies and a software company for spying on customers who rented laptops. The agency said the companies had used software to take screenshots of confidential and personal information, record customer keystrokes and take screenshots of people in their homes. Companies were prohibited from secretly collect this data of their customers.

Automobiles, the federal agency said, are part of the burgeoning “Internet of Things” that constantly transmits potentially sensitive data across the Web. The agency had urged automakers among many other industries to come up with new guarantees for personal data.

Protecting privacy is expected to remain a central concern of the Federal Trade Commission, even as several new members are due to be appointed under the Trump administration.

“Privacy issues appear to be garnering bipartisan support,” said Christopher Kukla, executive vice president of the Center for Responsible Lending, a research and advocacy group focused on consumer credit. “We’ll have to see if that’s something they can move forward on.”

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AMLC Token Gears Up To Face 2021 With Debut On IDXA Exchange https://innovativewords.com/amlc-token-gears-up-to-face-2021-with-debut-on-idxa-exchange/ https://innovativewords.com/amlc-token-gears-up-to-face-2021-with-debut-on-idxa-exchange/#respond Mon, 22 Mar 2021 09:38:15 +0000 https://innovativewords.com/amlc-token-gears-up-to-face-2021-with-debut-on-idxa-exchange/ TipRanks Billionaire George Soros chooses these 3 “Strong Buy” actions Some investors achieve legendary status, far surpassing their peers through a combination of luck and success. No one is perhaps more representative of it than George Soros, the Holocaust survivor who after the war earned a doctorate from the London School of Economics and went […]]]>

TipRanks

Billionaire George Soros chooses these 3 “Strong Buy” actions

Some investors achieve legendary status, far surpassing their peers through a combination of luck and success. No one is perhaps more representative of it than George Soros, the Holocaust survivor who after the war earned a doctorate from the London School of Economics and went into banking to make his mark. He was very successful. The hedge fund he founded, Soros Fund Management, achieved an average annualized return of 33% from 1970 to 2020, making it the most successful hedge fund in history. Soros’ greatest success came on September 16, 1992, when he “broke the Bank of England”. He had taken a short position on the pound sterling, which rose to $ 10 billion, and when the pound fell in response to the policy shift, he personally gained $ 1 billion in a single day. Soros hasn’t always been right in his financial appeals, but he’s more often right than wrong. He is also known for his good words when it comes to trading. “It’s not whether you’re right or wrong,” Soros said, “but how much money you make when you’re right and how much you lose when you’re wrong.” With this in mind, we decided to take inspiration from the recent activity of Soros Fund Management. By managing three stocks that the fund raised in the first quarter through the TipRanks database, we found that the analyst community was on board as well, as each sports a “Strong Buy” consensus rating. Farfetch, Ltd. (FTCH) We will start with an online retail inventory, Farfetch, a company specializing in the sale of luxury goods and brands. Farfetch is a truly international company, founded in Portugal, headquartered in London with offices in New York and Los Angeles, Tokyo and Shanghai, and Brazil. Like many tech-focused companies, Farfetch operated at a loss – but in the first quarter of this year the company made a sharp turnaround in profitability. The 1Q21 earnings report showed after-tax profit of $ 516.7 million, compared to a quarterly loss of $ 79.2 million a year ago. The company disclosed that this gross profit included a one-time non-cash benefit of $ 660 million “arising from the lower impact of the share price on items held at fair value and revaluations.” Total operating revenue was reported at $ 485 million, up 46% year-over-year, and above the $ 457 million expected by analysts. A key metric, the gross merchandise value of orders processed on the company’s platform, increased 49% year-over-year to $ 915.6 million. Farfetch’s success is built on a strong user base. The company has more than 3 million active customers and operates in 190 countries. The platform’s vendors have made available more than 1,300 luxury brands. Even after a decline in the stock’s value in the first half of 2021, the stock has still risen 234% in the past 12 months. Among the FTCH fans is Soros. In his most recent disclosure, Soros revealed that his fund had purchased 125,000 shares of FTCH, a stake now valued at more than $ 5.5 million. As for the analyst community, 5-star Credit Suisse analyst Stephen Ju credits FTCH with an outperformance (i.e. a buy) with a price target of $ 78. Investors are expected to pocket a gain of around 88% if the analyst’s thesis comes to fruition. (To view Ju’s track record, click here) “We have a positive opinion on the Company’s continued Adjusted EBITDA forecast as Farfetch will reinvest the highest revenue contributions into customer acquisition – supporting long-term adoption rates. We are modeling ~ 700,000 new customers for 2021, ~ 600,000 for 2022 and from 2023 our expectations are also unchanged at ~ 1.2 million to 1.5 million, ”Ju said. The analyst summed up: “Our investment thesis points remain: 1) the large addressable $ 300 billion market remains fragmented and underpenetrated, 2) relative protection against competition from larger cap online competitors. , 3) exposure to the growing adoption of luxury goods in the APAC region as well as emerging markets. ”Most analysts support Ju’s confident view of the online fashion company, as TipRanks analyzes present FTCH as a strong buy. Based on 8 analysts polled in the past 3 months, 6 attribute the stock to a buy, while 2 attribute it to a wait. The 12-month average price target is 60. $ 63, which is an increase of around 37% from current levels. (See FTCH market analysis on TipRanks) Coursera (COUR) The next stock we are looking at, Coursera, is a MOOC company – a provider very open online course. C he niche is leveraging the size and reach of the Internet to make a wide range of high-level university courses available to the general public. Coursera is a leader in the field and, since its inception in 2012, it has made available over 4,000 courses from over 200 universities, in over 30 study programs, and at a lower cost than coursework. in person. Through Coursera, students can take courses at top schools such as Imperial College London, University of Illinois at Urbana-Champaign, University of Michigan, and Johns Hopkins. The company boasts that over 77 million students have used its services. Although the company is 9 years old, it is new to public procurement; Coursera held its IPO at the end of March this year. It made 15.73 million shares available on the NYSE, at an opening price of $ 33. It was the high end of the original price range, which was set between $ 30 and $ 33. Overall, the IPO raised $ 519 million, before expenses. In early May, Coursera published its first quarterly report since its IPO. The report showed total revenue of $ 88.4 million, a 64% year-over-year gain. The company’s gross profit, at $ 49.5 million, was up 71% from the quarter last year. George Soros saw an opportunity in this IPO, and his fund picked up 105,000 shares of the company. This new position is valued at ~ $ 4 million at the current share price. Among the bulls is 5-star analyst Ryan MacDonald, of Needham, who presents a clear and bullish case for Coursera shares. “Given the growing role of automation, the widening of the skills gap and the shift to e-learning, we believe that Coursera’s comprehensive platform will help it gain shares in a large TAM that we estimate between $ 47 billion and $ 50.6 billion. As the COVID-focused tailwind for the growth of enrolled learners in FY20 creates a difficult comparison for the consumer segment in FY21, we believe that Coursera’s effective GTM move and the passage higher value corporate and degree offerings can generate 25% + sustainable growth and gross margin expansion, ”MacDonald noted. To that end, MacDonald gives COUR a buy rating and his price target of $ 56 indicates confidence in a 47% hike over the next 12 months. (To view MacDonald’s track record, click here) During its short time on the stock market, COUR garnered 14 analyst reviews, with a split of 12 buys into 2 holds to support the Strong Buy consensus rating. The shares are trading at $ 38 and their average price target of $ 54.67 implies a one-year rise of 44%. (See COUR stock market analysis on TipRanks) Sotera Health (SHC) Last on our list of new positions from George Soros is Sotera Health, a holding company whose subsidiaries offer a range of consulting, laboratory testing and sterilization services in the health sector. Sotera’s activities serve more than 5,800 healthcare customers in more than 50 countries. The company has 13 laboratories capable of performing more than 800 tests and 50 sterilization facilities. Sotera’s customer base includes 75 of the top 100 medical device manufacturers and 8 of the top 10 pharmaceutical companies. SHC’s shares went public on November 24 last year, in an IPO that sold 53.6 million shares and raised $ 1.2 billion. The capital raised was used to repay the existing debt. The company has worked diligently to reduce debt levels and, in the 1Q21 report, said it has total debt of $ 1.87 billion and free cash flow of $ 108 million. First quarter net sales were $ 212 million, up 13% from the previous year. Net income showed a strong gain, going from a loss of 1 cent per share a year ago to earnings per share of 4 cents. In the first quarter, Soros took a new position in Sotera, buying 179,274 shares of the title. At the current share price, this stake is worth over $ 4.3 million. Tycho Peterson, 5-star analyst at JPMorgan, likes SHC and rates the stock overweight (i.e. buy). Its price target of $ 35 suggests a 45% rise from current trading levels. (To see Peterson’s track record, click here) Supporting his position, Peterson writes: “First quarter results have been generally strong, and while the forecast remains unchanged, it should provide an upward path for the 2021 balance. , as we continue to be fans of the company’s diverse operating platform, rigorous multi-year contracts, an efficient pricing strategy and high regulatory oversight, while supporting its broad competitive divide, with FCF to support the deleveraging… ”Overall, The Street is unanimous in its outlook on Sotera shares; the stock recently received 8 positive reviews supporting its consensus rating from Strong Buy analysts. The shares are trading at $ 24.06 and their average price target of $ 31.75 implies a year-over-year rise of ~ 32%. (See SHC Stock Analysis on TipRanks) To find great ideas for stocks traded at attractive valuations, visit TipRanks Best Stocks to Buy, a newly launched tool that brings together all the information about TipRanks stocks. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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The golden age family that gave it their all: carnegies https://innovativewords.com/the-golden-age-family-that-gave-it-their-all-carnegies/ https://innovativewords.com/the-golden-age-family-that-gave-it-their-all-carnegies/#respond Mon, 22 Mar 2021 09:38:15 +0000 https://innovativewords.com/the-golden-age-family-that-gave-it-their-all-carnegies/ Before Warren Buffett and Bill and Melinda Gates started pushing the world’s billionaires to give at least half of their fortune, one of the richest men of the 19th century wrote an essay with the hope it would inspire other industrialists to do the same. It was the height of the Golden Age in 1889, […]]]>

Before Warren Buffett and Bill and Melinda Gates started pushing the world’s billionaires to give at least half of their fortune, one of the richest men of the 19th century wrote an essay with the hope it would inspire other industrialists to do the same.

It was the height of the Golden Age in 1889, and Andrew Carnegie, a pioneer in the steel industry, explained why he would donate most of his wealth – around $ 350 million (from worth around $ 4.8 billion today). The book, titled “The Gospel of Wealth” was published 125 years ago this summer, and further undermines Americans’ wobbly balance between capitalism and social responsibility.

“The man who dies rich dies in disgrace”, he wrote now famous.

This is the reason why the Carnegie clan is not on the new Forbes list of Richest families in America. On Andrew’s death in 1919, he left his wife his personal belongings, a small cash gift, and their property, which was a Manhattan townhouse and their vacation home in Scotland, Skibo Castle. His only daughter, Margaret, received a small trust and they eventually had to sell the townhouse due to its expensive upkeep, biographer David Nasaw said.

“He left them enough money to be comfortable, but never as much as the children of his fellow thief barons, who lived in immense luxury,” Nasaw said in a telephone interview. “Money and power have been passed down from generation to generation. That wasn’t going to happen with the Carnegies.

It was an agreement they had agreed to long before his death. In fact, the Carnegies signed one of America’s first prenuptial agreements, which detailed the terms of the inheritance. This paved the way for Andrew to endow 200 libraries, the Carnegie Institute of Technology (now Carnegie Mellon University) and the Carnegie Corporation of New York.

Little remains of Andrew’s fortune, which was once valued on par with oil mogul Rockefeller and banking family Morgan. The 13 fourth generation members of Andrew Carnegie’s lineage now have the self-taught wealth of white collar workers. Their children and grandchildren form a great fifth generation and a growing sixth.

Linda Thorell Hills, one of Andrew Carnegie’s great-granddaughters, said her family had “lived in a conservative and private way,” noting that it was easier to blend in since they are all descendants of her only daughter and none living with the Carnegie surname. Still, she said they were emboldened by her legacy.

“Making your own way in life is a healthy way to be,” Thorell Hills said. “Our family was raised very much with the philosophy that our own individual lives are what we make of them.”

Born in Scotland to poor weavers, Carnegie immigrated with his parents to a poor Pennsylvania town in 1848. His story begins eerily similar to countless immigrant tales of his time: according to his autobiography, at age 13 he began his history. first job, earning $ 1.20 per week changing spools of thread in a Pittsburgh cotton mill. He worked six days a week and times were still tough.

Soon that story took a turn that would soon make him one of the richest in America. He invested in railroads and spent time as a bond seller. He then formed Carnegie Steel, and sold it to JP Morgan in 1901 for $ 480 million (which today would be close to $ 13 billion).

The same year,

JP Morgan
founded US Steel and became the first company in the world to have a market capitalization of over $ 1 billion. Yet unlike many others on Forbes’ list of America’s Richest Families, Carnegie did not leave his descendants with a stake in the business he helped build. It is now traded on the New York Stock Exchange.

Ironically, Andrew’s brother Thomas took a more traditional approach to inheritance. When he died at the age of 42, his will divided his multi-million dollar industrial estate fortune between his wife and nine children. Each received a trust fund of around $ 10 million, according to several descendants.

But that wealth has now also dried up, the descendants added. The crown jewel of Thomas’ estate was Cumberland Island off the coast of Georgia, which Thomas purchased in the early 1880s. This is where the extended family lived and the others came on vacation to large mansions. wooden tables filled with antique furniture and fine china. Some Rockefellers also lived there, after the marriage of a few Carnegies.

Thomas Carnegie, 12, with his older brother, Andrew. (Photo credit: Wikipedia)

By the second generation, the vestiges of the golden age were almost gone. Now the parents had to say goodbye to the island. Many began donating their land to the National Park Service in the 1970s because, in part, they did not have the money to continue the maintenance.

“We had the island and that’s it,” said fifth generation descendant Lucy Foster Flight. “The money is not there. We have all done our things separately, and made our own money or not. “

A few dozen still live there and their plots will return to the government when they die. Despite the disturbing gradual demise, this is still where family gathers for reunions and vacations like Thanksgiving. “There is this misnomer that we are this really wealthy family and we believe we have a right to be on the island. It’s really difficult because it’s our home, ”added Foster Flight.

Richest Families in America:

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Credit for start-up farmers https://innovativewords.com/credit-for-start-up-farmers/ https://innovativewords.com/credit-for-start-up-farmers/#respond Mon, 22 Mar 2021 09:38:14 +0000 https://innovativewords.com/credit-for-start-up-farmers/ We all know that many farmers do not retire. One of the reasons some give is that young people are not attracted to hard work. Don’t tell that to Alison and Jim Deutsch from Osseo, Wisconsin. Neither of them grew up on a farm. They spent 10 years looking for land to rent before starting […]]]>

We all know that many farmers do not retire. One of the reasons some give is that young people are not attracted to hard work.

Don’t tell that to Alison and Jim Deutsch from Osseo, Wisconsin. Neither of them grew up on a farm. They spent 10 years looking for land to rent before starting a hog farm in 2007. In 2010, they were able to buy 160 acres from retired dairy farmers, so their first corn crop was pockmarked. A poor year was followed by two years of drought. Yet they’re still building a business that sells meat to consumers as far away as Milwaukee and pork at the upscale Niman Ranch.

Don’t tell Dave and Annette Hill either. Dave grew up on a farm near Rushford, Minnesota, but, as he puts it, “I graduated in the mid-1980s, and there really was no opportunity for me.” He became an electrical engineer, working for IBM in Rochester. One day, he visited a nearby farmers market, talking to a beef producer who lived comfortably on 80 acres selling direct to consumers. From the farmer’s prices, “I get it, saint smokes, this guy brings in five thousand dollars an animal,” he recalls.

FSA helps beginners

Dave saw an opening. He too could start raising beef for direct sale. He found a farm for sale 5 miles from his parents. With a good job and his farming background, “I thought arrogantly that I would have no problem getting a loan,” he recalls.

When he applied to AgStar, a farm credit system lender, he was told he needed a larger down payment and his debt-to-asset ratio was too low. “I didn’t have enough stuff,” he says. He contacted several banks. “They never came back to me; they didn’t even call, ”he says.

Eventually, the Hills moved to Holy Cross, Iowa, and leased land that belonged to Annette’s family. Three years later, they secured an entry-level farmer loan from the USDA’s Farm Service Agency (FSA) to purchase the crop and the 150-acre hay farm.

“Without the Beginner Farmer Program, we wouldn’t have been able to get a loan,” says Hill.

The Hills and the Deutsches are early stage FSA borrowers.

FSA’s early-stage farmer programs got improvements in the new farm bill. This is often the only way for young farmers with modest resources to become owners of their land. Banks provide loans to beginning farmers. They are the biggest partners in an FSA program, the early stage farmer down payment. The farm credit system lends almost seven times as much to farmers with less than 10 years of experience, the USDA definition of a beginner. (The USDA has no age limit.)

Yet the FSA remains, as the agency calls it, the “agricultural lender of first opportunity”.

New and improved

For years, the National Coalition for Sustainable Agriculture has worked to improve FSA’s services to young farmers, leading the USDA to devote a significant portion of FSA loans to beginning farmers and ranchers.

Ferd Hoefner, group policy director, describes the new improvements. The Farm Bill makes a microcredit program permanent – seven-year term loans of up to $ 50,000 for livestock, equipment and operating costs. It brings the total value of the down payment loans for the farm property to $ 666,000, which is equivalent to $ 300,000 of FSA loans. The starting farmer has to pay 5% of the purchase price, the FSA covers 45% and a lender (bank or agricultural credit) provides 50%.

“Even with a 5% share, your chances of success are significantly improved,” says Hoefner.

Down payment loans also have the lowest interest rate on the FSA share, currently 1.5%.

Hoefner is also pleased that the USDA is calling for a sharp increase in FSA funding in the president’s 2015 budget, $ 1.5 billion for direct farm property loans. “It’s almost triple the current funding level,” he says. Presidential budgets usually die in Congress, but Hoefner thinks there is a good chance of an increase in FSA loans.

The Farm Bill itself does not fund FSA loans. Congress does this every year, says Jim Radintz, USDA deputy assistant administrator for agricultural loan programs in Washington, DC. direct programs, ”he says. “In the direct farm ownership (real estate purchase) program, 75% of the funds are reserved for entry-level farmers during the first 11 months of the fiscal year.” Half of the direct operating loan funds are reserved for beginning farmers for the first 11 months. The FSA also guarantees loans from commercial lenders, 40% of which are held for beginning farmers for the first six months. All of this gives start-ups an edge over limited funds, he says.

Tips for success before and after a loan

The FSA requires young borrowers to have three years of experience, including some management before buying a farm, says David Manley, an agricultural loan specialist at the FSA’s Minnesota state office in St. Paul. “If you grew up on a farm or have some experience, you can get an operating loan,” he says. The FSA also generally requires that beginners take courses in farm financial planning, such as those offered at community colleges.

Amy Bacigalupo, director of the Farm Beginnings program at the Land Stewardship Project in Minnesota, says young farmers often focus on acquiring land, but “the best choice might be to wait a year or two until you get a feel for your business. ” The LSP Farm Beginnings program offers one-year management training sessions and connects participants with established farmers who act as mentors and sometimes provide work experience.

One of the downsides of FSA land loans is the time it takes to process and the risk of running out of funds. Jim and Alison Deutsch, who went through Farm Beginnings, were prepared. “We had everything lined up before we found the farm, so it went pretty well,” Jim says. “That takes time. We probably had two to three months of paperwork. ”

Even beginners can’t be newbies, Alison adds.

“You pretty much have to have a well-established business – an income-generating business – or they’re not going to waste their time,” she says.

Having realistic projections for this business is essential, adds Aimee Finley, an entry-level dairy farmer and farm business management instructor at Western Technical College in La Crosse, Wisconsin. It’s more than numbers, however.

“Know yourself, know your strengths and weaknesses,” she said. Get help where you don’t have the expertise.

Dave Hill couldn’t agree more. Neighbors help out, and her father and Annette’s adopted brother, a machine dealership mechanic, maintain her old equipment. “It’s not minor things these guys do to help me,” he says. “They are irreplaceable.”

FSA loans are not for everyone. You must not be eligible for trade credit. Size restrictions apply to mortgage loans.

Other paths to come

For other young farmers, banks and the farm credit system provide loans. In 2013, the farm credit system provided $ 11.1 billion in loans and commitments to 73,902 young and beginning farmers, says Gary Matteson, Youth, Beginners and Small Farmers Program Manager for the Farm Credit Council. “Each of the 79 associations has some kind of program for beginning farmers,” he says.

The USDA also has other programs for beginners beyond FSA loans, Bacigalupo says. FSA is a good place to start. Finley agrees. “Most of the FSA lenders I work with are great people,” she says.

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