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La Jolla News Nuggets: Blood drive for the teacher; Barbara Bry podcast; La Jolla Innovation Center; After

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La Jolla teacher still needs rare blood type

The San Diego Blood Bank was still looking for a game this week for Stacie Buechel, a La Jolla teacher and mother of three who needs a rare blood type to fight bone cancer. More than 600 people have donated blood on his behalf, according to the blood bank.

Buechel, 47, needs about a pint a week of rare blood for transfusions as part of his treatment. It needs type A +, O- or O + which does not have a protein called Kpb. Less than 1% of the American population has this type of blood, the blood bank said.

In an article published on February 2 on her family’s Meal Train webpage, Buechel – a Montessori teacher and founder of the Essbee Learning Center in La Jolla – wrote that “my photo is a little darker than we thought it was. ‘origin’. But she added that “we cannot give up hope. … There are not enough words to describe what so many of you have done for me and my family.

To donate blood on Buechel’s behalf, visit any San Diego Blood Bank or mobile blood donor point and include the code “ESSB” when registering. For more information and to make an appointment, visit sandiegobloodbank.org or dial (619) 400-8251.

Barbara Bry launches podcast after mayoral race

Following her tenure as District 1 representative (which includes La Jolla) on San Diego City Council and an unsuccessful run for mayor, La Jolla resident Barbara Bry started a podcast with her husband, San Diego Union-Tribune business columnist Neil Senturia.

The podcast, titled “I’m here for you baby! The Entrepreneur’s Guide to the Galaxy ”, broadcast on Spotify and on anchor.fm/itfyb.

Barbara Bry and her husband Neil Senturia prepare to cast their ballots at La Jolla / Riford Library on Election Day on November 3.

(Elisabeth Frausto)

“The theme of our show is that today everyone should think like an entrepreneur, whether in their own business, a large organization or a non-profit organization,” Bry wrote in a message to supporters. . “Among our guests was the head of the largest group of angel investors in the United States, an entrepreneur who started a natural fertilizer business combining [expletive] and Garbage, the head of the Hispanic Chamber of Electronic Commerce, a leader in the cannabis industry and the CEO of Goodwill of San Diego County.

A draft environmental impact report for the future La Jolla innovation center is available for public comment until March 22. The proposed 110,000 square foot, seven story building would be located on the southwest corner of Villa La Jolla Drive and La Jolla Village Drive, where Rock Bottom Brewery once operated.

The facility would house several programs at UC San Diego Health, UCSD School of Medicine, and UCSD Extension and would include office and educational space, a ground floor cafe accessible to the public, and approximately 275 parking spaces.

The entire property is currently a 7 acre commercial complex from which UCSD has leased approximately 90,000 square feet for decades. The university would acquire the land and seek to redevelop an acre. Following approval from University of California regents, which is expected in May, the project could begin construction and be open at the end of 2023.

An online public hearing on the environment will take place at 6 p.m. on Thursday, February 25. For more information and the REI project, visitblink.ucsd.edu/facilities/real-estate/ljic.html.

Church’s White Elephant Sale is a virtual fundraiser this year

The 89th Annual White Elephant Sale at St. James by-the-Sea Episcopal Church in La Jolla will be a virtual fundraiser this year due to the coronavirus pandemic. The event raises money to fund grants for people in need.

With no in-person sale this year, donors are asked to send a check payable to Women of St. James (with “WES” in the memo section) to St. James’s Episcopal Church by- the-Sea, 743 Prospect Street. , La Jolla, CA 92037, or pay on the St. James website, SJBTS.org. The goal is to raise $ 50,000. Donations are tax deductible.

A “Zoom to Remember” event is scheduled from 5 pm to 6 pm on Friday, February 19, via the church’s website, featuring past volunteers, buyers, photos and a toast to beneficiaries.

LaCava congratulates Bishop’s students who founded Operation Nourish

La Jolla resident and San Diego city councilor Joe LaCava bestowed his first commendation in office on the students of Bishop’s School and Operation Nourish, Bela and Mira Gowda founders, whom he called ” two brilliant young innovators ”. Their non-profit organization supports the community’s healthcare and foodservice sectors by purchasing meals in bulk at local restaurants and donating them to nearby medical facilities.

“Since its inception, Bela and Mira have provided more than 1,000 meals in heavily impacted restaurants to healthcare workers at six area hospitals,” LaCava wrote. “Thank you both for your commitment to the community and your creativity. Keep up the good work! “

La Jolla club helps students help Vietnamese village

The Rotary Club of La Jolla Golden Triangle contributed $ 500 to an initiative of UCHS Interact, a student-run organization at
University City High School, in partnership with the non-profit organization Gravity Water to build rainwater collection and filtration systems to provide safe drinking water in needy areas.

UCHS Interact has “adopted” the primary and secondary school of Ban Lien in the village of Bac Ha in Lao Cai, Vietnam. Students are working to raise a total of $ 2,500 by March 1 so they can complete the project in June.

For more information or to donate, visit Gravitywater.org/university-city-high-school.html.

MCASD Announces First Special Exhibition for Renovated La Jolla Campus

The Museum of Contemporary Art in San Diego has announced that its first special exhibition on the La Jolla campus in spring 2022 will be “Niki de Saint Phalle in the 1960s”. The Prospect Street Museum is currently undergoing a major renovation and expansion that will quadruple its gallery space. It should open later this year.

The exhibition will explore a period of transformation of 10 years in the work of Saint Phalle, when she embarked on two of her most important series, “Tirs”, or “drawing paintings”, and “Nanas”, according to a press release.

The French-born sculptor, painter and filmmaker moved to La Jolla in the 1990s. She died in 2002.

Scripps Oceanography Continues Collaboration With SDG & E To Study Effects Of Climate Change

Utility company San Diego Gas & Electric and the Scripps Institution of Oceanography at UC San Diego in La Jolla have signed a memorandum of understanding to conduct research on the effects of climate risks on the San Diego area.

The collaboration will assess the risks posed by coastal flooding, extreme variability in precipitation, sea level rise and forest fires to SDG & E’s operations, infrastructure and clients, with a focus on creating of a coastal flood early warning model.

The MOU is the continuation of a collaboration between SIO and SDG & E. In 2018, the company and the Scripps’ Center for Climate Change Impacts and Adaptation set up an ongoing project using an observational network of bay-wide pressure sensors and gauges to improve understanding of extremes in current and future water level, wave energy and potential flooding. In 2019, the contract was extended for three years and extended to include the Center for Western Weather and Water Extremes and other Scripps researchers.

Cherry Sweig will be performing live demonstrations with other artists at the Perry Gallery in La Jolla Shores until February.

Cherry Sweig, whose work is on display at the Perry Gallery in La Jolla Shores, will be doing live demonstrations with other artists in the gallery throughout February.

(Courtesy)

The Perry Gallery at 2218 Avenida de la Playa in La Jolla Shores offers live painting events through February on its front patio, with local artists demonstrating their techniques and explaining their inspirations.

Participating artists are Dana Levine on Friday, Cherry Sweig on Saturday, and Dottie Stanley and Mona Ray on Sunday. All demonstrations are from 11 a.m. to 3 p.m. For more information, visit theperrygallery.com.

Local author publishes latest children’s book in series

La Jolla Realtor Janet Lawless Christ has published her second book, “Bizzie: The Beat-Loving Bumbling Bee”, through the publishing arm of her company JoyWorks Networks Inc. “Bizzie” aims to promote the power of music to children and is the second in a series.

The book is based on a true story of bees displaced from the Rancho Santa Fe Inn. A portion of the proceeds from the sale of the book will go to Guitars in the Classroom, a national non-profit organization that trains and equips teachers. and school staff to integrate music into school education and socio-emotional development.

Lawless Christ’s first book, “Nugget the Nomad,” was published in October to teach children how to cope with difficult situations.

“Bizzie” is priced at $ 12.95 and is available at bit.ly/bizziebook.

La Jollan is Chairman of the Board of the New Hebrew Free Loan

Hebrew Free Loan of San Diego, whose chairman of the board is La Jolla resident Selwyn Isakow, has appointed Encinitas resident Mindi Frankel as the first executive director to help develop the new free lending institution. Interest Nonprofit, a member agency of the International Association of Jews Free Loan.

To learn more, visit hflsd.org.

– Compiled by the staff of La Jolla Light

Sligo’s Return Guardian Grateful After Brush with Death

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The saying in football never to come back to your old club isn’t goalkeeper Richard Brush considering joining Sligo Rovers for the fourth time earlier this month.

The Birmingham-born goalkeeper joined Bit O ‘Red after first moving to the Showgrounds in 2006 from Nuneaton Borough.

“Football brought me, love kept me here,” he told Darren Frehill for RTÉ’s Sunday Sport after eight years of marriage to his wife Stacey.

After four years and successes in the FAI Cup and the Coupe de la Ligue, Brush leaves for Shamrock Rovers.

Commuting from his base in the North West, he clinched a league title and was part of Ireland’s first team to reach a group stage in European competition with two Europa League group stage appearances.

He also conceded Harry Kane’s first goal for Spurs when he found the net after coming off the bench in a 4-0 win for the Premier League side at Tallaght.

Harry Kane celebrates his Europa League goal against Shamrock Rovers

A first return to Sligo added another league title to the medal collection, but by the end of the year he was back with the Hoops. A third stint at the Showgrounds ended after two seasons in 2015, subsequently for Finn Harps, Ballinamallard United and Cliftonville for three years. With a brief retreat thrown into the mix.

Happy where he was, Brush was pleasantly surprised when Sligo probed him again. With two young goalies on their books – top pick Ed McGinty and Luke McNicholas on loan at Harps – experience was required and the call was answered. Not that he is resting on his laurels and that he is happy to accept a replacement role.

I don’t sign to sit on the bench and make up the numbers

“Ed has turned out to be one of the best goalies in the league. With his skills and attitude, he looks great at such a young age.

“It’s good for me to think I can push him. I was number one in Cliftonville, so I’m not signing to sit on the bench and catch up with the numbers.”

He considers himself lucky that working in a care facility has meant “business as usual” in terms of employment, although the day service in which he helped children with intellectual disabilities was closed during Covid.

Not that the lockdown isn’t wreaking havoc.

“I don’t mean to sound negative, but at the moment there doesn’t seem to be that kind of light we can look towards.”

After training for the week, a Sligo Rovers fan approached him and welcomed him back to the Showgrounds. Instinctively, Brush reached out in recognition.

Sligo Guardian saves Jason Byrne’s feet in 2010

“Then I thought: what are you doing?

Brush no longer takes anything for granted in life, remembering the “spooky” night of November 2018 that gave her and her family’s life a different perspective.

In front of Sky Sports cameras on a Monday night, Cliftonville recorded a 3-1 victory over Ards in the NIFL Premiership.

Brush, two weeks before his 34th birthday, was feeling good.

His mother texted after watching the game on TV and he sat in the car, calling Stacey to let her know he would be back sometime after midnight.

Shortly before arriving at the house in Sligo, as he turned to Manorhamilton, a “choking” swept over him. The gunman blamed it on fatigue, rolled down the window and went to drink from his water bottle. The liquid was running down his chin.

“It was very strange, so I decided to stop,” but was physically unable to push his left foot on the clutch as he went to change gears. Then he tried to put the car in neutral, but could not raise his left arm.

Distressed but not overwhelmed, he shuddered to stop and telephoned his wife. It was a little before midnight and he rang, so he tried his boss Paul, who lived in Manorhamilton. Surprised by the late call, he listened to Brush explain that he didn’t know what was wrong, but felt unwell, and pulled up on the road. Help would arrive in 15 minutes.

I was on the phone for 10 minutes, but it felt like a lifetime

In the meantime, he looked at himself in the mirror and saw that his face, on his left side, “had completely fallen”.

“I knew then that I had a stroke.”

He dialed 999, but at this point the speech was starting to blur and communication was difficult on both sides. “I don’t know how many they got. I was on them for 10 minutes, but it was like a lifetime.”

With the mobile in his right hand, he used his left to flash the lights to signal an oncoming car.

“I was thinking, please stop.

Now the footballer was slumped in his seat. The arrested driver made a quick assessment and grabbing the phone, updated paramedics on the other end of the phone. The ambulance and its boss quickly arrived at the scene.

In action for Finn Harps in 2016

Rushed to hospital, he remembers a light moment in the midst of panic when the paramedic answered his wife’s call.

“I remember his tone, who is it?”. At the time, he burst into tears, unaware of the gravity of his situation.

Tests were done at Sligo University Hospital, but there was no movement on his left side. It was determined that there were no burst blood vessels, but there was a clot on the brain, preventing blood flow.

Doctors explained that a course of action would be a drug that had to be taken within four hours to be effective. It was always a risk; there was a 3% probability of an “adverse effect”.

“My wife looked at it and wasn’t sure if she could take the risk. It was very well explained and we had time to talk about it. We did.”

Soon the doctors began to look for signs of movement. Nothing after 15 minutes, same scenario after half an hour.

It was scary, but luckily I made a full recovery

Then he felt something. It was not controlled, but it was nonetheless movement.

“When my wife came back into the room, I waved her like crazy.”

The next day he was on the move.

Brush spent five days in the hospital, and after two weeks grazing his leg off the floor, he made a full recovery. So much so that he returned to the field after six weeks. A 5-1 beating at the hands of the Crusaders on Boxing Day doing nothing to curb his party spirit.

Tests revealed two clots on the brain. “It was scary, but luckily I made a full recovery.”

He’s still thinking about how his story unfolded. The “what ifs” are endless, but the driver he pointed out was the difference he was feeling.

“Even though Paul arrived five minutes later, having someone there as soon as possible was huge for me.”

The driver phoned the hospital the next morning to find out what had happened, deflecting the praise, insisting it was Brush who had done most of the work.

Now he just hopes to get back to football, but in front of loyal Sligo supporters.

Last year they raised their eyebrows with a push that secured European football, but Brush would just love the opportunity to feel the Showgrounds roar again.

“It will be great to welcome the fans back when it is safe. It will be huge for the club.”

San Diego Breast Cancer Charity Announces New Gift Card Program

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The Shades of Pink Foundation California (SOPFCA) recently announced the launch of the gift card program, adding a new element to its financial support for women undergoing active treatment for breast cancer.

The new program offers gift cards of up to $ 300 for single women and $ 500 for married women or women with dependent children. Gift cards apply to well-known grocery stores, gas stations or big box retailers. To qualify for a gift card, a woman must submit a shorter application than she would for the Basic Living Expenses for Support and Survival (BLESS) grant of up to $ 2,000.

“Breast cancer is not going away just because we face a pandemic and a slight increase in economic uncertainty,” said Vembra Holnagel, chair of the SOPFCA grants committee. “In fact, the need for financial assistance is greater than ever for women battling breast cancer. Our gift card program is a fast, easy and efficient way to get money back into the hands of the women who need it most.

For seven years, SOPFCA has awarded BLESS grants to women undergoing active treatment for breast cancer, but the nonprofit decided to expand the pilot gift card program after several referral partners, the Healthcare professionals who work with breast cancer patients, mentioned that not all women could qualify for a BLESS grant.

According to Holnagel, the initial pilot gift card program was a great success, with SOPFCA awarding 28 gift card grants and using all of the program’s designated funds. This result was enough for SOPFCA to adopt the program for good, which was officially launched in early September 2020. Holnagel said she would like to be able to expand the program to cover two consecutive months in order to provide even more support to women in communities. need financial assistance, but this future growth of the gift card program will depend on meeting fundraising goals and receiving donations.

The SOPFCA was forced to cancel its biggest fundraising event, Purse Bingo, in March over concerns about the pandemic.

The organization is actively seeking funds for gift cards so that it can help as many local breast cancer patients as possible.

To learn more about SOPFCA, read profiles of women who have received support from the organization, or to donate, visit www.shadesofpinkfoundationca.org

SBA and Treasury publish names of PPP loan recipients

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After months of withholding information on exactly which companies received exactly how much from the Congressional Paycheck Protection Program (PPP) – and considerable dismay after several public companies were exposed for accepting large sums of money before finally returning them – the Small Business Administration (SBA) and the US Department of the Treasury today released detailed information out of nearly five million PPP beneficiaries.

The total sum of loans stands at over $ 521 billion, and in a statement, Treasury Secretary Steve Mnuchin said, “The PPP brings much needed relief to millions of small American businesses, supporting more than 51 million jobs and over 80 percent. of all the employees of small businesses, which are the engines of our country’s economic growth. “


He then added, “We are especially pleased that 27% of the program reach in low and moderate income communities, which is proportional to the percentage of the population in those areas. The average loan size is around $ 100,000, which shows that the program works for the smallest of businesses. “

Related: SBA issues new EZ PPP loan forgiveness request

Despite the sudden rush for transparency, there is bound to be scrutiny. Some family restaurant owners, for example, might wonder why between $ 2 million and $ 5 million – the information was released both by state and by assorted loan amount thresholds, ultimately ranging from less than $ 150,000 to $ 10 million – has been allocated. at the Diocese of Alabama in Birmingham.

And a quick review of the available documents (as unfriendly as the uploading and scanning process might be) indicates that a very small minority of owners voluntarily answered questions about their race, ethnicity or gender, and that ‘A minority of all respondents identified their businesses as black or female owned.


The language of the SBA regarding disclosures is also a bit convoluted, assuring at one point that “This disclosure covers each of the 4.9 million PPP loans that have been made”, but later adding that its various loan amounts. ” represent nearly $ 75 of approved loan.

Additionally, the single document that is supposed to contain information on all 50 states in alphabetical order currently ends after California.

Related: Which SOEs have repaid their PPP SBA loans? (Update)

The entrepreneur emailed the SBA earlier this month when the upcoming disclosure was first announced, asking if any loans exceeded $ 10 million – and if so, if their information would never be made public – but had no response. We have since followed up to further clarify whether the aforementioned 50-state document will be annexed. We’ll keep you posted when we have more to share.

Related:
SBA and Treasury publish names of PPP loan recipients
India extends free food grain program for the poor until end of November
How to navigate the volatile corporate finance environment

Copyright 2020 Entrepreneur.com Inc., All rights reserved

This article originally appeared on entrepreneur.com

The economic impact of the coronavirus and the companies helping out during containment

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Aryzta provides update on impact of COVID-19

In March, Aryzta said it expected a “material impact” on its business with the closure of hotel industries amid government shutdowns to mitigate the spread of the coronavirus.

Since then, the Swiss-Irish bakery company has said it has taken “Immediate and decisive action to maximize liquidity and reduce costs”by temporarily suspending investment spending. He added that he had accumulated “Savings against plan”of 50 M €.

About 30% of its workforce has been made redundant. The management committee has agreed to cut salaries by 30% over the next three months, while the entire management team will benefit from a 15% cut. The board of directors of the company also agreed to cut its fees by 30%.

The Swiss-Irish bakery business halted production at three of its factories in Europe and five in North America at the end of April, as well as the temporary closure of production lines in bakery factories to reduce capacity based on demand .

Aryzta is also postponing several of the planned project renewal programs – as part of the three-year cost reduction strategy launched by CEO Kevin Toland in 2017 – that require cash flow to implement.

In a statement, Aryzta said he had “Has received the required consent of the majority of its lenders for a modification of its financial covenants.In addition to this, you will need to know more about it.

“The amendment will apply to the next two tests of covenants relating to the annual accounts at the end of July 2020 and to the interim accounts at the end of January 2021.”In addition to this, you will need to know more about it.

The company added that its net debt to EBITDA ratio “must be less than or equal to” six times, and the net interest coverage ratio “must be greater” than 1.5 times. On May 4, the company has cash in excess of 385 million euros, compared to 360 million euros on March 24.

Bakedin attests to British home baking frenzy during lockdown

UK baking kit company Bakedin saw demand for its product line increase as subscriptions to its popular monthly Baking Club increased by more than 1,200%.

“We are doing everything we can to meet demand at the moment”,said founder Joseph Munns.

“Honestly, you have to be in the right place at the right time, but we’ve worked incredibly hard to build this foundation so that we can meet the growing demand. In addition to this, you will need to know more about it.

“This increase is directly due to having a product that customers really need in this coronavirus climate – delicious treats, simple and shared activities and something to make faces smile. Baking is also incredibly therapeutic.In addition to this, you will need to know more about it.

The Basingstoke-based brand said it saw the number of subscribers increase by 178% in the first week of lockdown in the UK, and the numbers continued to rise daily, peaking at nearly 1,000 in one day .

The brand is known for its signature subscription boxes, cinnamon bun kits, rainbow cakes and new “alcoholic baking” line. The kits contain all the ingredients in the right amounts so consumers can enjoy a cooking experience from scratch with little hassle and no waste. Available at Bakedin’s online bakery, Amazon, Wicked Uncle, as well as retailers like Costco, Hobbycraft, Lakeland, and Tesco.

Celiac UK supports the catering industry

Celiac UK is celebrating its Gluten Free Community Week – May 11-17 – by offering a 20% discount to caterers who take their online course during that week.

The online catering course is a great way to get staff to understand the needs of those in need of a gluten-free diet.”Said Jane Devonshire, Celiac Ambassador to the UK and MasterChef Champion.

It’s easy to make and highlights the principles everyone should legally have in place when offering a gluten-free option on the menu.In addition to this, you will need to know more about it.

“Research shows that people with celiac disease – as well as family and friends who they eat out with – are currently worth £ 100million a year in places that can accommodate them. So what a great time to do it now, so when it all opens up you can get started offering great food to all your customers. “

The course, lasting about an hour and a half, is aimed at all professionals in the agri-food industry and offers in-depth training on:

  • understanding celiac disease and the gluten-free diet
  • the gluten-free law
  • choosing the right ingredients and gluten-free storage
  • prepare and cook gluten-free foods
  • cleaning and personal hygiene
  • communicate with staff and customers
  • follow-up of gluten-free procedures.

If successful, a personalized Celiac UK certificate can be downloaded for viewing or added to training records.

Individual access to training costs £ 70 and can be purchased here.In addition to this, you will need to know more about it. To take advantage of the special discount, use the code: gfaware20.

Spread the word with Panera

The sandwich shop giant raises funds for Together without hungerIn addition to this, you will need to know more about it. – a campaign to help provide 500,000 freshly prepared meals to local Feeding America food banks.

The campaign is getting a boost from some of the proceeds from downloads and streams of Elektra Livingston’s new single, “Say The Word,” which was inspired by the unprecedented humanitarian crisis.

“I heard about the charity campaign with Panera to provide up to 500,000 meals to people in need due to the virus”, said Livingston.

It reminded me of words I had recently written about identifying with the pain of others and the value of asking for help, which resonated more than ever.In addition to this, you will need to know more about it.

“I was inspired to come back to those lyrics and the incorporation of a children’s choir helped bring out the meaning of ‘Say The Word’ and really spoke to the main idea of ​​Panera’s campaign – we’re all in the same boat. “In addition to this, you will need to know more about it.

Panera is also asking those who can afford to donate to the cause, where a simple donation of $ 3 will help put a freshly cooked meal on the table for someone in need. A “family meal” consists of four half-meat or cheese sandwiches made with whole grain bread, four bags of chips and four apples.

Americans are encouraged to spread the word by participating in the #SeeAPlateFillAPlate challenge by decorating an empty plate, sharing a selfie with their creation on Instagram, and tagging five friends to join the movement.

Red Star donates bread to local communities

Red Star is donating $ 50,000 food packages to food banks during the month of May.

Each week, the company – part of the global Lesaffre group – will donate $ 2,000 of bread and other items to local food banks in cities in which the company operates, including food banks. Linn Community in Cedar Rapids, Iowa, Wiregrass Area Food Bank in Dothan, Alabama, and Feed America Eastern Wisconsin in Milwaukee.

The yeast supplier is also supporting bakers struggling with the pandemic with this effort, as the 6,000 loaves of bread to be donated each week will be purchased from local bakers facing declining sales.

“When we learned that bread was needed, our teams came up with the idea of ​​buying bread from local bakers who are suffering from the closure of restaurants and small stores in response to COVID-19. “said Tom Benner, President and CEO of Red Star.

“With this program, our teams are proud to help people in need and businesses in our home towns.In addition to this, you will need to know more about it.

Great Harvest on a mission to make and give bread

The Great Harvest Bread Co. in Fairfax County, Virginia is asking Americans to donate cash, which can be converted into loaves of bread to distribute to local food banks.

For every $ 5 the business receives, it is able to make and donate a loaf of bread.

“A normal loaf of bread costs $ 8.25”,said director Jeffrey Connelly. “We brought it down to $ 5, which gives us enough money to cover the costs we have and get the bread out.”In addition to this, you will need to know more about it.

If someone donates $ 100, the company adds five more loaves of bread.

To date, the company has raised approximately $ 3,000 in donations, resulting in nine deliveries of over 1,000 loaves of bread.

Mortgage companies want to participate in the IPO boom. Investors are not convinced.

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The mortgage market has just had a record year. The mortgage IPO boom, however, is faltering.

Last year was a banner season for the IPO market in general and public offerings for mortgage companies in particular. Between July and December, eight of the 30 largest U.S. mortgage lenders announced his intention to go public.

It didn’t work out the way all companies hoped it would. Two lenders that went public this year, Home Point Capital Inc. and LoanDepot Inc., have significantly reduced their offers. Another lender, AmeriHome Mortgage, has abandoned its IPO plans and instead said it will sell to a bank. Shares of Caliber Home Loans Inc., which were due to be listed in October, have yet to go public.

“The average investor is not convinced that a mortgage company is a good bet as long as it owns stocks,” said Guy Cecala, managing director of Inside Mortgage Finance, an industry research firm. “It’s a cyclical business, and they don’t know what’s going to happen.”

With house prices soaring, many families are excluded from buying a home – and some buyers who have rushed regret having done it. Some of the borrowers who were allowed to put their mortgage payments on hold during the pandemic will struggle to get back on track when their relief programs end. And slightly higher mortgage rates weighed on refinancing and purchasing activity these last weeks.

CMS Announces New Repayment Terms for Medicare Loans to Providers During COVID-19 Pandemic

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The early repayment of the loan will now begin one year from the date of issue.

The Centers for Medicare and Medicaid Services announced amended payment terms issued under the Expedited and Advance Payment program, as required by recent actions by President Trump and Congress.

This Medicare loan program allows CMS to make advance payments to providers, which are typically used in emergency situations. Under the Continuing Credits Act 2021 and the Other Extensions Act, repayment will now begin one year from the date of issuance of the accelerated or early payment from each vendor or vendor.

CMS issued $ 106 billion in payments to healthcare providers and providers to ease the financial burden providers face while facing cash flow issues at the start of the COVID-19 pandemic.

WHAT IS THE IMPACT ?

CMS expanded the AAP program on March 28 and extended these loans to providers and vendors to address the financial burden of the pandemic. CMS has successfully paid over 22,000 Part A vendors, totaling over $ 98 billion in expedited payments. This included payments to Part A suppliers for the Part B items and services they provided.

On top of that, more than 28,000 Part B suppliers, including physicians, non-physician practitioners and durable medical equipment suppliers, have received advance payments totaling more than $ 8.5 billion.

Suppliers were required to make payments from August of this year, but with the new action, repayment will be delayed for up to a year after the payment is issued. After this first year, Medicare will automatically recover 25% of Medicare payments otherwise owed to the provider or provider for 11 months.

At the end of the 11 month period, the payback will drop to 50% for another six months. If the provider or provider is unable to repay the full PAA amount during this period – a total of 29 months – CMS will issue letters demanding repayment of any outstanding balance, subject to an interest rate of 4 %.

The letter also provides advice on how to request an extended repayment schedule for providers and providers who are experiencing financial difficulties. An ERS is a debt installment plan that allows a vendor or vendor to pay debts over a period of three years, or up to five years in extreme hardship.

Providers and providers are encouraged to contact their Medicare administrative contractor for information on how to request an ERS.

To allow even more flexibility in loan repayments, the $ 175 billion issued in vendor relief funds can be used to repay these Medicare loans. CMS will be communicating with each vendor and vendor in the coming weeks regarding repayment terms and amounts due, if any, for any expedited or prepaid payments issued.

THE BIGGEST TREND

An expedited / advance payment is a payment intended to provide the necessary funds when there is an interruption in the submission and / or processing of claims. These expedited payments may also be offered in circumstances such as national emergencies or natural disasters to speed up cash flow to healthcare providers and providers.

An extension of the deadline for hospitals to repay AAP program loans has been included in a bipartite continuous resolution in September to extend federal government funding until December 11. In October, hospitals were granted an extension to reimburse accelerated and early Medicare payments.

Hospitals received an extension from 120 days of the loan to 29 months from the date of the first payment. During the first 11 months during which these payment clearings are made, 25% of the amount is due; during the following 6 months, 50% of the amount is due; and hospitals are given 29 months from the date of the first payment before requiring full payment of the outstanding balance.

In May, Presidents Neal and Pallone raised concerns about the CMS methodology for distributing COVID-19 loans from the AAP program and the Provider Relief Fund, and called on HHS and CMS to provide in Congress more transparency.

Congress has allocated $ 100 billion in the CARES Act and $ 75 billion under the Paycheck Protection Program and the Better Healthcare for Healthcare Providers Act. These payments do not need to be refunded.

Twitter: @JELagasse
Email the author: [email protected]

Women mortgage borrowers offered better loan rates to SBI: know-how

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Personal finance

oi-Roshni Agarwal

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To further push its loan portfolio and give women another reason to buy their home, the country’s leading PSU bank, SBI, has offered a new discount to female mortgage borrowers on the International Day of the Family. wife.
“On Women’s Day, we make it special with an additional 5 basis points * concession to female borrowers and interest starting at 6.70% *,” the country’s top lender said in a tweet.

Women mortgage borrowers offered better loan rates to SBI: know-how

Women mortgage borrowers offered better loan rates to SBI: know-how

Earlier this month, SBI cut the interest rate on home loans. The bank now offers a concession of up to 70 basis points with an interest rate on mortgage loans from 6.7%. This is a limited time offer ending March 31st. The lender also grants a 100% waiver on the processing fee.

And depending on the borrower’s profile and the loan amount, an interest rate discount will be available.
For loans up to Rs. 75 lakh, the mortgage starts at 6.7% while for others it is at 6.75%. To obtain an additional tariff advantage, you can request a loan from the Yono application of SBI.

BonRetours.in

CFPB takes action against Connecticut mortgage lender | Alston & Bird

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Our financial services litigation team is examining the latest efforts by the Office of Consumer Financial Protection to crack down on deceptive and unfair acts and practices – is this a harbinger of things to come under the Biden administration?

  • A panoply of allegedly violated acts
  • Accusation that the lender’s business model is misleading
  • How can this show what’s on the horizon?

The number of enforcement actions taken by the Consumer Financial Protection Bureau (CFPB) more than doubled from 2019 to 2020. The CFPB has made it clear that the crackdown on deceptive and unfair acts and practices under the Consumer Financial Protection Act of 2010 (CFPA) remains a focus, with 11 out of 15 complaints filed last year alleging such violations.

Earlier this month, the CFPB filed yet another complaint alleging unfair and deceptive acts or practices in violation of the CFPA. As a new year and a new administration dawn, this litigation may be the proverbial canary in the coal mine for others in the financial services industry. As the case progresses and information is tabled, the tone and direction of the new administration can be brought to light.

CFPB c. 1st Alliance Lending LLC

On January 15, 2021, the CFPB filed a complaint in U.S. District Court for the District of Connecticut against 1st Alliance Lending LLC and its executive members. CFPB alleged in its complaint that 1st Alliance and managing members violated CFPA, Equal Credit Opportunity Act, Fair Credit Reporting Act, Mortgage Laws and Practices – Disclosure Rule and the Law on Truth in Loans.

The complaint

According to the complaint, from 2015 to August 2019, 1st Alliance engaged in various illegal practices in connection with its mortgage lending business. Specifically, the CFPB alleges that unauthorized employees of the 1st Alliance engaged in mortgage origination activities and other interactions with consumers that required these employees to be licensed under Federal and Federal Laws on the secure and fair application of mortgage licenses (SAFE). These unlicensed employees reached out to potential clients via email, text, and phone and conducted intake calls with potential borrowers, during which they discussed interest rates and other loan terms, taken credit decisions and sometimes disqualified consumers. Company employees regularly asked consumers to submit verification documents before issuing a loan estimate, denied credit to consumers without written notice, and made false claims and misrepresentations to consumers. These statements included assuring consumers that they would be eligible for a mortgage when 1st Alliance had already received disqualifying consumer information. Employees also repeatedly made representations to consumers about the availability and terms of FHA Streamline refinance loans when they had no way of knowing the truth or falsity of their statements.

The CFPB further alleged that 1st Alliance’s business model was based on deceptive and unfair acts or practices. Its unlicensed employees have presented themselves to the public as approved loan initiators in consumer solicitations and on social media, all to the knowledge of the executive members. According to the CFPB, 1st Alliance’s use of unqualified and unlicensed employees deprived consumers of important, accurate and timely information on loan terms, resulting in wasted time and money.

The CFPB seeks an injunction, as well as damages, consumer redress, restitution, civil fines and costs.

Carry

The CFPB is expected to pursue an even more aggressive agenda under the leadership of President Biden Rohit Chopra’s candidate. This litigation should be seen as a potential barometer of the new administration’s approach to enforcement and the statutes involved in the litigation.

Download the PDF of the opinion

[View source.]

New $ 50,000 Student Loan Cancellation Plan Will Get 36 Million Debt Free

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Top Democrats are urging President Biden to use his executive power to write off up to $ 50,000 in student loan debt for federal student loan borrowers.

On Thursday, a group of Democratic lawmakers led by Senate Majority Leader Chuck Schumer (NY) and Senator Elizabeth Warren (Mass.) Reintroduced a non-binding resolution calling on Biden to write off all the debt of 80% of loan borrowers federal students; approximately 36 million people in the United States The federal government holds $ 1.6 trillion in student loan debt that is owed by over 43 million people.


America is changing faster than ever! Add Change America to your Facebook or Twitter feed to stay current on the news.


“We’re not going to give up until we get it done, until $ 50,000 in debt is canceled for every student in the country,” Schumer said at a press conference Thursday.

In response to growing pressure from progressives and Congressional Democrats to cancel debt, the White House has indicated it would be willing to consider doing so unilaterally, although Biden maintained his preference for Congress to pass legislation.

“The president continues to support the cancellation of student debt to provide relief to students and families,” said Jen Psaki, White House press secretary. tweeted Thursday.

“Our team is examining if there are any steps he can take through executive action and he would be happy to be able to sign a bill sent to him by Congress.”

Those who will benefit the most from the Democrat’s proposal are blacks and Latin Americans who historically lack access to higher education, and are more likely to incur student loan debt and fight for repayment. According to at the Center for Responsible Lending, nearly 85% of black bachelor’s graduates have student debt, compared to 69% of white bachelor’s graduates.

Women would also benefit, as they two-thirds of the country’s current student debt. Black female borrowers also finish their undergraduate studies with more debt than other women.

Studies have shown that canceling student loan debt could dramatically increase the wealth of blacks and Latinos and help close the racial wealth gap.

“By writing off up to $ 50,000 in federal student loan debt for borrowers, President Biden can take the most effective executive action available to provide massive stimuli to our economy, help narrow the racial wealth gap and lift this impossible burden of tens of millions of families, ”said Warren in a declaration.


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How to get lenders to compete for your mortgage rate

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Use this trick to get a lower mortgage rate

Mortgage borrowers often think of note purchases as extra work.

But if you could make mortgage lenders work hard for you?

By following the right steps, you can get lenders to compete for your mortgage and negotiate a lower interest rate.

It will always involve effort on your part. You’ll have to get mortgage rate quotes from different banks and lenders.

But with a little know-how, you can make sure you get the best possible deal on your home loan.

Find a low interest rate (June 27, 2021)


In this article (Skip to …)


Lenders will compete for your mortgage if you let them

You’ve probably heard it before: Shopping around and comparing rates is essential when shopping for a home loan.

“This is your best chance to get the best rate available,” says Brian Martucci, a mortgage expert at Money Crashers.

“It’s true whether you end up playing lenders against each other in negotiations or just pick the best deal you get. ”

Believe it or not, it is even possible to pit lenders against each other and get a lower rate.

“If you have two or more lenders fighting for your business, one will almost always be willing to make less money than the others. – Grant Moon, CEO, Home Captain

“Lenders compete with each other by offering different rates and fees,” says Grant the moon, CEO of Home Captain.

“If you have two or more lenders fighting for your business, one will almost always be willing to make less money than the others. “

Clifford Rossi, professor of finance at the School of Business at the University of Maryland, explains the importance of involving multiple lenders.

“Not only will you be able to get the best combination of rates and points,” he says, “but a good lender will also help you get into the best product – like a fixed or variable rate loan, a conventional loan. , or a loan guaranteed by the government.

Find the best mortgage for you (June 27, 2021)

How to make mortgage lenders competitive

Here are six steps you can take to get lenders to compete for your mortgage:

  1. Collect multiple rate quotes and written loan estimates
  2. Determine your best deal by comparing the rate, loan type, term, monthly payment, and closing costs shown on each loan estimate
  3. Present your best offer to your favorite lender and ask if they can match or beat it. You can do this by calling or just sending an email with your competing loan offer attached.
  4. If they don’t match or beat your best offer, ask them if they will change their mind, for example by lowering their fees.
  5. Report your new best offer to the first lender and see if they can match or beat that new offer
  6. If you fail, try to get written loan quotes and estimates from a new batch of lenders and start the process again.

It may sound tedious, but it pays off.

Lowering your rate by just 25 basis points (0.25%) could save you about $ 30 a month – or $ 360 a year – on a $ 200,000 mortgage.

Check your new rate (June 27, 2021)

Start by getting multiple quotes

The trick to getting lenders to fight for your money is to make them aware that you are a potential customer.

In other words, you have to shop around and contact several different mortgage lenders.

“One of the most effective mortgage negotiation strategies is also one of the easiest and least complex,” says Martucci.

“It requires getting several first offers – in the form of quotes – from a variety of lenders. Then you have to present your lowest offer to the competitors of that lender and see if they will budge.

“This is a version of the ‘best deal’ strategy used by many car buyers,” says Martucci. “They are buying the lowest bid offered to them by other dealers in the hopes of encouraging at least one to beat that bid.”

Make sure you get written loan estimates from each lender

“Writes[[[[Loan estimates]are a great tool that the lender is legally required to provide to you, so use it to put them in competition, ”Moon advises.

If a lender does not match or beat a competitor’s quoted rate, it may be willing to soften the deal in other ways.

“They can compete, for example, by offering to speed up the mortgage process, lower their fees or simplify the documentation requirements,” adds Rossi.

Check your credit score and finances first

Karen Condor, a finance and real estate expert at USInsuranceAgents.com, says it’s important to do your homework before you begin the rate buying process.

“It’s easier to compete with lenders and be flexible on rates if you have a good credit rating, a strong credit history, a higher down payment, and low monthly debt.

“Work to put these items in order ahead of time,” says Condor.

This will ensure that you are in the best position to negotiate a low rate and even low closing costs.

How hard is it to compete with mortgage lenders?

The truth is, it can be more difficult these days to get lenders to fight for your money.

It’s because mortgage rates remain at or near historic lows, and lenders have a lot of business as a result.

“The current low interest rate environment has many advantages for consumers and homebuyers,” says Martucci. “But it makes it harder for buyers to get lenders to compete for their business. ”

“Current interest rate spreads – that is, lenders’ profit margins – are narrow by historical standards.

“This means that lenders have less leeway to reduce rates without losing money on the transaction,” he explains.

Whether a particular lender is ready to compete for your sponsorship often depends on the volume of their loans at that time.

“If a lender is busy, they will naturally focus on the transactions that make them more money,” says Moon.

“But if a lender needs the business, they’ll focus on all the transactions. So the biggest challenge for a consumer is finding a competent lender who will still want your business even if you trade them down. “

What if I want to refinance with my current mortgage lender?

If you already own a home and are planning to refinance, you may want to start research with your current mortgage lender.

Some lenders offer loyalty discounts to refinance applicants.

“Make sure you find out about this before you take out your mortgage elsewhere,” says Martucci.

“These discounts can be especially common when you have large funds on deposit with the lender or the bank, even if you don’t currently have a mortgage with them.”

In other words, you might be able to get an ideal rate if you already have a high yield account with a bank that offers loyalty discounts.

Learn about simplified refinancing

Homeowners with government guaranteed loans (including FHA, VA, and USDA mortgages) have another good option for refinancing.

“Call your current lender when rates have come down and ask them to make a streamline refinancing. They are likely to meet your demand if you are a low risk borrower, because losing you as a customer can be costly, ”says Rossi.

Streamlining refinancing is a great way to lower your interest rate, as these loans require little documentation and can progress faster than traditional refinancing.

Don’t limit yourself to your current lender

But even if you like your current lender, “you should still be looking for the best rate,” Moon adds.

In many cases, your the current bank may not be the best option for a new home purchase or refinance because they don’t specialize in the type of loan you need. Or, their rates may be less competitive.

“Remember, your current lender is taking advantage of you, so don’t be afraid to ask other lenders for quotes,” Moon adds.

Shop around for a low mortgage rate. Start here (June 27, 2021)

How to find the best mortgage for you

Whether you’re a first-time home buyer or a current homeowner looking to refinance, don’t just focus on the offered rate.

“Look closely at the APR – annual percentage rate – in your written loan estimate. This shows the total cost of the loan with the added fees, ”recommends Moon.

“Factor in all closing costs, down payment required, points of call, prepayment penalties and whether private mortgage insurance is also required,” suggests Condor.

Also find out how long it will take for the lender to close your loan.

Make sure the rate foreclosure offered – typically 30 to 45 days – will be long enough to allow you to reach the closing day and secure a low fixed rate.

More tips for finding the lowest mortgage or refinance rate

The bottom line is that you will need to do some homework if you want to find the lowest refi or mortgage rate.

Starts with check current mortgage rates so you have a precise reference for comparison.

“The more lenders you consult when shopping for mortgage rates, the more likely you are to get a lower interest rate,” says Condor.

Also, research loan products from various types of institutions to find out what special programs they offer, she continues.

Expand your search to include credit unions, regional or community banks, direct lenders, and national banks.

You won’t know which one is best for you until you explore all of your options.

Check your new rate (June 27, 2021)

CommBank Green Loan: Get $ 20,000 at just 0.99% for 10 years to finance solar power, batteries and electric vehicle chargers

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The Commonwealth Bank of Australia has announced that it will offer a “CommBank Green Loan” product. This loan will give families the option of taking out a 10-year fixed loan of up to $ 20,000 for only 0.99% interest per year.

This rate is much lower than that of any personal loan and even much lower than the record home charge rates which are usually the cheapest form of financing.

If you are a CommBank home loan customer like having a mortgage with them (or moving to their place) then you can get up to A $ 20,000 to spend on qualifying small scale renewables such as solar panels, batteries and charging stations for electric vehicles.

It should be noted that the property is used as collateral for the loan, but given the limit on the loan amount and the very low interest rate, I doubt that many will default on this loan.

It seems there is no limit on the number of combinations you can configure up to the limit of $ 20,000. That means you could spend $ 13,000 on home battery storage, an additional $ 6,000 on solar panels (and presumably the inverter), and up to $ 1,000 on an electric vehicle charger.

Probably the biggest omission from this program is the ability to use the green loan to buy a green car. As we know, electric cars are currently very expensive which makes affordability more difficult. If a family decided to spend the AU $ 20,000 to lower the purchase price of the car and were happy to pay 1% of that money for the next 10 years, it could make an electric vehicle affordable today.

Overall this looks like a great new product, something that I hope more banks will offer to customers.

CommBank indicates that this product is currently in pilot stage and should be launched in the coming months. If you want to access it, you can register your interest in the Green loan here.

Your Daily 6: Biden Rejects Higher Student Loan Discount; The mayor of Texas has declared that “only the strong will survive”; a crowded gym | Nation

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On this Monday, April 25, 2016, a file photo, the Chicago Tribune and other newspapers are displayed at Chicago’s O’Hare International Airport. (AP Photo / Kiichiro Sato, file)


The Associated Press


Tribune Publishing Co. announced on Tuesday that its largest shareholder, Alden Global Capital, will buy shares it does not already own in the company at $ 17.25 each in cash and turn the owner of the Chicago Tribune into a private company.

Alden’s offer represents a 45% premium over the closing price of the Tribune common stock on Dec. 11, the publisher said in a statement.

The hedge fund, known for its hostile takeover bids on publishing companies, held a 32% stake in Tribune before the deal.

Tribune Publishing, which also owns the New York Daily News, the Baltimore Sun, the Orlando Sentinel, the South Florida Sun-Sentinel, and the Hartford Courant, saw revenue decline this year as the COVID pandemic -19 hits the publishing industry.

The company’s board of directors approved the takeover on Tuesday following a recommendation from a special committee it formed in December to act on its behalf with respect to Alden’s offer.

Along with the buyout, Alden also signed a non-binding condition sheet to sell The Baltimore Sun to Sunlight for All Institute, a public charity formed by Stewart Bainum Jr., the Baltimore Sun reported.

The transaction is expected to be finalized in the second quarter of 2021, the publisher said.

Launched in 2007, Alden owns approximately 200 publications through an operating company known as MediaNews Group. Its major newspapers include the Denver Post, the San Jose Mercury News, and the St. Paul Pioneer Press.

The hedge fund has been criticized for massive layoffs in its newspapers. The flashpoint was news from March 2018 that the Denver Post, which Alden has controlled since 2010, was going to lay off 30 employees in a newsroom that had already fallen from 250 to less than 100 employees.

Alden acquired its stake in Tribune Publishing in November 2019, primarily by buying out the stakes of former non-executive chairman Michael Ferro. In total, Alden bought 11.5 million shares of Tribune Publishing for $ 145.4 million.

Jon Schleuss, president of NewsGuild-Communication Workers of America, whose locals represent newsroom workers in Chicago, Baltimore, Hartford, Orlando and other cities, raised concerns about the deal and said the union would review the details of the deal once it is finalized. published.

“Alden has a habit of sinking newspapers into the ground,” Schleuss said. “It’s not good for the workers, the company, the shareholders or the communities.”

At the same time, Schleuss praised Bainum’s efforts to return the Baltimore Sun to local ownership. “We need more people to step in and really invest in truly local news that is accountable to our communities,” Schleuss said.

Reporting from Reuters, The Chicago Tribune via TNS and Post-Dispatch.

Originally posted Tuesday at 6.30 p.m., updated Wednesday at 5 a.m.

—From wire and staff reports

Banks Prepare for Loan Losses Amid Pandemic

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Your balanced briefing on how the coronavirus epidemic is affecting markets, global businesses, our workplaces and our daily lives, with expert input from our journalists and specialists around the world.

For updates, visit our live blog. Please send your feedback and suggestions to [email protected]. We would love to hear from you.

The FT offers a 30-day free trial of Coronavirus Business Update, which includes access to FT.com. Please spread the word by forwarding this newsletter to friends and colleagues who you think would find it useful. And if it has been passed on to you, good morning. Register please here.

Latest news

  • US Republicans and Democrats warn they are “far apart” on stimulus plans, with unemployment benefits which expire soon

  • Germany has tightened its slaughterhouse laws following virus outbreaks

  • British drug maker GlaxoSmithKline warned its annual profits would be hit unless more patients restarted vaccination against standard diseases, a process that was severely disrupted by the blockages

Banks Expect Big Losses on Pandemic Lending

A common theme of the second quarter reporting season has been the growing acceptance by banks that many of their emergency pandemic loans will go wrong.

Barclays said this morning he was adding £ 1.6bn to his reserves for bad debts, although the blow was mitigated by an increase in income from its investment banking business. German Bank, Germany’s largest lender, also reported a quarterly loss mitigated by a windfall on bond swaps. Virgin money – the UK’s sixth largest bank – braces for an increase in mortgage defaults as the government holiday program ends and many people lose their jobs.

European banks could suffer up to € 800 billion in loan losses over the next three years in the worst-case scenario which includes a second wave of coronavirus infections, according to consultants Oliver Wyman. UBS, the first of the big names to report last week, announced an additional $ 272 million in loan loss charges, although it was also bolstered by profits from its investment banking arm.

American institutions could be hit even harder, according to a study reported by US banking editor Laura Noonan. Consultancy Accenture projects loan loss charges of more than $ 880 billion in 100 US and European banks from 2020 to 2022. Losses for US institutions represent 10.2% of their loan portfolio in 2020, up from 4.6 % for those in Europe.

Governments and regulators have recognized the need to make loans available. The Fed yesterday extended its emergency loan three months, while the FT revealed this week that the UK Treasury was in talks with the nation’s largest banks to tackle bad debts expected from the government’s coronavirus “rebound” loan program.

“The first quarter was about whether you are resilient and, for some, able to survive,” UBS chief Sergio Ermotti told the FT this week. “The second trimester will be about whether you can adapt. We have already entered the “lessons learned” phase of the coronavirus. “

Markets

Global corporate bond emissions halved in July after induced pandemic borrowing frenzy of previous months has slowed down. Businesses have rushed to issue debt to replace lost gains since March, when the Fed announced measures to support the US economy and markets.

Chief International Finance Correspondent Henny Sender says managers of sovereign funds and public pension funds fear being politicized if they are enrolled in the fight against Covid-19. They fear that politicians will put pressure on them to provide direct financial support to their economies by supporting weak companies.

It’s hard to overstate the importance of the $ 20 billion market to US government debt, or the alarm sparked by its crisis period in March, write US markets reporter Colby Smith and global finance correspondent Robin Wigglesworth in our Great read. The authorities are considering how to prevent similar problems in the future.

Signs of tension emerge in the world's largest government bond market

Business

The second quarter earnings season clearly highlights the winners and losers. General Motors reported a loss for the second quarter thanks to the drop car request, in particular in its US domestic market, while Boeing said it would increase production and job cuts thanks to the pandemic-induced collapse in flight. On the other hand, the income of Shopify, the largest e-commerce platform in the United States after Amazon, soared 97%, causing a surge in its shares.

Nursing homes in England and their residents were ‘thrown to the wolves’ during the pandemic, according to a report by a parliamentary committee. The lack of central control was a key issue, with a response hampered by a patchwork of responsibilities involving central and local government and private and nonprofit providers.

Amazon said he would offer for free grocery deliveries to its UK Prime members by the end of the year, posing a serious challenge to the established services of Tesco, J Sainsbury and Ocado. An analyst said the company was “pushing the nuclear button.” “This is one of the boldest actions they’ve ever taken. . . the Covid pandemic has given them the opportunity to tighten their grip on e-commerce. They use the frequency aspect of food to draw people into their ecosystem. “

Mondial economy

American Republicans yesterday unveiled their $ 1 billion in stimulus proposals, which included the cut unemployment benefits two-thirds, but all eyes are now on the future US Federal Reserve policy announcement at 2:00 p.m. Eastern / 7:00 p.m. UK time, which you can follow on our live blog. Here is five things to watch out for.

Unemployment in the UK could reach 10% by the end of the year because the work stoppage regime ends too early, according to the National Institute for Economic and Social Research. The think tank predicts a 10% drop in UK output for 2020 with continued ‘scaring effects’ for the labor market. Extending the employment program until the middle of next year – at an estimated cost of £ 10 billion – would have been relatively inexpensive and limited the rise in unemployment, he said.

Consumer confidence in France fell on fears of job losses and the spread of the coronavirus as new data from Spain shown retail sales recovering slowly overall, but tourist destinations such as the Balearic Islands and the Canaries have been hit hard.

Line graph of the monthly French consumer confidence index (100 = long-term average) showing the decline in French consumer confidence

Readers respond

Jaga the Wise comments Coronavirus turns city into ghost town

Telecommuting can work for established employees like me, but what about new hires? Imagine joining a new workplace or a new team during this crisis? How do you get to know your coworkers?

We are social animals. We thrive in groups. This is where we find our best ideas. It is in this environment that we are most productive. Chat over coffee, jokes in the office, lunch with coworkers can seem like a waste of time, they aren’t. They are sources of ideas, a place to reduce stress, a social outlet.

Get in touch

How is your workplace dealing with the pandemic? And what do you think businesses and markets – and our daily lives – will look like after the lockdown? Please tell us by e-mail [email protected]. We can publish your contribution in a future newsletter. Thank you

The essentials

Experts have been baffled by how quickly the coronavirus has reappeared on the other side Europe now the closures have been relaxed and international travel has resumed. Spain is experiencing a new surge as Eastern Europe and the Balkans experience large numbers of cases for the first time. “We have let our guard down,” said the head of the German public health authority. the FT Editorial Board said the illusion of a return to “normalcy” had been shattered.

The resurgence of Covid-19 varies across Europe.  Seven-day moving average of new cases (per million population)

Heathrow Airport in London mentionned passenger test was urgently needed to help airlines recover from the damage caused by the pandemic. The current policy has let the UK “play a quarantine roulette game” that benefits its European rivals, he said. The travel industry calls for a rethink. Read our explanatory on the United Kingdom-Spain travel restrictions.

the video testimony wills will become legal in England and Wales in September to overcome registration difficulties last wishes while respecting the rules of social distancing.

Final thought

“Gatherings during a pandemic, especially when filled with hot and sweaty people on mind-blowing drugs, are obviously a bad idea. So why, despite 30 years of efforts by the authorities to eradicate them, have illegal open-air dance parties once again erupted? House and House Editor Helen Barrett reports on the return of the rave.

© Dave Swindells

Auto loan between individuals: definition, uses, how to find one

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What is a car loan between individuals?

An auto loan between individuals allows you to finance a vehicle that you buy from an individual.

“Millions of vehicle sales to individuals occur each year, typically at lower transaction prices than what would normally occur at a dealership,” said Strati Papageorge, senior vice president of automotive product management for PNC Bank.

“These vehicles are generally older and have higher mileage, and offering financing to consumers looking to purchase such vehicles gives them flexibility and options that they might not otherwise have. “

However, auto loans for individuals have certain drawbacks. For example, they are not as widely available as loans for the purchase of new vehicles. And often they charge higher rates.

“Due to the nature of private sales, prices tend to be higher than what you would see if you went to a dealership,” says Papageorge. “But the tradeoff for customers is usually a lower vehicle price, so they can still have an affordable payment.”

There are ways to alleviate the drawbacks associated with personal auto loans and find a lender who will offer a loan. auto loan you can afford.

How does a car loan between individuals work?

Here are some simple steps you need to follow to get the best private party auto loan:

  • Check your credit: Knowing your credit rating and credit history before finding a lender will give you a better idea of ​​what interest rate and the loan amounts you may be entitled to.
  • Budget accordingly: Once you know your credit status, it will be easier to budget and decide how much you can pay out of pocket and how much you need to finance.
  • Choose a vehicle: Before going to a private auto lender, make sure you know the type, age, and mileage of the car you want. This will take into account the type of loan you are eligible for.
  • Get loan quotes: In order to get the best loan, you will need to get quotes from a few potential lenders. Compare the prices to find the loan products that best suit your needs. Compare interest rates, loan terms, monthly payments, fees and penalties.
  • Finalization of the loan: Once you find the best personal auto loan, the lender will send you a check, either to you or directly to the seller of the vehicle. The lender can even directly deposit the funds into your account. It may take a few days, so be sure to communicate this to the private seller.
  • Transfer of vehicle ownership: This step depends largely on the state in which you are dealing with a private seller. Check with your state’s Department of Motor Vehicles to find out what you need to do to transfer ownership to yourself.
  • Payment schedule: Many private auto lenders offer the option of setting up automatic payment or making payments through an online portal. Discuss your options with your lender to avoid missing payments.

Why consider a loan between individuals

Although private auto loans may charge higher rates than standard auto loans, there are some advantages:

  • There are better vehicle deals: The selling prices of private lien holders tend to be lower than those of car dealerships. With a personal auto loan, you get financing just like you would at a dealership, plus savings that a private seller is likely to offer.
  • It may be cheaper than a personal loan: A personal loan is likely to be more expensive because it is unsecured. A lender assumes more risk when there is no collateral to secure the loan in the event the borrower defaults.
  • They offer flexibility: Rather than being limited to what a dealership offers, you can get the vehicle you want affordably from a private owner.
  • There are loan options for bad credit: Even those with poor credit might be eligible for private auto loans. However, as with all loans offered to borrowers with bad credit, they come with higher interest rates and hence have higher monthly payments.

Where to find auto loans for individuals

Loan products vary from financial institution to financial institution, so not all lenders offer private auto loans. But you can get a personal car loan from most major financial institutions, community banks, local credit unions, and online lenders.

Some lenders may require the vehicle to meet certain criteria. For example, they may require the car to be less than 10 years old with less than 120,000 miles in order to consider the buyer for a loan.

Other lenders may have a minimum loan amount. If the vehicle you want costs $ 6,000, but the lender doesn’t offer such small loans, you’ll need to find another lender.

Be sure to carefully consider the lender’s criteria before applying for a car loan for an individual.

How to apply for a car loan between individuals

Once you’ve found the vehicle you want to purchase from a private owner, be prepared to provide the lender with some basic personal information, including:

  • Your full name, date of birth, address, social security number and contact details
  • Information on employment and income.
  • Current debt securities, such as a mortgage.

You should also have certain documents and details available regarding the vehicle you wish to purchase, including:

  • Make and model, model year and mileage.
  • The vehicle identification number, or VIN.
  • Bill of sale which details the purchase contract.
  • Copy of vehicle registration.
  • Copy of vehicle title.
  • A written repayment quote from the seller’s lender, if applicable.

Lenders have different requirements for the borrower and the automobile that will secure the loan. You should be able to find out what these requirements are before you apply.

If your credit is not that good, consider postponing the purchase until you improve your credit score. Waiting a few months won’t turn your credit from poor to perfect, but it can make a difference enough to save you on interest rate and monthly payments.

Alternatives to auto loans between individuals

If your credit is not good enough or if the vehicle you have selected does not meet the lender’s criteria, there are alternatives that you can look for to purchase through a private seller.

The best alternative to a private car loan would be a Personal loan. With unsecured personal loans, the lender takes your income and credit rating into account when determining loan eligibility.

This can be a good option if:

  • The vehicle you want to buy is too old or has too many kilometers.
  • The vehicle is purchased with a salvage title. A salvage title is issued when a vehicle has already been declared “total loss” due to major damage.
  • The minimum loan amount is more than what you want to borrow.

While a personal loan can give you the option of purchasing the vehicle of your choice, it will likely carry a higher interest rate than a personal car loan and could end up costing you more overall.

Learn more:

Amigo Holdings’ share price is on the rise. Should I buy the stock for my portfolio?

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One UK stock that has seen a huge rebound recently is Amigo Holdings (LSE: AMGO). In the past month, its share price has more than doubled to 13.75 pence. However, over 12 months, it is still down about 45%.

Is this a stock I should consider for my own portfolio? Consider the case of investment.

Amigo Holdings: company description

Amigo Holdings is a UK company guarantor loan company which allows people to borrow between £ 2,000 and £ 10,000 with a guarantor (someone, usually a friend or family member, who agrees to support the borrower and step in to make repayments if they does not). Amigo’s goal is to give people the ability to borrow even if they don’t have a good credit rating.

Amigo inscribed on the London Stock Exchange in 2018 at an initial public offering (IPO) of 275p. Since then, the stock has underperformed sharply, falling to almost 5p in June of last year. At its current share price, its market capitalization is around £ 62million.

Recently, the company appointed a new management team with the aim of recovering. “We are a new management team committed to correcting the mistakes of the past in a way that is fair and equitable for all of our clients, including our 700,000 former borrowers and guarantors.“Amigo said in a statement.

It should be noted that a few directors have recently purchased a small amount of shares, which could indicate that they expect the Amigo share price to rise.

Amigo’s third quarter results

Looking at Amigo’s recent third quarter results for the period ending Dec.31, the company appears to be in trouble.

For the nine-month period, revenue was also £ 137.5million, up from £ 218million in the same period in 2019. This drop in revenue is due to a pause in all news loans and loss related to Covid-19. payment holidays (62,000 customers benefited from payment holidays as of December 31). Meanwhile, the company generated a pre-tax loss of £ 71.6million, compared to a pre-tax profit of £ 55.3million the year before.

What strikes me here are the “claims costs”. This amounted to £ 116.2million for the period, up from £ 26.6million the previous year.

Source: Amigo Holdings

Looking ahead, analysts expect annual revenue (end March 31) of £ 176million. For the following year, the consensus revenue forecast is £ 128million.

On the balance sheet, the company declared non-current liabilities of £ 344.1million as of December 31. Equity on the balance sheet was £ 153million resulting in a long-term debt ratio of 2.2.

Risk of claims

Getting back to the complaints issue, this seems like a big deal for Amigo. According to the Financial Ombudsman Service, complaints about loans from guarantors skyrocketed last year. Between October and December, there were over 10,000 related complaints, up from just over 300 in the same period a year earlier.

Most of the complaints – which ranged from borrowers saying their lender shouldn’t have given them a loan because they couldn’t afford it, to family members saying they didn’t. to be a surety – concerned Amigo. This question adds risk to the investment case.

My opinion on Amigo shares

Putting it all together, Amigo is not a stock that I want to buy right now. It sounds too risky. There are a lot of other stocks that I prefer to buy that are better suited to my portfolio.

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Fox News guest Dave Ramsey calls student loan forgiveness “economic hogwash”

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It’s not exactly a household name, but within the cottage industry famous financial advisers (your Suze Ormans, Jim Cramers, etc.) Dave ramsey is a big deal, thanks to an eponymous radio show, bestselling books, and a three-year stint hosting his own TV show on Fox Business, all of which helped him gain net worth. estimated at nearly half a billion dollars.

So when Ramsey talks about money, people – well, some people – tend to listen. Which is a shame, because as he demonstrated in a Thursday morning appearance on Fox News, he’s also pretty awful.

The conversation ostensibly began with Ramsey, whose ensemble thing does not rack up debts, raging against reports that the Biden administration is considering cancellation until $ 50,000 in individual student loan debt – a decision that could benefit more than 40 million Americans whose total student debt is in the order of $ 1.5 trillion. Ramsey insisted that the idea that canceling student debt would help ease the pandemic-induced financial crisis in the United States is “economic hogwash.”

Again: Ramsey has a net worth approaching $ 500 million.

But the really bad things came next, when Ramsey began to denounce the idea of ​​pandemic stimulus controls. Because, he explained, “if $ 600 or $ 1,400 changes your life, you were pretty much screwed already.”

Ramsey went on to list the “other issues” that he thinks are likely at stake if you’re in a situation where a check worth 0.0029% of his estimated net worth could change your life: “You’ve got a problem. career, you have a debt problem, you have a relationship problem, you have a mental health problem or whatever happens if $ 600 changes your life, ”he said, insisting on one way or another that “that doesn’t denigrate people.”

To put it in terms, Marie-Antoinette would understand: “Let them eat cake. Or, better yet, don’t let them eat cake. Or anything else really. They have other issues to deal with, which is a shame. Oh good!”

The problem here seems to be twofold. First, Ramsey apparently can’t imagine a world in which money he sees as massive change could actually change his life. And to some extent he’s right, in that a single check for $ 600 or even a check for $ 1,400 is just one drop in the ocean for many financially suffering.

Second, suppose all of these “problems” he listed were indeed at play here… so what? Does someone’s relationship or work situation (or lack thereof) or mental health mean they are somehow unworthy of the incredibly small financial boost the government has discussed in response to the worst economic and health crises of the last century? Of course not. And despite Ramsey’s insistence that he doesn’t “talk” to people, simply inserting these (unwarranted) taboo states into the conversation is a way for him to position himself as the arbiter of this. who is “good” poverty and what is “bad”. “poverty. And what he decided is that people living in” bad “poverty are unfit to receive help.

Are stimulus checks a universal panacea for the economic instability and inequalities that the pandemic has exacerbated over the past year? Of course not. But to regard them as unnecessary from the outset is either snobbery or cruelty – or more likely, a bit of both.