Financial Management – Amiya Sahu http://amiyasahu.com/ Fri, 24 Sep 2021 16:49:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://amiyasahu.com/wp-content/uploads/2021/06/icon-150x150.png Financial Management – Amiya Sahu http://amiyasahu.com/ 32 32 Isio Group acquires Premier Pensions Management https://amiyasahu.com/isio-group-acquires-premier-pensions-management/ https://amiyasahu.com/isio-group-acquires-premier-pensions-management/#respond Fri, 24 Sep 2021 15:47:15 +0000 https://amiyasahu.com/isio-group-acquires-premier-pensions-management/ British consultant Isio Group has agreed to acquire British adviser Premier Pensions Management, an Isio spokesperson confirmed on Friday. Terms of the deal, which is Isio’s first acquisition since its launch in 2020, were not disclosed. The transaction is subject to the approval of the Financial Conduct Authority. The spokeswoman said the company expects to […]]]>

British consultant Isio Group has agreed to acquire British adviser Premier Pensions Management, an Isio spokesperson confirmed on Friday.

Terms of the deal, which is Isio’s first acquisition since its launch in 2020, were not disclosed.

The transaction is subject to the approval of the Financial Conduct Authority. The spokeswoman said the company expects to receive approval within the next three to four months before the deal closes.

Isio is the former pension arm of KPMG and focuses on actuarial science, third party administration, investment advice and defined contribution advice. The acquisition of Premier will enhance its existing investment advisory, pension administration and actuarial advisory services while expanding its services to include employee benefits and wealth management, said Andrew Coles, CEO of Isio, in A press release.

When the deal closes, Isio Group absorbs Premier employees and has 800 employees in nine UK cities.

“The acquisition of Premier gives us the versatility to do just that, offering new and existing clients the full range of benefits advice, actuarial consulting services, as well as wealth management, financial advice and pension administration, ”Coles said in the statement. .

Alastair Aird, CEO of Premier, added in the statement: “Isio’s ambition, focus on people and culture, combined with his expertise and commitment to customers, is very much aligned with our own business. . … Together we see great opportunities to build a much stronger organization. “

Assets under advisement were not available.


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MoneyLion debuts in trading after SPAC merger https://amiyasahu.com/moneylion-debuts-in-trading-after-spac-merger/ https://amiyasahu.com/moneylion-debuts-in-trading-after-spac-merger/#respond Thu, 23 Sep 2021 22:07:10 +0000 https://amiyasahu.com/moneylion-debuts-in-trading-after-spac-merger/ Digital banking and investment platform MoneyLion began trading on the New York Stock Exchange on Thursday after closing its merger with specialist acquisition firm Fusion Acquisition Corp. The combined company is renamed MoneyLion Inc. and is led by its existing management team, including MoneyLion co-founder and CEO Dee Choubey. When the PSPC deal was announced […]]]>

Digital banking and investment platform MoneyLion began trading on the New York Stock Exchange on Thursday after closing its merger with specialist acquisition firm Fusion Acquisition Corp.

The combined company is renamed MoneyLion Inc. and is led by its existing management team, including MoneyLion co-founder and CEO Dee Choubey. When the PSPC deal was announced in February, the combined companies shared an expected valuation of $ 2.9 billion.

The shares were trading at $ 8.63, down 13.7% as of 4:15 p.m. ET.

MoneyLion, a New York-based fintech company founded in 2013, joins the ranks of other recently public fintech companies like Social Finance Inc., Robinhood Financial and Square’s Cash App. Companies are part of a growing list of fintechs aiming to be the preferred place for consumers to manage all aspects of their financial lives.

The IPO was the way forward for MoneyLion as fintech grows alongside underlying changes in American society, as more consumers become interested in financial planning, Choubey said in an interview. On top of that, there are more gig economy workers, who make up a large part of MoneyLion’s user base.

“Americans are breaking away from the 9 to 5 work week for much more concerted work, much more flexible work,” he said. “Thirty percent of MoneyLion members are workers in the odd-job economy. ”

Workers in the gig economy build income through multiple streams, but incumbent financial services institutions were not designed to take variable income and deliver financial products to this demographic, he said. . MoneyLion is seizing this niche market and capturing those assets.

“It’s our superpower,” he said. “We can take the variability of someone’s income and instantly our algorithm is able to tell that you are a very good customer to us. “

MoneyLion has been busy curating a wide range of financial products, from online and mobile banking to automated investing and personal financial management with its Financial Heartbeat tool.

MoneyLion announced in March its acquisition of Wealth Technologies Inc., a nascent start-up that adds robo-advisory services to a financial institution’s technology stack. For MoneyLion, the idea is to use the tool to bring the previously exclusive private banking experience and personalized advice to the general public, Choubey said.

FinTech has gathered 8.5 million users on the platform and is currently beta testing its cryptocurrency offering. The crypto market will allow users to buy, sell and hold cryptocurrencies and is expected to be available to all platform users on October 5, Choubey said. The decision to go into crypto was easy after seeing competitors like Cash App do the same, he said.

Fintech also polled its users, revealing that 77% said if the platform created access to instantly transfer dollars into crypto, they would use it.

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10 types of insurance you don’t need https://amiyasahu.com/10-types-of-insurance-you-dont-need/ https://amiyasahu.com/10-types-of-insurance-you-dont-need/#respond Wed, 22 Sep 2021 21:00:00 +0000 https://amiyasahu.com/10-types-of-insurance-you-dont-need/ iStock / Getty Images In this world, risks are inevitable, and that’s why we have insurance: to mitigate the risks. For the price of a premium, you transfer part of your risk to the insurance company; in return, you receive payment if a problem arises. The goal is to reduce your exposure to sudden and […]]]>


In this world, risks are inevitable, and that’s why we have insurance: to mitigate the risks. For the price of a premium, you transfer part of your risk to the insurance company; in return, you receive payment if a problem arises. The goal is to reduce your exposure to sudden and potentially catastrophic loss, thereby protecting your financial footing and that of those close to you. Sounds good in theory, but some forms of insurance are unnecessary or may not be worth the cost.

To save money, you could self-insure, to some extent, by redirecting dollars to your emergency fund to be used in the event of a disaster. “If a person has the discipline to build adequate savings, then they can save unnecessary insurance expenses,” says Charles Sachs, Certified Financial Planner (CFP) at Kaufman Rossin Wealth in Miami, Florida. One example, he says, is a health plan with low out-of-pocket costs. “They are more expensive than higher deductible plans where you rely on your savings, if you need them. “

It is good practice to review your insurance requirements periodically, financial advisers agree. To determine if a certain type of policy is foreign, look at the potential risk – the likelihood of filing a claim – and the cost of protecting against that risk, says Landon Tymochko, CFP at Leslie Roper Day & Associates at Folsom , California. You will also want to determine if the policy is still necessary, given your age and circumstances. Below is a list of insurance products that often don’t make sense to a lot of people.

1. Life Assurance after you to retire

The purpose of life insurance is to protect your loved ones against loss of income if something should happen to you. The need depends on your age and financial situation, says Geoffrey Owen, CFP at Front Porch Financial Advisory in Charlotte, North Carolina. If you are in debt and your spouse and others are dependent on you, this may be a good choice. This may not be the case if you have little or no debt and your retirement assets are substantial. “Whole life insurance policies don’t make sense to people for no obvious reason, including those with high net worth estate plans. “

2. Final expenditure blanket

These policies are strongly advertised to people over 50. Do you need it? No, if you have little debt and large assets; yes, if you are still building these assets and want to spare your loved ones the burden of covering your unpaid debts, end-of-life medical expenses and funeral expenses, in the event of sudden death.

3. Life Assurance for kids Where grandchildren

When asked about this type of insurance, George Gagliardi, CFP at Coromandel Wealth Management in Lexington, Mass., Asked a good question: “Your children are not sources of income, so why do you have to insure them? He adds that life insurance for children is most often sold as term insurance, which has no cash value. Yet in this era of COVID-19 and the potential for future health problems, some parents have purchased whole life insurance for their children to ensure their insurability in the future. Although adults own these policies initially, they can be transferred to children later. Additionally, if COVID or its complications were to cost the child’s life, the payment can be used for medical costs as well as funeral costs. Your financial planner may have more ideas on the subject.

4. Disability Assurance like you age

Having disability insurance is a responsible act. But people often wear it longer than they should, observes Seth Benjamin Mullikin, CFP at Lattice Financial LLC in Charlotte, North Carolina. Because “this insurance only pays until age 65, the number of years you could take out of it” after an injury or disabling illness decreases over time. “A 35-year-old man paying the same premium could collect for 30 years; if you are 62, you can earn only three.

5. Mortgage life Assurance

A policy that will pay your mortgage payment if you can’t may seem reasonable, but these policies are limited in scope. Your loved ones won’t get any additional financial benefits like they would with a life insurance policy, which can also be less expensive. In addition, the older you get and the more you pay off your mortgage, the less you need this type of protection. However, the premiums will remain the same. “Life insurance will cover you or your spouse’s loss of income if one of you dies,” Gagliardi says. “This type of life insurance is mostly a scam.”



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CRE is due for a fix, and COVID-19 wasn’t it https://amiyasahu.com/cre-is-due-for-a-fix-and-covid-19-wasnt-it/ https://amiyasahu.com/cre-is-due-for-a-fix-and-covid-19-wasnt-it/#respond Wed, 22 Sep 2021 18:43:16 +0000 https://amiyasahu.com/cre-is-due-for-a-fix-and-covid-19-wasnt-it/ The word “recovery” comes up a lot these days, describing everything from recent job gains to the resurgence of lending and the volume of transactions in commercial real estate. But before investors get too blown away by the good news, they should stop and ask, “What are we recovering from?” “ It may be safe […]]]>

The word “recovery” comes up a lot these days, describing everything from recent job gains to the resurgence of lending and the volume of transactions in commercial real estate. But before investors get too blown away by the good news, they should stop and ask, “What are we recovering from?” “

It may be safe to say that the nation is on the verge of recovering from the pandemic. Just over half or 51.4% of U.S. residents had completed a series of COVID-19 vaccines as of August 26, according to tracktherecovery.org. Consumers are returning to sit-down restaurants and traditional retailers, and businesses are navigating back to the office. Employment has rebounded across many industries, although jobs in the bottom quartile have fallen 20% or more since January 2020 and have changed little in the past 12 months.

What we are not recovering from is a correction in commercial real estate or the economy in general. To the surprise of many experienced commercial real estate finance professionals, including myself, the real estate markets have not had much to recover from. For now, at least, it looks like the federal government’s measures to support the economy during the pandemic have averted a default catastrophe that threatened to swallow occupants, landlords and lenders.

This feat is all the more remarkable given that commercial real estate tends to undergo a correction roughly every 10 years, which would suggest that it was scheduled for a correction before the arrival of the coronavirus. The pandemic seemed destined to trigger this market reset, but instead the pandemic has become a break in the business cycle. More than a year later, market participants are combing mixed economic indicators for signs of a correction that never happened.

On the one hand, the approximately 3,000 US assets in Trimont’s portfolio show a solid return to performance as measured by on-time principal and interest payments. On the other hand, COVID-19 infection rates are increasing and low-paying jobs have contracted. Amid the general risks to the economy, it would take little to plunge us back into a recession.

And there are developing conditions that are worth watching. These include the influx of capital into the real estate sector and a proliferation of investment funds reminiscent of the whirlwind of activity that preceded the 2008 global financial crisis (GFC).

Competition for capital placement increases the temptation to relax underwriting, which can lead to riskier investments and encourage inflated pricing of funded properties. The pressure to minimize risk is particularly strong for some closed-end funds, whose managers only have a certain amount of time to invest committed capital, but lost most of a year that offered few investment opportunities. that can meet their internal risk / return thresholds.

Uncomfortable with growing risk, lenders and investors wrap themselves in layers of financial structures designed to mitigate risk exposure. In fact, the unprecedented degree of structured lending today is itself a warning indicator of unsustainable market conditions that must eventually realign.

Alignment for warehouse lines

The recent multi-year drop in interest rates has intensified the pressure on fund managers to deliver the returns promised to investors. To increase marginal returns, many lenders now take out mortgages by supplementing their equity with low-interest capital borrowed through a warehouse line of credit. In just two to three weeks, the originator will sell a newly created mortgage to a permanent investor or through securitization, pay off the warehouse lender, and use their restored warehouse credit to create more loans.

Using a warehouse line can help a principal offer more competitive prices by reducing their cost of capital. One downside, however, is that leverage means that the originator places less of their own capital in each financing, so they have to speed up their number of loans and / or increase the average loan size to maintain their placement rate. of capital.

Likewise, the number of warehouse lines, note-for-note investments, guaranteed loan bonds and other debt structures is also increasing as funds scramble to deliver the returns promised in the rate environment. low interest today. While the aforementioned structured debt transactions and the like can help lenders generate the necessary returns for their investors, these strategies require high volumes to meet investment goals.

Consider the writing on the wall

Recognizing that a correction in commercial real estate is not just a possibility but increasingly likely over the medium term, market participants need to prepare for all possible scenarios. Asset managers need to understand where their assets stack up against expectations. Maintain good relationships with investment partners and understand the demands they may have in a crisis. Initiators should stick to their underwriting standards and avoid complacency becoming excessive, as many did before GFC.

There are still stages left in this cycle and many exciting opportunities remain in the market. But commercial real estate veterans know their industry tends to overheat and then correct itself every 10 years or so. That’s why many were on the lookout for a correction in the last few years before the pandemic, a decade after the GFC. This remedial event may well still be ahead of us, however, as COVID-19 was not this one.

Beau Jones is Managing Director, Client Services – Americas, of Trimont Real Estate Advisors, a globally integrated loan and credit manager for the commercial real estate finance industry.


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Ashland council studies budget as deficit looms – Medford News, Weather, Sports, Breaking News https://amiyasahu.com/ashland-council-studies-budget-as-deficit-looms-medford-news-weather-sports-breaking-news/ https://amiyasahu.com/ashland-council-studies-budget-as-deficit-looms-medford-news-weather-sports-breaking-news/#respond Wed, 22 Sep 2021 00:03:00 +0000 https://amiyasahu.com/ashland-council-studies-budget-as-deficit-looms-medford-news-weather-sports-breaking-news/ Ashland City Council continued its analysis of the future of the city’s general fund on Monday, as the tangible implications of changes to essential, mandatory and non-essential services in the current environment take shape. The board is tasked with resolving a forecast deficit of $ 3-5 million, while some departments related to the general fund […]]]>

Ashland City Council continued its analysis of the future of the city’s general fund on Monday, as the tangible implications of changes to essential, mandatory and non-essential services in the current environment take shape.

The board is tasked with resolving a forecast deficit of $ 3-5 million, while some departments related to the general fund simultaneously face exacerbated operational challenges.

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Commonly agreed upon essential municipal services that can be offered at different service levels include public safety (police, fire and rescue), water, flood control, and solid waste and sewage disposal, said Interim City Manager Gary Milliman. State mandates include land use planning services and regulatory compliance with the services the city chooses to establish.

“There are services in virtually every department that, once you establish those departments, are optional under that department,” Milliman said. “This is really the council’s call on what you think of a mandatory service to meet the needs of your community. “

Services codified in Ashland’s Charter by Citizen Voting include the City Court, Parks Department, City Music, and an Open Space program.

Non-essential and non-mandated services include citizen advisory boards, street planning and maintenance, street landscape and tree maintenance, economic development, housing, tourism promotion, conservation of water and watershed management, community celebrations and events, street lighting, recreational services such as swimming pool, golf course and center, airport, Ashland Fiber Network, animal control and related services the implementation of policies decreed by the municipal council.

Some infrastructure and services are not required but must meet state and federal standards once created, Milliman said. The necessary support functions accompany essential services, such as human resources, legal and financial management.

For example, no state law requires the city to have a police department, but the laws set out “mandatory provisions” such as training, supervision, safety equipment, and other items within the city. of the department once it is established by city code, he said.

“You can’t have policemen without paying them. You can’t provide the equipment you need to put out a fire without the income to pay for it, ”he explained in council documents.

Ashland Municipal Code 2.28.280 established a police department, headed by a police chief, with a staff and a budget. The following codes describe the duties of the chief of police, the administration of the department and the functions.

Milliman urged advisers to consult department-specific strategic planning documents and operational objectives to guide the identification of essential services versus optional services, and to determine where contracting may be appropriate for the delivery of essential services within. some departments.

“What I’ve learned as a city manager in cities big and small is that you don’t always need to provide essential service to city employees, the city isn’t the only supplier of essential services, and providing an essential service is optional, ”Milliman said in the council documents.

In July, former CFO Melanie Purcell proposed strategies to the board to consider in response to fiscal vulnerability, including regionalizing services through special districts or intergovernmental agreements, reducing or divesting programs. and services, increasing revenues, decreasing expenses and consolidating city-owned properties.

Firefighters and emergency services, police and finance come first by department of the general fund, according to the adopted biennial budget.

The budget of the Ashland Police Department is almost $ 8 million, 95% of which is spent on fixed-term contracts, staff and central services. The remaining discretionary sum funds supplies such as new uniforms and training, according to a budget presentation Monday by Police Chief Tighe O’Meara.

With an increase authorized to 32 sworn-in officers before the pandemic, O’Meara said he intended to schedule a supervisor and three patrol officers on duty at all times, allowing the department to handle two ongoing critical incidents at both without needing the help of another agency. The department has returned to a ceiling of 28 agents due to financial constraints induced by the pandemic.

According to the adopted biennial budget, a decrease in general fund expenditure of 6.86% in the second year is due to “systematic reductions in staff and operating equipment and supplies”, administrative functions and the department of operations. police taking the “most final reorganizations and adjustments of the services.” . “

O’Meara said in today’s staff environment officers are “less and less able to be proactive policing,” actively build relationships and “engage in the principles of justice. procedural ”, which is supposed to minimize incidents when the use of force becomes necessary by taking the time to slow down and prioritize respect, dignity and neutrality in decision-making with a suspect.

With part-time and full-time sworn cadet positions open and experienced staff moving to roles as needed, APD faces a difficult 20% operational impairment at a time when “the nature of policing in Ashland is changing, ”O’Meara said.

“I think the nature of a part of the community that police officers have a lot of interactions with has changed,” he said, noting the potential impacts of the COVID-19 pandemic, the displacement of fires from forest and Medford’s criminalization of camping on the Bear Creek Greenway. during the fire season. “The officers are being executed in tatters.”

“It changes from people who resist because they don’t want to go to jail, to people who all fight with the police,” O’Meara continued, referring to two incidents from the previous fortnight in the city center. from Ashland. “I’m afraid something very important is changing here.”


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Sending SMS: The Holy Grail for Modern Financial Services Professionals https://amiyasahu.com/sending-sms-the-holy-grail-for-modern-financial-services-professionals/ https://amiyasahu.com/sending-sms-the-holy-grail-for-modern-financial-services-professionals/#respond Tue, 21 Sep 2021 14:39:45 +0000 https://amiyasahu.com/sending-sms-the-holy-grail-for-modern-financial-services-professionals/ Texting is fast becoming one of the most important business channels for financial advisors. It offers immediacy and the ability to forge a connection that people are looking for. Best of all, people of all demographics know how to send SMS, allowing financial professionals to use one medium to reach as many customers and prospects […]]]>

Texting is fast becoming one of the most important business channels for financial advisors. It offers immediacy and the ability to forge a connection that people are looking for. Best of all, people of all demographics know how to send SMS, allowing financial professionals to use one medium to reach as many customers and prospects as possible.

On top of that, text messages give an astonishing 98% open rate. It’s a sales and marketing dream, especially when compared to email (20% open rate). This is probably due in part to the fact that the text is not yet overrun with spam, but when advisers use it well, the immediate impact and benefits of the support are hard to deny. While recipients are free to ignore texts until convenient, currently 90% of them are read within three minutes.

Yet, as wonderful and transformative as texting can be for financial professionals looking to grow their businesses, it is not without its challenges. The main one is compliance.

Manage risks, get rewards

Compliance is often seen as the elephant in the hall, the rain on the parade. In this case, the responsibility to monitor and enforce compliance over text communications has slowed adoption in the financial services industry. In addition to the complications of mandatory communications auditing, the 1: 1 nature of text interactions can make it difficult to ensure that each message itself complies with regulations, as many can blur the lines between friendly banter and financial advice in the workplace. the best interests of the customer.

It can also be difficult to capture all the relevant messages. Advisors often want to use one device for all of their personal and business communications. Separating customer and prospect texts from exchanges with friends and family is not always intuitive. Messages are missing in the audit trails, then there is a problem. Granted, this is a significant hurdle, but not one that cannot be managed with tools that allow textual communications pre-examination and automated archiving.

Overcome challenges to realize value

The benefits of texting far outweigh the potential pitfalls. Not allowing advisors to text customers and prospects is no longer an option. Advisors and businesses should not circumvent limits and safeguards – the consequences of violating industry regulations are too great – but there are precautions that can significantly reduce risk so that organizations and representatives can fully enjoy the benefits of textual interactions.

This requires companies to develop secure programs that can be deployed in the field. This can be accomplished by taking advantage of a modern, compliant texting solution, which includes sophisticated features such as lexicon blocking, customizable workflows, automatic regulatory updates and archive integration, and can be complemented by external expertise to help foster compliance and best risk management practices.

With comprehensive compliance and oversight best practices in place, the table is set to boost productivity in the field. For example, research shows that response time is essential for sales. When potential prospects are contacted within the minute they submit a request, the increase in sales conversions is 391%; if the response time is between 5 and 10 minutes, the chances of qualifying a lead drop by 80%. In addition, 78% of customers buy from the company that answers them first. Responding to SMS inquiries is not only fast, it gets a lot more attention than a form email generated from a request.

Plus, texting saves advisors countless hours. With much higher SMS response rates, they no longer have to spend time on multiple follow-up calls or unreturned emails, for example, when trying to set up an annual review with a customer. By giving delegates the ability to manage planning and service requests, financial representatives can focus on work that benefits clients, like preparing a well-thought-out agenda and recommendations for that client meeting.

Text message consistent with the orchestration of results

Beyond the benefits of compliance and productivity, modern SMS programs improve visibility and orchestration of workflow. Synchronizing customer interactions and contact information with the CRM system saves time and provides insight to managers to improve efficiency in the field. The integration of SMS in CRM allows advisors and delegates to send SMS messages in the screens of the CRM application, saving time to switch devices and driving adoption of CRM. Not only are the textual details recorded in the advisors’ CRM, but the triggered workflows can suggest the next best actions, such as scheduling annual reviews, proactive outreach for minimum required distributions, and follow-up to leads. Using this type of informed outreach, with personalized texts and follow-ups, helps advisors hit the mark when it comes to smart engagement.

Final thoughts

Texting is a way of life. It has fundamentally changed the way consumers want to engage, receive and share information, and financial organizations must adapt in order to attract and retain customers. If they do not provide texting options to their field representatives, their financial professionals will be at a serious disadvantage in an increasingly competitive landscape where consumers expect quick and efficient responses on their terms. It can also impact a company’s ability to attract and retain quality advisors, which is no small factor in the midst of the current hiring crisis.

To reap the rewards, advisors need to proceed wisely when texting customers and prospects. Sometimes less is more, and texts must remain focused on adding value for the customer or prospect. This will ensure that advisors continue to find their way as text messaging gains popularity as a marketing channel in other industries.

And of course, the compliance part is complex when it comes to texting, but organizations have had to adapt before. It seems unimaginable today, but not so long ago regulators drew up the first guidelines for digital communications, guidelines that are now commonplace and effectively addressed. Text is the next piece of the digital puzzle. Organizations need to put the pieces together to complete the picture. Otherwise, they risk falling so far behind their peers that they may never recover.

Michael Boese is CEO of Hearsay Systems


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Equatorial Guinea tackles two tragedies with help from IMF emergency assistance – Equatorial Guinea https://amiyasahu.com/equatorial-guinea-tackles-two-tragedies-with-help-from-imf-emergency-assistance-equatorial-guinea/ https://amiyasahu.com/equatorial-guinea-tackles-two-tragedies-with-help-from-imf-emergency-assistance-equatorial-guinea/#respond Tue, 21 Sep 2021 01:56:26 +0000 https://amiyasahu.com/equatorial-guinea-tackles-two-tragedies-with-help-from-imf-emergency-assistance-equatorial-guinea/ The pandemic continues to strike Equatorial Guinea like most countries in the region. To add to the ongoing health crisis, a series of massive accidental explosions at a military compound ravaged Bata, its largest city, this year, killing more than 100 people and causing massive damage (around 2.5% of GDP ). The double shock of […]]]>

The pandemic continues to strike Equatorial Guinea like most countries in the region. To add to the ongoing health crisis, a series of massive accidental explosions at a military compound ravaged Bata, its largest city, this year, killing more than 100 people and causing massive damage (around 2.5% of GDP ). The double shock of the pandemic and the explosions was too difficult to overcome without emergency help.

On September 15, the IMF’s Executive Board approved funding of $ 67.38 million under the Quick Financing Instrument. This is an important first step in closing a large financing gap in Equatorial Guinea resulting from the double shock. In a conversation with IMF Country Focus, Valentin Ela Maye, Equatorial Guinea’s Minister of Finance, Economy and Planning explains how the government will use aid in a transparent manner, providing essential resources to meet immediate humanitarian needs and pursue economic reforms.

How will emergency funding be used to support the economy?

With the collapse of international oil prices and the emergence of COVID-19, Equatorial Guinea’s economic indicators have deteriorated sharply since the launch of the government financial program supported by the IMF Extended Fund Facility (EFF) signed in December 2019. These unforeseen events, coupled with the recent disaster in the city of Bata produced a significant funding gap in the national budget and balance of payments, limiting the government’s ability to fully cope with the effects of crises.

The government plans to use the emergency funds provided by the IMF to continue economic support to the many victims of the explosions in Bata, rehabilitate social and economic infrastructure, including residential housing, schools and power lines destroyed by them. explosions, and continue to fund the pandemic containment plan. It is important to note that despite efforts to prevent COVID-19, the country’s capacity to continue to manage the health emergency remains limited. It is imperative to strengthen hospital infrastructure and increase medical staff at all levels, especially after the recent increase in the number of infections monitored by the Ministry of Health.

It is also essential that we allocate resources to support a post-COVID-19 strategy to help the recovery of small and medium-sized enterprises (SMEs) in the non-oil sector, which are the main engine of job creation in the country.

What measures have the authorities taken during this difficult period?

A public health emergency was declared in March last year and economic measures were adopted to strengthen social protections and support SMEs. They included temporary tax breaks for non-oil companies, a social assistance program for the most vulnerable populations, and reforms to contain the budget deficit, despite the increased public spending needed to cope with the pandemic.

The measures also included formulating a health plan to prevent and mitigate COVID-19, suspension of in-person education activities, closure of borders, retail and non-essential services, and strong preventative measures to essential sectors, which had also seen a contraction in activity.

Despite the negative impact on the economy, the government managed to effectively contain the pandemic, mainly thanks to the early start of the vaccination campaign, and strict contact tracing despite the geography of the country.

In response to the Bata disaster, an assessment of the damage and the number of people affected was undertaken with the assistance of international experts, and work started on the design and evaluation of a reconstruction plan for the city. city. Senior government officials have taken the initiative to provide economic assistance to victims to cover basic housing and subsistence expenses as well as medical assistance.

We have also continued to make progress on the structural reform program agreed with the IMF, despite the radical change in macroeconomic and financial conditions that the country has been facing since early 2020. One example is our commitment to improve governance and fight against corruption. corruption with the adoption in May of the Law on Preventing and Combating Corruption, drafted with technical assistance from the IMF and in line with international standards.

At the same time, we have made progress in other areas of the utmost importance for the management of public finances, in particular the electronic customs system currently operational in the capital Malabo, the establishment of expenditure execution and control software. current, and capital expenditure tracking system developed with technical assistance from the World Bank. We have also made progress in publishing national laws online.

What are the government’s priorities to support the recovery?

The adoption of the anti-corruption law is a fundamental step to improve governance, attract foreign investment, promote tax transparency and prevent embezzlement of public funds, which will benefit the economic recovery. The government plans to approve regulations that will require senior officials to report their assets and publish this information as soon as possible, in addition to establishing an anti-corruption commission.

At the same time, we are determined to pursue other structural reforms such as domestic arrears clearance, which will not only strengthen the private enterprise sector but also benefit the national banking system by improving financial indicators. We also continue to work on strengthening the tax and customs administration, modernizing the public finance management framework and advancing all actions that will allow us to increase revenue collection and improve the climate. Business. Another priority on our agenda is to promote economic diversification outside the hydrocarbon sector. Indeed, the new Sustainable Development Strategy “Equatorial Guinea Agenda 2035” has just been approved.

How will the government ensure the transparent use of funds? How will the government’s Good Governance and Anti-Corruption Plan come into play?

We are determined to take the necessary actions to improve governance and fight corruption. This commitment is supported by the implementation of prior actions concerning the transparent use of the resources necessary for access to the IMF emergency loan.

The adoption of the anti-corruption law, aligned with the highest international standards, is a key step towards stronger management and increased transparency of public resources. The commitment of international audit firms to ensure the proper use of spending related to both COVID-19 and the Bata emergency response is a testament to our government’s commitment. The terms of reference for the audits are published on the website of the Ministry of Finance. To increase transparency in the hydrocarbon sector, we are finalizing an information report on this sector and audits of state-owned oil and gas companies, and we will publish all such reports.

Finally, I would like to stress that we are continuing our efforts on the actions defined in the Good Governance and Anti-Corruption Plan approved at the end of 2019.


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Peapack-Gladstone Bank Hires Senior Managing Director and Market President https://amiyasahu.com/peapack-gladstone-bank-hires-senior-managing-director-and-market-president/ https://amiyasahu.com/peapack-gladstone-bank-hires-senior-managing-director-and-market-president/#respond Mon, 20 Sep 2021 15:14:02 +0000 https://amiyasahu.com/peapack-gladstone-bank-hires-senior-managing-director-and-market-president/ Bedminster, NJ, September 20, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the appointment of Diane Conboy, Senior Managing Director and President of the Market. Operating out of the Bank’s newest private banking location in Red Bank, New Jersey, she will lead a team […]]]>

Bedminster, NJ, September 20, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the appointment of Diane Conboy, Senior Managing Director and President of the Market. Operating out of the Bank’s newest private banking location in Red Bank, New Jersey, she will lead a team of commercial private bankers, providing high quality personalized customer service, as well as wealth and deposit management solutions for commercial and industrial enterprises (C&I) throughout Monmouth and Ocean Counties.

With 35 years of financial services experience focused on C&I loans and new business development, Ms. Conboy previously served as Senior Relationship Manager, Middle Market Banking at M&T Bank. She was responsible for new business with high-income companies from $ 20 million to $ 1 billion, and for maximizing portfolio cross-selling opportunities to increase profitability. Previously, as Senior Vice President / Team Leader, Middle Marketing Banking Group at The Provident Bank, she increased profitability by creating new business development opportunities with a diverse clientele in central New Jersey. Ms. Conboy has also served as Vice President of OceanFirst Bank; Vice President, Summit Bank; and as Assistant Vice President, Director of Operations, NatWest Home Mortgage Corporation.

Ms. Conboy holds a Bachelor of Science in Finance and Accounting from Montclair State University and is Chair of the Board of Trustees of Middlesex County College.

About Peapack-Gladstone Bank

Founded in 1921, Peapack-Gladstone Financial Corporation is an NJ banking holding company with total assets of $ 5.8 billion and assets under management / administration (with Peapack Private Wealth Management) of $ 9.8 billion at 30 June 2021. Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, investment banking, commercial and retail solutions, including residential loans and online platforms, to businesses and consumers. Peapack Private, the wealth management division of the Bank, offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, private companies, family offices and non-profit organizations, that help them establish, maintain and develop their heritage. Together, Peapack-Gladstone Bank and Peapack Private offer an unprecedented commitment to customer service. Visit www.pgbank.com and www.peapackprivate.com for more information.

Contact: Rosanne Schwab, Peapack-Gladstone Bank, Assistant Vice President, Head of Public Relations and Corporate Communications, 500 Hills Drive, Suite 300, Bedminster, NJ 07921 rschwab@pgbank.com, (908) 719-6543.

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Diane Conboy, Senior Managing Director, Market President, Peapack-Gladstone Bank


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Evergrande shares in China collapse on default risks https://amiyasahu.com/evergrande-shares-in-china-collapse-on-default-risks/ https://amiyasahu.com/evergrande-shares-in-china-collapse-on-default-risks/#respond Mon, 20 Sep 2021 03:09:00 +0000 https://amiyasahu.com/evergrande-shares-in-china-collapse-on-default-risks/ An exterior view of the China Evergrande Center in Hong Kong, China on March 26, 2018. REUTERS / Bobby Yip / File Photo HONG KONG, Sept.20 (Reuters) – Evergrande shares plunged more than 15% on Monday, prolonging losses as investors frown on its business outlook with a close deadline for payment bonds this week . […]]]>

An exterior view of the China Evergrande Center in Hong Kong, China on March 26, 2018. REUTERS / Bobby Yip / File Photo

HONG KONG, Sept.20 (Reuters) – Evergrande shares plunged more than 15% on Monday, prolonging losses as investors frown on its business outlook with a close deadline for payment bonds this week .

As of 2:45 a.m. GMT, the stock was down 14.6% to HK $ 2.17, the lowest since October 2011.

The company’s property management unit (6666.HK) fell more than 8%, while its electric car unit (0708.HK) fell 2%. Movie streaming company Hengten Net (0136.HK), majority owned by Evergrande, fell 10%.

Evergrande has struggled to raise funds to pay off its many lenders, suppliers and investors, with regulators warning that its $ 305 billion in liabilities could trigger greater risks to the country’s financial system if not stabilized.

One of Evergrande’s main lenders has set aside provisions for losses on a portion of its loans to the struggling developer, while some creditors plan to give it more time to repay, four bank executives told Reuters. Read more

The developer said on Sunday that it had started reimbursing investors for its wealth management products with real estate. Read more

Policymakers are telling Evergrande’s major lenders to extend interest payments or rollover loans, and market watchers are largely of the view that a direct government bailout is unlikely.

Evergrande is due to pay $ 83.5 million in interest on September 23 for its March 2022 bond.

He has another $ 47.5 million interest payment due on September 29 for the March 2024 notes. The bonds would default if Evergrande did not pay the interest within 30 days.

Reporting by Clare Jim; Editing by Shri Navaratnam

Our Standards: Thomson Reuters Trust Principles.


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45 SOEs have not submitted statutory financial reports since 2016 https://amiyasahu.com/45-soes-have-not-submitted-statutory-financial-reports-since-2016/ https://amiyasahu.com/45-soes-have-not-submitted-statutory-financial-reports-since-2016/#respond Sun, 19 Sep 2021 10:26:42 +0000 https://amiyasahu.com/45-soes-have-not-submitted-statutory-financial-reports-since-2016/ Economic news for Sunday, September 19, 2021 Source: www.ghanaweb.com 2021-09-19 Ken Ofori-Atta, Minister of Finance In violation of the 2016 Public Financial Management Law, Law 921 and international best practices, some 45 SOEs have not submitted mandatory financial reports to the Ministry of Finance since 2016. The composition of the failing companies is as follows: […]]]>

Economic news for Sunday, September 19, 2021

Source: www.ghanaweb.com

2021-09-19

Ken Ofori-Atta, Minister of Finance

In violation of the 2016 Public Financial Management Law, Law 921 and international best practices, some 45 SOEs have not submitted mandatory financial reports to the Ministry of Finance since 2016.

The composition of the failing companies is as follows: one state-owned enterprise (SOE), 34 state-owned enterprises (OSE) and 12 mixed companies.

An article in Joy News said that the report pointed out that state-owned energy companies were most in compliance with the necessary regulations under section 77 of the Financial Administration Act (Public Financial Administration Act). public finances) which requires them to provide quarterly financial statements to the ministry.

The quarterly report in accordance with the law must mainly contain outstanding debt, new borrowings as well as overdrafts and other figures relating to debt securities issued by the respective companies.

The report adds that despite the challenges of non-compliance with the law, some positive points could be gleaned, especially since 2016, when the law came into force.

The report notes a marked improvement in the submission of quarterly documents by some companies.

Further noting that some public enterprises had cleared arrears of several years against unaudited financial statements.

In 2016, only 18 entities complied with the law, leading to the first report, published in 2017.


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