Financial Measure – Amiya Sahu http://amiyasahu.com/ Fri, 24 Sep 2021 23:39:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://amiyasahu.com/wp-content/uploads/2021/06/icon-150x150.png Financial Measure – Amiya Sahu http://amiyasahu.com/ 32 32 FFIEC recommends multi-factor authentication for digital banking services | Weiner Brodsky Kider PC https://amiyasahu.com/ffiec-recommends-multi-factor-authentication-for-digital-banking-services-weiner-brodsky-kider-pc/ https://amiyasahu.com/ffiec-recommends-multi-factor-authentication-for-digital-banking-services-weiner-brodsky-kider-pc/#respond Fri, 24 Sep 2021 22:53:26 +0000 https://amiyasahu.com/ffiec-recommends-multi-factor-authentication-for-digital-banking-services-weiner-brodsky-kider-pc/ The Federal Financial Institutions Review Board (FFIEC) recently issued guidelines for financial institutions providing digital banking services. The guide, titled Authentication and access to services and systems of financial institutions, aims to provide digital banking and financial institution systems providers with examples of effective risk management principles and practices for access and authentication. Its main […]]]>

The Federal Financial Institutions Review Board (FFIEC) recently issued guidelines for financial institutions providing digital banking services. The guide, titled Authentication and access to services and systems of financial institutions, aims to provide digital banking and financial institution systems providers with examples of effective risk management principles and practices for access and authentication. Its main recommendation is the use of multi-factor authentication (MFA) as part of a layered security appliance.

FFIEC’s guidance comes at a time when financial institutions are increasingly vulnerable to data breaches. The COVID-19 pandemic has ushered in an era of extended remote access to information systems and increased use of cloud services. These trends, combined with more sophisticated and scalable methods of infiltration, increase the exposure of users and consumers to attacks. They have also, according to FFIEC, shown the inadequacy of single-factor authentication to provide institutions and customers with robust security.

Faced with this new threat landscape, FFIEC first recommends that financial institutions carry out a risk assessment of emerging authentication threats. Examples of effective risk assessments include: carrying out an inventory of information systems; complete an inventory of digital banking services; identify clients engaged in high risk transactions; and identification of high risk users and / or users. Data from customer fraud reports, cybersecurity, and customer service can help businesses determine which controls need improvement.

The FFIEC then recommends the implementation of layered security protocols. These protocols, by incorporating multiple preventive, detective, and corrective controls, are designed to compensate for potential weaknesses in any control. Layered security controls can include MFA authentication, user timeout, system hardening, network segmentation, monitoring processes, and transaction size limits. Together, these controls mitigate the security risks inherent in the provision of digital banking services.

The FFIEC guide distinguishes the AMF as a particularly effective security measure. MFA authentication requires more than a separate authentication factor and can include stored secrets, search secrets, out-of-band devices, one-time password devices, biometric identifiers, or cryptographic keys. Although some MFA factors are susceptible to attacks, these attacks can be mitigated using hardware and cryptographic factors. The guide also notes that MFA solutions may vary based on the different risks presented by various departments and clients.

Finally, FFIEC recommends a comprehensive customer awareness program to educate customers about authentication risks when using digital banking services. Such a program would teach clients how to determine the legitimacy of financial institution communications, institution security checks, and transaction alerts. The guide notes that failure to market digital banking services that are compatible with the institution’s security risks could raise legal compliance issues.


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Tips for a secure financial future https://amiyasahu.com/tips-for-a-secure-financial-future/ https://amiyasahu.com/tips-for-a-secure-financial-future/#respond Fri, 24 Sep 2021 13:00:00 +0000 https://amiyasahu.com/tips-for-a-secure-financial-future/ Authors: Abby Kincaide, Maddie Griffith As you graduate and start relocating, you can use the following as a guide as you enter the workforce. Develop a savings plan and ensure that portions of your paychecks are dedicated to future needs. getty Development of your budget As a young professional, getting your first job and gaining […]]]>

Authors: Abby Kincaide, Maddie Griffith

As you graduate and start relocating, you can use the following as a guide as you enter the workforce.

Development of your budget

As a young professional, getting your first job and gaining independence is exciting. With this new landscape comes new responsibilities. Understanding your benefits and the pay for your work is the first step, then breaking down your expenses and formulating a budget is essential to starting a successful financial future.

Budgeting as shown is vital to your financial future, and prioritizing your monthly spending helps you maintain a savings mindset. As a general rule of thumb, its budget should generally be allocated as follows: 30% of pre-tax income spent on housing, 20% in savings, and 50% should remain for bills, groceries and other variable expenses. Funding for retirement (a component of savings) and healthcare (a part of your bills) are also based on pre-tax income, while spending and remaining savings are based on your income level. net (to be used to estimate your net income).

To dive in (if you’ve moved out of your parents’ house), accommodation should be a maximum of 30% of your budget, which includes utilities, rent, and mortgage. It is important to understand your various utility bills, as you will likely be paying for gas, electricity, water, and potentially Wi-Fi. For utilities such as water and electricity, these may vary from month to month, so it is necessary to be conscientious of the use. Next, tenant insurance protects your home and your physical assets, as well as protects you against liability. It costs an average of $ 120 to $ 200 per year. All in all, living alone can be a drastic change, so finding roommates is always a good way to save money.

Going forward, you should develop a savings plan and make sure that a portion of your paychecks is spent on future needs. Based on the allowance, around 20% of your budget should be spent on savings. It starts with an emergency fund that can cover expenses for 3 to 6 months. This helps to cover any unforeseen costs that might arise in the event of unemployment, unforeseen events, medical bills, etc. An allocated savings account is another step in ensuring your financial security. This can be used in the future for all large purchases such as a house or a car. The final aspect of saving is allocating money for retirement through vehicles such as the IRA or 401 (k). These plans are typically offered by employers, and you can set a specific pre-tax amount to deduct from each paycheck directly to your account. As a benchmark for 401 (k) contributions, you should at least contribute up to what your employers will match. If possible, you should try to double what they match and increase the allocated amount as much as possible (up to 15% of salary). Then with the IRA you should try to contribute up to the limit, which is currently $ 6,000 per year. With retirement savings, it’s important to set aside as much as possible, but you should also keep in mind that these are accounts that you can’t withdraw from early without receiving tax penalties.

The last section of your budget includes all other expenses, which besides health care are based on your net income. These expenses can include things like bills, groceries, entertainment, etc., and that part of your budget, as previously stated, should reach 50%. Limiting monthly grocery expenses should be the start. Then other bills come in, like travel expenses, entertainment (Spotify, Netflix, other subscriptions) and phone bills. It is important to reduce loans and credit card statements, starting with those with higher interest. When possible, making larger payments can reduce the loan principal, which in turn can help lower overall payments and allow you to pay off the loan faster.

Insurance costs, another necessary expense included in the 50%, can become a lengthy process when figuring out all your needs. First and foremost, health care has many variables. If you’re 26 or under, staying under your parents’ insurance (like yours truly will) may be your best bet. If this is not an option, it is recommended that you understand your employer’s options and obtain an HSA plan. With an HSA plan, you can put tax-free savings into an account that can be used for qualified health care expenses. These savings extend and accumulate over time. Having an HSA plan means higher deductibles leading to lower premiums, and this plan can be beneficial for younger people as you will likely have lower health costs. If an HSA plan is not right for you, due to a pre-existing condition or other needs, you can consult the health insurance market for other options where you may be eligible for more suitable plans depending on your needs. income levels. Auto insurance is another crucial expense if you own one. To insure your vehicle, it’s important to shop around and compare prices to make sure you’re getting a good deal. A few places to look are Geico, USAA, State Farm, Progressive, Liberty Mutual, and Allstate.

Disability insurance and life insurance are important to keep in mind because they provide income in case something should happen to you. For disability insurance, it covers if you are unable to work for an extended period. This can be obtained through your employer, a professional organization or by yourself. This insurance can be personalized according to your preferences. However, as a young professional likely to have low debt, no children, and no spouse, your financial obligations are minimal, so getting a disability isn’t as much of a concern. Likewise, life insurance is not the highest priority at this point in your life, but if you are married, in debt and / or have children then this is something to consider as they will depend on your income.

The last components of 50% of your budget to consider are leisure expenses, all other variable expenses, and extra money to spend on savings or investments. Once you’ve figured out all the factors affecting your budget, you set yourself up for financial success and move into a savings mindset. This can create peace of mind and then you can focus more on your investments and how you can use your retirement vehicles to your best advantage.

Invest

Once you’ve established a solid emergency fund, it’s time to start investing your money. Being a young investor, now is the time to take more risk with your investment portfolio. This is because your wallet has an extended payback time in the event of losses. Also, being young and not having as many expenses and obligations as when you are in your 30s and 40s, it is important to start stocking up and investing as much as you can. The first place to start investing is in an IRA if your employer doesn’t offer a 401 (k) plan. A 401 (k) plan allows you to start contributing to a long-term savings account primarily used for retirement. Most 401 (k) offer the same two types of accounts available to IRA investors, a traditional account and a Roth account. These two elements have many similarities, but the main difference is in the way they are imposed.

A Roth IRA is a long-term savings account which, when you contribute, does not benefit from a tax deduction. Therefore, you pay taxes on the money you use to fund that account, but the money then grows tax-free. The big advantage of this IRA is that when you are 59 and a half years old, you now have access to withdrawals that are not taxed. In addition to being able to withdraw at any time of his life for certain situations, such as a first real estate purchase. However, the Roth account available through 401 (k) does not offer this same withdrawal benefit. With these Roths, there is no RMD (minimum distribution required). It appeals to someone who plans to be in a high tax bracket later in life. The Roth has a phase-out for certain income levels, so make sure you qualify.

A Traditional IRA is an account that allows your money to grow tax-deferred. This means that when you contribute to this IRA, you get a tax deduction, but when you withdraw the money, it will be taxed as ordinary income. Another thing that is different with a traditional IRA is that you have to start receiving distributions when you turn 72. This option may be attractive to someone who is currently in a high income tax bracket.

Why it is so crucial that you start investing your money now is due to funding. Composition is such a valuable element in investing and growing your wealth. It is the ability of your money to earn interest and earn more money over an extended period of time.

To help you see the power of compounding in action, here’s the story of Jack and Blake, two guys who made the decision to seriously invest for their retirement. They chose good growth equity mutual funds that average an annual return of around 11.6%, just below the long-term growth rate of the S&P 500.

Jack

  • Starts investing at age 21
  • Invest $ 2,400 each year
  • Stop contributing at 30
  • Total amount paid: $ 21,600

Blake

  • Starts investing at age 30
  • Invest $ 2,400 each year
  • Pay money up to age 67 (a total of 37!)
  • Total amount paid: $ 91,200

At 67, Jack’s investment grew to $ 2,547,150 and Blake’s to $ 1,483,033! Nine years made a difference of over a million dollars.

As you embark on this new stage of life, we would be more than happy to help you navigate it. For more information or for questions, do not hesitate to contact us at www.lantzteam.com.

1733 Park Street, Unit 350 | Naperville, Illinois. 60563

Titles offered by Registered Representatives via Private Client Services,

FINRA / SIPC member. Products and advisory services offered by investment advisers

through Michael J. Lantz and Daniel B. Rohlfing, a registered investment advisor.

Private Client Services, Michael J. Lantz and Daniel B. Rohlfing, and Lantz Financial, LLC are unaffiliated entities.


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Does Biden’s Proposal Allow IRS to Spy on Your Bank Account? https://amiyasahu.com/does-bidens-proposal-allow-irs-to-spy-on-your-bank-account/ https://amiyasahu.com/does-bidens-proposal-allow-irs-to-spy-on-your-bank-account/#respond Thu, 23 Sep 2021 21:16:42 +0000 https://amiyasahu.com/does-bidens-proposal-allow-irs-to-spy-on-your-bank-account/ State auditors and treasurers from 20 states, including Utah, have spoken out against what they see as an “invasive” proposal by the Biden administration to require banks to disclose more information about ordinary Americans’ accounts with the IRS. The goal, according to the Treasury Department, is to collect taxes from wealthy people and businesses on […]]]>

State auditors and treasurers from 20 states, including Utah, have spoken out against what they see as an “invasive” proposal by the Biden administration to require banks to disclose more information about ordinary Americans’ accounts with the IRS.

The goal, according to the Treasury Department, is to collect taxes from wealthy people and businesses on income earned but not reported. The agency estimates that more than $ 160 billion is lost each year in taxes that the richest 1% choose not to pay.

Utah State Auditor John Dougall and State Treasurer Marlo Oaks say the private banking activity of more than 100 million Americans could be subject to an “invasive” scrutiny. the IRS if the plan is adopted.

“The proposed rules would be a blatant exercise in data mining and surveillance against ordinary American citizens who have committed no crime and are not suspected of any wrongdoing,” said Dougall. “Further, there is no indication that this level of oversight would help achieve the stated goal of catching tax evaders.”

Under this measure, financial institutions would be required to report gross inflows and outflows of all business and personal accounts to the IRS annually if the amounts total at least $ 600 per year.

Banks and credit unions would only report the total amounts of money entering and leaving an account during the previous year. They would not have to report the details of individual transactions.

The Treasury Department unveiled the proposal in May. The Senate finance and House Ways and Means committees could adopt it as part of the budget reconciliation legislation currently under consideration.

Oaks called the proposed reporting requirements an “unprecedented violation” of the rights and privacy of Americans.

“Creating mountains of private data for IRS agents to sift through doesn’t help them focus on more sophisticated tax evaders and subjects honest citizens and small businesses to invasive and unwarranted scrutiny. IRS, ”he said.

In addition, the increased reporting would likely overload banks and credit unions, Oaks said.

The State Financial Officers Foundation sent a letter this week to President Joe Biden and Treasury Secretary Janet Yellen calling the plan a “direct assault” against Americans, regardless of their economic status, and businesses.

The group, in which Dougall serves as auditor general, argues that there is no evidence the measure would help collect taxes from tax evaders. He also argues that the plan lacks safeguards to prevent the IRS or other government agencies from abusing the information.

The Center for American Progress says report measurement is a critical part of Biden’s Build Back Better program.

“Despite the fear of banking lobbies, the proposal protects the privacy of taxpayers while simply requiring banks to provide basic and aggregated information on flows,” Seth Hanlon, senior member of the economic policy team at ‘American Progress. Galen Hendricks, a former research associate at the center, wrote last week.

The measure allows the IRS to select audits more efficiently and fairly so that the vast majority of taxpayers are less likely to be audited, they wrote. Better targeted audits will result in more revenue from tax evasion and discourage fraud in the first place.

“Cheaters will think twice if they know the income streams won’t be entirely invisible to the IRS,” according to Hanlon and Hendricks.

The “tax gap” – the difference between taxes owed and collected – is about $ 600 billion a year and will mean about $ 7 trillion in lost tax revenue over the next 10 years, according to the Department of Justice. Treasure.

The proposal would also increase the IRS’s enforcement budget by $ 80 billion over the next decade. It also calls for using the information financial institutions already have – without imposing a burden on taxpayers – so the IRS can use the additional resources to audit more sophisticated tax evaders.

The proposed changes to third-party information reporting are expected to generate $ 460 billion over a decade, according to the Treasury Department.


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Ankara struggles to control inflation rhetoric as Turkish distrust grows https://amiyasahu.com/ankara-struggles-to-control-inflation-rhetoric-as-turkish-distrust-grows/ https://amiyasahu.com/ankara-struggles-to-control-inflation-rhetoric-as-turkish-distrust-grows/#respond Thu, 23 Sep 2021 04:01:55 +0000 https://amiyasahu.com/ankara-struggles-to-control-inflation-rhetoric-as-turkish-distrust-grows/ Shortly after a small group of Turkish academics began publishing their findings on inflation late last year, their data began to reflect what many Turks already suspected: prices were rising two times faster than the government claimed. Ankara’s backlash was swift. In February, the Turkish National Institute of Statistics (TurkStat) filed a criminal complaint against […]]]>

Shortly after a small group of Turkish academics began publishing their findings on inflation late last year, their data began to reflect what many Turks already suspected: prices were rising two times faster than the government claimed.

Ankara’s backlash was swift. In February, the Turkish National Institute of Statistics (TurkStat) filed a criminal complaint against the Independent Inflation Research Group (ENAG), which uses high-frequency data collection to track prices online and concluded that annual consumer price inflation is now around 40 percent. percent, compared to TurkStat’s 19.5 percent.

“Our aim was not to go against TurkStat or create an alternative inflation rate,” said Veysel Ulusoy, who teaches economics at Yeditepe University and leads a dozen volunteers, including doctoral students, mathematicians and accountants, in the independent inflation project. . “But the polarization is everywhere in Turkey, even in the statistics.”

An Istanbul prosecutor is currently investigating TurkStat’s accusation that the group violated rules requiring it to publish its methodology. Ulusoy said the ENAG research appeared in a peer-reviewed journal and called the allegation baseless, but charges are expected to be filed in the coming months.

ENAG’s legal problems show how delicate subject numbers are in Turkey. The government recorded the fastest economic growth in more than two decades in the second quarter of this year, but polls show many Turks feel left out of the boom as inflation and unemployment remain in double digits, a majority losing confidence in official figures. The cost of living, unemployment and the economy are at the top of the list of concerns of respondents in recent polls.

This reduces support for President Recep Tayyip Erdogan’s Justice and Development Party (AKP), which is now at an all-time low two years before the next elections. Polling agency Turkiye Raporu’s survey this month found its lowest rate of support for the ruling party to date, at 29.9%, and its director Can Selcuki said the dissatisfaction with the economy was the main driver of the crisis.

The central bank, which meets Thursday to set interest rates, is under pressure from Erdogan to cut borrowing costs, even though inflation has remained in double digits for most of the past four years. In March, the president appointed Sahap Kavciolgu, a former newspaper columnist who shares Erdogan’s unconventional view that high interest rates stimulate inflation rather than suppress it, as governor.

Erdogan has long exercised tight control over economic policy, hiring and firing senior officials by decree. He has sacked three central bank governors since 2019 for failing to cut interest rates quickly enough, and the ensuing uncertainty over the direction of monetary policy has eroded a third of the lira’s value. against the dollar.

Kavcioglu has so far resisted pressure from the president to lower the main interest rate by 19% as consumer prices continue to climb. After saying this month that the bank will now look at the lower core inflation figure when it comes to rate fixing, it could give in at Thursday’s meeting.

Turkish President Recep Tayyip Erdogan blamed “opportunists” for rising costs © Reuters

As economies around the world grapple with inflation amid large-scale stimulus spending during the Covid-19 pandemic, increasing consumer demand and supply constraints, in Turkey, Erdogan accuses the “opportunists” of rising costs. “By bringing inflation under control as soon as possible, we will prevent sky-high price hikes on the shelves,” he said last week.

In an effort to track down suspected fraudsters, government inspectors were dispatched to supermarkets last week, according to local media. “It fights the symptoms because the government doesn’t want to take the bitter drug,” said Atilla Yesilada, an analyst at Istanbul-based consultancy Global Source Partners. Controlling inflation “requires much higher interest rates and cuts in budget spending. And the inflation in rents and foodstuffs is due to structural problems that take longer than the AKP has to win the next election.

Other measures also show faster inflation than announced. Steve Hanke, professor of economics at Johns Hopkins University, uses a purchasing power parity indexed to the dollar’s exchange rate and found that consumer prices rose to double the TurkStat rate in June.

“Erdogan, like all politicians, wants low inflation, high GDP growth and low interest rates,” Hanke said. “With all of these things turning negative, Erdogan has an incentive to hide the data. . . He is convinced that high interest rates cause inflation, which makes it very difficult to fight inflation.

TurkStat has called the media reports that its data is being manipulated “baseless and fictitious” and claims its statistics meet international norms and standards.

But the public’s mistrust of its numbers runs deep. An Aksoy Research poll this month showed that more than half of respondents believed the economy contracted in the second quarter, when TurkStat recorded growth of 21.7%. Metropoll found that 82 percent of those polled did not believe the drop in inflation reported by TurkStat to 16.6 percent in May.

ENAG uses web scraping to check prices at online retailers throughout the day, tracking the same items and giving them the same weight as TurkStat. Lutfi Elvan, the country’s finance minister, urged the public to ignore ENAG’s findings, arguing that the group was seeking to “defame” TurkStat.

“They have no right to mislead people, and they will receive the appropriate response in court,” he said in a television interview earlier this year. He denied any political interference in TurkStat.

Ulusoy had initially hoped to collaborate with TurkStat, providing them with metrics they may not currently see. “It’s not just in Turkey, the static measure of inflation is wrong everywhere,” he said.

“People know that ENAG data reflects Turkey’s inflation, based on the money they have in their pockets and the prices on the street,” he said, adding “even if that’s a terrible number that no one wants. ”


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Cannabis banking measure formulated in House defense bill https://amiyasahu.com/cannabis-banking-measure-formulated-in-house-defense-bill/ https://amiyasahu.com/cannabis-banking-measure-formulated-in-house-defense-bill/#respond Wed, 22 Sep 2021 15:29:08 +0000 https://amiyasahu.com/cannabis-banking-measure-formulated-in-house-defense-bill/ The House of Representatives passed, by voice vote, an amendment on Tuesday adding the Safe and Fair Banking Act (SAFE) to the National Defense Authorization Act (NDAA). The measure, which protects banks that serve legal cannabis businesses in states from sanctions by federal regulators, has been introduced in every Congress since 2013 by Representative Ed […]]]>

The House of Representatives passed, by voice vote, an amendment on Tuesday adding the Safe and Fair Banking Act (SAFE) to the National Defense Authorization Act (NDAA).

The measure, which protects banks that serve legal cannabis businesses in states from sanctions by federal regulators, has been introduced in every Congress since 2013 by Representative Ed Perlmutter (D-CO) and has been passed five times by the House, noted the congressman in a tweet Tuesday.

“It will strengthen the security of our financial system in our country by keeping bad actors like foreign cartels out of the cannabis industry. But more importantly, this amendment will reduce the risk of violent crime in our communities, ”Perlmutter told the House on Tuesday ahead of the vote, according to Marijuana Moment. “This is a matter of public safety and national security. “

The classification of cannabis as a Schedule 1 drug has made several banks reluctant to serve marijuana-related businesses, forcing them to deal primarily in cash and making them the targets of thefts, assaults and crime. thefts, cannabis advocates have said.

Representative Mike Rogers, R-AL, argued that the NDAA is not the right forum for SAFE Banking legislation.

“I think that [Perlmutter is] trying to accomplish is admirable and should be accomplished, but not in the National Defense Authorization Act, ”Rogers told Marijuana Moment.

But listing SAFE Banking in the NDAA may be exactly what helps Bill get through its eternal film, according to the Senate, researchers at BTIG have said.

“Discussions with our DC contacts suggest that he has an easier route through the Senate, in large part because no senator wants to be seen as delaying the massive 1,700-page NDAA not to be missed. cause of the SAFE bank, “wrote BTIG analyst Camilo Lyon in a research note, according to Bloomberg.

It wouldn’t be the first time that lawmakers have tried to link SAFE Banking to bigger measures. House Democrats tried to fold it into two COVID-19 relief bills this year, but the language was not included in the bill that President Joe Biden signed in March.

The SAFE Banking Act was passed by the House in 2019, only to block the then Republican-controlled Senate after former House Banking Committee chairman Mike Crapo, R-ID, refused to vote on the law Project.

The SAFE Banking Act has lost some of its cachet among some Senate Democrats, who have pushed for more comprehensive reform.

Senate Majority Leader Chuck Schumer, D-NY, Senator Cory Booker, D-NJ, and Senator Ron Wyden, D-OR, unveiled a bill in July that would remove cannabis from the federal list of controlled substances and would abolish federal non-violent marijuana. crimes.

This measure, the Cannabis Administration and Opportunity Act (CAOA) – if passed first – raises the question of whether the SAFE Banking Act would even be necessary.

“The bank invoice only concerns a small part of the [issues related to cannabis], but not what to do. We need a big, comprehensive bill, ”Schumer said.

Booker offered a sharper view.

“I will do everything I can to stop an easy bank bill that will make all these companies a lot more money, instead of focusing on the restorative justice aspects,” he said. declared.

The New Jersey senator then clarified his position.

“Don’t get me wrong, I support the SAFE Banking Act. I think this is a phenomenal bill,” he said. “To me, a good bipartisan bill like the banking bill is a necessary sweetener to get people to move forward on the elements of fair justice that are really essential.”

William Bogot, co-chair of the Cannabis Law Practice Group at Fox Rothschild LLP, called CAOA a “wish list beyond the limits” that will likely face an uphill battle to become law in its current form.

“[T]The discussion bill will be negotiated for a long time, both before it is introduced as a bill and in both houses, ”Bogot told Banking Dive in July.

The SAFE Banking Act is not as controversial or contested as the CAOA by either party and would bring immediate relief to the largely money-based cannabis industry, he said. supported.

The Senate passed a stand-alone version of the SAFE Banking Act in May. The measure was passed by the House in April after lawmakers reintroduced it in March.



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National and Global Education Rankings Place Brown Among World’s Top Universities https://amiyasahu.com/national-and-global-education-rankings-place-brown-among-worlds-top-universities/ https://amiyasahu.com/national-and-global-education-rankings-place-brown-among-worlds-top-universities/#respond Tue, 21 Sep 2021 21:35:04 +0000 https://amiyasahu.com/national-and-global-education-rankings-place-brown-among-worlds-top-universities/ PROVIDENCE, RI [Brown University] – In recognition of his distinctive student experience, world-class teaching, generous financial support, high-impact research and commitment to freedom of expression, a range of educational guides and organizations reports ranked Brown University among the best schools in the world for 2021. In the Best Colleges 2022 guide published by the Wall […]]]>

PROVIDENCE, RI [Brown University] – In recognition of his distinctive student experience, world-class teaching, generous financial support, high-impact research and commitment to freedom of expression, a range of educational guides and organizations reports ranked Brown University among the best schools in the world for 2021.

In the Best Colleges 2022 guide published by the Wall Street Journal and Times Higher Education on Tuesday, September 21, Brown ranked No. 6 in the country. The university achieved the top 20 scores for the “Results”, “Resources” and “Engagement” lists, which measure (respectively) the return on investment of graduates, the ability to deliver a high quality academic experience and engagement. students on campus.

In US News and World Report’s “Best Colleges” guide, Brown retained 14th place among all four-year colleges and universities across the country. The University has been awarded the National Ranking No. 4 for Undergraduate Education, which compares schools to their peers and recognizes those with an “exceptionally strong commitment to undergraduate education”.

The annual ranking, released Monday, September 13, ranked Brown’s senior synthesis program fifth in the country, while the University took first place in “Writing in the Disciplines” for the third year in a row.

US News and World Report ranked Brown No. 3 in “Best Colleges for Veterans,” based on a growing set of military partnerships and the University’s 2019 commitment to double the number of veterans enrolled by increasing financial aid and implementing optional test admissions. Brown has been included in a variety of other Top 20 lists – including “Service Learning” (No. 14), “First-Year Experiences” (No. 13) and “Best Value Schools” (No. 19) – as well as Top 40 lists for “Most Innovative Schools”, Undergraduate Research, Computer Science Programs, and Engineering Programs.

In other rankings, Brown ranked No. 19 for the nation’s best overall university in the U.S. QS World University Rankings list, which noted the university’s high research results and low student-to-faculty ratio. . America’s Top Colleges, published by Forbes, included Brown in top lists for its overall rankings and for research universities, highlighting Brown’s open signing program and the success of his alumni.

“Through rigorous yet flexible academic programs and intense collaboration between students and faculty, Brown empowers students in everything from biomedical engineering to brain science to public policy to not just consider critical issues. the world is facing, but confront them and work towards their resolution, ”university officials said. noted. “While the character of our distinct academic experience and campus culture may not be fully captured in the listings, we are delighted to see such a wide array of rankings recognize Brown’s innovative approach to teaching and learning. “

In a year marked by social unrest and controversial public discourse, Brown was awarded 9th place in the College Free Speech Rankings. Compiled by College Pulse, The Foundation for Individual Rights in Education and RealClearEducation, the rankings are based on an analysis of 20,000 student surveys that assessed five aspects of free speech: openness, tolerance, expression. self-help, administrative support and speech codes.

Globally, Brown has been featured on several international lists, including the QS World University Rankings, on which he ranked # 60 out of 1,300 universities worldwide and # 47 in “graduate employability,” which measures criteria such as alumni results and partnerships. with employers. The 2022 Times Higher Education World University Rankings placed Brown at No. 64 out of 1,600 schools worldwide, noting the university’s strengths in terms of research opportunities and published study citations.

In recognition of Brown’s financial aid programs, the Princeton Review placed Brown on several Top 20 lists focusing on affordability, including “Best Financial Aid Schools” and “Most Profitable Colleges.” Brown meets 100% of each undergraduate’s demonstrated financial need with aid programs that include scholarships and no loans, giving students the opportunity to graduate debt-free. Based on a student survey focused on community service, student government, sustainability efforts and student engagement on campus, the University ranked 16th among the 20 best schools for “Make an impact”.

The Princeton Review’s compilation of “387 Best Colleges” in the United States has highlighted Brown in a number of unranked lists including “Happy Students,” “Great Quality of Life,” “LgBTQ-Friendly,” and notably – the university having sold its investments in companies that extract fossil fuels and a plan to achieve zero carbon emissions well underway – “Green Colleges”.

US News and World Report also recognized the master’s and doctoral degrees. programs at Brown’s Graduate School and the School of Public Health. Among others, university graduate programs ranked # 4 in Applied Mathematics, # 13 in English, # 14 in Mathematics, # 15 in Earth Sciences, # 16 in Economics, # 17 in public health – a considerable leap from N ° 49 a year earlier – N ° 18 in history and n ° 20 in sociology.

In its list of top medical schools, US News and World Report named Warren Alpert Medical School # 19 in the nation’s top primary care education programs and # 17 in “top medical schools. diversified ”.

In rankings beyond academics and student experience, Forbes ranked Brown 8th among “Best Mid-Size Employers” in the United States based on employees’ willingness to recommend their employers. to their friends and family. Forbes also included Brown as the second largest employer of any size for the state of Rhode Island.


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Uber on track to deliver profitable first quarter https://amiyasahu.com/uber-on-track-to-deliver-profitable-first-quarter/ https://amiyasahu.com/uber-on-track-to-deliver-profitable-first-quarter/#respond Tue, 21 Sep 2021 11:01:22 +0000 https://amiyasahu.com/uber-on-track-to-deliver-profitable-first-quarter/ Updates from Uber Technologies Inc Sign up for myFT Daily Digest to be the first to know about Uber Technologies Inc. Uber said it was set to release its first-ever profitable quarter, on an adjusted basis, after more than a decade of spending billions of dollars in cash. The ridesharing group, whose stock has fallen […]]]>

Updates from Uber Technologies Inc

Uber said it was set to release its first-ever profitable quarter, on an adjusted basis, after more than a decade of spending billions of dollars in cash.

The ridesharing group, whose stock has fallen 37% since peaking in February, said on Tuesday it expected gross bookings from July to September this year to be between 22.8 and 23 , $ 2 billion, with adjusted earnings before interest, taxes, depreciation, and amortization of between minus $ 25 million and $ 25 million.

Despite the wide range of adjusted ebitda, Uber CFO Nelson Chai said that a below breakeven level would require a significant slowdown in activity for the remainder of September.

“With positive adjusted ebitda in July and August, we believe Uber is now heading towards the third quarter adjusted ebitda breakeven point, well ahead of our previous forecast,” Chai said, in a published brief. before the market opens on Tuesday.

The milestone comes after Uber ran a cumulative deficit – a measure of its total losses since its inception in 2009 – of $ 22.1 billion at the end of June.

Chai said Uber expected a stronger fourth quarter and the record predicted adjusted EBITDA to be between $ 0 million and $ 100 million.

Uber previously told investors it expected a loss “better” than $ 100 million for the third quarter. The company’s main rival in the United States, Lyft, has already achieved a quarter of positive adjusted ebitda, reaching the milestone during the April-June period of this year.

Adjusted EBITDA has been Uber’s preferred metric for the health of its underlying business since its IPO in May 2019, after careful consideration of its ability to make a profit.

In addition to discounting interest, taxes, depreciation and amortization, it also does not include costs related to discontinued operations, non-controlling interests, investments, compensation for basis, certain legal and regulatory charges and a number of other factors.

The company’s most recently disclosed net profit, for the second quarter of this year, was $ 1.1 billion – a figure spurred by previously unrealized gains in its investments, including China’s Didi. Without them, Uber would have lost around $ 771 million. Tuesday’s filing did not include any indication of expected net profit for the current quarter or the rest of the year.

Achieving the adjusted EBITDA profitability target will be seen as a feather in the hat for CEO Dara Khosrowshahi, who in 2017 was brought in not only to mop up an ethical mess left by co-founder Travis Kalanick, but also to eliminate the bloated parts of Uber’s business. The company no longer works on its own autonomous car, for example.

Uber also ditched food delivery markets where it was not competitive, such as South Korea, and saved money by moving much of its engineering workforce to India. .

In early 2020, the company laid off nearly 7,000 people and closed offices around the world, with Khosrowshahi blaming the “fucking virus.”

Despite the pandemic that has rocked the company’s ridesharing business – first with the lockdown, and now driver shortages – Uber has kept repeating its goal, first told to investors in late 2019, to post profitable quarterly adjusted ebitda by the end of this year. .

The company had correctly bet on the return of its ridesharing business, while demand for its Uber Eats food delivery business remained high after an increase during closures.

“They say the crisis is creating opportunities and that has certainly been true for Uber over the past 18 months,” Khosrowshahi said in Tuesday’s filing. “Uber is taking an important step. We also know that we still have a lot to prove and that we have to perform perfectly. “

Uber Eats continues to track rival DoorDash, which briefly outperformed Uber’s market capitalization for the first time last week, despite the delivery company having minimal global presence and no ridesharing activity.

According to data from Second Measure, DoorDash controls 57% of the U.S. meal delivery market, compared to 26% for the combined Uber Eats and Postmates. Uber acquired Postmates in July 2020 in a deal worth $ 2.65 billion.

Grubhub, the meal delivery company acquired by Just Eat Takeaway in Europe in June 2020, now accounts for just 16% of the US market, having been the market leader.

Additional reports by Tim Bradshaw


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Many UK workers lack employment options despite labor shortage https://amiyasahu.com/many-uk-workers-lack-employment-options-despite-labor-shortage/ https://amiyasahu.com/many-uk-workers-lack-employment-options-despite-labor-shortage/#respond Mon, 20 Sep 2021 23:02:15 +0000 https://amiyasahu.com/many-uk-workers-lack-employment-options-despite-labor-shortage/ UK employment updates Sign up for myFT Daily Digest to be the first to know about job news in the UK. Many UK workers have even fewer employment options available to them than before the coronavirus pandemic, despite severe labor shortages seen in a handful of relatively low-paying fields, have shown research. Official data shows […]]]>

UK employment updates

Many UK workers have even fewer employment options available to them than before the coronavirus pandemic, despite severe labor shortages seen in a handful of relatively low-paying fields, have shown research.

Official data shows more than a million vacancies across the economy, with industry groups requesting temporary visas to hire workers overseas and the CBI’s employer lobby reporting that three-quarters of companies saw access to qualified personnel as a threat to the UK’s competitiveness.

But in a report released Tuesday, the Institute for Fiscal Studies warned that the UK remains far from being a “job seekers’ paradise”.

The increase in the number of vacancies is due to low-paying occupations, where new job openings had risen by about 20% above pre-pandemic levels in June of this year, the group found. reflection.

More than half of this growth in low-paid work is due to the boom in transport and storage jobs, fueled by the shift to e-commerce. Openings for waiters and bar staff, cleaners and caregivers made up most of the rest.

Higher-paying service jobs have been slower to recover, the IFS said, especially those often occupied by women and graduates – with the market for legal, business and health professionals proving to be relatively slow. Vacancies in middle and higher paying occupations had just returned to pre-pandemic levels at the end of June.

Xiaowei Xu, economist at IFS and author of the report, said that while labor shortages in some areas are real, “we should not be misled into thinking that the power of workers is back “.

For people in many fields of activity, employment opportunities were still much more limited than before the pandemic and competition for available jobs was fiercer, she added.

The IFS constructed a new measure of the opportunities open to workers, weighted by the range of roles that people in a given occupation would typically consider when they changed jobs.

He found that job opportunities for nurses and midwives, for example, remained more limited than before the crisis – even though job opportunities in their field were relatively stable – because in the past, a third of those who changed jobs moved to industries such as retail or public administration.

Using this measure, he found that 8 million people – a quarter of the working population – would still find fewer open jobs in occupations related to their field of work than before the pandemic.

“Because the new economy does not yet look much like a restored version of the old one, the types of jobs advertised are different from the mix of jobs available before the pandemic,” the report said. “This means that … many workers will not recognize the relatively buoyant overall picture.

Since many people have been forced to take careers on hold over the past 18 months or take jobs that did not suit them as a stopgap, the competition for many positions would also be fiercer, the IFS.

While drivers or waiters might be able to quote their price, teachers and healthcare professionals looking for new jobs would face particularly high risks. Competition is said to be significantly higher than before the pandemic for nearly two-thirds of unemployed job seekers, the think tank found.


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Business School Briefing: Win prizes for positive societal change and learn adaptability lessons from showbiz https://amiyasahu.com/business-school-briefing-win-prizes-for-positive-societal-change-and-learn-adaptability-lessons-from-showbiz/ https://amiyasahu.com/business-school-briefing-win-prizes-for-positive-societal-change-and-learn-adaptability-lessons-from-showbiz/#respond Mon, 20 Sep 2021 13:00:19 +0000 https://amiyasahu.com/business-school-briefing-win-prizes-for-positive-societal-change-and-learn-adaptability-lessons-from-showbiz/ Business School Updates Sign up for myFT Daily Digest to be the first to know about business school news. I hope you had a nice week-end. For a chance to win a prize for making the world a fairer, greener place and read what businesses can learn from the pandemic. Written and edited by Wai […]]]>

Business School Updates

I hope you had a nice week-end.

For a chance to win a prize for making the world a fairer, greener place and read what businesses can learn from the pandemic. Written and edited by Wai Kwen Chan and Andrew Jack.

Take part in our responsible business education awards

The FT invites teachers, researchers and alumni of business schools around the world to participate in its new awards for responsible business education.

Registrations are open until 20 october for examples of recent graduate projects, teaching cases and research studies that have had a positive societal and environmental impact.

There are three awards:

  • Best alumni “change makers” graduated from a business school over the past three years and having personally contributed to redefining “business as usual”, whether as intrapreneurs within organizations or as entrepreneurs managing start-ups

  • Best business school teaching cases published over the past three years with sustainability and tackling climate change as key learning objectives

  • Best business school academic research published in the past three years that addresses societal challenges, with evidence of a positive impact on policy or practice

More details here.

FT Business Books: September Edition
Indra Nooyi, the former CEO of PepsiCo, reveals how difficult it was to grow thanks to companies like BCG, Motorola and ABB while trying to support his family. Also find out how to tackle the burnout epidemic in this month’s top headlines.

Indra Nooyi, former head of PepsiCo, reveals his journey to corporate America © FT montage

Take part in our hackathon

How to measure academic performance with societal impact? We’re looking for business schools, publishers, data scientists and more to join our “slow hackathon” to develop ways to measure research. Details are here: https://www.rrbm.network/taking-action/events/ft-slow-hackathon or email us at respbus@ft.com.

Andrew Hill’s management challenge

Live theater is back on both sides of the Atlantic, with the reopening of major Broadway shows last week garnering huge standing ovations from stage-hungry audiences.

As I write in my column this week, how these complex theatrical collaborations emerged from the pandemic offers lessons to other companies in adaptability, ingenuity, and improvisation.

My management challenge this week is a little lighter than usual and has a theatrical twist. Let us know which play, show or opera you would choose to stage for senior executives. All is well for HR? Mom Mia! (“Et voila”) for the business continuity team? Send your concise program note to bschool@ft.com.

West End Theater

Ingenuity marked the return of the theater, just as it helped companies revive production during the pandemic © Anizza | Dreamstime.com

In additional reading, a thought-provoking take on the “Great Resignation” in the New York Times, where Kellen Browning and Erin Griffith examine the foreclosure phenomenon of people who have been hired and then left companies without ever meeting their colleagues in person. “I felt like a name on a spreadsheet. Just someone you could hit delete, ”one said.

Also, keep in mind that if you are under 35 and have a great idea for a business book, you have up to September 30 to participate in the Financial Times £ 15,000 and the McKinsey Bracken Bower Award for Business Book Proposals. More details on how to enter here.

Data line: the reasons to study in Master in Management

Almost eight in 10 graduates said their greatest motivation to start an MiM degree was to learn business fundamentals, say Sam Stephens and Leo Cremonezi. Networking and better career opportunities were also important factors. Starting a business was a less popular reason among MiM alumni, who responded to an FT ranking survey. Here are more graphics on the program.

Graph showing the basics of the company at the top of the list of motivations for doing an MiM, rated out of 10 (%)

Overview of employment and career

What are the advantages and disadvantages of working from home? Well that won’t save the planet, says Pilita Clark. Studies indicate that remote working offers modest emissions savings at best – and a carbon activator at worst. On the other hand, being in an office with noisy colleagues is a problem. But no one can act alone to cure the curse of a noisy coworker.

Our big report is about the rise of the director of diversity. This is the newest senior leadership role in many organizations, but it can be difficult to navigate this role.

The role of the CDO includes identifying gaps in an organization’s equal opportunities structures and creating a strategy to combat discrimination © Dominika Lipniewska

Tania Boler, founder of the female health technology company (femtech) Elvie that revolutionized the breast pump, offers lessons to overcome investor resistance.

What is your knowledge of current events?

Take our quiz of 10 questions.

The best reads from business schools

China attacks Australia, UK and US for security pact Canberra abandons the French submarine program to sign an agreement with Washington and London.

Members of the Taiwanese Navy in Taiwan

Members of the Taiwanese Navy in Taiwan during a ceremony for a new corvette. Taiwanese officials say the pact will help balance China’s military might in the region © Bloomberg

Beijing to dismantle Ant’s Alipay, force creation of separate loan app The Chinese fintech will hand over user data to a new, part-state-owned joint venture.

The growing share of income from loans from Ant

Apple introduces four iPhones, refreshes its line of devices The group is focusing on improvements to cameras and processors with the aim of driving upgrades.

Tim Cook, Apple CEO

Apple CEO Tim Cook says the new iPhone series has the “biggest advancement in camera system to date” © Document via REUTERS

Further reading

The 100 best Masters in Management of 2021, ranked by the FT, are revealed here. Is your school on the list? Read our report at: ft.com/mim.

Back problems

To view previous newsletters, visit: ft.com/bschool.

Register for the FT Business School briefing.

Thanks for the reading. Please send your recommendations and comments to bschool@ft.com.

Recommended newsletters for you

Not covered – Robert Armstrong dissects the most important market trends and explains how the best minds on Wall Street are reacting to them. Register here.

FT Schools Digest – Perfect for teachers and students. Register here.


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Proposal to Close the “Tax Gap” Could Give the IRS More Info About Your Bank Account https://amiyasahu.com/proposal-to-close-the-tax-gap-could-give-the-irs-more-info-about-your-bank-account/ https://amiyasahu.com/proposal-to-close-the-tax-gap-could-give-the-irs-more-info-about-your-bank-account/#respond Sun, 19 Sep 2021 23:15:00 +0000 https://amiyasahu.com/proposal-to-close-the-tax-gap-could-give-the-irs-more-info-about-your-bank-account/ through: Jeremy Tanner, Nexstar News Wire Posted: Sep 19, 2021 / 6:15 PM CDT / Update: Sep 19, 2021 / 2:28 PM CDT (File / Getty) (NEXSTAR) – A tax reform proposed by the Biden administration would require financial institutions to send the Internal Revenue Service more information about the bank accounts of many Americans, […]]]>

(File / Getty)

(NEXSTAR) – A tax reform proposed by the Biden administration would require financial institutions to send the Internal Revenue Service more information about the bank accounts of many Americans, which would cause a pullback from a number of Republican politicians.

In an effort to close an unpaid tax revenue gap estimated at nearly $ 175 billion a year, Treasury Secretary Janet Yellen urges Democrats to uphold the Biden administration’s comprehensive proposal to give the Internal Revenue Service more resources to identify tax evaders.

In addition to $ 80 billion to increase staffing and enforcement efforts, the Biden administration’s proposal would require financial institutions to report more information on the total inflows and outflows of bank accounts.

With lawmakers continuing to work on the details, however, the proposed reporting rules were not incorporated into a draft House Ways and Means Committee tax provisions.

In a letter to the Chairman of the House Ways and Means Committee, Richard Neal (D-Mass.), Yellen underscored the importance of the measure.

“When considering specific policy choices when designing an information reporting regime, it is important to ensure that the reporting regime is sufficiently comprehensive, so that tax evaders are not in a position to structure financial accounts to avoid it, ”Yellen wrote. “Any suggestion that this whistleblowing regime will instead be used to target law enforcement efforts on ordinary Americans is totally wrong.”

It is not yet clear what the final proposal might look like, but in written testimony on June 8, IRS Commissioner Charles P. Rettig described a reporting regime that would require annual gross inflows and outflows of ” all business and personal accounts of financial institutions, including bank, loan and investment accounts ”containing at least $ 600. Unlike some who have falsely reported, the plan does not call for monitoring individual transactions, but rather focuses on the total annual flow of funds.

The low threshold is designed to flag taxpayers who report little income but hide large sums of money by transferring them to different accounts, Chuck Marr, senior director of federal tax policy at the Center on Budget and Policy Priorities, told Politico. .

“It just helps the IRS to better detect instances of non-compliance, to find the people who are cheating,” Marr said.

The current amount that triggers a report to the IRS is $ 10,000, according to the bank secrecy law.

According to the Treasury, the increased application of the IRS proposed as part of Biden’s Build Back Better program would not affect people with less than $ 400,000, but would focus on those with the highest incomes.

The proposal has recently been criticized by members of the Republican Party.

Dozens of Republican lawmakers from nine states on Monday signed a letter saying the proposed IRS oversight change would not be “necessary or helpful in closing the tax gap” if the IRS did not have the resources to enforce the tax code.

The letter also claimed that increased communication between the IRS and financial institutions could expose more Americans to a cyber attack and potentially raise privacy concerns for consumers who may forgo opening an account.

Supporters of the measure say it is essential to prevent the country from losing billions of dollars each year and from being forced to raise taxes to make up for money owed by tax evasion.

The US Department of the Treasury estimates that the difference between taxes owed to the government and taxes actually paid will total approximately $ 7 trillion over the next decade.

The IRS did not immediately respond to a request for comment.


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